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M\ 


FLAKE & 

NODULAR 

IRON 

CASTINGS 


HWb hr mined ntotnmm 

‘ Metal Co, Ltd. 



No. 27,602 


Wednesday July 5 1978 


:»**l5p 


1975 


Henry 

Butcher&Co 

sncorporallnq 

[Leopold Farmer & Sons] 

Agents. Valuers, Surveyors and 
Auctioneers of Property and Plant 

London - Leeds - Birmingham 



— SELLING PRICE5; AUSTRIA Sch. 15; BELGIUM Fr.25; DENMARK Kr.S.S; FRANCE Fr.3.0; GERMANY DM2.0; ITALY L.5D0; NETHERLANDS FL2.0.- NORWAY KrJ.5t PORTUGAL Eac.20; SPAIN Pf.4D.- SWEDEN Kr.3J5l SWITZERLAND Fr.2.0; EIRE ISp 


news summary 


ENERAL 


BUSINESS 



Equities 
fall 5.0; 

£ rises 
70 points 



• EQUITY leaders fell over the 
prospect of growing opposition 
.. ■ to the Government's attitude on 

Conservatives have pay ^ th e nest r ound after the 
nrged Mrs. Margaret National Union of AUneworhers 
vote for a 40 per cent increase. 
FT 30-Share Index fell 5.0 to 
453.1. 


i '■Si 


long 
tblicly 

lalchw to bring Mr. Edward 
;ath and Mr. ' Peter Walker 
ck into her team in prepara- 
>n for the election. 

The Young Conservative chair- 
in. Mr. Chris Gent, said it 
‘t'hvjiiuid be tragic “if two -such 
. .ented men were to languish 
the sidelines as the party 
es to wrest power from 
• hour." 

-Mr. Heath is expected tonight 
. . open the door for a recon- 
ialion with Mrs. Thatcher by 
daring himself ready to play 
major part in the election 
mpaign. 

ear of peace 
il ks deadlock 

•ael fears that the proposed 
ndon meeting of Egyptian and 
■aeli Foreign Ministers may 
ike no progress and leave the 
ddle East peace talks more 
pelessiy deadlocked than ever, 
ypt will announce its latest 
ice proposals to-day and the 
■eting will go ahead if there 
* no preconditions attached, 
anwhile, President Sadat will 
■et Mr. Shimon Peres. Israeli 
position leader, in Vienna on 
nday. Page 4 


• STOCK EXCHANGE business 
recovered last month to become 
the highest since October 
because of greater trade in Gov- 
ernment securities. Overall 


»100^ m 


80- 


S.E. EQUITY TURNOVER 


60 


40 


20 


APR 

1978 


MAY 


ikomo snub 


.i. 


Si”- 


turnover- rose by £5.1bu, or 51 
per cent, to £15.2bn. Total 

number of bargains transacted 
fell from May’s 483.131 to 

__ 456,129. FT Stock Exchange 

■. John Davies, the shadow 1 308J 

reign Secretary, appears to 10 May to 46o.3. Page -6 
ve failed to persuade Rhode- _ rnTC . .. o OT , a 

m Patriotic Front leader Mr. 9 GILTS at the short end sus- 
•ihua Nkonio to return Jo tamed several bouts of selling, 
lisbury and participate in the Government Securities index 
enal settlement, “I do not fell fn fi»." f T 

m tu be pail of an evil 
"angement,” Mr. Nkonio told 
n. 

to 

easefire threat 

na has demanded prompt 
lion on >ouic of Lebanon's 
icial political problems as a 
id i lion far its troops 
limning to observe the pre- 
-ions ceasefire. Page 4, 
i to rial Comment Page 16 

• NORTH SEA oil is having an 

adverse impact on invisible 

grantin'* exports. Sir Francis Sandilands 
“ chairman of the Committee on 


Bonn 



may 


agree on package 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

Agreement on an economic, trade and energy package at the Western summit 
in Bonn in 10 days time is still regarded as feasible by the British Govern- 
ment, although only an understanding in principle is expected on moves 
towards currency stabilisation. 

It is felt in London, as in other Britain is actively interested but It is recognised that meetings 
Western capitals, that the out- has a number of major qualifies- of Heads of Government can be 
come is far from clear with the tions. The British view is that unpredictable, especially a/ter 
key issues of stimulating growth there is little point in agreeing the Copenhagen summit earliei 
and stabilising currencies still anything which cannot be main- this year when Chancellor 
to be resolved at the meeting of tained. Schmidt unexpectedly launched 

EEC Heads of Government in Both Mr. James Callaghan and his currency plan. 

Bremen tomorrow and Friday and Mi\ Denis Healey, the Chancellor The UK believes that any 
at the seven-nation summit in of the Exchequer, are reluctant moves . towards stabilisation 
Bonn. to agree to changes which might should ensure symmetrical 

Herr Hans-Dietrich Genscber, be a major step towards econo- obligations between surplus and 
the West German Foreign mic and monetary union while deficit countries, and not simply 
Minister, told the European sympathising with the need for be a mechanism for depressing 


Parliament in Luxembourg greater currency stability, 
yesterday that the EEC countries 
should reach agreement on a nrr» , „ t i, i „ 
united position before the Bonn 1 llfil PlalHt* 
summit, and he emphasised the 
need for a medium-term policy Yet they do not 
rather than a short-term stimulus, appear too negative and be iso- 

It j s recognised, however, that lated from Continental moves b 'r£ d 
Chancellor Helmut Schmidt of because of the possibility that 
West Germany may not disclose France might link up on its own 
his detailed position on any Ger- with the ' German-dominated physical -transfer 
man stimulus until the summit snake. utroneer 

The British Government The view in London is that 
appears to be cautiously optimis the EEC Heads of Government 

tic that agreement can be who will not be accompaniedjjy ecmomic'iaigeXs "^ ' nW'been 
reached on concerted action to Finance Ministers or central ^Helved, in view of German 
boost growth rates, on avoiding bank governors, will merely have ODOOS ition thoueh it is hnned 
protectionism and on improving a general discussion at Bremen 3 ^ for broadlv-bas^d 
capital flows to developing conn •"** "•»*» - «“> plaQS fDr broadly-based 

tries. 

The main concern in Whitehall 
centres on German and French 
moves to achieve greater cur- 
rency stabilisation in Europe. 


the value of the D-Mark. 

Similarly, any plan should not 
prevent movements of currencies 
' to reflect underlying inflation 
♦„ and current account trends, and 
should not restrain growth. 

Any scheme should also be 
by adequate credit 
facilities from participants' 
reserves. The UK favours a 
of resources 
to weaker 

economies. 

The idea of adopting formal 


Boyle 
increases 
in three 
parts 

By Rupert Cornwell, Lobby Staff 


Prior promises 
to retain 
jobs subsidy 


BY RICHARD EYAN5, LOBBY EDITOR 


tions of large salary increases 
for top nationalised industry 
executives and other senior pub- 
lic servants. 

The rises will come in three 
Instalments: a first payment of 10 
per cent backdated to January 1. 
1978, in accordance with the cur- 
rent pay round; a further pay- 
ment next April; and the 
remainder in April, 1980. 

That means the bulk of the 
rises will be paid in the next two 
years so that, for example, the 
chairmen of the main 
nationalised industries such as 
gas. electricity and rail will only 
move up from £24,700. by 10 per 
cent, to £27.170 this year. They 
will then be due for about 25 per 


night. 

Mr. Prior and Sir Keith Joseph. 


ing, by incentive;-. jn»l hy •ei'er 
controls, regulations awl 


Theme 


Hi-: theme 
Sir Geoffrey 


was, i a Leu up 
lluwe. " sh.ulu 


hy 


™ ke action to boost overaU EEC 


The formal position is that Finance Ministers. 


principle and indicate a time- ^ZuTer UnTly 

This would leave the exact wffl be eD ‘ 

form of any stabilisation scheme dorsed at Bremen, 
to be examined in detail by 


On trade, the UK thinks that 


Continued on Back Page 


• STERLING dosed at $1.8745 
up 70 points on the day. Its 
trade-weighted index fell 
61.4 (61.5); dollar fell to 
record low of Y200.3U against 
the Japanese currency. 

• GOLD rose $1 to $184|. 

• UK's RESERVES in June fell 
by $119m to S16.54bn. Back Page 


ase denial 


eign 

•pared 



■F*' 


ilium bus denied 

litary base facilities to any ....._ , . . . _ _ 

power but says it is ^visible Exports, said. Page 6 

. J f ? r » n , y eventualities ^ GOVERNMENT is expected to 
it could arise from rts current the £400m development 

irrei with China. Page 3 0 f Mesa Petroleum's inshore 

Beatrice Field within the next 
— omb blast few weeks. Page 6 

-^London bookshop owned by ■ ■nniin 
p^pcc News was damaged y ester- U»DUUH 

and its assistant manager • SIX-THOUSAND workers at 
burned in a parcel bomb Portsmouth dockyard held 
^sick. Anti-terrorist squad one-da v strike in support of 
5 v.ectives are investigating, pay c 'laim by industrial civil 
| servants. Page 11 

V jpOtt report ^ ADVISORY, Conciliation and 

^feartnient of Public Prbsecu- Arbitration Service offered help 
v r t ns has received a report on j n the Press Association dispute 
alleged conspiracy to murder where journalists are working to 
•vSfm er male model Norman rule over a pay claim. Page 11 
^ ?*©tt. The report is believed to 

/ £«Sdude that there is a priraa 
- case against four men. 


? V At 



: 73«7S 


tase ban 

Uic Nastase was fined 85,000 
suspended for three months 
breaching the code of con- 
:t at' Grand Prix tennis 
.rnaments. The news came 
^utes after he had been beaten 
}Mr. Tom Okker in the Wim- 
idon quarter-finals. Miss 


• CRUCIAL meeting between 
union and management over the 
serious pay problems at West- 
land Aircraft, YoeviL is planned 
for today. Page 11 

• OPENING of British Rail’s 
hoverport at Dover was aban- 
doned because of a pay parity 
dispute involving engineers 
Page 11 


• DISPUTES which have 

liwfr _ Jausovec of \ugoslavia. 

jto*- ;? ..^^tablcdon* Page 8 

il^ess charter _ . , , 

mt?' proposed Press charter will TaSlCT DaV Fate 

-'^t>-iude safeguards for the free- r 

SP* f* .11 of the Press, as weU as deal- man3^rS 
t J with the issue of .the closed lUdUOgCis 
V TfiSSp. Mr. Harold Walker, * EXECUTA T E earnings 

ployment Minister, told the likely to show an increase at a 
-■ -= mnons. He did not say when relatively faster rate in stage 
draft charter would be pub- three of the Government s pay 
cd. Page 10 policy than in previous >ears. 

according to Reward, the salary 
service. Rage 8 


ambitious expansion plans sub- 
mitted this week to the Govern- 
ment Back Page 


are 


'-•it 

£ 


lei ly - . . 

.i- Zealand abortion law has 


advisory 

PAN AMERICAN is conduct- 
new study of the possibility 
~ a 


n amended to allow abortions “IS a 

ere there is “ substantial ” ^ «sms Concorde. Page 

COMPANIES 


of children being born with 
ntai or physical handicaps. 

ici dpfccior Vikior Korchnoi 
rs Russian agents will kill him 
lie beats Anatoly Karpov in 
world chess championship. 
District Special Planning 


0 BATH AND PORTLAND 
GROUP profit for the half-year 
to April 30 was £2.05m (fl.SSm) 
Page IS 

0 TESCO is to spend £100m on 

rd 7s to oppose* Nor"th~ West developments over tiie next three 
ler Authority plans 1o raise years to increase the company s 
level of Ennerdalc Lake by sales area from 5.49m sq ft to 
r f cc t, more than 7m sq ft. Pape 10 




jMIEF price charges yesterday 

V ri 


\ 


rices in pence unless otherwise 
indicated) 




tO' 


ri*’ 2 


* ^ 


RISES 

cdocuan Cinemas 405 

iro 174 

•othorm 166 

■shalis (Halifax)... 107 

mio 173 

ten Group 121 

p Calto S3 t 8 

f hrio 3S0 +. JS 

Wan* -*■■» + » 

foniem JS1 + 15 

a Exploration ... 950 


FALLS 

Treasury S]pc 19S2 ...£S9} - f 
Treasury l3Jpc 1997.. -tl 02 - ) 
.\lexanders Discount 233 -5 

Barclays Bank 307 — 5 

Bassett (G.) if® ” 13 

Boots — f 

Bulmer (H P.) 122 - 6 

Dale Elect 155 — < 

Hunting Assc iS5 ” I 

Lucas lnds 295 — 7 

Monk (A.) 89-4 

Ocean Transport JS2 “ 1 

Klldngton Bros ® 

Royal Insurance ...... 347 — fi 

Siebcns tUK) 830 — 14 

84 “ JO 


50 Northern Mining 


BSC chief sees little hope 
of Improvement in demand 

BY ROY HODSON 

HOPE for an improvement In stiffen the plan drawn up by Vis- year before allowing for contin- 
international steel demand dur- count Davignon, EEC Commis- gencies. 

ing 1978-79 are fading, Sir sioner for Industry for protect- Sir Charles added: “ Because 
Charles Villiers. chairman of ing and stabilising the European of all the uncertainties I am un- 
British Steel Corporation, warned steel market in a similar fashion able to give any indication of 
yesterday when announcing BSC to the U.S. protective “trigger the likely results beyond the 
losses of £443m last year. price ’* system. first half of the current financial 

sks es glMmy new £orecMte f „ 

steel, he said in London. The steel demand this year and next 

current and prospective demand Bilston talks. Page II wl ^ force s £ eel r , D J” 1 ' 

for most steel products had prospects for inter- u , n,on aSTeement for further 

deterioriated and there was con- 0 JL TZS*?™ ,5 closures of old works and will 

cern about the general economic n *2"* lb result in the postponement or 

prospects for 1979 Back Fage abandonment of some new in- 

■n ■ « t o* , , ’ vestment in the current £500m a 

British Steel lost £25 a tonne year pr0ffraHH5e . 

last year on the l7.4mjonnes of ing the Davignon agreements in intintioil "is to hold steel- 


Government hopes for con- 
tinuing pay restraint received 
a setback yesterday when 
miners voted for rises of 40 
per cent, giving face workers 
£110 a week. Bat it Is thought 
the Government will produce 
a White Paper on the next 
stage of pay policy at the end 
of the month. 

Details, Back Page 


liquid steel made. The poor various ways. “Tf orderly mar- ma ki ng raozeitv at thi* nmorn 
market prospects for world steel keting is to continue, as I believe wi ^ of some 22m tonneTof 
made things particularly acute in it should for a while, then the maimed an( i effective caoacitv 
Britain, said Sir Charles, because European agreements must be “Srorimetaly lm tonnw & nSi 
of the low rate of economic more rigorously applied,” Sir 3jS3ST55^™3t?S2!5SSK 
growth, cuts m public expendi- Charles said. w m be completed during each 

tore, and increased imports by British Steel accompanied Its of the next four years. British 
some steel-users. annual report with an estimate Steel faces the problem 

British Steel is taking a lead that the corporation will lose setting the additions 
among European steelmakers to about £175m in the current half closures of old works. 


THE GOVERNMENT has decided i THE CONSERVATIVES have no income-tax cuts. IV -a or emphr 
to implement over two years the intention of immediately dis- ment controls, and more* imvn- 
controversial Boyle recommends- ] mantling the temporary employ, tives as the best means 

ment subsidy ur repealing the stimulating the ocmiomj a;*-a 
controversial Employment Pro- cutting uneinploymenr. 
lection Act if they gain office at Monetarism. Sir Keith sa:<t. 
the next election, Mr. James was not a complete poln.». “It 
Prior. Shadow Employment ts indispensable but it is no: 
Secretary, told the Commons last enough." he dee I a red. 

It must be accompanied i>- 
much lower tlovcrmuem spci: ti- 
the party's spokesman on 
industry, who also spoke, adopted 
a sautious approach on the policy * ,on - 
a future Consereative administra- 
tion would adopt towards 
industry. 

Mr. Prior's soothing speech 
was particularly scignificunL after 

Mr. Joe Gorm ley's outburst of Chancellor of the Exchequer, in 
trade union distrust towards the a speech to indusin:ih-;t> in 
Tories at the miners’ conferency London last night. Sir i.Ioofi'rc\ 
on Monday. Mr. Prior is still de- emphasised that the election 
termined to present a concilia- a Conservative Cm eminent 
lory face towards the unions. under Mrs. Thatcher uuiiUi 
He has increased support signify "a firm and decisive 
among senior colleagues, incltid- change of course for the Bnts-h 
ing Mrs. Thatcher, for his economy." Recovery would be 
attempts to prepar ethe party's based on free enterprise anti the 
defences against charges that a market economy. 

Conservative government could change of course won id 

not work with th clrades unions, have four main components: tj\ 
Sir Keith softened his previous rtits: removing the obstacles in 

hard-line policies when he opened ^oterprise: restoring the balance 
the Tories' debate on emplov- between the private sector and 
ment. Although he spoke of the Ibc ievel ° r Public spending: ..nd 
need for fewer government con- 3 common sense policy for pay, 
trols and subsidies, he gave no bas ed on a return to responsible 
specific pledges of action. collective bargaining, free from 

Mr. Prior, in contrast, went out Government interference, 
of his way to declare that nn ® ir Geoffrey emphasised that 
hasty action would be taken bv action on lax would lie riven 
an incoming Tory Government. Precedence. That would involve 
The temporary employment sub- a cut in basic rate of income 
sidy and other subsidies would be las - higher tax thresholds, a top 
carefully examine dto assess their T ate r, f P er cent, reductions 
effectiveness but care would be * n *^ c burdens of capital transfer 
necessary because of the effect tax * capital gains tax. and 
on employment of withdrawal, development land lax. and 
“Now it is there we have to removal of the threat n{ a wealth 
phase it out rather than end It *a*- 

suddniy.” he declared. *n the Common* Sir Keith 

Similarly, thp Tory Govern- argued that high spending, high 
ment would consider the impact taxation and high borrowing 
of employment pre’-'etion legis- must !cad to high imm.ijUiv. 
lation and there was “no ment. The truth of that was 
question" of repealing the Act. being witnessed year after jear 
No amendments would be intro- as the Government vainly trial 
duced without the fullest consul- to cure high unemployment by 
,tation wit lithe trade unions, Mr. more and more high spending. 
Prior added. . Mr. Albert Booth. Employment 

Secretary, rejected the Conserva- 
tive charges that Go corn 111 on t 
policies were largely responsible 
for the level of unemployment. 
But he did not understand He argued the Government had 
the Government's rejection of encouraged enterprise on a 
criticisms of the Act in its effect massive scale, 
on the employment of young , was *be “ doctrinaire blind- 
people or on companies employ- fold * that would not allow Sir 
ing fewer than 50 people. ^ eith to recognise support f«u* 
Although he gave no firm com- industry in any form other than 
mitment, he said the effects of LUts iQ direct taxation. Mr. Booth 
the legislation on those two declared. 


cent — £8.415— next year and 
again in 1980 to bring them up to 
the full recommended £40.000 a 
year. 

Clearly such large increases 
might embarrass future Govern- 
ments. if at some time a pay 
freeze were to be introduced. Yes- 
terday. however, there was no 
sign of any contingency plans. 

The Government will consider 
later the further suggestion that 
the proposed rates of pay be up- 
dated by the normal review pro- 
cess during the staging period. 
For pensions purposes the- 
recommendations will be adopted 
in full at once. 

The report, from the Top 
Salaries Review. Board, headed 
by Lord Boyle, called Tor rises 
of up to 70 per cent or even more 
for some State Board chairmen 
— their first since 1972 — and sub- 
stantial iocreases for other 
groups of senior civil servants, 
Armed Forces officers and 
judges. 

It was the subject ota painful 
wrangle in Cabinet before being 
accepted by the Government, and 
produced an immediate outcry 
from the Left, which warned 
that its endorsement would ruin 
any chance of a fresh under- 
standing on pay with the un-ions. 
About 50 Labour MPs signed a 
House of Commons motion de- 
nouncing the rises as “an out- 
rage.” 

But the Prime Minister told 
an emergency meeting of back- 

Con tinned on Back Page 
Parliament, Page 10 

Editorial comment. Page 16 


Rejection 


categories should be examined 
carefully. 

The Conservative resolution 
condemning the Government's 
employment policies was re- 
jected by 286 votes 10 267: a 
government majority of 19. 

Sir Keith promised that a future 
Conservative Government would 
introduce across the board 


Parliament. Page II) 


£ in New York 


-Tills 5 


-»|nl 
1 uir-nlh 
Sir- mill-. 

W m.iiiih- 


Sl.U-K-.i*7a 

.ii-. 

1-S6-I.S1 1 I 1 
itlSr.Wiii. 


t’rcv 1 


I.SV.I.SI 


Of Off- 
with 


Dollar under heavy pressure 


BY MICHAEL BLANDEN 

THE DOLLAR came under 
heavy pressure yesterday and, 
in spite of widespread official 
support, had one .of its worst 
'days on record against most 
leading currencies. 

'. The Japanese yen came close 
to the psychologically 
Important level of Y200 to. the 
dollar, after slipping again in 
earlier Tokyo dealings. 

With New York markets 
closed for Independence Day, 
exchange market dealings in 
Europe were unexpectedly 
hectic and showed signs of 
nervousness ahead of the EEC 
summit In Bremen.' 

At its lowest, the dollar 
touched Y200.30 in London 
trading. But it was thought 
that Japanese banks may have 
provided some support as 
agents for the Bank of Japan, 
and some dealers reported 
signs of profit-taking by specu- 
lators. 

The U-S. currency picked up 
slightly to end at Y200.90, com' 


1300; 


280 


260 


240 , 


1220 , 


200 


VEH/S 


v DOLLAR 

V AGAINST 

THE YEN 

llisIVI 




iiiihiilL 



A 

illiPi!!:- 

|M| 

Minliiii! 

1 ; 1 r 1 

TmttinTT 

| ! i i |\. . , 

1977 

1978 


pared with the previous 
London close of Y202J10 and 
with Y20I.32i in Tokyo. 

The dollar’s weakness 
extended widely, with the 
Swiss franc attracting parti- 


cular Interest and rising to 
new record level against the 
West German D-mark. The 
dollar ended at a closing low 
of SwFr 1.7990 compared with 
SwFr 1.8320 previously. 

The D-mark reached a best 
level of DM 2.0440 to the dollar 
before closing at DM 2.0465, 
compared with ' DM 2.0625 on 

Monday. The French franc was 
also very strong, finishing at 
FFr 4.4250 to the dollar against 
FFr 4.4812 £ previously. 

The pound has remained on 
the sidelines of the currency 
unrest bat continues to benefit 
from the weakness of the 
dollar. It closed with a gain of 
70 points at $L8745 — publi- 
cation of the reserves figures 
had liulo impact — but its 
rise did not match the Improve- 
ments of other currencies and 
the pound's trade-weighted 
index slipped to 61.4 against 
61.5. 


CONTENTS OF TODAY'S ISSUE 


European news 2-3 

American news 4 

Overseas news 34 

World trade news 5 

Home news— general 6-8 

— labour II 

— Parliament ... 10 


Technical news 13 

Management 13 

Arts page ..r 15 

Leader page 16 

UK Companies 18-20 

Mining 20 


Inti- Companies i.. 21-22 

Euromarkets 2, 21 

Money and Exchanges 23 

World markets 24 

Farming, taw materials ... 25 

UK stock market 26 


FEATURES 

Gloomy prospects for inter- W. Germany's labour costs: Canada's gas project: Delays 

S ! W * 11 ki T ^ Fringe benefits burden ... 3 bring uncertainty 4 

The NHS: A suitable case v 

for treatment li ^ military build-up in UJ5. Supreuie Court and 

Ferranti — too early for 

euphoria 13 South Africa ^;... 4 reverse ulscrknl nation ... 4 

AmMintfiranU W LWilunl .......... U Unit Trusts .] Zt l«U- "tiniber 22 

Crossword ... W Moo snd Matter* -, U IHTERIM STATEMENT Intercom M 

EntwUliia*e*t Guido W Rochu M Granada Tele. 22 21 

European ohs. .... W Saleroom i ANNUAL STATEMENTS U 

FT-Actnartos Indices 20 Share information 2*9 &H grave (B'heatfQ 20 M0 Group m 

Gardening .... M Tennis * Eric, steam Specs- .. 20 TOO*. Whrrtnnoii ... u 

Letters - IT Today’s Events IT Eucalyp. Pulp Mills 22 Rates » • 

- Lex SO TV and Radio 24 . Exchange Telegraph 21 Eld8- Sac. Rata m 27 

For latest Share Index ’p hone 01-24$ S026 











bells 


Hkmcx MMinn 
law? 

mm 



< 0 - 












4 - r 


ftaanda 3 Times Wednesday July 5 fflSr. 


EUROPEAN NEWS 


Commercial banks linked 
in Bonn loan to Lisbon 

BY MARY CAMPBHJL 

£A ' WEST GERMAN loan of years. There is a three-year be the first occasion when the 
•DM 420m (5200m) to Portugal grace period before repayments formula involving western gov- 
was signed yesterday, in what is start . eminent guarantees for commer- 

thought to be the first case of It is understood that a $I50m dal bank loans to countries In 
a G overrun ent-to-Govemment Eurocurrency loan which is also trouble has been used, 

rescue package being channelled being arranged by Westdeutsche ' There have been suggestions . 
through the lending country’s Landesbank and Commerzbank that institutions like the World [ 
commercial banks. is scheduled for signing next Bank and the International 

The loan is being provided by week -. 11 offet P a } P® cent Monetary . Fund conld usefully 
» consortium of West German marsm *> ver luter-bank rates, develop a system of providing 
JaS? ^SSSlv LtodertSken P e maturity is seven years, guarantees for commercial bank 
hlfdld bv WrotdeShe LaSSs-’ Eurocurrency loan is part Joans. Such a development could 

SkuriSSnL ButU of 8500111 whiCi i Portugal is hop- go far towards solving many of 

5 r to raise from commercial the problems which have arisen 
is guaranteed dj west Germany banks on top of the Government from the increase In the com- 

9750 m funding programme. . SS^biSSPS™ 3* lS& 
Co-operation between official national funding for govern - 
institutions and commercial me nts. whether for balance of 
banks has been increasing in payments finance, or for long- 
years. Gross default term development programmes. 

,n fiffiuSTW the — «- 



Orders for W. German 



the $750m rescue package which 
14 Governments agreed last year 
to provide for Portugal as soon 
as the latter bad signed a letter 
of intent to the International 
Monetary Fund. 

The West German Govern- 
men has guaranteed the loan to 
the extent of 95 per cent, the 


clauses 

tandem 


by 


Portugal's case 
DM 420m was promised to 
Ust30n . the German Govera- 


World Bank and 
banks are by no means uncom- 
. . mon. In cases of countries in long a8 °‘ 

maximum permtttea under difficulty, commercial banks have The German banks partici- 
German regulations. generally made it a condition of paring in the loan are expected 

German basking sources said farther lending that the country to -fund themselves ooLtbe domes- 
yesterday that the rate of the concerned should first reach tic market, probably by Issuing 
loan is roughly the same as the agreement with the International savings bonds to the German 
federal Government would have Monetary Fund on a stabilisation public. On a five-year bond they 
to pay for funds of the same programme. would have to pay about 6 per 

maturity— 6.4 per cent for 10 However, this is thought to cent at present 

* 

Greece, Turkey Human Rights report on 

Cyprus accuses Ankara 


resume 

* Aegean talks 

By Our Foreign Staff 

GREEK AND Turkish foreign 
ministry officials yesterday began 
two days of talks which are 


BY OUR FOREIGN STAFF 

THE TURKISH FORCES which 
invaded Cyprus in 1974 are 


finds the Turks guilty of break- 
ing Article 8 of the Convention 
to allow 170,000 


ex oected to concentrate on the accused of violating six articles by refusing i 
5S MuntriS ^ disputes over of the European Convention of Greek Cypriots to return to their 
richts to the sea bed P and the air Human Rights «n a report pre- houses, and by evicting Greek 
spare in SeA^an Sea which pared for the Council of Europe. Cypriote from their houses in 
divides them. The report, which bad been north - 

Also likely to be discussed is prepared by the Commission of it concludes that the confine- 
the proposal for a non-aggression the Council of Europe for n, ent 0 f Greek Cypriots to deten- 
pact which Mr. Constantine Kara- Human Rights in Cyprus 1974, tion centres and private houses 

imanlis, the Greek Prime Minister had been competed in June,- was an infringement of Article 

repeated on June 7. His counter- j976. it was then submitted to the 5 0 f the Convention on depriva- 

Pf. 1 ^ Mr. Bulent Ecevit. hM said committee of Ministers of the tion of liberty. It states that the 

Council but has not been Turks were guilty of “inhuman 
^K^“ eW ° rk ° f the c0 “ ntnes accepted by this and had been treatment" of prisoners, acceptr 
w hoon kept secret until it was released i n g that rape and physical ill- 

a/eed &e e “^KaremSnl" S * London yesterday r t — 1 

and Mr. Ecevit when they met in The Friends of Cyprus, an eludes that the ] LargMeile depn- 
Montreux in March. Originally organisation supporting the 

due in May it had been post- Greek Cypriots, released the text tnMr possessions and Turkeys 
poned at Greek request after the at a Press conference in the ^ 

heated public reaction in Greece House of Lords. It had long been freedoms of the Greek Cypriote 
to the U.S. Administration’s argued that giving publicity to e™ contrary to the Convention, 
attempts to persuade the U.S. the report would worsen the- A . , 

Congress to lift its arms embargo atmosphere between the two The Turkish Government had 

on Turkey. The meeting is communities and binder a settle- refused to accept that Cyprus s 
between Mr. Byron Theodore- ment. complaint was admissible and 

poulos and Mr. Sukru Elekdag, th _ FrjeDda of .refused to co-operate with the 

secretaries general of the Greek mJLtoin ” Zn commission. It also 

and Turkish foreign ministries. complains that there were con- 

Since Montreux. relations be- ™ m b t h ? ^ n hi " tinned Greek-Cypriot violations 

tween Greece and Turkey have with hold mg- from the public oE Turkish-Cypriot rights in the 
been strained, partially as 1 ™ contents of the report past n, e Turkish representative 
result of Greece’s objections to This concludes that there are on the Commission makes such 
the Turkish side’s proposals on “very strong indications . . in a points in a dissenting report, 
Cyprus and partially because of substantia] number of cases” stressing the " atrocities com- 
Turkey’s complaints at the way that Turkey was guilty of what mitted against members of the 
Greece has seemed to press for Article 2 of the Convention Turkish community, especially 
TJ.S. arms embargo to be main- euphemistically refers to as those isolated in enclaves in the 
tained. “ deprivation of life.” It alsb summer of 1974.” 

7 — 


BY ADRIAN DICKS 

NEW ORDERS .. to West 
German industry declined by 
L5 per cent during May, 
according to provision*; figures 
Issued by the Economics 
Ministry today. . Industrial 
output daring the month also 
fell by 125 per cent bom the 
April level. 

The May figures are ibc 
latest that will be available to 
the West German Government 
before the Imminent summit 
meetings with Its partners, at 
which . further . -efforts to 


persuade Bobs to reflate are 

inevitable. 

The Germans have been 
saying for seme months that 
they would need to wait ter 
the full first half-year figures 
before being able to deride 
what measures, if any, needed 
to be taken. Yet (he May 
orders and production statistics 
do little to make the overall 
direction of the economy any 
clearer. 

Most worrying in the orders 
statistics is flic sharp drop, 
of 2.7 per cent. In the index 
of new domestic orders, which 


suggests a. farther weakening 
in West German business con- 
fidence. For capital goods 
manufacturers, often Seen as 
the most sensitive barometer 
of business opinion, the May 
orders level fell back after 
April’s brief spurt to the same 
level as that for the first 
quarter— itself 105 par cent 
below the level for the fourth 
quarter or 1977. 

Foreign orders for capital 
equipment picked up by some 
3.1 per cent from April to May. 
yet were scarcely any higher 


in Hay than during the first 
quarter of the year. Compared 
to (he fourth quarter of 2977 

they Werte . down by *7 per 

C *Ferba p * su rprisingly. In view 
•f the general apprehension 
over flte effects of a dearer 
P e n ttchenm rk 0 “ Writ fin- 
sum exports, new roman 
Orders for consumer goons, 
although down slightly from 
April to May, were still up by 
tea t under 3 per cent from foe 
average for the last quarter of 
1977. 

The Industrial output figures 


BONN, July*. 


for Stay, mean white, appear t* 
have boon weighted dow*. 
wards by a drop in the produc- 
tion of tee MUHag sector amt 
<tf tee mining Industry daring 
tee monte. 

For manufacturing, the 
decline In output was only fcft 

K r cent between April ana 
ly. and 1.7 per efint la May 
compared 10 the average ter the . 
fourth quarter of 1977. April 
output figures were adJurie d 
slightly upwards from the pres 
vlstoual levels announced a 
month ««u. 


Warning by 


FISHERIES CONSERVATION 


to West 


i'* 


UK-Norway to co-operate 


BY FAY G JESTER OSU5. July 

.BRITAIN AND NORWAY agree Fisheries Minister, Mr. Svead the Osio talks. But it 1 Wj* 
By Rtgmaid Dale, on T be need for more effective Jakobsen. bad called them a matter which would haw to be 

European Editor I enforcement of fisheries conser- provocation, the British Fishing negotiated between Norway ana 

! ration measures within their res- Federation appeared to think Briaaols. fwt _ 

WESTERN GOVERNMENTS j S’cufb' " JSSKn/X 

should inot thank they : could bring rf “silkin recalled that the SS^^FSieries Minister, said 

down Communist regimes by out- ■ to y x MWS confer- Danish Minister had felt origi- his Government had prtt«tod 

^ rC“L« rf fc^wtaass 

caste? «=£ Sssr- ® eta. vs .sa 

human righte campaigns- would;and^r^n ^te Mr teat tmswaa necessary. *r. g^wTOm^ii ^ catch Qf 

c SS-£Ta&STSlrit bU > b£ SStai State was entitled, SSstrial fish* by about 180.0W 

teete^^tiraTnowr^Stenm ° f; eSdrcemen* and inspection ser- in its waters if these conform td ^The l»n 00 
Dr^ address ^to ehmM wirfc ™ re rioselv to three kev reaulrements: being west of Scotland only affected a 


their Intention 
making the world “ safe 
Communism.” 

The most enthusiastic sup-] 
porters of detente in Europe) 
ought to be aware that there; 
was no way of mitigating ideo-i 
logical differences between Com-' 


West, that Comm wrists could 
possibly trade aw ay ;gom m unism 
in exchange for hugfc loans. 

Detente was not The conse- 
quence of sublime homan insight 
but of the states of military 
balance. Dr. Kreisky said. Any 
shift in the balance would endan- 
ger detente, which did not per- 
mit any unilateral disarmament 

Changes inside Communist 
states must remain the affair of 
the peoples concerned, in Dr. 
Kreisky’s view. 


This announcement appears as a matter of record only. 

I Superintendencia Narional 
; aa Marinha Mercante 

(SUNAMAM) 

U.S. $300,000,000 

Medium Term Financing 

guaranteed by 

The Federative Republic of Brazil 


managed by 


Bankers Trust International Limited 


The Bank of Tokyo, Ltd. 


AL-UBAF Group Amsterdam- Rotterdam Bank N.V. The Bank of Nova Scotia Group 
European American Bank and Trust Company The Fuji Flank Limited 

National Westminster Bank Limited/Libra Bank Limited The Nippon Credit Bank, Ltd. 
The Royal Bank of Canada The Sanwa Bank, Limited The Tokai Bank, Limited 

and CQ-managed by 

Banco do Brasil S.A. ’ Tire HongKong and Shanghai Banking Corporation Girard Bank 

Marine Midland Bank Merrill Lynch International Bank Limited Societe Generate do Banquc S.A. 
Toronto Dominion Bank The Yasuda Trust and Banking Company, Limited 


Amsterda m-Rotterd a m Bank N-Vl 
Banco doEsrado de Sao Paulo S-A- 
Thc Bank of Tokyo, Led. 

European American Bank and Trust Company 
'The Hokkaido TakushokuBank Limited 
Internationale Gcnossenschaftsbank AG 
Kyowa H nance (Hong Kong) Limited 
Me rri I L-I^-nch -Inter national Bank Limited 
Tlic Mitsui Bank Limited 


provided by 

Arab Latin American Bank Banco do Brasil S.A. 

The Bank of Nova Scotia International Limited 
The Bank of Yokohama, Ltd. Bankers Trust Company 


The Fuji Bank Limited 

Ne» lorl Ayencv 


Girard Bonk 

The HongKong and Shanghai Banking Corporation 
International Westminster Bank Limited 
Libra Bank limited Marine Midland Bank 

Tbe Mitsubishi Trust and Banking Corporation 
New England Merchants National Bank 


The Mitsui Trust and Banking Co., Ltd 

New \urk Duntti 

The Ni ppon Credit Bank, Ltd- Nippon Credit International (HK) Ltd. 

TheNippon Trust and Banking Co. , Ltd. Provincial Bank of Canada (International) Limited 

” Nbwn 

The Royal Bank of Canada Th.e Saitamn Bank, Ltd- The Sanwa Bank, Li mited ■ Societe Generate dc Banque S. A. 
The Sumitomo Trust and Banking Co. , Ltd. The Tokai Bank, limited Tokai Bank Nederland N- V. 

Toronto Dominion Bank Tbyo Trust and Banking Uban Arab Japanese Finance 1-trf. 

Union des Banques Arabes et Francaiscs The Tasuda Trust and Banking Company, Limited 

Agent 

Bankers Trust Company 



New Italian 
President 
still songht 

fly DwnMck J. Coyle 

■ ROME, July 4. ; 

THE ITALIAN 
tonight moved - merhinlroUy 
through Us ninth ballot to elect 
b new Prwldent of ihe Republic 
with the main political parties— 
principally the ruling Christian 
Democrats and the Comumulsts 
—trying to avoid an overt 
bilateral deal which alone might 
produce a consensus candidate. 

The balloting go far has been 
largely cosmetics and also pain- 
fully slow, as those of the VOU 
members qualified to vote must 
personally walk pan the ballot 
box to deposit their ballot or 
abstain; Abstentions and blank 
forma now exceed the- numbers 
of those actually voting, as most 
of the centre-right parties wait 
for a private inter 3 >arty deal to 
emerge. 

The last few ballots have put 
the veteran Communist. Sip. 
Giorgio Amendoia, (n front, but 
he has no real prospect of being 
elected and is being run by the 
Communists while the party 
leaders edge Into some form of 
compromise agreement. 

The entire process is being 
carried live on national televi- 
sion, which risks bringing tbe 
politicians • into further dis- 
repute. The politicians art 

therefore appearing frequently 
before the TV cameras to c«U 
for "responsible action “ and 

“ an end to partisan politics ” 
The Socialists, and tn a lesset 
extent the Communists, accuse 
the Christian Democrats of drag 

e their feet and failing “to 
up to their responsibilities • 
as the country’s largest politics' 
force. The Christian Democra- 
response is that the Left-wins 
parties are trying to foist or 
them a lay candidate— in effer 
someone who is not a ChriaU&r 
Democrat— u compromise the 

party will not accept until the 
Socialists and the CommuniiCL 
publicly state they have no 
-Ideological” opposition to a 
Christian Democrat. 

Sir. Giovanni Leone, whom 

_ _ j -|| . . G Milana* MU - OKR IMUU' IfiVUUA VI A GLCU U/'fiVGUUUUCU : abrupt resignation from tb- 

WB WlU conduct a iodern Pompidou Arts Centre pay system which gave them ; Presidency earlier this moot 
“JS ™ . .. in Paris. . parity with metalworkers in the created the present problem, wa 

The separatists struck at the Reuter / Paris region. I elected in 1972 on the 23rd vob 


eSpbSS on its Weo^cal cam- 'Fisheries Directorate in Bergen. Mr. Silkin tejd that they were 

^i u 3W , ttws Sksar jsa nLS 

P 5y^aSw“*S j % th Mn°sS‘ e «>nto^ toSbe S S BriteS makings tether 

SrS ot di,te “ t sbs?^ t ttmszgSL 

detente was implied by Com . _ n response lose as a result of the ban on at a meeting of EEC Fisheries 

ihe-*o new British conservation herring fisheries off western Ministers, the British restrictions 

£3 « finjajre “ r - 

for*, 


Explosions rock Corsica 


AJACCIO. July 4. 
tourist 


French arsenal 
strike over 


j Corsican separatists to-day height of the tourist ^season. 

munist and democratic States, ! <o a i me d responsibility for a series More than lm tourists are 
Dr. Kreisky said. For the Soviet i of bomb ^ island estimated to be visiting Corsica 

Union, detente did. not apply to this sumumer. • 

relations between classes and Robbers hit a wide variety of Condemning the attwte. 

social groups and a combination Un , ets from a police station to M. Charles Ornano, the M^ror of Where 

of political and ideological gesture, of ^accia.said-This jouldWre &$Si8mS flES 

been on strike over comparative 
pay conditions, went back to 
, their jobs this morning. 

in Northern Corsica, caused Police in Brittany continued to 
heavy damage. But the bombers question eight Breton separatists 
of the Corsica^ National Libera- arrested In connection with of 

tion Front were careful to avoid bomb blast which wrecked IfwiHth "nwtnual 

jna thm jgvsf* pa,are ° r ven * jiiM Sssir-.'s 8 ? %sj»g 

R ' nne . s . sald '‘S* 11 *»* b “ n ."roke. out Uirss weeks ago. 



fly Our Own Correspondent 

PARIS. July 4. 

WORKERS AT the French 
Government’s munliloiu plants 


The main arsenals all voted for 
ta return to work after the 
a 3.3 per 



Iceland parties 

in coalition bid 

/ 

By Jan H. Magnufson 
/ REYKJAVIK, July A 
PRELIMINARY TALKS between 
the leaders of the Social Demo- 
cratic party and the Communist' 
influenced People’s Alliance, in 
preparation for forming a new 
coalition Government in Iceland, 
began in earnest here today. The 
two left-wing parties will tiy to 
formulate a ' joint government 
policy before asking either the 
centre-right Independent party 
or the middle-of-the-road Pro- 
gressive party to join a coalition 
Cabinet 
The two parties have between 
them 28 of the 60 seats in the 
Althing (parliament), four short 
of a clear majority- Together 
they won a clear victory Over 
the present Government in the 
June parliamentary elections. 

Iceland's President, Dr. Krist- 
ian Eldjam. will wait a few more 
days before Formally asking the 
leader of the Social Democrats 
Mr. Benedict Grondal, to head 
tbe next Government ' 

EEC election 
dates approved 

LUXEMBOURG, July 4. 
THE COMMON Market’s Parlii 
mentary Assembly today formally 
approved polling dates for next 
year’s direct elections in which 
180ra Europeans will vote. 

Elections will take place in the 
nine member states between 
June 7 and 10, and will more 
than double tbe. size of the 
Assembly from 198 to 410 mem- 
bers. 

Polling will take place on 
different days to conform with 
national voting habits. The 
French always vote on Sundays 
and the British on Thursdays. 

The dates were laid down by 
an EEC summit in April, but 
have to be approved by the 
Parliamentary Assembly and tbe 
Council of Ministers before pre- 
parations begin. 

Reuter 


Czechs expel 
TV newsman 

PRAGUE, July 4. 
HELMUT CLEMENS, correspon- 
dent of West Germany's 
Association of Television and 
Radio Companies was today 
ordered to leave Czechslovakla 
within 48 hours, his wife said. 

Mrs. Clemens said her husband 
was called to the Press Depart- 
ment of the Czechoslovak 
Foreign Ministry this morning 
and told that his accreditation 
was being withdrawn because of 
a television programme he was 
preparing about events in 
Czechoslovakia in 1968. 

Reuter 


finutciM. Tn*4, pu h l lU t d tf»U» co nn Sun- 

dart and holltiaTS- UJ. lutocrlMtoo S3XMR 

fair frelriiU jWlffi islr main pm annum. 

tf etaag nun said at New YOc*. M.Y. 


NOTICE OF HBDEamrON 
To the Holders of 

Phillips Petroleum International 
Investment Company 

6% Guaranteed Sinking Fund Debonlures Duo 1981 
Doe January 15, 1981 

NOTICE IS HEREBY GIVEN that; pursuant to the prorishms of the Indenture 4alad as of 
January 15, 3966 under which the above-described Deb entur es ware issued, Morgan Guaranty Trust 



ao 


aroaafcdWs; 


serial numbers of said Debenture* 


DEBENTURES OF $1,600 EACH 


U 103 20M 3887 5375 694S 7904 
. 118 3 026 3637 6383 6994 7969 
160 20M 3706 6409 7012 7995 
173 3122 3717 5434 7306 7998 
192 2123 3772 8437 7131 7999 
3784 6428 7133 8091 


388 ||gl^a4^4^J13^09^i00^^7^M^^e 
W4 2307 388^52^15^2191 


9756 11840 13934 15161 18488 HSUS 19008 20838 21170 88598 33917 

Siena 

36*fl lZ9fl6 33998 36268 36525 17227 191*8 3Q2S6 ESSO 
9648 11988 14001 1 6314 1GS33 17246 19161 20268 2U99 ■ 

9871 11961 14020 18331 16534 17261 19156 30281 21204 22730 34094. 

■MMMMMMliiroi 13 IBS 20310 21186 2274V mmm 

17321 19X60 3Q312 21217 22765 | 


i 


3835 6464 7146 8213 10064 11963 1MHW. 11111—— 
■■■■■UMU9H 14063 15443 1KTO 17372 19 IBS 


686 2422 3916 5783 7225 8266 10085 12022 14083 15503 
598 2553 3817 578* 7302 8287 10083 12030 1*087 15613 




24115 


5g& 34D4 3903 5759 7167 8258 10061 12006 14069 15487 165Q9 17381 I91CT— 

!■■■■■■■■■■■■■» 17388 19199 30389 21293 22776 34143 

16385 17404 19201 20333 2X310 22783 24145 


13 


4011 5678 7392 8334 10124 1215S 14190 1 6779 16665 17834-19318 

141SB 15773 lffm 17610 19335 | 

17774 mmJ 


Hi 2 S 1 * 4038 5883 7398 8857 10345 12217 HHWH 
648 3832 4107 6024 7399 8612 10384 12290 Mill II IIIU— — — — 
657 2 g^^ 0 ^ 03 ^«^Kl^g 9 ^ 226 ^« 1 ^ 393^6683 rmn 1’ 


U 2836 4157 6048 7443 87 S 9 10424 02370 
■W 2 S 82 4161 6103 7460 8810 10485 12305 1 

725 2741 4214 6104 7481 8815 10502 12313 ■ - .... 

■■2799 4215 6138 7497 8875 10509 12334 14368 16058 16807 17910 19439 20477 21577 


14243 

14319 


21437 22857 2 *169 

■ 21442 22887 24229 

341 20440 21511 22915 2i251 
20+93 31513 22926 34380 
15S38 16636 17735 13345 20448 21515 23009 24389 
15997 16740 17830 19416 30452 21517 2301S 2437S 
MaM afl pflflfipWM— — — — — 1604* 1675* 17880 19421 20461 21559 330M 24399 
1 ff 9 ? 4S °^ PH Vf 37 8870 j-OS” 1233* 16058 16807 1 791 0 19439 20477 21577 23038 2440* 

T38. 2801 4395 6185 7501 888* 10510 12419 14377 16063 1 6809 17822 19483 Mm 21831 23081 2*415 

I 25S W 1 Sg* 7509 as2<> log? 3 12421 1*386 16077 26873 18082 1948S 20483 31602 23067 34438 

7B7 ^61 *414 ^6 7813 8927 IflfiB 12448 2*394 1807a 26887 28087 15583 20523 2JM7 33127 2*439 

TO1 286* 4557 63*7 7537 8330 10747 12637 14395 16093 16912 28088 2902* 20529 21628 33143 S444G 

TO MTO 4596 6414 7540 89T7 1074 9 12855 14397 16X31 1 6917 1B101 19553 20640 21732 23162 24448 

80T 2331 4614 6422 7544 9047 10752 12659 14399 16135 2 6336 18102 19665 20643 21730 23133 24449 

SIX MOO 4 616 6463 7546 8CT1 10786 12791 14400 16171 168*2 Z8289 19726 20669 2189* 33334 24600 

■1 3°W M?? ?849 9138 10796 13793 14408 16174 169*8 18394 19729 2Q6T73 31903 33338 24301 

33433 34507 

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19769 3073* 21945 33585 24822 


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m 301S 4675 6511 7581 9237 10BU 1 2857 2*410 16180 16947 28367 39751 

6553 7694 9238 30969 32873 14411 16181 16988 18371 19*757 


892. 3024 

91S 3093 4789 65 5 4 7607 9242 10089 12886 14428 16183 16392 

973 3100 4 507 6561 7619 9301 11043 17*117 — — M— — — ■— 

97^104 4 W 6567 7830 9305 11130 12979 1*562 16188 17033 18470 19789 20757 


1049 310Q 


7835 S3U 11132 12992 


16187 17005 184OT 197BL 20743 21957 33711 34539 

16188 17033 28470 19789 207BT XtofiSmMMHff 


ami 


1067 3110 4807 6573 7644 9331 11133 13993 14673 16259 1705* 18503 19803 20790 32035 23726 24S3S 
——4331 6577 7646 9334 11151 13037 14678 16266 17DS3 18309 19805 20817 22022 23729 ifcS 


iQ92 

JIM 3177 4935 6587 7650 
3 163 3 281 5077 fifiXj jj 


9338 HIM 33352 14680 16288 17077 
^HS349 11170 13383 346S3 26271 17088 
7|72 9M^^^g9^4K9^^27^70ST 


13i m 1 164S 1S 494 19B0^ 307B3 I 

19805 20817 I 

19807 20820 33733 34847 

—Wa—j —M — ——————— 19320 2Q835 23153 23782 2*747 I 

| UST 3182 5130 662* 7872 9361 11178 13393 14693 16279 17097 1M56 19887 20829 22201 2379* 24899 

1194 31 93 6141 663 2 7690 9373 1118* l$Sg 146 95 18280 17113 18684 19949 30878 22206 33796 24B1Z 

1199 3229 5159 6670 7893 9413 31186 23470 147SS 1828* 17129 18887 19972 20893 82209 33821 24923 

1300 3233 5160 6879 7703 9452 11279 33480 14759 16280 17143 18588 19974 20905 22341 33836 24930 

1402 324S 5168 6682 7750 9470 11282 13488 14781 1630G 17147 U5S1 20007 20909 22361 23850 34932 

1411 3289 5179 6684 77S9 9583 11316 13559 1479* 16349 171*8 18683 20006 20913 2236* 33666 ■■■ 

1455 3287 5210 6 68 5 7799 SS90 11356 13621 14841 16412 17155 18694 20017 20929 22380 23879 I 

3456 3429 SMB 6g* 7801 9594 11360 13623 15007 l&G* 17156 18699 20027 20931 22+08 ■■■ 

1462 3436 5273 6722 7810 9716 11363 13637 13071 16425 17181 18802 20041 21065 22412 

35 34 3063 5286 6842 7840 0738 11512 13650 15101 16*26 17186 18887 20044 21073 2M93 I 

3-333 3SSS 3337 6343 JJB47 9741 11564 13653 IB 102 16434 17180 1*988 30110 21141 23490 


1987 3673 5340 6880 



3746 11796 13930 15143 16443 17301 19005 30229 3U8T 33530 2391* 


On July 15, 1978, the Debe n t u res d e signated above will become due and payable in snch coin 
or currency of the United States of America as at the time of payment hi legal tender for tha payment 
of public and private debts. Said Debentures will be paid, upon presentation and Mirren der thereof 
•with all coupons appertaining thereto maturing after the redemption date, at tbs option of tbe bolder 
either (a) at toe corporate trust office of Morgan Guaranty Trust Company of New York, 
15 Brood Street, New York, New York 10015, or (bl . subject to any lows or regulations applicable 
thereto in tbe country of any saafteffices, at the main offices of Morgan Guaranty Trust Company of 
New York in Brussels, Frankfort am Main, London or Perils «r Banca Comnuuctale .Ttslinna in bulan. 
or Bank Mees & Hope NY in Amsterdam or Banque Interaarioonle a Luxembourg SA. in Luxembourg; 
Coupons due July 15, 1978 sboold be detached and collected in toe usual manner. Payments at tbs 
offices referred to in (b) above will be made by check drawn on a hank in Tbe City of New York or 
by transfer to a dollar account maintained by toe payee with a bant in such City. 

On and after July 15, 1978 interest shall cease to accrue on tbe Debentures herein designated 
for redemption. 

Phillips Petroleum International Investment Company 

Dated: June 14, 1978 


NOTICE 

The fallowing Debentures previously called for redemption have sot aa yet bees pres e nted for 

payment: 

DEBENTURES OFM JDOO EACH 

17200 19752 30419 3046$ 24636 


X 2X4 47 49 
989 483* 
1M6 4641 


7965 9858 138BS 14089 1 5074 16186 I6MT 1 

7966 10393 13960 MS4* 16075 18198 16373 lfli 

8296 10473 14010 X433T 16082 X6te0 164X3 17063 Z7165 I 1 


Tpta lTlfl 1728^00U 


I 20013 20429 20471 

_ _ _ . | io 20015 20433 80472 

!?g9 -4844 7678 8859 11893 14075 16038 18146 16208 17061 17X28 1T176 18^74 30388 30434 20*75 

»36 5063 7S8§ 9073 12113 14091 16047 16138 1S224 17070 17X30 17180 16698 29407 20441 2064* 

MB§3*a 7W? 9810 12950 14083 16061 18177 18235 17073 17X67 17194 iSSu 20412 =0453 =143 1 

6347 7831 9818.13474 1405* 16073 16 ITS 16338 17078 17159 17188 1B610 204 IB =9460 33994 


9»7 4843 TOO 8837 11833 MM3 15272 16141 16302 17050 17131 17173 1' 
14<m 16033 .18145 18205 17061 17MB 2T176 II 


I C 


m 












Financial Hines Wednesday July 5 I 97 g 


K()I*I \N NEWS 


Tr Y f -, 
H** 1 . 

*-**l«. i . 
... . 

*l *;., . 

sic w . ... 

f t»< 

«■•? . ‘ 

, 

>M1» ■. • i . . . 
:*• . . 

•lifttu;-. 


EST GERMANY’S SOARING LABOUR COSTS 

Fringe benefits increase 
burden of pay rises 


BY GUY KAWTIN IN FRANKFURT 


If n .i, , — ^ IMG kuoi 1/1 V«nL UVIUI41J ILUUlirU). 197R [1111109 ^vn^aiunu 9<uu MIU«». 

t ® yers have .*9 011,8 a major contribu- , . . ‘ He named the assassin only 

icrriic E i u m m f ny . vltal tion. to the country’s creditably , . 08811 t®” 115 the value of the as a man named Muratov, born 


At*\\ h.,lera r | e Rem a M 0Ur C0S J, S ? tte low rate ^ inflation. At the same fringe benefits can be assessed 

** M * till be world WlC *** lhe hlsliest time - the country’s industry has [™ m the calculation that, at its 


r. vino so often enviously eye rent international standards. ,u =- wouia cost tne com- 

liWest German strike statistics. Even so, hourly labour costs P 413 ? DM5,280 (S2.547) per 


to shew their teeth than many _ _ l-.l 

foreigners assume. Uiere is y^COme 3. DacK-breaking 


rman workers enjoy 81431 P er hour - jzzuge ut LU The spokesman named the 

lolidavs h i ii cpc From this, one can draw the « e a reasonably Cheap other victims as deputy in- 

. J u , ’ conclusion that West German W3V to Sweeten hard. terior minister Saladin 

US, housing— have employers are hot as tough as Kyazimov and Lieutenant- 

fin far faster than 113(1 hcec thought. or that the Itlcmenis. fNOw Colonel Aziz Sfikhanov. 

nn4 . , . “ trade unions are more nr-pared these ‘ so cial COStS ’ ha VP. Foreign travellers returning 

ect wages since 19<2. to Shew their teeth than many k roo Hnrr t0 Moscow fro™ U>e republic, 

- foreigners assume. There is o^COUie a back-breaking south of the ’Caucasus monn- 

c a- w-c-r. som- truth in both stjieioents. burden. tains said earlier they were 

s leading EEC partners and As reported in the West German t®M Ibe two others were only 

: also considerably higher press, the level of wage demands wounded by the assassin, 

the rates U.S. industry has looks reasonably moderate to least 13 months’ wages every while Lieutenant-General 
ear - foreigners, while the level oF the year and many now get paid for Geidarov was killed outright, 

i international comparison of settlements seems even more im- a 14th month. JJASF is no excep- The ministry spokesman 
age labour costs for 1977 Pressive. Few businessmen in tion to the general rule. 8813 ® u three officials were 

need with the report puts France, Britain or Scandinavia The practice of providing being burled today in Baku, 
iverago West German hourly would not be content this year to workers with handsome fringe '“E"* 1 ® f .“ e reP»Mte. 
ur cost at DM18.92 (39.13). settle for annual pay wereases benefits is long established in .Jbe official obituary in Azer- 
U-S. comes next with a cost of between 4 and 4£ per cent. West Germany, and its roots are S® 1 " 1 * JH"* 1 . newspaper, 

M1j.i6 ($8 57), while France p a y increases, however, are set in the 19th century liberal 
s way behind with DM12.23 only part of the picture. The capitalist tradition. Only a few c a . . 

* 01 - ««. Of settiemente are driven years age when fringe benefits S’SrSg 

ie Italian hourly labour cost up considerably by improve- accounted for some 25 per cent H n *j es >’ ** 8 ° ut 1,1 s omci “ 

urns to DM 11.83 ($5.71). ments in the many fringe bene- of total labour costs, an improve- M Vvwwhenkn «ih rar ii.r 

e Japan, one of West Ger- fits that West German workers ment in this area was a reason- tod ‘ JL+ a “ ® iw If-L 
ys most aggressive competi- enjoy, such as holidays, holiday ahly cheap way for the employers b - ' f 1 t invmsti^afe thp 
in many important sectors, bonuses, savings schemes to to sweeten hard settlements. d _ afh . J” ° 

s a cost of DM 10.57 ($5.10). which the employer contributes. Now the social costs have 7*.. offiri , J^ arv was 
perhaps ironic that in Bri- low-priced housing, and cheap become a back-breaking burden. ». w 

where so many indus- home-loans. Since 1972. these For the country’s trade unions, «r the orient dMntvehfeffe nf 
ists complain of industrial costs have risen far faster than faced with the need to avoid ana a* wnnhiiiSc 

■-st and high wages, the direct wages. rocking a fragile coalition Communist Partv chief P Geidar 

•Jy labour cost amounts to BASF’s index of these “social Government in which the Social Allvev himcMra f nrm ’ Pr irint 
•mparativoly small DM S.09 costs” provide a stark ii lustra- Democrats are the senior official’ 

»0) per hour. tion of this- The wage-cost in- partners, improvements in fringe Soviet Azerbaijan has fre- 
est Germany has had much d « <1972: = 100) rose by the benefits have been a useful way quenUy been criticised by 

s labour cost problems thrust end of 1977 to around the 155 of pushing up the value of a Ieaders for corruption, 

1 it in the form of the steady mark while the index. of “social settlement without causing indiscipline and economic in! 

ard movement of the costs” went up to well over 190. political difficulties. Therefore, efficiency. Most or its popnia- 

tsche Mark over the current According to the BASF report. “’ey have frequently pressed (ion are Azerbaijanis but there 

de. Since 1972. its value has for every DM100 paid in pure hard on 0518 front - are sizeable Russian and 

•ased by some 45 per cent in wages for work carried out last It is difficult to say whether Armenian minorities, 
parison with the dollar. year, it had to spend a further this is a particularly popular • The Soviet Communist 
is. an ill wind that blows DM95.1 in supplementary pex^ policy with their membership. Party’s policy-making Central 
idy any harm, however, and sonnel costs— fringe benefits. Rumblings of discontent bave Committee today ended a two- 
t Germany's international Indeed, in 1977 BASF was for- been heard in a number of large d*y session which left the iine- 
irting competitors have tunate, for in the previous three unions, "including the chemical up of the ageing top Kremlin 
’a red to suffer more from years social benefits worked out workers and the metal workers, leadership unchanged. Reuter 


OVERSEAS NEWS 


wnuNrs SOARING LABOUR COSTS MiHIStCr 

Fringe benefits increase F nurt,e r ed 

burden of pay rises Republic 

BY GUY KAWTIN IN FRANKFURT MOSCOW, July 4. 

i labour devaluation than the Federal on this basis cost more than real A PRISON officer assassinated 

iintirm ,nte ™ atMma ] Republic has from the Mark's wages In 1974 they accounted 1110 Interior minister of the 

ility °that° vtSS 4 *™ 11011 and revaluation, fo^ DM101 over ’and abovfeverv Sov ' Kt Re P nbUc of Azerbaijan, 

•• aoositinn f ■ D CUI 3.°“f The ^crease in the Mark’s value DM100 in pure waees- in 1975 a de P nt y minister and an aide, 
? S? SSL. ? ^ V !i7 “J? greatly restraioed the rise in the figure w DwR-^nd to * en *•« bims * K - a mlaistry 
I °L la ^ uo ? osts P al the cost of West German imports. 1S7B DM102 1 ’ spokesman said today. 


Japanese Government lifts Vietnamese 

denial of 

foreign development aid | allegation 


TOKYO. July 4. 


JAPAN'S OFFICIAL develop- appropriations but grants must Sl.OSbo in export credits and 
ment aid rose 2S.9 per cent on a be financed from current aporo- private sources S913sn. 

but gaiDed Priations The official said ‘the , Direct Japanese investments: 


spokesman said today. 

He named the assassin only 


low rate of inflation. At the same oenents can be assessed in 1949, head of a prison ad- 

time. the counties industry has from the calculation that, at its ministrative section in the 

I V . Mine worm. had the benefit of interest "rates 3ver age hourly labour cost of town of Shusha. 60 kilometres 

f 1*5 s rl.- week foreign business- tl3at are extremely low by cur- lust DM30. a 22-day work- (40 miles) from the republic’s 

* 1 '• ‘ ’i licfl'- u,1, ° so often enviously eve rent international standards. ,n S month would cost the com- border with Iran. 


The minister, Lieutenant- 


, "It ueroian StriKe statistics C*eu su. Hourly jaoour i-Uars ' •*«“*= i pci me minister, uemenaai- 

tf 2 £ S * . . . ta ke useful Instruction from have risen hugely. The BASF worker, if each worked an eight- General Arif Geidarov, 53, who 

**I Els N(}[(|"F. tlie We6t German report shows that, in 1971, hourly hour day. On the other hand, served with the KGB security 

IJ ^nicaJ giant, which has just labour costs stood at DM lfi-46. only some 55 per cent of BASF's police for more than 25 years, 
^ luced its “personnel and since then have moved workers earned more than was shot dead in his office last 

‘ al report for 1977." It clearly inexorably upwards. In 1972. DM3,000 monthly in cash wages Thursday, he said, 

vs that hourly labour costs in reached. DM 19.32. io 1973 last year — though this figure is. The spokesman, who was 

Federal Republic were last 21.02 and in 1974 DM 28.20. rather understated inasmuch as speaking on behalf of first 

' ■ running way ahead of those After a dip to DM 26.05 in 1976 — the vast proportion of West deputy interior minister Vasily 

•• *• a very poor year for the chemi- German workers are paid at Vvsochenko. declined to dis- 

> -> * cal industry, during which much • cuss Muratov's motives with 

<•• e COStS of the many rationalisation took place— they western correspondents who 

' • nwhenpfitctww^ went up to DM 29.03 in 19/6. and For employers, improved contacted him from Moscow 

ageffiene&ts that West by 1977 had reached DM 29.66- f r i n q-p h^npfito new! to by telephone, 

rman workers enjoy * 14 - 31 p gr fa our. iringe oenents used to The spokesman named the 

lolidavs hnmiupc From this, one can draw the « e a reasonably Cheap other victims as deputy in- 

, J , 3 ’ conclusion that West German W3V to sweeten hard terior minister Saladin 

, v ~ • US, housing— have employers are hot as touah as , Kyazimov and Ueutenant- 

1 gjl far faster than bad bcec thought, or that the Itlcmenis. INOw Colonel Aziz Sfikhanov. 

trade unions are more nr-pared these ‘ so cial COStS ’ have Foreign travellers returning 

to Moscow from the republic, 

south of the ’Caucasus moun- 
tains said earlier they were 
told the two others were only 
wounded by the assassin, 


foreign development aid | allegation 

BY ROBERT WOOD TOKYO. July 4. over bases 

JAPAN’S OFFICIAL develop- appropriations but grants must Sl.OSbn in export credits and gy Richard Nations 
ment aid rose 2S.9 per cent on a be financed from current apDro- private sources S913in. 

dollar basis last year, but gained prj-rions The official said "the Direct Japanese investments: BANGKOK. July 4. 

smss- » 386 

duct— rising from 0.2Q to 0-21 per increase this .ear. Japans achial disbursements h as begun a tour of .Asian coun- 

. . Japanese statistics prepared for official development aid last lries. iod:iv denied that hie 

Japan has promised to double for the OECD also showed that year were SI .424 bn. That in- 1 Government had granted mili- 
f0I fc lg w a ^ d 10 Uiree Japanese export credits of over eluded S236.7m in grants (up 28 i;,rv base farihlics To anv Toreicn 

aitnougn sne has never specified QDe year to developing nations per centi. S662.6bn in loans (up power. But he said that'Vietnain 
What is the base year for the increased by more than 2? rimes 16 percent), and 8525.2bn in aid would nonetheless “be prepaicd 
pledge, un a yen hasis its aid last year To Sl.995bn. The Japa- tn multilateral agencies (up 49 for any eventualities that could 

last year rose only I < per cent, nese Government financed per cent). arise." 

foroig^aid donor in the Orgamsa- highest 1 * I reTutailon ‘o far 

SfaSSffiSS Court win for Indian sect 

now pmiallinr- o-'t npr n p charge lh.il the \ ictnnmosc had 

GNP.” S a ™ ns ? ia !™e°[ NEW DELHI - ^ *■ Sf'e'Sii.'.lj- 50 ''*" Un '“" m, “' 

in the OECD in aid effort. A MURDER conviction against capita! of the north-eastern state u "’ _ ... 

However, aid commitments last the founder of the Anada of Bihar. T «e D '|r ,l, . , V Foreign Minister 

year showed a larger rise than Marga (Path of Bliss) sect. The appeal decision followed was in Thailand in exp.ain to 

disbursements, indicating Japan which ’ claims a worldwide years oF sometimes violent >bui olTici.us \ letnanfs position 

is moving toward fuMUing her following of 5m. was set aside agitation by sect members, who 'J* 1 conincis with China and 

pledge. They rose 76 per cent today and his immediate release claimed the charges against him Cambodia. He departed for 

on a dollar basis and 59 per cent was ordered, the Press Trust of were trumped up and that he Tokyo on the second leg of a 

on a yen basis to 0.3S per cent of India reported- did not get a fair trial. l r our which will carry him From 

GNP. The Patna High Court also The campaign included attacks Japan lo Australia, New Zealand 

. The - gram element in those freed four other members of the against Indian diplomatic staff an d possibly Singapore, 
commitments declined from 74.9 sect sentenced to life imprison- and property in Australia, in a separate do tv I opine nr. 
per cent to 70.2 per cent, also one ment with their leader for the Britain and other countries. I well informed sources here say 
of the lowest figures in the OECD, killing of sLx defectors from the Two judges of the Patna High ! ihat Iasi week’s ivpnris of a 
A Foreign Ministry official said movemenr. Court, who heard the appeal.! large-scale Vietnam use invasion 

the grant element declined Prabhat Kadjan Sarkar, 57. held that the prosecution had uf Cambodia involving up in 

because loan commitments rose the sect leader — a former failed to substantiate the charges 80.000 troops which penetrated 50 

faster than grant commitments, journalist and railway clerk — has beyond reasonable doubt. km into the interior were almost 

Loans can be financed with future been in jail since 1971 in’ Patna. Reuter , certainly exaggerated. 


Court win for Indian sect 

NEW DELHI. July 4. 

, MURDER conviction against capital of the north-eastern state 
ie founder of the Anada of Bihar. 


Mr. Hum's statement is the 
highest level rcTutation mj far 
issued by Hanoi's leadership m 
response lo Peking's recent 
charge that the Vietnamese had 
granted the Soviet Union mili- 
tary facilities. 

The Deputy Foreign Minister 


I well informed soun-es here ssijr 


Two judges of the Patna High ! that la*i week’s reports of a 
Court, who beard the appeal.! large-scale Vietnamese invasion 
held that the prosecution had inf Camhodi.1 involving up in 


Himalayas to acquire Alpine flavour 


BY SUE MORROW LOCKWOOD IN KATMANDU 


THE NEPALESE Government 
has major new plans for the 
rocky Alpine meadows, rough 
trails and picturesque Sherpa 
villages below Mount Everest's 
welMrodden summit It is 
eagerly looking for bilateral 
funding to implement a $200,000 
World Bank-financed study which 
should, at a total cost of $2.25m, 
put the Kfaumbu region on the 
road to becoming a Himalayan 
version of the modern Alps. But 
there have been protests from 
conservationists who warn 
against growing deforestation, 
trash and water pollution, food 
shortages, inflation and Irre- 
versible cultural upheaval. 

Government policy, according 
to Dr. Harka Gurting, the Minis- 
ter of Tourism, is primarily con- 
cerned with aid to remote areas 
— and maximum encouragement 
of tourism. He believes that the 
economic benefits outweigh the 
social side effects. But what kind 
of future will tourism bring 
when tiie Khurnbu is already said 
to be straining under the influx 
of tourists which has grown from 


200 in 1972 tD 6,000 last year — 
triple the local population? 

Sherpa society changed 
drastically after the 1956 Chinese 
take-over of Tibet. The Sberpas 
suddenly found that their ancient 
trading routes between India and 
Tibet were dosed. Refugees 
were sharing the food that had 
been barely sufficient before they 
arrived, and the Nepalese Gov- 
ernment began to take a serious 
interest in its border regions. 
With only one grain crop a year, 
agriculture offered few solutions 
outside the well-established tradi- 
tions of cattle and yak herding, 
so catering to expeditions and 
later to trekkers became the com- 
munity’s main source of income. 

Some social changes were 
bound to come with time. But 
the Sherpas are not a primitive 
society easily overwhelmed by 
the lures of the Western world. 
The young Sherpa may wear 
down-jackets- and Milwaukee 
Saturday night bowling league T- 
shirts acquired from trekkers or 
climbers, but his is a strong, 
clannish. sophisticated and 
undeniably opportunist society. 


More serious, in the eyes of 
some, are the problems of defore- 
station and erosion. Tourists add 
substantially lo the already 
serious water pollution caused 
by cattle and humans. The un- 
avoidable heaps of un cans, pack- 
ing boxes and rubbish front 
trekkers and expeditions follows 
the trails in pollution swathes 
from camp to camp since porters 
are loath to take on the low-caste 
job of hauling out rubbish. But 
it does not devastate the region 
in the way the loss of forests 
does. 

Khumbu’s forestry problems 
began in 1957 when the govern- 
ment nationalised forests 
throughout the country. At the 
time, the Sherpas maintained a 
system of forest and pasture 
land guardians who carefully 
controlled the community’s 
natural resources. As the sense 
of responsibility and pride that 
protected the forests and pas- 
tures died In the face of 
bureaucracy, growing tourism 
contributed the final blow. 
Heavy firewood demands from 


mountaineering expeditions and 
trekkers were met and as the 
furesls were cut down and the 
unprotected pastures were over- 
grazed, wildlife disappeared and 
ernsinn and landslides increased 
rapidly. 

There are now plans for hotels, 
19 helicopter pads i although the 
report complains of noise i, picnic 
grounds, restaurants, 33 green- 
houses for lettuce and tomatoes, 
lodges and campinc grounds to 
accommodate hrtween 50 and 
100 trekkers e»*'h night Even 
Tengboche Mi.nastcry is no 
longer sacrosanct and its “wide 
and beautiful lawn can he 
beautifully managed for a camp- 
site. picnic ground, as well as 
playground.’’ 

But in many mountain areas, 
ihe average per capita income 
remains low. anri the infant 
mortality rate is unofficially 
estimated io take 70 per cent, 
t-f all under fives, as opposed to 
the national rate of 40 per cent. 
For these gentle people tourism 
may holfi a while new lease on 
life for generations to come. 


UOi : 


SJti.- : 


e 

insulation will c 


but I can’t afford it! 




m. 


If your insulation: or heating js inefficient you can now 
get substantial cash grants towards improvement 2596 ' 
grants for insuLating your premises and improving 
ventilation and heating controls; 2596 grants for replacing 
or modernising boiler plant; and financial aid for installing 
or improving combined heat and power systems. 

Find out howmuch you can save. Apply to use a 


consultant and the Department of Industry will pay 5096 
of the approved fees. 

Virtually every sector of industry trade and 
commerce throughoutthe UK is eligible for these 
grants under this new Energy Conservation Scheme. 

Fill in the. coupon and the Dol will send you full details 
of the scheme and the technical conditions to be met 


Tb; Energy Conservation Scheme Office, 
Department of Industry 

Abell House John Mp Street LONDON SWTP 4LN 


Please send me Notes for the Guidance of Applicants.’ 


Name 


Address- 


Position in Com 




amsahon 


(BLOCK CAPITALS PLEASE) 


Depotm^caliidfistEf 

Ener^Consem * 







Finaacial Times Wednesday 'My 5 **** 



Israel fears London talks 

\ 

could worsen the deadlock 


BY DAVID LENNON 

ISRAEL believes that the' pro* 
posed meeting of the Egyptian 
and Israeli Foreign M inis ters in 
London may fail to make an pro- 
gress, become an excuse for 
increased U.S. pressure on Jeru- 
salem." 'and leave the peace 
negotiations more hopelessly 
dealocked than at present. 

But officials in the Foreign 
Ministry say they feel that the 
meeting will take place later this 
month, provided no preconditions 
are set by the Egyptians. 

Israel is concerned that the 
Egyptian peace plan, which was 
due to be delivered to Jerusalem 
today, may call for an Israeli 
withdrawal from the West Bank 
and Gaza Strip before discussions 


Rhodesia 

policy 

supported 

By Philip Rawstome 

LUXEMBOURG, July 4. 
THE BRITISH Government's 
policy towards Rhodesia was 
given the firm backing of the 
EEC Council of Ministers here 
today. 

Herr Hans Dietrich Genscher, 
the West German Foreign 
Minister and President of the 
Council, said the British plan for 
involving all the parties in a 
settlement offered the best-hopes 
of a peaceful soltion. 

Facing strong pressure from 
British Conservatives for the 
endorsement of the internal 
settlement. Herr Genscher said 
that only free elections in 
Rhodesia could decide,, who 
represented the real democratic 
forces in the country, and who 
would be its leaders after inde- 
pendence. 

Earlier today, the Rev. N. 
Sitbole, a member of the 
Rhodesian transitional Govern- 
ment, said the door was still 
open for Mr. Joshua Nkomo. the 
Patriotic Front leader, to parti- 
cipate in the internal settlement 
Mr. Sithole, here as a guest of 
the European Conservative 
group, said that Mr. Nkomo 
could join the transitional 
Government immediately, but 
wanted to return to Rhodesia as 
the “No. 1 man." -> 

The agreement with Mr. Ian 
Smith, said Mr. Sithole. was now 
irreversible. Independence on 
the basis of black majority 
government through free elec- 
tions was guaranteed. 

"'A miracle has happened, but 
some people refuse to believe in 
miracles," he said. 

Referring to the Anglo- 
American proposals, Mr. Sithole 
said that some people would 
like to superimpose external 
solutions on external leaders. 
“We say the right to choose 
leaders belongs to the people." 


are held on the security arrange- 
ments. 

That would be regarded by 
Israel as a precondition. Because 
of this Mr. Menahem Begin, the 
Israeli Prime Minister, has said 
that although he. would like the 
Foreign Ministers to meet he has 
to have a chance to study the 
Egyptian proposals before taking 
a final decision about the meet- 
ing. 

Mr. Moshe Dayan, the Foreign 
Minister, is prepared to attend 
if the meeting is held to discuss 
the Israeli and Egyptian peace 
plans. If the talks are presented 
as preparation for reconvening 
the Geneva peace conference, 
that would require Cabinet 


Tory appeal 
rejected 
by Nkomo 

By Our Own Correspondent 

LUSAKA, July 4; . 
MR. JOHN DAVIES, the Shadow 
Foreign Secretary, appeared 
today to have failed in an 
attempt to persuade Mr. Joshua 
Nkomo. the Rhodesian nationa- 
list, to return to Salisbury and 
participate in the internal settle- 
ment. 

Mr. Davies, often criticised in 
Lusaka for his support of the 
internal accord between Mr. Ian 
Smith, the Prime Minister,, and 
moderate black leaders, met Mr. 
Nkomo for an hour this morning 
following talks with President 
Kenneth Kaunda last night. The 
Conservative politician arrived 
yesterday from London on a fact- 
finding. mission intended to 
formulate Opposition policy in 
time for general elections. 

Mr. Davies said before leaving 
for Johannesburg and Salisbury 
that he had urged Mr. Nkomo to 
“ face up to the people con- 
cerned ” and return to Salisbury. 
Mr. Nkomo was a “ key figure " 
and could have the internal 
agreement amended if he 
returned, Mr. Davies said. “ It is 
still possible to reach a peaceful 
settlement War is not the only 
way,” he said. 

His appeal appeared to have 
fallen on etony ground. “ I do not 
want to be part of an evil 
.arrangement,” Mr, Nkomo said. 

The war would be continued 
until the Salisbury Government 
acknowledged defeat, Mr. Nkomo 
said. “ We shall continue the war 
until they talk. More than 95 per 
cent, of the. country is in our 
hands and* we will decide when 
to take the towns," he said, 
apparently taking credit not only 
for bis own ZAPU forces but also 
for the Mozambique-based ZANU 
army of Mr. Robert Mugabe, 
which is credited with doing 
roost of the fighting. 


TEL- AVIV, July 4. 

approval before Israel could 
accept the American invitation. 

Mr. Begin is expected to dis-: 
cuss tbe Egyptian plan with bis 
Cabinet and may issue a response 
before sending the Foreign 
Minister to London. 

Mr. Dayan said today that be 
was opposed to a meeting in 
Austria next week between 
President Sadat and Mr. Shimon I 
Peres, the leader of the Israelii 
opposition. The Foreign Minister 
told the Knesset Foreign Affairs 
and Defence Committee that] 
negotiations should only be con-j 
ducted by tbe Government. He ! 
felt the Prime Minister was 
wrong to approve the Feres- 1 
Sadat meeting. 


Lebanese 
Right says 
Syrians 
should go 


AMERICAN A EVAS 


U.S. SUPREME COURT AND REVERSE DISCRIMINATION 



•S'-ii -r ?» 2 


Support for women and 


BY JURE* MARTIN, US, EDITOR 


By Ihsan Nijazi 


S. Yemeni 

villages 

‘recaptured* 

By Our Foreign Staff 
SOUTH YEMEN troops have 
recaptured two border villages | 
alleged to have been seized by 
soldiers of North Yemen, the 
pro-Aden Lebanese newspaper 
As-5afir said in Beirut yesterday. 
North Yemen has denied occupy- 
ing the villages. 

Aden's Communications 
Minister. Mahmoud Oshaish. 
claimed in Beirut on Monday 
that North Yemeni forces had 
seized the villages and began 
shelling a border area. 

North Yemen has blamed last 
month's murder of its president 
on South Yemeni leaders. His 
death was followed by fighting 
in Aden and the overthrow and 
execution of the Southern 
President 

North Yemen's Development 
Minister, Mohammed Salem 
Basendwa, said the fighting In 
South Yemen was between sup- 
porters of the late President and 
forces of the ruling Marxist 
National Front, the official 
Emirates News ^gency reported 
in Abu Dhabi. 

Accusations against North 
Yemen were aimed at covering 
up the fighting between the two 
groups,' the Minister said. 

South Yemen yesterday hit 
back at tbe 16 Arab League 
States which decided to freeze 
diplomatic relations with iL 

The official Aden News Agency 
said the move was bound to 
damage attempts to strengthen 
Arab solidarity* and shatter 
efforts to confront Israel's 
occupation of Arab territory: 

It said the Arab League 
deliberately ignored South 
Yemen’s condemnation of the 
murder of North Yemen's leader 
and chose to follow a campaign 
of slander against It . 

Agencies 


BEIRUT, July 4. 

MR. CAMILLE CHAMOUN, bead 
of one of Lebanon’s leading 
Right-wing parties, said today 
that the Syrian role in Lebanon 
had ended and that Syrian 
troops should leave forthwith. 
Mr. Chamoun, who is president 
of the National Liberal Party, 
said in a radio interview that 
political parties could, lake over 
security duties. - 

The Beirut ceasefire again 
broke down this afternoon with 
heavy shelling between Syrian 
troops And Right-wing forces in 
the eastern quarter of Ashrafiyab, 
Beirut’s main Christian district. 
Voice of Lebanon Radio, the 
Right-wing Pftaiang&t station, 
reported that - shooing had 
broken out after an exlosion. 
The radio said a large number 
of shells and rockets were falling 
on Ashrafiyab. . . 

The radio said -several build- 
ings had caught fire. Tbirty-four 
shells had fallen on Ashrafiyab, 
and artillery was also blasting 
the port area, the central com- 
mercial district and Ain R urn- 
mane h, the soutiiern suburb 
where the clashed- began on 
Saturday. 

The radio broadcast an appeal 
by tbe Lebanese Front, an 
alliance of right-wing forces, to 
the Vatican, France, the Soviet 
Union, the UJ5. and “all 
civilised countries.” The front 
said those who had been installed 
as custodians trader Arab sum- 
mit resolutions were “"the ones 
launching tbe attack . . . aimed 
at annihilating Lebanon's free 
society." 

, - The left-wing radio, the Voice 
of Arab Lebanon, blamed the 
Right for starting the fresh out- 
break of fighting. It sai-d two 
men . were earlier killed by 
snipers in the commercial sec- 
tor. Two shells also fell in 
Moslem-dominated west Beirut, 
but no casualties were reported. 

Earlier a hush settled over 
east Beirut after three days of 
heavy fighting in which more 
than 100 people were reported 
killed. Guns which £&d blasted 
the Christian half M the city 
fell silent last night after a 
ceasefire agreement between the 
commanders of Syrian troops and 
right-wing Lebanese fejiliti as. 


IN THE wake of its historic 
ruling on the Bakke reverse 
discrimination case last week, 
the Supreme Court has given 
further s i gnifican t support to 
programmes which seek to 
remedy the consequences of past 
racial and sexual prejudice. 

The most Important of several 
adjudications by the court yes- 
terday was that which upheld 
the affirmative action policies, of 
American TeSepbone and Tele- 
graph (AT- -& T), which are 
designed to increase the hiring 
of blacks and women. * 

The AT & T programme, 
worked out as a consent decree 
with tbe Government In 1973, 
does set. Inter alia, various quota 
levels for employment of women 
and blacks, as wen as goods and' 
timetables for the hiring, train- 
ing and promotion of minority 
group members and women. 

It even provides that; If an 
intermediate employment or pro- 
motion target is not met, the 
company may pass oyer candi- 
dates with “greater seniority or 
better qualifications ” in favour 
of “ at least basically qualified " 


representatives of minorities or* . The' comparison between .the 
women. 'Bakke and 1 AT and T cases illu- 

It was mainly because of this Stiratps the sharp and often 
stipulation that the programme unpredictable division of public 
was challenged by three trade -Opinion. Although some unions, 
unions which complained that particularly in construction, have 
their members were being podr records on minority 
unfairly discrimiated against as advancement, the unions move- 
a result, and that previously meet generally espouses a liberal 
agreed seniority and promotional attitude to racial issues. Yet; in 
schemes were being over-ridden. tbe.AT and T case, they sought 
The unions lost their appeals in fb overturn a programme which 
lower courts and were finally fais- .considerably advanced the 
rebuffed by the Supreme Court crate of equal opportunity, 
yesterday. . . ' In its five years of operation. 

Since the ruling consisted of the' AT and T plan, considered 
a simple rejection, the court did a^antaark of dis kind, has 
not offer the voluminous justifi- resulted* in a doubling of 
cation of its opinions which vftte driaag^rial jobs held by members 
presented in the Bakke ease last 'ojrlomorities I up from 4.6 per 
week. In that matter, Mr. Allan tent - to 8.7 per cent), a signm- 
Bakke, a white engineer, wa5;$D?£- expansion of senior 
ordered to be allowed to enrol Tgwftibifc held by women (from 
jn a Californian university 2SEo per cent to 27 par cent), an 
because he had been unfairly i©ening of traditionally male 
excluded as a result of the :q$jfFts inside the company to 
institution's special admissions $j&biexL, and a general mere tec 
policy on members minorities, d^croploy men t of members or 
But tbe court - simultaneously nfi&bri ties. 

declared that race was a properjSffihe interpretation of- the 
consideration in framing policies ;AT/ and T. judgment is that the 
designed to compensate for pastc&urt may b'c more inclined to 
discrimination. - .'$oek favourably on racial quotas. 


WASHINGTON, July 4. 

as applied to employment rathe' 
than to education. But th» 
general record of this court 1 
to examine matters on a case-bj 
case basis. . Blanket conclusion 
are not easy to find. 

Yesterday, for example, th 
court appeared to duck two otbt 
reverse discrimination matter: 
It sent back to California fc 
reconsideration an appeal again? 
those provisions of tbe . 187 
Public Works Act which slipulai 
that IQ per cent of all contrac 
ing work go to minorit 
controlled companies But u d! 
so essentially on the qrouoi 
that the case w* sal ready moc 
since ail funds under th« A 
earmarked for the Los Angel- 
area bad already been spent 

Similarly, it sent back to Nor 
Carolina a complex case coqcee 
ing the representation of worm . 
and minorities on the state w 
verity’s student govemmei 
White students at the univarsi 
had challenged, successfully 
the lower courts, the exist! 
system. But the. Supreme Get 
gave no dear clue as to- w} 
Its ultimate resolution would 
if the case were to come baft 
it again. 


The accord, broadens? by the 
I Phalangist radio, was . the 
second since the two sides began 
attacking each other, and hun- 
dreds of civilians caught in the 
crossfire, with heavy weapons. 

Hospital sources said most of 
-the casualties had been civilians, 
many of. them .young children 
with severe shrapnel wounds. 


SOUTH AFRICA’S MILITARY BUILD-UP 


Mobilisation means a change 
of life-style in white society 


MOST WHITE South Africans 
still feel far removed from the 
bloodshed in northern Namibia 
and the black urban townships. 
But from a psychological and 
economic point of view, the 
growing raiitiarisalion of South 
African society is a sad reality. 

A trebling of the defence bud- 
get since 1973, an extension last 
year of the compulsory call-up 
for school-leavers from 12 months 
to 24 and a constant stream of 
defence-oriented propaganda 
from state-controlled radio and 
TV are some of the factors which 
are bringing the trappings of 
war into the homes of Johannes- 
burg. Cape Town and Pretoria 
suburbanites, not to mention the 
farms near the Mozambique and 
Rhodesian borders. 

It is no secret that many of 
the 41.000 emigrants oF the past 
two years have left because of 
their reluctance to see fatbers 
and sons caught up in the Vor- 
ster Government's expanding 
defence machine. 

The increasing acceptance of 
the military build-up as a fact 
of life is reflected in the most 
everyday occurrences. A central 
Johannesburg bakery displays in 
its window a birthday cake (in 
the shape of a tank — “Congratu- 
lations — Happy Birthday.” reads 
the icing. The manager of a 
leading toy shop reports that 
sales of war games have zoomed 
up S00 per cent in the past year, 
while there is strong demand for 
toy machine guns, model tanks 
and helicopters. A recent public 
appeal by the Defence Force for 
dogs for its dog training school, 
brought in over 200 offers. * 

The most tangible sign of the 
growing militarisation of South 
Africa is the steady extension of 
tbe draft. Since compulsory 
military training for white 
youngsters was introduced in the 
mid-1960s, the call-up period has 
lengthened from nine months to 
a year to the present two years. 
After completing his basic train- 
ing. each conscript is also 
obliged to attend regular camps 
totalling 240 days, as well as 
occasional afternoon and even- 
ing parades. All able-bodied men 
remain on the national reserve 
until their 65th birthday. 

Though no official figures on 
the total strength of the Defence 
Force are disclosed, there is no 
doubt that it has become one of. 
tbe country’s biggest employers. 

Nearly 60,000 civilians were 
drafted last year, while applica- 
tions to join the permanent force 
have soared by almost 80 per 
cent in the past three years. 
Mr. P. W. Botha, the Minister of 
Defence, announced last year 
that he aims to raise the propor- 
tion of full-time soldiers Trora 16 
per cent oF the armed forces to 
about 30 per cent; 


In addition, more than 13,000 
people work for tbe Armaments 
Development Corporation (Arms- 
cor) and Its munltions-producing 
subsidiaries. 

Immigrants are also being 
drawn into the defence net. 
Following repeated calls at 
National Party congresses for the 
compulsory call-up to be 
extended to new settlers, Parlia- 
ment this year approved a law 
which provides that any young 
alien who has not adopted South 
African citizenship - within two 
years of becoming eligible for it, 
is automatically naturalised, and 
thus liable for military service. 
Any immigrant who refuses to 
become a South African in this 
way forfeits his permanent resi- 
dence rights. 

Not that foreigners have been 
particularly tardy iu joining up. 
In the past eight years over 
100,000 immigrants have 
registered for national service. 
And last year a group of 300 
Germans asked the Defence 
Force to recognise them as a 


example by encouraging 
Coloureds (people of mixed race) 
Asiatics and Africans to join 
the armed forces. “South Africa 
cannot be defended by the 
whites alone,” Mr. Botha has 
said. 

Between 15 and 20 per cent 
of the South African forces in 
Namibia are black, and a major 
recruiting drive among blacks is 
planned. The Government says 
it intends making greater use of 
black soldiers, pointing for in- 
stance to the fact that, this year 
for tile first time, a Coloured 
man reached the rank of army 
captain and theoretically he has 
the “same authority as a white 
officer. Coloureds, however, 
serve in their own, separate 
-units. 

Inevitably, the business com- 
munity has also become increas- 
ingly involved in the war effort. 
In 1976 Armscor concluded about 
25,000 contracts with private sec- 
tor suppliers. It was estimated 
then that some 1,200 companies 
were involved Is some way in 



Defence force 


BY BERNARD SIMON IN JOHANNESBURG 


special “ethnic” unit. Their 
leader claimed that Greek, 
French, Portuguese. Italian, 
Spanish, Swiss, Yugoslav and 
British groups were interested in 
doing the same. The proposal 
was turned down as being too 
"elitist/’ 

Growing numbers of women 
are being enlisted while even 
schoolchildren are increasingly 
being drawn into para-military 
activities. Since * the Army 
Women’s College opened in 
George (east of Cape Town) iu 
1971, about 150 girls a year have 
been trained there. Last year 
the annual intake has more than 
trebled to 500. In January, for 
the first time, women registered 
as undergraduates at the 
military academy at Saldanha 
Bay, near Cape Town. And the 
Defence Force will soon launch 
a drive to recruit female dancers, 
singers and cabaret artistes to 
the permanent force to entertain 
"the boys on the border." 

As for the schools. Mr. Botha 
revealed- last year that he 
intended doubling the number, of 
cadets from the existing .150,000. 

Many boys also undergo cadet 
training during school holidays, 
while school cadet groups are 
being affiliated to permanent and 
citizen force regiments. In 
addition, a subject known as 
"youth preparedness," which has 
a heavy para-military bias, is 
taught in most schools. 

Aithoingh military service is 
not compulsory for noo-whites, 
the South African defence force 
35 following the Rhodesian 


armaments production, and that 
400 of them relied to a signifi- 
cant extent on -defence work. The 
■men from the - ministry have 
felt increasingly obliged to direct 
production in private factories. In 
late 1975, for instance, they step : 
ped in to supervise the manu- 
facture of army tents. 

The threat of economic sanc- 
tions has put new emphasis on 
import replacement, particularly 
in Such strategic sectors at 
energy (especially oil), elec- 
tronics and pharmaceutical in- 
dustries. Many more business- 
men have been - asked by tbe 
Government to stockpile essential 
imports, and Pretoria is prepared 
to belp finance these stocks. 

Not surprisingly, the state- 
controlled radio and TV services 
have played a key role in the 
militarisation of the population. 
Defence-related Issues are given 
much prominence on news and 
documentary programmes. For 
example, a recent army 
■manoeuvre in the western Trans- 
vaal was the main item on tbe 
national news, and speeches by 
senior Defence Force officers are 

extensively., reported. Even 

request programmes for the men 
in uniform now take up almost 
seven hours of broadcast time 
each week, compared to just over 
one hour a few years ago. 

Meanwhile, the authorities are 
doing their best to improve the 
quality, or life of -the country’s 
soldiers, sailors and airmen, 
even If {his means granting them 
privileges which civilians do not 
share. The Moratorium Amend- 
ment Act, which was passed by 


parliament this year, protects 
national servicemen from being 
sued for virtually any* kind of 
debt, provided they inform their 
creditors in advance that they 
are being called up. /There is 
also considerable pressure on 
employers to make up the pay 
of workers doing national service. 

A number of hotels glvfe special 
discounts to wounded soldiers 
and their families, while men in 
uniform are allowed to travel 
free on certain forms/of public 
transport. The army is Currently 
-planning operation saffe ride, a 
project to make hi&h-biking 
safer and more comfortable for 
national servicemen. :/ 

The stage has be epT reached 
where concern for -^national 
security even overrides jsome of 
the Afrikaners’ most bisic moral, 
and religious precepts, gv- ; 

■Foe .years the H&tiimalist 
Government has stoutKifesisted 
the legalisation of an&fbrm of, 
gambling., other th%'- horse 1 
racing. However, mu fe most! 
people's surprise (and $|e -Dutch 
reformed churches* dgpiast), a 
national' lottery was fifictioned 
last year to augment tlfe Govern- 
ment’s defence budget : &ince the 
first Defence Bonus Bonds were 
sold to tbe Prime Minister last 
October, the public has pitched 
in over R33m. z*. 

In addition, local authorities, 
universities, sports dubs, busi- 
nesses (Barclays. Bank jteing the 
best known example) apd indivi- 
duals' have spent somel*240m on 
National Defence BoEffs- (which 
are normal fixed interest invest- 
ments) since sales started In July 
1976. 9 

Perhaps the most chilling re- 
minder that “Mr. white South 
African " is ready for -a. fight is 
the alarming increase in gun 
sales in recent years. ■ - 

At the end of 1977. some 

725.000 people were licensed to 
carry firearms. No fewer than 

150.000 applied for their licences 

last year. With the gen market 
booming and tbe international 
arms boycott threatening to cut 
off imported supplies^ it’s not 
surprising that fiv e ideal firms 
are starting to man uf a*ture light 
guns. £-•/. . • 

> Clearly, as Johannesburg's 
Financial Mail put itjslsst week, 
“ With the days of minority role 
in Rhodesia and Sontii West 
Africa rapidly drawing to a dose/ 
South Africa is now-tfggiBS in 
tor the white man's last -stand." 


Sao Paulo 
unruffled 
by strikes 

By Sue Branford 

SAO PAULO, July 4/ | 
BUSINESS here is discovering 
that industrial action is not the 
bogy many bad imagined. Two 
months after the unexpected out- 
break of a wave of stoppages, 
which brought much important 
production to a standstill, about, 
200,000 workers have obtained i 
wage increases -Of about 10 per 
cent These rises are being 
smoothly absorbed by the com-, 
panics concerned, many of whiph j 
have reported unexpected' 
increases in productivity since 
the settlements. Although shop- 
floor leaders have denounced 
reprisals, alleged ringleaders hav- 
ing been sacked in some indus- 
tries, the transition to collective 
bargaining, which is still techni- 
cally illegal, has been mostly 
straightforward. 

Another sign of the times was 
the unexpected decision by a 
Labour Ministry judge to annul 
the results of recent elections in 
the S4o Paulo metal-workers' 
union. The judge said that, in 
the sample of votes which he had 
checked; he bad discovered M seri- 
ous irregularities/’ 

The elections had yielded a 
substantial victory for the 
incumbent leadership. : Op posi- 
tion leaders in the .union have 
denounced fraud for years, claim- 
ing that, with the connivance of 
ministry officials, elections have 
been rigged-to ensure the victory: 
of pro-government labour leaders. 

Meanwhile, dfespile strikes and 
credit restrictions, Sao Paulo 
industry grew by about 7 per 
cent during the first half of 1978 

The motor industry— which 
went through, its first serious 
crisis last year, with a 6.7 per 
cent drop in output and 
generalised losses— is picking up 
better than was anticipated. 
Sales were up by 15 per cent in 
the first half and sources in the 
industry are predicting a growth 
rate of more than 9 per cent this 
year, with production at last 
exceeding lm vehicles in the 
year. 

Bales of electrical household 
goods in tbe first half were up 
by 20 per cent. Although this 
was partly achieved by a 50 per 
cent rise in sales of colour tele- 
vision sets — thanks in football- 
mad Brazil to the World Cap last 
month — demand for other pro- 
ducts has also been good. 

Output of capital goods was up 
by 8 per cent Managers axe still 
concerned, however, as some 
sectors have problems of idle 
capacity. 

But manufacturers of 'heavy 
electrical equipment are con- 
fident of full order books after 
the placing of the S707.lm for 
equipment for the huge Itaipti 
hydroelectric power station on 
the Parana river with Ciem, a 
consortium of Brazilian, French 
and West German manufacturers. 
More than SO per cent of the 
equipment is to be manufactured 
la Brazil. 

.Diana Smith adds from Rio de 
Janeiro: Showing 'a gap of $32m 
between imports of Slj&bn. and 
exports of ‘$L50bn in May, the 
Brazilian trade deficit for the 
first five months' of 1978 has risen 
to 8371m. -This compares with a 
S40m surplus- at the end of May, 
1977, and indicates that a balance 
of tbe trade account for the year 
is unlikely to be achieved. 


NYC police 
haggle over 
pay demand 


[CANADA’S GAS 


ECT 


uncertainty 


GIBBENS IN MONTREAL 


[CANADA 


WHEN WILL construction Ttl l/Tl month*. It claimed that a i 

on the Alaska Highway MStSSZ w “ uld »• made * n *•. 

pipeline through Canada. anti-|^^ /TOmf ¥T‘1u_i n— ■ »- 198 U Many oilmen insist 

how much will it cost? A great fc- ^ ill jMfSV even thw is excessively optimi 

number of people across Canada, »• because of the lack of deti 

from oil companies with or wifo- lCX Jrlp€JlS€ planning when the project 

out a direct interest, to a host^ y^M g^fT — ^FlUIIWW accepted in Ottawa and WasJ 

of equipment suppliers who v ton last September. Fool 

urgently need extra sales ■KmmhJ \ . still claims it can start pum 

volume, would tike to know the —l l \_ anaoa Jm Kas b Y the spring of 1983, hi 

real answer. Nearly a year ago,--^^Rf \ is also regarded as much 

the UJ5. and Canada, in a new : flHfr \ ' optimistic in the industry- 

spirit of energy co-operation, \ While the two Canadian ] 

finally agreed on the .broad HHl X ■ . - 7 makers, Steteo and • Zpsco/ 

terms of the mammoth^ 4,8<K>- , * I asS ured of getting the bul 

1 mile pipeline project to bring I the orders for the Cana 

IPrudhoe Bay natural gas south.. f vJ section, there Is intense esi 

to Fairbanks, Alaska; then Wk J \ tition among other auppl 

through the Yukon, northern .HU u. s. A-\ 4 particularly turbine and 

British Columbia, and AlhertfiL to ■gw'., • cmcAGjS pressor manufacturers, con 

hungry Midwest U.S. marines, aft ■■ specialists and other equip! 

with provision for -futttfce BE Td . i^iir makers 

Canadian needs through the ranr-^® TW ar fQP a 

from, Whitehorse to the ,iao- Canada and the U.S., to fund because of the low level of in 


uwcisco: 




months, it claimed that a a 
would be made in the sprini 
19SL. Many oilmen insist 1 
even this is excessively optimi: 
because of the lack of deta 
planning when the project 
accepted in Ottawa and Wash 
ton last September. Foott 
still claims it can start purar 
gas by the spring of 1983, w. 
is also regarded as much 
optimistic in the industry. 

While the two Canadian \ 
makers, S telco ' and - 2psco,~ 
assured of getting the bull 
the orders for the Cana' 
section, there is intense esi' 
tition among other suppl 
particularly turbine and 
pressor manufacturers, con 
specialists and other equip! 
makers. 

They are eager for or 


c 1 *** financing. merit generally'in Canada io 

put at around SU.S.9bo-10bfcfor Both Governments accepted pil4t two yean. These sudd 

r!£ n!hdL £tnimni e i!iS£ 'H® Alaska Highway Route on 0 f equipment are located rai 
Recentbr the petroleum . indiitry the promise that the private in eastern Canada particu 
research institute in ^or trouhf.be able to raise Ontario * P 

has put the rapital cost at-g^KL^e money on its own. But many wou i d ^ a mistake to 

In current dollar*. This jwf&rgue, in spite of recent protes- 'JJJJf major Si ftrS 

has not been chaUengedseriou^riions to the contrary and the mteriv ne^ 

by the pipeline* backersia efthdr ^iedidtions of the international the AlSka IlStf™ 

Canada or the U.S. Certainly on thanks, narticurarly in Canada, • DO ri. Jr 0 A|a . . . : 

Si w baa y ar * tfitBomS.form of government an^hV^oSK iSStiSf 
known to have been using a backstopping or partial guaran- 

figure of Siam. , tee, of the long-terai debt will be 

Major oil companies, Anaking reqWred. This is so because the and Sberta) the t 

! their own calculations, fty that North American and other insti* teehniial detaiL 

one year’s delay ^ adds fclbn to tutlons putting up the long-term "§ d f S1 £nce of the Foo- 
the cost. And though foothills money will not sign the cheques Sd no lent al S 

Pipeline (Yi*on); tihevtanadian until the returns from the pipe- gSfcm* P ° * 1 

I sponsor, is denying it, k delay in line operation are assured. H . . ■ . . „„„„„ 

the start of - construction of at This in turn requires a settle- hidden form d! govern 
least ode year Is now likely. The ment of the gas price issue in c * me "l® 

escalation of costs is put down to the U.S. and the signing of full 

the delays in starting work, the gas -contracts between the pipe- T.ff„ n J d T-iT^ S pip £« 
continuing high rate of inflation line operators and the U.S. gas .™ „ con ^?' 

<8 to 9 per cent in North America distribution companies. With the surrounding that project 
for 1978 is now considered almost delays and the Inflated cost, some to topple the Li 

certain), and rising interest oilmen argue, and with tbe poll- Government of the da) 
charges. tical difficulties that would face ut /? wa ’ 

One well-known Canadian oil- P« wra and Washington iz» sell- me Goveniment in . 
man, from a major integrated * financial backstop or financed the most nsky se 
company, says be believes the guarantee, there could be across northern Ontario. I 
chances of an actual early, start grounds for doubting whether done with the Trans-Onadc 
to construction on the Alaska lhe project will move ahead for and some form of backstoj 

line at this point are 40 to 60 aTne b® 10 *- ran - be d -°? e a ? a i n * said 

against There are others in the - In -UucMune eeverai western major integrated com 
industry who agree. This argu- Canadian supply companies and Canada needs this projee 
ment rests on the inflated cost, contrSctbrs said they had the huge impact it will ha' 
continuing uncertainty about the received a confidential letter the whole economy. There 
gas price in the JJA. and on fr om Foothills group saying tremendous variety of intt 
political uncertainties. These are thereVwould be a delay of one involved in the Alaska hig 
bringing Into play a whole new >' ca v before the start of the project, on both sides oJ 
set of economic factors which AJasW Highway project in border, 
were not present when the Canada. Foothills denied the “The trick is pulling 
estimates were made in 1976-77 «tory but admitted that there whole thing together. But it 
they say. ’ wouldhe a delay of three or four take time.” 

This does not mean that the j-r* £5— \ • R 1 • 1 

^Gas terminal plan in dou 

to go ahead. They have varying 

interests in. seeing it through to ' ST OUR OWN CORRESPONDENT MONTREAL, July 
completion. Even those which /.- y 

backed tbe alternative Mackenzie ThE^FUTURE of a proposed The burden of the Alg 
valley route have few regrets C$839n) liquefied natural gas statement was that Ame 
afoout it now. There is no going (IJbS) 1 ' terminal at Lorneville, d * la y v in aPPro v i°R irapor 
back on that decision, for nferfiaint John New Brnnswick ?? 4bn cubic metres eann: 
political. re,son. atone. KMw l'tS» SSES S ^M^mpKS’a, 

J5E iffaJSiKTSES tr re faa« 

available from western Canada, for t the U.S. to Europe. Tenneco^was to have 

tbe so-called gas bubble, and- how Tike.. Algerian Government shipped by LNG carriers 
to persuade Uie Canadian announced on Monday final Arzew, the main Algerian e 
Government and public that approval -of a contract for terminal, to the proposed ii 
short-term exports above tiie deliybry of 4bn cubic metres of terminal at Saint John. ■■ 
FJ®**! 1 ??- < v- v™ on fias.-fc.’yea r to West Germany for owned jointly by Tennecc 

(I million million] cubic feet a 2(£y,eaES. beginning in I9S4. This Transcanada Pipelines, 
year to the u.5. , are _ in the gag, was part of a group of con- Canadian gas distribution 
national interest over the next tracts!’ J/br- tbe sale of a total pany was to build the pit 
five years. . • 20bp.- pubic metres a year to the from Saint John to the 1 

The- uncertainties about. -the ujgjlor 20 years, with El Paso border/ It has been unoffi 
Alaska Highway pipeline at this company and Tenneco, the estimated that the gas 1 
point also rest on the ability American distribution com- cost U.S.3 4 to 84.S0 per 
of tbe private sector, both in panies, taking the supply. cu ft at tbe American bo 

The not-so-filarious Fourth 


Gils terminal plan in dou 


BY DAVID LASCEULES 


-By Our. Own Correspondent 

. .. NEW .YORE, July 4. 
THERE WAS no Independence 
Day holiday to-day for New 
York City officials grappling 
.with the problem of keeping 
down the municipal wage bill. 

Seated across the bargaining 
table, at a meeting this after- 
noon were leaders of the police- 
officers’ union, the PBA. who 
want a $5,000 a year pay rise 
for their members. The city 
has already, rejected this de- 
mand in a tough stance which 
led to the collapse of the last 
round- of talks on Friday. 

. . However, the city adminis- 
tration is negotiating under 
the shadow, of a. strike threat 
by the anfon leadership. 

The' latest Indications are, 
however;, lhat the union may 
soften its demand, if- the* city 
provides improved fringe bene- 
fits and other non-wage pay- 
ments. •’ -• . 


; FAR FROM- WAKING, to the 
normal Fourth of July sounds of 
cheering crowds, brass bands and 
crackling fireworks, millions of 
Americans began their country’s 
203rd year of independence In 
pouring rain and record low tem- 
peratures. 

With the weather nothing short 
of dismal, news poured in of can- 
celled parades on the East Coast 
and flooding in the Mid-west. 
Yachtsmen were warned not to 
take to the sea because of 40 
mph. winds and five-foot waves, 
'and even motorists preferred to 
stay at home and avoid the slip- 
pery roads, where the rain-soft- 
ened foundations added subsid- 
ence to the other dangers. 

“ Britain's revenge,” the witty 
. have dubbed it. 

In New York, the thermometer 
dropped to.37 degrees fabrenheit, 
equalling a 21-year-old record 
low. Commented one radio an- 
nouncer: “Just in case you forgot 
aw record high was 102 degrees 


in 3.948.” But, with humidity 
neaxiy 100 per cent this was 
small, comfort for tbe creeping 
cola that ; sent the T-shirt-clad 
masses rummaging for their 
wooBies. 

The culprit is a massive depres- 
sion, which Is hanging over the 
country like a gigantic wet 
blanket refusing to be budged 
by lhe sharp, north-easi: winds. 
The weathermen, who did their . 
best to predict at least tolerable 
weather for the holiday, were 
most, apologetic. “It's just not 
moving over as faste as we 
hoped,” said one, adding lamely, 
"but it should be a nice day . to- 
morrow.” 

But Independence Day fs 
hardly the moment for low 
spirits. True to form, the New 
York .Times— which appeared to- 
day*— published a full-page fac- 
simile of the historic document' 
of TT76 on its back page, in 
’Washington, DC, where telehra- 
tib&tf traditionally culminate in 


NEW YORK Jut 

a grandiose firework disph 
the Washington Monument 
organisers refused to 
deterred. 

"Heavy cloud makes a 
better backdrop to fireworks 
a clear sky,” they said, cor 
ing that the display was t 
ahead. 

The. airlines, too. nre 
buoyant mood. They had al: 
transported record numbe 
fun-aeekors to their he 
destinations before the we 
turned. And since all 
people will presumably ha 
come back, there is alsc 
prospect of . record r 
business. 

Unlike a happy Indepcm 
Day, this will probably bp 
to remember. 

U.S. COMPANY NEW. 

chessle recovering from 
strike ; Kodak appear in B- 
Suit — " Page 21 . 








Financial Times Wednesday July 5 1978 



WORLD TRADE NEWS 


&S UKfrigate 
w ^ order in 
balance 


Sumitomo finds disfavour abroad 


rtaint 


. Hugh O’Shaughncssy 

ARGENTINA and Britain are 
ocked in lough negotiations on 
he price of sis frigates to he 
mrchased by the Argentine 
iavy. A decision about whether 
his large order will be placed 
n British yards is expected in 
he nest few months, according 
o Argentine sources. 

Though few details are avail- 
ble about negotiations the total 
rder could amount to around 
500m. The Argentines are 
itending to do as much of the 
obstruction work as possible in 
ireentine yards. 

The state of the negotiations 
'as reviewed by Admiral Emilio 
lassera, commander-in-chief of 
ne Argentine navy, who left for 
, aris yesterday after a two-day 
Isit to London. Admiral 
lassera is a member of the 
iree-man military junta which 
. as governed Argentina since 
'arch 1976. 

During his visit to Britain. 
. hich was officially termed 
rivate. the admiral bad contacts 
ith Admiral 'Sir Terence Lewin, 
le First Sea Lord, and senior 
Ticiuls of the Foreign and 
ommonwealth Office, the 
epartnient of Trade and the 
ank of England. 

t Argentine officials point to the 
ict that Argentina has bought 
s major naval vessels from 
ritish yards since the 19th 
'ntury and that there has been 
long traditidn of co-operation 
Ith British shipbuilders. 

•- They nevertheless indicate 
' tat they are holding our for 
-- stter financial arrangements 
-ian those presently being 
Tered by Britain. 

Any Argentine naval order 
. aced in Britain is likely to 
cur criticism from the Left 
hich has attacked the Argentine 
Hilary Government’s record on I 
.iman‘ rights. 


BY ROBERT WOOD 

ALMOST three-quarters of the 
countries where Sumitomo 
Corporation (formerly known 
as Sumitomo Shoji)' has offices 
are dissatisfied with their Japan 
trade, the Corporation reports. 
The most dissatisfied are semi- 
developed nations. 

Of 76 countries and territories 
from which Sumitomo subsidiary 
operations responded to a head 
office query, the only places 
where traders found the local 
populace “ generally satisfied " 
were: Switzerland, three Arab 
countries, and six South 
American nations. Traders 
ranked 11 other countries 
" fairly satisfied,** 37 “ somewhat 
dissatisfied.- and 17 “ greatly 
dissatisfied.- (Lebanon was not 
ranked because the Sumitomo 
office there mainly performs 
transit trade.) 

Semi-developed countries domi- 
nated the “ very dissatisfied ” 
group. The list included: South 
Korea, the Philippines, Thailand, 
Taiwan. Greece, Spain, Poland, 
Romania, Bulgaria, Yugoslavia, 
Panama, Venezuela and Ecuador. 
Other “ very dissatisfied ” 
countries were: France, the U.S., 
Kenya, and New Zealand. Britain 
was listed as “somewhat dis- 
satisfied.” 

Many semi-developed countries 
accumulate huge deficits with 
Japan because they import such 
products as television sets, 
knocked-down motorcycles, cars, 
and machinery, while their 
manufactured products compete 
with industries which remain 
fairly strong in Japan. 

Greece, for example imported 
$lJLbn worth of Japanese goods 
last year while Japan bought only 
$3Sm worth of Greek products — 
a- ratio of $29 of imports for 
every dollar of exports. 

Greece suspended issuance of 
import licences for Japanese 
products last week. Columbia 
and Antigua have taken similar 
action, and Morocco has recently 
banned imports of colour tele- 
visions, motorcycles, passenger 
cars, and refrigerators 

Sumitomo’s analysis of the 


survey blamed Japan’s trade sur- 
pluses on foreigners’ failure to 
“study and fully grasp condi- 
tions in Japan.” 

Sumitomo Corporation changed 
its English-language name from 
Sumitomo Shoji Kaisha on July 
1,- but in Japanese it will con- 
tinue to use Sumitomo Shoji, 
which means Sumitomo Trading. 
It is one of several dozen com- 
panies in the Sumitomo Group, 
a loose confederation of com- 
panies in almost all industries. 
In adopting a non-descriptive 
name it has followed Che pre- 
cedents of Mitsubishi Corpora- 
tion, and Mitsui and Co„ the 
trading companies of two other 
loose confederations. 


• Mr. Michiya Matsukawa, an 
adviser to Japan's Finance 
Ministry, says foreign countries 
may apply discriminatory re- 
strictions to their imports of 
Japanese goods unless Tokyo's 
trade surplus shows signs of 
levelling off, according to a 
Reuter's report from Tokyo. 

Matsukawa, until recently 
Vice-Minister of Finance for 
International Affairs, said in an 
interview with the Japanese 
national daily newspaper Asahi 
Shimbun that irritation of 
foreign countries is liable to 
reach saturation point if the 

He said Japan’s trade surplus 
was now about equal to the com- 
bined surpluses of all members 


TOKYO, July 4. j 

of the Organisation or Petroleum ! 
Exporting Countries (OPEC) and 
was leading to violent yen-dollar 
fluctuations. 

Whenever Japan’s balance of 
payments statistics are published, 
pressure increases for a further 
appreciation of the yen, Mr. ! 
Matsu akawa said. 

Meanwhile Mr. Toshio Komoto, 
the Japanese International Trade 
and Industry Minister, has said 
the government may decide on 
supplementary measures to 
ensure 7 per cent growth in fiscal 
1978 which ends next March. 

The decision will be made in 

September when the second 
quarter gross national product 
figure is available. 


Australia iron | Marks and Spencer deal 


price talks 


SYDNEY. July 4, 

JAPAN ESE steel m ills’ repre- 
sen tatives say they want major 
revisions in their contracts for 
buying iron ore from Australia. 

It was revealed at private dis- 
cussions among senior business- 
men from both nations today 
that the Japanese mills want to 
import up to 30 per cent of their 
ore at lower world-market prices. 

Mr. K. Imai, general manager 
of Nippon Steel’s iron ore 
department, said that with a glut 
of iron ore on the market and 
the Japanese steel industry con- 
tracted to buy more ore than it 
can use, the time had come to 
review the concept of long-term 
contracts. 

Japanese executives have indi- 
cated that because of the reces- 
sion in the world steel industry, 
all existing contracts with 
Australian iron ore suppliers 
may not necessarily be renewed. 
AP-DJ 


BY YO,KO SHIBATA 

JAPAN’S LARGEST chain store 
and Japan’s largest retailer, 
Dalei, bave reached agreement 
With Marks and Spencer on ex- 
clusive import sales of Marks 
and Spencer’s merchandise. 
Formal contracts will be con- 
cluded - In this autumn, which 
will allow Daiei to start fully- 
fledged sales of Marks and 
Spencer’s goods as a sole agent 
in Japan. Daiei is understood to 
have been looking for the oppor- 
tunity to expand its European 


TOKYO, July 4. 

merchandise, particularly in 
fashion lines. 

Daiei has picked out Marks 
and Spencer because of its out- 
standing price competitiveness in 
foods and clothing 
In London Marks and Spencer 
confirmed the agreement with 
Daiei and said that two execu- 
tives from the Japanese chain 
would be coming to Britain 
shortly. Japan is now poten- 
tially Marks and Spencer’s largest 
export market 


Call for co-operation 


BY LORNE BARLING 

! CLOSER co-operation between 
Japanese and British plant 
'manufacturers in third-country 
projects was urged yesterday by 
Lord Limerick, a member of the 
British Overseas Trade Board. 

Lord Limerick, speaking at a 
Seminar in London, said that 
both countries had powerful 
plant industries- which were 
major exporters and there were 
advantages in pooling their 
resources in some circumstances. 


Award of oil Greek shippers may act against Lloyd’s 


risk contract 

BUENOS AIRES, July 4. 

TE ARGENTINIAN state oil! 
mpany Yacimientos . Petroii- 
ros Fisc ales has awarded 
•gcnlina's first risk contract for 
exploration and development 
a consortium of German, 
ench and Argentinian com- 
ities. 

Under the contract Total Ex- 
iralion of France, Demines oF 
?st Germany and Bridas of 
gontina are to spend at least 
5.9m on off and onshore ev- 
iration and development in a 
655 sq. kilometre area on the 
st coast of Tierra del Fuego. 


BY OUR OWN CORRESPONDENT 


GREEK SHIPOWNERS are con- 
sidering retaliatory action 
against Lloyd's of London over 
the issue of the additional 
premiums imposed on freight 
insurance of Greek ships over 15 
years of age. The measure was 
to go into efFect on July 1. 

Mr. Antony Chandris, Presi- 
dent of the Union of Greek 
Shipowners, said today some 
Greek shipowners, including him- 
self, were thinking of movtng 
hull insurance away From Lloyd’s 
and taking it to American-: or 
other insurance markets. 

“That would probably make 


Lloyd's think twice," Mr, 
Chandris said. 

Recent figures have shown that 
Greek-flag ships total about 7 per 
cent of the world merchant fleet. 
They also total 14:8 per cent of 
world tonnage over 15 years of 
age. 

Already subjected to the addi- 
tional premiums are countries 
such as Liberia. Panama. Costa 
Rica, Honduras, Somalia. Malta, 
Lebanon. Cyprus. Singapore and 
the Maidive Islands. 

The Greeks object to the Greek 
flag being included on this list 
of 'flags- of convenience and take 


ATHENS, July 4. 

the view that the additional 
premiums should be applied on 
the basis of individual ship- 
owners or across the board. 

Mr. Chandris said he felt the 
additional insurance premium on 
Greek ships over 15 years old was 
unfair and diminished the Greek 
shipowners’ ability to compete in 
world freight markets. He said 
he could not believe that a 16- 
year-old British ship sold to a 
Greek became a bigger risk for 
the cargo underwriters from one 
day to the other requiring addi- 
tional premiums because she j 
became Greek. 1 


British plant equipment was 
well known in such areas as the 
Middle East and it was now 
opportune for British companies 
to take advantage of business 
openings alongside Japanese 
trading and engineering 
companies. 

The seminar, sponsored by the 
Japan Task Force and the 
CBMPE. the process plant manu- 
facturers’ association, was aimed 
at boosting British sales in Japan. 


Aker sells to China 

By Fay Gjester 

OSLO, July 4. 

THE AKER shipbuilding group, 
one of the major creditors of the 
troubled Reksten shipping com- 
pany, has sold the two 16.000 dwt 
dry cargo ships which Reksten’s 
trading company Hadrian ordered 
in 1975 but had to cancel 

Aker has sold both vessels to 
a Chinese-owned company in 
Panama for a reported NKr. 51m 
(£5m) each. This compares with 
the order price per ship uf 
NKr. 80.6m (£S.lm). Hadrian has 
paid substantial cancellation fees, 
but even so Aker is taking a loss 
on each contract of around 
NKr. 6m (£650,000). 


Threat of 
Russian 
fleet to 
UK ships 

By Lynton McLain 

BRITISH shipowners hit back 
last night at Soviet Union claims 
that its expanding merchant 
fleet did not threaten Western 
shipping interests. 

The General Council of British 
Shipping said it was impossible 
to operate effectively in world 
shipping markets when the 
Russians “barged in and upset 
stable markets." 

The Soviet Union “ blocked its 
ears" to calls from the council 
that it should join western 
shipping conference lines “on 
our, terms.” 

Last month. EEC transport 
Ministers did not agree 
immediate action to halt the 
Soviet shipping threat. This was 
“ disappointing.” but the subject 
would be raised again at the 
next ministerial meeting in 
November, when members might 
agree a limited programme of 
monitoring Soviet shipping. | 

The council was replying to 
statements from Moscow last 
month, which said .that 
“ Britannia no longer rules the 
waves ” and that the Sovet fleet 
was expanding. 

The Novosii Press Agency- 
said that with 20 per cent of the j 
world’s industrial output,. it was: 
natural that the Soviet Union 
had one of the World’s biggest 
merchant fleets. 

The council agreed with the 
Russians that their merchant i 
fleet increased by 90 per cent 
to 13m tons in the decade to 
1975. 

But Soviet foreign trade had 
risen only 69 per cent from 
91.8m tons to 155.3m tons. The 
agency said it had risen by 350 
per cent in this period. 

According to the council the 
Soviet merchant fleet had 220 
ships for international trade — 
six times more than in 1971. 

This was part of the “excess 
tonnage.” referred to by British 
shipowners, used to win general 
cargo trade from established 
Western shipping conference 
lines. 

The council said that this com- 
petition on the East Africa con- 
ference lines had cost members 
$35m to 540m (£19m to £21m) 
in lost revenue, of which British 
shipping companies had lost 
$18m (£9.6m). 

. Soviet undercutting by .up to 
30 per cent on this route had 
been the main cause of lost 
revenue. But other factors in- 
cluded “some reduction in 
trade.” 

The direct impact of the 
Soviet .expansion and price- 
cutting on British shipowners’ 
trade was not severe. 


Lamp manufacturers 
allege dumping 
by E. Europe 


BY GUY HAWTIN 

WEST EUROPEAN lamp manu- 
facturers have complained to the 
European Economic Community 
Commission alleging that East 
European lamp manufacturers 
are dumping their products in 
the EEC market 

They claim that electric lamps 
from certain Comocon countries 
are beiDg sold in the Community 
at up to 50 per cent below EEC 
manufacturers’ prices and. as 

a result, below the costs of the 
raw materials required to make 
them. 

A report from the West 
German Electric Lamp Manufac. 
turers’ Association, issued by the 
Central Association of the 
Electro-Technical Industry, states 
that countries named in the 
complaint are the Democratic 
Republic of Germany, Poland, 
Czechoslovakia and Hungary. 

The West European manufac- 


FRANKFURT. July 4. 

turers are taking action through 
their European umbrella organi- 
sation. ORGAL1ME — Organismu 
de Liaison dcs ]nd-.i> tries 

Mctailiques European ncs. They 
are demanding that the Comm in. 
sion investigates the allegation-: 
which they claim could result in 
a serious threat In employment 
in the industry. 

The West German manufac- 
turers state that the East Euro- 
pean penetration nf the Federal 
Republic’s domestic market has 
been swift. Imports from the four 
countries involved in the alle- 
gations have risen from 11. 1 in 
units in 1974 to a total of 43.4 tn 
units by last year. 

This is a very substantial 
of the West German market for 
normal utility and ornamental 
lamps of up to 100 walls, which 
currently stands at about 175m 
units a year. 


Pan Am Concorde study 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


PAN AMERICAN World Airways 
is conducting a new study of the 
possibility of using Concorde 
supersonic airliners, but does not 
expect to take a decision for some 
time. 

Mr. William T. Sea well, chair- 
man and chief executive of Pan 
Am. said in London yesterday 
that the airline had begun its 
study on the basis of figures 
derived from the use of the air- 
craft by Air France and British 
Airways on the London and Paris 
to New York and Washington 
routes. 

“It has consistently been Pan 
Am's position that Concorde was 
a notable technological achieve- 
ment. and that our problem with 
it was economic, in terms of Pan 
Am’s operating requirements,” 
be said. 


“11 has also been consistently 
Pan Ain’s position that if the 
figures wore right in term?, of 
profitability of operation on Pan 
Am’s system, and if Pan Am had 
the opportunity to operate Con- 
corde. Pan Am would do so. That 
is still my position." 

Bui he stressed that Pan Am 
did not feel that it had In hju* 
Concorde, to be competitive with 
Air France and British Airways 
on the North Atlantic. 

The airline would he willing in 
discuss Concorde with llic British 
and French manufacturer* and 
airlines on (he basts of cither 
purchase of the aircraft, lease, 
or the use nf " blocked space ” 
— taking up a proportion of the 
seats on existing Concorde 
services. 


Poland still relies on Soviet oil 


BY CHRISTOPHER BOB1NSKI 

DESPITE RECENT visits here 
by ibe leaders of oil-rich Nigeria 
and Libya, the majority of 
Poland’s crude oil needs this 
year will be filled by Iran. Iraq 
and BP as well as the Soviet 
Union. 

Figures released by the 
Foreign Trade Ministry show 
that Poland will import 12.7m 
tonnes from the Soviet Union. 


WARSAW, July 4. 

lin tonnes from Iraq, lm tonnes 
from Iran, and will buy 1.5m 
tonnes from BP. 

The 162m tonnes contracted 
so far is still below the 1977 
import total of 16.4m tonnes 
and according to the Foreign 
Trade Ministry talks are still in 
progress for further oil imports 
this year. The 1977 import total 
figure was 12m tonnes up on 
1976. 




Entitled 'the appreciating art of NewYork, Montreal, Geneva, will be received by over 20,000 More shirtsleeves than 

Phillips the auctioneers; it points Amsterdam and their network of potential purchasers on Phillip^ stuffed shirt More activity than 

in one bold upwards brush- regional U.KL auction rooms. extensivemailing lists including atmosphere.Better results, 

stroke to the fact that Phillips? Higher prices are being coflectors,museums,antique full stop. . . 

turnover has more than doubled, secured for lots in every sphere dealers and institutions through- Now you’ve got the picture, 

from fine art to model soldiers. out the world. put it to the test, next time 

Inl978Phillipsisholdmg You can imagine that all of you have something you think is 

over 900 auctions, handling more this calls for a lot of specialist worth s elling at auction, 

than 250,000 lots.Each lot will knowledge, a lot of hardworking Bring it to Phillips, 

be examined and valued by people and a lot of midnight oiL 

Phillips? spedalists-Itwillbe And this is what Phillips is 

ingPM^auctio^iaLondon, catabgued accurately anddetails all about 


in the last four years. 

Reading between the lines, 
it signifies that more people are 
bringing their pieces to Phillips 

for valuation and sale. 

v-fni-a /'nctrkmprs are attend 



Blenstock House, 7 Blenheim Street, 


NewBond StreetLondonWIY 0AS. 


Telephone: 01-629 66021 


London West 2 Bath New York 

London Maryiehone Glasgow Montreal 

Knowic Edinburgh Toronto 

I^eda Dublin Geneva 

Amster dam 





®r 


■jaamWTBMS Wednesday Jaly 5-1978 






£15m plan to spread 
industrial use 
of microprocessors 


Disease 




IS 


BY RAY DAFTBt, ENERGY CORRESPONDENT'. 


BY MAX WILKINSON THE GOVERNMENT is expected 

to sanction the £400m develop- 

THE GOVERNMENT announced will ’ be financial support lor 

a £15m support scheme y ester- specific projects for using micro- iiea m 06X1 16 

day to encourage the use of processors rp end products or in • 

microprocessors in industry. manufactnriapig. Mesa, as operator for a group 

The scheme is aimed particu- The scheme is -seen only as a of companies including the P & O 




stream by May, 1981. 

Exploitation of Beatrice will 
give UK oil production a boost 
and lead- to a much-needed fillip 




ISCOT LAND 


microprocessors in industry. manufacturing. Mesa, as operator for a group *" ,r 7f.- . .1 • cent); antf-jSptohftw Holdings 1 IH 1 .K 11 1 11 ' 

The scheme is aimed particu- The scheme Is seen only as a of companies including the P& O j | ^ J pn«w* { g per cenQ.,, ' -' O 

larly at mechanical engineering start of what might become a snipping group, said yesterday / Ba&n 7/ v*am- q The * Highfiatf Regional 

companies which, the Govern- much more ambitious programme “at i^bopea the field in the S_ » ■ . <yr- Council said yesterday that its By Davnl FwMock, Sdcnce Ed 

ment believes, should make more If companies suggest enough Moray Eirth wouldbe brought on g/y 1*. 7* a planning caStalttee had decided v . _ 

effort to study the potential use interesting schemes. , ■ stream by May, 1981. y • to send the. peat mihorltys plans T 11 ® Nat*?®* 1 S 

of the thumbnail computers that Exploitation of. Beatrice will 4* ' to the ' So&rtary of State for ** providing £200, 00 0 towi 

can now be bought for about £5 Minimum give UK oil production a boost Scotland ; ?oK ratification while pr0 5’JSf ,0, J ^. L wS 

each. However, all companies IVMIllinuui and lead- to a much-needed fillip Scotland . / tY “ ’ — ashing him' te -bold in abeyance «H° r « w 

will be eligible. In view of the high priority the for the offshore supplies and J i Cromarty Petroleum's applies- j®^*'!* 3 v^SLi* a * “ 

M'croprocessors are widely Government attaches to all chemicals industries. / Vf i 21 tion, wpidvhad been sent to him m ^ K .. 

used in telecommunications, dkta aspects of microelectronics But the plans being considered - i g>%.' I earliWT^ vyear.; - „ 

processing, office equipment and development, the scheme is likely by the Energy Department will * The . planning committee had ,?• 13 - "*v tv7n V 

consumer electronics. They can to be extended to £30m or even be a blow to Cromarty Petro- sustainable over Wo or three tahen '*&»' decision “in T the JlrSEEL? 1 nf * 

also replace trains of cogs and £50m If it proves successful. leum, planning a £200m crude oil years. . *U- : - almost -gerteg knowledge'’ that 

gears, such as those used ro Under applications, the mini- storage terminal and refinery at The field's co mmerc ial poten- Mesa *** not going to become rolene 

washing machine timers, to coo- mum size of project eligible for Nigg Bay in the Cromarty Firth, tlal has been enhanced by its 2 CromarW Petroleum customer. f2J»i£tL5? lr ^y *h* ho, 

tro] almost any mechanical consideration will be £10,000. Cromarty Petroleum' hoped proximity to shore.* This, and 11 was felt that if both plan- J{* unages-. . of toe op 

P r 2£* ss - . . , _ .. That limit has been fixed fairly that Mesa would use its facilities the comparative -^nown ess of n“8 applications' . were put u ^ e ‘ in a *h 

They are Increasingly finding low to encourage smaller com- to handle Beatrice under a con- the water in thSSoray Firth. before toe Secretary Of State at ^av ^S&lSratiOTbe^een J' 

thPIr wav rnfn unrf nprwilirtc ac „.b train f ... _ ... . . ,. 1 . way coiianorariOT OCtwreiJ * 


sld ^ Disease.lJBQlski Fiat enters 

■ scanner ’ ’British market 

• ; 7§7: :v wins 5 - - | in pick-up tracks 

_ .. . ; „ . . ^BY terry dodsworth. motor industry correspondent 

Partners in Beatrice, are: Mesa ■ YTtRRT 

Petroleum; .tba field's operator Wl I r 1, ... -ita vehicle In which they have rapidly lost 

«* OiaWy . . • « gjg. “S Sound to ™p.rB. 

per ceuti^ &pleto (15 per . .. anmificturer. Po^ 1 f ‘ By far the biggest inrnrsiim 

cent); Hunt. Oil, (iff; per cent); ■■ 1 • ■ _ . -‘-T-e -entering the UK pick-up truck j, w been made by Japanese pro- 

Peninsular ^d r Orieat (15. per flO O .1 « Sarket, in a year when com- ducera, but there arc signs that 

cent); ar^yErokwratio?* Holdings U Ctv A.il 1 ^ mercial vehicle importers have Eastern European producers— 

p m r S io o1 Ss iT&ifcW -TK 

- The instrument, the Tomo*r bv^^l.-SOO-cc engine, and priced tations in the UK. 


Partnecs. in Beatrice, are: Mesa , r.Jti 

Petroleum; ,ti» field's operator W I I R-*- 1 ... ;'.7j 

(25 per Ofeot)' Kerr McGee (25 . . > □ 

per centy; . C^sletm (IS per . 7\ 

cent); Hunt. Oil JClfi pcr cent); f 1 •' ' 

peninsular £ add r DiieaiL (IS per ll<l p 1/UlCT l -45 
cent); a gj^^pratiop Holdings UUrV/fkul2» | 
(5 per c c iiy. ~ w ••• 

9 The • . ffigbteatf .Regional 

Council said; yesterday that its By David Rshlock, Sdcnce Editor 

to send^the- P<*t T 1115 National 

to the Sebctary of State for 15 Providing 

Scotland ratification while producUon of a compaterttedt 


scanner 
wins t 
state; 
backmg 


tion, V»: 
earlier 


}ra«raha- Msr-w- w 


The ■ planning- committee had scan r e T i expenrive^J 

kra -^dlcwS the "«° lu f° " -“SS" &> *S 

miwt (vrt»n"VnAuiioHno*' ths» se a wii ers pioneered by Ej 


coAer encine. and priceo muons «i *«« ^rv. 
r«» wfaSMtith./ £1 SUB - Under the terms of this deni. 

*M£*5£w an additional chat the Japanese aro aimiitg to keep 
uSSr i* British light-weight their shipments of light com- 
^mdrrial vehicle manufac mercial vehteM this jear to the 
wSTafter a three year spell same number as last year. 


- ... — a-j — b IUW w uiiuuie uuucr « tuu- me Water 111 lne.->flloray rirtn. \n. oiare ai M»*hAMtinn hAtwAPn Jar 

their way into end products as panics to seek assistance. Help tract that would have helped to will enable Mesa ^c# partners to once, the port authority's chances S*tSJS5E°^ Readinc cS 
well as helping to confrol auto- will be given as a 25 per cent underwrite the controversial exploit the resSv^t^a^aSon of gaining his approval might be 

“fe "STEf^'u—d .o wat er ^ hM no , S&SfSSS 

r^Ki d iSl t £ri J&nmrr s » .«sr % 

™oie r b| j3a.ssL5.js asi-sssjaswisf" ss ss^ssf’gr ssr^ ^ 

and Germany. All those a £50m investment plan by the B Tbe Highland Regf^al Berauae of th^rwaxy nature .endangEred" the company's kxtra Capital 

countries run support schemes to National Enterprise Board in a Counc ii* s owning committee of the crude oa**it had been chances of finding new eustomara. When J .and P Engfnee^ 

encourage the use of micro- ne w semiconductor manufactur- yesterday agreed to suonort tiie expected that 'If^a -would need Cromarty; Petroleum said last launched, the Tomogscjnii 

Processors. ing subsidUry has been gSSSoJSnoSS^ aove* prodneSSSlSd tSSE "ight that it was talking to a early last year it etfimatedyS 

Foonhilllv announced. Further support for ^ ^ .. portation techni^k including a number of potential oil pro- it had invested £$id to £im '* 


processors. 

Feasibility 


announced- r-urtner support ror ‘ . _ .. portation techniques including a number of potential oil pro- rt had invested £*m to £im 

established semiconductor manu- -Bm since wui be one of the specially - strengthened insulated ducers. It still intended to go its -own money in developm 
facturers, to be announced this smaller^ Worth sea commercial njpeiijjg shore*.*'- ahead with thfe coostructioa of and manufacture. 


The British scheme is divided facturers, to be announced this smaller North Sea commercial p^gi^ t0 s hSrei.' r " ahead with thfe construction of 

into three parts. The first for month, will provide about £50m fields, with estimated^ recoverable But it ^ Q q W planned to treat the refinery, marine terminal 


The Enterprise 


^Driving exemptions 
agreed by EEC 

!> BY NICK GARNETT 

SPEGIFIC exemptions from EEC General commercial journey 
wrfes on commercial drivers* within 50 kms of base will siti 
Bouts requested by the Govern- be covered by tbe need (u hav 
fcenfr-have now been agreed by a rest period after five hour 
the -European Commission. rather than A\ hours as undo 
- Draft legislation covering the EEC rules. 

ATATnnHnna and fhp harmonica- 1 0 r ihc moving of harve; 


use. the UK are imported, mainly 

The second part, costing about from the U.S. Ferranti makes 
£3m. will support company the only microprocessor designed 
feasibility studies into applies- in Europe but that is a 
tions of microprocessor tech- specialised, high-performance 
nologv. Up to £2.000 will be component aimed at military and 
refunded to companies that seek similar applications, 
advice from an approved con- It costs about eight times as 
sultant much as the simplest micro- 

The third part of the pro- processors imported from the 
gramme, expected to cost £10m. U.S. 

Wave-power research 
to be stepped up 

BY DAVID FISHLOCK, SCIENCE EDITOR 

WAVE POWER looks promising station near Southampton, 
enough as a future source of The only proven way in which 
electricity to justify the Central a predicted shortage of fossil 
Electricity Generating Board fuels could be offset was by 
bringing its two big engineering investing in nuclear power. . Al- 
di visions into tbe research work, though . nuclear stations repre- 
Mr. Glyn England, the board sented less than 7 per cent of 


a jprf 




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Oftai 

IJbcttttU 






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is providing £100,000 in e$nhy Hofisenk Transport Secretary. al T “' rt of » iVMtark tn lllf 
for a one-third stake The exemptions from Regula- *,5? mnvilu i 

Mother ilOO^KH) as an unseenred gjj5«W jgdi «g« SSmM cScasi and Sun 

loan. drivers hours, affect tnc dairy ^ ..j _ . K0 . »*xeim>it 

Mr, Anthony Bernard, man- and farming industries in parti- S ,he refi?Halion 
aging director of J and p cular. although there a* more f r ^ n .buse^ ofunl r. ir> se-, 

Engineering, said that tte general exemptions on short ‘ . n , 

money was needed as working commercial journeys. * ,l L™ nXciaoh nnd fn. 

capital to tool up for , jfro- They apply until the end ot ««« on drivers’ hours b 

dU Thc n c°oi^ n v a < h^ e t«d Jt £?r 1980 wh “ “w government hopes vehicles trarellinS to uih 
The company bas-^aMd feur to negotiate a further contiaua- rt _ f tlle gg e wll i not i 

machines so far — three .-A tion, and refer solely to journey 

HpriTlAnv enri nnn h Franrtf *«.. irt* Cfcmpt. 


'SrSS«1SttJbS , ^ ,rtaito ,he UJt . ”The Cownmeni is als,. , 

wwrience withThe SSSaEfi Movin 8 m,lk from fann {a , defining “continuous drivini 
S5SSS are dairy has been given a general This was originally denned 

Clinirei ^deT,c.®7or exemption. _ The «•* »«» the period between the Uriv 


Smethwick. are v providing 
clinical evidence for its vtdtfe in 
medical diagnosis. - 


chairman, said last night 


the board’s net generating capa- 


He said waves were tbe most city, it accounted for nearly 13 
promising of the renewable per cent of its output last year, 
energy sources for electricity None of the alternatives to 
generation, and the board was nuclear power looked as eco- 
pulting an increasing effort into nomlc. Although abundant, the 


Drummood 
Investors ) t 
winding-up^ 
ordered 

By Eric Short ' '1 ' 


exemption. The maximum the period between tnc urlv 
driving day for this work wilt be first getting behind the wliei 
kept at ten hours rather than 0 f his vehicle to his first stau 
eight and a driver will be obliged torv break, 
to take a full 24 hours' rest operators are now bein 
period only rather than 29 advised that continuous drivin 
hours' rest a week. will be taken to moan the pi'rio 

Some further conditions have when he is actually driving, nc 
been imposed, however, and including loading and unloading 
these include a maximum 108 The 1988 Transport At 
driving hours in a fortnight. remains fully in force for con 

The . dairy industry, which in mercial drivers- outside th 
the U.K. demands much greater present scope of EEC regal; 
flexibility in transport arrange- tions. 

merits than the rest of of the The exemptions were broaiH: 
EEC, had warned that it would be welcomed by the Road Haulag 
severely, harmed if the regula- Association yesterday as “ 
Uqn had been applied. cominonsensc compromise." 


wave power studies. 


alternative generating methods 


Behind the move lies plans to were diffuse and intermittent 
bring together the board’s two and the electricity produced 
engineering divisions— genera- would be costly in capital to coi- 


tion and transmission. 


iWEM 

IiwMng 


lect, hafaess and hack up with 


Shipbuilder 
loses three 
directors 

By Lynton McLain, Industrial Staff 


For wave power, the genera- storage capacity. 

tion division would design the Accoiddng .to Mr. England, a " — 7T 

igis SSSvIS Shipbuilder 

3S“ srSI ggS fSS loses three .. 

North Atlantic contained an , . 1* . l „ 

average of 80 kilowatts per On tidal energy the boad had nirgCtOrS 
metre of wavefront— 120,000 reached conclusions: that no U H V/V^l ,\JX 
MW along the Atlantic coasL matter how it was done, the By Lynton Mdjain, Industrial Staff 
Because of heavy losses, only maximum energy it could contri- __ rkcthnatton n f threp 
about one-third of the power *>ute would not exceed 3 per J™. n ^^ f u NATION oE three 

might reach the electricity con- ceat«f Ihe UK’s present primary ^enSely^^ amicably “ 

sumer. hut even that left enough «hf requirements; and that Ross Stehfte new chSr- 

to supply the whole of Britain the electricity would cost mere ™ ni^hL 

at today's rate of consumption, than from established power directors who resigned 

he told staff at Fawley power static*. ^ J^Mr^SidhSl Sinclair 

chairman. Sir William Lithgow, 

__ vice-chairman, and Mr. J. Edward 

Tesco to spend £100m. B0 £ sssasp&m- h aa 

^Jr WAVV1 *** ■ decided after Scott Lithgow was 

If . vested in British Shipbuilders 

on new developments transition to state ownership had 

been sealed. 

BY OUR CONSUMER AFFAIRS CORRESPONDENT Mr. Boyd has agreed to main- 

tain his link with the group and 

TESCO IS to spend £100m on part of this year had shown an will be retained as a part-time 
new developments over the next encouraging trend. financial adviser. His job as 

three years. They will increase Nineteen checkouts in the Wei- finance director will be taken by 
the total sales area from about Jingborough store have been Mr. Alan McNeil age. 

5.49m sq ft to just over 7m sq ft equipped with IBM cash registers Mr. Hoss Belch, the new chair- 
Mr. Leslie Porter, chairman, litiked to * a mini-computer, wan , keeps his position as man - 


Tesco to spend £100m. 
on new developments 

BY OUR CONSUMER AFFAIRS CORRESPONDENT 


Ashley Ai hin wd 

JL CAMPAIGN with a difference to stimulate new industrial 
investment in Blaenau, Gwent, nearly 30 miles from Cardiff, 
was launched yesterday in London. 

Blaenau is to spend £39,000, promoting the attraction of 
its workforce to companies wanting to expand in Wales. 

The town, which has about 4,000 unemployed skilled or 
semi-skilled workers after the closure of the British Steel 
Coxporatlon Ebbw Vale works — 15 per cent of tbe total 
workforce — has chosen a former s tee Until worker Mr. Lyndon 
Humphries, to lead the campaign. 

“ We have something far, far more Important to offer than 
grants from the Welsh Office. We have a town and an area 
committed to work," Mr. Humphries said yesterday. 

The workforce^- which included eyery kind of trade, was 
highly flexible. and?had a good industrial relations record. 

'‘There have been no major industrial disputes at the 
Ebbw Vale works in over 40 years.” 

British Steel has backed the Blaenau scheme by putting 
up £10,000 and devising a retraining scheme. It will also give 
financial help to companies planning to operate in the area, 
sometimes by taking stakes in companies. 


Houses price boom 
fears ^unfounded 9 

BY MICHAEL CAS&ML, BUILDING CORRESPONDENT 


CREDITORS .-SEEKING to 
recover some of thejir money ^ 

from Drummond Investors, a l.fl— IIT 

firm of insurance bi*okers, will X 

now have to await tfie processes 
of liquidation. OfTI*OCh 

This follows the refusal of Mr. a&l Cv 
Justice Oliver in the High Court ^ 
to sanction a scheme of arrange- »y max Wilkinson 
ment for partial repayment of 
creditors. He ordered the com- CO-OPERATION 


Co-operating companies 
agree to objection 


! pulsory winding up of the com- British electronics company and 


between a S5 of the Treaty of Rome. 


Sharp, 


puny. a French chemicals group is director of Loaficld, said yesti 

A petition for tbe liquidation likely to continue in spite of day that the two countries wou 
was presented last January by objections by -the European delete the offending dan: 
Mr. Stanley Swift and his wife, Commissioners to one of the Leafleld would supply the ei< 
who were creditors for £1,990. terms of their agreement tronics and systems engineer! 
and they have been supported The agreement has been pro- know-how and SNPE would p 
by others with claims amounting posed between Leafield Engineer- vide expertise on the chemic. 
to about £7,000. The total debts lug,- Wiltshire, and the French needed for propulsion units, 
of the company are said to be Soctftd National des Poudres „ w f emu Hon 

about £50,000. et ExpTbsifs (SNPE) for joint \ waSt SNPE? 

Rescue bid S3-SS- Sj WKE- £«£ 


A rescue scheme had been “^e^mmfihin^oWected^to vranTthem twicer 

proposed under which £15,000 a clause preventing the SNPE wouJc * n ° c J va . nt tD } ^ r 
would be paid by Mr. Alec fcjMtaSng the jitatS SJf JK?5 uct to someonc clSC 
Davey, the father of Mr. Michael developed product in the UK me Ulx ' 

Davey, the sole remaining direc- and- Leafield from marketing it Leafield has a turnover 
tor of Drummonds. in France, feeling that this about £4m a year and empli 

This money would have been danse contravened the competi- 350 people. SNPE has a tu 
used for paying established tion rules laid down in Article oyer of about £200m. 
creditors and Mr. Robert Reid, 

who presented the scheme on ‘ • ; 

behalf of tbe company, stated 

North Sea oil ‘hitting. 

creditors meeting La May. ® 

But tbe position changed when ? — _ * 

another creditor, Mr. Reginald ymilCl hla OVnAPfc 9 
KeeviL of Wookey. Somerset, IHVlMDlt? CXPUl liS 
was given leave to be added to * 

the list out of time, with a claim tv uiriuci ri aunm 


turnover 


mini-computer, man,’ keeps his position as man- HOUSE PRICES are-still rising general manager of the Nation- the 


North Sea oil ‘hitting 
invisible exports’ 


BY MICHAEL BLANDEN 


says in his amuial report that Instead of keying inthe Prices! director. at a much faster rate than last wide, said that tbe rate of of about £9.000. 

l&e spending would be financed assistants will punch in the The departure of Mr. Scott, fear . s a P rice J ncreas « . m house prices had The judge pointed out that at NORTH SEA oil, though provid- trading -oH/' be said, “she 

through cash flow. This year 16 numbered code on the product, who is in his early 60s, severs a PPear to^have been • been slowing down, particularly the earlier meeting creditors had mg a benefit to Britain’s visible also borrowed foreign capital, 

new stores will be opened. That information will go to a family ties dating back to 1711, according : ta the towards the end of the second voted for the scheme on tbe basis trade surplus, was having an The imported services w 

together with three extensions computer which will come back when the first Scott ship was j} 111 dm s, Eo aety . quarter. Average prices were of receiving 31p an the pound, adverse impact on Invisible ex- estimated to be costing £500r 

to existing stores. with the price. built. He will keep in touch -fbe society s Quarterly review nsing at about 1 per cent a Mr.-Keevils claim, if approved, pcjts. Sir Francis Sandtiands, the year, and the earnings of fore 

Sin.* rironnintr fpartinff etamne Thp mstfimoT. will oaf an Me fnnninamanf in nao«_ ot nousing trend estmiates that month. would reduce that amount Jo 22 d r-h airman of the Committee on nil rnmnaniea in thn Nnrth ! 


lugcuin uitcc CAicuaiuua i'***^'- "“vu nui tuiuc udu i*uwi uue mat okuh an naa in --.(ah,’- Z-r, 

lo existing stores. with the price. built. He will keep in touch nf h-,,!?o 2 S 

Since dropping trading stamps The customer will get an through his involvement in nego- ,L„T n v fl iren<3 e3 H 
a year ago Tesco’s sales have itemised till receipt, and Tesco tiations. with the Government 
increased by over 40 per cent, will get instant information over compensation to be paid for Detwee ? 

and Mr. Porter reported yester- about what it is selling. nationalisation of the company ■ .i n . e ' a ?? ms | 

day that trading in tbe early Chairman’s statement. Page 19 assets. ^Average 1 house^ ^ 

about 8 per cent? 

VC fetches record £8,200 gsif 

quarter, with an av& 

A VICTORIA CROSS group, paid £5,200 for a rare Austrian Both lots were sent for sale 6 per cent. # 

awarded to Captain Arthur Order of the Golden Fleece. A by the present Duke of In the 12 months^ 

Henderson of the Argyll and Bavarian Order of St. George St. Albans. of Jnne the averife 

Sutherland Highlanders, sold for sold anonymously at £5,200, and Sotheby’s concluded its two- price increase of § 

a world auction record of £8.200 a Russian Order of the White day sale of antiquities and primi- was above the 8 DeiS 
yesterday at Christie’s. Eagle was bought by Spink for tive art, adding another £59.485 retail urines hut- *hr£i 

The VC was awarded on £1,300. for a total of £321.490, with « the estimated m 

3SSault I* » sale of Old Master draw- under 10 P“ cent b0 «^t “■ average earnings, f 
°V“* rSfi jtuinL.xi u toss at Christie's, which realised The top price yesterday, and Mr. Leonard Wijfi 

c ^P t - ? en r5,^?? n ’ £™ v i ously £138^75, an anonymous bidder double the estimate, was the 

awarded the Military Cross, was p^d £36,000 for a portrait In £21.000 paid by Fugcndo, a ^ 

killed in action the following Japanese dealer, for a laree T 


Society. quarter. Average prices were of receiviDg 31p in the pound, adverse impact' on Invisible ex- estimated to be costing £500r 

riy review rising at about 1 per cent a Mr. Keevil’s claim, if approved, mats, Sir Francis Sandilands, the year, and the earnings of fore 

dates that month. would reduce that amount to 22p chairman of tbe Committee on oil companies in the North i 

rose by The latest figures confirmed in the pound. If the other Invisible Exports, said yesterday, were rising significantly, 

aland the the society s original assessment creditors bad known of this they The benefits of the oil could, while the benefits of the 

i. per cent that there would not be a bouse might not have voted as they however, be used to remove some wau j|i -how uo in the visi 

P rice explosion this year as tbe did. of Tthe restrictions which had an amount tiierefore “the de 

is rose by present situation was different in Mr. Justice Oliver stated that habiting effect on invisible ex- be seen 

bring the several important respects from tbe petition had been before the port business, hfe suggested. 

that in the early 1970s. when court on seven previous occasions Jh. the committee’s annual re- hl , n 

ationwide, prices shot up dramatically. and it would not be right to keep port Sir Francis drew attention 

tor in the Real incomes were rising petitioners in doubt any longer, to the drop in the net monthly 


>udon area durin&fhe second rapidly, helped by the falling He therefore refused to sanction 
i after, with an average rise of inflation rate, but the economic te e scheme and made the wind- 
per cent. #y.' outlook remained uncertain and ing np order.. 

In the 12 montbsStn the end people remained cautious about T he matter now rests with the 


average earnings. $ 
Mr. Leonard Wii 


ajSnmd £220m early last year to ^ te®almeirt of losses and g- 
ItdOni earlv this vear arising from currency bon 

Storemen rtitod picked up aod “^e admission of I 
^around £120m a month. The of advance corporation tax 


fe national their commitments, Mr. Williams Official Receiver, who proposed td^around £120m a month. The advanre corporation tax 
per cent said- to call a meeting of creditors in reduction, he said, was partly a eligible For double taxai 

rent rise in The building societies have a * ew weelto. The value of any reflection of the rising cost of retief." 

it tbe same . criticised tbe Government’s ded- assets held by the company is not imported services, but mainly Other constraints included 

jerease in sion earlier this year to urge known or whether the offer of a the impact of North Sea oiL still high rate of UK inllat 

lower levels of mortgage lending lump sum payment still stands* “ Not only has Britain had to exchange controls and high i 

ams, chiet to avoid any price explosion. Feature, Page 17 pay for foreign services in ex- sonal taxation rates. 


day- ^ Ganhara architectural relief with m 

The VC group was the top lot Buddha figures, dating from the ■ .Ml 

in a sale of English and foreign CAI rDAflM 3rd to 4th centuries. All prices 

orders and decorations which ^m.tHUUlTI carry an additional 10 per cent 

BY AHIONY TOORNCROFT boueht CHASTITY B 

Kwrsrta ,»'5F«ar«KS5s 1 , a 

f 3 private ScottLSb ■ _ dating from around 1600. for Warwickshire 

collector. pastel of Lady Charles Spencer, £6^00 and Fugendo. again, paid 

A second VC, won on tbe first by Jean Etienne Lictard. £4.600 for p\rt of the surround Mr. Stuart 

day of the Battle of tbe Somme, The sitter was Mary, younger from a large Indian white marble shopfitter fi 

July 1, 1916, went to Stanley daughter of Vere, first Lord stele of the 12th century. A blacksmith, of 


Japanese dealer, for a large yNl .h\ j 9 j 1 - lj a a a J* 

SSS Chastity belts attract few 

carry an additional 10 per cent . 

buyer’s premium. CHASTITY BELT manufacture provide their own padlocks. £110 — a noteworthy garden 

Semet, a Paris dealer, bought has been revived in Britain at Mr. Hill bought tbe 16th cen- centrepiece, 
a Tibetan gilt bronze Buddha, the Royal Show at Stoneleigh, tury forge in Claydon, Suffolk. 18 The time is shown by the 

dating from around 1600, for Warwickshire ft months ago giving up his work shadow cast On the inner face of 

£6,500 and Fugendo. again, paid __ _. ' as a shopfitter. a semicircular iron hoop by what 

£4.600 for 7\rt of the surround Mi". Stuart Hi^- a Suffolk Helped by the Council for tbe knowledgeable call a gnomon 
from a large Indian white marble shopfitter turned! -craftsman Small Industries in Rnral Areas, wire. 

stele of the 12th century. A blacksmith, offers aaeat une in he naw emp i oys two apprentices. The model on show had been 


Chastity belts attract few buyers 

CHASTITY BELT manufacture provide their own padlocks. £110 — a noteworthy garden shire, harrangues his potential year 


customers 


customers. 

-'Farm ladles in summer hats. 


Middle East. 

Hbwever, a 70-strong team 


Gibbons for £7,200. Vere of Hanwortb, who married Tibetan tanka of the 17th-18th wrought iron for £1 ^fitted free. 

It was in a group of 10 medals Lord Charles Spencer, second century made £1,050. Sales have been #av/, he sail 

awarded to Drummer Walter son of the third Duke of The two-day printed book sale yesterday, but he bo 
Ritchie Of tbe Sfeaforth High- Marlborough, in 1762. at Sotheby’s realised £63.208. from among 

-landers, for ** conspicuous A pastel portrait of Lord with a best price yesterday of tounsts at the sboif 

bravery and resource” when be Sidney Beauclerk. by Rosalba £1.400 from Burgess for a second With their .bad 


months ago giving up his work shadow cast on the inner face of taUOred suits and all colours of Kenyan farmers, brought 

as a shopfitter. a semicircular iron hoop by what SSiSSton toTots m™ Britain by the Central Office 

Helped by the Council for the knowledgeable call a gnomon SSwki at his° declamations n n Information, and a Chinese I 

Small industries to Hural Areas, wire. 8 §£^1^ rt £ delegation helped 

he now employs two apprentices. The model on show had been hoards make up for the Arabs’ nbsei 

ci«.A demand rnr .. . .. nreaa oo««»- ...i.u ..... 


the “Charge" under heavy fire son m i 
In Other lots, Spink and Son St Albans. 


the late Graham Pollard. 


| adorned with spike 


SiLTivL, ne now employs wo_ apprentices. ine monel on show bad been hn»rd>j • make up tor tne Arabs’ absei 

fitted tree. Since demand for chastity specially manufactured to tell T ‘ .... For farmers with money 

,vr ’«. belts is limited— although, as Mr. the true time in East Grinstead ;Fid<lteback sycamore, ideal for , their pocket, among the Uellf 

“ te i ennee Hill demonstrates, the unit can The ancle of the gnomon wire V m “ u£ acture, - is also oa sale were £5,000 windoi 

the foreign ^ serve admirably as a has tobe adjusted according to P«factly able to withstand the fo r home power generation i 

- cricketer’s -bead protector— most the latitude of the home of the rigours of the household solar heating panels for the ft 

ge weight of the forge’s, output consists of sundial’s owner. Ip g j hen. swimming pool cunningly t 

r. Hill has more conventional ornamental A little way from the forge r Among the people paddling coaled inside black-coated pavi 
collapsible wrought iron work. .- fumes, Mr. Howard Radcliffe 't&te&d the muddy roads of stones. 

*mght iron Another of his specialities is Knott, of tbe ^ Chapel Hons*- Eland's > p'rttnier farm show.-' ' ; : 

layers must an armiUa^y . sundial— priced - a t Turnery in Tidesweli, Derby- .gpje a marked d lorj^b this - ‘ | - . . .UlinStOpner ran? 


- cricketer’s -bead , 
weight of the forge’s ou 


. 5 ... 






Financial Times Wednesday July . 5 1978 


% 




-.1- 





What you do: What you get: 

Change to GAS fewer product rejects 

finer firing control 

consistent quality- 

less pollution 

easier working 
conditions 


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

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

Fmd out more by ringing the Industrial 
Manager of your local British Gas Region and he'll 
arrange foratechnical representative to call. Or send 
in the coupon today. 


lb: British Gas, Industrial Sales, 326 High Holbom, 
London WCIV 7PT 

I would like to know more about how 
quality 

Name 

Company 



rosinon m Lorn pan v 

Address 

- -d 

Gaas gets on with it 

leL 

BRITISH^ 

3 ( 8 * 


— il GAS 








8 


yjri&Kfial Times -"WSgtoesfay Sitiy 5 2978 


OVERSEAS PROPERTY 


COMPANY NOTICES 


HOME NEWS 



Uniqi it’ in Moi ne Carlo 


Luxury cqxzrtmem'madeto 
Oppositethe hcubourandthesea. 


Le Bristol 
MorrieCado 

25,Bd.Albert.r 


Monte Carlo : the town of privileges. A name 
that makes one dream. The symbol of luxury, happi- 
ness- and security. - 

It is there, in the heart of the Piindpaljty, opposite 
the harbour and the sea, thatyou discover the Bristol- 
Monte Carlo , from which the eye takes in the whole 
harbour from the Rock to the Casino. 

There you will be able to choose a readence.tailor 
made, to meet your wishes: pied-a-terre or high class 
suite, studio or spacious apartments. 


Information: LeBristol-Monte Carlo-25,BdAIbertl er 
Monte Carlo (Prindpaute de Monaco) 

Phone: (93) 3018.61 

■ 10, Bd du Th£5tre -1204 Geneva (Switzerland) 

■Ms85* Phone: (22) 2116.88 Telex: 289199 

T7 »«- 

— N atT if S iimam p 

Address 

r>HRA phone ( homc > 

-d-TH rhone(oft5ce) t ! 



Legal cover to oeg} 
for deep sea minmi 


Executive 

earnings 



CONTRACTS & TENDERS 


Arab International Bank 
Cairo, Egypt. 


Invitation for 

Pre-qualifUation 

for General Contractors. 


I 


LEVERAGED CAPITAL 
HOLDINGS N.V. 

Curacao, KatberUndi Ant3l«s 
Nooca of Annul General Meeting 
of Stureboklarc 

Notice it horefajr gmut dux an Annual 
General Meeting of 5tnr«holden of 
Leveraged Capital Holdings N.V. ha* 
been called by cbt Manager. intiniU 
Management Company N.V. Tha Meec- 


ManzgenieiTt Company N.V. Tha Meet 
tng will take place ac the offices of 
Company. John B. Gociiraweg 6 


July. 1978 ac 10.30 a.m. 

Detail* may be obtained from the 
office* of eba Company or from the 
Paying Agent mendoned hereunder. 
Shareholders will be admitted to the 
meeting on presentation of their 
certificates or of vouchers, which may 
be obtained from the Paying Agent 
against delivery of certificates on or 
before 20th |uly. 1978. 

Willemstad; Scti July. 1978. 

INTfMIS MANAGEMENT COMPANY 
N.V. 

Paying Agent: 

Pierson, .Heldring ft Pierson N.V. 

Herengrachc 214 

Amsterdam 


BY PAUL CHEESSUGHT 

THE GOVERNMENT has author- 
ised preparation of legislation 
aimed at giving legal protection 
to UK companies engaged in 
seabed mining outside the 200- 
mile economic limit and beyond 
the Continental sheif. 

Formal discussions on the 
nature of the legislation started 
on June 22 at a meeting between 
representatives from the Foreign 
and Commonwealth Office, the 
Department of Industry, the 
Institute of Geological Sciences, 
and the mining industry. 

Further talks will be held 
before the* next session of the 
United Nations Conference on 
the Law of. the Sea, which opens 
in New York on August 3L 

The discussions are likely To 
lead to a paper embracing the 
idea of an enabling BIB. sup- 
ported by regulations which may- 
be applied toy a Minister when 
be thinks fit The paper would 
need Cabinet approval before a 
draft Bill was produced for 
presentation to Parliament 

The work on seabed legislation 
comes after representations 
from the industry to the state 
departments involved in the Law 
of the Sea conference and a sub- 
sequent request to the Govern- 


ment from the Department of itftout Jt is not clear whether 
Industry for permission to start.vot&will b e taken before a tlnra 
work on draft legislation. of, the' members come up for r»* 

Three UK mining ^groups— Rio * l $ctian.ia October. 

Tinto Zinc, Consolidated Gold ^Tfae Carter Administration has 
Fields and BP Minerals — are in- approved legislation in principle, 
volved in seabed mining. They bdt'the Bills before the two 
are members of a consortium led Houses of Congress will have to 
by Kennecott Copper of the U.S. be reconciled. The movement 
which is one of six international towards enactment of a sea-bed 
groups actively preparing to start law in the U.S. has given an 
mining . impetus . to similar mov es U > 

Europe. The mining industries 
in. Belgium, France and the 
trover Netherlands are consulting their 

The prospect of legislation governments, and In Germany a 
fleets In part disillusion with the BOl is already In SJrSfft 
progress towards reaching inters although it is not sponsored by 
national agreement on control, of- The Gover nm en t . .-.-V- 

seabed mining at the Law'el^ Industnallsed countries: add 
.the Sea conference- ’mining groups Within them as® 

. But some interim legislation anxious to exploit the reaburefis 
would be necessary even if the of the sc a- bed, where there bjpb 
conference should be successful plentiful quaptttim; erf manganese 
in producing a convention. Xt nodules coat t u na ng nickel, 

would provide legal cover during copper and cobalt as well as 
the lenjrtby process of inter- manganese. \ ; 

national ratification. Internationally, it is accepted 

The industry is anxious that that fe«® resources are “the 
the UK does not lag behind the baritate^of mankind,*’- .tout 
U.S.. where the House of Repre- sluuy Jppoisa-J differences exist 
sentatives is expected shortly to the indwtHaBsed 

vote will be taken before a third ephttfe#, end the developing 
backing for sea-bed mining. The the way in ;: Which 

Senate has another Bill befor(^B^|Q^«lRmld - be controlled. 

“ - ' 




The AJLB. Center is an 
Egyptian Fubfic Law 43 Project 
created by Arab International 
Bank. The Prefect is located near 
thecen ter of Grin? and consists of 
one 750-room hotel, one 20-story 
office building and two 32-story 

apartment biddings all inter- 
connected by a 5-story mixed use 
bufldmg. The gross area is ap- 
proximately 245,000 square 
meters of reinforced coacrete 
construction. 

The contractors who are 
qualffied win be expected to sub- 
mit a firm price tender for the 
structural elements, and general 
conditions for the entire project 
and submit a percentage lee for 
the acceptance of assignment by 
the owner of subcontractors for 

the entire project Ste extava- 
tionwork and the installation of 
infing has commenced. Structural 
drawings and specifications are 
complete. The remainder of the 
Construction documents will be 
completed by mid 1978. 

•Prospective general con- 
tractors pre-qualification tender 
must contain the inflowing: 

L Certified year-end financial 
statement and a current 
applicable balance sheet. 

2. A synopsis ^personnel of 
the association including cur- 
ricula vitae of die top officers. 

3. Names, titles* experience in 
construction in general and 
experience in the Middle 
Eaitf of senior staff who are 
currently in your employ and 
who wifl be assigned to the 
prpjecL 

4. Number and titles of senior 
staff people who wfll be ob- 
tained from other sources 
and the sources thereof. 

5- Company experience in fee 
Middle East, if any, indwfing 
specifically fee number, type 


and siM of successfully com- 
pleted projects and year 
completed. 

& Number oOrigh rise buikSngs 
completed worldwide to- 
gether with a brief descrip- 
tion of at least four major 
biddings. 

7. Number and description of 
projects of comparable size 
successfully completed and 
year completed. 

8. list of clients for whom pre- 
vious projects of amDar sire 
have been successfully com- 
pleted wife the name and 
title of representatives 
who can be contacted as 
references. 

: 9. History of bontfing relations 
on similar sized projects for 
the past 5-7 years. 

10. Sources of construction 
materials and the number and 
typesof equipm en t f o r the 
concrete structure. 

Pre-qualification tenders will be 
received no later than July 18, 
1978 by: 

Arab International Bank 
%Mc W.B. Luster 
50 Gomothia Street 
Cairo, Egypt 
Phone: 935744 
Telex 9-2079 

Drawings may be reviewed at the 
fdknviugplaces: 

Gerald D. Hines Interests 
21D0 Post Oak Tower 
Houston, Tfexas 77056 
U.S. A. 

Phone: 713/621-8000 
Telex: 920/882-5468 
G.D. HINES HOU 

Slddmore, Owinga& Merrill/ 
AHNassar 

22 Hussein Ros tom Street 
Dokki, Cairo, Egypt 


TAKUA CHEMICAL INDUSTRIES 
LIMITED 

Bearer Depositary Receipts representing 
shares of TskeSa Chemical Industries 
limited. 

Takeda Chemical Industries Limited has 
declared a dividend of ren 3.75 eqeirafent 
to Yen 37. SO per Depositary share. The 
Depositary will pay the equivalent pro- 
ceeds in U.5. dollars less taxes as applic- 
able against presentation of Coupon 
No. 3Z. 

Coupons will be accepted from 
Authorised Depositaries on and after Sth 
July. 1 978, and must be lodged two 
Clear days prior to the payment. 

MORGAN GUARANTY TRUST 
COMPANY OP NEW YORK. 
33. Lombard Street, 

London. EC3P 3BH. 

30th June. 1978. 


ART GALLERIES 


ACHIM MOELLER GALLERY. 8. Gras- 
venor Street Oil Bond Street W.J. Tel.: 


Austin Princess ca^get new 
engines to boost sales 


BY TERRY OODSWORTH. MOTOR INDUSTRY <&RB£SPONDENT ‘ 


NOTICE OF MEETING 
A Special General Meeting- wHI be heM 
at the Registered Office at -11 JO a.m. 
on Thursday. 20th July. 1978. to receive 
the Actuarial Report on the triennial valua- 
tion as at 31st December. 1977. 

(Signed) D. Stoat. 

~ Secretary. 


493 7611. Selection el Fifteen paintings 
bv KADINSKY and ZOlh CENTURY 
MASTERS. Modigliani, Lager. Braque. 
Mondrian. Emit. Mira. Klee. Picasso m. 
through July. 


BROWSE ft DARBY, 19. Corit St.. W.l. 
Robin Phllloson — Women Observed. 
Mon-Fri. 10.00-5-30. Sat. 1 0.00-1 JL30. 



< ^^ W 4^^ J ^|^fn9^®irtffis' r bv MICWEU^S Cabaret Club. 5upe rtJOo d. 

GREGORY FINK. MonlrFH. 10-5.30. JSESPZLZSZ?* S ’ W,T ■ 930 2842jJ- 
Sals. 10-1. Dancing partners. > 


DAVID CARRITT LIMITED, IS. Duke St.. 

5 L James’s, w.i. iath century 

FRENCH PAINTINGS. DRAWINGS AND 
SCULPTURE. Until 7Ui July. Mon.-Fri. 
10-5. 

LUMLET CAZELET, 24. Davies St-. W.l. 
■ 01-499 5058. MATISSE — Drawings. 

Prints and Illustrated Books. Until Z8 
July. 

SLOAN E STREET GALLERIES, 153 SJ04M 
St.. W.l. Modern paintings, sculptures 
and graphics bv interesting international 
artists. Wide range ol prices. Tues.-Fri. 
I 10.00-5.00,.. Sals. 10.00-1.00. 

THE BRADSHAW ROOM. 17 Carlton House 
Terrace. S.W.1 . MARGOT HARRISON — 
Watercolours and small olla. 27 June- 
11 July. Mon.-Fri. 10-5. 


PERSONAL 


OXFORD UNIVERSITY ALEMBIC CLUB — 
A reunion dinner tor Oxford Chemists 
■rill be held on Saturday. 30th Septem- 
ber. 1978, In SL Catherine's College. 
For details write to Dr. L. E. Sutton. 
CIO Chemistry Sub- Faculty Office. 1 
South Parks Road. Oxford 0X1 3TG. 


RESIDENTIAL 

PROPERTY 


A NEW range of four-cylinder 
engines for the Princess range 
of cars is launched today by 
Austin Morris, the recently- 
created subsidiary of BL Cars. 

The O Series engines, 
developed with an investment of 
£38m at the Longbridge plant 
in Birmingham, replace the 
B Series units used in the pre- 
sent range. Their capacities are 
1,700 and 2,000 cc, so the gap 
at the two-litre level, which has 
hampered marketing of the 
Princess, is plngged. 

Higher up the range, the 
230 cc six-cylinder E Series, 
engine will be retained* The 
company is confident that it has 
overcome the quality shortcom- 
ings encountered on the manual 
version of the vehicle after 
measures to relocate the engine 
and drive-shaft units. 

The appearance of the new 
engine will, with some trim 
alterations on the car, give 
Austin Harris the opportunity to 
renew efforts to expand Princess 
sales in Britain. 

Mainly because of unreliabi- 
lity, particularly on the 2,200 
manual model, the car has not 
quite made the impact first 
expected of it. 

Competition 

The Princess has a market 
share of about 2.4 per cent in 
the UK which suggests sales of 
about 40,000 units for the full 
year and a production run of 
only about 50,000 to make up 
export sales. 


By cuntr’asfc'^tiie new 0 Series 
engine line “iA capable of pro- 
ducing a little more than 250,000 
units a -‘year, - although the 
engine will, in due course be 
going into other cars. 

Austin Morris would probably 
like to double output of the 
Princess if it could expand sales 
sufficiently at home and over- 
seas. There Is a longer-term 
plan to redesign the car with a 
hatch back, but meanwhile the 
company will aim to take fleet 
sales in Britain away from the 
upper ranges of Ford Cortina 
ana Vauxhall Cavalier models. 

In .private sales, it hopes to 
capture converts from the Audi, 
Peugeot, Citroen and Volvo Im- 
ported ranges. - - 

Prices of the new Princess 
have been aimed at competing 
with these foreign vehicles. For 
the five-model range, an expand 


axon of the original four,' prices 
will be: 1700 It £3,725; 17M HL 
£3,980; 2000 HL £4.059: 2200 HL 
£4.389; 2200 HLS £4,889. 

The new overhead camshaft 
engine is also claimed to be 
much more efficient than the 
former unit It is 10 per cent 
lighter, partly because of its alu- 
minium head, and gives an Offi- 
cial fuel consumption of 2ft# 
mpg for the urban cycle for. 
the 1,700 manual and 27A mpg 
for the 2000. 

Fleet customers, howetofe Will 
be ' watching keenly, tie- see 
whether Austin Morris's claims 
of improved reliabtttiy on the 
car are borne out in practice. 

Achieving a smooth launch, a 
process that eludgti' the former 
British Ley land, management on 
many occasions* .will be the first 
big .test of the new team which 
has taken over at Austin Morris. 


A HIGHER number of Mersey- 
side companies increase^ their 
deliveries to the home /market 
in the second quarter /of this 
year, according to an economic 
survey by Merseyside /Chamber 
of Commerce and Industry. 

In the report, /published 
yesterday, the chamber describes 
these results as “encouraging.” 
But discussing the export mar- 
ket, the survey reports that 


fewe^companies than previously 
had shown an increase in orders 
and deliveries. ... ! 

Confidence in .the future con - 1 
turned to be shown by local, 
companies with 59 |>er cent of 
those surveyed expecting turn- 
over to improve, while on the 
employment front 67 “'per cent 
had held their workforce steady 
although fewer companies were 
recruiting labour. 


to rise 
faster 

BY DAVID FREUD- 

EXECUTIVE EARNINGS are 
likely to increase at a relatively 
Aater rate in Stage Three of 
the'GQvernmem’s pay policy than 
in previous years. 

According to Reward, the 
salary. advisory service, earning* 
by managers, professionals and 
executives Should increase by 
15-tT -per cent in the present 
wage round. This compares with 
the expected rise of 14-15 per 
cent for earnings in the economy 
as a whole hx Stage Three. 

Executive earnings in the 
present round could come out 
ahead of the average level, in 
contrast to their past relatively 
poor performance. 

Rowland is a partnership 
between the Gowwnment agency 
Professional and Executive 
RecrntaMot Synergy PiOriuHmw. 
the Institute of Personnel Man- 
agement end the Institute of 

Directors. 

Trends 

The latest relewe, covering the 
four months from February to 
May, 4s based <ra 28,000 candi- 
dates who obtained Jobs through 
the Gov onunonft eg wtcy . The 
resoftg therefor© are claimed to 
represent actual salary trends 
through aH areas of the 
economy; : 

Reward's index shows that 
salaries {increased 13.9 per cent 
infihe latent 12 months, although 
the- pace increased rapidly. 

From June to September lart 
year, the rise was LS per cent. 
B per cent in the next four 
months and 71 per cent , from 
March to Jime aUs year. 

The fcagheat median salary In. 
creese in the 12 oumOa was 
enjoyed by quality controllers, 
with a rise of 18.4 per cent to 
£4.500. " 

The smallest increase — 4 per 
cent — went to company secre- 
taries, bringing the median up to 

£5,200. 

Job categories with increases 
In the W per cent to 16 per cent 
area included general managers, 
training managers, sales man- 
agers, mechanical eod electrical 
engineers, technicians, quantity 
surveyors and metetictzgisls. 

For the birds 

THE Mousehole Hospital and 
Sanctuary for Wild Birds. Com-, 
wall, has been given £ 10 , 000 , and 
promised further assistance, by 
Mobil Oil. For every £2 raised 
by the sanctuary during the next 
12 months Mobil will give an 
additional £1, up to a maximum 
of £5,000. 




BELGRAVIA. JLW.T — Private Residence/ 
- Embassy. 2T Room s. 8 Bathroom, in 
rwed of moderniMflon, SKI year Lease. 
Ground • Rent £250.00 P.A. price 
£295,000-00. No offers. Tel: 01-370 
,2510. t 


• 1 

Thames flood move threatened 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


EDUCATIONAL 



HOME-GROWN CEREALS 
AUTHORITY 

Sale of Barley Ex Intervention Stocks 

The Home-Grown Cereals Authority on behalf of the 
Intervention Board for Agricultural Produce has 
been instructed to sell by Tender barley from the 
Board’s Intervention Stocks. 

Sales will be ex-store and details of the stores and 
other arrangements are embodied in a Notice of 
Invitation to Tender together with tendering forms 
which are available from: 

Home-Grown Cereals Authority, 

Hamlyn House, Highgate Hill, 

London N19 5PR. 

Tel. No. 01-263 3391. 

Stocks for sale are approximately as follows: 



A PLAN by the Greater Loudon 
Council to speed the £440 m 
Thames barrier project may col- 
lapse because the Port of Lon- 
don Authority says shipping on 
the river would be endangered. 

The barrier is to prevent flood- 
ing in London by swollen river 
levels expected once every 50 
years. But in January, more than 
five years before the barrier was 
to come into use, London came 
within two feet of serious flood- 
ing after exceptionally high 
tides whipped by 80 mpb winds. 

The GLC said that lm people 
and 250,000 homes were in dan- 
ger. Total losses might have 
reached £3bn. 


The fear that that might recur 
before the flood defences are 
finished persuaded the GLC to 
submit a plan to the Government' 
to expedite the project 
Under existing plans, the bar- 
rier would be operational by 
June 1983, two years later than 
planned. The delay- has been 
caused by labour disputes and 
insistence by the Port of Lon- 
don Authority that, the . barrier 
should not as planned, be built 
simultaneously from both banks. 
The GLC agreed to build only 
from the south bank; 'giving 
shipping access to the 650 yard 
wide river- through, a 400 feet 


wlde tfeannel near the noAfa 
bank. ; t 

A study has concluded that 
since January a return to the' 
original plan of building from 
both banks would advance the 
completion date from June, 1988 
to January, 1982. It would also 
reduce .the 'navigable channel - to 
130 feet . .. 

The authority has rejected feat 
It consulted all shipping interests 
on the Thames, and concluded 
that wife ships of up to 65 feet 
beam Passing up the river each 
day. there -was insufficient mar- 
gin far .safety. 

“There wood. \be. a very serious 
risk oiF ships hittinff fee concrete 


structures,” the authority sai 
yesteerday. 

It. was likely that tugs woul< 
have to be on constant stand-b 
daring high tides or stron 
winds. That would raise the cc 
of the .project, and the authorii, 
said that fee GLC would have t 
foot the bill, 

The barrier,, which is 75 pe 
cent paid for by . fee Govern 
meat, bag already cost more tha 
planned.-- In fee 12 months' t 
last September, ..bonding cosi 
rose by £44m. The revised pia 
for speeding work is likely t 
add mi much a s another £ 10 m 
pushing the total cost 
£500m. - - - - - • 


- Medical-technical assistant (4 semesters) * 

- Doctor's aide (3 semesters) ■ 

- Doctor's secretary/secretary (2 semesters) II 

-Language courses in French and English, also as one - 

semester's preparatory studies. 1 

Co-educauonal school in a unique end splendid piaca Scnc tous and newfl 
arranged rooms. Strong Irench-languaflo education. Comptetfl choim Ofj 
sport, leisure and cultural aetfvftias [ 3 iennis courts, own gym hafl. ■ 
skiing, ice-skating). Semesters begin in autumn and spring. *» 

For detailed information please write to: JH 

Collage International desAvants. GH -4833 LasAvantstMontroux} ■ 
Swraerland -Phone 03/SI 30 51 -Telex 26484- cidach m 


Evonne limps through, out goes Nastase 


Store 

Ely, Cambs. 

Diss, Norfolk 
Hadleigh, Suffolk 
Hartlebury, Worcestershire 
Manby, Louth, Lines. 

Old Dalby, Melton Mowbray, 
Leicestershire 
Polmont, Falkirk, Scotland 


Stock 

3,331 Tonnes 
1,550 

2,121 „ 

1,718 „ 

8,076 „ 

4,302 „ 

129 


CLOSING DATE FOR TENDERS WILL BE 
14th JULY, 1978 

PUBLIC NOTICES EXHIBITIONS 

BOROUGH OF LUTON 
£950,000 Mils issued 5 . 7-78 O filHiK 

«, Bisluro 4-10.78. Total aoplicadons 

g gOio. To tsl outstanding -£950.000. « . ji— i M l - - j - 

~Z r,n ** * raJ rattlesnakes. New^UJL 
® ,?“•>% rtsrols. GoldsmlHi Hall. Foster Lano. 

London. EX- 2 . S- 2 BUI JoI»- Mon-Fri. 




Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


There’s no need to hurt: arouid the West 
End for a suitable venue or viewingtheatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 504- people. Full 16mm film • 
projection facilities. National Panasonic Vi" colour 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation . 
system. And luxurious private diningrooms with 
extensive catering facilities. 


FINANCIALTIMES CINEMA 

AH enquiriesto: E J. Dorra; Cinema Manager, 

The Financial Times, Bracken House,10 Cannon Streep 
London £C4P 4BY.Tet 01-248 8000 (ext 670], 


indlug £800,000. 


10-5. Adm. " Frac. 


THOUGH the top four seeds in 
the women’s single duly reached 
the semi-finals at Wimbledon 
yesterday, the occasion was not 
without drama. 

Out on coma three, Evonne 
Cawley, the No. 3 seed, was 2—5 
down to Romania’s Virginia 
Ruzid. who won the French title 
last month, when she suddenly 
clutched the left ankle that has 
been bothering her for several 
months and walked in tears to 
fee side of the court where she 
was joined by her husband, 
Roger. 

After a couple of minutes’ 
delay, in which she stood in 
serious danger of disqualifica- 


TENNIS 

BY JOHN BARRETT 


tion under the continuous play 
rule. Mrs. Cawley was able to 
resume. Her opponent had by 
then lost her rhythm and con- 
centration so badly that she 
failed to win another game In 
that set. 

Miss Ruzici went 3—0 ahead in 
the second* set but again her 
game fell apart She failed to 
win another game and was 
beaten 7 — S. 6—3. 

Afterwards Mrs. Cawley said 
she would be fit enough to play 
Martina Navratilova (a straight- 
forward 6—2, 6—4 winner over 
the young South African Marise 
Kruger) In today's semi-finals. 

Asked how her ankle was, she 
replied “I am coping with it" 
She explained that .she had 
walked off court because her leg 
“seized up” and she needed 


dismal 'sequence, going out 
3 — 6, 6—2. 

Miss King, whose main- hop 
of; picking up. feat elusive 20t 
Wimbledon title, would appea 
to He ' in her. doubles palrin 
wife Miss Navratilova, had t 
have another pain4dMng inje 
tion in her injured heel toefoi 
. the match. 

Mias Evert Is fftill not satisfie 
Rife her’ form, “f think I wi 
“to to Play better to he 
Virginia," she said: “BillieJ 
told me that, too." 

Jimmy- Connors continued h 
assault in fee lower half of th 
men’s draw wife a clear-cut 6— 
o — 4, 6 — 2 victory over Ra 
Ramires, of Mexico. The measu 
of Connor's forin can be judge 
from -the -fact that Ramires ha 
not dropped: a set In his pri 
vious four matches, yet here h 
was totally "overwhelm ed in 8 
minutes. :.> <? 

Ilia Nastase’s Mflop was halte 
in tto ctoCertain ^fashion at th 
quarten4nal . stage- by th 

vV matfe of moch deligbtful tenni 

A *- - by 7—$, 6~-l, 2—0, €—3 in 

, • hour 45 miUutes. 

Virginia Wade in fall flight. -against Mima Jausovec. It- was. Okkeris hest*ever pc 

. . .formance at Wimbledon, wher 

assistance, but not medical It Is Miss Wade’s fourth semi-' r£ 

attention. final; in - 17 appearances at JSJiS ■rf'tffflSSii y 

The other .-semi-final will be a Wimbledon. Yesterday she Jutd- buUt^hxtchman to dnmin»r*F5^ti 
repeat of last year’s classic con- come. to ternis with her serving hff dSujMX^aSSSd “iolYw 
froutation between Virgmia and volleying, and. poor Mite and drop* shote rem 

Wade and Chns Evert. . 1 • Jausovec made a match of it Kler^ ^ 

Miss Wade was in .her most only when she managed to string • Minutes after Nastase’s defea 
convincing form of these cham- a few shots together in the the Internationa) Professions 
pionshipH as she destroyed Mima second .set Tenuis Council announced tha 

Jausovec, of Yugoslavia. 6 — 0 , it is. three years since Billie- be had Uoei^ined tC^OO and si 
6 — 4 in 54 _ minutes. In one Jean IHng last beat Chris Evert pended- for three months for - 
sizzling run- in the first set fee and.ri&ough ahe made a ' fletojv-i saries bf breaches of the code o, 
Wimbledon champion ..dropped mind -effort in -fee second conduct at Grand Prlx tourna 
only five, points in five games, she -was unable to break. that mexita,.?. ' --- ■ \ 


(n't 




























The Financial Tie 


Iti not the acquisition 

of power that's important . 
Ifs what one does with it 


BMW have been renowned for producing 
cars of great power. But power for its own sake 
has never been a raison d’etre. The BMW 528i has 
a 2.8 litre 6 cylinder fuel injected engine which 
can accelerate to 60 in 9.2 seconds and has a top 
speed of 129 mph. More important is that its 
sophisticated suspension can effortlessly handle 
such power. The design and comfort of the interior 
encourages cool and rapid driver response. 

The result is a luxurious four door, five seat car of 
the most positive and dynamic nature which 
possesses exceptional margins of safety. 


Specification for manual version. 

Engine: six cylinder with electronic fuel injection, in-line, 
OHC, 2788cc producing 177 bhp (DIN) at 5800 rpm. 
Performance: 0-60 in 9.2 secs. Maximum speed: 129 mph. 
Source of figures BMW. 

Price: £8,899 . Price correct at time of going to press. 

Leasing. 

In today’s financial conditions, leasing a BMW can create 
substantial advantages. Your BMW Centre will be happy 
to put you in touch with expert advisors on leasing who can 
describe the schemes in detail. 








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IS-- ' '*>■ 







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• • yav-.ftfc 








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rf! - 



' ■* . 


^fv. 

5‘3* ; V ' 

■*&.; • 


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For the joy of motoring. 

I., MW Concessionaires (C.BI I.Ul.. «•»<.»! Croat W est Road. Brentford, Middlesex. 01 -SON ‘MSS. lixport. .NATO & Diplomatic: Sh Park Lane. London W I. 01-629 ‘)277 



■ i i-» r|i 


Financial Times 'Wednesifay Jifly 3 1978 


PARLIAMENT AND POLIT1CS 



Tory leaders undermining 
business confidence— Booth 


BY IVOR OWEN, PARLIAMENTARY STAFF 


-CONSERVATIVE leaders were 
accused of undermining business 
confidence by Mr. Albert Booth, 
■the Employment Secretary, in 
‘the Commons last night when he 
rejected Opposition charges that 
Government policies are 
primarily responsible for the 
;higb level of unemployment in 
Britain. 


But his allegations were dis- 
missed as “ arrant nonsense " by 
Tory MPs, who rallied to another 
■call from Sir Keith Joseph, the 
Shadow Industry Minister, for the 
creation of a more favourable 
economic climate to encourage 
entrepreneurial risJc-taldag, so as 
Co provide improved prospects 
for the creation of more wealth 
and job opportunities. 

Mr. Booth cited the campaign 
against the Employment Protec- 
tion Act as an example of how 
Tory MPs preached the import- 
ance of business confidence, 
while practising the undermining 
of it 

He dismissed the assertions 
that the Act was militating 
against an expansion of the 
labour force, and warned that if 
“this myth" gained currency it 
could prove to be a self-fulfilling 
prophecy. 

The Minister pointed to the 
same danger in tbe case of 
repeated Conservative forecasts 
of rising unemployment, and a 


return to a higher rate of In-, 
flatten. 

In a significant passage of his 
speech, Mr. Booth questioned 
whether the creation - of more 
wealth could be expected to 
automatically lead, to the provi- 
sion of more jobs,' and spoke of 1 
the need for real and . socially 
desirable alternatives to both 
employment and unemployment, 
which would create more jobs. 

He said that, in this area. 
Government thinking embraced 
the possibility of early retire- 
ments. a shorter working week, 
and wider educational opportuni- 
ties. 

The Minister stressed that 
44 per cent of Britain’s labour 
force was employed, either tem- 
porarily or full time. 

This was a higher percentage 
that that achieved by any of our 
major competitors, with tbe 
exception of Japan. 

He reminded the Opposition 
that while Sir Keith Joseph 
criticised the. Government for 
providing grants and subsidies 
to industry, many Conservative 
MPs had sought Temporary 
Employment Subsidy for busi- 
nesses in their constituencies. 

Tbe managers of some 4,000 
firms had come forward for 
assistance under legislation 
passed by the. last Conservative 


Government as well as under 
legislation carried through by 
the present Government. 

Mr. Booth refused to accept 
the validity of tbe statistics on 
which Conservative MPs based 
claims that unemployment was 
relatively worse in Britain than 
in most other OECD countries. 
The UK was a good place to 
invest; he added. 

An example of this, be said, 
bad been provided by the 
decision of Fords to site a new 
plant in South Wales. This was 
not because the company wanted 
to provide 2,500 more jobs in 
that area but because it believed 
that it was the best place to 
secure the production it 
required. 

Launching the Opposition 
attack. Sir Keath continued that 
over . the past four years 
Ministers bad produced a con- 
stant series of false judgments, 
false optimism and false 
promises. 

Yet everything pointed to Mr. 
Booth rehearsing the same ex- 
cuses, evasions and failed 
panaceas,' 

Jobs in the trading sector, 
said" Sir Keith, were dependent 
on winning custom at home and 
abroad. In the public sector jobs 


depended on success in tbe 
trading sector. 


Sir Keith repeated his view 
that in the aggregate the harm 
dose by grants and subsidies 
provided by the Government out- 
weighed the good. 

Subsidies only rescued some 
jobs at the expense of other jobs. 
Such support from the State 
also had the effect of distracting 
management and workers from 

E utting their own house in order 
y co-operation between them- 
selves. 


Liberals 
gain 
debate 
on Scots 
voting 


on Boyle decision 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


By Richard Evans, Lobby Editor 


High spending .high taxation 
and high borrowing must lead to 
high unemployment, SI r Keith 
said. 

But he admitted that mone- 
tarism alone was not enough. It 
must be accompanied by a much 
lower level of Government 
spending, by incentives, by a 
lower level of controls, regula- 
tions and legislation. 

Sir Keith recalled that the 
Tories had applauded the speech 
made by the Prime Minister at 
the Labour Party Conference in 
Blackpool in 1978, when he 
publicly recognised, -that a 
government could not spend its 
way out of unemployment 

Now with the election nearing, 
the savings that had been 
achieved following the pressure 
exerted by the IMF were being 
reversd, and public spnding was 
rising. _--v 


changes Manifesto group attacks 

in rules ^ ' . . . ; 

for drivers Conservative opportunism 


Hc U l^™- N d S ri«S BY RUPERT CO*™®!, LOBBY STAFF 
hours with domestic legislation, 

and to give effect to exemptions THE RIGHT-WING Manifesto deeply serious side. Mr. John 
from EEC rules which have group . of Labour MPs yesterday Cartwright, the group’s chairman 
been agreed with the European issued a pamphlet attacking the and Labour MP for Woolwich 
Commission, were announced Conservatives and accusing them East warned last night that 
yesterday. of “confusion, division and Labour lost the 1970 election, 

Mr. William RSdgers, Tran* opportunism.” 
port Secretary said in a The accusations came In a 

Commons written reply that document called, The Wrong electorate Shit 

until final decisions were made Approacb-And Exposure of J“P‘V “ LmwcSd mSn' 
he would not want anyone to Conservative Policies, a direct a ±‘ would ta? temotfoe he Sid 
change operating practices “in response to the lengthy Tory £e Britiih^SSle 

respect of vehicles and purposes Po^cy statement The Right not ^^Se P same 

for which derogation is possible.” Approach drawn up In Autumn S^ es n0 J L i ^^ e “ e 

. While the EEC rules super. 'UTs In the Labour 

sede many of the provisions of' ^manifesto for the next general ***** should he as confident, of 

the Transport Act 1968, certain election. S ' victory as that The election 

limits on the duty time of drivers _ . , ^ • . will almost certainly be in Octo- 

remain in force. . The pamphlet vihich runs to ber, and unless we hammer home 

The . 1933 Act also remains « "P JUgjfl warfiTln 

vehicles outside the scmES the t hat il a*! 11 . 611 ® 88 selves back in opposition in the 

v enines outside the scope of the Tory pobc&on a host of issues au tumn " 

rules. ranging from law and order, Mrs. Thatcher has to win, says 

It is, therefore, necessary to social services to immigration the pamphlet to save the Con- 

make provision for drivers who ^d the economy. servatives from the fate of 

swjteh b f tween the two codes. in every case it hacks up its becoming a party out on a limb. 

The Minister said separate assertions with quotes from, living off a nostalgic Right-wing 

regulations would be made for senior Conservatives. ideology, with few leaders left 

Northern Ireland “in due course." The exercise also has its 


to remember what it was like 
to serve in office. 

It points out the apparent 
contradictions in Conservative 
policy on industrial relations, 
and highlights the rift in the 
party between the Right-wing 
monetarists and those" attracted 
to interventionism a^^; incomes 
policy. . 'A 

The Tories are accused of 
promising large tax. cuts but 
without explaining how they can 
be afforded, of not saving where 
its promised public .^penditnre 
cuts will fall. Pt 

They are divided £bn devolu- 
tion, states the. panfetolet, and 
cynically playing on.^cial pre- 
judices at the expense Of good 
race relations in an attempt to 
win votes on the immigration 
issue. ■ \ 

“Is it any , wonder that this 
mess of confusion, division and 
sheer oportunism should make 
even the stock market run for 
cover whenever a Tory Govern- 
ment looks imminent?” 


INTERCOM 


SOCEETE INTERCOMMUNALE BELGE BE GAZ 
ET D’ELECTRICITE f ;• 

. (SofteM Anomjme irrcorporoled in ilic Kingdom of Betohxm and registered in 
Vie Commercial Register oi Brussels) 

■ POINTS FROM THE DIRECTORS’ REPORT FOR THE 
COMPANY'S FINANCIAL YEAR - ENDED ON 
DECEMBER 31st, 1977. 

During the year 1977, the generating, sets of tbe Company, 
as well as the portions representing its participation in joint 
power stations, produced 9,016.4 GWh -as compared with 
10,299.4 GWh in 1976. The Company drew from other 
producers, Tihange 1 and from Chooz (Trance), a total of 
7,664.7 GWh fas against 6,327.0 GWh in 1976). 

Gas distributed during the year 1977 amounted to L729 
million m' as compared with 1,500 -million ra’ in 1976 
(quantities expressed in m* of natural gas), i.e;-an increase of 
15.3%. 

Finally, sales of steam amounted in 1977 to 1,033 million 
Kcal. as against 1,030 Kcal in 1976. 

The capital expenditure of the Company daring the 
financial year reached 10.792 million Belgian francs. 

Tbe results of the financial year allow the payment of a 
dividend, net of Belgian withholding tax (prgcompte mobtiier) 
of BF 142 nn each of the 14.082,853 shares representing the 
capital on December 31st, 1976 and BF 94.66 on each of the 
2,849,142 new shares entitled to dividend rights as from 
May 1st, 1977. 

By virtue of the bilateral tax convention between the 
United Kingdom and Northern Ireland on.the one hand, and 
Belgium on the other band, withholding tax on dividends is 
limited to 15%. 

Shareholders residing in the United Kingdom and 
Northern Ireland are entitled accordingly either to reclaim 
tax paid, in excess of 15% or by prior arrangement through 
their bankers-to have the deduction of tax limited to 15%. In 
either case, arrangements should be made through the share- 
holders and bankers. 

EXTRACTS FROM THE ACCOUNTS 
PROFIT AND LOSS ACCOUNT OF 

THE GROUP 1977 1976 


Anglo-Soviet deal 
contracts for £440m 


CONTRACTS 'VALUED -at 
£440 fim have so faiNxmn placed 
under the Anglo-SovietsJrade 
agreements, Mr. Edmund TBell, 
the Trade Secretary, said in a' 1 
Commons written reply. This 
leaves a' balance of . £509.4m 
available. . 

Since the beginning of 1977 
orders have been signed between 
UK companies and USSR trading 
organisations for the supply of 
cigarette-making machines valued 


at £7 .8m; gas*« om P ressor PRiQPS 
and station equipment valued at 
£87.4m; a higfiL density ptrfyq- 
thyiene plant valued at £4§fen; 
two methanol plants together 
valued at £174m ana eqmpmAt 
for two tyre factories 1 . vines' at 
£23 -Sm and £54. lm. i Jt* 

The balance is represented by 
eight separate contracts 2fbr vari- 
ous types of capital equipment, 
ranging in value from £2m to 
£I3m. ' 


THERE WILL be another free 
vote in the Commons tomorrow 
on the use of proportional 
representation in the elections 
to the proposed Scottish 
Assembly, following publica- 
tion yesterday of Government 
plans for debating more than 
150 amendments to the Scot- 
land BUI made by tbe Lords. 

The Government has agreed 
to a separate debate on pro- 
portional representation on the 
first of three days of dis- 
cussions on Lords amendments 
following representations from 
the Liberals. In spite of 
Liberal hopes there is expected 
to be a substantial majority 
against the system in both the 
Government and. Opposition 
parties: 

The 156 amendments have 
been grouped over the three 
days to try to ensure discussion 
of subjects which were not 
debated by MPs because of the 
operation of an earlier guillo- 
tine. 

The guillotine motion, pro- 
bably the last major hurdle the 
legislation will Face before 
becoming law at the end of the 
session, was being debated by 
MPs last night 

The one remaining question 
mark hanging over the legisla- 
tion. which Ministers regard as 
vital to Labour's electoral pros- 
pects in Scotland, is the 
attitude of the Lords. 

If, as expected, most of the 
..amendments of any con- 
sequence passed by the Lords 
are rejected by the Commons 
some peers will want to send 
the amendments bade again in 
protest . 4 

But the belief in both Houses 
Is that a) (ho ugh the legislation 
might be delayed by this “ping 
pong” process it win certainly 
be on the statute book by the 
time Parliament rises at the 
end .of July or early in August 

Apart from proportional 
representation there will be 
debates tomorrow on the com- 
petence of the Scottish 
Assembly to scrutinise Bills 
and on the role of the Edin- 
burgh executive. 

In the second! day’s debate 
to he held next week there will 
he debates on Assembly pay, 
the position of Orkney and 
Shetlands, tax-raising powers, 
and the voting of Scottish MPs. 

The Government is expected 
to reject a Lords amendment 
proposing a second vote in the 
Commons If an issue of English 
significance Is carried on the 
votes of Scottish MPs. 

The third day’s debate will 
include discussions on the 
referendum, abortion and sub- 
jects taken away from the 
Assembly’s control by the 
Lords including forestry, air- 
ports and island waterways. 


THE PRIME MINISTER, usually 
the most surefooted of politi- 
cians, slipped up badly in the 
Commons yesterday over the 
Government’s decision to imple- 
ment In three stages the Boyle 
recommendations on pay for top 
public officials. - 

In an attempt to duck the 
issue, he brushed . aside a 
question on_ the subject from 
Mr. Jaek Ashley (Lab. Stoke on 
Trent), a moderate and highly 
respected figure in the parlia- 
mentary party. 

This brought an accusation 


This brought an accusation 
from Mr. Ashley that Mr. Cal- 


laghan was behaving in an 
arrogant manner and ignoring 
tbe legitimate concern of Labour 
backbenchers. 

Left-wingers joined in to sup- 
port Mr. Ashley and — far from 
avoiding trouble— the Prime 
Minister found himself in an 
even more embarrassing fix. . 

Mr. Ashley suggested that now 
that the Cabinet bad shown its 
concern for the top-salaried 
people, it was time to consider 
the plight of the lower-paid 
workers. 

He asked Mr. Callaghan to 
support the concept of a national; 
minimum -wage, which had been 
recommended by the TUC but 
rejected by the Government 

According to Mr. Ashley, some 
people who worked at home were 
receiving less than £10 for a 
50-hour week. 

Tn an unusually terse reply, 
the Prime Minister said there 
would be an announcement today 
on the conditions of home- 
workers. 


It is understood that -this will 
come In a written parliamentary 
answer, and Is expected to deal 
with stricter enforcement of 
regulations protecting home- 
workers. 

On the question of the Boyle 
Committed Mr. Callaghan said: 
“The complications of incomes 
policy and pay cannot be 
discussed in reply to a question 
here this afternoon." 

At the end of Prime Minister's 
question time. Mr. Ashley raised 
tiie matter with Mr. George 
Thomav the Speaker, and com- 
plained that Mr. Callaghan bad 

S ven “a display of arrogance” 
-refusing to give a full answer. 
He said he could understand 
that- the Prime Minister pre- 
ferred to deal with “ enthusiastic 
party points,** rattier than criti- 
cal questions, especially when 
they related to the problems of 
the lower-paid. 

Accusing Mr- Callaghan of a 
“latronising ” attitude he said: 
* There is no point in back- 
benchers putting questions down 
if the Prime Minister is going to 
act in this arrogant and ill-con- 
sidered manner.” 

* Earlier, the Prime Minister 
found himself on the defensive 
when he clashed with Mrs. 
Margaret Thatcher, Leader of 
the Opposition, over inflation. 

Mrs. Thatcher reminded him 
.that wages in the present pay 
-round had increased by 14 per 
cent and she wanted to know, in 
view of this, what his forecast 
was for the rate of inflation next 
year. 


There was Tory laughter when 
the Prim? Minister said that he 
could go no further than the 
rest of this year, when the 
Government hoped that inflation 
would remain at 7 to S per cent 
or “ round about there.” 

The rate of inflation next year 
depended on the level of ster- 
ling, the coat of imported raw 
materials and the level of wages. 

This was not good cnuugb for 
the Leader of the Opposition. She 
recalled that in a New Year 
broadcast, the Prime Minister had 
stated categorically that inflation 
was a direct result of the level 
of wage increases. If wages went 
up at 10 per cent or 30 per cent, 
then prices went up by exactly 9, 
those amounts. 

There were more leers from 
the Tories when the Prime 
Minister conceded : "There is a 
rough relationship between them. 
That Is why the Government is 
anxious to secure 10 per cent 
increases this year and keep it 
within single figures." 

The fact that wages wen- turn- 
ing out higher than 10 per cent 
clearly worsened the position 
regarding inflation, he admitted. 
' **l have never hesitated to point 
out to the country the con- 
sequences of this, and shall con- 
tinue to do so- The Government 
will continue to work within the 
limits of a free society in which 
a great many bargains arc struck 
where tbe Government has no 
influence at all. 

“The Government will continue 
to work for the maximum 
moderation in order to prevent 
Inflation returning to double 
figures.” 


No date fixed for 
Press Charter 


BY OUR PARLIAMENTARY STAFF 


Motoring 

gimmicks 

attacked 


THE PROPOSED Press charter 
will include safeguards for the 
freedom of .the Press, fs well , as 
dealing with the issue otr%e 
dosed shop, Mr. Harold Walker, 
Minister of State for Employ- 
ment, told the Commons yester- 
day. However, be was sdl^not 
in a position to be able- to Jay 
when the draft charter woulqFbe 
published. 'i 

Mr. Walker reaffirmed his 
view on the question of a closed 
shop in the newspaper industry. 

He said journalists should not 
have the right not to belong to a 
trade union. Such a provision 
would be a repeat of the '/follies 
of the Industrial Relations Act." 

Mr. Fred Silvester (Cf. Man- 
chester Withington) saijf it was 
disgraceful that the Government 
should hesitate in making clear 
its attitude towards the freedom 


matters and it made sense to 
wait for the report of the Royal 
Commission on the Press before 
setting in hand the lengthy con- 
sultations necessary. 

He could not say* when the 
draft charter would be 
published. 

In later exchanges Mr. Ron 
Thomas (Litx, Bristol North- 
West) claimed that lack of free- 
dom of the Press was due to the 
feet that the bulk of the news- 


pevs in this country were con- 
trolled by a very small number 
of powerful Interests, rather than 
the effect of trade-union agree- 


ments. 

Mr;, Walker assured him that 


of the Press' and the closed shop 
before the end of the Parlia- 
mentary session and possibly a 
general Election. 

Mr. Walker said that Fleet 
Street’s inability to speak with 
a unified voice had delayed 


the statutory requirement to 
produce 1 * a Presh charter went 
beyond the application of the 
closed shop to th# t wider issue 
of Press freedom apd any im- 
proper pressures which might be 
applied. V 

He hoped that those" who were 
concerned about the closed shop 
would not reject the Valuable 
safeguards for freedom*, of the 
Press ' which would be put for- 
ward by the Government \ 


A DEMAND for Government 
action against motorists who 
display waving hands, skulls and 
flashing lights -in their car wind- 
screens and rear windows came 
from an MP yesterday. 

Mr. Tom Nonnanton <C 
Chadie) claimed tbe practice 
endangered road users. He 
described the * hands, “ grimac- 
ing’ 1 skulls, “frolicking figures," 
lights, and other eye-catching 
displays which obscures drivers' 
vision as “distracting and mis- 
leading gimmicks." 

He said that Mr. William 
Rodgers, Transport Secretary, 
should discourage the practice 
and if necessary make it illegal. 

Mr. John Horam, Transport 
Undersecretary, pointed out that 
tbe Highway Codo reminded 
drivers of the need to keep 
screens and windows clean and 
clear. 

In a Commons written reply he 
said that under existing regula- 
tions window glass must be 
maintained so that vision is not 
obscured, while a vehicle is being 
driven . 


Seat belts 
campaign 


Television move rejected 


THE PUBLICITY campaign to 
encourage seat belt wearing is 
costing fl.lm, Mr. William 
Rodgers, Transport Secretary, 
told the Commons, in a written 
reply. 


Euro election confirmed City seminar 


REPORTS circulating among 
socialist groups In Europe cast 
doubt on the June, 1979, target 
date for direct elections to 
the European Parliament, Mr. 
Dennis Skinner (Lab Bolsouar) 

! claimed In the Commons yester- 
day. 

, He said: “There is now an 
element of doubt as to whether 
I the June date can now be 
satisfied." 


He said there bad been re- 
ports submitted to the ^socialist 
groups suggesting th& there 
were “ technical ” reason? why 
that date could not be met. 

Mr. Frank Judd, Minister of 
State; Foreign Office, isaid: “7 
know of no reason why June 
should not be met as target date. 

The Government was com- 
mitted to that date, h|_.added. 


MR. PETER SHORE, tbe 
Environment Secretary, is to 
address a consultation on inner 
city involvement, attended by 
self-help groups, voluntary 
organisations and local 
authorities, in London on July 14. 


A TORY MP yesterday painted 
a picture of a Westminster 
Palace of Varieties at work, with 
budding actors, and MPs jockey- 
ing for position to get into the 
picture. 

“ It would be a non-stop 
variety show, comparable to the 
old English sports of cockfight- 
ing and bear baiting," warned 
Mr. John Stokes (C, Oldbury and 
Halesowen). 

He was speaking on a bid by 
Mr. John Farr (C. Harbor ough) 
to introduce a Bill to have Parlia- 
ment televised. 

Mr. Farr said cameras would 


i 

“correct the present unhappy 
situation." 

Mr. Farr said: “There, has. 
been general dissatisfaction with, 
sound broadcasting and many 
people generally find it incom- 
prehensible.” 

Television, he said, would show 
the public that the Commons was 
a viably effective and democratic 
debating chamber. ' 

But Mr., Stokes predicted that 
some MPs would try to look and 
speak; like Laurence Olivier. 

Viewers would be more inters 
ested & what a woman MP was 
wearing than what she' was say- 
ing. '.And MPs would crowd 


behind a speaker so their con- 
stituents would see them on 
screen. . . 

He was cheered when he 
added that television already 
intruded almost everywhere— 
except the bedroom and the bath- 
room. 

The Commons only allows if 
minutes for a private membci 
to convince MPs that he has : 
case for a private members' Bill 
so no other opinions were given 

The voting was 181 to 161. i 
majority of 20 against allowinf 
Mr. Farr, to introduce a House 
of Commons (Televising of Pro 
ceedings) Bill. 


APPOINTMENTS 


More police 
cadets plan 


Fewer courts 
martial r 


Sir Jack Wellings to head 


ager (UK) of GENERAL ACCI 
DENT FIRE AND LIFE ASSUR 
ANCE CORPORATION. He wa: 
previously assistant general man 
ager (UK) In 1973. 


Net operating income 1,417,269 

After charging depreciation of fixed 

assets 3,549,064 

Income from controlled . and 
associated Companies and from 

other investments 4.948,455 

Net profit after taxation 3,091,971 

Net profit attributable to the 

Company 3,085,133 

Dividend less tax 2J269.485 

NET TANGIBLE ASSETS 

Fixed assets (the Group) 52,677,203 

Trade investments 14,061,125 

Current assets 22.593,831 


Deduct : 


Minority interests 


Representing issued share capital or 
16,932.000 shares of no par value 
Reserves and Profit and Loss account 


Less intangible assets .... 


- 1977 
(BF 1*000) 
1,417,269 

1976 
(BF 1.000) 
995,421 

3,549,064 

3,407,726 

4.948,455 

3,091*971 

4.531,646 

2,680,040 

3,085,133 

24169,485 

2,676,692 

1,999,766 

52,677,203 

14,061,125 

22,593,831 

45,864,472 

9,994.673 

14,428,368 

89,332,159 

70,287,513 

25.333,021 
37,147,243 
• 52,228 

15.623,589 

31.985,948 

31,092. 

26,799,667 

22.636,884 

22,771,455 

4,048,198 

18.939,339 

3,714,456 

26,819,653 

19,986 

22,653,815 

18,931 


The. Metropolitan Police. force 
is stepping up recruiting cadets. 

Mr. Merlyn Rees, Home Secre- 
tary, -said yesterday that the 
force might take on up to 1,300 
cadets this year. This compared 
with an intake of 347 in 1977, be 
said in a Commons written reply. 

“ A vigorous publicity cam- 
paign has been mounted to 
encourage applications,” be said 


A SMALL fall in the ninnber of 
servicemen facing court&niartial 
was disclosed by a Minister yes- 
terday. * 

In a Commons written reply 
to Mr. Tom Litterick (Lab* Selly 
Oak) Dr. John -Gilbert, ^Defence 
Minister, said 1*489 personnel had 
been tried over the Ipast 12 
months, compared with £,565 the 
previous year. 


construction working pyarty 


Bank of 
Montreal 


Tibe National Economic De- 
velopment Office has announced 
the appointment Of Sir Jack 
Wellings as chairman of the CON- 
STRUCTION EQUIPMENT 

SECTOR WORKING PARTY. Sir 
Jack, who is chairman and 
managing director of the 609 
Group, sAso. serves; as a part-time, 
member of the National. Enterprise 
Board.' 

* 

Hr. Denys Milne, chief -execu- 
tive and , managing director at 
BP Oil. has become president of 


BP on. has become president of 
the INSTITUTE OP PETROLEUM; 


Established 1817 
Dividend No. 479 


26,799,667 22,636,884 


Copies of the full reports and accounts for 1977 in French, . 

may be obtained from: ; „ „ . ' 

— MIDLAND BANK LIMITED, International Div ision, 
P.O. Box 161* 60 Gracechureh Street London EC3P 3BN. 
— BANQUE DE PARIS ET- DES PAYS-BAS, Throgmorton 
- Street. London EC2N 2BA. 

■ — BANQUE BELGE LIMITED, St Helen's Place, London 
: EC3A 6BT. 

-r-BARtNG BROTHERS & CO LIMITED, 88 Leadenhall Street 
. ‘ London EC3A 3DJ. - ' 

—HILL SAMUEL & CO LIMITED, 100 Wood Street, London 
EC2P AJ. 

-Summaries In English will be obtainable shortly from the 
above-mentioned establishments. - 


Notice Is hereby given that a dividend of 
Twenty-Eight cents per share on the paM up capital 
of this Institution has been declared for the current' 
quarter, payable August 30th, 1976 to share holders 
of record, as at the close of business July* 3 1st, 1978. 

Shares not fully paid for. by July 31 it. 1978 will ■ 
rank for the purpose of the said dividend to the’ 
extent of the payments made on the said shares on- 
er before that dare. 

By order of the Board 
R. Muir, 

• ' Vice-President and Secretary. 


in succession, to Mr. John Green- 
borough. a deputy chairman of 
Shell UK and president of .the 
Confederation of British Industry. 
.* 

Mr. ML Defriend and Mr. M. J. B. 
Green have been appointed to the 
board of KLEINWOBT BENSON, 
The following have been made 
assistant directors: Mr. P. F. G. 
Barnes. Mr. ML J. N. Barnett, Mr. 

S. R Barrow, Mr P. Guy, Mr. 
B. W. J. Manning, Mr. J. F. Nelson. 
Mr. P. J. Parsons. Mr. P. J. M. 
Praia, Mr. P. R, Rlckwood. Mr. 

T. H. Rose. Mr. R. C. Ryder and 
Mr. D. C. Wake-Walker. 

+ 

Mr. CyrQ Aberdein, a* director 
of -Brent Chemicals International, 
and : managing director of its 
Savflles Hydrological Corporation 
subsidiary, has been appointed, 
national chairmen of the ALLIED- 
BREWERY TRADERS’ ASSOCIA- 
TION. 

•k 

WILLIAMS AND GLYNS BANK 
has made the following appoint- 
ments: Mr. A. - G- Pollard as 
divisional director, - International 
Banking Division;. Mr. J. A. Brooks 
as a deputy director, in'the .Inter- 


national Banking Division; Mr. E. 
J. Fowies as deputy director and 
head of Investment Division; Mr. 
D. V. Latham as deputy director 
and head of Trustee and .Taxation 
Division. ' From July 12 Mr. W. 
Allen becomes a deputy director 
in'- tbe. International' Banking 
Division.' ' " ' 

Mr. - Michael Thompson bas bden - 
appointed . .chairman, and Hr.- 
MaJcofm Horton managing direc- 
tor, of WILLIAMS LEA; AND 
.COMPANY, a subsidiary .'of the 
Williams Lea Group'. 

: ■•••■. * .. •_ 

Mr. Robert G. Baynbain, '.form- 
erly 'managing director, .of the 


SUrntna .Group, has-been a ppointe d 

managing- d irect or of WETHER- 
ALL BOND STREET Wl/part of 
the Baccara t/Wctbcrali Organi- 
sation. • '• • 

★ 

Mr. Alex Houseman, who has 
been appointed to the Board of 
RECORD RID G WAY as a non- 
executive director, la chairman 
of W. Canning Ltd* and not, as 
the company previously stated, of 
W. E. Canning Ltd. 

Mr. Bjorn Bryn has been 
appointed chief executive of all 
KEITH PROWSE travel divisions. 
Mr. Ray Swart’s employment with 
the Keith Prowse Group of Com- 
panies has ended by mutual 
agreement. 

Lord Charteris of Am is field, 
who has been elected a director 
of CLARIDGE'S HOTEL and of 
the CONNAUGHT. HOTEL, was 
private secretary to the Queen 
until his retirement in- 1977. 

• 

Mr. Howard Thomas, chairman 
of . Thames . TV,., has. been made 


hasreti 

• V 


{debt of the RADIO. INDUS^ 
SSCLUB OF GREAT BRITAIN 
Sptossslon to Blr. Douglas 
jmndfee, deputy ' m a n aging 
ftar-of BBC Radio. Mr. John 
wf / 1 national* sales manager, 
RgHliKbistries,- has succeeded 
Jk. ffideratn, of - Anttfer- 
chairman. 

8!ij marketing -board! 

,-JWrJ- of = Selboroe hair- betel 
dated chairman In .succession 
IS^F- R- Scott, who .has re- 
£&bm the Board. Mr. J. F. Ml 
ipft&rict ‘member, continues 
Ifer- chairman; - and the Board 
•W-Optcd Mr. A. E. Redsell 
iftltiie'Esse Kent district mem- 
yatahey following the retire- 
fmC JBr. Scott.. Mr. D. S. 

special member, sue-' 
j§«r. .David GaUovray,; who 


> BURNLEY BUILDING SOCIETY 
Mr. G. S. Dauby has been msfiJ 
a. deputy general manager. Du 
A. W. Halstead; Mr. D. H. B®#f§ 
;.aAd Mr. T. J. Webb become assla 
tant general managers. Mr. H 
Rnshwortb, the 'general manage) 
has -been coropted to the Boar) 
of- -directors. - ■ 

V’i 

Kr^ Phfl. C toion , who 
BRITISH OLIVETTI as markuSi 
manager in Jammy; 1976£%« 
taken ever its -data- ptocwkSA 
operations. : M 

, Mr. Donald flfc. de rjbreot tripM 
joining . the * -.piurtnfeadp355w 
E. B: . SAVORY TBa.tM 
on - August L" v- ' 'r 

Mr. D. Bt ftfclit 
appointed- deputy 
Mr. M. D. Dove*-: 
tor, of WADJC^PBOBttCaffiS 


MSr. H. Oku 4 . 

chairman of ffie ‘general .ngt ko* 

section . of the XJGHTINl 

INDUSTRY FEDERATION. Mr. F 
Cooke- Yarborough- has been mad 
vice-chairman. . Mr. Ogus ,fs 
director of Poseloo. - Mr. Cook< 
Yarborough is a director of Com 
light... ... .. • - . 

' FULTON PACKSHAW LEAS 
INC has appointed the fofloWm 


as*?? 


Mr.-- Peter Prince has been 
appointed cha irma n of the FOOT- 
WEAR, LEATHER AND FUR 
SKIN INDUSTRY TRAINING 
BOARD. He succeeds Mr, John 
Tasting, chairman, of the Board 


for the -past three years. Mr. 
Prince, a chartered engineer, has 
held-A-nomber of senior appoint- 


ments’. with C. and J. Clark! and 
has been a member of the Board 
since- it was set up in. 1968. 

■ ■ * 

Mrl Douglas Moat has been, 
appointed an executive director 
of - the CLERICAL. MEDICAL 
ANQv GENERAL LIFE ASSUR- 
ANCE. SOCIETY. An assistant 
general;, manager ^ since 1975, Mr. 
Moa't^rospondhle for marketmg 

' - ; - ’ 

-MtivTbm Roberts has . been’. 
ap&Sj&ft dejwrtyi seheral -jaaur 


to its Board: Mr. E. HL N. Darife 
Wabhaw. (managing), Mr. J. <3: 
Blackburn (administration), an 
Mr, C. F. Tippett. VT 

' - ; »L 

Mr, Norman R. Freedm an jg 
.been made secretary- of the 1353x9 

land industries group.~|| 

Mr. Edgar- Pickering,- ha ^Sl 
rigged -from the Board-. of EB B S! 
PICKERING (BlAUEBUKTOpift 
the* Boards of rai 
Mr. B. -G,:*. 
appoints 


Mr, B. 





■p" 










otorin*! 

ininieb 

tucked 


Cd 


Plnancial Times Wednesday July 5 1978 


LABOUR NEWS 


Dockyard Vital Westland 

Strikes mootinrr 


for a day 


meeting today 

BY NICK GARNETT, LABOUR STAFF 


v £ meeting wilt be duce a solution. "It would take 

field today between management a remarkahle change in the atti- 
B y Philip Bassett, Labour Staff JP® national union officials over tude of the management" 

the serious pay problems facing Stewards and workers are also 
cpr Tn/NTTe*ttT*> , Westland Aircraft’s Yeovil hoping to lobby MPs atthe Com- 

it *”OUSAND workers at helicopter factory. mons today 

n I ouUl dock y ar <J responded Westland still intends issuing Westland believes that the 
iesvoraay to the Government’s dismissal notices to its 2.000 scrapping of piece work would 
S Per cent pay offer to manual workforce if a long- help the company out of its 
1 o.f. UOU industrial civil servants, running disagreement over piece problems and secure the future 
uy holding a one-day strike. work is Dot settled. of helicopter manufacturing in 

It was the second one-dav stop- Tb e company has already Yeovil, 
page by the Portsmouth dockers waraed .that the future of its It has warned that profits this 
in support of the claim by the helicopter operations has been year are likely to be disappoint- 
indusirial civil servants, wbo jeopardised and workers have > n S because of the pay dispute 
form one of the largest groups received warnings that they face Th£ company’s difficulties centre 
still to settle under stage three dismissal. on a Ministry of Defence con- 

of the Governments’ pay guide- Today’s meeting in London. 1™* negotiated in 1973 to sup- 
lincs. which will involve shop stewards Pl- V Lynx helicopters to the 

The dockers claim to be £20-a- a L “ Ioc * ! J nd national British and French forces. . 
week behind comparable wor- ? fficial * is in effect a recon ven- , The company made provisions 
kers outside the Civil Service ,ng of a sunl,ar meeting at the last year to cover fixed price 
As well as the two strikes th-v end of Feb niary which failed elements in the contract, which 
have banned overtime worked to find a w* 1 ** 500 - bad been overtaken by inflation, 

to rule, and held walk-outs in , Tbe com Vmy wants to scrap and also to cover the rising wage 
support of the claim *ts «/ece-work system but sbop bill at YeoviL 

T . _ . ‘ stewards say this would cause a Westland says wage cost in- 

^ by union severe drop in wages. A mass creases have not been matched 
leaa f rs - would give an overall meeting of the manual laboor by increased productivity and 
"f„ , l” re “ e J To manual workers force last week reaffirmed their has been trying to abolisb tbe 
“ 11 does not consolidate opposition to the company's pro- existing piece work scheme for 

the £9 from pay policy supple- posals. 18 months. 

pay comparisons sys- Mr. Mike Webber, the shop The unions say the scrapping 
Iff!,..]?!* b riva * e m dustry is also stewards' convenor, said yester- of the system could result in a 
“* T ® “as been set day that tbe stewards were not wage cut for skilled men of up 
for resuming talks. hopeful the meeting would pro- to £23 a week. 


Steel chief 
expects 
Bilston 
talks will 
start soon 


for resuming talks. 

Unions representing the 
manual staff want firm commit- 
ments on pay comparisons and 
increased holidays. The compari- 
son proposals made in the 
rejected offer would, like those 
for white-collar civil servants, be 
subject to any Government pay 
policy in force. 

The unions would like similar 


Work-to-ruie journalists 
offered pay arbitration 


BY OUR LABOUR STAFF 


w S the n po S !i«, P fireraen^°teachers Advisory A Co c nciliatiDD *** sanctions yesterday 


and armed forces- 


Arbitration Service yesterday were skid to have severely hit 


Industrial action on the nav offered to assist in the Press coverage j>f racing and sports 
y J ' The intensified action 


claim has been sporadic so far. Association dispute 


and not organised by any of the journals are working tonile haS ? ,eant banning 

unions involved. Workers in E t0 rule overtime and last-minute 

arms factories, dockyards, naval 0T mL a ciaJ ™' changes m shift work, 

bases and a submarine base have .®L. news agency has been The .journalists’ claim for a 
already taken action Firemen PF 0V,dm S only a restricted scr- £2,000 a year increase to bring 
and fuel loaders at RAF bases vlce to Provincial and national them up to average pay levels in 
together with messengers and n . e y s P a Pers, radio and tele- Fleet Street has been rejected 
doormen in Whitehall, could T? 81011 for nearly two weeks by management which feels the 
become involved. s,T1c . e members of the increase would be in breach of 

National Union Df Journalists the Government’s 10 per cent 

decided "to withdraw flexibility pay guidelines. 

T\ 1 _ ff and goodwill” in support of pay the journalists claim that the 

IVsIirSlt* (IT parity with other Fleet Street rise is necessary to attract 
x T vrx journalists. recruits of the right calibre. 


WHIUUO JHYUIVCU. ** UilVGIB ill rttr#lr< 

arms factories, dockyards, naval 0 ^ o a EL_ e “JJ; 
bases and a submarine base have £ .* news agei 


doormen in W 
become involved. 


Morale of 
doctors low 
BMA says 

By David Churchill 


Hoverport opening delayed 

BY OUR LABOUR CORRESPONDENT 

THE OPENING of British Rails hailed by the action, and pas- 
new hoverport at Dover had to sengers booked to travel by 
he abandoned yesterday because hovercraft were transferred to 


"A. nUUUMUliVU IVUIV.IUMJ UVI.UII .-I t m . 

THE MORALE of doctors end of , di , pute , moM „ g bonr . Channel terry scmcK. 
others who work in the National crafl engineers. - 80 - engineerm 5 


IlM „v .ll - - mostly members of the Transport 

Health Service is at a low ebb. What should have been the Salaried Staffs' Association, are 

the British Medical .Association first scheduled passengeV opera- demanding pay • party with 

said yesterday. tion of the new stretched hover- engineers who work on Sealink 

Its comments came as a craft - PriDcess Anne, was also ferrif*. 

damper to the celebration today — j 

or the 301 h anniversary of the -w- y . . # 11 1 

Urgent action called 

the anniversary “cannot be an 

occasion for rejoicing but must « *j111 a 1 

Sh^^M.ssBssi hospital labour trouti 

resources for the service that it ~ s 

thie morateu^al?' TleaSh Sen-lee BY PAULINE CLARK, LABOUR STAFF 

workers a much needed boost. .in Ar-m^v , _ ,,,, n _ ni . a ^ _ or..*:... , ■ 


tion of the new stretched hover- engineers who work on Sealink I 
craft. Princess Anne, was also ferries. 


1 By Our Labour Correspondent 

BRITISH STEEL Corporation 
: hopes to agree a “reasonable 
I time scale ” for discussions on 
> the future of the Bilston works 
; In the West Midlands at its 

i next meeting with union 

leaders. Sir Charles 1 VilHers, 

! chairman, said yesterday. 

The corporation was 
threatened with a national 
strike last week after a Bilston 

- union official received a letter 

- from a local manager calling 

for talks on the phased closure 
of the works. Leaders of the 
Iron and Steel Trades Con- 
federation lifted tbe strike plan 
after the letter was withdrawn. 

British Steel told union 
officials this year that it wants 
to close the Bilston carbon 
steels plant, with the loss of 
2.400 jobs, by next March, but 
the matter is still under dis- 
cussion and Sir Charles denied 
yesterday that an order to shut 1 
the plant had been given. 

“No instruction could have 
been given without violating 
procedures for consultation at 
national level, which simply 
has not taken place,” be said. 

‘Misinterpreted’ 

The local letter had been 
misinterpreted. It had been 
withdrawn to allow consulta- 
tion to proceed in a proper 
atmosphere. Sir Charles 
stressed that, although he had 
worked very closely with Mr. 

, Erie Varley, Industry Sec- 
retary, throughout the crisis 
facing the steel industry, it 
had been a corporation deci- 
sion to withdraw the letter. 

He added that the next step 
— as it had been since May 
when British Steel told 
the unions nationally that it 
believed (he closure of Bilston 
was necessary— was to hold 
discussions with the TliC steel 
committee. He hoped this 
could be arranged quite soon. 

Meanwhile, there remained 
the problem of finding an 
economic load for Bilston, 
which had been preferentially 
loaded, at the expense of other 
plants, to preserve a reason- 
able atmosphere for discus- 
sions in increasingly difficult 
trading conditions. 

6 British Steel last night con- 
cluded another works closure • 
arrangement. Agreement was 
reached with local union 
officials for the closure of 
Treorchy Works, South Wales, 
where SCO shop-floor workers 
and staff arc cmploved, on 
September 30, Redundancy and 
compensation terms have been 
agreed. 


Urgent action called to end 
hospital labour troubles 


BY PAULINE CLARK, LABOUR STAFF 


The BMA Is Ibe only one of 
the main trade unions with mem- 
bers in (he Health Service which 
ha< refused lo sl^n a letter of 
cmnmilmcnt to the Health Ser- 
vice sent io the Prime Minister 
on Monday. 

The letter warns that workers’ 
goiuitvill “is nut inexhaustible ’’ 
and argues that "resources musi 
b-.* willed and provided.” The 
commitment by representatives 
of those who work Jo 'the Health. 
Service was the idea of Mr.j 
David Ennals. Health Secretary.' 

But l I k- BMA fell thal it was, 
unwarranted to mark tbe 30ih, 
anniversary m this way when 
the Health Service was facing 
crucial problems Of finance, 
ad mi nisi ration, and industrial 
relations. 

“Ever since IMS. doctors have 
striven, often far beyond the rail, 
of duty, lo make it succeed.” But 
the BMA repeats its view made 
in ihc present Royal Commis- 
sion on thi' National Health Ser- 
vice that doctors knew that the 
Health Service was tailing to pro- 
vide The service which palienLs 
had been led to expect. 


URGENT ACTION lo improve 
the industrial relations structure 
of the National Health Service 
is being sought by the Advisory 
Conciliation and Arbitration Ser- 
vice in a report published yes- 
terday. 

U warns of a further deteriora- 
tion in hospital standards if 
remedies for labour troubles are 
not quick! v round. 

The A CAS report is to be 
submitted to the Royal Commi- 
ssion on the National Health 
Service, and the outcome is 
expected to be with the Depart- 
ment or Health and Social 
Security by next February. 

It comes on the eve of the 30th 
anniversary today of the NHS, 
which this year saw Increasing 
demands From unions, profes- 
sional staff organisations and 
MPs for a solution to the wave 
of industrial disputes hitting 
hospitals. 

The report emphasises serious- 
organisational shortcomings in 
the industrial relations structure 
and concludes that the NHS baa 
reached the stage when it should 
review both its policies and 
practices. 


u Unless effective remedies are 
introduced urgently, we can see 
little prospect of avoiding con- 
tinued deterioration in industrial 
relations with associated frustra- 
tion- of management and staff, 
increased labour turnover and 
noticeably poorer quality patient 
care." 

It suggests that ACAS might 
help the health authorities to 
take the lead in establishing 
central guidelines “ for a rnone 
comprehensive and co-ordinated 
industrial relations policy " and 
identify a range of problems in 
the: present structure. 

Weaknesses 

In particular, it criticises 
present procedures for Dot being 
sufficiently clear, consistent or 
effective and for functioning only 
in the national machinery 
instead of meeting the need for 
local collective bargaining and 
consultative machinery. 

On the management side, the 
chief problems are said to centre 
again on weaknesses in organisa- 
tion but also on poor communica- 
tions and the need to give 


personnel officers more authority 
to implement policies. 

Amid the general organisa- 
tional shambles, the functions of 
trade unions are also said to be 
suffering from lack of clear rules 
on union membership agree 
ments and lack of co-operation 
between TUC-affiliated trade 
unions and non-affiliates in most 
local joint machinery. 

A remedy for these problems 
could be helped if the chain of 
organisation in the NHS were 
shortened and if a central 
co-ordinating policy were avail- 
able. 

Underlining the need to recog- 
nise the changes in the NHS 
since it was created in IMS. 
ACAS explains that at that Time 
it was “a unitary organisation — 
a family affair in which staff 
goodwill was expected and 
largely granled." 

It was now clear that many 
NHS workers felt that their good- 
will had been abused and that 
they were wrong in assuming 
that the service coiild ever hope 
to act in the best interests oi 
staff if tbe patient was always u 
have, priority. 


Art Exhibiiion. including works 
by Soto, Ciuz Diaz, Poleo and Rayelo. 
Official opening 1630 hrs. 5 July. 

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

Exhibition of Venezuelan life, 
industry and technology. Official 
openinq at 1930 hrs, 3 July, at the 
Reinbiandt Hotel. Thuiloe Place, 
London SW7 

Conference on Venezuelan Science 
and Technology. 1000 hrs, 4 July, at the 
British Council. 11 Portland Place, 
London. W1 


Wreath laying ceremony at statue 
of Simon Bolivar in Belgrave Square, 
London, SW1. T000 hrs, 5 July 
(Venezuelan independence Day) 


Opening of Exhibition depicting 
the life and times of Bolivar aT 
Canning House, Belgrave Square, 
London. SW1 .1100 hrs 5 July. 
For two weeks 


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


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


Visit of Ambassadors 
and Staffs of Bolivarian countries to 
the Lewes Festival, 8 July 


The Sound of Venezuelan Youth'. 

A concert of Venezuelan popular and 
folk music at the Shaftesbury Theatre, 
Shaftesbury Avenue, London, WC2. 
1830 hrs, 9 July 







REPUBLIC OF VENEZUELA 

5 July 1978 

167th Anniversary of National Independence 











SJiyi^TMiBOLIVAR 

1:830 - f : ■ ^ 

-The* Liberato r % 


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

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

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

Bolivar, who visited these shores in 1810, 
knew and admired Great Britain, and he expressed the desire that the New World 
shouid find inspiration in the British virtues of common sense, stability and 
respect for others. He helped to promote understanding between the 
two peoples and, following his leadership, it is the earnest wish of the 
Venezuelan Government that this, mutual 
respect and understanding will continue to flourish. 


!sT*n] 


Issued by the Venezuelan Embassy 1 Cromwell Road, London SW7 








The 1979 Financial Times diary shows 
a number of improvements over the 1978 Financial ? 
Times diary. 

-Firstly design. 

• \ 

We commissioned James Shurmer, 
who has produced work for the National Gallery to 
completely revise the interior styling/ j . 

' He provided us with a nicely understated 

thin-line treatment pf the main diary 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 


a marker-ribbon that fate to bils^sbfWe’ve 


a non-: 


> - .. V 

V-. . ■“ 


. • In addition to the desk diary there’s a 
slimpbcket 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 / 
roacLrail and air 




sources m 



countries of the world 

v * 

3fru can trace - 
anything from a Belgian 
consumers’ association 
to a Polish translation 
agency. 1 

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 writefs . 
cramp/ 

To save you having to copy out hundreds of/ 
addresses and telephone numbers at the end of 
each yeai; 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. 





time zones and metric conversion tables. , 

Wb’ve also designed an attractive matching 
address book. ” 


■ . * r _ 
S i i « ii 


1 i»K 


either your initials or company name and logo.T 

So you can give dther yourself, your staff or 
your best clients a personalised gift. r 


desk top. 


To: Geoffrey Phillips, The Diary Manager 




Minster House, Arthur St, London EC4R 9AX, Tel: 01-623 1211. 


NAME 

posmON 

COMPANY 

ADDRESS 


TELEPHONE 


DATE 











13 


‘ *■ ■ v 


Weflnes 8 ay July 5 1978 


aeh 



‘cu 




sin 



DEREK ALUN-JONES the man* 
*gin^ director of Ferranti, has 
a relaxed and open friendliness 
which makes his rather specta- 
euln rescue of the electronics 
grpvp sound deceptively simple. 

Add in a sense, the recent 
sharp improvement in profits 
should be seen only as the first 
phase in the enmpany’s recovery 
and iLs need to achieve a place 
in world markets to match its 
undoubted technical abilities. 
With improved cash flow and 
reasonable profitability, Ferranti 
is now in a much better position 
to succeed than it was when 
Mr. Alun-Jones was brought in 
three years ago. But it would 
bu unrealistic to ignore the fact 
that it has a long haul ahead. 

Of his achievement so far 
Mr. Alun-Jones says: " It was 
really a question of establish* 
ing detailed targets, giving 
managers responsibility and 
trying to improve margins and 
return on capital involved in all 
parts of the business. Beyond 
that it is a matter of trying to 
make more good decisions and 
fewer wrong decisions." 

Mr. Alim-Jones’s strategy of 
devolving almost complete con- 
trol to the beads of the six 
divisions while at the same time 
Tightening up the detailed 
financial reporting to the 
centre. has clearly been 
successful. 

From the point of near col- 
lapse in 1975, when the company 
marie a loss of £500.000 on a 
turnover of £86ni. sales have 
nearly doubled and profit has 
climbed to film pre-tax. 

Preliminary results for 1978 
appear to show that the recovery 
is gaining momontuim — with 
a 03 per cent increase in profit 
after lax and a 25 per cent gain 
in turnover. 


Ferranti: too early 

euphoria 



BY MAX WILKINSON 



Because of the fast growth 
of the market fur military elec- 
tronics, Ferranti will have to 
work extremely hard at the 
sales of civilian equipment if it 
wants to maintain the present 
balance between the two sides 
of its activity. 

It is probable, therefore, that 
Ferranti will gradually con- 
centrate ils efforts on the areas 
of electronics and computer 
technology which it knows best 
Products like electricity meters, 
transformers and mechanical 
handling equipment, do not fit 
naturally into a modem elec- 
tronics company, though there 
is no suggestion at present that 
the company wishes to sell off 
any of these parts. 


Intriguing 


,<^.V 


Morale booster 

Obviously .these results are 
a morale booster for a com- 
pany which went through a 
period of harrowing uncertainty 
before the Govemnneirt pro- 
vided £15m in 1975 to rescue 
if. The figures put the company 
in a good position to seek a 
Stock Exchange quotation, 
which it intends to do probably 
in mid-September. 

When this happens the 124 
per cent of turn-voting shares 
h$;ld by the National Enterprise 
Board will be enfranchised and 
offered In existing shareholders. 
The* Enterprise Board already 
ha-, half of the voting shares, 
and it will probably keep this 
proportion after the shares are 
tb-rued on the marker. 

Because of the excellent per- 
formance of the company this 
>vor flic proposed Listing has 
a i traded a great deal of 


interest. But it would be wrong 
to be too euphoric about 
Ferranti just because it is now 
under sound financial man- 
agement 

For Mr. Alun^Jones’s new 
style of management has not 
magically overcome the long- 
term problems facing the com- 
pany, which, compared with ils 
U.S. rivals, is still a small fish 
in a very big pool. Jndeed. Mr. 
Alun->Iones is himself suitably 
cautious about the future — 
though by no means pessimistic. 

He points '“oat that after 
taking account of inflation last 
year's sales growth was about 
10 to 12 per cent in real terms. 
And he believes future growth, 
will be limited by the company’s 
ability to attract skilled 
engineers and computer pro- 
grammers which are in short 
supply in the UK 

Last year, for example, the 
company would have liked to 
hire 50Q more skilled people 
than it was able to. "‘In the 
short run this was no bad thing. 
It put pressure on the divisions 
.so that everybody had to work 
a little harder. Somehow even 
if you are short of people, you 
still get the job done.” But in 
the longer term, shortage of 
Skilled manpower could become 
a serious limitation, as indeed 
it could for all the other elec- 
tronics companies in Britain. 

This is perhaps one reason 


why Ferranti is unlikely to take 
off spectacularly into new 
areas of operation. Its future 
looks much more like consolid- 
ation and steady attempts to 
expand the markets it finds 
most profitable, particularly 
military electronics, avionics 
and computer systems. 

Another reason to expect 
consolidation is that Ferranti 
has inherited a very wide pro- 
duct range from the days when, 
as one commentator put it, it 
was run “by engineers for en- 
gineers." Its justified pride in 
being at the frontiers of tech- 
nology has to be set against 
the fact that in many of those 
frontiers it is up against com- 
petitors ten times its size. 

In some areas, like military 
electronics. dnertaaJ navigation 
systems, traffic control schemes 
and sophisticated industrial 
process control. Ferranti can 
hold its own with any company 
in the world. ^ On the other 
hand it has to be remembered 
that cf its six divisions, only 
three are making a strong con- 
tribution to profits, though 
none of them is now making a 
loss. 

The Scottish division, which 
concentrates on avionics, con- 
tributed about 35 per cent to 
this year’s pre-interest profit of 
£llm. The next best performer 
was the computer group with 


Derek Alun-Jones ' — spectacular 1 

rescue, but a long haul ahead. 

about 27 per cent, and the 
Canadian division with about 
18 per cent. 

The other three divisions, 
instrumentation, components 
and the troubled transformer 
division, contributed only about 
14 per cent of the profit 
between them. The contribu- 
tion of each division to total 
sales is roughly in the follow- 
ing proportion: instrumenta- 
tion, 10 per cent; components, 
1& per cent, transformers, 5 per 
cent; avionics. 30 per cent: 
computers, 30 per cent and 
Canada. 15 per cent . 

Overall, the company is still 
strongly dependent on Ministry 
of Defence orders which, 
account for about 35 per cent 
of sales.* while total military 
business represents about 55 per 
cent of the group's activity. 

In spite of the fact that 
military contracts have not 
always been very prufitable in 
the past, it seems that this part 
of the business is likely to grow 
rapidly. One of the main 
reasons is that whatever 
happens to defence budgets, the 
armed forces’ need for elec- 
tronic equipment of ever 
greater sophistication seems 
almost insatiable. 

Total exports which reflect 
Ferranti's strength in military 
electronics, now represent about 
30 per cent of the company's 
UK production. 


Perhaps one of the most 
intriguing questions is what the 
company will do about its com- 
ponents division. This achieved 
a healthy growth of 28 per cent 
in sales last year, i6 now back in 
profit and is exporting 35 per 
cent of its products mainly to 
the U.S. and Europe. The 
acquisition of Interdesign in 
California with a $5m turnover 
in linear integrated circuits has 
further strengthened the divi- 
sion which exceeded last year's 
target for both sales and profit 

On the other hand it is clear 
that the components division is 
still very small indeed by inter- 
national standards, and with a 
profit of well under £lm a year 
it will be hard-pressed to afford 
the heavy capital expenditure, 
likely to be needed to stay com- 
petitive in this field. 

Perhaps one of the . most 
encouraging facts about 
Ferranti is that its recent 
recovery has been achieved 
with a minimum of internal 
bloodshed. There was no whole- 
sale firing of executives, nor any 
attempt to bring in a new team 
from outside. 

■ Several managers have 
retired, one or two were moved 
sideways and some new talent 
was promoted from within the 
company. But on the whole 
the changes were -evolutionary. 
As Mr. Alun Jones says; "Many 
of the same people are still 
there, though in some cases the 
jobs they are doing are a bit 
different" 

Above all. the tightening up 
of management control and the 
devolution of responsibility to 
profit centres appears to have 
given the company a renewed 
sense of vigour and assurance. 
In. an industry which depends 
as much on the skill and 
enthusiasm of engineers as on 
capital equipment, this is 
perhaps the most important 
asset 



EDITED BY R 1 STO P H E R LORENZ 


Why the Dust Bug 
appeal failed 

BY A. H- HERMANN 


ON THE whole most of the 
appeals against prohibitions and 
fines imposed by the competi- 
tion department of the EEC 
which come before the European 
Court are made by big multi- 
national companies. But this is 
not always the case and a 
decision made on June 20, 197S 
(No. 28/77) illustrates how even 
a relatively unknown company, 
marketing a product of little 
importance to most consumers, 
can attract the Competition 
Department's attention. 

The appeal of Tepea BV. the 
Dutch distributor of Cecil E. 
Watts, a British manufacturer 
of devices used for the cleaning 
of gramophone records, looked 
from the outset to be a hopeless 
case. Beading the judgment — 
56 pages of detailed arguments 
— oue can sense how reluctant 
| were both Tepea and Watts to 
recognise that British accession 
to the Common Market as front 
January 1. 1973. had brought 
about a change which affected 
not only dealings between 
governments but also their own 
relations with customers both in 
the UK and in Benelux. 

The appointment of Tepea as 
Walts' sole distributor dated 
from 1956. There was no written 
contract: all was done by word 
of mouth. Walls undertook to 
pass on to Tepea aW orders 
received from the Netherlands. 
Later on, Tepea registered in 
Benelux the trade marks used 
by Watts for its products, 
namely. Duet Bug, Disc Preener 
and Parastat. The dispute 
between the Commission and 
Topea was whether this was 
done on the basis of permission 
obtained from Watts or inde- 
pendently. but the Court con- 
cluded that when asked for 
permission to use the trademark 
Dust Bug. Watts replied Do 
as you like " and that an 
authorisation given in such a 
general form necessarily applied 
to the use of all trademarks. 

These trademark rights 
enabled Tepea to take action in 
Dutch courts against " panaMel " 
importers; that is against those 
who would buy the products on 
the UK market and import them 
into the Netherlands. This 
territorial protection has been 
further reinforced by Watts, 
which made it a -condition that 
the products it supplied in the 
UK were not to be exported. 


Such abs'ilut? territorial pro- 
tection is prim j hi led under EEC 
rules of compel i lion if it 
interferes with trade between 
member stales. The arrange- 
ment between Watts and Tepea 
therefore became proWwualicai 
as soon as the UK became one 
of 4he member slates. It also 
became of greater practical 
impnrtanve as f-min as the fall 
in the sterling exchange rale 
enabled Watts to charge more 
Fr*r goods exported to Benelux 
than j't did fur those 'on the 
domestic market. This differ- 
ence reached. 32 per cent in 
1974. 


Incentive 


The price difference between 
The l-K and the Netherlands 
thus presented a great incen- 
tive for other Dutch dealers to 
buy the products on the UK 
market and i" import them 
directly. by-pa vdiig Tepea. 
Tepea brmiglil trademark 
infringement aciions again--! 
some and sent letters threaten- 
ing such action in others while 
in the UK Walls continued To 
warn domestic customers that 
the goods supplied to them must 
not be exported. 

One of the dealers whom 
Tepea sued in Dutch courts was 
Wilkes of L ecu warden. It 
obtained a condemnation of 
Wilkes in the District Court of 
Lceuwarden but the execution 
of the judgment was stopped by 
the District Court of Amster- 
dam. This held, on May 14, 
1975, that the restrictions 
operated by Tepea and Watts 
are contrary t» EEC rules 
and also contrary to a condition 
which the EEC Commission had 
considered to be satisfied when 
it provisionally accepted notifi- 
cation of the sole dealing agree- 
ment made by Tepea on 
January 24, 1S64. By this noti- 
fication. as the European Court 
confirmed, the Commission was 
led to believe that Tepea would 
not enjoy an' absolute terri- 
torial protection and that 
parallel imports from the UK 
will still be possible. 

By the time the dispute came 
before the Amsterdam court, 
the EEC Commission had 
already been alerted by Wilkes. 
This dealer felt wronged three 
limes over, first by the refusal 


of Tepea tn supply jr with Watts* 
products; second by the adverse 
decision of the district court of 
Leeu warden and finally by the 
prohibition from exportin':, 
imposed by Walls on British 
wholesalers. On January 30. 
1974 Wilkes lodged with tb*» 
Com mission a formal request 
fur a declaration that the agree, 
ment operated by Tepea and 
Walts was infringing article S3 
of Ihe EEC Treaty. Thi< com- 
plaint obliged the C>tmnii>«:n-i 
to re-upen the b»nsTi>rgurt*.*n tile 
containing the nntificaii»n nf 
the agreement made hy Ten. .-a 
11 years earlier, on Janinry 24. 
1963. In tills notification Tep.-a 
maintained that the agreement 
did mu. provide an ah -nluie ter- 
ritorial ■ protection bin allowed 
com inued competition by other 
importers. 

Afier pniidorme the niaii-r 
for another year the Con. in;- 
sum opened formal pro* ■•edim.* 
at the beginning oi |m 7." 
Evidenee that, ••imirarv To !!,>• 
nolil'iealnm. tin-* agreement, 
aimed at an absolute ierriiun.il 
prelection lor the Dutvh ms!** 
agent was provided by Wilke.- 
and other Dutch dealers and by 
publicity which Tepea cave to 
its successful trade mark in- 
fringement 3011011--. 

f>n December 21. 1976. the 
Comm i ssi on round Tepea and 
Watts guilty nf infringement or* 
EEC rules hv their verbal 
agreement concerning exclusive 
distributorship and exclusive 
use of trademarks. In addition 
Tepea was found guilty nf 
having furnished inaccurate and 
distorted information in its 
notification of this agreement in 
1963. Tepea and Wails were 
each fined the equivalent of 
£4,166 and Tepea an additional 
£2.083 for incorrect notification. 

Tepea appealed against tiii-' 
decisiun and Wilkes, with 
another Dutch dealer, joined 
the Commission in defending 
the decision before the Euro- 
pean Court. Here Tepea argued 
that it arrived at the trade- 
marks quite independently of 
Watts but the court concluded 
that " Dust Bug " is a name 
more likely to he invented by 
an Englishman than by a Dutch- 
man. The fines imposed hy the 
Commission were confirmed and 
Tepea will have to pay the cost 
of Ihe appeal. 





ethnical News 

EOfTEO BY ARTHUR BENNETT AND TEB SCHQETERS 

© AGRICULTURE 

Leyland’s four-wheel 
drives on the land 


• MACHINE TOOLS 


Graphics technology 
sold in the U.S. > 


1 1 


,V-- '- 

I, 

IV \ 


4 = 
! 


I . 

» *r 


ll.EVLAND 462 and 472 tractors 
‘■announced this week have been 
introduced to expand 4be com- 
pany's rfhare of the world’s high 
volume mid-range tractor 
markets and to present a new 
challenge in one of Ihe fastest 
crowing sectors of the North 
American, European, and UK 
■ . ./:< r:n iraclor business. 

or the small front wheel, four 
•' wheel drive type, they aim at a 
ival growth area where sales of 
-uch 'machines have, in the UK 
itone, expanded nearly fourfold 
in the last four years. 

Bated at 62 and 72 hp (46225 
. =»nd 53.7 kWj respectively, the 
1 trt-J and 472 are developed from 
:hc designs of .their two wheel 
Lr-ivtf counterparts, the 262 and 
272. They offer the recently 
ntroduced 9-speed Leyland 
.Synchro itransmission as 
.Linda I'd. 


Both are powered by variants 
of Ley land's own 4/98 series 
diesel, engines of which more 
than 100.000 have been produced 
in the last six years for truck, 
tractor and industrial applica- 
tions. 

Front axle for the models is 
a strong, non-fabricated. cast 
ceoifce beam winch has cast stub 
axle assemblies. Drive is via a 
straight spur gear drop box to 
a single piece encased drive 
shaft. The shaft has self a Ingo- 
ing bearings for centre support 
and is coupled to a centre posi- 
tion crown wheel and pinion. 
Universally jointed axle shafts 
to outboard epicyclie hub reduc- 
tions complete the drive train. 

Leyiand Vehicles, 1. Wester 
Hailes Centre, Edinburgh EH 14 
2ST. 031 441 5141. 


MOST OF the advanced work on 
the control of machine-tools in 
recent years has been done in 
the U.S., particularly by the 
large aerospace corporations, who 
are at the forefront of applica- 
tions, and generally in the more 
difficult metals. 

It is encouraging to record, 
however, that a low-cost means 
of automating production, de- 
veloped at the Computer Aided 
Design Centre in Cambridge and 
called Graphical Numerical Con- 
trol (GNCi is penetrating the 
U.S. automobile industry with 
one major manufacturer — 
believed to be General Motors — 
applying it and takers among 
Infrastructure companies. 

GNC is a part-programming 
suite for the numerical control 
of machine-tools. To use it, low- 
cost graphics terminals are 
employed, working with com- 
paratively cheap mini-computers. 

An important aspect is that 
only one system need to be 
installed to cover many types 
of machine-tools. GNC simpli- 


fies the process of turning out 
numerical control tapes for 
machine-tools carrying out two- 
dimensional and two-and-a-balf 
dimensional continuous path 
work. The graphic aids and the 
conversational software written 
for it provide greater efficiency 
and accuracy in the production 
of the tapes. 

Significant savings are claimed 
in the time and cost of making 
the tapes for many kinds of 
engineering components. 

One of the leading users in 
Europe of the UK-developed GNC 
is Ackermans Verkstad. Swedish 
manufacturers of mechanical 
dingers. This company uses only 
GNC to control all its machines 
from flame-cutters to millers, 
lathes, drills and nibblers. 

Marketing in the U.S. is under 
licence tn Systems Associates 
Inc. nf Troy. Michigan, and it 
is proposed to extend U.S. 
coverage much further. 

Computer Aided Design 
Centre. Madinsley Road. Cam- 
-bridge CB3 0HB. 0223 63125, 


• HANDLING 

Weighs the 
departing 
baggage 


a conveyor mounted on a weigh 
system incorporating a load cell. 
As baggage is weighed, the 
signals from the cell are pro- 
cessed by electronic instrumenta- 
tion to operate a digital display 
reading in 0.1 'kg increments. 
Pushbuttons are provided for 
automatic zero balance check and 
for display segment test 


• COMMUNICATION 

Automatic 

telephone 

answers 



SOLVES 

YOUR 

IRON CASTINGS 
PROBLEMS 

ALVECHURCH • BIRMINGHAM 

Telephone Rodditch 65414- 
Telex 337135 


_ _ _ One of the machines at Heath- 

iv FVTIRELY new tvne of row Will also have a facility for IN RELEASING its now r.-isselle 
Dassen^er-baesace weigher is totalising individual baggage Pbonemaster telephone answer- 
now being installed at many of weights to provide a consolidated mg machine, Storacall sa;.s it has 
Britain’s airoorts ’ weight for group travel parties. used British Logic electronics to 

„JL„ umrth ci-moon W. and T. Avery, Smethwick, filve maximum facilities and the 
w Un a tri tS 7-JI 0 5? Warley, West Midlands, B66 2LP. highest quality reproduction, 

a “ d T - Avery is supplying 021J5S U1 * while still maintaining the com- 

113 of the latest digital electronic pany’S policy of reasonable rental 

machtnes for departure areas at --- terms and flexible contracts. 

the Heathrow, Edinburgh. Aber- I ltfc AVpr Standard features include com- 

deen and Glasgow airports of the M. J 11 vr T V-A 

British Airports Authority. . 

The biggest contract is Tram Q fAn 
GEC Mechanical Handling for 1-Vrl.fl 
61 digital weighers for the new the LARGEST area fnr reach 

basgage handling scheme in i r nck sales in the UK is in the . — 

No. 2 Terminal at Heathrow, j capacity class, says Barlow $>siein can cost as little ;is £1.77 from SoJarex jn ihe U.S. 

The British Mathews Company, Handiing, in announcing two a week over a period of five years. The cells themselves 


9 ENERGY 

Sun power 
panel 


pact size, full dictation facilities, 
digital footage counter, two way 
conversation recording. fast INTRODUCED into the Ul\ by 
erase, paytone detection and Sularpik Products of Washing- 
message review. ton, Tyne and Wear ifliCJ 

The company says that the 464646). are solar cell panels 


Electronics keeps the 
milk flowing 


Working on extrusions 


\ WORLDWIDE trend towards 
nrger herds of cattle, husbanded 
.v fewer dairymen, has resulted 
n problems of recording tnfor- 
.luiinn necessary for efficient 
nd economic dairying, says the 
Gitiuna I Research Development 
:orpiir:iiiim. 

These problems have led the 
,'RDC to invest £150,000 in a 
ninl venture with K. J. Fullwood 
ml Bland to develop an auto- 
talcd milking parlour and farm 
airy management system, using 
ic latest microprocessor tech- 
nics" which will identify the 
dff. record its milk yield and 
ispen^e .in appropriate amount 
f feed concentrate for the parti- 
ular animal. 

Unlike existing automatic 
arlours, all the information will 


be collected simultaneously from 
the moment the cow enters a 
stall and is identified by means 
of a transponder round its neck. 
A printout unit will provide 
management information based 
on an analysis of milk yield, feed 
dispensed, identification, health 
and breeding cycle of each cow. 

The three year programme is 
well under way and NRDC’s 
investment will provide 50 per 
cent of 'the total development 
costs. There are already more 
than 500 herds of over 250 cows 
in the UK alone and the equip- 
ment, says the Corporation, will 
be appropriately for these larger 
herds. .. , . 

More from K. J. Fullwood and 
Bland, EllsSemere, Salop SY12 
9DG <068 171 2391). 


AIR / HYDRAULIC operated 
piercing equipment has been 
designed and manufactured by 
Redman Engineering, Swindon, 
Wiltshire, specifically for pierc- 
ing aluminium extrusions. 

The machine is 14 foot long 
and has a heavy base fabrication 
with a holster to facilitate tem- 
plate and rule setting. It is 
equipped with 16 piercing tool 
units each complete with a 
hydraulic cylinder, and each 
capable of piercing a double bole 

• MATERIALS 


pattern in the extrusion at 0“ 
and 90° to the main axis. 

Vernier gauge stops are 
provided at regular intervals to 
enable the machine to be used 
in the production of a variety of 
components. All air hydraulics 
are mounted on the base, so that 
the machine can be operated in 
any location with a suitable SO 
psi air supply. 

Redman Engineering, POB 16, 
Hawkeswortb Industrial Estate, 
Swindon, . Wilts, SN2 1EH. 
0793 26394. 


nrp 

Street, square rather than round so that 
01-S92 less space is wasted when they 
are mounted on the panels: their 
efficiency is 14 tn 16 per cent, 
resulting in a 12 per rent over- 
all conversion efficiency fur the 
panels. The power densily 
achieved is nearly 12 tVaUs/sn 
ft. and the company claims, that 
this is double “what was pre- 
viously accepted as ihe slate uf 
tiie art." 

HE50 and HE50CS panels use 

- 4. i, « . ...^ .. - — , , b - v an integral aluminium frame uf 

mg angle, in all bgbtiug condi- multi-shift operations. PYE TMC. the PACT 200 elec- j design which minimises in- 

tions. More from the company at Air- tronic teleprinter has been active surface area when 

Of 127.9 kg-capacity the field Estate. Maidenhead. Berks., approved by the Post Office for mounted in arrays. The two 

weighers are built into the check- SL6 3QN. Tel.: Littlewick Green connection to private telegraph types are electrical I v identical 

in counters. Each consists of 2151. circuits and can be installed by differing only in surface material 

private users on tariff H and J and cell support. The HE50 


an associate company of W. and Saxby models, the HSR/HVR 224 Storacall, 28 York 
C. Pantin. has ordered 31 0 f 2.240 lb capacity and Twickenham, Middlesex, 
machines — 12 for Aberdeen and HSR/HVR 264 of 2,640 lb S° 5 -- 
19 for Edinburgh — and Paterson capacity. 

Hughes Engineering Co. has ^ feature of the machines is TV-. * 4 . 

ordered -1 for Glasgow. the forward withdrawal of «be Xl||irPT 

The weigher registers baggage battery along the reach legs by * 

weights by an illuminated digital the trucks’ reach carriage. l 

display instead of the more usual making the battery available for 51 U|jrffy0aj 

dial er revolving chart A digital immediate inspection aod main- MrMr^ v 

display gives fast and un- tenance with no physical effort ij 

equivocal reading, is more from the driver. Overhead |flr liStP 
compact than a dial, and can be removal of the battery can also 

read positively over a wide view- be carried out in the case of RECENTLY INTRODUCED 


• COMPUTERS 

ICL link to 
big units 


currently under lest and it is 
planned to commence delivery 
later in the year. 

Details from ICL House, 
Putney SW15 18W. 01-7SS 7272. 


_ — support. 

lu J“- . . employs cells encapsulated tn 

The unit is being made avail- silicone rubber nn a poKesler 
able in a variety of versions substrate; ihe HE50G cell’s are 
including receive only, key similarly encapsulated nq the 
send/receive, automatic send back of a high transmittance 


Sounds better than ever 


Major area 

fi§ ^ growth 


receive and electronic. 

The last of these is fitted with 
memory— 4,000, s.000 or 16.000 
characters and message" enn be 
programmed directly min the 
pi emory f rom the k cy boa rd. 
Words and characters van Ihcn 
be subsequently skipped or 


tempered glass plaie. 


Looking c 



h I f ; 

r , . 1 , r 

■ > ■* 


Houses of all kinds are cheap and plentiful 
in Leicester and its del ightffu I villages. Your 
key workers will be better off here in more 
ways than one. 


{ EnqtrirrtS to : 

tAA, 


LEICESTER 

K&tiotlhBCsnln 


Gordon K-Smirh FR1C5 
Industrial Development Officer 
Telephone 0533 549932 Ext670Q 

John Brown FRICS 
Industrial Promotion Officer 
Telephone 0533 549922 Exl5760 

Leicester City Estates Dept, 

New Walk Centre. 

Leicester LEI 6Z6. 


RECORDING TAPE with a per- 
formance better than that of the 
best professional media now 
available will be released by 3M 
later this year, following a series 
of discoveries at the latter Cor- 
poration's UJ3. laboratories 
involving the use of fine par- 
ticles of passivated metallic iron. 

Initially, it will be sold In the 
form of consumer audio 
cassettes, but magnetic media 
for video, instrumentation, com- 
puter and other specialised needs 
will follow. 

In recent demonstrations, 
audio cassettes based on the 
new material were shown to have 
far better output than conven- 
tional chrome tapes and even 
than 3M’s own premium cassette. 

But the blessing is not un- 
mixed since manufacturers of 
recording and reproduction 
equipment, to get the greatest 
benefit from the advance in 
tape technology also will have to 
modify their equipment 

Current audio decks with so- 


called M chrome H playback 
parameters will be able to 
handle ** Metafine ” tapes with 
performance improvements. 
Satisfactory recording, taking 
full advantage of the properties 
of the new tapes, will demand 
new recording equipment, 
according to the head of the SL 
Pauls Minnesota, research group 
which developed Metafine, Dr. 
John Holm. 

3M expects that fay the time 
its Metafine tapes come on to 
the market, several manu- 
facturers will have brought out 
the appropriate recorders* So 
far something like 100 manu- 
facturers of audio and video 
equipment have been given 
samples of the new media. But 
to take advantage of its poten- 
tial, they will have to carry out 
significant development in 
record-head technology. - 

Further information from 3M, 
Recording Materials Division, 
380 Harrow Road, London, 
W9 2HU. 01-286 6044, 


AS PART of the development Df 
the System Ten small business 
computer inherited from 
ICL is introducing new 

and software to support . . 

the product in the distributed APPLICATIONS software could changed very easily, 
processing market. These become the biggest growth area A selector enables the unit 

developments provide the m the computer industry over to be used with all types 

the next five years, according to of signalling and dialling 
Mr. R. Taylor of Package Pro- procedures, giving it wide inter- 
grams (PPL). national application. 

Speaking at a meeting in Lon- More on 06662 2121. 
don recently, Mr. Taylor pointed 

out That both the NCC (National 

mentions adapter TlCA) and an Computing Centre) and CSA 
associated software package (Computing Services Association) 
known as communications access predicted huge increases in de- 
manager (CAM). They enable mand fnr packages. Eut he Wfent 
data, to be Passed interactively st»» father in his own forecast _ 

between the 1QL mini and an current dearth of skilled A RANGE of products from the 

IBM mainframe machine The Programming staff meant that George Kent Group Will be shown 

first protocol to be developed by ^ore packages would be needed at the International Technical det : omposerwhe‘rhuVied7n"soU 
ICL for this purpose is for the »ore people 'Within five Exhibition m Bucharest. October or refuse dumps, the bocs are or 
IBM 3271 remote cluster control- years, demand for software 5 w> 14. where the company s doufa]e thickness at the handle 

will be manned by staff area (obviating the use 
the 'Vienna-based subsi- special carrying handles). 


System Ten computer with 
ability to be used in distributed 
networks linked to IBM 
computers. 

The new facilities comprise a 
multi-purpose integrated comma 


• EXHIBITIONS 

In Bucharest 


O PACKAGING 

Bags wiil 
decompose 

A COMPANY which has been 
involved primarily in paper 
packaging for over 55 years — 
CoIoroU. 54, Jermyn Street. Lon- 
don. SWIY 6LS — is now operat- 
ing 24 hours per day in its Nel- 
son. Lancashire, factory (con- 
verted from former weaving 
mills) to produce 70m fashion 
carrier bags a jear. 

Made in Byoplaslii', a material 
which although tough harmlessly 


for software 5 to 

ler. Subsequent developments of packages would have doubled stand 
the ICA will support new links to and 1116 British software industry from 


or 

must be ready to meet that d^- diary, George Kent (Europe 1. geCen ‘strong ^ shakes' and' printed 

... , . Tbe display will comprise hoth sides to customers' require- 

Taylor disclosed that PPL many new and recently intro- meats. 4 

could now number 30 of the top duced products and functions of The 
100 UK companies amongst its the items exhibited include 

'A ^ as ozrr* 

error recovery facilities attractive to large companies as indication, control and chart the UK and EEC. 

they were to smaller ones, be recording, flow measurement and 01-409 1071. at Jermvn Street 
are asserted. control signal processing. London. SWIY 6LS. ' 


ICL 1900 and 2900 systems. 

The ICA uses a microprocessor 
to provide the line protocol and 
interface between the IBM com- 
puter and the ICL System Ten, 


These developments 


product is an Anglo- 
include Swedish invention and the com- 





I 


14 

LOMBARD 


Financial Times Wednesday July 5 1978 


Herr Schmidt 
means it 


BY JONATHAN CARR 


SO IT IS “business as usual” for 
West Germany’s six-ihozxth presi- 
dency of the council .of the Euro- 
pean ’ ‘Community? ' ' ’ That may 
perhaps be tbe impression the 
Germans liXe to put about. After 
all they have suffered before 
from trumpeting- their intention 
of acting as "a motor” of the 
Community — only to find the 
vehicle to be in reverse gear. 

In fact it. is far from business 
as usual. . Who would bave 
thought even a year ago that 
Chancellor Helmut Schmidt, that 
apostle of economic convergence 
and derider of monetary conjur- 
ing tricks, would be leading the 
drive for a wider zone of currency 
stability in .Europe? Who would 
bave believed that the Germans 
would be willing to pool at least 
part of their reserves to make 
the currency scheme feasible? 
Critics used to note, wttb some 
justice, that German enthusiasm 
for the . Community cause 
dwindled rapidly when pooling 
of (largely German) reserves was 
mentioned. Cries for bold Euro- 
pean initiatives from Bonn went 
largely unanswered. 


Off balance 


Herr Schmidt declared that 
talk of a “qualitative leap for- 
ward” was applicable to quantum 
mechanics— not to European 
Community policy. 

It was, therefore, hardly 
surprising that when a bold 
initative finally came from Herr 
Schmidt earlier this year it 
caught many people off balance. 
One reaction was that be could 
not be serious. Another was that 
it was merely a German plot to 
deprive trading “partners" of 
the devaluation option which 
helped them remain competitive. 
(To that, the German response 
i$ to ask whether devaluation has 
proved so worthwhile an option 
anyway ... 

And to point out tbe rides, for 
example, for domestic money 
supply, which they are ready to 
run to help make their scheme 
work.) 

It has now become clear that 
Herr Schmidt is very serious in- 
deed. The ideas he outlined at 
the European Council in 
Copenhagen in April have taken 
clearer shape. The Germams hope 
for at least an accord ixr prin- 
ciple at the council meeting in 
Bremen this week that work 
should continue on them. That 
result could be presented to 
President Carter at the western 
economic summit in Bonn 10 days 
later as a sign of European 
readiness to work for greater 
currency stability — benefiting 
trade and economic growth. And 
later this year, the free-floating 
French franc could move closer 


to the tough discipline, of the 
currency "snake’’ to be followed 
(once a British' general election 
is safely out of the -way) by the 
pound sterling. 7 

Almost as striking as Herr 
Schmidt's proposal of the scheme 
has been the method by which 
he. chose to help it to fruition. 
Most of the details have been 
worked out by personal repre- 
sentatives af tbe- German, French 
and British leaders — .officials 
who are now being described (no 
doubt partly td- their own sur- 
prise) as the “three wise men." 
Tbe object has been to cut 
through tbe bureaucracy in which 
so many earlier grand European 
initiatives bave become jensnired. 

What nas emerged, whether 
one likes it or- not (and clearly 
some of the smaller EEC nations 
do not), is a kind of directorate 
between Bono, Paris and London 
which would have been incon- 
ceivable at the start of the 
decade. Tbe origin of this lay -in 
the- close personal friendship 
between Herr Sbhpudt and Presi- 
dent Giscard d’Estaing. That in 
itself used- to raise fears of . an 
exclusive Bonn-Paris axis, which 
might have emerged had not 
Britain’s relations with both 
West Germany, and France so 
clearly improved after Mr. 
Callaghan succeeded Mr. Wilson 
as Prime Minister- Tbe three 
leaders obviously will not agree 
on every issue. But they have 
found a most effective, private 
way of moving ' towards agree- 
ment on most issues. 


Main aim 


Progress on the currency plan 
is Germany's main aim during 
its term as council president— 
but it is not the only one. Among 
other things. Bonn wants to push 
ahead quickly with negotiations 
on Community enlargement and 
to see renewal and expansion of 
the. export earnings stabilisation 
scheme for developing countries. 

Here the striking thing is not 
the German pursual of these 
objectives — which is already well 
known. It is — again — the degree 
■of close co-operation with tbe 
French whose six-month term as 
council president succeeds Ger- 
many's. The desire on both rides 
is to secure as smooth a tran- 
sition as possible — sn that the 
French can nick up more or less 
where the Germans left off and 
continue to head in tbe same 
direction. 

Then the French too will be 
able to claim- they are merely 
conducting business as usual. 
Those who recall the situation in 
the Community a decade ago 
can only reply .that in the inter- 
val the highly unlikely has 
become a commonplace. 



HOW BEST can you begin 
gardening? The question crops 
up often and pleasantly in 
readers’ letters and if I. dwell on 
it for one week at mid-summer, 
it is partly because one way is 
now open to you over the next 
fortnight. Try to visit one of our 
greatest gardens, not just the 
fine institutional gardens of Wis- 
ley or Kew, but the .ones built 
up privately of which Hidcote 
in Gloucestershire, Sissinghurst 
in Kent, Grathes Castle iu Kin- 
cardingshire, Newby Hall in 
Yorkshire, Cranbome Manor in 
Dorset and Great Dialer in Sus- 
sex would rank at tbe top of any 
list over tbe next three weeks. 

These are all gardens, not 
parks nor azalea-woods nor 
arboreta. They are gardens with 


small corners or groupings, any 
dap 


of which can be adapted to plots 
of tbe smallest size. During tbe 
reat weeks for old roses and 
order plants, there is nothing 
comparable, to my knowledge, In 
Europe. They are one of the 
most remarkable si guts to be 
seen in the country- So let them 
fire your imagination. 

^Otherwise, I Would encourage 


you through one reader's recent 
queiy. He has a sew garden in 
Surrey, but he has to leave it 
early in order to reach London 
before the Chinese have stopped 
wrestling for Stocks on their 
local Exchange. Tbe lawn looks 
nice in tbe early dew, but there 
is not much he can do about it 
before the train leaves. When he 
returns, he is too distracted to 
give the garden whatever it 
needs. Luncbes are slow , to wear 
off. On Saturdays he likes 
cricket; on Sundays, bed and the 
bills. But he wants to do better 
than dahlias and Forsythia: what 
books could he best buy to help 
him? What, too. are the three 
best sorts of bush and climbing 
roses? 

The books are the easier ques- 
tion. I have not found a really 
good new one for four years, 
though more have been printed 
at more of a price than any 
market researcher could possibly 
have dared to advise. Three are 
enough for anybody and my 
three. 1 think, would all be quite 
cheap. Copies of colleague Arthur 


Hellyeris Amateur Gardening 
Pocket Guide are still in some 
shops at £1.75: ColHngridge pub- 
lished it and. among small books, 
it has far and away the best range 
of basic advice. 

It has grown to need a big 


•. ‘ ■ ■ r ■ • * 

now in a paperbacks reduced ia 
size for £2.75. This Is full of- in- 
genuities, good tips and sound 
and simple advice. 

These books, then, are .the 
compost from which a love of 
gardening and a grasp of it can 


. . T :i 

fully-forined flowers. -Among the' 
reds, climbing Josephine «vt*ce 
is slightly less, deep but slightly 


more vigorous than the old and 
lovely <*u£m 


GARDENS TODAY 

BY ROBIN LANE FOX 


pocket, but It is still a book to 
take out into the garden with 
you. Tbe KHS Dictionary of 
Garden Plants in colour is a book 
for indoors, but its miniature 
edition is still £5.75 from Michael 
Joseph and has a wider range of 
colour-plates than any compar- 
able volume. It is a picture book 
from which thousands of 
gardeners have chosen their first 
plants. They have also found 
useful tips on heights, soils and 
season. More advanced, but far 
more fertile, is Christopher 
Lloyd’s Well Tempered Garden. 


grow quite cheaply. What, 
though, about tbe roses? This is 
a harder question. Among the 
climbers, there might be less 
dissent. My vigorous three, easy 
and invaluable. would be 
Albettine, copper-pink and quite 
indestructible, though it only 
flowers once. Nero uaum, flesh- 
white, would come second, though 
near to it In colour. Among, the 
yellows It would have to be the 
single Mermaid for sun or shade 
away from the coldest frost. But 
Goldilocks., or Golden Showers 
would be better If you insdstetLqn 


Juihee. There are others, 
but if you are starting, I doubt 
if there could be much dispute 
over these well-proven favourites. 
Danse de Fen and Pmk Perpetue 
have their fans and are sold 
aggressively- But be sure that 
your walls can put up with their 
hard and unsympathetic colour 
before you follow suit and buy 
one. 

Among the bushes, there are 
thousands of you who look no 
further than iceberg, that won- 
derfully free white, and the 
upright pink Queen Elizabeth. 
Myself X would always launch 
out with the Hybrid Musks which 
are thicker, toller, more prettily 
shaped and exceptionally easy -to 
grow. 

After a hard cutting in their 
first year, they need no further 
pruning. Felicia, pink, and Buff 
Beauty, buff-apricot are scented, 
vigorous and quite excellent. At 
a lower height, the small- 


flowered bright pink The Fairy 
and the . big-flowered apricot- 
peach ChamtelLe are the two 
modem varieties which 1 find 
most seductive. Neither Is yet 
as well Known as it . deserves, 
though their season is continuous 
from now till September. Among 
the old-fashioned sorts,' the white 
Afms. Hardy, the striped pink 
and lilac Ferdhwnci Pi chord anti 
the dark red Gipsy Boy are all 
tough and quite magicaL If only 
they would flower a second time. 

These few roses, have proved 
themselves with me and with 
many of you who have asked 
far a short list. I would like 
to think that there is nobody who 
might plant them and then feel 
that gardening was not rather 
marvellous when they flowered. 
From there it is an easy step 
up, to grey-white Ash Wednes- 
day, the queen of climbers, to 
the flecked milk* white Tricolor 


de Ftondres and to heavy nlnk 
I, of such 


LawriU de Barney, of such a 
scent that she casts a spell on 
any summer evening walk. To 
these 1 must return as their sea- 
son peaks next week. 


Bookmakers undecided 
on Eclipse Stakes 


ELEVEN BUNNERS stood their 
ground -at yesterday's four-day 
declaration stage for Saturday's 
Eclipse Stakes, and with a little 
luck there may be no more with- 
drawals. 

Those who remain are Gunner 
B. Balmerino, Jellaby, RadetzKv, 
Stra da vinsky. Silver Lad, Roland 
Gardens, Don, Super Concorde, 
Moon Sammy and Lordedaw. 

Bookmakers quickly come out 


BRIGHTON 

2.00 — Schweppervescenee*** 

3.00 — Andy Bew* 

4.00 — -Taman aco 
4-30 — Young Amanda 


YARMOUTH 
3 AS — 'Purple Hark 
4JL5 — Singapore Star** 


RACING 


Queen Elizabeth Diamond Stakes 
at 7-2. 

Crow is tojupriced at 4-1, with 
the Queen's fine mare Dunferm- 
line at 7-L 


Crown 



man 



BY DOMINIC WIGAN 


with advance betting, yesterday, 
finding it difficult to decide on 
the likely winner. 

Balmerino was quoted between 
4 — 1 and 7—1 Strada vinsky was 
placed in the same margins and 
Super Concorde varied between 
14—1 and 11—2. 

The Tote, so often the first out 
with ante-post prices on big races, 
quickly clipped its 14— 1 offer 
about Super Concorde and the 
French colt is now down to 8 — l. 
It also had many inquiries for 
Gunner B, Stradavinsky and 
Silver Lad. The last-named is 
highly rated Australian 


Fires hit record 
figure in 1976 


A RECORD 496,000 fires were 
attended by United ‘ Kingdom 


local authority fire brigades in 
iizblished today. 


recruit, placed or first in 18 of 
his 20 races. 

Other Eclipse prices: Gunner 
B 3—1, Jellaby 8—1. Radetzky 
8 — 1. Roland Gardens 16-^1, Don 
16 — 1. Moon Sammy 25 — 1, and 
Lordedaw 40 — 1. . 

Looking further ahead, the 
French Derby winner, Acamas (a. 
length Third behind Super Con- 
corde in tiie Grand Criterium), 
is a dear favourite in same lists 
for the King George VI and 


1976. The figure, p 
Is more than 100,000 up on the 
previous highest, for 1975. 

The increase was mainly due 
to the very hot, dry summer. 
About half the 334,000 outdoor 
fires occurred in July and 
August The number of deaths, 
895, was the lowest since 1971. 
Fires in dwellings caused about 
three-quarters of the fatalities 

United Kingdom Fire Statistics 
197$, S3 Division, Home Office, 
SO, Queen Anne’s Gate, London , 
SW1. (£4). 


Dammed 


THE LAKE DISTRICTS special 
planning Board decided at its 
annual meeting yesterday to 
oppose the North 'West Water 
Authority's scheme to raise *he 
level of Ennerdale by four feet 
to supply water to west Cambria- 


A FINANCIER was jailed for a 
year at the Old Bailey yesterday 
for - corruption involving an 
official of the Crown Agents, the 
organisation rescued from finan- 
cial crisis by the Government in 
1874. 

A jury unanim ously convicted 
Sidney Finley, 59. former bead 
of the TanweU group, of giving 
bribes, in personal loans totalling 
£182,725. to Mr. Bernard Wheat- 
ley. a Crown Agents official, in 
1874. Mr. Wheatley died last 
year aged 52. 

Mr. Finley, of Nightingale 
Lane. Clapham, South London, 
denied that in return Mr. Wheat- 
ley, manager of the Crown 
Agents’ sterling money market, 
authorised loans of the Agents' 
money amounting to £1.5m to the 
Finley company. Big City 
Finance. 

The jury convicted Mr. Finley 


of two charges relating ter loans 
to Mr. Wheatley in February and 
April, 1974. They acquitted him 
of six similar charges going bat#: 
to 1969. • 

Judge Miskin, QC, .Recorder of 
London, lord Mr. Finleyc 
* Corruption eats at the fabric, of 
honest society and calls for .« 
prison sentence. Bat having, 
regard to your age, yohr previous 
splendid character, ' your ill 
health and the special facts of 
this case- I can inhibit that 
sentence very much.’' .’ 

He gave Mr. Finley a year's 


jail* concurrently, on each of the 
two convictions. . . 

Mr. Finley agreed earlier that 
a company had . been set up 
within his group that dealt solely 
with making loans to Mr. 
Wheatley. He denied that there 
was ever any intention -to corrupt 
the official. ■ \ ' 

“As far as. .Ipras concerned 
they were borupJ commercial 
loans made iti.thfe normal course 
of business,” he told the jury. 

Mr. Rhy Antiot, for the prose- 
cution,- 'fltid that none of the 
money- ^ttoat left the Crown 


Agents as loans to Sir. Finley’s 
group was repaid. Mr. Finley’s 
companies were wound up In 
1975. 

Mr. Finley" said one loan m 
Mr. Wheatley; of £126,000. was to 
buy shares. 

One count of which Mr, Finley 
wax found guilty related to a 
£168,000 loan to. Mr. Wheatley 
in 1974, ■ Mr. Aznlot said that 
such was the degree of corrup- 
tion between the two men that 
the money for that loan had 
originally been Crown Agents’ 
money. . . 


Covent Garden’s 
new face 


RETAILERS and restaurateurs 
interested in setting up business 
in the new shopping and leisure 
centre being established in 
Covenf Garden's Central market 
building are being sought by the 
Greater London Council. The 
building, which dates from 1830, 
will he the centrepiece of a 
piazza originally designed by 
Inigo Janes. 

Inside will be room for 35 
traders in units ranging from 200 
to 2,000 sq ft, with space under 
covered terraces for trading 
stalls. Units on the, upper floor 
are suitable for offices and 
specialist retail use. 


TV/ Radio 


t Indicates programmes in black 
and white 


BBC 1 


IN pm Fingerbobs. IAS News. 
1.55 Wimbledon Lawn Tennis 
Championships. 4.18 Regional 
News for England (except 
London). 4-20 Play School. 445 
Boss Cat 5J.0 Newsround Weekly. 
5.35 The Wombles. 

5.40 News (London and south-east 
only). 

5.55 Nationwide. 

4.15 Wimbledon. . 


7M The Big Time. 

8J0 Z Cars. 

9.00 News. 

9.25 The Risk Business. 

10.05 Jack Jones with Bruce 
Johnston, Allan Jones and 
Sarah Vaughan. 

10.50 Tonight 

11 JO Weather/Regional News. 

All regions as BBC 1 except at 
tbe following times: 

Wales — 5.10-5 J5 pm Billdowcar. 
O Llangollen. 5-55-6.15 Wales 
Today. &15-&40 Heddiw. 640 
Join BBC 1 (Wimbledon). 1L30 


News and Weather for Wales. 


Scotland — 10.00 am “ Padding- 
ton goes Underground. 1 ’ 10.05 
Jackanory. 10.20 Grange Hill. 
10.40-11-00 Three’s Company. 5.55- 
6.15 pm Reporting Scotland. 11.30 
News and Weather for Scotland. 


Northern IreIand-24i!fi-420 pm 
Northern Ireland News. 455-6.15 
Scene Around Six. 1L31 The 
Killer Swim (tbe North Channel 
Swim). 1L56 News and Weather 
for Northern Ireland. 


7.30 Coronation Street 

8.00 London Night Out 

9.00 Best Sellers, part 2. 

10.00 News. , 

10.30 Best Sellers (continued). 
lflJO dan Close: A poem 

- ‘ William Blake read 
James Coyle. 


130 Ptn Report West Headlines. US 
Report Wales Headlines. 2.00 Houseparty. 
5-15 Betty Boob. 5-20 Crossroads. 6-00 
Report West. 645 Report Wales. 6J0 
Father Dear Father. 

KTV Cymru ‘Wales— As HTV General 
bv Sendee except: 2-2D-U5 pm Pena h< 1 a« 
{,£. Npwyddian Y Dydd. S40 Miri Mawr. 
Dy eaOAJG Chr Tro. U>0445 Y DytM. 

HTV Waal— As HTV General Sendee 


All IBA regions as London except: ' uo-uo om Report West Head- 
except at the following times: e lines, us-uo Report west. 


F.T. CROSSWORD PUZZLE No. 3,710 



ACROSS 

1 Tall order for the top brass 
(4. 7) 

7 Expert spotted at cards (3) 

9 Fast time, circle slowly (5) 

10 Number left in succession 
aFter interest of a lifetime 
(9) 

11 One player’s game could be 
brilliant (9) 

12 Pianist's style makes sense 
(5) 

13 Cancel note returning ring 

(7) . . 

15 Broadcast they say in stitches 
(4) 

18 Pole on board makes box m 
practice (4) 

20 Plant transformed by eater 
(3, 4) 

23 Scientific discoverer found 
remedy about one (5) 

24 Naturally it’s in key (5, 4) 

26 Revolutionary leader from 

' Parliamentarian (9) 

27 Elated at broadcasting (2. 3) 

28 Useless either way (3) 

29 Seconds book on side (7. 4) 


6 Meaning on holiday to dis- 
perse slowly (5, 4) 

7 Warmth makes a long severe 

. (6) 

8 Beastly holes making hearts 
flutter (6) 

14 Interpreter out of hearing 
taking words out of speaker's 1 
mouth (3, 6) 

16 Claim Yorkshire town has no 
initial aspiration (S) 

17 'Brain of church about Bir- 
mingham (S) 

19 Hostilities arise on Scots loch 
because of inexperience (7) 

20 Remover OF sight of wonder- 
ful game (7) 

21 Notched up 20d (6) 

22 Key circle reduced to powder 
(6) 

25 All right having woman out- 
side call up (5 1 
SOLUTION TO PUZZLE 
No. 3,709 


DOWN 

1 Grasp* method with which to 
rule the roost (4, 4) 

2 Trap cast into having a drink 
(3. S) 

3 Smallholding needing credit 
frequently (5) 

4 Screen brothers ’one way 
revolutionary (7) 

5 Desultory design on the 
French ship (7) 



UMtl 

a q 

E5 a 
scats 

B 


□Ena 

a n h m u a 
aassaHHaaa aan a 
a g a a b □ e 
□ nnraraa eqbqqqsej 

QZ3EB0E0H 
EHOEHQ 
g s a e a a is 

EEEjnSBHS 0HE53HS 


England— 5J5-6J5 pm Look 
East (Norwich): Look North 
(Leeds, Manchester, Newcastle); 
Midlands Today (Birmingham ); 
Points West (Bristol); South 
Today (Southampton); Spotlight 
South West (Plymouth). 


ANGLIA 

-1X28 am Friends of Mul ID.* 
simply Sawing.. 11. 05 In Concert. UJ 0 
Andy Smith's A ra rir mr of Cbatnstais. 
US pm Anglin News. 2M HonsSanr. 
505 Mr. and Sirs, fe.oo About Anglia. 
1200 am The Big Question. 


SCOTTISH 

IQ-28 am One Club. UL45 The Stationary 
Ark. 1103 Simply Searing. 1U5 Andy 
Smith's Academy of Champhun. US pm 
News and Road Report. 200 Women 
Only. 505 Cartoon. MO Crossroads. UDO 
Scotland Today. 6-30 Reflections on Sport. 
p-H am Late C ull 


10.35 

11-00 


2.00 

8.00 

8.10 

9.00 

930 

10.50 
11.00 

11.50 


BBC 2 

am Gharbar. 

Play School (as BBC 1 4-20 
pm). 

pm Wimbledon Tennis. 
News on 2. 

Spaceships of the Mind. 
Call My Bluff. 

Globe Theatre. 

Late News on 2. 

Wimbledon highlights. 
Closedown (reading). 


ATV 

9J5 am Something Different. 1BJ0 
Angling Today. 1 QJS Banacck. JUS 
Adventures of Parsley. 1-28 pm ATV 
Newsdeefc. 2JS The Royal Show. M5 
The Fllntstones. AM ATV Today. 


BORDER 

1820 am S urviva l. UL45 Sinaftf Sewing. 
lUM in Concert with John Miles. JUS 
Andy Smith’s Academy or qtumplons. 
13-30 pm Border News. ZOO Bouteiwrtr. 
545 The Roll Hams Show. .AM Look- 
around Wednesday. 1240 am Border Mews 
-Summary. 


SOUTHERN 

IB -20 am Skippy. JJMD Simply Sewing. 
1LIB In Concen with John Miles. 1U0 
Andy Smith's Academy of Champions. 
UO pm Southern News. 2M House party. 
545 Slnbad Junior. 5Jn Crossroads, am 
D ay by Day including southsport. 
1240 am Southern Jfews Extra. . 


LONDON 


CHANNEL 

UO pm Channel Lunchtime Hews and 
What's On Where. 545 Georgs Hamilton 
JV. AM Channel Nows. 640 This Is A 
Giant Movie! lfl-28 Channel Late News. 
1240 am Nears and Weather In French 
followed by Epilogue. 


TYNE TEES 

945 am The Good Word followed by 
North East Nows Headlines. 1020 Wfld 
Country. 10 M Simply Sewing. 14.05 In 
Concert with John Miles. 3U0 Andy 
Smith’s Academy of Champions. UO pm 
North East News and Look around. 200 

Women Only. 24S .Royal Show. 545 

Happy Days. AM Northern Life. 

n.in am Epilogue. ' 


9.30 am A Place to Live. 9.55 
Catch 77. 1020 Tbe Undersea 
Adventures of Captain Nemo. 
ZO.30 Spidennan. 10.55 Nature of 
Things. H-45 Beany and Cecil 
Cartoons. 12.00 Here Comes Mum- 
fie. 12.10 pm Pipkins. 12.30 
Sounds of Britain. 1.00 News plus 
FT index. 1-20 Help ! 1.30 Crown 
Court. 2.00 After Noon. 2J2S 
General Hospital. 3.20 Map I 
Have The Pleasure? 4JS0 Michael 
Ben tine's Potty Time. 4AS 
Shadows. 5.15 The Flintstones. 

5.45 News.- 

6.00 Thames at S. 

6-35 Crossroads. 

7.00 Don't Ask Me. 


GRAMPIAN 

945 am First Thltw. 1040 WBd 
Country. UM Simply Sewing. 1U5 In 
Concert with John Miles. 1L3S Andy 
Smith’s Academy of Champion*. UO pm 
Grampian News Headlines. 545 The 
FUntstones. AM Grampian Today. A4Q 
Police Newsroom. 1210 am Reflections. 
1215 Grampian Late Night Headlines. 


ULSTER 

1040 am The Lost Wands- 304B Simply 
Sewing. 1140 In Cmtcm with John Miles. 
1 US Andy Smith's Academy of Champions. 
140 pm Lunchtime. 340 Royal Show, 
a 48 Ulster News Headlines. 545 The 
Partners. AM Ulster Television News. 
AM Crossroads. 630 Reports. A AS 
W'tberspoon. 1039 Gibbsvllle. LLZ Bed- 
time. 


GRANADA 

1045 am Sesame Street -1140 Solo 
One. U.45 Kathy’s Quiz. UO pm This 
Is Your RIkM. 540 Whai’s New. 545 
Crossroads. AM Granada Reports, A3D 
University challenge. ».iq am A Little 
Night Music with Don McLean. 


WESTWARD 

1040 am The Beachcombers. 10 AO 
Simply Sewing. 1L05 Jazz Concert 1130 
Andy Smith’s Academy of Champions. 
1247 mn Gus Haneybtm's Birthdays. UO 
Westward News Headlines. 545 Geqcuc 
Hamilton IV. AM Westward Diary. 1040 
Westward Late News. 1240 am Faith 
For Ufe. 


.* 


HTV 

IB 40 am The Lost islands. IBM Simply 
Sewing. U-05 lb Concert with John Miles. 
1130 Andy Smith’s Academy of Champions. 


YORKSHIRE 

1040 am Power Without Glory- 1140 
Choirs of the World. ■ 1135 Friends of 
Man. UO pm Calendar News. 545 
The Beachcombers. AM Calendar (Emley 
Moor and Belmont editions). 


RADIO 1 «7m 

(5} Stereophonic broadcast 

5M am AS Radio 2. 7A2 Dave Lee 

Travis. 9M Simon Bates. 1131 Paul 
Burnett from the Royal Show. Stoulelgh, 
Warwickshire, including 1230 pm News- 
beat. 2M Tony Blackburn. 431 Kid 
Jensen Including 530 Newabeat. 730 
Sports Desk t Joins Radio 2 ). U.S 2 John 
Peel rs). 12 JW 2 JB am as Radio S. 

VHP Radios 1 and 2-4M am wttb 
Radio 2, Including 135 pm Good Listening. 
2 JB Pete Murray's Open House fS> icon- 
linued from Radio 1. 1240). 230 David 
Allan fSi. <30 Waggoners’ walk (also 
200kHz. 14S4kBa». <WS John Dunn (Si. 
7M With Radio 2 10 M With Radio L 

12M3-02 am With Radio 2 - 


R4DIO 2 LMOm and VHF 

5JU am News Summary. 532 Richard 
Vaughan (Si with The Early Show, in- 
cluding 645 Pause tor Thought. 732 
Terry Wogan (Si including 847 Racing 
Bulletin and gjtS Pause tar Thoagbt. 
1032 Jimmy Young fSi. 1245 nm 
waggoners’ Walk. 1230 Pete Murray's 
Open House . (51 (continued * on vMi In- 
cluding L45 Sports Desk. 232 Wimbledon 
Laura Tennis ChamptomOilps, including 
235. X45 Sports Desk. 430 Waggoners 1 
WaUr (as rttfj. 435, 535. A35 Sports Desk. 
7 JO sing Something Simple (Si. 730 
Sports Desk. 735 Listen to the Banff (SI. 
845 Semprlni Serenade (S). 9.62 Jack 


Midweek Choice, part 1 <5'. -AM News, 
8.05 Yonr Midweek Choice, part S <S». 
9M News. J3S This Week's Composer. 
Bach ’S>. 943 English songs off the 

Beaten Track (El. 1035 British Organ 
Music (St. 1135 A MendeUaDhn - Cello 
Sonata (St. 2205 pm Midday Concert, 
part 1 : Debussy, Mozart iSi. .130 News. 
135 Midday Concert, part 2: Beethoven 
(St. 130 Amadeiu String o motet Concert. 
PArt 1 IS). .230 Interval Reading. 235 
Concert, part 2 . 330 Kousseritaky Com- 
missions IS). 445 A 2 Clav B Pedal (Si. 
530 Building a Library of records <S). 
535 Homeward Bound ($>. A05 Neva. 

A40 Homeward Bound (continued). 630 
Lifelines: Language and communication. 
730 Stokowski Conducts Schoenberg on 
records made In IM 2 , part L *35 The 
Arts Worldwide. ASS Stokowdd Conducts 
Schoenberg, part 2 . 935 From Hand w 
y outh /*>- V y - u -S5 Tq night's Schubert 
Songs (Si Including 1131 trews. 


Buchanan, The Complete Entertainer, (4) 
” Harwood. 9J5 Sports 


From Hollywood to . 

Desk. 10-02 Offbeat With Braden. .1030 
Hubert Grass says Thanks tar "the 
Memory. lUXt Brian Mmflw introduces 
Round Midnight, including zzjw Nows. 
200-202 am News Summary. 


RADIO 3 464m, stereo 5; VHF 

AM am Weather. 7M News. 7JS Your 


RADIO 4 

434m, 330m. 385m and VHF 
AM am News Briefing t IB Farming 
TMay. ititdudlna 7M and 
.J 2 S ? 5 ■**£?** al >d LSOana A - 30 
HeadUnei. 835 Yesterday In Parliament. 
9M News. 935 The Living World. 935 
Jw,?® P*jr There. id M News. 

1035 in Britain Now, iojb Daily Service. 
UU5 Morning Story, ujm h«ws. 3U5 
C qnyerBadu a Piece: Alistair Cooke, foreign 
and broadcaster, talks atwm 
bis Ufe mid work. n «ai no Admaia 
v££l_ Nnvra- UiE pm You fM 
**f Er The Snamirlrtcr . Man fSi. 
Thf 5 WoSfaaitne news. HI 

TUe world At One. 130 Archers. 
135 Woman's Hour including 2 miff 

Ll««n with Mflper- 3>Jg 

Jj™*; Hi Attorn oon Theatre. 340 
Choral Evensong, 435 stOJ^rTtme. SM 


PM Reports. 530 Serendipity. 543 
Weather; programme news. AM News. 
630 My Music 1 S 1 . 7M News. 7.05 The 
Archers. 740 File On 4. 0M TuaUala 
and StriR Cloud; portrait of Robert Louis 
Stevenson and his wife Fanny (S*. 9.00 

Science Now. 930 KoiefcfoKOOcr Art 
Among the. Gondolas. 949 Weather. 
10 M Tbe world Tonight. 1030 Round. 
Britain Quia. 11 M A Book At Bedtime. 
U45 The Financial World Tonight. 1130 
Today in Parliament. 200 News. 

BBC Radio London 

208m and 94.9 VHF 
5JM am As Radio S. A30 Rush Hour. 
9M London Live. 124B pm CaQ In. 
ZJQ3 206 Showcase. 4.03 Home Run. 640 
Look. Stop. Listen. 730 Blade Londoners. 
830 In Concert: Liszt Festival of London 
1977. 1033 Late Night London. 1230 As 

Radio 3. 1235 am Question Time from the 
House of Commons. 135-awe: As Barilo 
2. 


London Broadcasting 

261m ami 97.3 VHF 
5M am Momma Music. AM AM: 
mm-«top news, Information, trareL sport. 
DUO Brian Hayes. Show. 130 pm LBC 
Reports. 330 George Gale’s 3 O'clock 
Call. 4.00 LBC Report* r continues). UK 
Alter Eight with tan COdirteL 9J0a 
NightUBe with Keith Chalfcley. 130 am 
Night Extra with Allan King. 

Capital Radio 

194m and 95.8 VHF 
AM am Peter Young's Breakfast Show 
(St. 9M Michael Aspel (5V. 12M Dave 
Cash W. 330 pm Roger Scott (Si. 7M 
London Today (£X 738 Adrian Love’s 

open Line (Si. 930 Nicky Bonn's Your 
Mother Wouldn't Like It (S>. 1 LOO Tony 
My art's Late Show (S>. 2 M am Mike 

smith's Birin Flight (5}.~ 


ENTERTAINMENT GL IDE 


C.C — Th«*« theatres 
cards bv tottMone or st the boa 


OPERA & BALLET 


COLISEUM. Credit cards. 01*240 5258. 
Rwraattom 01-83* 3181 


NLWEYFV flOTKAL 
Eves. 730. Mat. Tooay A 


Sat. . at 230 

with LONDON FESTIVAL BALLET, until 
Sat Slewinaj Beauty, July JO to 15 with 
DUTCH NATIONAL BALLET. Seats svall- 
abia July 10 to is only. Nome* *« 
dance at every p e r fo rmance. 


COVENT GARDEN. CC. 240 IMG. 

(Garoencharor credit Lir-'i 8J8 6903 J 
7f« ROYAL OPERA 

Tomor ft Mon. next at 7JMi Norma. 
Frl. at 7.50: ROYAL BALLET SCHOOL 
PER FS. '.Folk and Scottish Dandns. Log 
Sylphldes. DNcrslom. Birthday Offering. 
Sab at 7.30: PAIIgas at Mdflnmto. 85 
Amphr nets avail, for all nerts. Hen 
10am on day qf nerf. 

GLYNDEBOURME FESTIVAL OPERA. 

Until AUS- 7 with the London Philhar- 
monic Orchestra. Tonlgtit at 5J0; ole 
Zauberfleta. Tomor.. Sit. a Mon, next 
at 6.15: La Bahama. Sun. ft Toad next 
at 5 JO: Goal. Fan tutte. Possible returns 
only. Bax once Glyndcbourne Lews 8. 
Sussex (0273 61241 1*. 

SADLER'S WILLS ■ THEATRE. Rosebery 
Are. EC1 1837 1672). Until July 22. 
Eves. 7.30. Mats. Sat. 230. 

NIKOLAIS DANCE THEATRE : 
Ton's. FM. ft Tue. next; Triple Dofft from 
Grotto. Gallery. Styx. Tomor- ft SXt. mat.: 
Temples. Gulgnol. Triad. Sac evej Triple 
Duet from Grom. Styx. Triad. Mon. pexC 
Gulgnol, Stick Figures. Suite from 
Sanctum. July' 31- Aon. 26 MARCEL 
MARCEAU. 

THEATRES j 

A DELPHI THEATRE. CC. 01-636 7811. 
■res; 7.30, Mats. Tfiurs, 3.0. Sat. 4.0. 
IRENE IRENE / IRENE 

THE BEST MUSICAL £ 

Of 1976. 1977 and 19P8I 

IRENE _ IRENE 7 IRENE 

-LONDON’S BEST NIGHT GOT," 

ALREADY r?^*'oVER ONE 

MILLION HAPPY THEATREGOERS. 

CREDIT CARD BOOKINGS; 8*8^7611. 

MBS 

teiii 



AMBASSADORS. 01-838 1171. 

Nlplrtlr M 8.00. Matinee T lies. 2-49. 
Saturday 9 and a. 

PATRICK CARGILL and TONY AN HOLT 
In SLEUTH 

The World F*mous Thriller 
. by ANTHONY SHAFFER 

Seeing tbe play again Is In fact an 
utter and total lay/’ Punch. Seat prices 
£2.00 to £4 AO. Dinner and Too- price 
seat £7 JO. 

APOLLO. 01-437 2663. Evenings 8.00. 
Mat*. Thun. 3.00. SU. 5.00 and 8.00. 
, DONALD SINDEN 

"Actor n# the Year.". Eveolnu Standard. 
*■ IS SUPERB." N.O.W. 

SHUT TOUR EYES AND 

THINK OF ENGLAND 
“Wickedly tanny," Tmes. 

■Piiill 

tafM 


CHICHESTER.' 0243 89312. 

Tonight ft Julv G at 7.tK.. July 8 at 2.00 
THE INCONSTANT COUPLE. July 6 at 
2-00. Julv 7 ft 8 It 7,00. A WOMAN 
OF NO IMPORTANCE. ■ 

COMEDY. 01-930 2578. 

For a limited engagement until July 1G 
ALEC MrCOWEN-S 
• ST. MARK'S GOSPEL ' 

“An unparalleled tour de force." S. Times. 
Tues. to Sal. it 8.0. Sun. at 4.30. No 
nerts. Mon. seats £1.23. £2.25. £2.50. 
£3.00. Latecomers .not admitted. 

CRITERION. 930 321S. CC. 835 1071-3. 

Evas. B. sots. 5.30. 8.30. T*in- - 3 .DU 
NOW IN ITS.. SECOND YEAR 
LE5UE PHILLIPS 

In SIX CNF ONE 

HALF-A-DOZEN LAUGHS A MINUTE 
SECOND JIILARIOUS YEAR 
" VERY FUNNY." Sun. T*l 



DUKE OF YORK’S. 01-838 5122. 

Evenings 8.00. MIL . Wed.. Sat. 3.0Q. 
Limited Season must end August 26 
JOHN GIELGUD 

In Julian MlreheU's 

HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
“ Bril Han rt» witty ... no one should 
miss It." Harold Hobson (Drama). Instant 
credit card menratlons. Dinner and 
Top price Srits £7.00. 

MuriW snoaurej hShv^ ,n 

MURDER. AT THE VICARAGE 

Third Great Year 


mat. Tyco. «-vy. 
■HY WEST. G*W 
MICHA4L KTTC 
In HAROLD PIN 


CHEN JONE5 
In" HAROLD PINTER'S 
THE MOMS COMING 
-BRILL] P NT— A TAUT ANO EXCEL. 
LENTLV ACTED PRODUCTION." D T*| 
"AN INEXHAUSTIBLY RICH WORK?"' 
Gdn. "NOT TO BE MISSED," Times. 


- T . THEATRES 

GLOW THEATRE. 


01-427 ISM 


BSi 


JULIA McKENZI 

C ”TL 


Whir enjoyable evening; 

CltUNWlCH THKATRL . B»8 

C red ass 730. Mat, Bet. JSSSK 

Hamilton's, master piece,' 'Times HINDU 
WAKES “A red and," Guardian. 


HAYMARKCT. 9 SO M32. 

Open. Preview Tont. « B.O. 

7,00. Sub. ML A M *t- * JO. 

Sals- *■» »NI J O°. 

■^°« WAtScK 

1 A‘ , fAM^nr D,, " 


A new Ptav bv "RONALD H^MTOOO 


Directed bv CASPER 


HER MAJKTY’S. Ct. OI-OSO 


’Eveitina* 


BRUCE 
In LESLIE L 

ANTHONY 

TRAVELLING MUSIC 


■QOl 


»»d 


Dl recWd^BY D 5^ i: SME^WV« - 
LAST 3 WEEKS. ENOS Jot* iM; 


KING’S ROAD THEATRE, 

Mon. 


352 7 * 


"^RDCKY 

.Som-TSSm iKtKswW 


LONDON P 


lUM. CC. 01-437 7373 

-LAUGUSJ.19 . 

B- 


Mot, Ti»j tKW- and-Frl. at 8, 
Wrri. and Sate, at .6.10 ana fl.50. 
TNI TWO RONNIES 


In 


■ SMctactttar CoAicdv Revue. 
Tm r e*tr a perform ■ nee* 
Sonny July iSwkSAO A B.TO. 
Book now on netffw 437 2055- 


LYRIC 

MN. 


SSgK 

THIATRte oW _ 


3688. Evs. 8.0. 
3.0 and 8.30 
— .RftY in 
MLUMINA,, __ 

DtrtXMd STMti 

IT FILL THE LYRIC FOR A HUNDRED 
' YEARS." Sunday Hmy. 

MAY FAIR. .620 303tk Eras. K,'Sa*. sib" 
and OOO. Wed. Mar. at X ; 

--"NATIONAL THEATRE CO. 
DYLAN THOMAS’S 
a. UNDER MILK yvoon 


WlLSfl 


MERMAID.' 24 « ,75». ReitaWWK 24* 
cvenntps 7.JO an 9.1S. 

. EVERY GOOD BOY 
■ DESERVES FAVOUR 
A may tor actors and orchestra by TDM 

THE ENGLISH LANGUAGE. AND TM 


HlGHCtT^COVIC-ART CAN POSSIBLY 


MISS 


T. Tlmev 


NATIONAL; .THEATRE. BZB 2252. 

OLIVIER- (Open Stag*): TonY. 740 
Tnmor.r.ajW - A T-30 THE CHERRY 
oROtARD.by Chekhov traits, bv Michael 
Frayn.' 

LYTTELTON (proscenium stage): Ton’t. 
7.4S KUNORn bv Ben Travers. Tomor. 

corroSS 1 ' (small auditorium): Ton’t. 
X TotnOr. 8 AMERICAN BUFFALO bv 

Man? « 5 o 3 Snt Cheep seaB all 3 theatre*. 

day of-,' pert. Car perk. Resmaurant 


nay or,' bvi. uh knki iwhmwbhi 

828 2(m. Credit card bkss. 929 4042. 
■ t v: — — 


OLD VICS 928 7816. 

PROSPECT AT THE OLD VIC 

TME-lAKr 'J^NOT KWJUWIlNO 

•• ■msn.Jri. ?ss tt 7 -“- 

Eileen Atkins as 
% . SAINT JOAN ' 

"j gut acriormanet. The Time*. 

• Frt - 7i 30 > 

'C# TWELFTH -NltSfT 

'ending mival. 1 ' The Times. 
Returns July to. 


open Mb Regent's Park. Tel 488 2431. 

DSUMMER NIGHTS DREAM 


Bvm ^5. Mats. Wed.. Thar, ft Sat. 3.30 
JfULA LEN5KA. 1AM TALBOT. 
H.IZAMTH E5TEN5EN DAVID WESTON 
^8*WS MAN OF DESTINY 
LunOidiM Friday at 1.15. KEMP'S JIG 
MWChrts Harrt*. Sun- at B.OO 


FAI 


Mo^.^or*. 8.0. FfL.ft Sat. G ft 8.40. 

jtoUS. CHRIST ’SUPERSTAR 
by Tidr Rice and Andrew Lloyd Webber. 


cc. 


01-437 6034, 


P HO EM PC. 01-838 2294. Even! nu 8.1 S- 

.sfa-iaiarftv&si?. (irae^me 

,n 

Tbe Hit CMnedT by ROYCE RYTON. 
LAUGH. WHY ( THOUGHT t WOULD 
“SHEER 

nK’ L Standard. •• GLORIOUS 
pp)OUS LAUGHTER.- Times. 


PICCADILLY. 437 *508. Credit card bkgs. 

^ »■ 

RAGEOUS r ADULT*ciMED Y 
y? Pater Nichols 
ATM. ON_ PARADE 

trlunigh, _S^ Expre**. 



EDY 


F THE YEAR 
..J.SWET Awl 
DNDITIONBD 


FULLY /»!#■«»*•«■ 


PRI 

01 


HR- CC, (Formerly- Casino, l 
Monday- Friday evgv 


B-OO^OL tiiur. XboT^aL 5. - 30 _ and ¥.40 


bv TW Hiee_and Andrew Uoyd Webber. 
WliB'^David Eya. Elaino Paige and joss 

AMa&. ' Directed bv Harold Prlnca. 

PleaiSTwje Hom July 22 Sits. Peris, will 
be 1 ( 8.00 and 8-40. 


PRINCE- OF WALES. CC 01-930 8881. 

-^^£5v^r t0 ^,P M E US, “ 1 - 

...StarrliM RODIN ASKWlTH 
CRE DIT CARD BOOKING 930 0848 . 

QUUNta THEATRE. CC Ql-734 IIEfl. 

PA.ffr ALDRIDGE 

In Alan Bennett** 

THE OLD COUNTRY 


DrntCIM by CLIFFORD WILLIAMS 


ID MVUIBAR CC. 01-734~1S93. 
“ - - m, (open Sima. 2 

presents 
■ ROTICA 


LYMOHD MVUIBAR CC. 0 
THE FESTIVAL OP gRi 




** A burnHhed display p» terec." Times. 




j.JU’Bina wyni dJtMrtllYl JiOQ ■iKl'kon 

■ Beat Musical <x 1 S 77 " 


Mjtor^ "credit carat, 
tar matinees (tar 


,-jed rates 
ImitM panod only). 


SAvor TNEAmc ^ 

-A lWM»Nrod| PLAYjI URGE YOU 
Ert». fci-8.0. FrL and iai. s3s and 8^46. 


THEATRES 


SHAFTESBURY. 
5Jt aft Cl burr AVI 

C«B>. at 8 


cc... 


836 6510. 
.. Ho' barn end} 
EAR DON In 


tie WC3 iHlfh 

TMs musical has enryjMra. M 5. M*r. 
Mat. Sat- 3.0. JVM. rert* fcl. 

Credit card MohlnM 836 6597 
LAST WEEK. - MUST END 5AT. 


SHAFTESBURY 01.-838 . 6 S98. 


’ttatMMirv' A**vi'WC2 (High Hoiborr 
•mo. From. 


for a Special Sima 
Production at 


Best avAlteWe-AMta at U.50 >2 how 
betara show, from the Box Older. 


smaw TMAanta. 01-333 1394 

Et*n<na7.3Q. MtbWed. 2 30. Last wee! 
rM TALR1NG AgOUT JERUSALEM 


■ hr ARNOLD WESKER 
-HA. dlaauty ‘ 


, . li unqimmished " S. Times 

STSFflS-"pMt ' 


SgtAND^ 01-838 26A0-. Eeenlng; B.OO 


lu Bo “• B - M 

the WORLD-S RI GRtATEST 


GOOD 


laughter” maker 
SEATS E4.00-S1.00. 




MARTIN’S. CC 836 1443. Evt. 8.0C 

?A 5 cH%"r?i? 5 * Bd 1 

WO R LD ^ 1 LQN < GEST^'HHt RUN 
26th YEAR 


TALK OF THE TOWN. CC. 7S4 SOS1 
8.00. B^op« 7.,., 

RAZXLE DAZXLt 

and at 11 am 

LOS REALES DEL PARAGUAY 


THEATRE 
PtaW 
next 




BYES ft BNGUSM TEARS 
by Nigel Baldwin 


VAUDEVILLE. MS 9988. CC. I*». 8.W 
Mat Tue*. 2.45. Sat. S Mar 
Dinah SHERIDAN. Dalcie GRAY 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT 


O* AGATHA CHRISTIE 
•■Re-enter Agatha with another wh. 
dunmt hlL Agatha Christie is stalking tt 
West End yet again with another o» N 
flcndlthlv I no Minus murder mrtleim 
Few* Barker, EreoiM Naan. 
AIR-CONDITIONED THEATRE 


VICTORIA PALACE. 

Book Now. 828 473S-6 834 lit 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evenings 7.30. Mats. Wed. and Sat- 2 4 


;•!! ( 


WAREHOUSE, Oonmar Theatre. Core 
Garden. 836 8808. Royal MU MOW 
Company; Ton’t 7.0 premier* PH 
Flannery'S SAVAGE AMUSEMENT, r 
seats £1.80. Adv. Bkgs. Aldwych. Scade- 
Standby £1 


WESTMINSTER 01-834 028 

SENTENCED TO UFE 


"MUGGER! DOB'S nWRbanl hiHDW 
THORNHILL'S dramatic art,’’ DIs- _T 


"Intensely human, earing drama.’.' Y.Pn 
■'Tremenodu* Impact." NoW. "I P 
sharply mewed," J. C. Trcwtn. X 
Eygs. 7.45. Mata. Wed. 3.0. Sets. 4J 


WHITEHALL. 01-930 8692-77C 

Evas. B.30, Fii. and S«L 6-45 and 9£ 
Paul Raymond oresents - the SenkBtm 
Sex Re*ue of «>• Century 
DEEP THROAT 


WINDMILL THEATRE. «. 01-437 EH 
Twice Nightly 8.00 and 10 - 00 . 


Sundays 6.00 and 8 . 00 . 
MOI“ 


PAUL RAYMOND presents 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA ^ 

’Takes la unprecedented limits wtet 
permissible on our stage." Esg- Net 
3rd GREAT YEAR 


WYNDHAM-S. 01-836 3028. Credit Cl 
Oko*. »36 1071-3 from 6.30 am Mo 
Thun. 8. Frt. and Sat. 5>15 and 8- 

"ENORMOUSLY RICH r . 

VERY FUNNY." Even log N«w».. 
Mary D’MaileyTi s main bit comedy 
ONCE A CATHOLIC 


Supreme comedy on sex and retlgmi 
“ iilv Ti' 


' MAKES*' YOU**sSakE WITH 
LAUGHTER." Guardian. 


YOUNG VIC. 

Ben lonsoti'i . 
BARTHOLOMEW FAIR 


928 83* 


—nin m uiMW 

Era*. 7.45. Mat today. at. ago. ... 

A r I proa r I no production.' S.Thna 

uiB Vie FestWal until July 23. PN 


Young ... 

Box office tor leatet. 


CINEMAS 


ABC 1 ft 2. Wi- 
^ L 

70 mm fc„ 

hff uru 



CAMDEN PLAZA logo. Camden 
Tuba*. 485 2443. iTavtanPa A 
SANFAN tAAt. (By me OlrortPr of 
Patlronal. 2.S0. 4.45. 6.50. 9.00. ' 


CLASSIC 1. 2, S, 4, Oxford Street N - 
Tottenham Court Rd- Tube). 838 03*. 

I- Braoe tee GAME OF DEATH >< < 
59A 2.00; a.ts. 8.30. BA 5. _ n1 1 y:i 




|«AJ, Progs. 2.30, 4 . 35 . F dP. J ,‘- 

4. Final day! P. F. Copoola'S THE ® 
FATHER FART 11 rX). Props. 3.0ft S’ 
Feature 3.23. 7.15. 


CUR20N. Curzon SriYM. 


street wi ox 

“11* Alr Conditioned ComlprU. -- 
U2ALA fUl In H Mi UngMh. 


HHesi. 




WORK." ThB Observer. - vnimni 
JgVENTUR I ■ ’ Smwev Tl«i« “ 
PJ^ UT i1H!s. M Guardian. 

INC Adventure.’’ Sunday BfffJ 
■masterpiece." Evening New*. A, 
daUy at 2.00 'not Sun.i 5.00 and 

MMOaTER SQUARE THEATRB <VSQ g 

cowirec HW4E nn; sep- neWH-.g 
UO. a. 45 . 8 . 10 . seats mav by K* •. 
in advance for a. 10 prog. List MT-. 

ODEQN HAYMARKBT. (830 273^2^ 




(USD ** , 

Jau Fonua. vanassa Redom»* 

• *n * Frau ztanemann mm . s. 

„ • JUUA (Al _ . 

L „»rog». Dir. 2 . 10 , _ 5 AS, a. 
Feature Dty. 2AS. 6.b0. ? 00. 

AU >aat» bkbie at »»«•. , 

OPBON LBICKSTER SQ»^Ri'j9TOE1 ( V 
CLOSE BNCDUNTgRS OF TUB • 'S 


CLOSE ENCOUNTERS — 

„ THIRD. KIND «A1 . • _ . 

Wfega- Dly. Doom ooa« 1 OS. *; 
f l-ata jfthou — * — 

11-15 pm. All 


bata'ahow Frt.. A Sati DoSa 

Its beSatfte 


MMjmwi arch. (721 

CLOSE ENCOtlNT ySO f THE THlM 


SWi B705». 
l. All seau 


7.30. 


PRINCE CHARLES, 

, _ HIGH An 

Preta- Die. 0, 

5 00. tate View 

Seats bookable, ' 
















n. Mr m. 

it 


u 


HI !. 


Financial Times Wednesday July 5 igyg 

Television 


15 


Must bats be best 

, by CHRIS DUNKLEY 

& m t^!^vSsss& srs m * sr fe ws.s w 


» fix-foot, simply relays it from tire theatre £Ki publi" demand 
15-year-o4d American schoolgirl or concert hall to the viewer” renetls P u0,lldera ‘ in<1 - 

Banker -- ra “ S ‘-^ VCr ■ ta . ke .. Sue that the South Bank Show $ pr|>- Wha * - - 


. r»*p:»=r^T w -73 


No doubt this be very impressive, and certainly 
tbe size of television’s audiences 

- u iv . What interests me more, bow- m akes those for t he live arts 

to match point three gramme on JUayeritn? "came ever * is the question of the suit- almost jnsigniflcant. Never- 

tjmes and still lose: when nowhere near conveying the true abieness of tbe medium to all tie ^ es ?- “*c difference between 

Thames Television screened tbe Sestalt_ of Macmillan's work or forms — from the origination of w ] a * c hmg Mayerlmg on tele- 
nrst part of Palestine, one of art," and that there seemed to be z any chatter about film star bats v ‘smn— even supposing tbe whole 
tbe beet and most scrupulous w ah irresistible drive towards the relaving of a classical snown and watching it 

television documentaries ever the middle ground which has ballet such as The Nutcracker. ?*. Cotf t nt Garden is something 
made on any subject: when tbe been proceeding slowly in British Obviously television is technically l,ke . . lfae . < k“ erei3ce between 
BBC showed yet again that television for 15 or 20 years, capable of transmitting both, waUrh,n S holiday movies - and 

amazing sequence in Sailor with Each year the number or pro- rather as a book is capable of ac tually going on holiday, 

the American stretcher case gramraes . .making a significant conveying both Plato's philosophy Arts programmes which use 
being swept from tbe submarine demand from the viewer and and a picture of MicheJan"elo’s tele ^ ,5l0n ,n its own right, to 
into the sea and then winched ° ff enng a commensurate return David. It is my contention that * 3C P ,0I '® 1 arts technique, or the 
into. the helicopter (amazing not s**ms to shrink. . . ." it does tbe first better than the artiSt himself, seem to me more 

least for the calm and efficiency loiter published in the second, offering only an approxi- successful ana much more valu- 

of the BBC camera and sound \ able t ban . relays or regurgita- 

men who made the programme 
possible by filming right 
through the emergency): and 
when Z Cars returned to the 
screen with — so they swear — a 
final series; in the week when 
all this and much more 
happened. television’s most 
memorable moment came in 
That's Life when Kieran Prendi- 
viHe interviewed a lady named 
Cherry B ram-well. 

Miss Bramwell hart no eternal 
truths to impart to the 14m 
people who watch Esther 
Rantzen’s extraordinary -pro- 
gramme. no dazzling ‘insights 
concerning the meaning of life 
or the nature nf the universe — 
in fact the subject of her little 
chat was hanging round her neck 
throughout the interview; a large 
live bar named Balls. 

Though she does not appear 
often enough to have become a 
’* personality,” Cherry Bramwell 
is no stranger to television. 1 
have seen her before theorising 
about tbe mode of take-off used by 
certain pterodactyls, and expound- 
ing the fiber points of fruit 
bats, and been struck each time 
by her mixture of enthusiasm, 
erudition and jolliness. This 
week’s interview was no excep- 
tion. 

In an accent reminiscent of 
June Whitfield's as Eth, Cherry 
explained in her deadpan style 
bow she takes Balls to parties 
("bats don’t really wake up till 
the evening and how he tends 
to get drunk, how a train 
inspector once asked if he had a 
ticket and after classifying him 
as a tortoise charged half fare, 
and how he had starred in a 
Hammer film. 

It was one of the priceless bits 
of television which you watch in 



David Warner and Felicity Kendal in Granada’s "Clouds of Glory" 
9 to be broadcast on Sunday 


tions. particularly for anyone 
who can get to the real thing. 
Thus the best parts of 
Macmillan's Mayerling were the 
rehearsal film and the- inter- 
views. Looking back across the 
history of arts programmes, no 
orchestral relay stands out. but 
v/, #v> .. 7 ; Ken Russell's composer films 
come immediately to mind (and 
■ cause keen anticipation of 
Granada's forthcoming pair of 
films on the Lakeland poets. 
Clouds Of Glory, which Bragg 
and Russell have written and 
Russell has directed). 

Some people say that it is 
the unremitting continuity of 
television and the consequently 
bizarre juxtapositions (such as 
a party-going bat almost im- 
mediately on top of the blinding 
and gelding of Arthur in The 
Demi’s Crown for those of us 
w f ho switched channels) which 
destroy the medium’s greatest 
potential, and it is true that the 
proximity of the sublime and tbe 
ridiculous on television can be 
at least momentarily bewildering 
and sometimes sickening. 

But anything really good will 
survive. Any number oT Cherry 
Bramwell’s pets could be 
paraded at either end of Richard 
Broad's three-part Palestine, for 
instance, without any danger of 
obscuring the exemplary nature 
of the work. Using a formula 
similar to that of Thames’ monu- 
mental World At War. but add- 
ing modern commentators to the 
finely researched archive footage 
and the eye-witness accounts. 
Broad has told the history of 
Palestine during the British 
mandate. 

Precisely because it is such 
a superb piece of work, ii raises 
again many of the structural 
questions prompted by previous 


Old Vie 


The Lady’s Not For Burning 


by MICHAEL COVENEY 


A programme note by J. C. strikes a discordantly bisexual 
Trewin uses this broken-backed note by wearing his blouse 
example of the verse-drama raffishly off a rather smooth 
renaissance arter the last War shoulder) who skewers such 
to cock a snook at the “ building- lines as "One day I shall burst 
site dialogue ” of today’s theatre, my bud of calm and blossom 
1 entered upon the grimly word- into hysteria ” wilb the detached 
spinning proceedings prepared to contempt it deserves. Mr. Fry 
believe that what we were about emerges as the hot-house 
to receive would rise above the gardener of English drama with 
cardboard medievalism of Sally a congenital weakness for 
Gardner's design. But, after an spurious tautology (tears are 
hour or two of tramping through “ wandering dews.” if you 
an odiferous, badly weeded please), alliterative bombast 
garden of verbal conceit, rotting (“floundering in Flanders ") 
metaphor and laughable pun. I and bathetic punch lines (“The 
can only report that if this is two are to be brought together 

poetic drama, then Snoo Wilson . - . bow does thai strike you? ” 
is the Jonson of our age. “It makes a complete sen- 

1 think lhat T. C Worsley had lence '’ J * 

It about right when he reckoned Thomas Mendip. played by 
that the impact of this intoler- Derek Jacobi in his well-patented 
ably cluttered language is, in Hamlet mould of amused dis- 
the end. merely gelatinous. It gust is, at one point. 7 cast adrift 
flatters a semi-educated. .snobbish on a raft of melaochbly while 
audience into believing that this his designated beloved and 
is how they would themselves opposite spiritual number, 
like to be over-heard in the Jennet Jourdemaync. is given a 
intervals, it is all hollow fulmi- riveting, physical fluidity quite 
nation, a tediously extended and beyond the call of duly by the 
over-indulged chrysanthemum incomparable Eileen Atkins, 
cluster of imagistic nonsense to But what, really, are we to care 
decorate the unbelievable about a character who pro- 
romance of a drunkard who nounces early on in the third 
wants to be hanged and a girl act lhat she can hear “a gay. 
in flight from a witch bunt modulating anguish rather like 
T . . __ _ _ music"? Off with her head, say 

The Ladys Not For Burning j 

■ - - fr >' 1 n S- not singeing nor At least Ihe company con- 


scorching. in this candlelit 15th 


vinces you. from time 10 time. 



Derek Jacobi and Eileen Atkins 


•iurii Lr;ri 


agony, repeatedly swallowing T T ]ast Wednesday Burton said mation of the experience of good documentaries:' is mood 
your laughter for fear of miss- that t |, e num ber of serious pro- studying the actual work of art music a legitimate tool (even 
ig uie next hilarious moment. It cranim es making demands on the To get such an approximate idea when the same pathos-inducing 
will be a long time before I for- vi( , wer had risen in tbe last 20 is better than getting no idea at passage is used for Jewish. Arab 
get the reactions Of the green- years, not fallen, and he is right: all. of course, but there can and British exodus); is there any 
grocer confronted with a bat j Was wrong. In retrospect the surely be no doubt that seeing point in striving to “balance" 
toting customer, or of Prendi- serious programmes of 20 years the real thing is vastly superior the opportunities given to the 
vile when Miss Bramwell in- a go seem more memorable than to looking at a representation. commentators when the impacts 
sislcd on draping her weird pet the others, but that is a reflection Consequently on the two other made by the two men (as a 
around his neck. on memories as much as pro- points raised by Burton and result of attitude, accent tone. 

Can it be that a medium so grammes. Perhaps it is true. Bragg 1 am quite unrepentant even the clothes they wear) are 
wonderfully well suited to this however, that the proportion (if Though Burton says that 1 must so unequal? 
sort of batty (1) and incon- not the number) of such p< - "- not be allowed To ‘get away with The most significant question 
sequential material it> also really grammes has decreased ‘'during (he statement that- a television of all raised by Palestine is why 
well suited to such things as that period, though even that relay "inevitably detracts from we are still waiting for British 
ballet, opera and serious drama? may be untrue since BBC2 did anv performance'' and Bragg television to do something even 
The question comes into my mind not exist in 1958. makes it clear in his private half as good in the way of 

because, in the same week under Yet broadly speaking 1 still letter that he believes The South analytical history about Ireland, 
review. I was takevto task by ^jnfc jt true that ITV on the Bank Nhoir did “ convey the true The parallels are legion. But 
hnih Humphrey Burton and way up (its serious programming gestalt of Macmillan's work of that is really another entire 

Melvyn Bragg for my recent has continued To improve even art/’ I still believe it is quite article. Unfortunately film star 

remarks in "this column about since the network opened) has obvious to anyone after a bat programmes are not only 
arts programes for which they met the BBC on the way down moment’s thought that in such easier to make and politically 
were responsible. (they have become masters or matters television can only ever safe but— human nature being 

J had said inter alia that strategy iu the ratings war) to achieve second best. what it is— more memorable too. 

Covent Garden plans next seasbn 

The Royal Opera is planning Pursi/alin April. Yvonne Minton. 19 with a performance of by David Bintley. There will 
four new productions for next Peter Hoffman and Norman Mayerling. with David Wall also be the first performance by 

season Meverbeer’s last opera Bailev will be among the east, dancing Crown Prince Rudolf. Sadler's Wells Royal Ballet of 

L'.tfricflme* Wagner s Parsifal, the pruduction being mounted in The repertoire also includes per- MacMillan's Pacane. 

The Rnhe'x Praaresx n^snriation with Commercial fOnnance-s of La Fille nial * 


century limbo where fine souls t j, at you are not merely in the 
such as Lhose encased in the presence of literate trash by 
precious corporeal structures of paying broad Iv for laughs and 
the two protagonists turn Robert Eddison as a conciliatory 
achingly towards the moon while chaplain, Michael Denison as a 
spouting high-flown rhetoric befuddled, hay-fevered mayor 
about rime, space and a cruelly and j ohn Savident as a Fal- 
unchanging world. staffian magistrate with plump 

George Baker’s tepidly loyal ankles, mark out their comic Christopher Frv plavs. not very weights behind the entangling 
production gives banality its territory with admirable gusto. m uch 1 should imagine. 1 monster of Fry-bin* n ovv-\. but 
bead, and thank God for Brenda A callow clerk, finally pits- appreciate thal. as (he lMm the m lu* of Pros peels current 
Bruce as the distraught mother sessed of his virgin beloved, asks dawdled on into ihe J95CK Ulmer revival st.imN n> no more than 
of two squabbling brothers in plaintively what shall he make and Gielgud saw some Technical (hai nf a dank and du«v 
prominent cod-pieces (one of of the future. Beyond appearing adtanluL-e lo lie gained from miKi'imi piece m n forlorn lv 
them, played by Clive Arrindell, in village hall revivals of thru wing their respective heroic abandoned theatrical corridor. 

Paris theatre — 3 


Adamov’s last play 


bv GARRY O'CONNOR 



Arthur Adaraov thought of moody piano-playing adds auno- litter. Sooner or later, after her raise'*: production of l.u mi it rt 
calling Si Vclc rcr-enait, at the sphere. gallivanting friends are con- lc moment hv Cn-lulfun fils. 

Cartoucherie ' de Vincennes, 

** Variations on a 
and the latter tilde 
accurate description. 

last play, written just ...... 

death in 1970, and like much of recently in^Le” Figaro** of “poor." ^warred by an evil fox in the of half-symbolic lovers, named 
his later writing seems some- - boring.” “mediocre" and “ di*s- Hu .® sars - and the French -cat is in generalised fashion Clilandre 
wihat uneasily tom between bis coura°irie ” fare) is Peine.-; de H nifed “ ne . daf k night Beauty and Cidalise, explore the truth 
desire to be social realist with coeur" dune chatte analaise ” rtee ® t0 Pans, writes her memoirs of their feelings for one another, 
a strong idealistic message, and This, at the Theatre Montparnasse s ]- vle . Qf a celebrated figure It might well be- tedious and hard 

his more instinctive capacity for in the Rue de la Gaite, is an r f J he dera, - iHOndc . a n d makes a to follow but for the fact that the 
surreal flights of fantasy. Tbe adaptation of Balzac's Scenes de _ . „ . . . interpreters. Francis Huster 

central figure of these rapid la vie prii-de et publique des za , c . s doubt and Catherine balviat. manage 

snatches of constantly changing animaux . in which animals are M as general. In to ignite the dormant lust 

perspective is a young man, Lars, not only endowed with human production what inherent in the text, turmne it 

who - is surrounded by three trails in the time-honoured , 1S a ' ,sual presentation into a sexual sparring-match in 

young women, has sister Then, tradition ^ehjkhjn-. storytell- f J? Clit and re's embraces, an up- 

turn of events when, to 
ith she has been so cool 

so that you feel Konrad Lorenz ” . f 1 m hnushty. The transposition 

would have approved as well as n, ? ht - glittering peacock - cos to the more earthy world of the 
All four spin a vnvid tapestry La Fontaine. ' ,uni ? d - *“•*■*" tbe , ar,mial P rm ; senses has been undertaken by 

of psychological moods and feel- . . . c, P als - a shar P observation of Jejm-Louis -Thanun. and in the 

ings. whose basis. Adaraov h a e ™‘" e ne 

claims, has something Strindber- bQrn jQ p rance but marr j es a ar e a joy to behold. 


young women, has sister Thea, tradition of children s story-tell- y j ' ^r.^ndvine's fuTuve^ i\\vi o Clitar 

Elamfof S M recent ^studies C 'in - the 

beauty of good heart, and their oy me recent stuaies in me Lar nival snirit nf rh<» animal hpoiA u-i 


of the piece, the cruel ways of the instinct, design of Dominique Borg's dark 
female cat, is Rostislav Doboujinsky's masks interior, the carefully calculated 


If so. it is Hke 


decrepit English specimen of Extended in 


glimpses of naked flesh, with 
its run at the mirrors and flickering candles. 


Stravinsky's The ifnfte's Progress association with Commercial 
and finance forthcoming. Union Assurance. pardee. Romeo and Juliet, The 

The first performance of The Sleeping Beauty, Swan Lake. 


Rian about It. 

a Strindberg executed as a 

mOdern-ist pmnling «n Vight appearance, who is so (a time quite favoured by Paris de Sade: suitable on this occa- 

oeams. earn effect swallowed up (j u || be j s borne everywhere on a dwellers) is the Coined) e-Fran- si on. 
and forgotten m what has passed 
and wbat os to come. 


Festival Hall 


Scottish National Orchestra 


Perhaps Ad-amov’s final con- 
clusion is that everything is in 
motion, making him at obe oppo- 
site pole from Beckett, for whom 
everything is -rigidified in the 

end. even movement AH the _ _ . .. .. . . . , . . . 

characters in Si V.(t6 revenait are National orchestral identity fa 

Ieaoin*> ibbiii. runnins in cirrlev Orchestra showed itself on fine tbe mure glamorous 

iumoin" on^swinzs * or avid’v form in its latest appearance on orchestras often seem to lack), modatingi kind of 

bhSef’ns if K South Bank. Time was when the It was not a quality equally symphonic mould, 

children^ pKound J the oSy leading British orchestras visiting suited to all the music in the Rnhprt Tf . ar anri F , 


quality more rebarbative materials into 
London an angular (but still accom- 

Classical- 


Mo/arr's Die ZauberflOtc. The first performance of me Sleeping aeauiy, si can uuce, n J, h nc e tp 

It had been thought that cost Rakes Progress at Coyeni Garden Elite Syncopations and A Month 

would rule out a new production will be given in June. Colin m the Country. oast lin v-eis wHl be Reflected 

nr Die ZauberJlOte but it now Davis conducting. to produce two new one act tour of PoS 

seems likely that sponsorship and An additional newcomer to the works during the season in A U , t ria“ and SwltTerlirnd in ^he 
collaboration with a foreign Royal Opera repertoire will be addition to that of MacMillan Au.tna ana Switzerland m the 
house will make it possible. Massenet's Verifier, the produc- .^itbony Dowell will not be au ™ m “’ . . . 

Colin Davis will conduct the tion by John Copley. Stefaoos with the company for tbe season. Of the 16 works in the tour 
opera not given at Covcnt Garden Lacaridii and Michael Stennett although it is hoped he will be repertoire, nine are by living 
since’- 1968 and the cast will having been loaned by English able to make occasional appear- composers. The orchestra will 
iiclSde Lucia PUPP. Zdislawa National Opera. The cast will ances. He will be working with Si ve two concerts id ft in- 
DonaL Lilian Watson, Thomas include Teresa Berganza and American Ballet Theatre to portant Warsaw Autumn Festival 
Mien Paul Crook Robin Leggate. Alfredo Kraus. experience the stimulus of a of Contemporary Music, loclud- 

Robert Lloyd ’ and Donald There will be revivals of 16 different environment. i?S performances of Tippett s 

Mi- Intv re productions, including three R’ng Sadler's Wells Royal Ballet Fourth Symphony. Maxwell 

L' income will receive its first cycles with Gwyneth Jones sing- will tour the regions for 18 Davies Stone J^anV, and Birt- 1 

nerforumnee at Covcot Garden ine Brtlnnhilde for the first lime- weeks, including three weeks at wwttei Melancolia 1. and thci 
r ?ajfl5t in ■ oroductiun in in London. Cambridge, and will present two first Polish performance of 

French with sets -borrowed from The Royal Ballet's 1978-79 three-week seasons at Sadler's Panufmks Sinfonta Soctxv World 
ihe Maecio Musfcale. Florence, season will include a new one- Wells Theatre. premieres will be given of works 

where Pwac performed in 1971. acter by Kenneth MacMillan and The repertoire includes three by two Polish composers. 
» £15 b.*n"u«£d ™inocl.tl««- Alv«li Of DlnmtoM. F«#U, new ongact ballets: 6.6.7S. K». S.korsk. and Penb.rsk, 
with 1 in aerial Tobacco and Ihe Jazz Calendar. The Rite of neth MacMillan’s tribute tn other centres on the tour 

cast win P include Grace Bumbry Spring. Seines de ballet, and Dame .Ninette de Valois for her include Kracow, Vienna, Linz, 

Placid ? fiXSafr iCnieplbir. „ Wth birthday. Lynn Seymours Graa. and Lausaooe. Four per- 

£ir near-* Solti will conduct The season opens on October Intimate Letters and a new work formances ‘of Musgrave s Horn 

cu, c- a “? u Concerto will be given in 

Austria with Barry Tuekwell as 
soloist. Other tour soloists are 
Jane Manning and Alan Hacker, 
and all the concerts except one 
will be conducted by Sir 

Alexander Gibson. 

The SNO win be the first 
British orchestra to take up 
Tippett’s Fourth Symphony after 
the British premiere by the 
Chicago Symphony and Sir 
Georg Solti at the London Proms 
on September 4. The SNO has 
seven performances planned for 
the autumn, including London 
(October -9), Edinburgh (October 
13 1 and Glasgow (October .14). 

Tbe SNQ’s Scottish winter sub- 
scription series will include a 
complete cj-cle of the Nielsen 
symphonies and concertos spon- 
sored by Gulf Oil Corporation 
which is also associated with 
recordings For RCA of the Fifth 
Symphony, already released, and 
the Fourth, which is about to be 
made. 

Tbe winter season will also 
include two more world 
premieres. In February David 
Atherton will conduct four per- 
formances of Salm by Lyell 
Cre&wdl, which won the SNO’s 
1978 Ian. Whyte Award, and in 
March Sir Alexander Gibson will 
conduct two performances of 
Edward Harper's Symphony. 

Mr. David Richardson, SNO’s 
general administrator, said the 
orchestra's experience was that, 
with -the aid of a strong sub- 
scription sale, audiences were 
not deten-pd by a moderate 
representation of contemporary 
music. 

JOHN FALDING 


: ri,c.„,u ” r l London spiced their programmes concert. 

National ! E1 > seu,T ! ^ found on earth n A «p a ifiae **» nniAf tn Ov^nnri 


thp r r ft 7 Ctrxnir Robert Tc,ar and Frank Lloyd 

rf^erkhLt^r^Tof D ihp P W with novelties in order to attract Ovenure wants a more sinuous, ^ ft" did°not 

U J < *« rls 5f ci i,ur ' an audience. Now. it seems more whiplash virtuosity in the nui e DeSuTde one althemost 

realists who clearly hardly ever , for lhe reverse stratagem si rings, greater needlepoint qu!le P* rsua0e one - as mos t 
spent i heir Saturday afternoons 
in any real contact with 

children s world). inclusion in ^Monday’s concert sonorily. ever wrote. Mr. Lloyd’s horn 

Even the old character, Lars* of Nielsens Fourth Symphony. . .w _ ^ be h _ s n j Sy m on r P J!Jf began tremulously, though later 
mother, Madame Peterson, whips TJic Inextinguishable, and the 11 Ruined in dash and force. Mr. 

off her skirt or takes out her Britten s Serenade (neither work ^ous and brnini to Te ar was. as always, comrauni- 

pap, lo join In the high spirits. a wlfc n° r a . re P e «°7 «•»> SSrStS^nnrt nf thP iiu callve and ‘nwlved; but bis 
Played by Pierrette Thevenon. could be deemed an act of almost f" e r ^ heme Lri *ia " ularW sl - vle was tim « insufficiently 
she and the others, especially rash courage. Fortunately there l^IJ \^Ttched G^on Pressed pure “ tD0 much “applied" 
Charles Dubois as Lars, Marianne w«* an audience of decent size ,™' ar d EX I v %ou-h expression in the Blake Elegy 

Epin as Thea. and Catherine and jt was rewarded with paying unvfeldiS- one Sensed bis * wher e his soft singing tended to 
Cauwel as Alma give joyous of heartening vitality and respi , n ; p , 0 fhe’ Du-'nacitv and lose quality), runs all a-slither in 
performances fall of gaiety d efimte character. als P t0 thc wannim a humintiv of *|>e -Jonson Hymn, high notes m 

ana colour. The symbolic and Under its conductor. Alexan- ihe underlying conception. There ,ll c Dirge and in the Sonnet not 
threatening grouping, the long der Gibson, the orchestra has was nu breath of the sermonising always cleanly attacked. -Clean- 
dark mirrors, and the deep drifts developed a distinct sound — windiness lhat Nielsen’-: subtitle n<? ss of attack, and also steadi- 
of sawdust in which props are rugged. enthusiastic. bright can seem to confer on some per- ness fullness, and depth of sound, 
buried, or which is shovelled over rather than smooth in blend, formances. Conflict, contrast, and were the contrasting virtues nf 
characters as a Freudian met a- with a sense of cogent per- reconciliation were heard to Peter Fra ok Is account of the 
phor for burying the past, are all sonality in the operation nf each operate in richly satisfying musi- Beethoven C minor Piano 
thoughtfully manipulated in department — thal imbues its cal terms, almost as though the Concerto, a reading lhat attains 
Gilles Chavassieux’s production, playing with an immediately work were the product of a latter- new distinction with each 
Jean-Marie . Cottet's becticly appreciable quality of corporate day Haydn, pouring rougher, hearing. MAX LOPPERT 


pr usual for the reverse stratagem si rings, greater ‘needlepoint performances of the work 

18 to be employed; by recent finesse of tone to ihe wind, and can tC ^ 
a standards of programming, the a lew open, blaring brass , ous j y beautiful piece Britten 


TECHNOLOGY 

HOW TO MANAGE IT HOW TC MARKET IT 
Two New Seminars Offered by the CEI, Geneva 


international seminar 

ON THE MANAGEMENT 
AND APPLICATION 
OF TECHNOLOGY 

November 6-1 0, 1 973 

Theme- Managing the Technology/ 
Production Interface. 

Oblectives. To examine the critical 
factors relevant to the selection of 
Technology and its application in 
production. Sources of new Techno- 
logy design for job enrichment ana 
for energy conservetion- 

For whom. Production and engi- 
peering managers .responsible tor 
planning and operating product ion 
facilities in the multinational firm. 


INTERNATIONAL SEMINAR 
ON THE MARKETING 
OF TECHNOLOGY 
AND KNOW-HOW 

October 30 - November 1 0, 1 978 

Theme. Achieving business expan- 
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Objectives. To assess market 
opportunities for licensing, turnkey 
opportunities, franchising and 
management contracts. To discuss 
the approach to the problem and 
the implementation of the market 

entry modes. 

For whom. Executives in various 
functions such as marketing, busi- 
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planning. Also decision-makers In 
enterprise buying Technology. 



For infbmation on either of these two seminars, please contact: 


Thsae Bends having bean pieced, this announcement appears as e matter o( record only. 


New Issue 



June 1978 


The Council of Europe Resettlement Fund 

for National Refugees and Over-Population in Europe 

DM 20000000.- 
6'/ 4 % Bearer Bonds of 1978/1986 
— Private Placement — 

BERLINER HANDELS- UND FRANKFURTER BANK 




Financial Times Wednesday July 5 1‘, 


\ 


F INA NCIAL HIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finaatimo, London PS4. Teles: 8 ft (>341/2, 8S3S97 
Telephone: 01-248 8000 


Wednesday July 5 197S 


The world steel crisis and 
the challenge to BSC 


BY ROY HODSON 



THE GOVERNMENTS positive 
response to the reeoiumeDda- 
linns of the Boyle Committee 
un top salaries, following its 
concessions to the police and 
I he firemen, confirms a growing 
recognition among Ministers 
ihat it is not only in financial 
matters that market forces 
must be allowed to have their 
effect. After three years of pay 
policy — in each ease more rigid 
ihan the Government originally 
intended — ihe strains and 
anomalies which have resulted 
are naturally beginning to do 
serious economic damage. 

Worrying question 

The question which is now 
beginning seriously to worry the 
financial market, and pushing 
the Government and the TUC 
into contorted agonies of self- 
contradiction. is hov. the neces- 
sary adjustments to reality can 
be compassed without a renewal 
of general wage-cost inHation. 
If the restoration of differentials 
is resisted by those who have 
benefited from official favour 
in the last three years — and 
this is an obvious danger — then 
the only result will be another 
unrealistic "norm." with dif- 
ferential awards as a further 
addition, and sharp rise in 
prices to share out a limited 
real product among inflated 
money claims. The damage to 
confidence, investment, finan- 
cial soundness and our long- 
term prospects can be 
illustrated from recent experi- 
ence. 

This general message now 
seems to be understood by the 
leadership of the trade union 
movement, as it was not four 
years ago. after the abandon- 
ment of Mr. Heath’s incomes 
policy, and in that fact lies the 
main if questionable ground for 
•some reassurance about the out- 
look. A draft from the Govem- 
ment-TUC liaison committee, 
publicised yesterday, concedes 
that the Government must, as 
economic manager of the nation, 
take an interest in the level of 
settlements in the public sector, 
and at Ihe same time set us 
face against using public sector 
pay control as a substitute tor a 
more general wages policy. It 
envisages a “thorough discus- 
sion" with the Government an- 
nually to create a “broad under- 
standing." This is not too unlike 
the CBl's desire for indicative 
discussions on the Duleh-Scan- 
dinavian pattern. 

Such discussions might not 
provide a bulwark against in- 
flation, though they could have 


a valuable educational effect: but 
unfortunately there are strings 
attached to the idea. The 
liaison committee draft, echoed 
by the TUC General Secretary. 
Mr. Len Murray, in his speech 
to the miners' union yesterday, 
reiterates the trade union 
obsession with price controls 
as a necessary condition for 
rational wage claims. It does 
concede a case for “ not 

unreasonable" profits, which 
again shows some advance in 
understanding, but the under- 
lying myths remain. 

The hope appears to be that 
if the Price Commission could 
dictate the average increase in 
prices for a year ahead, instead 
of merely forecasting it for a 
few months, bargainers would 
have a firm background against 
which to discuss real wages. The 
facts are very different The 
Price Co in mission has never 
claimed more than a marginal 
influence ««n prices, but it 
obtains this at a heavy cost in 
administrative work and uncer- 
tainty. 

The workplace 

In fact the arbitrary rule of 
the Price Commission, like the 
compression of necessary differ- 
entials and incentives, is one 
oE the ways in which efforts 
to limit numerical inflation have 
damaged real growth: and it is 
only real growth which can pro- 
vide the resources from which 
overdue claims can be met with- 
out damaging the interest of the 
broad bargaining majority. The 
TUC still looks to the Govern- 
ment for growth; the realisation 
which still seems to be lacking 
is that growth is achieved in 
the workplace, or nowhere. The 
miners, while they commit their 
conference to absurd new per- 
centage claims, have demonstra- 
ted in the pits how to earn 
higher real wages. 

This is the positive side of a 
realistic wage regime. The 
negative side shuuld be based 
not on administrative control 
of prices, but on the far more 
effective and pervasive effect 
of competition. The Govern- 
ment's central role is not as an 
employer, but as controller of 
financial policy: if the growth 
of credit and the likely move- 
ment of the exchange rate dis- 
courage inflationary behaviour, 
the employers and workers will 
be far more generally im- 
pressed than they would be by 
some exemplary low settlement 
in 3 weak part of the public 
sector. 


Anarchy in 
the Lebanon 


T HE BEST that can be 
hoped for world steel 
trading in the coming year 
is that it might not get any 
worse. Almost certainly it will 
not get better. The British Steel 
management team made it clear 
yesterday, when announcing 
continuing losses at a rate of 
more than £lm a day. that it 
will be relieved if the market 
“bottoms out" during the 
coming months at its present 
low levels. Viscount Etienne 
Davignon. the EEC’s Industrial 
Commissioner, is sufficiently 
alarmed about the stubborn 
refusal of steel to regain 
ground in international markets 
to be calling a conference 
shortly uf the heads of the 
European steel industries in 
Brussels. He may read the riot 
act once again to his erring 
flock about playing the game 
according to the rules. But 
underlying that meeting will be 
the understanding that great 
companies will be bankrupted 
unless a measure of stability 
and profitability can be 
restored in steelmaking. 

1 The steelmakers are now rally- 
ing to the view that they are 
the victims of anti-inflation 
policies being pursued by the 
U.S. and West Germany, in par- 
ticular. The ambitious steel- 
making expansion plans of the 
early 1970s were rendered 
obsolete by the 1973 energy 
! crisis and subsequent economic 
developments. Most of those 
plans were already rolling. Some 
are even now reaching comple- 
tion to pump new steelmaking 
capacity into countries which 
already have more steel than 
they need or can export to 
others. The only hope of absorb- 
ing the extra steel is a pick-up 
in the economy of the western 
world. The companies now 
acknowledge that even the most 
optimistic among their salesmen 
are not prepared to forecast an 
upturn of demand in steel 
during the coming year. Instead 
they expect the market to be as 
flat as at present ... or even 
flatter. 

American steelmakers are ex- 
periencing rather better times 
than the rest of the world. Since 
the U.S. ** trigger price ” system 
of protection against imported 
steel was introduced last winter 
they have been relieved of some 
of the pressures from imports. 
Some American producers are 
nuw working at 90 per cent of 
capacity for the first time in 
years. Their good fortune has 
been, of course, at the expense 
of the other western world steel- 
makers who had been finding a 
good market in the U.S. British 
Steel, for instance, has bad 
partially to withdraw from the 
U.S. market and expects that its 
sales to the U.S. this year will 
fall from reeent'levels of about 
750,000 tonnes a year' to perhaps 
250,000 tonnes a year. 

Europe, too, has introduced a 
system of protection for its steel- 
makers, hastily devised last 


winter in the form of the 
Davlgnon Plan. It is not in 
practice as robust a system as 
the U.S. one and is proving 
uoly partially effective. 

The volume of third nation 
si tee! products being sent to 
Europe has been drastically re- 
duced since the Davignon Plan 
was brought into effect last 
January. To that extent Euro- 
pean steelmakers feel more 
protected. But the Plan has 
done little to stop cut-throat 
trading within the Community 
itself by steel producers, steel 
merchants, and steel stock- 
holders. One estimate by a 
steel company sales office is 
that some 4m tonnes of steel 
products are at present in 
Europe looking for a home. 
Such a surplus does not lead 
to price stability. 

But the more serious criti- 
cism of the Davignon Plan is 
that it is not being properly 


BSC LOSSES IN THE 

DIVISIONS 1977-78 


Liquid Profit 

Capital 


Steel 

(Loss) 

Exp. 


(m tonnes) £m 

£m 

Scottish 

1.6 

(83.2) 

94 

Scunthorpe 3.8 

(50.9) 

58 

Sheffield 

3.0 

(30.1) 

74 

Teesside 

2.9 

(90.7) 

107 

Welsh 

S.0 

(173.1) 

109 

Tubes 

T.I 

(40 J) 

36 

• 


Source- fi SC 

policed 

and 

therefore 

lacks 

credibility in 

the eyes 

of the 


steelmakers who claim they 
need its protection for their 
survival. 

When Viscount Davignon 
met the European steel indus- 
try heads recently to discuss 
the progress of his stabilisation 
and protection plan he went 
round the table accusing a 
number of those present with 
cheating on their own plan. 

British Steel exceeded its 
voluntary sales quota in the 
first quarter of the year by some 
10 per cent Holland was the 
worst offender. Its companies 
exceeded the Davignon Plan 
quota by more than 20 per cent 
Most companies have broken the 
limits. 

European steelmakers are 
now showing some contrition 
about these transgressions. They 
are expected, when next they 
meet Davignon, to promise sup- 
port for harsher restraints upon 
steel trading during the coming 
months. The stubborn refusal 
of the market to pick up has 
now convinced most steel sales- 
men that continued unbridled 
competition will lead only to 
needless casualties. 

The need for the Europeans to 
put their own house In order is 
being made more urgent by the 
reasonable attitude being shown 
at present by the Japanese and 
some of the other big third 
world producers towards the re- 
straint imposed by the Davignon 


Plan. Bilateral agreements for 
steel trading restraint conclu- 
ded in the Iasi few months by 
Davignon between the EEC and 
several third nation producers 
arc. by and large, working well. 
But there 5» a danger that they 
could be ended abruptly by the 
third nations if European steel- 
makers fail to observe their own 
rules. 

The Davignon Plan has two 
main components. It *eeki short- 
term market stability by means 
of production restraint and the 
observance of minimum prices. 
For the longer term, it seeks 
the rationalisation of European 
steel making by strict control 
on the introduction of new 
steel-making capacity by en- 
couraging the closing of old 
plants — with European Coal and 
Steel Community grants to 
soften the blow. 

Whether or not the Davignon 
Plan will work better in the 
future than ft has in the past 
few months depends ultimately 
upon the will shown by the big 
European steelmaking com- 
panies. During 1977 they paid 
lip service to the need for such 
a plan while making sure that 
their new European “club" — 
Eurofer — was not given the fire- 
power to control the destinies of 
individual members. Eurofer 
has been the weak link in the 
chain of command for the con- 
trol of European steeL While 
the British have always pressed 
for a strong Eurofer, some Euro- 
pean nations — - notably the 
French* whose SI. Jacques 
Ferry is the Eurofer chairman 
— have preferred Eurofer to 
remain a simple post office for 
tilt industry. 

But attitudes to Eurofer 
have now undergone a sea- 
change after the worst busi- 
ness year that any European 
steelmaker can remember. It 
is likely that Eurofer will be 
equipped soon with a strong 
secretariat and the other teeth 
that are needed if it is to play 
an active role in policing Euro- 
pean steel trading on behalf of 
producers. 

Future export 
strategy 

But protection of home and 
inter-EEC markets is only part 
of the problem now facing EEC 
steelmakers. Equally impor- 
tant is the question of the 
future strategy towards ex- 
ports. 

The acceptance of production 
restraints and the abandoning 
of many cherished plans for 
new steelworks is helping to 
form a new attitude towards 
all sales — foreign sales in par- 
ticular. Sales directors are now 
talking of profitability instead 
of tonnages when assessing 
markets. 

The value of British Steel's 
exports is expected to fall to 
£2.5m in the current year com- 
pared with £3.2m last year. But 
Mr. Gordon Sambrook, the com- 
mercial director, is looking for 


STEEL 
PRODUCTIVE POTENTIAL! 

. MiLi.ioH tommtw nuw: :TFn. !ften 'Cocnmurw! Vltoridl I 


BSC: THE WAT DOWN 


SURPLUS 

CAPACITY 


J n 100 
+ 
— o 


Productive 

Potential 


Profit or Loss 
after tax 


vij 4 u ip t.ilm; 


Liquid Steel 


Steel 

Consumption 


^250 


Employees 


1963 *65 

k SOURCE BSC 


better profit margins from a 
smaller tonnage. 

Most of the big European 
steelmakers are now resigned 
to jettisoning business with 
third nations which produces at 
best marginal profils and, at 
worst no profits at all— and has 
been variously regarded as 
dumping or “market penetra- 
tion." The combination of 
Davignon and the U.S. trigger 
prices does seem to have 
brought about tins new philo- 
sophy that profits are more 
desirable than tonnes of steel 
produced. 

The accompanying table. Per- 
formance of Big Steel, shows 
how a number of typical large 
and medium sized steel com- 
panies have fared in the past 
year. At best, tiny profits have 
been made. At worst losses have 
exceeded £40 a tonne. That 
range of experience is believed 
to include most of the other 
companies in the world big 
league. 

Such losses are insupportable 
for more than a short period. 
That is why the European com- 
panies are expected to go along 
with Davignon to the extent of 
shedding some 2m tonnes of 
ageing steel making capacity 
during 1978-79 in return for 
the Davignon Plan's protection 
of prices aod markets. 

Although British Steel 
appears in a not entirely 
discreditable position (about 
half-way down the league table 
of losses per tonne of steel 
made) the corporation is 
proving the most active uf all 
the European industries in shed- 


’75 ’77 


19734 '74/5 *75/6 '76/7 ’77,3 

-cuNo ' use u-jwi 


ding old capacity and replacing 
it with new ami mure efficient 
plant. 

Partly that is because the 
Corporation's present manage- 
ment has no option. So much 
of the new plant now coming 
on-stream ai a rate of nwe 

than 1m tonnes of new capacity 
a year was juried before the 
oil crisis and is nuw past the 
point of no return. But there 
is a second reason. After a 
long political dog-tight which 
lasted through the winter, and 
which was characterised by the 
reluctance of any Minister In 
be labelled as the politician who 
lost X-thmisand steel jobs, the 
Government is now backing 
British Steel's slimming opera- 
tion and the inevitable redun- 
dancies. 

The Cabinet Merc advised 


PERFORMANCE OF 
BIG STEEL 

Profit or loss per tonne of steel 
(latest available period) 

U S. Steel, US. +£4 

Salzgitter Germany — £1 

Arbed, Luxembourg ~£1 

Estel. West Germany and 
Holland -£1 

Kloekner, West Germany —£2 
Cockeri II, Belgium —£2 

BSC, Britain —£2 

Italsidcr, Italy —17 

Usinor, France —£2 

Sacilor, France —LA 


that British Steel might to try 
tn shed 15.UUU jobs this year 
and sumo (i.OUU next year, fu 
fact BSC's c Insures programme 
has exceeded those targets. The 
labour force has been reduced 
by 1S.UU0 in little inure than 
a year to 190.000 and move 
closures are in the pipe-hue. 

Members uf the TUC Si»*-*l 
Committee, and the joint plan- 
ning comtmuce lor sled 
closures, are now mooting 
British Steel management wiih 
greater frequency than ever 
before to di*cus» closure plans. 
Occasionally there arc hic- 
coughs — the row out Hu* 
Bilslim works closure proposals 
last week, fnr example — but 
by and Large the closures an* 
going ahead far more smoothly 
than British Steel had dared in 
hope. The frequent meetings of 
senior BSC managers with unwn 
leaders in the broader arena »f 
the European Coal and Steel 
Community's consultative coin- 
mittc in Luxembourg are help- 
ing towards greater union 
understanding of BSC's situation 
within the world sleet eris-is. 

The British Steel board is .'till 
giving its managers the target 
of operating at a break-eicn rate 
by 1980. With expected lo>sos 
of £400 m in the current year 
th3f target dues seem far away 
and difficult to hit. The com- 
bination of works closures and 
the introduction of efficient now- 
plant should turn British Steel 
into one of Europe's most 
modern steel industries hv the 
early 1980s. The question 
remains : will it make money 
too? 


MEN AND MAHERS 


AT FIRST sight there is a bleak 
irony in the spectacle of the 
Syrian troops of the joint Arab 
deterrent force in Lebanon 
enming to blows with the two 
largest Christian militias operat- 
ing in that country. In the 
summer of 1976 Hie Phalansists, 
together with the other para- 
military Marc.nite political 
groups welcomed with relief 
President Hafez ai Assad's 
decision to intervene directly, 
in an attempt to bring the civil 
war to an end. The fact was 
that they were in danger of 
being totally overwhelmed by 
the Palestinians and their Left- 
wing allies. The Phalangists and 
National Liberals are now being 
subjected to the same kind of 
pressure suffered by their 
opponents during the campaign 
which brought an end to the 
civil war. 

Blood-feuding 

The clashes around Beirut 
over the past few days have 
little to do with ihe basic prob- 
lem relating to the right-wing 
Christian hostility to the 
Palestinian presence on 
Lebanese soil or to traditional 
«eciarian conflicts with the 
Moslems. Rather it i> a symptom 
of blood-feuding and anarchical 
tendencies within the Maronite 
community. Collectively, the 
paramilitary groups feit that the 
civil war was their triumph and, 
feeling secure, have increas- 
ingly been in rivalry with each 
other. The origin of the latest 
round of troubles was the 
attack three weeks ago by 
Phalangists on the kinsmen and 
supporters of ex-President 
Suleiman Franjieh — in itself a 
reprisal for the murder of a 
single man. 

Much mure, however, is at 
stake for President Assad than 
the internecine conflicts 
amongst the Maronites. The 
Syrians originally intervened m 
Lebanon for ' a number of 
reasons. One was to stop the 
Palestinian and left-wing forces 
from gaining an ascendancy that 
nii&lu have provoked Israeli 


retaliation aod dragged Syria 
into a much more serious con- 
flict. which it could only Jose. 

Circumstances are now very 
different Despite continued 
gangsterism and chaos in the 
non-Christian west of Beirut, 
the activity of the Palestinian' 
guerrilla movement and of the 
left-wing forces has been more 
or less curbed, except south of 
the River Lirani where tiro Arab 
deterrent force was unable to 
penetrate because of Israeli 
threaLs. In their own heart- 
land. the Christian miLitias 
retain a much greater degree o-f, 
independence and strength. 

In trying to fulfil its mission 
of maintaining the stability and 
integrity of the Lebanon, Syria 
could not indefinitely tolerate 
open conflict among rival .com- 
ponents of the Christian 
"Lebanese Front." Even less 
acceptable would be the evident | 
conviction of the Right-wing, 
leadership that they could assert 
their supremacy over the 
country as a whole when a long- 
term solution requires a national 
reconciliation fnr which Presi- 
dent Sarkis and his Government 
has been pathetically striving. Ai 
third and equally serious factor 
has also led to the shnw-down. | 
This is the Syrians' anger at thei 
entrenchment of the Christian 
forces manning positions along' 
the whole of the Israeli border. 

The continued presence of 
this militia, under orders from 
the Maronite leadership in 
alliance with Israel, has not 
only complicated the thankless 
task of the UN Interim Force 
in Lebanon, which was desig- 
nated to assume responsibility 
for the security. of the whole of! 
the Lebanon south of the River 
Litani. It is also a grave em- 
barrassment and irritation to 
the Syrians who see their role 
as a proxy for the Lebanese 
Government until it can assert 
its authority and build up a 
plausible military force. Sooner 
or later they were bound to 
tackle with the Christian! 
militias. I 


Kagan’s 

shrinking denims 

Further clouds appear to be 
gathering around Lord Kagan’s 
J textile group. They loom in par- 
ticular over Crabtree Denims, 
the subsidiary in Todmorden, 
Yorkshire. A fortnight ago, 
Crabtree resigned from member- 
ship of the British Textile 
Employers Federation, whereas 
in 1975 the company had sales 
running at £2.5m a year and 
won the Queen’s Award for ex- 
ports. The workforce has been 
reduced to about 20 and 
administration has been moved 
to tiie group's main office 
EJdarrd. Shortly after Kagan 
bad acquired Crabtree — and 
been given a government grant 
to modernise it — the workforce 
was around 200. 

Coincidentally, the Treasury' 
and Customs investigation into 
Kagan Textiles centres upon 
Crabtree Denims. On March 8, 
Customs officials and police 
raided Kagan’s homes in York- 
shire and London, as well as 
the group's offices, to collect 
documents relating to export 
sales and currency transactions. 

It -is hard to obtain comments 
from the company upon deve- 
lopments at Crabtree. Kagan 
himself is not in Britain amt 
details of when he is returning 
are unobtainable from EH&ad; 
he is reported to be in Texas. 
Also unavailable yesterday was 
managing director Bill A tack. I 
was told he was “ escorting 
visitors from Europe ” and his 
whereabouts cuuld not be dis- 
closed. Nobody at Elland could 
say why Crabtree .has left the 
Textile Employers Federation 
or exactly how many people 
were still employed in the 
factory. 

It was. however, confirmed 
that Crabtree has recently suld 
off some machinery — but none, 
£ was assured, that had been 
bought, with the Government 
grant. The factory was still 
making cloth, although pro- 


duction figures could not be 
given. In its exporting heyday, 
Crabtree was selling to manufac- 
turers all over Europe. It also 
supplied Levi Strauss. 

Chairman of Crabtree Denims 
is Lord St. Oswald, the Tory 
peer. This week he is in Luxem- 
bourg at a meeting of the Euro- 
pean Parliament. When I talked 
to him on the telephone he 
expressed surprise at the news 
that Crabtree had recently made 
more workers redundant “I 
am the non-executive chairman, 
of course, 1 ' St. Oswald said: He 
had not been to the Todmorden 
factory recently — ’Tve been 
on this European lark.” St. 
Oswald said that a lot of G an- 
nex money had been put into 
Crabtree. He told me that Kagan 
— who was given first a knight- 
hood. then a peerage, by Sir 
Harold Wilson — had taken over 
Crabtree when it was in 
difficulties “as a patriotic duty.” 


fSfi 

$ A&e* 


Facts of life 

Does the average British 
motorist know his own blood 
group? In Germany and Switzer- 
land, every driving licence 
carries this potentially life- 
saving piece of information, but 
our approach is more lax. When 
Lord Montagu raised in the 
Lords the idea that Britain 
should follow suit, his proposal 
fell on stony ground. So this 
week, the London Motorists Asso- 
ciation — in which Montagu is 
a moving spirit — has sent out 
20.000 letters canvassing opinion 
on the need for drivers to keep 
such vital data on their persons. 

Brian Hunt, the company 
director who is honorary' chair- 
man of the association, assures 
me that a third r#f British 
motorists know their awn blood 
group — which sounds on the 
optimistic side. If the reaction 
from the association's 25,000 in- 
dividual members, and the cor- 
porate subscribers, is favourable, 
a new membership card will be 
issued. "We also want to include 
the names of the member's next- 
of-kin, the GP, whether the mcm- 


“ It looks like oar short, 
cool summer will be fol- 
lowed by a long, hot 
winter I " 

her is allergic to any drugs, has 
sugar diabetes — and finally, 
whether he or she is willing to 
be a kidney donor if killed in 
an accident." The association, 
founded in 1975, hopes that the 
Government will ultimately copy 
this initiative. The current 
British driving licence, which In- 
cludes one’s birthdate and sex 
in code, says Hunt “contains a 
lot of useless stuff,” but leaves 
out what really matters in an 
emergency- 


pi etely refurbished and re- 
decorated." A spokesman for 
Joseph assured me that there 
were no valuable paintings or 
furniture which would be sold. 
He also promised there would be 
no dismissals, though when I 
spoke to the staff they were 
completely in the dark about 
their future. The chef is South 
African and it may be news to 
the restaurant’s clients that 
there is hardly a Frenchman 
working in the establishment 
Marcel Boulestin founded 50 
years ago. Why not? I asked a 
waiter, to be told: “They make 
more money working in France," 


Dollar dilemma 

While Scotland Yard searches 
London for a storehouse of 
forged $100 bills believed to 
have been printed In South 
America, I am combing the 
streets for any caches of forged 
$10 bills. When leaving Peru, a 
colleague used a $10 bill to pay 
his $5 exit tax. A few minutes 
later an" airline's employee! 
raced on to the plane — a Braniff i 
flight — and warned him that if 1 
he did not produce a genuine 
bill he would be turned off. 

Protesting, my colleague i 
accepted the bad bill and passed i 
over a good one. He is still j 
wondering whether he was nut: 
given the bad bill in London-^j 
or on the aeroplane. 


Coq au Kruger Too taxing 


Patrons of the Boulestin 
restaurant in Covent Garden 
may well be asking what will 
happen to their august French 
eating place now that it has 
been taken over by Maxwell 
Joseph, whose group. Grand 
Metropolitan, owns hotels such 
as the May Fair but also the 
Berni Inns chain. “The 
Boulestin is a world-famous 
restaurant and a worthy addi- 
tion to the Grand Metropolitan 
Group,” Joseph said modestly 
yesterday. 

The restaurant is to be “com- 


Patriotic islanders on Guernsey 
snapped up the 25,000 sterling 
silver proof crowns Issued to 
commemorate the Queen’s re- 
cent visit. The price: £13.50, i 
including VAT. 

Now someone has realised 
that there is no VAT in the 
Channel Islands. The Royal 
Mint, which advised Guernsey 
on what to charge, has 
admitted its error, and the 
island authorities are refund- 
ing £1 to every local purchaser. 


Observer 


GENERAL BUILDING 

AND PUBUC WORKS WW \ 

CONTRACTORS— M M 

ELLESMERE PORT ■■■■I 

SOUTH WIRRAL 

w 

Thomas Warrington 
& sons ltd 


Mr. Brian Warrington’s Statement 

The Annual General Meeting of the company was held 
on 4 July at Chester. The following points are from the 
statement by Mr Brian Warrington, Chairman and Joint 
Managing Director, included in the Annual Report and 
Accounts circulated to shareholders : — 

The profit for the year ended 31 December 1 977, before 
tax, was £176,333 (E131J361). The Directors recom- 
mend a final dividend of 1.9675p per share which, 
together with the interim and associated tax credits, is 
equivalent to 4.7442p per share. 

I am pleased to report that there was an improvement 
in the profits for the year, despite the fact that we again 
had to absorb further increased running costs within the 
company, together with a considerable sum in respect 
of redundancy payments and compensation to opera- 
atives and staff members, which was brought about by 
the reduction in the workload. 

Competition in general contracting remained very keen 
and profit margins were narrow. We did, however, 
procure a fair proportion of the number of contracts for 
which we tendered, on the most satisfactory terms 
possible. 

in the private housing sector, it was only during the 
latter part of the year under review that we were able 
to obtain more realistic selling prices, but this was too 
late in the year to have any beneficial effect on the 
profits. I am, however, pleased to report that house 
sales have shown a marked improvement and the 
indications are that profits from this sector will improve 
during 1978. 












rimes Wednesday July 5 1978 

i suitable case for treatment 


-v ■ 


(fc* TB e 


*V 


Njllf or Lm 

liter 




URpIoyee 


■-4 _ 




nptoms: Age 30, 
ly Jlnbby, irritable, 
corked mid under- 

•gnosis: Possible col- 
W iterated by the 
ct vf infinite asptra- 
and jinfte resources. 

1 'script ion: Infusion 
cas and resources 
:d: n suitable case 
eatment. 

I \ doctor might describe 
i tional Health Service 
oday celebrates its 30th 
sary as the first health 
in the western world 
free medical care to a 
whole population, 
the past 30 years the 
s handled 135m hospital 
£r rus and I3bn ouf- 
It wiiil have received 
35m Wood donations, 
1 about 7.3hn prescrip- 
provided marly 500m 
or dental treatment, 
ven about ISftm sight 
n (. The NHS has become 
' * 's large si employer and 
■ends more itaa-n £5bn 
y — double the a-moun-t 
terms that n spent in 
y years. 

statistics are staggering, 
y>me idea of the sheer 
ity of the service. Yet 
• not mask the severe 
us facing tilt* NHS — 
is which perpetually 
1 leave it on the brink 
is and collapse, with 
f hospitals dosing, the 
dying. patients unhappy, 
f restive. It is hardly an 
ging sign of the NHS’s 
Ith for it to celebrate 
versary at a time of such 
■ng disruption by staff 
rubor of hospitals, 
the British Medical 
ion's decision to snub 
eal made by Mr. David 
the Secretary of Slate 
Social Sendees, for a 
■ki ratio n of commitment 


BY DAVID CHURCHILL 


to the NHS. has shown that ihe 
cracks cannot be papered over. 
The BMA, instead, yesterday 
issued its own assessment of 
the state of the NHS. 

As if that were not enough, 
the 30th anniversary celebra- 
tions are also clouded by 
uncertainty about what the 
current Royal Commission on 
the NHS under the chairman- 
ship of Sir Alec Merrison may 
recommend. The Commission 
is looking dosely at the 
structure of the service since it 
was reorganised four years ago 
—disastrously according to 
most of the 2,000 submissions 
made — and is due to report 
early next year. 

All the problems and crises 
now facing the NHS seem 
far removed from the deter- 
mination of Nye Bevan in the 
late 1940s to introduce universal 
free health care “ available to 
rich and poor alike in 
accordance with medical need 
and no other criteria." Not 
surprisingly, such a move 
aroused considerable con- 
troversy at the tiine but it was 
still, according to one con- 
temporary historian, “ the most 
unsordid act of British social 
policy.” 

It was soon clear, however, 
that even unsordid acts have 
a price. Originally estimated 
to cost £Il0m. the first year of 
operation cost £2 42m. The 
second year, estimated at 
£228m, came out at £305m. It 
was no surprise, therefore, 
when in 1950 a cash ceiling was 
set on expenditure — a fore- 
runner of the present cash 
limits system of- budgetary 
control — and was soon followed 
by charges for dentistry and 
optical work. 

This early indication that 
health care did not come 
cheaply has been the recurring 
theme of the NHS, especially in 
the last four years. It clearly 
points up the dilemma facing 


not only our service but every 
health service in the world: that 
the demand for health care is 
infinite, while the supply of 
resources is not. 

The 1950s, however, were a 
period of consolidation: of 
bringing together the various 
scattered elements which had 
been included in the service in 
1948. Some of the gravest 
shortages of hospital accommo- 
dation began to he alleviated, 
especially as there was a fall 
in the numbers of children 
needing hospital care. But 
severe problems of overcrowd- 
ing remained in the hospitals 
for the- mentally handicapped 
and there was a continuing need 
to provide more accommodation, 
facilities, and staff for the 
growing proportion of elderly 
in the population. This prob : 
lem has become even more 
acute now. 

Waiting lists 

But as Britain's economy 
recovered from the war. succes- 
sive governments allocated 
more resources to expand and 
develop the service. Capital 
expenditure on the NHS rose 
from £24m in 1949 to £162m 
in 1974 in real terms. Between 
I960 and 1974 the numbers of 
patients treated in hospital rose 
from 4.1m to about 5.5m, 
although the average daily num- 
ber of patients fell from 410,000 
to 341,000. But waiting lists for 
hospital beds increased by 
85.000 to 55Q.000 in 1974. 

In spite of the substantial 
increase in expenditure still 
more was needed to develop 
community care services and 
tackle the problem of waiting 
lists. But taken as a whole the 
population was receiving a 
vastly better service, in terms 
of the availability and quality 
of health care, than when the 
NHS first started. 

In 1974, however, the situa- 
tion changed dramatically. The 


NHS was reorganised com- 
pletely to bring together the 
three functions which had 
remained separate but inter- 
dependent These were the 
family doctor services, the Hos- 
pital service, and the local 
authority health services such 
as mid wives and health visitors. 
It is this reorganisation which 
has been so roundly condemned 
and blamed for many of the 
present NHS problems of inade- 
quate resources and excess 
administration. 

The re-organisation of the 
NHS had first been considered 
in 1955 by the Guillebaud Com- 
mittee. But it was not until the 
late 1960s that serious proposals 
were put forward. The re- 
organisation eventually adopted 
— after many changes in the 
proposals at every stage — fol- 
lows a multi-tier patent. At the 
top is the Department of Health 
and Social Security which re- 
tains overall control. Beneath 
this are 14 Regional Health 
Authorities, responsible for 
developing strategy- within their 
regions. 

The next tier consists Df 90 
Area Health Authorities in 
England and eight in Wales. 
These were given the job of 
planning. developing. and 
managing on a day-to-day basis 
the full range of health services. 
But because even these area 
authorities were too large in 
56 instances, a further tier of 
management emerged with 
district authorities each 
responsible for populations of 
between 200,000 and 500,000. 

Unfortunately, the reorgani- 
sation never had a real chance 
to succeed. Its introduction 
coincided with the onset of the 
economic recession caused by 
the oil crisis in 1973. The 
rate of real growth in the 
service's current expenditure 
was cut to 1.5 per cent a 
year compared with over 3.5 
per cent a. year in the early 
1970s. It also coincided with 


the end of the Conservative's 
policy of pay restraint and, in 
the period before the 1975 
Labour pay policy, pay of NHS 
staff increased substantially. In 
1974-75. for example, nurses' 
pay rose on average by 51 per 
cent In a labour-intensive 
industry such as the NHS, the 
effect was to absorb more 
resources without any increase 
in the NHS's service in real 
terms. 

At the same time trends 
which had been emerging for 
some years came to a head. 
Trade unions and professional 
groups demanded both more 
pay and more say in the run- 
ning of the service. The newly- 
eiected Labour Government's 
determination to phase out pay- 
beds added to the acrimony. 
Consultants for a time re- 
stricted their services over a 
failure to negotiate a new con- 
tract; and junior hospital doc- 
tors treated emergencies only 
over their own pay claim. 

Within a year of re-organisa- 
tion the consequent drain on 
resources was clearly felt. The 
number of new out-patients 
seen fell by about 900,000 and 
the number of main operations 
in hospitals fell by over 250,000. 
But waiting lists rose by a 
further 70,000. 

All these factors, plus the 
early teething troubles asso- 
ciated with any major reorga- 
nisation, forced the Government 
within two years of the changes 
to set up a Royal Commission 
on the NHS’s problems- 

Although the Commission 
has attracted over 2,000 sub- 
missions, the main theme run- 
ning through them all is that 
the NHS is over-managed. 
Critics argue that there are too 
many tiers of administration 
and too many administrators. 
An independent survey of NHS 
staff attitudes, carried out 
especially for the Commission, 
found “a great deal of anger 
and frustration at what many 


BflOWTH OF EXPENDITURE ON THE NHS 
(England & Wales) 

Approve Gross Expenditure on ibe Various Parts of the NHS 
. to _ in 1976 Prices (i. e. Altering for Effects of Inflation) 

Since 1949~*50 




1949/ *50 * 56/7 

wmwt wcoi-surair 


regard as a seriously over-elab- 
orate system of government, . 
administration and decision* 
making.” 

Administrator-hashing is un- 
doubtedly a popular sport but 
there is evidence that the NHS 
administration 'Tail" has grown 
over-large. For every 10 NHS 
doctors in 1975 there were 32 
administrative staff, compared 
with 28 in 1971. Every 100 nurs- 
ing and midwifery staff had 28 
administrative staff, compared 
with 23 in 1971. Between 1973- 
1975. an extra 13.S03 secretaries 
and 5.421 administrators were 
taken on by the NHS — although 
oniy 2,423 extra doctors were 
employed. Since then the DHSS 
has tried to redress the balance 
with a 5 per cent across the 
board cut in administrative 
staff. 

On the NHS structure itself, 
virtually all the submissions to 
the Royal Commission have 
urged scrapping at least one 
tier of the multi-tier system. 
Although opinions vary about 
whether it should be the 
regional or area health auth- 
ority which goes, the consensus 
is firmly that the operational 
end of the service should be 
closer to the decision-making 
at the top. 

The Commission will also un- 
doubtedly note that in spite of 
30 years under the NHS. the 
nations’ health is better in some 
respects but appears to be worse 
in others. Time lost through 
sickness at work has risen by a 


quarter since 194$, while the 
major killer-' — cancer, peart 
disease, strokes, and bronchitis 
— arc still with us tn the same 
degree. And poorer people arc 
even more likely than richer 
people to die now despite 30 
years of welfare services: the 
differences in mortality rates 
between social classes have 
widened. 

But as the NHS has in general 
been more successful in saving 
life, this has put a greater 
burden on health sen-ices. More 
young people survive nowadays 
wit!) a serious disability and 
elderly people live longer. 
Thirty years ago one person in 
30 was over 75; now one in 20 
is past this age. Faced with an 
ageing population, the health 
and related personal social 
services have in grow just to 
stand still. 

In addition new capital invest- 
ment is required to replace 
old hospital buildings — a 
third of the present stuck 
was huilt before Iflut) — with 
new community hospitals. The 
accommodation problem is par- 
ticularly severe in the inner 
city areas. 

Probably the most funda- 
mental failing of the NHS is 
that it has developed as a 
national sickness service. People 
expect to turn to it when ill 
rather than consider preventive 
measures in the first place. In 
part the Government is trying 
to change this by ihe present 
campaign for improving general 


health run by the Health 
Education Council. 

In the long-ti-mi. In mu.-, or, 
the prevention of sickn-ss in; 1 ;.' 
he more costly if u Ic.uh in 
more elderly people neeon:^ 
specialised care. 

Bui more empha^i/ i-n 
individual hcnhl] care is nniij- 

ably ihe most sign Hi cant .-top 

that cun lie taken for tin* lui.ire 
of Ihe NHS. Tinkering uni; i:.-; 
structure or discmvnn^ new 
methods of finance — > , ic!i :k a 
new rax on ci-:nviles — '.umlj 
only case r.-itlier th:.:i core Mie 
basic problem that ihv.v v. ill 
never be enough ivcnur. «s fur 
ihe NITS- Tile issue a I wav- will 
be jusl how those resources ? -i-ir 
are available are dktribm-d >■> 
meet demand. The MIS r.ni.vis 
them according in m-di»vl 
need; other health •s-rvio.--. 
such as in the L 1 S. r.irmn 
according lo the ability in p.v. 

The liiitg-lenii snlutii-n c>u I 
lie in a mixture of rucrean-.I 
self responsibility for ln\il?h — 
m alleviate the m-ilnvnl 
burden on the NHS — allied ;■> 
the development of a muse 
responsive health care *m. 
As problems are identified — 
such as the more elderly a-.;-.- 

struclure of the population — 
resources could he s\viii-n. , .I 
accordingly. 

Nn doubt Mr. Ennals him -elf 
is contemplating possible alter- 
natives for the NHS lit is 
morning from his bed in West- 
minster Hospital. 


Letters to the Editor 


! . • 


i ; * 

i- :• 







sT, 
I ! 


norrow’s top 
nagers 

r. J. Walker 

My daughter’s sixth 
is now finished its vA" 
nd they an: now biting 
uls awaiting the results, 
ave established where 
re going from here — 
jncy. electronics, bank- 
41 Service, nursing and 
They are impatient lo 
ted on their careers and 
•arning money of their 

s are looking for univer- 
ees. These lend to be 
: and daughters of gradu- 
alternatively. those who 
i rely academic interests 
pc. ultimately, to teach 
research. They are not 
•ily the brightest; intel- 
y they are a fairly 
itativc cross-section of 
h form except that they 
yet have the compulsion 
l a career and make 
In short, they are less 
ivntuled than most of 
*illi-form colleagues and 
heir chief distinguishing 
'ristie — not intelligence 
imination results (to a 
itenl.llie same self-selec- 
•-ncess worked between 
d sixth form), 
ds is characteristic oF 
, non-public-school sixth 
i ihe count!-), can we now 
or the fallacy that 
m"s top managers must 
from graduate entrants 
lustry and commerce? As 
» lover myselF I ara quite 
that, looking at the 
'prni at this particular 
there is more potential 
the good “ O " level work 
ed young person than 
t among lhosc looking for 
ity places. 

large employers provide 
rivileged entry system 
irmnofiiinal ladder for 
os. Mv experience sug- 
I 131 they already possess 
i'-'rablt! ability and poten- 
jt'ionp thp school leavers 
recruited for some 
;scd or limited progres- 
b. 

experience also suggests 
tirley Williams might do 
than her present policy 
cuuraging bigger sixth 
and wider access to 
lilv. The same energy 
resources applied to 
>ing the equally bright 
people already at work 
be far more cost-effective 
the national interest, 
nderllnc the argument let 
lulaie two fifth-form chil- 
wjlh equal “ O " level 
tatinn results. Gan any- 
eriously argue that five 
raiher casual study of 
history or economics is 
training for a managerial 
n than the same period 
a range of progressively 
responsible jobs in cant- 
or industry? 

Walker. 

‘■and ITnu.se, 

Siflatp Hill. 

, Kent. 


of receiving either the mobility 
allowance or its fringe Motability 
benefits. 

We who are senior citizens are 
eligible to free or concessionary 
fares on public transport but 
cannot use them because of our 
disabilities which some of us 
have suffered since we were 
children. Therefore to deny us 
the mobility allowance when our 
transport costs and difficulties 
are certainly no less than those 
of its beneficiaries and consider- 
ably more than those of able- 
bodied members of our age group 
who can use public transport is 
at least irrational. - — 

The injustice of the present 
situation is emphasised by the 
fact that sex discrimination 
dictates that men shall' receive 
the allowance at a five years 
older age than equally disabled 
women. 

We bear a grudge against the 
legislators that they are thwart- 
ing our attempts to continue to 
travel and pursue a useful and 
in some cases working life. I 
hope the idiocy and unfairness of 
this situation will be so forcibly 
brought home to them by an 
understanding public that they 
will repair It. 

Felicity Lane Fox. 

30. Marlborough Court, 

Pembroke Road. WS. 


seen my report on our con- 
veyancing difficulties, which date 
from 1967. and he’ knows the 
financial difficulties of first time 
bouse buyers did not apply to us. 

Our problem arose when our 
family solicitor was acting for 
us. We have never questioned 
his charges. Our concern was to 
protect our investment and to 
ensure trouble-free use of our 
home. 

The evidence before Mr. Best 
in his official capacity shows that Hurlo'of 
in our case a routine drill of UUUgCl 

From Mr. A. Gray. 


solicitors do not make a fortune 
out of conveyancing work. It is 
about time that the ill-informed 
critics saw matters in their true 
perspective. 

Alan D. Roper. 

Court Chambers, 

3 Victoria Street. 

St. Albans. Herts. 


Balanced 


Fair to both 
sides 

From the Assistant Director, 
Council for the Advancement of 
Arab-British Understanding 
Sir.— On June 28 a report 
appeared in “ Men and Matters 
alleging that the Council for the 
Advancement of Arab-British 
Understanding had found 
Thames Television’s documen- 
tary series on Palestine “pro- 
Israel ” This is a considerable 
over-simplification. Certainly, as 
was correctly reported, members 
and officers of CAABU did have 
reservations about the documen- 
taries in a number of limited 
areas. The feeling is. however, 
that as a whole the films were 
fair to both sides in the Middle 
East conflict. I think you wut 
agree that this does not amount 
to CAABU having found the 
documentaries ** pro-Israel.” 

(Dr.) A. R. George. 

The Arab-British Centre 
21 Collinghum Road, SWo. 


l unfair 
uation 

Stum /■' Lauc-Fol, O B E 
-Many severely disabled 
will receive an increased 
ty allowance of £10 P* r 
from today, backed up by 
■w Motability plans to help 
purchase a car on easier 

5 is splendid news except 
Ose of us whom the Govcrn- 
has chosen to exclude from 
aluablc financial assistance 
iuads of age. Women aged 
d over, and men aged 64 
over, never mind now 

tjy they are handicapped, 

i present law stand no hope 


Protecting the 
ignorant 

From Professor D. Myddelton 
Sir.— Mr. Roper (June 33) 

thinks protecting ignorant con- 

sumers outweighs the advantages 
of competition in some profes- 
sions. His paternalist approach 
would not let people employ 
“ unqualified " practitioners even 
if thev wanted to, which is cer- 
tainly’ convenient for the quali- 
fied 'professionals. . Whether it 
benefits consumers is Jess clear, 
especially since their o 
opinions in the matter can 
apparently be completely 

*®wEre does Mr. ^per's anti* 
freedom argument end. ShoW 
ihe ignorant public b e f ree 
choose which books to read: Are 
many of the electorate really 
competent to participate in 
choosing a government, even a 
paternalist one? Or what abo 
religion? Surely t onc risks 
- possible disaster _ if 
makes th* wrong choice there. 

D. R- Myddelton. 

Cranfield School of Management- 
CmnfieM. Bedford. 

Conveyancing 

difficulties 

From Dr. Jlf. Vincent 

Sir.— Mr. S. P. Best (July 1> m 
his role as chairman of me 
British Legal Association, has 


checkins the services, which 
could have been carried out by 
any intelligent person, would 
have prevented our troubles. I 
have never suggested that diffi- 
cult aspects of title should be 
dealt with by unqualified people. 

As circumstances change and 
new evidence becomes available. 
Parliament may need to review 
ideas of what provides protection 
for the citizen, in conveyancing. 
Any standardisation that can he 
done with safety would cut costs 
and it would prevent errors of 
omission. 

Snrely Mr. Best should be now 
reviewing the situation critically 
instead of defensively, while 
accusing Professor D. R. Myddel- 
ton (June 21) of fallacious 
reasoning and me of being brain- 
washed. The reputation of his 
profession depends on how wil- 
ling solicitors are to deal with 
their own errors, or to investigate 
alleged errors of other solicitors, 
and to deal sympathetically with 
clients’ difficulties and financial 
problems. 

Monica Vincent. 

The White House, 

Perranarworthal. 

Truro. Cornwall. 

Qualifications 
are necessary 

From Mr. A. Roper 

Sir,— Mr. S. P. Best (July 1) 
was absolutely right to disagree 
with both Professor D. R. 
Myddelton and Mrs. Monica 
Vincent. Shall we start a move- 
ment for the airlines to employ 
unqualified pilots to fiy their 
aircraft instead of requiring 
fully qualified pilots to do so? 
That why we might get cheaper 
air fares next time we go on 
holiday, as unqualified pilots 
would probably not require the 
airlines to pay them so much. 

It is about time that people 
woke up to the fact that qualifica- 
tions are necessary in all fields 
to protect the consumer. Which 
would' the public prefer? 
Marginal savings in costs or 
protection by properly qualified 
experts? 

And yet, when it comes to one 
major , transaction which really 
is of fundamental importance to 
the consumer and which involves 
the latest single amount of 
money he is ever likely to spend, 
we find that the consumer is 
being exhorted to save a frac- 
tional amount of money by 
employine unqualified convey- 
ancers. This is the one field 
where there has been for many 
years just the sort of control 
the phbBc deserve and need and 
it is a matter involving very 
numerous aspects of the law 
where specialist attention is 
really required. Solicitors are. 
in fact, the specialists who have 
detailed knowledge of the Taw 
after many years of study and 
are trained to do conveyancing 
and avoid the many legal pitfalls. 

The protection for the public 
in this field lies in the fact that 
only solicitors are strictly con- 
trolled, tested for ability, covered 
by central negligence insurance 
and are subject to expulsion for 
professional misconduct 

Further, a recent survey has 
shown that the median level of 
solicitors’ income is substantially 
below that of other comparable 
professions including in par- 
ticular doctors and dentists. 
Thus, contrary to the popular 
impression and hysterical non- 
sense which one so often hears. 


Sir.— writers of the quality of 
Anthony Harris and Samuel 
Britton are deserving of much 
respect and their deliberations 
on Ihe economy and public 
spending in particular are always 
interesting. 

Nevertheless it often seems 
that they fall into the trap of 
being too academic, as for 
instance in considering what is 
a balanced budget. Anthony 
Harris (July 3 ) refers to the fiact 
that the Govenunenthalances its 
books on current expenditure 
and income and that the borrow- 
ing 4s for long-term capital items. 
Another way of looking at the, 
issue — with the eyes of a cynic 
perhaps — suggests that the 
Government is borrowing to pay 
interest almost on a pound for 
pound basis. There is a real 
rate of return in every sense of 
the phrase when for the fiscal 
year 1978-79 there is a public 
sector borrowing requirement 
projected at aroud £8bn and debt 
interest of £8.6bn. 

I doubt whether any back man- 
ager. building society, pension 
fund or insurance company 
would lead me even a £1,000 
each year for the next three 
years so that I could repay my 
new mortgage more easily. 
Adrian Gray. 

31, Russel Road, 

Wimbledon, SW 19. 


ised for the purpose of ensuring 
that the nation's transport net- 
work was utilised in the most 
effective manner for the benefit 
of us alL The Waterways Board 
has been given tbe responsibility 
of meeting this criteria taking 
into account both economic and 
environmental considerations. 
Sir Frank Price has stated that 
his board cannot undertake this 
task when insufficient cash 
resources are allocated to him. 
This view has been supported 
by the results of a detailed 
investigation by a Select Com- 
mittee of the House of Commons, 
although the responsible Minis- 
ter chooses to dismiss the find- 
ings of both these bodies. Tbe 
resources allocated to the Water- 
ways Board are infinitesimal 
compared with those allocated to 
the road industry and Sir Frank 
rightly feels that his hands are 
now being tied to the extent that 
he has an impossible job. Your 
report suggests, however, that 
the only response which he has 
received to his representations 
is that he is likely to be out of 
the running for any future official 
appointments. 

I have recently been reading 
a book on the methods of poli- 
tical patronage in Communist 
countries. The similarities with 
this, case seem alarming. 

P. B. Scott. ; 

46. Briar Avenue,. 

Norbury. 'SWlS. • 


Local authority 
spending 

From Mr. C. Cooper. 

Sir, — Mr. B. Campion (June 
24) expresses the view of many 
people. In so many areas today, 
the person who, by thrift 
prudence and self - denial, 
achieves any wlsbed-for goal is 
condemned by tbe spendthrift 
whose own case is supported by 
the Welfare State. 

More particularly the. local 
and county authorities spend 
more and more on grandiose 
schemes imposed, upon the rate- 
payers as fulfilment of individ- 
ual and collective day-dreams 
rather than community benefit 
Tbe chairman of Salop County 
Council in his statement of April 
22 says “ the prime function of 
this Council is not to cut expendi- 
ture nor to keep rates down." 
With an attitude like that the 
ratepayer will never receive any 
consideration. 

Local authorities should learn 
to spend money wisely' and 
should be prevented from auto- 
matically increasing their 
revenues by rate increases. The 
people in California were able to 
do something— I wish we could. 
C. H. Cooper. 

12. Kmgswood Road. 

Shrewsbury. Salop. 


China’s foreign 
bonds 

From Air. A. Morriss 

Sir,— In Friday's issue there 
was an article about the possi- 
bility of the Chinese raising 
money on the United Kingdom 
market 

While agreeing that this is 
most laudable in every way, I 
would like to point out that they 
have not yet honoured their 
existing foreign bonds. 

Quite apart from this, many 
British people, including my 
own family, lost a great deal of 
property and other assets during 
the revolution in China. No 
compensation has yet been forth- 
coming. 

.1 am informed that an offer 
has been made to the Americans, 
who are similarly placed, and it 
seeffis Inconceivable that an 
honourable people like the 
Chinese would treat us any dif- 
ferently. 

The most likely explanation is 
that our own Government has 
been remiss in the matter* . 

Alan R. Morriss. 

Prppingjord Pork, 

Nutley. Sussex-. . 


Waterway 

funds 


From Mr. P. Scott 

Sir, — Your report (Men and 
Matters, June 29) about the 
future official appointments (or 
lack of them) for Sir Frank 
Price shows that tbe current 
differences between the British 
Waterways Board and the Gov- 
ernment have taken another 
alarming turn. 

The waterways were national- 


Redundant 

suffixes 

From Mr. R. Hodfleld 
Sir,— Do we really need the 
new fashion in redundant “ly" 
and “ ry " suffixes? 

The latest bastion to succumb 
to this fad— the author of your 
leader of last Friday writes 
“voted expenditure is presently 
subject to cash limits." "Pre- 
sently." jn English, has until 
recently meant “soon." not 
“now.” “Now” is simpler, 
“ currently " is also available. 
“ at present " does tbe job. Why 
borrow an American usage and 
lose the English meaning of 
“presently” when there are at 
least three perfectly good ways 
of saying “ now **? 

Here are a tew more instances 
of this fad in redundant suffixes: 
citizenry for citizens, weaponry 
for weapons and hopefully for 
we hope (as opposed to its cor- 
rect use as an adverb)! 

What price “journaliy” for 
newspapers? 

R. M. Hadfield. 

4 Woodman lane, 

Sewardslcme, E4. . 


GENERAL 

National Economic Development 
Council meets. 

European Parliament in session. 
Luxembourg. 

International Monetary Fund 
monthly gold auction, Washing- 
ton. 

The Queen visits Livingston new 
town. 

Prime Minister attends National 
Health Service 30th anniversary 
reception, Lancaster House. SW1. 

Princess Anne opens recon- 
structed Cammeli Laird shipyard. 
Birkenhead. 

Council of Institute of 
Chartered Accountants in England 
and Wales expected to issue state- 
ment of Intent regarding Account- 
ing Standards Committee’s Infla- 
tion accounting proposals for 


Today’s Events 

quoted and other large companies. 

Mr. Merlyn Rees. Home Secre- 
tary. gives luncheon address at 
CBMPE “Safety Offshore" con- 
ference. Cafe Royal. W.l. 

National Union of Mine- 
workers' conference continues. 

Sir Peter Vannecfc, Lord Mayor 
of London. . receives Mr. E. Frelj. 
Mayor of Bethlehem, at Mansion 
House. EC4. 

PARLIAMENTARY BUSINESS 
House of Commons: Finance 
Bill, report stage. Lords amend- 
ments to Stale Immunity BilL 
Bouse of Lords: Report stage 
of Local Government (Amend- 
ment) Bill. Wales Bill. Rating 
(Disabled Persons* Bill, and Con- 


sumer Safety Bill. 

Select Commit [pcs: Nation:: Sim*,’ 
Industries i sub-coni mil tec «?> Sub- 
ject: Indepcndem Broaden ‘.n:*.: 
Authority. Witnesses: The 1B.\; 
Lord Harris of Greenwich i-t pm. 
Room S). Parliamentary Com- 
missioner for Administration. 
Subject: Ombudsman— rm icw nf 
access and jurisdiction. Witn.. ise-: 
Civil Service Pensioner-;' .A Hu nee 
(5 pm. Room 71. 

COMPANY RESULTS 
Final dividends: Brick Imp ie 
Dudley: Mansileid Brewery: Hunr- 
gate Mercantile Holding*;: Rnu:- 
ledgc- and Kegan Paul: John 
Waddington. Interim fiiiidend: 
Anglo-American Securities Cor- 
poration. 

COMPANY MEETINGS 
See page 20. 



WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 

HERE, BUT NOT JUST HERE 


Clements Lane is the nerve centre of tlie Standard Chartered 
world, but to our customers it’s only one of 1500 Group addresses in bO 
countries around the world. 

This exceptional network could save von time and money for 
your business; if your bank can’t offer you thesanic, come and see us at 
Clements Lane or ring Keith Skinner on 01-625 7500. 

Standard Chartered 

Bank Limited 

helps you throughout the woiid 




Head Office 10 Clements Lane. London EC-4N ?AB 


Assets exceed £7,6(111 million 




Financial Times Wednesday July "IT '3: 




DIVIDENDS ANNOUNCED 


Bath and Portland £0.2m higher at midway 


FROM TURNOVER Utile changed - — 

at 07.41m against £36.93 pre-tax 
profir of Bath and Portland Group 
advanced from £l.S8m lo £2.0om |) 

in the April 30. J97fi, half year. . . ’ 

Prospects remain unchanged Company 

from the March forecast of only \ 

a modest advance Tor the year. I—*" 6 —*— - — 

The result Ls after depreciation Bath an d Portland 
of £a.72m (£0.76m» and interest 
charges of £1.0Sm t£L43m). If - - — 


INDEX TO COMPANY HIGHLIGHTS 


Page Col;. Company 

1 3 5 Lincroft Ki lg our 

_}8 T Lloyd (F. K) 

19 .1 Pegter Hattenloy 


Current 
payment 

Geo. Bassett see. int. <L26 

Bath fr Portland hit, J.6 

1 • J •_ Bristol -Post 3.67 

her at midway ^ is 

^ G. IL Downing ...sec. Ini 8.41 

E. Elliott «... 1.5 

^ There were excellent results 15 

from the machine tool division, «““*»“*“ “'’V*; ti 

with profits ahead from £4S7m lo & KnKOW ••■ mL 1 j 

£6.91 m, and .were assisted by a C" ? ft7 

strong continuing demand Tor r „ 2'"' 

Page Col. products both at 


Date . Corre- 
ct spondinj: 
payment drv. 
Aug. 31 4.03 

Aug. 18 l.S 
^ Aug. 1 3.46 


SepL7 
Sept. 14 
sept. 5 


Sept. 15 
Atig. 11- 


- 1 ISSUE NEWS , / 

last 1 7 

year 

I Dartmouth Invests, 
i? £0.46m rights 

3.46 • 

Dartmouth Investments. Blr* current year and an Increase in 
a onSS-tbrce rights issue of Op at L25p > *»« on the 


to 11.07m (£0.98m). 


from 1.5p to i.6p. 
1.79Sp final was pi 
profits of £4R5m. 


quarrying. concrete produc 
building and civil engineering. 


comment 


Bristol Post 

IB 

6 ' 

RedBFmion 

20 6 

Carlton inds. 

19 

1 

Rexmore 

19 4 

Downing (G. H-) 

19 

5 

Ropner 

18 4 

Elec. Rentals 

19 

6 

600 Group 

18 3 

EJIiott (E-) 

19 

2 

Tosco 

19 1 

LEP 


2 

Tunnel Hldgs. 

19 3 


ra d££r,o% ^roa^h, righ., ^.1/or action !„■.«, ISgL? 11 !.?"!*? S «« ATS SSj^SiKlSSI 

rs.a'l*t.« w !f ^ik- “ lS^Sn’ n Bn.”5S i,, t™u > '.5»5 hwlira .na «MU.Un* l»du«rics. 

significantly the p.- icnon^of (jf, BjlSSCtt HOWtl gftftf TS^dK-tore’state'tha? nShliSh T onrnnrp 

their new centre larbe* and F. J. VI* AFOOJVii UVTTU HAI-VA the company continues to operate JL3lirCnCC 

Edwards will extend their range g g ve " i|_ 1 wlthtri: irt bank faerirttes^- which . __ 

second half setback . •= ssaysK Gould placing 


a total cost of £5.5m. ■ 

T. S. .Harrison will expand 
significantly the production of 
their new centre larbes. and F. J. 
Edwards will extend their range 
of sheet, metal guillotines to 
heavier capacities And they will 


G. Bassett down after 


[meats, they now consider that a 


Laurence 
Gould placing 


nf^nn»»! brJki£ extentfed range A SECOND-HALF r»lf from £ 1.54m Ihe single payment is increased tpj^tauntial part of this^inowlnfc . . Laurence GouM and Company. 

01 press d rases. to £} Qg m M Rassett Holdings 90 per cent of employees’ pensions | should be funded on a permanent a private agricultural consultant 


Company and Quilla Investments. 

Beasley Bros. -.(Civil Engineer- 
ing), Audio Guide (UK), Jones 
Transport Services (Liverpool) 
and Jones Transport Services 
(Mldlandsl. 

Dunstable Transport and 
Storage Company. Mars way. 


Ropner 
down by 
£0.43m 


Six weeks of low output in the ■ _ ... _ , 

UK during the whiter months, T TT^TVj-lut- ■ ■ ^ Company and Qurifa Investments. gfj-gxnm Kl 

owing to bad weather and prob- I .KrftYflPClS . *?■*?*. -*% ■$£?£ iitMUSE CIOWH. Dl 

ferns '-on the restile machinery CApvUi5 mg), Audio Guide tUM, Jones ^ 

side explains the shortfall in . Transport Services f^Jierpool) jtsy 

Interim trading profits at Bath f Ipdcf mtioS Transport Services XII 44m 

and Portland. But at the pre-tax dl lCdal °t££SL rwm.nort and 

thanks P To BL IowTr Pr im?rest Stw _£* A iC Storage Company. Marsway. SECOND HALF profits 

gVoup interest ehar"« wre ?oS £4 ft If) Osmond Developments, Rockmant Holdings dropped from 

from £i to ll Mm S (L't.Ulll and Drufymond Investors. £0 £ 6 m leaving the full 

represents over a quarter of the THE 1977 accounts of the Lep vhSing^of A. and l?SucSr2 bX/S^Q *7m M «S^M 
trading profit, on debt virtually Group, international transport and £“£“Sn ^ June l*T m recalled a^mlasltime 
unchanged since the year end travel agent, are expected to show and out- ^ jad5e was ■ 


left the full year, to March 3L from 80 per cent. basis. . • and farm manager, is to place 33 

1S78, pre-tax profit down slightly The company reviews its ter> ; . The broader equity base result- »r cent of its shares with new 
at £3.02m, against 13.05m. minal bonus rates every six .Uig from the issue will give febamholders. 

Turnover was ahead from months and investigates (he move- greeter -flexibility w hen consider- The placing is being arranged 
£76.6m to £83.28m and included meats of asset values within the jijfe. further expansion opportune by Foster and Brailhwaite, stock 
the contribution from subsidiary, portfolio very closely. Although ties as. and when they arise, they brokers. There wfllboa prospeciiw 
Drakes Sweet Marketing which equity prices have not changed add. available on July U and the public 

was sold In May of this year. very much this year, gilt values tbp issue has been under- can apply for shares. About one 
Earnings per 25p share, are have fallen substantially th?ra£$ wx ?ftMr'by Sheppards and Cbasa half -of the issued shares will be 
shown as 2IU>5p (22.$%*) and a improving, the value of equities Keen Cutler. from the personal holdings of a 

second ‘ interim dividend of relative to gilts. The ftociety thus - p lh year cni ied March 31. director, the reat will be new 


Storage Company. Marsway. SECOND HALF profits of Ropner total 5.W686P (5J35fi98p> ner. The merits in lerainal bonus rates. 
Osmond Developments, Rockmant Holdings dropped from Iliftnr to directors state that they intend lo An example of the effect is sees 
and Drummond Investors. £0_SDra leaving the full year's pre- declare a thind interim of ip in by considering a 25-year endow 

An ordri- for the compulsory lax figure, t 0 March ‘31 1978. be- August, should restraint end or ment taken" out by a man aged 
winding up of A. and L. Trucking, hind at £2.37 m agahast a peak or snch payment be otherwise per- M for an annual premium 01 
made bn June 12. was recalled £2Jjm last time miffed. £100. If tl nmtured on July J, th* 


4.6243fip (4.03364P) makes the felt able to make slight improve- '1071? Dart mouth almost doubled shares. 

total 5.6S686P (5.IS5698p) ner. The merits in rennlnal bonus rates. ‘ nroRls lo £.Vi5^t« oil Foster and Brailhwaite intends 

directors state that they intend lo An example of the effect is seen; fr ‘ w s«} m to I8.lSm. to establish a price for the shares 

_ ,vi a 8 - — r tn. Kv enncirlfinna a 9Awar pnrinw- 1 M ■ ■ ...J t..' ..J Ml .MHinm -t.Tilinaa unrfa. 


b directors have bmixeixsd for and will arranso dealings under 
k or around £!0m in the the Slock Exchange’* Rule 183 (2). 


The overdraft stands at around pre- tax jpnofit® of between £4.6m that'lhe company haifaiready J'SoBt ^Rtnce*from iniera^f^W«ME3H U W)>" l and ISSSw matur^^Sf 

£6.7m net; there are medium term and £4.8m. the directors report. been struck. off. JMES ** * ■ JKg£ was^bfert to a trnt cha«*e of June 30. the amount would ha^+ 

loans, of £32m: and pre-payment This follows a first-half jump . “S? 1 ,*? £«WC«! ffiBrSaoi been IWJ33.74. 


Yearlings up to 10%% 


finance of £13m (at 1 per cent from £1.50m to £2.56m. The 
over base rate), compared with directors said then that they were 
shareholder funds of £17.3m. So expecting the year’s profit at 
the movement of interest rates is least to equal the £4.07hi achieved 
critical to (he group's overall pre- In 1976. 

tax performance. The main con- In accordance with usual prac- 
sumer of the group's cash — the tice. the annual report and 
now £]00m Iranian road building accounts are expected to be sent 
contract — is around 60 per cent out In September, 
complete, and scheduled for 

finishing in December. 1979, 0 comment — ' 


600 looks 
to steel 
pick-up 


profit for the full year, before £600.000 C£327.dp0|. 
extraordinary items,- to be lower; After - minorities, attributable 
after total tax for. the year of pwgt. b <»wever. **?* boosted to 
11.25m (£ 1.52m) and minorities f 3-96m <£23rmV after an^extra- 
£30.000 (£27,000), profit emerged ordinary c redit o f £3-54m C&W9.WK) 
at fl.lni f£156m) debit) corapnsmg the profit on the 

But. after an umortiuary 


£U28m (£l.l8m); and was in line 
with directors* forecast; at half- 


tions during' the year, £175.000. 

• comment 


Bristol 
Post at 
peak £1.8] 


Profits from the contract-and Grono’s latest forecast SIR JACK WELUNGS. the chair- W W- T . ^ 

another m lraq-chipped m J™ ^ ta SinS wiS^I “an of 800 Croup, tells share- Earnings per .» share are It was S.tt^h second half for AFTER RISING from £0,61 mrt 
£922.000. compared with £890 000. gf 'nJSSSEST^hM nre^a holders that the group is still shown as 7.4p (S^p) aid the divi- Crorge B^setl At the halfway I0S2ra in t he- first half. tan& 


- The coupon rate on this week’s ment Board £lm by the issue of 
■hatch or local authority yearling ll* per cent bonds due on July 2, 
bonds has increased Troon UK per 19S0. wNJe .^onlaitci DisWcf 
Wnt to 101 per com Issued at Council » raising £05m with ill 
•par. they are due nn July tl. i979. .per cent bonds due on July L 

t «t a SvW ,, c32. Variable- rate- bonds are being 
Council (£0 >. lsued by Luton Borough Council 

«fora Borough Council tiMBl- (£a75ml. City of Nottingham 
City of Lincoln < lAjbnK kSfiS?? (£lm) and City of Aberdeen 
Swougb of \Vandsworth <£0Jm). DiJrtrlc . t council i£P3m) due or 
Wycombe District CmincU if JJJ. j- un0 29 , IBSS at a nrwrgfn of J pet 
district of the tvrekin over s ; x t^onths LIBOR lot 

©oncaster Metropolitan Bqrouhn the first six months. 

Council t£lm>. Derwent?*ide 


SJJSS in ih?i?ouo’s ar ^bnitv 0 to profits- Lep pissed out last year Order books for the group’s and engineering. . ‘ . 
depends on the group s ability to ^ big currency gains of 1976 manufactured products remain ... urg-TS 

S^nS^tS ^ he says, and 600 has ^ '• 'Sg. 

fTnkhwi' “■»£? With the vast proportion of profits entered the current year well. JSaw share » 

nmshed. The ctoup is capitahsed from freight handling, -We expect at least to main- £»*■“* " 

Ji' l 5 . m npr ™e shares at 75p ^ i{J i^eiy dependent on tain our overall level of results r qi" 

nrnRtc wo rid trade levels. After a bright and with an upturn in the steel delates : zs 

full year taxable profits of £3-2m t0 1977^ the - situation got industry we should do better.” aimoriiies ™ 

stand on a prosjieetive p-e of 4.6. „ orse j n the second half, and ^ reported on June 9. with Exiraort. credit 1™ 

which allows fully for the ^imp penmates far the growth tv, n .umhH AvaJaW* - 


A* halftime directors exi 
isrt-rs ms-77 rojj 1 - _,oBt tlut picture changed the full year’s result to co 
'£» dramatically m the second half, favourably with 197B-77. . 


-District Council UO 5m) t Baacons- 
fleld District Council (£035mi. 
metropolitan Borough of Wluvn 
Jt£0.5m). Ynys Mon-Isle of 
Anglescv Borough Council 
'(£0 5m).‘ North Wolds Borough 


HUNTING 

PETROLEUM 


Application lists open and cios* 


Council" (£0 Jim). City of Liverpool today for the Offer for Sale by 


V-- ^ 19 -S Do “®Si£J ol T e 2 *r, eem ' After tax of £0Mm 
2 and export volume dronned 3 ner — >. MM c» rn-» M 


problems. 


McMullen up 
halfway 


worse in. the second half, and M reported on June 9. with £" r “g*- cmUl ji?? 

some estimates for the growth profitability static in Lhe second :““™ : mo- 

this year are a.s low as 2* per £ aJf ^.jax profits Tor the 

Maroh 31 1978^ year finished ahead # comment ^ 


2 S an i!2S? dropt5ed TP 5 net profit was S ^BSShoSSSi VS 

ISM cent V^^argms were squeezed and earning per 25p C! 

b ? *^ ?Det ^ nS - , W m shown ahead from 10.4^' b 

«5 of sterling. On top. of this the 14330 •> *»oiwf , snnns 

Z compimy sold its tobacco retailing The" dividend is HfWvtw 
uw f. nrf wWjjtfl* ofthooL n*»fc«r 5.739 p to c.37p with « final 
boo Sweet*: Marketing while the 3 57^ ne | • T .t. 

decision to wind up The sundries The n^rcnnncr -miln te 24 .W 


The -dividend i** 1 


^Dlsiric C.ouncii (E0 25m) andHuotlog Petroleum Services 

a? saaartS w-» »««« «« j-je.-bs « 


cWKBBSr fe«iis of the Hunting Group 

frernl’ o:r.vi Vnrihnmntonshire Dis- A» the offer price the yield fc 


r South Northamptonshire Dis- At the offer price the ywra * 
f trier Council k raising «LSm and » h«iHhy 8.5 per cent, covercr 
Cpntrnl Scot kind Water Devein p- 2.4 times. 


The newspaper group is 24 -j 


cost .the company about cent , owned b’y Associated fJi 


haltwav current year the first six months 13 .Bg45p) per * share, but an group pre-tax proftte showing a the low point tor the year. The 

**•/ have apparently been dull and. add ^ rooa | O0346p is to be paid Li per cent shcrtAuL The ship- p/e is 5.8 and (he vieid. assuming 

Turnover rose from £5.34m to w> » ile “ere are some flickerines \cr'i, e reduced. Exports ping division’s profits' were 36 per the third interim dividend is paid. 

£60Sm at McMullen & Sons, of revival the second half is un- from ^ ^ increased by nearly cent lower, the associate's con tn- j< S.9 per cent. But if the diridend 

brewer, wine and spirit merchant hkeiy to be much brighter At £ _ m - £4T47m (£42.egm). bution was hit bvTJpOor results restnetwns are not lifted the 

and soft drink manufacturer, and ^ 7 P tbe sharw rtand oo a pros; s{r Jjjck mar the wide de . f rom stag Line and.a Joan taken maximum yield is 7.4 per cent 
pre-tax profits were ahead at poctive p/e 01 5.i and yicia-ajt per press j 0n - - in $teel iudustry out on a new sbip^he bulb 


£0.S3 m for the half year to April >. cent - 
l, 1978. compared with £0.67m 
last time. n 

Result was after depreciation 
£96.000 (£95,000; and imerest re- 
ceivable £48,000 I £104.000), etc. Q] 

Profit for the whole of the 

1976-77 year for this close com- Ore 

pany was a record £K46m. wmai 


Win/lmfv im even more severely, than had been surance broxing pr«s were neia ——- **-**-. w-— M show s further increase. ’ T\ £Sm in the deveionrncm °* OT ’ e gf bf Flnlel, a company ownw 

W mflinS-UP expected. And. it reduced Its con- back by the declined the vale of v_ _ He sayft that no longer ’4M& businesses in the past four years. j 0 ; n tj v with lhe Financial Times 

iribwion from £3.1 9m to £0 9lm. the dollar. Ropnerk ^engineer- . llTf C nQnilS ' * the group have to hold back mfkhc chairman nays. orncides business lnformahor 

nrrl^TC on sales down from £1023m to ing interests have, however, '• ‘expansion 'fo create cash : to.-rep«yT» For the year ended March* 3 ^ services both in the UK ane 

UlUSdJ £85.Bm, due to. falling ferrous and cushioned the blow. Here, profits Scottish Widows Fund and Life short term borrowings at# over- W78. profits before tax rose Tram internationally, using lhe exwtinc 

Order? 1 for the compulsory non-ferrous scrap prices through- are almost a tenth mgher t thanks Assurance Society Ls lifting its stretched creditors. He makes it £\.7Rm lo £2 Tm on turnover of dattl bases or the Financial Time! 

winding tin of 24 companies were out the year, together with low to much better sales of garden terminal bonus rates as from clear that the group will never £20.9fim lElT.SilmT. The dividend and Extel. -- - - -■ 

made by Mr. Justice Oliver In the demand. equipment aod telecortfmmuca- July l. payable in respect of death again be iedpardised by excessive j s 5.41 5p (4.898p). - >. 

High Court on Monday. They Tbe chairman says that efforts won products which helped boost „r maturity claims on with-profit short-term borrowing^ from 0n „ CCA basis, pre-tax profit — 

were: must be made by the scrap exportsby afrncstoO per ceptto contracts. On ordinary business bankers. , is shown m n Mm after a depre- tue mfw THROG MORTON 

Iran Caspian. Mayfair Cars, industry during the current year £3m. However, witii only steady the new scale for with profit The loss or confidence of the Nation adjiStrJm of £608.000. ™ E N tbuctSo 

Montset Rowdec Labour imd. to obtain pricex from tbe steel progress expected from this a «urance. personal pensron end group’s previous bankertr and the iiiT cr jait rn noo and a trust mu. 

Management Services and industry which bear a reasonable division. Ropner is unikely to see Pegasus pension schemes now restrictions subsequently imposed «*ior sai^ . Capital Loan Stock Valuation— 

r~ ... VI I_.l T .W. ...... nrni-h Wnwtli until tho chinn nt< r«im q n» nrihA inn. mnotlu t. >ho Wnnlh g panne aujusirut nv HI UM.UW. ‘“rT 7T . . 


affected achievements of the rier Lackenby — a.fe& 
group's iron and steel division interest charges, 
even more severely, than had been surance broking pn®; 
expected. And it reduced Its con- back by the decline Sp 
tribu-rion from £3.l9m to £09lm. the dollar. Ropner! 
on sales down from £l(KL2m to ing interests have. 


ping active of pace in the second half caught ” f7 » T j _| nrAftrACC 

anticipated tbe marker unawares end the . -T". W VTAl SttS DrOHlCSw 

wuhs. with share price tumbled 13p to 120 p, p r 1 ^ 

showing a the low point for the year. The JELnCrSY k>crYIQ65 «mdl- dropped by over 50P. but th«7 f 

The Ship- p/e is 5 S and (he vield. assuming ™ GIVEN reasonable trading cwot- ^ that th0 deciitv 

nere 36 per the third interim dividend is paid. pTftWth frPTlrf^ U? ns ‘ Th /ii«wiI?«Wvii7confini»e will t^at a lower rate this yeu 

te s contri- i< S.9 per cent. But if the dividend KlUTV III UCUK1-. Company (Hold! bps) - will ~ntimie wmw ■ ^ 

>or results restrictions are not. lifted the M r p Ricbv chairman of *° mnbe tound prosres«s. Mr. John Financial Nevn Service hat ' 

»2b*S maXimUm ^ * 714 PW Cent ^ ^e^ y and cSInira ^ l^hifanSS^ri* ta 

“ b “jL5^* tells members that he vtes» the shareholders in his annual repon. expsnded , 0 include informa 

it trebled z ^ . « \XT m j future with quiet caafiaence; The croup has mode steady t| - an on the London Trader 

where, in- SPOtflCn WlQOWS profits for 1978 are expected 1 to progress and has invested over options tnarkcL The establish 
: were held ▼▼ i sJ)ow g fl|rther | ncreflJie . • t> £Sm in the development of to JJgJJJ 6f ymtel, a comparw ownec 

the vale of « T He says that no longer dWsfe businesses in the past four years. j 0 ; n tj v with lhe Financial Times 

1 llltS Don US ' ' the group have to hold back m#ahe chairman nays. nrorlde.s business lnformahor 

however, . - - W nansTon'fc create cash : to.-rep»v^* For the vear ended ^ March* 8L both in the UK ane 


l\ing®Sha.xsou 


Limited • 

12 Camhill EC 3 3 H> 

Gilt Ed |ed Poitfolio Manajemmt 
Service Index 4.7.71 
Eortfolio I Income OBer 82.4 

Bid *2~J 

Portfolio II Capital Offer 128.5 

Bid 121.4 


Managemenr Services and industry which bear a reasonable divfsion. Ropner is unlikely tQ see Pegasus pension schemes now restrictions subsequently imposed np'rosono 

Geomat Construction. relation to processing costs, and much growth until the shipping - varies from 2 per cent of the sura contributed greatly to the lenalh -»“™w nojuBtiutm. i • 

New Forest Plant and“Engio- which approximate closer to the sector starts to recovefcThe bulk assured or basic pension plus of time it took, for the group to An Informal professional raiua- 


New Forest Plant ancTEngin- which approximate closer to the sector starts to recoveifThe bulk assured < 
eering, ■Owlcljff. Badger Paper value In use of other rerrous earner Stonepo.ol is sml under- attaching 
Supplies, 1700 Computer Systems-- furnace feeds which. In the main, employed and-' intereap charg^ taken out 


.(uses for contracts recover from Us disastrous ven- lion of the crourjs properties 
V870 to 43 per corn ture in to the- North Sea oil shows them to be £ 2 Zfn in excess 


1 Estates, 


Shocket and their recent 


■" is 5-3; 


and All Sports Publicity are imported. will cont«^ at a high level, for those* taken out in 1933 or industry. of book value. ' 

Company. Some improvement is expected. Meanwhile, the shares yield 8.2 earlier*- compared with the pre- In. the year ended December at. As in the previous year tne ratar 

ObtifUrii, Bridgejay, Endymion he addS^aa prices move up from jwf^cent at 40Jp 'white the .p/e vioui^<eaie which ranged from nil 1977 group pre-tax profit in- number of bookmaker subscribers 
_ ~ ' ... 42 tier rent. n n group pensions, creased from £583.000 to £865.000. to the Racing News. Service 


THE NEW THROGMORTON 
TRUST LTD. 

Capital Loan Stock Valuation— 
. 4th July, W8 
The Net Asset V*tde per £1 of 
Capital Loan Stock is 132.38p 

Stcuntiai valued » middle market 
price* 





Rediffusion's 
fiftieth year 


It is disappointing that better results have not 
been produced to mark the fiftieth anniversary 
of -the incorporation of che Company. The 
steady advance of the U.K. television rental 
business has been marred by setbacks at 
Redifon's Telecommunications and Systems 
Simulation divisions and by the continuation 
of heavy losses in Hong Kong. 


Rediffusion 


Television business in 
the U.K. 


Sir John 


Spencer 


Wills 


reports. 


The fiftieth Annual General Meeting 
of Rediffusion Limited will be held on 
26th July at the Connaught Rooms, London. 

The following are highlights from the 
Review by the Chairman, Sir John 
Spencer Wills, which has been circulated 
with the Report and Accounts for the 
year ended 31st March 1978. 


Wc can oount the year a successful" one for our 
domestic television set business. 65% of the 
homes in the country now have colour tele- 
vision and with the -approach of. market 
saturation competition is ! intensifying and 
margins arc under pressure. Nevertheless we 
show an increase in the profit from this, the 
Group's main activity. Wc have also increased 
the volume of our business and enlarged our 
market share. Rental is still the most popular 
way, in Great Britain, of acquiring a tele- 
vision set. 

We were able, towards the end of the financial 
year, to negotiate three substantial acquisi- 
tions. On the rental side alone these and other 
.minor purchases have increased the number of 
our hirers by over 80,000. These acquisitions 
will have little effect on the Group’s profits in 
the current year, but should benefit profits in 
future years. 

Under present economic conditions, it seems 
regrettable that the Government has decided 
to subject television set rental to examination 
by the Price Commission, less .than two years 
after, the Commission reported upon the 
industry under a previous reference. We can 
see no valid reasons for this rescrutiny, and wc 
have been given no reasons of any tort.- It is to 
be hoped that this examination will not lead to 
any disturbance of our rental industry or of the 
closely, allied British television manufacturing 
industry now so vulnerable to foreign 
competition. 

Manufacture of our completely new range of 
colour television sets sorted in our factories in 


P . part of the year. Since then we have 
a. satisfactory and constant level of 
on. The new range is designed up to 
it standards. It has been very well 
spivea and the reliability figures which it is 
(neving arc gratifying. 

pVmcrica there has recently been consider- 
fe ‘ movement in the market for video 
iette recorders. There will soon be a 
niber of video recording systems on the 
a&ish . market and Rediffusion, will be able to 
^its customers a choice. 
gePost Office is about to start a market trial 
jots Viewdata service, and RedMusion is 
King a hundred television sets, equipped to 
Viewdata as well as the broadcast 
Sgrammes, to take part in that trial, 
©■recently announced plans which we have 
Sposed tor the Home Secretary for Redif- 
Sphroprovide by cable a service of Psry-TV,' 
ped- uptta feature, films, starting in -four 
jjys .'where extensive cable television net- 
gcks* already exist. At present we are not 
Knitted to. distribute over cable any pto- 
E&unes except- those which arc also bcoad- 
IpjoVcr the' air and .therefore our proposal 
f&t$. a Government decision. In other 
atitnes there seems to be greater freedom. 
it pcanrple, at Arnhem in -Holland some of 
e&dtizfcns already receive a choice of four- 
in ' television and radio programmes by 
fails- of a 1 D ial-a-Program’ system designed 
tl developed by Rediffusion. 

^diffusion Industrial Services specialises in 
g design and installation of audio and visual 
ismumegtion systems. . Its sales during che 
ar were a. record and its profit showed a 
frked increase. The company lias been 
dve in overseas markets. - 


r Simulation Division. Overall, the Rcdifon 
companies in the United Kingdom produced 
less profit this year chan last. 


Music services 


International Library Service Limited ahdTts 
subsidiaries, which are responsible for the 
Group's music services, increased their turn- 
over and profit by more than 20%. 


Associated companies 

Rediffusion Television, in which wc l^ave a 
37^% interest, benefited from the improve- 
ment in the revenue earned by Thames 
Television from television advertisers. ’ - 
Rediffusion .Holdings, in which 1 also our 
holding is 37 i 1 ;,,, achieved a substantial im- 
provement in its results for the year. 


produced a profit which was slightly less than 
rhe previous year’s figure. 

In Barbados the imposition of a tax on the 
loudspeakers hired to the company's sub- 
scribers converted a hoped-for profit increase 
into a reduction. 

Our radio station in Guyana has been 
struggling against severe economic depression 
and at the -present time it is barely breaking 
even. 

The discussions opened by the Government of 
Jamaica last year resulted in an outright sale of 
our funner subsidiary, Radio Jamaica. 


i ; V fii? 


Electronic capital 
Equipment 

*^e comp liter and flight simulation activities 
of our Redifbn companies had an excellent 
year and' achieved substantial profit increases. 
Unfortunately profits , were reduced by the 
Joss from the Telecommunications company, 
tfchich is undergoing major reorganisation, 
§nd;by an unexpected toss in the Systems 


Overseas operation^ 

It is a matter of concern for your Board that 
Rcdifiusion Television in Hong Kang,' m 
spite of a considerable improvement;, in its 
audience figures, has not yet achieved die mar- 
ket share necessary to reach brcak-cvenj - 
The audience measurement survey still shows 
Rediffusion Television’s Chines c-lOTguagc 
service in second place for si2c of audience, 
among the three Chinese -language television 
services now being broadcast in Hong-Kong, 
but with a larger share of audience tHsin was 
attributed to it in 1977 and a far targtt share 
than the third station is receiving. Rediffiision 
Television’s share of the audience has .yet to 
reach the level - necessary to a t tracti enough 
advertising revenue to cover the rising costs of 
its programme service, but happily iti. share is 
still growing. . j ’ • 

The improving trend in our ocher operations 
in Hong Kong continued. 

Our operations in Malaysia and Singapore 
continue to do welt. 

I 11 Trinidad our radio station made an 
increased profit. Our television set 'business 


Electronic capital 
equipment overseas 

Our overseas operations in the field of 
electronic capital equipment comprise Redi- 
fon's North American subsidiaries and Delta- 
Benco- Cascade. The latter company manu- 
factures ' cable-television equipment at 
Toronto. Redifon's North American com- 
panies had a very successful year.' The 
situation, at Delca-Bchpo-Cascade is still 
extremely difficult. It is too early to assess its 
prospects, bur wc arc hoping for an improved 
trading result for 1978. 


The outlook 


For the current year losses will continue to be 
incurred overseas. Much attention has been, 
and is being, given by. U.K. manag ement to 
the situation in Hong Kong and the most 
-recent trading figures show an improvement 
although there is still a long way to go to reach 
. break even. At home, profits should increase, 
subject to any governmental action, and, 
overall, results for the current year should 
show an advance on those reported for the 
year under review. 


A copy of the Accounts comuintiig the C/uiinuati's 
Review eon be obtained on application to The 
Secretary ff • _J, Carlton House, Lower Regent 
Street, London- SW1Y4LS. 


REDIFFUSION 









— ■ 

- Financial Times Wednesday Jnly 5 1978 

vesi s Tesco aims for bigger 
slice of market 


i a nu* 
t! Pia 


yi c* 
9 a 0 


m. 

‘I ! I M 


HADING in the earlv part of 
' iSK 1 ye ? r al Stores 

Holdings) shows encouraging 
"ends. Air. Leslie Porter, the 

: %oT n ' “ W ln his ™3 

Expenditure on food in the UK 
as stabilised and the group’s 
1 . evelopmenl programme will 

^ r “ er share of this 
■arket, Mr. Porter says. It is 
espected that non-food soles 
hi play an increasingly im» 
Drtant pan in profit growth. 

■ .1?™ capital expenditure in 

Oiit ^ »s antici- 

'•IjHed that a further £ioom will 
1 1 in,.-* spent over the next three 
,..'?ars. rays the chairman. A £6m 

Jiitraet has also been placed with 
. for a new generation of eom- 
uters. 

Turnover has improved by 43 
. cr cent overall since June and 
. . le group's share of the grocery 
, lancet has risen from under S 
■ cr cent to around 12 per cent 

’■ F ™ the year Mded Pebruarv 
raJlv Wo-tax profits amounted 
> * £2S - 56m against £30.19m, from 
lies (excluding VAT) or 
.. J5l>59tn (£70I.2flm). The div°- 
•• ,s 1-6Z97P against 1.4592p 
. ™ e P r *\ ta * P r °fit « reduced to 
-0.3 th (£24. 8m; after a deprecia- 
on adjustment of £4.9m (£3 8m) 
jst of sales , £12 2m fno.6m) lew 
caring or £SJm <£5.4m). 

f Sj i » cy /lowing "Operation 
heckout of offering the lowest 
ossible prices, meant an imme- 
late reduction in the gross 
. , ( largin of some 5 per cent. Net 

• largins as well came under pres- 
ide for several reasons. 

The directors continued invest- 
lg heavily in buying freeholds 
nd long leaseholds for new stores 
® r than hold substantial 
‘I'Pfi. funds. Nevertheless, the i 

• roup s own resources and fadli- i 

• £S from bankers are more than 
in pie to meet all foreseeable 
eeds, the chairman says. 

The Home ’n Wear activity met ; 
s targets and offers strong hopes ■ 
5r the future. There are now ■ 
£ in-store bakeries and another i 
4 will bp added in the current i 
par. while the 10 self-service 
estaurants will increase to 18 at 
. he year-end. 

. . At the end of the financial year, 
he group was stronger than ever 
nd with solid grounds for opti- 
./.oisra, says Mr. Porter. Now. after 
year of dramatic change, the 
, .roup is well placed to return to 
tx more familiar growth pattern. 
Meeting, Connaught Rooms, < 
VC, July 2S, at noon. i 


AW 

Rexmore cut by Electronic Rentals chief 
knitting losses sounds optimistic note 


BOARD MEETINGS 

piB following comsaDlcfi have notified 
oaiw of Board meetings io (be Siocfc 
Exrtansp. Sadi meetings arr usually 

lhc wrposes of consfderuu: 
dfwl {j e ^l s - Official indications arc not 
available wfictficr dividends concerned 
interims or finals and the sab-divisions 
shown below arc based on laa 

sears timetable. 

TODAY 

Imarimw-Anglo-AZBerican Securities. 
BirminKbani Pallet. Blackman art Co* 
ra = t 5? b,t Ptwiato® Engineering. 

Ftoah-Brabam Millar. Bralthwaiie 
Ep ylnw rs, Brickhoasc Dudley, Colmoro 
investments. Waiter Duncan and Good- 
nrke. EngUrt Card Clothing, M»#wield 
Brewery, philips Polenta. Romledgc and 
■ CoK “ Pful- Technology Inrestxneni Trust. 
J. Waddlnsioo. 

. . . FUTURE DATES 

Interims — 

Barclay? Bank jni* jv 

Ja f?nata >3 ‘ ^ ^ } July li 

HoQaE Croup jui* u 

nollis Bros, and ESA July 20 

Jacksons Bourne End Julj 12 

Jow* Stroud July 18 

■wfltted Jersey _ July u 

WiDclnson Match .. July u 


Second half 
jump for 
E. Elliott 

Following an £18,000 rise in the 
first half to £63,000 taxable profit 
of E. EUiott jumped from £154,552 
to £246,555 in the March 31, 1978, 
year. 

Turnover of the plastic mould- 
ing and optical goods group for 
the period was £4.67m compared 
with £3.52m and tax takes 
£128.784 (£83,370). 

Earnings per 25p share are 
given at 5.66p (3.42p) on a nett] 
basis, and the final dividend of | 
1.5p takes the total for the year 
from l.ap to 2J5p net 
In re -stating results in line with 
a new policy on depreciation, 
£10,058 has been deducted from 
the 1976-77 profit and a net £4.828 
deduction has been made from 
retained profit 

Tex Abrasives 
expands to 
peak £0.46m 

Pre?tax profit of Tex Abrasives 
expanded from £279,287 to a 
record £458,125 for the year to 


March 31. 1978 after £228,712 
against £104,691, at halfway.- 
Directors then said that they 
saw no reason why profit for the 
second half should not be as 
good as the first 
Turnover for the full period 
was ahead from £&.45m to 
£5-2im and profits were struck 
after depreciation of £81,788 
(£69,678). Tax took £161.773 com- 
pared with £132,544 leaving a net 
profit of £296,352 (£146,723). 

The dividend Is Increased to 
3. 02234 p (2.70675p) with a set 
final payment of 227234p. 

Tunnel 
confident 
of progress 

ALTHOUGH 1978-79 looks to be 
the year when the UK construc- 
tion industry decline will be 
baited the increase m the price 
of gas and consequent changeover 
to coal firing in one of Tunnel 
Holdings' cement works coupled 
wiah continuing political uncer- 
tainty make cement prospects 
difficult to forecast, Mr. J. D. 
Dirk in, the chairman, says in his 
annual review. 

•As previously reported taxable 
profit for 1 the March 26, 1078 year 
firmed fro m£6.48m to £iL52m. At 
year end fixed assets were £1 7.54m 
(£17/4 5m). and net current assets 
were £21. 9m (£16.47m ) Including 
£i&£Kkn (£9 .54m) of short -term de- 
posits. 

Meeting, TofibdSl Street, SW, July 
27 at 1230 pm. 


WITH WARP knitting operations 
contributing losses of some £0.5m 
and associates showing a £231,229 
turaround to a £113,726 loss, tax- 
able profits of Rexmore dropped 
from £Q.97m to £0.89m is the 
March 31, 1978 year. 

At halftime profit was up from 
£0.S4m to £0.58m, pointing to a 
more than halved second half 
result of £0.31m (£0.63m). 

Directors say the warp knitting 
losses occurred because of over- 
capacity and a fall in demand 
worldwide, and the continued 
penetration of the UK market by 
cheap imports. 

Corrective measures were 
taken, they say. which included 
experienced new management, 
new machinery and the develop- 
ment of further products. 

As a result of these measures 
the knitting operation is breaking 
even and substantial forward 
orders have been obtained for the 
new lines at enhanced margins. 

Overall the Board expects there 
will be an increase in turnover 
coupled with a substantial re- 
covery in pre-tax profits. First 
Quarter figures confirm this trend, 
thev say. 

Turnover for the year -was 
£3 1.34m aeainst £31. 83m. Last 
year's figures included £3.4m of 
turnover and pre-tax profits of 
£0 27m from Unerman Holdings, 
which was disposed of in Sept- 
ember 1976. The current state- 
ment includes results of J. Rosen- 
thal and Sons. 

The profit for the year is sub- 
ject to tax of £50.651 (£273S8 
credit), minority interests of 
£5.940 (£44.470) and extraordinary 
losses of £031m [10 63m credit). 

Earnings per 25p shire are 
shown down from 11.08p to 9.5p, 
and the final dividend of 3p takes 


the total up from 3.852p to 425p 
net. 

As a result of prior year adjust- 
ments not included in the figures, 
retained earnings have been 
reduced by £134,903. 

The company is engaged on (he 
conversion of textile and pvc pro- 
ducts. 

Downing 
finishes 
at £1.72m 

TURNOVER ROSE from £10.Sm to 
£12. 74m but pre-tax profits of 
G: H. Downing and Co. finished 

the March 31, 197S year down at 
£L72m, against £1.89m. with a 
second-half fall from pi 04m to 
£0.82m. 

Directors reported interim 
profits up at £0.9m (£0.S5m) but 
said that the company was enter- 
ing the winter period with low 
stocks and, although prospects for 
the building industry were uncer- 
tain, they expected some improve- 
ment in trade is late 1978. 

After a tax credit of £0Jm, 
compared with an £0.63m charge, 
net. profit was higher at £2.Q2m, 
against £125m, and earnings per 
50p share are shown as 67p 
(41.5p). The dividend is stepped 
up to 11.41343p I10.37585P) net, 
with a second interim of 6.41343p 
—if ACT is reduced the directors 
will consider a third interim pay- 
ment. 

There was an extraordinary 
Credit Of £113,284 l £1.203). making 
a profit of £2.13m (£I.25m). 


THE current year has started well 
at Electronic Rentals Group and 
Mr. Maurice A. Fry, chairman, 
expects to be able to report 
further substantial progress next 
year. 

The company's strong cash flow 
will enable it to take advantage of 
opportunities as and when they 
occur both at home and overseas 
to expand operations. 

Mr. Fry points out that the cash 
Bow has remained strong despite 
heavy calls made upon it to meet 
the cost of the UK acquisition 
programme, development of over- 
seas operations and higher divi- 
dend payments. During the year 
under review the level of overall 
borrowing was reduced by some 
Elm. 

The ratio or bills and borrow- 
ings to shareholders' funds has 
been reduced by the release of the 
deferred tax provision less good- 
will write-offs and the impact of 
the reduction in the borrowing 
level decreases the gearing ratio 
from (US in March 1977 to 0.71 
at March 1978. 

Contracts for capital expenditure 
at March 31. 1978 not provided for 
in the accounts, including equip- 
ment for delivery- before March 
31, 1979. amounted to approxi- 
mately £l-93m (£1. 71m). Authorised 
by the directors but not contracted 
for was £22. 78m tf 19.05m). 

As already reported taxable 
profits for the year to March 31, 
1978 rose from £I0.44m to £13.7m. 

FRENCH KIER 

The integration of the UK 
construction operations of French 
Kler Holdings has proceeded to 
the point where a single manage- 
ment company, to be called 


French Kicr Construction, has 
been formed. This will control 
the UK activities previously 
undertaken by Kicr Lid.. Charles 
Brand and Son, \V. and C. French 
(Construction), and the contract 
operations of Kicr (RBW). 

While these companies will con- 
tinue to trade for some lime to 
come, new contract work will be 
undertaken in the name of 
French Kicr Construction. 
Management headquarters will be 
at Tcmpsford Hall, Sandy, Bed- 
fordshire. 

Lincroft 
ahead 16% 
at midway 

FROM HIGHER turnover of £6J>m 
against £5.91 m. profits before tax 
of the Lincroft Kilgour Group 
rose 16 per cent to £424.246 in 
the first six months to March 5L 
1978. 

However more recent trading 
has been depressed and the 
directors feel that results for the 
current year will not reach the 
record fl.04m profit achieved in 
1976-77. 

The interim dividend is stepped 
up from 1.32p to l.3p per share 
and assuming existing dividend 
controls remain in force, a maxi- 
mum permitted final will be 
recommended. The total will in- 
clude any additional dividend 
permitted for 1976-77 should the 
proposed reduction in the tax rate 


become law. The previous final 
was- 2.14 p. 

Earnings per share at midway 
are shown at jj>7p ujutipj and 
3.73p tsarnei net. 

1” h 's interim review, Mr. Tony 
Holland, the chairman, s.ivs ih:it 
the trading profit for the half year 
has fully justified the measure of 
optimism to which he referred in 
his annual review in Kehrunry. 

He points out that the general 
recession in world trade is begin- 
ning to have its effect un the 
merchant ing division with its 
high percentage of export aale.- - . 
" ‘V . particular concern are 
artificial barriers being erected IO 
restrict imports by certain of our 
traditional markcis." 

ln the clothing division, tiie 
bespoke tailoring section is still 
operating very satisfactorily and 
ihe Yorkshire-based section, which 
manufactures suits on a volume 
basis, is continuing with its pro- 
gramme of ra tin noJLsa linn aimed 
at achieving higher product ivity 
and profitability. “However, this 
section continues id face severe 
comj»e(itioi] from imports which 
has squeezed margins," Mr. 
Holland adds. 

SCOTTISH & 
UNIVERSAL 

Scottish and Unircrsal News- 
papers. Scotland'- Liiie-t 
prov-iiuial jiew-pjpcr group, h:-- 
ann on need the acquiMtion of 
Eaduns New.- pa per Service', 

Ead.ons. Sheffield, -uppl;. - a re- 
work and editorial .-on ices :o 
new-papers -throughout the UK in- 
cluding i-he Channel I-tiumK I-le 
of Man. Eire as well as Australia 
nnd New Zealand. 


■ i V .V' - w 

-ir. :-v‘- - v- 

V - - ? * . .V'r; -V i ■ 



order books 




Carlton Inds. foresees 
further improvement 

HE order books of all the cost of sales £2.1Sm and gearing 
ivisions of Carlton Industries £1.03m. 

irrently show an increase over Meeting, Bristol, on- July 27 at 
ie previous year and if present 12.30 pm. 

■ends continue Mr. Leon Roydon, 
lairman, confidently expects an 

nprovement in group profits. I JmiTITIinnfl 
During the year to March 31, 

ITS. ns reported on June 3. tax- TnTrnptnrc 
lie profits expanded from £7.Slm AUVcSlOlS ■ 

• £H1.39m. The final dividend is * 

47p ror a 5.47p (4.9p> total As WOUnd-liD 
dicatrd in the Hawker Siddeley ” UU , U , “F 



W rv- H - 

. . ^ - Vv c '" ' , J 

m • T , 'f. =•* • s j 




^ : . ■'< -',Ul ' [ - 


Ter document a 2p interim has Drnmmond Investors, . said to 
-'sen declared for the first three have debts of about £50,000, has 
Months of the current year. This been compulsorily wound up after 
im pares with 2p for the first six a High Court judge, refused to 
onths of last year. sanction a scheme for its survival. 

- a s a re «iit of the offer bv ^ Otiver said there were 

awker Siddeley it now holds 52 ™ttere which required investiga- 
?r cent of Carhon. London 

rrcham Securities still holds 28 D “j J der fl uf tr ^f Mr.^tichiel 

~ awsws w 

— iiwker the current period will f. 1 ?’ 0 ?® VSyuient of estab- 

— -in for the nine months to 

■•comber 31 1978 Alr - Robert Reid, who presented 

- aTES of" the transaction with 0* > £oro?ed 

Aawkcr the battery division of £* n X’ *5^** hv a 

^Lrlton (Haddon-OIdham) acquired • J S^Mav ^ * 

ft from July L 1978 Hawker’s lead cr ?SS 0, S,i n JSliR n r«’ 

Jid batten’ division, Compton The Judge said j*mhn 
.•tones. meeting had voted for the rescue 

A hreakdown of shareholders' «*«ne on tiie ! basis that they 
nds and borrowings at March 31. would receive 31p inj the pound. 
its shows (£OOOh omitted): But a claim by 
adrion-Oldham £11,117 (£S.4«3> Keev‘l of 1 
id £5,251 (£2,188); Invergordon proved, would reduce that tO -Op 
; 9,121 (£1HJ04) and 13.109 in the pound, and if other 

3.1101: Comben £7.968 (£7,691) creditors had known of it tdey 
id £7.083 (£.8.503); Holding com- m£ht Ml haw voted as .they d«L 
my and other activities £383 The judge said the P«ntion had 
2,850) and £3.962 (£8.683). been before the court on seven 

On a current cost basis pre-tax previous occasions, and it wouia 
■nuts are shown at £8.43m, after not be nght to keep < m 
lj listing for depreciation £081m, petitioners any longer m Ooudl 

Bazaloni’s difficulties 

After all charges and tax. declaring a dividend for 19<6. 
■otits, of Baationi Holdings for This recommendation also, takes 


The following are 
extracts from ihe 
Statement by 
Sir Jadt Wallings. CB.E 
i Chairman & Managing 
Director) which has been 
circulated with the 
Report and Accounts for 
die year ended 
31st March 1978. 


-iA;2-v^jcr v * 

. -f '• 

V S-S-fr- -»v f 

, % ?;• 


r- *•. 

I 






97555. 

The .’directors report that Ihe 
May in publishing the accounts 
again due to difficulties 
pericnced in obtaining from 
dia.; jrll the essential audited 
aleihents in respect of the 
ibsidiary company. 

The" dispute with these com- 
ny's former agents in India 
been largely responsible for 
delay and protracted court 
.e^m^s . were necessary 
fore all the required Informa- 
->n was finally received. 

The Government of India has 
dicuted that )t Is not prepared 
approve remittance of profits 
til the requirements of the 
reign exchange regulation Act 
ive been fully complied with, 
M the question of tax allegedly 
eductjble from secretarial 
Mnuneration has been resol veil- 
in', these circumstances no 
mfttanOe -has been received 
nee 'early 197C and it has not 
W) -possible to pay the dividend 

romtn ended ld7S ' 

The directors therefore con- 
dor. -it unrealistic to consider 


incurring in India unusual expen- 
diture on other legal matters 
which concern the subsidiary com- 
psny. .. . 

There are certain contingent 
liabilities in respect of forward 
lea contracts which were un- 
delivered and for other claims 
and expenses which will oe 
incurred due to legal proceedings 
instituted by the former agents 
of the company which are 
presently before the courts in 

India. . . . ... 

Although, the directors consider 
that the company has justifiable 
counter-claims against Octavius 
Steel Calcutta, account must be 
taken or the likelihood of, some 
legal costs which may be difficult 
of recovery, and of possible 
damages in the event of judgment 
against the company. ■ 

This litigation may also con- 
tribute to further delay In remit- 
tance of profits from India and 
in these circumstances, the lack 
of funds in the UK with which to 
meet expenses Incurred tn tms 
country is causing the directors 
some concern. 


Our results were the best that we have • 
shown despite the fact that the world 
wide depression in the steel industry 
affected the achievements of our Iron 
and Steel Division even more severely 
than we had expected. Both our Machine 
Tool and Engineering Divisions, which 
include our Overseas Companies, 
produced by fartheir highest profits and 
record exports were achieved. 

Finance 

We have adequate funds and facilities 
available to finance our capital 
expenditure programme, a revival of 
business in the Iron and Steel Division 
and further expansion. 


Safieot figures to 31st March 1978 

Year ended Year ended 
31st March 31st March 
1978 1977 

HHTs £D00s 


A bay of one of the Dunlop & Ranker) Ltd giant steel stock service centres, ' '!;:i 

' '•'. >•.. ’ivwliich supplies steel for.eyery industry—' / . 

. i \ : 

^ f RikOiI “■ - • -X- ■ m ■ ■ : : 


SALES 

175^20 

180,424 11 

UK EXPORTS INCLUDED 

47,467 

42.685 

PROFIT BEFORE TAX 

11,214 

10628 m 

ORDINARY DIVIDENDS 

1,852 

1,643 . 0 

RETAINED PROFIT 

3,118 

2JS2B m 

EARNINGS PER 



ORDINARY STOCK UNIT 

TL6 pence 103 pence Jgj 


V : v -.**"■ 
- 

, - 


>* Vv« 

: : .r * 1 ■ ■ ■. 


The Genertron' a new electronic vertical gear shaping macHine.manufactured by W. E. SyRes'Ltd, 

^8*4 " 






>[ V tip- V . ; 






COUNTER-INFLATION ACT 1973 


Thf . Treasury have given consent to the declaration by ^ foMowing 
companies of dividends of the total amounts specified for the 
financial years ending on the specified dates. 

Th*Pe U Rue Company Ltd. London W1 £5-526.909 31. 3.78 

fia* Midland Allied Press Ltd, London EC 1 £420.613 1.48 

W^nshal! & Sons ( Addlestone) ^ £ 37^79 31. 378 

EHnjy Services * Electronics Lm6on ^ £ , fi9 . 909 31.12.77 

Elfcnonle Rentals Group Ltd. Weybridge £5^73.076 31- 378 


E^tronie Rentals Group Ltd, 
Dartmouth Investments Ltd, 
Leigh Interests Ltd. 

Qrtjtrb! Securities Ltd. 

TJi* Li lies hall Company Ltd. 

■a; • 

Latuom Holdings Ltd. 

Queens Mat Hpuscs Ltd. 


London SW1 

Weybridge 

Bilston 

Birmingham 

London EC4 

Telford 

Belfast 

Romford 


£169.909 

£5373.076 

£118,646 

H96J20 

£73763 

£58381 

£33.841 

£82.483 


31.12.77 
31- 378 
31. 3.78 
31. 378 
31. 3.78 
31.127? 
31.12.77 
31.12.77 


Published, by the Treasury as required by the above Art. 


Iron and Steel Products and 
Services Division 
Efforts must be made by the Scrap 
Industry during the year to obtain prices 
from the Steel Industry which bear a 
reasonable relation to processing costs 
and which approximate closer to the 
value in use of other ferrous furnace 
feeds which, in the main, are imported. 
Generally it was a most difficult year > 
with some improvement expected in the 
current year as prices move up from 
their recent low. 




•jmammeefj 




;/v'VV • 

-- r&t* 

i - . 

_ _ . .. . - - £ ^ 

A rough terrain mobile crane, one of the wide range of .models manufactured by Jones GranesLtd V 


Machine Tool Division 

Excellent results from this division were 
assisted by a strong continuing demand 
for our products both at home and 
overseas. Our order books remained 
very high at the year end and we are 
confident of achieving good results in 
the current year. 

Engineering Products and Services 
Excellent results are also shown by this 
division. Exports contributed greatly to 
this performance. 

We are continuing to expand our activities 
in the Far East 

Exports 

Direct exports from the United Kingdom 
again increased over the previous year 
and reached £47,467,000. The drive that 
we have put into exports together with 
the senior and top management time 
that has been devoted to overseas sales 
missions, has undoubtedly paid off; five 
years ago our exports were £19 million. 

Personnel 

We are all dependent upon the 
imagination, keenness and devotion to 
duty of our personnel who are 
responsible for any success we may 
achieve. Difficulties are many and 
outside interference becomes more 
common, but the enthusiasm of our 
personnel has not waned. We are 
indebted to ail our employees for their 
interest, effort and loyalty. 

Outlook 

Looking back to this time last year I find 
the outlook is little changed. We are still 
dependent for any major advance in the 
performance of our Group upon an 
improvement in the UK economy, 
especially in the steel and allied 
industries. Order books for our 
manufactured products remain very 
strong and we have entered the year 
well. We expect at least to maintain our 
overall level of results and with any 
upturn in the Steel Industry we should 
do better. 





# 

1875 1978 1976 

Motoaw snsntn l&fumoa 

Hie 600 Group Limited 

■ . . " ’ ESTABLISHED 1834 

MACHJNE TOOLS- ENGINEERING PRODUCTS ■ STEEL DISTRIBUTION ■ SCRAP PROCESSES 


A copy of the Report and Accounts for the 
year to 31st March 1978 can be obtained from 
The Secretary, The 600 Group Limited, Wood 
Lane, London W12 7RL 










Financial Times Wednesday July 5 197S 




BIDS AND DEALS 



MINIK&'NeillS 


Newman looks’ £4m. 


offer for Econa 


DIRECTORS OF RedMosion h*yu diaries representing 41 per cent 

■ i it., .abinna' .( 40 >>«>• Mnt nr 


moved to replace the e ffac ing ' of turnover and Si per cent of 
auditors of the group with, capital employed are audited by 


SHARES of Econa, the Birming- 
ham sanitary engineers, jumped 
19p yesterday to Blp on news that 
another West Midlands company, 
Newman Tonka, had launched an 
agreed bid worth £4m. 

Last week Econa’s shares were 
suspended at 72p following the 
announcement of bid talks. These 
have resulted in Newman Tonks, 
the hardware and tubes group, 
offering nine of its shares plus 
£435 for every ten Ecooa shares. 

The bid values Econa’s shares 
at 96 ip — with Newman's shares 
easing a penny yesterday to 59p. 
There is a cash alternative of 94p. 
a share. 

Econa yesterday also revealed 
an 18 per cent decline in pre-tax 
profits for the year to March 31. 
1978. Profits of £568^342 were 
struck after charging bad debts of 
£94,000 and supplementary retire- 
ment benefits up from £16,000 to 
£60.000. 

Sales last year rose from £6.1m. 
to £7.7m. The group is proposing a 
2-21 p final dividend but says that 
if the bid succeeds this will not be 
paid to existing shareholders. 

Newman is forecasting that its 
pre-tax profits for the year to 
July 31, 1978. will remain around 
the same level as last year’s £1.7m. 
On this basis Newman Ls fore- 
casting a final dividend of 3.1535p 
making a total for the year of 
4.Q535p net compared with the 
previous year's 3.63p net Econa’s 
shareholders wiU lie eligible for 
Newman's final dividend if the 
offer succeeds. 

The bid has the backing of the 
Econa directors who say that they 
will accept it in respect of their 
own 6 per cent holdings. 


rising 6p on Monday. A spokes- 
man for Wane said that the group 
had reached agreement In prin- 
ciple ” for a major acquisition. 

At yesterday’s suspension price 
W-ace is capitalised at £642,000. 
Last year the group achieved 
record pre-tax profits of £135,200 
on turnover of £2J27m. 

Last month.vtbe group sold Its 
65 per cent stake In Gainsborough 
Press to E. r .Heron — in which 
two Former directors of Wace have 
a substantial interest. 

The deal r realised £71.768— 
including the repayment of 
£48,368 of loans. 


sum, £440,000 has already been 
paid and the balance is payable 
within the next week. 

The properties have a book 
value of some £498J)O0, and 
produce a rental income of 
£52,000 per annum. All but one 
have been sold to a private 
company. Fredk. W. Paine, which 
already leases the premises as 
funeral parlours. 


auouors or xpe group w; .apuur empioyea atv 
Deloitte Haskins and Sells, thbi firms- other than Binder and 
auditors of Rediffnszon’s parang WhfteMlt- 

British Electric Traction Company.' , Directors say that If there was 
The existing joint auditors; ^ be a change to a single firm it 
Binder Hamlyn and Fryer wbiw-' &Moed aenslble to ask Deioltte 
hfll and Co. however have not'^, undertake the task. As BET’S 
withdrawn. • * . 1 • .. auditors they already review the 

They say that as they derivb. -udlt. 

their anthority ^^Sf^te'eadsting auditors point nut 

responsible to. all shareholders woi reanirement 


SrSt ’hlTSST £ thiTJjhSe is no legal requirement 
wo^d “ ave loeex 1 tonproper to ^ wjJessional recommendation 
withdraw. They are willing to cnhdHUrlM 


RANSOMES SIMS 
U.S. EXPANSION 

Ransomes Sims and Jefferies 
has acquired 34.2 per cent of the 
equity shares of Wisconsin Marine 
Incorporated of the U£. a lead- 
ing manufacturer of professional 
rotary mowers for $624,000 in 
cash. 

In acquiring these shares Ran- 
somes has entered into an agree- 
ment whereby it may, in certain 
circumstances, acquire a control- 
ling interest in 'Wisconsin Marine 
(some 95 per cent of the equity). 

The formula is related to future 
earnings, but the total considera- 
tion is likely to be less than 10 
per cent of the present net assets 
of Ransomes. 


LOSSES CONTINUE 
AT CUSTOMAGIC 

Losses continue at Cns to magic, 
the furniture group which is the 
target of a bid from Mooloya 
Investments — a' bid which the 
Takeover Panel’ is investigating in 
case some s har eholders are being 
paid incentives not open to the 
majority. 

Preliminary figures released 
yesterday reveal that pre-tax 
losses for the year to April were 
£189.000. £38,000 more than in the 
previous year.- when the board 
hoped for a turnover after 
“ strenuous efforts to curtail 
expenditure.”. 

No dividend is to be paid, 
making it eighteen months since 
Customagic has announced a 
dividend. 

The pre-tax losses are arrived 
at after allowing for depreciation 
and interest charges of £177,000 
(£259,000) but after including a 
£284,140 temporary employment 
subsidy. ; 

There was also an exceptional 
stock loss on an importing 


RACAL DEAL 
WITH WA VERTEX 

Racal-Milgo. of Reading, has 
signed an exclusive agreemeni 
with Wavertex Data Communica- 
tion, of San Diego, California 
to market Wavertex voice response 
systems throughout Europe, 
Africa, and the Middle East. 


BTR HAS 28% 

OF WORCESTER 

BTR has acquired 28 per cent of 
Worcester Controls, _ a US 
company which it is bidding for. 
BTR is expected to buy a further 
4 per cent 

The takeover offer is at $30 per 
share and is subject to approval 
by holders of a majority of the 
outstanding stock in late August 
or early September. 


withdraw. They are 'wflitog to 

accept reappointment and wish , , . nmiirwi hv the parent 

1o^t*E«t£ simationJnRedffJ 

^nder and^ iitchdl ha ve ^his ^ j m j n ority shsrehofaUugs 

SSnnts^^ion topEl^S Jm 

against stock and work in pro-- 

srs&.’WLsr sss 

there has been no dissatista^a V^^tors^say tha 
with joint auditors “who auditors m 

served the company with devote®- reluctance. but unanimously, Tftc 
STexS rare.” Whitehall ana&Mid of M t^udes^reeBBT 
its predecessors have held office rfflrectors, three executive director* 
since the company’s inception SMad four non-executive hmpw 
yean ago. Ca4« it directors. They say t#«y 

Directors say they took note.t^^a.rar^l consideration to toe 
the increasing amount Binder and whliehJii bur 

consultation necessary betwt^Ofidjaot accept ihwn. _■ 

the different firms of audit«t^T“Your hoard has always Men, 


£ 16.47m to £17,4310. the total audit 
Was £2l7,(KH> 
(£198,000). with £22,000 applicable 
to Bediflnska and the remainder 
to its subsidiaries. Also. £58,000 
(£39.000) was paid id BET for Che 
services of three directors. 

The qualification this, year 
stems from the auditors of a sub- 
sidiary being unable to express an 
opinion w to the ultimate 
adequacy of provisions of £1-2 tn 
made against net stock and work 
in prog ess of £6. 58m. 

Subject to the adjustment. If 
any. that may be required when 
these stocks and work In prottresR- 
are realised Binder and while- 
hill are satisfied with tho 
accounts. 

The notes to accounts say the 
provisions are for obsolete slock 
and losses on contracts and that 
the auditors of the electronic 
capital equipment subsidiary, 
although satisfied that the pro- 
visions have been made on a 
reasoned basis, cannot form an 
opinion aa to the adequacy or 
otberw tee of the provisions. 

Sir John. Spencer Wills, the 
chairman, says .In his annual p 
statement that -for the currant 


year losses will continue to be fl j|| 
Incurred overseas. Much attention ff| j J J i 


operation, amounting to £80,000 
and below the line there was no 
extraordinary credit to balance 
last year’s credit of £8,000. After 
tax losses amounted to £104,000 
(£96,000). A farther £80,000 of 
goodwill has been written off, the 
same figure as in 1977. 

Last weekend. Customagic’s 
board published its detailed 
rejection of the bid from Mooloya 
which stressed the strong asset 
backing in the company of 3L7p 
per share. 

However, the board did warn 
that the bid was disrupting 
trading and that the performance 
since the April year end had 
been damaged by the uncertainty. 


SPOONER OPPOSING 
SANDVIK 

The Board of Spooner Industries 
is now opposing the bid from 
Sandvik of 80p cash, which com- 
pares with that from Redman 
Heenan of 65p (also rejected). 
Shareholders are advised to take 
no action and await the Board’s 
detail ed reasons why it thinks 
Sandvik’s offer is inadequate. 


consultation necessary betw$* 
the different firms of audit® 
within a large group of companu 
and concluded it would aim pal 
matters and be in the interests,! 
shareholders and staff If the! 
could be, so far as possible, ot 
firm Cor the entire Rcdlffusk 


incurred overseas, kuw auenuonn-j* 

has been given to the situation in j.* 1 
Hong Kong and while recent* 
trading figures show an improve- a - 


, juiuyi ii/ v ■ - 

i‘Jte tnakinc the recommendation 
"r.toey have the interests of all 
^shareholder'* in mind. : . 


group. . ■ 

As it now stands certain 


^ to the March 3L 1978 yar, 
■’when , pre-tax profit rose from 


trading figures show an Improve- , 
ment there is stUl a long way to 
go to reach break even. 

In the UK, profits should 
increase, and overall results for 
the year should show an advance 
on the 1977-78 figures. 

Meeting, Connaught Rooms, 
WC, July 26 at lfclfipm. 


Pegler EHttersley starts well 


WACE purchase 

Wace Group, the London based 
printing plate manufacturer has 
agreed terms to acquire a private 
company with similar business in- 
terests. 

The group's share price was 
suspended at 58p yesterday after 


FORWARD 

TECHNOLOGY 

Forward Technology Industries, 
in pursuance of its stated policy 
of disposing of the assets of the 
old MPI Group, announces that 
14 freehold properties have been 
sold for £468,000 cash. Of this 


LYLE SHIPPING 

Lyle Shipping in a letter sent 
to . shareholders says that its 
decision to sell its stake In 
Seaforth 'Maritime had been 
prompted because -the group had 
been unable to justify the level 
of capital commitment which 
Seafbrth’s future development 
required. 

The group also said that it bad 
recently concluded loan agree- 
ments reducing its exposure in 
Dutch Guilders and Swiss Francs. 
As a result most of its shipping 
loans were now in pounds sterling 
or UJS. dollars. 

Lyle said that it would not be 
taking advantage of the Govern- 
ment's moratorium of sterling 
shipping loans — a scheme which it 
described as ill conceived. 
“Ironically the scheme will have 
the effect of subsidising certain 
UJv. owners and not others.” said 
Lyle chairman Mr. Herbert 
Walkinshaw. 



IRI drops desjl with Glynwed 


The sheet steel division of 
Cashmores, part of the Glynwed 
group, an d which lost £lxo last 
year is not now to be sold to 
Ftnsider International a subsi- 
diary of DM the giant Italian state 
holding company. 

Finsider was originally pre- 
pared to pay between £4ra and 
£3m for the steel division but 
Glynwed reported yesterday that 
the Italian company had with- 
drawn Its offer at the “final de- 
tail stage.” 

The British group yesterday re- 
ported the Italian's decision to 
representatives of the 300 work- 
ers employed by the sheet steel 
division. 

A spokesman said that after 
losses of £lm last year the divi- 
sion had made a modest profit 
in -tho -first- h*if -of -the -current 
year. 


SIEMSSEN HUNTER 

Siemssen Hunter, the tobacco 
and specialist publishing group, 
has sold its remaining 49 per cent 
interest in Siemssen Threshle and 
Co^ tobacco leaf merchants and 
brokers, to Standard Commercial 
Tobacco Company, of New York, 
for a total cash consideration of 
£256,000. This transaction is sub- 


ject onlyjlo the formal approval 
of the Balk of England. 

The .^consideration compares 
with ati£*asset value of £136,003. 
A I tbough 'Siemssen Threshle con- 
tributed pre-tax profits of £111,056 
in 1977, the current year will not 
see a repeat of this record. 

The sale proceeds, together 
with thh Immediate release of 
bank overdraft guarantees for 
Siemssen threshie of £171,500, will 
be used to finance the growth of 
the subsidiaries and produce a 
more uniform pattern of- trading. 

KEJEstOCK 

Shareholders of Kellock Hold- 
ings and Belgrave Assets have 
given.. the. necessary backing for 
the scheme of arrangement 
wherebEiBelgrave is to become a 
«hoUy- - “ovrnett — subsidiary of 

Kellock. 

This is expected to be concluded 
by the end of July after which 
Kellocks is to seek an unofficial 
listing for its shares under rule 
163(2). 


at 60 cents per share. The total 
consideration of $450,000 will give 
Carless Europa 30 per cent of the 
enlarged equity of Newport which 
Is a private oil and gas exploration 
company. 


CARLESS CAPEL 

Carless Cape! and Leonard has 
announced agreement in principle 
to subscribe through Carless 
Europe for 750.000 new shares in 
Newport Petroleums, of Canada, 


COSALT BUYS 
BOC OFFSHOOT 

Cosalt has agreed to purchase 
the goodwill, fixed assets and 
stock of the B.O.C. International 
subsidiary North Sea Marine Rig 
Services, for some £535,0001 
This, acquisition will provide an 
extensiorr tQjhe range of services 
already offerakjjy Cosalt textile 
offshore oil indbstra to 'which 
sales of over £2m were reported 
in 1977. N. 

The main activity of 
company is the provision of 
general marine and oil field con- 
sumable supplies, to the offshore 
industry, including lifting equip- 
ment, hydraulics, anchors and 
mooring systems. . 

The base of North Sea Marine 
at Dyce. Aberdeen will be closed 
and its business will be absorbed 
into the existing Cosalt facilities 
in Aberdeen. The depots at 
Dundee. Peterhead and Lerwick’ 
will continue to operate. 


If competition in 
markets does not become nmgK 
severe and major stoppagratrag? 
be avoided In the factories 1 ®® 
Pegler Hattersley. Mr. J. M. HttS» 
son, the chairman, expects JUfte 
the group’s position will imptjmggj 
and that he will be able to rfeptjBi 
better results next year. j;.J5jSSj 

A good start has been mdofe^ 
the current year In that orfex 
books are in a healthy stated 40sa 
the factories are workh^fcA- 
acceptable levels " although .jtt. 
would like to achieve aaeigei$iH& 
in productivity.” the aBmitufa’ 
says. . 

For the year to AprilTlJ^flnB? 
the group reported pre-tax proljSk 
of £l&5Stn asainst £1 8.19m frttth 
sales of £S6B3m (£80.19m). t$e 
dividend is 7.685p (6BStp).. iV^ 5 

Contributions to turiiovwf?$y 
building products amouftj&f _to 
£29m (£28jhn): ensrineeriste^apd 
valve. £37.6m (£36.5m): internal, 
£11 2m (£8Axn): mereaa n firig. 
£13.4m (£10. 4m) less inter-dMsIon 
£4. 4m (£3.4m). 

The policy continued of pacing 
substantial orders for J$&i»tal 
expenditure and several exp«a#ve 
machines were installed, -renew 
continuous casting plant 
ing completion at Doncaster, arid 
extensive modernisation of “In* 
Woodchester foundry has takp| 
place.' . — . - . 

Development work is? also 
beginning on the modernisation 
and expansion of the Jronioundry 
at Ormskirk to provide extra 
capacity and reduce costs. 

The group has bouspt T. A 
Knight of Leicester, a small com- 
pany specialising in. making 
moulds for the rubber industry, 
and In the U.S, both the building 1 
products and engineering and 
valve divisions have established 
their own subsidiaries to cope 
with the increasing volume of 
business being transacted there, 
the chairman says. 


f -He pointed out that plans were 
well advanced with the new com- 
pany for the expansion of re- 
sources both at home and abroacL 
^Godwins would be establish t rat Its 
«wn subsidiary companies 
-throughout the UK on a 
geographical and operational 

lhasis. . . 

^ Referring to the proposed 
'merger of Leslie and Godwin with 
the major U.S. broker Frank R. 
Hell, 3Ir. .McLcish stated that one 
of the major benefits would be on 
the employee benefits side, where 
the combined sides would together 
form one of the world's 
organisations in this field, Fhuik. 
B. Hall earns nine per cetK (Wm) 
of it* revenue from employee 
benefits, mostly from North 
America. The combined expertise 
would enable Godwins to advise 
the largest and most diversified of 
multinationals. 


F. H. Lloyd 


‘ The start of the. year has beer 
significantly impaired by unoffleta 
strikes at two of Its major (oun 
dry units, and continuing suite 
factory profits from the group'! 
engineering Companies and tin 
associated company will not offsr 
the depressed trading condition.- 
in its steel foundries and slee 
re-rolling company. 

The current order book at F, H 
Lloyd Is at a low level in lint 
with the heavy steel found ri 
Industry everywhere, while pro 
duction on the light to medlun 
sections of the foundry operation' 
have remained good in certuli 
sectors. ...7..'.. 

Order books at the englneeriot 
companies are satisfactory anr 
continued good results are ex 
pected In the current year. 

There Is still no sign of ar 
upturn In orders with steel re 
rolling, although the prospect* 
pt itafe Lloyd Cooper aaswiatr 
company are attractive. 

Mr. Foster says the action taker 


warns on 


on steel imports by the Europear 
Coal and Stmt Community apd 
the rationalisation or steel output 
at British Steel inclines him to 
believe that an uplift will, occur 
in the foundry sector toward the 
end of the current financial year 
with improvements in both price 
and output. 

As previously reported taxable 
profit of the group for the 
April L 1978 year dipped from 
£5. 79m to £5.16*71. 


first-half 


FIRST HALF profits at F. H. Uoyd 
Holdings are expected to be appro? 
viably lower than the £2.i2m 
achieved last year. Mr. R. H. 
Foster, the chairman, says In bis 
annual statemeoL 


£5. 18 m. 



CE 


*1 t 


for industry and commerce 


L. Joseph’s 
trusts 


disposal 


. . Whether you’re seekingfinance for expansion, 

■for plant, equipment, property or a private mortgage, the 
directors of Garfield Marwin peraonaHy investigate 
jrjs — rn your proposal. 


ced 226 


Tlxe Finance Director’s 
Preferred Pension Consultant 


DERRIXRON 

Amalgamated Industrials Hold- 
ings bas purchased a further 
10,000 ordinary shares in Derri- 
tron, bringing its total holding to 
9,949,296 ordinary shares (83 J. per 
cent). 


Martin Paterson 
Associates Ltd 

Telephone 01-629 5856. 


Today’s 

company 

meetings 


OIL AND 




Ash Spinning, Shaw. 10.30. Cater 
Ryder, 1, King William Street, EC, 
12*50. Foster Bros^ Solihull, 12. 
Heath (C. E.), 14-20. St. Mary Axe, 
EC, 12. Eiondon Trust, Connaught 
Rooms, WC, 12~ Sainsbory (JJ, 
Connaught Rooms, WC, 12. 


Tor field comes 

it- 

on stream 


BY RAY DAFTEJM 


ICT CORRESPONDENT 


The British Steam 
Specialties Group Lim ited 


PHILLIPS PETRODglM has 
brought on stream thesEor oil and 
gas field In the Non^ian- sector 
of the North Sea. ^e* field is 
Norway's fifth oSshc& discovery 
to be commercially 
- It is expected thraf-Tor will 
contribute about so,^:harrels a 
day of crude oil azi^Z2in cubic 
feet of gas a day. TBs fuels will 
be produced througSe-a system 
linked to Phillips’ jbdg EKofisk 
complex some eight mles to the 
south-west. v r : 

■ Initial production tj&oil will be 
from only one of the Jive com- 
pleted wells drilled from the steel 
production p1atform**T)aily pro- 
duction will thus be restricted to 
about 15,000 b/d wfihe Phillips 
tests the remainder b£“the equip- 
ment in the field. Mr£Bill Boyce, 
president of Phillips' petroleum 
Company Norway, saM the com- 
pany’s early estimates indicated 
that the wells would%ield about 
7JOO b/d but it now seemed likely 
that each well would produce 
closer to IS. 000 b/d. 7- 

OQ from Tor Is being trans- 
ported from the Ekoflsk complex 
by pipelines to Teesside. on the 
North East coast of England -while 
the natural gas is be&g taken to 
a new terminal at Rwtifen to West 
Germany. i : ; 

The field is belng> developed 
under a unitisatl<Ht>~ agreement 

between the Philljps- group, oo 
block 2/4, and the Jtmoco/Noco 
group on block 2/5 - The Phillips 
group, which Is thdight to own 
7LS per cent of-.^the fields 
reserves, comprises: Phillips 
Petroleum (operator), American 


Industrial pipeline and heating equipment: conprol instruments 
and systems for liquids, powders and granules. 


Highlights from the Annual Report 


Turnover 


Profit before taxation 


Profit after taxation (52% ) 


Dividends - 


Earnings per share 


Yeaxs ended 31st March. 

1978 1977 1976 

£QOO’s. £000’s £000’s 

31,144 27.235 21,510 


2,221 1,777 1,156 


1,080 806 527 


482 431 392 


11.5p 8.6p 5.9p 


Profits up 28%.- 
Tnmover up 14%. 

Scrip issue : one for ten. ... , 

Given fair trading conditions, 1 am hopeful that the current 
year should' show further improvement 



Petrofina Exploration Company 
Norway, Norsk Aglp. and the 
Petronord Group (Elf Aquitaine 
Norge, Norsk Hydro. Total 
Marine Norsk, Eurafrep Norge, 
Co par ex Norge and Cofranord). 

The Amoco/Noco group com- 
prises: Amoco Norway, Amerada 
Petroleum Corporation of Norway. 
Texas Eastern Norwegian, and 
Norwegian OH Consortium. 


Confirming recent industry re- 
ports. nine of the 13 (folders of 


oil exploration concessions off! 
West Greenland wjU relinquish 
their rights at the end of the year, 
according to the Greenland Affairs 
Ministry.. 

The concessions given op are 
four blocks held by Standard Oil 
of Indiana, ten held by Atlamir 
Richfield and four blocks held by 
Standard Oil of California. - 

Compagnie Francaise de$ 
Petioles, with four concessions 
totalling IS blocks, bas slso with- 
drawn together with U1 fra mar’s 
two blocks in one concession. 

Standard Oil of California re- 
tains two of the remaining four 
concessions, while Mobil Corpora- 
tion and Ultramar have one each. 

Gert Vjefa, head of tire Green- 
land Affairs Ministry, said the 
reason for the withdrawal of most 
of the concession holders off 
Greenland was the negative Out- 
come. of test-dxiilingg in 1976 and 
1977. 

There are no new plans for the 
exploration area and no decisions 
vrlfi be taken -prior to home rule 
on Greenland starting next year. 


The balance sheet of Leopold 
Joseph Holdings shows that it has 
disposed of four managed invest- 
ment trusts. This was through 
simultaneous liquidation after the 
trusts had themselves become 
fully liquid. By March 31, 1978. 
the company had received £L4m 
with a further £425,000 to come in 
the year 1978-76. 

These amounts used in the 
ordinary course of business, have 
increased liquidity and will im- 
prove profits, says Sir Hugh 
Weeks, chairman. 

The second item to disappear 
from the balance sheet is the 
“Excess Cost of Shares in Sub- 
sidiary ' and ' Associated Com- 
panies.” The associated companies 
referred to were the investment 
trusts mentioned above; and the 
excess cost was the deficit 
between the underlying net assets 
and the original cost. Two years 
ago this item bad reached a deficit 
of £489,000; a year ago tbis had 
been reduced to £452.000. By the 
time of liquidation, the net deficit 
had been reduced to only £74.000 
post-tax; and toe losses have been ! 
charged against accumulated ! 
toner reserves. j 

It is for this reason that the! 
wording describing profits has 1 
been changed to conform to the 
more usual formula for merchant 
banks. But Sir Hugh emphasises 
that the appropriate allocation to 
inner reserves from the year’s 
taxed profits was substantially 

S eater than this charge; so that 
e total of toner reserves has 
continued to rise. 

For the year to March 31, 1978. 
reported June 28, net profit after 
all charges rose from £606.413 to 
£668,16 L 

Bayerische Landesbank and 
Bremer Landesbank hold between 
them 2fl per cent of the com- 
pany. Industrial and Commercial 
Finance Corporation and Refuse 
Assurance Company each hold 
5.7 per cent 




JV letter or phone call will 
receive immediate attention. 


For enquiries please ring 
V?orthing(0903) 814008. 


■Specialist brokers inemporate finance 

^iftoriville Hall, Hove, East Sussex, BN3 3RZ-# 


...« Manufacturers and Machinists of Engine Valves and 
-;r Electrically Upset Forgings for the automotive, 
agricultural, mining and machine tool Industries. 
?' Hot and cold forged^asteners for all users. . 


Mei 


Improved Trading Results 


Year ended Year ende 


»7g 


Turnover 


31X78 

£ 

3459,174 


31.1,77 

£ 

2.681.054 


Group' Profit before Taxation 
Retailed Profit 


300,052 

47^100 


199,114 

4,117 


ZHviptends per Sbare 
E&rnittgs per Share 


. Statement by the Chairman, air. C. XL PlttaVay 
l am pleased to announce Improved trading results for the ye . 
ehfei£ff- 31st January 1978; you will see our net profit has ri& 
from about £200,000 to £300,000. This is still well below tf 
potential of the Company but toe economic climate Is variable ar 
vei^r unpredictable making business difficult. The Dlrecto 
recommend a dividend increased in accordance with Govenune 
Polity to 2.86p per sbare (2-60p last year). The value of o ' 
assets has been brought up to date and this demonstrates t 
good foundation from which we operate. 


principal operating, subsidiary, G. & A. Finney Limited, b 
ributed very well to these profits and we thank all sti 


Leslie & Godwin 


reorganises 

The pension, employee benefit 
and financial planning operations 
of insurance brokers, Leslie and 
Godwin have been reorganised 
into a completely new company 
structure to be known as Godwins, I 
a fuMy owned subsidiary of Leslie 
and Godwin. 

Mr. David McLedsh, the ! 
managing director and chief 
executive of the new company, 
said that duran" toe past five 
years the volume of business 
treadled to this sector had more 
than doubled, with now more than 
half the income, about £3m, being 
derived from fees instead of com- 
mission. These ope ratio os showed 
a departure- from the traditional 
Image of insurance broking, pr «_ 
riding a total benefit consultancy 

service to clients. 


there for toe great attention to the progress of their Compad 
ML Harold Dovey and Mr. Arthur Hackett, who have managed tt 
business, for many years, have now been appointed Directors 
Fsfoeys and we welcome them to the board. The Directors a 
considering reorganising the company structure, Belgra 
(BtaCkheath) Limited becoming a holding company and that ti 
principal business should revert to Its old: name, Belgra 


Engineering Co. Limited. This would give more autonomy 
the individual companies, greater flexibility of working 


encouragement, to the separate boards. - 

In, order to make fuller use of our .potential as Mentioned abov 
we have sought advice from leadlng flrtns to an advisory capacil 
The Principal recommendation was to strengthen management 
toe top. and in accordance, we have engaged Mr. Xonne 


Hp, F.l-Mech.E. as .General Manager and Mr. Michael Moffe' 
AjCA.' as Management Accountant. We have also strengthen*, 
management by appointing a quality control manager, personn 
officer and safety and training officer. These dutles -were underrate 
before out have now been made fiulte separate, responsibilitie 

T3ie newly established team- seem to be. settling in with the o\ 
structure -and given a moderate economic climate we are hoplr 1 
to qqpsolidate and improve bur position. 

t now thank air those who work in the Group, director 
management, staff and all employees who strive to produce gtjf 







21 





FSitSncSl Times Wednesday Tilly" 5 1978 




ROYAL DUTCH AIRLINES 

Good start to current 


BY CHARLES BATCHELOR 

.. KUM Royal Dutch Airlines con- 
. tinued to make a profit j n the 
. first two months of the current 
year, with traffic at “ reasona ble " 
levels. Profit was at about tlie 
same level as in April and May 
last year, and the volume of 
bookings is favourable for the 
next few months, the company’s 
, president, Mr. Sergio Orlandini, 
said. 

KLM last month announced a 

Per eent rise in net profit to 
„. FI 137.4m ($62m) in the year 
ended March. 31. It proposes pay- 
ing a dividend of S per cent, its 
Brst payment in seven years. The 
tough tariff competition now 
being waged by some airlines is 
not expected to affect KLM’s 
tariffs. Most travellers have 
•..“serious” travel plans which 
■ will be unaffected by the low- 
• • price offers. Mr. Orlandini told 
the Press conference. 

The apparently poor perfor- 


year by KLM 


mance of KLM in the final quar- 
ter of 1977-78 was due to a num- 
her of extraordinary items, Mr. 
E. Beekman. the financial direc- 
tor, said. Net profit was Fl 60m 
higher at the end of the year 
compared with the FI 77m 
advance recorded after nine 
months. This apparent downturn 
was due to a number of extra- 
ordinary items totalling Fl 16.5m, 
which boosted the final quarter 
of the previous year, while 
foreign exchange losses due to 
the decline in the dollar and 
sterling affected , the last quar- 
ter of 1977-78. Foreign exchange 
losses, largely on the Mexican 
peso, affected the second and 
third quarters of the previous 
year. If these items are 
eliminated, thet fourth quarter of 
1977-78 was favourable. ‘ 

KLM does not expect to pay 
any tax this year because of its 


accumulated tax compensation 
allowable, amounting to at least 
Fl 200m. This figure is increased 
by investment allowances which 
it can claim on four recently 
ordered Boeing 747$ and a tax 
benefit from the aircraft lost in 
a collision at Tenerife last year. 

The introduction of a revised 
system of investment allowances 
in Holland means that KLM will 
in future tend to buy rather than 
lease aicraft to get the maxi- 
mum tax allowance. 

KLM is now weighing up pos- 
sible replacements for its Euro- 
pean fleet of DC9s, which It wili 
begin to replace in 1983-85. Three 
possibilities are the Airbus BlO. 
although this is rather large for 
KLM's needs, the DC9-S0 and the 
Boeing 767. The replacements are 
necessary to modernise the fleet 
and to conform to more stringent 
noise requirements. KLM also 


AMSTERDAM, July 4. 

aims to expand its fleet of wide- 
bodied Boeing 747s and DClOs 
at the rate of about one a year. 

The improvement in net pro- 
fits in 1977-78 comprised a Fl 40m 
increase in the operating result 
and Fl 20m in lower interest 
charges. The improved operating 
result was due solely to increased 
traffic. Shortages of capacity 
forced KLM to cut back on char- 
ter flights to allow it to main- 
tain scheduled services. KLM's 
other activities, which include 
aircraft maintenance for other 
airlines, catering, tax-free shops 
and crew training, ‘ were an 
important source of revenue. 

Operating revenues rose 9-2 
per cent last year to Fl 275bn 
($1.23bn). Traffic rose 10 per 
cent to 2hn ton/ktns. while pro- 
duction rose 4 per cent to 3.43bn 
ton/kms. The load factor rose to 
58£ per cent from 55.2 per cent 


INTERNATIONAL CAPITAL MARKETS 


Germany shows improvement 


BY MARY CAMPBELL 

• WITH New York closed for the 
Independence Day holiday, the 
dollar sector was quiet yesterday. 
The European Investment Bank’s, 
new issue traded at around 
1 1 96i/965 on the bid side, well 
sill outside the selling group dis- 
£ If count despite the last minute 
** cut in the issue price. 

In Germany the domestic mar- 
• ■ ket bond market improved per- 
ceptibly, and the foreign bond 
market was also stronger, 
- although prices did not motfe 
much. The surprise was the pric- 
ing of the Kobe issue — set at 
100} as against the indicated 994. 

The market had generally 
expected the price to be set at 
100 once Austria had announced 
a placement at par on the same 
coupon. This came out after the 
Initial indications on Kobe. How- 
ever, with Kobe guaranteed by 
the Japanese Government, 
national comparisons were 
clearly being made between the 
two. In addition, unofficial quota- 
tions in the secondary market 
for the Kobe issue have progres- 
sively improved in the last 10 
days. 


The German domestic market 
improved under the impact of 
the moves to increase money 
market liquidity taken by the 
Bundesbank late last week. Cm 
Friday and Monday the amount 
of government bonds the Bundes- 
bank had to buy to stabilise the 
market was sharply lower than 
had been the case before the 
moves on liquidity, while yester- 
day the Bundesbank actually 
managed to sell some DM 30m 
worth of paper. 

The DM 30m placement of con- 
vertibles for Tokyu Car, being 
arranged via. BHF-Bank. is not 
due for pricing until July 19-20. 

The Ricoh issue announced on 
Monday is reported to be in 
heavy demand, with the investors 
coming in for the straight bond — 
relatively tightly priced — in 
order to get the convertible. 

Two Kuwaiti dinar issues 
scheduled for the near future are 
for Morocco's Credit Immobilier 
et Hotelier— due for announce- 
ment over next weekend— and 
for Kuwait Real Estate Bank. 

Both are KD 10m. But whereas 


the Moroccan Issue will he a 
standard foreign bond, albeit for 
a longer maturity than usual, 
the Real Estate Bank issue will 
be offered to retail investors in 
Kuwait as well as on the inter- 
national market. 

The terms of the KD 10m 
Moroccan issue include a final 
maturity of 10 years (7.9 years 
average life) and a coupon of 
83 per cent. The lead managers 
are Kuwait International Invest- 
ment Company (KUO and Abu 
Dhabi Investment Company. 

The terms of the Real Estate 
Bank issue include a 7} per cent 
coupon with a final maturity of- 
eight years. Bondholders will 
have an option to redeem after 
five years. Lead managers are 
K1IC and Financial Group of 
Kuwait 

The latter issue is already on 
offer internationally, hut retail 
investors in Kuwait, to whom ft 
will be offered through bank 
branches next week, are to be 
given preference. Denomina- 
tions of bonds will be KD 500 
as well as the more . usual 
KD 5.000. 


Swiss investment fund cuts dividend 



BY JOHN WICKS 

THE SWISS investment fund for 
Canadian Securities, Canasec, 
has cut its dividend from 
SwFr 18 to SwFr 14.50 per 
certificate for the financial year 
?ndcd May 31, during which the 
ssue price uf certificates fell lay 
12.1 per cent. . . ..... 

The fund, an affiliate of Credit 
5uisse, viewE this as "very posi- 
jive," however in the light of me 
29 per cent decline of the 
Canadian dollar against the 


Swiss franc in the same period. 
The trend in Canadian stocks was 
gratifying, according lo the fund 
report. 

An unchanged dividend; of 
SwFr 2 is being dioributed on 
certificates of another Credit 
Suisse fund, the power industry 
and utilities specialist Energie- 
valor. « „ 

The over-supply of oil, 
slackened interest fn power 
industry securities and a weaken- 
ing of other currencies against 


the Swiss franc acted as negative 
inkuences which were not fully 
offset by the improvement in US 
ahtur.il gas and service company 
stocks and in shares of com- 
panies making coal mining 
equipment or by that In West 
German and Swiss power station 
and water stocks. 

The fund increased its holding 
in US power industry securities, 
with 51,3 per cent of the portfolio 
in US securities. 


CBG raising 
$15m for 
housing 

By Our Financial Staff 

CEE DES Bauxites de Guinee 
(CBG) has arranged a $15m 
Eurocurrency facility for a final 
maturity of seven years for its 
investment programme in 
Guinea, particularly the addition 
of 500 housing units for Guinean 
workers. 

The company runs tbe Boke 
bauxite mining project in 
Guinea and is 51 per cent owned 
by tbe government and 49 per 
cent by Halco (Mining) of Pits- 
burgh, which is in turn owned by 
Alsan, Alcoa. Martin Marietta 
Aluminium, Aluminium Pechiney 
Vereinigte Aluminium-werke and 
Alumetal. 

The loan was managed by First 
Boston (Europe) and Banquette 
la Societe Financiere - Euro- 
peene and will pay interest at 
margins over inter-bank rates of 
1J declining to 1 per cent. The 
’spread will be cut at the moment 
when the payment of interest 
becomes the responsibility of tbe 
shareholders in Halco. Tbe tim- 
ing of this will depend on cash 
flow from the Boke mining pro- 
ject, which was completed in 
1973. The produce of tbe project 
goes to the Halco shareholders. 


Norpipe 

profits 

increase 

sharply 

By Fay G jester 

OSLO, July 4. 

NORPIPE. the company which 
owns the gas and oil lines Unk- 
ing Norway's Ekofi.sk field with 
Britain and West Germany, 
reports pre-tax profits op to 
NKr 79.7m (S14.Sm) ]nl977 

from NKr 46.8m. Operating in- 
come reached NKr 489m, com- 
prising NKr340m from the oil 
line to Teesside and NKr 149m 
from the gas line to Em den. 

A total of 15m tonnes of oil 
equivalents was * moved 
through the two lines during 
the year. Turnover for 1978 
will be considerably higher, 
since the gas line did not come 
into operation until the final 
four months of 1977. 

Norpipe is owned 50/50 by 
Statoll. Norway’s state oil com- 
pany, and the Phillips Group. 

Neste returns 
to the black 

By Lance Keyworth 

HELSINKI. July 4. 
NESTE OY, the Finnish state 
oil refinery and petrochemicals 
company, improved its produc- 
tion and profitability last year. 
Turnover increased by 18.1 per 
cent to FM 6.18 bn, while the 
financial statement showed a 
profit after two years of deficit 
of 1FM 17.3m ($4m) after 
taxes and full depreciation, 
bat no dividend was dis- 
tributed. 

The Input oF crude oil in the 
refineries was 11.6m tonnes, 
and thus 77 per cent of the 
annual capacity of 15m tonnes 
was employed. 


Kone orders improve 

Kone’s interim report for 
the first four months of the 
current year reports an 
increase in orders for all four 
divisions of the company — 
lifts, materials handling, 
enginering and Instruments. 
The FM 230.7m in new orders 
brought the total up . to 
FH 1.2bn compared with 
FM lbn on April 30. 1977, 
writes Lance Keyworth In Het- . 
sinkL 

However, net sales decreased 
daring the first four months 
of the year from FM 392.7m 
in 1977 to FM 296.2m ($69.6m). 
primarily because of the post- 
ponement of some 1978 
deliveries. 


NORTH AMERICAN NEWS 


Chessie recovering from 
coal strike setback 


NET EARNINGS of the railway 
holding company Cbessie 
System for tbe second quarter 
fell by 6 per cent, from $2.09 a 
share to SI. 91 a share because 
of the time it took to regain 

momentum after the lengthy 

coal strike, according to Mr. 
Hays T. Watkins, chairman and 
president 

Tbe second quarter would bave 
set an aii-Ume record bad it sol 
been for tbe time required to 
build up tbe coal movement 
pipeline in early April, Mr. 
Watkins said. The company's 
three railroads carry more coal 


than any other operator in the 
U.S., and last year 40 per cent 
of its rail revenue came from 
the transport of coal, coke and 
iron ore. ■ 

Cbessie recovered sharply in 
May and June as customers 
rebuilt coal stocks. Net income 
in those months was at record 
levels, Mr. Watkins said. He 

added that tbe general merchan- 
dise transport business was doing 
better than expected, and was 
expected to remain strong 
throughout The year. 

Looking ahead. Mr. Watkins 
said that he expects the next six 


CLEVELAND, July 4, 

months to improve significantly 
over last year's second half, 
although full-year earnings will 
not match those attained in 1977 
principally because of the first- 
hull loss. 

Ches&ie’s net income for the 
second quarter was $37.6m 
against $39.$m, on revenues of 
S447.6m compared with $423.7m. 
This result gave the company a 
loss for the first half of S293m 
compared with a profit of S3 2,4m 
or ?l .70 a share. Six months 
revenues were down from 
S73S.6m to $702.4m. 

AP-DJ. 


Kodak appeals in Berkey suit 


BERKEY PHOTO said judgment 
had been entered in its favour 
against Eastman Kodak in tbe 
sum of SS7m in tbe U.S. District 
CourL Of that amount S81.4xn 
represents damages assessed by 
a jury and trebled under anti- 
trust legistiation and 85.6m is 
for legal costs and disburse- 
ments. 

In addition, Kodak has been 
directed to sell its colour photo- 
graphic paper without its back- 
print to all photo finishers who 
request it generally on the same 
terms and conditions as its 
regular backprinted paper. 

In Rochester NY Mr. Waiter A 
Fallon the chairman of Eastman 


Kodak, said that tbe company 
“will appeal against the judg- 
ment entered today in tbe anti- 
trust suit brought by Berkey 
Photo not withstanding the fact 
of reduction in damages nwarded 
to Berkey and denial of many of 
Berkey's requests for equitable 
relief. It is important to note 
that the judgment and limited 
equitable relief awarded today 
will nor go into effect unless 
Kodak loses the appeal. 

“ We continue to believe the 
Court applied an incorrect 
standard of law to the case and 
we shall so argue on appeal.” 
he added. 


NEW YORK, June 4. 

Kodak is further required to 
disclose to all domestic photo 
finishers as soon as possible such 
new product or process informa- 
tion as it gives to its own film 
processing division, together 
with samples, drawings and 
specifications to prevent com- 
petitive disadvantages to photo 
finishers. 

A spokesman for Berkey said 
"we ore pleased that judgment 
has finally been entered io this 
case ... the company remains 
confident that this judgment 
will be sustained on appeal 
which Kodak has indicated it 
will take.” 

AP-DJ 


Nippon Electric disposal 


NIPPON ELECTRIC'S Brazilian 
subsidiary says it has agreed in 
principle to sell majority control 
of its holdings to Brazilian stock- 
holders. Stocks io the subsidiary, 
known as Neco do Brasil, is cur- 
rently worth $15Sm, the company 
said. 

The president of Neco do 
Brasil, Mr. Tadashi Suzuki said 
here that the subsidiary, which 
had sales of S924m in 1977, would 
prefer to turn over major con- 
trol to Brazilian interests in 
hopes of getting favourable treat- 
ment from tbe Brazilian Govern- 
ment In the awarding of coo- 


SAO PAULO, July 4. 

tracts- 

Brazil is In tbe midst of a 
multi-million dollar telecommuni- 
cations expansion programme. 
Brazilian financial authorities 
have repeatedly promised to sup- 
port the strengthening of locally- 
controlled companies which must 
compete domestically with 
foreign-based mutinationals. Neco 
do Brasil is currently competing 
with local subsidiaries of other 
multinationals for large Govern- 
ment contracts for production of 
telephone electronic switching 
systems. 

AP-DJ 


IBM files for 
mistrial 

INTERNATIONAL Business 
Machines Corporation, in court 
papers, filed a motion io U.S. 
District Court here seeking a 
mistrial in Memorex Corpora- 
tion's antitrust suit against IBM. 

The motion is based on the 
“ inability " of the jury to reach 
a “reasoned verdict” in the 
trial, which took five months. 

The jury, which began deli- 
berations on June 6. indicated on 
June 28 there might be a dead- 
lock and it would have to 
compromise to reach a verdict 
Reuter 


Telekurs agrees West German link-up 

” ^ rj"T V IH T/TT A 


BY OUR OWN CORRESPONDENT 

ZURICH securities infor- remains, possible through the 

Cedel and Euroclear systems. 

In Switzerland . Telekurs 
recentlv began its first operations 
outside tbe field of securities data 
bv taking over surveillance for 
tfie Swiss Banks' bank note dis- 
penser scheme “Bancomat" 


! PK{nation" service, "telekurs, is to 
ixiend its activities abroad. The 
*onipany, which is owned jointly 
iv Swiss banks, is from next year 
o offer its “ Investdata 1 ’ facilities 
n West Germany through the 
7 rankfurt economic news agency 
/creinigie Wirtschaftsdienste 

;vwd). 

Similar moves are believed to 
je planned in Holland. A 
crminals agreement has also 
jeen signed with the Eurex net- 
• *ork in’ the sector of European 
rands. while securities clearing 


Orion dividend hope 

THE chairman and president of 
Orion Capital Corporation, Mr. 
Alan Gruber, told a private 
group of securities analysts here 
that “hopefully. 197S will be 
the start of cash dividend pay- 


ZURICH, July 4. 

ments by Orion,” AP-DJ reports 
from New York. 

Orion Capital was formed 
several years ago from the 
remaining assets of Equity 
Funding Corporation of America, 
which went into reorganisation 
under the Bankruptcy Law. 

Analysts were told that Orion 
anticipates that it will earn 
about $1.30 a share after tax 
from operations (before securi- 
ties gains or losses) in 1978. 
That would also be before taking 
advantages of net operating loss 
carry-forwards. 



Fegler Hati-rsley 
P 1978 

• Sales increased by 8% to £86.8m. Exports rose by 1 6% to £22.8m. 
•The deterioration in terms of trade that had become evident la^ year 

befS ^ 

valves in particular came under severe price competition. 

•The Industrial and Merchanting divisions improved their earnings 
and associated companies again contributed handsomely to group 

results. 

•We have continued our policy of placing substantial orders for 
capital expenditure. 

position will improve in the current year. 



SUMMARY OF RESULTS 

1978 

£000 

Profit before metal 

stock depreciation 13,1°* 
Profit before tax 
Profit after tax 
Earnings per share 
Dividend per share 
(gross) 


12 f 581 
7,669 
26.1 p 


1977 

£000 

1 7,205 
18,155 
12,157 
41 -5p 



1 1 .644p 1 0.586p ^ m. Harrison (Chairman) 









i 






Extel’s 
profit 
exceeds G2m 

■ Profitfortheyearto 31 st March, 1 978 was 20% higher than the 
previous year. 

■ The number of subscribers to the Racing News Service fell again and 
profits will only be held by costsavingsand investment in the expansion of 
Extel-PA Show which has made steady progress. 

■ A new company Fintel wasset up Jointly with the Financial Timesto 
provide business information services, initially to the Post Office Prestel 
system. 

■ The Burrup, Mathieson printing group maintained theirshare of the 
market and expanded turnover and profits. 

■ Restilts from Robophone are improving steadily and new 
telephone answering equipment received a favourable response. 

■ Betel Statistical Services launched three new services and 
showed higher turnover and profits as did Extel Computing. 

■ The activities of Extel Advertising & PR developed well achieving 
a substantial rise in profits. The Engineering Division again increased 
its share of an expanding market 

■ The Group has acquired 45% of the share capital of Transtel 
Communications Ltd., a subsidiary of the unrelated Extel Corporation 
of America. . 

■ Following four years of substantial investment in its businesses,~the 
Group will continue to make good progress. 



1978 

1977 

. 1976 


£OOOs 

£000s 

£000s 

Turnover 

20,962 

17.886 

15,569 

Profit before taxation- 

2,117 

1,763 

1.513 

Profit after taxation 

1,009 

903 

724 

Dividend pershare 

5.4p 

4.8p 

4.4p 

Earningsper share 

11 Ap 

10.2p 

8>2p 



The Exchange Telegraph Company (Holdings) Ltd 

Betel. House, East Harding Street, London EC4P4HB 




% 


jfiill 


!«***»* - , Mi v. 




SPORTING AND FINANCIAL NEWS, 

STATISTICAL AND COMPUTERISED INFORMATION, 
ENGINEERING SERVICES, PRINTING, 

ADVERTISING & PUBLIC RELATIONS, 

TELEPHONE COMMUNICATIONS SYSTEMS. 





22 


1 Wednesday July 51978 


INTERNATIONAL FINANCIAL AND COMPANY NEVIS 


WEST GERMAN COMPANIES 


VW still on the upgrade 


VOLKSWAGENWERK 


AG's favourably, shareholders 


WOLFSBURG, July 4. 
may 13 per cent down at 135,000. 


earnings improved in the first count on a higher return. U:S. deliveries were influenced 

half of 1078 from the period of In 1B7S, VW paid a dividend by un 


. unsatisfactory took levels rf 

lest year, according to the chair- of DM7 per DM50 nominal share, the Golf (sold in the U.S. as >he 
man of the management board, pins a DM1 bonus dividend. Rabbit), the weakness of the dol- 
Toni Schmuecker. speaking at first half domestic deliveries lar and the notable improvement 
the annual meeting. were 3.5 per cent down on the in the performance of U.S. auto 

The improvement was due to a same period of last year, at a pro- producers, 
profitable market structure, an visional figure of 470,000 Mr. Schmuecker pointed out, 
upswing in Mexico, and signs of vehicles. Mr. Schmuecker said. however, that prodnction is build- 
progress in Brazil, he said. Deliveries to European export ing up at the company’s US. plant 

Worldwide deliveries In the markets were 7 per cent lower and should reach around its full 
first half of 1973 totalled some at 226,000 vehicles, with the drop annual capacity • of 200,000 
1.2m vehicles, slightly down resulting primarily from delivery vehicles by the end of this year, 
from the comparable period a problems with Golf, foreign Volkswagen's . Mexican sub- 
year ago. he added. exchange movements and falling sidlary made a loss ia 1977, Mr. 

Mr. Schmuecker said that demand. Schmeucker said, without giving 

although it is still too early to Sales of the group's South further details, but is now 
make concrete predictions, there African, Mexican and Brazilian operating at a profit and can look 
is the possibility that if the divisions improved, although first forward to a good result this 
current year continues to develop half deliveries In the U.S. were year. Agencies ' - , 


Allianz expects a good 1978 


ALLIANZ Vers iche rungs expects 7 per cent while mark- would not pay a 1977 dividend, 
good results in its 1973 overall denominated income from abroad Yeba now owns 873 per cent 
business year, Wolfgang Schieren, in the first quarter rose 33 per of the CWH shares after boosting 
managing board chairman, told cent its stake from 42 per cent by 

the annual meeting. CWH profits Collapse ^CX^tat (or 

CHEMISCHE WERKE HUELS 19!?' tot highS 

Son y of tU^enf prSecte to fCW!i> net P™ to .tumbled to; prices ip the second half will 


... rirci 95 per cent to DM 2.6m io 1977 enable the company to conclude 

this year. Reuter reports. The fr0 £ DM 64m in 1976, AP-DJ the year without a deficit 


payment for 1977 was DM 10, reports from Duesseldorf. 

unchanged on the previous year. CWR said the heavy fall in IVfnnrwMzmann 
with the total payout for share- profiis wS due to poor results Mannesmami Confident 
holders subject to German tax in chemicals fibres business. Mannesmann is confident— with- 
law being DM 15.63 including Mr. K arl Monkmeyer, manage- exaggerated optimism— that 
tax credit. ment board chairman, told the *ts results for 1978 will show an 

Schieren said that the insur- annual Press conference that improvement from 1977. 
ance sector is currently going total losses incurred in its joint Overheck said the company s 
through a slow growth phase, venture with Bayer. Fa^uwerke pipe business had improved in 
with Allianz insurance contracts Huels GmbH, reached DM 600m the first half of 1978. but that 
in the first six months this year before the plant was shut in results were still negatively 
rising bv 2 per cent aeainst the 1977. influenced by past orders taken 

comnarable 1977 period. As a result of the heavy losses, up at low. prices in a hid to 

Domestic premium income in Mr. Monkmeyer said that for the secure employment, AP-DJ 
the first six months rose about first time since 1973. CWH reports from Dusseldorf. 


Swiss disclosure call 


BY JOHN WICKS 


ZURICH, July 4. 


THE SWISS NATIONAL BANK bcaking will be called for. 
has called on the country’s banks Herr Bodenmann said the 
and finance companies to supply Banking Commission considers 
delate of securities deposited non-bank participations as an 
with them for administration. The “ exception " only, since it is felt 
information will be required these could represent high-risk 
from the end of 1979 as a basis commitments for banto in 
for Switzerland's first deposit question. He stressed, however, 
statistics. that this view was ' shared by 

The details will not include bankers and that a certain reduc- 
statements about bankers' tton of non-bank participations 
acceptances, bills, certificates of could be observed. In fact, Swiss 
deposits, or foreign clients’ banks have only in exceptional 
foreign securities, as long as the cases p u sit up major holdings 
latter are denominated in outside banking, 
currencies other than tile Swiss 


Franc. 


The commission continues to 


At the same time, the Swiss work on the introduction of a 
Banking Commission is intro- system to protect bank clients 
duclng a rule whereby banks’ deposits and Herr Bodenmann 
balances must be consolidated, said it was likely that the Swiss 
with the inclusion of sub- Finance* Ministry would follow 
sidiaries themselves operating as the commission’s recommenda- 
banks or finance companies and tions in tius sector. He indicated 

as real-estate companies with in- that , ..the Government woutdj year’s dividend of $749 per share, 
direct property holdings. probably limit its activities here 

For non-bank participations to determining deposits to be 
which are not consolidated in the 'protected against losses from 
accounts, a 100 per cent equity bank failure 


Viohalco lifts 
dividend 


By Our Own Correspondent 
ATHENS, July 4. 


VIOHALCO S.A, the major Greek 
holding company, announced a 
dividend of $460 per share at the 
shareholders' meeting held in 
Athens on June 30. 

Under the provisions of Law 
No. 542/77 (by which company- 
owned real estate mast be re- 
valued and the surplus capi- 
talised) and through the capi- 
talisation of reserves. Viohalco's 
share capital was doubled from 
354.67m to 810932m. and the 
number of shares from 298,750 to 
597,500, the nominal value 
remaining unchanged at $183. 

This year's dividend, corre- 
sponding to $920 per share before 
the capital increase, is an im- 
provement of S171 over last 


Amic stake 
in Mondi 
raised 
to 54% 


By Richard Rolfe 

JOHANNESBURG. July 4. 
ANGLO AMERICAN has j 



talks with Kansai Sogo 


BY TOKO StBBATA 


TOKYO, July 4. 


MERGER TALKS have been Japanese banking institutions been pressing medium-sized and 
taking place between Sumitomo have been hit severely by the small banking institutions to 

a irrmio 1 Bank, the third largest of the protracted Japanese recession, become more efficient. It has 

te ' i a P an ^! atr bauk6 ’ ,md Kaasxi reflected in slow corporate favoured business tie-ups in such 

Mondi 

Ind^SS r c£p^§'on ' ^SSmhfdS^ Niton k3Sl~ rraulthftheseries of cute in' the different' 'field* such as City 

Which ^ 3T1 AnilcStedMtrialaS 5 The merger, if it went through, official discount rate. bank a and mutual banks. 

In its Last annual renort, ! would be . the. first involving a The plight of medium-sized The Finance Minister. Mr. 



AMIC show^hoIdinEs 1 : leading City bank , since Taiyo and small banking institutions Tatsaa Mu ray am a, stressed that 

shares in Mondi, equivalent to • Bank-Pf**®?* such as mutual banks 


_ _ _ and credit the Government would welcome 

S9b"oct j j in 1968. It would make Sumitomo associations has been worsened banking institutions' mergers 

Mondi made “net eonity earn- ! tbe second largest bank in Japan by their being caught between and tie-ups, in a recent speech 
ings" of RlOj2m (S117m) in — ^ ter Oai-Idtf Kaogyo Bank— major City banks, which can at the Banking Association. 

1977. compared with AMICs net: in terras of deposits, and would offer lower interest rates on In line with the MOFe admlni- 
attributable profit figure of i be unUOTal tabeing between dif- loans, and locai banks which have ^tive guidance. 20 major 
FftO.Bm.- AMIC has acquired a. hanks. dose,, traditional connections banks have recently 

further 5.4m MomU shares from: The possibility ^ with their local communities. - t0 co-ordinate their com- 

Johannesburg Consolidated In- 1 ““I* 3- 1^2?? Those mutual banks and puter facilities, and to permit all 

vestments (JC3). in which Anglo i out by Mr. Ichiro Sonoaa, p.rew- credit associations in big cities, customers to withdraw cash from 
group companies, including De i -Jr like Tokyo and Osaka* crowded any of their branches. The joint 

Beers, hold just over 50 per : RaE ^ v So i?,? a 5* with banking institutions, have system is aimed not only at tbe 

cent. As a result, AMIC holds i P 4 ®"- «_ said, Sumitomo, would aa fl ere d most in tins way.- winning of more deposits from 
20.Sm Mondi shares, or 54 per j with Bankers argue that banking is a = customers, but at preventing 

cent of the issued share capitel. L „ structural recession-hit industry over-competition in the opening 


capital. L Tl ^* ss i bi i i PL5 f structural recession-hit industry over-competition in 

and will be able to consolidate | SHflfffftS and should be rescued. of branches. _ 


Moadi’s resuite riu tto current Ran- 

year. to December 31; current business slump on Kan- 




Moves towards mergers or busk Plans (or the merger of Hyogo 
Mr ness tie-ups between banking Mutual Bank and Kinki Mutual 



AMIC has . to pay R8.7m to JCL . 
apd this capitalises Mondi at j Ivansal Sogo ' 
just over R60cn. 

Mondi is among the big three 
paper manufacturers in South 
Africa, along with Sappi, con- 
trolled by UniOn Corporation, 
and Stanger Pulp and Paper, 
the Reed Interhational-C. G. 

Smith group venture. It also! 


is the n»aiu . shareholder in 


The Ministry of Finance basr announced recently. 


Hock Hua Bank profits up 63% 


KUALA LUMPUR, July 4. 


BY WONG SULONG 

_ HOCK HUA BANK raised its appliances, Sanyo ATalajsb shares of one ringgit each and 

includes SA^Board Mills, a- once- i n et profit by 63 per cent to chalked up another year , of 2.91m debentures of one ringgit, 
listed group taken over by 3 48nT ringgits <US$L34m> last record profits and sales, Wqdg carrying a 10 per cent interest 


AMIC two stears ago. Mondi. I Vear ' Sulong writes from Knaia rate, 

like Sappi, is a major producer! The east Malaysian bank is Lumpur. Pre-tax profits last year Gadek Berhad is already listed 
of newsprint Together they » increasing its final dividend by rose by 46 per cent to L88*n on the London Stock Exchange, 
have newsprint? capacity of;i point to 8 per cent Deposits ringgits (USS 0.71m), with sales and its shares have lately been 
360.000 tons a year, while; with the group rose by 45 per rising from 22m to 26m ringgits traded at about 2.4 ringgits, its 
domestic demand In South Africa ; rent to 2628m ringgit'- (USS9B5ml. debentures around 1.1 ringgits, 

is expected to be about 125.0001 During tbe year, the group Tbe company, however;, is- The company owns two rubber 
tons this yeax v As a result, a 1 acouired a majority stake in maintaining its previous year’s plantations In Malaysia, cover- 
major drive for export markets i - Hua Bank (Sabah) by dividend rate of 12.5 per cent, ing a total of 1,089 hectares. 


is under way.* 


Nigeria firm 
on equity rule 


raising its holding from 45 per tax free, which gives .it a gross it expects this year to make 
cent to 70 per cent The group's dividend yield of 5.7 per cent at an operating profit of 880.000 


By Our Own Correspondent 
LAGOS. Jury 4. 

FOREIGN companies in Nigeria 
roust meet tbe December 31 
deadline for compliance with the 
country’s Indigenisation Decree. 
Mr. Malara Ali al-Hakim, chair- 
man of the Nigerian Enterprises 
Promotion Board, has said here. 

Any company which Tailed to. 
meet the deadli&e “would be 
seriously dealt with." 

Under the decree, of 1977, 60 
per cent of the stores in foreign 
companies is ’reserved for 
Nigerians. * ' ■ ■ 

About 700 alien companies 
with estimated assets of 
300m naira ($47 0m) had still io 
sell shares to Nigerians, 


EUCALYPTUS PULP MILLS 


LIMITED 


Extracts from the Statement by the Chairman, Sir John Colville, 
' CJS, CV.O4 circulated with the 1977 Accounts. 


• Profits before tax. when expressed in escudos, are again a 
record. However, there has been a substantial devaluation of the 
escudo so that profits aizd the value of the company’s assets in 
sterling are red uced. 



The exchange rate used in the 1977. Accounts as compared with 

the 1976 Accounts represents an escudo devaluation of 42.16%. 
On May 5th the Bank of Portugal announced an immediate devalu- 
ation of 6J5% and its intention to allow the currency to continue 
to depreciate at a maximum 'rate of li% per month. This announce- 
ment reflected a decision taken in agreement with the International 
Monetary Fund which has, 1 am glad to say, shown its willi n g n ess 
to provide Portugal with important financial assistance. 

In spite of the support which Portugal will now receive from 
the’l.M.F n and the general improvement in the political situation, 
the country's foreign exchange reserves have fallen to an extent 
which made it impossible for the Bank of Portugal, despite its 
sincere determination to ensure that the country’s commitments 
are met, to allow the* entire remittance of the Portuguese dividend 
in one consignment 

. The Bank of Portugal has, however, authorised remittance in 
six successive moodily instalments which are not subject to any 
further devaluation of the escudo which may take place. 

In these circumstances the Board can do no more than fore- 
cast a total dividend of 17% for the year 1977. Since even the 
amount required for this purpose will not have been received in 
full until November, the Board intend to declare a first interim 
dividend of 6% as soon as the second monthly instalment from 
Portugal is received, which it is expected will be the case by the 
date of the Annual General Meeting. A second interim dividend 
of 11% is intended -to be paid as soon as possible after the last 
instalment of the 1977 dividend has been received in London. 

Throughout the whole of 1977 world pulp markets were 
depressed. Conditions were such that the Company’s production 
had to be curtailed in the early part of the year; but increased 
productivity, resulting from the praiseworthy efforts of the labour 
force and very large capital expenditure over the last few years, 
enabled the Company to produce a- total tonnage for the year 
comparable to that of 1Q76 and to sell 11% more than in that year. 
The weakness in prices has continued into the present year, 
particularly because there has been a large accumulation of piilp 
stocks in Scandinavia and North America. The situation was not 
improved b; an increase in raw material prices. 

There are now signs that the leading paper makers are 
beginning to build up tbelr stocks of pulp again and there -are 
other indications that the long down-turn in prices may be coming 
to an end. There is thus some hope of an improvement In margins 
towards the end of this year and a mere positive up-turn. in 1979. 

After the revolution in Portugal certain of the Company’s 
forest lands were occupied illegally, and in .others the planting 
of new forests was obstructed. Moreover uncertainties remain as 
to what the effect might be were the programme for agrarian 
reform to be implemented under existing legislation. In this 
situation the Portuguese authorities are making every effort to 
be helpful, which presents considerable political problems for 
them, but during 1977 and the first part of 1978 no progress was 
made with our planting programme. It is to be hoped that this 
situation will soon improve because the national economy; no less 
than the Company's profitability, will suffer in the long term unless 
appropriate measures are taken to enable new forests to be planted 
and. raw material supplies to be assured. 

It will be realised that results comparable to those of last year 
are not to be expected for <1978. But it will be a disappointment 
to the Board if profits are not sufficient to justify CAIMA main; 
taining at least the same rate of dividend to its shareholders. 

in spite of ali these difficulties, I should like to pay a warm 
tribute to the efforts whieb the Portuguese Government have made 
to restore economic and financial stability. Friends of Portugal 
throughout the world have watched with hope, but also with 
apprehension, the country’s first steps towards the establishment 
of a stable democratic government, and they have been encouraged 
by the large amount of good sense and good temper which :he 
whole Portuguese people have displayed during this anxious 
period. I believe that the reward of their patience Is already 
appearing and that with the. vita] support of the LM.F. Portugal 
will soon, once again, be set on a road leading to the restoration 
or prosperity. You will, 1 know, all share in welcoming the decision 
1 of tbe British representatives in the European Economic Com- 
munity to endeavour to expedite the entry of Portugal into the 
Common Market, and I am glad that this country’s esteem for Its 
oldest ally la to be shown later this year when President Eanes 
will pay a State Visit to Britain. 



STRAIGHTS 

Alcan Australia Sine IBS# 

AMEV 8 dc JB 8? 

Australia Sine 1BB3 .. ... 
Australlmi M. fr S. Sine "S3 
Barclays Bank K!n« 

Bouncer sfnc 1382 

Can. N. Railway Si pc 1W 
Credit National Woe X8S6 .. 

Denmark sjpc 1S94 

KCS SPC 1993 

ECS Sfpc.1997 

Bloc 0BB2 


Bfd 


Offer 


Erie 

ksso spe liras' 

Ct. Lakes Paper St 
Eameraley Sine 1992 
Hydro Quebec Bpc 1982 

'CT UPC I9S7 

TSE Canada Wpc 10M 


Vaontnu Bloedel Bpc 1B«1 


. Ferguson 94 pc <81 

MicheJta Slpc 1988 

Midland Int. Fin. 8] PC *93 
National Coal Bd. Bpc 1S87 
National Watmxutr. Spc W 
NaU. Wstmostr. 9 dc VS <B’ 
Newfoundland 9pc 1889 
Nordic In*. Bank SI pc lOT 
Norge* Ram. Bk. 51 PC 1902 


m 

S3 

*» 

96i 

94! 

061 

Ml 

9U 

97! 

9W 

Ml 

*r 

971 

SR 

9W 

US* 

991 

-Mi 

959 

1023 

931 

m 

100 

M 

SSI 

M 

100 

9tt 

98 

89 


971 

931 

93 

8T* 

TO 

37 

93 

9* 

99* 

99* 

Mi 

sry 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


authorised capital was also current market prices. ringgits, compared with 816,000 

increased from 10m ringgits to Shareholders* funds -stand at ringgits last year. 

15m, although issued capital 6.Sm ringgits against an issued Batu Kawan. which is con- 
remains at 5m ringgits. capital of 3m ringgits, and this trolled by Tan Sri Lee Ley Seng, 

A shm of 2.78m ringgits gives Sanyb shares a net asset chairman of Kuala Lumpur- 
from profits is transferred to backing of a solid 2L31 ringgits Kepong. and once held 70 per 
general reserves, which stood at per share. cent of Gadek, has reduced its 

7.6m ringgits last year, com- Despite the appreciation, of the stake to 40 per cent, by the sale 
pared with 5JBm ringgits in 1976. Yen and increased labour costs, of shares to a Malay company; 

After-tax profits in another Sanyo is confident It .would in compliance with Malaysian 
Malaysian bank -— Malaysian achieve higher levels of profit Government policy. 

International Merchant Bankers and production in the current 
Berhad — however declined year, 
marginally from 1.34m to 1.27m * ■* 

to’dSclta^wi CM* Berh,d; *toh 

A,^ r ^ B tho a htwbPr cost of funds ’ waa incorporated in Malaysia to 
IhU from 5 ^ «nt to take over to interests ot the 
55 and 6 per cent last year, and British-incorporated Gadek Ltd. 

. decline in to banlfs votame X'lfnsU MS 

or ioaus^ ^ + Stock Exchange, writes Wong. 

Reflecting the buoyancy of the Sulong from Kuala Lumpur. 

Malaysian market for domestic Listing is sought for same -S7m 

/M 


Airways 
deal by 
Swire 
Pacific 



By Ron Richardson 

HONG KONG. July 4. 

SWIRE PACIFIC is to purchase 
Peninsular and Oriental Stean 
Navigation Company’s 7 A pc 
cent indirect interest in th< 

Hong Kong-baaed Cathay Paeifii 
Airways. 

The deal will be effected b; 

Swire Pacific buying P A O' 

12.5 per cent atake in Catha; 
Holdings, which. In turn owns 61 
per cent of the rapidly expand. 

Inn eltllna SuiTm Psmfl* atanari-* *4 - — 


ing airline. SvrfreJPaciflc atread^jj-- 


owns tto other 87.5 per cent . 
tbe Cathay Holdings' equity, « 
its underlying interest In tti - 
airline company will rise to Q 
percent. 

The other shareholders f 
Cathay Pacific Airways are th » 
Hongkong and Shanghai Bank in ** 
Corporation, with 25 per cut 
and British Airways assorts 
companies* with 15 per cent, 
price has been revealed for 
proposed share sale. Last yet 
the airline .earned a rccor 
though unspecified, profit. Swlj 
■Pacific's U»77 annual sccoun 
'show operating profit from i 


aviation division nf HKS114.7r ^ 
although this Includes curtai*"* 


ijrfX- 

earnings off ground service sxtr 
ehjriiHHmine'tteerations as wi 
as Cathav Pacific Airways. 


.Arab purchase 
in Hong Kong 


By Our Financial Staff 

The Saudi Arabian-based Unit 
Commercial Agencies insuran 
group has— through its Luxe 
bourg unit. United Commerc; 
Holding— acquired 75 per ce 
of the capital of City Broke 
of Hong Kong. City Broke 
Mdll be absorbed into a new co. 
panv, UCA'fFar East). 

The new company ia to aenui 
the 40 per cent stake in Builds 
Insurance Agency Corporatir 
Manila, now held by United Co 
merclal Holdings. BIAC 
the insurance broking offsho 
of tbe Construction and Deveir 
ment Corporation of t 
Philippines. 


.Vorpipe 8lpc 1939 

Nor* Hrdro S}pv 1995 ... 
Oslo BPC IBS* 

Ports AOTWKitnes Spc 1991' 
Pmv. Qnebta^apt 1995 ... .. 
Prqv. sastadaiwn. Bipc tf 
JioamsHotul Bpc 1987- 

98* JWTjSf Spc 1992 4 

93*- * 9-lrcdon Trust 8»oc 19»C. 
109 Shell nuL Flo. Mpc 19HL i: 
971 s unit Enskttda Bpc 1991 , 
SKF Spc 1967'* ... .. 
Sweden <K’d<nn>.8lpC u 
United Biscuits 9p& 1989 
Volvo Spc 1987 ** -*■ 


1004 

95* 

994 

■U03J 

M4 

994 

10M 

M* 

93* 

100 * 

1004 



W 

85* 


NOTES 

Australia 7jpc 1984 , 

Boll Canada 7ljx. 1987 
Br. Columbia Hid. ~'.r 
Can. Par. Si pc IBM 
Dow Chemical Spc 1988 
ECS 7} pc 1982 
ECS 8* pc 1989 
EEC 7* PC 1982 


EECTIpd ISM 

Enso Conceit fflrpfc T984 . 
tiotavorkra 71 pc IMS — • 
Roefcmns Spc 1953 ... .... 
'fichebn 84PC 1983 
Montreal Urban Sfpc 1981 
New Brunswick Spc 1984 . 

New Brans. Prov. Slue "88 
New Zealand Sine 1988 
NwtHc Inv. Bk. Tfpc 1984 
Norsk Hrdro 71 DC 1982 .. . 
Norway 7*pc 1982 ... 

Omario Hydro 8pc 1957 
Singer Sloe 19B2 . . ._ 

5. Of Scot Elec 8toc 1991 
Sweden flCdom) Tipc 1982 
Swedish State Co. Tfpc ‘82 
Telmex 9* pc 19M ... . ... 98V 

Tetmeco 7* pc 1987 May — 914 

Volkswagen 7Jpc 1997 93* 


Bid 

M 

98 
934 
984 
984 
9S4 
98* 

99 
95* 
94 
95* 

. 941 
» 
994 
97* 
941 
95* 


Offer 

Mt 

98* 

98* 

971 


99* 

97 
994 

98 
Ml 
98 
95 
931 

urn 

984 

954 

98 

99 
924 
94 


KCS St PC IBM 

EIB 9|pe 1«S8 

EfB 9IPC 1992 ... ... - 

Finance tar Jnd. MPC 1*^7 
Finance for Ind. IOpc 19S9 

Finns 10} pc 19BT . J . 

Gestctner Upc 1988 

IMA lOpr 1988 ... 

■Rowntrce . lOlpc lOsa 

Sears 104 dc J9B8 . ... — ■ 

Tmal nil 9|pc 1984 ... 

DM BONDS 

Aslan Dos. Bank 5}oc 19SS 

BNDE B*PC 1988 

Canada 4Inc 1988 

Den Norske Id. Bk. Ope *90 

Deutsche Bank 41 pc 1983 


9U 

#11 

OT4 

#14 

95 

JWJ 

984 

87* 

KP 

89 


Offar 

n 

to ; 

9W. 

92J 

Bli 

91 

Mi 

90 

SO 


96 

97 

98 
991 
K 


ECS 5*pc 1999 94* 


11 : 

Mi 

9S 

TO* 

371 


STERLING BONDS 
Allied Breweries 10*pc ’SO 

Citicorp IOpc 1993 

ConrubMs Bipc 1SSS . — 


991 

W 

97 


87* 

90* 


914 

99} 



TIMBE 

Cautious 



TIONAL 


nusm 


Ex±racts from the Annual Statement b^the Chairman, Mr. R. E. Groves, 


Results 

Reduced activity in the construction 
industry was largely responsible for a 
drop of about 10% in the XJ.K. 
consumption of timber- and timber 


jvitably Competition was severe and 

margins were underpressure. The 
sterling appreciation m the second half of 
our financial year by more than 10% 
affected margins. 

A fine contribution from the 
Netherlands and a very satisfactory profit 
from the Belize company were most 
welcome. 

With Interest reducedby £li million, 
the tbtel dividend for the year is . _ , 

recommended to be increased by the 
permitted maximum to 7.035p. 


^bis figure. Negotiations are at an 
advanced stage for the sale of half of the 
^Gliksten site in London E15, which alone 

jSfaouZd ensure this. Changes in handling 

methods mean that the remaining 12 acre 

sate fully meets our needs . 

: T Our objectives include a continued 
'strengthening of the Balance Sheet 

•rf 


Stature Prospects 

J*. Economic activity throughout the 
^world is stQI restrained and currency 

■"^uncertainties are lively to maintain the 
industry's caution of the past year or two. 

“A slight improvement in the construction. 

/industry now seems likely. Our sales 
.levels are ahead of last year ; our forecasts 
..'are for this improvement to continue ; our 
' manufacturing companies are working 


Balance Sheet 

In addition to profits a number of 
features contributed to a further 
strengthening of the Balance Sheet. Some 
£2 minion of unsecured Loan Stock, being 

over half of the amount then in issue, was 

converted to Ordinary Stock at 30th 
September last. The disposal of most of 
our investment in Belgium and the 
repayment of borrowings in that country 
brought about a reduction in loans. . • 
During the year sales of surplus . 
freehold sites continued, producing a 
cash inflow of just over £1 million. In. the 
current year receipts are likely to exceed 


near to capacity. In all the circumstances a. 

sofcautioi 


degree of cautious optimism is justified. 


Financial Highlights for the 
52 weeks ended 1st April 1978 


..£134,656,000 


. Trading profit. 


.£7,676,000 


Profit before taxation X5 ,567, 000 


Profit after taxation 

& extraordinary item £2,313,000 


Ordinary capital & reserves.. JE39, 9 13,000 


International Timber and its subsidiaries are engaged principally in the production, 

importation and distribution of weed awH-wroak produfrte arid aw twaiBMfafh iw wa 

and suppliers of materials and services to ike construction industry, io industry 
- g ener ally and through branch outlets to trade and retail consumers. 


Copies of tbe Annual Report lor ibe 52 weeks ended lsr April 1870, 

obtainable Cram tbe Secnatary. International Timber Corporation 


6m Outeasa's Statement ia &P, are 
' r* Hoad. London EI5 2DY. 


vtr 3*pc 1890 
Elf Attaint hie 5*pc 1998 
Bantam 5!pc 1987 ... 

Finland 5!pc 1968 
Foranorks Hoc 1990 .. 

Mexico 8po 1985 

Norcem Sloe 19S9 

Norway 19S3 ..... 

Norway 4* DC 1983 ... ... 

PK Banken Slpc 1889 M 

Prov. Quebec 6 pc 1990 97 

Rsucanmkkl Slpc 1988 . .. TO 

Spain Bpc 1988 93} 

Trondheim Bipc 1988 96* 

TVO Power Co. Bpc 1988 .. 97 

Venezuela Bpc 1988 - 97 

World Bank Mpc 1890 974 

FLOATING RATE NOTES 
Bank or Tokyo 1984 8*pp ... U1 

BFCE 084 Slpc — 99} 

BNP 1983 SIkpc - lflfl* 

BQE worms 1985 «BC ..... Mi 

CCF 1883 Sfpc as 

CGKF 1884 SUupc 89* 

Creditanstalt 1984 8}pc 99 

DG Bank 1982 Bpc inn* 

GZB 1981 81 is PC .... 994 

tali. Westminster 1984 floe MS 
Lloyds 1983 3t3»PC ... 1001 

LTCB 1883 Spc * 99} 

Midland 1987 89»PC 89*' 

Soorce: White weld Secnritiea. 


91' 

TO; 

9«; 

JIM- 

to; 

9j 

TO 

P“. 

to; 

9i 

9s 

DTJ 

iwi: 

to ; 

971 

TO; 

97; 

BjL 

PH 

97 

97J 

97i 

TOl 


to; 

99: 

1D9*. 

TO! 

991 

99i 

u»: 

1001 

90J 

iuo; 

100 

Ml 


Our Eurobanking Services 


in 



Vfe are the whoVy’Ownecf subsicBary in Luxembourg of 
Badische Kommunate LandtesbanK a leading German 


bank headquartered in Mannheim, Our Eurobanking 

\ ea 


services indude 


Syndicated Euroloans 


In Rne with prevalent market as . well- as fixed-interest 
conditions and specific security trading, 
client needs, we manage To find out more about our 
or participate in selective Eurobanking services just 
international loans anang- contact; 

ed either on a fixed-interest _ ... 

basis or as a rat kiver credit •DtK.Krappe - Managing 

facility tor borrowers requir- . 

ing a flexible choice of cur- Syndicated Euroloans, 

rendes or maturities. .LOttaviani- 

Money market and Foreign 
srfied Eurocredit capabilities exchange dealing; 
in Luxembourg, we am also y y ’ 

active in money market and • Dc R Braun - 
foreign exchange dealing. Security trading . . 


BADISCHE 

KOMMUNALE LANDESBANK 
INTERNATIONAL S A 




25c Bd. Royal ■ RO.Ba0c 626 ■ LuxembourgVilie -TbL' 475144 
Tetephone: 475315 (Dealer^ 

Telex: 178U792 (Dealens), 1 793 tCredlls) 


:'!l 


“i nrin 


GRANADA GROUP LTD 


Turnover 


Results for 28 weeks to 15 April 1978 (unaudited) 

52 weeks 

1978 1977 to 1.10.77 

£000 £000 £000 

127,667 108,700 212,411 


Trading surplus before charging; 


Depredatj on - TV rental assets 
-other assets 

Interest • • 


SpectraRentals- integration costs 

Profit before tax and minority interests 
Tax including equalisation- 32 % 

Profit after tax 
Minority interests 


Earnings per share 

Lord Bernstein, the Chairman, states : 


38,14 8 

34,798 

69,045 

17,214 

2,569 

2,159 

16,028 

1,984. 

3,674 

31,899 
. 4,383 
6,012 

21,942 

21,686 

42^94 

16,206 

13412 

1,488 

26,751 

1,600 

16^06 

9,036" 

11*624 

6,078 

25,151 

13,521 

7,170 

86 

S£46 

68 

11,630 

186 

7,084 

5,478 

11,444 

5.7p 

.7!9m)afh 

4.4p 

n- charging 

*2p 


* 7 , 


-3 - 
*>»?» 






. . . ... , ,_._tfignreis 

after charging the Spectra Rental integration costs of £1 .488m. 

"The accounts of the overseas rental operation close annually on 30 Junc-Tuxn over for the six 
months to 3 1 December 1 977 was £14.452m (£11.1 99m) and the profit was £0.644m ( £0.83ra). 
The reduction in profit is due to the costs of develop ing 21 additional showrooms opened in the 
period. The profit for the twelvemonths ended 30 June 1 978 will exceed that of the previous 
year. 

'Granada Television made a profit of£4.904m (£3^61 no). V 


‘The fell in the exchange rateof sterling results in adebit adjustment of £1 .702m aodthis tea 
matterwhichwili be dealt within theannualaccounts.' 



‘An interim dividend of 1.1713pper share which with the current related tax 
credit of 34 % equats'%098 % (6454 %) and amountingto £1,463,000 
(£1 ,330,000) will bepaidon2 October 1978 to shareholders oa thereffster at 
25 August 1978/ . - . . 












-) :;U 


* hr. 



Wednesday July 5 1978 


Currency, Money and Gold Markets 


'•I I ; 


i ! )v ' Dollar falls to 

« 

lre record levels 

■ilC roTSrowi'on . ils and dosed at 

•vchijjs n,nrt^ m the ? rc , ,fin 81-8740-1.8750, a rise of 70 points 
n , "larket yesterday, on the day. 

" ' -n JJP 1 ? lh L closur ® of ^ ew York Using Bank of England figures 

. OeL K^ Cn a « 1 Day lrad , fn £ irede iSdS 

i^S* W1 10 01 4 from 61.5. having stood 
ott the S£i- — - « “ "* 

■ h « 

*i,li ihe ns fe r ‘ v r as fised at DM 2.0509 against 

report Vow TvJnni^ 1 "® tQ lhc D-mark, compared with 
"he £2nrE IS asa,n ? 1 °M 2-0682 on Monday. It was 
•■ hiv i»»vpntpH Cll rnH!!^ " as . pr f*^" re POrt«l that large amounts of 
’• u ihe P r hv' mtlT weakening money had been seen in support 

RY intervention from of the doUar at the fixing, but 

'• **"« that this did not seem to be 

4.-*??,? i«LL hc , Ba " k ° r ^Pan- coming from the German authori- 
• ,L yC ny 20050 '. com ‘ ties - In extremely hectic and 

' un *5 - 30 Previously, nervous early trading the dollai 

,• ‘ ,wle l ' ,e Swisfi f ranc linished at fell to its lowest level against the 

D-mark since April. Some sup- 
port was given to the Belgian 
franc by the Bundesbank yester- 
day however, when the . Belgian 
upit was fixed at its lowest per- 
mitted intervention point of 
DM 6.343 per hundred francs. The 
German central bank tended to 
play down this operation, suggest- 
ing that it was negligible at 
BFr 121m and did not put any real 
pressure on the snake. It was 
also said that this should have no 
effect on the summit talks at 
Bremen and Bonn on an expanded 
currency arrangement. 

PARIS — The dollar fell to its 
lowest level since January, 1976, 
against the French franc after 
a day of relentless pressure on 
the UJS. currency. It finished 
at FFr 4.4345. compared with 
FFr 4.4775 in the morning, and 

.11 . highest ever Cosing ievel Jg* j!W?3omta?»*?S2S 
| . gainst the dollar at SwFr 1.7990, nrAvin.ralv bm theSwfes franc 

fUiriiW^d _ S«Fr 1-8820 gKS^oiind a g^jLt thf French 

_ a T h ,«l currency f ranc> finishing at FFr 2.4688. 

knSr e i d 7930 hfih POint of compared with FFr 2.4445, while 
5 ' • V-™- „ n U ^ t*e D-mark closed at FFr 2.1679, 

reached a fj-,. 2 .t705 on Monday- 

h? D hif;^r 0 ? t ? nns l • MILAN— The dollar declined to 

L845-848 in light trading at the 

.toK^.nTuS S££%2S “7;, f ™ m 1 «" 1 oI 

V * “iw^iSSS AMSTERDAM— The dollar was 

iTr^Sm^viousS ?.xed at F7 2.2103. compared with 


July 4 

Baa|.| 

Daj-'e 




Sprwi 

Clo»e 



THE POUND SPOT I FORWARD AGAINST £ 


Canadian £ 
Guilder 
B»lclu> Fr. 
Danish Kr. 
U-.'Urk 
Hfirt, 

Pn. 

Ur. 

Arn-an. Kij 

t'lTiu-li Fl. 1 
■>««JUhKr.! 

1 tii 1 

Wina&Iij 
■>» Its. Kr. 


F *4 ! 1.6B50-TA760 
W2 2.B96a-Mi 80 
4 [4.iV4.i^ 
Ms: GO.EO-G 0 .sa 


10-M-1Q.:. 
5.-.2i-S.k6i 
. M7u-M.7u 
1148.5 M47.10 
IH 2 I 1.577 1.S8B 
7 llOJMAio.1. 
sis | 8.2Bi-»j7i 

1 1 fl.4B-o.fik 
*>2< 572-582 

«*e| 27.66-27.85 
» I 5.8&ri.4Bi 


;i.874B-U769 
a.1i]3J-2.1i 43 
1 4.12-1-4.15* 
80.40 -60 J:Q 
IO.Mi.lDJ 5 * 
&.<:5*-3.k4i- 
I 84.50-65.40 
jl46.4>-148.E> 
!|.5Eii-U64* 
, 10.19 <0.1 1 
B.2K 8.29-1 
B.tiiA 
518 578 
27.7IK27.ffl 
S.S7 6.78 


BcTsian raio is tor convertible francs. 

Financial francs 61.35-41.55. 


One m on Lb ! %jLa. |rUreejnonih| % F-J 


0.46-0.36 .(mi] 
D-ED-r. 0 .pin' 
i7g 77g .(.iff* 
50-20 . |iru . 
2 4.iredi* l- 

KiiMimi ! 

55- >65 1 -. dll •- 
par IOC c. .»• 

2 .ire piu j*r 
;- 2 j oiv >;| : - 

I . pm- per I 
Iftnrv iini-idf'j 
5. 15-2 .fifty, pin 1 
17/emiun 
5-2 L-Jini 


2.75 
5.14 
6.9 J 
4 .- 6 


1 . 23 - l. 16 c.pm 
l. 70 -l.BUt‘.iiw 
|/3g 64 q c.|-n> 
— I 0 - 7 Jc. pm 
3.41 IB-.-- i <-re<lv- 
7 .b 1 i i -i pJ pm 


2.1 B 
6.14 
B.rt 
, 4.96 
l-kJ4 
7J4 


II. Jill. 6 - 1/9 c. dn [— 14- *1 
■ 4.09 |a 0 - 17 b c.<li» t- 3.07 
0 . 7 S 4-9 1 re pm 0.75 

■«.D 8 JifiuKrtB }— 1 .IK 

0.72 jfij-a 4 e. 1 mi 1.46 
u.t I Si - 14 lire pm I 1-66 
BJ 5 16 . 10 . 7 .35 TprvJ 8.62 
6 .i 9 ,42 3 . .n.pni 6-35 
8.8 j U*- 7 J c.pni -.71 


Six-monib forward doDar 2.GO-2JOc pm 
12-oiomb 5.00-4. SOc pm. 


THE 

DOLLAR 

SPOT 

FORWARD 

AGAINST 

$ 

July 4 

Day's 



• 


m m 


spread 

aoso 

One month 

p.a. 

Three months 

P-*- 

Canad'o S- 

I 9 JMU 8 

89 JN-S 412 

LlDUkpni 

DJ 7 

0 .UMU 3 C pm 

0 J 0 

Guilder 

2 J 075 - 2 ^US 

iai 75 - 2 JBS 5 

D. 78 - 0 . 73 C pm 

3.83 

2 J 8 - 223 cpm 

433 

Bi-lKian Fr 

32 J 2 -J 2.43 

32 . 35 - 3 Z 57 


2.46 

2220 c pm 


Danish Kr 

5 .M 5 G- 5 .M 3 B 

5 ^ 3155-6330 





D-Marti 

, ftOlLS l\Ta« 

2 . 0623 - 2-0530 

tSM^Aulpm 

4 -TB 

2 -»iB 5 pf pm 

5 M 

Port. Es 

— 

45 l 40 - 4 LS 







Lira 

843^044700 

S 55 . 30 - 545 .M 

(L 80 -L 3 ailredls 

- 2.66 

3 - 2 S 425 IIrt>tfts 

—2Jt 

Nrv en. Kx 

5 JWB- 5 J 840 

53 * 30 - 5 - 3*40 





rrvncll Fr 

A. 4453 - 4^675 

M 500 - 4 . 4 SH 

0 . 47 -G 57 C dls 

- 2 J 6 

0 - 95 -U 5 c dis 

—1ST 

Svn-disS Kr 

4 J 35 GAJ 05 

UH 54 J 3 K 





Vm 

200 .t 0 - 20 U 5 

200 . 904 SX.U) 

UB-USy pm 

6.33 

3A5-3JXXj pm 

6 JT 


— 

1 U 2 F 1 UU 






Swiss Fr 

1 . 7 W-LXU 15 

L 8025 -UQ 35 

LU-LOcpm 

6.62 

JJUJIc pm 

7 AE 

“ U.S. 

ectus per Canadian 3. 






CURRENCY RATES 


F.n.-.i-.- 


: : - Several central banks probably f* SS- 

00 k advantage of the situation Hnn^tn^fu tn pi 0 2 M 5 ^ 

0 increase their foreign currency ^ TOKYO^Heavy selling of 

fi^lrnK^-.^'Ronk dollars pushed the U.S. currency 
laded the Bank of Ilalj and Bank t0 anol her record low against the 

and ‘ l P“ c i e j! Yen ahead of the opening of 
S43.50 against the dollar, but fell European markets. The Bank of 
> LS45.15. suggesting possible j apan intervened in late trading, 
itervennon. while sterling was buving an estimated 5100m at 
very strong despite the fail Y2D1.3D The lowest level touched 
f 5119m In Britain’s reserves in by the dollar was Y201.25. and it 
one and news that the National closed at Y201.32j, compared with 
nion of Mineworhers Is looking Y2D3.324 on Monday. Spot trading 
it a pay increase of 40 per cent, was active at about S4S7m with 

he pound rose to a best level of combined forward and swap trad- 

‘.8740-1.8750, after opening at ing at 5422m. 


July 3 

Special 

Drawing 

Rights 

Enropoan 
Unit of 
Account 

Jnly 4 

Bank of 
EnslaiN 
Index 

Homan 
Guaranty 
changes % 







U.S. dollar - 

L24183 

L25716 

VS. dollar 

. BaJS 

t«> 

Canadian dollar 



1.41163 

Canadian dollar 34.71 

(u) 

Austrian sehilllne 

Z8J095 

13-5707 

Austrian scbilllns 

. 139-81 

Cn) 

R'.-Islnn franc 

40.4430 

41X6403 

Belgian franc 

. 113.0 

fuJ 







DvinsChe Mark 

Z36S35 

257823 

Deutsche Mark 

. uun 

(a) 

r.ullder 

2.76369 

2.77904 


. 167.23 

(u) 





. 120.41 


Lira 


UJ67-18 


. 100.32 

(a) 

Yen 

2SZ464 

252616 

' Ira - 

. 56-38 

(D) 

Norwegian kroner ..... 

6-M346 

L76Z29 

Yen 

. 146.91 

<u> 

Pcscia 

RTASTr 

98^74 

Based on trade weighted char-tes from 

Swedish kroner 

5.6615* 

5.7K97 

Wash melon am-emem December. 1B71 

Swiss franc — 

7.786*0 

21UH 

iBank of England 

Index=100i. lu; Up 


CURRENCY MOVEMENTS 


available. 


OTHER MARKETS 



£ 

* 1 

£ ■ 

Ntrti- K«*P 






Auriralia Ihillnr..,. 

1.6230 1. b 290 

0. 696 *.•.! 68 ij o h-mm 

60-t-M? 

rinlaiM Mnikkn.... 

7. 8 7.89 

4. 115 4.. 135 

i.Vnm».!k..._ 

10.iL-10.45 






i'Iiwy Urachina.... 

67. <38 ‘ 411 

a .14 07.03 

uPidwhT «... 

3.80 2.90 

I.iflt- Ki-Ifi-I ISHlai. 

8 . 7 ..70 

4.644 -4.1-6 


156ll 16U0 

Iran Kroi 

128 U 4 

c 8 28 .1.48 

4m|««* — 

360 390 

Kuwait Dinar tKbi 
Luxemtv-nn: Krai* 

0.606 0 . 16 
60.4 -bO S 

0-.699 0-. 52 
3&. 2 1-5- 27 

hetlfcnn 

X.iwev 

4.09-4.16 

9.85-10.00 

Uulnygla IbjiLaj 

4.** 25 4.4225 

2.5' 90 4.a> 0 

K.tftuysl 

80-84 

\«>» Zenl«ll.lth-llhl 

1 . 8 - 6 >- 1 . - 2 . 

0.5 635 0.1 639 

’ll'll 

1.4a-l-46 

ao<f A rati la Itivn 

6.40 r. 90 

i 41 3.«i7 

:wnztflan<i 

3.40-3.50 

iiiL'a|eire Dollar... 

4. 2 4..- 4 

2.3163-2.0)6 > 

Li-ile-i Mblw_ 

1.64-1.66 

■ •nth African Kan» 

1.6198 1.6567 

0^841 0.6731 lYupir-Ui Vl-i 

34-36 


Ralp «jvm for 4raiHiitr» t* frwp rale. 



RO-CURRENCY INTEREST RATES* 


Julj « 

Mi-lUlIL- 

UlMdlHD 

Ih-IIKI 

L*..i. U. 11 IW 

Dul<-li (•miller 

•aria- Franc 

W. Uertiuiii 
Start 

French Franc 

Ira- inn Lira 


1 •■•fiie-i* Yen 

M-t ii-nti 

B dsVH iNilii-e. 

Mil ll 

pret- mnniliF... 

H in- niMin 

i-ir. 

9*4 10i« 
103 b i os* 

l'-?4 Ills 
11. 'fi 11*4 

ir. t- SB 
121* l.-Se 

714 - 8*4 

II- 

713 7Tb 
Q-» i6 
8IB-67B 
8J4-91B 

77«6lg 

8 6), 

Kt* 

Qlt-BsS 

414-418 

4U4>3 

4U-H«* 

41* -*3, ;> 

588 57* 

1t 8 -2I 8 ‘ 

1»» IN 

m 

-r> 
fft t« 

Sn 1 ■ 

31 2 ■ S 8 
3>B-ft*8 

3S« 3Tb 

12 lklg 

U>« 

1014 lb »1 
IUI 4 -ILI 2 
101 * ll l s 

11 1 U 4 

9-11 
lu .1 

10 n 

W 

12l g -13ie 

£»/»>* 
r r* 

6Tg 9 
«>( - SB 

xSB 

Us-Ha 

Ut 2i a 

3 36e 
s 'e *tb 

9-SB 


The lollouiriit nominal rairs were Quoted for London dollar cerdficales of depoalt: One momh 8.05-8.15 per cem; three months 8 -55- S. 45 per cent; out monUi 
^1 ..iis-^ri^BirMoUar^eoSu:^^ years 97u>-39it, per com: three years 97 u -09u per cent: four years 94-61 per cent; five years 9|-« per cent. ‘Rules are 

> Shuri.u"rin U: riil« S are call for merlin*. U.S. dollars and Canadian doUars: iw o days’ notice for guilders and Swiss franc*. Aslan rates are cloying rates in 
k-u>ori-. 


OlOZW 


KCHANGE CROSS-RATES 


-v 


July 4 

' tVmi't nicrtlng 

1 l'.S. D. .liar | 

[UeutBcbeMark] Japanese Yen j 

French Franc 

| 8wl«r Frarn- [ Dutch Guilder] Italian Lira ; 

1 Carta-in Dollar; Belgian Fran* 

tn>t Merlliii: 

'. Uidlnr 

1 1. 
j 0.533 

1.875 

1. 

3.640 

2.04V 

377.0 

201.1 

6.293 

4.424 

5.375 
' X.8l0 

4.130 

u.i03 

1-84. 

84 .0 

£.104 | 60.45 
1-122 | 52.25 

11 The Mark 
mnw Wii l.iXM 

1 0.260 
2.665 

0.468 

4.972 

1. 

10.19 

98.18 

1000. 

2.160 

22.00 

I-.B79 

8.962 

1.076 

10.96 

4 1 8 5 
4202. 

u.548 

5.580 

1 10.74 

; 160.3 

iicti Franc 10 
iw- Fume 

| 1.206 

| 0.296 

2.260 

0.=5i 

4.631 

1.158 

454.6 

111.7 

10. 

2.467 

4.07 J 

1. 

4.980 

1.224 

1910 

469.3 

£.537 

0.613 

i 72JO 

1 17.91 

li’h liiiihlrr 
llan Lira I.IVJ 

1 

1 0.242 

1 0.631 

0.454 

1.183 

0.930 

2.424 

91.28 I 
238.0 1 

2.008 

3.236 

0.817 

2.131 

' 1. 
3.607 

363.5 

liXO. 

U.5G9 

1.328 

14.E4 

38.16 

w-liaii Itilinr 

L’Uin Franc 100 ] 

0.475 

1.654 

0.891 

3.101 

l-b26 

6.562 

179.2 I 

623.7 1 

3.942 

la.72 

1.604 

5.583 

1.963 

6.83e 

753.0 

2620. 

1. 

3.480 

1 2a74 

I 100. 


INTERNATIONAL MONEY MARKET 

French limit loan interest 


GOLD 



The limit on interest charged to 
irate borrowers w - as set yester- 
y at 22.72 per cent by the 
enrh aiiihnrilie^. The rate wwO 
pi]’ for the second half of 1978, 
Id is linked (by virtue of being 
ubk) to the average gross yield 
issue date of bond issues 
ated on the local capital market 
private borrowers during the 
cvious six months. At the end 
June this stood at 11.36 per 
nt. The ceiling is to be up- 
fed every six months provided 
■’ flt the average bend yield differs 
• nmre than 0.23 per cent from 
0 previous rate. 


Short-term money market rates 
were easier at 7J per cent from ~i 
per cent on Monday. One-monlh 
money fell to 7J per cent from 
7*1 while the longer periods 
showed no change. 

FRANKFURT— Interbank money- 
market rates were unchanged 
from 3.55 per cent for call money 
through to 3.95 per cent for six- 
month funds. 

AMSTERDAM— Call money was 
unchanged at 4* per cent while 
the one-month rate rose to 44-** 
per cent from 4J-41 per cent and 
three-month at 45-42 per cent 
against 4H5 per cent Six-month 


cent against 
previously. 


against the 


51-51 per 


cent 

HONG KONG— Conditions in the 
money market were again light, 
with call money commanding 51 
per cent and overnight business at 
4J per cent 


UK MONEY MARKET 



July < 

| July ft 

'•t*i bUi.KKi th mil 
^Hlll VI 

v1hf M u>xp l ....ra» 

el 4} bb; 

■SU5^-1B4i 

■ Itenmv ... 

Unrnlnu Mxliu 

AlterDoao tixin '... 

5i 4 ; j 

SI 5.00 
.(JLst.7B8 

16 r 4 4 j 

<£*».68h 

jSlS 2 i-l -84 
;S left. 00 
(U«3.4*1j 

;sns .26 
W38.1981 • 

■totnet-lt.nl >y 1 1 

Knuemmi SI 0 1: * :S181j-lF5j 

.u - 1 14 - 2 i uLIQki lOfti. 
Yew aoreremu* — 59J FdS-67 

1 1224-50)) - (la-tMi) 

UL1 SorereLma 'ft. 4 8 ;S53J-t« 

jl& 8 j 28fl. ;r£2S; 29J) 

intevuai icumi v 


! j 

New Soveretciu — 

<111014-1024 ilia 11-10341 

S 4 B S6ft*o 

■iL. (K26*-SSi) 


■ii-8, 29j, 

|U2c0-2c* k ) 


ft >'2 'Ffl 

jSl <2 14s 

SlOOi- IU 4 


'- 100-115 



Moderate assistance 


Bank of England Minimum 
Lending Rate 10 per cent 
(since June & 1978) 
Conditions in yesterday's Lon- 
n money market remained 
■. rily dull and although faefors 
inled towards a fairly flat day. 
e authorities were required to 
y a moderate amount or 
1 ■ eoMiry bills iiil direct from the 
8Cnunt houses. Hanks brought 
rw «ni balances above target and 
is appeared to bo the only factor 
irking jn the markers favour. 


On the other hand, there jvas a 
fairlv large take-up of Treasury 
bills and a similar nse in the note 
circulation. This was ift addition 
to the repayment of Mondays 

“paciow^rtSed to indicaio that 
the intervention should not hate 
been necessary and banks arec£ 

peeled fo carry forward aw'e 
target balances to today. Discount 
houses paid up to 9J / n - 

secured call loans, but closiiW 
balances were taken at <;-®s P er 
cent. 


In the interbank market, over- 
night loans opened at 9 (-9} per 
cent where most of the day's 
business was done. During the 
afternoon, rates eased to S-SJ per 
cent and although 10 per cent was 
seen in' places at the dose, very 
little business was done at this 
level. Short-term fixed period 
interest rates remained fairly 
steady. 

Rates In the table below are 
nominal in some cases. 


5 NDON MONEY RATES 


j'llv 4 

lull 

)Htlgl;l „ .. 

l V» ntilh-r.. 
•Y'-ic 
\ mdii-r.. 
1 <H>>aih,... 

* rn,.ii»h-. 
^Mimiiiht J 
WwalU-....! 

• QMiaUii-.-j 

I 

1 tnp., ... 


SlfrUnc 

Oriifli-Btf 

, m dcixnil* 


9.: 9.1 ; 

10 51 j : 

luiii- to i 

10.A 1U.4 l 
101= ll!fl I 
101; 10 u 


I 


lDlCrt«uk 


8 10 


9*i 9-0 
B 7 « - III 
10 ,' u - JO... 
lUia 10>i 
10.! -10. „ 
101= ■ 10^ 
t<ji= ta&s 


Tsmi iLnai 1 Airth- 
Xiuhiinty ' ni-j4U«"' 
il(»|»-iFll' ‘ KiWll* 


9*1 I 
95« 9.J 1 
WJa iw j 

a :?- 10 : 

IU-IOIb ! 

10U-10I= ! 
LOU-lrii 


10 I| to 

97r, 9 <3 
9T 6 eia 
0T 6 -9i| 
101b Hb|t 
!0>a iu‘8 


Finance 

Hniire 

Depraijp 

lV»nn»H.T 
Dn» <' 

- 

10 


10 <8 

1 . - 10 l B 

- 

IOIq-IOM 

30 't 

IOIj-IOJ* 

— 

lO-tB-lOi; 

10 >? 

lUbB -1078 

— ' - 

1 l 7 3 

1 — 

ll 





[ DMemtnt 
market 
Hepo-.it 

IruauiT 
Bille * 

Eiieibic 
Bank 
Bil's 4* 

FlneTn>i> 

Bills* 

7ia 9s* 


- 

— 

9H91 a 

— 

I 

*"■ 

W1S-9S* 

9^,914 

9:? 

101 , 

a»e 

9 <f -9* 

9E-9TB 

101, 

91, 



104b 




tOiis 

10^4 

- 


- 

~ 


ran* 

table aru 

ccDt. 

ibrec-monih 


C3! a «borw -«t Maims »««•*■■* j 1 ”! r ^'mT^nt/ bre ycai* ^ *5^“ 

,ih. .i, n . ,. aK t,i in niT lviiI: four - “-J .... gisu; dct ci’pi- iWf-UBMli trade bills 101 psr cent 

™i. to tMeiw-r Buxiotc raien lor kninnonjlj ^ j Vr wii; lw n»«Ui Wi 2-9832 per cent: and threc-monm 

b TrvafflirT bill* 91 w .' ;t v hiilB sum » -r *“* two-month BUi6-9S3j2 l»r MM: 

E'SryTSJSE 1 'O' l« Der esan and also tb««»ntb 

brewwmib a me teui. one- AssodaUoo> 10 per com from July L 1873. CMarim Mnh 

M* Rato* M-* R«. for leading 10 par «aL 

It Rates f(or smaU nmis ai ™ « -rtfi aa m" 1 - 

iw.JMk: Average -temhx ran* of di«Diiut s-«-b 


Gold rose $1 to $1844-185*, ™ 
very quiet trading as a result of 
the closure’ at the New York 
market. The metal opened 
slightly firmer at $184-184}, re- 
flecting the weakness of the dollar 
against other major currencies, 
and was fixed at $185.00 (I9S.7981 
In the morning and at $184.40 
(29S.G89) In the afternoon. 

In Paris the 12i kilo bar was 
fixed at FFr 26.730 per kilo 
(8187.23 per ounce) in the after- 
noon, compared with FFr 26.750 
(S1SG.29) In the morning, and 
FFr 26.750 ($185.20) on Monday 
afternoon. 

In Frankfurt the 12} kilo bar 
was fispd at DM 12.200 per kilo 
($185.02 nor ounce), compared 
With DM 12,200 ($183.41) 

previously. 

MONEY RATES 


NEW YORK 

Prime Time 

Knl Funds 

T»a«w AiDg ■ I.T-wepti 
Trr amirs' ElUs i2frw«!Si 


GERMANY 

Discoum nut , 

Oitrn'elu 

0»< mflntb — 
Thrve monibs 
Six mombs 

FRANCE 
Dieceuni Fate 

Ovtrniit&l 

One month 
Three months 
Six mombs ... 


JAPAN 

Discount Rate ...... 

Call tUncwUUonal) ...... 

ElUg Dlaeoum Rs,ie 


« 

8J26 

6.M 

7JS 


3 

Z5& 

3A 

3.7 

3.95 


1JT$ 

7.75 

8J2S 

EASTS 


33 

439 

4Xti 


23 


All these notes having beertsokJ^ this announcement appears as a matter ol record only. 


NEW ISSUE 


m.-k isra 



CREDIT COMMERCIAL DE FRANCE 


45,000,000 United States Dollars 
Floating Rate Notes due 1985 


CREDIT COMMERCIAL DE FRANCE CREDIT SUISSE WHITE WELD LIMITED 

KREDIETBANK S.A. LUXEMBOURGEOiSE 

A. E. AMES & CO. LIMITED BANKERS TRUST INTERNATIONAL LIMITED 

BERLINER HANDELS- UND FRANKFURTER BANK CAISSE DES DEPOTS ET CONSIGNATIONS 

CONTINENTAL ILLINOIS LIMITED COUNTY BANK LIMITED 

UNION BANK OF SWITZERLAND (SECURITIES) LIMITED UNION DE BANQUES ARABES ET FRANCHISES - U.B.A.F. 

WESTDEUTSCHE LANDESBANK GIROZENTRALE 


ALAHU BANK Or KUWAIT (K.9.C.) 
ARAB FINANCE CORPORATION SJLL. 


ALGEMENE BANK NEDERLAND N.V. 


AL SAUDI BANOUE AMEX BANK 

IlM.IUd 

BACHE HALSEY STUART INC. 


THE ARAB AND MORGAN GRENFELL FINANCE COMPANY 

Lim.tcs 

BANCA DEL GOTTARDO BANCO AMBROSIANO BANK OF AMERICA INTERNATIONAL BANK JULIUS BAER INTERNATIONAL 

BANK GUTZWILLER, KURZ. BUNGENER (OVERSEAS) BANK OF HELSINKI LTD. THE BANK OF TOKYO (HOLLAND) N V. 

lllMCtf > • . • • ■ 

BANQUE ARABE ET INTERNATIONALE D'lNVESTISSEMENT (BJU.I.I BANOUE BnUXELLES LAMBERT S.A. BANOUE CONT1NENTALE OU LUXEMBOURG S A. 


AMSTERDAM-ROTTERDAM DANK N.V. 
BANCA COMMEHCIALE ITALUNA 
SANK FUR GEMElNWIRTSCHAFT 
DANKHAUS HERMANN LAMPE 


BANQUE FRANQAISE DU COMMERCE EXTERIEUR BANOUE FRANQAISE DE CREDIT INTERNATIONAL 



BANQUE DE UNDOCHINE ET DE SUEZ BANOUE INTERNATIONALE A LUXEMBOURG SA. BANQUE LOUI&-DRETFU 


BANQUE DE PARIS ET DES PATS- BAS BANQUE DE PARIS ET DES PAYS-BAS 

pviit l* Gu i»J-DuCRe €■• i ...■■ ...'.jw; 

BANQUE DE LA SOCIETE FINANCIERE EUROPEEMNE BANQUE DE L'UNION EUROPEENNE 


BAYERISCHE LANDESBANK GMOZENTRALE BAYERISCHE VEREINSBANK 

- CAISSE CENT RALE DES BANQUES POPULAIRES CAISSE NATIOKALE OU CREDIT AGRICOLE 


BANOUE GENERALE DU LUXEMOOURG S 4. 
S BANOUE NATIONALE DE PARIS 

BANOUE POPULAIRE SUISSE S.A. LUXEMBOURG BANOUE ROTHSCHILD 

BANOUE WORMS BARCLAYS KOL 6 CO. N.V. BARING BROTHERS 6 C0-, 

L-r.nl. - 

BERGEN BANK 


BLYTH EASTMAN DILLON * CO. 

.■ L.it.ii. 

CUZENOVE & CO. CHASE MANKATT AM CHEMICAL BANK INTERNATIONAL 

LM-il- •) L-» i!i i 

CmCORP INTERNATIONAL GROUP COMMERZBANK CREDIT COMMERCIAL DE FRANCE (SUISSE) SJL CREDIT INDUSTRIEL O ALSACE ET DE LORRAINE 

Ahliengp-.dlictw'i L-i.-'d' -vu'H 

CREDIT INDUSTRIEL ET COMMERCIAL CREDIT LYONNAIS CREDIT DU NORO CREDIT ANSTALT-BANKVERElN CREDITO ITAUANO 

DAI-ICHJ KANGY0 BANK NEDERLAND N.V. DAJWA EUROPE N.V. DEN DANSKE BANK DEN NORSK E CREDIT BANK DEUTSCHE GIROZENTRALE - DEUTSCHE KOMMUNALBANK. 

j 1 16.1 Akl.etcLkdS 

DG BANK DRESDNER BANK OREXEL BURNHAM LAMBERT EUROPEAN BANKING COMPANY FINACOR FIRST BOSTON (EUROPE) 

Dnilu-nr> C-rno-.^nxiuli^nk in<B>P«jlru Limnee l-i-UJ 

FIRST CHICAGO GENOSSENSCHAFTUCKE ZENTRALBANK AG - VIENNA ANTONY GIBBS HOLDINGS LTD. GIROZENTRALE UND BANK DER OSTEHREICHISCHEN SPARKASSEN 
LiimieJ Aui-na^>.M~K.'l 

GOLDMAN SACHS INTERNATIONAL CORP. GREENS HI ELDS HAMBROS BANK HESSISCHE LANDESBANK GIROZENTRALE 

Incdipnlfd Ll-nllcfl 

HILL SAMUEL 6 CO. E.F. HUTTON S CO. N.V. INTERALPHA ASM (SINGAPORE) LTD. 1STITUTO BANCARlO SAN PAOLO Dl TORINO 

LMM-.-J 

KANSAUJS-OSAKE PANKKI KIDDER, PEABODY INTERNATIONAL KLEINWORT. BENSON KREDIETBANK N.V. KUHN LOEB LEHMAN BROTHERS INTERNATIONAL 

l Willed Lim.lcd 

KUWAIT FOREIGN TRADING CONTRACTING A INVESTMENT CO. (SJULJ KUWAIT INTERNATIONAL INVESTMENT CO. SA.K. LAZARD BROTHERS £ CO. LAZAR D FRERES ET ClE 

l-mil-wl 

LLOYDS BANK INTERNATIONAL MANUFACTURERS HANOVER MERRILL LYNCH INTERNATIONAL A CO. SAMUEL MONTAGU A CO. MORGAN GRENFELL A CO. 

I'MiM Limned broiled mitfij 

MORGAN STANLEY INTERNATIONAL NATIONAL BANK OF ABU DHABI N E D ER LAN DSC HE MIDDENSTANDSBANK N.V. THE NIKKO SECURITIES CO . (EUROPE) LTD. 

Limned 

NOMURA EUROPE N.V. NORDDEUTSCHE LANDESBANK GIROZENTRALE NORDIC BANK ORION BANK OSTERREICHI6CHE LANOERBANK 

Linlfed Lnulcd .-.-n-^- ,i| 

PETERBROECK. VAN CAMPENHOUT, KEMPEN SJL PRIVAT B ANKEN MJL ROTHSCHILD A SONS SALOMON BROTHERS INTERNATIONAL SCANDINAVIAN BANK 

AkK^skjb . Lim.led L'-IMol L-m.ic 1 

J. HENRY SCHRODER WAGG A CO. SKANDINAV L5KA EMSKILDA BANKEN SMITH BARNEY. HARRIS UPHAM A CO. SOCIETE BANCA1RE BARCLAYS (SUISSE) S.A. 

L. rr.ileo inewpeiaied 

SOCIETt CENTRALE DE BANOUE - SOCIETE GENERALE SOCIETE GENERALE ALSACIENNE DE BANQUE SOCIETE GENERALE DE BANQUE S.A. 


SOCIETE SEQUANA1SE DE BANQUE SVEN8KA HANDELSBANKEN SWISS BANK CORPORATION (OVERSEAS) TRADE DEVELOPMENT BANK, 

' . Linulod Loecri Sr^p.,-1 

UNION BANK OF FINLAND LTD. UNION DE BANQUES ARABES ET EUROPEENNES - U3AL UNITED INTERNATIONAL BANK VERE1NS- UND WESTBANK J. VONTOBEL ft CO. 

Sorocic Anen-.mi- Limili J -i> l iijui u iJi 

S.G. WARBURG ft CO. LTD. WIILMMS, GLYN ft CO. DEAN WITTER REYNOLOS INTERNATIONAL WOOD. GUNDY YAMAICHI INTERNATIONAL (NEDERLAND) N.V. 

umlled 



Ever since its establishment in 1964, as the first- 
muld-arab consortium bank, the Arab African Bank's 
involvement in commercial and investment banking 
business has steadily extended to cover many parts 
of the world. Now the international status the bank 
enjoys i* reflected in our new name-Arab African 
International Bank. 

But that is not all that has changed. 

As our business has grown, so have our financial 
resources, and today our total assets are in excess 

in 


of US $779 million. 

Our services, too, are wide ranging, covering 
international trade financing, medium term loans, 
project development and financing, money market 
operations in Arab and Euro currencies, and die 
management and underwriting of internationally 
syndicated loans and bond issues. 

For experienced banking advice and assistance- 
in the Middle East or internationally- ours is die 
name to remember. 



. arab afiican international banh 

International Head Office: 44 Abdel Khalek Sarwat Street, Cairo. 
Telephone: 920390-916710 Telex: 92071 ARBFR and 363 ARBFRO 
Branches in Abu Dhabi, Beirut, Dubai and Muscat: Representative offices in London and Khartoum. 

„ JWan IrtoraHoral EanVi FtarohoMasasat 3tsi Daambe^l977 wpr (he Government nt KimaH. Egypt. Iraq. Algwa. Jordan and C aUr 
feiNueArata Means m Kartne; unuute Anteaftwtasss-!^^ hJn Japmtbtf awnmiimscd, \ Ili^i JtC. ' 


Airdulc 1 and Ai-SoclKEJ 
U6AF Amaojn Biitt, I it.-, .cik. 













Financial Times Wednesday Tuly^STOTS 


WORLD STO( 





Y en’s fresh rise cuts back early Tokyo gain 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 to £1—1125% (li2}%) 

Effective si .8744— (32;%) 
SHARE PRICES on the Tokyo SE 
made further headway initially 
yesterday, but most of the gain 
was lost near the close as inves- 
tors rushed in to lake profits on 
concern over a further rise In 
the yen on foreign exchange 
markets. 

The Nikkei-Dow Jones Average 
was finally a net 0.96 down at 
5,302.01, after an early rise to a 


to Y2.370. Seino Transportation 
YSO to Yl.tJQ, Nippon Denso Y30 
to Y 1.340, Yokogawa Bridge 
Works Y42 to Y870. Ralto Kogyo 
YS-i to YfiSa and Kakcn Chemical 
Y30 to Y1.330. 

On the other hand. Etsai lost 
Y40 to Y 14140. Mochida Pharma- 
ceuticals also Y40 to Y1.630, 
Koatsu Gas Kogyo Y34 to Y305, 
Matsushita Reiki Y30 to Yl.910 
and Takashimaya Y20 to Y446. 


Australia 


All U-S. slock markets were 
closed yesterday for Inde- 
pendence Day. 


new post-war high of 3.577.75. 
while lhe Tokyo SE index 
managed a minor net improve- 
ment of 0..1S al 41SS0. Trading 
was active, with volume amount- 
ing tn 230 m shares, against 
Monday's 290m. 

Export-orientated Electricals. 
Vehicles and Cameras dosed 
mixed. TDK Electronics lo«d Y20 
to Y2.2260, Alps Electric Y40 to 
Y 1.030 and Toyota Motor YI'i to 
Y9I3, but Nissan Motor finished 
Y2 up at Y79!) and Ricoh Y15 
higher at Y359. Sony were 
unchanged on balance at Y 1.690. 

Pharmaceuticals and sonic 
Textiles ended lower on the day 
on laic profit-taking, but Foods, 
Breweries and other consumption- 
related shares held up well in 
active trading. 

Japan RerurJly Patrol rose Y9fl 


Markets were disappointed hy 
a lack or anticipated London sup- 
port for resources slocks follow- 
ing the Federal Government's 
decision to drop plans for n special 
resources lax. and consequently 
share prices lost some of Mon- 
day's momentum. 

However, some oT the local in- 
stitutions moved in to fill the gap 
left by London and stocks dosed 
on a mixed note overall. 

J3HP. $ A 7.22. lost 4 cents of the 
previous day's 40 cents advance, 
while among Uraniums, Queens- 
land .Mines came back 10 cents 
to AS2 00 but Pancontincnlal 
hardened 10 cents more to 
AS 14.00. 

Elsewhere in Minings. Western 
.Mining relinquished 5 cents at 
AS 158. Associated Minerals 10 
cents al ASL05 and Consolidated 
Goldfields 5 cents to AS315, but 
CRA were 2 cents firmer at 
AS252. 

Coal Mines were mixed to Grm 
despite a gloomy news back- 


ground. which induded the Utah 
strike which has now- entered its 
fourth week. Coal and Allied were 
8 cents higher at AS4.18 and 
Thtats put on a few cents, but 
Oa kb ridge eased 2 cents to AS1.73. 

Atherton Antimony shed 1 cent 
In 79 cents ahead of the outcome 
of the shareholders' meeting to 
consider ihe acquisition of an 
interest in Goldfield Mines of 
Fiji. 

Retailers recovered from a weak 
start to finish firmly after Wool- 
worth's storemen and packers 
decided to return to work and 
let wage negotiations begin. Wool- 
worths ended 2 cents belter at 
A$1.B0. Philip .Morris featured 
strongly with an advance of 26 
cents to ASti.80. 

Banks. Insurances and Proper- 
ties were firmer inclined, but 
Building Material Suppliers lost 
ground and there were some soft 
spots in Breweries. 


Steels were mixed, while Chemi- 
cals. Utilities and Machines were 
generally lower. 

Siemens declined DM 1-40 in 

Electricals and Sobering lost 
DM 350 in Chemicals, but else- 
where. MetaDgeseUscbaft rose 
DM 3.40. 


Paris 


Germany 


The recent firm trend gave way 
to a mixed performance yester- 
day. with the dollar's weakness 
on foreign exchange markets act- 
ing as a drag on sentiment. 

Motors, however, continued 
strongly, with Volkswagen rising 
DM 3.00 following the chairman's 
assurances to shareholders about 
the 1978 dividend. BMW gained 
DM 2.00 and Daimler DM 0.50. 

Banks, on tbc other hand. lost 
ravour, and Deutsche receded 
DM 130 and Drcsdner DM 050. 

In other sectors. Electricals and 


Market displayed modest 
irregular movements in a very 
thin business. 

Brokers said some profit-taking 
on the gains of the last two 
sessions had been offset by the 
strength of the franc on foreign 
exchange markets. 

Portfolios. Constructions and 
Textiles were mostly higher at ihe 
dose, but Metals were mainly 
easier. 

Peugeot, in Motor*, were a 
shade easier at FFr 367 despite 
announcing record output for the 
first hair of 1978. _ 

I .oc Indus, Olkta, PfaeniX. 
Generate de Fonderie, P1.M. Pre- 
natal. Telephones Ericsson. 
Primagaz and Donfos-Mleg gained 
ground, but Beghhv. Kleber. Korei. 
Printcmps. Radiofechniqnc. Saonc 
and BIC were among declining 
issues. 


The Toronto Composite index 
shed 2-6 to 11235, while Metals 
and Minerals retreated 9.9 to 
9245 and Financial Services 2-53 
to 1.089.64. bnt Golds advanced 
14.6 to 1.425.6 and Oils and Gas, 
after Iasi Friday’s fan of 22.6. 
picked up 1.6 to I.40&6. In 
.Montreal. Banks came back to 0.70 
to 27424 and Papers 022 to 113-43. 
but Utilities hardened 0.11 to 
170.66. 

.Vshland Oil Canada rose CS1 to 
CS23* before trading was lulled — 
its U.S. parent said that it has 
received ~ serious expressions of 
interest " for Ashland Oil Canada. 

Keen Industries, which also had 
dealings halted, were unchanged 
at 63 cents— the Toronto SE 
declared that it will del 1st Keen 
on July 20 for failure to meet 
listing requirements. 

La ball “A" cased i to CS2L1 
— the company announced that its 
offer to acquire Bear Mountain 
Winery has been accepted by the 
co-operative’s members. 

Walker-Goderixam “A" C$311, 
Texaco Canada, C339j, and loco 
- A.** C$18, vrre each 1 lower. 


were 10 cents harder at R&&Q. 

Platinum shares gained between 
4 and 6 cents, but Coppers were 
unchanged to a fraction easier. 

-The Industrial market was 
mixed with • firmer bias, with 
Mime institutional demand i n 
evidence. 


Indices 

NEW YORK-mvjok** 

- — ■ — i — ■ ■ . * 

; *? : v ; ’sr i »" : J ?F ; *» .jwVjE 


« Buck 1 tow ' 


JiMM «'■« “y*" 1 8,2 - n . ts 1 

«7.SJ : VM KM. "'*] SR* ; 


M1.It! 41.19 ■ 
ll;i 


Switzerland 


W'-iSUI 

**-U*-J 18W9 104.94 IB4.M, MN.» «M-M \WM 1«J4 '..BSijJgf 


Mostly lower levels again pre- 
vailed in moderate activity,' 
market sentiment being under- 
mined by the rise of the Swiss 


U SEo?t W , | I.BB8 If, W0 4W99- 


lw«c\ .'Nnari tium Auituw 


franc, especially against the dollar 
and the Deutsche mark, on foreign 
exchanges. 

Swissair came back 9 more to 
SwFr 802 for a two-day faH of 
28 still unsettled by the 1ATA 
decision to permit airlines to 
charge lower fares. 

Domestic and Foreign Bonds 
were steady. The Finland 4 £ 
per rent bond Issue fell' on Its 
first day of quotation to 97.75 per 
cent, compared with the issue 
price of 995 per cent. ■ S 


~ 1 J ut>o U 

Tori, ill v. yirWt , — " 


J une V- ■ Y«ar »gt» Uppm. 
3A8 ' ~*4.83 


RTAwnATtn AMD POORS 


NwTrifSJIl! 


J f J sr ' i J, srS H^r nrr - : 


lL*U.-tv; 99.09 »■«* »«* Rf»j tS 

' ' i tunes? ; June?.! ; June 14 , Yr«r nip ? ix ppmx 

j , ; oTll ' *.0 ~ i 4J» *.66 


Canada 


After the holiday-lengthened 

week-end. slock prices were 
easier for choice' yesterday in 
only 1.92m shares on the Toronto 
slack trading, volume realms 
SE compared with last Friday s 
level of 2.76m shares. 


NEW YORK 


Jlliv * 

I J .jn 


Ai.4-.-ll Lain 

A-l-lie*»n:ra|>li... 
AetiM LiicALa*.. 
Air Pii-IiivI- .. .. 
A IcuiAIuiuiniuiii 

.lino 

Mice, bwliiiui ... 
Allegheny ttmn 
Allie-1 Cliemieni.., 
A hurt niuiet . ..- 
Allu Ihn'mm .... 

AilAX.,..., 

AmeradH Kn>....i 
Ainer. Airliner... 

\iaer. BmoU- 

Amer. UmaiIuuI. 

Amer. ' *n 

Amer. Cytuaml'l 
Amer. L>i«*. |>l... 
Amer. Klei'. Puw 
Aaier. lisprif--. .. 
Amer. Piwl 
Amer. Meli-nt... 
Anier, Mi<i-r*.... 
Amer. Nil. fm-.. 
Amer. >laii-l*nl.. 
Anu-r. Nim- .... 
Amer. Id. A. Tel. 

AniiHck 

A NIP 

AMP 

Ampex 

Andi-.-r Hi-ekiii-4. 
Anlieueer Uuseb.. 

Arim-> sneel 

A.5-.A 

Awneni ( »i 


Afim.fl 

Afttilaniiilil 

All. Ulcb belli 

Autu LM« Pir 

A N T'. 

- 

Avun Pn-tucif... 
Ball Gm Klevr ... 
Rank Amerlva.... 
Hanker- Tr. N.Y. 

Harher Mil 

Baxter Tmveu- . 

Heairtee Fuel 

He>l<mllicken->.-ti 

Hell & Huweii 

lk-ihlix 

Henjsuei L'niia *U - 
Belli Itliein Sleet. 
HiaekA Uev-ker... 

Boeinj* 

Riiw Ca-cailc.—. 


Julv 

j 

June 

Si 

52 

3248 

feO'l 

20*4 

39 >4 - 

4Qla 

1 28 ; 

27-4 

•«7 ! 

27 

41 >- 

42 1? 

17 U ; 

17 U 

18 

13 

5fr'£ 

56Se 

- 22-'i , 

22>4 

. 34>x 

44ia 

ftSi? 

33 ij 

! 27 -a : 

28 

I1n3 

11»» 

501p 

50 in 

46’f 

46<2 

4lVr. 

421a 

28>g 

29 b 

. 3.J« 

33te 

2 la • 

22^4 

56U ' 

35 

281 « : 

28i« 

26A4 

571* 

S-'i 

5»t 

411? . 

41*4 

41 14 

417tf 

53Sb 

33I4 

59 jr ; 

bull 

. 321 4 , 

321c 

I8I4 1 

181? 

32 1 8 ■ 

32>4 

u-'4 : 

14 

2«»a ! 

i-SS4 

1 23Ja . 

eA 

29Jr i 

29 ■« 

, 2114 

2U -s 

: 14 la , 

14 

14 

1413 

30 ; g 

30te 

50 

50i a 

3013 

3OJ4 

9 

9 


Vornirm lil*-.-. . 
(W lat'll'Utitul. 

l rane 

Ln«'heii Nil 

•-‘miintiD- tuanie. 

Cum* iN'rijhi... 


Harm. 

I'm Inriitfinef.. 

Uwre.. 

Uei Monte. 

OeltiKia 

Den I ajar Inier... 
Dec nut Eftlvui.... 
Ihamuuil^luiuii. 

LiktaplKnie 

Ulrica 

Du>ne\ ttValti..,. 
LHicerCi >r|-ii 

Dtnv 

L'ravu 

Drcwer...... 

Uu)«nL 

Utrim In-lintne* 

Uii^ie Pieher 

Kart Airlines 

Kastrimn k‘»lal... 
Katun 


Julms Manvitie... 
JoIiiimw Jvtiabvu 
•l>-linxMi UtHilMil. 
4«y Mauiilaelor'c 

K. Mai l.'nr(», 

KatsinAiuiuim'm 

Kaifvrlihlu-ine- 

Han-ei meet 

Kay - 

Keiineost 

Ken Mctiee 

nutile u'aitei 

Kiml-erlv Clerk.. 



Krall 

Knoerl'i 

(afift-way Tran-.. 

Leu a-traufs 

Libby Uw.Pual... 


Kcvkin -' 

U<ry i*M a Metal--' 

Keyn-jWi K..I 

Uni'fio Mcneu.' 
Itiv-k«eli Inlet.. 
Ifnhm A 


K. (,. i. I'i 

Kl ISian Nal. La- 

Klin 

Ktner-wMi gleet Mv 
KnienAnKi'islii 

Loilian I 

K. Al .1 

KtigeiLmnl j 

Kamark 

Klii.vl 

bxxou 

Fain-liiUt Camera' 
Fed. Dec-1, or* -rw»j 

Ftm-uie Tire 1 

Pul- A«l. Bool-in.; 

Flex i Van 

Flint Lute < 

Florida Power....; 
Fluur...— | 


Ijpj-wi Unuip— . | 

Ijity iKi\ ] 

Lutuii ln-lufi ' 

iMiklieed Alrerllr 

Lhiv Star In-tii'J 

[«Mig Irtaud Ltd.i 
LniiHiaun Luu I.. 

liiii-riBO' 

Luuk.v olure* 1 

l.'ke Yuiiigal » ii.; 

MacMillan I 

Mary IL H \ 

Mils. Hanover 

Ui|w 1 

Mnniibon OH i 

Marine Midland. 

Marvha)l Field ..J 


KovrU Lilli rb ' 

It I K - 

Kn«- Ijy^.... i 

Kyder -y iem... 
Safeway sure,. J 
-I. J»a» Mineral-- 
-t. Kntl- Pai-vr- 

fintM rV trui-.— 

Sin. Iiive-t...— 

wiaiai lint- 1 

•viinir. Brew ms— 
xHiiumlmgei .... 
SJ.M 

I -i'KC Hi]«r. 

-tmll Mrg ... .! 
svudderllun. Ca|>, 


F.M.C j 

Kuril Mi-li-r J 

Purvaiiirt Nlck....| 

Knnkliu Mmt.,..| 
Prwjx' l Uuieraij 

Frocbau! ~.j 

Faquc I ml- I 


May Depl.-iorevl 

ML A j 

NU-UcinaaL 1 

Me La-mien Lluua. 1 

Mctirww Hl> j 

Uem-irex 

Mere* 

■Merrill Lynch. .. 
Mesa Petroieim*. 

MUM 

NIllUi Mlu*; A. .Ml" 

Mulm Corv-. I 

U-mmulo. I 

Miukoii 4.Y. 

Mutumia I 

M urpbv 

Aabieeo. 

Nauu Cbemu-ai 
, National Can.....,/ 


Ta C- -nianipr. 

aaqnm..... 

•sairiedi.D.i 

'ear- Koei uck.... 

sKDCO 1 

suet. Oi 

Shell Traii-porl... 

.Signal 

dieiMtoLorp.— ' 
•Si in | it InU Pal 

suiter ~. t 

11111111 Knie ' 

■>ihl nei 

fiNiilnlow il 

wnnit laniCai.bl 

f-utbem Co 

fUin.Nai Her 

-i-iuheni Fanm ., 
9outlienjlbilwav i 


Borden 

287 fl 

287a 

B-.ht: Warner...^. 

28ta 

22 

Bnuuff Ini 

12« 

l2:>4 

Erar.au'.V' 

14li 

14 

HrL-lnl Myer- 

36 

36'a 

Bril. I'M. ADM.. 

l=te . 

15 is 

hrucknaytila--.. 

34 

3 3*4 

Brure.n-tck 


lit* 

Hui-yrufl Eric ' 

18*4 ! 

19 


MiiriingtuuNibii.' 

HurruiuiU, I 

Caniplieli toup...; 
I.anwimu PkcHit-; 
Canal lian-lmpb.., 

J 

earner A lieucrai! 
Carter Haw ley . ■ 
Caterpillar rriu-lrj 

CHs ) 

Ola iiwei iirvu... 
Central Jc 


n.A.K 

Uaunetu 

(>eu. niicr. 1 ut- 

C-.A.T.A 

lien. Cai-ic. * 

Gen. Dynamics.. 
Hen. Kieetrica — . 

lien. Komi* 

Cicuemi Milt»»... 
'ieuerw- Motorv_ 
Den. Hulx Util... 

Den. Signal - 

lien. Tel. Kleet... 

lien. Tyre 

lieueseo. 

Iiisjrpa PUciMe.' 
tieity cm- 


Certainteed 1 

C'nsna Auvrall...; 
ITiave Maubaltaii! 
( 'bcmKaii ilk. N V; 
Ctie-c*n gb Hon- -i 
l lieff'u SNsUiil.J 
I InuaKi' Bmiai-..., 

Chiy rter ' 

C iiiemmi 1 

Ilia-. Nlilaeoei... 

CuieiH 

One- Seiiite I 

C'ii> liiicsitnu..., 

C-i!a liia 1 

1 Minnie Palm 

Coll im Aik ni-tn.. | 


Mjiiietie 

'tiihkiPRHi u. r„. 

lii.o-i.ieai Tnc.... 

GwiM 

la race NV. K.. ...... 

lit. Allan Par Tew 
lirl. North In-a. 

Cirey b-Hi-l..... 

1- ul i A NV e-deni. 

Dull Oil 

Haliliurtou 

Uauua Mining...! 
HariiiM-bfeerr.... 
Harris Curui 

Hem/ H. J 

Ueuiiidn a. 


N'M. Diatlllen-. — • 
Nai service I ml.. 

National Sled 

Nalamiae.1 

Nt'H ) 

Netdiinellllp 1 

.New England El.! 
New England I el j 
' uiftara Majiawk,' 
\uuptra SUare.... 
N.L luiliu-ineb...: 
NuHi.ekxNVe-tenij 
Nutlb Nat- Dan... 
NUm.Stalft- Pwr 
N’thwert Ainlnc*. 
Mliwe-t BanHirpi 
Ni-riyuSllihill_.. 
i »— M-t-ir ■ I'f i* u ! - 
i.ttfi- Vv Iblun.. . , 

i Mho balt-on 

oitn 1 


Sou lb land .. 

s'w'l Han Imry>.. 
sjamy Hutch 

•imij ItniHi 

SJUll*. ; 

f tana la lit Brand-. 1 
■M-i.i.'ilLalil--niu>; 
fid. ‘Ill Inalwnw.; 

■ Mai. Oil (II j 

SlaiiB CheiHicab.' 

I siert'Dii Dnitf 

Si Intel wkeT 

sun Co. 
suuat-bamf 

syutex 

lecfauiQnlur 

Icklnmix...- | 

I etcalyire. ; 

Me* ! 

I eneco. 


I .-timii-la I -hi ..... 
LailiimiUH I’tci. .. 

I. .-ni.Illrt «<.aal.Vlli 

C lain -uMuai bug. 
r >-m--UKii-‘i< Kq .. 
I 'iii-w'IIi lili— ii. 
Cm'-* 'Hi Oil ltd - 
C-xnni. snleliuc. 
C a-mpiii I'rtvinn-r 

Conn Idle In* 

C--nni>.- 

1'ian.Battvill N.Y. 

Cou»M hols 

l.'niiv.-! Nal. tin-*. 
1 envuraer Pi-uci 
C ami menial Carj. 
t iiiuineiilKl Oil., 
t iiiitinciital Tele 
l. ratilrnf Data 

La»-v*i I mill-... 


itcwie l'Hcknrrt...l 

HoJiWev Ji/un 1 

Haaiiierlakc | 

Honey* ..... 

Huuicr 

Hv-p-Corp. .Vmer 
Hoiivli-ii Nat. Dan 
Hunt ( Pli-V) C Uni 
Hutlaai • B-F.i 

l.C. Imliiilncf ... 

INA 

t nqeivol- . Knud... 

iiilnii-i 

liisi-uo 


I.lt'nmi- ShlpK...l 
o»en» Corning .. 

Uweub tltiH'la 

Pa Ul lia» 

PkclH.- LiffbiiDK, 
Phil Pwr. & Ltd., 
P* n Am Word Air 
Parte/ Hanufltn. 
Pcalnjd.V I .V .... 
Pen. Pw. A L.... 

Penny J. C 

i'euuxiiii 

Pe--|»C» Drue 
Pe»rj»-e» li»»....— 
Peimeis 


lewn- Prtndeum 

I lewi-fa 

I leniuqcui! — ' 

I 1 e*aa Eaatern — • 

Ce*a> fiiH'm ■' 

Jlii A (ran.. 
I’evm-ruqi («».... 
I'une* in-- 
Mine* JlimrT.^.M. 

Mnikeii ’* 

r rime. • 

Dmovnieme 

fra i do - 

I ranr- l-ntuii 

Iran-«a> IuiiTi.i 
irauaNVorl** Air/ 

Imrcim .... ; 

I’n ConUueoUi - 1 


r.H.NV j 

JLrtb Century Fo* 

L-A.Ls ! 

U Altai 

Il'Cil 

uiiurvet I 

UiO-evei NV 

L'uinn Uau-.vi-p...l 
Liiiuii c«i<-ioe....[ 
C-nu.ni Coimuens-; 
C-nnin C*i Cam„.( 
Union Pan fit- j 


him 

lilt-. Plnvour '• 

IiiVi. Hm » wier...| 
Inn. NlniACliem; 

lilt-.' NlllilllaH«l-..j 

liieo 

inn. Paper— 

I TO 

lot. I.eclilii-i a 

im. it-, s tei—; 

liiivni 

ta-»« Heel -. 

It Imertuitionay 

■l-ni tt ailri ... 


IVrkiu Klnier j 

Pet 

Piwo - 

PlK'lpr Uiaqv.... 
Pbiiarldpbia Blc. 

Philip Moirl* 

PluiMpr Pecifl’m. 

Pilnlair^- 

PiUiey Barwe*.... 



Plewey U.t AJJKf 


Pola Phil J 

Fnl i-mai' Elec. ...| 
PPCa luaJuaines-J 
I'nawT G*m -e . 
Pm Ane UedJ 

Pill i ru an 

I'urvx j 

Quaker IW« »• 

liapni AmeriennJ 

Kaytlieni 1 

XL A i 

Kcuvn-iu-si 


C-ainjya - 

L ulled Burn- 1 <>.... 

liS Umi.yu-p 

US tiyp-uio 

os Shoe..— 

id alee-....'. 

Ld TceboiHugle-. 
O Vliia (tnilne* — . 
vir?iuw Elect.... 

Walgreen 

H’anter Oomiun.. 
Maruer-Laiulwrl. 
Ww-te-Slaii'nitfii 

Wdh-Parg'j 

NVe-iem Uau ory 
W*-lpm N.Amei 
We-teni L'liwu... 
U'eallBsb r b'tr 


.‘...I 

Weyei baenaet .... 

Wblifta-ui ' 

White Cun. Inai...l 

Mplurn; i «. J 

Wmoau-in fcJeal .. 


EUROPEAN OPTIONS EXCHANGE 


Fjv7T?j 

if 






F27.90 1 
P30 
F45 
>60 
$60 
F3Z.S0 
F5S : 
SjH ■ ! 
KX40 
F1SO ! 
F160 
FI »0 , 
11BO : 
PWO i 


vaoo . 

F98.S0 
F 108.90 , 
F27.SO . 
k40 i 
KL5U | 
K110 I 
A50 


V..I. 

i») 

1 V,»l. ; 

laM 

„ 

_ 

I 1 

5.30 

2 

2' 

19 | 

, 3.40 

7 

8te 


— 

60 

u* 

} 

2*4 



— 

1 

3i a 

5 

z.so 

2 

4.60 

2 

1.40 

5 | 

2.70 

4 

4 





! — 

i *2 

85 

45 | 

15 

20 

18.50 

22 : 

10.50 i 

: 25 

14.50 

28 < 

7.10 . 

1 1S 

i 15 

18 

5.80 ! 


8 

i 

1 — 

. IO 

1 7 

30 

2.80 | 

I 5 1 

i S 

1 

5.80 , 

7 

4 



15 ! 

2 

— 

— 1 

10 

1.60 

- 


Z 

| 2'a 

r i 

1 10.80 | 


1 

1 i 

! 4 1 


: 


■SS64 
r 130.50 
K 120.50 
S53 


First Nat. Fin. Corpn. 
First Nat. Secs. Ltd. ... 

Antony Gibbs 

Greyhound Guaranty... 

Grindlays Bank : 

' Guinness Mahno 

I Hambros Bank 


u.aaiwireth...— ...i i9 19 

Wviv 3; 5 3T 5 

\«nvt : all; S24r 

Zap*™ ; »a>v laU 

4emlb Uaiin,.;.,. 13>g 1* 

t'/f-Tre* t-4-M 

LfTfWv4J«b«i 1791.; i79t? 

LjSl 90alav hlik. 6.93 ^ 7.00' 


Hong Kong 

After the recent uptrend, stock 
prices rooxed irregularly yester- 
day in reduced activity with some 
profit-taking noted. The Hang 
Seng index came bade 2.56 points 
to 564.72. 

Hons Kong Bank rose 10 cents 
to HKSIS.6U. Hutchison Whampoa 
15 cents to HKS6.55. Swire Pacific 
in cents to SHKS.70 and Wfacclock 
NIardeu 2^5 cents to HK$3.573. 
However. Hong Kong Land re- 
ceded 10 cents to HKS10.50. Tai 
Chenng Properties eased 5 cents 
to HKS1.75 after the results. 
Paul Y declined 12.5 cents to 
HKS2J0 on news of the death of 
its founder. Hong Kong Electric, 
Hong Kong Wharf and China 
Light also lost ground. 


Amsterdam 


There was a predominance Of 
losses, although a particularly 


Ijm.ilif. twM L 
lu-i. P-K Kalla- 
LoUgCmll. I” 4*1 M 1 " 11 


bright exception was KLM, which 
rose 4A to FI 149.5 ahead of the 
annual report. 

Abo resisting the downtrend 
were HeJneken. 2Jt up at FI 100A 
and Slcvin Groep International 
Contracting. 6.8 higher at FI 1SSS. 
but UVA Agro-Indnstriai Projects 
declined 1.5 to FI 52.5. AhoM 
Supermarkets 1.7 to FI 1QS& 
Balfast-Nrdam Internationa! Con- 
tracting 4 to FI 104. HBG Con- 
tracting 2.7 to FI 104.30 and BSV 
ShipbuDding 2 to FI SI. 

State Loans were also lower. * 


8-Y.S-K ALL COMMON 


July Jiiik- J«mr June •— ■■■ fT* 
y I 5ii I C9 -■ ; Hwb ■ 


6fi.rt 66.86 bi-b* WAT #b.W ; *•■»* 


i — sew mi|iw..._ 
ft-N l l»-6l Na-wLnw. 


R»i* And Kail* 

; 3 uly A ■ Jiidt SO- Juft* 

laannimlfd.'.'^iTvM I 1.B38 T5 
Uun.K 363 ' Ml 6) 

Kali. : ! 739 ' 671 W 

l-a-hnipali... 471 , 474 41 

New Hmb*.. 10 16 


MONTREAL 


ln-tu-in* 1 
t .«ntt*ua*> 


Juty Julv ; June j Junr |- 

1 ! .( | JA | a I • Htuu 

i.tk' hi MMutD-ai 

189. 1 1. let 189.4® 199-9S; - 1 h 4M tf M 


tbS.Mil*v:: 
tre.noo t 


TORON TO l.nuf tri ilURFIMaii IMa-UHa*. 

JOHA NNE8BUMU | j n M | 290.9 211-8 

;■ | MI j 3SA2 ! 216.9 247. S ! 2«2-? idri-1 


-»Jt ut>i» 


Milan 


fit* hi 

tnaliinirwa 


MAOlZOi 
144.1 lU. 


CANADA 


' Julv ' .tun* 
1 ."I 


AlHtibt Raver 

.Xgnh-ai 

AlcaiiAiuujlnlum, 

Albania Meet 

\-bartir- 

Hank ail Monlryai 
Bank Nmc io<ta. 
Hart*.- lieHNirce*^: 
Hen Teiei-Oame...: 

H-aw Valiev I nd...L 


Johannesburg 

Gold shares gained ground in 
moderate trading reflecting the 
rise in the Bullion price. Gains 
ranged to 200 cents in Heavy- 
weights, while smaller and 
medium-priced issues gained up 
to 33 cents. ' 

Mining Financials followed pro- 
ducers higher. Anglos rose 13 
rents to R5 63 and Union Corpora- 
tion S cents to R4£3. De Beers 


The easier tendency persisted, 
with operators still cautious over 
continuing political uncertainties. 

Snk» Vlscusa. against the trend, 
picked up 10 to L727. 


Julv IN*- . 1918 NIB . M* • ! W» ' ™ 

4 \ mhi. High ' Law * %h«ta .^Hqth j It 

SSSS--S5»^{ » ;«««;'« 

wpum ... ■«.« «■*’ %■£ SS 

"S’ s ' ,ItMrr ' i ‘ ,!K ‘-’ 

Vnx ce ' ,l ' (juo> : i V.fi' -Hi cmni— n—uik Dc«.. llju. .Ill Am. 

- - •■mi W4« H\M ’ItOA 4ain. lmtUArUI tK9. Urns 5 

Ganoanyi. ' > N - Hank RI-7.H. riiu> MIUh 3/1/73. io> Ti 

_ .. . i-.,; HA 1 1 0 1 7p,ii New Sti vi/68. ibiStralu IWi 1 

Holland o?i t-- | e >ctewd. hOUadrtn SR Sfl-'K 

Hong Koo^rirt-.- wia »m*: 3**” Hank com- Hit OnivoUablr. 

Inly I M.W *4.24 1 ».4h - - - 

T r f - w.Bl.'S;.® MONDAY'S -ACTIVE STOCKS 

SingaporB &2.s» AMA4.3bR«i Ugo Stodw Chiam?* 

^ ^ iM ■ «*/b 1 tlrfi traded uric** i 

Rama Eta lana HW.(P» st 

fv paiin 1 41300 at 

indices and -bane dates tall ba* values Kwornan Kodak .. tm.Soo Ml 

m eaiTOi NYbK All uommoji- J* MrDmwll DnuijUo igT.ifoa .in* 

Standards and Poom — to and Toronto fitaefc and Pecker .. I28.KW Ui 

390.J goo. me las' luuned hawd nn t*7J>. hr! K. WrDh .. ... llBJm 231 

f Kiri tain ip bonds : «n induauuls. Antrr. Tel and Tel. IM.WO Ml 

* 4oo iihia . an Uuhiles. 4*1 flnanco and Sears koehuck .. . hm Si» CCl 

»n TranMns. Synm-v All oru. Sun Comoanv .. .... tuvsno 4U 

I8I Hclaian SB 31T2'6X 1*^ CoDMburn niauai Koulpmenf 1*4.100 48} 

SB i/I >3. I if i Puns Bourw 1961. — » 


Brussels 

Easier for choice in quiet 
trading. 

Fahrique Nalionalc retreated 35 
to BFr 2.625 nnd VleDle Montague 
26 to BFr 1.440 hut CockerUl 
recovered 10 to BFr 446. 


Lll* Lnna-U 

Bn an r 

llriOMl 

Laiiyarv Haro 

La LU Da in U Il-Cf i 

lwihbIm LemcDi.. 1 
Onwta MV Lan. 
Cao.lmi- Hk.Com 

ijailAbi lltaiu-t 1 

1^0. Paci Or j 

Can Pa- Ihe Im..j 
Liui. <>111*1 I Ml. ,.| 
i^arlmc O'KeWF | 
Uwhi Article- .' 


i^luriiaiii : 

La<inntcta 

C«au». Hathut-l...; 
Liaiiumw liOK... 
Lxa-eka Kaooaitcer 

LiMkmi 

Daun L)evei....4.; 
Dejitioii .MinaC.: 
Da-ni Mm^. 
Dumy Prircueu-n 
UnmoK-u Hrirtae 

Lk-mtar 

| Uuj«-o1 ... 

Faicun'ccN'iekei. 
Foul Miaor Can . 


NOTES: Overseas prices snown befnw 
afxctnd*- S ureminm Rebdao divide a da 
are atari wirttboauna tat 
4 D5UB rtnnmn. unlesa otherwise wared, 
.■velds bsvd on net mvMf-nd- otus i » x 
9 Pits aon denatn unteaa oinerwtse stated. 
% Kr 100 driwitn Unlncs otherwise SI a 'art 
BPrsaflB rtpimn and Bearer sham 
-tnless otlwnaM* -a a led 1 Yen 50 denmn. 

mbrnriK stated 5 Pnr» at nnv* 
v msornston n mnntn nsmiUmss 
- Om it OtvMrod sHer oendim njrtir* 


aort/or seno issue. *■ Pei sbara. r Franca 
a Cross dlv. %. h Assumed dividend atiei 
scrip and/or riKhtn issue, k After foca- 
tatra m % tax tree •» Praacs- upduOuui 
iinilac mv. i*Nom a Share cam. «Oiv 
and yteM czeluda- special nayawit. ' tnm 
rated Hi* * U mint nal trsdma oMinwriiv 
hotOers onlv u Ww rrenmnft - A«Ked 
r But. i traded t Seller * Assumed 
yr Kt rtphiB vd ret dividend xr R» 
term lame x» Ex all. a Interim since 


GERMANY ♦ 


•or 'DriVifur. 


TOKYO 1 


AUSTRALIA 


BRAZIL 


I ‘Prices | +« 
i Yen . — 


Abb 77.a*.i).S . -j - 

At Mam Vcr-irli .. 47710; I 51.8 

BMW 248.30, f 2 0. 68 JK 

BASK - i £.8.8*; -u.2 .18.76! 

Baser id* .40 1-0.4 , l8./6i 

liasci-Hvies... ... 292 : 28.12 

Unver-Vemu-bk. S20A— 0.7 . 18 
C:twliit.\rei.wTL- 162 1—3 j — 

Lummerrlviik ' 334.® — U.l , 17 

Om ijwnmi 75.2+0.2. — 

Daimler Heiu. S023«n + U.5 '28.12 

Des'1-e 1(34 —1 17 

Demas 181.5 a 14 

Uewt-tNi Bank_^5-S 0 -1.3 ,28.12 
Urav.lnerHiuik.lr 242.7 ,- iS |2B.I2 
DyekerledT 4enn. 192a. t4 ; 9.38 
■.•uleliofTinip-j — ‘ 204.6.— 0^ ; 12 
Hum (e-i'1,.».. 121.s;-03[WJ4| 

»i_„ 1 *.10*7 0 LlC TO 


Cenrtar • 

II win Yet'wkiuie 
Cult OilCaiuula.. 
Haw ker Shi. fan. 

Uutimsei 

H-iinc Oil 
Hu-l*m Hay Mnir. 

Hutlk-ai Ua> i 

Undn'aOil A If A*' 

I.A.C. 1 

I 

uRperwt On ' 

loci ..... 


dhia 2V5* 
li »8 12 1 * 
c63 4 i&A 
8 i 8 
37 36 

41I S 4H2 
1-iU 171? 
21 is , 2 Ha 
431* . 431? 
194* ! 1912 

30>2 ; dot* 

lbl a ' 19* 
J8 • 18i? 


Amin Glum- 
CaiH-n 


■+1 i n : 


Price 'i *»r I Uiv.il 
(.nir j — JtnJ • 


M 'll 1 1.(75 «.A-MI l 

Ut-w An l mini— 

\nie.i Mill. Tnhe. 

Ain|h>i Exphuvlbui 

\tn|«H PeMinttim 1 


Ithlal . 

I u Lai*. 1 Anu ba>. 
lut’ivy Pi^-eLme- 
Kau>cr iKcMmn. » j 
Inin lv«. Ci<rp.J 
U4'law Ymn. ’6*.. 
M -mill'll 
.Ua-acy Fere -ii' 

lliw L.*-|fii...^i 
UuuiilaiiiauoeUB 
Aurao-ui 
■ Aorta Luerj.1 
Mliu. Te.tM.111 ...ft 
Miiuuu- tin a 
Ltehwirvi Peirl'mg 
Pacii le Cujjper 11 Jf? 


U*tt«ra--.- ‘ 287a -2 alfi.; 

Hue Irrt 1 128.0,-0.4 ' Id., 


Haovb 

H.irteu 1 


Ka-i uwl ralr— ..' 138.0+0.5 14AM | 
7var-la.il 317a 23.*4l 


Itewti'- Petn neunM: 
Pan. L4n. Pel'm^ 

Peupie- Dev* 
PiateL'anA liu.J 
Pia- ei lx-i e'-ijnilF 
rt-wei L'l-rj.-nil MB, 

fri-i- n 

yuei-e 'lui cti<£ 

KHiitierUii J!. 

llee-l 5-ban 

IIm- Ai-i-m ,1 

ti-yn- Hk.,11 <_> □ J: 
Ui-yai Iru-i Jt ; 

xviiUriC-wiira • 

menm 

?bc- Laua,w...-. . 
sliemtl (,. Biuc- T 
lefacu O. b...J ' 

?iru[nott ~ 

lev ul laua-l*. 
rteev* dunk I n-n.', 
I'exacu Caiw-w... 
lortmt-j Lh-ni.Kv. * 
liau l/anpipcLn : 
limit Akvinl Up 

l raw 

LiuuuUa. 

Lbl. 'ia-i.«JliuR 
Waikei Uiram.... . 
We»« Con iTrao-. 
•Ve-lon lieu....-- 


Kaulb<d 228.0 S’ + 0.5 ; 18.7)1 

K'-.-kwer DMIW.V 89^ --.2 - 

KHD 182. a +0-5 18./6 

h'ruiu-. H6 +2 ' 

Un-ie 253.0; -0.5 25 I 

L-wenl-iau W. .. L40 —20 35 i 

Lull Inara. — 103.1 Kt- 1.9 I »-36| 

MAN 21.8.O + 1.2 ’ 12 I 

Mauiur-ni*mi_...: 167.381 17.19- 

Uemllsiw U4C3+J4 1 10 I 

BmK-bcfier Bm-k 555 18 

Neckermaaii.. 139.7 — 1.8 • — 

Prcuvrau DU lu> ll6j +1.0l — 1 

, 11 ben 1 WevL. ELce.', 23 j 

vjl«+iu^._ dbS.Sa— .5 1 28.1Z| 

•(Ciirens I 2H2-0 — 1.4' 16 

u-i Zueier ' 243 —3 H6.W 

I Uyiheu A .b I 117.5.1-0.3 17.18 

' aria ..174.0a i0. I 14 

VbMA 1X8AJ —1.7: 12! 

VerainoA WesTHkl a**3 1 18, 

»nikw»5tii ■ 221.3- +3.0' 25 j 


r Bid. 1 a s*rtf I Traded. 
■ New- aeck 



ACWHA UP... . • 0.98 

muiiMit-* IIm? i-.. . 1.99 
-bum- Itdu— : 1.38 

I ■H'*|pilliiieiriiUb; 2.08 

1 #-js-Aiiui.IIP.. 3 , 2 1 


U.98 ‘-i. l i.lb 12 
1.99 -avr 1:7.17 ». 
1.38 ; IJ.37 *• 




1 ■ft nil n*- pp. 5.17 


I’lrei-i 

•HHI-IL l iur UP, ... 


1.47 ;+■>.- l. i.lQ 
2.82 'v-.MiJJJA 


li'iup Ph .....; 5.2 * +h.l iA5 

Va r k- thire PI ! 1.30 ,+fl.*2 1.18 


Turnover: Crflrsm. Volume SMi 
Source: Rio Uc Janeiro SE. *. 


OSLO 

’ ’ ' ' ' (Ykr 

July 4 I hu-iM-i ; — , 


ibtiKwr tbuih. . . V 2 . 0 j 

, 34^ i 

* re iillvuik 1 I03.V1 1 

A(*int* 210.0'— 7.3: 1 

lira, id me- en : 1U3.75--0.16 1 

Aon-k Hvtnikr.ci 1 17B.0U- + 1-75 

’Kintivaikl ! 03.75;+ l.O. 


JOHANNESBURG 

MINES 


July 4- - 

Rand 


Anglo American Const. 
Charier Consolidated . 
Baal onefontcln 

. . J.»3 

.. .. n.jo 
.. .. UAOzd 

^ . 







Kloof 

Ronton bun: Platmnm . 
Si. HchDa 

6.18 xd 

1.40 

— 13.08 


Gold Pields SA 

3.49 



4M 


De Keers Deferred .. .. 

.. .. ttSO 
3.45 xd 



ttso 





TIJ.73 








WelKom . "... 

4.59 



... . 

S'- 

Western Deep 

.... mo' 

'-Li 


INDUSTRIALS 


AEC 1 : iBB 

AnsJo-Amer. Industria ... 10 . IB 

Karlov Rand' 4 .DD 

CNA Investments I. To 

Currie Klnance «.S 0 

De Beers Industrial 10 

Bdjura Uonsobdaied Inv. 2.20 

ta«ars Stores trt.» 

Ever Ready SA tL 70 

Kedt'riilc VolksbelrsEfnss . 1,60 

Urealermans Stores -.30 

Uuartliaa Assurance <SA) LJ 3 

Haleua IAS 

LTA 21.00 

McCarthy Jtodvay Q.aO 

NcdHanfc 5.79 

OK Honiara — - 7.00 

Premier MillMC 3.90 

Pretoria Cv-menl 3.05 

Pratea Roidutsa 1.24 

Hand UUM.-B ProocrUea ... 2 .S 0 

Rembrandt Group 5.70 

Rrtco 0 A 6 

Sasr Holdings 1.40 

SAPPJ 5.80 

C. G, Smith Sugar tiPQ 

SA Breweries 1.49 

Tiger Oais and Nat. Mills. IB M 
Unisoc 1.19 


Securities Rand U.SJ50.7 
(Discount of 37.8%) 


SPAIN V 

July 4 . . 

Artaud 

Banco Bilbao 

Jalira AilaniicB 1 1.900' 

dancp Central 

Banco Exterior 

Baneu General 

latHM Unutada . ( 1 , 0 M> 

Banco llispano - 

Banco lud. Cat. ti.ooot 
i. imt. Mcdltemneo .. 

Banco Poouiar 

ianeo Santander I290> 
Banco UrqaUo ri.ooot 

Ranun Vizcaya 

Banco Eangozann 

Jaiikunlon 

lamra Anduluda 

RabcpcR Wilcta 

rite 

Drasados 

runioiismf . .. ; 

B. 1. Arascofimas ... 

EspaiMlH /JIN' 

■ypt. Ido Tlulo 

Pi-CMt'MAOBL 

Penosa <1.000: 

tai. Preetada* . .... 

Crupo VetonucE 14001 
HUlrota 

tberduero 

Olarra 

tepeiqrax Reunntas ... 

“etrollbcr 

"etroteoa 

ktrrin Pnpalera 

snlace ; 

iwrhaa 

reb^oura 

Vorran Hoaionch 

TuhacHt • -?»??»»» |ra> a • "•?• 
union Elec. + - 


Percent 

1U 

212 


z» > 

J*‘ • a- 


A. 

— . • ... 

































-'■MMuBiWB ■»_ 


Financial Tunes Wednesday July 5 1978 


farming 



cupb oard J r j s jj opposed to common Record UK 


AGRICULTURAL RESEARCH 


warning EEC lamb policy 

Sy John Edwards. * •/ 


By John Edwards, 

Commodities Editor 

REPRESENTATIVES Of the 

Jeleaguered UK chipboard com- 
panies yesterday warned Mr. 
Wichael Meacher, Under Secre- 
tary for Trade, that there could 
' -O e a shutdown of the industry 
'm less some action was taken to 
rontrol cut-price imports. 

The delegation was led by 
>lr. David Lambie, Labour MP 
for Central Ayrshire. He claimed 
Nhat the Scotboard mill, which 
/'» in his' constituency, had a 
rear's production in stock, and 
the five other UK domestic chip- 
ward producers were facing 
similar crises because of low- 
price “ dumping " by Continental 
mills. 

The delegation pressed the 
Minister to take action against 
these imports, and also give 
assistance to tide the industry 
' ""‘saver. About 1.200 jobs in high 
" unemployment areas are directly 
at stake, but many other jobs 
in the forestry and ancillary 
industries could also be 

■ threatened by closures of the 

■ mills. 

•- "to*. Meacher promised to press 
’he EEC Commission ‘‘vigorously" 
to ensure that the special mini- 
mum price deals concluded 
earlier this year were properly 
implemented. 

.But the Ministry is in a 
dilemma, over charges' of “ dump- 
ing " by Belgian suppliers. It 
was pointed out that there was 
do real provision in the Treaty 
-jjf Rome for dealing with intra- 
Co mm unity “ dumping." But Mr. 
Meacher promised to investigate 
what could be done if it was 
proved that Belgian mills were 
selling chipboard cheaper in the 
UK than in their domestic 
market 

Land prices 
‘continuing to 
^ show big rises’ 

By Our Commodies Staff 

\ CONTINUING “ substantial ’* 
*»se in agricultural land prices 
vas reported by the Ministry 
if Agriculture yesterday. Sales 
■f vacant possession land in the 
hree months to the end of May 
fere at an average price of 
~.S5S per hectare compared with 
2.7S7 in the three months 10 the 
nd of April and £2,003 in the 
o r responding period last year, 
ceording to Ministry figures. 

The land price index stood at 
peak of 144 in May against 140 
• i April and 102 in May 2977. 

■ The information is based on 
10 land sales totalling 10,000 
criares. The index allows for 
•gionul and size variations in 
in sales. 


BY CHRISTOPHER PARKES 

IRISH FARMERS do not want 
a Common Market regime 
governing trade in lamb. “Free 
trade will cause chaos in the 
whole sheep industry of the 
EEC." Mr. Paddy Lane, presi- 
dent of the Irish Farmers' 
Association, said at the Royal 
Show at Stoneleigh yesterday. 

. A continuation of existing 
arrangements with, some minor 
adjustments to allow British 
lamb exporters a share in the 
high-priced French market 
would meet everyone's needs, be 
added. 

He claimed that his views were 
largely shared by the French 
industry's federation, Nationale 
Ovine. 

There are fears in France that 
if wholly free trade is allowed, 
the producer price for lamb 
there could fall by as much as 
30 per cent In Britain, experts 
say that the price of Iamb could 
rise by 35-40 per cent in the 
shops. 

Mr.. Lane said that a full 
“ common ” marketing regime 
would push up retail prices in 
Britain, disrupt the redevelop- 
ment of the Irish sheep industry 
and harm French farmers’ in- 
terests, thus hitting everyone in- 
volved. 

He discounted suggestions that 
reductions in French sheep 
prices would boost consumption 
significantly in France. The UK 
market was accustomed to low 
prices and that should be pro- 
tected. Mr- Lane said. 

Since the accession of Ireland 


to the EEC, the national flock 
had fallen from 5m to 3*m head, 
said Mr. Lane. Even if greater 
exports were allowed into 
France, however, it was unlikely 
that there would be anything 
more than a slight increase in 
flock numbers. 

Another Royal Show visitor. 

Mr. Brian Talboys. the New Zea- 
land Deputy Prime Minister, 
added his voice to the chorus 
against the proposed sheep 
regime. 


He has just returned from i 
tour of the nine EEC countries 
convinced of the personal good 
faith of Mr. Finn Gundelach, the 
Agriculture Commissioner in 
Brussels. He believes, though, 
that the proposals could lead to 
an end to New Zealand lamb 
exports. 

"Councils and commissions 

change and I have yet to see any 
Community regime eventually 
operating to the benefit of third 
countries,” he said. 


Fall in UK beef output 
blamed on Government 


By Our Commodies Staff 

THE GOVERNMENT was 
blamed at the Royal Show yes- 
terday for the decline of the 
British beef industry. 

Mr. John Carr, managing direc- 
tor at the Irish Livestock and 
Meat Board, said: "UK farmers 
are suffering from considerable 
d iscouragement." 

The policy of keeping the 
green pound artificially over- 
valued bad led to a fall in meat 
production. UK beef output in 
i he last three months of this year 
is expected to fall 8 per cent, the 
Meat and Livestock Commission 
says. 

** The inevitable result is 
increased imports of beef to the 
UK from all sources for the 
remainder of 1078.” Mr. Corr said. 

" If this means a continuing 


trend of decreasing home produc- 
tion then it should be acknow- 
ledged that it is the result of a 
national policy and a national 
plan." 

Mr. Corr denied that Irish 
exports of stock and meat 
depressed the market in Britain. 
He said British farmers' dis- 
satisfaction stemmed from the 
difference between what the 
British and Irish ministers 
believed their producers should 
receive for beef. 

"Now our guaranteed price is 
over 15 per cent higher than the 
British price. We are responding 
to a British policy and our 
exporters are benefiting from it. 

■ “ I regret that the British 
farmer is »a a circumstance that 
is leading to reduced production." 


Welsh meat marketing project 


BY ROBIN REEYES, WELSH CORRESPONDENT 


TWO NEW abbatoirs are to be 
built in Wales at a cost of about 
£4m. in a venture which promises 
to have a significant impact on 
livestock marketing prospects for 
Welsh farmers. 

The group behind the new 
abbatoirs — one near Llanybydder 
in mid-Wales and the other at 
Corwen in the north — is a newly- 
formed company, Welsh Meat 
Holdings. 

This has been established with 
the backing of a Scottish 
financier. Mr. Colin Forsythe. 
The chairman of the new com- 
pany is Sir John Newson-Smith. 

Construction work has already 
started on the Llanybydder plant, 
which will be run by a subsidiary 
company of the group, the 
Lampeter Meat Company. 

At the Corwen plant, which 
will occupy the site of the 
Co-operative Wholesale Society’s 
former cheese factory jo the 
town, building work i& due to 


begin in the New Year. 

In addition. Welsh Meat Hold- 
ings has just purchased a 50 per 
cent share in the Nantmel Meat 
Company, a locally-owned small 
new abbatoir near Llandrindod 
Wells. Powys. It proposes to use 
this for training staff for 
Llanybydder and Corwen. 

The company is studying the 
possibility of building ■ a 
specialist plant to handle the 
meat by-products. This could be 
sited near Wrexham. 

Both the two new abbatoirs 
will have an initial capacity of 
20 cattle and 250 lambs a day 
and provide 60 new jobs each. 
Both are being built to Common 
Market-approved standards, with 
an eye to export markets. 

Applications have been lodged 
for national and EEC grants as 
well as a European Investment 
Bank loan of tip to £4m. towards 
the cost of the venture. 

The Welsh farming industry 


has long complained that meat 
marketing in Wales lags well 
behind developments in other 
parts of the UJC and Europe. 
Certainly the industry does not 
make as big a contribution to 
income and badly-needed employ-, 
ment in rural Wales as it might 


INDIA SUSPENDS 
RUBBER EXPORTS 

, KOTTAYAM, July 4. 
The Indian Government has 
suspended the export of natural 
rubber with immediate effect the 
Indian Rubber Board announced 
here. 

In January, it set an export 
tar-get of 15.000 tonnes of rubber 
■for the year. 

The expont ban bas been im- 
posed in view of Ihe reported 
domestic shortage, the Board said. 
Reuter I 


gram crop 
forecast 

By Christopher Parkes 

FARMERS IN England and 
Wales will prodace g record 
cereals harvest this year, pro- 
vided the weather does not 
ruin it, the Ministry of Agri- 
culture announced at the Royal 
Show yesterday. 

Output of grain from a crpp 
reported to be exceptionally 
free of pesb and diseases 
could reach 14.8m tonnes — 
about 700,060 tonnes more 
than the previous record 

established last season. Much 
of the crop will be wheal. 

Officials from the Ministry's 
Agricultural Dewiopment and 

Advisory Services said that 
farmers had drilled 15-20 per 
‘cent more winter wheat than 
in 1976-77. The barley acreage 
was possibly marginally 
higher. 

While winter crops were 
growing unusualy well. Ihe 
quality or spring sown grains 
was variable. 

The potato crop, too, was 
looking healthier than for the 
past four years, and had grown, 
particularly well in the past 
six weeks. 

Sugar-beet was growing very 
well and, 3gain. was remark- 
ably free from disease, service 
officials noted. 

Doubts over 
quality of EEC 
wheat harvest 

PARIS. July 4. 

DOUBTS over the quality of the 
EEC wheat harvest this year are 
making French co-operatives 
reluctant lo sell the new crop, 
according to trade sources. 

They have sold only about 5 
per cent of their new crop so 
far, compared with about 20 per 
cent in a normal year. 

The EEC wheat harvest was 
expected to be between 2.5m 
and 3m tonnes higher than the 
36.2m produced last year. 

The recent tool, rather wet 
weather and the lateness of 
sowings had led to some doubts 
over the quality of the harvest 
this. year, however. 

New crop buyers were also 
reserved because they believed 
that prices could ease from 
present levels, given the higher 
harvest expected. 


Developing new uses 
for cereal starch 


[STARCH CAN satisfactorily 
replace petro-chemicals in the 
manufacture of plastics and has 
the advantage of being rottable. 
according to the results of 
research conducted at the U.S. 
Department of Agriculture's 
northern regional research 
centre at Peoria, Illinois. 

This annually renewable com- 
ponent. of cereal, grains and 
potatoes also forms the basis of 
a wide range of products for 
agricultural, medical, industrial 
and other uses which have been 
pioneered at the centre. 

Research into the potential 
for greater utilisation of crops, 
to extend their market started 
at four regional centres in the 
US during an earlier period or 
crop surpluses and marketing 
diffi culties. Much of ibis research 
is now coining to fruition at a 
fortuitous time, as American 
grain stocks are growing and pro- 
ducers are complaining of in- 
adequate prices. 

At tbe northern regional 
centre subjects of research in- 
clude the components of maize, 
wheat, grain sorghum, oats, soya 
beans, flax, kenaf and horti- 
cultural crops, with much 
emphasis being placed on the 
starch of the grain crops. 

This starch is now being used 
in plastics as a multi-purpose 
absorbant, a product for remov- 
ing pollutant metals from indus- 
trial waste and a materia! for 
form uta ling s low-release crop 
protection chemicals — to name 
but a few of Ihe centre's suc- 
cesses. 

Plastics containing as much 
as 90 per cent starch have been 
produced, but at this high level 
there is a disadvantage for most 
purposes, but not all — brittle- 
ness. Components of other plants 


BY MARY CHERRY 

are now being investigated tn 
see if a combination uf these 
plus starch could produce a 

functionally satisfactory plastic 
that would be totally broken 

down biologically. 

Completely satisfactory plasties 
—including film fur mulching 
and other purpose-, — have been 
produced by using 50 to- 60 per 
cent starch plus petroleum-based 
products. 

This spring, commercial pro- 
duction was begun of another 
product of the centre's research. 
Scientists at Peoria call it a 
compound with a super thirst — a 
“super slurper’ - — and its poten- 
tial uses seetn lo be virtually 
limilless. 

Absorbent 

Chemically it is identified as 
a hydrolyzed starch-polyacrylum- 
trile graft co-polymer (a starch- 
synthetic graft rather than a 
mix) and in laboratory tests it 
has absorbed up in 2.000 limes 

Us ability to suak up and. for 
a while, retain moisture makes 
it useful as a mating for seed.-, 
a dip for plants being trans- 
planted or transported, a condi- 
tioner for soils that have poor 
moisture retention properties, 
and an aid to hydroseeding of 
embankments or aerial seeding 
of hills or into standing crops. 

It readily absorbs all body 
fluids and so appears to have 
great potential in medical and 
athletic spheres as a major com- 
ponent of bandages, pads, babies' 
nappies, working gloves, foot 
cushions, paper towels and 
powders. 

The absorbant. when added to 
water, congeals it lo a gel or. 
still further, to the consistency, 
of crushed ice. This, say the 
centre's scientists, would make it 
much easier to remove excess 


water from sports fields or deal 
with flooded construction sites 
or basements. 

The starch-based product for 
recovering pollutant heavy 
metal* from industrial waste 
water is made hv re-acting 
starch with caustic soda arul car- 
bon disulphide. The process of 
recovers is one of inn exchange, 
in which the sodium exchanges 
for positively charged metals 
Midi as copper, cadmium and 
chromium which can then he 
filtered mil. Metals hind ev- 
treniely lightly to the starch, so 
indications are lhat they could 
safely he used as land-fill. 

The use of March as an en- 
capsulating nr lormulaling 
agent for crop protection chemi- 
cals is in an advanced develop- 
ment stage, liui has not yel been 
(akc-n up by commercial com- 
panies. So far. work at Peoria 
lias been mainly wiih herbicides 
and ihe pnidtu-t is granular fur 
incurporaiion into soil. Research 
workers believe that they will 
eventually be able to produce 
a welt abb- powder fur use as a 
spray. 

Advantages « l aimed for the-e 
slan h-fonmilri led chemical pro. 
duets are that there will he a 
slow release of the active 
chemical and so h-ss uf a lo-s 
through leaching or vulaii.-atiiin. 
thus enabling sprajing to be 
carried out less frequently. 

It is clear that the scientists 
at the Peoria Centre have shown 
lhat there are almost limitless 
uses for starch. The economic 
viability »f the products also 
looks promising in mu.-t 
instances, although ihis will 
naturally be dependent upon the 
relative availability and price uf 
starch compared with products 
such as petro-chemicals and 
cellulose which it might replace. 


Lome Convention terms attacked 


COPPER PRICE CUT 

Three groups yesterday cut 
their Canadian copper prices by 
2 cents per pound with immediate 
effect. 

Noranda Sales and Hudson Bay 
Mining reduced their prices for 
electrolytic copper cathodes from 
71 to 73 Canadian cents, while 
In co Metals announced its price 
for “ ore " copper wire bar had 
been cut to 71.625 cents. 


BY DAVID REN WICK 

TRINIDAD AND Tobago, and 
other Can com states, regard tbe 
present Lome Convention with 
the European economic Com- 
munity as unsatisfactory and will 
be going ai out for better terms 
when negotiations for renewal 
open in Brussels on July 24. 

This was made dear to an 
EEC delegation headed by Mr. 
Maurice Foley, deputy director 
general of the Development Divi- 
sion. which attended a five-day 
Caribbean Regional Seminar on 
the Lome Convention held here, 
v Specific complaint was lodged 
I by Caricom representatives at 


the seminar against the lack of 
any tangible benefit under LomC 
trading provisions. 

The share of EEC trade now 
enjoyed by members of the 
African. Caribbean. Pacific 
(ACP) group has dropped since 
2974 notwithstanding the trade 
convention, noted a Trinidad and 
Tobago Ministry of External 
Affairs official. 

The question of rum is of 
particular concern . to the 
Trinidad rum industry'- It was 
pointed out at the seminar that 
European definitions of Turn 
were hindering trade expansion. 


PORT OF SPAIN. July 4. 

Both Germany and France 
maintain an official description 
of ruin that effectively keeps 
Trinidad and its lighter Caricom 
rums out of the EEC with the 
sole exception of Britain. “But 
our position even in the British 
market may be threatened if 
a Community-wide rum regime 
is instituted as has been 
suggested.*’ said tbe official. 

In London, world sugar values 
again fell to new lire of contract 
lows on the terminal market. The 
London daily sugar price was cut 
by £2 to £91 a tonne, its lowest 
level since last November. 


COMMODITY MARKET REPORTS AND PRICES 


COPPER— Bgrely ctiansKd and cxtr.-m-ly 
in-t wi ihn London Meial Exchangr. 
iit opening around £712 forward mt-ial 
.-.Ml b.n* to 1710 raflcciins du Urn mess 
■ai-rims apainM tire dollar. However. 
,i,-niiF acalnsi Comiimnial physical buxt- 

Ol’l’ER* ■»•»»" —+'•*] ‘ '|t+S 

- 1 * Olth-wi j — I UimJtl, In ' | — 

~ i * i~l £ . * 

ilfr. 694-. 5 1+3 [692.5-3.5 U| 

in iiiklrt.il 714-.5 : + 2 | 713.5-4 5 

■Ul'in'tii: 6S4.5 -.+3 i — 

Ohfidw.. ’ l 

uh .690.5-1 +5.7B 689-90 '-1 

iHMiilm. 710.5-1 '+3.55 709.5-10 —.75 

iM'in'iii 691 '+5.5; — I 

! J66.5-68 1 

-vs and fmdi buy Inn lined lire oner u> 
‘IS on the morning Kerb. In tire after- 
ton values moved narrowly in tire 


abstoct- or any lead from ibe U.S. whir* 
was clnsrd for Independence Day. and 
forward tnettl was finally £713.5 an the 
laie Kerb. Turnover: la. 773 i omits. 

Amalgamated Metal Trading reported 
that in the memlng cash wire bars traded 
at fW. thrw months £71?. 5. IS. 14. 14 5. 
Cathodes cast? SSffl.3. 91. (tarn* BIMltllS 
rrto.5. U. 11.5. 11. Kerb: Wire-bars. Ihrec 
monihs £713. 16 . 154. 16. IJj. Afternoon: 
Win-bars, three months £713. 15. -V t.i. 

14.5. 14. Cathodes, three months £709.3. 
Kerb: Wirebars. three months £714.5. 15, 

13.5. 15. 

TIM— Firmer- A rise In ihe Pcnatw 
price, coupled whh bear rorcrioit and 
covering attains! overnight US. physical 
demand, saw forward standard metal 
move- ahead to £0350 in tbe morning rings. 
But this trend was reversed In the after- 
noon as the rise In sterling against tbe 
dollar caused the price m dip lo £6.500. 


However, fresh coven op in a thin market 
prompted a nse on the late kerb with 
forward metal finally £6.345. Turnover: 
1,315 tonnes. 


COFFEE 


trend was reversed daring Ihe afiernoon, 370. Eire hindquarters 70.0 lo 73.0. Tore- PRICE CHANGES 


•.in. ]+ otI 

CMMi-i** — | Unnfttei 


C,. index Limited 01-351 3466. Jan./ March Rubber 57.65-58-30 

9 Lam on t Road, London SW10 OHS. 

1. Tax-free trading on commodity fntnres. 

2. The commodity futures market for the smaller investor. 

PERSONAL 

—— — m wiMMUUtaiM W—g—— 

r Sculpture 
inlimeatAsprey 

.-Viprcv invite you to ,i unique 
l:\hibition « >( AihJcni.irs Puiticr skeleton 
ivatclms. A I m > I Kit urtil wi 1 1 be t hei r S/ ' 

nmgeofc|cp.inr modern m fist v 
"Hie Inhibition. at tilde 
lVmd Street Showrooms, 
is open from -irh-l?rh July 
l‘.'7B from V. sitiin-VMipm 
Monday tv fruity, ;tnd 
from u.'sOam-LiX'pm on 
Saturday. 





A m m 

sp'rey 

|_h , \vl Ixi, ul 


fiiii 




please soul me your 


bee handbook. 


High Grad* *' j *' I £ *' 

Utah. 6630-40 +67.5 6570-5 +67-5 

A months. 6 54 3- 5 o +7^ 6505-15 +60 

SetUan't. 6640 +70 — 

Standard 

Cub... 6630-6 +67.6' 6565-75 +65 

A mtmilu. 6530-401+77.5 6490-500.+6Z.5 

Settlem't. 6635 1+85 — 

Stmtta H_. 7 51705 +6 — ...... 

New T ory — I l_ ...... 

Morning: standard cash £6.635. early 
September £6.505. three months 15.490. 
£8^00. £&51B, 20. 30. 40. 35. Kern: 

Standard, three months £6.550. 40. After- 
noon: Standard cash £6.500. three months 
18.535, 32. 30. 20. 10. £6.500. Kerb: 

Standard, throe monihs £6.490. £6.500. 20 . 
23, 30. 40. 45. 

LEAD— Moved ahead steadily ‘n idle 
trading, opening in the morn Ins rises at 
£313 and dosing on the late Kerb at the 
day's high of £316.5. Turnover 7.900 
tonnes. 

’ | altru : + orj p.mT” i+ or 

LEAD OfBt-la' l — l'nndk-i»i | — 


5 tnnntti,.. 
^ecr'im'ml 
Uh. a pot. 


*■ *• *■ i «■ 

304-5 +2.75 305-6 ,+2.75 

314-.5 +2.5 315.9-6 +2.5 

305 +3 — I 

I 31-03 


Although initially slightly lower. 
ROBU5TAS grew firmer throughout the 
morning due to mat large-scale short- 
covering In the spot 'Job’ position, Droxe! 
Burnham reported. iW holiday closure 
in New York restricted "-activity jn the 
afternoon, but valnes remained steadv as 
traders took profits from Moodtx; decline. 
Towards the close the spoi Jaly'upsftlon 
came under pressure from Commission 
Bouse long llatndadon and closed arises 
than £100 premium over September. 

fi*» leftist i 

COFFEE Cw =+”• 

£ per mnne j 

Julv 1497-1600-17.511545-1495 

->eptenir*r..i 1397-1400 + 16.01 1415-1575 
Xprember^. 1313-1314 -f- 23.0! 1325-1290 

January ! 1255-1265. +52.51 126O-U40 

Usnsfa j 1211 1216 — 3S.5i 1211-1190 

Mav I 1155-1165 + 52.5 1165-1145 

July- ..I 1135-1155+ 4tLO| — 

Sales: 3.773 <2.91TI lots of 5 tonnes. 

ICO Indicator prices for July 3 (U.S. 
cents per pound t: Colombian Mild 
Arab leas 197.50 1 189.00): unwashed 

Arabicas 16S.B0 tlTD.QO); other mild 
Arab leas 156.00 (158.83 1; Robnstas 137.50 
U3S.00). Dally average 146.75 (148-42). 

ARABICAS— No trades. Close: Aug. 
164.00-170.00, Oct. 155.00* 162 JM. Dec. 10.00- 
147.00, Feb. 14O.DO.14o.O0. April 135.0-140.00, 
June 128.00-138.00. AUg. 12&O0-135.OO. 
Sales: nil (4) lots of 17,230 kilos. 


however, after sterling improved against quarters 34.0 to 


Uio doUar. Final prices were ihe lows 
of ibe day. about 1 M points below first 


Veal: Dutch hinds and ends 81.0 to 6-5.0. suied 
Lamb: English small 60.0 to &!.o. 


traded levels. C. Czaraikow reported. In medium CO.ti to 02.0. heavy 56.0 to 62.0. 
new of ihe New York holiday, there was Imported frozen: NZ PL 34.0 to 33.0. 
no Kerb trading In London. PM 33.0 lo 34.0. 


Homing: three months £313. 14. 14.5. 
14Ji5. Kerb: three months £313. 15 j. 15. 
Afternoon: three months £316. Kerb: three 
months nw. 16 . S. 

Z1MC— Up again, but with trading down 
to a minimum. Forward metal followed 
the pattern ut lead and gained ground 
steadily throughout to close at the day’s 
best level of SMS on the late Kerb wtth 
some covering against physical demand 
being reported. Turnover: 2.700 Tonnes. 

fcin. .+ ori p-nc il+or 
ZINC OflWial j — j rood) -.Mai | — 

c I I c i 

Oufa- 307-.5 l+5.5| 307-.5 +2.5 

i in cm 3 17. 2.3- .5 +G.6JI P17-.26. h-2.52 

5'iuent .... 3o7.5 i+6.5j — ] 

Pnn. We*J - i I 29.31 I . — 


GRAINS 


LONDON FUTURES CGAFTA' — -Values 
opened 13-23 lower and nervous liqnkiU- 
tion set Ihe day, Acli reported. A 
succession of stops were hit during tbe 
day as country markets showed good 
losses wflh merchant selling the feature. 
By the close, despite good commercial 
short -covenns. Wheat values had lost 60- 
70 points, while Bariev was generally in 
demand at the closing fevels of 33-40 
lower. 


[Yesterday'*- + or .Yesterday’*; + nr 

l< Klnte 1 — : t-ku I — 


do Kerb- trading In London. PM 33.0 lo 54.0. I — , "K n 

: — : Park: Ettglish. under 100 lbs 37.0 lo 1 

PS. lYer.eniay'J Pn-vt.-u. | b„..ne* « •’ )bs 36 0 10 c o - lte j j 

Cl ^ e 1 L ' IO,< I U,,D,f Rabbits iskinnedi: EneleJi tame 63.0 Metals ! \ 

L 1 J : ; to 64.0: Chinese 41.0 to 43.0. Australian Aluminium. £660 *-’680 

1 1 1 3o.n tu ;i 9 .y Free market I'-imSi.OiDtW- .>1020-30 

iftrionne MEAT COMMISSION — Average ralstock Copper .,-avli \V. Ban- 1^93 —1.0 £789 

Anjt- ...| 0.50-0.60 92J6-5.10 92.75 9u.47 prices ai rx-presepiative markets on # nwilli* dn. ilu. jt’7 15.76 — 0.5 £779.5 

Uvi l.iS 1.80. S4.6+44.7Q t4.t>0 31.--0 Jaty 4. CB-Canlc. 72.07p per kg Iw t^khCuhode |E689 a t-1.0 C753.75 

Im*. . 1 94.70-B4.76| 97.25 97.5 . 9/.0O-94.5U i -0.34*. UK— Sheep. I42.8p per kg esl dew * uwoth* do. tin. 1X709.75^0.751:773.26 

Mari. L1.4S-* 1.55(104. 2S-ti4 1U4.00 *1.40 (-0.5.'. CB— Pigs. 62.4p per kg Iw i+U>. t'*»M Troy o/.;?1O4.0/ij+ 1.0 fib 1.576 

51 • v — ; 104.1 J-C4.5tP 10 7-20 07-85 105.79 04.50 England and Wales— Cattle numbers down feed Uavb j 1306 -5 l + 2.75;t321.75 

Atm 107.60 08. to, 1 10.75- 1 1. Bo 108.73 0«J5 'i* per cent, average pnee 7I.54p i— O.m: -4,-nmnth* j£315-75 1 + 2.5 £531.75 

O-i... 1 12.00-12 . 01 1 1 14 .Sb- 1 4. Bi il4.61M2.7o Sheep down 212! per cent, average 143.0p J™ 1 •-• 1 ®?-®®° \ 

Sales: '2.24T.'i 8a. lots Of -SO tonnes. ■?»£ ™b o* > 4:SS 

Tale and L-lo ex-refinery price for ■ SJ ® ScoUand— CatUc down 1..0 ' I u us 

CTaomated bass wl^^ea7 wlv CdtiS pcr «“«• average 73.62p 4+9.711: Sheep _ ■ 

a ™ ne r« ^dc ^d down a T PW average 132.7P Plartnun. i roy ox ’£129.5 £122 

SK '£ 13 ^" ex Sort ° «-l7.4i; Pigs down 3.S per cent, average Free Market '£lh9.25-0.1 L130JB 

“SSJl? 5 w Agreement' Price change.. Q..fc*«lv«» flMkMtaftidO 5127-52 

for^bl IS. ^ fgbiiS COVENT CARDEN .prices in sterling silver in,v <w. [283.26, 0.1529 1.25 

stowed Caribbean port: Daily 190 i6 0fit: P cr package unless staled.— Imported amiutlo 290.65, +0.65,298.76, 

l^aV .wrsL. 7,Mi7B) prodnex'; Oraoges-S. African: Navels + OO- ,+ 65.oU.7SO 

EEC IMPORT LEVIES- Effective today < M: Braniian: 4.2IM.30. Lemons-! tab an: 3 niomhs j£6.49j ;+62.5 !l6.6I3 

for denanwed and no^denara^ti sugar. new crop 4.00-LM: Spanla: troys MnttMMblll 36; '-*129-34 

in niuw oTai%nnt per 100 kilos ipn’rioos l-’W-l-SO- large bases 3.50-1 .40; s. African: /Inc cash -£307.25, + 2.5 i334 

in bradwis.:’ W m: 9M9 ISn^Rm* 00*40. Grapefrt.ft-S. African: 27.-T2 i mouth. '£317.125 +2.376 £343.25 

23 36 (*>+ 99» 3.40-430: Jaffa: 20 kflus 430-1.60. Tap- Produce rk Soau-ouu S>au-iuw 

The rain far raws in both cases is lor verges— Brazilian: Honey 4.30-4.40. Apples Oils 

sugar basis 9- per cenL —French: Golden Delicious 20 lb 845 3.00- Commit Phil) S660, 5655 

5 50 T^s 3 J0-3 .66 ■- V7. Australian-. Cranny UmunAuut_ £69 B — 8.0 X74A 

SnVARPAN Mr 1 I Smith 8.60. Tasmanian: Stunner Pippins Linaee-1 t-nulf ivj. £a46 —5.0,1:385 

L /A LS 4^/411 6.60-9.00. Cranny Smith 8.90. Croft ons 9.30: Palm Malnynu 9650 a — 2.0 5608 

The raaricci opened steady, after belter- S African: Cranny Smith 9.00. While 

(han-eapecied U.S. weekly erpon mspec- Winter Peai-maln 6.S0. Starting Delicious 

lions. In ib>: absence of me Chicago S.30. 8 50, Golden Dclxnous SJO-9.60. Yorks Seeds 

market due ro the holiday, prices traded 9.00-9.20: Chilean: Cranny Smith 7.00-7.60: Copra Phillip 8465? —5.0 M40 

within a narrow range and dosed with New Zealand: Stunner Pippins 163 B OO. S«'.\abean il .b.)....:S2 /4.S1J— 1.5 5291 
gains of £1 to 10p, SNW Commodities 173 3 00. Cranny Smith 9.00: Italian: Rome . , j 

reported. Beamy per pound 0.1B. Golden Delirious Grains ! > 

—————— — 0.16-0. 17. Jonathans 0J5. Poaches— han+v EEC ' * f r 

' vim*'—" I ,v.nr SBani*: tears 2.00-2.60: ludlan: li wars Hoine Future*.... £81 ',-O.ib XB2.95 1 

^ , ■! I,f,rip 2 00-4.M: French: 1.80-2J1O: Greek; 2.00- XUa* ! 

•-i+ricnnei i6 °- RtW—^feWnan: « !b Josephines Freni-b >u . S Am £103.25— 0.26 £105.25! 

Imimi . 1:7 20-17 4 j.n ut ii7 -(Lie rh *+•*■ Ncdariiua — Spanish: 2.00-3-60. Wheat ! i 


JSS-a. EEC grants 
for British 
| food projects 


July4|-f.»r Jl'-nfh 
197E — agfi 


sugar basis 9-’ per cenL 

SOYABEAN MEAL 

The raarkei opened steady, after beiter- 


. 1 cr-temay: a. ,*■ . 

Clc«u • — llnne 


« , T:VaM 7 ? +n 66 117 ^ 0 . IBM Neoarliics — Spanish: 2.00-3-60 

S'SSiV 18 60 87 toin 801 790 Craggs-largeU: Pcrtone 4.00: Cyprus 

SiSSi:' ™’.J 67£wal296; In'fiiuS 12 ^leiic 7 . 20 . Cardinal 7.20: Spanish 

W O^lBoZnaR 7 ' 2 8 ' 50 Cardinal per pound 0.40. Plums-Spaolah 

i B'ntvSn “S1- ! “ 5 Wos Cavima 2.6IM.00. Santa Rosa 1-50- 

■f 0111 — "_«0. RnrharAs L 50-2. 40. Aoricou— SoanlSb : 


-eft. 83.20 !— Q.70> 78.20 r— U.40 

Nov. 8c-.u5 81J3D U-CL36 

Jan. 88.75 - — O.M: 83.70 t-0.35 

Mar. 91.35 J-fl.9S| 8r.35 ,^-0.55 

Mly 94.0a !-a6B, 88.9 ■ I-O.S5 

Business done— Wheat: SepL SlSf^LSO. 
Nov. 86-55-86.65, Jan. 89J5-9S.65. March 
•1.70-S1J9. May 94J5-94J0. Sales: 264 
IMS. Barter: SfW. 7S.3a-7S.28, Nov. SL20- 
80.95. Jan. B3.Sfl-ta.65. March S6.454a.40. 
May nntraded. Sales: 141 hHE. 

IMPORTED— Wheal: CV7RS No. 1 135 
per cent July and August 93.00, Tllbury- 
US. Dart Northern Spring No. 2 14 per 
cent July 80J0. August SO. 75. SepL SL30. 
Iran shi Dm eni East Coast. Other grades 
unquoted. 

Maba: U.S.rPrench July 10X25. Au/VSt 
00-00. Sept. 100.50, transhipment Sott 
Coast South African White Sept. 734)0. 
Ltverpooi- South Africaa Yellow Sept. 
72.50. LtverpooL 

Barley, Sorghum. Dais: unquoted- 
HCCA— Location ey-fann spot prices 
for JtOr 4. Feed barley: Bambcrsule £80.00, 
Gloucester £80.00. 

UK monetary eo-etfident for ihe week 
from July 10 is expected to decrease to 
U71. 

EEC IMPORT LEVIES: Effective for 
July 4 In order cu rr ent levy plug Auk.. 
Sept, and Oct. premiums (previous in 
hraekeisi In wills of accon&t per tonne. 
Common wbeas— 91.17. nil, nil, ml < samei; 
Dorwn wheat— 123.79, ml, nfl. 0,73 (123.79. 
ml. nil, uili: Rye— W.64. nil, ml. ml 

(samel: Bartey— S3 -53. nil, nil. ml (S3.G9, 
Ul, nil, mil; Oats— 79.40, nil, nil, nil 

i same j: Maize (other than hybrid for 
seeding}— 60 JK. oil. nil, nil isomet; MHIct 
—79.94. nil. OIL nil (aamei: Grain sorghum 
— S-L27. nO. nil. nil 1 84.25. no, ml. nil). 
Also for flours: Wheat or nixed wheal ami 
rye— 129.86 HSUS).' Rye— 137.71 H37.71J. 


IWWw] - | | 29.31 l 

Morning: three months 1316. 17. 16.5. 
17. Kerb: three moo tbs £317.5. After- 
noon: three months £317. 17.5. Kerb: 
three months £317.5. IS. 

“ Genu pec pound, t On prevtooH 
nffirial dose. I JM per ptcnL 


8r.u6 0_ra' 81.00 1—0-55 

88.75 — O.B0I 83.70 'r-0.35 
91.35 l—0 .95 1 Sr .35 1—0.55 
94.0a 1-O.60, 88.9 ■ 1-0.55 


SaVER 


Silver was fixed 0J5p an ounce higher 
for spot delivery In the London bullion 
martlet yesterday at 283.25P. U.S. cunt 
cqntvaicnts of (he asms levels were: spoi 
530.4c, up 3Jc: three-month 540.9c. op 
1.0c: six-month 532 .c. up 3.7c: and 
12-mamh 575 op 3.9c. The jncial 
opened at “S2J-2S34P (5S9-5304ci and closed 
at 583L2844P <5314-5530- 


.+ L.M.K. j+ 
— ClUSC ~ 


>A 

■[ Have you ever wondered ■ 

i SSsS&s&ea i 

J J 

1 tocomeandnieetus. ^Ju 

iiBsassssfflBs^ • 


SILVER Bullion 
per ■ hung 
troy oz_ pneng 


Spoi 285-25[i l+fl-15 2S4p LlJ5 

) months.. 2S0.6op +H.55 291. 55p |+ 1.9 

■ monthH.. 299p j+0.3: — 

315-Vp +6.4& — ) 

LME— Turnover 181 I154i lois of 10.000 
ounces. Morning: Three months 291. 1.3. 
1 j. 1-4. 1 j. Kerb: Throe monihs 23L5. 
Afternoon: Three months 23L3. 1.5. 
Koib: Three months 231.3. 1.8. 


COCOA 


Wlih a holiday In the Ui» pnett drifted 
lower m quiet condloons. GUI and Dsffus 
reported. 

' 'Ye-iltirdayY + or “fimniW' 

Cl HO A I ciora — ! u-’fe . 


June 1 19.DO-22JM — 0.60; 

-V ligual ; ._. 17 1 -00-24 Jr 1 

Sales: 46 rhi4 • loo of 100 lonncs. 


PTTPPFR • pound 0.30. Cherries— French: 0.70: s.,™ r (iiairr-!’””" , tflr'' ,J _2u' l r!o4*' 

KUtSotlV Washington: 0.90. Onions— Canary; 2j«: wSi*<iw kiln... I atidr- « 

EASIER opt. 1 nine od thi* London Israeli: 140: Spanista: 2LS0-330. Potatoes — . 

Physical mart'-’t- Little throuRfaoui the — Cypnoi: 5’0: Brittany: 2.00: Jersey: Nominal. • Unquoted. k AU+usi 

SfdLST* . S&'ZSSFnSZ 55 lb w* 7SSSSSm- aVeW- PJUl> " AUB - 

Lewis and Peal reported a Malaysian S-gQ-lS Oi Jengy- 2.60: FVradi: " -'‘“•“WOT- * Per ton. 

Midown price or 2!fi (229) cents a ttilo 2.2f. Camw-FTcnch: Nets i30: Nantes — 

nominal buyer. 26- U> boxes 3.00: Italian: 2.88: Cypnoi: 

2.00-L20. BcotrooCs— Cypriot: 28 lb 2^0. FINANCIAL TIMES 

; , Courgettes— Krencb: per pound 0.23. 

N».l |VtH‘pW ■ j Prevlwjh is-jjinrs.- English produce: Potatoes— per 56 lb July 4 ! July 3 IJlumh wqiH Inn 

B.S.S ! LVe Clow ill -Ilf 2.20-2.40. Lettuces— per 12 0.50. Cos 0.70. -7 _ — ' — — — 4 — 

— 1 — — — Webbs 0.60. Rhubarb — per pound, outdoor goQO. 5 £40.1 6 | tsb 1 .77 | ^49.46 

J O.OS. Cucumbers— per tray 12/24S 0.90-1 20. (Base: July 1. 1953=1001 ' 

Mu brooms— per pound 0.40-0.50. Apples— 

53.50 S3.Btt 54JD-64.50I 55.40-65.00 per pound Brantley'S 0,164.20. TomaWcS— RrilTTB<e 


Crapes— Israeli: Pcrlene 4.00: Cyprus: Ao. ! Keti Npnns'-£92a rQ7 

12 ib Perleile 7.20, Cardinal 7.20: Spanish: 'Sn.2H*nnvint«i 1 ! “ • 

Cardinal per pound 0.40. Plums— Spa olab: tjuiriisb .Miinne.. £105 ,1*104.5 

5 kilos Cavima 2.60-3.00. Santa Rosa 1-50- C.n»* shipment .... £1.876 19 O'C 1-732 

2.40. Bnrbmto L5O-2.40. Apricots— Spanish: Kuuira Sept. '£ 1.7993—1 L5 : £ 1 .637 

o tains 2.604-20. B aa ana s- Jamaican: Coffee Fi it uiv. | I 

per pound 0.15. Avocados— Kenya: Fuerle xt.sga 5 + is O KI 767 

14/24S 340-4.00: S. African: Fomve 3.00- L’niloa-.V* Inties— .u0.9a^ —0-56,70-55.: 

4,00 a Cwtaun*— Dmch Frendi: per Hu»<h* WIp_ bSJSu 1-0.75 57.25,. 

pound 0.30. Cherries— French : 0.70: s lirar iL'm ■ 'mm o.> ,-ino 


cadown price of 225 (229i cents a kfla 
nominal buyer. 


No.1 iXtH'paiii Pwlnua 


il.jflnr« 

ilmr. 


FINANCIAL TIMES 

~Juiy4Tjnl5 r 5'|Mumh aqi'Anii 

9400. 3 iO D. 1 6 j 861 .77 I d49.46 
(Base: July 1. 19a="]'ot) i 


sejn .... 54.15-?4.60i.54Jfi.5L50| 54. Ul per 12 lb Ehtsltsfa 2.40-2.80. Greens— per 

Oet- D«-l 56 97.00-67.26> 66.80 65.50 crate. Kent 1.00. Cabbage 1.50-1.60. Celery jiuTa” 

Jsn-61r.l 57.e5-f6*0fij 59.10-50. 15! 59.16 57.60 -per 12,7 Ss 2.80-3.50. Strawberrins-per T : 

Apr- J mi 53.70 58-W; «LK-t0.t6> bO.95 5s.55 l Ib 0.14-0.20. CaaMflowers— per 12 Lincoln 1453 6 J 

Jiy-Seui b1.5S •'•*» «5LttBS.5L| B1.00 2.40-2.60, Bread tens— per pound 0.06- . — ' ■ 

Oyt- Dn! t5.10i3.ZO! efaUHri.Dfil 64.1,5*2.95 0.07. Peas— per pound DJ3-0.13. Cherries 

-liut-51«i' i>4.70-t4.75| s5.S5-fiS.70! 65.6b-64.50 Per pound Black B 60. While 0.204.26. 

Apr-4 nr: 66.4.'-t 5-50' 67 Ji b7.H0,' 88.40-66 JO Gooseberries— per poumi 0.224.24. Beet- 
" Sales: 363 tots of 15 loonea and rBOls— P cr 28 * : - 30 - Carrels— per 28 lb ‘u..^ 

43 f24i lots of ■> tonnes. 24O-2J0. Junes ! 

Physical closing prices ( buyers I were: * - 

Spot oS.zSp 1HO1; Aag. 3525 p i56.0i: GRIMSBY FISH— Supply good, demand ap*....- 
Sent. 55Jn seed. Prices per Slone (ud processed i at Flltllm< , 


REUTER’S 

July 4 : July J IMnnth^ijiT 


1458.6 ! 14€8.9_ 1517.7_ | 1565.0 
iBase: September' IS. 1931= lOBi 


DOW JONES 


linn till leal 


DOt 53.2Sp ie4 . 01 ; Aug. S525p rje.Oi; GRIMSBY FISH— Supply good, demand 
SepL Siip 1 je.v'jt- good. Pnccs per Slone (unprocessed 1 at 

„, AAI CTl-lwm™ ship's side: Shelf cod £3.5ML«. codlings 

WOOL r UTURES sm-a**-. latsc haddock SA.30. medium 

, , £3.70-14.40. small £2.00-12.60: large plaice 

-LONDON— The market was dull and r4.40-f4.so. medium BMUl. best smaU 

lalnrelea. Bacn c roponed. LL39M3*: medium skinned dogfish fa- 50 : 

tuftintllau li'e*ienrya;-f ori biisUim. • largo lemon soles £5.50. medium £4.50: 

naasv Wootl c "»« — Unno salihc £2.5O.£3.00. 


tea lure lees. Barite reported. 
Auaimllau lle»i i-nrya;+ ori 
Greasy tt’ooll c '■wo I — I 


COTTON 


Nv^U’nnr'ti 

J«iv.„ ;103U»3S.fl '-! 

*1* 17M.--9LO 

OBt 1/55.0-66-0 I- 

Uawh._ ^?a»Jl-50.6 

Hay ,11700.0-12-1) 

I uiy htWJ-ffiJi |- 

JI566- -M.O - 


91.0 |l6SD.O-33.0 

21.5 | lbl9 J] 1796 

18.5 ! 1774.* 64-0 
20 J) 1/.44 .35.0 
-17.0 .<715-0 15-0 
■15.0 [16KJJ-9U.B 

12.0 l - 


LIVERPOOL COTTON— NO Spot or ship- 
ment sales wen? recorded in Liverpool 
leaving ihe total for the week so far at 
48 tonnes. Users were deterred from 
entering into further engagements by 
doubts about future trends. F. W. Tatter- 
sail reported, interest centred on small 
quantities of Latin-Ameriran and African 
styles. 


Julr tS0.fl-35.0 

O-tober 2 «d.0-42jj 

UeeeiuHer ...[2<S.0^Sil 

Jlaruh J246.B-4BJ1 

3UV_ 246.0-46 J 

July (2*0 0-48-0 

IMnlier (247. 0-56-0 

Dec. B48.0-52.fl 


g i 


CHINA PRODUCES 
MORE SUGAR 

TOKi'O, July 4. 
China claims, although with- 
out reporting production figures. 


U-l S59.09i359.23, 
1^. IS45.87l367.ua 
(Averaae i924.2i2B=iooi 

MOODY'S 


: Jul.v / July llmitli.l «u 
Slualva | (4| j 3 aigi. | i»n 

•*|ile m i! (i-> 920.9 925.5 i.-i 

(December 31, 7Kti~inni 


CANADIAN MARKETS 

WINNIPEG. July 4. 
URy*— July 100.90 bid ( 100.30 bldi. Od. 


Sates: nil ( 2 . ioi of 15.000 mi«. " sugar production plan for jgfjg 9S - 90 

Sydney GBEASY^-ua ont,. bu>t-r. 1977-78 has been overfulfilled. 


SUGAR 


Sales; 1.000 <0.1211 tels of 10 mnueS. 
lat*ni«UMal Ckh Organ intwre ItU. 
cents per pound »— Doily price July 3t 
145.10 1143 4S'. Tadieatw prices July 4; 
15-day avorago I38J4 037.64) ; 22-day 

a%-cra«e 136JS (135.721. 


LONDON DAILY PRICE iraw smart 
191.00 <03.091 a tonne df for July -Aug. 
shipment- White sugar daily price was 
fixed ar £191,00 inM.00). 

At the opening, prices were about 100 
poms below overnight levels, but they 
lifted somewhat during the monuns, Tbe 


{?. caae ‘ 5U S ar provinces have all ‘mo# bid 1211.70 wd.. | 

inited. °TmS sales: os iSi. ' ’ ' ‘ reported increases over the pre- ^ *" d I 

MEAT / V tOETAJBUES ^ per ceQl - Fukien up 30 per comem mf su Liwrcnro ifiLso liaiAJ'. j 

smith field ^ per poond.-BeM- cent an «* Szechwan up 100 per ****** 34 . ,b bpflW. it Cents PIT I 
Scotch killed sided Sfi.fi lo 3B.9. ^, cr TiS. cent. 5* S ^ UB *' pl 1 rehouse, it dnis per; 


Scotch killed sided ss.fi lo gg.g, Lftster mod- Cent, 
quarters 7L0 » 73 B - forequarters 33.0 10 AP-Dow Jones 


5S Ib bosbel cr-wart-b wise. J.OOu bushel 
low. 33 sc nor loirnt. 


By Our Commodies Staff 
EEC GRANTS worth £3.3m will 
be paid to UK farmers and food 
processors under tbe current 
round nf the European Agricul- 
tural Guidance and Guarantee 
Fund scheme, ihe Ministry of 
Agriculture announced yester- 
I may- 
or ihe 39 successful UK appli- 
cants for assistance frooi the 
fund. 13 are in red meat proces- 
sing and slaughtering eight in 
the dairy industry six in poultry 
processing, five in fruit and 
vegetables. three in fish 
processing, two in animal feed- 
ings tuffs. one in seed pro- 
cessing and one in grain dry- 
ing and storage. 

This round uf grants covers 
applications received by October 
1. 1977. Those not granted this 
time because of lack of funds 

U.S. commodity markets were 
dosed yesterday for the Inde- 
pendence Day holiday. 

will automatically be recon- 
sidered. together with those 
applications received by Feb- 
ruary ‘28, 1978. in the round of 
decisions to be announced by 
December 31 this year. 

Applications for the following 
round must be received by Octo- 
ber 31. 1978. The result will be 
announced by June 30, 1979. 

The £3 21m granted lo UK 
applicants is part of a £2Qm EEC 
package. 


Australian wool 
chief assesses 
sale prospects 

MELBOURNE, July 4. 

A REASONABLE wool-selling 
season was forecast here today 
by Mr. Alf Maiden, chairman of 
the Australian Wool Corporation. 

Launching details of the I97S- 
1979 " floor ” prices for the 
Australian auctions, he said 
that he would not describe the 
corporation as being “ bullish ** 
in its assessment, however. 

Mr. Maiden said that Japan's 
commitment lo a 7 per cent 
economic growth rale should 
improve its demand for wool and 
mean that it bought at least as 
much as in Lhe previous season. 

In Western Europe, with the 
exception of France, conditions 
were quite good. The U.S. again 
showed an increase in purchases 
in the last year and it continued 
to look as though Eastern Europe 
would be a major customer. 

It appeared lhat there would 
again be a considerable rundown 
in corporation stocks. During the 
coming season demand was ex- 
pected to continue being strong- 
est for carding wools. 

Mr. Maiden pointed out while 
the minimum floor prices for 
all wools were to be raised for 
the 1978-79 season, the rises 
varied from 14.7 per cent for 
crossbred carding types w 2.3 
per-cent ror 19 micron fleeca 
and skirtings. 


’Financial Tira^ WSSaesasg'^uly SrigTR ^>1 


STOCK EXCHANGE REPORT 


Miners’ pay vote 

Gilts and equities do 


adds to stock market uncertainty 

in— 30-share index falls 5.0 to 453.1 


FINANCIAL TIIWES STOCK INDICES - 

»" I i iS* 

M’w <*» «■» “"ii 

tx.» H.+T, 71.A9, 7i.a*. 'll.**! Ti.a* *44* 
: ylu om,££!. 4ss.i! 4M.f ««.« 5*5- ?S2- fill 


Account Dealing Dates 
Option 

* First Declare- Last Account 
Dealings lions Dealings Day 
Jun.26 July 6 July 7 July' 18 
July 10 July 20 July 21 Aug. 1 
July 24 Aug. 3 Aug. 4 Aug. 15 


• “ Hew lima " dealinss m»y taka place 
Tram 9 JO a.m. two tmlncu day* earlier. 


■ in GBC. with’ 123 contracts trans- 
acted ahead of tomorrow's annua) 
results. Grand Metropolitan fol- 
lowed with a total of 141 trades. 
Among the noteworthy rate 
movements. IC1 July 330 fell a to 
38 with the October 330 4 down 
at 47 p. 


The prospect of growing opposi- 
tion to the Government's attitude 
on pay in the next round following 
the National Union of Mine- 
workers’ vote for a 40 per cent, 
increase added to the many 
uncertainties currently weighing 
on stock markets. Leading equities 
fell throughout and dosed, only 
marginally above the lowest, while 
Gilt-edged securities also came 
under pressure. 

In the latter sector, the shorter 
maturities sustained several bouts 
of selling which gave rise to 
speculation about possible finan- 
cial trouble for some. But the 
more predominant view was that 
trading positions were being cut 
and losses accepted because of 
the uncertain outlook for interest 
rates and on the economic and 
political fronts. 

The last-named factors bad 
earlier influenced revived small 
offerings of equities from con- 
fused public investors and, with 
institutional operators remaining 
in a state of inactivity, a progres- 
sive decline followed. The FT 
industrial Ordinary share index, 
a mere 0.9 easier at the first 
calculation, was 5.3 off at 3 pm 
and ended a net 5 points down at 
453.1. 

Activity increased with official 
markings rising to 4,890 as against 
the previous day's total of only 
3,817, the lowest of the year, while 
falls ucre in a majority over rises 
in FT-quoted industrials by three- 
la-one. The FT-Actuaries All- 
share index lost 0.7 per cent, to 
208.45. 

Short-dated British Funds 
suffered the brunt of sizeable sell- 
ing and fears were aroused that it 
could represent financial difficul- 
ties to some operators who had 
taken a favourable view of the 
market’s prospects immediately 
after the Chancellor's financial 
measures on June 8. Since June 
12. the FT Government Securities 
index has fallen from 70.79 to 
under 50.0 at one stage and shows 
little positive sign of rallying. 
Closing losses yesterday extended 
to ? among the shorts and the 
easier trend continued after the 
official close of business. The 
longer maturities remained quiet 
but were sympathetically affected 
and generally lost J. 

The day in the investment 
currency market contained little 
of note and the premium drifted 
slightly lower to 112} per cent. 
Yesterday’s SE conversion factor 
was 0.G551 f 0.6557). 

Interest in Traded Options 
broadened considerably yesterday 
as reflected' in the amount of 
contracts done which amounted 
to 518 compared with 260 on 
Monday; A lively trade developed 


Banks drift lower 


Continuing lack of support and 
occasional selling prompted a fur- 
ther downward drift in tbe Bank- 
ing sector. Falls of around 5 in 
the major cleavers included 
Uoyds 25flp. Midland 335p, and 
NatWest 232p. Elsewhere, Ha/ti- 
bros, down 3 further at l60p. 
remained an unsettled market 
awaiting the outcome of tbe 
negotiations on the Reksten loan. 
Discounts were inclined easier, 
with Alexanders falling 5 further 
to 232p on the disappointing half- 
yearly statement 

Quietly dull conditions per- 
sisted in Insurances. Losses were 
usually modest, but Royal were 
noteworthy for a fall of 6 at S47p 
along with Sedgwick Forbes,. S 
cheaper at 397p. 

Breweries gave up more ground 
in light trading, while persistent 
small selling in front of the 
figures, expected shortly, clipped 
6 more from R. p. Buhner at a 
1978 low of 122p. 

In quietly firm Buildings, 
dividend consideration's prompted 
small buying of selected 
secondary issues G. H. Downing, 
for instance, firmed 3 to 2l8p 
despite lower profits. Marshall’s 
(Halifax) firmed 6 to 10?p for a 
two-day rise of 10 in response* to 
the improved annual results and, 
similarly, Bambergers added a 
penny to 49p. Constructions con- 
tained a couple of noteworthy 
dull spots, Richard Costafn 
easing 5 to I82p on small offerings 
and A. Monk cheapening 4 to 89p, 
tbe latter in a belated reaction to 
the annual results. On the other 
hand. occasional speculative 
interest left Norwest Holst 3 
higher at lOlp. Elsewhere, Eeona 
returned from suspension at 90p 
following tbe announcement of. an 
agreed offer worth 98p per share 
from Newman Tonks and the 
close was a penny higher at 91p 
after initial support to 94p. 

Id remained a dull market on 
lack of investment interest -and 
eased 5 to 365p. Elsewhere, 
Blagdan and . N oakes edged 4 
higher to 246p and Stewart 
Plasties added the same amount 
to 150p, after 152p, on revived 
speculative interest. 

Caledonian Associated Cinemas 
rose 20 to 405p in a thin market 
following the better- than -expected 
annual results. 


trasted with a fall -of 7 to 155p 
on disappointment with the 
second Interim dividend payment 
while small selling ahead of 
trading statements due later in 
the week left GEC 3 easier ai 2S4p 
and Thom Electrical 2 off at 3 lip. 

.Store .leaders passed another 
rather subdued session. Further 
scattered selling left Gussies "A” 
4- cheaper at 270p. Second-i-y 
issues tended to follow in the 
wake of the leaders but. against 
the -trend, Bentalls were favoured 
and put on 2 to 35p. 

The Engineering majors ended 
the day a. few pence above the 
worst. Further profit-taking left 
its mark on John Brown which 
fell away to 38 Op before settling 
at 382p for a loss of 8 on balance. 
Hawker Stddeley finished 4 


chairman's statement. 

Against the ; tfrend, Beecham 
finished 3 to tSe 'good at 643p. 
after 638p, foikrwing the full 
report. Elsewhere? Bath and Port- 
land* 3 cheaper->at'-75p, reflected 
disappointment with the interim 
results. BOo*ey\ and Bawkes 
reacted 9 to 16Sp in a difficult 
market .along with Bunting Asso- 
ciated, down 7^.:i98p. The fore- 
cast of a substantial recovery in 
pre-tax profits ag in g the current 
year, which, accompanied the 
annual results/ .failed to help 
Bexmore. down.l'Jvat 57p. Among 
the occasional;:; -..bright spots. 
Vinten pot on 5 fo 12Ip, while 
WMtecroft, 20fip, Jfqye, 70p. and 
Bureo Dean, 72p, aH improved 4. 

Motors and Distributors made 
a drab showing 'da snail selling 


Hammereon “A” 7 to 533p. Recent 
bid favourite Bellway Holdings 


MINING 

FINANCE 

F.T, -Actuaries Index. 


80 Q!ZZi . ■ . - . . - I . " 

OCT HOT DEC JAM FEB MAR tfE Bf-M J 


cheaper at 206p, after 204p. and 
Tubes a similar amount lower 
at 33Sp, after 336p. Among 
secondary issues, doubled annual 
profits failed to benefit Tex 
Abrasive*;. 3 lower at 60p. Against 
the trend, favourable Press 
mention prompted a rise of 10 to 
174p in Edbro Holdings, while 
Adwest were supported at 258p. 
up 4. and Ricardo came to life 
with a rise of 5 to i7Sp. Habit 
Precision held steady at 30p in 
front of today’s interim results. 

Geo. Bassett featured lacklustre 
foods, failing 13 to a 1978 low of 
l20p on disappointment with the 
preliminary figures. Ro wo tree 
Mackintosh shed 10 to 400p. J. 
Lyons, however, edged forward 
2 to 78p following Press comment 
on the full report. 


Bath and Portland ease 


H. Wigfall wanted 


EL WigTall, up 15 at 225p. pro- 
vided an isolated bright feature 
in otherwise dull Electricals, on 
revived speculative interest in 
dnlicipetfon of results which are 
due soon. Dale Electric con- 


. Light selling and lack of support 
took tbe Miscellaneous Industrial 
leaders to lower levels. Plikington 
remained on offer and gave up 
B further to 528p, while fresh 
profit-taking left Boots 5 lower 
at 200p. Turner and Newall eased 
4 to 170p and Glaxo 3 to 555p. 
while Reed International closed 
a penny cheaper at 128p after the 


and lack ’ of .buyers. Lucas 
Industries stood but at 295 p. down 
7. while losses of 3 were seen In 
Plaxtons (Scarborough). 77 o. and 
Dunlop, 72 p. Rifa-Fit attracted 
renewed interest and rose 2} 
more to a 1978 pdak of 50p. while 
other firm spot* included Charles 
Horst 3 up atitfBp. and Harold 
Perry, 4 better? jit 99p. 

Lethargic .Newspapers drifted 
easier in eftremely small trade. 
Thomson shed 5 to 260p and 
Associated 3 to 167p, the latter 
in further consideration of the 
results. Brislor Evening Post 
hardened a penny to 123 p on the 
improved figures. .After the pre- 
vious day’s rise of 6, Wace Group 
were suspended at 5Sp pending 
an announcement df the acquisi- 
tion of a private company with 
similar business interests. Web- 
sters Publlcationr-firmed 2 more 
to 52p on continued speculative 
interest 


eased 2 to 6#p but,- in contrast, 
modest demand lifted Centrovin- 
cial EsiateS 3 to 63p. 

Early modest Calls In Oils were 
erased in a lafe r ally which reft 
British Petrolemn a net 4 higher 
at 834p and Shell a couple of 
pence to the good at 550p. in 
contrast. North Sea speculative 
counters. OU Exploration. 21Sp. 
and Stebete (UBLfc 330p, eased fi 
and 14 respectively. 

Inchcape, 5 better at 4I5p. pro- 
vided the sole noteworthy move- 
ment in Overseas Traders on small 
buying hi anticipation of pre- 
liminary results due on July 27. 

Investment Trusts remained 
neglected- and price movements 
were ustfaHy limited to a penny 
or two in either direction. 
WralerbOttom edged forward 2} 
to a 1978 peak of I97jp on the 
firet-half profits increase, while 
small baying raised Bry court 3 
to 75 p. In Financials, Yule Catlo 
figured prominently with a jump 
or 8 to 83p on renewed specula- 
tive demand in a restricted 
market. Fltiroy Investment 
hardened 2 to 18p, while interest 
was also shown in Challenge 
Corporation, 4 better at I45p» and 
Pretabafl Slcomi, 5 points up at 
168. - - 

Altboffgh trade remained at a 
low ebb. Shippings were fiat. 
Ocean Transport reacted 4 to a 
1978 km of t05p. while P & O 
Commonwealth. 278 p, shed 2 
apiece. Furness Withy were also 
on offer at 224p, down 4. 

Press comment directed atten- 
tion to WBHarn Pickles, the ordi- 
nary and “A” both closing a 
penny harder at ISp and Up 
respectively. Stxfioh Spigners re- 
mained popular and rose 3 to 33p 
for a two-day improvement of 5. 
Imps typified conditions in 
Tobaccos, finishing unchanged at 
76p following a fight trade. 

In generally firm South African 
industrials, Anglo Transvaal 
Industries put on 20 to 120p and 
Unisec 3 to a 1978 peak of 71p. 

Proceedings in Rubbers were 
once again dominated by tbe per- 
formance of Guthrie which jumped 
18 to 330p on revived speculative 
support. Highlands advanced 16 to 
135p on rumours of a forthcoming 
scrip issue, while other firm spots 
included HME. 3 up at U3p, and 


Kuala Lumpur Repong, S to the 
good at 82 P- 

Golds improve 

The continuing weakness of the 
dollar prompted an improvement, 
of SI in the bull ton price to $1871 
per -ounce. In front of todays 
International Monetary Fund gold 
auction and enabled South 
African Golds to recoup around 
half of their tosses over the 
previous two trading days. 

Turnover in Golds, however. | 
remained at a very low towel ' 
reflecting the absence of any US. 1 
interest because of the closure ; 
of transatlantic markets Cor 
Independence Day. 

.Nevertheless, a modest pipe and 
London demand was sufficient to 1 
lift prices of heavyweights by Up - 
to | as, in Randfontein. £34). 
while Western Holdings puf*-pu 
i to £19} and Free State Gcdmd 
‘ to £16J. St. netona rose 27 .to 
a 1978 high of 897p. ■: 

South African Finandms 
became a shade firmer overikfi 
in line with Gold. Rises ranging: 
from 2 to -5 wens common ‘jib 
Anglo American Corporation, 
32&p. Union Corporation. 34Qp. 
and De Beers, 393o. Platinums 
continued to respond to a broker's 
recently issued bullish circulars ^ 


18 a.»; iw* in* tore; ioe.0: 

It.Oft IJJ4, 


f/s K*on »wrn . _ 

nMiim.. mrtoH : 4 890‘ AO 17 4.0 18 * 

' - ■ i 4S.SX 04.05 OO.OB 07J7j OSvO^| 

S .tin * s a* **** 


Lma hm lUS MM. 

• R AO s' art O-nt iUrpnniliM In. fNll*7JJ ’ 

■ ttasrt 1«0 IM*' WVJ ,Bl - i® 4 - ^ <*•» 

limn R t'U. ve acmvbv Jaiv-orc i*a. 

uighs AND LOWS S*E. ACTIVITY . 


HIGHS AND LOWS _ '• 

: *~*' mx ** ~ ~ - - j i - 

IliSlt 1 Liw . } J L"’* |. I * - E .. 

Oort. «*>»... : 78.58 ; M.79 j tST# j 49. W 1 i«.» ! Wjy- 

; M*h - <*«» ■ I ( iHinarw*^. ! *7 0.4 i IMA 

_ . ... ! 27 ; 70. 7 S f 150.4. 00.05 j KjwWiA.. • 55.1 i 97.0 

rtMd 1»* — ; i tiJlfltW , tSSTjiiJlllj' dAO-; 

UKLOie ‘ 497.5 j 455 * 148.8 1I4W 


nnM minr- IMO ISOS f 448.5 |45.0 fiworW 


SST 1S£? I JSS . 

; 50.5 44*. 3 { 45.6 j -ipnorhut^.. } JWr3M" 


97-4 1. 90.4 


. - ACTIVE STOCKS 


An uncertain trend in overnight 
ydnesr and Melbourne markets 


Sydney and Melbourne markets 
was followed by small profit-taking 
in London and prices consequently 
lost ground. . - 

Northern Mining were notaBJs 
weak, dropping 10 to 94p. B&sfc 
metal .producers drifted In. 
subdued trading with Westefn 
Mining 4 cheaper at 150p. BH 
South and North Broken Hffl bdth 
3 easier at I14p and T28p 
respectively and Metals Esphn- 
tion 2 off at 30p. 

Hampton Areas were finally a 
penny lower at 137p. after touch- 
ing a 1678 high of I40p immedi- 
arely toliowine the results ;a®d 
new^ of -the Wultex acnuisltiffru:.. 

On the other hand. Pan- 
contlnenta) added \ more to £t3} 
and .Southern Pnrific Petroleum a 
further 10 to 230 d. still on con- 
sideration of the Australian 
Government’s decision not to im- 
pose a resources tax on profits 
from oil and uranium mining. 

Elsewhere. Tara, at BSOp. re- 
couped 50 of the previous dfty’s 
J75p fall which followed adverse 
Press comment, while Berall Tin 
were unaltered at 53p foUqWing 
the Portuguese acquisition. 


MJUGII .* •wavs 

Unilever 
Bassett tG. 
Courtaulds 


tunninib- 

NO. . 
• of ■ 

Ciosing 

Change - 

- 1978 

1971 

bnn 

marks price (P) 

ondtoy 

high 

Vow 

£i 

10 

8S4 

+ 4.. 

892 .. 

720 

50p 

10 

IQU 

- a . 

im 

87 ' 

rt 

9 

307 

— 5. ■ 

S38 

296 ; 

t\ 

. 9 

00 

i 

72 

42 

2Jp 

8 

283. 

. - 5 

296 

«v>r 

•mV 

25p 

8 

300 . 

■ ■ 

.831 

184 

10p. 

8 

153 

. - T 

168 

128 

n 

8 

- SOS 


306 

32K 

23p 

R 

580 

' + 

589 

484 - 

23p 

R L 

518 

4 

548 

476 

'lin 

-7' : 

- 

- -13 

157 ■ 

124 

25p 

7 

no 


131 

too - 

rt 

7 

330 


330 . 

2!) 

SHK2.30 7 

S2» 

- 4 

330 

203 

n 

7 

170. 

• - i - 

218 

166 


LONDON TRADED OPTIONS 


h\'ui»r; ftn-ftml ■ 
iii iai> _J iiffn ■ «pi. 


! {’liKtfu; " , VKwfti, 

I i4Tw‘ V*i. ; «nvp- ; 


‘ Kiiuify- 
' iHraM' 


OPTIONS 

DEALING DATES in GEC. Buriuah Oil, Thomson 

Pi ret Las! Ust For OwissUoD. Town .^4 City 


Leading Properties retreated on 
lack of buyers witb-Land Securi- 
ties, 202p r and Eogilsli. 42 p. both 
a couple of pence easier. Selected 
secondary Issues temained sen- 
sitive to the occasional small, 
seller; Great Portland shed 4 to 
274p. while Property Holding and 
Investment lost 8 to 282p and 


DeS SSI Dedara- Settle. Properties. D. McPhera^y Lex 
. to mSit Service, Premier ComWgdsted 

July 4 July 17 Sep. 28 Oct. 10 

Aug. I Aug. 14 OcL 26 Nov. 7 dQubles were -p 

For rate indicatums see end of Spillers and Royco. A short-da 
. Shore Information Service call and double were transacted 
Money was given for the call in GEC. ■ 


tw 

ui* 

m* 

HP 

C«*n. 1‘tni'n, 
I'm 11. UmMi, 

(•NIK. lillTd 

Cun". (iitM 
CiuiilniiM' ■ 

liNiilmilil* . 
("miUiniM* , 
tiMirumkl- • 

liKC 

BW 

(iKl‘ 

UW 

I! mill l .Vlrt. • 
(in, ml Ur>. 

r.rnml UiH. 
K’l 
H » 

II I 
U.I 

Ijtitil Sn-*. 
ImimI Jnv*. l 
IjiiiiI hits I 
JUiUifti. 
Mark* A Sp.. 
JIarl, 1 Sq>.| 


4I« 16 

■ >* J* 


9M f -4f- 

1* r. 


6- , 

»u - 

14 ’ 84 

4lg 14 
3 , 77 . 

- It- 
U 

58 ‘14 

9l« 1 40 

11 , 

H - . 

as .i - . 


ui* 1 
i 9 j 
1 .- 6 «» : 

i 59 • 

i i 

SB . 

25. ' 

1* • 

: ai® i 

; . 4k i 

l 51 : 

i 52 


is 1 a a ■ 

6 . 19 L, • 10 

- j It I - 

52 a 


: awp - ; 


>» | 

a. 

1 4!« 

. . 

®-*» ' 

1 - 

‘ a. 

SQtt 1 

4 . 

89 

3 

I 


: 

B 

17 

-! 18ty : 

— 

-j 17 


! ■ 

\ . 

0 . 

* Sir < 

— 

a»a 


i it 

50 i 


T 66 • 


l 77 : 


; 649p • 

10 i 

■ 

• as ; 

6 

. 48 .. 


• It. 

1 ! 

• — . 

1 ID J 

88 

81 

i ’ 

0*1 

F 

259 

1 . - ■ .t 

176 

J 

. 83; 

l s . 


STOCK EXCHANGE BUSINESS IN JUNE 


NEW HIGHS AND LOWS FOR 1978 


Turnover rises by 51% 


The following secontics owotcV In tbe 
Share Information Service vestenMy 
attained new Highs and Lows tor 1978. 


Each. 12 'j«C 1981 Treas. 12ot 19*5 
Trew. 3oc 19*2 . 


iT-ACTl;AR»S SHARE INDICES 


BUSINESS IN stock markets 
recovered last month to become 
the highest since last October 
because of greater trade in 
Government securities. Overall 
turnover rose by £5.1bn, or 51 
per cent, to £15J2ba. 

The total number of bargains 
transacted fell from May’s 

4S3.I31_t0— 456-129,— -despite'-tbe" 

Fact that there was one more 
trading day in June. 

Tbe FT Stock Exchange turn- 
over index rose from 308.1 in 
May to 465.3 as against last 
year’s monthly average of 442.6. 

Business in gilt-edged securities 
jumped sharply from £8.I7bn to 
£I2.16bn. an eight-month high. 
Trade in short-dated stocks 
expanded by 75 per cent — from 
£4.09bn in May to £7.17bn — 
while longer dates and irredeem- 
ables recorded a 62 ■ per cent 
improvement from £3.08bn to 
£4.99bn. 

The number of bargains done 
in British Funds rose in June 
by 7.356 to 65,979, with deals 
in the shorts up by 1,369 to 
23.611 and those in other stocks 
rising 5,987 to 42,368. 

Big increases were also 
recorded in the average value 
per bargain in both gilt sectors. 
Deals in the shorts averaged out 
at £303,625 (£183.990) and those 
in other stocks at £117,891 
(£S4,579). 

The FT turnover index for 
British Funds rose from May's 
10-monlh low of 345.8 to 514.8 
— the highest figure since last 
October's 611.3, against last 
year’s monthly average of_478.R. 

Increased demand for"“ the 
funds followed Mr. Healey’s 
June S financial package in 
which the raising of minimum 
lending rate by I per .cent to 
10 per cent was accompanied by 
other credit-tighteoing measures 
which broke the previous dead- 
lock in the gilt-edged market 


MONTHLY AVERAGES 1967-100 

HOW STOCK EXCHANGE TDRHOVEB 13 MOVING 1- 


UfnWGMMHU 

BBIIBHGinQiyDOBWUlfifill 


UL 5 BUf|(niS 


WTORS II) 

iEvrlfc*ptws m -J 

IKatioi 2V 

WAil) . ...it •- 

shoes V) Jfx.jj 1 ; 

nH AFRICANS f»? L . 
HO*. UnfeZc . T 


caused by institutional investors 
holding off because of inflation- 
ary add interest rate worries. 

Tbe FT Government Securities 
index reflected general concern 
inithe early part of the month by 
registering its 1978 low of 68.79 
on June 5. Subsequently it. 
touched 70.79. then drifted off 
to end the month a net 0.61 off 
at 69.52. 

Equity shares were over- 
shadowed by events in the gilt- 
edged market. In marked con- 
trast to the increased business 
in the latter, trade 'in ordinary 
shares fell from £1.72bn in May 
to £L55bn. The' number of bar- 
gains in equities showed ' a 
decrease on the month of 24,279 
to 344,702, while the average 
volume per bargain eased from 
£4.660 to £L505. 

The FT turnover index for 
ordinary shares fell to 277J. 
which compares with May's.306.8 


and the 1977 monthly average 
of 299.9. 


NEW HIGHS (49) 

„ AMERICANS (1> 

Inc Svswmc & Control! 

_ • BUILDINGS 

Burnett & NafUmsMreMertliall* tHsbUxl 
Eton* . j* " Norwest Hote 

_ . D RARER Y & STORES Si 

Bakers Storey Warins * Gil low 

Bgnuij*. «.-* Wearwell 

DeyiMWt _ - 

iSoro vENCINEERING 111 

INDUSTRIALS (41 
Ciirfstiaa IntL r. Vinten 

Dnfar Bitumastb Wilke* U.» 

„ „ • MOTORS ft) .. - w- 

Kwik-Pit V i 

. NEWSfMprrts m -j * 

Webster* VuuiieatlSX . 

, ^ ‘ PARS* I1J ii ■_ ... 

Waiter-Walker T, ~ • 

. ^ - SHOES Vi T.-.J- 
Head bra. Suns V ~ ■*' 

_ , SOUTH AFRICANS fl*!". 1 . 

AflVto Amer^lno*. UnbfC • 

S^>. Brews JT- ■- 

TEXTILES («• 

RlelUe* CWO A N'V SbiloSrSoJnner* 

Sefcars InO. To ray® 

I . TRUSTS-illS 

Barry Trust Jirrs at S ac* . 

.Crescent Japan . London & Gartmera 
Eauity Consort befd. Scot jfattonal 
Estate Duties Wint^iattorn 

G.T. Japan FiQroft'lnw. • 

OILS Hi'S • 

Cle. Fr. Retro lei £ 

• RUBBERS iSf 

Guthrie . KuJtttKrponfj . 

Harrlstrns Ma|av. Ests. Pfant#on HUBS. 
Hlohbno* 

.. TEAS ill » 

boraboume 

_ . MINES tsr\ 

E.R.G.O. Kamnoting 

SL Helena- Pshan 

HantPton Aruas Trondb 

NEW. LOW&K40) 

• • BRITISH FUNDS [S' . 

Traa*. 1 1 ijpc 1 079 TreaK 14pc 19B2. 

Treat Bpc 1980 E>cb.=BHPc 19S2 ' 

Treas. 9>IBC 19BO Exch.'EHoc 1983 


Trew. 3nc 1SB2 

BANKS 12) 

Bk. Lemui «UK» Waoon Finance 

BEERS (1> 

RetHBusHR. 

Thom Elect Harr J & GoMsCdn 

KNONEEMNG (91 

Afcao Atoiainutm Reyier- Hatters lev 

Allen CEkTSalfcwrJ R.H.P. 

Bamtord'. Tubo In**. 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


Geo. Ena. rRaddlSei Woll Elect Tool* 

Ltoyd-(FT H.l ... 


EQUITY GROUPS 


Tues., July 4, 1978 


KTu Thur. Wed. Ve» 

June June June K|i 

3Q » » AW 


Uoyd-(F. H. 

fOQOS C2) . 

Bas*ett (G.J H^qbaatB A Job 

, INDUSTRIALS (O 

Bradr- lixu. Esoeranea 

B rid prod Processes WITVcnsoo Match 


INSURANCE M> „ , 

Equity 5 Law Goardian Royal 

General Accident Son Life 
H WIEH T Y til 
Town & aty ... 

SHIPPING <31 

Wuutloo Gfl*on ' P. A O. Dcld. 


General Accident 


GROUPS & SUB-SECTIONS “I O ro« ^i. .. T~ 

Eon nap Hi* PH . . , . , . 

Kip,,,, in p.r,DtbMn Uio— number <tf ’??“ "SC ‘S 

• slocks per section % Core U 34Si forp 

T>iS2V TarEV . S 


Huntinq. Gason P. & o 

Ocean Tranaoort ; - 

SHOES <11 
Scroafl A FhK er . 

_ TEXTILES <11 

Brlobt U-3 


RISES AND FALLS 
. YESTERDAY 


Up Down Same 

British Funds — - ■ -HU 

Cor*K- Oun. and 

Forelsn Bomls 7 13 45 

InEostffaH . US W. VIA 

Financial an* Prep. . — M UD 331 

Oita i U U 

Plantations 9 4 M 

Hines — 55 31 40 

Recent issues 5 t U 


I Tress. 9>tnc 19BO 


314 718 UW 


Equity shares were drifting 
lower for most of the month, 
with sentiment disturbed by 
political uncertainties and by 
gloomy economic forecasts. No 
real selling pressure developed, 
but there was some liquidation 
by small public investors in 
order to finance purchases of the 
£l.Sbn of new Government tap 
stocks. 

The FT Industrial Ordinary 
share index during the month 
moved towards the lower end of 
its 1978 range by falling from its 
end-May 478.8 to 452.7 oti June 
22. ,A subsequent rally left it a 
net 18 points down on tbe month 
at 460 Jt with sentiment in the 
later stages helped by hopes that 
statutory dividend controls might 
be replaced by some form of 
voluntary restraint. 


RECENT jiSSUES 

- EQUITIES 


Issue 

Price 

p; 

|S J? |i! 

- p*:i 

75 • 
100 
#34 

k.P. d0i6 
F.P. i 6/7- 
F.P.) - 


Sigh | }** -* ' , - ’ . **, 

H2 -) K> Hramali tUUJ.j — S5 f-t.S ; 8.1'. 8-0' 4.5 


CAPITAL GOODS 172i 

Building Materials i28u 

itonlractinR.Constmctlon i27u„ 

EZcctricalii'ZSt 

Enginccnng Confraeiors i Mr..... 
Mechanical Engineermg«72‘ — 
Meials'and Metal Fonningilfii-. 
CONSUMER GOODS 

(IKTCVBLDrSa 

Ll. Electronics. Radio TV i f3l_.. 

Household Goods! 12C ..... 

Motors and Distributors i25> — 
CONSUMER GOODS 

lNON-Dl : RA8 LEM 1741 

B reveries 1 14>. - 

'Vines and SpiritsiBi 

Entertainment, Catering 1 17} 
Food Manofactunng (2D — _ 

Food Retailing 1 15» 

Newspapers. Publishing 1 131.. . 

Packagingaod Paper il5T 

a oreM38i ... 

Textiles '25 1 : - 

Tobacco* 1 3i - 

Tov* Snd Games i6> 

OTHER CROl'PS (97) 

Chemicals 1 19) 

Pharmaceutical Products 

Office Equipments 

ShippmgllOi.: 

MisccJlaneousl55> 

INinl ST RIAL GROUP |4S5) 

OilsiSl— 

SflflSHAJtE INDEX 


FIXED INTEREST STOCKS 


jl 

i i. 
= t3 

27> 





Category 


Value-of all 
purchases 
tmd sales 
£m , 


Number Average 
of % of value 
bargains total perday 


Average 

Average no. of 
value per bargains 
bargain per day 


British Govt, and British Govt, 
guaranteed: 

Short dated (having five 
years or less to run) 

7.168 j 

47.2 

23.611 

5 JZ 

£m 

325.9 

£ 

303.625 

1,073 

Others 

4,994.8 

32.9 

42,368 

9.3 

227.0 

117,891 

1.926 

Irish Government: 

Short dated (having five 
years or less to run) 

552.8 

3.6 

1,585 

0^ 

25.1 

348,751 

72 

Others 

393-8 

2.6 

2.949 

0.6 

17.9 

133,524 

334 

UK local authority 

‘352.3 

2.3 

9,934 

22. 

16.0 

35,470 

452 

Overseas Government provin- 
cial and municipal 

10.7 

0.1 

■ J..9G5 

0.4 

0.5 

5,427 

89 

Fixed interest stock prefer- 
ence and preferred ordinary 
shares - - 

..15SJ 

1.1 

29.015 

6.4 

7.2 

5,456 

1.319 

Ordinary shares 

L 552.9 

10.2 

344,702 

■ 73.6 

70.6 

4.505 

15,668 

TOTAL - 

15,184.5 

100.0 

456.129 

100.0 

690 J2* 

33,290” 

20,733* 


* ■ K.l*. 88/7 

C98 JL50 Alertt 

t St ne 
loop r.V. 16/8 
C1UU K.f. - — 

mcdab. r.v t aen 

II £85 

* ■ p.r. .ai/7 

* • F.P. 121/7 
1109. P.P. |2)/7 

9»i, r.v. ; - 

£98U4:iO |20flO: 
£99 X1U 81/7 I 
£905,1 £50 | if9 | 
£981, |£8S , 18/9| 


88p silica Geuber 9? J*reL. „...( 80p i-S 

i, fkiiuM lii% Kerf.- 13tf7 | 50Ul ... 

«6 Crellon 1» Lonv. PrfH. |y7«— W. i 7pml ... 

101*1 Kcde»«»l’»l lDy.OfflrelO%Red2DdCuruPrct lOlipi ... 

..9H6g bUiabiirith K'llyoO V*r. Ifatc 19W 99i,'+ J 

97 J, Water 73 R«1. I*rel. 1984 981?; ... 

243, FatrvwK Krt.. L4.FB* 23H -s 

97 P JU HnUlian, 10“ Pref 98r-j— i 

104/1* 41 1 Her iP.l IIS Crei - - 103p -2 


97 P Lru Hoklian, ie% Pref 98r-i-l 

j lOS/OIlllM IP .1 IIS i'rel | 105p — 2 

imp lIuydrLurn Brtw Us PrcL. j I09pf ... 

994«;Seflun (M«. Bmnupfa ur »Var. Itoieltnl. 19BSI 991«L.l 

■ bt,|iuulhen>l-ua-Sea let Keil. I9bf i OUj 

9 ;.Suufb. T.vnmite IriS lied. ltfeS 9>,j ... 

47S,;rviie x Weal IKS If—. I**!b 43Ui ... 

a »?! West Kent Water-iS? Dyh. 1W6_ ■ 241:1—1 




208.M | +0.2 
97.71 
310501 +0.8 


208.45 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS - 
8r. Govt. Av. Gross Red. 


“RIGHTS" OFFERS 



Tun. ! Sion. Vrilay 
June 1-Juiiu Juiiu 

U P 85 


:* Average of all securilies. 



Renunoation date' usoaTly last day for dealing free of stamp doty, b Figures 
based un prospectus estimate, p Assumed dtotdeod and yield. . u Forecast dividend: 
caver baked on previous year's cantinas, r Dividend and yield based on prospectus 
or. other official estimates for I8.‘S <j Crws t Futures assumed. fGowr allows 
for conversion of shares not now ranting for cUviflcsd or ranking only tor restricted 
divldcMS. i Piscina pn« to public, pi Pence unless otherwise iodicaii.il. 1 1ssued 
bv. tender. 6 Offered io bouers at Ordinary shares as a " rpthis." ** Issued 
by war or caplubsatlbn. H MJnlmtun tender pricr, Jl Reintroduced. 19 Issued 
In connection with rcornntsuloo merger' or Takeover, IHI Ini rod bcUotl Q Issued 
la runner Preference holders. M AUotmem toners (or fully -said). • Provartual’ 
■or -partly-paJd sJtonnent letters. * With warrants. - 


s 20-yr. Red. Deb & Loans (15) s6.3tiis.m H.ii s 
6 Investment Trust Prefs. (15) bum ii.86 blob a, 
Coml. and Indl.. Prefs. (20) to-bz 13.13 70.4a 


as 

.29 1 51,36 



















































,N oich 


WnamAJ Times Wed nesday Jttfy 5 197; 

;. INSURANCE, PRO FSiy yY 
_ BONDS 


AUTHORISED UNIT TRUSTS 


JJJ Pen*™ Hawement Ltd. .j 

* SSl5SSr “ 9-21 svJ — Portfolio Fnnd 1 wxaiari JB . CracecImrrhSL . ECaPSRH . 01 - 623 COO 


«r.7l +o.i! 

1B3 B +1.7 1 


;• ««== u m-ST 
, ■£&&£= ttl «fe 

• figs&sSy ■Ha* 

• ' Pms. Security . , life 14 ! , tH, 

Ppn»,MBXUUXd 1746 lflj.8 tzJ 

-Pens. Rutty 155 j git 151 

sp»p jfr .farx; Si S« iu 

WsHiPlsjc iL _ U15 m « j.Tj 

. ^Equity JM.Sw.4_ar -355+04 

■ . : ZSJIH. F 5L s ® r - 4 — uu • 1177 +d!i 

•MpneyKH.Sw.4_ OTJ 1141 +0.1 
Prirei it July i Valuation MruaW Tue 

Albany Life Assurance Co. Ltd. 
3l.OldBorllnBtonSL.WJ. 01-KPI 

ffiaa&fc®”- **-1 

ft r~ , ¥Gtd,MonerFdLAc 

■ C:| vikSS3BKS" 

VM'nla Inr. Ace. 


1B3B +1.: 
Ml + 0.i 
143 7 + 0 ; 


UU + 1 . 7 , 
3531 + 0.41 


JBU1 tJO Bartholomew CL . WallhamCnas . wxauri «V Man-gem 

— Portfolio Fond I mo I | 1371 «-<J»cechnrchSUKC3P3BH. 

— iMmouocapitonrKt-9 44.0 :z: z 

Z. Gresham Life Ass. Sue. Ltd. „ ^ ^ me ^ ! ‘ 

— 2 Prince of Wales Kd. B'noutfa. osos 707555 Zealand Ins. Co. (U.K.) Ltd.V 

“* CjiCash J ? nn«l _ N61 10L71 _ Maitland Bouse . Southend SSli 

■*“ CJ. Equity Fund. _ 113 6 103.1 Kiwi Key inv. Plan. [1425 J« 

— nj- Gilt Fund 115 1 ... __ KtiuiHCo'aFd kso 9 

~ CJ . loti . Fund 0153 121.4 __ _ TrehnolofiyFd W3.Q 3 

~ C . UPpir . Kund _. B63 . 20X6 Ertrnlnc.Fd 883 9 


Abbey Unit Tst, Mgr*. Ltd. (*) Gartmore Fond Manager* ? («Xg) Perpetual Unit Trust MngmL? fa) 
72 - 80 . Col chouse Rd .. Aylesbury . 0280 SMI 2 ; SL Kuy Ate . EC3A BSP . 01-2833531 4 $ Hut Su Healey on Thames 0491S08S8 

AbbryCaplun @22 Mjl — J 455 i « iAmertranTsL __ 128.4 ) 0U - 0J | OJD Pp « a » lGp . Cth . 199.9 - 42.81 ._...] 3.41 

Income .. .-,., 138.4 40 . 9 ] 3.90 British Tst . [ 54.4 38.S 337 _ , _ __ 

78J Jg Cwee » o®? Shore _| l £ 2J3 23459+28 257 Piccadilly Unit T . Mgrs . Ltd . ¥ (aHbl 

73 J w BWlfiCOlwnt - L - 2501 ... 425 Ward Ele Hie .. 56a London Wall EC2 4380801 

asm -as aw Ednlacoue . “* — »». •» 


OFFSHORE AND 
OVERSEAS FUNDS 


; ibb<-y Income . 
Abbey Inw . Tst . Fd .. 
Abbey Gen . Tat _._. 


Allied Hambro Group ? ( aKgMI ) 
Ramhro Hse - Hutto O , Brentwood , Essex . 
01-568 2851 or Brentwood ( 0277 ; 21146O 


Maitland Bouse. Southend S512JS 0702820561 ??^“^ Funds 


. QI -+. I . IIT . JCI-.WTJ tk 

JlFf TTS .T 

v;i.v jmm tr 

2jOpr 

I 

323 


-gouty- PM.FdZArC~ 
' FI ten LPHi Act,., 
Gtd jlenPea Arc . 
lnUMaPnFdAcc 
Prop. Pen Acc. _ L 
ITpie tnvJ>MUVcc_ 


IS C3* Equity Fund |l83 6 109.1 Kiwi Key inv. Plan. IM2J5 M6.9! _... — 

n o — J- X- Gut Fund UU93 1351 __ Small Co's Fd 68 0 92.6 -0* — 

03 Z CJ* loti. Fund 0153 121.4 __ _ TeehnoloftyFd 93 0 97 9 -6 4 — 

sj ~ C.U Ppiy. Fund .J963 . 101A| __ E.rtralnc. Fd 885 93.® -0 & — 

ii - Growth & see. life Ass. Soc. Ltd.? fcPSfcBfc ZlSro 3£8 “ M Z 

1 1 " weir Bnuk. Rray^m-Ttutmea. Berks. OES-SdQfti JJUt Edffod Fd 1034 10S.B — 

a ‘n F7a«iWe F' nance- [ 0.044 -jn , Con. Deposit F«. — 96.6 U16] — 

oi Z Jr , " ,, ‘ ,a nitS^AetBM/ 3 ' W ii7.4 -Hnl ~ Norwich Union Insurance Group 

Tuesdsy. G - <; S. Super Fd P 0504 -fl3S| P'- 1 Box A Nomricfc r» ft 1 3NG. 080322200 

.. Guardian Royal Excbanse Managed Fund — IM7.8 zuji-o.ii — 

B«™BS5Sa!a=S 1 gj.a -^1 = 

^75SM Property Bonds 164.3 [ _ Fi-redlnt.FBiid 1493 157$ - O.bl — 


ITpla tnvJ ] ieBjlcc_ll9&3 
MHET Life Asshraiice LUL? Pen^T-peaAc 1 

Alm^D.AlmaRd.;ReU*te. Relfttde 4010L 


01-427500= 0I-5B371O7 

Bt? Pro » >ert yB®Dd5— P7M 1M.S [ _ 

i44.o Z" Z Hambro me Assurance y 

1205 — 701d Part Lane. London. W1 01-tB&0031 

— - Fixed InLDep 

*gJ — Eqmty ZZ 

+?■* — Property 

§?J “" " “ “ a, iaa«l Cap 

ifH ~ Managed Acc 

“ 5 ® - cm Edged 

...... — American Acc . __ 

Peu . FJ _ pgp . Cap . 


AMEV Hanayed (13Z Q 

: AUEVlapi . - B ' U03 

TAMEV Money Fd __ 104 9 

■ AMEV MgtLPen .* B ' 97.4 
. Flexipian. 96 8 




Pen . Man . Cap . 

Pen. Man. Acc. ___ 

Peh . CiUEde . CBB .. 

Pen . Gilt Eds , Acc .. 
Pen . B5 . cS £; 

Pen . as . Ace __ 
Pen - OAF Cap . 
Pen . DAF . A 


Deposit Fund 005.7 ill J - _ 

Nor . Ublt June 15 _ | UBJ . j | 

Phoenix Assurance Co . Ltd . 

4 - 9 . King W { Uixm5c _ EC4P411R . 01 - 628BB78 

Wealth Ass | U05 llSJI 1 — 

EbV . Ph . AA . 1 77 j 4 I ......| — 

EbT . PbJ » 5L [ 76.1 805)1 I — 

Prop . Equity & Life Ass . Co .? 

119 . Crawford Street , W1H 2AS . 01-4860857 

R . Silk Prop . Bd..._l 1803 I I — 

Du . Equity fed . [ 72.0 I | 

Flex Money Bd | 149 0 J + 03 ) — 


Allied 1st 

Pnr. tods Fund 

Grib.* lot 

Elect . * I Ml . DeT.teJ . 34 ' 

Allied Capital mLl 7SJ 

Hambro Fund 1014 108 5i 

Hatnbro Acc. Fd._ 1 115.6 123. 

Hi{h Yield Fd | U2 74 . 

HtSblocLiiBe 638 68.! 

aB. Eq.Inc |38J1 40. 

lutcrutloiial Funds 

inieraatSonal Q6.4 28. 

Pacific Fund MS 9 49 .; 

Secs. Of Amen cn.,. [53.7 575i 

l > S A Exempt # | W.9 1011 

Spedallst Funds 
Smaller Co.'s Fd 
- dSmlr . Co'sFi 
..JCOveiySID.— 

MfL Mm frC 'dly 
"* crscas Eamtnsa 
Smlr . Co's 


395 — OJ 0.77 rJT “ , ‘irjT" 

620 -0J 257 ISinSM" 

7t 7 a 1 jl co swuuiuisra. 

1M9-01B IS SPSlfW 
4M -08 6JJ SLSKAA— - 

, 357| „Z] 122 

U ] - STS Gibbs (Antony) Unit Trt. MgS. Ltd. Tee hnoloey Fund" 

38.6a ZZ 544 23L Blomfleld St. S72M 7NL 01^884111 
■ S2 fiS l»A.G.rpcomeV„|4L4 4*51 ,._J 8.40 Am * rlcan Fun4 

los :r Si^JsSBtezSl ^ £3 S38 Practical lowst - **■ w 

1237 -Zj 4.66 Deal ingles. ttWci 1 44, Blooasbuir Sq. WriASRA 01823 


Income Fand — 
(jjIntLTsL ( Acc-j 


?ra Small Co's Fd.; 

Capital Fund . 
ili InL Erat <r Assets 
jii Prii - ateFund .- 
, , , AeeuMitr. Fund,. 


- 9-3 534 P-Jrt slnfi . T - J.iCI I- 1 111 . 0 Sftl T— .1 3.05 ‘ .lit K unri ( J .* r » e » i.li 92 a95ad - 0ir7 ] 12 » 
- C ? Next fuh . July R UillTruil-I u \1 i .|104 S 106 . 72+34 12 # 

4.i 4 42 Australian Selection Fund NV £ 1 

=8i Is ' fiaaa h i*zz -te igis^ = 




HB34173T4I 

t&an 2470S 
• M24I489S 
1-0 271 1200 
+L4 12 90 

ms 


|S yuillnlL — p® 5 ’ 2 1Bb13 

aw Net Ax»ei Vain.; June 20 Klein wort Benaon Limited 

Sank Of America International SA. si.’-vn^hun-iiM.inn 
8803 3T< Uuulcvard Ruyul. Luve.-nbosTC GJ». Eunnu-S. Ijiv F. I 1.06T I 


4.66 Dealing * Tucs . ttWcO . 44 , Bloomaburr Sq . n i - 1A 2RA 01-6238803 3 -' limilCVjm Hnjpl . Luvcmbnorj : Cl ', 

rnnrtf fTnhnW Practical Junea _ p4a3 157 . 7J ..._J 4.36 W7din -- c»t Ineomt .- UR.'SniH usnq . — I 

woven U enn m Accuo-Utnu [ 209.7 Z30 | J 436 Pnces ol Jam : 2k Next sub . day Jtl 

5S SK.'Kmui »9 rmincw LUe Inv. Co. 114» Bnk. of Lndn. L S. America LI 

Do . Acemn Colt — [ 165.9 IM . 9I ZZ | 193 222 . BUhopsgatc , ECA 01-2476532 fJ * fl -^ 5 w S w X J5 | , 0r S .? i« , ' ,L i C1 1 

2M Nen dealing day July M . Prolific IBZ 2 6a . 11 - 0 . 5 | 110 Aleunder hund __ |Sl a*4 — f - — [ 

IZ Grieresau Management Co . Ltd . iSSj-wlwS Net asset v d luo June a . 


157.71 ..._J 4.36 W7din '- e » tIwt ' im .->| R.'SniH OBfM f 7 .80 

223 . 0 | .....J 436 Pnces ol Jam : 2k Next sub . day liny 1 

d. Ltd.? BBk’ of Lndn. & S. America Ltd. 

Di.+47ff«? W>5. Queen Victoria St .D.'i 014002513 


3JU , aiexx oeafing day July M. Prcltflc fniw to 2 68 . 11-631 3L1D wesanpi ! rp « nn--pirawi — 1 

IS Grieveson Management Ca Ltd. HUhtawSie. |W8.7 U6.q -oil 733 -' cl dWl v * ,luc 3un ° =* 

CTGreshnaJSt, EC2P2DS. 01-4M4433 PrndL PortfeUo Mmzn. Ltd.? fellbrtc) Banqa f Lambert 

L4 » 2069 [ .~J 4J5 HclZZ R ^ n>iN nT £. 2 . Hue Ps la Regancvl B 1000 Rm 

224 ^ 4.85 HOI ^ tiBk ^. EC1.NTVK ^ toBMU -' 1383 19411 

MLS ZJ 834 Pnide n bai [ C2.0 129 . 5J 1 435 


Property Fund ... 
Property Fund 1 A 

A eric . Fund ' A ) 
Abbey Nat . Fund 


cramp- 1 .- HM 10E0I ..>4 - Hearts of Oak Benefit Society " ^SSi&v^Ss. 

Arrow Life Assurance - is-n. Tnviatock nans wohosm 01-3975000 5;SSStpS!f*r 

30. UnbrMge Road , W.I2. 01.74SB1U Hea rtsoIOak (363 386J+0.1j _ Eq^lw^_ fA> ' 

SflS-H'Sftyj-gg ,5-3 — | - HUl Samuel Life Assnr. UtL? SlSlSM 1 * 1 

ivn . wed . Fd . lii'nfllya Hi3+£ff _ Add bteombe K4 . Croy . 01-6884355 5l '> nry Fnnd ( A ) 

Pnn - ll8 . tLFd .- Fi _ 1 112J nt3 +UI _ *«npcrty Units _| U4B 162.61 J - AcUiiruU PVind . 


najuaro .- FJ _| 112J l»-q +1 ij 

Barclays Life Assnr. Co. Ltd. 

252 Romford Rd , £. 7 . 

Barclay bond ** 1122.0 128 51 .....; 

gSmSc^_z_ - .igl 

Property IM o iw3 7-V 

Managed — 106.9 112 61 —05 

Mon*^- 9B.7 iw 3 

MatuPens ^ ccum . 

Du - Initial 

GmEdcF « i ». Acc _ j95.D 1 k 3 [ + O . 4I 

Pol Initial - In ? 7 97 ll +031 

Muney Pens . Acc.. hoDA RE # + o3 

DO . Initial [or a 1DR6 | ..Zl 

'Current unit value July 3 . 
Beehive Life Assnr. Co. Ltd? 
71 , Lombard SL . EC3 . 01-82 

Blit Horse July 1 ] 127.67 1 I 


Hi 

pgsH 

lSI'I 


d . Managed Units 

«««„ asssssis®- 

I — Money Unils _ 


-03 — 

ha=. 


Property Growth Assnr . Ca Ltd ? 

Leon House. Croydon, CR9 1LU Ol-OaooGOd 
-- ■ 1825 +±3 _ 

180.9 +IJ _ 

7629 +52 — 

7564 +49 _ 

15*1 + 0.7 — 

153.9 + 0.7 — 

67.D _ 

668 — 

165.7 -09 — 

1652 - 0.9 — 

140 2 _ . 

1395 _... _ 

m2 +20 _ 

1215 - 0.5 — 

1215 -03 — 

183.8 +ZJ — 

1435 


-■■ | ~ |l-'SA&mpi*_|95.9 JOUl-J TayrlnBooJiwS. 

tAccum . Uniui 

573d 4.93 BVnaJLY ( Uiine28 . 

* 6.7 53 fa fAccum . UdUl 

aa.3 fi.12 Bad esv July +_ 

43J 531 ( Aecnm . Units ) 

595u . 468 Gracbstr . Juoe30 . 

omu 528 lAocum . U »« s ). — 

J r AUthI« JrniiBI 

0.9 Anderson Unit Trust Managers Ltd ( Anew , uain i ___ 

01-1860857 i5SF « pcfaur7h5t .£ E3uaAA 0230Q1 GnanSan Boyal 

I - Anderson U . T . J48.6 52J | - 0 . 6 | 440 Rnyxl ESdwngo . EC 

♦oil - Ansbacher Unit MgmL Ca Ltd ( agjGuarfiiiUTM _| 

T w 1 Noble St ., EC2V7JA 01 - 8236378 . PS2SSJ ^“ 

Inc . Monthly Fund . IU6JB XTfr.Oj I M3 WOUPW 


*85 Hoi burs Bara . BClNSNH _ 

1 834 PDid CT LUl [C2.0 129.51 — I 435 ZVJiZL, tZ*" x Vj"' IM 1 Bnr 195. SL Holier, Jersey. 0SM2WI 

8.M O ITI .. . r .. j M Barclays Unicom Int . tCh- Is .) Ltd . xjijyiiaTj - i . uveo* .158 4 6i *| 1 12 * 

♦ 8.9 165 Qnilter Management Ca ltd .? l . C7iarineCro :^. Sl . Helier . Jr « y . 0TJ4T3741 Next dealing dale Julv 17 . 1 

+ 9-2 165 The Stk Exchange , 1HP . 01 - 80041 ?: Overseas Income _ J48J 5Hffl 11125 

— Quadrant CeaFtL. [992 1023 ] - 8 . 4 } 4.98 I ' nidollarTrurt — l&UD liifl 1425 * Llo>'ds International Mgmnt . SLA . 

|2 55a5rantlneame ^( li£l 183^^4 527 L - ulteu.! Trust [RslBIJt IB7i4vO . 0Sl 600 7 Hue du HV.rmo l-n to . 17 * iVu Gvccu '1 

5 .<55 ZSSXfZJSZlltl H8£l£'.SSJ3a JSSl M 


2 . Rue Do la Rcpencc E 1000 Brussels 
Renta Food U -' 11853 19411 t -)| 


mat = n . vvnedii + iiM . i:m 01 - 63 ems 

G2 *. Runniest . Iai \. K . J 06T +31 330 

I 7.80 Om - ni - ei - Inr 6«S 68 0 *08 

cjclrb . rm.-lLeuin .^3 B3.9 *08 

. . 1 j K « far Haul Fd .-.. SFS1L55 ...... 3 a 

t Ud KBI11II KUnd Sl ' S1129 . .. 204 , 

01400313 Kajaitunfuml - .. SII . M549 + 14 + 0 70 

1 _ K-LMii Umh Fd - 51 - 511 9b . .. 0.75 

■' Sirtnct UerpiuiUi .._ Sl'SJW -003 IBS 

•(.' ml . iniL - i iDM , ... . U8S I960 .... 839 . 

*hU act as Unr Jim pa+ina afeuta only . 


7n Lloyds Bk . ( C.U L'/T Mgrs . 

/. IM 1 . Bnr 195 . SL I lolier , Jersey . 0534 27WI 


2XL7| +fl 
219-2] +9. 


♦92 165 The Stk . Exchange , lfC5N 1HP . 

= II aasEssjLEa 

— * 3 * Reliance Unit Mgrs . Ltd-V 


■Subject to lee and uithbalUlnc taxes 


litA . IvInL '. n-uIli l-nrin 


n 

sc 


Actuarial Fund ■ 

Cilt-edKcd Fund 

G : lxEdgedFd .( Ai _ 
ORcUre Annuity 
Olmutcd . Annty . 




Arbnthsot Securities Lid laHc ) Bi 

37, Queen St London BC4R 1BY . 01-2366281 U. 
“• 1 Income Fd_. 1035 U15] +0 Jl 11*4 Cl 

Inc. Fund.. “ 

4 * AC Cttm . Units '— 
igi2% Wdrad.lbs. 

Pref crane* FUnd— 

Accuhl Unite ) 


Premier UT Admin - 5 Ray Id ah Road . Hutton . 38 - 40 . Kenneth Sc . Manchester 
Brentwood . Ease *. 0277-217230 RidgcOeW Int UT . I1D1D JB7 

T , w Fond * Kldgefldd Income . | 93.fl 99 


56381 UJt Fnnd * 

U44 Cap . Growth Inc .— . 
' 4J . 6I -63 *22 Cap . Growth Acc — 

58.7 -0 2 922 luetano* Assets 

58.7 - 0J 922 Sigh Income Fund 

25 9al 1290 High Income 

402a 1290 Cabot Extra Inc . —. 

20 J — t-.ff FmHb 

652 . — 5J3 Financial & ITU 


Hldfc l n HO t ft Ptroj l N . C , 

57 ^ zj is n | ; 

Secfar Finds £■£■ 

Financial* JTU_ (23 8 25J1 I 453 C^- 

tXUcNat.Ru 127.3 29 Jj ] IM M - c - 


-«.v _ sas7 , sia .„_ 

-.J z teffissggfc 

*0 , _ ^oSaS&ZBls 117.5, I _ cBTilaSTiLl 

Si z SSiiSiSS?-** »“ -■ "I - 8K.te.W-jy 

+03 _ Pns . FxdJnt.Cap ~ 

+02 — PlM Kxtl Inf Ai- r 

J — Pena . Prop , cap — 

r 3 . Pena . Prop . Acc _ _ 

td? Imperial life Asa Ca of Canada ZZT."-.. 

01-8231388 Dnperinl Boose . GnOdford . 71S3 

! —I - £^ J 5b 3 ?~_ 3 2=-l^2 3S3 J - MSKJSFS 


Prop . Growth Penalon & Annnitlu Lid . 

An WTber Ac . Uta . L129.7 13661 +0 0 - 


VAII Weather Cap .. 1219 1283 -BJ — 

vinv.Fd.UW_ 134.9 —21 — 

Pension Fd . Ota . — 130.6 +0 9 — 

Conv . Pens . Fd . 247.7 +15 — 

Cnv. Pm. cap. Ut 133.0 +0 a — 

Man . Pens . FdT 1433 - 0.6 — 

Man . Puna . CsplUC . 1317 - 1.1 _ 

Prop . Fens . Fa — 147.1 +u _ 

PropuPeas . Cap . Dts . 133.6 + 0.7 — . 

Bdne . Soc . Pen . UL 130.7 + B9 — 

Bldg . Sac . Cap . Ut _ 1205 +05 — 

Provincial Life Assurance Ca Ltd 


Glams Fund 
fAmun . Units ) 

Growth Fund - 

iAccnm . Unitsi _ 
Smaller Co'S Fd . 
Eastern i Inti . Fid . 
fBV Wdrwl Uts.1 

Foreign Fd 

N. Amer . 4c Uu . 


S7SI ■ — sa Oil & NaL Res „ 

Sfi ii %% Sr® =3 a -ffiStti m JSSnd Z 54 «<—»;• (C0 “ d --+n 

AuS3 ? aa ^ L _| M5 37.* in Rowan Unit Trust Mngt Ltd?ia) ->t> Bath sejsc Hebcr . jer ^ y . 053473114 

2J - £ 3z : IS City Gate Etc , Fimbuty Sq , ETC 01006 1M0 ; ’ ro ^ lj ^ Sr’^pls 34 . W I 3.00 

, 3 « l5 NSm ^ SSuneM '. mi 225M ZT . 234 g*0 lgD iT6 430 150 

j-uv CabotAiuerJ5m . Ca . 510 53 . 7 ] U * High Yld- June 29 . _ 517 54J 7.95 I mvid.STfit St »^....|£ 2 14 225 [ | 100 

Archway Unit Tot. Mgs. Ud? (Me) Rm Samuel Unit Tst. Mgn.t (a) ^SSiSSSuZ. 800 ZI JS "T ^ ^ F . 1 

317 , mghHolhoraWCJVWL . 01-831 KM . 45 Beech SL . EC5P2UC 01-8280011 ( Accum . UniUi 1925 975 ) 427 iTmvJTs Twf ^^ SlWio ^ 5311 1 _ 

AJ+hway Fond — J795 _ 8f4ji ^ 6C fbjBrittah Trust — 11443 1S4 . 4 ] - 13 ] 557 ftay l r«n VA M a ra ftfl loLHipb JuLlXL — ,| sitS097 111 ] | 90 

n « JA4 2H 34 . Jenayn Street . s . w.1 01-8208252 Value June 30 . Ni-at dealing Jnb 1 10 . 

M S3 -02 486 CaplMFU [67-9 7171 — J 363 Brown Shipley Tst. Co. (Jersey) Ltd 

J ”3 $S hiegtagd .--. -PUT . 74 6J ....J 755 p . a Bo < 583 . SL Uelier . Jcrsov . 0SW 74777 . 

1 . g-3 I S 3U - dealing July 14 . S u. rtlDR Bond Fd .-inn oh 10J2J | 12J0 

_ _ 3# 74 TZj 823 Save & Prosper Group Butterfield Management Co. Ltd. 

Do . Capital . 1*42 . 6931 - fl5l 4*5 Tnlri v lallwl 4 . Great SL Helen *. London BOP 3EP ro . Box 195 . Hamilton . Bermuda . 


AAnlnlnfrsHonW *** to. Gnr. Pni-ifie™ 62.7 67.4 ..... - 

Adminiotrotion? mdgeRM Management Ud Sol log 

tBra. »«JtraiwdySL. MmcbeiW 08I2K^ Do! Man* StutoalZlai 150 

MdgcSSdlnc « mfek3.fl * 99 ^ Zr .| 1049 Bishopsgate Commodity Ser . Ltd . 

IS ^\ 7 ?T 8 ' m:D L£L, 3ZW 

677 72 - 80 . Gatehouse Rd - Aylesbciy . 02985941 CANRHO “ June 5 . . 0.155 12M ( | — 

N. C. Equity Fund... [U&A 177 4] 305 COUNT" 'June 5_ 62512 2.669 i 197 

in N.C. Sigy - Res . Trt - UO.B 117.8 263 On finally issued at -no and '*£100. 

ktj N.C. Income Fund- 1M8 154 g 693 ... 

n . c . mu . pa . line .) 90.9 *6 7 17 * Bridge Management Ltd . 

in N.C. InlL Ftt.rAcc.1 90 9 96.7 174 P.0. Box 98, Grand Caymnn, Carman Is. 

1.M N.C.SinllrCor»F«U151J* 1M31 ._J 4.63 S ' ta^lniirS \ \ 15238 1 \ — 

270 saasisrsf- «■ 


Barclays Unicorn InL tL O. Man) Ltd Lio* d* inL i mmaic .|:t30J39 >:4iq [ 6 m 

IThonusSL.Ikmclav.loJl. WSU^SM) 

Unicorn Au-.L RxL . 51 B 55R .. .. 1 60 ™ As U t.ronp 

Do Aust Min .. — 335 362 +1 4 1.70 Three Vway-,. Toner Hill EC3R (WJ 0I4W 4300 

toC.nr.Pnvrfie.- 62.7 67.4 - Ailnnlir July * . _ Sl '< 8 » 3M]+0.0s) - 

Do. Inti. Income..,.. 372 400 ...... 8.40 aum F\..iutu-28 !l !319 22a I _ 

toLofllanT - a . «.7 49 ! 8.90 Gold Ex . June JH . _ Si * 09 101M ' .} 

Do. .Minx Mutual.... 253 273] 150 lnUnri. K42 13221.. .1 43 S3 

Bishopsgate Commoditv Ser. Ltd. Ucvuntoiiii 11755 1SS3| -02| *355 


i* 5 * 33 * 11 Sam net Montagu idn Agts . 


lll.Old Hn.ari St„ F. i'5. 


01 5880484 
... 3 60 

-05U 104 
,. Z [ 1 93 
0 74 


GrUxFdJnne 30 1305 • 7631 uwnopsgaio . n.i 

.... , _ Poos . Fd . June 23 lUi.O TB ^ [ _ Prov . UanaMd Fd .. 1132 119JJ — 

Canada Life Assurance Ca Umt Linked Portfolio pwcashTdZ — im 9 1105 ..... — 

S£^?iSJS:P a a,3- D |-”:rJ z ass3 e£E= |fc a--| z Sffa&S-zzfe lHld = 

Cannon Assurance Ud? Irish life Assarance Ca Ltd Prudential Pensions Limited^ 

LA80NB 0I -« B887S 1L Finsbury Square . E < a . 01-8288283 Hoi born Bars . BC1N2NH . 01-405 B222 

— +OJE - B toe Chp . July ] [726 UM 1 450 EqniL Fd . June 21 -[£2459 25JS I — 

— _ - i -. - — Managed Fund 2235 23SJi J — Fad . Int Jdm 21 m « J2 18.971 — 

1157 +0.02 — ExtmpL Man. Fd.„ 1013 StH _ZJ — Prop. F J ur £ fflT ^SJB 2559 1 — 

1421 ...... — Prop . Mod . JuJ * 1 _ O 18941 ZZl ^ 1 

U77 _ ftSSaSaSKirgS?:? SMlz^Z Kellance Hntnal 

— HZ — King d Shaxsen Ltd Tunbridge Wells . KenL 080223271 

— r — - — 52 . Combi ] L ECS . 01-823 3433 * Top - Bds . 1 198.9 ] j — 


01-2476533 1 Do . AnsL 


OPTIONS 


1 4 Blnrray. Johnstone (Inv. Adviser) 

1831] — | 058 ns.HoK-sL.ci.i'tuDw.cs. wn-iii.vai 

•HnpeSLFH | 3US36 31 I . I — 

(CD Ltd . .■ Murray Fund | iU hi 0 71 (.,...[ — 

-NAV June 30 . 


Negil SJk. 


Barclays Unicorn lid (aKg)?(c) {SSptSl^itZ zsa 53 foil 

Unicorn Ho . 252 Romford HtLCT . 01-5345544 lb ) financWTrusL 17.7 93.8 — Dj 

Unicom Amttriea - i3M KB ] - 0 . 1 ) IM tb ) B » c « M , ISust __ B6.i 2RM-02 


Do . Aust . Inc 593 

Do. Capital. 642 

Do. GxonrtTrt 1045 

Do . Emm income .. 273 

Do. Financial... 58.0 

Do. 300 714 

Do . Cenemi ._^_ 304 

Do- Growth Arc. 392 

Do . income Trt __ 825 
'Da Prt A'nk TsL . 133.7 


814 +03 

109.2 -10 
295 -0.2 
62.7b -02 
772 -0.4 
32.9 —05 
424 -04 
89.0 -05 
140.6 ...... 


15544 ib) Financial Trust. 
t-M IW Intwrne Trost . 
1.7a tb) Security Trust 
170 lb>High! 
f-g InleL? (aMg) 


on ! bio na — I 1TO Roj - al . Ijxcnilwiun ; 

450 JcriyEocrgj > Tst .". p6 0 1«7 d | ^ 4'J 1.50 NAV Junes * 1 SU>10 73 1 ... I — 

795 Umv5i . STrtJae .. 1 .. £214 2251 .-..-I 109 vw{ , . , . 

795 High Inl - Sll* Tal |£0 97 lge [ 4 12.00 Neglt Lid . 

437 | <Sl uoilar DcnnuinBIrdl Fds . nu,>k ° r Bermuda TUilct . Homlllnn . Brrnda . 

*37 Univxl. STsL IS19SI0 5377 ..„ [ — N \ VJunc2 » U546 - ] | — 

loLHigh luL TsL -..[ si T S0 97 ) u [ | 90 „ . 

ito Value June 30 . Ni-xt dealing July 10 . PtaoeQL \ International 

363 Brown Shipley Tst. Co. (Jersey) Ltd 1,1 ^ 77 st - birr inn. i.'ui>rnw 

725 P . O . Box 583. SL Uelier . Jcrsei -. 0534 74777 . lult ' r ^ ■ PoIIurluuil -| S2J0 2 « a | .. . I — . 


Me 


— | — Prices at June Su . Next mb . day July 31 

[ — Do . Recovers W15 4451 -051 3 M 

1 — Do . Trustee Fund _ [ 207.5 UUN-IJ 5 50 

Do-Wldwlde Trt -_ M9.4 53.« -03 228 

3 1st In FtLlnc U05 63.3 - o3 5.00 

080222271 Do . Accum . |695 722] -0 5 AO 

— J “ Baring Brothers & Ca Ltd? (aHx) 
nt 8a.LesdenballSL.EC5. 01-5888830 

11-6284350 Stratton Tst. 1169.4 176.61 | 435 


7ig -0. 

vm-s. 


v**™- ~ KothocUId Asset Management M.LaadabaiisuECA Minp z3 

Curt, set Bd. ___®40 I25j\_4 _ a. Swf^ua Laae,D00d«.EOL 5 w 01-K84355 ™onT rt.— |M9.4 g66J Zj « LftCUnlt TruM Management J 

Langham life Assurance Co. Ltd N - GP ™P P^-» i»oi — -I - S5S mSday 3 $ £ The stock Eehange, EC2 N ihp. 01-581 

Laugham Ha. HofanbrookDr, NW4 . 01-2035211 Royal Insurance Group - . . — - ■ r . a L&CInc.Fd. irna 139.0] .J 

Langham ‘A* Plan^ 163.0 672} ..._J _ Nexr HaB Place. UrarpoUL mmiia Btehopsgf Progressive MgmL CtL? L6C Inti & Gen Fd. 1*6.9 -9Mj — ] 

Wrap. Bond |ui3 MU 1 — Roval Shield Fd. H32JI 13UI-0 3I 8. Bishopsgate; JU.CJ2, Q 1-668 8290 Tjmum Secs, lid ?(aMc) 

Z WkpViMnu wks 5S|-J - Royal Shield Fd [1328 13W] -05] - B'gam.pr.rJ«Ujr4-B?iS 1^3-1 -141 *-* » «,.* 


its2J ) 139 w — 0 Jl 8 . Bishopsgate . E . C2L 

— IJMAi x»u|-«5| — B'gatePr. '*JnXy4_B. 
ner Chum* AetDls.-Vuly4__p 


■ ■■! ■■■■. , i n a mm wo 

Key Invert TO . I 10121 j 

PacemnkerlnrJU.I REL09 ( «... 


Charterhouse Magna Gp .? 

MLCh «« umSn , X } xbrtd80UB81NE — _ ,, 

Chrlhsc Enerev 136 6 38.61 — Do . Accum . pi 7.4 123.61 - 0A | — 

CTirthsa Moncy _„. 29 * So — Property Initial — Kj 9 iwa + o3 — 

amhaa . Managed - 37.6 39 6 — ■ H - Awuin ; r + lP 0 ^_. 306 A IT "* ~ 

Ctirthsc . Equity 343 3631 — Legil * General OJnil tamloiis ) UtL 

Magna Bid . Hoc . 133.6 ....- — Extunpt Cash IlQL -[ 96.4 llll ^ — 

Hague Managed 150.6 ..... — Do . Accum . M 0 103 , 2 } — 

City of Westminster Assnr . Ca Ltd 9 ilia "Z — 

Rinitftaad House . 0 Whitehorse Bond . E »'™ P * K*«d U5.4 . — — 

Croydon CRO 21 A . 010849684 . Do Arcum . ^ [U l 4 117 ^ — 

West Prop . Fund— 1605 63 U --.. _ ““iMin *“ 

Managed Fund 1717 . te»7 — a S — — 

Mono - Fond 12LZ 1275 — — Legal & General Prop . Fd . Mgra Lb 

P^i2p&5zzz:m7 iSi zz z "T" 1 

Si ~ := mT-’day jOT ~H " 

^ fem - Mmeycap .- < 6.7 «j — Life Assnr . Ca of Pennsylvania 

— TeStSSnScS'Si SS-ioj Z 38-43 New Bond SL . W170B ®. 01483830 

J i | + S:3 - IACDP Unite 1987 M06J _._] - 

> AySJSErZ 0 * d “ sad 9 « IF* i F ea T aiL Uflyda B fc Unit Tet , Magrs . Ltd 

' an -* . . i I — +, «n 01452312 * 


Legal & General (Umt Assnr.) Ltd S*«s & Prosper Group? 

3 j 3 — j — Kiugsw an d House. Kisgswnod, TTOwutR ^ 0taJMen^UrfB,BaS l '*BP 0KB* 8888 (Arcmal June 27 Z 1903 

vamu ju^f ■“-* - ggs^s a 0 "”- g^s Ne “ ,ub - dA? ' Ji1 

Capital Life Assurance? do anuh. 975 'mil .~J — Gilt Fd. [115.7 im.o[-q 2 — Bridge Pond BSanag 

^ rtooHouae.^^SSL 0902285U gSKSf^ZT 8H mi = l | = 2098 Z KlngWUllijaS ^ BrffiB / 

Key Inrost Fd | IML21 { 1 — Fixed Initial I 114 B 120.9 -0^ _ E^mtyPe nsJM (1785 188.7 -02 — Am«ican*GeiL»- 2J8 

PacemnherlnrFVL.I MELOS t 1 - Do. AccnmZZIL. 117.1 1235 ;3 - PropK-no-Fd.- — & L2 234 6 +41 - hworae-—- 

r+ nr t ^ t ». — Mr ,,.. ,, r n In U. Initial 965 101J O il _ GULPens.Fd. W5 ?72 -0.4 — MR 

Charterhouse Magna Gp.? to Accum. 97.1 1025 - s^a — Depo S j^nsJ , a.t_|9B5 -—J — 

MLChefucaStg . Uxbridge UB81NB 5Z1B1 Mauaeed InltUI 1155 12X2 - 05i — • PrieesooJune 20 . »»“ 

ChrthraEtmrevl- IM 6 SCI ...J _ Do. Accum 117.4 123.6 -o3 — fWeeUy dealings. tawrriLlne.t tt5 


W3 1C rwd ™ wch^i ... n , ccc - mu * 88-73 Qoeen SL . Edinburgh EH2 4NX 
8-M Dealings Ur. 01-554 8889 or 082-228 7351 

553 . InteL Inv . Pond . _| B3.9 905m — 0 . 7 ] 6.78 f . ., .. * . M 

Key Fund Managers Ltd (aMg) Securities Ltd.? 

2S . MQfcSt . BCZV8JE . 01 - 6087070 , l™??!** 0 ** 1 * e^i «— _« 

R26 Kay Energy In - Fd _ 

4 G « n — 
itFd . „ 

„„ Fund ... 

5 50 KeyFfccedlnLFd . 

228 Key Small Co's Fd . 

5 JOeinwort Benson Unit Managers? High Return ™ ( 64.6 69 . 4J - 0JJ : 

ad ; Funcburch SL , RC5 . 01-023 B000 Income 14L5 448 ] | 

x) KB.UritFd.Ine._IM9 92.3] J 589 US. Funds 

S *. 0KB . UnltFtLAc __ Ro6.o Ilia __ J ' 589 UK Equity ______ WL7 448 ] - 05 ] - 

K - B . Fd . Inv . Tsta ._ lS3 SMI Zj 498 

4^ L&C Unit Trust Management Ltd.? Kuropa W.7 935} +0.3 : 

Tba Stuck Echauge , EC2N IHP . 01-568 2800 Jfg fln RS^ 2 ^ Jl 

... L & CInc . Fd . 1134.8 13981 _J 7 . 7S P 4 * S ». 4] -051 

. a ? LAC inti * Gen Fd .{ 96.9 99 . 9 } ] 252 & Ci«r Ftamla 

«p Lawsan Secs. Ltd ¥CaKO commod uy go aa+o.« : 

** m ■ >. ot TflM ,-. n-jniDV AuMIMn u «..— c Rat ++ n5_nal 1 


010087070 . -.-.—j m\ 

- 0.4 359 rVti Bau 

Jj~j Jg Unitf.'Gnowth |W2 

-05 Inc t c asin g InCOnC Fund 

3257 - High-yield | 51S 

—031 659 High — Feuds 
uagero? High Return (64.6 


Richmond Life . Vss . Ltd . 

| — 4R , .Mliol hlns - l . nuu >: las . LU 31 . 

iMTIu-SilicrTnirt 107 7 110 

.. Rn limonil IUhhI 07 1735 182 6 , 

01-2483990 to . riatinum ild .. 121.4 127 

I 5 49 to Gold ltd . . . 104 4 109 

-oad 510 to Em . ot ic a. I ... 169.6 178 


37 , Oaten'S SL . London BC4R1BY . 01538 S281 Financial Secs — 


Schroder Life Group? 
Enterpri se House , Purtsowitt . 
Equity June 27 -. 

Equity "June 27 


Equlb'3 Jane 27 
Puca InL June 27 
FlxedlnO June 27 . 
InL . UL June 27 
K*S Gill June 27 . 
K * Sr . June 27 
Mngd . Flic JuDC-27 
Man aged June SI. 


225,9 — 

224.7 ._... — 
322.M _... — 


— — 


I tT / Tb ' , - » ' - 7X Lombard St. Ed 

|3£ b* City of Westminster Assnr. Soc. Ltd ^ e m P c___po5 u 

^ h V rrinphonc 01084 9684 Lloyds Life Assurance 

SSSmtouaE — l?3 ZJ Z an . Clifton SU EC2A 43DC 

Property Units (545 5T.4] 1 BlLGthJnne6 UNI J 

■' 1 - Commer cial Union Group . optAPropjunezo. 123.9 

^^sssygiizl 83 I z:d - SSSfeJSSS;® IP* 


Legal & General Prop-Fd. Mgrs. Ltd 5SS“jE=k 

1 J . Queen victoria 5L . EC4N4TP 01-2480078 Properly June 37 
IgiGPtpuFd . Jnnc5 ( 95.9 1015J — 4 — Property 3 June CT 

Next sub . day July L - PSPn cpK Juno27 

Life Aasur. Ca of Pennsylvania ’ 

30-43 New Bond SL . W170RQ . 0L4B883B5 MnPnAccBJune37 

LACOP Units 1987 MU6 ] [ - 

Lloyds Bk. Unit Trt. Mpgrs. Ud ^f^o^rZ 

TL Lombard St , EC3 . 01023 1288 ProtLP ^ Acc . B _ 

Kf3hK-r l * 7 _” m,4, ’ il 7 " SSBStai 

Lloyds Life Assurance Overaeas * 



58.7 - 0.4 
83 A +05 
395a - 0.4 
1202 + 0.4 


42.21 «..J 6-17 llitfhJillileiinrt Pondfl 
gj -- 270. 

S ? ■ IS Select Income pxT 54 . 

»8a +05 ib Scotfatts Securities Ltd? 
Sri Scot bits 137.9 40 .: 

-H m i^5zzz:i5 

L trSnis . "**FrL ScoLEr . Gth * 0 ___ K33.9 245.1 

laU Fund? scocEx.Yid-4-— imj ima 

T Prices at June 28 . best sub . d 


B'gatelnL June 27 ^1725 1833 Z_j 284 SI S'? — H? OAMalnm Fnuda 

W£cmtL)June27-.|l905 2023 ZZ 284 g 3 S’? — fi-g- WeetIn!wnaL__J2S6J 

Next sub. dgy "July lL^5nfy4 xhfcl K3 Sj “ |g Med Income 

Bridge Fund BSanagen?(aHe) Jtcflt and Warrant mj +05 ib ScotfaUs Securities 

King WUUom St, EC4R BAR 01-0234851 gKdtiZSt 265 ™ 0MI 12'S 

American kGenjt_|2U 26^ ~.J X« SioghYieldZ 443 5X5 20.92 

income*, 495 5X5 +0.4 689 "tAccum. Unilsl _ 628 725 20.92 ““*■&*»* i»J» 

Coital Umt MB 375 — 131 Deal. *Mou. Tnes. ttW«L ITS 1 ®*. *TFiL ScoLgLGlh-0 KH.; 

^?.ZZZZ^o « :;z fS fc General Tyndall Fund? ■fi«E£aJK 

tatemfl. lnc.t 163 17.' 349 18,CanyngeRoail,BrirtuL 027232341 _ . . . . 

Do. Acc. t 17.9 195 389 Dis. Junel4 157.8 612! I 556 Schlesinger Trust 

Dealing Tuea. IWedL fThurs. Mens June tAccum. Units) [724 763 Zj 556 140, South Street, Dorku 

27/28/29. Next sob, day July 12 Am. Exempt [ZL5 

Britannia Trust Management (aO (g) Administration Ud AnGro-^ZZ: g 0 

3 tendo n Wall Building^, London WaU, ? Dl ^ SL ' :l2 “ don S5| ,(UP ' na ExenrotM^uZm- MS 

London £C2MBQL^^ O1038O473M7B Tl* -0A 551 Extra Inc. 1*£ZZ 28 4 

Assets . . m | 64S 74 l 9 |- 03 | 533 +40 Acctm i _- _ — - [TOJ 84.91 -051ACT Income Dirt — . — 378 

Capital Acc. 50 S 54/ -0.4 452 IlOyds Bfc. Unit Tat Mngro. Ud? (a) IntlO%Wdrwl 2B5 

Comm * Ind 545 58.7 —0.4 4J6 Bwi emr*! Ant r,M Im, im ftnn IntnL Growth — — — 48.4 

Commodity 788 JBA +05 5JM 01-0231288 I^T- Trt Units »5 

Dogmatic ,36.4 395a -0.4 4.43 SStSS m 3T _nm aE Market Laadets— ».l 

Exempt 114.7 1202 +0.4 753 gy rt.tBmnO ttJ «3 ’ »■ -JJ *NU Yield' 77 A 

Eifralncome 38S 4X6 -D2 9.43 g^Acem)- ~ 0A 3-H Fret *GUt Trust— 228 

Far East 225 245 298 Si ^5^ +in Property Shar+J M-9 

Financial Secs. 60.4 65.0n -05 4.91 Sj fa ? StwciaiSlt Trt 26.7 

Gold A General BM 955u 382 Sqa m 1 ? J! a« UXQrth. Accmn. K.0 

Growth 76,7 825d -a? 459 S£i3£«Si7T rl7JJ ^ ™- »•« 


uuing 409 14 - RierlinK Bond Fd . .. IClD.Db 1022J | 1250 

Butterfield Managemeut Co. Ltd. Quest Fund Mi 

DCSPan * PO . Box 195 . Hamllivn . Bermuda . 

SKiTEL . Buttiem Equity __ 1236 2 44 } _...J 1 94 S.“« l Wf 

133-228 7251 Buttress Income — | X97 . 284 | .. 1 5.85 SJ ™’! ! n !l iST '' ' “ 

Ues Ud ? Pure * »t May 12 . Kesl - ub . day July 10 . M - 

Capital International SJL 

Ridl —051 3511 37 rue Notre - Dame , Luxembourg . Richmond Life 

+nn Capital Iirt Fund — | 1US1756 ] | — 4R . AtliolblnH .- t . to 

^ Chirtertouie japhet 

553 ] - 0J > 734 1 , Pat era osier 8tw . EC + 01-2483999 to. riatinum iki 

Adiropa mi3158 ' 32X81 5 49 to Gold ltd . . . 

leaf nw au ■'dlvwSa D5B0J0 5291+020 510 to Em . 07 IG 8.1 ... 

69.g -OJJ 8.66 Fondak DMEJ0 342S * 0.10 5 . B5 

44S ] — | 955 pondis Did w 2311 +010 5.63 Rothschild Ass 

440 ] -031 4.97 HI ^ S ^~ Izfej2 H “"l 280 
nMafloi Clive I u vestments Uersey ) Ud orSSSFdjffi **. 
□O tx'2 on P . O. Box = a . st . Hei ler . Jersey . 053437361 . arinlLFdr 

00 fl ioj IM Clive Gilt Fd . tCJ .) .[10 OS 1089 _... I 1X00 ? S'^SL^," 3 ?" 

^ ^ ^ airoGlitFd . Ugy . j.pOOI 10 . 09 --[ 1X00 S T -' ™? r2l2 + ’ V " 

813 ) + 0.61 485 cornhill Ins . iGuernses ) Ud - p ^ l + on jlfnel 

73.91 - 05 ( X79 p . O , Bax 157 . St . Peter Port . Guernsey tPnces on June 

6M - 0A ) 354 mmi . Mjm . Fd . P64.0 178Jj __J — _ . - 

Delta Group Ro >™ 1 "“s 4 (C] 

If -3 ZS Ij 5S P . O . Box 3013 . Nassau . Bahamas . ^ **' Roynl ' 

▼ Deutscber Investment-Trust pnm at June l . 

S - 2 “ S3 PosUach3d85BieberEassefl - 10 0000 Frankfurt . ^ 


Quest Fund Mngmnt . ( Jersey ) Ltd . 

l * i < llu \ l04.M livlUT . Jvrwjr , 050127441 
] m Qut-sl XUcPvl.ini | 11 | .... I — 

5 ot ; Uui-1 Inti b »- r +. . _ | * r«tl ( — 

id lull ltd — 1 5US1 | 1 — 

ITict-a at Juot - SB . Nl-m ilealitig Juu 5 


Luil . 

nsei 

iZlM4 

110 41 

.0 4 

_ 

282 hJ 


10 86 

127 SI 

+0 4 

_ 

104 « 

-05 

M _ 

178 5 

.. 

12 00 


oi « 5.63 Rothschild Asset Management ( C . I .) 

2 B0 P.M Box SB , ». Julian :. CLGiH .- iT , M)y D4BI9Gt31 

i.j O C Eq . Fr . June 30 .1522 55 5 ] .... 4 2 94 


. — O C Eq . Fr . June 30 . 525 555 ] .... 4 2 94 

LUL Orinc . Fd . July3 _ 1526 1623 721 

0634 37361 . CLP lnH . Ftt . r _ . SX28 1 3b .. .. 1.23 

I 1X00 DC . KmloKdJ nan- 145 9 1552 3 25 

11X00 OC . CnBUn . HHiy .... 1346 1«1 451 

_...! um o . C . Dlr . Comdly . t _. iS26.il 27 77 .... 0 72 

" Pri'T on June 3o NV\t dealmq July 31 . 
tPnces on Juoc 2L Next dealing July 7 . 

Rova! Trust (Cl) Fd Mgt. Ltd. 

P t ». Bov IM . Royal Td 11 %, Jrn « y - ' t5W 27441 

R . T.InlT Fd I5USM9 9741 I 3.00 

RT . Int ' l . iJ * w . ) Fd . . I'M 98 |.. ..) 321 

Prices at June 13 . Next dealing Jufy 14 


coKn-a jn Cx > ncentr3 [dumbo 2xin + flJ0 | — Save & Prosper International 

r£jL J ® IntRenieofonds-lDIMijB mS-OJO - Dealing lo : 

H ^ Dreyfus Intercontinental Inv. Fd. ar Broad «_sl Holier. Jersey oSM-rosoi 

Prices « June aR?ext jA li P O ■»« ^ 1 % .^ Bahamas . ^ Fum ^ _ 

Sdde^^ljujtMugro. L^(aMri 

ASlS2 ^ W * , ’ D S ? e ' „ M (030fta *“ 1 p . O , Box 73 . SL . Helier . Jersey . US3 + 2CSgl North Arocnran - J . 370 4 00 - 00S 

^ttzzia XX fg BW . C . T._ --IUM M4 «| 380 

Exempt High Yld _ 255 26 8 851 Ea robond Holdings N . V ., „ 

Bt ^ t ^ ffLdrs- »8 2b7*i 4L49 HanrteUld *! 34 . Wlllemsiad . Cararao . Channel isInoi ^^ B « 4 15l ' S - 0.1 

ESSirew jxiaS — in in NAVJutu-30 10152025 __ Comtuod .— 12X1 127.3 

aaiWSfcrtZ: OS mtaZ -^F.iG Mgmt. Ltd Inv. Advisers 

JS^.^'XZZ £1 27 5 llz: 5M I^ ? ^l>*a^yH il f.EC4ROBA. JUBI 

20.1 38M i 67 Ceut,Fd.Jur*m __! roaa I --■•!- Schlesinger International Mngt 

PreL * GUiTnm _ 228 24 . 0 * 1260 PiueliQt MgllB . & Res . ( Boa .) Ltd . 41 . La MotteSL , SL Helier , Jersey . 0S3-I 

2?-2 2fr5 P . O . Box 670 . Hamilton , Bermuda . saii . nq 84 ] 

rj . £1 JH Fidelity Am . As *__| SUS24 % | J — SAO.l te084 ® b 3 — 

nrrSkraS ut Si lia Fidelity InL Fund -I SUS2X48 J .1 — GillFtL 22 4 22_fl _... 

UE . Grth.Dirt | J85 19 . 9—4 S-M Fidelitj - Pae.Fd — | SUS4753 | _ .. j — InU . Pd . Jersey W3 id ...... 


( 57.1 6X2 ! I 526 HCMiannger ttob 

[724 76BZ-4 586 140 , South Street , DoitinB . 

a b . day July 12 Am . Exempt . fZL5 

ilstration Ud Am . GrowthZZZ 27 * 

wuifiip . 01 - 480 am assss h 1 3 ? i- SI 

|»5 ___ M , 9 ]- 03 „ 4fi7 income Dirt 378 


Comm 81ml 

Commodity 

DomestIe ___ 

ExnaWL . 

F-itralncomn . , 
fttwif .. 
FlnmneUi See *.— 
Gold A General -— 


Inc . A Growth 

InTl Growth 

XmertThtShares — 


Nat . High Im 79.4 

New tone 34.1 

North American 28.4 

Professional 9393 

Property Shares __ 127 

Shield - 448 

Status Chaage — — . 302 
U life Energy — ] 3 X 6 




305 

40 . 4 * 

30 . 6 xh 

520 

278 * 

308*1 

29.4 — 
29 . 0*1 


9K, P . O . Box 73 . SL Helier . Jersey . USMS0391 AoriBAmeHran -*. 3 70 . 4 0g-008 — 

lS KDXC . T . 1 139.4 1278 ] + 18 | 380 £»?“».-■ ~~ |U ! 7 _ 1527 i ' - 

B51 Eurobond Holdings N.V.. I to"^a^l* ,1, ^ F r fc 094] - Xl | 167 

970 Hiwvfelslmde 34 . Willemstad . Cararao . Channel Jslnoda *- 143 * 15l‘S - 0.1 514 

,2 in NAVJuneSO | StH025 — Comtuod .— 12X1 127.9 ] - 

F. & CL Mgmt. Ltd Inv. Advisers sx Fixed — . .... liw 117.9 1 U.79 

289 f n rL LZZ wZ JZ u ; 7r W'r n nn r Prices on -Jiilv l -June 2a ■■•June 22 

J ^ J ^ J “ Po « a * , 1 « y u >“. EC4ROBA . tWeeUy toolings . 

- w 1 7-;’ - Schlesinger International Mngt Ud. 

1260 Fidelity Mgmt & Res. (Bda.) Ltd 41 . LaMoacSL , SLHolier . JcKey . OSWTSMa 


S FtortbffijZlELs ' 6x3^3 R30 P - S . Crth.IHrt | 1B5 19 . 9—4 B.U ^ i ^^. VdZ : SL - M7 ^ L " Z 

231 Datteoaa): |6S8 70^ -0^ R30 J. Heuiy Schroder Wagg & Ca Ud? * UBM 5® T ‘ ,|,a05 ' l “ 

387 Ilayd’g life Unit Trt. Mngro. Ud im,.ChoapsidaECiL oi-a«34M Fidebty Mgmt Research (Jersey) Ltd 


72 - 80 . Galebouae EtL . As ^ onbory . 0290 5041 CortWJ^d 

SjS Equhy Accum . JJ523 1 » 5 | I 458 

IK M t G Group? (yXOfe) SS5S.uaw_ 

j ™ Three Quays , Tow H01 , BC3B 8BQ . 0IS2S 45B General June 28 — 
I ™ . S « also Stock Exchange ( Accum . Units ) 

Amedcan ZZ^ ' 


' " “ _ ' '“11 lOSL ‘ W+28 224 Waterloo Hse^ Don SL , St Belter , Jersey . *--■*- 

X27.6 +26 224 05M 2TS61 Schroder Life GrOUD 

279A +26 750 Senei B ilScUicZ I * am ' Loioj Z Entorprise House . Portsmouth . 070327733 

845 267 Senes D t A ulAs *. i | £ 37 . 12ri | | — Iniemarieoal Fundi 

ej Zl IS Fto* Viking Commodity Trusts f|311St? 

35.5 229 R SL George's SL , DougUs . Xo . M - • £ KI*«Hnleresl 

3TXI 444 « C4 4082 . Ldn . Apt*- Dunbar & Co . Ud , sn^?d n ferert — 

2508 3.73 53 . Pali Mall . London SW173JH . 01800787 twtanSwd 

w t 1 ? 3 I v™* 4,7 VI tCm- Trt_ B7 5 3951 I 280 JHjnagcd 

436 "For tax exempt funds only FrtMU7bLOp . Trt -[ 74.0 79 . 0 *( \ 180 

S Scottish Equitable Fnd Mgrs. Ud? Fleming Japmi Fund SAL j. Henry Schroder Wagg & Co. Ltd 

gJS 28SL Andrews Sq . Edinburgh 033 5MB1D1 nje Notre - Dmae . Lcxemboora i2g . Cheapude . E.Ci 01-5884000 

850 Income Units (485 514J + 0 . 1J 585 FtemineJolyS ] SUS53.72 | 1 — JSJsSS , p »* 4I1JS l-ora 251 

Uni r ^r E 1 ^ World Pnnd ^ SSSwaSiTZl WWU J i - ^ 

55 Dealing day Wednesday . BnUerHeld Bldg .. Hamilton . Bermuda . ArtinFd . Junes . KV&KW 1875 ...^. 293 

aS Sebag Unit Tst Managers Ltd? <a) NAVMaySl 1 SVS17925 [ — | - T l .S 

054 FQ Box 51X Bcklhry . E . C . 4 . 01-2305000 G . T . Management Ltd Japan Fd . June 8 ) _ push B9 741 d ( 054 

iS feba ( Capital ga -[ S « S - SrS-il 22 1 ,^„^ rob |li y circus . London EC2 Sentry Assurance International Ud 

Jg ® ri»ag Income Fd . - B95 3U | - 05 } 0.46 Tel ; 01 ^ OUL TUb 080100 p o . 338 . Hamilton 5 . Bermuda 

486 Security Selection Ltd MtHmged Fund — rjuajwj irna „..J - 


•_ Scottish Widows ’ Group Unfe Energy — _{ 3L6 34jq —J 280 

— 7*0 Box 802. Edinburgh EK105BU . 031-03 6000 Jh* British life Office Ltd? (a) 

— IMB1 “| jj — -J — RflUjmceHBe^Tanbridgo Wells , EL OSSSIZZn 


r 99 AuRH ia uiw . . .... » 

| *n ( Accum . Units ! 
Aurtralasian 


^...J — Inv , 

.....J — Inv . Ply . Series 2 — 

I — inv . CaahJulyS - 

. — I — ExUtAeeJuueSl 


JO . Chancrryljrnc . WC2A 1HE . I 

V & TultyPund .— .,.**”*• 

. man B£cd Fund 

mPFtrod 

PsnaL Pen. HnEtL- 
StafiuLMBfll . VtL-.UM r*M 

STTfiSfcJ S5? I 

Rqult >- PensKm ^—[ 2248 I 

Propoty IVuriou — | 139.4 | 

Cornhill Insurance Ca Ltd 


01-2420282 1RC0 . The P ' ortnuy . R eadin g S8351L - — - - r 

— Monev Manager -, , ig.8 B3 | ---J — SelMT life ASS < 

■ — — MM . Flexible §98 MS 1 — ltVU Ely Place Lorn 

— — — Filed Interest [ 34-3 368 | — 4 — Solar Managm l S 

Z: Z The London A Manchester Ass. Gp.? sojarProperros— 

- The Leas , PWkcatone , Kent 03035:333 ^toSdftotsZZ 

— “ Cap . Growth Fund .. 22X6 — S rinrCashS 

OFlcX - Exempt Fd .. HI3 — Solar lull S — ■ 

CExempt prop . Fd 098 — Solar Managed P 

• *ExpL Inv . TH , Fd . JJ7-7 — Sol ar Property - 

— -i •>” • — solar Equity p . 

— Solar FxdJnLP 

— — Solar Cash P 

Solar IntLP . 


Mgd . Pea . Jhue 80 _ 


CAccinn . Unita)l 
C nrnni nriify . J 
CAccuznlUaittiH - 
Compound Growth . 


32 CarnhiO . HCJL . 

^-Cap Feb . Janol9 _ IX235 — I — { — Property Fund j 

ssBEsadsb sj=d= 


Flexible Fund . 


01 - RZB541O inr . Tnm Punri 


1329 - 0-21 — 

117.7 — 

165.8 - S.4 — 

320.6 — 0.2 — 

1065 — 

1097 — 

1320 -02 _ 

117.4 — 

1605 - O.i — 
1202 —03 — 

1065 — 

104.7 — 


Credit & Commerce Insurance Pvra.Pensuou**«— pso 

' 120 . Regent St , London W1R5FE . 01 - AM 7001 Cnnv . Depodl * HJJ 

- C « Mujta.Fd p » 132.01 - ® 7y ® S^ZZ 3558 

• Crown Life Assurance Ca Ud-? FainRyBiw — gt| 

• c^pe^.wow^cuii^MiMHna Jg| 


Three Qua w. Tower Hm SCOT 6BQ 01-08 4988 Sun Ant awee Fond Mangmt Ltd 


hUng'H Fund . See . 

Hang'll F«X Innu . 

HonCd FiLlniL 
„ Equity Ftt . Are .. 

-Equity Fd . I item - 
Equity Fd . I niL .- 
. Property KA Acc , 

- Property Fd . lncm . 

. Property Pd . InlL 

Inv.Trt Fd . Arc .. 

Inv . Tsi . F « t . lucm . 

.- tnr . TrtFd . lnlL -. 

, Fi-.ed Int Fd . Acc . 

Pad . InL Fd lncm . 

■ tntrrT . Fd . Acr M 
. Inler'L Fd . bian . 

- Honey Fd . Arc .- 
. Mwrm . lnra . 

Dirt Krf . larrn .- 

- Crown Itrt . In v .' A *. 

Crusader Insurance Co. Ltd. 

' Vlncul a Iloa <tc .-Tower PL , EC3 . 01 - 626 S531 

Gth . Prop . July 4 f7B.4 00 . 4 ] . -l — 


Sfi £K Maoncedto *** — 136 . 

::::: ® aa»sfeii 

M1.9 — japan Fd - Bd -* J*8 

-- “ Prices on ‘June =R - 
U05 Z: — Merchant Invest o rs Assurance 

St ”! t * MS . HishStreeLCreydoo ._ , 0l-«»71 

- 41 — Property ' 


l«Jrt ZZ\ - 


111.0 _... — 

1073 — 

143.5 ..^. — 

166.7 — 

83.1 . — — 
690 ...... — 

547 . — — 
57.0 — — 


1 _ BX British lift hM 5X2 - 03 ] 558 Compound Growth . 

1 _ BL Balanced * [ 4536 ^ 4Li + fl3 5 66 Conversion Gro 

J BL Dividend *— — _] 4X7^-v 4U | +03 987 Conversiou lac . 

~ Z | _ ‘Prices July *. Next dmiiqgJnly'ia Dividend 

1 _ _ , , „ _ ( Acrxun. Ulrifcri 

i Saiir life Assurance Limited Brown Shipley & Co . Ud ? Ba ropea n —. — 

-H - ltVDEly Place London KCJNGTT . 01242 2S05 togsjFbm > d «» CtJK3 WpOKBO ^ SSv , 2y b) 

Solar Managed S — [ 125.6 » « = Wl=3 US 

' 3OT5 —02 Z 

18&J — — General . _ 

354.7 — Growth Accum . 

1329 -02 — Growth Income 

1174 — Hi Kh Income 

1572 1653 - 0.9 — LTvU - 

1148 1202 —03 — Index 

1063 — — Overseas 

104 . 7 ] — Performance , 

Gun Fund Mangmt. Ltd. eupplJuub 

San Alliance House . Horsham . 040364141 n . 1 . T.fo TTnit iw **-«_, tub lAoemn . Units ) 

BxnFkLlnCJoiiel4. 105030 16000] I - Canada Life Unit Tat. Mngro. Ltd.? Recovery 

XrtBn . Jnly4 . ] 0930 +019 — 3d High SL , Pouers Bar . Herts . P.Bar 51128 ^roumUnlts 

„ , ... Can . Gen Dirt {378 39 ^ - e-fl 4.44 SecoodGen ... 

Sun Alliance linked Life Ins . Ltd . Do - Cen . Accum ws 3 47 . 7 ] - oa ! 444 

Sun Aniance Bouse . Horsham 04Q364141 tolM.Dta 34 . rt - 0.d 7.98 

- Datac . Aecum __| S2 7.98 SfteUUaed ^ 

T?. Z Capel (James) Mngt IKL? Truster 

-05 - 100 Od Bread SL , ECW1BQ 01-3880010 ( 4 « Sg ^««' r=r 

-.-■ - Capital [326 87.9 - 0 . 8j 5.03 Slri ^ i J v “ f eZ, ' 1 

- 0 . 4 ] - Income J tK JoM [- oJ _ 752 S ^- ffi.ZZ 


Son Alliance House . Horsham . 040364141 

'“aun+sal Z 

Sun Alliance Unfcftd Life Ins. Ltd. 
Sun Alliance House . H o r sham 0403 64141 


i tVV^ Tf. f VTz - J 7TW , ^ 


44 . 61 + 03 } 987 Ccmversion lac . 
ditW Jnlyl2 Dividend — . — 
77T - ( Accnm-UnibO 

LUZjf Kom p pHn 

22551 ' S ° S ? iBffi 
^■=^ 1X4 

■>. tAccum Units ) 

355 42 » Fund of Inv . Tst *__ 

MJ — . 3.94 tAccum . Units ) 

473 — 4.M General 

373 485 tAccum . Units ) 

313 9.74 Sl£h Income _ 

ZX7 3.90 ( Accum . Units ) 

25 . 7 * — 430 Japan Income . 

^ zz IS. tf^ Uait11 

222a 5.94 fAceuin . UnUaO 

ui ? Z4 489 Midland 

__ _ . _ „ fAoe in n . Units ) 


Second Gen . 

Units ) 



( Accum . Units ) 
Europe Jane 29 


I .) — . £ 358 . 
lieu .. tt.83 
lJVss . l | £ 27 . 12nl 


SvA.1.1 179 84) . 

SAO.l SO 39 089 . 

Gilt Fd . 229 22 6 . 

InU . Fd . Jersey 103 lot . 

Intnl . KdLxmbrR .... S1056 1X12 . 

-Far East Fund [95 100 . 

■Next tub . day July x 

Schroder Life Group 
Enterprise HoukC . Portsmouth . 


.... 8 63 

5 06 
... 12.17 
„. 340 


line t+trope jnneza 

( Accum - Uni t *) — .!.] 
ITm * FenACharFfic30 | 


250 M — 

1953 ] 

■For lax exempt funds only 


^Equity 
iEquily 
£ Flxedlntereil __ 
5 Fixed InteruL 


1173 

3250 — 

126 0 

134.0 — 

1355 

1443 — 

IOCS 

1114 >.... — 

129.0 

1372 

1152 

1223 - 


J. Henry Schroder Wagg & Co. Ltd. 

J20 . Cheapudc . EC2 . Dl - KW+noo 

Cheap SJ pic 3 1 St >£ 11.55 1 - 08)21 ZS1 

TratalcarMa . v3l „ 5USU9.41 J — 

Asian Fd . June23 _ srairi IBri 293 

tori me Fnd. SU39 19M...„. 520 

Japan Fd . June ; 3 - ^115609 7.414 034 


Pro p erty Fund 
btanifimsl FI 


t*o rapnai iii w * Hw , » nrauiuy I ’ lrcns . 1 

H ? Sebag Income Fd . - S9-7 5X1 ] - 05 ) 8.46 Tel : 01-fflS 813L TLX ; 880100 

466 Sflcnritv Selection lid. London A penis for 

I U 15-1BL Lincoln's Inn Fields, WC2 01-8310038-0 A^b^ CilP&l^Z 959* 

flrt Unvl Gtfa Tst Acc — [242 2S5T - 0.11 250 Anchor UiLFd BUS4A3 46 - 

aj * Unvl GthTxt Inc fixji 224d | - 0j ] 230 Anchor In . jEy . Tst . p63 283 

H3 Stewart Unit Tst . Managers Ltd . ( a ) iSStoSSiZZlUlSf 4 ^® w 

2m 48 , Charlotte Sq ., Edinburgh . . 031-2283271 Kd telKv » ,a 

719 ■ liFr JL . X1 i xsn G . T . Bond Fund — SUS1233d - 029 ^ 432 

standard Units W43 685 ] — J X40 G . T . Dollar Fd .___ 5U57.06 ... J 0.70 

4 « Accimi U nl » M3 74H — G . T . PaeilieFd . 1 JUS14.47 [+ 036 ] 150 

3^’^’eS- Fund 54 ’ 1 “ cartmore Invest Ltd . Ldn . Agts. 

IS standard RJ20 VOS ..._1 440 t SL Mary Axe , London , Ed 01-^833531 

2S Accum. Unllfl ___ll5X2 1643 J 440 Gartmara Faad HngL (F*r East) Ltd. 

^ DsaHgtFrt.vwSr 4 — 

Son Alliance Fond Mngt Ltd . I Japan Fd . ______ nVSMJU lira 

f-g Sun Alliance Hae - Horsham . 0403S4M1 


1W ManoKed Fund [ JU5UB0 X944B ) — 

*jj 2 Singer & Friedlander Ldn. Agents 

2.77 30. Cannon SL.ECX 01-248 Bd+S 

?25 l^kdopds [DM257* 27JB+tua 687 

}-« TOkyoTrt July3 — l SUS3730 ] 4 X68 


Japan Fd . Bd .* 1542 w-« -.--i -zz managea J-nna . i * n + — i jncomn . -J "A . . '■* 

Prices ou ‘June SO- -Sw* ° Stm life of Canada (U^J Ltd. price, on July £ Next dealing July 13. 


mxI :r.| aw 




a it Money Market 

• — _ Honey MkLPem . 

RTS Deposit 

*"“■ nag Deposit Fens . 

_ Managed 

Ms na cert Pens . 

L Inti . Equity — 

01-8368031 luU - Manacert 

— KEL Pensions Ltd. 

Milton Court . Dorking . Surrey . 


2 , 3,4 Cockspnr61 - I SWIY5BH 0 1-930 C 

Maple 12 Grth 1 1933 I — J - 

Maple XL Maned . _ 1321 .[ - 

ISSlfex-zzI mi |—[ : 

Target Life Assurance Ca Ltd. 

Tbtm House . Gal e hmnm Rd _ Ayl esbury . 
Bucks - Aytcmnoy NSW 5 

Man . Fund Inc — . — J93.6 “* 1 - 

Han . Fond ACC 

Prop . Fd . Inc . 

Prop . FtL Acc . 

Prop . Fd . Inv . . 

Fixed tat Fd . lac - 


w^is 1 » 


*32 Stronghold niaagsunit Limited 

0 TO p o Box 310 . SL Heller . Jersey . ojW - THW ) 
Xio ComniPdlty Trust _ P2J7 9783 ] i — 

.Sttrinvesl (Jersey) Ltd. (*) 

3531 Queens Hsc . ton . Rd.SL Helier . Jsy . 053V US348 
Amenr jnInd . TsL _| C830 6861-0 091 — 

" 5 = Copper Tran ( 10.78 1103j + D0M — 

Jap . Index Tst . 0252 1273 + 036 ] — 


01-8B06400 Carliol Unit Fd. Mgrs. Ltd.? (iXd Manulife Managemero 
— - 1 — hfllktura House , Newca » Ue - upon-TyDe 21185 Sl George's Wsy , Stevenage , 

— Carliol 166.9 69.41 J 420 Growth Unite P41 

— — Do . Accnm . Units _ [805 823 ] ZJ 450 Mayflower Managemex 


C ) Manulife Management Ltd. Target Commodity . 

0185 fit George's Way , Stevenage , 093858101 Target Financial — 
420 Growth Unite (SOJl 527 ] — 4 435 TargrtEJjul 

430 Mayflower Management Ca lid. jKx A^Umm— 

8-21 14/18 Gresham SUBCgV 7AU - Ol-OOBBQSB Target Gilt Fond 


UL ^vzl oiS JeP - ta^Trt [0252 12781 + 033 - 

ORBMMil^AaerfeanTrt-few iW-J 15 TSB Unit Trust Managers (C.I.) Ltd. 
‘ a r JO*** 5 BagatelK * Rd .. SL Sannur , Jersey . 053473404 

P.O.Box32.to»daM<S St ■ 08S4Z1911 cSSSmS? tot's afaflS'j! 2'S 

Gartmore lntXInc-Mj 2271 —.1 10.90 11 i % 

Gartmore InlL CrthE&J 7n6nJ 3.00 PTiecs oo July 5 . Next sub . day July 12 . 


Do . High Yield — — M8 435] — J 0ZL 14 / 1S Gresham SUBCgVIMJ . 01 - 000 BOSS Target Gilt Foi 

ITSSSfeay Bast |B 7 ^zd is Sgr? 


sbu Charities Official Invest. Fd? 


— * •— T7 London Wall , BC2N1DB . 


Mercury Fund Managers lid. 


U ] 337 Gartmore Investment Must Ud . 

p . O . Box 32 . tonslaMoJl • 08M 5391 1 

B > Gartmore lntXIne _| 2X3 227 ! I 10.90 

Q2085M1 Gartmore lntL Grtb|663 70 6m I 3.00 

)ja 331 Hambro Pacific Fnnd Mgmt. Ltd. 

2U0 . Conmmcht Centre , Bong Kong 

jj Far East June 51 — 11222 12891 [ — 

jn S n Japan Fund [ 5US7J7 BJfij —j — 

u 300 Hambros iGuernsey) 180/ 

L5 537 Qambro Fund Mgrs. (CJL) Ltd. • 


Tokyo Pacific Holdings X.V. 

Inttmls MjuuiKcmrnt Cv. N . V , Curaeiso - 
NAV per share June 30 $ US394X 

Tokyo Pacific Hldgs . ( Seaboard ) N.V. 
Inti mis Maun cement Co . NAV Curacao . 

KAV per share June 30 SU343JS9 


01 - 588 IBIS 30 , Gresham Si . BC5P2EB . 


Income June 20 — Q32.4 — [ _.J 678 Merc . Gen . July 

J Act Ute July s . 


01-0004355 Tgt ~ Pr . July 5 
+ 28 [ 468 TgLIna 

M 2 » Tgt ! Spc+iaisite 
■*■ 5-81 256 r p ._.^ ai 


Eagle Star lnsur/MMImd Asa ™ mlx 'm -rJ 

L Thread needle SL , FC2 . , Ncle * Eq . Aetram . - 11O0 315 ^- 0 - _ 

F - ugtc / Mid . Iltuts — P0 J 522j - 0 . 4 ) 687 NetoxMon g fCBp .- Hj g-H _ 

Equity & Law Life Ass. Soc. Ltd.? KeioxGUiincCap.. *7.6 ».H — — 

ttgn^'SZTm* °"i ^ W 31 II r::: z 

PropMtyFd . Z lttA jliol — No1 Fl N^Tsiibf day July 5 

GlrttoSSStKa ' - OTl 5 ImJ + 0B — Far New Court Propj + yreeuader 

MC2i=Bfe BS3(^~! - mm" 1 *— ■* 


BUILDING SOCIETY INTEREST RATES 


SOU ton . Fd . Acc . me 
ReL Plan Ac . Pen 


ReLPIaaMa ' nAcc . 
ReLPlanMan - Cap — 
Gist Pan . Ace . 

GUt Fen. Cap. 


rtceum . J une Jl IQJJ . | j — Acc . UteJul»5 

CiUnautii . Daly available to Beg . Ounritie *. M ^ taLJ^r 

— — Cirarterhoose Japhet? 

..Z — 1 , Paternoster Bow . EC4 . OlrM880M AccmUte Jnne29_)2555 2865] — J 456 10 . Athol CreacenLEtDn-R 

..... — CJ . Intern* tl { 23.0 XU X92 BBtQand Bank Grtmp Target Amer . EaglelZ'-O 

z: z ffic^zz^i Si z:: IS SSSSSlazV- 

ZlJ z SB5fcjfc= K S z: 58 ^ Trade. Union 5* 1 

Tranrinternational life Ins. CO. Ltd. Q zd IS S? ffij =1 If 

3 Bream Bldgs . EC41NN '. 01-4056467 Price Jui » 2a Next dealing July s . Growth — 3X1 S95a 356 . 

ifflziz taw-tan™. « BW ,LM.y,rt« SgzzS mZ § 5 

is dd= Bgassay. B=MSSm 

Trident Life Co. ^ ^^.ZZ=gJ — IS 

to^Eou^aucreter „ _ Confederation Frmds Mgt Ltd.? <a) JJ .Z pEnS^:" 

CuLMcd W5-3 lg - fl — 1 — W amnesty Lane , WC2A1EE 01-3920282 DoIaotbl-Z .DM 306i 5.96 Cmbld . June28 

Sft 4 1 S ^ rn'4 “ Growth Fuad ( 40.9 429 ( - 08 | 442 - Pare * at June fe . Next deaOng July 3L {Accum Units ) 

SKKS5: Mi Z rrarorereslttm. TWral Mtra™ MhU&tt FtUld HmgHS Ud. 

Marlboro July 4 
( Accum . Units i . 


S5 =33 XM P . O . Box8a . Goeni*ey 0 « I -= S521 wrana .™ 

327 -03 3.72 Cl Fund ——(1405 14951 .. .J 3 70 Tyndall Groun 

M 5 ™ 884 taLE ^ SS ? SUsKkuj ? IIb P °- 12 » Hamilton X Bemmila . 2 - Z76P 

148*1 1X80 InL Kvrs . * A ' SUSUUSL02 X ( bI . 7 ] 850 toe ^ ear . JuneM — g . Sl ^ 

20.7 451 InL Svr *. -B ' SUspuSKB lUj + OJ ' i ] 2J0 ' Aroum . UniL , i . . JJB 

23 * - „ . FVntinr . d ) toifhi _ Prices on July iNSt dealing July 12 3 - WayInLJuoc22 ..| n ' jwol5 

436 Target Tat . Mgrs . ( Scotland ) Wto ) . Henderson Baring Fnnd Mgrs . Lid . 2N « wSl.sl Helier . Jeney 

436 M . Athol CreacwLEdfti . 3i 031 - 228862U2 p0 jw ^ a , Naswu Bahanms TpFSLJooeaj . —|- 7 « 

Tareat AmerJSslel27.0 2994 .«..■! 135 i _ 


850 Dvertcar . June^S _ [SI SXU 
230 ( Accum . Uoib .> Sli.il JB 

j . s-Way InL June 22 „{ SIS6U 


TOFSLJooeBO . _.| I735 
( Accum . Shares ' 111170 


■ MM w “si El Js Wg-g a ssgg^.gfd^t.Ns. si 

SiieeL Hmid . . JTT . _ . -- 1 _ HI U -Samuel & Co . (Guernsey I Ltd . Jen ** Fd . June a . w.e 

Tel: 074270042 Trades Union Unit Tst Managers? . v-f-i,-— sl! p«»r pm* c, oon-j. Are. uu.*. .. 268.6 

7*w 582 imWoMfWLKr - ° toFebvro st . port Guernsey . Cl . out Fuirt JunoSB . losi 

mM £» 32 ?^ 2r2l . B ?* ct ’ E taS \ " , fi , Guernsey Trt [1443 154 4] -UI 3.68 ( Ai - cura . Shares i __ 136.1 

3 m 3 — 356 ^ DTJn , f 1 - — ^ - 1 Hill Samuel Overseas Fund SJL victeri - Hen^.Dwi u *. 

426J 358 Transatlantic and Gen. Secs. Co.? ST . Rue Nt * re - D3U ne . Lu xembourg Manaped June 22 129V 

3 y i a ~ 3M 81-00 New London Hd . . Chri i ia j for d 0243 61S51 _ _ . _ l * I7 ? UJ9 193R ...._! — _ i|m Tntnl Mnrair 


122 1 6.00 

053437331/3 

8 18 [ 600 

1255 — 

855 200 

855 - 

201 a 730 

2848 — 

07 8*1 1113 - 


:, Z ‘ n ( Non - 1 . Acc . Ute *.. . 068.6 28481 1 — 

5255 ^ 7*1 ;» GUIPtn « r | June2B .. Bil58 107 Bw | 11 13 

154 4] -UI 338 ( Accum. Shares i — [ 136.6 139.M I — 

Fund S - A - Victory HasMT - DaeafaK . Isle of Man . M2434UX 

lbourg Mauaped June22 _ 1129.4 136 . 4 ] { — 


REEMWICB 


(U-CSSBZ) 

2W Creenwicft Hisfi Road . 

Gn - cowidi , SE10 9NL . 

•Drposh Rate Share Ae ewmw 

Sub ’ pO . Shares 7.K”-. Term 
Shares z yn. ir : above Shan - rale , 3 yw - 
1 ’- above share raw . Imi-rem paw 
Ouariurty - on stares , term shares . 
Monihiy income shares « 


LONDON SOLOHflWK 

( 01-995 8J3D n . 

is if Chiswick Hish Road , 
London W4 2NG . 


Deposit K3«e 6 . 43 . Share Accounts 6 . 85 , 
Sub ' pn . Shares 6 . 20 . 


t bn - PM i naiA 1273 — 

MI N ZZL 1<53 15S.fi - 

? Si £ KZZZZM84 1575 — 

Eon i tyy Ainerl ran _ 835 W.7 -08 — 

U!k Equity Fund- IM | J ??'? ~ 1J “ 

HlghVlttia 1373 1«J — 

GlllEdced - 1J9.9 127 0 — 

Money 1228 129.4 — 

International 100.6 106.6 .+02 — 

FTfriif ~... , -- 124.4 13X7 _... — 

Growth cap — m.9 1291 _... — 

Growth Acc 1257 1S8 — 

Pens . Mood , Can — . 111.9 1 3 8. 5 — 

WSEHAjE-ugA • jsi - 

Peofc . GttLtop . Cap -. 1K3 100.4 — 

PetteGuLtopAcc .. S86-6 112.9 — - — 

Vtoj. Prstv . qa — II. - . D9.7 — — 

PeSp ^ lSS — 1173 124.7 - 

TrdLBond »-5 37.5 _ 

1WLG2 Bond -—[ 96.6 - ,-OJj - 

. ‘Cash value lor £100 premium . 


3a Pont Street , London SWIXFEJ . 01835852S . num iivot ( AectUD . Uniai 

Coamopcdn - GtlLFd . {173 353 ] — € L3J 493 Mmstnr July 3 — 36jHd - LD ( 654 VanCwth . July 

frvuiynt Unit T*t Mm TM (aVri EMtePt - In >» fl30 — S*3 92 ^ _. Z | 633 ( A « ga . Dnitej 


IS irottdMilSiAiik 


a./o nn b+k wih et . ..... 14 Muir aster Street . Sl Helier . Jersey . 

— a E37£Sita£^SB! , j- — ' sia *v **— ' “* 

! 496 J ^. T . Managers ( Jersey ) Ltd . United States Tst InlL Adv . Ca 

■ — t S PO Bo * 194 . Royal TsL Haa . JarMitKW 27441 54 . Hue Aidrinpcr . Luxrrnhtxirr . 

““ Jersey & rtntl - T * t_ {163 0 X73 . 0I I — lL5 . TW . lnv . FncL._l 5l ' S1036 | 1 0.97 

™" 726 - 4s ut May 3X Next sub . day June 30 l N <* asset June 30 . 

+°* ffj Jardine Fleming & Ca Ltd. • s. c. Warburg & Co. Ltd. 

+03 2 ^ Jf ^ a C ST l B ^! S« H ' , ‘ g KO “ e 80 3 fl .« ri « ham « reet.ECl 01 - 0004S53 

+ 0 .? 2.76 mmira riS CflvBd . JuIy3 | 51 ) 59.59 |- 4 >. 05 ( ~ 

3 60 5 " 3 |“ iex vl “ ~™' fS ElWV . InL July3 [ JL'51759 J+oSS — 

+ 0.7 3.60 1 - 90 Gr . SLSKd .. lune30 _ Sl ' S7.08 .Zl — 

fS ffiac,ric1^fz|sn^H , ' s ■ Z aiteJbdJMJnak™* acl _._! - 

bJ3 Warburg Invest. Mngt Jrsy. Ud. 

5 42 Kevseles Mngt. Jersey Lid. l-Charius Crass. SL Helier. Ji<y.CI OKW 73741 

ItS "TZZZrJ « f , f erseyiAU - QlKUd . June29 — Sl ' S&g 12171 ._...( — 

P0 »« a8.SL Helier . JeTsey .,( Eni :. 01 - 60fi707t )) CT rrUitJunf29 ... £ 12.77 1310 — 

rn.ru yongjji ,^ PM4IB 1H 260 MMahTrt June IB . 0257 . 1247 — 

Bondselcx PriJlltt EI71 - 05t — T > TTJuno8 ITKB57 MB 1 — 

n - wu . Kcjselrxlnt ’ l ..-— £ 6.79 7 64 +051 — TWTUd. Juuofl 00.68 1096 ) I — 

itfiAS&Hl " KeyscJ ^ xEurope ^ £ 3.91 dill 3 74 

— J k52 jnpanCULFufflZRrfflin M ZZ - World Wide Growth Management* 

‘‘““J 445 — a3 r?aavl?' B7 'An. — 70a. Boulevard Rt»ai. Luxcmboum 

-..j ues Ccnl_ AifrtLaCsp — £13419 + 0.M can v.tl ci-sicfta l _ nn *! _ 


Crescent Unit Tart. Mgra. Ltd. (aMg) 

4 MeWUeCre*. Edinburgh a 031-2IH483I U _ “®* 

Creaceut Growth _| 2&5 28 . 4-011 423 QWQuaetj Street . SW1HBJG . 0I -® 

Crea. taternMX K3 62S lo 055 MLA Unite -I>U 4L6[+DJ) 

ere*. High. Di*i — fe.5 45.4j -o3] tun Mutual Unit Trust Managers? 

Crcs, Reserves ___ Q9.0 41_8| -0.3j 44? «* n Aw-Srstemkrt nsji 


BOA Unit Trait Mgemnt Ltd. 

C8d Queen Street , SW1HBJG . 01 - 0307333 . (Acmua Unite .) 

MLA Unite -IMA 4X61 + 05 ] 231 WtchTJancffl - 

Mutual Unit Trust Managers? (aMg) 

15 , Copthsll Ave , BGffiTBU . 01-0064803 DaAeeum . 

S£SSto:&:BS m 3 =31 fS TymlaU Managers Ltd.? 

Murnal Blue Chip - tag mM-uM 6,90 M , CanyuKe Road , BrirtoL 

Mutual High Yld _ P7.0 6X « + L3 ) 8.90 tneorae IimeSR .._ 


1B0.H 

129 . 4 ) 


53 4 +05 
60.9 +85 
5X7 +01 
63J +05 

741 + 0J 

447 

46 4 


United Slates TsL InlL Adv . Ca 


01 - 8004SS3 
-fl.Mf - 


APOLLO 

Edited bY Denys Sutton 

The world’s leading 
magazine of 
Arts and Antiques 

far BStfi-^;ar\ , SS5£a 

.f* «*«*»'■ sjftsr.^Di'WSr s,re 


— j - Discrrtlonary Unit Fund Managers !££“!§“- zStJ IS 

_ 2.Bl«aeldSL,Birai7AX. 03-«a*« JHIghVlfclsM £8^ 490 

ML DUC income .11602 P3L5[ — 1 52 Nationia md Commeroinl 

? E. F. Winchester Fund Mngt. Ltd. 3X SL Andrew Square, Eainburgh 031-256 9)51 

0273 32241 aid Jewry . EC2 01-8002167 Income JuneM Wl . 1 6.12 

— Great WJnchaaer_[180 N.6| [ 6-24 fAccu^J^ 1 Bg* ™ 

r z saaaCTH«|w alzd 450 gsMSszzpi 5ig3 in 

— . Enuon & Dudley Tst. Mngmnt Ltd. National Provident In?. Mngrs. Ltd.? 

— 20; Adiagton SL, SLW.L 01-499 7K51 48, Gracechtirch SL. BC® SEES OMB342QO 

Z : — Emson Dudley Trt. [675 7U| Ufi NJ5.Gth.Un.Tsu.MJ 466 ^ 445 

— Z EquitBB Secs. LhL (a) (g) Tcw^atTri^ttlSsj Z" 2S 

“ - « Bishopsgate , EC2 OU88S851 ( Arcum . Dcltir-- ; .praj ^260 


Tyndall Assnrance / Pensioiis ? E . F . Wmcbester Fund Mngt . Ltd . 

IK . Cauyuse Road . Brisurt . 027232291 Okl Jewry . EC2 01-0082167 

3- Way Junes 1S3.B . — Great WJncheger_|180 M . 6 | [ 6-24 

EqdtyJaoeS 1 «| ..... — CLWlnch'er ffseaslaj 22j | Zj 450 

p ropw ^ juneab - 1055 Zi .' — , Enuon & Dudley Tst . Mngmnt Ltd . 

DcpwItJurwS -;- 1276 -■■■ - 2 ), Adia * KraSuS , W.X 01-499 THil 

SBffiKfSS; ™ :z: z twi^i «# 

KSK = all - zr : = Bniltao SecoLtd . w CD 

to . BOndJuiy 3 - 177J ) — 41 Bfshopagale , EC2 OU88S8S1 

Do . Prop . July 3 — 866 — — ProgrmiTO —^<56 V)2\ j 452 

Vanbrugh Xile Assurance Equity & Law Un. Tr. Jl? taXbKdK*) 

41-43 Maddox SU Ldn . WIR 91*4 01 - KB4B23 Araertbani Rd , Hlgb Wrctraibe . 00433377 
MmaimaiU JM4.1 — Equity & Law 1646 68JK | 429 

SGljwZZZI Ml i%3 -02 FramlingtOn Unit Rfet Ltd. fa) 

FTsedTrarntFA - 164J ? S-S tS ? ~ M.irriand Yard , EC4aanBL O1J480S71 

Proparqi FdL ™__ » L7 1«5 +05 — am-rican ______ 148 2 5X2 rflO 

Cs*fi Fund — [ 118.7 1253 ——I — . rffl . IT * -, T „ 1179 3244 ” JM 

Vanbrugh Pensions Limited imn 

41 ^ 3 ^ ddMSt - Ldn . WXR9XA ^ 01-4994923 toS^UziliwI ufS | lEj IS 

fif 6 H-aJ - Friends ’ Prordt . Unit Te . Mgrs .? 

Fixed Interest —— [ 94.9 99W-05 — pubam End . Dortlnt 03003038 

Properly 197.0 smxi ...... — Friends Pttw . Ute-ftU « l 91 - 4U | 4 » 


6.90 IS , Canyuse Road , Bristol . 
*■* Income June 28 __. IK J ) 
lAcenm . Units '. 
o , c , Capita ] Jniw28 __ 

( Accum . Unite ) 

Exempt June 2S _ 

lAonun . Unite ) 

s-tf int Earn June 28 _ 

j ™ lAcenm . Unltu 

TZ? Scot & Cap J one 2a 


Gr . SLSKd . , luuc - ab,l SUR7.08 | .( — 

Jii'ir.EbdFdJfLSB |si'SUH 50451 1 - 

Warburg invest. Mngt. Jrsy. Ltd. 

1 . Charitii : Cross . SL Helier . JrT . Cl KEW 737+1 


tat Jane 24 

| c q m— bm. *mm. w u w Ariusem iw- fe—w uu n>..| uu _ . __ _ 

„...[ 41 n uhntium rto, hp? OUBSSSal (Accuin. UnIMl*” —TOJ £422} — 2M £“SS«J52*w , * IIJ 

— j Z Sz!IS 2^_16 «a MM 1 £b —Prices on Jmfe O. Next deafeoEtaly X CjpRU Growth __ 
4 Proer *» lre — — I « • Price * on June 2 & Na*t dealing July 27 . tr — 

Equity* Law Un.Tr.M.?t*Xb)(e)» National WestatosteriKa) 

014004823 AmeTsham R d,H]g h Vftrcambe. 00433377 MB, Choapdde. BCSV8KU. 01-006 8080. Flnanrini PFrty 


T > TTJuno8 

TMTUd . Juoca . 


me29 _ Sl'iEJS 1217 ...... — 

ixh - 29 ... £ 12.77 1310 — 

1 Unc IB . £ 1257 . 1247 — 

RtfUn 10 S5 — 

1 no a LID. 68 10 96 — 


World Wide Growth Management ^ 

10a . Boulevard Ro > al . Luscmbourt 
Warldn-idc fixh Fd ] 5US15 09 |+ 00hi — 


Tn notes 

Z ' _ Prices do not Includes premium , e^epi where imlicnlnl A and are 111 pence unlws otherwise 

” 576 indicated . Held * 9t fehown in Iasi Lulumin allna for all buj-inc esiicicws . a Offered prices 

367 ni ineiudo all expenses . 6 TVday ’ snrin + c Meld bnr+-d on nlier price d Ertmated.g To - day*s 

168.61 Z 953 openinc Price , k Distribution free of C . K . Lucs , p Periodic premium lusuranco plans.a Smcle 
~ premium Insurance , x Offered pnre includes all «^\ncnscs except acenrs commission . 

K - y Offered priea Includes all expenses il bousht through nuwofiers . x Pro no us day's price . 


69.4m 

6ig — 

37 M 

93.H 

_37Jn — -.1. 


4JT Do . Acctaa . 

7.97 High lac . Priority 
555 International 
552 Special Site . 

Ik TSB Unit Trusts It) 

22Z OX Chantry Way, Andomr, Bants. 


Equity & I - 8W 1646 640 ] I 429 Canhnl tAc cnmJ — *46 6944 __| 431 Do . Acetate 

FramlingtOn Unit Mgt Ltd. (a) nSfeZZZ ft?. 37] Z^ 535 toSSti^ * 

5 - 7 . Ireland Yard , EC4B ana . 01-3488071 Growth lav . — — — gj 93.6 552 Special Site .. 

fflfezzris^o iSIzd HS ^fflSta^LZgl m !£ TSB Unit Trusts (y) 

in £ Ln » r«t raVL IP i.ft j ZT 756 Unlwnnl MJift— IttO 65j | _ Z [ 22Z 2X Chantry Way , Andovor , Hants . I 

InL Growth Fd. 106.0 lizfl 244 NPJ. Trust Managers Ltd.? (aKg) Dealings to 0284 834323 

to . Aacum ._ x~— ULfll ,_.j 244 JEHon Codrt , torktafcStoley . 5B11 | S | ftSl ! 

Friends ’ Provdt . Unit Tc. Mgra.? Sg gSS i aai^ EK Sfl-ftS &■ resSS & SZ : sli 
Plxhjun End, Dortint (0005055 J ' riteflrHIgalPC - WB.S ._ S14 ]- M . f38 ttoj Do . Accum — 59.6 -i 

Friends Ptov . Ute — taJ ®. 9 ] - 03 ) 438 NOW l ^ad BttRlgas ltd . TSB Sco ttis h , ■ — — P.7 S7-3 

rv . iww » pra ? 56.3 -Djj 438 see RothseWM Minigeinent ( h > Do , Aerai .~__ px6 * n^H 

G T Unit Mhueen Ltd.? Norwich Ui*“ Duorance Group lb) Ulster Bank? (a) 


KX - 0.9 L06 
87.1 - 0.4 — 
39.4 - 0 / 1052 1 
45.8 - 0.5 — 

116 -05 5 AS 
19.0 - 0J - 
647 - 0.7 0.04 
»B -05 208 
321 SA 524 1 


Property | w.o « rt*l 1 — FriendsProv . Uts-tol «. 9l -( L3 | 438 ror cuaninaugers uo . thbscobbU W. 

Guaranteed * e « ' ins . Bare Hates * table . to . Accnm . (332 438 „ we KothSulU Aaet Mtatgemest th ) Do . Accvm . flK 

Welfare insurance Ca UtL? G-T. Unit Managers Ltd.? SS? ^SSSteaES 1 ®* S?" Blnk¥ ,a) 

, .5™ i.va?t?. a ""5f? ,,ro _. aps ^ -7?1S BSSSSSESt 


46.91 -05 3.91 
59.4 -05 3.91 

60.9 —05 TM 
635 -03 7.60 

87.11 - 0J5 287 
935 -05 287 


Maneynufcer Fd.— I J -I — 

Far other ( mute , please refer to Too London tk 
Manchester Group . 

Windsor Life Assnr. Co. Ltd. 

Royal Albert Bouse Sheet SL . 

Windsor . Windsor 68144 

LHe lav . plans . 68-9 725 - 0.41 — 

INireraAaadDtitfai . 20 0 ? — » ' — 

FUtnraAted - GUifb ). - — — • 

ReL ^ saiPcaa ,—. ,_ f25fl4 ..-7 — 

FUo . Inv . Growth - 103.4 108 . 9] -26 — 


G.T. Cap. Inc—— - 8X3 

DO . AM 975 

GT.Inc.Fd.Un 16X3 

G . T . US * Gen — 1443 

GT.JfpanAGea 3442 

aGLFWns . BLFd ™ 130.7 

(XT.lolXFund U23 

G . T . Four YdsFd [535 

G.&A Tract (a)(g)6D 
J.BftjIcigh RtL, Brentwood 


023235231 
3MI — 1 SA 


+0.« 330 ‘5T c”? rr- (Diui*ferurowtn_|36J ?».0T ...~J Si 

d g SSS^“ 5% r-^r.-ss.* —.a. 

« W ° A ^ sSSfZZ^Sj aS “ 5X7 FVi * rsHi *: IW _[ Ma0 15tM j 41 

TW Tnr png ns 686 W ( krCitk . Fsd_hjJ 30,71 .._J 4 ; 

Pearl Urt Trt— »2 sCtol+DJ 32J G 0 - Accum . {338 MA | 4J 

1M ( AreBm . Ualtei — -" WJ2 4M |+ dj ) 523 nieler Growth Fund 

Pelican Uiito Adnriit. Lid. (gXx) Xing wuh am slEC 4 R oar oumm 


(0270287300 81F < KmteInSt .> fencbe * t ar , 081-2385688 Imaune Units 
33 . 4j L 4?7 Pelican Ucdte i&4 8731 - 02 } 529 Aram . Unite 


01-623 4951 

| 481 

ZJ 439 
— 1 459 


01 - 823495 ] 

1 439 

439 


V Net of tax an realised capital coins unless indnuird by 0. 4 Guernsey grass . » Suspended . 
♦ Yield hflfore Jersey tax . t K - vMibdivlxiun . 


CLTVE 1NVESTMJENTS LIMITED 
1 Royal Exchange Ave- London EC3V 3LU - Tel: 01-283 1101 
Index Guide as at 4Lb July. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 128.05 

Clive Fixed Interest Income 114.14 


CORAL INDEX : Close 450-455 


INSURANCE BASE RATES 

t Property Growth 9’ % 

t Vanbrugh Guaranteed 9.50% 

f Address shown under Insurance and Property Bond Table 
























































































































M*. 




Financial Times Wednesday July 5 1978 

XND13SXRL4LS— Continued INSURANCE 

l*-1 S I 


'29 ' 


Prire — 


HatrtinSp . 
liar tSwuaai I 

Hay's Whari£l_ 

HepwortiiCnnc. 

Itejtnir. 


astoLij 


H«rittfJ.)Sp_. 

(flirt Uahn 
Holden l& 

*J HnUIiroillid;Hjn.l 
Hoover *.V . 

2 Hori;mt5fJ _ 

Hnsiairt&usop. 
Howard Teoens 
HuntlncAsw. 
Ihuitiptchii 
Huktnhnn! 
k JhnuniLfej.i&i; 
*2 LiMndnstriesB 

I Bp. Cool Gas £1 
Jnfplllnds. 10 p« 
initial isCRire#^. 
intw-Qtyajp. 
iaowstJohD'... 
tafcsrtDlr.* 2 fh_ 
lanliiwllSllKt 1 

2 Jedique 

JotuBont Sanies 
2 Johnson Onrs.^, 
JohnscmUlhy.il 
J«irtHuirt.ilop. 
ftalamavno 10 iL 

Kelsey tarts. 

Kennedy Sm. lOp 

tashawtA.»5ru, 

SlerD-£Zi>HldgK_j 

LCP. Rids 

LK.Ivfl tnvs 

! UlCLIntlOp™. 

[jnrtex 

Uaainds.5np_ 
lerieddl Sanucj 

LaBasfEtf: 

l WwffFbMllOp 
I.*buillams__L 

LeiShtaK5j> 

lieuurcCar. lOp. 
Lep Croup 10 p_ 
*«nrs Prods. 5p 

IrtraMtfOp 

UdenlOp 

Luute»r&Wras_ 

tindnstrie. 

L6ft.4N1hri.Grp_: 

LmurUntWy. lup. 

Longttin Trans. _ 

Lwcda!eUinvrji_| 

Lcn-StBonarSOp 

M.Y.DartlOfu_ 

Mar sole I jin. ][)p_ 

Wc’rthyPh.SOp, 

MacfartaneGpi, 

McBride EbLlOp 

HeCkeyL'A- 

UacphenonlD 

Magnolia Grout 

MogroLAUlK 

Hen. Strip CW£l 


Martin-Black 

liattwwnsTH*- 

Mflyoards25p 

.Modnainslfr 10p_ 

KltolFlZ 

Metal dftuires— 


J 

H« 

49 hBLCotts.Tr^'l J 
nMhrianloSpcKHCj 

ts 


/Sfouumenf lOp... 


ton.Uisir5.50p. 


45 


UotrpmCnKi 
MomdUAben_ 
UoHlRobLllOp, 

UovitaclOp 

MysonGalOp 

Nash U.Fj Sets 
NottanfB.*L*_ 
NalCib'iwIQp 
... N.CB.«BS.5a_ 
■75 NeseW&Zaoba. 
65 Ito&Sp-ncerlOp 
m NwEouilUUpM 

71 Norcroj 

, 84 Northern Eng._ 
(172 Norton* WUOpJ 
19 Nome Secs. lOp? 

, 22*2 No-Swift Sp. 

(£91 Oce Finance CY_ 
QOItt&Ebct— 

OErexaOp 

OveratoueT 2 *:c_ 
PJL\.|Hotdm»Q 
Parker Knoll ‘A'_ 
Pauls * Whiles— 
Peerage 10 p__ 
Pentland lOp — 
PntfwJOp . . 
Do. ly.Ctia. tsc 
Petrorwil3*jp__ 
Phillips Patents. 

Photos Hon) 

nw**Me. . 

r.B. 

_ , _ Ul, 

RwncCwilOp _| 
PtoKirapa5p_ 
Polnnark lOp — 

PPrtate 

PtrxcUDnfLSOp 
Press (Wuu5p_ 
FresiitaGrtmp„ 
Pri [chord Sts. 5p 
Plw.Lauwk 5p 
Pulimon RAJ. 5p 
HFXi Group % 
RID* „ " 
Radiant MU. IS#. 
Randalls-, 
an 

RectattCol.50p. 
Iftedfearn Glass.. 
ReedEscc 5p._ 
Reed Inti. £1 — 
Retyra PEWS — 
|Krao«nlnc.Y5Q. 
jtenwkkUroup- 

[RMteior 

Kras re 
towiEJjIOp- 

ffippMrJBtoT- 
I P« ‘ V. 

teSgfe 

iRojnl Worn — 
(Russell ( A.) 10 p~ 
teyann.pto, — 
bS*a Hoi days-.. 
{SUiohraFtMOO. 

Issswj 

Kongers tirp—— 

Group 

fcchliutdKrperSr 
Kvoitn»_^-. — 
ScoL Hentohle _ 
Kcot-il’nlmv- 
Senre Hides.- 
pecnricorGa. 

Do/A'N-Vl 
(seanttySenteesJ 
[DO ‘A" N-V . 
[aorta Ware 20? 
Siehe Gorman — 

Lsilwsmshl Wf- 

(aihiwnv.vsftpJ 
Slr'rthorne lOp.. 
Kimp«n] iS.i‘A .- 
akefeWtT--- • 
smUANeph Wp 
smith* I ud- sip. 
|SWir.Li* 20 p— 

Soitue 

^MhdvrB.- 

vit: W.CPp 

iJ.W.) 

[Sufis. PoUr. 

Ito-SiT. Cnv.Ln. 

Suflexlnt 

fftaa PUmlrarv- 

StectteT' — 

Sldnxjlaid KKS1 


ISoMbUiniiks.. 
jSuttner^Jl^- 

ak„ 

^SePadfic60c 


THtatJOpI 
ThertalW — 
iiLxboeYrLhn. 
Third Sik lnt._ 
TMttosT.aip — 
TwSlIJtV— . 
Twe_~_- 
Traftiiarll 
Trae-l'n. I’MSl.. 
Trt n wpn r t Dev — , 
Tramiuod Gp np 
TuwfiNcw £ 1 - 
Tinwr Cari op) 
CKHlurt .. . 
i’nkrtoltstads— 

Unifies wp 

UcHnvpr 

IM9X.VJRC - 
IM Carrier* M*p 

United (tostnds. 
.Gwraateeap- 

I'notftovw.' 

Valor-.— 

MnmlOp--.- 
VrtdfciUrp.3fp- 
•VrahhnnsWp- 

Kurtri'oaA Wiv 

_ WnRterlLmr.hfi. 
42 WaterionJ jp— 
WabhMiS-- . - 
ttaKaKKlUpt- 

- 

Wrsln. Eoani H|p 
IMna&Ch »’ 
HTm i MJUsJ; 
fttaJminR Mi.vl 
White Onhl i B 
WIut«n!B3JP - 
WhUlctBSA" 
Wilke: v> 1 . 
mnunsHrt'iipii- 
Wllk«3Mtchil 
- 

WiUtaueitl • - . 
Ertbilj^WV.. 
*';I»<nB»onlCp-j 
R'-.aalnLO'P ■ 
WittuiThouw'i • 
WMdiWsflp 
iur'5(> 

44*2 (Zcucnfe— — 


s 


Icsil&Slp® 


-1 


300 
M-95 
♦33 
16.89 
1-03 , 
idl.07 
736 

U 

b3 3 
M.fl3 
7.00 
14.82 
M5.64 
5.17 
+L71 
2.95 

II 


J5 


22 


-6 


-2 


-1 


-1 


-1 3.' 


-1 


-1 


+sT 


-l 


-2 


-1 


♦l. 


+1 


i 02 

2.72 


0.84 

538 

1.49 

0.40 

U *0 

tl.43 

S° 

5 


\ZJ5 
18.00 
4.W , 
20°i| 
LO 
t4.84 
«M35 
h2 54 
5.28 
213 
2-13 
+ 2-66 
1.32 
639 
12.04 

‘ 2 16.75 1 
qaiff. 
10 ^ 


-2 


i m 


zjs 


B 


133 

133 

dZ40 


3-81 

1541 

dZ-43 

1725 


68 25 
215 
1 1.87 


62 


0.0/34.9/. 
♦ 


-1 


4 915.Q, 
23 3201 


-1 


-3 


-1 


-1 


-2 


dl.26 

t5J6 


dJ 75 
1250 


|d0.4B| 

114 


QL75 
1 13 62 
[f ii 2 15 
'48 

(fd3 35| 


2.3\ 


1978 

Hfh Ues 


PROPERTY— Continued 


Slock 

BbwriiEif.Ti .. 
kenmall &i. 3 np._ 
Briionnicnp._ 
^mbin gdAnSL. 

Camn. Cnion 

Eagle 5Ur-_ 
BdhifcfV- L-r*ijr. 
EnniaiTiS^fli'in 
| Equity *Larpp 
kIit. .Accrfenl . 
Guardian h«yal_ 
llamhrolife . . 

Uesthn'.EiSOp. 

HoE?Roinnson_ 
Hoaikn iA i I 0 p_ 
Legal 4 Gen flp.. 

i LeiSUdwn irip 
Ira tVkn ip,. 
Lfiflook IrLlwIJip 
MaUhewWr.uip. 
MinetHld 5 s. 20 p. 
|UoTa"^n:rjjp_ 

Pearl 5p 

Phwnu- 

[PiCTidenfA" 

Do.“B' 

Pnidcmialap 

jRefu^eSp. 

SedfForbwliipi 

wenhouee 

SuuAUiaiice£l_ 
ISun Lileap 

n^iihoMar.EUR 

— nVadelufletEnm 
. E17Sa njatf ler>.S2 .iO... 
1247 nroits Faber 


Mce 

98 

J 

$151, 

140 " 
136 
23 
£119 
144 
196 
204 
303 
250 

J 77 

157 

147 

117 

128 

160 

160 

181 

58 

216 

234 

128 

128 

338 

134 

347 

397 

98 

514 

92 

941 

170 

128*6 

250 


,FH 
CVr|Gis RE 


-3 


293 

128 

9 ie 

IQSLM 
7 65 
6.13 

Q9“S 
6o4 
810 
10.17 
20.0 
483 
+5.6 
17 0 
5.77 
•M4.47 
1648 
h377 
919 
333 
362 
12.59 
2035 
837 
817 
6.65 
8.1 
16.45 
9&9 
405 
20.15 
13.42 

ssr- 


53 


3.4| 6 .U 
9.fl 


24 


4.6! 


3.7] — 
8 .M - 
6 6 


n 
100 
29 
4 8 

6 .dl 

ll 

87 

l 

9.7 


I9» 


eri l)iv 


94 
10 4 
8 b 

128 

96 

7.5 

11.1 

64 


12 8 
73 


11.4 


MOTORS, AIRCRAFT TRADES 

Motors and Cycles 

B.LSOn 

Gen. Nils. Units— 

Lotus Car lOn 

Reliant Mtr.np_ 

! RoJUflorrelttrs.- 
VdwKrSO— 

Cemmen icles 

RiaF.fredis.i__ 

[FodensiWpi 

WeBjflBVWt*. top 

Plaxlcms 

Vest Trailer 10 p. 


Components 


Abbey Pa nel':. 

Airflow Stream.. 

Annsfnr Eq. lop 

Assoc. Enfs 

Automotive 

Bluanel Bn* . . 

Brown Bros. lOp.. 

DanaCorp 

DowtySta 

DnnwpSOp 

fTigKRefoelting-i 
Hrum.Simtli lojt . 1 
Ert-maweiiop- 
Lucas Inds-tl — 
Supra Group JOp. 
Turner AUg. 

vnimot Breeden. 
86 '. WoodheadU.)™ 
“ Zeoifli'A'ajp 


87 


Garages and Distributors 


a 


[Gates iT.'l). 


LKeiilysajp. 


' ILootes. 



I Western Mtr_ 


47 



ffigh low 

Stock 

Price 

— 

Nrt 

328 

] 2£0 

Imr-Pruiierty. ~ 

% 


bl .6 

39 

75 

IntiiHutipean » 0 p 


+01 

39 


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C:. : ■:< 

24 

55 

*55 

Sn-wreRe* .. 

555 







484 

-‘tell Tran- fle; 

550 

*2 

T-7 

41 

4T 

■>« 

IX-T’cPf.il 

58 rf 



uil: 

13 0 

776 

hS«-i>x-<t*K. £1 

130 

-14 


_ 


f5S 

Ti*«> 04'f , a *+l\. 

1.56*- 


04 V. 

_ 

FRp 

1 11) 

Tmenirol. 

170 

-2 

1.32 

58 

12 

IR7 


244n 


_. 



170 

On TpcCut.s.1. 

143 

-1 

7*. 

245 

7 0 

86 

Week.. *«.d.lw*t« 

185 

+ 10 





86 

r-xl*-J • *r»L 1» i-_ 

175 


Q15-4L- 



5/ 

Weeds idcAaOt. 

70 

+1 


— 

— 


14 6 
90 


61 

565 

114 

112 


309 

d* 


15 5 
81 


OVERSEAS TRADERS 


265 

107 

140 

73 

46 

390 

136 

C66 

525 

90 

445 

50 

19 

78 

49 

275 

107 

235 

225 

54 

9*» 

io5 

210 

60 

£94 

73 

72 


224 

60 

% 

45 

25*; 

£49 

325 

6b 

(350 

21 

9 

60 

401; 

220 

68 

170 

165 

27 

♦i 

’S 

•a 

41 


African Labe«— 
Awl Aanc.Sk-.. 
BerdKd'ftkw ■- 
r.-vfmvii k.Tanf ii+- 
beartuidiiUpi^. 

Kinla> lia-f i.xtp_ 

Gill&'DuKu- 

'XNlheEW..- 
irn*'n> Ci»».Il. 

1 1 Off CUDS I S .• 

Inrhvnpell — 

Jatkftt'm 

Jamaica Surur_ 

Lunrbu 

[Mitchell Cetk... 
Msenan E3ec.Il 
Ocean VlnuSta 
Ptl'mn i*ih Kip. 
Lw.’A'N V'I0p_ 
SanaeriJE'lOp. 
Sena SusarSDp 
ASime 1 wbf JOpj 

Steel Bnc — 

TivcrKenK.l®p 
DaBpui'nv '81 
V. Illy Mere. 10p. 
Do.10pcLn.18p 


265 

107 

135 

45 

451; 

382 

126u 

£65 

475xd 

85 

415 

27 

14*; 

61 

41 

245 

B3td 

175 

175 

30 

7 

103 

208 

54 

£94 

65 

65 


+5 


h3.52 
Q3 .dc , 
+1.4.13' 
6.2 
1.50 
115.0 
h4 36 

>150 

20.66 

655 

3.4 

13.2 

288 

♦7.7 

♦7.7 

44.43 


hi 75 
65 
3.10 

13.4 


a 

£3 
11 01 
312 


2.01 


1901 
11, 

4 6] 47' 


5.51 


321 52 
♦ 

2.21 
211 
32 
63 

23 
17 
4> 

♦ , 

a 


26 
45.5 
50 
•62< 
4> 
* 
.78 
19 4* 
6.9 9 2 
7d 77 
101 
4.3 


21 0 
50 
60 


16. s 
12b 
8.4' 
5 

67 

b.7 


26) 

4.7! 

8.7 

f87 

iii 


J^nttmaiioruxi financier 

DAIWA 

SECURITIES 


I9T8 

Itieh Lew 

155 
15 


MINES— Continued 
CENTRAL AFRICAN 


<3 1 
<57 
♦ 
4* 
30 
30 
54 

247 

7.0 

5.1 

79 


RUBBERS AND SISALS 


$ 

17 


ira I 

High Low | 

75 
65 
111; 

,S 

& 

laf 

65 
56*2 
41*; 
29 
69 

36 
301; 
55 

37 


49 

40 

12*, 

330 

113 

135 

82 

591; 

163 

83 

54 

79 

82 


Sun* 

Anglo+ndnaet'n— 

EwtaJnCon.«.10p._ 

Bird 1 Atrica: — 

Brad wall lOp — — 
I'aflleTieldlOp— 
ilerbonesc Uro — 
fi'DTb'.PianU Kfp. _ 
'JrandCenlril lOp. 
|t'Ulhrie£2 — 

larTVtfcVlT.Ert lip. 
HiShlaiidsMSOc . 
Kuala Kepons MSI. 

f+tKulim Mafic 

Lila Sumatra lOp— 

MaLik-H MSI 

Muar River 10p_ 
IWiitiooHldf). lOp 
■Snnflei Knan JWp... 


Price 

:>g 

B 

260 m 
47 

s, 

ss 

.135 

82 

57 

160xd 
80 rc 
47*j 
79 
70 


-1 
— *2 

+18 

& 

+5 

+U 


Dir. 

Met 

2.75 

3.5 

17 

f22 

Iil38 

HP 

150 

♦14.0 

oa* 

yi2*< 

Qllic 

♦4.0 

hQISr' 

h0.43 


|VW 

rir|l.rs 

15) 53 


12 4.4 


o!a 

i.3 

i.« 

31 

IM 


TEAS 

India and Rang +fldp^h 


240 

385 

123 

28 

350 

365 

■120 

26 

249 

172 


175 

230 

104 

20*; 

lK2 

1B0 

375 

22 

181 

138 


Aaam DoRar‘£! 
AasimFronUi-r£J 
A-Aarulni-.il 
Empire Plant- flip 
Uekaill — — 
lomehournell ._ 
|StrLMdItwecl£I. 

Muronfl 

SrodoH3d25 10p.. 

Warren Pi.rnU 

WilliaabcaEI 


240 
305 
121 

28 

345 

365 

228 

375 

25 

241 rf 
171 


+5 


♦951, 

hl625 

70 

♦198 

♦io‘&| 

U35 

15.08 

♦fit: 

14 67 
90 


a 

3.H 5.3 


117 

7.9 

6.9 

5.4 
33 
33 

4.4 
3.8 
4.3 
14 
42 
32 


6.0 


4.9| 8.1 
88 
10.7 


210 

24 

80 

175 

00 

41 

lb'; 


15 
132 
125 
820 
245 

72 

140 

40 

220 

39 
6'- 
143 

16 
17S 

50 

114 4 

40 
53S 
300 
160 

70 


30 

3S0 

60 

>*5 

145 

10 

295 

165 

11 

77 
610 
4)0 

71 

62 

225 

bl 

61 

220 

315 

228 

78 
100 
100 
225 


52 

122 

7S 

32 

10 


Slack 

Prii-e 

- or 

J)i«. 

.VI 

ralom flh 5A- .. 

- ISO 


Q50c 

Fill’ll :iMif|i H--|i 

16 


05b 

FiIVjTI 1 'nn- K4 

70 



r:i!i:-:iinika 'ivii . 

In. l-ra-f »r t > . .. 

152 

87 


Q!O0 

Via, 

W-S 

WiiOfcii-C-l lifi.l .... 

35 


2unt'pril!HMif 

141. 

f 



AUSTRALIAN 


IVM 
I nr I br t 
1 3:1+ 7 


7 V 


12 

163 


53 


W 


14 






64 

fimrj.'.i'.llv <J I.— . 

117 

_2 

ysc 

14 

63 

LI1 N'ulh r<. 

114 

-3 



150 

■ cii’r.il I'oi-iiic 

600 




148 

'.■iii..ii- l:.i"i-i , i'*» 

235 

-1 

yio.V 

2 2 

48 

i*M KjI-i«-iIi..-S* 

52 



BL 

HaUi|4n \n-.i.'-;i 

137 

-1 

t>5 

♦ 

10 

Mel.de K\ Tax- 

30 

-2 



125 

Ml VI Hide- :.V . 

199 

-2 

(fie 

17 

10 

M<nini l.'i-i*""-! 

30 




_ . 

li. 

\rum-l.il 1 'v- 

4 

-s 



79 

a. ei-il* tllll'tA- 

123 

Kfir 

■ 15 

a*. 

Mir. Kil^-uili 

14 



n+ 

■ • ikliriil-.i-SV* . 

166 


iwii. 

19 

30 

hi-ii.iii-unt-r 

45 

-1 



750 

Pn-. nal'l :■» 

£13'- 

1 'rf 

_ 


17 

Pirn j MA K-. 

38 

-2 



310 

Ivk-. Vtjh'ii'.l 

520 

H 2 

Ql5c 

4 0 

50 

— all.l 1 l-rir |*.n l!:i- 

230 

-10 

_ 


84 

W.-:-i \1. 

150 

-4 

tlfbe 

14 

35 

WhiniLrca-li^k' 

50 



- 


i 3j is 5 


43 


:-9 

2 3 


40 

41 


NS 


74 

Mail NiTer-i . 

25 


1"* 51 

16 

741) 

'.ii-i llil.,uiSMi . 

380 



OS 

45 

IU 1 . 1 i: I.i. 

53 



44 

71*0 

l!pnu:ri.-iS'41 .. 

290 


■yliO- 

♦ 

111 

i-fi-.iir 

135 


1.4 51 

3fl 

a*. 

1 mid ft Fun- 1“ [’ 

■ 9u 




.'■0 

••'■ptflra 1 mi . . . 

295 


15 0 


IM* 

Ilnii.knjiJ 

160 


. 


78 

Mn-tof- . ... 

85 


i:o 

16 

10 

lar.iur isi.-r* - 

10 



_ 

rdf 

h.iiuutilinuSMii at 

77 

-1 


07 

4V) 

killint-lbill. . 

490 


t/175 


7B0 

M.ilx. l>nd-,ii»SMl 

410 


i7£»i- 

08 

40 

r.P.ilij-i. 

71 

+2 


05 

61) 

IV-i.kali-n llqi . 

bl 


a 5 

1 1 

16S 

IS- 1 aim: SMI 

225 

+10 

lyaoi- 

1 h 

49 

Mild IV.in 

49 


.-190 

46 

47 

Sm:ilii r-it:- M|< 

59 


4 !> 

♦ 

140 

S’lullihim.iSMtt.+i 

210 


IU77 Sv.- 

1 J 

7V1 

Slim S1al.u-.an SMI 

315 

+5 

«<!?!•. 

11 

JW 

Sniui-t LU.--1 SMI 

22B>d 


kJbSi- 


55 

SiiiTi-im.-i !■!+■ SMI 

78 


ZtJlU. 


«6 

T.int*ni- i -.p 

92 


65 

08 

74 

TiijivLjIi Mil <r SMJ 

92 


n;+ 5.'' 

16 

148 

TrunoliSill .. . . 

225 

+5 

zgsac 

16} 


112 
- 7 


22 6 

4 3 

;:4 

50 

16. f 
82 
6 2 
11 1 
30 
90 
bl 
28 
107 

8.4 


COPPER 

100 ] 70 ]Mc,-in'ali<rm. [ 87 |.. |+Q30 l-] 19) 


MISCELLANEOUS 


61 

39 

Pi' nmi n 

55 

ll 

9 

Kirmii Mint'- 17*;p. 

14 

300 

??0 

i'hii- Muri-l. lOi .... 

270 

46b 

745 

Ntittlicaie til . . . 

400 

234 

164 

riT>: . .. ._. 

215 

90 

10 

Nilnnaiiu]' til.. . 

62 

fir* 

7M) 

T.ini K\|iln SI 

950 

4b 

41 

Ii+:tli ViBaral- li*p 

43 

180 

1Z0 

Vukunl.uiirf.L51 — 

169 


;v30i- 

95 


133 

W7c 


26 
2 Bl 67 


47 

2.0 


NOTES 


9.1 

6.1 
1U.3 
<1 

8.0 


Sri Lanka 


21D 1123 lUinuvaO. 


1»> 5S.| l.q ja 


Africa 


610 

185 


390 

130 


jBlanh-reCI j 

[RuuEjLaie® [ 


610 

185 


500 

13.0 


* |12. 
2.4| lO.i 


MINES 

CENTRAL RAND 


740 
244 
£36*-£29L, 
178 78*; 


385 

416 




EASTERN RAND 


93 

33 

379 

Z52 

391 

62*; 

105 

73*; 

56 

750 

63 


445 

332 

778 

226 

153 

£141; 

539 

606 

527 

282 

289 

£Z2*; 

241 

836 

238 


95 

£173*1 
121 1 
413 
134 
£10^ 
789 
897 
199 
302 
£19?b 


600 

340 

£17*8 

800 

150 

204 

25 

117\ 
031, 
£14 U 
195 
35 
1% 
122 
m, 

43b 

223 

59 

15 

740 

92 

64 


57*’ 


761- 

+ 1 

+C/25r 

151 

18 

EastDa&oRI 

- Z8* a 

:s? 

+V20c 

12 

235 

ELR.G.O. R0 50 

379 

h'VWc 

_ 

76 

Unxdvlei.+Oc 

98 rd 


1.8 

771 


373 


+03^- 

11 

3b 

Leslie 65c 

45'.’ 

+i’ 

+V3r 

12 

57 

Marierale RtlSn. .. 

68*jttr 

+3‘ 

19p 

1.0 

37 

S African td.35c.. 

52 

-!> 



31 

VlaifontemSk- 

46*- 

-2' 


04 

527 

31 

WnWhoak-fiF 

ML Nisei 'A,. — 

734 

5I*J 

-22 

-1 

+V86c 

2.7 


FAR WEST RAND 


788 

Rt-.tw25 

318«tf 

+3 

Q6?c 

» 

764 

Buffet 

989 uJ 

+6 


4> 

71*7 

Pwlknial ROisj 

89' 2 

-u 

- 


714 

Doorafostdnfil — 

- ZBSifl 

-2' 


♦ 

5H9 

EartPrie Bl — _ 

726 til 

+ 1 

Wflr 

17 

163 • 

□andsrandGId aft-- 

216 

-1 



97 

ElihurfiRI. 

lMd 

+2 

WB4Sr 

10 

990 

Hanehees! RI 

£l2!»m 

526 n) 

-'4 


♦ 

408 

Kiwi 'WrtRl 

+ 10 

SSI 

* 

432 

lihaiKH Lil 

530*d 

+2 

♦ 

419 

Soulhraal .Vft 

489 

+2 

gcir 

10 

706 

ill rail einSiV 

281«d 

+15 

t022c 

0115c 

23 

I'll 

k jj|Rct-l-..9ir 

£14*4 

+ 't 

33 

1?3 

VedenpwtRl... 
W.Lmefil . 

21 bal 

-1 

gst 

♦ 

!.Wn 

£20 J 4td 

-*4 

0385.- 

4> 

15? 

H'eAeroArca-RL 

163m 

+2 


?7 

589 

i+eslrni hfep lei „ 

815 

+16 

iJ625c 

2.4 

163 

ZsndpanR) — 

216m 

+3 

Q4L5c 

♦ 


O.F.S. 


75 

FYec Slate Pec Dm? 

80 


Ollr 

3.41 

till? 

KJi GeduM vie .. 

£16*5 

+ *4 

+vf240r 

Z7 

59 

LJrf.SaainlaasKI.. 

90 

+3 

— 

— 

279 

Ilunaui'-. 

3n 

-2 

Q55c 

47 

66 

LnaiiKlil 

91*’ 

-2 

M 

U.b 

7WJ 

Pro- Kranil.il*.- 

. 917 

-6 

76 

582 

[Te.'. Mcin.ii ft 

.697 

+13 

+V?0(- 

99 

/U3 

M.IkknaKl 

897 

+27 

■njuk 

2.5 

144 

190 

lni-d - 

Wclkun-ML- 

192 

277 


tyTsc 

T 9 

U3* t 

W JialUm^yv. .. 

£19*j 

+ 2 

tyzsoc 

i3i 


19.5 

T9 


3.9 


321 

7.0 


125 

10.1 


110 


49 

117 

4 

11.8 
26 
47 
4 8 
72 
116 
4.8 
60 
11-5 


FINANCE 


424 

An? Am Ob] Sib- 

590 

+5 

(Mr 

34 

74b 

An:lbAn«T :in . 

326. d 

♦3 


4> 

£14*4 

621 

An; Am iiftWR!- 
Ati-j-Vu.il Sfc-. 

£16*4 a* 
750d 

+ *4 
-20 

itflbSe 

Q11S- 

11 

119 

I'horlrti'niif .. . 

136 

-1 

83 

'k 

ibi 

rrmc loil.J Lteln- . 

175 

-1 

*905 

U*4 

Ea.rtLjtnK'ftti Hip 

17*4 


105 

13 

LJ4 

Gen. Mining Ft _ 

£17i- 


W£bv 

71 

UU*4 

■ aMLy-W-Sl-rtr 

03^ 


giio.- 

1? 

£10 

138 

Jnhuisia’n-' T2 - 

MidtfleKd^ii' 

U5*p. 

178«i 

+‘i 

nine 

22 

♦ 


Minrnrji |S,-p „ 

34 


I US 

19 

126 

Viin>ir>-»SK(i| -bl- 

190 


yl2i- 

14 

9b 

B&O 

Van ti ll fln.- 
Pji tw W H-.i .. 

118 
£11 It 

-1 

Vl5i: 

(V'50. 

0 6 
♦ 

SU 

Bail'll nri'lii.i lii-.. 

53 


IlflOi- 

31) 

J/b 

>e!ei hmi Tpl-i . 

418 


14 0 

19 

Ibi 

VultiM Hk . . . 

2Uiri 

-1 

O30r 

♦ 

?9 

Mlu’tmi-e-7 )• 

46 

+ 1 

? 5 

17 

£11 

' ki- IjiEi 

fclfPa 


ty9S 

34 

18t 

L’i' lnm-:RS. 

240 

-7 

U30i- 

17 

;’5B 

Liuiri'.nrpn 

' 280 

1 4 

u38c 

«?*ac 

n 

40 

Vuscl-Sji 

• 62 


10 


66 

5.9 

9.2 1 

9.2 

7.8! 

9.21 

7.7 

4.8 

7.6 
8.4 
5bi 

3.6 

7.6 
2.61 

11 3 
51 
E5! 
8 2| 
38: 
7 5! 
81 
7J 


DIAMOND AND PLATINUM 


42 

90 

412 
£11 \ 
74 
93 


£30 

in-.ifti AmlorflOc. 

£401, 

+»4 

OfcWV 

11 

b4 

E>rop-JleT1: Inr . 

85 

*1 

«j7 Iv 

1(1 

28b 

!► beer.- Pf .V ... 

393 

+2 

yl? r 4 

31 

92‘j 

r»i«tk-FTR» .. 

£U m 


fOi 

»0b 

b4 

1 Inr.- Wjt _ 

63 

+1 

7r 

HI 

7D 

Has FluL Itu.- 

82 

-el 

P42*jc 

1.4 


10.9! 


I nlf- olhrmv Indlnlrd. prlr»» and nrl ditidradi are In 
pcarr ami dranalnaiiixn. atr Zap. UllnuM prlmornlnci 
ratio- and roinsirr ba-od on tile-i annual n-pon-tandarrouai* 
and. whrrr pa— ibJr. arc n pda led CD hall->nrt- litnn WKr are 
rale Dialed on I hr bi-i- ol nrt dWlribuUon: hrackried flcnrra 
indiralr I" prr rrnL or marc differenrr It calculated an "nil'’ 
dlaribnlmo. Cftw- on- ba~rd on "maximum- di-trl (ration. 
YiHd- arr bavd on middle prim,, are «rnv adjo-lrd lo ACT of 
34 per renl. and alluw for -alur of dm-larrd di-tribnlhms and 
rieMn. Srearllin with dr nominal ions other Ihan Merlins are 
quoted inclusive of (he lme«imra( dollar premium. 

A Si crime denominated securities u-luvh miludc mvesdnent 
Hollar im-mium. 

* "-Tan" Sim k. 

* II ifchs and Lou-' marked ihus have been adjusted to allow 
Ii>r ngiils Ksui-s Inr c.e-li. 

t li.icrim since iiiru-a-rd «*r remniml 
J Im •■nm -luce rvduifri. pu .-*-d or dclerrcd. 

++ Ta\.(rce in non rrmulcnls «m applicauun. 
ft futures nr report au-allod. 

»1 L'nllaled sccunli 
t IA-i.-c 31 lime of • u'prii' inn. 

1 Iniliraied dividend uln-r pendinc senp and or rights issue: 
relates In prciitigj. dindvliJ ur lorcca>L. 

Free ■>( .M.mip I mis . 

ft Morccr hid rcuru^ni almn 111 prosre-s. 

* N.n comparable 

ft Same iiilcnni. reduced final aniLor reduced earmnss 
iiMlicntisl. 

{■ h"fe. jst ill- ntend; coier nu earnings updated by latest 
ml. rim slnli?nu.-u(. 

J Oner .ilhras lor L-.iiiu-r-.inn ,liure-. rail mra- ranktn: fop 
dividend- or rutikmu 'mly inr rc-lnclrd ili>nb u,t 
)t ■'■■ii-r rtra-i nut .dl-ra Inr -tons uin. li m.i> also rank Inp 
•litniend aL a luiuvc tiaii- Nn I' F. t:iiiu usually pnnijed. 

¥ Ks'-lii.fmp a lirul diiidcnd dcclaraiiun 
■* *b-iit.n:il price. 

U No |i.ir laliie. 

a T.i < 1 m-c. Ii Fi cures based .in pro' peril,' or 01 her nlfu-ial 
eiittBitc ctViit. <f nftnftfn<f r.<t<- imiiI nr |ia>dMe <111 rare 
••t 1 i|iil.il- nner Iw-il in <li« nli-n.l •■n lull •.-.■nil.il. 
f l;.-.|.;nipiicn 1 ir-|.|. f l-l.il t |.-M s V—nn.i .1 dmdend .m-J 
*■ ^*siiiul-iI .Ii i |.b- ml and ' n-bl alter «nn r*'iie. 

I 1‘mliM-nl Iiiiiii i apilal -aiui.r^ • u k.u,La. m Interim lumber 
Hull i-rni'iiis loi.il n HiL'his i— lie jtf-nilian. H r...s . .. — ■ 

In I »n l>n hmiii.ii-i- 1 mil res s IiuhIfii.I jj.iI viel.l i-\. luiU-a 

■I*. ii.l | si-in. -i if l Im 1 1 coin I dii idond i.tner relate- t» 
pr> iion:. dii uli- ii- I . Ft', r.iiiu !•.■-<.(] .< n l.m-si annual 

r.iriiiiiL— u Fore i asl ihurlcnd- rawer t.ar-r-il on pti-imu:- -car i 
t-.irmiiL--. « Tax ln-i- up lo :mp III I||I> [. V Viebl alluo- Inr 
■ nrr.-iu-i i-laiw- s Mmileml ami vield b.i-ril mi meriler lerm < 

I In- blend and - raid '.ni-luilv a |h-l i-d p.i\ mi-nl v n-.rr.lna-. nut 
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Recent Issues ** and “ Rights " Page 26 


This service is available In every Company dealt in on 
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fee of £400 per annum for each security 


REGIONAL MARKETS 


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Miners vote to press 
for £110 a week 


BY CHRISTIAN TYLER, LABOUR EDITOR 


INFORMAL EFFORTS by the 
TUC and Government to restrain 
pay demands this winter, now 
intensifying as Phase Three of 
the Government's pay policy runs 
out were rudely rebuffed by the 
miners yesterday. 

The National Union of Mine- 
workers delegate conference in 
Torquay decided to go for a 
40 per cent pay rise, giving coal 
face workers £110 a week, a claim 
wbicb the National Coal Board 
estimated would cost £480m a 
year if conceded, adding £4 to the 
average pithead price of coal of 
£22 a tonne. 

The claim is more serious than 
the £135 a week adopted by the 
conference last year since that 
was seen — and stilt is — as a 
longer term target 

Polite attention 

Later the conference gave 
polite attention to Mr. Len 
Murray, TUC general secretary, 
whose mission it was to urge the 
miners to toe the passive and 
somewhat ambiguous line that 
the TUC is taking with the 
Government on the future of pay 
bargaining. 

Voluntary collective bargaining 
was not a licence to grab for 
strong unions at the expense of 
others or of the country as a 
whole, said S\r. Murray. 

But he made it clear that the 
TUC would not wear suggestions 
from the Conservatives and the 
Confederation of British Industry 
for a Parliamentary select com- 
mittee or “ any other devices 
or contrivances " to monitor pay. 

He did not see the TUC or 
Government agreeing on figures 
for pay this month. But he said: 
“ I do see a case, and a very 
strong case, for the Government 
to be well informed of the move- 


ment's approach to the problems, 
of pay and to reach a good under- 
standing with the unions about 
pay in the context of the other 
issues of economic and social 
significance. 

“ So our message to the 
Government must be this: if you 
convince trade unionists that 
your policies are making Britain's 
economy stronger and making 
□ox society fairer you can count 
on us to help." 

He attacked the Bank of 
England which, he said, was not 
the shop steward of the financiers 
but an agent of government 
which should Carry out its duty 
in monetary affairs to re-inf orce 
the policies which the Govern- 
ment and Parliament had 
decided. 

Neither the City nor the Bank 
of England were repositories of 
wisdom. The Bank, as one critic 
had said, had piredicted all ten 
out of the last three recessions. 

The £110 basic rate demand, 
to underpin bonus earnings 
averaging £21.50 a week at the 
coalface, illustrated the feeling 
of many of The delegates and 
union leaders that the Govern- 
ment risked defeat at the 
General Election unless it 
stopped - laying down pay 
guidelines. 

Although backed by instruc- 
tions to consider industrial 
action the victorious South Wales 
area resolution does not neces- 
sarily mean a showdown. Mr. 
Joe Gorm-ley, NUM president 
said afterwards that it was nego- 
tiable like aU resolutions; but it 
was also "much mdre realistic 
and more attainable than last 
year’s." 

At the same time the delegates 
voted to put a stop to talks with 
the coal board about longer 
term wage deals, indexed to the 
cost of living, which might avoid 


the annual collision at the 
bargaining table. This was seen 
by the Left as an important 
tactical victory. 

A Yorkshire attempt to put 
miners on salaries of up to £6£Q0 
a year was, as expected, un- 
successful, as was a new demand 
for £135 a week. Delegates also 
decided to seek, against the plat- 
form's advice, a 30-hour week for 
underground workers. 

The highlight of the day was 
almost not wages at all but a 
voting mistake by the big 
Nottinghamshire area that nearly 
put Mr. Mick McGahey. NUM 
vice-president and chairman of 
the Communist Party, on to next 
year’s TUC general council in 
place of Mr. Lawrence Daly, the 
general secretary. 


Strikes threaten 
Chrysler UK 
expansion plan 

BY ARTHUR. SMITH, MIDLANDS CORRE5PONDB4T 


THE LEX COLUMN 


Wrong name 


Mr. Joe Whelan, Nottingham- 
shire area secretary and himself 
a Communist, bad put his cross 
against the wrong name. When 
the mistake emerged Mr. 
McGahey gallantly withdrew. If 
he had not Mr. Gormley said, 
he would have had to rule that 
the vote must stay. 

In a private rules revision I 
session, the Left failed, as it had, 
expected, to effect a crucial rule 
change that would have swung 1 
the balance of power of the 
national executive in its favour 
by introducing card voting. 

But the executive only narrowly 
won its case for an increase in 
subscriptions of 13 ip a week to 
deal with the union's cash 
problems. 

Yorkshire led the protest and 
mustered 87,000 votes, only a few 
thousand short of the number 
needed to block the increases. ' 

Proposals for voluntary early 
retirement of offi cials were 
carried. 


INDUSTRIAL DISPUTES which 
have brought all .Chrysler UK 
car assembly to* a standstill 
threaten ambitious expansion 
plans spelled Out ip a planning 
agreement snbfeftted to the 
Government this.-. week. 

The planning agreement — 
officially endorsed by trade 
unions, management and 
Department of’Sodustry officials 
•—envisages a.' higher UK 
market share fot-ChrysIer cars, 
increased Investment and more 
Jobs. 

. Forecasts reported within the 
company set a profit target for 
the current year of £2m. rising 
to more than £l0in next year. 
Nearly 3,000 new jobs, mostly in 
the Coventry area, should be 
created over the next three years. 

Such optuniirtic projections 
could be overturned quickly by 
are certainly the most extensive 
the industrial 'disputes, which 
since the Govetfnoent resuce 
negotiated in 1975,; 

Mr. Terry Dtpffy. president- 
elect of the Amalgamated Union 
oF Engineering. -Workers, will 
today make a personal appeal 
for a return to-work by 350 tool- 
makers at Coventry. They are 
on strike for improved differen- 
tials. 

Their action has already 
halted the Ryton- assembly plant 
and laid off 1*400 Workers. Tbe 
Stoke engine factory bas also 
been disrupted f jmd many of the 
4,000 workers ^PSl soon be made 
idle. 

At Lynwood, Scotland, a strike 


by 550 painters stopped produc- 
tion at the Avenger and Sun- 
beam models nearly a week agp 
and made 5,000 idle. 

Senior onion officials are 
aware that their concern at the 
situation developing at Chrysler 
is shared by Mr. Eric Varley, 
the Industry Secretary. 

There- can be little doubt that 
the present strikes have thrust 
tbe company back tnto the red 
after a profitable first quarter. 
The target of a £2m profit for 
this year will be that much more 
difficult 

The draft planning agreement 
states quite firmly that in the 
period 1978-1890. the company 
will operate spending higher 
Than envisaged in the original 
Government rescue. 

Internal estimates suggest 
that capital spending between 
1976 and 1980 will be up from 
about £75m to nearly £100m. 

Nearly XI 5m of that sum will 
be spent this year and next at; 
the Coventry plants in prepara- 
tion for the assembly of a new 
medium-range car at Ryton in 
1979. It will be a fourdoor 
saloon version of the present 
successful Alpine hatch-back. 

A second shift is likely to be 
introduced at Ryton next year 
which should create several hun- 
dred new jobs. But the real 
build-np in he Midlands labour 
force will come in 1980 when the 
number of workers are expected 
to rise to nearly 10,000, com- 
pared with tbe present 7,000. 


lose £ 400 m more 


White Paper on pay 
expected this month 


Drain on reserves 
cut to $49m 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


THE GOVERNMENT is believed 
to be planning to produce a 
White Paper on the next stage 
of pay policy during the last 
week of this month, after Minis- 
terial meetings with leaders of 
both sides of industry. 

Mr. Denis Healey, Chancellor 
of tbe Exchequer, had talks last 
night with leading industrialists 
at the London headquarters of 
the Confederation of British 
Industry. * 

Government hopes for earnings 
increases in single figures — spelt 
out last Friday by tbe Prime 
Minister — were discussed. 


The confederation also ex- 
plained its Ideas for reforming 
longer-term pay procedures, pos- 
sibly by a Parliamentary Select 
Committee on the economy. 

The White Paper is not ex- 
pected to appear until late this 
month because of ministerial 
commitments, including two in- 
ternational economic meetings. 

It is expected to cover the 12- 
month rule on the spacing of 
pay settlements, pay. differen- 
tials and productivity bargain- 
ing. 

Confederation leaders urged 
last night that the White Paper 


should not include acceptance 
of union demands for a shorter 
working week. 

They also urged that the pre- 
sent system of Government 
sanctions against employers who 
exceed pay limits should be 
dropped, especially if the White 
Paper allows for so much 
flexibility in . pay bargaining 
that it would Be difficult if not 
impossible, interpret 

precisely the valur-qf pay deals. 

But there Is no sign-, that 
Ministers will be preparecPsto 
abandon the sanctions system. '' 


- Gum mtrea from Page 1 

Bonn summit 


Continued from Page 1 


the June ministerial talks at the 
OECD with the renewed trade 
pledge against introducing fur- 
ther protectionist measures will 
prove sufficient without further 
action. Both West Germany and 
the U.S. are especially con- 
cerned about growing protec- 
tionism. 

Moves are also expected to be 
agreed at Bonn to boost energy 
investment in non-oil developing 
countries because of the fears of 
an oil shortage in the mid-lSSOs. 

Philip Rawstorne writes from 
Luxembourg: Herr Genscher 
told the European Parliament 
that his Government aims to 
secure a common strategy for 
reviving economic growth and 
cutting unemployment through- 
out the EEC. 

The EEC’s low rate of growth 
and declining competitiveness 
made joint action vital, he said. 

In a speech marking the open- 
ing of the West German presi- 
dency of the EEC Council, he 
said: “We require a concerted 
growth and stability policy. We 
need a monetary policy which 
will restore greater exchange 


rate stability both within the 
Community and worldwide.” 

Tbe council would discuss the 
next stage in the economic pro- 
gramme that would reopen the 
way to economic a raj monetary 
union (EMU). “ We must make 
further efforts to complete the 
transition from customs union to 
common market” 

Herr Genscher said that the 
EEC had to come to grips with 
its own structural changes if it 
were to stem and reverse the tide 
of protectionism in the GATT 
negotiations. “ Protectionism is 
no answer to the problem of un- 
employment" 

His hopes for tbe Bremen and 
Bonn summits were greeted 
with some scepticism by Euro- 
pean MPs. 

Mr. Geoffrey Rippon. the , 
British Conservative leader.' 
warned that if nothing positive 
were achieved at Bremen, the 
EEC would suffer major damage. 

“ Another failure of the Heads 
oE State or of Governments to 
measure up to the needs of the 
hour will be regarded as an 
abject betrayal of the peoples 
of Europe," Mr. Rippon said. 


Boyle 


Weather 


UK TODAY 

CLOUDY, sbowers, sunny inter- 
vals; cool. 

London, E S-E. England, 

E. Anglia 

Cloudy, rain. Max. 13C (55FL 
Central S., Central N. England, 
Midlands 


BUSINESS CENTRES 


Amglrdm. 

Athens 

Bahrain 

Barcelona 

Beirut 

Bellasr 

Bela ratio 

Berlin 

BirmfEhm. 

Bristol 

Brussels 

Budapest 

B. Aires 

Cairo 

Cardiff 

Chicago 

colocate 

Coonbsgn. 

Dublin 

Edinburgh 

FrmdWurt 

Genova 

-Glasgow 

Helsinki 

h. rams 
jonmv 
Lisbon 
London 


Vdaj 
Mid-day 
•C *F 
C 13 S3 
S 31 88 
C 33 95 
R =1 70 
S 34 93 
R 11 52 
S 2S « 
r, JO 63 
C 14 57 
C 15 SB 
C 13 SG 
Y 26 79 
C 16 80 
S 36 M 
C 13 33 
S 21 70 
C 14 37 
S 18 04 
R 12 54 
R 12 54 
F 17 63 
C 15 59 
S 14 37. 

n is bi 

S 30 ST 

s 1* « 

S 31 70 
F 13 30 


Lnzembrg. 

Madrid 

M anchor. 

Melbourne 

Milan 

Montreal 

Moscow 

Munich 

Newcastle 

New York 

Oslo 

'Paris 

Perth 

Prague 

Reykjavik 

Rio de J'o 

Rome 

Singapore . 

Stockholm 

StrasbtS- 

Sydney . 

Tehran 

Tel Aviv 

Tokyo 

Toronto 

Vienna 

Warsaw 

Zurich - 


Y*day 
Mid-day 
*C “F 

F 13 54 
S 39 84 
R 13 55 
H 11 S3 
R 20 88 
S 23 13 
C 21 70 
R 14 57 
R 13 S4 
R 15 30 
C 13 33 
C 13 SO 
C 14 17 
R IS SO 
S 13 S3 

S 20 80 

F 25 77 
C 39 Bfl 
R IS 39 
C 18 H 
S 14 57 
S IS K. 
S a 84 
C 31 88 
5 19 0? 
K 27 SI 
F 24 75 
C 14 97 


NJE. England, Borders, Central 
Scotland 

Cloudy, rain, bright intervals 
later. Max. I3C (55F). * 

Highlands, NX. Scotland 
Cloudy, brighter later, showers. 
Max. 15C (59F). 

N. Wales, N.W. England, Lakes, 
Isle of Han, W. Scotland, N. 
Ireland 

Bright intervals, showers. Max. 
17C (63F). 

Outlook: Sunny intervals, 

showers. 


HOUDAY RESORTS 


Ajaccio 

Algiers 

Biarritz 

Blackpool 

Bordeaux 

Boulogne 

Casblnca. 

Cape To. 

Corfu 

Dubrovnik 

Faro 

Florence 

Funchal 

Gibraltar 

Guernsey 

-Innsbruck 

Inverness 

is. of Man 
s — Sonny. 


Y'day 
Mid-day 
•C *F 

S 23 73 Istanbul 
S 31 88 Jersey . 

C 17 A3 Las Pints. 
R 13 55 Locarno 
C 17 63 Luxor 
C 14 57 Majorca 
S 24 73 Malaga 
S 21 70 Malts 
S 27 si Nairobi 
S 35 77 Naples 
S 31 88 Nice 
F 25 77 Oporto 
Son Rhodes 
S 21 70 Salzburg 
c 12 34 Tangier 
S in 44 Tunis 
C 11 62 Valencia 
R 11 52 Venice 
C—ooudy. F— Fair. 
Th— Thunderv 


Y’day 
Mid-day 
*C -F 
S 30 89 
C IS 54 
S 27 SI 
'Th 16 81 
S 42 168 

san 

S 28 83 
,S 29 84 
S 31 70 
F 34 73 
C 20 68 

sun 

S 31 88 
R IB 01 
S 38 08 
S 33 W 
S 30 79 
F S3 77 
R— Rain. 


bench Labour MPs yesterday that 
tbe rises were essential to pre- 
vent . a crisis of morale . in 
nationalised industry manage- 
ment and to enable executives 
of- sufficient calibre to be 
recruited. 

. Much of tbe trouble, he 
admitted, stemmed from the 
failure of the previous Wilson 
Administration to accept pro- 
posed increases in - 1974-75. As 
a result the Government had 
got itself into “a proper tangle” 
on the question, as successive 
rounds of wage restraint 
followed. 

The rises would not -bring pay 
levels for such people back to 
those of 1972. Since then, Mr. 
Callaghan observed, average 
earnings had risen by 152 per, 
cent while salaries * of 
nationalised industry chairmen 
had increased by only 1 per cent 
a year. 

Drawing confidence from the 
very muted reaction of union 
leaders to the Boyle recommen- 
dations, be declared that the 
awards would not jeopardise the 
current talks on wage restraint 

That consideration had been 
uppermost in Ministers minds. 
“But If we settle like this now 
for a very small group of 2J>00 
people, then I can't believe that 
20m people will try to run away 
with their pay claims.” 

The most outspoken attack 
came from Mr. Dennis Skinner. 
MP for Bolrover. “Until the 
adoption of these proposals," he 
said, “I was feeling in my bones 
that we could win the election. 
Now we’re throwing it away.” 

John Elliott writes : The 

Prime Minister's announcement 
was generally welcomed last 
night by nationalised chairmen 
and board members and by the 
other groups concerned. 

Mr. Denis Dodds, chairman of 
the Association' of Members cf 
State Industry Boards, said it 
would “defuse much of the anger 
which was generated by fear of 
the - Boyle recommendations' 
being rejected" 

A delegation of civil service 
union leaders met Lord Peart, the 
Lord Privy Seal, yesterday to dis- 
cuss the rises and Mr. Bill 
Kendall, secretary general of the 
National Whitley Council staff 
side, later said he applauded the 
Prime Minister's “courage”, in 
implementing the report 


THE DRAIN on Britain's official 
reserves caused by intervention 
to keep the pound stable 
slackened to a trickle last montb. 

The Treasury- announced 
yesterday that tbe UK*<s reserves 
fell by 5119m daring June to 
$16.54bn. 

After adjusting for the repay- 
ment of official debt and new 
borrowing, the underlying 
decline last month was £4 9m. 
This compares with a faH of 
S72Sm in May and a total outflow 
of S3.12bn in the three months 
to the beginning of June. 

The outflow vrm concen- 
trated at tbe beginning of the 
month, ahead of the Govern- 
ment’s ^wfdit squeeze package, 
and. -was partially offset by in- 
flows ur-tbe last 10 days in res- 
ponse to the dollar’s renewed 
weakness- s 

But the movements either ,way- 
we-e relatively small and 'ster- 
ling rose duriiiv the perfotf by 
‘nearly 3* cents. \ c 

The slackening ta (berate of 
outflow in the last (ample of 
months supports earlier offi ci a l 
hopes that the sharp drop in 
sterling and in tbefreserves in 
the spring would b&short-Iived, 
representing the wfihdrawal of 
part of the very nfse specula- 
tive inflows attracted last 
autumn when th expound was 
being held down. §' 

The aim has be&sto preserve 
stability in the snirt-terfn and 

many City anal ysts&beli eve that 
last month’s monetary measures 
should help to sA sterling 
for the time being;®* 

Tbe reserves totswba* dropped 
by S4.01bn since life beginning 
of the year, of wb lcfe -B2-69bn is 
explained by changes in under- 
lying flows and tbfyialance by 
net repayment of ofljpaTdebt. 

In Jane, the UK repaid a total 
of $174m, and borrowed $104m. 
There are likely toh.be further 


Gold and 
25 r Cumncy 
20 -Reserves 


I After its record-breaking loss 
of £443m in 1977-78, the ques- 
tion now is how British Steel 
will fare in the current swr* 
The prospects are undoubtedly 
gloomy, but Sir Charles VllUea 
finds tbe uncertainties so greet 
that he is not venturing beyond 
a forecast that The Corporation 
will lose about £175m In tin 
six months to September. 

However, yesterday’s annual 
report reveals 'that BSC’s esti- 
mated finance requirements - for 

1978- 79 have been agreed with 
tbe Secretary of State for Indus- 
try at £875m, putting the Cor- 
poration very close to its statu- 
tory borrowing limit of 
Allowing for capital exptog&r' 
ture running at an annu ■1 rote 
of £500m for tbe next two y ottg 
(as well as depreciation atj&e 
same level as last year) it-toqjcs 
as though British Steel coujffk) 
heading for tout losses 
year running as high at Site, 
Internal sources put the fiaif: 
jected loss at about £400xn» r 

British Steel is taWng eo 
chances, however. And hi far- 
ther increasing its borrowing 
limit to £4.75bn. Bat it- fa 
slightly more optimistic about 

1979- 80 when it hopes that 
losses will be down substan- 
tially on the current year’s 
figure. The target remains 
break-even trading by March 
1980. 

. By. then it seems likely that 
the Corporation will faave}gone\ 
through its planned capital re- 
construction, and changed its 
accounting policy in relation to 
fixed assets. Losses Cor £977-78 
would have been £12nl more 
but for a decision to tangthen 
asset lives from 15 to fttyeare. 
But BSC also admits tbg$ some 
of these fixed assets^ (book 
value £L9bn) may ha«$ tar be 
revalued — downwards— -In ' 
with their potential earatog 
power. 


Index fell 5.0 to- 453.1 


;i> f 


Hong Kong. 


| ,1975 M 1877 1978 ] 

repayments of at least $190m this 
month bnt the prepayment of a 
further $lbn to the International 
Monetary Fund is likely to come 
later in tbe year. 

Borden 

The aim has been to spread 
the burden of debt repayment 
away from the peak years of the 
early 1980s. So far this year the 
early repayment of S2bn due to 
the IMF and of $L44bn raised 
by various public sector bodies 
has been announced. 

In addition, loans totalling 
nearly SIbn mature this year, so 
that a total of almost $4}bn will 
be repaid out of S2Sbn due by 
the end of tbe 1980s. 

* In order to spread the maturi- 
ties, new borrowing has been 
arranged this .year totalling 
8769m. including the New York 
bond issue. 

In addition, the Government 
has virtually renegotiated the 
terms of its Slfibn syndicated 
Euromarket loan raised last year 
to extend the average maturity 
by four years into tbe late 1980s. 


Since the excitemeqt on Wall 
Street blew over a month or so 
ago Hong Kong has emerged as 
the world’s hottest stock market. 
The Hang Seng Index has risen 
by nearly a fifth since the be- 
ginning of June, . tiie kind of 
performance that sets fund 
managers everywhere quivering. 

-Fairly sizeable buying has 
been reported from the UK — in 
contrast to the first quarter of 
the year, when London was 
probably, a net seller— while 
Continental and U.S. buyers 
have also been seen. So far, 
however, the main impetus has 
come from local investors, who 
have been trading in a very big 

y- /I . i'A, ■■ \ . *•. 

!&&&«<.♦ ' v 


441 

J f.indek | 

;“|W taW 'AP* WW JW JW. 

■ ■-! ■ ■ 

Way. Dally volume has risen 
around tenfold this year. 

The upturn follows a very 
%eak trend in share prices 
during the latter part of 1977, 
which was to do with wobbling 
trade balances and alarm about 
the EEC textile negotiations. 
But the domestic economy per- 
formed strongly through last 
year, with a rise of nearly 13 per 
cent in the real gross domestic 
product and inflation of under 
6 per cent, and the financial 
system is awash with liquidity. 
Property prices have refcQ*er*dr 
back to the levels of : 1878 and 
higher, while the aetiotiin the 
gold market— -an alternative 
home for the tifaders— has 
cooled off notieeably. 

Economic growth of nearly a 
tenth is expected fbr the cur- 
rent year, when corporate pro- 
fits could be dp by 15 per cent 
or more. Atid<iti added ingredl- 
ently heavti^emphasised by the 
bulls is thtf improving political 
relationship with mainland 
China, ittpqrts of Chinese in- 
vestment In property have 
played an -important part in 
building a confident business 
climate. 

With'' prospective pfe's of 
around 12 to 15 and yields of 4 
or 5 per cent, the current run 
could well be extended further. 
HoweYer the shadow overhang- 
ing the market place is the 
uncertain outlook for inter- 
national trade, since Hong Kong 
is one of the most externally 
exposed economies . to- ; the 
world. Recent forecasts .suggest 
a modest upturn in total world 
trade next year, but Hong Kong 
has to focus its attention on the 
U.S., West Germany and the UK; 
which together take about half, 
of its exports. 

Interest rates 

This time last year the Jap- 


anese yen had just brokcll 
through the 271) yen/doUar;m i* r 
and virtually, ever since % 
the foreign- exchange mare , 
have been in. a state of near e .-j 
stent turmoM. Yesterday, Ay 
yen came within a whlgkdf* 
breaking through the 200 yt 
dollar level, and the UJ8. c 
nancy came under severe W 
sure here in Europe. 

Once again It was the S« 
Franc; in particular, which b 
.the brunt of the spcculat 
flows; it dosed at a new p< 
against the -dollar of SwK 1.7! 
compared With SwF 2,4825 j 
12 months igo. As yet there 
Httk Sign that the dollar is 
for auyth&g more than a t«. 
nlcal respite. UB. prime r. 
hare boon : raised from 6! . ■ 
coat to 9 per cent, which sho 
help, but Until there is a vtst 
sign of a real improvement 
the US; current account deli 
it is difficult to be optimL- 
about the dollar’s fortunes, .ji:- 

Sterllhg has also been bvnil 
log (superficially at least) Er 
the weakness of the dollar. 7 
pound closed last night at 
highest love! for three mont 
although on a trade weigh 
basis the performance has 
been so impressive. Against t 
background the recent weakn 
in the gUt-edged market 
slightly puzzling especir 
since yesterday's reserve figu 
demonstrated that the outfl 
from sterling had slowed to 
trickle. Short dated gilts wt 
£| lower last night and the io 
tap. Exchequer 12 per o» 
2013-17. is languishing well of 
a point below its issue prtj 
The medium tap is nearly £ 
too dear. r ^- 

The stock explanation is th 
the gilt-edged market is atl 
suffering from acute indices tic 
following the orgy of gilt s ^ 
Immediately after last mon, 
package. Once MLR bad b« 
hoisted to 10 per eent it w 
generally expected that rat 
would he allowed to move dot 
and Government Ministers we 
hinting as much. ^ 

But this has failed to happ “ 
and now that the euphoria h 
died down the yield curve 
looking more normal atthou 
the gap between short i 
long rates is still historic* 
narrow. The betting is tl 
short term rates will dip lov 
at some istage but with IJ 
interest rates still rising 4 
scope for the sort v of cap! 
gains which characterised 1 
gilt edged market last Autuf- 1 :!:.': 
has disappeared. 






BISHOPS' 
STORES S 



British Shipbuilders 
has £45m loss limit 


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gpfejg F1NEWOOD jijp 
Products 

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Cadbury 
Schweppes;^. 
Limited Ik 






K ■ Cape 

t-r Industries 






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Carry* 






CromBoose i'*'t 


U Group 
*■: Service 

u*t, 










tanpHtalFoodi 


trlDS 

f'i' SYSTEM VI' X 1 




BY PAUL TAYLCftt 

THE GOVERNMENT has told 
British Shipbuilders that it most 
limit its losses to. £45m in the 
current financial year. 

This target for "the year to 
March 31 is before- interest pay- 
ments and after subsidies to the 
State-owned group under the 
Shipbuilding Intervention Fund, 
used to aid UK shipbuilders' 
international competitiveness. 

Mr. Eric Varley. Industry 
Secretary, announced details of 
the Government targets in the 
Commons yesterday in accord- 
ance with Nationalisation Act 
requirements. 

In a written answer be said 
he had told British Shipbuilders 
that it must “make progress” 
towards providing an adequate 
return on capital and. had asked 
the corporation to conduct an 
“urgent stuejy ” of ways to cut 
the loss rate. 

The target had been set after 
consultations with British Ship- 
builders. 

Even if the corporation and 
Its subsidiaries met the target, 
the actual cost to the taxpayer 
could be much higher than £45 m. 
because of payments from the 
intervention fund. 

Last year, £B5m was set aside 
under the fund. British Ship- 
builders had been offered £52m 
of this, of which £19.3 m had been 
paid by March 31 this year. 

The target assumed that this 


subsidy would continue to exist 
in some form. 

The EEC was resisting a UK 
application for a £80m successor 
to the current fund and this 
problem had yet to be resolved. 

The Government figure was 
based on latest loss forecasts by 
British Shipbuilders because of 
the problem of standardising 
accounting procedures through- 
out .the corporation and its 
subsidiaries, detailed results for 
last year were not expected until 
tbe autumn. 

Internal, unaudited figures con 
sidered at a recent, corporation 
Board meeting were thought to 
have shown that, in the first nine 
months of its existence, British 
Shipbuilders cost the taxpayer 
about n00m. This included 
intervention fund assistance. • 

The actual loss for the nine 
months to March 31 this year 
was believed to total more than 
£45 ul 

The Government was therefore 
telling British Shipbuilders that 
it could not be allowed to 
increase the loss rate. 

If approved by the EEC, the 
extra £15m under the new fund 
would cover the extra £15m 
“ loss H which might be expected 
in a full year. 

Mr. Varley said that longer- 
term targets would be set in the 
light of the decisions on this 
study and tbe corporate plan due 
later this year. 


BBS 

St6 


Maroon 

Packaging 


U NORDIC 


f Company Urottad 










.JRIIi 


fellf 



•: j- — ' 
■**•> ■■ *.*? 


Restacrrd at the Fast OSes. Printed by SL ClWUntl Press fw snd pu&Usbea 
bsr Uk Financial Time* HL.- Bracken fioosc. Cannon Street. London. KO*P 4BV. 

B « iB C ftbo Financial Timber LUL. 




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