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FlrtfttttS u 

Vants, Trucks, 

Hire " 

? Nationwide 

S°^i FLEETD *visrow 

PmAn llTlwii" 

Head Office: 

^cuy-nli^tJS^SE; HYLTON ROAD 

TgUSU WPEHlAm> 7 0891 .TELEX: 53TOS5 



flii';/*/™ the benefits ot ari _ 

t i 


Nn 07 -,77 ■ Tuesday June 6 197S UJB "AKsniiDusimALDi-.-isic.-. 

!No - 27 ’ j7/ . LU y ™ 2Z flid Bond SL. London Wl Tfil. K-MS BM2 

J - ... oui pui.,0: SWEDEN K..:. 3 S; SWITZERLAND Fr.1.0; Eias lap 



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'■ sub;. 


. a 


^-.d asj • 
e»“c- . 

’*?, ' ' • 
l - il?R vS The owner of a printing shop 
- - 3 n. in Rome and five other 
Per pftj.*' suspected urban guerrillas were 
P ,r charged yesterday with compli- 
1 *.v 1 -' ie l'? city in. the kidnapping and 
? \L".;Ii 7’ !: murder of Sig. Aldo Moro, 
Italy's former Prime Minister. 

They are the first to be form* 
aly -charged- In connection with 
i-K the death oE Sig. Moro. whose 
bullet-riddled -hotly was flumped 
by the Red Brigade’s urban guer- 
rillas group in Rome on Mar ^ 
after 54 days of captivity. 


m GILTS were unsettled ahead 
of the mid-May hanking figures, 
and falls of up to 5 were 





BRl'SSL'Lf. oua- 3. 

The European Commission is P^mg for ”’4 n CU ^ n the 'rompame' : 

EEC' steel companies. It estimates mat j ujaii « ( 

honoured pledges to limit deliveries in April and May. 

. ... ecvvii* raise IIW • 

Zy Rhys David. 

Textiles Carrcspondtn: 


i'.il'.r- .. 
■ r: t- 

One of- the six people charged 
is still at large. The others were 
arrested last month. 


I F.T. Government “ 
L Securities Index J 

1 I 1 i l \wS 

Scots football Set* 
to be sent home 


V»*co..ut Eli- one Davitnon. year w-ithout creating **vere nM** (Qf ^ 
thy In- ustry CnmmisSiuiK-f. Is. disruptions. products b> 5 : 

expected t»» warn foreign Demand u.-ua!ly weakens m ^ ,p he pruv , 
ministers of the Nine- in Luxcut- t j, e third quarter bo cause ot in-: v ; h|Ch >Tre subj 
hour? tomorrow that unless gu miner holidays. Export outlets minimum r-: 
over-pre-dwetiutt is curoed the are |,Kety to be more crampon aJj . 0 r j<- c 5 M ^ r 
industr; s crisis will become 


.•J AtlVl 

. i »v«u.! 
:V.and.»- ' 

I 1CI FIBRES’ rrure-s 
i It: KM 4 per coal 
ahd >arn» fvom 
first 'a on era !_ 
bc-iinninc 01 u:L ; 

The .no-. 


1VDLSTKY STILL -Ians a large smalbr I ;!. 1 

IncreiSc th- me of ns c-nfinn# we re*U.* 

••jp.tal spcr.d-:, vcar—raij mou> s ' 

ir" iyt:-.l ltivi-.-tm altnosl bacK 

tu the levc-k of 1SC4. 

The latest : ;ment inU-n- 
■.ion^ survev f lo.. 1 'hu Depart- 
men! of In dust." . udMishcd yes- 
.J^^Uerda:-. project 1 -jh increase m 
I'.oit j yrobarilv ber.veen 10 ind 13 P l ' r 

1 . :r. m'thA ^ r.iii<. <*. -.innufactur- 

Th«.ie !t-» 
in rc' ' ,; 

•* I’ 
thf-c. r 
a -lv\ .ti. -r. 


:r. v--- 


i ‘ l c : 

» . - . arter the L*.S. raises its trmvvr nailer 

even m re acute in the second p ru -e< for imports on Jut.. 1 . other produ*.; 1 
bulf of this jear. vimmuii Davimiun vouiu u .. ...; 0 inuiiM • 


>f his jtfur. Viscount uaviguoo v r.uiu hv minimuii- ; 

co nt l*a\i 4 non ts under- undoubtedly like to enlist the ^Qd *n • * v <. 

t«, be deeply concerned at p 0 |j IK .al support of EEC govern- _ UoiU. 
oei that tno Commission's , npn t s in implemtuiinc * *»•-- new no - 
pi to impost discipline un programme, which relic* «ty member su 

su •{ market have been „ n voluntary cu-operatn-n by Eurnfer. the . 

d • y many com panics. They steel companies, it is •louhlui. n> 3 gfrs. are • - 

si rplv boosted their out- Dial he will seen re the Lackin-i , u . 5 ses tn t r. •. 

put sir. e ttu- EEC concluded 0 f the West Get nun Government. They inten*l ;•: • •• t r 

impon restraint arrangements which has been openly crilicjl of ^ UJO re re-o..* • • •. v r 1 : 

•vith a .umber of third country the Commissions moves to inter- j n; . m t oiuit::;: 

su ppl if :• earlier this year. veite directly in the steel providing pr.> : .•*:•. i-.-:: ^u.- 

The ' ommtssion esliniales on industry. . rontinueu mi Hack 

- — The Commission In x ' v ‘ 

v ,i! K.’aOaI •>. 
e will •pr-duc er.- 

.1 tv,..' 'v^-nc-f '-•’.at 

:t; »rk ei ^ 
the r-.'-t 

V, m the \o»m/ :i>3nufactur- jpa 

.-:nce -ns e> ;-> tf ndiuir.. ... tween 1 ^" 

land 137S. with a fun her. smaller 

v. hi-;:, ouid he iol* . (unquaiitified': ri i-:- in J979. Last 
European ] y.?.»r. there ' " 

inanuljvV.tnn: !C ' 

So (he o'v.'.ll 1 1 - .-a' - 

shr.v.r. hy ;.ti;ih-* mji'-'-'-v '-'u'.'-n '•'*••• 

logviher. On th 1* b. •••..*•_ [’1 1 
iP.-no:ng ti:;' :v-n ’> ; • 

T97o v v.ii 1 


rede..;- the l-.-- 
the ..un-madc _ 

•j i , . v. p ;-o ved . w : 1 b . 

j j un : hr ci ugh 

r-’- cy s j j. per cent. 

-t-e of abou: >74 .-mt i’.n" 

iii.o-:.- ,h..n -n T t*T »’». 



- of 
jl - 

Flan. ■ 

C to , 
■! j;hi 




:ae a . 

:j 1 riro.-? 1 . 1 
•or: Oxi 


The inquiry — conducted pne- men 1 
; 'octwcc n the ro * March and ^ 1 . r. •. 

..oid-Mav — vunbr. . he result- of ev, i-.-t-.h ;• : 

; 1 he previous sur- :»ub!isbed at : e.!-' - i 

.1 c:h.» of 'tilu .-i .rt r.-f the ; >. r. This is in Ec- < i)m: , ..*>- 
v*.i , .pt:‘ v'as ' con'.r. *; with the : : item of the t,. the ret- d'.-. 

::i the • la*! tv.-o year*. • -:en tno pro- and e.i-ee'e-i 

er-L'.:vem- .tecte.j m-. reuse ... -nvestment ; face 

a* ; tended to he rv :- a i downward? -.h-mtit :-.c 
1 at successive s-ir- ain. rnt <•; s.» 

Tb- d-r>:<rlir. interpret:*- Part of the Ve’i h'at-.v: 
( ;ion of :h.* figure.* .'or 1978 take- an uneven •b.-tri'n iK-. 
no account of the per cent fall and s> ar. ca;-.icr... 




:* l'e 



ircortlvtL The. Govcnuncnt 

Securities index closed 0.5' 

■ 7 Willie Johnston has admitted down at K8-79, its lowest in 1 1 

-: j ,-^ taWng two stimulating drugs ^ E quiUES, which had drifted 

r before Scotland s World Gup • * . v,oif-vear results of 

, :■>?'/ ■ match against Peru last Saturday, un ^ ^ * ear -„ nnT1 nr«I 

- fii-jjr. Emie Walker, Secretary of Metal Bor \verc 

y the Scottish Football Association, reco\ercd to close LW^aovn 
‘ ;siitl in Argentina. He said 474.5. 

' ■■■■ 1-V .■ Johnston would take no further . __ 

,-^patr in the competition and • STERLING closed- -5 points 

; ; -'. would be sent home as soon as. down at SLS305, in -spite oi 

."‘ convenient. - heavy intervention by the Bank 

' of England. The pound’s trade- 

• • ETiup nations hold weighted index was 6U- 

.. five nations noiu and the dollax * s depreciation 

: ; Zaire conference narrowed to . 5.40 per cent 

Five Western powers met in (5.91). 

Paris yesterday to discuss aid for nf|i n c i ose d $21 down at 
zaire and an effective response • POUJ closed 

" to Soviet and Cuban intervention ut Lomiou. 

• 7 in Africa. Moroccan soldiers vVALL STREET was n P 

S3^%Sfl85&^Bio» - «?» j-* a “s*f- . 


v -by rebels last month. . £500m more on ?heir revenue j 

. account thany.was. estimated -lb? 1 

■ Praisefos- China . - ^SSSSnVSr^^ 

: froW Tory chief November. . , , 

- -"-Britain and China face a common 9 pHASE TOREE pay deais have 

• ’ ’=?hrS* % om Soviet military been accepted by a ^ ou ^ 

■• •• "^forces. Mr Winston Churchill, workers, adding less than 10 pe 
— Tory defence spokesman, told C ent,td'b\eraU employment costs, 
- ! - ^ese artnv ofScers near the-CBT is to^tell the Chancellor 
Peking. Ending a three-day visit, today. 1 3ack Page 

"'-ISpr.S£dS U Chta'! delermS 5 - W'^AUtS m 

' ...... :ion to resist invasion or final? '^w m - ■ inc ^lf ns the 

domination. UK^hive broken down over 

... ] K ci'siation before Congress which 

Pledge to fight 1 ■ could result in a U.S. ban on 
rieuB * "shipping not conforming to u 5 

:? Arab terrorism jaw and which could seriously 
. ■ ■■■■isenml Ariel Sharon. ■ Isra^ ulMt world trade. Back Pw 

•: - Aoriculture Minister and a lead- m SH elL and Esso have been 

• - ng “hawk,” said : in London fi i ven Government approval up to 
yesterday that Israel would fight ^ggg ror tbeir £500m plan _w 
Everywhere against Ara b expIoit the North Sea Fulmar 

errorism, which he described as Fiel<1 Back page 

. GENERAI. and Municipal 

ttacks have killed more 

prest-m trends, that production 
in the I. EC could be as high as 
36m to: neb this quarter. This 
would 1 .• about 4m tonnes more 
than th.- target level laid down 
in the Commission’s quarterly 
forward programme on the basis 
of expeued demand. 

The r.ew forward procramme 
for the third quarter, which is 
being ilrawn up by Viscount 
Davignor-, is believed to call for 
a sharf cut in production to 
about 2 t;n tonnes. This compares 
with pn-ductlon of 30.7m tonnes 
in tile s.-iue period of last year. 

Viscount Davignon believes 
current rates of output cannot 
be sustained for the rest of this 

plans to 

Continued ,.*ii Lack Pasc 

Unions adamant on Shelton 


UNION leaders will report to 
the British Sled Corporation 
this week that their members 
remain determined lo stop the 
closure of Shellou steelworks, 

Mr. Bill Sirs, chairman of the 
TUC steel com mil lee. said after 
meeting representatives of the 
Shelton workforce yesterday 
there could be "‘a tremendous 
battle " if BSC ended stceluiuk- 

„„„ at the plant. 

The comrsli see had been left 
in no douii! .iliout the i cry 
strong feel i tn- of ihe work- 
force, win* r. liecil cam- 
paiguing for ,e-.en years to 
save Shelton. 

Shop slewa.’ils believe thal 
BSC. wants lv top sieelmaking 
at the Stoke r-iant at the end or 
this month. Thi* has not been 
confirmed by the corporation. 

A'liuOl-al- -• 

I ;..i:iru'. e'seti '■- 
• ovcr-dalcd - 
1 ;i ::'.ler-repi' lim- 
it h see nii.aihe- 1 
Iti.v re.-' 

1 fui. ir. 0 i- : :v:r e.t' 

1 The textile 

.■-•i. 1 jvi Vl-lli 

ia-'.ni diir! J j- the 

i ef!:’ 

’• ■ :'i 

! m actual jpen*i»:i. iietween the tnv reven 1 
..v,:.. final thfv •'tents ef last year -• .mh-;: ti- < .’ ... 

th-. .Vin-.t-r • : ’larch peri art f--.! - oi. ; emi.T. .. •• •" J * 

-• 'I, : . »f 1978 This i< <•: : v:jI 1> thought revOfit:!- y • 

: 1 1.) t-<- a •• t-. •■>;*. *r ., - check In a up e" ---ed- a • ■’ 

, • V -h-r i rijini. iren i." T. ■’ether v:ith expen-ntiin.-. 

■ ' ‘ J : '!•'•, • 'l i e V i tie nee ' * f r;.-T r consumer Economic - - ' roc Jr m r.- • • • 

V’" r *s v'-Vd ' demand ana puhlte finding. U gcnct’-h: prujecnr.v 
• ^ ; confirm.- er.pecta-.wns of a smaMer incite i — - - 

>ti" has been , lVir p-odl i ; .;s-it;i ir. economic tins rear man >. lu-.-.a -• 
re-.-.sis with ... . j* 1 970 'ur«'o:'J ana a in: I’kea *■'■■■<■ i 

.■:.*! falser Thr-'p'-u:!;; **f fh inquire are in the rale of*-: nu L '*- 1 
;.%,:* years. 

in Wl- • l- • • IV Ci.*» l = - IV r'V-1 ix**l as," 

fV. •ViM.v.vea by Other pro-.j.^r arter isfcintf into accourn 
dneers In Kurw-e. where the re-uhe iron and steel sector. 

. ......i ' j.-, -,i.- P |hm: demand na«i A similar picture ts shown o:- 

he ‘4 lei- ci ideal j more anecdotal reports with n 

1 i.inni-r, ri F ci^nincuitt eattcellu 

into account f'-'v'-y* ^ 

inflation rate unu a .-.quee-' 

bv profitability. . 

j-"-, The recent tentative ^E! ;. ie-. 
m-.iv „ . t .. s jh a t ihe volume •>; prucf** 

evidence oF s-sn meant fane. !1 j- n)! . nufac . llir ;, , investmem. v.- M u! .: 
turn# or postponements "T sptnd- cnnlini . e _ n , w rapidly until tr.-? 

■me plans ..J tl r , h t . • i-i l-.l quarter .<r r. 

by>iichael blanden 

THE Bit- banks are expected to Ing could ' U Sii^io^p Vk” 6 ' 

re el^^baTfbeSX«l? pa? Th? tan£* SSt rtStbed to Asainst this, an offset could 
n^rA^r°\? their customers’ take the opportunity to increase be ma dc- in relat.en to any 
S22S arSiuni balances their ch’arges. It is thought that ba | anc es in the account 

current account halan • Lloyds mav have submitted pro- w ;u linked to me deposit 

They a«e .UkeJy instead I to adopt w commission which rale — perhaps at 1 ncr cent 

the Commissions al^rnat^e pro {* 3 w t int0 effect for the beluw . At present, with a b pur 
posal to allow an offset JS*un^ > l . f r beginning next month. enl Akntt3it rate, tin.- would 
charges movements But Barclays and Midland are ive a nc ,tional offset rule of oj 

closely linked to the movenicnis out cwd 1Q maVe any a 

° £ T?e ar banks e a r iqiear S' have increases before the beginning of 0lhsr p0ssibimies being con- Ujr, ^w ^ 
a AwmUi naqiTlQT thp T16Xt VG^T. . . *\Ac*mA 

Vu' .f>-is '[‘W 
Jks. ^ 

payment 'oE Seat “o^Turrlnt ° NatioJal Westiumsier bas not ^k'ng chWes^u^rly insVead 

HFL ,olk >nS -sr ; [ar t *; plans - 

Barclays said that the talks had Deposit rate niera to meet the requirements 

made it clear there viould be no changes are not expected for free banking. . 

satisfactory way of overcoming . dramatic. They are likely Barclays, which no a requir.s a 
the administrative difficutites include modest rise in minimum balance of H"0 or an 
created for both the banks and ch , ps raade t0 personal averagi of £-0u for free banking, 
their customers. h-.nks’ customers, who do not qualify may also abandon the a e 

In its report on fbe banks hank j n5 . together with formula occause it i- difficult fo. 

onev transmission services. P( ,i. lt p l i offset allowance customers to monitor. 

tori’- - average achieved in 1973. ] 

M u c:i f t n e i it a rk e i _ h a 5 -u n ce , 
been !'*si bceiuife o: rug in-} 
creases tn 'mports. textile- ami ■ 
clothing sr. ports. 

How ILi coni r»l< research 
centre. Page 15 


FT markets coverage 

The Financial Times i- from 
today bringing togcilu-r its 
daily coverage of tin* ini or- 
national currency, money, am! 
gold markets on to a single 
page (p 391. The moie relied- 
the increasing interdcpendenci- 
of these markets and will mak'.- 
the relevant reports and statis- 
tics easier to find. 

The new page will allow a 

substantially increased i.’ali-ii- 
cal coverage of these r.i-rs'.:?. 
carrying nunv data on tV.e 
lar. on currency iudlces 
ot ersea-= money ral‘>. - 

exchange cro<s rate-w \vi< 

been radically redeMsr.iert. 

On Salnrdajs and 
there will be short one-: ver- 
sions of tili- page 
the data presented or. other 

* 5essr»'“ SS.-c: FAiSfl 

. . expenditure.. Page added a number ^suggestions fop free bank . cheques. 

antfali housing • INTERNATIONAL Energy tDr improving th e system, inUu 

engail nousms Agency report warns that the . . 

r. Horace Cutler. leader of the j g ° ^0^ of the Agency will /a -■ a 4 

, - JgffigsisS K-3w22yse Tenneco bid ‘inadequate 

Vx^Sr-Sodo U council estate. * spe > ia3]y the U.S. save more 
- ^ti^mnferaot -leaders darned toe Back Page 

’ : ^ir^iSer^ai? the Bensalis did 9 BRITISH LEYLAND’S share of , . - tr-ides unions meet this week for an exchange- 

flffit’2SS?to be-spm«p. the UK car marker recovered BOARD or Albright and several of the mam trades _ union* Tenneco still hopes 

- W ^ sltohtly to 21 per cent «n May tHt adviser. H til in the industry ha\-e said they ^ ' a recommendation 

from' 17 per cent to ApnJ.^ut V^Uon * da 4hat the do not want to see such an to , ^ A , brj ht Board 

^Skqtfity.- battle 

• t 1 agree me nt ^ockltolders." ■ . . . chemical officer of the Assocca 15 gJJ r the Office of Fair Trad- 

have disclosed a joint ag j ^ follows earlier criticism tlon of Scientific Technical and ing h .i>’ u°t yet advtsed Mr 

against of toe bid both from toe City and Managerial Staffs , has written to HattcrMey. toe 

„ . „ stations who discnmi shou ld trades unions. the Departments of Industry and whether the 

briefly credlt *s?® s JSl md With the Tenneco, an American prices callins on it to block attention on grounds that the 

7 ... j have been . RnckPage glomerate, announced last month ■ public interest is endangered, 

hree competitors, were tailed offlce 0 f tairTTadin 0 . Ba §2?? intended to bid for toe tb ®. C o side was. there- P The Albright Board does not 

nd two injured in togt^te^ ANGLESEY ALUMINIUM. 50:2 per cent of Albright s equity relieved yesterday that the intend comment on Tenneco - 

rashes at the Isle of Man TT and Kaiser Alu- it- does not already own. fore. Board propoS ed £2ira bid for be 

lotor cycle races. owned by ^ ^ , s c j 0Sl? to Most stockbrokers specialist n 0 T „„ mntt.r of nriee. preference stock for the time 

ticket: England (4 5 2-S dec. 

. .sat Pakistan ( 164 and o, flouD i e in e - 

• r '. a innings and 57 runs on the hpad snie lter. Page b 


: Kjfe if : 

. ivasion by locusts. Page 37 fPr 933nt. Page 3a American news ^ 

. caused bv smog. humidll.v m meTAL B.OX second^ Overseas news - i 

•a’SrS'l from SMJW *.° World fredo na«s * 

'g Leonardo da ViBCiB fresco, ? M . 65 lMJ i ng fbo f^> 


’ ,cn ”’ 


^v.-o* . 





k k,i y 

, s W u*»« — . 130.55m. leaving 

6 T ~“ l S “ pper - ,n ^ &% island Lex 

.■alien count: Wealiier, Back Page fS5..8m. Pas 

filler rnivw wii* 111 ™™ 

prices in pence unless otherwise g^fSnw’n.'. 
Indicated) pancoutinental 

jin to world trade news - 

years Home news-general b »* 

lower atf 

Management page 

Arts page 

Leader page « 

UK Companies 2W0,*>2 

Wall Street - ™ 

Foreign Exchanges 

Fannie?- raw materials ... ^ 
VK sicck market w 


ijercota J2? + 

ackman mid Conrad + | 

. La Rue 
linn ess Peat 

,,, ?tal Box 

■ „ t flee and Electronic _j_ 6 
? visit and Tompkins 118 + ^ 
, t ' ’ .ooner Inds. 53 + 4 

y 2ken ' Hm"So'iith -■ 100 + 6 

Sabina tods., 

■Western Minin,, 

falls , 

Excheq. A ;;g![ = ! 

Treas. 9iP c M 


Lonrho ■■■■•,■ — 5 

Midland Bank 4 - _ *5 

smart tJ.) ;;;;; - 22 

Siebens (UKi 

The Tories’ radical . change 
in regional policy 

German chemicals: A giant 
at bay JS 

U.S. authorities tighten up 
on bank lending 14 


The .Africans’ hunger for 

more land 31 

Sow IC1 controls its _ 

research centre la 

Australian fundraising: 

More states look overseas 3o 
Indonesia's showcase: The 
Asahan project 4 

Tt, e Canada-U.S. fish war: 

Bones of contention ...••■ 4 
Liberal collapse hodcs ill 
for B° n n coalition •» 


European vehicle com- 
ponents 19-26 


Appointments Arfvts. 

Business Oppts. 


Entertain mem Guide 

European Oppts. • • 
FT-Actuaries Indices 
Marne Contracts ... 







Men and Matters 
Money Market . 




World Value of £ ... 
Base Lending Rates 





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Citibank SlOOm facility for Turkey 


ANKARA, June 5. 

CITIBANK IS to make a SlOOm 
facility available to tbe Turkish 
Central Bank under what has 
been called the “constructive 
remittance scheme," interna- 
tional banking officials wild the 
Financial Times today. This is 
understood to be a new approach 
to tackling Turkey’s foreign 
exchange crisis, and it is argued 
that the scheme could be used 
for other developing countries 
suffering similar difficulties. 

The money will go towards 
repaying overdue debts to 
fnreien suppliers which could 
not be settled because of the 
country's lack of foreign ex- 
change. Arrears in this cate- 
gory — some dating from as early 
as February. 19«<. when normal 
import transfers were halted — 
total about $1.7bn. 

A large number of U.S. and 
European companies are 
involved in the new facility 

which has already been over- 
subscribed by 50 per cent. 

The money is understood to 
carry a spread of 1.5 per cent 
over the London interbank 
offered rate (LIBOR) and is for 
seven years, with a three-year 
grace period.- 

The credit will be guaranteed 
not only hy the Turkish Finance 
Ministry but by the beneficiaries 
as well. In other words, if at 
the time of maturity Turkey is 
unable to pay back the SlOOm 
then companies benefiting from 
it will repay Citibank. Benefi- 
ciaries will be asked to make a 
firm rommitment towards this, 
the offi^ia Is said. 

Exactly how the money will 
be alloi-ated to individual sup- 
pliers has not yet been decided, 
though Citibank would at least 
have the right to reject indivi- 
dual names whose credit was not 
acceptable to it. 

The constructive remittance 

scheme — in effect a euphemism 
for bad debt re-financing — has 
obvious advantages for all con- 
cerned. To Turkey, it brings a 
certain degree of relief. Citi- 
bank has made a water-tight 
loan. Foreign suppliers will get 
their money, replacing bad debts 
on their balance-sheets with 
contingent liability'. This is, of 
course, presuming that Turkey 
overcomes its economic difficul- 
ties in the next seven years and 
improves its foreign exchange 

Norway’s Eksport Finans will 
also provide a credit of NKr 
300m to two Turkish State banks 
—the State Investment Bank and 
the Industrial Development 
Bank of Turkey, bank officials 

An exchange of letters will 
take place between Turkey and 
Norway on this subject during 
the visit of Mr. Per KDeppe, the 

Companies bid 
for Oslo 
oil licences 

Nordic GNP growth forecast 



By Our Own Correspondent 

THE Norwegian Oil Ministry had 
received 35 applications involv- 
ing 44 companies, when the dead- 
line for its fourth offshore 
licensing round was reached on 
June 1. The companies are 
competing for concessions in 15 
blocks on tbe Norwegian conti- 
nental shelf south of the 62nd 

Among the major international 
oil companies applying are: BP. 
Esso. Mobil. Shell, and Texaco. 
Newcomers to tbe Norwegian 
exploratory scene include: 
Atlantic Richfield. Getty. His- 
panoil. Occidental, and the West 
German Deminex group. 

Phillips, which first discovered 
oil on the Norwegian shelf and 
is now operating the Ekofisk 
Field, is heading a group which 
includes Agip and Petroflna. Tbe 
Murphy Oil Company is bidding 
together with Ocean. 

The less detailed of the bids 
was submitted hy Volvo Petro- 
leum. the company formed only- 
last month by the Swedish auto- 
mobile manufacturer. But under 
the terms of its agreement to 
sell 40 per cent, of its stock to 
Norway. Volvo must be among 
the best placed to win a licence. 

Tbe Oil Ministry intends to 
bold preliminary talks with each 
group by the end of this month. 
Detailed negotiations on indivi- 
dual blocks are expected to start 
in August and the Ministry hopes 
to announce the first Licence in 
the autumn. 

THE NORDIC economies are 
expected to achieve a “ modest ” 
growth in real GNP this year 
after their unexpected relapse 
into zero growth in 1977. The 
payments deficits should be a 
little smaller but unemployment 
will continue to grow and there 
should be no substantia] change 
in inflation rates. 

These predictions are con- 
tained in the Nordic Economic 
Outlook, the semi-annual analysis 
published jointly by the econo- 
mic research departments of the 
Danish. Finnish. Norwegian and 
Swedish federations of indus- 

Their predictions in Novem- 
ber. 1976. of a 3.5 per cent 
growth for the area as a whole 
in 19i< proved to be wrong 
when GN'P stagnated at the 1976 
level. This is explained in the 

current jssue as the result of 
“several coincidental factors.” 
including a much lower increase 
in exports and a fall In total 
demand of over 1.5 per cent in 
the Nordic area as a whole. 

The Nordic countries increased 
their combined payments deficits 
by more than $lbn to $10.3bn 
last year. This corresponded to 
5.6 per cent of Nordic GNP. 
This year the federations’ experts 
anticipate "a certain revival of 
export growth ” coupled with a 
decrease in imports which should 
reduce the current account 
deficits slightly. 

The Nordic countries' compe- 
titiveness has been improved by 
recent currency devaluations. 
Preliminary estimates for 1979 
suggest that exports will con- 
tinue to grow more rapidly than 
imports and the deficits as a 
whole should be further reduced. 

Domestic demand in the four 
countries is forecast to grow by 
about 2 per cent in 1979. 

The latest report notes that 
the length of the international 
recession and the negative 
effects of prolonged demand- 
stimulating policies have forced 
the Nordic countries to change 
their original counter-cyclical 
policies, which were designed to 
maintain employment. Finland 
reversed its policy in 1975. 
Denmark took similar steps to 
curb demand towards the end of 
1976 while Sweden followed suit 
in 1977. 

Norway alone showed an 
increase in total domestic 
demand last year but had lo 
introduce more restrictive 
measures at the beginning of 
1978. This year onlv Finland 
will resort to "a- touch of 
cautious stimulation.” 

Norway wage Increases agreed 



agreed at the week-end to an 
average 7.7 per cent increase in 
salaries for 210,000 State and 
local authority employees, in- 
cluding teachers. 

The settlement, arrived at after 
arbitration, will cost the State 
about Krl.lbn (£llOm) a year. 

The Norwegian Prime 
Minister Mr. Odvar Nordli. re- 
turned early from the NATO 
meeting in Washington last week 

because of crises in the pay talks 
with the public employees and 
over farmers' incomes. The 
negotiations over prices for 
farm produce are still not 

The agreement with the public 

employees assures those earning 
up to Kr65.000 (£6 500) a year 
of unchanged purchasing power, 
provided that prices rise hy no 
more than S per cent in Norway 
this year. 

After a poor export perform- 
ance last year and. the delay in 
developing North Sea oil and 
gas resources forced it to adopt 
a more restrictl/o economic 
policy earlier this year. :*•? 
Labour Government has tried lo 
restrict pay increases. A break- 
down in the pay talks in the 
private sector led to a compul- 
sory sertlo-nent by a wage settle- 
ment court 


. -rl 

Si t 

k: - . 

" ' V>*.;SV;V 

- V'V 





w * 

>t 't The NatwrakWietlianorwngahy’s 
contribution to World-deman'd is greatly, 
increased by the cortimissioningof .-their new 
Methanol Plant atfirega; i : > 

'4 Opened in-December 1977 production 
has already reached significant levels, and 

the quality and purity of the product tias^P^ 
proved extremely high and well over accepted 
International standards. ' ^ - ..." 

v The National Methanol Company are^l, 
proud to take their place as leading producers; 

of this important commodity^ 

:-v/ v^T v c-^« v ^- ; 


, .... . ... t . ... 

The National Methanol Company/ P.O. Box 5324, Benghazi, Libya. Tel: 25897/27588. Je\&t4wt$T5Q665l 

leader may 

Norwegian Finance Minister, 
who will spend two d“>’ s in 
Turkey at the end of the month. 
The credit facility will he used 
for purchases from Norway. 

By Hilary Barnes 

Talks are underway between 
the two States for tbe consolida- 
tion of Turkey’s commercial 
debts to Norway totalling about 
NKr 100m. 

Although the SlOOm facility is 
a drop in the ocean compared 
with the amount owed by 
Turkish entities to their foreign 
suppliers, and although the loan 
negotiations on the facility are 
far from complete, the deal pro- 
vides a useful example of how 
overdue suppliers' credit could 
be refinanced. So Ion” as they 
can restrict the usaae of such 
facilities to top quality com- 
panies, such a scheme could be 
very attractive to lending banks 
in today's climate of low profit, 

Kissinger urges 
loans curbs 

By Our Own Correspondent 

former US. Secretary of State, 
suggested here today that 
Western lending to Communist 
states should be in some way 
linked to their political be- 
haviour abroad. Cuba's mili- 
tary operations in Africa 
could Justify a halt to loans to 
that country, he said. 

The OECD coaid draw .up 
simple guidelines for lending 
to countries related to their 
foreign political activities. 

Krtnqiv- dr llruM-llc- “-. A. -W tniTln I uaMn I 
O-.-^llM-r \ 


East Germany’s 


MR. Anker Joergensen, 
Denmark’s Prime Minister, 
announced at the we eken d that 
he is thinking of trying to 
broaden the base of his Social 
Democratic minority govern- 
ment by bringing in parties 
to the right of his own party. 

He revealed this in com- 
ments to I he Press while dis- 
missing his decision tem- 
porarily lo take over the job 
of Foreign Minister at the end 
of this month, when Mr. K. B. 
Andersen resigns from the 
posL Mr. Andersen has been 
nominated by the Social Demo- 
cratic Party group as its candi- 
date to take over as speaker 
of tbe Folketing from next 
October when the present 
speaker, Mr. Karl Skytte, 

The Prime Minister’s plans 
came as a complete surprise to 
everyone, including many of 
his colleagues. Although the 
idea or a broadly-based coali- 
tion to steer the country 
through the economic crisis has 
often been mooted, this is the 
first lime that Mr. Joergensen 
has suggested iL The parties 
involved in contacts with the 
government will be the 
Liberals, Conservatives, Centre 
Democrats, Radicals and the 
Christian People's Party. 

The initial reaction from 
these parties was that they 
were prepared to discuss a 
coalition, but on condition, as 
the Liberal chairman, Henning 
Christoffersen, said, that they 
were given equal weight with 
the Social Democrats in a 
coalition. Most commentators, 
however, were unsure how 
seriously lo take the Prime 
Minister’s initiative and they 
were sceptical about the out- 
come of the putative coalition 

B was: 

THERE WAS little, ffrsonal 
invective at Jast weekly .East £#>:k 
G erman .Writers’ Union Con--' 
gress; but perhaps -thfc was: 
because so many 
East German writers 

Some, such as Reiner tKiinze, • 

Sarah Kirsch, and Jurt^kfeecker. ^ 
have been forced tb.e&ifrate to ‘ & 
the West; others bavlbeeu 
muzzled add forced agatiEf.fbeir 
will to. publish -exclusively in 
West Germany. Among tiftse who 
have voluntarily -stayel ~ away 
jrom the Congress of been 

excluded from it ares widely 

acclaimed -authors such 

! Ftthruann. -Stefan HcymlGtinier 

\ Kunert. Utoch Plenzdq 
| Schneider and Christa W 
East Germany’s -wrii 

still feeling the effect* of the 

writers’ protest in N 
1976 against the expiiisi(| 

of the 

lolitical poet and bailadjfer Wolf 

Herr Erich Honedwr 

Biermann to West 
Never before had East 
writers and intellectua 
together to call on t 
muni st Party leader 
reverse a decision. 

In tbe ensuing year a 
the Party leadership 
with the ungrateful au 
own oblique " fashil 
calculated that their | 
was only skin deep, a 
would be easy to 
conquer. It refused s 
dialogue, and instead 
that tbe writers choosy 
“ real socialism ” and it* 

Oue writer has beefi 

> Com- 
ip to 

Spying charge 


.. Writers’ ■ Union, and' bestseller 
author.' .-Herr ' Hermann - Kant/ 
replied to-.X letter from. two . 
American publishers at- protest- 
ing the exclusion of Christa Wolf 
and ' Stefan Heym Tram • the 
. . Congress. Herr Kant replied 
^ that Tran Wolf (author of Con- 
versations. with Christa TJ) had 
excluded herself by-accepting an 

invitation to Sweden during the : 

Congress: •- Heir Heym (author of 
the- King^ Bavid Repbrt). had 
: neither -been nornis a ted a or had ■ 
his same': even .been 1 mentioned 
| by :.tbfe' Berlin- Writers’ -Union 
' which "“-elected its delegates to 
the' U<mgressTJi ^secret ballot" 
he said.. ■ . 

The version heard in East 
Berlin, though,-, js that Herr 
Heym -was proposed as tr candi- 
date at a meetiitg-'.hf Authors • 
belonging, to the Party, but that 
- hardliners -ordered*, his name 

— removed,, ......... 

. 'The proceedings at .the Con- 
gress itself were ..dosed to Jboth 

Westerners afid East-'Germans, 
'but .even the edited version that 

d a half a FORMER woman secretary fiiied’; th“e • . pages of ' Neues 
is .dealt in Chancellor . Deutschland - fascinated East 

rs in Its Schmidt’s office .was charged Germans" who normally- read 

Mdariw *’*** V'A* ^»»ther and 

i form of Satio^ through tivo^ other - unnamed , writers, .who. -produce 
imanded au e ged East German agents, book^where only mistakes are 
between p eter and Gudrun Goslar, -a collected; and where reality, is 
enemies, mamed couple said to hkye reflected "ih. an entirely in- 

*j*™. e< * given her instructions aid famous ^and distorted - manner" 

iSv?^eXl £ ‘SriS^JK-^yed her merges. irate 

, mutual mistrust penmes me Knrt Rebman announced 'can eat 

atmosphere when Easi German rharees asainst the w j r r e 5 : -T . eat 

writers gather. In thi country u nakefa hreei ^ lUte jt even 

where writers enjoy oonnous been Mder arrest for "more 11 K a Wt inuddle-headed 
popularity and respect ice they a veajf - -. -.but With an author the first con. 

have struck a chord n their y ■ - r dlfidn. is ihat be have a- clear 

rt.,. Federal chief prosecaftr authoress, - Ruth Werner. Fran 
Kurt Rebman announced -Werner added that ‘♦.I can eat 

where writers enjoy 
popularity and respect 
have struck a chord 
readers, those authors 
still (or, again)' accept 
Party are widely sus 
valuing a secure inco 
literary independence 

ice they 
n their 
who are. 
L by the 

if life is a' Wt muddle-headed 
but- with an author the first con- 
dition. is that he have a ■ dear 
an ii : decisive’: Weltanschauun g. n 

Writers’". Union president. 

Party are widely sus Kited of Gommunist Party and- the HerrTvant spoke in his address 
valuing a secure inco e above country’s President - ,tjf the 'i freedom Of our litera- ; 

literary independence They Herr Naumann said that. some ttrr^, n ..'i if. ^ue- friend and com- 1 .- 
io turn grumble a nit the authors still do hot undeistamf j^^g " ^err _Honecker, of the" 
banned writers reapini rewards how to correct their “creative^» rea j Vexiatihg ' .enemieB of 

in the West for their 
The majority: ' of 
delegates at the Gongi 
took place in the £a: 
VoLkskammer, or J 
felt the enormous te 

snt. ‘ problems” in accordance with jp cjalia m ** fn West Germany and • 
s 250 L our Party programme/*. : and. pf.. * those-’ former members of : 

delegates at the Congris, .which take to making “ suggestiona for .that is, those -who . 

took place in the £as] German improving real socialism ^ ih 'are now in West Germany. 

__ -rt-ii ament. East Germany which .they then; -. fo' an appeal ‘ to the majority' 
ion that .“serve to us in the bourgeois writers still in East Germany /. 
has built up but refu d to get mass media, til return for thi* Herr Kant told them hot to be V. 
involved in the discuss os of the they have a matching - -bante *■ deceived,”' to “ dispute, hut ; . 

role of the -writt under account.” One of the dissenting within this union, within this ; ■ 

socialism. They belief d in any authors comments that. Herr country.” Tbe -reference wag to - 
event that these wou I change Nanmann bad matched the tooe the spate of articles, interviews :/ 
nothing. The mood o the Con- of “Herr Goebbcls against the and -'short l stories by East/'., 
gress was set a few d r$ before Jews before tbe Crystal . Night” German authors appearing in - 

it opened in a speed by East This was the night in 193S when West German newspapers, which ; 

Berlin's tough Cornmu ist party tbe Nazis burnt synagogues and has assumed thfe proportions of. 
First Secretary, and, ?61ifb0ro attacked Jewish-qwried' shops. ‘ a .full-scale - debate . on. Easr 1 
‘member, Herr Konrad Tatmiann, Another fere taste' of whai Was German literature, 
to a Central Committe meeting to come_ appeared bn;tiie culture- - 

presided over by HAt lErich page Of 'th e Party -newspaper 

Honecker, who is the Secretary Neues Dfeutschland. . where the .rwIL ' ' 

General of tbe East! Gepgan pewly-elqcted president of > the 


■unuil « V*-«. 

Hxnqw- «*» 

.A.. si > .c <wr-tx<>. . :. *y 

We're old hands a^riewvettitupces. J/Hv? - 

Cocreators of first Eurobond. 

In 1957 Petrofina had briefed us on a special 
problem. One with no standard solution. 

So together with u small group of international 
banks, we created a new solution : The worlds first 
.Eurobond issue. ’ : • 

Since t hen we’ve managed and cxvmanagcd 
• hundreds of Eurobond issues. Making tis one of the 
world's leading sponsors of this type of financial 
project. And die one with the longest experience. 

TVhy new ventures appeal to us.’ 

Because all too often the old answers aren't 
the most precise solution to new financial problems. 

Or maybe it’s because we’re snobs aridwe 
prefer to custom-ta ilor solutions to eadi customer. - 
Rather than force h im into off-the-rack answers. 

But we don't innovate just for innovation s 
sakoAYhcn tlie standard .solution still fits, we offer it. 

- '■ r- - 7. .^ 

. • ■ - AH the expected semcek 

"1 . harethesame range naiKwJ-XK^-icej; : 

asother inieriiational bqnl«>Andweback : 

. witharT international n etwoffc of siibsidimy&,: . : ^ 
representatives, affxtiatesi assomtes.cPrrspondeiJii 

represciitatiyes. affiliates, assp^tates; cnrr^pondeius 

^uaks’of ;£i irojie (ABECGR}. And 
bianchesiu Beigi um- : -";V. S - .vV.Vv.-'v* 

v.~. Brn whaurcakes usififferent fronro4 Iter 
xKrfional banks is oyr. individual attcntibn-tb'eidt'.-'- 

client’s ind h-idiial problems; bur ref uctaru^ - 

to the tradi tiorm] answers^Hd our willingness td' '- : H 
stick oiu* neck out in ftew venturesV; ; - - ' 

■ firStEurCJbond. 

f Banque Bruxelles Lambert 

banking, amatterof people- v 

We are theABECOR b,iitk in Belgium. Marnixlaan 24 , i&SQ Brussel. Tel. OZ/SlS, 81Jti. Telex26J92. BBLIN' 

/Titoes Tuesday Jane 6 1078 


collapse bodes ill for 

coalition! Big cut in Italy’s trade deficit 


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i: l 

• ;.HS&V' v ®ANS •"" DIETRICH-: 

: looked..: thunder* - 
'. -*traefcvHis liberal Free Demo- 
r-'jfigfptfjafct <FDP)— long -holder 
^'.^^e:Jwilance • of power in West 
polities— had . just 
..i'afei;a shattering reverse- In 
-WStipBfo Provincial, elections in 
-•.•• : thtengsit^:'Statie of Hamburg and 
. : ;i^ti®d>ourtdg state of -Lower 
:«S!?TO IS* TO? failed to-muster . 
•iKs.^§r P' er cent- support needed 
. ^D^«preseatation in the State 
. >F»fB^ents- -Having: until now 
■ •.fceJjsed call the time in coalition 
Cpye mments in both areas, the 
rW^ternoJonger even a Parlia* 
~jfk ehtegy opposition in either. 

• ^ to inaiited contrast to Herr 
' .Genscfcet* the leaders of the two 

parties involved in the 
-‘elections, looked almost self* 
•' satisfied. Herr Willy Brandt had 
"- seen 'Vthe Social Democrats 
->^SPD) .recapture with 515 per 

cent - the absolute majority in 
Hamburg-.. which they had . lost 
four years ago. And Dr. Helmut 

• KobUs . .. : Christian Democrats 
" (CDUj wHl now be able to form 
~ a .Gbyejiunent'.in Lower Saxony 
Von - their own. 

'.-• -.Yeti' self-satisfaction is rais- 
placea; r "'If: political life is now 
' 1! goihff-'tp’ be ' Very much harder 
for Herr .. Senscher, it will he 
more'-, anxiety-ridden for the 
SP£> .'andL-CDXJ too. The reason 
. is" that, a" cdalitioa with the FDP 
is" crucial' i "io- the long-term 
■ strategy --Of fioth big parties. If, 
as : id. Hamburg and Lower 
- Saiony,;the liberals are going 

to bo extinguished as sf parlia* 
mentary ..force, then West 
German politics will-change pro- 
foundly. It is by no means dear 
who would profit. 

The SPD has the more imme- 
diate cause for concern. It has 
now- formed the federal Govern- 
ment in Bonn with the .FDP for 
nearly -nine years— first under 
Herr Brandt then -trader Herr 
Helmut Schmidt In the last 
federal elections : in.Oetober 1976, 
the FDP received 7-fl per cent 
of the vote and the: SPD 42.6 per 
cent— enough to allow their, 
alliancd io continue, albeit with 
a .majority" Df only 10 in the 
Bundestag, the tower house of 
parliament ■* 

It Thus needs relatively little 
loss of support countrywide to 
pull the FD? below -the 5 per 
vent mark. In -Hamburg, the 
liberals suffered, a much more 

sharp reverse— collapsing from 

10.9 per cent in 1974 to 4.8 per 
cent on Sunday. In Lower 
Saxony the fall was less bad— 
from 7 per cent in 1974" to 4.2 per 
cent. But neither result bodes 
well for a continuation of a 
federal SPD-FDP 'alliance into 
the I9S0s. And if the SPD loses 
its liberal' 'partMKP-HWtat can 

■ replace it? 

Herr Schmidt’s government 
also faces a more immediate pro- 
[ blern involving the balance of 
1 power in the Buodesrat, the 
i upper chamber of. the federal 
, parliament, which consists of 

■ representatives oE the Govern- 
• meats of the federal states. The 


Hans Dietrich Gcnscher 

CDU and its Bavarian sister 
party, the Christian Social Union 
(CSU) have a majority in the 
Bundesrat, which has wide 
powers including veto rights over 
tax legislation passed to It by 
the Bundestag. But the FDP has 
some; ones been able tn use its 
coalition with the CDU in Lower 
Saxo nv as a lever to help federal 
Government legislation through 
the Bundesrat. 

Henceforth, it will not be able 
to d'.i -this — and the federal 
Government's parliamentary pro- 

blems are likely to increase as a 1 
result. .. ; 

So far so good for the CDU. 1 
But the disappearance of the 1 
FDP from the Government of i 
Lower Saxony ruls across the i 
strategy of Dr. Kohl who looked , 
on the coalition there a* a model 
for the kind of developments he 
wanted to see at federal level. In 
1974 the state was ruled by an 
SPD-FDP coalition. Thun in 
1976 the liberals threw in their 
Jot with the CDU. Despite 
recurring problems over voting 
in the Bundesrat. this alliance 
under the young. CDU Prime 
Minister Ernst Albrecht worked 
well and both sides planned to 
continue it after Sunday's elec- 
tion. Now Herr Albrecht will 
rule alone— making his tisk 
easier and Dr. Kohl's life more 


In particular Dr. Kohl ii likely 
to come under increased pressure 
from llerr Franz Josef Strauss, 
the CSU leader, who is ally and 
rival to Dr. Kohl in roughly 
' equal measure. Herr Strauss, 
who has long urged a policy of 
••total opposition" to both SPD 
( and FDP government parties. 

thought little of efforts to reach 
’ power in Bonn via provincial 
; coalitions with the FDP— and 
i only in recent months appeared 
' cautiously to alter his view on 
I the issue. He can now point to 
I the Lower Saxony result as a con- 
firmation or his former opinion. 

> He may also be encouraged to 
[ put forward the idea nf a lourlh 
- parly, operating countrywide. 

His own CSU at present exists 
only in Bavaria. Herr Strauss 1 
has' Ions stressed how hard it 
will be for th * CDU-CSU alone to 
come to power in Bonn.. If the 
door to an alliance with the 
FDP » s dosed tot*- then accord- 
ing to CSU logic ;t may be time 
for 3 new parly aiming to scoop 
up every last right-wins vote. 

There seem to be flaws in the 
in the argument which the other 
jnaiQ "West Gorman political 
groups have been quick to point 
out None the less, the prospect 
of a fourth party emerging hangs 
over them all — jnd over the FDP 
in particular— like a sword of 
Damocles. Sunday's results show 
why. The l'DP would not have j 
done so badly— indeed u might 
still be represented in both 
parliaments— had not new, so 
called " green parties ” of 
environmentalists emerged to 
tempt young, primarily liberal 
voters. The immediate cause of 
the upsurge of the-se parties was 
the fierce debate abnut nuclear 
power— not least in Lower 
I Saxony which is to be the site 
of a nuclear fuel storage and 
i reprocessing plant. None of 
L these groups gained 5 per cent 
1 of the vote and their cohesion 
1 in the medium term is. to say 
i the least, umx-rtuin. None the 
> less their very existence has 
- troubled the CDU and SPD. dealt 
a shocking blow- tn the FDP — and 
j shown how easily the norma! 
j oourse of Vest German politics 
. can be upset. 

duced its trade deficit in the 
first four months of this year 
compared to the same period 
last year following a 1.3 per 
cent fall in imports and an 11-3 
per cent increase in export 

After Lite first four months 
of this vear. the trade deficit 
totalled L3S8bn as against 
Ll,SS8bn during the same 
period in 1977, according to 
provisional figures released by 


the official statistics bureau, 
1ST AT. 

In April, Italy recorded its 
first monthly surplus of the 
current year totalling Lllbn as 
against a deficit of L507bn In 
April 1977. 

During the first four months, 
the oil deficit, which is 
included in the overall figures, 
dropped from L2,4l3bn in 1977 
to L2556hn, The agricultural 
deficit, also included in the 
overall trade figures, totalled 

HOME, June 5. 

some LLSOObn in the same 
period this year. 

The improved trade position 
is in part the result of the 
industrial recession in Italy. 
However, there are now con- 
crete signs of a recovery in 
industrial output. Sig. Riualdo 
Ossola. the Foreign Trade 
Minister, has resumed overseas 
visits to promote Italian 
exports to Middle East oil- 
producing countries, Africa 
and Eastern Europe. 



Court rules on Renault’s grass 


FOB 20 YEARS the name of 
Pierre- Dreyfus was synonymous 
With -that of Renault. It was 
Dreyfus who symbolised that 
marriage "between the state and 
" industry which made Renault 
into one jof ..Europe’s leading 
.motor manufacturers. 

••Pierre ’Dreyfus ■also had a 
reputation of being a bit of a 
liberal in -politics, and eclectic in 
his art tastes. So when Renault 
was - ready move into, its 
sparkling new office block, along 
the Seine; . he had the. interiors 
decorated: with brilliant motifs 
taking their, inspiration from 
motor components, and commis- 
sioned th e distinguished French 
sculptor. Lean Dubuffet, to pro- 
duce something original to sit 
outside the front gates in the 
courtyard., ; , . . , 

Dubuffet was - commissioned 
for FFr 400,000 to produce a 
model; of his work which the 
company, .would then arrange 

to be constructed .for 
FFr 4m. Dubuffet also received 
FFr 120,000= towards his pre- 
liminary work. • . : _ . ,» 

But the contract stated that it 
for any reason the, work could 
not he executed or was delayed. 
Dubuffet would receive only his 
Work began in 197* on .the 
monumental sculpture — A Sum- 
mer Garden"— in ataastve con- 
crete and polyester ■ blocks 
around a pooL- ; ■ 

By this- time Pierre Dreyfus 
had retired, and t&e.uew chair- 
man of Renault was the bulky 
and practical figure -.of Bernard 
Vernier-Paltox- It-rwas quite 
clear that M, Vernfe-PaMez did 
not enjoy *** view out of his 
office window, aha. when it 
became clean* that exjra. money 
would' have to be tsjgnt to pro- 
vide additional support for the 
pool ' of water vwhich-^ould be 
the centre-piece-; of theffigisemble. 

PARIS, June 5. 


he ordered the work stopped. 

He then went one belter and 
ordered the whole thing to be 
grassed over. Jean Dubuffet was 
not amused. He proposed to 
complete the work at his own 
expense and when that was not 
received with enthusiasm, he 
went io court seeking to protect 
the integrity of his work as his 
artistic property. When the 
judgment supported the com- 
pany's right to stop and eventu- 
ally destroy the work, he 
appealed and Jast week the 
appeal count handed down -its 

M. Vemier-Palllez can breathe 
easily: the court said that the 
clause in the contract setting 
down what would happen if the 
work could not he finished, 
effectively prevented his invok- 
ing the law extending to artists 
the moral ownership of their 

Cautious union reaction 
to strikes at motor plants 


PARIS, June 5. 

BY THE middle of the week it 
will be known whether the 
trikes at two factories of ihc 
Renault motor group will fizzle 
out, or will assume the propor- 
tions of a challenge to the Gov- 
ernment's incomes policy. 

A Rouen court this morning 
ordered strikers occupying the 
engine and gear-box plant at 
Cleon to quit the factory within 
4S hours. For the moment, the 
strikers — who are in a small 
minority — are maintaining 
pickets across the entrance and 
the plant is shut-down. 

However, a court at Versailles 
refused Renault's request for an 
order compelling several hundred 
striking press shop workers— 
mainly immigrants— to stop their 
occupation oE the Flins factory- 
west of Faris. The court warned, 
however, that the strikers must 
not damage machinery or prevent 

• ij. t • 

-. . • -j: r 

... ;;.v . ; .- ■-.Vi.v/v • 

other worli. r.-. from operating, 
them, on pair, of being forcibly | 

As the company has closed the| 
Flins plant until Thursday in; 
what it describes as a postpon- 
ment or the shifts, the situation 
will remain unclear until the 
middle of the ’.seek. 

On the whole there has been 
little sympathy action elsewhere; 
in the group, though unions at 
the Douai assembly plant have 
culled a four-hour stoppage. 

The union-, are treading care- 
full v. apparently caught off 
balance by the strikes which 
grew in each ease out of local 
incidents Uhe dismissal of a 
worker at Flins for persistent 
lateness, and regrading difficul- 
ties at Cleon i. At neither plant 
does the bulk of the workforce 
show much sign of following the 
strikers’ lead. 

V ■- • \ 

ITALY'S PUBLIC sector borrow.'- f 
requirements, officially put 5 
at some L35.000bn (S22bn) This j 
year, has assumed the proper- < 
tions of an enormous octopus j 
with an insatiable appetite, j 
according to the Treasury t 
Minister. Sig. Filippo Fandolfi. j 
Of all its tentacles, one of the ] 
longest and greediest is the ] 
country's pension system which j 
I led the Governor of the Bank of i 
Italy. Sic. Paolo Baffi. to refer to s 
the problem with the tone of an ■ 
old testament prophet at the i 
central back’s annual meeting : 
last week. Pensions, he said, ; 
represented the equivalent of 
11 per cent of gross national pro- 
duct last year. This would in- 
crease to 13-14 per cent next 
vear and reach 1S-30 per cent in 

At long last, however, there 
appears to he a consensus among 
political and social forces on the 
I need to reform the pensions 
system. While the immediate 
. short-term incentive is the need 
I io contain the enlarged public 
l sector deficit to a level acceptable 
!to the International Monetary 
! Fund, in the longer term the 
1 reform of the system is crucial 
'.for Italy if it is to reduce its 
high rate of inflation to respect- 
able single digits. Yet the 
difficulties are considerable. 

Earlier piecemeal attempts 
have been blocked by the howls 
! of protest the proposed modihca- 
tions have aroused, despite tne 
i acceptance in principle by the 
trade unions and the political 
.'parlies that something must be 
‘j done. Not only is the system so 
i complicated that few can under- 
I stand it. but it affects so many 
i peoule that any changes are 
t almost bound to have severe 
. political repercussions, 
t Ironically, the pension system 
> has been hailed as the most 
j advanced in Western Europe. 
Employed workers have the 

following benefits: seniority pen- c 
sions payable at any age after 35 t 
years' paid-up contributions; t 

disability pensions paid after five : 
years* contributions; old age * 
pensions after reaching the age 1 
of 60 or 55 for women, provided J 
15 years’ contributions have been 1 
paid: and so-called survivors' i 
pensions, paid if the deceased has ' 
paid at least five years' contribu- i 
tions. There are also some i 
800,000 social pensions paid to I 
the poor when they reach the age ■ 
of 65. Pensions are also paid for ; 
industrial accidents and sickness 
and for war service injuries. 

Between 1960 and 1977, tbe 
number of pensions have risen 
from about 5.7m to 13.5m. com- 
pared to a labour force of some 
20m last year, while the expense 
has increased from Ll.OOObn to 
L lS.SOObn with the percentage 
of GNP extended rising from 4.S5 
per cent to 10.93 per cent during 
the same period. 

The financing and administra- 
tion of pensions, is widely re- 
garded as one of the principal 
shortcomings of the system. 
Subsidised pensions for a 
number or categories, like agri- 
, cultural workers and artisans, 
i currently cost the state some 

■ L3.275bn a vear. or about 2 per 
i cent of GNP. Unless reforms are 

introduced, the indebtedness of 
; the agricultural workers fund 
; alone Is expected to amount tu 
. as much as L16,000hn by 19b0. 
i At the same time, disability 

■ pensions are paid regularly as 
I a kind of indirect social welfare 
i system, particularly in the de- 
> pressed South where the level 
- of unemployment is especially 
7 high. They are often much 
» easier to get than old age pen- 
j sions. Indeed, the main Italian 

pensions institute, INPS. at pre- 
, sent pays more than 5m dis- 
t ability pensions a year. 

There are also very few re- 
s strictions on the accumulation 

of pensions with earnings from 
employment. A recipient can 
thus receive two or three separ- 
ate pensions— old-age. disability, 
war service, and so on — and con- 
tinue in regular employment. 
But when the Government tried 
towards the end of last year to 
reduce the pensions of employed 
workers, there were such pro- 
tests from the unions that the 
ruling Christian Democrat party 
persuaded the minority admini- 
stration of Sig. Giulio Andreoili 
to postpone the introduction of 
the unpopular measures, in any 
case INPS said it did not have 
the necessary equipment tn 
identify employed workers with 
pensions and Lhat ir could only 
start identifying them by 1979. 

What has particularly exacer- 
bated the deficit of the system 
has been the automatic indexa- 
tion of pensions, introduced 
eight years ago. Parliament ha- 
recently approved limitations at 
the highest levels, but it is clear 
that action will also have to be 
taken for all other pensions. The 
indexation has effectively seen 
pensions increase by greater 

- percentages than those of earn- 
, ings which have themselves risen 

! at ' a higher rate than the cost 

■ of living. At the same time. 

■ certain categories like the Civil 
: Service and "the banking system, 
i have enjoyed through the indexa- 
i tion system what have become 
. known" here as “super pensions." 

■ The Government is proposing 
j to introduce later this week a 
; series of provisions to contain 

- tho enlarged nublic sector deficir 
! to between" L24.000bn and 
/ L-5.000bn this year. After a 
i mini-package of tax and public 

- utility tariff increases announced 
t by the Cabinet at the end or last 
>- month, on Friday the Cabinet is 

expected to announce public 
expenditure cuts by reducing 
197S spending plans and post- 
ing others to 1979. 


t-: :■ 


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• - 'T--W6- A T, 

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jyW 1 

■ /5'- . > ^ 1 

Consider for a moment how much that effectiveness 
depends on you. 

Put him in the wrong truck and chances are his real 

productivity will plummet. 

His truck will break down,gulp fuel and maybe spend 

four hours on what should be a three hour journey. 

Any of which will meanyoifre not getting your money’s 

Put him in a Mercedes-B enz truck on the other hand 
and you’ll findhe’s driving a truck that’s reliable, economical 
and durable. A truck that can be really hammered and 

hammered hard. _ 

A truck that -will spend less time off the road and more 

time making deliveries. . 

You may well find that as a result of investing m a 
Mercedes-Benz fleet you’ll end up paying your drivers more 
That’s no bad thing. 

Because your driver’s pay packet can be a direct 
reflection of yo.ur profitability. 

Speak to your transport manager now. Check out y our 
operating costs for yourself? 

Andinthe meantime, askyour 
secretary to dip this _ 

ad to your letterhead 
and send it to us. 


ijuvS* faowledge that your truck;ffldlts load is in safe hands. 

YShmngwhl’shopdhHygoi^tobepartofandEciait _ 

1 sl 10 ^ yP*f re ^yi^ this man s etfectiveiiess in 

you ? re in a position to realise 
the fiability- of Mercedes-Benz 

trucks all the relevant information wilTbe on your desk. ^ ^ 

Meitedes-Benz. The way every truck should be built. 

l7 Mercedes-Benz (UK) Ltd., P.O.Box 753, London S£1 5JZ. 


overseas news 


AS THE US. Air Force started only to workers’ transfers and increased military spending is President Mobutu realises the 

airlifting 1.500 Moroccan troops not to ani' Other commercial needed to re-equip the armed sacrifice he is making and will 
to Zaire over the weekend. King operations. forces after heavy losses during do something drastic to remedy 

Hassan announced a series of ,u e also announced that the ** October ' war on the Golan the situation ja Zaire and pre- 
measures designed to solve new five-year ipian will he scrap- Heights, but it is undoubtedly went another repetition of the 
financial difficulties caused partly p ed. It" was due to be iraple- made necessary also by tosses in Shaba affair, 
by heavy military spending. merited tins year but now it will Western Sahara, where his However, the Kin® said in his 

While five American C-141 be replaced by a three-year battling against the speech he would fly*to president 

- plan which will ?? ll3aria . gu ? rrUIls __ ba 5* d _ , Mobutu's assistance -a third or 


troop transport planes flew out 
the first 

Lubumbash. . 

said- in- a broadcast on Sunday foreign aid. 

The King made no secret of “ e “ so 

•minsoort Dianes new out iran'ii'iwiuii wim-ti wu-t .. • . ^ ^ a iuuu 

S group of troops to rely for finance on a maximum °* ec J*° £ ven a f ?* Urth rtme * necessary 

ibashi via Dakar, the King of national savings instead of on o^„ was ceded t0 Morocco because it was not an internal 


night -that Morocco would have 

affair but the consequence of 
blamed financial attacks from outside “ by those 
to'cut down on foreign currency the fact that Morocco isanfinan- troubles on a succession of four opposed to our spiritual values.'' 
spending, notably by reducing cial difficulties mainly because of poor harvests which cost S200m Af ri can i? e n^'en I pIv a 

imports by JO per cent. military pending. _ Security j n cereai imports, the increase Moroccan congtngeJcy operation. 

To improve the -inflow of forces are costing the coun-tr> in the cost of oil imports which and stresses that MnroccaD 
foreign currency he -announced S772m V* 115 . .■’ ear , a . r } d King had completely neutralised troops are being placed a* the 
a preferential rate for -the has l us * 1 aKen ceUvery or the income from phosphate exports disposal of the Organisation of 
Dirban. putting it on a par with first Mirage F-l jet figbtei^-he despite doubling the price, and African Unity, 
the French franc, to derive has ordered 50 of them from investments in Sahara develop- However, be is against the 
increased benefits from -the France, reportedly at a cost of meat S260m this year. proposal for a permanent pan- 

receipts of ihe .150.000 Moroccan ?650m. Also in dhe pipeline is Certainly the sending of troops African military force because 
workers in France. This is a S250ni radar network supplied to Zaire for the second time also he says the idea would lead to! 
equivalent to a devaluation uf by Westinghouse of the U.S. contributes tu the financial bur- a cleavage in Africa with the ' 

about 7.3 per cent but it applies According to <rhe King den and the King is hoping direst consequences. 

Envoys face 
plan for 
in Rhodesia 

Desai leaves 
for talks 

By K. K. Sharma 

NEW DELHI. June 5. 
THE FUTURE of India's 
nuclear energy programme will 
be decided in the next two 
weeks. By then. Prime Minister 
Morarji Desai will have held 
talks with President Jimmy 
Carter on supplies of enriched 
uranium for (he U.S. -built 
Tara pur atomic plant near 

>lr. Desai left here this 
morning on a 13-day tour that 
will lake him to Tehran, 
Brussels. London and Ihe U.S. 
The last leg. v hen he holds two 
rounds of talks with Preside ill 
Tarter in Washington, will he 
the most important. 

Although President Carter 
has promised to continue ship- 
ments of nuclear fuel (o the 
Tarapur plant that would 
enable it t» function 

Left-wing party suspends activity 
protest against Sadat law 

CAIRO, June 5. 

EGYPT'S left-wing Unionist Pro- paper Al-Ahali (The People) experiment which was still in ita 
gre.-sive Party today suspended after next Wednesday's edition infancy. 

activities in protest against the and is accepting no new mem- The measures. approved by the 

law purging from public life hers. People’s Assembly (Parliament) 

Communists and other critics of The country's largest opposi- four days ago served to lighten 
the Government. tion group, the conservative New one party rule, curb individual 

The UPP said that a meeting Wafd, dissolved itself for similar freedom and threaten the 

of its constituent assembly next reasons. security oF the individual, the 

Sunday would decide whether to The new law. approved by a UPP said. It argued that the law 
dissolve trie party altogether. 98 per cent, vote ip a referen- also contravened the Constitu- 
•• The party has decided to stop duni two weeks ago. was intro- tion. 

mass political activity as long as duced after bitter criticism of Mr. Sadat has accused nro- 1 council or advisers held in Rawai 
this law exists," it said. President Sadat's Government. Moscow Marxists of controlling- pindi under the chairmanship of 

The partv Jed bv Khaled Today the UPP criticised the the UPP an.d has said he wanted i chief martial law administrator. 

The British Government is to 
be invited to become an 
observer within Rhodesia’s multi- 
racial transitional Administration, 
nationalist sources said here 
today, Tony Hawkins reports from 
Salisbury. The suggestion is to 
be put to the two Anglo-American 
envoys — Mr. John Graham of the 
Foreign Office and Mr. Steven 
Low, the UR. Ambassador to 
Zambia — In talks this week. 

Political observers in Salisbury 
are convinced that the British 
Government will reject the plan. 
It calls for the appointment of 
British observers on both the 
four-man Executive Council and 
tbe lS-man ministerial council 
to see the transitional Govern- 
ment at work. Britain would 
also be asked to appoint an 
observer to join the constitutional 
committee which is drafting 
the detailed constitution for 
Zimbabwe due to come into 
operation in December, to act as 
an observer of the electoral pro- 
cess scheduled for December 31 — 
and even for Britain to take' up 
a post as observer on the military 
committee which is trying to 
implement a ceasefire in the 
5J-year-old war. 

Pakistan bank law 

The banking companies ordinance 
of 1962 has been amended to 
increase the minimum capital to 
be maintained by a foreign bank 
from Rs 2m or 5 per cent of total 
deposits in Pakistan to Rs 5m or 
7.5 per cent of the total demand 
and time deposits, whichever is 
higher, our correspondent writes 
from Karachi. 

, The amendment to the ordinance 
i was approved ai a meeting of the 

Mohieddin. will also cease ruling Centrist Party, accusing Egyptian 
publication of its weekly news- it of liquidating the democratic party. 

leftists to 

run the 

prices may rise 
end of year, says Yamani 


Terror count in 
Israel highest 
since 1967 

By David Lennon 

TEL AVIV, June 5 

General Zia Ul-Haq. The mini 
mum prescribed capital must be 
deposited with the Stale Bank of 
Pakistan either in cash or un 
encumhered approved securities. 
I The increased limit is described 
as being not oniv more realistic 
! but would also give Pakistan the 
1 added advantage of collecting 
more foreign exchange as. and 
1 when a new foreign bank is per- 
j milted to open a branch in 

Malay payments 

OIL PRICES will remain frozen sudden sharp jump in oil prices 

for the rest of 1978. but after in the mid-1980s, when today's, - . . 

fnr another 18 months. I December gradual price rises oil surplus is expected to become j PALESTINIAN terrorist attacks, A Malaysian Air Force Group 

been ! would be in tbe best interests of an oil shortage. , have 1 _ mor ® People ini Captain has been jailed for three 

ihe U.S.. Sheikh Ahmed Zaki if current economic conditions Israel id the first five months of years for payments involving the 



supplies have 
up bv ihe Congress 

on the grounds ilia' India has i Yaiuani. Saudi Arabia's Oil prevail when OPEC meets in 

Minibler. said in Riyadh over the December, Sheikh Yamani said 
weekend. a price increase of more than o 

i On June 17, the members of per cent in 1979 would not be 
: the Organisation of Petroleum justified. But he stressed that 
, Exporting Countries (OPEC), tbe world economic picture could 
I will l>» holding their regular change. . 

■ biannual meeting in Geneva. “ By December we will cither i civilian 
lo this ilf'nv an*« is insisting ! Sheikh Yamani said that Saudi decide for a freeze or an 
that ihe U.S. fulfil rniitrnc’iinl 

mil agreed fu <ign Ihe nnclear 
non-proliferation treaty and 
bfwuuM- the Indian Govern- 
ment is not wilting to accept 
nuclear safeguards sought bv 
th" U S. 

India has readied slronqlv 

this year than in any comparable 'Malaysian ' Government's S3flm 
period since the 1967 war which ! purchase of 16 supersonic F-5E 

jets from the Northrop Corpora- 
tion. Wong Sulong writes from 
Kuala Lumpur. 

After a month-long trial, the 

[Whole of 1974. the worst year Tor' her ^' 0 “F 
i civilian deaths from lerrnnsl : G ™ U P Capitain -Ahmad Miah. >4. 

started 11 years ago today. 

Fifty-three civilians have died 
in Palestinian attacks so far this 
year. only, four less .than in the 

obligations. «*mn*eh»|lv as i» , r. 
ncsii has derinreil that Jnri'a 
will never manufacture nuclear 
weapons «>r use nuclear explo- 
sives either for military or 
peaceful purposes. This stand 
remains unchanged and Mr. 
Desai 's view is Dial he will 
not sign the proliferation 
treaty, on the grounds that it 
is discriminatory as the 
nuclear powers are not bound 
by its terms. 

At stake are not only the 
7.3 tons of enriched uranium 
(hat are held up in tbe U.S. but 
India's uoproach ta ihe nuclear 
issue, air. Df-sai has made it 
clear that if the U.S. does not 
send the supplies cf fuel neces- 
sary to make the Tarapur plant 
run. he will look elsewhere 

This cc.uld mean I ha I India 
will look lo Russia for supplies 
and indications from Moscow 
are that the Russians are eager 
tit step in to fill the gap. 

Q Sanjay Gandhi, younger son 
of the former Indian Prime 
lUiuUlcr. Mr--. Indira Gandhi, 

‘Arabia would, as it did last Increase," he said. •* If wc decide 
Dccembe' 1 in Caracas, oppose for an increase, ii would not he 

calls by Algeria. Libya. Iraq and more than 5 per cent as things 
others far a price increase this look now. Right now there is a 
year 50-50 chance of a -freeze or of an 

But Sheikh Yamani did not increase.” 
make any such promise for 1979 The Saudi Oil Minister also 
and beyond. He said gradual repealed his country’s cornmit- 
jirice iocreases over the next meat to stick with the dollar as a 
several years would be necessary means of pricing oil, but he 
to protect tbe U.S. and other indicated Saudi Arabia is not 
industrialised economies from a happy with the weakened dollar. 

Cuba ‘trains Oman rebels’ 


THE MURDER of five Britons rebellion in 
in Oman last week signals the crushed completely. 

Mr. Makawi. who 

BEIRUT. June 5 
Dhofar had been - ' 

was First 

deaths from terrorist 


The last two years were rela- 
tively quiet aa the Pnh-iliman 
organisations were busy with the 
civil war in Lebanpn.'^pm since 
that war ended the Palestinian 

..Uilty of four corruption charges 
and also ordered him to pay the 
Government RTR5S.OOO I £13.000) 
he had received from the local 
agent uf Northrop 
The highly-publicised trial i.s 
another demonstration of the 


' Financial Times ^Tuesday Ame 

MMBgMHMHBnBk V . v 'h ' ‘>.\v ;i./ 

HTT' ii i ii I Ii i imTnHffBmi -U — - -i- , : . - -a ■ / ■ ’ ■ o asy- 



warn in 


for the nation 


LOS ANGELES, Junecfi. 

send a message tomorrow 
politicians all over the coi 
It is that property taxes 
American equivalent, of. rfl 
are too high, and that any _ 
official who thinks otherwise 
the risk of losing pc 

to is in spite of opposition by the -backed the ..measurer . the Utter ; 
to Governor, big business, organised -with great fervour.. .: The other . 
V. labour; the teaching profession- two; Mr.- Ken • Maddy, -State! 
the and minority groups.- - Assemblyman, - and- -Mr. : T*ete 

es) The movement in support of Wilson-, . San TJiego’s; mayor, 
tic the Initiative is being described oppose if. _ > ••' . • ... 

ns -as a genuine grass-roots tax-. Mr. Younger, fhe froht-ruiroer,-. 
lar payers’ revolt. As such, it has took careful, ^counsel.- before 

wide implications for other states making his stand. "But his' lead 

The debate over the pro erty where similar movements are has teezr sharply cut by the bn- 
tax initiative, known as Pro- afoot,- for tbe federal Govern- Davis, an 

position 13 has comp tely ment, and for both national .uninhibited;: --..rightwinger ..and 
dwarfed the’ parallel pr a ary political parties as they Jookfor- law-and'^. order. candidate.;' 

elections here, the nost ward to tbe 1980 Presidential A few .-wqel^ ago,, when Pro- 

important of which is the ifec- election. ' . ' .. . . j Position 13 had not-- really lakan .;. 

tion of a Republican cam date But the fl ret Impart ts- likely- off as a puUic issue,. it appeared 

to oppose incumbent Gov nior to be felt by- the 'four Repub- that Mr. Maddy, a .pfetsohable - 

b e r licans contesting - the state s moderate, was climbing fast 
gubernatorial primary tomorrow," ‘ But, on his^ biro, admission, 
oils, for their fortunes seem inextric- Mr. Maddy has* .been grievously 
cut ably tied to their position on -damaged by: his refusal to sup-. 
as Proposition 13. • port -the . property fax amend-- J-' 

year Two of the' four. Evetle meoti- \ 

trict Younger, State Attorney-General, Mayor . Wilson has mrffeced the : 
s es. and Mr. Edward Davis, former same fate, although he had never : 

Jerry Brown in the Nov 

According to all local 
Proposition 13. which wou 
the state’s tax revenues 
much as S7bn in the firs 
and which would place 
ceilings on future- tax inc 

will pass by a wide marginJThis Los Angeles police' chief, have risen Mgher thair .fourth , • 

Liberal leid 
in Colomoia 

'By 5arita Kendall 

Julio Cesar Turbay Ayalajhas a 
small lead over his Consefcative 
opponent Sr. Betisario Bqancur 
in the Colombian pres/ 
elections, according to 
results so far. More than 
cent, of the voles have! 
counted, but the 
advantage of Sr. Turbay 
still be overtaken, andj 
Liberals and Conservative! 
been claiming victory, 
tion parties together haveltaken 
less than 5 per cent, of tb vote. 

In a triumphal speech ; mid- 
night on Sunday. St. B< ancur 
declared he was Colombia next 
president. Sr. Turbay chief d him 
for acting out of turn, ai l said 
he himself would wait i r full 
official results before ft malty 
announcing his own victi y. . ■ 


e Sr. 


Savings isstil 
fears realised 

By Our Own Correspomint 

S7bn gain expect# 


NEW - YORK;-' June* 5i - 

<&'/. 1 

gueiTilla organisations liavo been] •’IToris of Datuk Hussein Onn. the 

rebuilding their forces in Israeli 
occupied territory. 

Tbe tiro most active groups, 
Fatab a/id the Popular Front, 
bave also stepped up their 
smuggling of arms and explosives 
into , tbe occupied territories. 

Tbe effectiveness of this 
organisational work is apparent 
in- tbe sharp rise in the number 

Prime Minister, to tackle corrup 
tion in Malaysia. Datuk Hussein 
is widely expected to go to the 
polls next month on a platform 
of clean government. 

Karachi air dispute 

Pakistan's international airline 
may come to a grinding halt, 
following a deadlock in the pay 

Sultan Qabous b> rebels trained independence from the British in 
in Aden by Cuban advisers, 1967, submitted a note lo , the 
according lo South Yemeni Arab League last month charg- 
exiies. The exiles claim to bave ing -that the present regime in 
heard 3bout large-scale infillra- Aden had brought ihe country 
rions into Oman by rebels from under Soviet and Cuban 
South Yemen. The exiles, who domination. 

of deadly- incidents originating I dilute negotiations between the 
within the area under Israeli jemsmeers and the airline manage 
control ment. There have been serious 

in icvrj iho™ i« r-,.. i delays and disruptions in Pia's 

In 1974 there were 14 f*‘lal opei : allons f(ir s0 K me linie with 

UP to 24 hours behind 

renewal of insurrection against . . of south Yemen beFore , hv * che<Jule ' our correspondent 

^ -were. launched by groups from wrUcs rrom Karachi. 

across the border. In the nine! ,\ir Marshal Nur Khan, 


fatal attacks this year only one j chairman, attributed these delay 

W3S carried nut by a Palestinian 
group entering Israel from out 

The almost daily reports of 


were en route lo Cairo to join According to the exiles, ilr-jkombs in various paits of the 
the front led by Mr. Ahdet-Q:rwi Makawi's note said that about country £PP ea . r t0 I* lT -' e 

wa> today released from jal! ! Makawi, in opposition to Aden’s 2,000 Cuban military advisers ; affected °y the periodic 


af(cr being imprisoned by the 
Supreme Court for intimidat- 
ing wi messes in a case or 
rriniiual eon --pi racy against 
him. He was released oiler the 
Sessions Judge '/.ring jhe case 
ordered that bail or Rupees 
3.0011 he given to San jay. He 
has been ordered not lo leave 
India witiiufil permission 

Marxist regime, said the Popular have been training militias livery by the security forces of 
j Front for the Liberation oF belonging to the Aden regime i guerrilla cells, 
i Oman, which led the rebellion iu and to the Oman liberation j Dozens of west Bank residents 
Dhofar. three years ago. has front have been arrested in recent 

recruited a new Cuban-trained Recurring tension in ihe Gulf I months on charges of belonging 
army. region was believed to be a to these cells. Two of the 

Sultan Qabous. now 37. seized principal motive behind Sultan organisers of the most deadly 
power in 1970 after ousting his Qabous’* decision last month uv cells were reported to have 
father. Sultan Said Ben Taymour. establish diplomatic relations) escaped if* Jordan l 
He announced in 1975 that the with Peking. (arrests. 

lo Jordan before the 

10 the ” nonco-operation 
ground engineers, who, without 
admitting it, arc adopting go slow 
and work to rule tactics.’ 

Burma refugees 

MAJOR General Ziaur Rahman, 
has re-emphasised that the 150.000 
Muslim refugees who have come 
from Burma in the last two 
months are Burmese nationals. 
Simon Henderson writes from 
Dacca. Speaking at his first 
news conference since winning 
landslide victory in Saturday's 
presidential elections he said 
Burma must take them back. 

David Housego, recently in Sumatra, profiles Indonesia’s showcase Asahan project 

costs a source of embarrassment 

THERE ARE certain projects, 
like Egypt's Aswan Dam. which 

example of how' Japan has come 
to exploit the resources of the 

have an importance in their coun- country with liule benefit to 
try's history going beyond their Indonesia. Paradoxically it has 
nn median.- economic value, also become a lest case of Japan's 
Asahan — a hydropower and atu- political commitment lo south 
in in iu ui smelter project that is east Asia. 

out- of ihe largest foreign invest- From Lake Toba in west 
inenls in South East Asia — -has Sumatra the Asahan river spills 
similar symbolic meaning foe down through thick jungle to the 
Indonesia. Malacca Straits — an overflow 

It is first of all a source of f rom a volcanic crater 300,000 
national pride because attempts years 0 i d . From the air it looks 

to harness the Asahan river have jjj. e a tongue of mercury pointed 
been a challenge to successive tQ the sea _ *- 

regimes both before and after throue ,h 
independence. Though engineer- \ ** 

Below, it explodes 
narrow gorges and 

it rapidly 
The Dutch 
succession of 

given no commitment to pur- revenues from water fees and 
chase alumina from Britain, are taxes. The number o! jobs 
now keener to get it from created is smatt — about 6.000 at 
Australia. the height of construction and 

. President Suhario sldl wants ir“ : ? n , c «U he project is in opera_ 
tu push ahead with . Blntarn 
though his economic ministers 

tion in 19S3. 

The prospects of a domestic 
are -‘nxiou'i to out off ihe nroiect aluminium industry have 

on tile grounds that there are Iff^Ahe^nmen^shv smlnf 
more important orioritips for moment shy of going 

foreign exchange P f-vnendiiure in *° aI uminium fabrication as the 
SuJSlly“u turErcoS: 1«,1 ImarteJ is too smiM U™ier 

plJcating factor that Bintam has SnaSTSHlJiSS 
become a lest case of the Presi- Japan ' rnd °°esJa has in any case 

dent's determination to root out 
corruption. His credibility suf- 
fered a blow recently wben: an 
initial contract for Bintan was 
awarded writhout ■international 

access to at most a third of the 
output The engineering feat 
apart, to Indonesian officials the 
main justification for the project 
is that without tbe venture the 

c generating that coqld be shipped to Japan tenrier the West German fir.., 

■ ii n r ihf. tf-mie -ind cpnei'-iiinc!- stations to provide power in «or lanricaiion. . ine Japanese Q f Kloeck nor. Kloeclmer is also 

ULilans ‘ The Duteh iniiiaTed thl- Sumatra. The Russians built Government in partnership with one of ihe major contractors at 

“hem" U^- ..m'Su Sd "!■«• «f areeSS roads .0 ^ "XV-Srt .ota»n« mo",t 

Indonesia, ii was briefly taken Siguragura and Tangga where com pan u.s agreed to finance most 

up by lb«? Japanese during the tiie falls are — — tHpv bh-m nn 

President came to n liall when they were 1 no 

kicked out in 196S after the «er to purchase the alumina 

feedstock from Bintan. 

there have been no other offers 
to finance hydroelectric plants on 
the river. 

The increase in cost of 

« f “ 5 B»as££?: 

uaranlee how- due to inflation, on the smeifer 

“ r et “ rn project would not and re i aled infrastructure, is 

n ecu pa tion. Forme 

Sukarno sought Russian collafa- kicked out In IMS after the l “ k Bfatan^ a,um,na he , large. The aluminruiD smeller Murce of embarrassment 

oration to build ii. Now It is one Communist uprising. ■ witi absorb all but a marginal between Japan and Indonesia, 

or the economic monuments that The serious involvement of the The Indonesian Government 20-50 MW of the electricity The Japanese know that Indo- 
President Suharto would like to Japanese came in 1974 after the was thus left tu develop on its generated and take almost two- ncsia does not bave the foreign 
leave as part of bis legacy lo increase of oil prices had added own the bauxite mines and an thirds of tbe river's potential exchange resources’ to finance 
the country. to the attractions of hydro- alumina smelting complex ot generating capacity. West tb e increase-in cost though it is 

The project is also— like some electric power. As conceived in Bintan at an estimated cost then Sumatra — with it*- rubber and pressing Indonesia bard to put 
of tbe grandiose projects of the discussions then, the project was ° f S400ra. For Indonesia the palm oil estates — is one of the up a share. The attraction of 
state oil concern Pertamina or to link the power generated at attraction of the scheme was that fastest growing regions in the doing so for Indonesia is that'it 
the Krakatau steel plant now Asaban with the development of the power of Asahan river would country, and the main alternative would provide a stronger lever 
taken over by the government — large bauxite deposit* on the at last be harnessed. But the source of power would be costly to persuade the Japanese to draw 
associated with the regime’s love Indonesian island of Bintan near, real economic return from the energy from nearby oil or gas alumina supplies from Bintan 
of showcase projects which have Singapore. Output from the project was seen as coming from fields whose production now DifficuLties over sharin" the 
an insatiable appetite for funds smelter was planned to reach the export of bauxite and the seems to be peaking. additional costa have promoted 

“ 5 -°™ lons a - vo “ r 0Q ^ development of an interpreted Tbe smelter will obtain elec- tpS lotion In the JapaSSe 

ini'974 wheniaoan ^ r f P p aci t y of aiiimmtum industry. tricitv at Y1.88 per kilowatt- Press that Japan wight withdraw 

19,4 when Japan signed the 4JB _M W » • Jhe major problem for hour, about a fifth of the cost in from the project Politically 

. h ^_. r ^P°' ter faidsinck about sOT.OOo-LOOO.OOO Indonesia is that the bauxite Japan or u third of the cost of Japan is too committed and what- 

ever the economic returns, so is 
the -Indonesian -Government But 
doubts over Asahan and Krakatau 
bave diminished Indonesia’s 

contract for the 

■ I . , uiwiiitiil I.UUIUII.IUUIIV WUI U I- lie; 

proudes an being heavily energy-mtensive) while. The Japanese, having its 

tavornnient cannot rtfise appetite for the mammoth pro- 
price. It will obtain some jccla of the past 

NEW YORK, Ji le 5. 
RESPONSE BY investors to the 
new six-month hlgh-s elding 
savings certificates whicl went 
on sale last Thursday has &roi?^ 
disappointing so far. according 
to many commercial banks and 
savings and loan associations. • 

The savings institutions’ fears 
that investors would switch 
funds . out of lower-yielding 
accounts appear lo/bave been 

The *• Bowery Sayings Bank, 
New York's largest-mutual thrift 
institution, reported that first- 
day sales amounted to 513.5m. 
About 75 per cent of that repre- 
sented transfers of funds from 
5J per cent savings accounts. 


THE U.S. .Government expects ‘In the dcjlar .'“-‘are expected to; 
the dollar depreciation nf the grow as the 'year. -proceeds, risr 
past nioe months to add between, ing by the end of .the year to an 
SThn to SSbn to the value of U-S. .annual . fate.-jof gain; of 57 to 
exports by ihe end of 1979, $8bn," -,.J6 e. . tofit a '-seminar 
according to a senior Treasury organised by* the Conference 
official. Board,, the business research 

In -a sweeping analysis of 

an major industrial countries, whose' rr 

S45bn. The Governmm beheyed-.inSjstrial . production in partl^ - Ti !!* 

that “ the extraordinary surge in : .eular did. not grow' at all'in 1977v . Ul 
non-petroleum imports during while FJ.S. output rose by 5 per 
the quarter was a. temporary cent- 

aberration caused by a variety of . Thro - shohld" cease 1 : .to be* sach 
factors ranging from -fear of new; a 'depressant ira the-tride. balance 
U.S. import restrictions to ^e. in the in o nibs ahead' because of 
possibility' of a West Coast dock the convergence of growth rates 
strike this summer. anticipated by - the "Carter 

Mr. Bergs ten indicated that the -Administration. 

Administration was taking soine -• Mr. Bengsten said -no dramatic 
comfort from a moderate : pick-up changes, would -he seen 1mm e- 
in exports in March and. April. -diatelv bnt ‘ fundamental hn- 
which led to a 10 per eent de- prove meats - were -under • way. 
dine in tbe trade deficit. ..-A 'President, Carter. was ; committed 
pick-up in growth rates In other to making a. major effort to im- 
leadiny industrial .-countries prove U^. export .performance 
should benefit (J.S. export per- .and his programme was in .the 
formancc. The; effects of the fall final planning stages. 

Hi Vi 

NYC pay deal stumbles 


NEW YORK, June 5. 

AFTER 'all-night negotiations, stumbling- over a new issue.. .. 
talks on a new day contract for There . seem : to he difficulties in . 

± M»i 55 fS&P 5 S 

ployees were * adjourned until jj a y e b^en.- negotiating as a’ 

this afternoon withoiM any indi- coalition; ' 

cation that agreemfenta would be . Mr. Edward'Koch; New York’s - .. . 
reached ' before ttfmorroWs mayor,- needs- an--? agreement . 
Senate hearings on a new. federal before he testifies to the -Senate 
aid programme for the city. Banking Committee, tomorrow in 
• Last night both sides b Sieved favour, of the Carter Adminlstra-;. 
apparently that a deal was,t«thin : tionVIplaii to prov zde, 15-year ' , 
reach, only -to find that they were $2hh. loan .guarantees: ... ‘ ' 


Bones of contention 


gn i 

CANADA IS now locked in a In their report of March 1978. danadhtn and U.S. experts dis- 
fish war with the U.S. in coastal the fecial negotiators noted a&reed on. the exlstenre of a coc- 
waters of the Atlantic and they had been unable ,.tp reach servation problem on Swif tsure 
Pacific oceans. The war, which agreement, bat recommended the Bakk. Canadian .experts: reported- 
has been looming for months, text of -ain interim fisheries agree- ■ a +ery low proportion ^’of^ ^salmon 
became inevitable when ment to be applied for 1978 while below the;, legal, size ; in: ;tbe 
Canadian and U.S. negotiators the long-term boundary /resource ’fishery, except the ' .inshore 
meeting in Washington last issues continued to be addressed, -areai Most of SwiftMiW .Bank" 
month failed to reach an agree- -j^g 19 7g idterim fisheries was. therefore. ‘left open ; to 
Tifr 1 r™ r linri- agreement is modelled on the: fishing. , 

The Canadian move to block ign agreemeol ahd wais provl- Tbe U.S! disagreed.- arguing- . 

hpnali?^ 1 * S e 6 iu hif-rte r si on ally, applied, . pending formal that thewhold are^ shogd be - k r . 

because both Pr'^e approval by governments; The closed. The extT3 l97Sprfvjleges-.- .. 

Pierre Trudeau and External .am, -fo* ranarHan cohmrfi.'fl'iHini' nif ' 1-.’.^ 

'^ Sl 

Donald lamfpson 1978 agreement contains stronger for- Canadian fishing. oC. 

wSS wShfnrtnn Se provisfons for consultation on Washington were watfidimro v; l . 

S ato In W *. 5 ^ n ?r?« OB f ° r thC the management or fish stocks when the season -along' the IhS. - • 

NATO summit meeungs. tbaji tfae asrtfmentw ) t 'abo coast, opened on .Af' ... r : "<■ .. 

fin *_• • i ■ • a*- - _ flirt fnnv ir nf ,fkw ' ^ wt Ni d lwnllf fhP 

The Canadian authorities do contains .provisions granting . the .terms of ..the .agreement, the 
not expect the dispute to more favourable access for Can- final conclusion is left to.ihe U-S. ; 
escalate' into the scale b£ the stun- a di an salmon trollers to the area .. After- numerous : . :,«xdiahg«: _ 
boat struggles which erupted between, three and twelve miles between officials -of thef -two;.- 
over fishing rights a few years countries • the U-S. and Canadian 

ago between Britain and Iceland. -\ ■ . ~ r ™T' ambassadors met on May 11,-and . 

BeFore the extensions of fisheries THE FISHERIES dispute ^,.12 to discuss the fraue furthei-- 

fisheries relations between the 
two countries were governed hy 
reciprocal fishing privileges 
agreement which permitted 
certain fishing activity by each 
country within the three to 
twelve mile zone of the other. 

Negotiation for a more com- 
prehensive agreement began in 
1976, with the realisation that, 
wben 200-mile zones were estab- 
lished, the situation -would 
become somewhat more '.complex. 
When negotiation of a long-term 
agreement proved . impossible, 
the two sides*' concluded an 
agreement early- In 1977' which 
had as its nrtinary objective, the 
maintenance of the status- quo 
with respect to the-terihs and 


anjr- problem 

... Canada's hoc - closing ■■•'aft'J-of . '.-.■ti' 

they. will crack, down on_ fee-. ; stfmgure .Bank. Canada said the ..A;?; 
reational as well as cotnmer- favoured access provisions sbouW : ., r.. .( 

cial fishermen who , stray be restored.. and.' a mSetlog.'.Vi^ : i 
across borders in the Great arranged: in- Washington oo Moy . '2 t ' 

Lakes and off the Aifahtic and 28 -between; the special' ^egoti^- ^ ■ ‘n . ' 

Pactfir coasts. .Ottawa officials of ; each country Svrtflguw ; - . ^ L. ; . 

U.S. fishermen from Canadian ; arisen.. ;;-The. U^-Vscallop lawi „ • «A V *.. 

waters', and Canadians from, pollock: "fisheries ^in^ttie ..Geonres : 
U 5 . waters passed on Sunday’ ' Bank and 7 the Guff of. Matt? 
without incident as patrol .‘areas >ab^.->robJpms.becau^ 
vessels , and aircraft 

Into : position. Canada r believed .tbe. U.& .^d 

and haddock ‘caldh-* levels- wera 
...... . . '■ ,tpd]iigh. : :'J. > fi : ’- 

uontii tions' under Which fishing °? th^' coast of the. State^bf ^^ prohlema ^ a ' 

200-mile zones of Canada and the 

f iu W filiuwb m me .iWLtfVA.iu, mm i ... 

thp lact- ftf’ in return for those more favour- ment; Wlifle‘-4fie U5..has agreeo - 

time ^te t^ms the . UJS. wanted ari -to have further . ronsqltation ^ 

tho end to salmon trolling. In ' Gw»i' management.- plana" ■¥oc.cod..'aod;-.- t . ; y* j '• 

odian.. Waters, on 'Swlftsure Bank- badduckj ’onlir. ntfK-.appaieiil -; - . 

U.S. made the establishment of a from- April -15 to .June 3.5.'. . that ondfer. U.-S. - Jel^aCtojMfnd- ... v . ^ . 

Irtremeiv Canada 1 W7& prepared “to cIqm dtoti|riStintlTC:prpcedtM»^ : r-Sr ; 

extremely difficult Blany fish the fishmg ground only-if stocks Ufi, . not to . 

nnv IikpIv , l . j. — • - ■- ■■ - ■ i. 

across aiiy likely were endangered by ton many action to -restrict theta ,w»top s ; r .; 

boundary between the fishing anting immature salmon on . the and pollock.- : fisheries^ to- havc.rr^.' < t,r ; . 

zones or tlu? two . countries mtph *Tn MflMt ihpM ffifferin? anv ■•♦J - ,tm ► 

V.** il- 

catch.. To reflect these differing any. effect 1978, Canadian offidals. 

anu co-operative management views,- the .agreement 1 ' sajte that' said.- ...... . - iV . - . 

schemes are required if effective ■■ if tb^U.S. concludes that. there; . Because it has not hee^po^ 
conservation .ts to be -maintained. j s a conservation need to dose Sfole to resolve 
Thus, 'in mid-1977, the Prime the fishery.. . but Canada doe Canada "advised the UiS.’ 
Minister and the President not dn'so, the XJ.S: shalt. have no -has' - suspended -.ihe-' J*rtrvjfiiojMU ? ; 
appointed special negotiators (M. obligation to permit salmon fish- implementation .of..; the ' fv'“'. ^ " _ 

Marcel Cadieux for Canada and ing in its Pacific coast waters by -interim’ L recii 
Mr. Lloyd Cutler for the U.S.) nationals and vessels of Canada -agreement, i u‘ 

whose mandate is to negotiate on more' favourable, terms than '-commitment ... ..^ 0 ... ... 

an agreement on- maritime boun- the terms of the 1977 reciprocal - agreement on • maritime;- jrafff 
darles and related resource fisheries agreement;'* . *- v darb»s-' and- ‘ related,- 

Ii thA haninnlnn ifftha -i'c ik," ,‘ r i -. 

questions, including fisheries. 

At the beginning df the season, arrangements. 

.* v v-. U 

nwr Strong attack on Dell as French win 
‘wistful mercantilist’ ;$30m Aqaba 

« v j ^unipcttn an u ill 

£§ k J " I * vro ^ y - S? ' 

d -V S TUt Hi 5, move fo counter Under the deal Britain provided 

e 8o's \Ap,? rft J£ redat0 *>‘ * T>W6ticeS n of credit ifistsrancs -cover for the 
Sovemmema winch whole deal, even though British 
e rr »nw P rov ided ext reiaety. engine*; accounted for less than 

'llncivi “ .**UVC •financing -lAmic - 1A hllf *>a tnl4V'AAntnnl .viIiia 

dtsmaes ssssws 

therrshohJdbfl much more inter- 
governmental ‘ Vro-bperitldn to 

01 ,s a ma ior erii- the subject discussed at ihe 

**. rt L^S{ 0y ?J* 1 **£ »■**• recent sSe « July. 

'Wn ~ V Powered TriStars to p- 7--^ . att a chedly d» irjnece 

£1 should *rai*" 5 ,& IbatJ^InCTease" 


^ , lAjchiev-won, saia jmaj; xagfOMK was 

,, ■ cii?* nUla1, u - s - Treasury ti» : logical. channel to boost sales 

sujfej Secretary, raised the -issue, with.' ®* Unmade aircraft to JJurope. 
>h he Mr. James .Callaghan the British But he sald that the US. could 
* ft| utTh ■ Minister, while he Was i*.; a»t: afford: *M.ose out because it 

■ r “dQiw. PHr .' ,l i ■ tuc onUhtt “V »■*****»*. u« wkj, w/uiu 

4 he Was afford, Mt b^use it 

Wawmfitoa.' The Secretary pro* ""!**. nnaWe to. offer Jbe Mod of 
igJSjL ^onfily at the scale 0 f -terms offered i* Europe! •" ' 

itej tt0 

Record steel imports 


Y' S rec S oU E i‘.»i? lp J ms to raoatis tt> awqe, J despite, the 

J RK, .w . hrinlinl * „r v^ 1 t0DS " 4 ? April growth in demand for the metal. 

““t » onngmg total imports so far this , - w - 

are ev-r. year Xo 7 - 9n > lOD^cdmpaj^ with v fep w f» te * the Treasury is to 
»r oS?‘> 4 - 4m in the same SriSdiaS /or P*£* ®«»tbs its 

year The s P^ial reasonfo? this Jpve*U»uoa . of ■ -steel dumping 
•2J **,*"< surge was the rush to bwi ml by W°da«*».,m .*« European 
of 5. trigger nriee m cv-h a niem in ,wf countries.- The -allegations were 
(L a ;?>' duced in February ttUtUrfour g ri 8iaaUy made by National 
thf un£ cheapIy-pri^^JJel ' There St<? , eI which claimed that cold 
*‘ ness «£ aormatiya^hre* numiA telby HWrand.agwntod sheet was 
lM , , between order- ainidelivenr of -imported af :■ tes than 
‘ports v-,. steel » o«iv«y ox production cost from Belgium. 

liras contrC ■ *. • ... the Netherlands^ Weft Germany, 

ititia rn, though - imports are . now Italy, \France '- and - Britain. 

nJ aiiior t* ^ pected to deehne shai^ly, the. Nattonal^later: dunged , Ms .con- 
i'ffcrico . f ^industry Is concerned teatlon to. a claim that this steel 
er. high level so far -wHl was beine;«tld below U4. market 

;;wb5 % aJect the maricer - for some prices, . 

« r ^Vl EEC urged to cal for : 

.*vs! *. »«. 1 . - ’ u j ^ • ^ee - 



" good "iand “all things being 
equal the- sales might have been 
coincidental wins for European 
industry and losses for American 
industry But all things are not 
equal. Eastern purchased Air- 
buses bemuse it received virtu- 
ally 100 per cent financing from 
the Fre-ich and Cerman govern- 
ments and our aircraft com- 
panies simply could not compete 
with 'either* the French or Ger- 
man treasuries “ 

The same applied, he went on, 
to the support given to the Tri- 
Star deal, by the British Export 
Credits Guarantee Department 

Mr. Hjimafords’ comments are 
a sign fcf-a growing feeling in 
Congres, .tJxat the U.S. should 
“retaJiaie 1,1 in some way in the 
face of. European “backdoor 
subsidies" -of- this kind. The 
European industry responds that 
it has only- a minute share of the 
l/\S. market and that Uu* major 
American ‘manufacturers receive 
a de fat to- subsidy in the form 
of Pentagon research and 
development contracts and in the 
long production runs which the 
production _of advanced aircraft 
for the U& armed forces gives 

Nevertheless, the aircraft deal 
is a noth': r sign of the friction 
between the U.S. and other 
industrialised nations in the 
search for' new orders. The 
indications ;are that this friction 
may get worse in the months 


alternative to allowing the U.K. 
labour market to function 
correctly, according to Dr. 
Deepak Lai, an economist at 
University College, London, 
i In a full-scale critique of recent 
speeches by Ibe Trade Secretary 
Mr. Edmund Dell, whom he 
labelled a ** wistful mercantilist.'' 
Dr. Lai has attacked tlic politicisa- 
tion of international trading rela- 

The critique is carried in the 
quarterly journal of ihc Trade 
Policy Research Centre, an inde- 
pendent research institution. 

Dr. Lai says it is an illusion to 
think that if the current function- 
ing of the labour market in the 
U.K. is accepted as inevitable 
there are many olher insirumems 
of policy available to Govern- 
jnem. such as intervention in 
foreign trade, which will case the 
constraints under which the 
economy operated. 

The problems of the labuur 
market need to be tackled at their 
source. If that is not possible, 
various other domestic tax- 
subsidy instruments arc likely lu 
yield higher levels of economic- 
welfare than intervention in 
foreign trade. 

“ To believe that the latter 
(in the form of general or selec- 
tive import cun trots) or. more 
generally, a recovery in world 
demand can solve these problems 
is a dangerous self-deception,*’ 
Dr. Lai argues. 

Me claims that the trading 
system of Mr. Dell, with its Pro- 
tectionist blocs, where market 

access for imports i* considered 
u “privilege" and where trading 
relationships are "a question • 
of power and goodwill " reduce 
total welfare and ore unjust. 

In spite of Mr. Dell’s asser- 
tions. says Dr. Lai. "there i» no 
argument in theory ,-, r practice 
that international trade is a zero- 1 
sum gaine.* 1 s 

Regarding the ti-rni'-of-irade ■ 
arguments that Mr. bul! uses in 
part to support his ea>y for 
mercantilist 1 ’ Dr. Lai argues that : 
if, through exercising iis mono- 1 
poly power in for.-i-n trade, a- 
country can capture fur itself a - : 
larger share of the cosmopolitan : 

cams from interna tinnal trade.) 
it would he better off. 

But if the desire l„ imnrnvy ■' 
the therms oT trade leads to; 
retaliation “ * J i- s Jj ;. ,-u> means 
certain that the UK or the EEC! 
would he better off at Hie end ( 
or that road than in the cur- 
rently more open s\<ietu. '«r m 
one in which there wu* genuinely • 
free trade." 

Dr. Lai also attai4s selective: 
controls. These “ would be: 
enui valent to a tax on all ;i>c 
ellicient producers m the i-ounif" ! 
las well as consumer of 
ic-cted products i to finance a ■ 
subsidy to incfiicscni producers. 
All this would make the lung- 
run structur;il adjuximenis 
necessary In Jake avert uru of »)}-.• 
country's changin'.’ and e’liwreine 
comparative ad\anla?e Milunily 


The World L'coiojir/f, June ' 
journal oj the T Pnlicn 
Research Centre, i. Gough 
Square, EC4. i 


By Rami G. Khouri 

AMMAN, June 5. 
has won a S30ra contract to 
oversee desisn. construction , 
supervision, training, procure-: 
ment of materials and opera- 
tional tests for the chemical ! 
fertiliser plant being built atj 
-Iordan's southern port cf Aqaba, j 
As general contractor. Spie \ 
Batignollei will supervise all , 
work on the three main units of| 
the project, which will produce | 
phosphoric acid, sulphuric acid i 
and mnnoanrjionium and diaro-j 
iponium phosphatic fertiliser. 

When it comes on stream byj 
early 19$1 the total cost of the ' 
project, uhich is Jordan’s second; 
larges; industrial scheme and a; 
pi liar of its plans to exploit its I 
mineral resources for export | 
purooses. is $325ffl. 

The West German Zublmi 
vrnup was recent:;.- awarded a I 
s36m contract by the Jordanian 1 
National Engineering and Con-; 
trading Company to undertake 
all civil works Tor the three 
production units, and for Zublin 
alone to build a jetty 

The general manager of the I 
Jordan Fertiliser Industry Coni-- 
puny. Dr. Mahmud Mardi, told i 
the Financial Times that his 1 
company is studying the pve-: 
qualification bids of many! 
‘■marketing organisations” and; 
aims to narrow the list down toj 
live 'M- six. who will be asked to 
«uhiii:i definite offers soon. He 
confirmed that several British 
companies were among those 
which have submitted prequali- 
ficalinn documents. ! 

Bulk ship cartels 
plan gains support 


STKON c; SU PPORT for the 
formation uf international 
marketing cartels to improve 
freight rates in the oil tanker and 
dry bout shipping markets came 
today from Mr. Antony Cbandris, 
president of the Union of Greek 
Ship Owners. 

Mr. Chandris. speaking ul tb® 
opening of the Positicinm Ship- 
ping Exhibition here said that 
for Greek owners the choice lay 
between supporting the proposed 
schemes for remedying tie 
chronic over capacity in these 
markets and seeing the prospects 
for market equilibrium drift 
even farther away. 

Finn meetings .-fro planned 
this week lor the development of 
both these plans, called Inter- 
national Tanker Services and 
Inter car go. which will deal with 
dry boat business. 

Mr. Chandris disclosed that 
some Greek tanker owners were 
now* definitely in favour or ITS 
and will meet Scandinavian and 
Japanese owners on Friday 
Morning for what will be critical 

The Scandinavians, who first 
floated the tanker pooling plan 
more than six months ago, are 
hopeful that they will be able 
to make an announcement at 
Friday afternoon’s Posidoniu 

The plan cannot succeed with- 
out support from the big Greek 
tanker owners, notably the 
Livarnos. Onassis and Niarchos 
groups. The scheme already has 
support from nv. nets of 30m 

PIRAEUS. June 5. 

deadweight lonnes of tankers — 
about three-quarters of the 
amount needed for the scheme , 
to be activated. 

Xo official comment is avail- 
able from tiie Greek owners who 
arc. as ever, playing a cautious 
game over anything involving 
disclosure uf their business 

They, iiky the Japanese, are 
worried about possible violation 
of U.S. anti-trust law and they 
doubt whether the oil companies 
will permit owner* co hoist rates 
and so, albeit marginally, in- 
crease ihc price of crude oil. 

The Scandinavians' declared 
objective is to have International 
Tanker Services incorporated by 
the end of July. Its effect would 
be limited to crude carriers over 
tlOO.OOOdwt and its goal would be 
to push spot charter rales for 
such vessels trading from the 
Gulf from the present worldscale 
IS tn 10 to \VS 26-30- 

Intercargo, a similar scheme 
involving planned lay up and 
controlled supply to the market 
for bulk carriers. wa< designed 
by Mr. Chandris and he will 
argue its merits to ten national 
shipowner associations at a meet- 
ing on Thursday. 

Shipowners, he said, were now 
squarely behind the Greek 
Government's negotiations to- 
wards EEC membership. They 
would take into the community 
the largest merchant marine in 
the Common Market as Greece's 
fleet had recently overtaken in 
size (hat of Britain. 


b-tian u > 
v f «aB:2t 
u -- rose byj, 

■*■•**- U Ivc 
\ ;1 - (fade ►,;£ 
an esc -je^. 
v Ij - irotii *». 


••• . ' -. . -.c. 

c-r li'Sj .'.Piisj. , t ■ «•-. uiuHtw ■vuc pubvj vmavuvuu^ 

*-jnr cn c-s^ tJafaons - ; . ; r. and encouraging the Ration of 

Vvr. The U.S., which' operates much addationa! capacity inSareas of vv. v higher tariffs than the EEC, has the world vrfiictedid n^t possess 
" already been urged; by the See- raw wool- as a rtfw mafeShl-and 
re l ary for Trader -Mr. Edmund which were geoj&aphkiaZly ' un- 
, , D ^ U> improve its current 'suited to consun^ion tt£l*stile 
»h)/ie offer, but indications are . that products ■ anan uf ieteir ed ijifiroiii 
llftlfcS Amencan . manufacturers- -will wool:. - ^ wL'' 

,1U1W resist streugly. • j «L . 

‘ - .“.The end result of fen* 

■. vii.s. Jiii- . The renewed European- call for, operations; must surely . be a • owa- 

. . r .. _ reciprocity 'both the U.S, and- siderahie weakening of tfte wool 
" • ” iv j*.,*.*" Japanese, which., have - also .put- textile - rinduatry % Countries 
! -v/Jiatc-!'* in wbans resarded Tis an unaat* where IF k already -es^blished 

a:u^v! :v«l- M aclyy .SX*^'.S5R^£nSte 

, >. is« r. a meeting betwoeoEEG members additional' demr^^r raw wool," 
s of the European -dothlsff h» u-sm^- T// 

Industry Association .( AEIH) . "f // 

H-as. Sent a ad Vicomte Etienne. JDavigmro, .. It was; atls^a matter of con- 
- c’rwr the European Commissioner for., cenv- te-srfl. that raw wool 
,,-c^sa Industry. . availability.)? was continuing to 

:^Vie DDrihg ^ . trie dlscfissiDhtf: Which 5 Auftratia,. 

a± 2 J-~ took place -at the Association’s ■ numbe ^ had now 

i :Ci ii. congress in - A’ntfterdani; agree- ibeir lowest point lor 
, r ment was also .reached on .the'-? na ?y’^ ,ears ' ' 

establishment: bL. a joinl Euro~ "The-problem was linked to the 
" ” pean Counnisslon/AEtH working:.: apparent paradox that while in 
party. This will have tbe taskiif ^tiie consuming countries there 
preparing proposals ^ °n ~fnier- was - a trend -.towards natural 
national and -European -trafing fibres, this hacTnot been reflected 
policies as they affect clothing- encreased profitability by the 

m At another textiles conference mdustry or by growers. A drag 

—the Internatiohar^Wobl'Textile oiMJxices. available for wool was 
Organisation's ■aruiual meeting in -still being, presented by the 
Mun icb— Mr. Michael Roberts, njassive over-capacity vriuch 
the presidenti waraed .‘ of the Resisted in the sjTHhetk fibres. 


vJiS, JiUi! 

^ EGROPETS CLOTHING industry growth of overcapacity jh wool 
is Pressing the EEC to iiwist on textile production ’ atpood the 
': }l . Parallel concessions by. the U-S- world. .... ' 

'-qndaa*--,' . £® for ® agreeing ; to ‘any feduc- Mr. Roberts Ssaltf a j i tin ber of 

ore um 7.: « riotlung.tanffs at. the grower and trier cmretiies had 

<r w : n ' neg0 * adopted the poBcy of^wsoting 

. in- ' tiatiODS. ...... .... antT An^nuraMTut-thiv nf 

i v i »f*?: 

, r- 1 


cxi’C. - s | ?i ,; 

r ..;--::sci’ 3 -;r 

"p:""V. ^ % 

'sf* - :i 

: .r 

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i Ut 

Foreign interest focused 
on Pakistan free zones 


’Iji.a?"'? ^ 

.i tf--/" 


ABOUT 40 CONCERNS,-; includ- 
ing - eiiterepreneuxs • . from 
Pakistani, West Germany, Japan, 
Norway, France, Belgium, Saudi 
Arabia and Dubai have expressed 
a desire-to establish industries in 
(the proposed free industrial area - 
in Karachi. Officials estimate that 
even if. 'half those, investors set 
up ventures,- their - first 'year!s ‘ 
investment alone would amount 
to nearly Rupees lbn.(£54mj. 

Norway has shbwn interest in 
setting up port equipment iociud*. 
dug Ebip-breakingr. machinery, 
West Germany agricultural 
products, ■ - - Japan . - . electronic 
equipment, Belgium-. •.glassware., 
and France jplasti c goods. 

■nte Pakistan; Government pro- 
poses to set up -two--- free, 
industrial zones, one in Karachi, 
one at Lahore. Legislation is 
complete and ; an “ authority to 
administer thb area has been 
established. ^.,- . --j . 

The Government . intends to 
sponsor four types of investment: 
fully forelgtwxwned; majority 
fo reign-owned; fully -.nationally 

owned with foreign participation 
in technology, etc., and majority 
nation ally owned. 

■ Only export industries will be 
permitted; Preference will be 
given -to industries based on raw 
materials from .. Pakistan or 
which are labour-intensive. Those 
include:: . electronics,. light 
engineering, jewellery, marble 
cutting, furniture, hospital equip- 
ment, garments, electric bulbs, 
ship-breaking, tyres, shoes, 
lubricating, and agricultural 

The Government is considering 
■exemption from customs duty 
and sales tax; absence of .import 
control restrictions where there 
is no foreign exchange liability 
to the Government; and for goods 
to be exported directly from the 
zone. Added incentives for 
industries developing local raw 
"materials for use in industry 
would include financial assistance 
in equity . capital or loans, and 
low rentals for the first 10 indus- 
tries in Karachi and Lahore. 

jS.r .V; 


AS PART of a long-lerm pro- 
gramme to .- promote - .export 

industries, Thailand is.OFganlstog 

n free trade zone 35 miles from 
its Bangkok port, Klong Toy. 

Three Thai companies have 
submitted applications covering- 
a third of the 70-odd-acre estate. 

Infrastructure for the Export 
Processing.: Zone (EPZ) is 
expected to be complete within 
18 months. ' The incentives pro- 
jected, pending amendments to 
existing laws, include complete, 
exemption from export taxes, fuU- 
rebatriation of . -profit ^ ana 
capital, exemption from import 
and business taxes on new plant, 
equipment '. and - raw - materials., 
and easier residence procedures 
for foreign personnel. 

These represent, a considerable 
iinbrovement on the Board or 
investments’, normal incentives 
for industrial; "projects - and 
resemble those offered in tree 

' BANGKOK June 5- 

trade zones in Taiwan and the 

Although Thailand's first EPZ 
is small by regional standards, 
it is considered a pUot project to 
be reproduced, if successful, 
near the new deep-water, port; 
Laem Chabang, 135 miles south- 
east of Bangkok on the Gulf of 
Siam. The Slbn Laem Chabang 
project was approved finally, by 
the Government tins year and m 
expected to be completed in 

1981-32. ... 

The "World Bank, which 
helped to plan ThaUand s Sift 
free trade zone with a loan of 
Bhat 95m, estimates that goods 
produced from the EPZ -and Ihe 

surrounding 400^cre domestic 
industrial estate should be worth 
About 8200m. annually. 

The companies which have 
applied for space In the e 
include one of Thailand s main 
textile exporters, the Saha-Union 


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• '■*?•' : ' v V-;' e^i^'rvv'^i? 

Month to 
wait for 


INVESTORS with Grays Build- 
in? Society, which closed its 
doors aL Easter after the death 
of its chairman and the dis- 
closure of deficiencies of about 
£7m will have to wait one more 
month before they can draw their 

Their accounts have been 
attracting interest while they 
have been frozen — investors bad 
not previously been able to con- 
firm this. 

Eurruwers from Grays can ex- 
pect their mortgage rate to fall 
t per cent, to bring it into line 
with the rate charged by the 
Woolwich Building Sociey. which 
is expected to take over the 
Grays a( (he end of this month. 

Mr. V. H. Rale, the society's 
new chairman, said that an 
application fur the transfer of 
engagements to the Woolwich 
was due to he heard on- June 
“S, two days after members meet 
tn approve the move. When the 
transfer had been registered 
each investor would be sent a 
passbook for deposits and with- 

Mr. Kale said Ibc compensation 
fund set up by the building 
societies lo cover Grays losses 
would provide the money to en- 
sure accounts were credited with 
interest by the Woolwich pn the 
next interest dale after the 


The shareholdings of Grays 
directors would not. however, be 
reimbursed from the compensa- 
tion fund “or from any othpr 
source." This will leave their 
oy;n investments in the society 
reducer! by more than half. 

Grays’ accounts were pub- 
lished yesterday. They said that 
investigations indicated net 
assets at Demit her 31. W76, were 
■iverstalcd by Efi.37m. In addi- 
tion. Grays had not received the 
benefit of FKS.tfTT in mortgaers 
redeemed Inst year and the sum 
was written off as irrecoverable. 
Tim directors were also aware 
of .< further five cases in the 
first quarter of this year, 
loialling El«».225. for which no 
provision had been made in the 
a«-i;niinis. "Further material in- 
i nine tax liabilities " might also 

The auditors. Appleby English, 
said in the report lo members 
th“ -ruMely failed to keep proper 
books of account and also failed 
lo maintain a satisfactory system 
of i-onirol over ils transactions 
and records. { t had not main- 
tained a system to ensure the 
saTe custody of all documents 
of title belonging to the society 
and of deeds relating to mort- 
gaged properly. 

Al uminium plant 

future depends 
on Government 


NEGOTIATIONS WHICH could at Lynemouth, Northumberland, 
result in Anglesey Aluminium and British Aluminium at Inver- 
doubling the capacity of its Holy- gordon. Scotland, have also indi- 
head smelter are reaching a eated an interest in expanding 
decisive stage. The company — output should cheaper power be 
one-third owned by Rio Tinto- available. 

Zinc and two-thirds by Kaiser ' Although nobody is saying so. 
Aluminium, of California-— pro- n j s conceivable, too, that a 
poses expanding output from special power deal for aluminium 
100,000 to -00,000 tonnes a year could be viewed in Brussels as 
to meet an anticipated world infringement of EEC competition 
shortage of aluminium in early ru i eS- 

19 v£ the final go-ahead for Ihe a'uroiniun. ehrapames 

investment hinges largely on claim, however, that th y are. 
Government sanction for a special presently paying a higher unit 
! cut-price electricity supply to the P. r , J . ce f° r Lfa , eir electricity in the 
plan L. UK 111311 elsewhere iu Europe. 

I Aluminium smelting is a The implication is that the 
I notoriously power-thirsty indus- investment could go elsewhere, 

I try. with electricity accounting unless Cabinet approval for a 
! for 90 per cent of the cost of the special deal is forthcoming, 
j finished ingots. This is not the first time the 

Talks between Anglesey Alu- Government has had to intervene 

minium, the Central Electricity 

in negotiations between the 

! Generating Board the Depart- aJumilliujTi inAiatty and 

t electricity authorities. The 
Office have mLhed the 1964 . 70 Wilson Administration 

' u. aS be referred soon loathe sanctioned 3 special price to per- 

Cabinet for a final decision. M^UK^In Vbe^rsl 

The Government is worried -™ B j tcrs m the ,n first 
that provision of exceptionally P lace - 

cheap electricity Tor aluminium Expansion of Anglesey 
smelling could unleash claims Aluminium would make the UK 
for equal treatment from other virtually self-sufficient in 
heavy power-using industries, aluminium. Consumption pre- 
such" as chemicals. sently amounts lo 550.000-600.000 

Britain's two other aluminium tonnes a year, of which 100,000- 
smelters— Alcan with a smelter 150.000 tonnes is imported. 

joint ferry 
service opens 

By Our Own Correspondent 

THE OPENING of a new Ferry 
service between ihe Tyne and 
Scandinavia by DFDS Danish 
Seaways yesterday could be the 
.start of a new era of co-operation 
between rival shipowners. 

At an inaugural lunch aboard 
the DFDS A/S ship. Winston 
Churchill. Mr. Eric Hcirung. the 
company's president, said that 
instead of fiahting his company. 
Tor Line nt Sweden had agreed 
to a joint service. 

Tlv Winston Churchill will sail j 
on i he joint service with Tor 
Line twice a week lo Go then berg [ 
and cuici* a week tn Esbcrg. in | 
addition in DFDS's ferry, the 
England, which already' operates 
twice- weekly service from the j 
Tyne to the Danish port. ^ 

Between July 3 and August 2 j 
there will be three sailings a ; 
week t.i Gnthenberg from Lhe I 
Tyne and three to Esher?. ' 

plan ‘not 
the best’ 

By Michael Dixon. 

Education Correspondent 
MOVES TO increase parents 
choice by giving them vouchers 
lo “ cash ” ai ihe schools they 
prefer were hampered yesterday 
by the report on a two-year 
study by Kent County Council 
in the Ashford area. 

Almost half the teachers ques- 
tioned said they would refuse to 
teach under Toucher schemes, 
as advised by the two main 

The schemes have been 
strongly advocated by Dr. 
Rhodes Boyson, an official Con- 
servative spokesman on educa- 

The study concluded that 
vouchers would not necessarily 
be “the most satisfactory means” 
of improving parental choice. 


The decisive factor would be 
“ the availability of surplus capa- 
city in the schools," whether 
vouchers were adopted or not. 

The Conservatives still in- 
sisted. however. that local 
authorities should be free to 
carry out practical experiments. 

The surveys showed that six in 
every 10 parents wanted more 
influence over their children's 
schooling. The majority said they 
would use a voucher to transfer 
a child if the present school's 
educational standards seemed to 
be falling, or its discipline were 


But only one in every 10 was 
dissatisfied enough to want to 
make an immediate change. 

The study also found that 
voucher schemes would be very 
hard to administer effectively. 
They would Increase costs in the 
Ashford area alone by between 
£100,000 and £L3m a year, 
depending on whether the 
scheme was confined to Lhe State 
sector or extended to include 
independent schools. 

Of the parents with children at 
State schools, 9 per cent said 
they would change to indepen- 
dent schooling If the voucher 
could be offset against the fees. 

Education Vouchers in Kent; 
Country education office r, iiiaid- 
stone; full report £7.20. main 
findings £125. 


advice to le 


the Government's borrowing require-. jostasrapidly flood oat— in 
UdL-ment. Funds deposited with the e£her words,;that the - level of 
the 1 .'National Savings .- Bank axe.tiqUKiity has been-maintaihed ab 
the deployed by the National. Debt- a very much ;higher level than 
Office in the purchase ^f-gats^ would- omerwise . have, been the 

a eposi i eo iu »auuuai oaviuua - last Treasury Bitis, - and local, ca^.- : - 

Bank investment accounts should year, while money markf“rates authority securities. ar placM on.; • J® of the 

to withdraw their fell hand over fist, the fete on short-term deposit with the local cantiary-th^.Qty win have to 
the National Savings Bfak .in- authorities. a J*2 lt publication of the NSB's 

tic at To the exteat that they are 1977. accounts* - now - with the 
April, withdrawn for investment else- Comptroller and Auditor-Gen- 
eral and due to be laid before 

one- V>er7- — i-A- Parhameot in July. •' 

oncy I -.1 ONEMOfrrH_. j j.. For the moment, however, it 

looks as thojigh shoit-ierm depo- 
sits/and maturing Treasury bills 
nat s aving s bawk will •; be sufficient . to. ' meet = the 
♦ n 9 A I . investment " ■ £180mr of withdrawals, how. sebe- 

tT 7/ I t IT ACC OUNT rate : : duled/f or the beginning- of July. 

nL-orc’ I \ t I , ■ ,i 1 • *n Without. • forcing' the 7 National ' 

okers, i Hill IU -• Debt-Office into substantial" 

and costly-roales of "slltk. - 

o£ nsom at the begiamog of S.--JK a I "I I |'. UJJJfj 1 1 a. fimhcAufi^Ua, 

The brokers say that the h ™f <°L "£!“£;_L U .K: ... ITlT fftTm I 

month, can be met':. with- similar 
:-ta s e ' Sh ould-, Mother rise ■ in 
money- market -rates tempt .-those 

ONE unexpected result of the just such a sizeable 
recent rise in interest rates has opposite direction-; 

been a very strong recommends- brought the institutions 
tion from stockbrokers Joseph National Savings Bank 
Sebag that those with large sums first place. 7_ t 

deposited in National Savings ' From January to Octoj 
Bank ini 

Sebag has not been alone In jwtmw' t account was 

taking, this view, though its . 1 bette“ thaT 

exhortations have been more 

vigorous than most. ^,5 fun£ "E^S 

The results appear to have 
been dramatic. By the close of 
business on Friday afternoon, WhoIcS&Ie 
two days after the end of the . . 

calendar month, on which -Jf ^ 

interest is calculated, the Depart- 

ment for National Savings had hSoa^Tn^niip' *nnA*. 
received noOee of the withdraws! P N Si2Ssd!uoiS J 


[ nt for 

brokers say that uic n . . Tlt .„ 

National Savings Bank's invest- N A on Jf^avtocs^as ^ \ 

fvSl^nme^rVe'^s^eS alamrf ot the slze of 

t» introduce its £60,000 


individual holdings was intro- Reaction 
duced last July— to deter just _ . _ # . j . 

such investors. Tbe faPt reraams thatf despite 

some withdrawals si 



institutions which have not yet 
given ^notacfi df withdrawal into 

dojnguso-^fehmitis to beseem 

But they now argue that the 
rise in money market rates in 

Department itself red 

the where, the Government will have 

. s that to sell more gilts or find other - However,^ -iXi is. a . reasonable 

the nafit few weeks means that sorae f400,n of m £1 ' 6 ' }m 'means of financing the borrow- assumption _ihat : the Effects- on 
Ehere are now more I?ti a ctive invested th ™ u ^ the ratiooal.hig requiremenL Neither course -the gUt^dgedmarkerwiUnot-be 
hwnes elsewhere for such money Savln 3 s .Bank's in jstment looks promising at themomdnt di^jMcuaiessIm private in- 

-noSblv onlmonth fntertank 3Cl -’ 0u0ts is i institution a money. _ . dWduals .who hold Investment, 

This is the money wi ch .City_ Rearish necotmts decide on a ^sim ilar .' 

SS" ^ 6terUn 3 stockbrokers are Wiug ugbt to “ eanSn : poSS-Waidtsnnil...- 

certificates of deposit. ^ withdrawn. But if there are some bearish -The Department for National 

Precedent The Department for afional implications in this situation for Savings, ought not to be able to 

„ Savings, and the Comm sioners gilts, they are not .necessarily assume that that will .not happen. 

To the extent that interest for the National Debt (v 10 man- quite as bearish as the- stock,-. But- it caaL Apa thy -miF th e tar, 

rates continue ro rise — and the a ge investment of the lational: brokers maintain. jneentives pemliar^ "4rir tbi^. forpi' 

brokers expect that to happen-— Savings Bank's deposit i, have - Both the Department for nf lavestgiient. mak e: ^ iTa in,' 

the argument is strengthened. taken the news that t- *re are National Savihgs and its invest. A& it ji- sqrpe-.of the bglhUht 
If precedent is any guide, a to be substantia] wit drawals ment managers at the National societies" no w withdrawing wh ole- 

corresponding rise in the rate nn philosophically but it c mot be Debt Office maintain that their sale funds from the - National Sav- 

the National Savings Bank's welcome to their mastei in the investment policy- over the past ings Bank^iave noticedthat their 
investment accounts will be slow Treasury. gear has been conducted iir the 'own depositors are making with- 

enough in coming tlirough for a The money invested h rough knowledge that the fundar^ which drawals ■ in tnrn-rto put. the 

sizeable gap to develop. National Savings goes, tore or flooded in during the period money ' into National 'Savings 

It was the development of less directly, to fina ce the from May to July 1977 might : Certificates. ' 

THE PALACE of Westminster shows the first signs of a 
cleaning operation, as seen from Westminster Bridge. But 
it is only a lest to give MPs an idea of the effect and possible 
disruption t» Parliamentary work. The £3-5m facelift 
proposals have met Parliamentary criticism, and in March the 
Commons Services Committee called for a cleaning test. 

Young jobless warning 

to revive 
Mull malt 

By Kenneth Gooding 

A WEST Yorkshire businessman. 
Mr. Stewart Jowett. has bought 
the malt whisky distillery on the 
Island of Mull. It will come into 
productioq again In September. 

The . distillery, called Lcdaig 
but to be renamed Tobermory, 
has had -a chequered life. It was 
built ip 1823 but closed for the 
first time in 1923 by the Distillers 


In 1972, a consortium including 
| lhe Domecq sherry group and 
the Liverpool-based Larrinaga 
Steamship Company, started 
distilling again and added two 
new stills. 

Much of the malt whisky pro- 
J duced went to Chivas. the 
Canadian Seagram Group off- 
shoot which makes the Chivas 
' Regal brand. That contract was 
ended in 1973. 

In January 1974, Ledaig went 
into the hands of u receiver and 
he has flow sold jl to Mr. Jowett's 
Kirkleavington Property Com- 
pany of i.Tleckheaton. 

The consortium spent £350.000 

POLITICAL LEADERS were the extremities of politics — lhe 
warned by a trade union leader far right and the far left." 
yesterday that young people will Mr. Gibson described the "un- 
revolt against being unable to acceptably high level " of 

find jobs by turning to extreme unemployment as "the scourge) ^ ___ 

politics. of society." Young people were j adapting the distillery and at its j man'’of“tbe Leyfand bistTlbutors’ Leyland ~outfets. 

"Thev will not doeil-lv accept scc ' n " their future. nr«t in any | production peak it employed nine ' ~ 
ese conditions a 5 did my gene- industry and commerce, but, people and had a capacity of 

. .. .. .. uifonrlmn inh #-r*nTro«; Innkinr* fiir ohnut Ann ATin nil 

LeylancFs share o 
up slightly in Ma 



BRITISH LEYLAND'S market able stocks of most of s lead- accept this position .without a 
share recovered slightly last ing car lines, except the tint ^ aht u i« 4 t«iinwrf ft -ii¥icon* nr* I 
month from the disastrous 17 per During the last mon i there g**;. “ 

cent in April — but, at only a is also evidence that Japanese “h^und Dell, Trade Secretary, 
little over 21 per cent, it was still importers have been exifercising Ydth a . petition agamst JHestnc: 
much lower than the target of some self-restraint, although this turns an shipments, which were 
27 per cent set by executives does not appear to have he>lped agreed two' months , ago between 
earlier in the year. Leyland. . the British r and Japanese Gov- 

According to preliminary The Japanese share of the ^r- . - . . . 

figures, the State-owned com- market in May came to about S 

pany once again has been pushed 10^ per cent agaiost 11^ per S, 13 ”! 1118 * del^ation to 

firmly into second place in the cent in AprH. 'Em share of Tokyy. to present a^imllar nrgu- 
market by Ford, which captured Datsun, which Is' the leading ment to the Japanese Ministry 
22.5 per cent. Imports also did Japanese importer, -and which 0 f International - Trade and 
well, with a little " over 48 per had S.7 per cent in January, indiistrv ' 
cent. went down to 5B per cent 

The figures indicate that Ley- Japanese car shipments also 
land is still having to struggle are beginning to decline at pre- 
hard to sell now that dealers sent, so that* later in the year 
are no longer being buoyed up by it is likely that sales will fall 
the large Superdeal promotional even further, 
effort. The company is reckoned But the Datsun dealership 
by its competitors lo have reason- organisation -is refusing to 

Top distributor to add 
Vauxhall/Bedford sales 

WADHAM STRINGER, one of takes the company, which is 
British Leyiand's largest dis- mainly southern-based, into the 
tributors. has decided to take on west country at Worcester, 
a Vauxhall/Bedford main dealer- This suggests that it will aim 
ship to add to the recent arquisi- to develop its Vauxhall and Ford 
tion of a Ford franchise in businesses in these territories. 

Liverpool. rather than British Leyland, 

The move comes in a year which still prevents its dealers 
when Mr. Michael Stringer, from establishing alternative 
managing director, is also chair- businesses too close to existing 

these . .. . . 

- --- a year. 

eiieral preMderH lolci the work - “They will not continue j Some financial assistance was 
annual conference nr the *° 1 acce P, t th . is . u They ??' en ‘ he Highlsmd and 

National Union of Hosiery and feel, quite rightly, that they are Islands Development Board. 'Hie 

. .. * nntktlon In mu nlriVltiPHT I tn nn « n r.n>H T AHmn K-»r 

KnUwcar Workers in Edinburgh. cn SV ed ^.5™P , °y") 1 ent :., t . .. , . 

Mr. Gibson said that the ; not been disclosed. 

“Unless sunieihing is done to unions must maintain pressure! Mr. Jowett said last night that 
change the stale of unempJoy- on the Gm'ermnent Tor action j he hoped to “start distilling in 
ment. young people will turn to on unemployment. a small way" in September. 

Council. The company is also aiming (o 

It follows a recent change of develop its commercial vehicle 
policy at British Leyland allow- interests, which will be helped 
ins its distributors to take on by the Bedford franchise, to give 
franchises with other manufac- it less of a bias towards car deal- 
turers — a move which the ing. Cars at present account far 

price now paid for Ledaig has {dealers have sought because of about SO per cent, of its sales. 

the recent problems raced by the Other Leyland dealers, such as 
company. Appleyards and Caffyns, have 

Wadham Stringer's acquisition also moved into alternative 
is also significant because it franchises recently. 

Green Shield 
in store 
discount offer 

By' Our Consumer Affair* 

the Green ShiCia trading stamp 
company are to launch a second 
Super Discount*’ campaign. 
Under- the scheme customers 
can redeem stamps .for goods at 
exceptionally' low prices. . 

Anybody who. has collected 
■enough stamps" to fill a “ Super 
Discount^*' booklet- by spending 
around £8 will be able- to cash 
it. in at International for a range 
of. goods, costing -20p. Thus, 
customers will have' to. lay out 
only lp for products tijeh as PG 
Tips tea and bread which norm- 
ally. sell at 21p_. ' 

nullify. -fr 1 any, sen at aip. . 


sells for £7, 

ONE OF the celebrated Derbjf-mouche and Columbine, from. 
Victory of the Nile mugs, In- the Italian comedy, -after the 
scribed Rear. Admiral Lord; Meissen originar by J. J. 
Nelson of the Nile, with the re^, Handler. ■ 
verse showing a picture of the’: The. museum concentrates on 
British Fleer .offshore and in- Bow’, wares which were dis* 
scribed Victory of the Nile, tovered- on- the site of the 'Bow 
August 1, 1798, set an auction factory nearby, 
record .when it -was sold at *Other institutidnal purchases 
Christie s yesterday for £7,000. included the £2500 paid by the 
j It was bought by the London jj er by Museum- for an- early 
dealer, Winifred Williams* in a De^by ' Chinoisarie Gronp 
■ ■ • modelled by' Andrew .Blanche, 



Mrs Castle's new state pension scheme goes so 
far. but is that far enough? 

For most directors and higher paid employees, 
the answer is no. 

Because the stale scheme does not currently 
provide tax-free cash in hand at retirement, 
nor full security for your family if you should 
die before retirement-important points when, 
you look at the escalating cost of living. 

The solution to your problems could be 
MGMs ‘Design for Retirement’ 

MG Ms plan enables you to build on the 
foundations of the state scheme-or your own 
private scheme-and create a tax-efficient package 
of fringe benefits for you and your employees. 

"Design for Retirement’ is simple to run- 

because MGM does all the paperwork -and js so 
flexible it can be tailored to suit your own specific 

Why not find out more -you’ll be glad you did. 

For further information contact your financial 
adviser or ring Malcolm Powell on 01-623 8211. 
Alternatively, return the coupon at our expense. 


Established 1852 

Marine an d General Mut ual Life A ssurance Soc iety 

To: MGM Assurance, Freepost, Worthing, West Sussex, BNll 3BR. 

(No stamp is needed) 

Please send me further details of your 'Design for Mctinmetit’Pensbm Pfan. 
Name ; 


Company Name 

Company Address- 

FT 9 

and the iLSOO paid by. the 
Ulster Museum ' in Northern 
Ireland for a Worcester sable- 
deco rated lobed circular dish 
painted . by Jeffryes Harnett : 
OTfeztel _ . . _ . •- . . . ... 

sale of English porcelain which Tn : 'part dinner .and dessert, 
realised £112,075. - ; - services; a Worcester Flight ^rr .. 

The same dealer paid £6,500, Barr servi^-painted in aj 
and set another record, for a I man P^ette with an oriental 

rare ’ white Deity Chinoiserle fi S“« wifli .a. parasol outsig J . 

group' of Sight, from a set of w 5? ded " 

the Senses, modelled. by Andrew realised £4,500. It was bought • 
Planche, depicting a; Chinaman .BnonjroousJy.. - 

and companion in. flowing robes Chairs - Were -in -demand at a ■ 
with long sleeves, both seated tm Phillips furniture sale* -which/ . 
an oval rockwork base.' . - totalled . - A .set .of I- . 

A. coloured example - of the William 'IV carved.- mahogany •' 
same work last sold at Christie’s dininfrehairs sold to Bishop for 
in December, 1978, at £3^00. £3J!9D 'and eight ;.carved - 

Christie’s said later' that it bad mahogany .. dinlng-dmrs m 
also teen active on behalf of Georgian style went to Gordon 
East . ' London's '- Passmore for £1,250 (estimate. £2,1)00) ■ 
Edwards Museum. It paid £4J!0Q ' 1 A. JPhllllpB '-print- sale totalled , j." 
for a rare Bow group of Scara- £11,400 and- watercolours £B^-; ■ 

Natioilal Gallery move 
to save Canalettos 

THE National Gallery yesterday Professor John" .Hale, " of the . 
stopped in tobelp stop the ex- - gallery's' Board . of .trustees, .a f 
port of two major art works — =“remarlaibly attractive '.paint- ^ r 
and ,criticises the Goyerament . ings,? were: done by the Venetian . : 
for. forcing. It to use a “begging ^ artist during a visit to England lo 
bowl” The unprecedented move the ISth century,, j 
rotlows desperate .-attempts ' by \ They went . oh -.display at the . . . 
the Birmingham City Museums. Rational Gallery the 
and Art Gallery , to .'.keep two ' hope that, them exhibition woiOa 
Caspletto originals In Britain. prompt 'visitors - to pop a . fcV . , 
Never, before, has the National m a^l^.^nti^e wooden ^ 

Gallery launched an appeal on in front - of the picture . ; 

behalf of a regional gaUery. -The 

works, both views of Warwick Prof- Ha^ pralsing the 
Castiel' were , sold; Iast^year tat : 

£550,000 by. Lord Brooke, son and 
heir of the seventh Earl of War- 
wick; to American, collector Mr." 
Paul JteDOB. . . •' 

The mnseam managed to raise- 
£ 27 ^ 000 , ■ Including a £187,000 


the. Blnbigham Gity - mhacums 1 
aha art gallery. safd: “If every.- . 
body who comes to- see the'P«‘ 
tures put just 2Sp in toe chest, 

.we should reach the target -. " _ 
“But this- is not' to^say; toat - 
5^7-^, the trustees endflree_ a. J«licy- . 
Gove«?meht grant _^a toe Vie- lowar(te the British, heritage. 0 * - , 

ing tiw other. Now, with the out a hemfri*- bowl’* ' * 

deadline- for export due on JuJj) rf toe ' V? 

11, , 4 bc' National Ellery has {S S^rSSfcW).'-' ;: 

the remarmng £77^00. . : .anolher. wiil gd the: a SW&s ^ ■- 

Both • works, • ' described by ' lc ctnr ; kr-Juiy, - . \ _ •• 

V. i. . • .V •' ■■■<:"■ V 

V" • 

. — • -♦ ■ - 

* % ■■yf¥t^^P P? ■ .- v -"; : "■ 

«’ \Tues3a v-; ; June 6 1978 >•' & 


:u- exi -v - 4 

J2i> ^ 
j.*iru 5 j 

5 S' 


!_i/in. n , u tfr 

■■'-‘‘-’•••a' , 

I! O'* !».■■“ 

: ru*i Q> 

, t^v 


v ‘-ihdp.x.:. 

'**' » 0 ^ 


<*«' ’.be =f’- 

— ^ . ■‘■■J [ir.p. 

V fj!0 a* 

•*? v ^ i : 

id: a- A ^ 

Slrttni (.•; .. 

1 *•■•" w i.“ . 


tiliij* r^.^- 

r ;i; -f :i ' ui 3[ ; 


•t iw>ced£. 

-'• jnisji, 

'• -ITi— 1 \ •* 

>..•■: -;l "< 

i Shield 


Jilt offer 

r.yjtv cr A5w 

• :.\: st-ks 

.■ • : •: ,i • 

• r:.Lc? 

.1 • : ; • L" 

;li . 2 .' j 
’•> * ’ .\ 

' -,t • 

'J» * 

* ,% . • '- 


• niO^ 


The place is called 
, Milton Keynes, Harry! 

‘Sounds good. You 
think we should put 
theU.K.Operation there, 
right? Why?’ 

‘Well for a start, 
can move into the new factory just a month from today! 

‘There are places all ready and waiting from 1,500 square 

| ‘Bit small?’ 

‘. 100,000 square feet. And there are some very nice 
sites available to build on’. 

‘You on commission?’ 

Then there’s communications. It’s right on the Ml, and 
the A5 goes right through the place, so does the main rail link 

• • t 

‘Hey, slow down, what’s all this afive?’ 

‘The Ml is the main motorway from London to Birmingham, 

is the. V 

‘]$h okay\Highways, highways’. 

‘There’s no problem with housing the staff. And I don’t 
think we’ll have anything but compliments about the place. It’s 
got good shopping, lots of schools, plenty of wide open spaces, 
lots of good pubs. It’sjustafewmiles outside London. 

And Oxford, Stratford, Cambridge are all easy drives’. 
‘Yeh. Fine, fine’. 

‘And it’s the perfect base for serving Northern Europe. 
Apparently that’s one ofthe reasons why RankXerox moved in’. 
‘Americans there already?' 

‘Oh yes , Coca-Cola, 

Nacanco, Hammond Organs, ; 

Reads, Allen-Bradlev, Redken 
Laboratories, Southland * 

‘Great. I’m sold’. ir e 

* 1 
< v> 





Pay curb 

on staff 
‘limited 5 


NEARLY 60 per cent of British 
engineering companies believe 
that wage restraint and its ero- 
sion of pay differentials has 
not brought' them “significant" 
problems in retaining skilled 

But over 40 per cent of 103 
engineering companies surveyor 
last month by Manpower, the 
international work contractors, 
claimed that skilled workers 
were changing jobs more often 
as a result of Phase Three wage 

More disturbing, the survey 
adds, was that highly skilled 
staff were not only leaving to 
improve their income but often 

Fuller to boost 

brewery with 
£3m expansion 


the BREWING GROUP. Fuller capacity for the first time since 
Smith and Turner, which has 1975 when demand started rising 
benefited from the revival of For its beers — including London 
interest id traditional beers, is Price and Extra Special Bitter, 
to spend £3m. on the second one of the strongest in the 
stage of developing its Griffin country. 

Brewery at Chiswick. West main con t rac t or f 0r the 

L °To°he,p .«* UJ. project fSSSVSnm, %c!Zrili£ 
; ft! “ n S“°.‘„ e H tri ^subsidiary which is the only 
C £- r I nr« - P significant all-British manufac- 

Si?sS?lS™e?!. SsM Sam supplier ° f brewery 

20-year debenture carrying 13* ^tpmeni. 
per cent interest Mr. Noel Chambers, Fuller's 

Fuller has already spent £lm finance director, said yesterday 
on the initial expansion of the that his company, which is deter- 
brewery and by the time the mined to remain independent of 
second stage is completed in the major groups, expected to 
capacity will have be able to meet the rest of the 

_ three years 

to take up work in other fields, i been raised by 50 per cent, from £3m cost from cash flow and. 

'576.000 pints to S74.000 pints a possibly, the sale of some pro- 
week. pertics subject to compulsory 

This would give Fuller spare purchase orders. 


Only 57 per cent, of the com- 
panies questioned favoured "a 
return to free collective bargain- 
ing in August. The remainder 
believe that a Phase Four pay 
policy shuuld be introduced, 
with 75 per cent, of this total 
saying that the policy should be 

Most of this large minority of 
engineering companies would 
wan) the pay rise limit retained 
at 10 per cent., although a few 
nt them would prefer to see the 
limit dropped to o per cent. 

The statutory policy should be 
more flexible within these 
limits, said the companies in 
favour of a Phase Four. 

Smaller companies in par- 
ticular asked for more flexibility 
to restore differentials- Larger 
ones wilh over 1.000 employees 
preferred a great flexibility in 
terms of companies' payroll, 
with most of them seeking more 
flexibility within a pay limit 
linked to productivity. 

Government aid sought 
for gambling council 


THE Government has been asked give up to £6,000 a year, or a 
help finance a National third of the annual running 


counen SS-' of » he -S5 £££ 

the 45-year-old Churches Council g am biing and act as a pressure 
on Gambling to be dissolved in g rnu p like the Churches' Council. 
August. The Home Office had deferred 

The Churches Council, which any decision until after publica- 
helped to form Gamblers' Anony- tion next month of the Royal 
mous L4 years ago. was closing Commission's report on gam- 
hecause of cash shortages, the bling. 

Rev. Gufdon Moody, retiring The Joseph Rowntree Charit- 
general secretary, said m a b] e Trust, which already coft- 
Ltmdon yesterday. tributes to the Churches' Council. 

The Home Office voluntary has promised to pay £6,000 a 
services unit had heeti asked to year for the first lliree years. 

The Gatwick-Heathrow airports helicopter link starts on Friday, when the Prince -Wales flies on the first . service, 
after inaugurating a £100m modernisation programme at Gatwick. The he copter service will _ provide 
communications between the two airports and there will be 10 services each w; daily, taking 15 minutes between 
the two airports. The single fare will be £12. British Airports Authority has tw ight the single &6IN 26-seat heli- 
copter for this service with the aim of encouraging more passengers to use C twiek. British Caledonian mU be 
providing ground handling and cabin crews, while British Airways Helicopters will provide flight crews. _ British 
Airports Authority hopes that the helicopter link will encourage ^ more airli, » to mojre to Gatwick, -where the 
modernisation just completed has raised traffic capacity. from 'fijm to fL6pi. passengers a year. 

Midlands call 
for flexible 
pay policy 


made b* local -useful first approximation " of 
in England which had planning authorities in 1975. T land available for development, 

permission for private housing ^ wa ^ ^f s . e ^ °P ® The House Builders ^edera- 

development in 1975 bed teen S? SK'S^Sf H12.12 tljW, wMeh «!««!»«». *&._•»» 

A STAGE FOUR incomes policy! 
should contain a flexible ele- \ 
meat oa top of a restricted basic j 
entitlement This view is being 

pressed on Mr. Denis Healey, the j ABOUT 70 per cent of the sues permissions 
Chancellor, by Birmingham **" * 

Chamber of Industry. 

“We must now move away 
from rigid entitlements to a 
system that will re-introduce the 
financial incentive to accept 
greater responsibilities." Sir 

Robert Booth, president of the! The report, prepared for the ment it concluded ttrif 7 per federation is ' conducting 

chamber, said. j Department of the Environment cent of sites coveredjby the 

Proposals for a rwo-iier system land the Housing Research Found- report • had ' been cAjpleted- ”5 t the irfnfation of 'iht: 

are made in the light of pressures ation. traces the progress oF 1,000 Another 62 per cent ltd been n. n9rtmpnt aha hones To renbrt 
caused by previous flat-rate individual development sites in- started but not finished.# .- .- n the autumn House builders 

increases. eluded in a count of planning The two main reasols which' have consistently, said :that -the 

, , , . , . the extent to which thelnumber hm^ial assessment of bousing 

started or completed by last outstanding residen“' ' assessment u 

year, accoridng to a report missions- is" a reliable 

published yesterday. of land available ' for bevelop-^ ^‘ddIv nositiohT 

It concluded thf 7 per 

landowners save for 

ers use 

Private house bi 
70% of planning dermits 

A ‘ CLASH between . Dresser 1 
Minerals International and - the ; 
•Peak District. : National - Park. 

supported: - by " • environmental ' 
interests^, is likely. following the: 
company^.ippllcatidii to 


fluorspar '. at Conksbury Lane 
;4 Y6plg*w»r> - : . s - ' 

; DTesser , 'today _ 

meet , the^ Youlgi^a v&i - Parish_ 
Cotfiidl to > explain : their , pro- 
pOS&is.;, , Latere this toon-to; there 
wfli _be , a ~pubEp-meetingi:where 
the views expressed me expected ' 
to fefiueocd_The decisUm"' of -tiu 
Park’s . Pfenning /JSoairf, " .igfcict 
cptxftTbe madeiiHown'-^n-Jnlj. 

If the - plannijpg^bmifd rejects 
the-. applicatm^-Dresfier wiir 
appeal to, Mr; Pete r Shore, Secre- 
tary f or ^ihe Enviroimjen t Mr. , 
Ga,rry Thiel eiii Drfesseifs manager 
in, Derbyshire, explained that tbe 
company .wopld ; be. hart if- it did 
not have access to the fluorspar, 
-although' it would not be. put out 
of- business- r.V/ 
f.j'Ji fairly: largehody of ore- is 
involved, which iiesafd, could be 
mined, ciUickiy. with, relatively ; 
little, development. 'If access was - 
denied, the company- would' lose ! 
one-and-a-balf years ofproduc- j 
tion. - . 


al per- land availability, said the report 
fidicator tD id little about the time, land 

. . The . needs ... of. the ! company -- ' 
inevitably . clastiy'wfth the prin-. : 
ciple of keeping r.natlohal parks-; 
free- of commercial, development. } 
The groat difficulty for. the Peak ) 
^District /Park ; is, .that it, contains ' 
about SQ.per^cent of the country’s - : 
fluorspar reserves, *.• - 

’’ The UK e^orter of 
t'fluorspaav whiiai L Is .‘used- as a 
fluxing base in metals, smelting 
land in alumi nium - processing. 

In the past, local opinion in 

lure .to supplv situation is ' fet trio 0 “Igreay ,'hhs : beep -.fairly 

Below is a brief guide to the investment incentives .. Before you dojanything, it could pay you to get 

available in the Areas, They apply to companies moving into, in touch first with yotir nearest Industrial Expansion Team. . 

or already in, the Areas for Expansion. Or; tick the box(es) below for the information you want 

Are you planningyour company's future now? and send in the complete coupon. 

Greater benefits are available In Northern Iceland. 

implement plimnmg p^issions. ^lous than officials bava'v been 
were planning difficult*? and a prepa red to accept and that the 
decline in the housing! market position is becoming worse. 


- ■* Land Auaflabilitg: 

\ land with residential- 'planning 
The Department said lasterday- permixsian.‘\-. Trroduce& . by. 
that the report showd how. Economist Intelligence Unit; 
numbers, of outstandingfclanning ..Roam Cl4,\pOE, -2, .Marshdm 
permissions could reprfsent “ a Street. S.W.r?£l 35. J 

Dollar pfotjury ‘^an 
return separate verdicts’ 


JUDGE BUZZARD CiC. took in l^y'estuient-.huireticy between^ 

nt-free factories 

Rent-free offices 

Manufacturers can obtain capital 
grants of 20% or 22% for new buildings; 
also for new plant and machinery in 
many Areas. 

Tick here 

4J5e rare course of advising the 1975-76. • - 
jury that they /could return The "judge remln&d the jury 
verdicts „ separately ' on each that the^ Crown cascAwas that u 
defendant when rtie began sura- the scheme ta .evadfe Ft 
raing up. in the dollar premium currency, regulations bad suc- 
plot trial at.- the .Old Bailey ceeded, it could have- le\ to thei 
yesterday. > J ■ ' UK’s tiollar premium reserves 

Defence counsel protested that being depleted by- £lm, but it 
to split them up in this way was ** nipped ra the bud ’.' Before 
might lead to prejudicial or in- it was completed. -V 

consistani verdicts. But the The defendants, who deny*ihe 
judge told the jury that it would charges, are Mr. Wales. 42,'*«of 
be easier if they did it in the Chisl&hurst: Mr. Adrian James, 
way he suggested. 32, solicitor; Mr. Leonard Ash, 

Verdicts arc expected this 39, panel beater; Mr. Johfl. 
week on all five accused, ioclud- Robson. 57, commodity -trader^ 
ing Mr. John Martin Wales, a and 'Mr.. -Reginald Atkins, 50J 
suspended Bank of England company director.-' 
official who has faced charges of A sixth, defendant Mr- Alfred 
plotting to obtain mooey dis- Taylor. 62, died^hile the trial 
honestly from authorised dealers was on. . 

Interest-relief grants, or 
favourable-term loans. 
Fixed-interest loans from European 
Community funds. 


Tld r.ri _• 

Up to 2 /ears rent-free (exceptionally, 
5 /ears). 

Options to purchase on long lease. 
Wide range of new factories available. 

THE Ministry of Defence is in one of the Royal Dockyards 
| studying the possibility of wai the. aircraft .carrier Eagle, 
resuming construction of war- completed at Devonport in 1964. 
ships in its own Royal Dock- Since thfep. both -DeVonport and 
yards as a means of keeping Portsmouth have built several- 1 
warship design and development ships up to -frigate size, the last' 
skills intact of which was completed In 1970. 

The four Royal Dockyards ^onstroction ofwat> 

Y Devon port, Porthsmouth. Chat- sh,J S^° u ili nvof ^ ftreildaWe. 
ham and Rosythl work, on proWe^such as union reactions 

repairs and refitting waiships in ^r ,p ^ U ^f rs * . ¥ ar ^ s * 

at □ resent • and-thfi need for substantial new 

investment in the Royal Dock- 
Tho last big ship to be built yards. - 

Dividend opinidn 


* venty - divided; reflecting the 
classic clash of interests between 
the desire to see new employ- 
ment opportunities and the pre- 
servation- of. enviroiraieatal 
amenities, v. - ' v • • 

Dresser,' a subsidiary of a 
Texas' concern, ".took- over a 
fluorspar mine and processing 
plant at Hopton. about six miles 
from- -Ypulgreave, earlier this 
.yea£ and made, an investment of 
about £4 ol It now employs 80 
people and has been building up 
mill production over the past 
three weeks. _ -- • 

In March, It made clear that it 
woidd -"be - reeking - planning 
approval for exploration and 
deveTopment work. The site it is 
how seeking to mine embraces 
land -for: which its. predecessor, 
C. Guilinl. (Derbyshire), had 
planning - permissiOH. - 
3lie National Park Planning 
Board is treating the application 
with ' some caution; having lost 
its attempt to prevent Imperial 
Clsemicat Industries starting a - 
hew limestone • quarry near 
Buxton.: It is particularly anxious . 
about the restoration of land 
after the- mining— both opencast 
and underground — has finished. 

•There have been suggestions 
that the. Board will seek from 
Dresser a bond to iover restora- 
tion later. But this is- opposed 
vigorously by the company. " The 
plan we -presented involved foil 
restoration of. the site,” Mr, 
Thielen declared. 


buys RAF! 


llt.l IKTU 

Security talks planned 


G rants for office rents for up to 7 years. 
Grants for new jobs created within 
5 /ears. 

G ran ts fo r staff m o ved . 

Tid ht-i-: 

London tel: 01-2116486 

2't-hogr aniwcr-scrvice lor booklet 
iquiri L -^only. 01-834 2026 



role 0-1 1-2JB 2855 


Tel: Cardiff 621 21 
(STD code 02221 

Northern Region. 

Tel: Newustle 

upon T/ne 24722 

(STD code 0632> 

North West. 


tel: 061-236 21 71 


ul: 051-23$ 5756 

Yorkshire & 


Tel: Leeds 4431 71 
(STD code 0532| 

Sait Mid lands. 

Tel: Nottingham 
56181 06021 

West Midlands. 
cel; 021 -632 4111 
South West. 

Tel: Plymouth 
21891 (STD code 
0752) or 
Bristol 291071 
(STD code 0272} 
London & South 

tel: 01-603 2060 
£xt221 1 

Eastern Region. 
tel: 01-603 2070 
Ext. 359/360 
Northern Ireland^ 

Tel: Belfast 3 448B 
(STD code 0232} 
or London 
01-493 0601 

To; The Industrial Expansion Team, Department of Industry, 
Miilbank Tower. London SW1P 4QU. 

P/ease send me full details of The benefits available 
in the Areas for Expansion, as I have indicated above. 

MR. MERLYN REES, The ’hie document, which is to be 
Home Secretary, is to publish a published soon, follows the intro- 
discussion document on Auction of a private member’s 
whether or not private security Bill into the Commons calling 
companies should be more for- the. registration of private 
closely controlled. - securitF -companies.-' " 

Mr. Rees, speaking at the Inter- m,- '.R ees said There was evi- 

national Professional Security . *£:£*** Wa^Lyi- 

Association conference,, in. Urn- Awe®: that security measures 
don. said the -document would were a. good investment -which 
look at the arguments for and earned a rate of return at least 
against increased control. compatible to those mi other m- 

It would also consider booic of vestments. He cited -one com- 
ihc “important issues" that pan/, which had had. its locks 

greater control of .security changed at a cost ot-'.SSOO atidt to reduiremenls^ ■' ' “ . 

otgamsations would raise — such had stopped losses of . approxi- :-Three Belfaste have . ahT a vJ 
as the disclosure by the police of mately £400 it week Tram. -sealed 
information on individuals. contsiQeris as a result. 

Financial Times Reporter, 

ROlilj&RbiCE . is -buying seven 
RAF ' surplus. , f oy r-engi ned Be |- 
fast.frei^iter pirCTafL The pnre 
has notpeen disclbsefl'/.v- 
1 .'The-' engine, maniifacturer 
-wants the; .aircraft for their 
turbo-prop.' Tyne engines, to- 
gether- with', a quantity of spares, 
to meet -a continual demand for 
these; engines, in other 
aircraft ‘and for naval use. The 
airframes will be broken up - 
sold for scrap. '■-.-..y'. 

The Ministry nf De/ehre-Tw 3 
been trying to sell the -Belfast? _ 
for’.two- yeafs. -^A number. m u?*. 
dependent airhire operators:*?!? . 
interested, including TrhflSm^ • 
diau Air. Cargo. TEadewinds,.? 1 ®* 
LAB Cargo Airltoes, elfliri: Be- 
cause or^ their Tyne engmes or ; 
as flying freighters in their; own. 

; -Ten Bel fasts . were_,huilt hj 
Short BrtthSnfirend Sarlimart '■ 
Belfast long-range .strategy 
heavy, freighters for , the 
Witiv tiie shrinkage in Uie D'* « ' 

global reta in defence. . and tw 
concentration -on' '..Europe “ 
NATO, the Belfast became sat- 








Hotpoint places ££m 
mobile radio order 

betin sold,..: to: a., Liondonhifl^. 
flrganisati on. Edrolatin, for : .r 

in cargo dpera tioni:-'' - -. ; ’ : .. 

ITT -business : ;^ 
diaries change 

THE Financial ; Tlffieff has pfji 
duced For .1979 new versions P r 
its : - desk- and. poekef -, d»nefc_ 
designed ’ for .'the - busin 
-and-- incorporating v- suggestion?. 

iji'i-.ll.-l. I.i.^OLl>.l. RL.o-.c-n-. c iirr.:riD?>!t Si ji. J ’j." \ iCLri Oll>C& 

AN ORDER worth over £500,000 by- ever- 50. bast Statlons.lo- -fll- 1, . 4WiU1 „„ 4 « 4 u.» — , 

hax been placed with the mobile depots via radios installed- in their j resulting from a survey- of enstO' 
radio division of MARCONI COM- vehtcres. The system is -expected i me r£- fmlrtinnff r ^ :::z 
M UN (CATION SYSTEMS, a GEC- to hamHeup to I0.U0O Messages/ inthe'- 

Marconi Electronics company, br day?*..-.. 

i Hotpoint, also a member of GEC. •• - 1 - : deSfc7 6iST9 a Mtacnw 

|Tbe contract, for a nationwide W. SMITH . . A,W CO. -: (TVbit- 
| radio communication system, was church) last week won more thgn 
, won in open competitive tender flnwwirfh ot orders- Jor a total of 
and is believed to be one of the l.Tott^bhnte.or steel: Larger- is 
largest single commercial orders for. ; std>!rtymg 450 tohnes-bf steej 
for moli tie radio equipment ever worth V £350,000 to : -Kjer' for .the 1 
placed in the UK. Nearly M(J newt JfcMto terminaL ai Peanhrake 
service engineers will be linked DocS-i' - ' - ' - 

defifc-'-^dmry -are^: - — _ 

a ddrbss an if telephone -section, * / 
bustnesi -vcicabulary |b 

RrenchrandvGermhR; a 50fl«*s S-’-- 
inidrinatioEbehapter toreaDS ^- :; 
Countries;' ^ 

atlas;, an tiVinf ormatfoh - 

isspdrt^.:.Ta5a% ; heatih ^ 

wacfc^. . ■ v : :'• x : :i- 





■ high-tensUeextrusionsand plate that *°JP British* 

$ ScSe, Alcan aluminium is contnbutmg to 

( .life at all levels. . . * ona 

Atvcnrkin B ritain since WM 

Beginning as Northern Aluminium Company A 


file total ^Pj£eS value of our production has 
grown steadily in that time. Inl977,. sales were ^ 

§267 million-around £1 million every | flU) 

^ working day.. _ ; 

' -SALES -£m ;* pg^pjp. 

Of that J £64million-almost aquarter-was 

earned overseas by production expor ted from the UK to 

85 countries. 



cawtal^ ' ' 

'^TST? 1976 IS-'/ 

In the last ten years we have invested £120 million 
and plan to spend a further £24 million in 1978. 

Where will Alcan bei n2009? 

The future of the company is the future of 

the metal. And its derivatives. r .. 

And appears limitless.New uses, new applications, 
appear constantly. Increased demand increases production 
which lowers costs. Which stimulates more growth. 

"" »~~ 

&>\ £152.9/7 

Lb.U 'H 

g r 6.3 &;> £175.6 *♦ 

<*£■/?■ Af£ - t: k£ V. -i 


Alcan products and interests: the expected and the unexpected. 


Aluminium ingots 
Extruded sections 
Household and 
catering foil 
Roofing and cladding 
Extrusions for tennis 

Windows and double 

Bonded panels 

Strip for bottle closures Refrigerated containers 
Ventilators and louvres Strip lor lithographic 

Concorde components 

Bulletproof glass 

Foil for bottle and 
yoghurt tops 
High pressure gas 
* cylinders 
Wire for knitting 

Yacht masts 
Armour plate 
Foil dishes 
Cable sheathing 
Van bodies 
Packaging laminates 

H &Sg -* * ; 'T-£ L' : 1- iV* ' ' 

-^^^^1974 ;.. •• . I9 ' b yy • 19/7 

-/Jiese and countless other activities spread Alcan s J f ld 0 J 2cr 

transport, electrical, ». domestic ‘Vpha 
/HdilSries. a /onu 0/ diversification which contributes to s table growth. 

If you would care to know of these matters in greater 
detail, please send for a copy of our _ 

Annual Report and Accounts for 1977. | 

Write to the Corporate | 

Relations Department, a. 1 

Alcan Aluminium (UK) g k I 

Limited, AlcanHouse^^H||bL | 

30 Berkeley Square, JgF *§gg. I 

London W1X 6DRJ«M la EL S 

1976 1977 

alcan " k 

9 \^c Guaranteed Debentures Due 1985 Issued under Indenture 

I* 1970 

M-5 105fi 
7 3078 
3 1 1085 
IT 1089 

IT 1089 
19 109B 
27 3093 

32 1100 

33 3 107 
35 1115 
-40 1110 
Si 1117 
53 1119 
55 1132 
65 3135 

-',66 1148 
68 1149 
•' 84 1176 
= 91 3195 
.,.94 1202 
97 12M 
non 1205 
322 3207 
3.72 3224 
137 1227 
-351 1333 
352 3235 
. 161 3236 
1 144 1270 
131 3282 
:38G 1204 
195 1285 
.197 1287 
£04 1295 
£16 1301 
219 1318 — 
£42 1319 25< 
24 5 1324 23l 
251 1325 •" 

4058 5019 6010 6978 7921 

4069 5020 6045 6893 TOM 

4070 5039 6046 6896 7941 

4071 5042 6<355 6997 7931 

4087 5044 6060 7000 TOM 

4090 5055 6068 7008 7979 

4094 5059 8070 7021 7988 

4104 5066 6075 7027 8010 

4110 5069 6077 7033 HQ1< 

4120 5075 6078 .7041 8023 

4121 3095 6082 7050 8028 

161 31394 4123 5096 6083 7076 8035 

4128 5113 6064 7083 8036 

4146 5117 6094 7085 8033 

4150 5125 6099 7090 8044 

4165 5134 6101 7091 8047 

4166 5139 6110 7093 8051 

4170 5148 6112 7100 8068 

4171 5150 61 IS 7105 8069 

4182 5153 6121 7106 SOM 

4186 5156 6124 7106 8086 ^ ^ 

4203 fill 6142 7728 £098 sllD 30Z67 23125 33005 33038 34043 13078' 36099 27225 38128 18219 20200 2127B 22389 *3242 24375 
3185 4216 sim Bias 7136 8099 9112 30171 21126 12009 13034 14050 15091 161)0 17130 18134 19120 2£03 21283 22270 23248 34180 

330S 4334 5174 mfi* 7139 8100 9115 20173 11127 12013 33036 24058 35111 16X11 17139 18141 1B140 30204 21286 22274 23233 241 BO 

3913 2 205 2Aq2 « 1T3 7141 8107 9133 10174 11128 12033 13039 14068 15113 16118 17141 38143 19162 20305 21280 22276 23286 24189 

4227 5203 6160 7148 8110 9135 30177 11139 12036 13059 14073 15119 16118 17148 1B17D 19171 20231 21290 ^uS 24191 

S3 127 S4 



' 23158 
12 23176 

14 1 IU 

4230 5214 6181 7132 8117 

4237 5215 6193 7163 8119 

4242 5227 6197 7170 8120 

4243 5231 6199 7175 8129 

4253 5241 6201 7176 8132 

4257 5250 6204 7177 8134 

4266 5251 6223 7179 8136 

4272 5296 6227 7180 8141 

;32fl J382 
.JD43 1391 
349 1393 
£S9 1396 

452 1472 
4M 1475 
4-0 14*7 
«U.7 3501 
.476 1507 
482 1515 
493 1516 
485 1518 
4R8 1521 
■506 3524 
SI.': 1526 

MR 1505 
5 VI 1573 
WO 1575 
518 1578 
577 1579 




















IV 70 








































770 3707 4096 5710 8605 7636 8605 9604 1 _ 

3714 4700 5714 6614 7638 8614 9619 10608 11583 1 

773 3717 4720 5717 6031 7641 8617 9620 10613 11588 1 

9 3719 4727 5728 663 6 7645 8618 9627 1082“ ilium i« 

842 3850 4826 5801 6754 7757 8728 975 

845 MSS 4831 5817 6759 7760 8746 975 

852 M62 4836 5820 6767 7761 8749 9758 

■876 ;«77 4847 5830 6773 7767 8750 9759 

17726 18763 
17752 18789 19758 

-- 17753 18772 19780 

10700 11704 12647 13686 14707 15095 16807 17754 18784 19785 

10706 11715 12651 13889 14716 15722 3 68 09 17767 18790 19775 

10715 11744 12656 13700 14723 15723 18810 17774 18796 19784 

10720 11745 13880 13701 14730 15727 18811 17794 18798 19794 

10742 11753 12681 13717 14743 15730 1G814 17801 18801 10797 

7 24794 
9 24800 


Sti.7 3905 294 

MU 3615 4786 5791 6704 7730 8884 9739 10685 11577 12606 13633 14665 13665 1 6781 17717 18740 197S6 £0824 21859 22889 

“»“• —• — ' — — — *■=—" *““* *""" 19740 20840 31868 223 

l 21874 
8 218B6 
86 21888 32914 

90 21903 32918 

97. 21906 22922 

20919 21915 22927 23871 24825 

9794 20927 219X7 22947 23872 24841 

. . .... _ __ ___0I 19797 20933 21918 22948 23675 24843 

361 3891 4854 5833 6790 7780 8753 97G9 10749 11753 12689 13718 24745 15739 18816 17805 18812 19807 20949 21923 22956 23876 248 

flIC 3892 4856 5838 6806 7793 8761 9780 10764 1175* 12700 13723 14754 15753 16821 17809 18823 19819 20951 21929 32958 23878 248 

??? 3897 4857 5640 6815 7794 8787 9784 1 0787 11758 12717 13724 14764 15755 J68ZS 17819 18839 19828 '20974 31934 22965 23884 24856 

2898 4863 5845 8820 7800 8800 9801 10792 11762 12720 13728 14767 15758 16841 17825 18840 19852 20980 21945 22970 23887 24869 

3900 4871 5853 6823 7806 8805 9800 10794 11763 12724 13743 14774 15766 16842 17827 18861 19879 20984 21848 22972 23891 24877 

312 3904 4876 5866 6831 7815 88X9 9811 10799 11764 12723 13744 14777 15776 16850 17831 18865 19882 20997 21954 .22978 23893 34880 

»15 3905 4879 5887 6837 7836 8823 9838 10801 11770 12742 13765 14782 15779 16851 17854 1880B 19863 21002 21955- 22980 23903 34893 

3906 4884 5888 6842 7838 8830 9839 10809 11777 12749 33771 14790 15780 16875 17859 18872 39884 21005 21961-22992 23908 24898 

... »14 4887 5CQ0 6648 7851 8832 9840 10816 11782 12750 13772 34797 15783 16880 17889 18879 19886 21007 219M 22994 23925 24904 

16885 17875 18888 19894 21008 2199® 22995 23941 24908 

, „ --- ----- ----- 16888 17876 18888 39895 21024 21995 53009 23943 24917 

M3 3932 4908 5906 6862 7857 8848 9883 10834 11797 12765 13788 14806 15810 16903 37892 38890 39908 21025 21996 23012 23957 24918 

.£52 =flSC 3892 4856 5838 6806 7793 8761 9780 10764 11754 12700 33723 14754 15753 16821 17809 18823 1~*' 

SM4 1929 2895 3897 4857 5640 6815 7794 8787 9784 1 0787 11758 32717 13724 14764 15755 JM2B 17819 18839 1 

“993 3*98 4863 5845 6820 7800 8800 9801 10792 11762 12720 33728 14767 33758 1IB4X 17825 18840 1985 

IS?? ££° 2 3900 4871 5853 6823 7808 8805 9800 30794 11763 12724 13743 14774 35768 16842 17827 18861 198T 

&JS 2?5A MU4 4676 5866 6831 7815 8819 9811 10799 11764 12725 13744 34777 15776 16850 17831 18885 1986 

93. 1952 £915 3905 4879 5887 6837 7836 8823 9838 10801 11770 12742 13765 14782 15779 16851 37854 18889 1986 

2^1 3SSS 22°* 4884 5888 6842 7838 8830 9839 10809 11777 12749 33771 14790 15780 16873 17859 38872 3988 

1x2“ ■»£. 3914 4887 5CD0 6848 7851 8832 9840 10816 11782 12750 13773 14797 J5783 16880 17869 18878 1988 

2*6 19.4 2932 3915 4892 5897 6849 7854 8838 9843 10819 11789 12761 13780 14798 15789 16885 17875 18888 1989 

I® 8 ! “ 93 i 3925 -ISO* 5903 6857 7856 8843 9858 10829 11793 12763 13785 14799 15793 16888 17876 18888 1989: 

???? 3 ?32 4908 5906 6862. 7857 8848 9863 10834 11797 12765 13788 14806 15810 16903 17892 18890 1990 

PI 5 92 5 4004 5903 6857 7856 8843 
M3 3932 4908 5906 6862. 7857 8848 

967 £imi 2956 3951 4034 5913 
ret 20m 2957 3960 4935 5324 

•47 "mu *iqed * 1.11:1 iMf b 

5310 8883 7880 8849 9867 10847 11801 127G9 13792 14814 15812 16911 17898 

------ ----- 18896 19913 .21029 22009 23034 23959 24919 

6871 7866 8850 9876 10864 11802 12774 13796 14815 15813 10916 17899 18899 19916 21044 23022 23033 23964 24922 

6874 7871 8852 9877 10886 11805 12778 13798 14819 15820 16925 17902 I8S09 19932 21048 22033 23036 23973 24923 

51SS 4 S 20 * 959 6621 7884 8903 9904 10919 11854 12806 13808 14874 13880 16940 17915 18937 19973 21068 22063 33083 23989 24956 

sSS? 4 2 21 4983 59 " 2 69= 7630 6905 9905 10920 11873 12809 13809 14880 15881 16945 17920 18943 19974 21073 22074 23086 23995 34980 

SJSi -2?i 4025 4972 5983 8930 7896 8908 9916 10921 11878 12814 13815 14887 15883 16961 17921 18944 19980 21080 22081 23090 23998 24984 

3011 4026 4985 5984 6934 7899 8913 9945 10923 1ISB0 12819 13829 14893 15900 18962 17936 18946 19987 21064 22088 23091 24005 34979 

J'i* SS5S ?' J12 44127 4 »5 6008 6935 7904 8914 9946 10931 11888 12825 13830 1489B 15902 16965 17938 18951 19992 21089 22109 23096 24017 

2*65 ?«19 402* 499B 8007 6941 7905 8932 9952 10936 11893 12830 13831 14916 15904 16975 17944 18962 19993 21090 22118 23106 £4021 

2 0,8 3823 4U3B 5000 SUMS 0346 7910 8955 9959 10947 1189B 12836 13833 14922 15906 16979 17853 18975 19995 21092 22120 23115 24' 

* - ‘ “ - 18881 30016 21107 22132 23116 24 

5003 6009 6960 7918 

; July !• 397.'j. ilie DpIm-wiir.-* ilf«ipnated above will lirroine due and payable in f=»fh com or currency of the United Slates of America as at the 
tin’ 1 * of payment #liall l*e If-jial lender for the payment of public and private drill#. Said Debentures will l>e paid, upon presentation and surrender thereof 
■uiib all I'niipnna .i|.|.ertaininir ||i.T«-ln maturing after the redemption date, at the option of the holder eii her (a) at the corporate trnstoffircof Morgan 
guaranty Trust Company nf New York, 15 Broad Street, New York, New York 10015, or f h) at the main offices of Morgan Guaranty Trust Com- 

l'l’iiy of New V'-rb in Brn^i-I'. Frankfurt am Main, London. Paris or Zurich, or Banca Yomviller & C.S.p.A. in Milan nr in Rome, or Bank Mee* & Hope 
in Amsterdam or Hampie fiiU-nialionala* a Luxembourg S.A. in Liixemlmurs. Coupons due July I, jy78 should he delaehed and collected in the usual 

luanner. raynn-m- at tin* rili'-t* refi-rml to in t|.) above will be made by check drawn ou a dollar account, or by a transfer to a dollar account maintained 
by the payee, v. it !| a New York City bank. . . • 

On and after July 1, 1973, in tv test riiull cease to accrue on the Debentures herein designated for redemption. 


Dated: May 25, 1978 


The following Debentures previously called For redemption have not as yet been presented for payment: 


NOTICE IS HEREBY GIVEN that pursuant to the provisions of the almve-menlioned Indenture, $3,750,000 principal amount of the above described 
Pelf Mum hove been «Hied for redemption on July I» 1978, through nperatiou Of the Sinking Fund, at die principal amount dwreof,'togetfrtr wilii w 

c rued in lerot to taid dale, as follows: 



Heat sensitive cable 
gives fire warning 

Fine staple 
spun fast 

THERE i HAS ' :*>een .'■-'much f ^ F HAn/f I NDUSTRIAL . 
research and •devdlhi59ient ; in * 

• short staple spinnfng-over retent r . * 22301 a . 

years and most of tfiis efFort Itas ■■■— 7 " 

■ been directed towards producing. ; ■ - 
open-end spinning machines as ring is now allowed to. float] on. 
an -altematiye to riiig spinning/ .a cdshibir _of . air • and. so can 
The . objective has been that of rotate at otagb^ speed, > whife in 
eliminating ring and traveller place of tbe'teiiiltfcnjil -traveller 
and . limitations on production there is what Marzoli -describes 
speeds and package sizes. Now. as a “rider/ 7 which .js, similar, 
Iiowever, a completely new deve-; in. use, to a havener but of a 
lopment has been brought almost completely hew design.; “ 

111 to full commercial realisation by -It is claimed by the Italians 
the Italian ring spinning that- very- mucli higher speeds 
machine . builder Marzoll (British can be. attained and "because 
agent; Geoffrey E. Macpherson. there is lest tension; os the^yarhs 
Nottingham, NG2 0AD. Tel.. 0602 it is possibie to ispin. very mnch 
868701). ,. , . •. .finer coimts. /-- Two models nf 

Normally, a ring -. spinning machines are 'to/be built aM-wfli 
frame operates with a rising.ahd allow'speeds.' from_ tl 1 : 500-i3,000 
falling ring rail on which' are ’ipm ai^ l'ftfi^l^OO^.riR^fo' her 
® mounted the rings’ and on. these, used commercially;'' depending 
rings . are mounted travellers itpon- rfng diameter:/- This -wfll 
through which the yarn is taken give jinx'.! delivery .'speeds: -of 
and which give it the necessary ;324-2Sfl / and 20.0-I6fi /metres/ 
cohesive twist. With the- new minut^and with! yarn wmntA' ol 
: Diamond: rixig spinning frame the 7-12s’cb or 24-5^Cc. Z / '';' .t* r ' 

MWQbarJaUC«43l 223000. I 

riS £3X7 3246 427S «S 7196 8164 918X 10217 11183 12103 33112 14105 13173 16181 37208 18205 19324 20294 21372 23344 23329 24250 

-4 5 13*4 2369 3249 4280 5261 8241 T203 8170 91 9« 19218 1X209 12X06 13115 14106 151B9 16191 17210 1B20B 39230 2OTOT 21380 22348 23348 24256 

«41 13**5 3^87 430C m«4 U43 TZ03 8176 9197 10223 11210 12109 13119 14113 15200 16193 17211 18328 19237 30303 213B8 22369 233S2 24259 

257 1^6 2380 32fi9 4M3 MM ffi49 7210 8187 9198 10242 11216 12114 13129 14118 15201 1B21& 17214 18229 1B240 20318 21394 22380 23357 34269 

rl; hsS 2382 32^ 4309 Sw 7212 8189 9109 10246 31229 12118 13138 14128 15208 16214 17217 18230 19249 20322 21396 22383 2336B 24280 

»T1 3315 2384 32M 4317 5297 «259 7242 8191 9203 10258 11236 12127 13142 14X33 152X5 16229 17219 18237 19261 20328 21399 22387 23372 24288 

"79 1338 2J07 3307 4319 5308 M61 7259 8192 9205 10282 11239 12135 13150 14139 15218 16245 17223 18249 19382 20348 21403 22392 23379 24311 

£8-1 MIS 4321 Mil 6286 7268 8211 9=16 10372 11240 12164 23156 14152 15222 16248 17230 18236 19269 20354 21411 22399 23387 2*319 

£37 1347 £404 33 6 43M 5323 6270 7281 M12 9=29 10339 11245 12170 13170 14160 15287 18268 17245 18258 19275 20359 21435 32415 23399 24320 

£98 1352 2405 3348 4337 5329 6271 7285 8213 9241 10305 11251 12182 33172 14175 15238 16260 17247 18265 39288 20364 21443 23420 23402 24336 

BUT 3357 2409 3360 4338 5331 6231 7287 8215 9261 10308 11252 12197 13176 14180 1S244 18272 17248 18268 192H7 2 0 3 72 21451 22434 23405 24340 

-S « 13AQ -425 3362 4345 5334 <G97 7303 8219 9365 10313 11258 12203 13178 14X61 1S267 16876 17252 18270 19293 £0387 21436 £2435 23406 2434* 

--- I™ 7431 3372 4359 5341 6016 73M 8221 92™ 10316 11262 12205 33181 14182 15271 3B280 17288 18275 19295 20301 21469 22437 S413 24351 

440 338* 4371 5345 6317 7312 8223 9=81 10324 1U63 12220 13165 14187 15279 16284 17286 18281 '19305 20393 21473 22449 2341* 2*36* 

441 3394 4374 5365 6323 7320 wSl 9282 10328 11272 13*26 13186 14190 15275 16287 17293 38284 19317 ' 20427 31482 22453 23416 24371 

ou nw -’449 3399 4376 5366 6326 7323 8233 9293 10339 11283 12227 13191 1420G 15287 18306 1729* 18269 19321 20429 21488 22461 2S418 24378 

■WO 1398 2456 3405 4384 5398 6338 7328 JC47 9298 10345 11288 12232 13162 14211 15TOO 18307 17806 18296 193£ 20442 21490 22462 23425 2*382 

-■'165 i-iilA 2458 3407 4397 S401 6343 7332 8260 9299 10346 11306 1223S 13195 14221 15299 16310 Z7321 18318 19333 20448 21*93 22468 23433 2*392 

-37’* 1418 2471 34 H 4400 5403 6383 7334 3270 9302 10347 1 1315 12243 13206 14222 15311 18320 17331 18330 19836 20451 21498 22470 23453 24397 

384 1430 2472 3421 4401 5405 83 C4 7336 8280 9304 10355 11353 12252 13=10 14242 15312 1K28 17343 1833* 19352 20453 21497 22472 23463 2*399 

:no 1437 2476 3424 4402 5421 M72 7337 8281 9310 10358 11339 12261 13214 14258 15314 1 6330 17347 1835S 18355 20461 214S6 22478 23464 2*416 

-»M4 1438 £48° 3436 4403 5430 6378 7338 3285 9312 103S7 11343 12264 23219 14264 15333 16350 1 7352 38354 3 9384 20464 21501 22499 23469 24421 

3 ; *7 1447 £488 3440 4*05 5445 8379 734= 8291 93=6 10360 1X332 12269 132*9 14269 153*1 16352 17352 18378 19390 20472 31513 22502 23473 24423 

4 t 3450 2493 3443 4406 5447 6M2 7346 8296 9327 30385 11353 13275 13252 14271 15342 3 M62 37358 18387 19391 20489 21314 22510 23477 24424 

M19 1453 2494 3445 440? 54fil 6383 735* 8314 9335 10366 11356 32276 13257 1*27* 15343 1637* 17361 18390 19403 20490 21519 22318 23481 24425 

470 3470 £500 .7448 4426 5469 6387 7387 833* 9337 10377 31357 12281 33266 14*79 15347 10378 17374 18391 19407 20*92 21528 22529 23483 2*426 

44 7 1471 2503 3450 4429 5479 K39« 7373 8335 9345 10380 11363 12282 1327X 34280 15349 18383 17378 18300 19408 20493 21543 2283® 23489 24427 

li7£ "507 3451 4431 5480 <097 7374 8343 93*8 1038X 11366 12283 13273 34285 15353 18394 37383 18400 19*16 20*94 21555 22541 23481 24433 

530 3453 444 6 5407 6390 7379 83*5 M&4 1039* 11374 12298 13274 14287 15365 16398 17385 18405 19424 20505 21359 22549 2349Z 24437 

531 3472 4450 5491 6400 7419 8346 9369 10401 11S86 12299 13283 14294 15383 16408 17389 -18409 19425 20508 21563 22556 23*95 24460 

533 3475 4*62 5494 6*01 7*22 8357 9371 10402 1X391 12312 13299 14317 15387 16418 17391 18415 1942S 20519 21580 2*573 23497 24473 

550 3476 4468 5*99 6*07 7426 8368 9383 10406 11396 12325 13307 14328 15389 16444 17400 18*25 19430 20325 21585 22573 23007 24484 

552 3477 4471 550* 6438 7441 8376 9387 10409 11399 12328 13310 14339 15414 16448 17401 1B42B 19433 *0933 2158S 22583 2350B 24488 

563 3479 4483 5508 6443 7449 8378 9388 10413 21411 12329 13315 14352 154X6 16463 17403 18*31 19*35 20539 21568 23590 23511 2*496 

575 3486 4508 8510 6*49 7453 8379 9396 10*27 11415 12335 13333 1 4355 15420 16*69 17407 18440 194*0 20340 21804 2*592 23014 24507 

576 3489 4516 S51X 6*53 7471 8363 OT97 10439 21*30 12347 13340 14357 16*32 16470 17410 18449 19M0 20555 21613 22394 23B23 24509 

542 3497 4517 5518 6457 7477 8384 9400 10442 1143B 13354 13344 14363 15434 18479 17411 1B458 19449 20506 21631 22600 23535 245X1 

-5M 3512 4556 5520 6471 7400 8386 9*01 10448 11440 12357 23348 14370 1S438 18488 1 7419 18468 19451 20570 21632 *2804 23539 2*513 

518 1528 £597 3516 4527 5530 6479 7486 8391 9*06 104*8 11449 12361 133S2 14398 15440 16495 17430 18469 19497 20581 21634 22620 Z3541 24524 

579 1550 £599 .7520 45-71 5536 6480 7488 8*02 94=0 10449 11458 12364 13304 24402 15444 18500 17438 3B475 19499 20Q90 21638 22523 23558 24537 

547 1555 £803 3523 4536 3542 6*90 7911 8426 9*31 10450 11483 12368 13375 14409 15*50 18503 17443 18480 19462 20606 21639 22633 23564 24542 

548 1505 £608 3524 *5*0 5543 6*93 7513 8430 9438 10*51 11489 1=372 1 3379 14423 154S1 16505 17452 18498 19484 20611 31642 23847 23571 24544 

015 3533 4 546 55*7 6300 7521 8*3* 9*« 10*71 11475 12381 13381 14426 15470 16507 17453 1B515 194B8 20613 21648 23858 23578 24538 

617 3536 4549 5551 6517 75=7 8445 9481 10475 11476 1238Z 13383 14429 15479 16526 17457 18317 19488 20617 21649 22681 23590 24559 
G19 35*0 4550 S5G1 6519 7529 8449 9*65 10478 11478 12383 13388 14430 15485 16534 17461 18520 19503 20621 21658 22GS3 23607 24561 

577 1579 =K£I .’1555 4562 5570 6520 7931 8456 0*74 10*85 11482 13401 13391 14443 15*87 16539 17472 3 8327 19519 20623 21600 22883 23610 £4563 

547 1591 £037 3564 4 563 5583 6530 7534 8457 9480 10*87 11495 12*03 13394 14458 15488 18542 17489 18531 19S26 20827 21677 £2688 23613 £4564 

60 1} 1504 £638 3570 4592 5583 8532 7536 8458 9486 10493 11499 12411 134X6 14486 15489 16544 17504 18545 19534 20640 21687 22696 2363D 2*580 

i-U3 1621 2lH‘J 3573 *611 5601 6536 75*6 8463 9497 10494 11505 12*17 13419 14409 15505 16547 17510 18546 19539 20642 21690 22700 23645 2458S 

604 1601 2676 3576 4617 5605 0537 7551 8472 «98 10508 11506 12421 13424 14471 15807 18548 17511 18548 1954D 20649 21698 22719 23646 24587 

lifiR 1476 £684 3595 4620 5606 6538 7553 8475 9513 10518 11507 12440 13429 14483 1S510 16552 17518 18591 1S545 20658 21706 22726 23657 24594 

612 1661 2*50 L .4601 46=6 5619 6540 7556 8505 95=7 10523 11510 12444 13447 14489 15513 16553 17519 185B9 1B968 20667 21711 22728 33603 24602 

fll -3 1803 £693 3609 4636 5827 6548 7559 8510 9528 10525 11522 1245S 13455 14496 15915 16586 17527 18805 19577 20668 21712 22729 23675 24617 

622 1694 2706 3622 4638 5638 6548 7565 8526 9532 1 0528 11527 X2471 13462 14497 15516 18581 17533 18609 19585 20670 21718 22748 23684 24622 

031 1695 2715 3627 4639 5642 6549 7568 8535 9534 10527 11537 12473 13463 14506 15523 16584 17534 18815 19586 20679 21721 22750 23688 24828 

&<3 1698 2717 3634 4615 5652 6551 7571 8547 9937 10529 11539 12474 1 346S 14507 15530 16591 17541 18617 19588 20684 21733 22758 23690 24632 

H.Ti 1702 £720 3653 4650 5663 6563 7574 8551 95*4 10330 119*2 12*83 13482 14510 15531 16595 17S57 18643 19398 20686 21734 22768 23091 24650 

■’■'27 3657 4652 5664 6568 7584 8554 9548 1 0533 21545 12489 13489 14518 15548 1 8598 17571 18647 19608 20692 21738 22770 23696 24670 

41 3061 4659 3676 6571 7589 8558 9558 10536 11548 12491 13515 14534 15549 16815 1 7575 188SS 19821 20694 21739 22772 £3704 24674 

42 3681 4664 5687 6574 7591 8361 9559 10552 11557 12496 13517 14536 15653 16623 17577 18656 19624 20702 21749 22773 23717 24681 

44 3685 4668 5690 6575 7593 8571 9561 1055S 11563 13505 13518 14542 15BSS 16626 17582 18057 19628 20700 21760 22778 23719 2*701 

52 3688 *679 5602 6377 7600 8372 9563 10578 11586 12516 13521 14545 15572 36852 17587 18660 19633 20714 21767 227B4 23720 24705 

53 3698 *684 5698 6580 7606 8581 9587 10589 11567 12524 13527 14547 15578 16060 17590 18802 19638 20726 21768 22801 23723 £4708 

762 3699 4687 5701 6585 7616 8582 9602 10593 11573 12531 13541 14550 15574 16093 17594 1866* 19637 20729 21793 22803 23731 24709 

— ” 11574 12536 13553 14554 15576 16697 17595 18671 19642 20741 21800 22809 23738 24711 

_ ... 11579 12551 13554 14556 15581 16698 17601 18677 19043 20752 21808 22813 23753 24712 

772 3714 4700 5714 6614 7638 8614 9619 10608 11583 12560 13558 14566 15582 10703 17615 18681 19647 20753 21823 22823 33756 24732 

3 3717 4720 5717 6631 7641 8617 9620 10613 11588 12561 13562 14569 15593 16707 17626 18682 19648 20756 21834 22825 23768 24735 

9 3719 *727 5728 6636 76*5 8618 9627 10627 11 889 12569 13568 14576 15803 18712 17648 18690 19650 20763 21830 22832 23772 24740 

2 3725 4728 5742 0037 7680 8619 9628 10629 11590 12572 13569 14579 15810 18715 17672 18037 19851 20764 21832 22835 23778 24745 

7*£ 1816 £.83 3732 4736 5744 6639 7873 8627 9632 10633 11591 12580 13570 14595 15616 16717 17678 18699 19659 20781 21833 22851 23780 24746 

786 3735 4743 5752 6847 7879 8836 9634 10839 11595 12587 13594 14809 15619 16733 17682 18711 19868 20785 21834 22858 23784 24759 

791 3757 *758 5755 6848 7682 8639 9660 10642 11607 12589 13600 14626 15633 15740 17685 18713 19875 20790 21833 22866 23788 24760 

792 3780 4759 5756 6659 7683 8842 9663 10644 11808 12392 13601 14629 1563G 16742 17090 18718 19677 20792 21838 22873 23802 24771 

798 3762 4 767 5758 6660 7897 8644 9669 10651 11633 12596 13607 14630 15639 107*6 17093 18723 19703 20793 21843 22877 238U 2*774 

V« 18*3 £800 3781 4771 5765 0657 7701 8646 9704 10655 11636 12599 13609 14634 15641 16756 17701 18724 19722 20809 21849 22879 23812 24776 

774 13*4 =00= 3790 4781 3771 6681 7716 8650 9707 10660 11859 12403 13615 14650 15858 18762 17708 1 8728 19728 20013 21651 22880 23813 24778 

T-.tH 34*8 £810 3794 4787 5772 6682 7717 8852 9715 10061 11664 12604 13629 14653 15859 16765 17709 18731 19732 20821 21852 £2805 23822 24 

ABOUT TO come on the market the temperature falls below 
is a fire detection system which trip temperature and will no 
is claimed to be as simple to in- damaged- by being heated to 
stai and operate as any of those trip temperature during tes 
of its type now available and yet An attractive feature of 
be more efficient and lower in system is that it is very ea. 1 
cost. It is based on the use of carry out tests: the sim 
heat-sensing cable. method is to play hot air on 

It is suitable for all types of cable and this could be done 
industrial complex, bunding and a device like a hair dryer, 
even domestic property and can cable is damaged by fire or o 
also be used to protect process- event only the affected se 
ing plants where local overheat- has to be replaced — a ' 
mg of bearings or other compo- operation .says the menufa 
nents might occur. The monitors, apart from 

This latest challenger in the eating the location of a fire 
market is called FLre Sense. If initiating an alarm. 'can be 
comprises coaxial cables, the in- grsmmed to set in motio: 
suiation of which is of a special variety of safety measures ! 
formulation, linked to electronic as the automatic closing: 
alarm units (monitors) contained doors and shutting down of 
in cabinets which may be located matic processing equipment 
anywhere within the area being The cable is claimed to. 
protected. equally effective whether 

The cabinets house plug-in used for a distance of one 
cards for alarm logic, tempera- or 10 km, or more, 
ture monitoring devices and i n addition to the two 
units which give audible and systems there is a third air 
visual signals as soon as the tem- m ent called Fire Sense D 
peralure in areas laced with the The cable used for this 
cable rise above preset limits. on ] y a detector cable but a 
Two basic cable systems are current conducting line, 
available. There is Fire Sense 70 contained in one sheath. I 
and Fire Sense 200 representing thus be used additionally 
upper temperature limits oF 70 wiring for control circuits to-, 
and 200 degrees C. at which the or sirens and at the same 
cables may be installed and at the detector cores can be 
which they will endure for long to connect unmann ed 
periods withou degradation. The stations, smoke and flame 
manufacturer says these tem- tors into a composite fire 
pera hires can be exceeded by 30 system. If the heat' del, 
degrees C. for brief periods with- core is destroyed, the cond 
out ill-effect. core will continue to 

The temperature at which the control circuits, 
system — cable plus monitor — is Manufacturer of the Fire 

set to trip an alarm can be above equipment is Patol, P.O. B 
or below the rated temperatures. Reading, Berks., RG1 1FE 
The cable will reset itself when 52266). 



Speeds the flow of work 

THE USE of dictating machines special strip of paper 
has traditionally been viewed both sides of the cassette 
with hostility by top-flight secre- *°P e d*> e *nd changes 
taries . , . a girl using high , gre ?i? *° black 

sbortW speeds regrets tPe -fig . 

waste of her talents and is a stylus, the colour chang 
resentful of the fact that a much appear as a black dot. 
less qualified colleague from the The strip is graduated to 
typing pool could usurp her cide with the fifteen min a 

labour. There is, too, the frus- recording time on each s 

tration of transcribing tapes of the cassette and is divide 

woolly-minded bosses whose an upper section to flenoe an 
dictations are not only less than end of letter mark or" dotlThis 
perfect but very time-wasting in indicates the end of a fetter muii jr TUF* ca nu cuiNrc ~ ' - 

that they will add afterthoughts according to the number -of ® un ?- y - - 

and special instructions at the letters on that side of; the The canopy above this friqrde is hot designetf.-to .kdep bfttm rain . 
end of a dictated letter, causing cassette, and also "their lengths, mounted solar cells atop the vehicle "wiU drive it as long as the sxrfi . 
duplication of a secretary’s Any special instructions appear shin ”' Th“ Sofiurhobil was introduced ara solar energy fairin Subach " 
efforts. as black dots on the lower section. ’ 41 the KakerstuM, West Germany. ' . • 

Now, with the introduction of of the strip and, as the POP ' « ft Mmivrne • i'r ‘ ‘.rf-v ■ 

its “mark and find” mini indexing strip is integral with w ^#Vi¥I"U I tK5> 

cassette, a system enabling a each cassette it cannot be lost '-wi ~.i r ,:■» ; 

secretary to find any specia I in transit between one office . or I lilW pAfir. 111*1 II I'M 1 " * ' * --- 

instructions and identify the another. • ' X-i/VI Tf - Vf.VfJj t I. AU 1‘VV.; /.'; * ~ 

beginning and end of letters, the The range is called the ,300 put ON the' inarkfet by Datac is offered -on the Scram -computers. 
Business Equipment Division of senes-the 302 is a general, pur- a panel -mounting ‘ printer at. Milton Keynes, .’.but ther rots- 
P mi '*!? J ndustnes believe there pose/tramcnption machine, the model 411 which Sella; for. under pany ; alK> has a licence to tease; 

a new concept in 303 a de-luxe autonxatic rdxcta- £200 (one off> which can also be the.system for use ottcustomers' 
office efficiency. ,tion/transcription machine and used in desk-top applications, */ ■ 'ow machines: 1 

Based on a material called the 304, the one the company It incorporates the company’s Areas epvered- by FCNAR in- 
Particle Orientated Paper (POP) says is “built with today’s 245 electrosensitive - printing dude cash planning, evaluation. 
— a by-product of the U.S. space secretary in mind." ' mechanism arid has a single elec: of alternative" investment plans, ‘ 

programme — the system’s More on 040 783455. tronics board, wfilch provides sensitivity analysis,- budget 

interfacing, control, , character, variance analysis, consolidation 
a UUCTDiiuruTC generation and drive circuits of ^subsidiary, repotting, prepara; 

• HiaiKUIIILWIa together with a. mains power tion of corporate budgets.- and 

i . i i • supply. An optional converter fe several other requirements^ '. 

f IJPCKS the hearing available for operation from five More op 0908 565656. 

J? ar^vSSbler 1 sifw^SSud •MATERIALS 


Checks the bearings 

MADE BY RION in Japan and hearing replacement can be iTwtSSE 

supplied in the U.K. by Cora- undertaken at the next con- ASCII with serial characters 
puter Engineering, the VM-24 verxient shut-down. which Win Print 20 32^r 40 

portable vibration meter is a The costs of routine main- c ^ ct Spe?"ne:and a fb^bU 

25SSLS" be e ii I ? ina I e f 5in {* parallel BCD, 16 columns. 

ment for checking the condi- replacement need- only be The character serial interface 
tion of bearings and other undertaken if there is definite % ?Sf5 SSwSSK 
rapidly moving machinery evidimjj of impending fai^re b^^ms^h^S^h- 

^ ;* A tb ZJ£& way- » used' to transfer ..the 



. A companion item, the VP-28 way- ^ i^d to ti^sfer uie ChAPflTKF ’ - 

The instrument gives a direct is a continuously variable information, while- the BCD' “ 

S? d n ,fni^pmn b nt ati0 li^iri ei ^r ^erakui • is easily . connected to CONDUCTIVE.- natural ' rubber' 

ass .t- mantm 

meter scale. It will give 5 Hz to 5000 Hz. It ' then 
advanced warning of bearing becomes possibie to relate the 
failure by detecting increases in problem to specific parts of the 
known levels of vibration; then, machine under test, 
preventative measures including More on 0462 52731. 

Wi 1 J 89 2 2228 4 ”53 «2t 8145 12870 12947 13141 13414 13781 14724 17799 1B420 20306 21340 21386 21407 21419 21441 21460 21468 23388 

' ,5s HIE- 2=33 6017 6425 8149 12871 12984 33382 13413 13788 1S332 17807 18421 20596 21348 21387 2X406 21420 21446 21462 21500 23432 

1080 1Ij8 2=04 4448 6020 7776 8151 12926 13033 13408 13619 14358 13579 17810 1B424 21260 2I3B1 21391 21409 21424 21447 21463 22997 23459 

Easy to check voltage 

• K'S Hi? i 28 5 2209 4479 6025 8139 B937 12942 13107 33411 13023 14339 163X5 17840 18914 2X261 21382 2139S 21413 21428 21450 21465 23010 24323 
168 1124 1486 2210 4752 6X46 8142 S055 12945 13139 13413 13627 14360 1779S 17928 1893ft 2133S 21385 21397 21415 21433 21453 21467 23302 

THE Amprohe ACD-1 in strum entfrom 0.1 to 998. but accessories 

clocks. . .in. any situation where static. 

More oh 061-941 2361. -could' pose serious 'problems," 

-j-k-j • such as in /.circuit manufacture.' 

r ISHinUHt - s availa ble in sheet form.; one. 

A lftlUUlIb .. metre wide for \use'.on : floors and. 

■m ' on benches I 

fTlQflP PQCV It is resilient. and flexible and. 

Il.lCliUV' A*£m»yj • being volume -conductive.'- does. 

SCICQN Computer ‘ • Services its utMafle: properties: 

has an interactive 1 system as ’t weare. 

called FENAR . . f financial. . Grounding ■ is achieved^ using 

made easy 

offered by Havant Instruments can be supplied to read currents SuSviU anri°reDortine ( S^?i 1 large surface "contacts : and 
provides instant readings of from 20 mA to 6.000 amps. DC u.l - t 5 / uid bv attachment:. to the wbridme mr* - 

Plirnint in laroor ineirlato* nr vnllaoa Kin Ka muennil minn WUJtU AL SdJD bn UB • UBBO U. X - i: 

current in larger insulated or voltage measured using anyone ..-who has learned to fac ® ■ .simple, using .readily 

non-insulated cables (up to 2 ins a multiplying factor, 
diameter) merely by clamping Accuracy for the basic ranges 

operate-a desk calculator.. • • 
The system was originally 

available adhesives.. 

For bench Applications the 

built-in tongs round the outside is about 2 per cent, assuming market€ d by Arislos Business standard material is lmm'. thick 
of tne cable. a 50 to 60 Hz sinusoidal wave- systems for use Dn the DEC with flooring grade at 2mm. One 

i xne caoie. a au to t>u Hz sinusoidal wave- Systems for use on the DEC with flooring grade at 2mm. One 

o f c 0r "L„fi°i ect,0 n f ? r rS ne m,nut ? System 10 and POP 11. Scicon ride is smooth and the other has 

it* 1 ll ad ® is p r ov i ded afiainst 50 per cent has converted it for- nse on the a mesh effect to prevent slippage.-, 

in all cases the correct range overload. _ ___ Univac -1100 -series, with avail- NG-5"Stati-Ex. comes in- lengths 

is selected automatically and is 

renoaa. Univac -1100 -series, with avail- NG-5-Stati-Ex : comes in- lengths 

Powered by a Mallory 9V ability throughout the EEC and up to 20 metres from Tetaiis, 

This advertisement appeals as a matter of record only. 
May, 1978 


DM 1,500,000,000 


DM 600,000,000 4 %% Notes of 1978/1983 
DM 500,000,000 5 % Notes of 1978/1984 
DM 400,000,000 5 % Loan of 1978/1982 

Managed by 

Deutsche Bank 



shown on a ,0.43 ins high digital battery, the unit weighs 425 T&tos 

display in the base of the handle, grams (15 ozs). 

This three digit display caters More from Unit 3, Westfieids, 
for AC amperes, volts and ohms Horndean, Hants. (0705 596020). 

bureau _ service is being log, Surrey G07 3HQ. .04558 5432/ 

When a careless 30 minutes 


Producing a memory 

etectricitybill,youneed - 
Ferranti Maximani Demand Monitoi; 

SIGNETTCS HAS gone into 
production with a 16k pro- 
grammable read-only memory, 
the S2S190/191 — one of the first 
semiconductor makers to do so. 

Sample quantities of the device 
are available in the UK from 
Mullard. and production is 
planned to meet full-scale 
demand in 1979. The timing is 
intended to give designers the 
opportunity to evaluate the new 
memory and demonstrate its cost 

Access time of the device is a 
little greater than the 8k version 
and is guaranteed at 80 nano- 
seconds with 60 ns as a typical 

The power dissipated is also 
similar to that of the earlier 4k 
and 8k units, achieved by “ power 
predecoding in . which the 138 
rows of the array ure predecoded 
into 16 blocks or eight rows 
each. Only one hlock is powered 
at any moment, providing the 
needed reduction in current con- 
sumption. A 1:6 demultiplexer 
circuit then selects the appro- 
priate individual row. A similar 
approach is used in the 12S 

Main use of the ROM will be 
for program storage in general 
purpose computers and in mini- 
computers. But in addition, new 

possibilities are opened up for 
the OEM user. It is now possible I 
to add user-defined routines in i 
PROM to a basic computer main- 
frame. Especially useful in appli- 
cations where speed and through- 
put are important, this approach 
can take advantage of the'fcster 
access time of PROM in compari- 
son with mass random access 

More from Mullard on 01-580 

Ifyouareonamaumumde^Rdtariffandypubxceedyotirtaxget^a 1 
small amount, you could be chargedrfor thiSexeess throughout the next -' 

12 months. ; • ?- " i r 

r J- 



•• Ifl . 


•V 's J 5?. 

; TheFaranti Maxi mum Demand f^itcyndtoniyersuresttet 


- - tor. 


• Ferranti, has introduced a new 
series of gallium arsenide finld 
effect transistor amplifiers cover- 
ing a total range of 4.4 -to -6.0 
Gz. The noise figure is typically 
2.7 dB. More on 061 09967 71611. 

• Assembled into one 16-pin 
package by Kairchild are all the 
active devices needed to provide 
a switching regulator system. 
With the need for extra com- 
ponents kept to a minimum, the 
UA 78S40 can serve as step up, 
step down or inverting switching 
regulator. Potters Bat 5111 L 

• From Distronlc comes a trl- 
statelight emitting diode which 
produces red or green emission 
according to the polarity of the 
applied voltage. More about the 
Xciton XC 5491 on Harlow £1947. 

each Vz hour. Automatic toad cot Imlfaciliiiescanalsobe provided for statable . 
applications.. . . u~ v . 

Maximum Demand Monitors can cutthe demand charge on your ' . -. 
elecbicilybill byupto20%. If yoLvm^rrwm demand ism ibeorde of T 
lMW/MVAyou should recwayotxirweslmenf, within 12 mbnthsV ’ 

F erranti keep a hawk eye oneiectricrty costs. Said ... - . 

for moredetails to Fenanti Limited^ It^rument 
Deoartment. Moston. ManchesterMlOOBEL 
Teh 061-681 207 ITelex: 667S57— 


- v. - 

Maxbniin Demand Moattor 

•; JF13a9jf§-- 

»V* V . 






TTTousancfs of types arid si2^ instock -V- ; 

LONDON 01-561 8118 ABERDEENm$32355f2 


MANCHESTER 0S1-872-491R 
24Hf.EMERG0CYNUMBERO1 e3T3567&d.«39 : - • 

' \ VV::- 

• j . 


>' ’ - v ' 

r * * 



‘"I «£•* 

fi n tjJJfc 

a Vorv 

' J flaw#* 
'W-Um *' 



tra ,2?* 


f the ran... 
*2 J - * o 
fair in Sata 


.•••j; \ae - 
•ir.w ■« k- 

••n rttij?. 



stoppage ! 

: .*»««.. . ; s.a ; SSi&Ssi sS^Aa ~ss~”„™'”! «»—•—— ( 

' StJ^POfiT^jcw^.: ' mergers- ' afc £5%^™?!?^ TUaS* chlSSef inore funds into the! j 

tSrfiS ^ SSmtMllii In - tie opening “ Car standard, .of Ih-ing und the public sector was taken up bj j halt? ,i al j output at uhrysler’s . 

.{ootwear industfyJD i.- annual conference quality of our lives depend on delegates supporting an e 1 jjyt on , Cot entry. factory will 

'7f"?S)S2nH^ e ?E OU £l nR . Ca, ^^ e '£*s2Soro£?^ !,: -'"' ' our commitment to the extension live council motion on unem |Q a mass mmi of 

Wofe f HOri " y “* *&"* '2SS5^?wS5t ; * -we have etcod-aad w. will ^Pe«e formula „« reached | 

sessgSyBi shxssssm ss ?r^=g™a «&».«=* »S?m i 

urges m$ 

to vote 
on Ryton 

Equity rejects 
changes in 
union rules 





Sy ' Our Uaoour Correspondent 

PROPOSALS Tor a return to 
work' in a ilispuu- which has 
halted alt output at Chrysler’s 

Air.- Harold ^Gibson, genera mi*ely h ^° ntri ^ Se snendin- we ' Ith wMch *V l c£a£d bS SulSal regeneration as well as 

president of. the union, speaking natjottal debateover^e ^endin Mth ^blch i. «J*“ ^ use of North Sea oil funds 

ite conferenye In Edinburgh, of N° rt b trade m£mll bv neietv as a whole. to expand the public services. 

' 'Warned’* that - sraair -tutioraw youpS,ifl:in^^wJ“ c niamly bysoeiety^ awaoic. ^ Earlipr Mr . Basnet! accused 

under.. 200^000 members, sticit. as unions see higher investment m Wo arc in t c p c Conservative leaders of inviting 

existed in textiles, were vuirier- ’•'■'■ conflict over the closed shop, 

able in respect, of- the influence : While the Labour Party and 

they could exert and the service I VlCf'flVlIlll^TIOTl 1)13.11160 trade unions were trying w 

- they could give to their members.- - JLAJLiSV'A A;MUM1. m, 1.1 v/*l 1/i achieve a concensus on the issue, 

^‘_There Should be talks taldns . • / ‘ • 1 Mrs. Margaret Thatcher and her 

. pMce between the unions in order £ XW lAfilfiCC \X70TY1PT1 supporters were indulging in 

to : Tinify ; the.- trade union sirup-': •: Tlir' M-f . TT VJ1UV»JUI political opportunism. 

'ture. and to... create a vibrant’ Mr. Basnett said the advan- 

. organisation for the present ' gv^otra tARQUR STAFF tages o£ the closed shop had 

. needs and times- in which we -t ' , received too little advertisement. 

*"£■ he - cr se i > the- - Maiuww*^ Sendees Com- linked to that limited number of avoided friction between 

. Th. e .trade union :s.tnicture.i:^ 0 n^^ acq used: yesterday wom-n's industries and women s unions and non ., r;i d c unionists 
within textiles is stilt, very ,»• 'tattle iob. disen- jobs aS'ttW ever were. . a „ we j[ as inter-union diflicultics 

largely based on geographical ^- m ^-^J^nst women.- I" 1976- she said. f«mate ^ lh wre advantages in 

areas with separate unions^ 111 ? 3 0 ^“L ;«rW to hela UHC ? lpIoymcnt . was r 7 s -™i C volnntarv collective bargaining, 
covering cotton and. man-made (> ;Pallto£.- ibr aCtW 1 ® as f-st as male unemployment. h closed shop had been 

fibres, ra- Lancashire. wooItWbmen during P« l6 4*. 1* In 1-J77 it rose to the “alarm- "* c « "i a nl0 ^ ter power - 

texmes in -If trrkshirer and. knit- injfemployroent. Mf95-gt Turner j 0S -- ^ree-fold level. ihften . yet nonunion could ad in an 

wear, largely concentrated In. napdnal-Aaffl^r &jg&9uSfi£ arbitrary* way because of their 

. . * -*' wu r ,uw luemucia, SUCtt .« «au*wM« — . 

existed in' textiles, were vuinei> 

Sijpa~i Discrimination blamed 

for jobless women 


conflict over the closed shop. 

_ tl«w,Ajl While the Labour Party and 

I DlilJTitvQ trade unions were try-ing W 

ig UAM. 11 XWW achieve a concensus on the issue. 


\ peace formula was reached 
during lalks at th«- weekend 
and put to section meetings or 
tbc men involved yesterday. 
This resulted in some groups 


MODERATE MEMBERS of up" and that the whole process, Garnett Labour Scdf 

i Eqi^t}-! the' actor'i union, yester. or tbe rules revision »n«up ■! By Nick Gamete, Labour son 

j d»v confirmed the defeat of a including a referendum oF , * rrivsTuvcTiriV vpu'c kob 

ib«s.i , .s.““ mss# “ 

I union yesterday voted to retam Mr. Ploi.r.ez said Otat now Uie | report i nB . 

ithc present structure. ... union could „o ahead ■ The weeklv trade paper issued 

; Changes in union rules, includ- mg to improve the way it worked 1 writ earlier this vear after 
in R those relating to fees and and eneouragmg more unl °n ; h “ 1 %urnal. View-point, 

mnmhnrfhin miall- .Mthnw ,n nl-,.- on VP narl t ,uc . uu “*“ J ' i .1 

ar^Uev e**a con censuson t he*- issuF, "jhe dispute began last 
Mrs Margaret Thatcher and her Thursday when 60 men 
supporter; were indulging in objected in company proposals 
political opportunism. for transferring seat rectifica- 

Mr Basnett S3id the advan- tion work to another sec non of 
taces' of the closed shop had! the factory. Other workers 

“ . x. . ...i _ i ihan Inivinrf ihn ctriL'A onrl hr 

I Ultra »>V -v* IV -- ■ lilt Ul llic I _ . .. , ... s. n-mor 

thirds majority would have been ^ genera i council of the union Press relations ine pav*r- 

nccessary for any cnange. are cxpe cted today before the i _ UCATT said 'f s f er ? a ^ . 

One of the improtant changes annual general meeting next g“ truc “S e ^f a 'i; Withdrawn, 
rejected yesterday »ouW have week. partlv because of what the union 

OOjecien in rompany proposals rrjeswra - 

for transferring si-at rectifica- : dispensed with the qualification 
tion work to another section of ! of -JO week s experience for Ful 
the factory. Other workers Equity membership, which 
then Joined ihn strike and by necessary to work in London s 
last night production of 250 West End theatres. A 
cars had been lost. change also rejected, would have 

At the Perkins Diesel Engine ? 1 1 c wed the ; urn on ^ wu n c 1 1 _ ^t o a 



STRIKE by 160 manual 

Press credentials withdrawn, 
partly because of what the union 
sees "as an unwarranted anti- 
UCATT bias, but largely because 
the writ had made the working 
relationship between the union 
■ and the paper difficult. 

[] ' Mr. Albert Williams, the 
n union’s president, told delegates 
y in Dunoon that the Government 
>. had to correct “by drastic means 
s if necessary" the faults in the 
economy which created wide 

tSSi. £ ■4SS^r Tni W »J dispul.. started whej ‘ proposals or a branch meeting ° The dispute, which threatens ; disparities : in wealth 

wear, largely concentrated in^napdnaHoffl^r jn jibe. Gene^ Mi.-v -Turner attacked lh , ose arbitrary way because of their the 34 maimenanie men staged .P I P conference struc- producrion P at shipvards throush- The millions in 

and around Leicestershire and jand-.Mumcl|«\^pjfcerf -TJoJOin. wh0 a solution to uneinploy- 2^ ^,^ and there were their protest over a company ;and a - *, tbc ^reseat out the countrv. is about a pay , Mr. Williams, would 
• Nottinghamshire. Clothing is said;,the cdfflBUSSton hafi Med mem io ih c return of married of appeal. scheme to um- sulwrontractors Mure w "stal batioting offer to men employed at Silently forever whil 

represented- toy another union,lt<> -averc<>rae-or ev f n .=2f^21^ir women- to the home. .. ,. n ,V s a comolete and absolute! for weekend maintenance. It general \VnUineham which is a fraction . needed to satisfy the 

the National Union of TaUorsjcfarilenge the- sexual diyxs on of Thls cou]d lcad t0 t 
and ■' Garment Workers.-- labour . tiiroagh--Ifc:*ra ilim S or 0 f t j |( . National Heal 

and Garment Woxicers. . 

Bigger units - 

and MunicH>at wmm who -ce a solution to uneinpioy- "■-- -j- - . thfirp wcrc uieir proiesi over a company 

said - the commission had failed mem io t h c return of married p of tnpeal scheme to um* sub-contractors 

to -wercOme- or even seriously WW nr. n to the home. .. complete arid absolute for weekend maintenance. It 

challenge the- sexual jliyiaon of Xhls cou]d lead t0 the rollapse *** ‘ H L . onjure up thc Uisrupletl senie.s at the main 

labStr or oF the National Health Service. an “uiS on individual Eastfield plant .»f the company 

economic prtttnoBbn scheme. servi'o industries and many whcn there is an at taek which «s the vxorlds biggest 

She- told tKe ^nnion's confer- sectors of the manufacturing „ ^ co n ec i: V e liberty of trade manufacturer of diesel engines 
La. »n,in ic firmlv imlu-.trvr ; « pmolDV'lllE Hl.OUft workers. 

IflEEdl U1U19 one- IOIU -e — , 7 , — — - c 

encei “ Women -remam. as firmly mdu-.iry. v 

Some mergers have taken ™ ce " - 
place, but these have consisted - jr . 

■ TAnpc told hands 

units within these geographical 

areas. In Lancashire. , 24 semi- .. . |£v .. . i,; ; 

independent associat Urns, - cover- ; : 'v‘ • j. ^ 

off Post Omce 

member ■ Amalgamated- Textile • • -J:- :■ .. 

<*>!! TOwaand r , nvsF.^ATIVES , - i»ust .. keep join ihe unions in the fight to 

Bleached the biggest union .with their hands pH , tin telecom- save s^ust not re,y 

about 60,000 members, fe.Jllfed municaiions. inaustiyy^- John organisation. You must rely 

' Pr^^fwfnrthergjjuping The union presi^r^ed to 

acrosS j traditiorua..|t^ e ^^- ^ Keith, Jqseph.^^^^^e for message for the public was. 

ajssgg. ssTE?fii®saKfe& r 

k 0 " °I nrrt.o^^m«titlve threat Tory^Party would frpe.PMt Office werp vast and quite i ncap able 

Sosedhy ^fh?lmSafunion?rhe control over ^ecoiMunications. Qf b( . ing matched by any con- 

GMWU y and S the TGWU ■ have. .i .say to Sir l^S^Joscph. ceivaiile private enterprise, 
been paying increased -attention ^20,000 woxkert .ha^ given * \\e want you to have a better 
to textiles- where both already their Hveste the tele^iwnMinica- service-ypu wiU mot get it Sir 
have considerable membership; tions business to see^pu ruin Keiths, way. . 

rm._ .nniflAsrino . lirilflTI!:: • the' »» J - ' ■Tr Jt. " 111 — 

secretary, foeakins after the of 1 per cent less man m-i| 

| meeting! denied that the union offered io other manual workers.) A ” e ^ n 22 \ ot : : sed S b v"om^ 
was In dire Snancia! straits. But on Wearside. in the Briusb Ship-! branch sed b > somc 

IheVdmtittd "hit » fas “hard builders' Group. ^ouference delegates. 

have considerable memhersmp; t i 0ns business to see ruou xvwui * w-#. ? 

The engineering ■ uhlons;. the . — — '• ; 

AUEW and the EEPTU are also ■ - said - t |j a t Sir Keimfe view : - ■ '« ■ , 

represented in the tfePikt ."OffiC^^hpu TllTIlOVCr I1S6S 

The Amalgamated ^Wonowl/contTol over the 1U1UUVC1 ■ 

Workers, in - advance °f Drov ision of tl» teTecommunica- patpriTlfl i 

Gibson’s remarks, ^have^a^eady lose its IDi Caieilllg - t 

held W “m^opoir^P” over the 

National of ^ers_and J , rminal equipment mdUStTy 

SSKer! and \. TOBNOTR 

main obstacle encountered so far qf ■ jojr 3® " tota ilv in pursu- pared with first 1977 quarter 
has been the ATWUVovn - are Jta‘ . m J Measured against the tal 4» 

ture 'as a federation, and before a^of ourneed to^proi^ ^ ^ ^ yeap Tl rose by J per, 
any further moves are made the jdt 'gj®, 0 rent, aceoriding to the Depart- 

union is W examine^ -wayK.lif : ^kers. post office to ment of Trade. j 

uniting into a single body- : .#p - l ! 

Wheel it comes to ctMrespcitidembankitig, 
otic bank has rism above me rest. 




Mr KaJ^- Hilpem hia beeiL appointed . .dnector of*: ^SS-^SStm JS&? ha^S ! 

fcffSiy 4 ’ 0D salurda * SSSS -SSf&SSJT^ 

" gSaSSSoSpS V W*- Turner JmJ-J XTte S& V wflj* ' 

-*■? mg SrectorTlSr. Halpera is a PP2,HS T ^ nana ^S»?ER/T t AbnJ-'V n I continue as T d ^, pu ^^I ,a ir2‘ 1 \2; | 

Slirman and ohief executive; of FAIRCHILD i CAiMERA -JJ. Midland Bank Industrial Equity 

. Sd^od and Peter Robinson. INSTRUMENT (U£> an f l n ^ a ny^ Holdings. Also from that date. 
He^becamc amember of the^oup manager of th * Sducmr K. B. Cox k to become a 
Boa?d^ l977 with additional Northern Europeaji semiconducwr manager responsible ter 

' • ‘ " responsibility as «dtief - executive division:. the corporate finance division. He 

nr Burton and Jackson- Retailing, director of CeJais. «“■ h ■ is ,^1 de replaced by Mr. H. R. 

-M- No’rth-'ls group, .finandal succeeds Mr. Robert Bte g ^ general manager 

' ’ d£ : ector Md Acting chief execu- taking up a new Europrenmarket eamwe Mr. A. E. Robinson. 

; :;r: S? e <rf Burton In France, He ing . post at fjmchfld* p^vtoly a divisional advances 

tetoedthe group in.I9TS,berem€ ! quarters in Mountain ^ ntrollcr , is now a ™S.onal 

...i : financial director three - 3M* California. director. home m 

later,- and Vas appointed to_ the . bcen succession W Mr. Gamble.. 

• - eroiro Board last- year. ... v Mr. A. Speddmg has ^ * 

g appointed eeneral man^ and-. ^ Pe ter Lawson has been 

Mr.' Bernard PkW. -S cott, execu- actuary oF UK PROVIDE, T. r appointed chainnan of MWP 

£<S^&&%F 8 Z- »: MO* bM 

vr -g^'-jLSS&'ESffi HOBS SSEfi* -SST- 5?« Si* « 

&& Mr G SL Philipps has been/.' 51r _ ^ & Down has been 

S iodoWky^j ihairmamof Gunarl Line. WOlfc 6X01^)16(1 

rtjj|pp Albioncraft,-^s___|^ JEWEL- w r r J. Simpson has_been rpa E NEW safety at work refiu- 

GiprwARE feuera - ®^-ass5s?yj?ss'' 

TO! ?- , : , * = rn^re direutor ^ H. « »!•» B»MP gj"; JhW 

Mr ' (Wof Dahlqwst has been company secretary. jointly appointed by unions anu 

v. . s^iebo^s&bbM pipCTm*. ssr sww 

UK subsidiary of TreUeborg-AB. pus (Power Plan V £ ed .the for. tbe Prevention of Accidents 
Sweden. He succeeds Mr. r ROUP of pipework tias produced a booklet explan- 

McGuire, who has beewne prwi- ,FOST®t G ^ p T _ Boon and ing the implications in. It is 
dent or Treneborg^ Americuu ^"^ SmtUl - ^anue os joW . asime d. easily understood Ian- 

yaSSrtf BSST • manaems directors of heWS 

“F * . . t 2 SS» *. £Siwi«^ K «4 AhSrt Wrti B«I»" “W* 

Mr. Michael - Heath has- been becoma pf t]ie enlarged ^ pr^miion 0/ 


Alteration of insertion _ 

. published on May >2, 1978 
Xhe Bnnaah Off Co. Ltd- 
. jlii3E“SOO;OOOiOOO y 

m^MOdvinr Wjj Ln 1975 • 

i been drew-n on 28 &ApnTi^ 
in the. presence of a notary 

Webers 8822 ,0 

sire, instead of -Numbers ?sk. 

to-9781 inclusive* ..•• 

. Banque internationaie; - 
a Luxembourg - - 
-ftneiete Anopynie. .. _ , 

• T-' . ;' : 'i 

•• ai.. 

■ *■.. ' i 

% v ■' • .l: -v ^ 

becomes Mr. A, R. Know About SBfettlfffj ’ 

K also chairman of the « D glg. spef^y jar the Pr^entron of 
cto up's parent com.P^iJ.jost^ AixiaentSt Cannon House, The 
Brothers. Also Joining the PHS priorjf Bimmohom, 

Board are Mr. t Rjftju %ower £2. IS jor 10 copies- 

SSi-gtfJS:— ■ TT 

o. n. Bistable. ^ Anti-vandal 


^SS^ijssssss. -w 

tJ?d M? ^Michael town. Tattersall Castle. . moored near 
SS^encraj manager, insure Charing Crosrt Pier. London. 1 
aSfadmbiistration. has been organised by Council 

Mr. R. C- tegram hj* beat Aniong the exhibitors is Bayer. 
Appointed a deracrdnnnnggfjr which is inviting visilors to .try 
L&wtNDES 0 h ; Tp damage windows and paint- 

and Me. J. -A. Champncss “ made £rom Bayer raw 

joined the Board. materials. The exhibition ends on l 

Mr- D. -W -C. -Kilclung, at "Friday. 

Most of you are familiar with the 
BankersThist Pyramid.Wbat you may not 
know is that no correspondent in America 
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■ Our International Balance Reporting 
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Our Worldwide Cable Refiling System, 
using a satellite, is applicable to payment 
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Given capabilities such as these, you 
should seriously _ consider concentrating 
your dollar activities with us. as many other 
banks now do. After all, we are the 
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But our advantages are not limited to 
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Doing business with the 
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v'BANKERSl'ftX'ST, | 

2W Park A' enue. New York. N.Y. iUUl 7 

itn^mninni! Rjnkin" Sufeidi iries in United States: Chtoao, Houston. Los Angeles and Miami Overseas Branches: LONDON, BIRMINGHAM. MILAN. PARIS. TO KV O. 
SING^^K^S^P^NANIA C LTV .md BAHRAIN. An International Banking Nd» ork of branches, subsidiaries, a fliliaies and represent c ofoco. in o\ er jU unm iris, on b tvnlmea is. 

1 \ * '* Member Federal Deposil Insurance Corpcraiivil ^’BimkeiilrusiCampaBy •/ 


! b IMI ai Uw« KiMr x > 


s positive 


WHAT can vou do for us, “You’re going into a pool, 
Tom?" the telephone caller and you can be out of it again 
asked the head of the Percy in a few hours if you swim 
Contis careers consultancy in properly. Ana times aren’t bad 
London. " We’re shutting 23 for you. They're good because 
bakeries and making 8.000 hardly anybody else in the pool 
.people redundant." That was knows anything about job- 
iwo months ago. hunting, which you soon wilL . 

“What could I say to them?” This kind of oratory has clear 
.the same Tom Carew asked me overtones of Sir Henry 
the other day. His question was Newbolt and “ Play up! play 
purely rhetorical. “ I said I’d up! and play the game! " But 
do the lot.” anyone who pointed out the 

So he mustered four of his resemblance to Tom Carew, 
.staff, conscripted four of the would not displease him. Facing 
jobless executives whom his the facts and squaring the 
consultancy trains to re-invade shoulders are in his view the 
the employment market, com- essential first steps to recovery 
missioned 23 snappy posters from unemployment, 
proclaiming “ Coutts is here," a bit of inspirational help is 
and led his squad on a tour of therefore worth any amount of 
Spiliers’ doomed bakeries. “ We pity. And if revitalising the 
couldn’t deal with so many newly jobless requires Mr. 
people individually,” he said, Carew to behave like a some- 
“ so we talked to them in w hat old-fashioned public 

groups.” school headmaster, then so be 

The talks given by Mr. Carew j t 

-woul d typ ical !y begin with a We - re entirely 0Q their side, 
thoughtful smoothing of his fine don - t pander to them. 

STmSJSS r« highly autocratic. I don’t 

th “ c? lr u'vf ‘hopn trtiri vnu arp allow them to argue with me. 
redundant. Well. Tm sorry; w * re ™ a 

very sorry. But where are you " hat the people who come to us 
going to go now— to the grave t here n . ed J* to 

are highly liable to be jeopard* 
ised by colour-prejudice among 

“When prejudice exists — as 
it does — and the person's need is 
to get a new job. there’s no use 
in waiting for the prejudice to 
be abolished. Given an inter- 
view, the candidate has a fair 
chance of overcoming it But 
not when all he is to the em- 
ployer is one of a lot of letters 
of application, most of which 
have to go in the waste bin 
anyway. The need is to fore- 
stall the prejudice until he gets 
through to the interview stage. 

"The last person I pointed 
that out to. for instance, was an 
Egyptian. He went away and 
changed his name to an English 
middle-class one, and he's doing 
nicely now.” 


or something? 

learn to look after Number 

. “ The truth is that you aren’t ^ ne - 

redundant. It's this business In teaching them. Court's 
operation that is redundant, staff do not mince words. An 
You are all valuable workers, unemployed manager whose 
And you're not joining a long skin is not white is almost sure 
queue of unemployed. No to be told graphically that his 
queueing is necessary. chances of getting an interview 

The tactic of forestalling is 
taught also to people whose 
former job-title does not convey 
the responsibility of the job 
they were doing. ‘If you’ve 
been serving as finan cial direc- 
tor for a region, say, but the 
company called you the 
regional accountant, then the 
only sensible thing to write in 
in application is that you were 
working as financial director.” 

Any customer of Coutts who 
demurs at such tactics is sum- 
marily convicted of “negative 
thinking ” and fined 30p. 

There are few worse offences. 
Only by saying or writing “ I 
was made redundant ” (50p), I 
was involved, in a clash of per- 
sonalities” <50p), or “I am 
redundant” (4Gp) can a cus- 
tomer incur a heavier fine. The 

lightest is 10p for the wearing 
of each or any ; of a white shirt, 
a woollen scarf, a cardigan, or 
a club tie. Last week's takings, 
paid to the Salvation Army, 
were £7.90. 

The system of fines works, 
Tom Carew believes, by remind- 
ing the jobless to be careful 
in promoting their own inter- 
ests. “ And generally they soon 
learn to do that, although I do 
wish - 1 could say the same 
about the companies that find 
themselves having to carry out 
redundancy exercises. 

“ You know, an announce- 
ment that so-and-so 'is putting 
so many people out of work is 
likely to make the company’s 
buyers go off and look for other 
suppliers, which increases the 
risk of having to make more 
people redundant in future. If 
a business is to avoid effects 
like that, then careful public 
relations as well as industrial 
relations planning is necessary. 
So I’ve lately started to extend 
our services to advising com- 
panies on redundancy exercises 
so they can give the best pos- 
sible chance not only to the 
employees’ interests, but also 
their own.” 

Spiliers did not -do this,, he 
feels, with the result that 
Court’s possibilities . were .con- 
fined in the main to 'first , aid. 

“ But you can still help a fair 
deal. For instance, * most 
workers don’t realise that 
employers tend to ‘look very 
favourably on candidates . who 
live close to the company site. 
Propinquity is a highly sale- 
able advantage, and people can 
be taught to make use of it in 
just a few minutes.” 

In general, however, the 
immediate stiffening of personal 
morale was the best Mr. Carew’ s 
squad could do far the Spiliers 
3,000. most of whom have; how 
disappeared from his keix The 
only exceptions are some "80 
managers of the closed bakeries 
who are training under Court's 
tutelage for re-entry to -the 
working world. • The ..charge, 
usually paid ■ by the former 
employer, is 7J- per cent of 
salary, although discount? of up 
to 50 per cent are available for 
bulk orders. 

‘Terrible’ , 

“ Like almost . everybody, 
they were terrible at the start 
It's not just that they don’t 
know how to sell themselves. 
They don’t even know that 
they can or should do. . 

“ And it’s going out and 
selling yourself that counts 

when you’ve lost your job. j 
that’s not what they think vj 
they .first .arrive here. IS 
typical opening remark is j 
they’re go iifg ttr write to the! 
gest .100 or, if need, be, 1 
companies. Then we. sayl 
"might as well throw the M 
in the waste bin, because] 
organisations are getting r; 
people probably, and cert 
not much interested in 

. “We tell them that it’s 
small 1 .companies they mus 
to, companies that are too 
to get around to recruitmj 
extra manager they need, 

■ f f theyVe -realised yet that 
need one. -:- That's where 
people get their new jobs 
once they know how to loo 
the opportunities and ho 
market their abilities, . 
don’t need. me. .It simple.” 

Even 'so, I -doubt thai 
uphill task would be a 
simple if Coutts’s custc 
were not constantly back* 
Tom Carew’s headmaster!? i 
in -every pupil’s powers of s 

“ Look at 4his chap.” he si 
“ Hopeless. He comes fro : i 
gutter. No social amploi b 
all. No idea bow to P s 
himself.' Appalling .< ir 

record He’s- going t 

himself a- damn. good jot : 
know. He has absolutely £ 
class ability underneath.” 



K7i}3 1* FiTijg ;« :T« ) Vi tvTWi) 

PmTmTiuTiP iw tTu I 



I > ( -J m 4 ^ \ » j *) < »i '-t>i U - m It j kt 

■ [-!£• 1 ® "k* 'L-® * 

rJTiTJTTTiTu iriutlHI U idl f JtT* « ft j cT;3f »; n • <1 

iiflfi f5S*75 fi ) I { j* i IffT't* jp*~1 t^Tif i S i Htcff tt 

ill.;; ig ~ «I -I u M iLife nf S > i f J» 1 1 : ; . Vj 

? f. y ^TjTr ; 






1 5 - 


j V' V ■ 








join a Renowned Publishing company 




London Area 

London W.l. 

c. £8.500 

Long established and with a large range of non-fiction tides, our client has a 
current turnover of £2m. 

As part of the management team, the successful candidate will control the finance 
function, and be responsible for the further development of reporting procedures and 
computer based systems. 

Applicants should be chartered accountants probably aged around 30. They 
should ideally have experience of a relevant service industry and demonstrate the 
commitment to succeed in a challenging environment. 

Success in this position should lead to a Board appointment. 

For more detailed information and a personal history form please contact 
Nigel V. Smith, A.CJI. or Peter Dawson. B.A. quoting reference 2148. 

CoiTirneraal/indiistrial Division 

London, W.l 


c. £10.000 

Our client is a major division of a specialist manufacturing company with a 
turnover of £200m and is a world leader in its field. 

It is now planned to strengthen the central finance function through the 
appointment of a Financial Controller who will report to the Financial Director. The 
parameters of the position are broad and encompass control over financial and 
management reporting, short and long range planning, and the extension of 
computer based systems. In addition, the successful candidate will be expected to 
make a positive contribution to the company's development. 

Applicants must be qualified accountants, probably aged 30-40, who have 
developed broad experience in an industrial environment requiring the 
interpretation and analysis of information. They should be able to successfully 
motivate staff, and demonstrate the commitment and flexibility necessary to succeed 
in a dem andin g senior management role. 

A successful UA. company is establishing its Euro- 
pean headquarters in the London i area, and is 
seeking a dynamic Director of Finance and 

If you have a recognised management record with 
an internatioal company or accountancy firm, or 
have moved from accountancy into an inter- 
national role within industry, we are offering a 
responsible and challenging position. 

This Director will develop and implement written 
financial policy procedures, establish and maintain 
a forecasting system, and set up commercial- and . 
distribution systems by working with dealers and 
branch offices throughout Europe. In addition, this 
executive will develop and implement administra- 
tive and financial control systems and -will inter- T 
face with parent company finance, as well as rrjake . 
financial policy appraisals, reports and audits. 

The potential candidate should have a firm under- - 
standing of international cash management, col-‘ ; ? 
lection procedures, payroll and corporate taxes,' 
as well as a well-rounded background in all areas 
of corporate. accounting. We are looking for an 
experienced top manager, capable of self-motiva- 
tion as well as motivating others: We need- a 
practical, mature, confident indivldugf with an" 
outgoing personality. A basic knowledge of 
German or French is desirable. 

Qualified'applicants should send a resume includ- 
ing salary history in confidence to: Box F.1022, 
c inandal Times, 10, Cannon Street, EC4P 4B.Y-. ~x 

For more detailed information and a personal history farm please contact 
Nigel V. Smith, A.C JL quoting reference 2151 . 


Actuarial Student 

Leading mutual life office, Salisbury. 

Excellent salary/benefits 


Hong Kong c. £10.000 
+ Accommodation and benefits. 

Our client, the Hoag Kong Practice of a major international firm of Chartered 
Accountants, employs over 500 staff. Due to continuing expansion oi the tax 
department the Practice now seeks to recruit a Tax Specialist to act in a 
consultative capacity and undertake a number of special assignments. 

As there is an international flavour to the work, candidates should be able to 
demonstrate an interest in this field. It is anticipated that the appointee will have 
gained a m i nim um of two years tax experience in the U.K. 

For further information on this appointment and details of living conditions 
in Hong Kong please contact either Brian Marren B JS,.. or Richard Norman F.C J 
quoting reference 2159. 

Overseas Division 

We have a busy Actuarial Department, 
responsible for valuation, policy alteration and 
surrender value calculations, special quotations 
and actuarial investigations. 

A vacancy has arisen for a student who has 
passed 3 or 4 of the Group A examinations. The 
successful candidate will join our existing , ' 
actuarial staff and will, in due course, be * 
involved in all aspects of departmental work 
subject to progress and ability. 

In addition to an excellent salary and fringe 
benefits, including a generous allocation of 
study time, there is the opportunity of a 
progressive career. It is our policy to move . 
students from time to time so as to enlarge their 

Please write or telephone for an application 
form quoting reference No. HO/22 to: 

is required fir the newly established “YqnecHKuw^it Bank for 
Trade and lives Orient”. ~ ’ * i'jii ' ,■ *' - 4 . • v V 4\ 

In addition jo the normal management a^vitiesv the General^^ - ; 
. Manatee- wil be deeply involved in thesetprigup of the banlang : , T : 1 
operations, tid will be responsible for the rapid and prbfitable‘ • “ 
growth of tfj- Bank’simsiness.- - ^ .! . - y - U’- 

Applicants »>§ged 35 tp 45, should have a riunimuni often yearly;', 
comprehensive retail|)a n king experience, preferably in^adeVel- 
oping country* aid^oi^d' ji o 
commercial bank. ' 

fteasewnte - m confidence - to A , R. fci^ncan r&lEt,’ 1074^1 " : -- 

• • 4- • 

Ma nagement Consultant^ ■ '• Vri-’ : . V '• 

Management Selection Limited . y v. " 

17. Stratton Street London W1 X 6DB U ,‘L- ' • . . 


Applica tions ar e invited for the post of 

This Institute is a Postgraduate Medical School assbmfed. wittt the vKoyal 
National Orthopaedic Hospital. There are sections in London (Gt . Portland. 
St.) and in Stanmore, Middx,, where the Administrative offices are located ~ 
The salary is £5,954-£7,038j plus London Weighting £450. {University scale, , 
under review). A job description and further details are available from the 
Secretary, Inst of Orthopaedics, Royal National Hospital, BrocWey HOI, 
Stanmore, Middx. Applications with names, of ttoee referees .shoeld be~ 
received by June 30th. 

Douglas Llambias Associates Ltd. 

Accountancy & Manaqemeut Recruitment Consultants, 
410. Strand, London WC2R0NS. Tel-.'0 1-836 9501 
121, St. Vincent Street, Glasgow G2 5HW. Tel: 041-226 3101 
3, Coates Place, Edinburgh EH3 7AA. Tel: 031-225 7744 


Miss J. E. Berry, 

Personnel & Training Manager, 
UK Provident, Dolphin House, 
New Street, Salisbury, 

Wilts SP12QQ. 

Tel.: Salisbury (0722) 6242 



The Standard life Assurance Company has a 



£14,000 p.a. 

Old established firm of chartered 
accountants have a vacancy for a tax 
specialist in their London office. 

The successful candidate will be a 
Chartered Accountant, preferably a 
graduate, between 30 and 40 years of 
age. Starting salary will be £14,000 
per annum and there are partnership 

Please write giving full particulars to 
Box A. 6373, Financial' Times, 

10, Cannon Street, EC4P 4BY. 


Applications are Invited for appoint- 
uteot to a Chair oi Accountancy ten- 
able from in October, 1BT5. or sucb 
later dare as may bo arranged Thw 
U one or three Chairs of Accountancy 
In the University and rails vacant on 
the resignation of Professor D. H. 

Appointment win be In the Depart- 
ment of Accountancy in which the 
present nan are Professor David 
Flint. Professor J. C. Shaw, 3 Senior 
Lecturers sod 3 Lecturers with the 
assistance of part-time lecturers and 

The. professor will participate In the 
(caching and research of the Depart- 
ment according to his special interests 
which may be in any of the areas oi 
financial accounting and reporting, 
managerial accounting or business 
finance It is Intended that the 
Professor win assume direction of tin- 
doctoral programme which paa 
recently been approved and tbar he 
will lake a major part In developing 
research interests. 

Persons with primary Qualifications 
and experience of doctoral work and 
research In a connate area and with 
interest* in accounting which they now 
wish to develop win be considered 

Further particulars may be bad 
from The Secretary of Uie Unlvorrttv 
Court (Room 19>. The University at 

assiww. Giausow. ct2 rqq. with 
whom applications 113 copies', givine 
the names and addresses of three 
referees, should be lodged on er 
before SOth Jmw. 1978. 

In reply please quote Ref. No. 
4153 AS, 


We are a subsidiary operation of a dynamic 
growth-oriented, U.S.-based oil service company- 
seeking applicants for the position of Controller. 
Qualified applicants will posses at least five 1 
years* experience in a senior -accounting 

This is an excellent growth opportunity offering 
a competitive compensation and located in 
Montrose, Scotland. 

Please reply to: 

Mr. R. G. Ross, 

HydroTech Services U.K. Ltd-, 
Sea Oil Support Base, 

Montrose DDK) 9SL, Scotland. 


largest mutual life office in Europe and has : 
excess of £2000 million, pounds. 


m 1 5;Yvr 

IdcoUy, candidates should have an accountancy 
qualification and previous invesunent ©perittte&yrauU 
be an advantage. 

A good salary will be paid, the level depending upon 
age and experience. Other benefits include non 
contributory pension scheme, staff house purchase 
scheme, dining room facilities etc. 

Applications should be made in-writing. to: • : s- 

Thc Staff Manager i 






A young man or woman of proven ability is 
required as an Investment Analyst based in 
Douglas, Isle of Man which is a low tax area. 
There are no fringe benefits but a higher than 
average remuneration will be paid. 

Write Box A.6372, Financial Times, - 
10, Cannon Street, EC4P 4BY. 



Applications are Invited for tbe post of . Book-keeper. ' . The i 
applicant should have considerable experience: to book-keeping:; 
and must be capable of deputising f Or the Executive , Officer- 
(Finance) when necessary. 

The salary on appointment will be within the . scale £3*852 — 
£4,657 (under., review) including Loudon Weighting. 4'- 

Futther particulars of the post may be obtained from; — ^ 

K R Booth *: ' ^ 

As sis i ant Secretary 

Cotuidl for National Academic Awards v T 

344/354. Gray’s Inn Road ■_ .. 

London WC1X SBF. ■ V -V" ^ . 

to whom applications giving details^ 'of qualifications. -and 
experience and menuoning the nameSi-nf two refereer'afaduld ' 
be submitted by 16.6 JS. ^ 

0, LWeatbbwiaa- Park VJHgs, 
London 'W2.-5EA ££ -S; 



ft ord^r? 


an incQjta 

* *** 
aments fo 


-iiii a 



E K ' VnM r ' 

H,B *>?<$ 

*• “ i ;*• J 

* 1 .f . t. 
• !• .*,,•• 
'. s’ •■.;** •> 

- , ,f .* 

U.K. Staff in 
Construction Field. 

. yi leading Korean construction company working 
in the international market. is seeking- to strengthen 
its existing staff to keep up with recent market 
expansion. V 

We would be' interested -in -taking to applicants 
wishing to work in England, Mideast, or Korea with 
experience in one or more of the- following fields:. 

• Civil or Architectural Engineering with 
■ specialization in Scheduling, Specification 

Preparation, Procurementcontrol, or Con- 
tract Coordination. . . 

'• Mechanical Engineering with specialisation 
in HVAC r 

• Electric Engineering 
Equipment, Materials Procurement aid 

• Contract Administration 

* Applicants with U.K* nationality should preferably 
have 5-10 years of experience and. hold professional 

* We will offer you a competitive salary to match 
your ability together with good fringe benefits, 
family accommodation inMideast or Korea, packing 
and removal expenses where necessary. . 

* If you feel you have the right experience, please 
send a. detailed resume of your background and 
experience with an indication of pie. salary and 
special conditions if any to: . 

London s' Mr. J.H. Kim. Flair 61, Latymer Court, 

Ham nwT smith Road. London Wb 
‘ Tlx; 938849 DAELIM G Td: 01-741-3393 
New York r .Mr.PiH.Lcc, 276 Park Aue.;_Soulh. . 

New York. NY 1Q010 

• Tlx; 426574 DNYBULCable: NYBUSA 
Tel; 260-64 ID. 260-641 1 

Tokyo s Mr. S.S.Yang. 4-3*2. Shlmbashi. Minaloku, 

. . Tokyo Tix: J27S3S- DAELIM TK 

Tel: 03-436-1826/7.03-434-6339 
Saudi Arabia : Mr.K.S. Lee, P.O. Bot 2346 Dammam 

Tlx; 60 1 179 DAELIM SJt Tel: 20221 . 27 138 
Iran : Mr. U.M.Woo, PiO. Bok' 1247 AhwAz 

Tbc: 612056 PDAT fft>Tel; 20624 
Qatar ’ i Mr.M-S. Joo. P.O. Bcoc3750Doba 

Tbc.: 4575 DAELIM DH Jcl.: 325371„ , 
Hons Kong s Mr. l.S. Park. 2606 Aiflofcftn JnflTowec, 
16-18, Queen's Road. Central HKG . 

Tk. r 73073 PARKTHX 
.Cable; DAEU MIND HONG KONG . .v - 
. .Tel.: 5-227366. 5-23993? ’ 

Singapore 's’ Mr. C.M. Kim. P.O. Box Newton 98 ' 

. Tlx.: DAELTMRS 23283 . • - ' 


.Tel: 2523151/2 

Korea • Mr. O.S. Yoo. Overseas Business Dept ■ 

(Head Office) C.P.O. Box 5505 Seoul , •../ 

Tlx.: DAELIM K23279 & K24387 
/T\ . TeL: 70-8221, '9221 . : ... > 


(Head Office) 




Manchester /Liverpool 

Age 30-40 - Remuneration Negotiable 

liar client is a large, successful and fast growing company in 
the French food manufacturing industry with an established 
UK subsidiary In the North West. As part nf the UK 
expansion programme they wish to appoint a managing 
director whose task will be to: 

Plan and implement UK marketing of the Company s 
range of products . 

Organise the sales force and product distribution 

Interested candidates should have: 

Experience at marketing director level in a company 
retailing perishable foods ... .... „ 

A working knowledge of UK supermarket distribution 
Fluency in French 

Please reply with C.V. in confidence to: 

E. Weil 

87 Rue Saint Lazare, 75009 Paris, France 



seek an 

for their CITY office 

To organise and control the administration of our world-wide 
su^ar trading activities. .... ,u„ 

General areas of responsibility will include ensuring the 
correct execution of contracts, forwarding, shipping, account- 
ing inventory, tetters of eredit. 

Ili/sbe will also be liaising with our overseas offices on 

administrative matters. . . - e 

The candidate should have previous experience (min.mun 5 
years) at a senior level in commodity administration 
(preferably sugar) with an international trading house. 

TTie manager will report at Director level. 

* Excellent salary 

* Non-con tribuiory pension 

* 4 weeks holiday 

Write in confidence for application form to: 

Mr AL McDonald, Personnel Manager 

Kcmpson House, 35/37 Camomile Street 
London EC3A TAT 







Communications Control Systems Inc., and 20th Century ’ S ® CU ™J 
Education present the first seminar in Europe bn the use of the 
Unique Voice Stress Analyser Mark IX-P. The ** n J2, w J 
the entire subject of lie detection from theoiy and development to 
application*, by explaining the techniques of interrogation, practical 

iTyoufeel you should be part of this important seminar please apply 
Jo^mmin^dons^Controi Systems Inc. 13 Wilton Mews, London, 
ow i Telephone 01-235 91 12. 




fGSEmff&S , «£ . 

Str. No. 8 announces: 

Tender Documents Nos. 15/1 and 15/3 

WJKRTfrJJE TENDERED: _ . waterworks structures in Cacak. 

Supply of equipment (pipes and stan^si 

COS T e aL^e°^oX material and ^uipmeot I. 

' . SmVres Tca'uron * j2?2d appertaining fittings, as well as 1.350 metres 
. pipeline of 0 150—alI FOB Cacak Site. 

date of rMpt of Employ, order to commence the worim. 

“IsCTe for-iubmissicm of tender, in 

the newspaper. 

decision TO BB made: „ T(inderer .hali te made within 10 (ten) 

' tender, - 

TEN r"roe submitted — ^ 

. . - Documents. Two sets of Tender Doc n £. eDt payab i e to the current account of 

— WUBfaA- with the Go,en,n,e,lt **** 

■ . ~ Office,- iot local tenderers M 

_ i&nef payment ftd'SS'UftSilS b5?K 

- DroieKf No: 60Sll-620-o8-35^0-4-l-l^»-JU fQr /gj-eiga tenderers can be 

. .. . Foreign ^ Trade,. Belgrade. Tej ffi d jJ epartme nt for Municipal and Industnal 

. .obtained at the Bnergopra^t office,, uep Belgrade, IV floor, phone 

. ..Sanitary Ettgineenng Zelcm Venae 

number 011-627--522, ext. 433. - 

• BIGHT TO PARTICIPATE IN ™ D ^ G: Internati0 nal Bank for Reconstruction 

.• • Switzerland. 

. .. “ VODOVOD ’* 

. - Vojvode Stepe Str. No. 8 • 

32000 CACAK 

TtrrUAriet, will b* paid it the current 

r*M *f exchinae by d» undermen- 
tlMwd link who require lodeement 
three d«y« betan piyment. and who 
will eupply liwin! termi ir required. 
Coupon, from Preference ehirei 
Ordinrry ihirei must be lilted on 
leptrtu form*. 

The above dividend it also payable 
to holders of regiaured certificate* 
for share* of Fc*. S00 each. Theie 
certificate* may be presented it the 
undermentioned Bank for collection or 
the dividend in Belgium. 

Coupon* and certificates, the property 
of owner* reiidtnt ounide chc 
Scheduled Territories, ihould be pa- 
tented for payment in Belgium. 
Midland Bank Limited, 
International Division. 

(0 Gracechurch Street. 

5«- FUNDING LOAN 1920 

Holders of Bonds are advl»ed that on 
lg78 ||CW st , ee is or 



jSiiiqio American Corporation 

(incorporated in the Republic of South Africa) 

1'i-ovlsional annual financial statements for the fifteen months ended 31st March. 1R7S 

The follcv. ir- are ;i,e unaiidited financial results of the Corporation and its subsidiaries for the fifteen 
months ended :;i,r March 197S and an abridaed consolidated balance sheet a ' thatd ^ e R ’ t , ' 5p,*' tinn 
noted that a., a resuli of the change of the financial year end and of the . ““ S" Kt^marv 
Corporal in Limited (RSCi with this Corporation and thus the inclusion with effect from 1st Januaij, 
1377 ,.f its results and those of other companies which by virtue of the 

figures ;he fifteen months to olst March, 1S7S are not comparable with those for the tuehe months 
ended ZL-z Decerriber, lfJ#o. 


Investment sreone— general invesi- 

mon;i ’ 

Irttcrtsi, fi .??. jn-.l uiltvr income 1 l-ss 


Trading iJt-y;-i : 

Surplus ■-■t* rc,:l:.-.: iwn «j[ general 
invest rn-.-ru., 

Costs r.[ pro.: pc ft in" 

provi-'iin :..^,n t ir'.cjiRicms 

Provision .ijj;n-, 

Year ended 

213 179 

Capital and reserves 

Ordinary shares 

Share premium 

Non-distribution reserve 

Distributable reserves 

Ordinary shareholders' equity 

Preferred stock 

GROUP : it 



gbou p rr.r :t a i tlr 


Outtiidv slKi.v.^nldr-r . inicres!* in 

prr.fti- hi i:,. ;u.-r 

Preferrvi! d.vniond:- — GT. . . 

273 S61_ 
13 IS ‘S 
3 OHO 

25S 673 
IS 962 

211 TIC 

IQS 412 
9 497 
2 300 
2 750 j 



!£ TO 

ORT-3N . 

?.v sis.\r.;:-s«:L 






Per sh.i!* - ' 

:1I- Il!)70 

: cc.3 

ccn!' i • 

1 and 2: 

Ordi n a : > fi i ’. id*. ; ; J i , " < 




EXT:'. ’ 



u ry iU ai -1 






153 101 

Long term liabilities 

Life* insurance funds .... : 

Outside shareholders' interests in 

subsidiary companies 

Loans — associated companies and 


Deferred taxation 


Creditors, taxation and provisions 

Shareholders Tor dividends 

Bank overdrafts 

Represented by: 

General Investments: 

Listed — market value 
R1 996 731 000 1 1976: R934 221 000 1 
Unlisted — directors' valuation 
R272 296 000 «1976: K16S059 000> 

42 527 
20 000 


Life insurance investments 

15 744 ; 

_ 31 720 


::r. ill ' 

16SS4 j I 

16 950 

UnapiT-mri.a-fil |>r*-rit. 31st Peconi- 


Relairifd [•ri-Sis "C - di;*rics 
ociT.'ir- d during ibe neriod 
buui to i ho Corpora linn’* 

f urn i.;r Minority interest 

Adjust nr n: therein ari>in’ from 
ch.inv." - in **::cl,'nof r:*to> . . . 
Adjust ii : -.*ni in respect of previous 
year's ■..nation 

Trar.?.fer=. to reserves 

RJAn-Jif. 1373 


1 Th« Caw of income nf Gw enlarged croup 5 s hisher tl^n 
norm. ! in tl-e nuartw to 31;t 3l?rch each year. The 
results, for the tifteen nionths una.-r review, w&ien 
include two Vvreh Muarter*. art- cnhaneei! accoraingiy. 
Earning per share for she tv. tike montn period lo ulst 
March. 1- 73. based on the number of ordinary shares 
effective I; in tesuj during iho peno.j. wuulu have been 
approxiniii'ely 70 cents per nrdinarv share. 

•» The issued m'dinary share cjp.ijl of the Corporation 
is ■»229fi4 5:;j snares. Hov.evt. t-. the earnmes per share 
have been bi.*«d on the effecuv m.mhc:- nf Glares in 
issue disnnj; t;»e fifteen months to .'Kirch calcuialua 
as follows: 

issued ordinary share capital at & h -'S*nn 

31st Docnnhcr l-'7-3 ui.-aouu 

Shares is.-ued: 

in respect of the .■"•mi; nu on of RbC niUt 

effect from 1st January l.'<* ■ 09 9-9S5 6 

In respect of tho riyhtu ksik-? io ihe 
RSC shareholder^ in 7:7 K J 77 — 21 3250i*i 
ordin^o shares in Aneio Amoncan 
Corporal ion. reduced in F '-'-'P nrUi'm t" 
the period the « : h.ii v ‘S wi. r:^ r.i i-v.sue 
durinc the fifteen nmiuba to 31st Marcn 

1978 lu 77'i=nr 

In terms of the share incentive 114 o j 

Fixed assets 

Leasing assets - 

Instalment debtors less deferred 

Loans — associated companies and 
others less provision 


Other assets 

Stocks, stores aDd work in progress 

Debtors .............. 

Cash on deposit, at call and short 





22 296 

36.7 919 
470 269 

IS 172 

SO 214 

367 1M 

■1 739 


4 759 

363 143 
1G6 541 
■43U 767 


60 OSS 

92 231 

63 0DS 

419 129 

2 220 

2-S7 050 

62 577 
55 741 . 

■ 20 933. 

33 074 i 

129 5SS 

54 007 

2 129 627 

938 554 

713 77D 


121 79B 

3 14 679 

botl i)/J 

572 057 

525 HSS 

1 407 632 
40 ITS 


1 1 453 

10 40L 


17 030 


210 437 

291 S53 


S 3S0 

1 S 208 

mo 640 

| 33 194 

| 335 101 
«3 949 

j 67 9S1_ 

2 129 627 

938 554 



69 9P9 656 

15 22S626 
114 5(10 

Ordinary dividends comprise: 
Special interim dividend of 
S.25 cents per share on 
201 7*24 956 shares 
Interim dividend of 12 cents 
(1976: S cenisi per share on 
222905 032 shares 
Final dividend of 25 cents 
(1976: 25 cents i per share on 

The extraordinary item comprises: 
Provision against investment 
in Soeidte Mintere de Tenke- 

Provision against investment 
in Botswana R.S.T. Limited 

217 06S0S2 

Head Office: 

44 Main Street 
Johannesburg 2001 
6th June 1978 

For and on behalf of the Board 

H. F. OPPENHE1MER , Dircctors 
G. W. H KELLY I L,,r - clcrs 


A final dividend of 25 cni- j share 2'* 

respect nr the fifle.-n mania* enact- ..W March in/S nas 
l).-vn declared payable on *JSlh July to >h.ii'.holder^ 

ivuistered in the books «*f ihe Curp-rMii-n at the c:osc uf 
business on 2:'.rd .luiie ar-d *• » i'cr;oos piesenuc, 

million No. HM detached fnm, snaf.* v. a roots to 
This dividend. tORClh-.r ■-.nil Me special and inlbrim 
dividends of :>-5 tvnis and 12 o^'ts a . ,; r.: re. r «spe.t 
declared on 3rd May 1977 .mil 24! h No-ember 19" inuke 
:i lotal of 45.25 ceius n share lor ili«* S.,c:n month period 
1 1976: 33 cents i. A notice jv.’.-rdin^ payment of inis 
dividend to holders »I share warrants to bearer will be 
published in ihv Press by ihv Lonaun hccrclary on or 
about 10th June 1«*S. . ... h(< 

The transfer registers and registers o: , 1 11 ®"; he ‘* 
closed from 24th June it* .Hi Jul* 19 '^- b ?‘t. ir , cl n a . > . 
inclusive, and warrant will be posted from the J °hannes- 
Inirg and the United Kingdom ol.icos of .he transfer 

London Office: 

4G Holborn Viaduct 

tjlFi June 197S 


secretaries on or about 27th July 1978. Registered share- 
holders paid from the United Kingdom will receive the 
United Kingdom currency equivalent on loth July 19/S of 
the rand value of their dividends (less appropriate taxes'. 
Any such shareholders may. however, elect to be paid m 
South African currency, provided that the request is 
received at the ofllces of the Corporations transfer 
secretaries in Johannesburg or m the United Kingdom on 
or before 23rd June 1976. , , . 

The effective rate of non-resident shareholders fas is 
11.0983 per cent. .. . 

The dividend is payable subject to conditions which can be 
inspected at the head and London offices of the Corporation 
and at the offices of Che Corporation's transfer secretaries. 
Consolidated Share Registrars Limited. 62 Marshall Street. 
Johannesburg 2001. and Charter Consolidated Limited. 
Charter House, Park Street Ashford. Kent T.N-4 SEQ. 

By order of the Board 
Managing Sccretary 

Head Office: 
44 Main Street 
Johannesburg 2001 

Lwidon Rd. Br»tatr«. Forme Char- 
ier^ Accoon»m. . S ^ s ^i fle r 
illness on Srd June 1975. Agra '■* 
yean. Greatly IftvM IweMivi ol.Wie laic 
May GariHcfc and »e dearest Irlend and 
loved fatter cl Richard. Funeral wnri« 
at St Mlctiasls Churcn on Monday. 12th 
June at™ a-m. Followed bv private 
cremation. Cut llOwera only ptaase. Ip 
L. R. Hurry. 5S Brad lord street. 




Sth-IBflJ NiV. «T*r If altef 1st July. W*- 7.500 

redemption at « r on 7% ^ Bonds 76 _ 80fl 


4% Land 9B*» 20.700 

3l:% (■a*'* . . 7,600 

S % *2*2 10.300 

ur*d Bonds .3300 

5% und «ort« i 


6% Laiu ‘ Bon £ ndfi &JOO, 

5i»% Land" Boiw* 

7% Lanti Bonds 
7!;% Land 
8% Land Bonds 
. g'.*i Land Bond* 
9-C% Lard Bonds 
121;.% Land Bond* 
-1G% Land Bonds 
tS?o t 41- Eon d s 



Z6 1.900 


Duturtment ot. Finantc. 


' 11 May. 1878. . ~ 

Commercial and industrial Property 4.50 

Residential Property 
Appointments . 

Business & Investment OpportuwtiM, 

: Corporation Loans, Production C^paoity, 

Businesses for Sale/AVanted , S- 25 

Education. Motors, Contracts & Tenders, 

' Personal, Gardening 
Hotels and Travel 
Book Publishers 

Premium positions available 
(Minimum size 40 column cms.) 
£1.50 per single column an. extra 

For further details write to: 
Classified Advertisement Manager, 

Financial Times, 10, Cannon Street, EC4P 








Conference? £err:iL'i£“? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 

; There’s no need to hunt around the West 
End for a suitable venue or viewing theatre. 

Tbe.FT Cinema, here in the City, offers seating 
in comfort for 5CH- people. Full.l6mm film 
projection facilities. National Panasonic Vz ,r colour 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


Ail enquiries to the Press Officer. 

Financial Times, BrarVs’n House. 10 Cannon Street, 
• London EG4P4 BY. Tel : 01-253 8000 (e>:L 1121). 

The war that never ends 

We British arc a peaceful people. When a war Is 
v- 0 ' vcr uc like to consign it to the history books - and 

^But for some the wars live on. The disabled from 
both World Wan. and from lesser campaigns, now all 
too easily forgotten: the widows, tire orphans and the 
v children -for item their war lives on, every day and 

all day. . . .... 

In nianv cases, of course, there is help from a 
pension. But (here is a limit to what any Government 
DepJrt nicntcan ^ C1- « 

This is where A rmy Benevolence steps in. Wi th 
understanding. With a sense of urgency . . . and with 
practical, financial help. 

To us it is a privilege to help these brave men - and 
women, too. Please will you help us to do more 7 Wb 
must not let our soldiers down. 


for soldiers, ex-soldiers and their families in distress 
Dept. FT, Duke of York's HO, London SW3 4SP 




.'i: .:-a» t ■■;■+. i<-.- ••> :':vy.r. •—•" c- V... , ;V‘>* ’s' j : v- -tV. t : -t -•••••. ...- • ■• /\vi .-■ ^ •• .< <.. . . .. . ••. ;• • > •• 

nuIMon guilders ■ 



: EngtBhj||||p ig|^|pS|Sp^^^^ 

i-V: . ->• ; '•'/••• ■ 

v “ ' 

fw /•-••- 

,. . \.;I 

'■ ' • -V • .’. . . - -'.C 


‘ . •; .-V;^ 
* -X • .» jr 

"‘■ ■Ji tM • > 

Sc^V-;^;. ? - 

Dredging and Reclamation- 
Civil Engineering . • v 1 . 
Roads and Asphalt 
Pipeitnas • • • v; 

Houses vr.? Gonr ral Wbrks 

■ avi; * 

^gW&SjS-V -2. 1 



1 here's Ofdv one \v;i\ ru jiij^c 111 
airline — by increased passenger support. 
So its nice to know PI A have chalked 
up a 33 per cent passenger growth figure 
tor the fourth year running, and in the 
process trebled their profit m one year. 

Thank you for your patronage. 


? 1 i,A. 

Pakistan International 

Great people to. fly with. 

. author! 


THE U.S. authorities have be- 
gun to tighten up their super- 
vision of the foreign lending 
done by American banks. They 
want to have a clearer idea of 
the risk involved in each debtor 
country. There is, however, evi- 
dence that the regulatory 
authorities intend to be supple 
in their handling of this im- 
portant matter, which reflects 
upon the external payments of 
so many countries. 

Though the final pattern to be 
adopted is not so far clear, a 
number of senior officials insist 
that it need not inhibit the 
foreign lending of U.S. commer- 
cial banks, and at any rate some 
senior bank executives share 
that view. Fears among bankers 
that tighter regulations will 
automatically reduce their 
ability to lend have been dis- 
pelled at least in part by a 
recent statement from the Comp- 
troller of the Currency, Mr. 
John Heimann, which showed 
that he was aware of the need 
to apply banking regulations in 
this field with flexibility. 

Some senior officials do how- 
ever suggest that part of the 
emphasis in the new regulatory 
policy expected to emerge will 
be on a diversification of lend- 
ing overseas to ensure that no 
bank has too high a concentra- 
tion of its loans with a single 
foreign borrower. Some big 
American banks will find tbat 
! they must reduce what will be 
deemed to be over-commitment 
to cer tain countries. 

Heavy borrower 

Thus there are suggestions 
that Mexican officials, whose 
country has been a heavy bank 
borrower, are worried, although 
perhaps less so than earlier this 
year. No doubt other borrowers 
trill watch equally anxiously. 

The new approach is a 
reaction to the rapid growth of 
, foreign lentlins by the banks. 
A congres>ional study pub- 
lished in the middle of last 
year highlighted the extra- 
ordinary speed of this growth. 
It pointed out that in 1960 only 
eight U.S. banks had overseas 
branches and that their assets 
totalled only $3.5bn. As Mr. 
Hermann recently said of Inter- 
national banking department 
executives, “in those days. . . 
their titles signified remoteness 
from the* levers uf command.” 

But by mi d-1 976 U.S. banks’ 
foreign branches had assets of 
91 SI bn. according to the con- 
gressional study, and the 
"spectacular expansinn of in- 
ternational lending has been 
critical to maintain a steady 
growth. or earning for major 
U.S. hanks.” 

The result is that, as Mr. 
Heimann put it. international 
lending activities of ten or more 
of the largest banks in the 
country would eventually 
account not only for omre than 
half their loan portfolios, but 
also for the lion's share of their 
profits. Last year, for example. 
Citibank earned over SO per 
cent of its profits abroad. 

Mr. Heimann went on: “The 

fact is, our commercial banking 
system is now firmly lock&d 
into a global banking system - 
a system dominated by v( y 
large foreign institutions, ma y 
of them government-backed tr 
owned which compete 1 ir 
business by means and sfc i- 
dards not always in accordai :e 
with traditional Americ in 
banking practices.” j 

The phenomenal growth of 
foreign lending is one rea m 
for the attention which l ,S. 
bank regulators are paying to 
foreign business. Another is 
their previous lack of intei *st 
and lack of expertise in ana js~ 
ing the significance of pis 
business for the mstitutiTns 
they are supervising. | 

The congressional stady 
remarked that “the most note-, 
worthy characteristic of This 
new capital market is thafit 
is largely unregulated: no single 
bank regulatory agency, national 
or international, has eitherfthe- 
authority or the responsibflity 
to oversee the market until 
recently the Federal Reserve 
and the Comptroller of $the 
Currency (the two main SJ.S. 
agencies) did not even Save 
comprehensive statistics ougthe 
foreign claims and liability of 
the overseas branches of jf.S. 
banks.” u. 

Over the past three jtears 
there has been widespread Con- 
cern that, partly because offehis 
lack of supervision, banks were 
committing themselves to loans, 
particularly to developing 
countries, which were lll-ad«sed 
and which could threaten pieir 
financial stability. i 

Political concerns of course 
go wider. Thus the cori|res- 
sional study focused on* the 
foreign policy implicatiairii of 
some foreign lending. A^ the 
end of May, at the International 
Monetary Conference in Mfxico 
City, Dr. Henry Kissingerfsug- 
gested that bank lending to 
Communist bloc countries — 
which has been substantial — 
should be used as a bargaming 
counter in East-West relations. 
Dr. Kissinger's comments found 
support from the chairman of 
the Chase Manhattan hank. Dr. 
David Rockefeller— -and expres- 
sions of horror from some 
European bankers. 

The concerns of the regula- 
tory agencies are less sweeping, 
relating in the first instance to 
the financial risks to the insti- 
tution involved from heavy 
commitments to particular 
countries, particularly in the 
case of banks that may not have 
appreciated the important dif- 
ferences between granting 
commercial credits and making 
loans to Governments. 

Earlier this year Mr. 
Heimann. recognising the im- 
portance of this distinction, 
issued proposals for integrating 
one particular U.S. banking law 
into the recently developed 
foreign lending pattern. The 
Comptroller is required to 
ensure that nn bank under his 
supervision lends more than 10 
per cent, of its capital and sur- 
plus to a “ single borrower.” As 
Mr. Heimann pointed out 





(per cent) 

Bankamerica 21 

1975 1 977 
48 34 

Citibank 54 



Chase Manhattan 42 



Bankers Trust 31 




Illinois 17 



Security Pacific 5 



Source: Salomon Bros. 

recently this rule was written 
over a century ago. How do 
you apply it today to a bank 
making loans to a government, 
and agencies of that government 
such as a state-controlled oil 
company, or its export finance 
bank? Are they one borrower 
or several? 

The Comptroller issued de- 
tailed guidelines setting 
out under what circum- 
stances it would be legiti- 
mate for a bank not to 
lump together such loans ' to 
government and government- 
related agencies when applying 
the 10 per cent rule. In prin- 
ciple a bank was going to be 
asked to justify loans by show- 
ing that the borrower would 
have the means to service the 
loan, and also to explain the 
purpose to which the money 
was going to be put. 

Earlier in the month, how? 
ever, before the detailed guide- 
lines were brought into dfect, 
he had stated tbat “the Con- 
gress has imposed a 10 per cent 
limit which by necessity must 
be somewhat arbitrary. I think 
our office can most productively 
approach the principle of diver- 
sification within the constraints 
of the 10 per-cent legal limit 
through flexibility in interpreta- 
tionof the ruling.”- While legally 
he cannot ignore the 10 per 
cent rule he is looking again 
at its detailed application to 
foreign loans. ■ \ 

This move has . eased the 
anxieties of some bankers as 
well as those of some heavily 
borrowed, countries, ^ which 
feared that the rigid implemen- 
tation of thfr means and purpose 
tests would cut them off from 
some large credit sources. \ 

insurance Corporation have 
been, doing. - . 

In the spring Quarterly 
Review of -the New York 
Federal- Reserve Board an 
article entitled, “a new super- 
visory approach to ■ foreign 
lending,” outlined.radical initia- 
tives in this field. -Key -elements 
in this approach include a move 
for the first time to cb-ordinato 
the regulatory supervision of 
the three independent agencies, 
including the development of a. 
commOH reporting form. Al- 
though this is only being em- 
ployed on a trial basis by New 
York Fed, officials: emphasise: 
that the three agencies have 
reached a broad measure of 

Other factors in the new 
approach will be to lay empha- 
sis on identifying concentrations 
of Tending that seem .relatively 
large in relation to a bank’s 
capital, and also to the economic 
political ami social conditions in 
the country concerned. The 
regulators intend to pay dose 
attention to country risk and 
develop procedures for. analys- 
ing country risk. 

The regulators win also pay 
dose attention -to .-the banks’ 
own expertise. They will hot, 
however, attempt to 'draw up 
lists of countries tbat can or 
cannot qualify for loans, and 
officials stress again the flexibi- 
lity of the new approach. 

Feed back 


But the Comptroller made iri 
dear that he was more 
aware that “nur office cannot 
easily and unthinkingly apply 
conceptual devices, tested by 
long domestic regulatory tradi- 
tion, to international lending 
activities." He added pointedly: 
“We have to develop new 
ones." That is precisely what 
his office, and the Federal 
Reserve and the Federal Deposit 

Bankers at this stage' seem 
ready to give the proposals a 
cautious welcome in principle. 
They say that they will welcome 
the feed back which they can 
expect from regulatory agencies 
once they have developed a 
sound understanding of the 
foreign credit lending scene and 
have the advantage of being 
able to see an industry-wide 
picture- Bankers are hopeful 
that the system, ouce working, 
will Inhibit lending only in 
those cases where loans ought 
not extended anyway. 

The catalogue of the bank 
regulators’ ' concerns about 
foreign lending is a long one. 
Mr. - Heimann has -cited the 
recent* harrowing of rates of 
return on these loans, lengthen- 
ing maturities of tip to 10 years 
when measured against the com- 
plexity of assessing country 
risk, the mismatching of 
maturities of funds and loans, 
and the fundamental shift to a 
reliance on the part of sovereign 
nations on commercial banks for 
development and balance of 
payments financing. 

Ironically, the public expres- 
sions of concern by the regula- 
tors are coming at a time when 
international profits growth for 
the big banks has slumped from 
the annual compound rate of 37 
per cent through 1970-75 to only 
1.8 per cent in 1976 and 8 per 
cent last year according to a 
Salomon Brothers study, and at 
a time when the big banks arc 
beginning to pay closer atten- 
tion to their domestic market 


i Incorporated in ihe Republic of SoufJi .AjTrfcn 1 
Dividend No. 98 of three per cent for the six months ending 
June 30, 197S. has been declared payable on July 21. 197S to 
holders or the sLx per cent cumulative preferred stock who 
are registered in the books of ihe Corporation at the close 
or business on June 16, 197S. and to persons presenting 
coupon No. 99 detached from stock warrants to bearer. A~ 
notice regarding payment of this dividend upon presentation 
of coupon No. 99 detached from stock warrants to bearer will 
be published in the press by the London Secretary' of the 
Corporation on or about June 16. 1978. 

The stock transfer registers and registers of stockholders.. will 
be closed Erom June 17, 1978 to June 30. 197S, both days 
inclusive, and warrants will be posted from ihe Johannesburg 
and United Kingdom offices of the transfer secretaries on or 
about July 20. 1975. Registered stockholders paid from The 
United Kingdom will receive Ihe United Kingdom currency 
equivalent on July 11. 1978 of the rand value of their dividends 
Hess appropriate taxes). Any such stockholders may, how- 
ever. elect to be paid in South African currency, provided 
that the request is received at the offices of the Corporation's 
transfer secretaries on or before June 16, 1978. 

The effective rate of non-resident shareholders' tax is 11.0953 
per cent. 

The dividend is payable subject to conditions which can be 
inspected at -the head and London offices of the Corporation 
and at the offices of the Corporations transfer secretaries. 
Consolidated Share Registrars Limited. 62 Marshall Street, 
Johannesburg 2001, and Charter Consolidated Limited, Charter 
House, Park Street, Ashford. Kent, TN24 8EQ. England. 

By order of the Board 
Head Office: J. T. GOLDFINCH. 

44 Main Street Managing Secretary 

Johannesburg 2001 

London Officer 
40 Holborn Viaduct 

June 6. 1978 EC1P 1AJ 


For holders nf Depositary Receipts a limited 
number of copies of the annual report for the year ended 
November 00. 15)77. of ihe above-mentioned company are 
available at 

The Sumitomo Bank. Limited 
11 Queen Victoria Street 
London EC4N -4TP: 

Bank Mees & Hope NV 

Pelzersirasse 2. Hamburg: 

Banque de J’Union Europeenne 
4 Rue Gaillon, Paris 2c: 

Morgan Guaranty Trust Company oF N.Y. 

23 Wall Street. New York, NY 10015; 

Bank Moes & Hope NV 

Herengracht 548, Amsterdam. 

29lh May. 1978 

The strength of steel, the corrosion 
resistance of gJass,that’s Howard 
Permaglas®Industrial Storage Units. 

Glass-fused-io-sicei jjjaies give you steel strength . 
plus internal protection Irani corrosiveliquids-cMerniil 
protection from industrial atmospheres. Whether you'nrstoring 
powder or pelleLs, fibrous nsuerij's or liquids ot'anv viscosity 
we hu vc a range o f ta n ks up to 423.000 gui Ions- (1930 cu. '■ - 
metros) and do 1 ^storage structures up lo 1170 cu. metres. 

II you have.i storage necd-send for our 
12 pqgc full colour bruchure-youlj almost i--^. . - : 
certainly find your answer there.. 

Ask your secretary td write ior 


Howard Harvestore Ltd. 

• A ligT W c* »*W Ha>* If a Snwp 

18£tt-SF58?)723 ~ 

Ty©c573i38 .. . 



Tuesday toe ' 6 1978 

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strategy under the 

ffi? EROBUSJS of distribution long and medium term planning 
beeu " the ofevery export activity.” 
IhfS?*-** ^^ ^etings. Yet The - right way - ter go about 
^L* Showing '.band of selling abroad, it ' is suggested, 
people who see it as au inereas- is to sex sip a system for in- 
in = iy important area for. attest- tegrtted- control, and develop- 
“on^at the highest level. “■■ . . 'mat of production," selling, 

The champions, of this cause, servicing, financing and distri- 
m°3t’ ; notably ; the National button under the guidance of 
Economic Development; Office's . top management This 50 called 
economic development commit-’ Total ^Export Concept (coined 
tee (Little Neddy) for inter- by the freight industry Little 
national freight movement, Neddy) is now one of the many 
believe H»t r as - companies *nd peris of the Government’s in- 
u increasingly difficult to boost, dustrial strategy, 
efficiency by trimming .produo-: ' . One company which has been 
tion and marketing costs stitt’ ahead of tHe "game Tor some 
fm-ther, they should, as ah' : ' - ' • • • - 

alternative, put. distribution— - ~ : - 

under the microscope. "'. . ! ‘ \ m 

' Grrtngan idea of thFpoicntial .: 6 TtiCte IS ti 

benefits of unproved distribu -1 
tion, Lord Hayter. chai rman of - ± ‘ ‘ ’ j. 

^Hjb—and also c h a i r m an of i:.V- - tdluCQCy tO 
NEDO conference. on the sub-;- 

jeet this month— points out that • coll' firct an H 
-the .cost ot distributing goods, - 2^SJl.-iir&v«.i3alvl 
including items such as insur- . .. . . 

ancc and packaging, can. amount "tflinlf flHnilf • 
to up to one-third of the seUing auvJUL 

price. . 

The complexity of distribution ItlOVeHient mltX * 
m a large or medium si 2 ed 

company can be daunting, and ■ 

rationalisation does not lend . •' . . 

itseir to a piecemeal approach, time is the -British 'subsidiary 
Although obvious bottlenecks o! Monsanto! .ihe foartb largest 
and failings . can . be tackled, chemical company in the U.S. 
experts advocate a long-term ij introduced^ a system , of this 
scheme aimed at involving, a k^d some 10 years ago. draw- 
wide range of departments— i uicther ail the threads 
strategy borne, otit by .the 0 f distribution, (domestic and 
experience '.of . Monsanto, the export) under a., distribution 
chemical company; - manager wbo has a-<tirect line 

■ NEDO’s ,role in promoting to the Chairman. : ' 

the cause fs based; on its recent . atr. Roy Macintosh',: the com- 
Little Neddy, report- Trading pony’s present manager of dis- 
with Europe: Through Transport tribution operations (and de- 
3nd the Total. Export Concept, putv chairman, of the British 
Tliis document -will -also; he -the Shippers’ ..Council): believes dis- 
basis of its conference Maimed tribution; to be. one of. a coro- 
at senior executives), to be held pany’s. mb^ complfex areas of 
in London Oh. June. 8.. . operation- It is like a watch. 

The report . itself covers a Ail the paefts. mu^be.coTrectly 
confusing . array of - Subjects, inter-connected, ^faerwise if 
including marketing, customer doesn’t' work!” he ’ 
sen'ice, invoicing policy, educa- Monsanto’s initial-policy on 
tion. shippingV’ Government distribution evolved ; from the 
policy on transport, insurance, fact-that, since it lii^ved a lot 
exchange control, ' ' vehicle of expenditure on bh^ag either 
weights and even^ a -standard transport services orSqmpment 
dictionary of trade it warranted "more mHagement 
terms. ' ■ • . . time." It - was : also -f^gnised 

. .But the . essence of the, Report that it invol red wide^nge . of 
is : this; “ Chairmen and.gian^g- company sectors: ,} i^ : ' > *l T; ' 
i as directors . too .'Often Mil to Like laibst camp&ni&& Vfiich 
assemble the right mix Qf T man- have attem^ted»H asure 1 di s'- 
agement expertise to make up tribution cosVV Monsanto also, 
a really, effective export effort recognised thatthis is extremely 
The distributive responsibility difficult bectfu* such costs arise 
is frequently- left to middle : or in many plMes and can be al- 
junior management. ■_ \ = most 'impossible to identify. 

“ There ig still a tendency to It themore introduced, in the 
sell 'first and think about mover Strie' rtf its- U.S. parent com- 
ment later, but . physical , distri- pany, 3 central distribution de- 
bution should -enter' into, the partinent for Europe (wbere 

Monsanto has subsidiaries in 
mo;t countries) embracing the 
distribution group which was 
already established in the UK. 
‘ The first step was to discover 
how the then operating distri- 
bution system actually worked 
and what it cost, with the ulti- 
ma*e aim of achieving an opti- 
mum service-cost mix. This 
then involved the production 
ami marketing sides of Uie com- 

Mr. .Macintosh and his learn 
immediately discovered that 
many things were, done in an 
i fictional way, often because 
they had always been done that 
way Duplication of effort was 
also found, particularly on data 

“An early objective was to 
Capture data for control pur- 
poses, so that central groups 
could define parameters for 
operating units. In this way we 
wer able to apply common 
syst-ms and rules. Once we 
wert all pointing in the same 
direMion it became easier," he 

An -esse n 1 i a 1 T>an of the 
pres.-nt Monsanto system is 
information. It was regarded as 
vital that any delay be immedi- 
ately made known to the 
customer and a specially 
developed telex system — based 
on uniformity of practice — has 
pro\ed to be the answer. 

This took several years to 
perf-ct but information on an 
order from production units is 
now relayed through centres in 
London and Brussels to every- 1 
one who should be informed of 
its status, from far-flung agents 
to those in the local sales dis- 
tribution chain. 

Another complex but essen- 
tial rationalisation took place 
on. alignment of documents and 
procedures Tor .export orders, 
invol ving a complete integration 
of a large number of functions. 

Mainly because of . their high 
costs, the -first companies really 
to. tackle distribution were 
those in -the food industry, Mr. 
Macintosh said. Now he believes 
the trend is gathering momen- 
tum, motivated by the need to 
i mprove ; customer seivice. 
especially abroad and protect 
profits from continuing erosion. 

The ideal man for.;a distribu- 
tion job, he. believes, is the 
professional manager, a pack of 
all tmdes: someone who knows 
about\ exporting' in terms of 
each of the many strands of 
diStri-biftion from production 
planning to banking, '-and - - is 
interested in solving problems. 

• ’ Lome Barling 

A RESEARCH centre, in con- 
trast to say a processing plant 
or assembly line, is a highly 
flexible industrial resource. Or 
rather, it should be. Often the 
problem- is how to manage a 
research centre tuned to 
medium- and long-term objec- 
tives in a way that responds 
readily to the changing demands 
of and pressures on industry. 

•• A lot more of »ur science 
ought iv be seen and used as a 
company resource.” believes Dr. 
Charles ■ Suckling. general 
manager foe research and tech- 
nology of 2 Cl, the £4.7bn. 
chemicals group. At a time 
when public expectations of a 
better way of life are running 
extremely high, says Dr. 
Suckling, industry is faced with 
dwindling resources. Science 
and scientists form one resource 
it must learn to use more 

The testbed for his ideas is 
ICI's Corporate Laboratory, * 
research centre near Runcorn 
I set up in the early 1960s. Dr. 

! Suckling admits that in the early 
I days, as research director cf 
I Mond Division's laboratories 
I nearby, he was a stern critic of 
the new laboratory, for wnat 
I he then saw as poaching upun 
| divisional preserves. 

Today the watchword is “rele- 
vance.” The problem is how to 
keep some of Id’s most creative 
minds — for which the Corporate 
Laboratory 15 praised i»y some 
divisions more than i-ir its 
inventions, as Dr. David .times, 
its research director, ruefully 
'admits, at work on problems 
relevant to IC1. 

One way ICI management 
trios to ensure that the Cor- 
porate Laboratory j.s no ” ivory 
tower," isolated from business 
problems, is to haw its top 
management visit resula:ly. Dr. 
Alfred Spinks and Mr. Robert 
Malpas, mam Board directors 
responsible respectively for 
research and engineering, are 
frequent visitors. Dr. Suckling 
himself; recently elected a fel- 
low of the Royal Society, calls 
regularly once a month. Divi- 
sional deputy chairmen and 
engineering directors are en- 
couraged to' keep closely in 

David Fishlock reports on how ICI controls its 
research centre without stifling innovation 

Keeping innovative 
minds on the right tr ac 





• • \ \ 

.j? A 


i 'i 

: 1 

r W&sm- ; 


'S3f’ + r i— 

Term Jdrfe 

Dr. David Jones — head of research at ICTs Runcorn Laboratory. 


No sentimental journey for Geneen 

public utterance (outside share- 
holders’ ; * meetings), . Efa rold 
Geneen, the legendary chairman 
of International Telephone and 
Telegraph, hax come oat ’ in 
print' to ‘dispel his - growing 
reputation as a ''softy.” '. . 

lira letter to Business Week, 
Geneen^ defies the! magazine’s 
alleged implication in ah article 
on ITT that it. is for'. senti- 

mental reasons that he is reluc- 
tant to sell what he calls 
'‘losers.”. ' 

Geneen attributes bis policy 
to * very hard-boiled reasons 
His distaste for ” dumping man- 
agement's mistakes on the 
stockholder.” He prefers to try 
to restore his lame ducks to 
good health and future earnings, 
he says, “ or, at worst, restore 
them to value before disposing 

of them.” 

A laudable principle, cer- 
tainly, but there may be a 
middle way between impatiently 
selling off a business as soon as 
it starts to go sour, and hanging 
on to a chronic loser for far too 
long. Much obviously depends 
on whether one’s remedial 
action looks like paying off. as 
it did in the case of ITT's 
Sheraton subsidiary. 

r • LtrCr 


ril? V 

■! yy yi&JPiii 9 9 ® is a new monthly journal 

whi<?h will ^61I‘the awareness gap in industry the extension of the law and 
rapidly c^an^g-te chnolGgy- to combined to create. 

Now & wmrone's Ieg^duties apd^nsi-;. Heiih and^afety are .viiaUv -impor^it 
m*££%E3* farrSn g than ever. before, issues controlled by, law, but avoidable lwses 
5?SSfiSfS3&.tod comprehensive smke at evjy business ; in ote W titan 
gufdance is o f pg^mount importance. - ; • : through accidents and industrial disease. 

But a more subtle way is 
through “relevance groups” — 
small groups of divisional direc- 
tors set up as avuncular critics 
of some portion of the research 
programme. They dissuade Dr. 
Joues and his scientists from 
chasing, for example, lines of 
research judged more suitable 
for one of the other divisions; 
or to a company other than 
ICI, where to break in 
would involve a costly com- 
mercial fight for perhaps 
only a modest share of the 
market. • This - kind of problem 
emerged starkly from the orig- 
inal concept <rf the research 1 
centre, which was essentially to 
discover or invent new products. I 
Experience showed that the re- ( 
sources which the research; 
centre would require to ex- 
ploit a new invention would be 1 
far beyond any it could reason- 
ably expect to command. There 1 
were, admits Suckling, a lot of 

To-day the stress is on pro- 
cess Technology rather than in- 
novative products; and on the 
science needed to support sem- 
inal advances in the process 
area. David Jones has a quali- 
fied staff of ISO, and a budget 
of just over £5m a year (out of | 
ICI’s total research and tech- 
nology budget of £150m this 

Scientifically it is still an ex- 
citing place to work. What Jones 
calls the “fizzy" areas of science 
exciting the chemical industry’s 
attention to-day include the 
possibilities of using light rays, 
electron beams, ions, etc. as 
parts of to-morrow’s, process 

The idea or using a laser to 
“zap” a molecule and make it 
fall apart, by breaking parti- 
cular chemical bonds, is one 
which has exercised chemists 
seriously for only the past year 
or two. Hardnosed ICI divi- 
sional directors were none too 
enthusiastic about its prospects 
at first. But interest has grown 
rapidly as ; it became more 
widely appreciated that the 
laser might be a highly efficient 
way of injecting energy into a 
reaction at precisely the point it 
is needed, rather than at ran- 
dom, as is the case when heat 
is used to accelerate a reaction. 

The Corporate Laboratory, 

working with laser engineers in 
the department of applied 
physics at Hull University, has 
set up a powerful infrared laser 
as a chemist's research tool. 
One problem today is that the 
scientists cannot make a laser 
that is tunable across the range 
of infrared frequencies. So 
their choiw of experiments is 
restricted to molecules which 
might be c -.cited by the fre- 
quencies ava' table. 

The best prospects for laser 
chemistry at present seem to lie 
in two different directions. One 
is the purifying uf small quan- 
tities of a iiighiy-priced com- 
pound such as 3 drug, where an 
undesirable impurity that is 
hard to remove might be con- 
verted by liser energy into the 
product itself, or into harmless 
nr more readiiy removed impuri- 
ties. The other possibility is as 
an analytical tool for remotely 
assaying 30 impurity, perhaps 
continuously in controlling 
quality on a production plant: 
or for pinpointing leaks of a 
dangerous chemical at Jong 
range, anywhere within a 
factory fence. 

Scientists have made immense 
strides in recent years in apply- 
ing novel, high-powered analy- 

t ieal techniqu es to cb em Isis’ 
problems. Problems of chemical 
structure and composition w hich 
15-20 years ago might well have 
taken three years to work out 
can now be solved in a week 
using the latest kinds of 
spectrophotometer. ICI even 
has some of these instruments 
on-line in its factories — for 
example, two X-ray fluorescence 
spectrometers search for toxic 
trace metals in a major plastic. 

In support of a technology of 
widespread and growing interest 
throughout ICI. the Corporate 
Laboratory has set up an 
advanced instrument section to 
explore the potential, and the 
science that underpins several 
of these complex and costly 
techniques. It is research which 
links them closely with univer- 
sities, where some of the most 
adventurous instruments are 
being developed. It is also 
research where the expert tends 
to move with his technique 
when it is adopted by a division 
—as was the case recently with 
ICI plastics division. 

The “ p lam-after-next ” think- 
ing that goes on nowadays at 
board level in ICI requires a 
constant input of innovation 
from engineers as well as 

chemists. The laboratory's 
engineers are embroiled in the 
complex relationships between 
man and computers, not just 
at business management level 
but for the plant manager and 
— still more important — the 
process operator. 

In the chemical industry the 
operator is highly skilled and 
accustomed to taking a lot of 
decisions. So they want to be 
able to give him. for instance, 
a pictorial view of bis parish, 
which might show a man just 
arriving on shift- precisely 
where he has problems. As 
they see it, the need for the 
future is to get the operator 
still more closely involved with 
the process, by sharing the 
problems in a man-machine 
relationship, and not simply to 
try to solve his problems with 

Inventors may be reassured 
to know, however, that the kind 
of science that might lead to 
novel products still goes on in 
the Corporate Laboratory, as 
well as in divisional research 
centres. For several years the 
laboratory has been exploring 
the idea of making " 2-D 
crystals”— extremely thin films 
of fatty acids embodying the 
kind of “ activity ” which 

characterises, say, a transistor, 
a drug or a pesticide. It 
has developed very elegant 
methods of automatically grow- 
ing films with intriguing 
electronic and biological pro- 

One organic chemical- 
fashioned in this way turns out 
to have unexpectedly powerful 
electronic properties — ’‘far 
better than we’d hoped." The 
techniques have fascinating pos- 
sibilities as sensors for many 
things ICI wants to measure and 
'control- Exploitation— should 
it ever come to that point— 
might' pose problems, however,- 
for a company which so far has 
eschewed manufacture of the 
special crystals of solid-state 
electronics, on the grounds that 
the profits lie further down- 

The Corporate Laboratory is 
also charged with the task of 
being the company’s main inter- 
face with the universities. As 
one scientist puts it, “ when our 
work leads us into an area 
of science novel to the company, 
we look round for assistance. 
The university people act as 
gatekeepers for us.” Colloid 
science is a good example of 
an area of science which only 
recently has been recognised as 
common to a great diversity of 
the company’s “recipes’’ — for 
paints, dyestuffs, plant protec- 
tion, even the technology for 
fermenting protein feedstuffs, 
now well on the way to 
becoming a new ICI division. 

Under the company's joint 
research scheme of scientific 
projects, the cost of which is 
shared with the university, the 
Corporate Laboratory has been 
a partner in one out of every 
four projects since the scheme 
was launched in 1974. This 
year TCI will contribute about 
£350.000. to be matched by an- 
other £300.000 from the uni- 


Scientists in industry, Charles 
Suckling told the Research and 
Development Society in London 
recently, were “trying to link 
the future with here and now.” 
3e was certain, he said, that 
a better scientific understanding 
of some of industry's problem 
areas was going to pay off. He 
advised his audience of research 
managers to try asking his three 
basic questions. First, is your. 
research and technology pro- 
gramme relevant to your busi- 
ness objectives? Second, are 
your business plans ambitious 
enough ? And finally, are you 
speculative enough— are you 
giving yourself the chance of 
making discoveries that could 
lead to a better business plan ? 


PROFITS (S.STXKI) 1977 1976 

(JOB Group SWKW 24.»>S7 

The bank (UuEJ) - 1 ,3o5 17,7 13 



Final dividend of 7+°/o together inch interim dividend of 5 % , the total 
distribution «»t‘ 12-L®.<* oil the paid-up capital ot SSlo^-7 million would amount 
to S$11.7 million, an increase ot 43^% u\er 11176. 


A bonus issue of 1:10 by the capitalization of S$15,565,264 from the share 
premium account. 


Capital & Reserves 
Total Deposits 
Other Liabilities 
Acceptances, Guarantees 
& Other Obligations on 
behalf of customers 

Total Liabilities: 






Cash. Balances with 
Bankers & Money At Call 
G«.i\emment Treasury 
Bills & Securities 
Li ians & Advances 
Other Current Assets 
Fixed Assets 
Customers Liabilities f« <r 
Acceptances, Guarantees 
«k- Other Obligations 

Total Assets: 

A «o/y of the COB h 4 < .- Atinnul fU-ort is iitvihtbic 0.1 ii#v. 











. '■ Ahidf- bvfealin* aaii»fiws «i ftcir mwrftfisl-i'ieW* ‘ 
UjAbtiqp iHJihrdungcsin ihctinf.COde of piMKC- etc. 

Ca^>>!u»iicvcfl nc« ; ... 

iy ari hiAgirv-fry-HKludi* fcMuio. ' 

Product nr** anJ ifll'ounatwii. . _ 

Rc-tkrv.-. of confwwws. eUribhioBS. vaifflng ^ and Lmramrc. 
Header Kigali ScrvK.-eawIcOfrwpMutcncc- . . 

SprdalM contfltmtdn win rtyuhrt} report m: 
FIrr. iiSk) C'pWfflK * Lmtcoffiiol 

Cutler onion lunads lnsumivc 

VJfriwriar ondfcuard MJlnww ittbroquo 
, Current topi* and neneralsniulaiik 
Ctoupaiional hygiene XU.tiincf> guarding . 

Plant, matnierantc - " Tiait-pui! 

HasaiJinB chemicals , ’.j. and miiny mare. 

SiBmoifssav •. 



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rctfgucr -- ^ 't . . ?— ■ 

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SS mfXfcn for eve^one confronted by practical health, safety 
and associated problems in industry today- 

Act now! Complete the coupon Mb y ^ ot your regul ar copy. m ^ I 

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Knandafcjrimes fuwday.'Jnrie 

ecline of the 
m profile 

A wide variety from Down Under 

SINCE returning from Australia much short of. 5d degrees north to the winery fhr crusKng in the ductUre life- , So in a;."! 

some weeks ago, I have been and Bordeaux-' 45 degrees, the cool of the night within a couple wine country' as Australia t 

asked a good many times, "what southernmost tip of Australia is of hours of picking. ■ paritively is. one can find 90-j 

are Australian wines like?" It no more than 39 degrees south- Another consequence of the old vines hale and hearty 

r Irdm a' wid’eiy^ublirised sugges- persraaJ^ds,^ *§£ Lake, ' 

at f HEESTof bjo- - 

r- chemist*} a few years ago that recently wntten a hook on the , 
theyrtfntained histamines pro- Cabernet— m Cbonewarra and in 

*. _ «■ mm « BfAMw npnmiCmn nmu iri 



_ KS that 8 eMnomic— M^toffte ^ "Vmo* ^ore ^c^m^ce d^Dgtftor- effe^T though a very IQ-UgOT vineyard 

fllVliliY* and one must add political— well north of that^nearer the w^es are bottled very early among consumers is the. relSve other* attributed these to a J e «r 1 rf ? aSSSa 

V¥ IJl 1# I IB circumstances have made these eauator than Algeria cot a indeed. In April I tasted many poularity of red and white vmie. large amounts commonly downed 0 f Western Au^raha, known as 

V ? “ VltAV “S' 1 SSrS country ^“um^ScepUonal 1978 wines. Already in bottle: ?n Europe, outside the spccfist by Australian drinkers 

BY GEOFFREY OWEN Swered io^part^t the Austra* " Accordingly. while north of , . ■ .1 AuSrafian 5 redoes are 

lian Wine Centre id Frith Street, the Alps and the Pyrenees the WINE ful and somewhat- a g^s*ve tbe-Cal 

°™ON 3 tiraC ChiCf ”Vt fiSta =T SZT'e^TUl STr Jo . • ND prNNlNG ROWSELL SSSSS «rt»“ « 3EJT ipSSivfto Preducl 

2S t h ?S r a r ,V Sa < SK t 2Bft centra ted visit imposes on .any transform i5o Mo!, and to ’ EDMUND PENNING-ROWSELL ^ ^ planted re d-wine „ Tf * conUQO * to 

running Le busS: as Kon as the effb to Play ™S'nd oT golf an * wei > question reveals a avoid an egress ^ acidity, in ■ ■ • 1 “ grape is the Shiraz, the Syrah of Australiad - white ' wines - are 

they started accepting part-time or cards, having a drink and S? 1 be?n^askel°^‘ excess*!* heat aSd ^deficiency Trammers, Semillons and and fine white wine areas, the the Rhone, superior to the reds,. AlttoOgh 

government appointments or dinner, and then returning to ^ he C^ns ' accent tends to be on red v be, wme unless aged or .blended with ^ formcr a** often: 

playing an active role in public the briefcase fiiH of work. We’ve L r a e ° „ h , f Y^ Q ^ in1 ke ' nrnh Th?v °fir addS t^haSSSSho^ni^^hich Irrigation. forbidden -in and the problem of selling * iite the .product of. Cuberajt dri?lk when young,-_fri^7aiia 
life, that was the time to sell the. got to break that, chain. Businessr reasonable reply Then Eurone is^senSl in areas for has led to replanting with red Sauvlgqon or Malbec of Borfeaux and there ure- btHer^^that 

shares. Now we seem to be in a men have got to get out to where J* E™* oriSnaJlySted grapes. ' In Australia he or the Pinot Noir of Burgundy. mataxe vfsty weH m ae fag 

different situation. A growing the people aremidfindout what re "StalA rintage ma? b?d?av^w*SbtSo Sth 1 »pesdS VdriS rapid ISSSon of dry table., £ Even then- it «"g good white’ burgundy.; £ 

part, of a company s ope rations — ls on the public's mind. Pfi *a£ auu “ l“® y Y Cf. re s i nJ1 rr frliit ThS rAsnits are -yields of drinking from the late Sfa ies mature, but problems of finance coni ^ llce 4-. that the. . reds are 

especially if it is a large' com- It has become a cliche to S ay &£V JffSjfffeV’SSS K ■» ItSf baSo?ble%J{ was: based on 

to decisions ^ tbe -bottom line " is no W R '%}?. SSSlerabtevlriety should™ picked Sn be criS for French quality .wines and for Then as recently as 1975 w Ite threatened to upvalue stoara, blended a little lesspowei-- 

irafJ 1 politicians and bureau- j on g er a company’s sole concern, Q f W i nes « nroduced m this huee to prevent them' be coniine over- their own noh-irrigated areas, wme demand suddenly lot encouraged W1 °®' th ful — that other. Bordeaux grape, 

gj.g jjjaa s asu-sstu-Ba sswBMjfcas' «M|sri.-a s a 1 ”- «is -.g?a 5 a-jjaaffseatt. 

.■jaasreiK MSBKjSf wl-m M siaetL-* 2 J! T* — ■ “JTri. .SiS-SrtS* 



and and .fine white, wine areas, 
accent tends to be on red w 
in and the problem of selling vi 

playing an active roie in purnic tne onerca&e inn or worn, we ve y- ~ -tt- 9 hiI«i Irrigation. forbidden in and the problem of selling v 

KJjJJV** the time f t0 h eU - the - g0t bre ^nf h t?jS ai “; ® usi "; ess - both is “V^d. fortinatel?" is nM dtowSRLBnrape* Then Europl iS^sseotfar in areas for has led re replanting with 
Seem i° be JQ a men have got to get out to where ^ v^e^ rerrenatei^ m nurope the most part originally planted wine grapes. In Australia 

lw® ssr t '' ha, asa-ssrafirs 

paS v ^s > yulnerable a to a dfSls < Sns 11 has a cliche to say Wales re Western Austtalia. tLe moment when the grapes up to 100 hL per ha.— double that onwards was: baaed on red i 

f“en by mimSES H?‘*? **^2L SS! > tat « conaderabte variety should be. picked can b? criticaT. for.Fjench guaUty ..wines, and for Than as CKently as 1975 v 

AusSafiatf rrtlfnes are power- . type T5s and^^.Unfcrrtana'sd^ 
ftil^od somewhat " aggressive the CaDejjetSamtem j* 
when voung and in this state are a shy yielder, and. therqflf>e 
less acceptable in a hot climate, expensive to produce. 

The most planted red-wine ., It jg CO nun'on .to Bedr that the 
- grape is the Shiraz, the Syrah m Aus traliah " wMte " wines ■ arc 
the Rhone, and it-makes a tougn saper i 0r to the reds:, Although ' 
wine unless aged or blended wnn ^ f 0 rmer : are bften: eaifer ffi' 

iite the .product of. the Cabernet when young, 

3 Sauvienbn or Malbec of Bordeaux -th«r« -nri» 

— s ■arss S 2 S&.- : 

.^sMiss srs.&s >adins “ r “ Sffl SrlS^Sl 

ST&iWK a m S SffipWff 25 £!?Ma P^^ , 5 »gS Z 2 AVW& ¥ JKBJtas fSTSTM'Si ^ S 

ister or a Permanent Secretary; affect the future of society, a | so to some extent “upside (45 C), and risk being oxidised rare .is that except for a small fro 10 . *b®. era e-gall on so-c lied -they a r 

on some issues they have to * s l ?V s bad. In one down." In other words, condi- even before being crushed. One part of Victoria, there is. no T* In I® ct plastic lags ‘ Much as I enjoyed mature mg. But then I ^nn^. ,®dnut in 

brave the arena of public sense it reflects the fact Oiat big tj 0 ns are faced that may be the solution to this is mechanical phylloxera, so the vines are with a tap, encased in a box Shiraz and Shiraz blends, I liked 

opinion, abandoning the low pro- companies, providing jobs, pro- reverse of those obtaining in harvesting at. night With vines nearly- all ungrafted. Whether — '^bat can be left in- the best several excellent pure Special ocrasitms^ .and^CMcom. 

file of their predecessors. ducts and services for many northern Europe. This is specially trained, the machines the wine is' .better that way refrigerator. ^and which now- aye . Cabernet-Sauvignon wines. They stances apMl. it is A SmmQ rt tfe 

thousands of people and enjoy- scarcely surprising when it is with three-man teams and power- . is a matter of controversy, a startling 25 per cent of the are produced in many -areas, jn Au ? t r a ;*f.?f 

A (TOraccinn ing virtually unlimited Ufe, borne in mind that whereas the ful headlamps can shake off the but. certainly the ungrafted, “ara®*- including the Hunter Valley— gia«- of ' wbi;e;H»^ne rtiouid jhe 

cannot any longer be regarded latitude of the Rhineland is not grapes and have them delivered vines have a longer pro- The red wines also sufl red ; one of whose celebrated f ollowed by one or red. . - 

__ . . as private businesses. The men — - - - — - — 1— ^ ^ ^ — 

The most sinking change has ^ ^ ^em are performing ; ^ ' V “ -1 . . • ' ' I T 

taken i place m the US. Over the a pubJic reS ponsibilltjr; howeve? 

E“Ei= 5 S Big Derby, small Oaks line-up mu ijilihin 'iilil'ili'iidllliliM 

new spirit of aggression shown 
by the business community in 

As with most other powerful 

Big Derby, small Oaks line-up 

pleading its cause in Washington institutions, moreover, the role THERE COULD hardly be a Piggott) and VarrehJdna (Joe went so close -12 months ago. ■ T" 

and elsewhere This is partly a and Icsitmiacy of the big cor- bigger contrast in terms of size Mercer). told me yesterday that he would ' :1 

matter of individual companies poration are increasingly ques- than in the respective fields for As is ^ case ^ ^ Derfa not be surprised to see her win. .j. . 

—Mobil is an outstanding ex- tinned. The big corporation is this y.ear;s Derby and Oaks. A trainers of Oaks -candiStes seem ^ ^ Cecil filly apparently went _■ 

ample— deciding to stand up and in Politics and it has to learn near maximum 29 are expected to su rp is tag ly optimistic this year extremely well in her home work ^ekrdiP'by 6 teli^fme orif ite k -boxKtiic^ 
fiiht uubliclv For the issues thev to play the political game. rlnsnite Ihs nlVEOnn nf V-mnn'c Oil Saturday.- -- I y-v n m M a imm i 


fUlht publicly For the issues they 10 P' ay [" e PO“ ucai 8“ rae - . . 

believe in. But it has also in- , ^be other side of the coin is 
volved more effective use of If^s. attractive As more business 
trade associations and other re- decisions dn ft towards White- 
presentative bodies. Having ball or Washington, the success 
thrown off their inhibitions about ?f 3 company depends increas- 
getting involved in politics, many inaly on its lobbying skills, 
chief executives seem positively When, for example, the Federal 
to relish the battle. This is parti- Government effectively decides 


FZul* iSbtf&bJ 0 3uftk £& ENzfe 



despite the presence of .France’s ®p Saturday.- ■ -- . : •. OPERA & BALLET '# c sS l ? E B.™^*w^d. s o' 

Poule d’Essat des Pouliches Incidental^, Cumani will coliseum, emm car* oi-z^oteise. p ^ ajL BiN?AMiN ON w^i 

winner, and it will be interesting |e- ^ A^ejeeou^^ 

to see if anyone s confidence Sp P ng . w®®? 5 ®®- wn ® was t • stuttEert ballet^. -t^is im s 
proves justified. sickening for, % a ™s jyhen so 

_ . . . disappointing in. the iote rree romor. mi- mum ; woe. ncacmoc- — n — -— ■ : — 

One handler who makes no Tiandioao for' which she was: a rruliian ^ BjUA RNamn, _ ThurT-frt . & Greenwich theatre 
^ ret ofthe -enthusiasm with bot favourite..- Spring in Deep- »i«avs «aii^h> 

Which he views the race !S Henry sea< w h ose excessive count of 


01 -437 1S92. ROYAL COURT. 7AO..I74S-' AJc .Mod- 

Tonlgnt & Tonwr. at' 8 pOik ' 
Lucinda Child*. RotMrt Wilson In 

Sunday Times. 



cularlv true of the Buriness what sort of cars can be designed ll "? up f® r Wednesday's classic, Cecil, the trainer of Narishkina. wb i^ blood corpuscles (built up ^ prwinj..'scbehnTOtr e . - - 
Roundtable, a grouping of some and built, it is hardly surprising "“l® " 0W H P ° S *£i® 5l S to fight the’, virus) .is now back covent Garden.' cc 24<4io&&. 

190 chief executive officers which that the lobbyist moves up in jurt a „ dozen will contest Do. out of bis father-in-law Noel t0 nonna l, is another in fine ' 1S03 '> 

includes xuost of the major U.S. the pecking order at rhe expense Saturdays -00th running of the MurJesss Oaks third of 1- years tr] - m C ouId represent each- roi»iB*t a fn. 7.3c; Rteoietto.- omor. 
corporations. of the design engineer. 0aks - ago, Vannia HI, did WH to wa y Valuea tod dsof about 20-1 . LTYjS,"! SSJSS' 

Chairman of the Roundtable Those with jockeys already finish third of nine behind — - - - — . ' ~ ^rttertiy. ®§ Anphr wjs i««n. or «u 

is In'ing Shapiro, chairman of booked in the fillies’ classic are Princess of Man and Spfala m SALISBURY perts ‘ the royal bXIUt T’ 

Chairman of the Roundtable Those with jockeys already *L n, sn imra 01 nine oenraa 

is Ining Shapiro, chairman of r ToIiiv!ci/\?i booked in the fillies’ classic are Princess of Man and Sofala in 

Im Pont, who symbolises more JL tlv V 131U11 the favourite. Dancing Maid the Musidora Stakes at York last 

than any other executive the new t* u.-m.iri h* nire tn think that fFreddie Head). Fair Salinia month. being- haHipered by 

approach to public affairs. A fGreville Starkey). Princes Eboli Swiss Maid 2t furlongs out. 

HAYMARICET. 01-930 9832/ Evi» |.0ff. . JOHN ft t^SBON^ 



CREPI r i< SgS^flSB7. 

lawyer with experience in I?L e JfVed bu/ perhaps ^^ r0 w{h rGeoff Lewis). Seraphima (Pat Varishkin a has-been working, 
government, he is very different ?* ““? '“’JS-Sf demands Eddery). Sofala iPaul Cook), well ever since that race, and 

in background and approach from * l Sfi y zL JmiJX Tartan Pimpernel (Willie Car- fellow Newmarket trainer Luca 


,-ith experience ^ bi i f led but Derhaos ^row^ f Geoff Lewis). Seraphima (Pat V; 
t. he is very different ' *2T2 Eddery). Sofala . .Paul Cook), well 

ihe traditional chief executive of 

which cannot be satisfied in any 

mgr uauiuundi uiiLi cta.cvui.lvc ui Tr ii„ 

America’s largest chemical com- olher ,. way ' l£ e Q Pf l “J?*?,..?!®" 1 
pany. Part of the reason for his ^ tha L a thJ r ll ®n" 

appointment was tlie feeling on f ree ' onl * j he Government can 
the part of the Du Pont board, impose and monitor minimum 
as Shapiro has put it, that “we st ap fl a rds - 

.need a different kind of leader- Businessmen may have to 
ship, we want a leadership that accept that running a business 
understands government and the P ow has a new dimension the 


(Lester Cumani, whose Freeze- the Secret 

2.06— Mary’s Bazaar** 
2-10 — Ha latch 
4.00>r^weet Relief 
4 JO— Court Leet 

The Royal Otiera- House regret* not pre- 

1 Congratulations on complete X^oKIty 

zHArt THEATRE, T ^ -v _ (H< 
Prevs:.Frl;-*rtiJ Sai:.'7J50i JU.C i 
- Oueijs/lune- T2--*t 7«0 'iuBW 

Site record making show. Most- efifor- f - y ■ <-; : -.-by -/ 
tuaatelv M'lii an July.- 1st nwine tn I ct«ano,,-oTj 

The Royal Opera-House regrets mat pro- tunatelv rni'sn on juiy ■ i st .nw w-.-m .str A hio. . OT ^8 3«.-. 26 b Oc. i oos' ' a.oo 
gramme changes .niive had to - b*- made xammiimenis al Miss Bergman. a^jDm. MK/mn. :XfiQr Staram 5 Jv-ftiio' 
to accommodate recent plans Pbrtht Wendy Hiller." We -are Droad.-To. . .Jhto S&: 

television companies Involved -b the announce-- our next .production ^ofW3jl«g . .. -m/VEe' Bmnm4 - 

transmission to the Unftetf -S^tetfof the Jmy 6tn. s ’... .-A ^ TH£^VQRLDy£|i£rtTES-r 

programme on Jutv ZindT^ - . PAUL. -SCOFtELD • ,V -t- . LjAUGHYEf iMMCEfTTsV 

The previously annomtend pertoediances H ARRY.- ANDREWS . - . . , i GOOD SEATS £»-05-ehS0,. 

have had to ba altered and dw/cetrtecd '- ,v ELEANOR - - TREVOR. j :-r . r Vf. ~ r ' v ' .TTA " 1 

programme tar the week of JuTy! - *^ aa =■ bron. 1 • F-EACOCR-- . - ’ *5',hnMTnw 

lollows: !:*SL“ . ' ^ •• and IRENE H-ANDL- -‘-Jr.. r. ?*»*** 


PIECE 5 /THE. FIREBIRDS THE COW CERT BoJt Ofllco-.-nOW open. - r :• 1 WMI ' 

Motor Show organisers optimistic 


television companies Involved -Jb the 
transmission to the United -Statetfo? the 
programme on July 22nd.' - 

The previously annotfMnd pertoAiances 
have had to ba altered and dwShtlsM 
programme tar the week of July# ti as 
lollows: •'.‘•SL- . 

SATURDAY 22 JULY: TV Rarl£m*nc^ 
(matinee and evening) FOUR SCHUMANN 
PIECES {replaces Flrehlrdl/DIV Itl (*»S g- 
Uhtartnnareiy these changes havertnaied' 
a 'delay in the retom of P paUtf apMII- : 
cations and PERSONAL 1. TEt®HONE 



. and IRENE ftANDL -' 
Box Off! co-.-ptw open. 

won urs - tA ri&&5 

•• rel^HKSft 





• with Derek GrlPIttiS 
Directed by BURT SHEVELOVS.- - 
It is packed to bursting - point -with 


• and at IT pjn.' - • ; 


- - - J Evenw^sr5 7 50^ 

- J &rgis.:W0. 

Business Review. Shapiro is a skills of making an 
strong opponent of the low pro- things if the chief exe 
file. "Most businessmen have the future are men v 
been sfrajd of the press, un- tittle about tlje husines: 
willing to subject themselves to in but are experts in 
public examination on what dors of power and s 
they're doing and why. They've formers on television. 

*JC.1. 837 1672. Until 17 

ilS! c 7 , S d o.‘iSf»Ka 


7 Indicates programme in 
black and while. 

BBC 1 

fi.4ft-7.55 km Open University. 
fl.58 For Schools. Colleges. DO 
pm Ragtime. 1.45 News. 2.00 
You and Me. 2.40 For Schools. 
Colleges. 3.53 Regional News for 
England l except London). 3.55 

Play School. T-L2Q Champion the 
Wonder Horse. 4.45 Goober and 
the Ghost -Chasers. 5.05 Stop- 
watch (series). 5.35 Roobarb. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

6.20 Nationwide. 

6.45 The Standard. 

8.M Fawlty Tawars (BBC prize- S^0 Ne»^ . £35? H “ S iS - u.Npo^lSg^p^ oPT,- 

Winning show). 9 J5 Living on. 3 ne News. IJ» bai. Cwnmentalres- el Pre- Sunday Poonle. 

05 World Cup Grandstand! 9.50 The Old Grey Whistle Test vision* Mrtwrotogwiua. alhad' yseen over one 

Italy v Hungary (high- 11.00 Late News On 2 . credit card bookings bsb 7en 

lights)). Mexico v W. til-05 ‘'Alexanders Ragtime GRAlVfPHN 5 1 

q£ 2 !v and Poland. V Batd,” starring p -Tyrone ^ p.m. 

Tunisia (highlights), in- Power and Abce Faye. Grampian News Headkrtw. AM country li? an f 

eluding wo News Head- BBC-2 Wales only — 7.05-7.30 pm Focus. 5,os Grampian Today. 1.00 a.m. J-atooUs and timk welcome °s 

Jl" e u f gs 1 *- “*“* ai " A w<,m ^' 3 BSssr 1JB nr “”“ u, ° NU: “ tirus. 

10^5 Tonight- . . . Place. Oliver 

Headlines. IM OujunI Report. 8JH 
Treasure Hour. 11702 Channel Late 
News. 1X0 «jn. Cwnmemalres- el Pre- 

— - ■ “ ft - . COLIN- BLAKELY 

■ . THEATRES ' ^ -ri^HNA 

•Kfi.'ffl Sat. S.3 C 0 C nnd- 


OF >976,1 977 and 1978 BENJAMIN FRAN* 

11-437 3*861 

t. s.o & 


m. First TlitaB. i2J0 

• . OF 'E976.1 | W^and 1978 

Sunday Foonle. 


7.35 The ' Goodies (BBC prize- jj qq ^ or id Clip Grandstand: 

. CC. -629 3036. 
. 5.30 -and- 8 4S Lit. 2 
C HATER - BnliljB '• E.N. 



■ . - )v^.^ag57agsaK--^. 

< -ta aSaggs^ A agagg 

' vILlOniA PALACE. ' 

Book Now. at-826 4735-6. 01-834 1317 
• T-- -■ ANNIE " ’• - *. T 

END.. 7 JK>. .Ma ts. Wed. and Saf. ZAS. 

■ C S8S"*£ ."»**?»• Coven* 
5*5*"- “?6®B08, Royal SnakKsearc 
Company TONIGHT 7.30- David Rudki-s 
the so ns of light; "StoTw 
enorgy. Guardian. AM seats £1.80. 
Adv. pitas. Aldwycit. Student SramfOy li. 

WESTMINSTER. . . . D1-834 nJ(ii 

- ...kntenced to life 

ALBERY. 836 3878. Parry -Rates. Credit | 
card bkgs. 836 1971-2 from 8.30 a.m.- 

nlay. - ; Gdn._ “ Wlarro us/' EStd.. “Wlckyty ~Tnmwhamn iiii|»aetrv’“N3w. , “"*" 

amusing. 1 .E-- Neva. SmH Ibltta ma.- Obi. Evgs. 7 AS. Mat. Wcd sT3.3Q. sSl . 

MERMAID. 248 765^. Rnlagrane 2<fe V VJ" E1 J A Jl}“ ' ' §1-930 66S2-776 5. 

J8SS. Wod. ro SaL 8.30. Mats. WecL, ffl 1 * -ffl- 6-45 and 9.00. 

Fri. and Sat. at 5.45. Last - week. r "” SensaUonmi 

TOM CONTI. JANE- ASHER “LJijc- Century . . 


ToiMght at 8.15 n.m. .- ° ut • <,enumfl 

Alec McCtwn’5 sea son extended. 


'Sun. at 7.30 O m aH scats sold) NlgMly 8-M and 1 0^0 - 

Prey. June 13. Opens June 14. ... Open Sundays 6.00 and B QO 

Subs. 7.30- and 9.1 S PAUL RAYMOND * 


A Piece far Actors and Orchestra. • > THE EROTIC experience of The 

- Seats £4, £3. LZ. unprecedented limits what b 

■ * — — * . ■ ■ perfniswble on our stage,'* Era. News. 

NATIONAL THEATRE. 928 22S2. Vou may drink and smoke ft tbe 

OLIVIER fopen stage) Ton'l. 7.00 ired. Auditorium. 

pr . jAo enlng). Tomqr, 7-30 MACBETH. wvMn' u« M » ». _ .. _ . 

LYTTELTON rprosceohim stage). TonL B i^ affii “Jr®? 6 3028. Credit Card 
7.45 PLUNDER by Bed Travers. VL "“'ll 8 ^° tD 

COTTESLOE (small audf(orium>. Ton’L 4 5T5 p ?V ft M on.-Thurs. 0. FrL and SaL 

Tcmor S LOST WORLDS by Wilson ^ -ekdbmoikiv „„. u - 
John Haire. very fiimbtv , r| CH 

Many excellent cheap seats- aJI 3 theatres Marl o-Mjii™'; J 4ews - 

day or pert. Car Park. Restaurant 928 * o Ki! n . s 

203X. Cred.i card bkgs. .928 3052. Air -S L C „ , , 

Conditioning. - -iUDrerae-comodir. sex and religion.- 

- - - 1 WMV Telegraph. 

COTTESLOE fsmatl auditoninni: Tom. 'laUGHTER**- r^55iS ,TH 

& Tom or. 8 LOST WORLDS by wnson — - utjMI £R Guardian. 

John Haire. YOUNG VIC (near Old Vtci. 928 6363. 

Many - MCeWmit cheap asats all 3 PWvs. frem Juno 13. £«* 7 43 Ben 

JP,,n “ nS BARTHOLOMEW*^. 5 ' 

Air condition frg. ™~“ — 


May » June 3 . - 92B 767 ® B86U 


The T ln^rnatlo M | . Turtdsb players In SuiW vSJoV^ZO ^ bISd <AJ ' W1C ‘ "* 

rJxsi ssssrvs.aH^sri’iio* *!■ 

moSPBCX AT pic OLD'flC- CAMDEN plaza: tOpp. Camden Town 

a Week, gf 5urtf»vs June 11.17 Tube). 485 . 2443. - Brlnmi-Fo-IICY is 

1,13 RJalr. Jolla' n Glover.' Iwroid Inno- (G ENFANT5 DU PLACARD (AAi. 
cenL Oerek Jacobi. Jotin^rRoiee. Progeifa 3.05., 5:00: - 7:00; 9.0S. tl.oo. ■ . 

Sca>es. Timcthy West. . Timothy Weft as , Vecir- ~ > ' VT S Z: 

Sydney Smita In Smith of SpUHisT ^SmSS'JL - ^ 4 i-,° xfora Street IOop. 
The Grand Tour Tottenham Lourt Rd (u t>e). 636 0318. 

Derefc Jarotri as Byrcn In . 2i«^?S3 n . Susannah York THE 

The Lunatic, The Lover A The Poet. b 4 S T ''* AAl PreBS ' *30- d -3S. 6 AO, 

2*30 W^RUTA^LEN^ 1 ^. VbN'TALljoi WAlSocf B °P K ft 5' 
HOeitlX Dl-UE 7301 . D^An.nn— V-”. 7-30.- 5JD. B-1 5- 

winning show). 





ABLE TO -SEE IT AGAIN." Daily Mirror. 

A1UU Arisen.ina v France and LONDON GRANADA ^ST^T l rSBSWSg£S. 

Italv v Hungary, Mexico V L-WLi ajkji i 12J8 p.m. This la Vour Rirtit. IM 

W Germany. Poland v juo am Schools Programmes, wnafs New Special, son Granada New*. 6^4. 

Tunisia (highlights). 11.55 Beany and Cecil Cartoon. EEI* 01 ?™ rnmniaNu^ 

Ii5-1^0 am Weather/Begional 12.00 Issi Noho. 12.10 pm Stepping . HTV *ire“ B est. and most cor- 

News. Stones. J2JS0 News. r>lU5 FT . UJB p.m. Reporl West Headlines. 12.55 sKtent Shakespeare I have seen any- 

index- 12.55 Help! 1.00 Parents Bjjort Wales “g- wISE? Frem '“'Sunf sinSSirt,-. the 

All Regions as BBC1 except at Day. LM Tbe Rocking Horie J- /»■"„»«■- “ »*" »”“■ 8MSS0& ’KT-1VB. 'i, W. 

Ihe following times. — Winner. 2.00 After Noon. 2-30 - htv General Piccadil ly Tneatro m Peter Nichols's 

_ Wales A.5jeS-20 pm _ Wales MI® ?«■ “!«■» * 

Today L35 am News and Lifetime. 4.10 cartoon June. NcH-yddron y Dydtf. azmam Mortal tb. ambassadors. oi-ssg im. 

Weather for Wales. Magpie 1/1 Pr5Ulce ’ Y Dy,W ' _ . _ . S» ite'oLT 

Scotland — 5.55-6-20 pm Report- 
ing Scotland. 1.25 am News and 
Weather for Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5J15-6JI0 
Scene Around Six. 1-25 am News 

„ . IMRASSADORS. 01-836 1711. 

4.20 PauK 4.45 Magpie In France. 7A68.05 y Dydd. 245 - 

5.15 News. . htv Wwt-AS HTV General Service PATR,CK car S il si S?th anholt 

5 JO World Cup 7S: Italy V oxcnpl: lUO-LOO p.m. Report W«1 Head- The World-famous Thriller 

Hungary. >»"«■ Hepon w<un ' ‘ " seeing r JC , a„ 

7.40 Charlie's Angels. •. crrvmcu « n r n a ll I ?l fl U ov x, p H? ch - Pr '«e» 

8.40 World Cup 78: Poland v SCOTTISH «» £A ^ 3l D ^. and T "^’ Pr '“ 

Tunisia. 12-50 pan. News and Road Report. 

in is v~„. 1J0 wtut's Your Problem? 4.85 Scotland apollo. 01-437 2663. Evenings a.oo. 

ltl.-*a :1e»S. 1M I.i, Till MiB. Thun. 3.00. SaL 6.00 Anil A on 

J8J6. Wad.- to Sat 8.30. Mats- W«L. 
Fri. and Sat. at 5.45. Latt - week. 

whose: life, is - rr anyway 
T onight at B.15 o.m. 

Alec McCowen’s 
(Sun. at 7.30 P m. aH seats sold? 
Prev. Juno 13. Opens Juna 14. 
Sub*. 7.30- IH 9.15 
A Plage far Actors and Orchestra, 
- Seata £4. ' £3. £2. 


OLIVIER (open wage) Ton't. 7.00 'red. 
pr. ^op ening). Tomgr_ 7 JO MACBETH. 
LYTTELTON (proscenium stage], Ton't. 
7.45 PLUNDER by Bea Travers. 
COTTESLOE (snail audi!orlum>. Ton't A 
Tctnor a LOST WORLDS by Wilson 
J3hn Haire. 

Many excellent cheap seats, all Z theatres 
day gl pert. Car Park. Restaurant 928 
2031. Credit carp bkgs. .92S.30S2. Air 

and Weather for Northern n.i5 “Shainus.*’ starring Burt Todair ' a - h >- Lale “>■ 

Ireland. Reynolds. 

England— 5^6.20 pin Look lM am close: A painting i 

East (Norwich): Look North Remrandt with music ! 

(Leeds, Manchester. Newcastle); Beethoven 

Midlands Today (Birmingham); A || iba Regions as Londi 
Points West (Bristol); South except at tj, c following times: 
Today (Southampton); Spotlight 
South Weal (Plymouth). ANGII\ 

Reynolds. SOUTHERN 

100 RemrlndT irirh^niiSo bv 1158 p - ,B - Routh '’ rn *•*«■ nous * : - 

Remrandt Hith music by ajjs dl? uy Day. - i 

Bee.thoven. I 

All IB A Regions at London TYNE HTEFS 

;cept at the following times:- <js ^ ^ GMd Won| Mtared by 

» tVir'T Y 4 North East Neure HeadUnvs. liM P-m. 

AliuLI.4 North East News and Lwkaroumt. 8A5 


7 Wrongly shut Al gap (6) 

1 Incitement for professional to g 2Jp used to be enough for a 
go tn work (11) leather worker <6i 

7 & 28 Cover communist enmity „ Able tQ take b 

BBC 2 

6.4ft am Open University. 

10 JO Work talk. 

11.00 Play School (as BBC-1 
3.53 pm). 

2.30 Having a Baby. 

6.10 Open University. 

7.00 News On 2 Headlines. 

7.05 A Woman’s Place 7 

7.30 News On 2. 

733 Airport. 

8.25 The Owl Who Married A 
Goose (cat toon). 

8.35 Rhoda. 

» Jfcif T 1 * nortn na« weurs nv«oui™. 

AliVlLI.4 North East News and Lookaround. 

12J3 P.m. Anslia Nrws. 2.00 Bouws NonJu-ni LUc. LB8 a-m. EplloRiie. 
party. 4.4S About Abciia. Ub a-m. „. CTrn 

Anibotouy. ULSTER 


u ■» pjn. Lunch ume. «5 Lets Look 
at Ulster. 5.B5 Reports. 14» a-m. Kevm 

A -f-\ r LUO p.m. LUUCUUI1W. U. IJ 

All a[ ulster. 5.05 Roberts. IBS a-m. New 

1250 P.m. ATV Xi-wsdask. 3.05 Pro/es- Rcdbmc 

sor Ballbazar. d.« ATV Today. WESTWARD 

BORDER U.7 7 p.m. Gus Honcybnn's Birthdays, 

tizm D m Border News 7 an House- 12 - S0 Westward News Hcadlbies. 740 

n.™ W I 

Border News Summary. “U* j 

Mau. Thun. 3.00. 5aL 5.00 and 8.00. 
Actor of (he Year, Ev. Standard. 

" 15 SUPERB." N.a.W. 

'* Wickedly funny." Times. 

ARTS THEATRE. 01-836 =132. ' 


" Hilarious . . . sec II." Sunday 
Monday to Thursday 8.30. Friday and 
Saturday al 7.0 and 9.1 S. 

ASTORIA THEATRE. Charing X Rd. 'with 
fully licensed Restaurant). 01-734 4291. 
Nearest tube Tottenham Court Rd. Mor . 
Thurs. B.DO p.m. Fri. & Sat. 6.00 & 8.45. 
Instant credit card booking. 


"““•"^S at urday li f.O°a-a- 9.1 5” V ’‘ n ° The Lunatic, ihe Lover 8, The Pool. 

ASTORIA THEATRE. Charing X Rd. (with OPE I{ MmSUMMEfl • (aiGMr£ : nor*ij 31 
fully licensed Restaurant). 01-734 42gi. Ero , ^ ^ 

Nearest tube Tottenham Court Rd. Mon . 230 rulalenska. iSSta^ 

Thurs. B.DO p.m. Fri. 4 Sat. 6.00 & 8.45. ELIZABETHKrEhlSEN wktSL 

Instant credltrart booking. ^ '^N WEIR. ANT1« N?°SH 

” In icctlo us- appealing. iDot-ctamalng ana PNOENIX. 01-836 22Aa -p«M lnn . a T.~ 
heart- thumping.” Observer. TSlSt-M 1 St 

Scat prices CI.SO-IS.SO. Dimicr-top-price GARDE N^r^S 1 .* E B s T | auah°" n 

seat £8.50. Hall-hour before star, any nfE'- UNVARNISHED' TBUTM^ 111 

available top-price tickets £2.50 Mon.. Ttw HIt Coov- dy by RO Yr t ovrn m 
T hurs. and Fri. 6.00 p.m. perform, only. -■ LAUGH: WRY | thought n 



OLD -yie, 928 7616 

May 29-june 3 . - p 


The International. Turkish Payers in 
The Twtisli dogs b» Necao Cumat,. a 
">^“1 rantadv in- English based on a 
Turkish cGusfc. Today at. 2.30 & 7Jn. 

a Week, o* Sundays June 11-17 

Julian Glover.' Harold inno- 
cenL Qrrek Jacobi, jonn rRtttre. Prageiid 1 
States. Timcthy West. Timothy vVft as 

-•tIm ^manirF^Vav?-^ I Curaop ; Street. W.l. 499 3737 

GARDE E b, ^iapgjp" 0 .*MM *«' 'SSmlSl **' J ' E 'S^ 

^.nssiAwriwwi B.wifr 10 

_ j ' Fufiv Air 'CondiifBitad 1 -comfort: ■ . • ' 

" LALfGR WHY*} b T H oSG*l^ ", V ® , D ^ 

Sel v lg®!^£ “S? 


1J8 pm Channel Liuicbunic News and 
WfaaL's On wtture. 6J0 ciLannei Nevis 


Z2J»p.m. Calendar News. A4S Calendar. 


The girts are beaimtal. bare and Rcytl Shakespeare CemoSmT^n SJ1 ' °P t<a !: Haymarfcet. 153a 2738CE77f.> 

22^ 5 C J, n 9-' n c.r^rTi THE OUTRAGEOUS ADULT^COMHIY ^ ■ Vanroj - R^oravp r^a-FlW#- 

P Bluster is rot or could be (5) 

10 Tn insert article inside can 
amuse (fll 

11 Seat from which it is simple 
tn control meeting (4-5) 

12 A goddess to 10 (5) 

14 Able to take up but not 
present to accept a bit of the 
regalia 19) 

16 A bit of pork for Jean wife 
1 5-3) 

The girts are beautiful, bare and 
oounclng," S. Mirror. 

Dinner and top-pricc seat £8.75 Incf- 

p a nrn I 247m H '«* 3Dd Tniolne. 7 JO n». ' ■A rt Savotwny 5J5 WcaTbrr; progntmaw 

KAU1U 1 i+itn oT Kiri Ert j. gjn London SjnwWlKHiy news- 6J» News. » 51'P- 

(5) stereophonic broadcast Orchestra part l. Brahms i*co iSl. 7J0 Newi. 7JB The Archers. 730 Time 

5.00 ajn. as Radio 2. 7.B2 Dave Lee gjg A Promenade of Ryxorts. WUrt. 3: faT Veir “- MaMer Needs a Jumbo. 

. , .. , , c , 1“ Ditherine about mivinn _„1, Travis. 9.00 Simon Rales. 1U1 Paul mo recam be. SL50 London Sytopbora; UO Lwidcm Ssrnrdiony OrcliMira: as comedy theatre. 

tn cunirol meeting (4-5) 14 , * ule * 1 n n , s aJUUl fixing malt Rurneit Includina 1230 Am. New shear, orchestra part 2: Prokofiev 18V 5-* Ridlo 3 i5*. *W8 Kaleidoscope. 9J1 For- a limited engagement June 20 to 

12 A goddess to 10 (5) I,eer ? J0 7 0r| r Blackburn. aJI Kid Jensen ■■ -me Lnnatids." hp Desmond tOnJt-HiHIc Weather. 10B0 The Wortd ToidKlit. UL30 July 16 mccowen in 

y.i The M of Joading Warrant 19 Without oonush wuroios (7) BS? :S ra S f.o,:'™ S !S iJgpJfT Si. Sfu, K ™ e u» S!K Sf„ “ uj»"a M «»Tno 

Officer buck in Old transport -0 Father mixed syrup for 12.8OA02 a.m. As Radio 2. TontKhl'S Schubert Soon on record.’ The Financial World TonlKht. 1UB rues. 10 Sat. at B.o. Sun. at 4.3d. 

1 7 1 ancient writing material (7) VHF Radios l a»d 2— SJ» aun. With VHF-4JB a-m. Opun university. 7M Today In Parliament. 12JM News. No nnrfs Mondays Tickets £1.25 to £ 3 .qq 

is Mrilhei- in iho nrean Ui 91 Pi-inf’lnn! Kc«l"J.;.inc1udlj«: L55 pun. Good LiMeo- with M.-W. UL» Ludwls Sirelcber cm- por t nnAnn CRITERION, credit Cards. 93a 3216' 

i'-j iw . ocean ( < *l Zi rnncipai nrst \ loliolst has to Imt. Ujoo with Radio 1. I2J»-2JC a.m. cert is». n-x Strauss Sons? isv-lZlfl I5 ISVm ttaCUO LOnaua Evpninoj a.o. sats. Jpurj- s.o 

IN Lund that ties badly (4) glance sideways to take in with Radio i. pun. Aram Khachaiwran concortipa* » 206m ajid 942 ) VHF lesue phKim yea “ 

N° quarts here (4-3) notice (6 ) isl ue ngik. us ra c Ans wgitt-Me- 5^ ajn . ^ Radl0 2 . ^ m»h Hoar. . - ver^* funny toi 

2J Mistake made by some of 22 Nosed round pole and forced RADIO 7 LSOOm and VHF J^^ rt K ? r a i* a, ^. a “ »». i* ,s 4 - ».« London Lire. W) P.m. Can m second hilarious year. 

Icrrursbts (5) open (6) summary. SJB Ray UMh^uSSraSte 12F* &'■»£* ^"arSSK ££!5S« c aJ£ Sires* 

_4 Apt peeler possibly for fruit 25 Consumed some of meat end- 2 1 ®?" * s ' fri* The Early show, lududimi piano recital csi. sjs Jazi Today (St- rIm sStiuu Jazz, u.03 Lau- nwh Bht 8 ' oq a m chmus ,w lin ?? 1 Ul 300 

predueer (5-4) lesslv (5) Pau»? for Thought. 7JZ Terry 3.4S Open university. 7 JO WUH !»*»• London. 12.00 As Radio 2. »-«< a.m. "A rare davasatlng . Joyoiis. sitanishing 

2" Tin' Dainter'< 1Q1 i 0 — 1 ibcludbw 83J7 Radoii BtjHciin .... . Question Time Trotu tbe Haase of Com- ■— — ■ Sunday Tim e s. 

T. \ P d, .- er ?. . «nnrrrnv Tn mi™r- and S.« Pause for Thought. 10.02 Jimmy D . nTn A mnmc L05-CIOW: As Radio ?. tniCHESS 836 8243 Mon. to Thun. 

2 1 Beat poetically through band- SOLUTION TO PUZZLE Youna rs.i 122s p.m. wassonm- Want. RADIO 4 evothko* Fri.. sir e.15 and 9.00. 

leader (3i No. 3,684 “«r»' s °2* n ,s * 434m, 330m, 285m awl VHF London Broadcasting -The Nud«v“is KunSi^- 1 Daily To i. 

*-15 >-m. News, bj.7 Fatm«?Today. 261m and 97J3 VHF am Se nsational "Vw 

?ZZS“„a: i-"L“J£."SL!rt^SWK «. YJtsa VS- 

beer (S) 

I CHICHE5TEH. 0243 81 312. 

Tonight. June 9 and 10 at 7310. June 
8 at 2 . 00 . 


June 7. 8 at 7.00. Juno 10 at 2.00. 1 


lOMEOY THEATRE. 01- 930 Z57g' 

For- a limited engagement June 20 to 
July 16 


"An unparalleled tour de fnrcc." S.Tlmn s . | 
Tues. to Sat. at B.O. Sun. at 4.30. ; 
No anrfi Mondays Tickets £1.25 to £3.00 

me - uuiawaws ADULT COMEDY SKi-LSS?' KJ™* 
■ --CJ.-8Y Peter NicHeh- - Zlnnejnann plm JULIA mi. 5pp. Prop*. 


■SSf*?SS«Si? ft S£ , -, 4 - E * Drt »*- ’ 9.00 . ah scare •*«•.•* 
'’""•CE^raWARD cc 01-437 6877.' ; *0^ “SS 

» 5ss 'STdra-waa « snusr ^ ssr^ rt >s3 

CRITERION. Credit Cjrdi. 930 3216 

Evening! 0.0. Salt. S.TO. B.3D. Thurv 3.0 
"VERY FUNNY." Sun. Tel. 


producer (5-4) 

25 The painter'* illness? (9) 

27 Beat pnetically through band- 
leader (5) 

2S See 7 across 

29 Board accepts motive that is 
treacherous ill) 

leasly (5) 

No. 3,684 

OPgP W- Mv rbto Arch.- C 733 2011121 . 

— , JW BETSY iXl. S^p. progs. Mpn^Slf- 

p "K 5 f « WAJLES CC- 01 - 930 . 8681.1 ***•., I®-!**" 

Monday » Friday ai.a tun. Saturdays UO aerf. Mon .- Sat. . . 

LONDON iuSo* 1 *^ ROADWAY'S So. ^ 43 T BTBL 


I LOVE MY WIFE 91*1 ftj£- Sdn-.f_ia. 15 . 2 - 48 . 6 . 1 S. 

jtlititB floaw ASKWITH Sfs 1 *. NiRMly 11 ^ 45 . Seals 

■■ all;- JUS**!GOOO CLEAN PUN.” • - Licensed Bar. 

_ . Daily -Esarn a s . 

CREDIT 'CARO •BOOK I NGS .'830 0847 ■_ » — ■ 


Evgs/ 8 - 00 - S.Od. S**. S O & 8.30 ' ■ • ■ 



Evenings S 'oh| 'clitlSrwil * * nd fl-0 °- j Plays ,i«T Pfa§n*rc"l ".lidOT* C»T*tat. Avuro.! ^'T, 1 42. 1 0(8 Bond- 

. and RACHEL V'UW N 

Pai»S2S*‘*hl!!5L ’“L Centwv^weS 


1 Wayward according to a bit 
of poetry (S) 

2 What's left out is nothing to 
embassy ( S> 

" Eye on unusual topic (51 

4 Mean to suggest how old we 
arc (7) 

5 Bury one Frenchman in the 

meantime (7) 

S Commentary about a Rotis- 
Ruyce in race (9j 

Cl El H 0 n rr 
E-pBOBE 0E00 nMz 
s q . s n n 
njQEEndBnsB snEc: 
s n Ei □ m 
gncjQg onangEQc; 

■0 ■ CJ •• B yd • . ... m ■ 


' □ H ■■■*&- 

mmvv |ngS|H|S|Q 

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^ S | 2J ^ D ®JS a-m. News, hj.7 Fa rauoit Today. 261 m and 97J3 VHF 

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Taesday.-Juiie 6 1978 

aanesIFilm Festival 

Metropolitan Museum, New York 

new 2 W 

'■er. 7Y 

s a 

’s World 

Monet — The Last Y ears 


by DENYS SUTTON, Editor of Apollo 

luct. ^ 

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1 iespeiite :-nttsmjt - to 

S?\?G^i® r ? er and 'IogsVoQ the 
SjgfA 1 Whirligig '-that- is a film 
22f critics often try to. dis- 
■2S ^evaning: themes-, that 
imWT. °5 y 10 their --Umax* 
h?S!?S >as: ® lacfc 'Power will 
S™° Uted as the common con- 
SShJ? e f W liberation 

Sfclf d Worid - “«* 

This year,' for once, ' the pre- 
afling theme did not have to 
searched for or invented— 
, ® a * Up. and 'begged to be 
noticed. Cannes iS78 was the 
P Y.J? ae Woman. All the 
best Aims in the Directors’ Fort- 
night' were, about women: many 
or. mast of the Competition; filths 
bad a female, leading character: 
and women- even went s& fir in 
5pme-flinjs as to tiy on the rol? 
of- sexual " aggressor. Jn Mark 
nappoport> Tile Scenic Route, a 
s - ti .Proposition ed by a man .on 1 
a staewaUc-tesponds by pusTimg 
her .• would-be seducer to the 
ground and returning his sexual 
interest with a vengeance, hr 
-Marco -Ferrerils Ciao Mcschh* 
fBye Bye Monkey). Gerard 
Depardieu fwho in Ferreri’s last 
film was driven to self-emasrula- 
tion by the torments or the oppo- 
site sex ) - is knocked out as a 
■prelude to, .sexual, assault -bv a 
group of actresses. And one 
filiu,. by Finnish director Jorn 
Danner, even boasted the title 
— rashly provocative, one would 
have thought— Men Can't be 

A male critic obviously has to 

tread carefully through the 
guerrilla country of present-day 

get married), career disappoint- 
ments (she is' an. aspiring photo- 
grapher) and ait on-off affair 
with a, young student. The film 
has a throwaway humour com- 
pounaed^eguany , of Jewish self- 
deprecation Ol la Woody Allen) 
and the-'. impromptu,- spiralling 
confusions . of everyday living. It 
also :fias a' wonderful perform- 
ance— tousled and jolie-Unde — by 
Melanie Mnyron in the main role. 
' Girlfriends -got . the warmest 
reception of . any jfilm in the 
Director’.' Fortnight.' In the 
Competition, the most popular 
film was TerrerTs C*oq ilaschio. 
FerreriTast exercised his talent 
W .outrage in PUltima Donna 
(which featured Depardieu’s self- 
mul illation), and before that he 

bxadc . his overblown hymn to 

overeating:, La Grande fiovfle. 

Ciao Maschio Is less aggres- 
sively 'eager to shock than either: 
*a rambling, scatty, likable film, 
set in New York and unfolding 
a parable of. anthropological 
regression- The male characters 
all .hark back- to. some lost Golden 
Age. Depardieu, the here, finds 
Darwinian companionship fn a 
young monkey whom- he adopts, 
after it has crawled from the 
-gfa&t arms. of a King Kong 
sprawled mysteriously at the 
fopt of the World Trade Centre. 
James Coco; boss of- a Wax 
Museum - -dedicated, to Ancient 
History (where Depardieu works 
as handyman), pines nostalgic- 
ally for the.. "glory that was 
Greece and Home. And the 
third principal,'' Marcello Mas- 
troiannl, is an 'aging Italian 

village in Northern Italy (circa 
lBOij'i and acted by the present* 
day villagers themselves. 

Oimi made bis name in the 
196b* w ith such tender-austere 
sliCi-s of lire as 11 Potto and 
1 F'dansati, and. he employs the 
same low-key realism here. Bui 
the length of the film, the 
radiant colour photography, and 
the use of music by Bach and 
Mozart give the simple subject 
a majestic resonance. There is 
no icntral story, rather an inter- 
weaving of numerous small ones: 
a -widow who struggles against 
the economic necessity of send- 
ing two of her six children to 
an <.rphaitage, an old man who 
hide, a stolen coin under a 
horde’s hoof (and then screams 
•‘Thiel”* at the horse when he 
cannot find it the next day), a 
man who is banished from the 
village by the local landlord- 
seigneur . for cutting down a 
tree to make shoes for his child 
(hence the film title.) The film 
is disccmihly socialist in pur- 
pose. but unlike Bertolucci's lfwo 
it does not stand ovc-r the film- 
goer with n big stick telling him 
what lo think, or which of the 
film".- characters arc the heroes, 
which the villains. Oimi lovingly, 
immaculately draws the picture 
of an age, and the audience is 
left draw its own moral and 
political conclusions. 

Tfa- collective revelation of 
the Cannes festival was the 
Australian entry. For the first 
time ever, an Australian director 
had a film in the Main Competi- 
tion tFrcd Schepisi's The Chant 

; Gerard Depardieu and wajf figjlres ifi>» Gao Maschio ' 

movie-making. -Sniper’s .bullets emigr^ homesi^C equally for his o/ Jwmie Blacksmith), and at 
will wing: towards him • if be ex- farm - r M - pr^sbcialist Italy and least Half a dozen other films 
poses the smallest area of sexist fQr Ms-iost/sexual potency. The t TOm . Under made an 

prejudice; It is. with relief thew- onb ^ infant and forward- 

fore, that l can pronounce most loottm tdiaracters in the film bek ot ;tbem was In Search 

of the feminist - or quasi- |omen; Depardieu’s girl- Anna: W 1 intend to go on 

feminist movies at Cannes tb& ftiend -‘(neglected and finally harassing -English distributors 
year to.^ ^be excellent works la SSSbnS loS^So monkey) and until it is- brought to London. 

S* S?.S. on SSip“» 2* *5« vg*. ysM* * 

was Claudia*. Weffl's Girlfriends. prison sentence. He searches for 

This mfqtbudger film recounts _ th „ Quts t a ndine Com- his former girl friend, “Anna;” 

the adventures of a,: :young Jhe °ther oumanmng uom and he seeks tQ revenge himself 

Jewish .girl in ‘.New York, and Prif'wiMer was th l n,a J‘ ^ ho J et P yed J? im 

her sad-funny attempt to cope Into *•. h » a * or , f »“ f’ 

with the everydayri crises of dis- L’Albero D'effli Zoccoli (The Tree Durin g his wanderings he also 
rupted friendship/ ";(her best of Clogs). This is a three-hour meets and has an affair with a 
friend and '.flat-sharer leaves to fresco of peasant life, set in a young Australian girl. 

The story is plain, but the 
treatment is dazzling. Writer* 
director Esben Storm has taken 
to heart Godard's famous dictum. 
"A film must have a beginning, 
a middle and an end. but not 
necessarily in tnat order.” He 
cross-cuts between different epi- 
sodes, and different lime levels, 
so as firs! to disorieor ihe viewer, 
then to stimulate him into seeing 
meanings and connections that 
a more linear approach would 
have blurred. The film’s story 
changes before our eyes from a 
routine thriller-cum-love-story to 
an Antonioni-like journey of the 
mind. Docs Anna really exist? 
Has the six-year *’ void ” in the 
hero’s life left his needs and 

values unchanged, or must he 
adjust to a new life and an 
almost new identity? 

In Search of Anno seemed to 
me the most purposefully ori- 
ginal new film In Cannes. 
Schepisi's The Chant of Jimmie 
Blacksmith is a bigger, glossier 
film made with pictorial bravura 
and vivid performances. But 
Schcpisi gives his period tale of 
a White-Aborigine half-cast who 
rebels against his colonial mas- 
ters a straightforward narrative 
treatment that demotes it to the 
level of a stylish pot-boiler. Much 
more impressive was Philip 
Noyce's Newsfront, shown in the 
Australian section of the festival 
“ market. ” This is an energetic 
and fascinatingly detailed 
account of the work of the news- 
reel companies in post-war Aus- 
tralia: of their camermen’s 
courage and nithlessnesR in pur- 
suing scoop material, and of the 
gradual erosion oF their profes- 
sional lives by the rise of tele- 

No festival round-up is com- 
plete without a short- list of 
curios and collector's pieces: 
those films that are not quite suc- 
cesses nor exactly failures, but 
which in a perfect world would 
come to cinemas for curiosity 
value alone. 

Norway’s The Offering rambles 
through its minimal plot, about 
a middle-aged married lady liv- 
ing through the heartaches and 
sexual insecurity of menopause. 
} n disconcertingly degage a 
manner. But the mixture of 
pathos and offhand comedy 
slowly wins one round, and 
Marie Takvam’s performance as 
the heroine is a masterpiece of 
plump, fuddled, touching bemuse- 

Two exotic disasters came from 
French directors working in 
America. Louis Malle’s Pretty 
Babu is set in a New Orleans 
brothel at the turn of the century-. 
It tells the story of a sexy 
twelve-year-old (Brooke Shields) 
who is the apple not only of heT 
prostitute mother's eye (Susan 
Sarandon) but of most of the 
brothel clients as well (including 
Keith Carradine. who whisks her 
off midway through the film to 
live with him). The story is sub- 
sub-Tennessee Williams, and the 
Deep South accents deserve an 
award for hideous tenacity, but 
the film is not without its inter- 
mittent— and often inadvertent 
— moments- 

Claude Chabrol’s Blood 
Relatives has one redeeming 
merit only: the rangy, sombre i 
performance of Donald Suther-| 
land as a New York detect ive 
trying to solve a nasty mutilation- 
and-murder case. Elsewhere 
Chabrol’s direction of this Ed 
McBain thriller looks like begin- 
ner's work. The unimaginative 
mise-en-scene is compounded by 
ghastly American dubbing 
(Stephane Audran speaks fish- 
wife Brooklynese), and by much 
ketchup and overacting during 
the scenes of violence. 

So much ha3 been written 
about Impressionism that it 
seems bard to believe that any- 
thing more of significance can 
he said about the movement. 
This is f ar ^ rom being the case: 
fresh facts emerge about the 
lives of the main artists and 
new interpretations of their 
work are advanced. The time 
will soon be to hand when the 
history Impressionism, like 
that of Ifl’h century art as a 
whole, will require to be re- 

Claude Monet is a n exception- 
ally interesting example of an 
artist whose career and art 
seems so familiar. I»* fact it is 
only relatively recently that the 
details of his life are becoming 

known. The fact of hjs mOnagtr 
a trois with his « - ifc and Mme. 

Hoscbode only became properly 

realised with the publication of 
the first volume of Daniel 
WlldenstvinV hook on the artist. 
Much remains to be written, not 
only about his later life, but 
about his psychology. 

Monet's painting b3s been 
shown frequently in recent 
years. As far as concerns the 
U.S.. Monet has always been a 
popular artist, and he was 
admired there in his lifetime. 
For many New Englanders at 
the turn of the century. Monet 
held a position rather analogous 
to that occupied by J F. Millet 
a generation earlier. The nature 
of the rapport between 
Americans and Monet's paint- 
ings may well lie in the sense 
of mysterious space that often 
characterises his works and 
which also occurs in American 
art— Whistler s nocturnes, for 

A decade or so ago Monet was 
considered as a precursor of 
action painting. That this claim 
has small substance is shown by 
the remarkable exhibition de- 
voted to Monel at Givemy. now 
at The Metropolitan Museum of 
Art New York and later to he 
on view at the St. Louis Art 

The exhibition is clearly pre- 
sented and includes a number of 
little-known iiems. among them 
works from the Musee Marmot- 
fan, that can be seen far more 
effectively in New York titan in 
Paris. It has an excellent cata- 
logue with a preface by Daniel 
Wildenstein and it will surely 
lead to a new interpretation of 
Monet's final period. Monet 
comes across as one of those 
dynamic artists — Wagner and 
Rodin were two others — who 
were typical of Victorian civilisa- 

He moved to Givemy in 1883 
and lived there for the rest of 
his life. As time went on. he 
became increasingly attracted 
by creating a natural setting that 
accorded with his own vision. In 
effect. Monet made two gardens, 
the first of which, close to the 
house, was planted with colourful 

!•.'** * 


Claude Monet’s * Waterlilies and Japanese Bridge 1 

flowers that chonged with the 
seasons. The second contained 
the famous water-lilies and the 
Japanese bridge and was thus a 
more contrived affair than the 
first One of Monet’s friends. 
Octave Mirheau. the journalist 
and novelist, was also a keen 

The New York show contains 
pictures inspired by Monet’s 
gardens and other works painted 
from the ISSOs onwards. Thus 
it is possible to see the way in 
which this fertile artist evolved 
over some 40 years, and to assess 
the nature of his effects. The 
word “ effect ” is used deliber- 
ately, for with Monet one is 
conscious that he was not quite 
such a spontaneous artist as 
might be suggested by the lyrical 
quality of bis early work. Monet 
was a' typical French artist in 
the sense that he believed that 
“ reason ” should control design 
and colour: this was even true 
at the end of bis long career, 
when his effects became 
astonishingly free. His liberty 
of expression was directed by 
a sense For pictorial design. 

Monet derived intense inspira- 
tion from nature. This is evident 
in his straightforward pictures 
of the Seine and even sotne of 
those representing tbe Japanese 
bridge: it is no less so in those 
in which the contemplation, and 
memory, of Nature spurred hint 
on to create colour harmonies 
or discords— powerful reds and 
mauves. greens and mauves. 

The variety of Monet’s paint- 
ings is astonishing and exhilarat- 
ing. He was a life-enhancer. 
He could produce exquisite mood 
pictures, such as those of the 
Seine done in the lS90s that 
hark back to the idyllic canvases 
of Claude and Corot, and which 
could serve as backcloths for a 
production of Debussy’s Pelleos 
et Mtlisande (1902). Other more 
vibrant pictures have the 
rhythmical surge of The Rite 
of Spring. Some of his paintings 
of the Giverny gardens done in 
the 1920s possess the sort of 
Intensity associated with land- 
scapes of Soutine. 

This exhibition shows that by 
some strange and unexplained 
process of empathy. Monet was 

in tune with different artistic 
processes: the avant-garde im- 
pressionist in turn became a 
symbolist, an art nouveau 
designer and an “ expressionist 
in each instance, he turned to 
nature for inspiration. 

Monel was also in accord with 
tradition. The pretty and 
a (must paaiel-likv roundel IVnicr- 
Liitas of ld07. could uang in an 
lsr.-i-cemury saioo. He can only 
be properly understood if he ts 
placed in the tradition of Vouet, 
Boucher and Fragonard. Monet 
the adventurer was also Monet 
the traditionalist. 

He is one of the most pleasure- 
giving artists of all times, even 
though some of his works possess 
a touch of melancholy. His 
ability to offer visual pleasure 
lay in his gift for conveying his 
passion for colour. He is a 
magician who leads us into a 
world in which rich and un- 
expected tones are presented for 
ujr delectation: we are made 
free of floating colours. We can 
luxuriate in this oasis, aware 
that in so doing, trials and 
tribulations are forgotten. 

Christ Church, Spitaif ields 

[Festival Hall 

Early Music 




from London 


-Though ' restoration : nhd 
redecoration have - a" long way 
to go, and the lighting, has an 
air of improvisation, the great 
Hawksmoor . church-- off Cbm- 
- mereiaV ~ $*reer U .stive -again 
with "people making - and ;eh joy- 
ing" good music. All this week 
there ; is an Early .. Music 
Festival under -the direction r of 
Richard- Hlokox,' with lunchtime 
concerts . .today and Thurs- 
day. and. lai bigger event each 
evening.. No room to* list "them 
all,- but they -include a-Lawes 
programme : - tomorrow. ; .Dufay 
and Jdsquin--on Thursday, and 
on Saturday. Handel's. SduL The 
venture deserves support, not 
only for the sake of the : archi- 
tecture - Bqt - ■ because Christ; 
Church might become the St. 
John’s of East London. Spital- 
fields may "sound . outlandishly 
distant but -It. is' only a short 
walk from Liverpool Street .; 

Mrr-HiefcoJti. conducting his 
Singers and Orchestra, opened 
the Festival on' Sunday with ah 
inspiriting . programme of "Fur- 
cell, Bach rand HandeL The 

Elizabeth Hall 

height . of the building lends a 
peculiar kind of burnish to tbe 
sound of voices and instruments, 
lander to top lines than to low 
' ones. The excellent sopranos and 
altos were at the same time full 
"and penetrating in a way that 
made, the semitonal clashes in 
Purcell (The Coronatfon 
Anthem. "My Heart is Inditing ") 
and; Handel ( Dixit Dominos ). 
unusually telling. • 

Bach (The motet Smpet dem 
Heim) really needs a more 
sedate acoustic, and here, with 
tiie. chamber organ only making 
itself -heard with a 15tt3e root, 
now and then, one felt a certain 
under-nourishment in the bass. 
Nevertheless the emotional core; 
of these three diversely brilliant 
and affecting works came over 
strongly. The numerous soloists, 
In the Handel were draws from 
the choir, .One .of them. Eliza- 
beth Lane, must be mentioned 
because she sounded much 
happier here than .in tbe Bath 
Festival performance a few 
nights ago of Mozart’s Der 

[ ; A very fine account of A Sur- 
vivor from Warsaw on Sunday 
I evening, bringing with it the 
[ hope of many more fine Schoen- 
berg performances once Claudio 
[.Abbado. has taken over the con- 
ductorship of the London Sym- 
phony Orchestra next year. In 
Abbado's direction, there was 
immediately apparent the blend 
of lucidity, intensity, and moral 
"conviction that all Schoenberg 
: interpreters are required to 
possess. Seldom is that posses- 
sion ■ a more urgent necessity 
"than in this harrowing m mature, 
Schoenberg’s Op. 46. in which 
the expressionist gesture of tbe 
early music and the greater 
formal orderliness of tbe 
“classical" period find newly 
powerful and concentrated 

, A Survivor from Warsaw 
raises many complex and un- 
comfortable questions at the 
start of a concert devoted to 
Mozart and Chaikovsky. It was 
to the credit of Abbado, the LSO 

and men of the LSO chorus, and 
John Sbirley-Quirk (darkly 
forceful and noble of style in 
the narrations, an obvious future 
candidate for the role of Schoen- 
berg's Moses) that the musical 
and dramatic values of the piece 
were given equal expression, 
when the impact of the text 
could easily be made the excuse 
for sloppy musical articulation. 

By contras. Abbado has never 
seemed a. entirely idiomatic 
Mozartlan, and although be and 
tbe orchestra provided dutiful 
accompaniment in the E flat Con- 
certo K271, naturalness and ease 
of style were conspicuously 
lacking. Their task was not made 
any easier by the fact that Alfred 
Brendel was on quirky, self- 
regarding form. Some phrases 
were muffled, oddly withdrawn, 
gingerly toyed with, alongside 
others that sparkled and shone. 
In the A fiat rotnanca of the last 
movement, the performance sud- 
denly fell into place— almost too 

[And to New Orleans without changing planes.] 

London-Atlanta, New Orleans Return Fares. 

To Atlanta - To New Orleans 

Budget or Standby Fare £177.00 - 

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Excursion') Fare* £260.00 £326.00 

22-45 Day Peak Excursion Faret £307.00 £372.00 

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Nash Ensemble by DAVID MURRAY 

An advertisement in the pro- 
gramme for - Sunday night 
referred to the Nash Ensemble 
as “Britain’s. foremost chamber 
groap.” By the. end of the 
concert, the claim did not seem 
contentious in the least: between 
solo .virtuosity- and collective 
assurance, " with and without - a 
conductor, the strengths of the 
Ensemble are formidable. 
ally, they enlisted a conductor 
only where. '-he . could - make, a 
positive " contribution.- Simon 
Rattle - Jed them. Jn. a n 

astringently -brilliant, account of 
Stravinsky’-s Hiriosre -dw -SoWof 
Suite, its wit boned 'to. a lethal 

edge, and he returned later to 
secure, a -liquid traaslucence for 

the plangent scoring of Ravel s 
three Mall arm 6 songs. 

Felicity Palmer, in sumptuous 
voice, was the soloist in those 
and in the same composer s 
Chansons Medicasses Her full- 
bloodediy operatic delivery of 
the latter did not expunge the 
memory of an earlier Nash per- 
formance of the cycle, when Jane 
Manning offered rare insights; 
into tbe songs on a chamber- 
scale: but her elegance and sen* 
suous . intelligence in the 
Mallarmv set proved ideal, we 
verbal ironies perfectly placed 
in a ravishing melodic unc. Miss 
Palmers command of the French 
repertoire grows steadily more 
impressive, and in this middle- 
period- Ravel masterpiece she 
would be bard to match- Sup- 

porting her, tbe Nash players 
were as discreet and delicate as 
in the Stravinsky they had been 
gleefully aggressive. 

Antony Pay’s playing of 
Stravinsky’s three pieces 

for solo clarinet has become a 
superb party-piece, full of quirky 
humour and ' executed with 
breathtaking despatch. (Why on 
earth does he still play from tbe 
Score?) In this programme, the 
second piece revealed its kinship 
with the Hisfotre du So Wat un- 
ambiguously; the third remains 
a uniquely delightful turn. But 
given a concert so rich in vivid 
solo contributions (Marcia Cray- 
ford’s fierce "bite in tbe Devil's 
fiddle music of . L'Histom*. Ian 
Brown’s confident grip on the 

piano-part of Webern’s arrange- 
ment of ihe Schoenberg Rammer- 
symphonic ) individual mentions 
seem invidious. At least there 
is sufficient excuse for praising 
Skaila Kanga’s performance of 
the masterpiece of the harp 
repertoire, Ravel’s Introduction 
and Allegro: it always sounds 
irresistible in concert, but 
besides the essential lucidity 
and shapeliness Miss Kanrra 
brought to it an unusual energy 
—not a natural endowment of 
the harp— which was very wel- 
come. No effect of languid 
indulgence; the music seemed 
purposeful and compact, as com- 
municatively intense as every- 
thing else in this splendid 

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German chemicals 

•Financial .Times Tuesday. June 6. 1978. 

12r l ^ s P wh ^ worhwi ' — 


Telegrams: Ftaantimo, London PS4- Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Tuesday June 6 1978 

giant at bay 



Profits, wages 
and investment 

By KEVIN DONE, Chemicals Correspondent 

L EADERS OF the West even harder hit, falling by some turned out to be the best part with losses id comi 
German chemical industry 20 per cent in 1977 compared of the year and it was in the plastics of DM 20m and 
haw not vpt hosnm mad- with the year of real recovery later months that the rot really fining of DM 155m Shar 

THE RATHER satisfactory stocks, attracts 
figures for investment in ten- Corporation Tax. 

L/ h a , e not yet begun read- with the year of real recovery later months that the rot really fining of DM 155m Share 
ing the tea leaves in their in 1976. The industry in recent set in’. This pattern went against general predicament* Bu 
anxious search to discover months has been characterised all the past experiences of the factors have especially c 
what the future holds for them, in important sectors by plants industry, which has tradition- bated the German probfi 
But in recent months they have working well below capacity, ally enjoyed a gradual increase the steady aprecialaon o 
been pursuing the more normal heightened international compe- of business in the first half of D-Mark against most 
methods of forecasting with tition, a steady erosion of prices, the year, a pause in the summer, currencies and particular! 
especial fervour looking for and rising costs. But perhaps a major pick-up in the autumn, dollar, and rapidly mou 
the slightest indication that most significantly it hals suffered and a good final three months. labour costs which have 

tions published by the Depart- In such circumstances a rise Letter times lie ahead. For a in export markets from the ; Dr Gmnewald points out: the German chemicals ind 

ftioiiS n f Ir - J *- — a ■ n fiwiRtC ic QCnanf IaI fne OVIVt f < _ a ■ . f ska ^ +n O At t nA uraAfifl lOQl 

on the face of it contradictory recover. Unfortunately invest- rt em icir n the wo id Wes currency market. uauat niei™ ii tode frTm benefits and social costs 

~ =£L^J\-L.“ “y S ZZ ’bee^accuse „ M ■»-«<■« of the J £££&£***«& 

the recovery of industrial profits relatively unrewarding. The ciis- ( growth 

e_. J . . a nniYi nfino rphlm An iinfertmant 

from their dangerously low appointing return on investment! The last ^ years 

have deli- “ r «* mMt 3 ion" ££53? Direct 

the year' hourly ch 
industry labour costs in 
were averaging $8.75, wi 
West Gennany the figut 

levels of recent years. Profits in recent years is part of the! ered a cons ‘i dera ble shock, adequate returns for us. These 

finance investment: but they 
also, and especially in the 

same picture. 

With this caveat strongly in 

still higher in the U.S„ 

Imports last vear rose almost exports were maintained to hold And yet the industry is taking West Gemaa industry 
“ W. 5SM customers andto secure employ- b™, ± “It ^camaot bo putcon- cutroutiy poyiufi _ 4 

absence of inflation accounting, 0Qe ca " 8*ve a quiet industry can mCDt * n Germany where more cretely yet," says Dr. Munde, amounts equivalent to 

provoke waee claims. If such welcome to the fact that invest- *“*[ ember anvthi ns of the sort than half of the jobs in our “but the atmosphere is better, quarters of toe’ basic w 

. nipnt l r> real forme 1C rapnwnno remeuioer an.VLIIing Dr Uie 5uru ^ . , J . I - ,| Than, i. »ha foslina fhaf thififro MnOa hanaAfr ont-aanii 

her maceuticals, which now account marked 5700m. for capital ex- 
the for some 16 per cent of its penditure in the D.S. alone over 
W sales. the next five years. The most 

ken Major contributions to sales hnportant overseas markets for 
stiy growth came from new drags ^ German companies are the 
be- introduced to the market, which Brazil, and Japan but the 

inge amounting last year to DM400m. gives an idea of where invest- 
are. indeed toe industry’s general ment is likely to flow. 

S Pf research and development effort To .toe end of 1977;. BASF 
has not flagged despite fa i li n g capital expenditure -- overseas 
Vr- profits. Chemicals now account- had totalled DM2£6bn, .equal 
S 6 . ™ for about 30 'per cent of toe to about 12 per .cent of BASE'S " 
^ had whole research and development total capital ependiture daring 
f Jf® effort of West German Industry, those years. Of this North 

• . It is clear that the industry’s America had taken 81 per cent, - 

• future must increasingly lie and Latin America 14 per cast' 
’ tiier with its technological skills. The For toe future BASF says that 
* re . e ~ West German chemicals indus- many products emanating from 

try is based around its three Germany will increasingly be 
3 s ® 8 * major companies. Hoechst, hit by structural c3hanges r occurs. 

Bayer and BASF, three of toe ring worldwide in the chemicals; : 
rig? world's top five chemical com- industry, including the bhffding^ 
panics. Thi trio has grown much up of production capacities in 

J l-'W 

Claim, ware needed/ ^ "«■«■ .» operation^ i depend on export," Thera* the filing that tons £*? "SpSST Soe'SS '.STS^W TESK 

benefit from the orofits recovery 8 a £ d industry association (VCIl just For 1978 the West German have been as bad as they can be In the U.S. toe adtorion ajonly Bayer and BASF, three of the ring worldwide in the chemicals^ 

would be very short-lived. This sernci ?s combined— ^nd the ceJe i,ratiD 0 its centenary the Government has been talking of and cpnot get any worse, about a third. Th e big change worid ^ top fiye chemical com- industry, including the Bhading" 
is the dilemma for government, borderline is blurred by the memorv goes back a GNP growth of as muah as 3.5 Preliminary returns for April has , stnce|l975. panics Thi trio has grown much up of production rapacities -to 

management and unions. 'JJ kL L\ e ^r q^r lo ng wa ^- For on '? the second 5*“^ but , ^ chemical show s ^ s ““Pavements com- ^fore toat date ^^toourlcoste ^ varJoug parts of standard developing countries. Ifi . the 

crease wiji oe rather over 9 per . .. Meta _, industry is painfully aware that pared both with March and in Germany had lagged behind nj , :+ K m iro» ;»«■» . . : 

Confidence cent m real terms for the second ^wth lalt via? slinp^betow is a bora of political with April of last year. Again toe U.S. ' ranstitotent ©arts earlier ?n the retoer^an ^ow-S Sr£ - 

The investment Intentions S™”? y ^ r ^ r > h n e ^^neNl.^nwSf^e West «<*■ ask anyone in ststisaesl p jemllM .ppwr. «« ^ ^ » Wo originalV 

fienres themselves ennfit™ »£* »*" s0 Germane economy, repeatin- mment where tots growth Easter was very early this year agreed m the German mtostry form J ^ giant only be „ ffset by « M ntihnS 

those produced by a similar P", ' .u - 1970 For man u the Pattern first set in 1975. iccals company 1G Farben which flow , of innovation in product 

inquire- in the closing months fa c turin o a ion P the recenf Then tbc whr,,e Vertmi PFRFflRMANGES COMPARED* CHEMICAL INDUSTRY * i was broken up after the Second development and-process.tM*-?; 

Of 1977. and suegest on the iS rather fasrer wito an economy was suffering the PEHFORMAI NU t&UUI mri W ^ U . un l L.nt l^MUiiwuoinT | War Just * Exxon, nolpgy.” according to Dx.^ Brich^ 

face nf it that industrial confi- f 1 oo „ " worst of the dislocation result- AND INDUSTRY AT LARGE IN W. GERMANY .V. ' Socal, Mobil, and other parts of Henkel, the board member 

Confidence cent m i 

success i 

The investment intentions ,q-o '. 

figures themselves confirm ^1?. ^r^T'cent Germany economy, repeating 

tho s? produced by. similar K, s h er tha „ i„ 1970 For manu- i h h '- P 3 ®™ *"*"* 
inqmrv m the closing months Then the whole Western 

nf 1977, and suegest on the arowrh ^ ra ther faster with an ewnomy was suffering the 
face of it that industrial confi- Expected rise of over ^0 net worst nf ,he dislocation result- 
dence. once restored, is a good ^from toe 1976 trough-a in.from the OPECoil embar^. 

* f jjna : n thp industry s historv paiuiuuy await uj« 

ms for the second „ . sliDDed below ’ tWs is a tar S« bora of political with April of last year. . 

.and the level for ^Venerel advanceoftheWe^ need. “If you ask anyone in statistical gremli^ a, 

near an all-time _ e K enera * aa te oi i e anupmmprrt whnrn Ihi- m-nurtVi Vactpr uiac TiPfV P 9 lHv this 

cent in real terms for the second 
successive year, and the level for 
197S will be near an all-time 
peak, and some 6£ per cent 
higher than in 1970. For manu- 
facturing alone the recent 
growth is rather faster, with an 

ing from the OPEC oil embargo. 

deal more robust than confi- 
doner* in the financial markets. j ar< , e t . 
Politicians have indeed indulged v0 iu me 
in a gnod deal of moralising on lfl70 ]p , 
These lines ever since the con- , hi[> ir> 

rvfleetion of rbe programmesof « . c ™' 

large companies; but the toial 1 ? , ° t ?,. 1>e ™ 1 j' *ST 


r h i upii Vh^ Pnrary aherratir.n, the repeti- 

Son of the same malaise last 

in <1 j-'K-ti Ill-Pi 'll mm anting 'iii i07n lp-'pl nartlv hpps.icp nf Ihp 1,1 uia «"* *“'' 

tho^e Vmes erer since the con- ]hifVinto leasing There is still ^ has caused considerable 

frast between real growth and nF discomfort, 

financial nervousness firrt * ' J ,5" ? Almost all the product areas 

became marked, when Mr. V??. m" uctl w of the German chemical indus- 

FMward Heath was Prime efflc,ency ?houId beae6t - try are closely affected by 

Sales (DM bn) 
Exports (DM bn) 
Imports (DM bn) 

% change 











Edward H<?ath was Prime _ ' 

Minister: bn* there is much less Stability 
in the contrast than meets the - . 

eye. Investment spendine has . B j*. 

try are closely affected by 
events in other branches of in- 
dustry both at home and abroad. 
For decades the chemicals sec- 

Production Index 
Output Price Index 
(1970 = 100) 

eye. Investment spendins has . J h ‘: „! ut . ur *-^, da ^ 8er ar ! For decades the chemicals sec- 
hpcnme mote and mure a reflec- J r ^, atl J nar *‘ . ”* e i" COSt * tor has outperformed the gen- 
tint, nf the flow of investment £l£ r « 0 eral econora >’ and has derived 

funds thrmieh retained earnings P k 1Sl - n !. , l ll f St 5!Sl t ^risappri a disproportionate benefit from 
in an earlier neriod. The J*”' 0 0 f- nfl at I0 narJreS rhe ttidc raQ - ae of industrie ^ it 
market reflects estimates nf the J j, ierfJ are re ' aSO ns to serves - But there is another side 
samn flow in future. Investment J ' h _ ir , ht e<!caoe fr0I J to the coin. When the whole 
lnnk-. hack to the profit thi^unhaonv nattern^hla tone 1 Western economy faltered, the 
recovery, the market senses the B h itter ^‘rienra of inflation ™ especially magnified 

inflationatv dangers. 3nd uneiT1 p]o V ment seems to m ^ chemicals sector, which. 

In a healthier economy have undermined shop floor P® re l . han “l 051 ’ J erve ® other 
industr>-‘s spending would be support for the sillier forms of industr ‘ es rather than the con- 
determined much more by its militancy, at least for the time sumer directly. 


was broken up after toe Second development and process tech- ; 
"World War. Just as Exx on, nology,” according to Dr. Erich ' 
Socal, Mobil, and other parts of Henkel, the board member - 
Standard Oil have grown up responsible -for operations out- - 
each to achieve -a standing side Europe. 
rivalling that e f toe pa rent so With major takeoyere. such 
Hoechst. Mayer, and BASF each as Bayer’s acquisition- of JCles 
now play a major separat ee in phannaceutibal sector, it 
m the world chenncal industry. appeare ^ Gernian indus- 
To keep It up. they must j nterest in the OS.-' has ' 

■il t0 SSL reached a new degree. 6f:inten-. : 

more sophisticated products, ^ facr tbe invest is tong . 

SZJZg "' “i £n f l a Sf± aP ?h^ established, ai Dr. Gerhard Sto ' 
Switzerland the example they mar , Bayer's hoard member for" 
wUI mcreasmgly foliow^v^ Wo . ,, out , -W e . . 

Sales (DM bn) 
Exports (DM bn) 
Imports (DM bn) 

% change 











run a global busings and this 

Production Index 
Output Price Index 

Source: Autx. of W. German Chemical M. ' 

commodity products of fibres, te « ~. nn( » b ° haRP ^ Dn 

«ve an o d ur owrf°iSS^nii chaD ^ es of c urr ency or labour ■ 
We ha\e our own irriratfruc- Msts Qne week to 

jure ’ says Dr. Munde. but this nexL » Bayer novrhaa 25 t0 30 ■' 

Is the direction in which we ^ ^ of itB ( ^ Ms . 

SS 1 np 0 ’tnnr,«c“h.rf n S e ««flJt , in« Germany, more than its domestic - 

S? nrnfltl w’ tSL iSSX 5' ^“Petitors. Biit Dr. Dittmar 

maintains that, there has not 
lot in the last three years arid been anv recent shift of invest- 
we must leara now to lire -with ^enx fitoategy. “We shall con- - 
smaller growth rates. . I think 

term funds ‘ Texoept Poising the question throws the C-man Chemic^Indu^ A^o- attention paid to small details.” that they co*uld hardlj .have fo STtnS7invS. 

Government support Tor lame costs, take a long-term view of worries of this industry into f 11 * "3* Dr * MuDde ; Some years hoped for less. Settlements in ment 0 j BT8e9S . Mri&dy a con- 

ducks ). Inflation has also made it s investment decisions, and sharp relief." ago no one was^ interested, such other sectors had estoWished the cern gcuto as Bayeri derives 

the future real value of financial present accounts of its current So what is the current state of tiie general, economy, which figures were only for academics, politically acceptable increase , 0 0 f. its s^es from 

- r. i Li— Li>< 1 ___ . _ .. .. . -I i — r 15 nut eXTierted to ho shove 3 hut now if* a nmxHnn nf -r -a k +_ e ' i P B F LCeai m iix iimu 

be v combined "with -toe 

securities highly uncertain, and performance in realistic terms, of toe chemical industry, one or is no1 expected to be above 3 but now it s a question of of 4.5; to 5 -per c4ot .and the exDorts-and aflother 48 rifer cent ^ totol ^dingronCreM^^^ 

securities can only be bought that it will be possible to take the traditional powerhouses cif per cent. But even this modest security. chemical companies were con- frora overseas affiliates/\Over 

•nii of taxed income; investment unraixed pleasure in good the West German economy. Last goal could prove difficult/ con- Many -r '”’ r ' ,r ’"‘ 

chemical companies were con- frora 0 vereeas afiSliates. 

in plant and, since 1974, in investment figures. 

Price freedom 

! of chemicals fell well below the It heat this stage that the overcapacity, weak prices, and West German companies are 

I industrial average, increasing niceties of statistics take over falling demand, particularly in more than holding their own. ? a . n : ha c reppntlv hoiiTht I ^ en ^ 

| by a mere 1.9 per cent compared and their interpretation depends the petrochemicals, plastics, Hoechst currently the largest in esaneuu nas re Wack 

with a rise of 5 per cent in as much on tbe optimism of the and fibres sectors. Hoechst chemicals company in the world out Dow- Chemicals snare in C an 1 

! other sectors. individual as on definable trends, with worldwide losses in fibres in terms of sales, had consider- their former 50-50 joint venture, mtrm; 

The industry’s profits were In 1977 the first three months . last year of DM 241m, BASF able success last. year with phar- Dow Badische, and it has ear- run.” 

erman companies 
overseas chemic 

i demand. “This level of ; ihvs^£? ; 

French Prime Minister, has 
never made any secret of his 
belief that France could only 
he restored to economic health 
by a steadfast policy of coun- 
tering inflation, and above all 
that such a policy could nol 
he accomplished overnight. His 
initial success in curbing the 
rate of increase in the con- 
sumer price index was enough 
to give the government a solid 
victory in the March general 
elections. Since then however 
he has articulated a number nf 
applications nf his policy which 
arc unlikely to seem, tn the 
man in the street, to he com- 
patible with his anti-inflationary 
aims, and which also give a 
low priority to the reduction 
of unemployment. The govern- 
ment's popularity will he on 
serious trial during the next 
few months: whether the Presi- 
dent will he prepared to stick 
to the present economic strategy 
long enough to make it work is 
open to speculation. 


The decision to remove the 
price controls which has since 
time immemorial been a centre- 
piece of French economic prac- 
tice is reasonable from a nttm- 
ber of points of view. The 
prices of certain public services 
have been held down only at 
the cost of substantial state sub- 
sidies. while the controls on 
private sector prices have arti- 
ficially compressed business 
profit margins and mav have 
prevented new productive 
investment. Companies' intern- 
ally generated investment funds 
have fallen steeply in recent 
years, while interest charges on 
company debt has risen equally 
steeply. Last year foreign sales 
accounted for 50 per cent of 
the output of St. Gobain-Pont h 
Mnussnn. and 94 per cent, of 
its profits. There is an obvious 
case for gradually allowing the 
private sector tn rebuild its 
profit margins, and for encour- 
aging equity investment by 
ordinary shareholders. 

The French unions may not 
take quite same view of a policy 
intended to improve company 
profits, while a firm control is 

kept of wage increases. Already 
the April price Index has 
shown the first signs of a 
quicker upward movement, even 
before the removal of price con- 
trols started to bite, and there 
can be little doulu that the next 
five months will witness an 
acceleration. Mr. Barre's policy 
is that wages should keep pace 
with consumer prices, and that 
the underlying inflationary 
pressures should be kept in 
check by credit control. 


Until recently the trades 
unions have been remarkably 
quiescent, but even such an out- 
standingly moderate leader as 
Andre Bergeron has started . 
warning the government that its! 
policies are beginning to arouse' 
opposition. The current rash of 
strikes, notably at Renault, may 1 
die out. but it would not be sur-, 
prising if the industrial situa- 
tion became rather more 
agitated after the return from 
the summer holidays. 

Left to himself, Mr. Barre 
would no doubt be prepared to 
ride out agitation and opposi- 
tion with his usual phlegm. The 
president, however, may feel 
that he must, sooner or later, 
give some concrete expression 
to his declared aim of reducing 
unemployment, as part of the 
“advanced liberal society.” and 
It will be interesting to see 
whether he decides that Mr. 
Barre's rigorous policy needs 

But there are other, more 
fundamental questions which 
are raised by Mr. Barre's econ- 
omic policy. The removal of 
price controls, and the parallel 
decision not to rescue lame 
ducks or declining industries 
merely for the sake of 
maintaining employment, seems 
to suggest a taisser 
fairs approach to economic 
policy which is novel in 
France. Does it also imply a 
fundamental shift away from the 
habit of state interventionism 
which dates back at least to 
Colbert? If eo. it would be 

doubly interesting, in as much 
as the record of interventionism 
in France, though patchy, has 
been Tar more successful than 
In toe UK. 


A Ion 2 WaV tliat the anal >' sts ‘ report talks of one who led in the Loch Ness teaming up again. It was little 

« iuii£ may selling water at I5p a pound. Monster. But the premium on loved by the critics. “ Mawkish " 

off the hone It was explained to me that tb f nL ’ s ' r r ' sl \ ,s r *?. or l e t diy con ; was one comment to me today. 

. . the water was injected into the sulerably higher. The film must - Cecil B. de Mille .twenty years 

If your vision of ham is some- meat as brine an ,j thtt the have convinced somebody, some- too late” was another. 

thing cut off a large shoulder essential virtue of de-fstted. Muslims condemn any attempt 

by a chef in a tall hat. the time square-shaped ham. is its ease to personify their venerated. 

has come to revise your ideas, for cutting: “ The market has . There Is a ‘deep Islamic taboo 

This news w : as given me yester- been developed for 15 years and A little average about ttl* — and this in- pari | 

day by a spokesman for the the Dutch led the » ay." a word tn an mm error thtplhins the anger today at 

Bacon and Meat Manufacturers s u , )]d . world h should £ reiSg^g'ivenTgreaf d^"”? ™P««ed “oves “ make a" din. 

io 55 “^; cu rem P xcHe * -ved faresveU we can per- play thfs week by ManufaCuU “‘P h 

to aiscustS tne current .xcite hap$ Jook f 0rvv -arcl u> a less Hanover in New York. It is 

ment about the amount of water watery chicken. The British -*• overage.” An official of the Omar was the second, spiritual 
S.V. S S d ., be „lf^. d SET f"* .«?»■ '^bank & also Put it more ta-d-r of Islam after the death 

AwnwHifn V* fhp" a -H atton *nf frozen chicken industry lS graphically: “Somebody goofed of Mohammed and presided over 

According to toe Association of 5 p en( ]i n g £40m. to get up to here.” a massive expansion' of the lands 

Public Analysts and the Insti- standards, which among under Islam. But now the Saudi- 

tute of Trading Standards, in a othev things “declare' that tlii ,™ e °, vera § e happened when jjjjj, aiS'c °C JiSdf^for 
new report, the product should water content must be not above toe bank sent out. on behalf of Eu rope , s getting hot under tbe 
be given a new name because it 7.4 per cen t. “Occasionally a American Home Products Corp- djeI i a |, ah . And the Secretary 
is so unlike the old-style York rogue carcase will absorb more oration five cents a share too G enera i 0 f ^e World Muslim 
ham— and because it contains on w hjje it is being chilled,’' I ,ni,ch »»r the latest quarterly Leasue. Sheikh Mnhammeri ah 

manufacturer's association, around lo make them absorb through Manufacturers Han- mount t 0 pre-meditated insult 
“Modern ham is very different wate ^ during spin chilling. w-as O'er Messages have gone out and manifest injury to Islam.' 1 
from ham on the bone," I was clearly shocking to the mad at * a JI <8,000 happy recipients j us ^ ^ we jj j or anjr W ould-be 
firmly told. '"When the house- toe Federation. the _ unexpected^ largesse, Britjgy, distributors that hope 

wife thinks of ham. it is what One crumb of comfort to this send back the the crime only covers insults to 

she buys in the supermarket." watery debate: I was assured overa ° e ‘°nnw»n. the Christian faith. 

The association reckons that 18 that the water is always Will they do it? The hank ' 

per cent water is acceptable, clean. At I5p a pound, jou says it is rather early to judge, ^ ^ 

and regards it as ‘ton fortunate" could almost regard it as a since the "send if hack" pleas Ricr ballot 

— — bargain. onlv went out at the weekend. & ... 

There is confidence, however. Lest my note yesterday about 
that the shareholders wifi Nigeria's plans for returning to 
Canny Scots accept it is only human to err. civilian rule may have sounded 

. even In the hest-recnlated bank, mildly sceptical, I hasten to add 
One unexpected consequence of p,,t even if such hopes are ful- to my findings from browsing 
the film “Close Encounters of filled, regaining the overage will through the tender notices pub- 
the Third Kind" has been to cost a j n postage. lished in a journal called Africa 

raise insurance rates at Lloyd s. Gazette. The Nigerian Federal 

The premium in question was “ r Electoral Commission Is calling 

for a policy taken out by the I fnwplrnmp for toe supply of 300m manila 

Cutty Sark whisky firm ln.c»se Minwciwiiio envelopes, measuring 10.5 by 9.5 

anyone should claim the £I m mgccotre cm. It is also looking for various 

prize which they arc offering other impedimenta of elections, 

to any finder of a UFO — uniden- a wave of outrage greeted that including 150,000 rubber stamps 
tified flying object. The policy *■ authoritative " American film and 3.000 Tilly lamps — “usual 
is carefully worded confound- on The Prohphet Mohammed conventional tropical type” — 
ing a few lawyers and called “The Message." But for use in polling stations way 
tricksters: the device must "b e nothing daunted its makers are out in the jungle, 
proved to have been activated to now setting out to make a rt thG nreoar - rt n« s 

Eleven yeaxs ago, Peterborough was designated a New 
Town. A veay special New Town because Peterborough 

back over50Myeais.Im population was 81 DM people. 

Today ever 111 ,000 people live in Petezibozoagh. 
Thousands of houses have been bmlt Miles of roads, 
footpaths and cytde^ways. Schools and healfh centreE. 

Parks and playtog fields.New communities inside aa odd 

cstjr.,'. s' • ■: .■ 

There's still along way to go. The hugo buDding- 
programme ensures a wide range of commercial and " 
industrial property and rites. 

“ His World Cap Fever seems 
to have been replaced by a 
touch of hay fever.” 

proved to nave been activated to now setting out to make a rt a „ mkBS the preparations 
arrive on earth from beyond follow up-and are being for elections to the Euro- 

our solar system." according » f t eet ^ with fresh protest by Parliament look absolutely 
Lloyd s List. Islam’s faithful. pimy u 

Some years a«o Cutty Sat* The Message saw that couple 
took out a similar policy when of Zorba-the-Creek fame, Irene 

it offered a similar prize to any- Pappas and Anthony Quinn, wo © m i/c; 

Ring John Case ■= , 

C h ief Estates Su r veyor 
0733-68931 - - 

Peterborough Developnient Coiporalloa 
POBox3 Peterborough 





World Service 

Ja Mn ?t 




* 2fc 

eD8l Kti 
«* 14 » 





/ A rationalisation of the European components industry has been taking place over 
recent years with frequent takeovers, mergers and cross shareholdings. But this process is now 
under challenge and companies are increasingly expanding their activities in the U.S. 

THE EUROPEAN components 
industry, like the. vehicle manu- 

r» 5ineh ©i 

atnes. C 


” ^ throws, 

J. y a c-onth*: 
bon i n JJ 

: d P r <wea^ 

board ^ By . Terry Dodsworth 

takeovers, c 
taisiiion <a\ 

:eutica! st* 

,,e Gansu * 
in th 6 
' degree of jj 
interest iis 
Dr - Gerfearii 
'oar-d memlie; 

*• points oatt 
busings Kdr 
for a glob)!; 
oor ae hasea 
irrentr k & 

se it-esi 

now has Sd; 
it* assets ns 
-than its be? 

But Dr. Das 
at there Star r 

"UV M . 
d ab03‘. t*«l 
men? in Gft 
a oinsici it 
leve- for lb 

turers- have been -anxious' to go 
overseas and move away from 
Their tight, relationships with 
; single' vehicle assemblers. They, 
too. have seen the advantages of 
having a range of customers, 
and a more independent status. 

A great deal «r this ration- 
alisation has come about 
through takeovers, mergers, and 
.cross shareholdings. Busch, the 
(legman electrical company, for 
instance, has jnvested in Ferodo 
of France; Ferodo itself -has 
become the focal point of the 
reorganisation of : the French 
vehicle - business following its 
link-up with SEV-MarchahCihjd; 
and GKN- has moved: into. Ger- 
many with the takeover ul.. the 
Birfidd Transmissions group 
which 'brought .with it the 
German-based Uni-Cardan busi- 
ness. These'areVjast a few of 

electrical parts manufacturer, to 
lUO per cent by buying out the 
51 per cent held by DBA a com- 
pany dominated by Bendix. the 
U.S.-b;u,ed brake manufacturer. 
But tin? French Government, 
which pas developed a policy for 
restructuring Us components 
industry In an attempt io 
strengthen the local manufactur- 
ing base, has hesitated about 
giving approval to the deal. 
Several French interests, 
headed. . apparently, by SEV- 
M arch ill, which was itself, 
treated by Government prompt- 
ing, are believed lu have 
opposed the deal. 



v. Gen 
£>M r-tjn 10 IS! 

t :>r-‘S2 \0 & 

:i. ari tins: 

v.-.'h the is 
3 pi: it? 03 res 
: r. o'? of 
: ;hc 

;uf. a; ;:sr 

wi'S 5 
* ?•:?': 5 


> ^ 
v - is* 

much more integrated -in the 2S ? 'J^SL? 80 * ^ 
past decade. Component com- past fe " ~ 

panies which used lo be mainly This process of -.structural 
national organisations ' have re-organisittion, however, is: now 
taken on a multinational com- under challenge. The alarm was 
pi exion as their activities have sounded by the West 
grow-n to correspond to the German Cartel Office, when it 
increasing - flow of vehicles decided, abbut 38 months ago. to 

across .the oidnationaf frontiers. * ?P , c r JJSfftyJS 

Overseas investment has become 111 GTPhP fr 0 ™ 

an* «mT«- 7 ., reduce competition within the 

Sk-JS? 522 ^ e i)ecwne market. GKNTwoa support for 
substantial exporters. . . bid from the EEC-.competi- 

*Ehese changes . have .. been tions department; but 'despite 
closely tied up with-iJie gradu- this, it was rejected l 3 ?* 1116 
ally devdppihg 1 perception of - German Supreme Court; which 
Europe as a; single market. The upheld ■ The tiartel -^ Office’s 
vehicle producers now shop decision. 8 - ‘ / *•**.. 

around for their parts supplies . since then, Lucas, the^British 
throughout the - -EEC.' trading electrical company, has ripajnto 
bloc, partly to gfit - the best a similar problem in Fjapce. . 
price, and partly rto 1 ensure : Once again., the issue has 
al teTnatife fiOuro« ' Should a ohe O ver an a Kempt - to T’ncreas e a 
run ouit At the same t&me.ihe share stake, Lucas #anted ‘tp 
bigger :. . ebraponeot ■, mamifac- lift its interest' i^Dncellier. an 

The<«j two eases clearly raise 
dnubu about how much further 
merger-based rationalisatiun can 
be takm. There is no doubt that 
over the last decade a great deal 
of anxiety has been raised about 
the monopolist ic developments 
in certain markets. In Britain, 
the ( 1 K 1 V takeover of Birfield 
was not universally approved; 
and the dominant position of 
several component manufac- 
turers in some national markets 
— for example, Lucas in the G.K. 
electrical industry and Bosch in 
the same sector in Germany — 
have come in for muted 
criticism. But, on the whole, 
Europe's governments have 
accepted the argument that the 
sector was too fragmented and 
needed re-organisation: indeed, 
in France the Government has 
until now deliberately tried to 
help the restructuring process 

One' of the problems facing 
the European components pro- 
ducers is that these monopolistic 
anxieti^ vary from country to 
country. .In West Germany, the 
Carteh Office has taken an 
extremity tough line in its 




Country Salts 

profits ployecs 





UK-l/aly 1,-Jbn 




Michel in 

F ranee 3.4 l»n 

S157m U0.0UU 

Tv re> 

Robert Uo.sch 

Germany 3.:jl>n 




ek-cl runics 


UK 2.7hu 

35 m 






Lucas Indusis. 

UK l.lbn 



elect runics 



Germany S5Sm 




Gummi-Wt-rke Germany 7-tliu 





Germany W5m 


27 ,OOV 



Ferodo Croupe France 552m 




brake linings 


UK 4Ki)iii 



Fis Ions; 


piston rings: 


France 4HSni 

2.7 m 


Brakes: electrics 

Chloride Group UK 457m 





Germany 454n» 



Clutches; shock 

*This list does not include American-controlled component 
companies in Europe. 

Source: Fortune— 50t' largest industrial corporations outside 
the U.S.. August, 1U77. 

efforts to retain a high degree 
of market competition: most 
companies interpret its recent 
actions to mean that virtually no 
group of any significance can 
take over another in a similar 
line of business. France, on the 
other hand, has been reorganis- 
ing with far more concern for 
its national position in specific 
product lines than anything- else. 
Italy is dominated by Fiat's 
interests, while in the U.K. the 

authorities have taken a fairly 
neutral line. 

These national differences or 
approach arc- an obvious, irritant 
to the component companies. In- 
deed, an increasing number of 
manufacturers are now arguing 
that what Europe needs is a 
much more co-ordinated 
approach within the EEC trad- 
ing bloc: It would be helpful, 
they say, to encourage the 
creation of stronger, pan- 
European groups which would 

then be in a bettor position to 
break down .-.ume of ihe 
national monopolies which now 
exiit. Every European country 
ha> M-veral oi these semi- 
monopolies — group.-, with at 
least Tu per cent of the local 
market — which only well- 
L-.-tabii.-lied competitors from 
outside v.iil be able to attack. 

At rhe same time, the com- 
ponent manufacturers argue 
ihni in certain sectors the Euro- 
pean industry needs to worry 
loss about si> local market 
power than about international 
competition. This defence has 
been put up very strongly by 
bulb Fiat and .Mercedes in argu- 
ing tile case for their proposed 
joint development and manu- 
facturing of a heavy-duty auto- 
matic gearbox for urban buses. 
The German Cartel Office has 
informally indicated that it 
v.ould not be happy with such a 
project. But the two companies 
point out that at the moment 
they are exposed so world-wide 
domination in tnis particular 
area by Allison, the General 
Motors .subsidiary. Allison would 
he very difficult to fight as 
individual businesses, they say, 
hecause neither of the European 
groups is big enough on its own 
to pick up the cudgels and 
invest heavily in a limited pro- 
duction line. 

Together, on the other hand, 
they believe they can ensure 
better economies of production, 
while establishing an operation 
which should be able to face 
up to the Americans in world 

In support of this project. 
Professor Joachim Zahn. the 
chairman of Mercedes, said re- 
cently that the way to head off 
protectionism in world markets 
was to create more competitive 
companies. La Europe, one of 

the means of achieving this few years. The first is to meet 

would be to " overcome a cartel the rapid technical change tie- 

practice which is purely orien- ma p ded b >‘ nett “ economy 
- j- .« ,• antl emission regulations. Com- 

ta.ed toward, partial national ponen . s wi „ hlve ;e , ,,„ hur . 

markets. Such a carte! practice an( j j n SO mo cases smaller: and 
made it difficult i ■» take the tj )v y Wi jj have to operate more 
necessary measure towards precisely to make the most effi- 
ralionalisaUun. cient use of the world's deplet- 

A similar puint has been made in y reserves, 
by Siy. Giovanni Agnelli, who These demands will put con- 
has argued hir kind of side table pressure on capital 
initiative at Et'. level to gi'e resources, and will probably 
general guidelines towards the intensify the trend towards 
creation «»f a stronger and more research collaboration with 
competitive European cunipon- vehicle manufacturers. But 
eats industry, in h ranee, also, they also put the European com- 
Renaull has prov ided strong ponents sector into a much more 
backing /or the Government s direct relationship with thoir 
efforts to rational :*c this sector. L :. s . competitors— the point 

which Dr. Zahn and Sig. Agnelli 
W3m were stressing. American uom- 
TTfli ponent groups are now working 

Despite these warnings about on very much the same lines as 
the need for more concentraied their European counterparts in 
production. iioiv'evT. there are order to cope with the new 
already certain product areas in demands for smaller cars in the 
which the European industry is U.S. This means that the big 
split between only ;go or three multinational eroups which 
major producers. In electrical have invested in Europe are 
parts, for example. Bosch and n*.w able to use their European 
Lucas have a dominant position: technology in the U.S.. thus 
in universal-joint technology for achieving design economies 
front-wheel drive cars, Hardy which are not available to 
Spicer, the GKN subsidiary, is indigenous European companies, 
the major supplier ( most of the The answer l0 strategy is 
rest being taken up by the f or t j, e European companies to 
Peugeox-Citroen vehicle tnanu- expand in the U.S. themselves, 
factuimg group i ; in precision j n ^ vear or SOi this trend 
engine parts. Associated Engni- j ias become quite pronounced, 
eering tl K) and Mahle (Ger- Bosch. Lucas and GKN have all 
many! have the majority of the established, or are in the pro- 
market; instrumentation is split cess of selt j ng up . manufactur- 
betw'een Smiths (LTv)J/DO (Ger- j n o operations in the U.S. 

®I! d Jae « er lr _ ranee), in Turner and Newall, the parent 
which \DO has a -la per cent company of the Ferodo brake 
slake: and clutch manufacturing jj n j ng company in the UK, has 
is doniroatcd by Automonve acquired an American group. 
Products iUK). Sachs iGer- an( j Associate Engineering and 
many) and Ferodo (France). Automotive Products are 
Two major challenges face moving in the same direction 
these companies iu the next having strengthened their 


aiidr^u hold tbe name of a comp any 

kno^a^TespecSedthrougho^^ the 

BritisfcaniEuropean automotive industry. 

Put all these great names together and 

youVe Weli on the way to creating Lucas . 
Industries, theintemationai manufacturing 
group that’s, grown up. alongside the motor 
industxy andhas played such a big part in 
its progress arid success. 

supples" automotive industry with 
arourid three quarters of its electrical and 

electronic equipment needs ana. to a 

growing exteht/is supplying a similar range 
of components to rionunentai veiucle 


pikers. , . Bs .... 

Girling — 

an intemationaHeader in the field of 
-braking and suspension systems, puts a 
safe stop to just about every type of _ 
powered vehicle and is the fitting choice of 
vehicle manufacturers all over tne world. 

CAV — 

.diesel fuel injection systems meet over 30% 
of western world requirements and, as the 
.economical diesel engine gains in 
popularity, the company is stepping up its 
world-wide production resources to meet 
rising demand. 

Lucas Batteries — ™ equipmentisthechoiceofdieselworkshops 

maintains a strong position in’ both the 0,E. all over the world. 

and replacement markets and is well 
known for its record of technical 

Rists — 

prorides a complete design and 
manufacturing service in automotive 
wiring-harnesses. It is the UK’s leading 
manufacturer and is rapidly growing in 
Continental Europe. 

Crosland Filters is the largest all-British 
maker of air, oil, fuel and hydraulic filters. 
And Hartridge diesel fuel injection test 

Lucas products are made all over the world, 
through a chain of wholly owned and - 
partnership factories. At one end of the 
production spectrum, Lucas Group 
Research ensures technical advancement; 
at the other, Lucas World Service backs 
every product through a global network of 
5,600 service outlets. . 





Financial Times Tuesday June 6.1978 



Constraints on the designer 

AS SPECIFICATIONS for the performance by as little as half the materials and component material in which the Ameri- with successful results. The alloyed st 

new generation of American a mile. On the other hand they makers is hard to say in more cans are showing interest, for carbon fibre, or composite bumpers. 

vehicles to ra^et the tightening are saying that by the time than general terms. But it surely the full flowering of all- shafts are designed for trucks, chassis n ... .. - ---- ^ 

energy constraints are drawn every car on the road in the means that product develop- aluminium engines in the and can be made in one piece and. a range of other vehicle be helped if there u 

up’ European materials and com- US averages 425 lbs of ments that have been waiting volumes being considered is to replace two-piece steel shafts, parts including body paifals, patibflity of materials, 

ponent suppliers are becoming aluminium instead of iron, there on the sidelines for just such probably nine-ten years away. One truck has suoessfully through which it plans ; 

mnrn aware of the inten- will be a ‘saving of 13.5 bn a situation, in which the tech- The more immediate way ahead done more than 120.000 miles expand sales to the U.S. jnd material. 

„ ni * ritinn rn satisfv «aiinns of petrol a year The aae nology they express is worth points to aluminium alloy cylin- The Americans are working on other motor industries looHng made fibrts *uc — r- m - kpTS are under ium asr - 

of C all-XmiiU^ car wifd a premium over the der beads on SG blocks, with composite shafts, but GKN feels for high-strength, lightwefht to claiming 100 per cent, of the Divert JSe £& T ■ 

technical requjrem.nts, as - of w market price for the next best, automated gravity or low-pres- that while the price penalty for materials. BSC also prodiles functional as well as the visual 

LnrtnnS ^ h de b T u p e p figures’ being quoted will be beckoned on to the field, sure diecasting of the heads. In the alloy shafts is not prohibi- Hyfonn, used by speeijist interior trim of cart and cabs. and optimuia^lS^ ' 

upportiuuue*. . h T „ 'traumatip nSritJi into Also it provides an unrepeatable pointing in the right economic, tive, it will be some years makers of stainless dfeel Even glass, the increasing area n w>£rties: P in 

The impact uf the oil crisis is show .tt A mttril £ n vohinia chance for UK and other Euro- as well as technical, direction, before the composite shafts can exhausts which, dependingion of which has been tending to roLhn 0 P P. _— =. 

» steel if it has ,o eoBPiy with 

being felt most sharply and which the American vehicle ppan 

comprehensively in the ^ li si ^ rt u n a t e"? y^E u ro pe 1 s to profitable rescue, or at least difficult problems to solve, for tions. But the weight saving lighter than conventional 

American vehicle industry. Car 

technology to make a the Americans have a lot of compete outside specialist situ a- the exhaust system, 
difficult problems to so 

they seem chained to big en- possibilities are certainly there, steel, and lasts about 

21 s ?f e oot Ce ihe W1 ^ , tuaHtS rt of his Tions ‘hSoi^^f Arching ^Up'wnow it has mainly been Shies to drive the air-condition- A Ford Cortina composite prop times longer. 

W ino : for ever lighter components to the vehicle makers who have “S and emission equipment. shaft weighs 5J2 kg compared 

well a new "bodies ! n n*ht- provide the kind of fuel impelled developments forward Another area in which con- with 9 kg ior a conventional |JV||p||cjvP 

Lf JSJi- c wfthin a three economy that sell a car. among their suppliers, often siderable weight savings can be one. CJipeUM VC 

19 a van or a truck. It also means specifying in detail their future achieved is in body panels for These developments in light However, despite 

be put weight on to vehicles rather ponent field the UK suppU^v- 
Lid than take it off, is becoming industry, which has led Europe v. 

ee lighter. The glass in the Fiesta and the world m. so many prfc^- 

doors and side windows retains tical ways and has much to con, ?* 
, the necessary characteristics tribute, has -o nly a_Jnuilei^-' 

I but Is 3mm thick instead of period m whi A to .respond -tsftr 

! 4mm and is 30 per cent lighter, the new opporhmitiei. ;0th\5xv.%' 

.v I -Savings in glass weights of up wise it may find’ itself % the . • 
these p*en- 5Q - nt „ e in prospect reverse position- .-of .Ibnyiag ~ * 
ivelopments, H . advanced . technology . front-, the 7 /-; 

Peter Gartwngfit 

Because there have been no u.S. 
positive governmental restrlc- 
on weight in Europe, 


investment and of The ^ains in j Qr sorn e of the answers. For customers are now seeking out mechanical properties equiva- 
fuel economy, may be disproved un i ess t hey can meet the regula- There is much to be learnt in lent to NS 3/4 and elongates 

in the future, but are worth 

tions as now framed the the UK, perhaps relatively more ten times, enabling thicknesses 


quoting to show the immensity peQ aUies could put them out of than in Europe, 
uf the problems. business. As one car manufac- 

Some of the big American t orer put it: “ They may make it 
sedans will need to lose about a cheaper to . use an exotic 
ton in weight, according to one material like titanium, which is 
estimate. Another puts at Slbn a third of the weight of steel 
the cost to one nf the major but three times its price, rather 
vehicle producers of pushing up than pay the fines." 

Ihe average miles per gallon 

to be held in complex shapes 
of up to 15 inches deep. But 
two different primers are 
needed in the painting process 
_ . , ... „ if steel is also used, and special 

Lightweight aluminium alloys techniques are required for 

are a case in point. The Mid- welding aluminium and steel. 

land? helped to pioneer the en- Stt?eI is therefore likely to re- 

What tbis aJl’ adds up to for main the preferred metal for 

and although U may have lost high-volume body pressings, 
its leadership in some respects, 

still knows instinctively how to ® u f * or cylinder heads. ... - 

fashion it to most needs. There wheels. manifolds, brakes WITH A steadily growing OEM 
has seldom been the justifica- calipers and a number of other base and an aftermarket that 

tion for installing highly expen- components that represent has remained firmly in the 

sivc, tricky, high-pressure die- recent expansion areas, plus hands of the vehicle manufac- 
cast* lines — that is an area more familiar clutch turers, the German components 

dominated bv the U.S. motor housings, sumps and smaller industry has not experienced 


' 4 - 


lllUUaiiy, dllliuil SUIC1J 1UI lum- — ■ 

ponents. Nor does it have the an assured future. 
North American sales organisa- ents. such as brakes, to smaller sa me experience as is to be latest, extremely 

One of the tunities to merge or diversify 

them the 

This will give 
opportunity to 

lions. (Teves and Koni have dimensions, 
also established themselves in 
the U.S.. but tliese groups, of 

. ourse. are under the wing of «“° ,wn i» A»wna 

rjTi. in the next ten years in the 

The Europeans undoubtedly same way that the U.S. com- 
pare considerable oppor- panies have put down roots in 
^unities in the U.S. in some Europe during the last decade. 

■icnificant product areas. They If .successful, this transfer of 
v*’ experts in small diesel capital and technology should 
• ' tines and ignition equipment: do much to strengthen the free- 
they know more about front- trading concept in the trans- 

whee! drive technology.- and Atlantic trading block, and ease developed in collaboration with :„ ht 
•virticularly the universal the protectionist pressures the British Cast Iron Research ® 
: '-'ints which transfer power to which have been increasingly Association in the Midlands. carf,on 

found in France. Germany and developments, by GKN. is in ing has taken place, but this 
Italy in the production of alu- drive, or propeller shafts for owes much to the acquisitive 


for the pistons. That is not to ears. Ford 
say that it shows up in any in- among the 

ferior way the Rolls-Royce and faefurers now studying the by the present policies of the 
Rover V-formation blocks, but potential, which GKN began Federal Cartel Office. The Ger- 
output of aluminium engines in some four years ago. After man vehicle manufacturers are 
the UK is limited to low volume, extensive rig and dynamo- reputed to have a lower ^ 
It has instead generally meter testing and. practical bought-in content than their UK 
Dlumpcd for lightweieht trials at the Motor Industry counterparts, but volume growth ~ 
spheroidal graphite (SG) iron. Research Association with light- ‘J!?“ 


makers, who in consequence 

'icd tn building many compon- industry in the last few years, siderations. an 

alternative vehicles for further validation, their ranks. 1 

of these have 







Eaton makes major driveline 
components for virtually every 
truck maker in Europe and for 
some of the car builders too! From 
axle and transmission units for the 
largest trucks to engine valves for 
passenger cars, Eaton can supply 
your needs. 

For detailed information on 

Eaton components, contact 
. Mr GJ.Brook, Director of Marketing, 
Truck Components, at Eaton Limited, 
Eaton House, Staines Road, 
Hounslow, Middlesex TW4 5DX. 




any consumer 
and after Bosch. 




' 5 Product 

Parent/ ownership - '/T 70 '? 7 

Robert Bosch 

Vehicle electrics, spark plugs, fuel 
'.injection equipment 

— - • • 

• • ■ C .. n 



“ ... ' 2 . 

VDO * • 


-r- • ; . . 'tv','. “ 



Mannesmann - '' ••••' - '-/ t '& jz : 

Kari Schmidt 

Pistons, thin wall bearings, steering 

T wheels 

MetallgeseUsdiafft ' ; . -I.CT 



- V- 


piston rings 


. Pistons 

Alcan (Canada) V 


Cylinder liners 

• • ■■ ; . ■ 

Alfred Teves 

&akes, piston rings, valves 

ITT (U^.) — 


Thiii wall bearings 

•• . . 


. Rolling bearings 

_ . 


Rolling bearings 

SKF (Sweden) 

St. Gobain 

Safety glass 

SL Gobain Pont a Monsson ^ 
(France) . Cr, 



— , 





TRW (U.S.) - 


Vehide electrics 

ITT (U-S-> 



Zeppelin Group fxl ; 


Transmissions - ‘ 



GKN (UK) - ‘ 

Fichtei and Sachs 

Clutches, shock absc 3 

GKN (UK>— 25 per cent 


Brake linings 



Brake linings - 

Bendix (UA) 

Girling Bremsen 


Joseph Lucas (UK) 







Shock absorbers 


Transmissions ' \ 



Truck brakes . . .V 

American Standard. (UJ5.) 

Champion Zundkerzen 

Spark plugs ■ - - . • . : r 

T^res • . . ‘ "v 

Ghampion (UJS.~) 

Conti-G nm miwerke 

Phoenix Gummrwerke 

Tyres •' '■ ' •• .V 

- _ 

Mfchelin Reifenwerke 


Michelin (France) 


Door seals ' 

Laird Groap (UK) 



Dunlop (UK) 

Source: Grieveson, Grant .. , ■ 

likely to recognise VDO or 
Bnge. The substantial remainder 
are even less well known, prob- 
ably due to a combination of 
a lack of aftermarket advertis- 
ing and a belated entry into 
overseas manufacturing, only 
then in the wake of German 
vehicle assembly plants. 

As in the UK, the large 
engineering groups have impor- 
tant motor component activities, 
with Mannesmann a leading 
producer of wheels through its 
Kronprioz subsidiary, plus 
exhaust tube and axle shells, 

Metallgesellschaft owning Karl , . 

Schmidt, a leading manufac- batteries, supplying Volks- brake patents,' but on their ex- appointing results, and -^hlle 

turer of pistons and steering w-agen. pi ry Lucas entered the market several complies art hwlctag 

wheels, and GHH’s Renk sub- The UK industry also has from factories in France and- for a . better 1978, fenf ire 
sidiary, which is particularly considerable representation. Germany, and after fighting off . expected, to. achieve reasonable 
strong in automatic transmis- GKN controls Uni-Cardan, a patent litigation initiated • by profits. ' Probably ^the exception 

sions for buses. major producer of transmission Teves. went on to- take a signifi- to this IsMichelin, whose Ificbe- 

On engine components, piston components and constant velo- cant share of the. German mar- lin Reifenwerke' subsidiary is - 
manufacture is dominated by city joints, which in turn has Possibly encouraged .by the largest producer,! closely fol- 
Mahle (£2QGiu sales) and Karl subsidiaries in other Conti- Lucas’s success Bendix estaN lowed In rtluziie rtnns- by'Cpnti 

Schmidt, liuth of whom have nental countries. The original lished a plant in Germany about with group sales o£ i£5DQm. 

volumes which match that of 40 per cent, holding came into three years ago, -but this was^ ^Together these^ ^ two acco®t ftr 
Associated Engineering in the the group with the* acquisition not a success and it , Was «ubse-.ov,er half the tyres produedLui 
UK. Ford Germany and Opel of Birfield, but since then its quendy. closed, although it con- the Federal: Republic:' -Next in 
both have in-bouse capacity for stake has increased to nearly tinues to ^sujpply Mercedes from size comes ; .SutUop^!ireUi. : and 
pistons and an important sup- 60 per cent and the business France. " .. " V- then. Gpodj^ari- • Utdroyal and 

plier of large pistons for diesel has achieved substantial growth The German, tyre Industry has Phoenix, ■ each’ accounting; for 
engines is NURAU the Alcan through its expertise in con- not had a' notable record for about: 10 per cent- ?. 
subsidiary. Tbe leader on piston stant velocity joints ■ and the generating, prpfits,' with- major The giant of Ae German coio- 
‘I sales ^* vogue for front wheel drive losses by the main prod ucers ponent in dustnr t$ Hebert Boscb, 

followed by Alfred Teves. and cars. The 25 per cent stake regularly hitting the headlines, with' about 60 Tjer cent MJf 

the majors on Pjain 5f? nn ? s 10 S ac ^ s endeavours to The domestically owned pro-: £2bo sales generated brL'-inotor 

Lninn^ ^.1 „ Schmidt acquire a further 50 -per cent ducers,- Conti and Phoenix, have components.. ‘ The com 

h v F A r b « nR eS «s KV Jl^rereived ^considerable pub- been in this category, but corrtrolled by'a charitabre fpun* 

lp y ade«on Z!!&ptes!re licity through the battle with attempts to achieve a -. merger dation.-butiaiis does riot appew 

Firtno f he . German authorities. Fol- that would permit ratioriaJJsa- to have imposed ariy -nofl-coio- 

hie °f? er *° win S lT ® rejection -by the tion have failed. DunloR and merclal restraints ■ oh tbe bosi- 

JS^rVSSS- TUSZSf PtaU1 ' h " e 3,50 

, — _ — Economics. 

valv W are dominated by TRW but has now withdrawn from 
and Eaton and the principal the battle, 
radiator manufacturers are Bach's main operating com- 
Behr and KLR iKuierfabrik pany. Fichtei and Sachs, holds 
Langerer Reich). about 70 per cent of the 

domestic clutch market and is 
also a major producer of shock 
absorbers. BBA Group owns 
Commercial vehicles have a Textar, a major brake lining 
□umber of companies specialis- producer, aad this product area 
ing in their requirements, sa w some rearrangement two 
notably ZF Zahnradfabrik y ea « a 8° whe " Bendix raised 

Frtedrichshafen) with total sales its stake in Jurid from 50 to 
of £350m and a strong position 100 per cent. In consequence, 
in automatic gearboxes and Bendix’s 25 per cent stake in 
truck transmissions. Not that far Textar posed certain conflicts 
behind is Voith, with sales of of interest and it was sold to 
£200m. although its production BBA The Dunlop-Pirelli Union 
of vehicle transmissions is com- has two tyre plants, together 
plemented by a large business accounting for about one-sixth 
in similar products for railway of German, production. Laird 
rolling stock. The U.S. majors Group owns Draftex, a highly 
are strongly represented in. this successful producer of door 
area, with Eaton manufacturing seals and-' other. . rubber corn- 
truck axles and American Stan- ponents, This company has 
dard (who recently purchased achieved both high growth and 
Clayton Dewandre in the U.K.) profitability and Laird is now 
producing tn*rk brakes at its attempting to emulate this' in 
WABCO-Standard subsidiary. the UK. 

The total American presence Last but by no means least is 
is considerable. As well as the Joseph Lucas, with -its vehicle 
three already mentioned. ITT brake subsidiary Girling Brem- 
control Alfred Teves. the lead- sen- The past war development 
ing supplier of vehicle brakes, of vehicle brake manufacture in 
and SWF. which manufactures Germany has seen some Interest- 
big range of vehicle electrics, ing changes; starting with the 
ncluding wipers and lighting, initial baild up of ve hicle pro- 
Bendix owns Jurid, one of the duction when ITFs Alfred 
two big brake lining producers. Teves grew rapidly and became 
Champion has a spark plug sub- the dominant force in the 
idiarv. Champion Zundkerzen market- Teves held the domestic 
and Globe Union manufacture licence from Dunlop on disc 


last longer with parts from 

DBA (UKJ Limited 


■ 97 * 

r ^nanelg '^Rstes- Suesda^' ; June 6 1978 





w4 5c 


The U.S. influence 


rtu Prm 1 1 ic is Locatiuu 



? es - & 
‘tseif J* 

■ « if 

IW'lN^BiwikptT of Aineri- 
ewi ;. <rimpbneqt ;.. conipaniei in . 
Enroipe .is' not ;a . jifew . pTieno- ' 
mericm/A SomeTcompanies, ’tike 
Oar bbriindum, rqr.TWkeniT were’ 
involved, .rim*. tKfsside oil the 
Atlantic Wore, the last war! 
■Other* came’ over - soon after. 
But.l.tbevhiig; .flood of funds 
occurred.' iu the . J9fi0s, when 
many-U-S. .companies began to 
look, deliberately for growth out- 
side " AmerieaL where it 
wasl clear’ that' the pace of ox 
pansion-'in the vehicle industry 
was slowing. . Although the num- 
ber' of newi companies coming 
into; Europe ; has declined since: 
then. a‘ steady stream .of .invest* 
ment-isJstillTandhig its way over 
fr omtheU.S._coinp one nts sector. 

There have- been two signifi- 
cant- developments in Britain 
alone,, within, the. tost twelve 
months, dr .so. - American Stan- 
dard, one of the leaders in truck 
hydraulic arid air-brake systems, 
has bought Clayton Dewandre; 
and, more ' recently, Dana, 
among the ~ biggest': of the 
U.S. component groups, has 

bid for "^control- 1 of Turner 
Manuiacturing, : iA_ which it 
already .has a 35'-' per cent 
stake; On -Qe^Goatinent. ..Eaton 
tots -opened' a large truck irans- 
misskms plant in France, and is 
expanding. its valve. manufactur- 
ing m : Spain; while Tenneco 
Walker, .a .subsidiary, of. the 
Tenneco chemipals "group. . is 
.expanding its exhaust business 
ip Germany. 

Some of the looser-established 

'American groups in- Europe have 
iound a base oh this side of the 
Atlantic because of their 
straightforward . t-e^ h n * c a 1 
strength. • Two" classic-cases of 
this kind of . company are 
Champion, the spark, plug 
. man ufacturer,, and. T1 mke ri, the 
taper roller-bearing group. Both 
came over to Europe before the 
'war| add frith have established 
ah' ^entirely .dominant group as 
independent suppliers in their 
particular areas of business. 

Champion, for example, with 
plants m both 'Britain and 
Belgium, only has one signifi- 
cant ' independent competi tor. 

Bosch, although Ford and 
General Motors (AC Dcico) have 
very large-scale in-house produc- 
tion. Timken is in an even more 
outstanding position. Few rival 
manufacturers have found it 
possible to master the complex 
technology in making tapered 
bearings, and Timken has de- 
cided iu concentrate exclusively 
on this field. Today, it has 
European plants in the UK, 
France ami Germany. 

Another company which falls 
into a similar category is Borg 
Warner, the automatic gearbox 
manufacturer, in which Bosch, 
the West German electrical 
rum pany, now has a ID per cent 
stake. Borg developed its tech- 
nology in the U.S. well ahead of 
European companies, largely 
because there was a local 
demand for automatic trans- 
mission when none existed on 
this side of the Atlantic. The 
company was therefore able to 
bring the technology over to 
meet increasing European 
demand. . It went un. of course, 
to catch a distinct cold when the 


nt a Hoasu 

23 per tenl 

been exceptional in its ! 
aggressive.: - posture towards j 
overseas manufacturing opera- . 
tions in support of German . 
assembly .plants.' (Brazil,.: 
Far East ). and ‘in -independen t : - 
expansion; with Tor example the- 
company’s U.S. subsidiary., gen- 
erating sales o£$I20m.- Overseas 
investments have." .also ' been 
made, with: the company paying 
?63m in -1977 for a near- 10 per- 
cent stake iU Borg Warner and 
purchasing a 5 T.per; cent^ con- 
trolling interesting- for S22m ,m 
FEMSA, the leading jnanufac- 
turer of auto electrics-in .Spain-. 
They already bold 50 per cent 
of SEV^arcbal, ah:: important 
French ' . producer of -, aato- 
electrics. -. . 7- -- r _ 

Bosch’s : ip osition 7 - . in .Its - 3pm-. 

estic market is .very I'sMar/ to'- 
that of Lucas,; with: a dominant 
position . in ; thej supply of 
tion, generation.; and. starting 

' equipment -a; stroi^pofiitiourin 

vehicle lighting. Apif again a 
" dominant position bn fuel- injec- 
tion systems. The. r&atfvfe'sizds 
of tiielr • rrespectiye ■ domestic : 
markets mean that Bosch islcon- 

siderably largeFj than. Lucas in 

the mahhfacfur^' ai*W- 
tries. hui_theiry plumes on fuel 
injecticinWe- rashly equal, al- i 
though fjqpch ftas: a strong posi- 
tion thn^h licenseee in -the 
Japanese ^aticet; Tbey-tave 
' some capacity- on vehicle bat- 
teries, biitiaShte- area^Hs- .domin- 
ated by Vwta. and TOO. Adolf 
Schindfirigljas a similar position 
on .vebirfq-, instruHoentation 
generating -around 

£250m. i.'y : 

Quality i 

■•■■■ The industry has ai* excellent 
record for produth and 

■ security of supply- ahdjfai^ com- 
bined walk; at lea^ V.sorae 
...national preference foffdpmestic 
- sources, has- ensured -.customer 
c loyalty and enabled the^mxstry 
to grow in line with 
.producers. This' keady ^owth 
■in an. established marks: must 
be at least part of the’T^sou ■ 
why the- industry has npt 
■toted -the aftermarket activates 
Of its opposite timbers in other 1 
: countries; - hut jfresdures . for 
.change a^e .emeggijg 

Few forecasts expect the 
European car industry to main- 
tain its historic ra-ie of growth 
against a background of in- 
creased price competition from 
Japanese and Third World pro- 
ducers. not to mention the new 
generations of sub-compacts 
Trum Detroit. .The pan-European 
operations of the U.S. motor 
assemblers arc showing an in- 
creasing preference for low cost 
sources of component supplies, 
and some people in the industry 
believe that only political pres- 
sure is restraining .the Japanese 
component suppliers from 
making a determined saies effort 
in Europe. The massive world 
population of German cars 
generates an extremely attrac- 
tive aftermarket for spare parts, 
an d ithe passage of time makes 
it increasingly surprising that 
the OEM suppliers have not 
made a determined bid for a 
. direct share of it. Maybe Alfred 
. Tcves’ recent link with Quinton 
i' Hixzel ; in the UK is a sign of 

oil crisis hit the automatic gear- a 
box on the head because of the l 
extra fuel cost involved in a 
running such systems. Bui it t 
lias now pulled through some 
of these problems, seen its mam l 
British rival. Automotive Pru- j 
duels, retreat out of lhe held c 
altogether, and only has one J 
serious independent competitor, i 
ZF uf Germany. The competi- k 
tiun in this field curacs from , 
the two American vehicle maim- | 
Tacturers, Ford and General , 
Motors. i 

A number or other American i 
companies, while not operating ; 

in quite .such specialised areas \ 
of technology, have still man- ■ 
aged to establish dominant : 
positions in the European mar- ; 
ket. A very large proportion 
of the- independent truck 
braking industry, for example, 
is controlled by American 
Standard, which owns Westing- 
house Air Brake t known as 
Webci*) in Hanover, West Ger- 
many. and has just bought Clay- 
tan Dcwandre in the UK. Some 
analysis put ns share of the 
European market at about 45 
per cent. In addition, much of 
the residue is soaked up by an- 
other American company, 
Bendix-Wesimghouse, which is 
based in Britain with ownership 
split equally between Bendix, 
the large aerospace and elec- 
tronics conglomerate (sales last 
year or S3.3hnj, and Westing- 

■ house Brake and Signal, the 
i specialist in brakes fur railway 

■ rolling stock. 

1 Bendix has hccomo one of lhe 

■ most widely-spread forces 
J among the American companies 
5 operating in Europe. Apart from 
i the Bendix-Westinghouse liusi- 
r ness, turning over about £34m. 
- a year, it owns Jurid, the brake 
» linings manufacturer in West 
,, Germany, which employs about 
t 2.500 people, and Bendibcrica in 

Spain, which makes all the 
e brakes for the Spanish Ford 
n Fiesta and employs about 4.50U. 


things^ to come. 

Brian Toms 

The centre of Bendix's opera- 
tions, however, is DBA of 
France, formed from Ducellier, 
a vehicle electrics company. 
Bendix's own brake interests, 
and Air Equipemcnt, an aero- 
space components business. This 
group, with a turnover of about 
930um. a year, now appears to 
be breaking up. partly because 
Lucas, a partner in. Ducellier. 
wants more control, and partly 
because it appears to have been 

3 poor profits performer. Lucas S 
has bid for the rest of Ducellier. I 
and Air Equipemcnt is said to p 
be up for sale. li 

Bendix has had its troubles I 
before in Europe— about three ti 
years ago it was lurcjd to with- g 
draw from a new brake manu- L 
facturing pru jeer in West 5 

Germany because i* found the L 
competition too tough — bus it is s 
now aiming to restructure its in- l 
t crests. It seems a* though it e 
will keep on the brake business i 
in France, which has a sound t 
export order with Daimler-Benz, 1 
and make a bid tu return lo Lhe t 
electronics field in partnership I 
with Renault, the French 1 
nationalised car gmup. Talks on . 
a juint project between the two 
are now in prugress 

Another product area where 
American companies dm innate is ! 
in valve production. The mo ■ 
biggest companies, here are 1 
TRW. a diversified group with | 
European interest.-, m valves, 
steering gear*, general en- 
gineering and -eat bells, and 
Eaton, which also make?, trans- 
missions and axle*. Between 
them, these two companies are 
reckoned to have a dominant 
position in thoc products, with 
TRW manufacturing in a nor- 
thern sphere of inturo-t in the 
UK, Germany and France, and 
Eaton in a -on; hern sphere 
split between Italy and Spain, 
where it has jn-i made a large 
' new investment. 

These two group- are among 
the largest so the European 
‘ components industry. TRW 
s having sales reckoned to be over 
s $600ni in the region, and Eaton 

i about S200m. Both have pur- 
- sued a policy of -n reading their 
i. investment from -irong base* in 
? the UK, although Eaton has so 
t far not ventured into Germany. 
I where TRW i~. very strong, also 

ii making steering gears and Repa 
e seat belts. 

d Seat belts i- another area 
1 . where U.S. companies have a 
broad base, since Kangol Magnet 
in the UK is aUu owned by an 
American group. 

i- The other large and wideiy- 
if spread American group is ITT, 

r, the telecommunications com* 
f. pany which also has a sizeable 

s, involvement in motor com- 
>- ponents. In Europe its opera- 
is tions are centred on Teres, the 
it German brake manufacturing 
;o concern, which is probably the 
>e largest company in this field 
r. within the EEC. But ITT also 
v owns a Stuttgart-based electrical 
n switchgear producer called 

SWF: a variety of companies in 
Italy making brake linings, 
plastics, shock absorbers, tail 
lights and servo systems; and in 
Holland it has absorbed Koni. 
the specialist shock absorber 
group. Although there ha\e 
been no new acquisitions for the 
group since the oil crisis. ITT 
has embarked on a big expan- 
sion and export drive for all o. 
these companies. Teves. for 
example, is well established in 
South America, has moved into 
the UK with a plant m Souih 
Wales and a distribution agree- 
ment with Quinton Hazell. and 
has put down another factory in 
the U S. 



Dana and Rockwell, both with 
their main industrial base in 
Europe in commercial vehicle j 
transmissions and axles, are also 
embarking on a drive to spread 
their activities throughout the j 
EEC. Rockwell, for instance, 
is moving into Italy and West 
Germany as well as the UK: and 
Dana, apart front the Turner 
bid. has invested in Switzerland 
and France, where it recently 
bought Floquet Monopul. a 
major producer of piston rings 
and cylinder liners. , 

A similar process is being , 
followed by Tenneco Walker, 
part of the big chemical grouo. 
which bought ilarmo. one of the 
largest exhaust manufacturers 
in the UK. and lias also acquired 
two small producers in Germane 
and France, as well as the Pit 
Stop replacement busincs*. 
Other Amcr.can groups in the 
EEC include Monroe, the shock 
absorber company (Belgium). 
JTW the Fasteners producer 
which runs Fastex in the UK, 
Trico. the windscreen wiper 
group, and Dayco. a fan-belt 
manufacturer which has a plant 
in Dundee and is looking at 
further investments in Europe. 
Carborundum, an old-estab- 
lished company in Eritain, 
recently acquired We y burn 
Engineering, the diesel engine 
. camshaft manufacturer. 

The weight of the American 
, component companies in 
i Europe, which is both broadly 
. spread and highly concentrated 
. in some specific areas, has 
: caused considerable alarm in 
. the indigenous European 
| industry. Some producers feel 
t that there shjmid be efforts to 
i build more integrated European 
I groups which would be able to 
1 compete on more equal terms. 




Steering gears 

Steering wheels, 

Seat belts 




Shock absorbers 



Air brakes 

Brake linings 





Piston rings 
Axels and axle 






Core Warner 

Tenneco Walker 







Spark plugs 
Taper bearings 
Air brakes 

Friction materials 
Diesel engine 

Shock absorbers 
Fan belts 
Shock absorbers 

UK (TRW Valves): Gy 
(Tevcs-Thompsou): France 

UK (Cam.): Gy (Ehrcn- 
relch): France (Gemmcr): 
Italy (TRW Italia) 

UK (Clifford) 

Gv (Repa) 

Gv (Teves); UK (Tcies); 

France (Teves) 

Gy (SWF) 

Italy (1AO) 

Holland (Koni) 

France (DBA— jointly owned 
with Lucas); Spain (Bendi- 

UK (Jointly owned with 
Westinghouse Brake and 

Gy (Jurid) 

UK: France 

UK: Spain 
Spain; Italy 

France (Floquet Monopol); 
UK (Brown Brothers) 

UK (Rubery Owen Rockwell 
— jointly owned with 
Rubery Owen; Rockwell 
Thompson; Rockwell-Stan- 

Gy (Golde); Italy (Goldc 

Portugal (Moligal) 

UK; Belgium 
UK; France; Gy 
Gy (Webco); UK (Clayton 
Dew an dr e) 

,s UK 

UK (Wcyburn Engineering) 

UK; Gy: France 

UK; Gy; Belgium (Pit Stop) 






particularly in world markets- 
For example, in the commercial 
vehicle field, the North 
Americans have established an 
extremely dominant position 
counting, alongside their com- 
ponent interests, truck manufac- 
turing (Ford, Bedford. Chrysler. 
International Harvester) . and 
diesel engines (Cummins, 
Perkins. Ford and Bedford). 

In this field. European manu- 
facturers have developed much 
more integrated organisations, 
manufacturing many more of 
their parts in-house. If could 
he argued that this has pul 
some of these European com 

panics in a strong competitive 
position — both Mercedes and 
rVEC-O. for example, are big 
enough to manufacture a lot nf 
commercial vehicle components 
in large volumes. But there are 
some obvious areas where 
American companies have estab- 
lished fairly dominant positions 
in Europe which are in no way 
compensated by European 
developments in the U.S. The 
challenge racing the Europeans 
now is to take on the U.S. 
competitors in their home 

Terrv Dodsworth 



.tulard (l'i-1 

t ir,nws 3T \^ 
* r iOTS. 

«Mv the 



*»■ *£ 

It 5 ) 

IT • ■ 


l-~ J I 

K ^5! 



ft 4 


r~. V • 

,-x - 

%£ !i 









„ . Wi 

Quick release stops 
and ratchet operated 
. horizontal tensioning. 

Deep rear door frame for extra Extended rear door posts ^ roo f 

rigidity and body strength. welded to anti-undemm rear for extra ngm 

bumper for strength and safety. 


York Trailer Company Limited, Northallerton, North Yorkshire DL7 8UE. 
Telephone: Northallerton (0609} 3155. Telex: 58600. 


French manufacturers realign 

A CRUCIAL struggle is taking 
place at the moment whose 
outcome will probably establish 
the broad structure of the 
French motor components in- 
dustry at least into the 1980s. 

At stake is the Duceilier com- 
pany, which makes most of the 
range of car electrics. With a 
turnover of FFr 800m and a 
workforce of 7.000 it ranks as 
one of the leading concerns in 
the electrical component sector 
in terms of both output and 

Duceilier is owned 51 per 
cent by the Bendix offshoot 
DBA which itself does some 
FFr I.35bn business in France 
l including Duceilier). The 
remainder is owned by the 
British Lucas group which 
itself, counting its stakes pro 
rata, has a turnover of some 
FFr J.2hn. The battle has been 
launched by Lucas' agreed bid 
for the remainder of the equity* 
a bid which by any normal 
standard should have been un- 
controversial since Bendix and 
Lucas were bound by the terms 
of their partnership in Duceilier 

to sell only to each other. 

Enter the leading French 
components group SEV. SEV- 
Marshal is a subsidiary of a 
holding company owned by the 
big French group Ferodo as to 
70 per cent and of the German 
Bosch group as to 30 per cent. 
It went into the Ferodo group 
recently as a result of a series 
of moves sponsored by the 
French Government to create 
a strong French presence in 
the components field. In fact 
the financial plight of a number 
of concerns, including Paris- 
Rhone and Marshal, had made 
some rescue imperative. 


The SEV group with a 
FFr 2.2 bn turnover i6 based on 
alternators, projectors, starter 
motors and small motors gener- 
ally and employs some 15,500. 
A number of well-known names 
in the components business are 
pan of the group. The Cibie 
holding company has 30 per 
cent of SEV itself while a 
cluster of Cibie companies as 
well as Paris Rhone and the 



(Turner and 
New all of UK 
has 10%) 

Clutches (Vexto trade name); 
aluminium radiators (Soficaj; 
brake linings 



(70% Ferodo. 
30% Bosch) 

Vehicle electrics; lights 


Aciers ct 
( Peugeot 
has 70%) 

Vehicle electrics; brakes 
Bacipers; chains; steering 

Diesel equipment (Roto-Diesel); 
brakes (F reins Girling) • 





Universal joints (denser- 

Door latches; plastics 
Clutch remanufacturing 
Commercial vehicle gearboxes 
Brakes (Teves) 

Piston rings (Floquet Monopol) 

Wilmot Breeden 

Automotive Prods. 






St. Gobain 








(45% VDOor 





Cylinder liners 

Fuel injection equipment (Sigma 
Diesel); electrical prodnets 
(Robert Bosch) 

SEV-Marshal operations form 
part of the group. 

When Lucas launched its bid 
for Duceilier. SEV stepped in 
as a rival candidate, and the 
affair must now be sorted out 
by the Government Lucas has 
argued that it has made substan- 
tial investments in France 
(Girling and Roto-Diesel in par- 
ticular); that the balance of 
motor trade is heavily in 
France’s favour (the French 
sell more than 12 times as many 
cars to Britain than vice-versa); 
and that the terms of their 
partnership with Bendix ex- 
cludes any solution other than 
a Lucas purchase. 

It also points out more 
discreetly that if Duceilier went 
to SEV it would create a single 
dominant group in France, and 
this is something that the big 
three French car manufacturers 
are very uneasy about. 

At the moment — and the 
affair is reaching a decisive 
stage — the Government is 
encouraging Lucas to reach 
some arrangement which will 
quieten SEV fears and guaran- 
tee in some way that Lucas will 
not pre-empt its expansion 
ambitions. One idea mooted is 
for the re-sale of a part of 
Duceilier by Lucas to SEV. but 
this idea is one which Lucas 
would prefer to avoid since it 
feels that it needs complete con- 
trol of Duceilier to continue its 
investment programme and inte- 
grate its production into its 
European pattern. 

The stakes are big on both 
sides. For SEV the acquisition 
would establish it without 
challenge as France's dominant 
electrical component manufac- 
turer; in contrast acquisition by 
Lucas would make the British 
group much more of an all- 
round rival. 

The rather fraemented nature 
of the sector shows why the fate 
of Duceilier is so important. 
The French motor equipment 
Industry registered sales last 
year of FFr 21.7bn. It comprises 
no fewer than 3fi0 companies 
with a total workforce of 
around 730.000. Of the sales, 
the break-down last year was 
FFr ll.fibn for original equip- 
ment: FFr 5.1 bn for spares and 
FFr 5bn direct exports. The 
electrical equipment sector, on 
which this article concentrates 
and which is the scene for the 
Duceilier battle, accounts for 
sales of around FFr 4.15bn of 
which FFr l.Sbn is original 
equipment. FFr 1.2hn snares 
and the remainder direct 
exports. . 

The customers are the three 
groups which dominate the 
French motor industry. On the 
car side Renault and Peugeot- 
Citroen each make some 1.5m 
cars a year while Chrysler/ 
Simca makes about a third as 
many. All -three manufac- 
turers see output this year 
likely to top marginally last 
year’s level, which would put 
production of cars in France at 
around the 3.5m mark. In addi- 
tion. the truck division of 
Renault with its twin marques 
of Saviem and Berliet is the 
leading commercial vehicle 


One of the factors influencing 
the component industry is the 
tension — in this case not par- 
ticularly. creative — between the 
Government's ideas of how the 
sector should be organised and 
those of the motor manu- 
facturers. The Government 
broadly speaking, is anxious to 
see the emergence of a powerful 
French group which cau com- 
pete internationally — in other 
words, a French version of 
Lucas or Bosch. The motor 
manufacturers do not want to 
find themselves with a single 
supplier and if this were to 
come about would look overseas 
for a second supplier — the 
obvious candidate being the 
Bosch Spanish subsidiary. 

The strength of the big three 
manufacturers in a sense was 
responsible for the continued 
fragmentation of suppliers, 
since all three had very strong 
design and development depart- 
ments which issued very care- 
ful specifications to component 
suppliers and encouraged 
suppliers to tie their production 
to a particular group. This 
militated against the formation 
of large organisations seeking 
diversified markets. 

This way of life continued 
while there was significant 
growth in the motor industry, 
but when the tide of expansion 
started to recede a number of 
companies found themselves 
financially beached. It was at 
this point that the Government 
launched the Ferodo lifeboat to 
refloat Paris Shone and 

A couple of .years ago the 
twin ideas of the regrouping of 
component manufacturers and 
the standardisation of equip-, 
meat began to emerge as a| 
theme, and it is under this 

banner that Ferodo is now in 
the middle of organising its 
operating companies. It is quite 
possible that Ferodo itself 
anticipated making a move for 
Duceilier in a later phase of 
expansion: if that were the case 
then the Lucas bid came two or 
three years too. soon for it 

The other main interest in the 
sector at the moment is the in- 
itiative being taken by Renault 
to create a component supplier 
to produce motor control equip- 
ment Renault is seeking a 
partner willing to lie its invest- 
ment specifically to Renault's 
needs.' The name most fre- 
quently mentioned is that of 
Bendix, whose main interests 
are in the hydraulics sector. 

Prospects for further regroup- 
ing seem relatively remote, if 
only because the most 
vulnerable companies have 
already found new homes and 
the strong sales performance of 
the motor industry is being 
translated into bealthy cash- 
flows for the components manu- 
facturers. For the moment it is 
the Duceilier case which is the 
main focus of interest. 



Patent company Turnover 1976 Workforce Main products 




. Projectors, alternators, 
15,500 . starters, small motors 


Lulas Industries 

1,191 (a) 

7,500 - ‘ - ^Injection eqmpanent, 

; r : : braking systems, - " 

diesel equipment (b) 



7,000 car electronics. 


1,357* (e> 

10,600 _ brakes and - 
air equipment 



5,000 dashboards, mileometers, 

/"■ commutators 

Precision Mechamque Labrinal 


5,350 , : electrical and cable 

4,000 signalling equip ment 


.460- - ‘ alternators 



Prodnctk - *' alternators 
Imported ... ■ - — 

David Curry 

* 1977 figures; (a) participations pro rata, (b) aerospace electronics via Tlionison-fcneas. !^ <e) 
Duceilier. (d) Frs.307m in motor Industry. - 9 ■*_£*.’ 

The UK 


Suppliers of Original Equipment end Safety Accessories to most 
European Vehicle Manufacturers. 

Loaders in the field of vehicle electronic and electro mechanical components, 
specialising in Rasher Units, Relay* and Control Units. 

Continuous research and technical progress since 1899 in the development and 
production of components and. accessaries for the 
automobile industry all over the world. 

For further information please contact:— 
! Heila Automobile Equipment Ltd., 
i Banbury, Oxfordshire OX16 7JU. 

&-£Cf!WH/KfcA ^ 

^ OH'MONStEUR.. ^ 
lOV£M£ AU-2£7lM£HE/S 


“ THERE ARE many small com- of the smaller component com- 
panies Ln the Midlands wbb panics are now being more 
are totally dependent on one tightly managed and have a 
customer — British Leyland. It greater diversity of product than 
is difficult for them to make the for a long time — the crisis has 
leap and invest in the travel, stimulated the survival instiucL 
time and people to develop suf- But in the long run the increas- 
ficient overseas markets to in- ing integration of the motor 
sulate them from the risk of industry in Europe means that 
a collapse of the company. If the flows of cars, trucks and 
there is a further decline in components across frontiers can 
UK motor manufacturing you only expand. For example, in 
will see a great increase in the brake linings industry, 
number of mergers and amal- dominated in Britain by Ferodo, 
gamations." Don and BBA, a number of East 

This is how a senior executive European and West German 
in one of Britain’s largest com- parts are now entering the 
ponent groups sees the prob- country. 

lems facing the UK motor in- This line of thinking has 
dustry- Uis comments come at underscored the strategy of the 
a critical time for the smaller big British component manufac- 
British component manufac- turers for at least a decade, and 
turers. They have had three more in some cases. Partly be- 
years of coping with the diffi- cause stagnation in Britain has 
culties of British Leyland. a meant looking elsewhere for 

period in which they have markets, they have changed 

trimmed their workforces, themselves into fully-fledged 
according to a recent survey, by multinationals. At home, they 
an ai-erage of 25 per cent, and have absorbed other companies 
probably taken out a fair in a similar line of business in 
amount of capacity. At the same order to achieve the size and the 
time, they are now beginning spread of activity to finance out- 
to feel the full effects of the ward expansion. Overseas they 

drive which car importers, fol- have moved progressively from 

lowed by their own component Commonwealth markets, to 
manufacturers, are beginning Europe and now to the U.S. 
to make into the UK market The first aim of these moves 
•e. has been to jockey themselves 


position where they , 

T l„ , , . _ , . become a main support for 

The latest figures show that vehicle manufacturers in virtu- ! 

component imports soared last aUy every important market in 
year by almost 70 per cent, out- the worid . Tfa is meaQS M ^ 
stnppmg the growth in exports component manufacturer is able 
for the first time in many years. t0 hitch his products to a larger 
There were, it is true, some variety of vehicles, which may 
abnormal factors which inflated bring any number of overseas 
this figure, including the series markets in their wake: Brazil, 
of strikes in the industry last for example, can best be tackled 
autumn, and the growing pro- by developing links with manu- 
pensity of the big multinational facturers like Volkswagen and 
car producers to import parts Fiat which produce vehicles 
for assembly In Britain. But there. Mr. Gordon Griffiths, 

the trend is unmistakable: as managing director of GKN’s 
more foreign cars establish component manufacturing divi- 

themselves on British roads, si on. describes this process as 

more and more parts will come “building up an interface in the 

m from overseas to service place where the products are 

Foreign cars go better 
last longer with parts from 

built People are determined to 

DBA f U.KJ Limited 

B ftlbbwy (Ini. thfdgcfc MmmI FjImIt. 

Mrrcrtb*. WAUSNO. 

Many executives in the in- manufacture all over the world, 
dustry believe that these figures Therefore we need to set up ! 
are illustrative of a shift in the an entity in any area where 
total European industry which there is design parentage to 
is now irreversible. True, they keep close to developments.” 
say. (he rot can be stopped to The second aim has been to 
some extent in Britain if the establish groups of sufficient 
reforms of the new Leyland size to be competitive in world 
j management hear fruit. Many markets. This strategy has been 

Mvtfe ■ 

Vi - 

■ v s • r : ‘" 

Rubery-Oioen’s axle housing plant at Ddrlas ton, which is now part of Eaton Axles Ltd. 


•- \ •••■ 




The Financial Times will be publishing a number of Surveys relating to the motor 
industry, culminating with the Motor Industry Survey on October 17 which coincides 
with the International Motor Show at the NEC. . 

The full list of Surveys and publication dates are set out below. . 




i-. . 

BATTERIES September 28 

^ 'j r . ^ 


Detailed synopses are available prior to the publi^ationdate and- f or 

^ 1 



The content and publication dates of surveys In the Financial Times are subject. -to change^ atihe. discretion: erf 
the Editor. i . . \ -W . ; v 

is ■&. 


Simes'Tufeaay '7£me ‘6 "1578 



lrs * alt 




^^nics ' 



“IF WE buy an engine ■ " ' ” "" ’generators, motors, screen- 

windows. tyres, dutch and a - MAJOR COMPONENT MANUFACTURERS IN ITALY wipers, horns, and some 

S^S^’ThS ’ ^ Italian 1* Coraind *n>up: Plastic and rubber movfn J hitoMl? fast- 

hyperbole, .£*?£! ^&r*f**** HSK, 2KS 5 **** dev ? lapin ? arM of c,eclromc 

We provide the 
muscle to turn 
into results. ^ 


;y a;. :■>£ Jj! 


Whole, i? Ctopontnts 

senior directors jn -.Fiat's com- 

ponents company ' describes the •; ' ;. . 

group’s activities; ILis a wideiy - 

diversified organisation, which 

is.probably more, broadly spread ’ 

than the strong component:.’ 

organ i5ations : ruri by the French ” ; _ 

motor manufacturers. It is also ::" 

large, ‘almost certainly coin par- 13ET U-S-.--. 

ing in scale with anything run 

by rival car manufacturers such 

as British Ley land, Citroen or pieredo France 

Ford. It has 43 plants in Italy. inr 

three overseas, more than 31,000 

employees, and sales last year Engineering •_ 

of about £620m. ' Eaton ILS. 

Fiat has now established its TRW. -UJ5.. . 

components division as a l ni ^ c . ' *~ 

separate profit, centre charged ^***7 
with seeking out Mew. markets. • ' • - • 

This policy change is part of the Trionl ; Italy 
new Fiat strategy to allow the Turner and • UK 
satellite groups. originaly estab- Newall . 
lished around the vebide manu- w 
facturing organisations - much " ovum ?~ .. “y - 
more, freedom, of action.- Tbe. 
idea is :to ; pash them into over* . • 

tried cables: electrical equipment. equipment. 

£ GUardini sroup: Hoses; gaskets: fil- 5.— Weber: The company, 
ters; pumps; transmission gears; body employing 2,600. has a daily out- 
: parts. pul of 15,000 carburettors from 

3. JUagncU McriUI: Batteries; plugs; {hree {aelor i eSl about 60 per 

ignition systems; wipersgenerators; cent af which , s exported, 
horns. g. — Fiat Lubrificanii is the 

4. Weber, carburettors; brakes. group’s lubricant manufacturer. 

IAO Group: Bumpers: plastics; gaskets; 7. — Industrie Verici Italians 
tail lights, servo systems; shock absor- is involved in vehicle painting 
bers; exhausts. techniques. 

Brakes; headlights; clutches, radiators. 8.— Sepa makes a variety uf 

electronic systems, usually fur 
Pistons ; piston rings; hearings. .motive uses. 



electronic systems, usually fur 
non-autuinotive uses. 

v-j'es. Abroad 

StecriBs gears; piston rings. About pw cen( of [he sales 

Carello (40 per cent stake): Headlights; o£ this group are , exported at 
wipers. present, with a target of about 

Plain bearings. 30 per cent this year. How far 

gaskets Fiat wants to gu in the export 


Brakes (Automotive Products has 28 per 

present, with a target of about 
30 per cent this year. How far 
Fiat wants to go in the export 
direction is nut clear. It says 
ii will also consider joint pro- 
jects overseas, and it is likely 
that, like other divisions of the 
company, it will he looking out 
for investment possibilities 

seaffmariife raisfe their export^ sind Femdo also makes- radiators executive. “But the important for investment possibilities 
!!f and he§Sghts.-lTrs coUecUon thing now is that wc arc a abroad> 

earners - in their^own bright, of companies,:: called IAO. is supplier like any otner For Bllt however far they k’«'. 
OthernaS ofFiat^re b£ne very bis but -fairly ; diverse, any new product wc stand at thejM? move * by Fiat arc yet 
pSaSed'^tSe S dfilS xunufcSih.* V ■ -bumpers <he .Urmia Un. like any af our anol)l „ jndtatton of ibe power- 
but in a components industry 5 . plastics, ’giock .absorbers, tail competitors. ml lrend inwards more rationali- 

significant factor in the ehange rqSits, servo.- systems „ -and The components group is sat ion in the European market. 

may have been increasing another Birftish ^up,. Engineer- broken down into eight separate with fre incursion of fu reign 

incursion of foreign manufacr ’’nig : Co mponents, u subsidiary of operations. These are: multinationals into Italy in the 

Hirers into Italy who itavfl.baeh Turoer anS.Tfewall/ ala^makes i. — Aspera, a compressor and last decade, its own home base 
able to demonstrate, the advan- gaskets. small engine manufacturer, ein- has come under attack, and so 

tages of- au' Fiat says4hat it is looking at ploying 4.000. it is now turning its attentions 

approach in tbe '-COimwhehts>il the ar^aa where it. does not 2.— Cumind, a producer towards the other markets con- 
sector. ' 't - . • ' - . ••• have an involvement to consider o£ pi a j%tic and rubber com- trolled by its competitors. 

T -". • • ‘ " whether . -it; should- .prov e . in to p 0 nents, lighting equipment. One additional point 3bout 

• t k ei “- But its main *£ategy at e j ect rica! cables and switch- the Fiat approach may provide 
L/UIliUcUllvU present is to" develop kn inter- gear within these activi- a talking point in the years 

In the'naki ttie^maiii competi- national perspertivei^d scale Jjes which employ 5.800. a head. In recent months it has 

tion to- Grafs'- exponent -in- ^ < * perat ? 0 “’' ^ h,le :^’^i t p Comind makes such products as declared itself very much in 

steering wheels, instrument favour of joint research and 
operatioH^at°Sfa -Eomeo and ar this level. .JJfSj'^SSSe P^s. bumpers, tanks and develc^nient projects with other 

SSSi^SB Sf5iSSS«T "JSSSSi; one of U»e — ta rr ■nie™dlJ!l 

/.*« L:d. 

It 1 

... .1 

« -1?: 

Mass m =« — r sss 

saair-a “■? 

operation in : Italy., simply Sd inSSnaSme in the tncal ^terests and employs joinl European projects in the 
because these “producers, some ^, up ptesenjr “ The Fiat 1L000. a makes the standard componen ts field may receive 
of them employing between 500 fS“Se^m P anSuring group “/'^^erief^rfS some impetUS - ^ ^ 

and 1,000 men, are : sq deft in buys quite a Jbt of parts outside T.D. 

spotting and exploiting a the components group,” says an motors, ignition systems, 

market. But in the last 10 ...y“ . . 

years or so, : a fair number of ”■*: ■' ,-^y- 
multinattonai manufacturers j JV 


.Among these producers^ wlurii ar^ now big enou^n to and Italy. . local employers, seems to have 

Associated Engineering of., the keep up a high 1^1 of in e i^ese buanesses have gradu- been valid 

fte r. S 

of these cdmpaniesi^along : development because most car interest . in Roto-DieseL m fl 6bn This c . om p a res with 
other big . Europran Smpanies ■ are already over- France about a yeari ago, ami is £7Um four years ago. and 

nationals. 10 the “^*8® stretched in trying to redesign now trying to do the same in marks an extreiT ie!y successful 
importmg their products— PT, >. products to meet the DnceUier. its French electrical . d Qf ejfpanS i on for the UK 
for instance, bringing m brakes ire ^ ents of new standards associate, although this deal has industry which was fuelled by 

from Germany. Bosch ana ^ pollution and fuel run into political problems. lbe _ riee adV antago given by 

Bendix bringing in elecH^cal economyi Associated Engineering has also deva i ua tion. Nevertheless, last 

parts, and. Lucas importing The effect of these moves has added significantly to its busi- ycar aJs0 Iliar ked a real setback 
Girling brakes and CAV injec- tQ a rapidly expand- ness iin France in recent years, in the uk, when imports rose 

tiun equipment - - u ing presence for UK companies and all the British companies by gg per cen t from £455m to 

The product groups in- which on ^ie Continent -in recent are progressing steadily in Italy. £751,11. This year, the signs are 
these overseas groups have now: ^ QKN now strong Whether .these developments that the flood of imports has 
established important aperatiohs bases ^ Germany and can go much further, following i eve i led out to some extent. But 

include clutches and brakes, p rance ^ith its universal joint the opposition which has now j t j s expected to remain at a 
where Ferodo has an extremely ' Kftlrflwl „. Ijlicas ^ particularly ruled out GKN's attempts to fairly high level because of the 
strong position, and perhaps its prance. .with interests take over -the Sachs Group in structural changes which have 

strongest operation overseas; _ . significant Euro- West Germany, is anyone's occurred. Foreign manufac-j 

pistons and other engine parts. markets- Associated Engi- guess.. But in the meantime, a turers are now accounting for 
in the - hands of ; Associated manufacturing in lot of the attention of these mure of the British vehicle 

Engineering, -Europe’s leading « Germany and Italy; growing multinational enter- stock, anil the multinational 

manufacturer of precision com- Fauinment has gone prises has been switched to manufacturers are bringing in 

ponents for engines: and valves, Eqmpraem - more parts from overseas for 

under the control of Eaton, the intfl Spam. m rer**. , ■ . ' . L their vehicle building in Bntain. 

US bawd producer. In the Massey-Fergu son-owned diesri ^ developments in the U.S 

Si operSln Ge^nany; g.^SM '—?■ Changes 
tiun. as'i^tihe UK and Gernmiy. Tomer and NewaU-s Bngme^^ This Beeanse of t^ eHanges the 

^ ^‘“Eu^an.^ -tromely imponan^.o 

/7a4W».<34e^H| to eiect that 

m<B-A YOU VDtNfy W/TH-A_ 

rjWOtW/t&fS'A THEsnjPtDO’ 
. AU--A&U7MefM* 

L. WOH6rAF**TSl 

.,..-.,15 0° 



lastloi^rwffli parts from 

DBA (UX.) Limited 


uun.- XQ1S 15 iraujHB uie nuici- iu. 

can motor companies towards Because of ? h **° **“?* . 
smaller vehicles, which will future of British Leyland re- 
require more European-type ™»ms extremely important to 
components, along with diesel the components sector: It 
engines (another European unrealistic to expect that 
snSialitv) wd new electronic many o f the smaller producers 
Sod? of en^e coS « the industry could protect 
Hence the UK companies’ rhair position by exporting. 

investment across the Atlantic Th ^y do JJ* ha ^ n t i b l o r r e . S 0 t !SSl S 
is being directed towards very a 0 - Th fiSe producers, there- 
specific fields: Lucas, in the first fore. need to s^ee ^e pr^pect 
place, is putting down a plant .<* consolidation or expansion 
for electronic injection equip* within the British vehicle manu 


r^" e s “^ 

ssiss ssss 

the new type of vehicles being •««?“ *1 slump b> 
devrioned in the US.: Ferodo its move into France. 

SHSf S hr£e linings com- "Since 1972, this company has 
t iS™ “the BSG sub- cut its labour force by half, and 

accessories. “We were encouraged to put 

These moves have already Jew down facilities and anticipate 
to a significant expansion of UK Leyland would make more 
components exports to North cars< was like creating an 
America in the last two years, appetite for dinner and then 
But the main export growth has {ggyiQg us without a meal. If 
been to the EEC, where manu- 3 ^^ Leyland wants that 
facturing investment has tended ca p B ci;y in future it will find 
to help direct exports as well, ^ g 0ne> Today our major effort 
.■inAA Vine attahlichpri a hasp. . _ - t- ” 

— - . , , IL gUMG. 

since it has established a base jg coins into Europe.* 
on -which to expand a whole 
range of business. The manu- 






| y Central R & P 






t ri ;nnATFn •’« ; Manataclure snd ■n:.;r:Du;iuii of 

EN« | . MSS 




. engine and chassis componenis 
* in UK. Austria. Canada. Portugal, 
; Singapore, S - .veden. USA. 

AE FRANCE ij ?" 


AEROPLANE & MOTOR 4 - Cvlinder components — pislons, 
ALUMINIUM CASTINGS ] .. piston rings, ferrous and 
BRIC0 ENGINEERING -J 'i aluminium castings, sintered 
BR1C0 METALS >1 - components. 



tj ECONOCRUISE Vehicle cruise control systems. 

;j' THE GLACIER METAL CO. ? . - c fnr „ ns ,i n ^ 

i\ THE GLACIER METAL CO. USA Rctary seals and metallic 
1 GLACIER GmbH DEVA WERKE packings. 






i Worldwide distribution of 
t replacement engine 
t components. 


{ AE TURBINE COMPONENTS | Turbine blades, nozzle guide 


Heat exchangers and pi ecision 
.!• press work. 

Associated Engineering Group Companies 
are specialists in anticipating and meeting the 
changing technical requirements of original 
equ i pment manufacturers and servicing the ever 
present demands of replacement parts. 

With much in common, each company 
nevertheless pursues its individual course. Each 
is able to extract the maximum benefit from the 
mutual interdependence of an advanced 
technology group, yet retain its identity to its 
customers as a smaller, vital, specialist. The 
group contributes the financial muscle to ensure 
stability and growth. 

For the group's many varied products a 

number of interdependent technologies are 
applicable. The knowledge obtained over the 
broadest spectrum becomes available to speed 
the solution of any problem - large or small . 
Much of this knowledge was shared recently at a 
technical symposium, organised by the group, 
which was attended by 150 leading engine 
designers representing SI engine building 
companies in 17 countries. , 

Currently some 40% of the group s sales are 
made overseas through direct exports or local 
subsidiaries. Twenty-five manufacturing 1 icensees 
in 1‘6 countries reflect the high technical 
standing of the group's wide product range. 


60 Kenilworth Road Leamington Spa Warwickshire England 

Financial Times Tuesday June /« 1978 


On this and the following page, Terry Dodsworth 
and Peter Cartwright profile four of the men who run 
the major Br8ish vehicle component 
manufacturers and suppliers 

The men in 


Shortage of the correct parts -especially in the 
safety areas -can hold up the best run business. 1 

But now you can stop worrying- and start 
earning! j* 

Bendix DBA (U.K.) Limited has a readily f 

available stock of top-quality hydraulics. , ■ 

This wide range of hydraulics fit most - |H ; ' 

imported cars on the U.K. market- the manufac- 

turers’ original equipment choice. „ .. . 

Bendix-DBA parts range also includes disc li583S§ldF*3«^ "’wS* 5 *- Br'SaK® 

pads, shock absorbers, clutch components, servo g-Sj f ’ 

units, hoses, stop light switches and fluid warning 

So if you want some of that lucrative foreign .W . . 

parts replacement business, contact your local U - 3 iB 

dist ributor now-, or write/pbone direct to: 

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r "sa*- 


11 1 


The stale of Michigan has both the people 
who buy machine tools and the people who 
can build machine tools. Because Michigan 
is the heart of the U.S. metalworking 

A new and comprehensive study 
describes Michigan's many advantages as 
a location for producing and marketing 
machine tools: 

• We have available land and liberal 
financial incentives. 

• Our revised fax system is designed to 
make capital investment profitable. 

• Michigan is on four of the Great Lakes for 
water shipment. 

'• Michigan can offer attractive joint venture 

As many European companies have 
learned, you can make if in Michigan. 
Return the coupon for your copy of the 
complete study. 111 pages of facts your 
planning personnel. should .have. 

Germany, one of the few? conn- Nevertheless Panks does not 
tries where realQy highspeed see either local manufacture in 
driving is possible. His diterest Europe or selling into it eon- 
ln great racing marque, also tinuing indefinitely. That is 
found -expression in the~ttv*ner- one of the reasons for going 
ship of four vintage B^tJeys. to America. Another is to 
“ But I now do not getXie to become intimately jnvoived 
keep them as they desem, and witl1 tl,e deve lopme t 
I had to part with the* My 'world car hems brought about 
affection £%SrreSo £ by the energy crisis. 

Ferrari, which I enjoy.’ very He is also keenly sensitive to 
much. It has great character, the opportunities in the after- 
really unique." it market For spares and replace- 

This abiding interest ii? racing “ents. but is equally conscious 

and in great marques. k *viy — 

rsstss Jffis." tszss." ^ . 

staid performer to the fireniost tates ‘ , 

rows of the starting griAr-witii- • Such a full schedule of oyer- . 
out. it may be said, being noisily seas * isits sometimes^ requires 
aggressive. Hie export>race is aD effort of W1 
still being run and th^celebra- cannot e ?P ect l t0 J ely on re ? orts 

Inhn Pank« tory champa ^ ne has ^ tc ** eSplSs “■ aUd a start - bearings and. rings^ 

JOim r AUKS broached, though thisltpay. be, ?iikr meetlne mir over- the two engine items; whidr^ 

LEFT TO his own devices John done when the new American . n „, a f .„ a .. manufacturer. other ^tbazt-Geir 

p gn u* wt 1^11 seas people face to_ face. 

that the unavoidable way m 

John Panks 

„ . . umj, tcumuuus licensees, iu uiatvr suit me • = 7 -. , ■ '••77771 

Rootes r heard that his dashing a fresh and novel contract with latest technology is being used P re ttsion patt J^jings _ine% . 

managing director for North F; at to supply front disc brakes-to best advantage.” estabbstnng, a_'B|^ T baian»^.- 

Arn erica had qualified for f 0 r its new medium' 7 truck p.n tween Costs; audJpwritiit ; 

Sebrdng, he cabled him to cancel range.’. AP has two; component. a w hich demands a^ great ' 

his entry. Though relegated to factories in Italy supplying Fiat ■ know-how and ■ h inita^t fe-ip ap 

a spectator role Pauk* main- cars and trucks, and Alfa Sui T n l, n bilities for newcomers , 

tained hJs keenness in racing In France a second factory was JvUll L/UujCdi . break into thb industry,. Never 
and is a familiar figure on the opened near Orleans, ttf com- AqqnriATFTv FNfiTNEERINfi ibeless. much of. 
circuits and occasionally at bill piement the clutch jjlaxrt -at one ’ of the lar°est manufac-’ ?? ent in^ recent^ir^har 
climbs. Angers. This drive ..tor, develop. nFn^cLZn enaij^Zrts heen ~ direeted - a V;W^, 

Indeed his move in 1968 from overseas markets, wfe^lteeps- ’ ] Q t ^ e wor jd, stands right in the P ,ant J ^ctemy ; . ahd;:~xS^ 

the managing directorship of PaQ J^ abroad for oneway.- out centre of th ' e revolution which - 

Root es" worldwide export busi- three has taken aW* to a ^ pi ace in the. com- co ^ e ^>cP osltl O!V ; •— *s 

ness to become sales and 60 " 40 per, cent exptyt/homB 0Qnents industry today.. On the - 
marketing director of Auto mo- 531 es ratl ° ln 11,166 y6a J?- • ' one hand it is exposed to the 

tive Products (he has since. “If we are to set .pur sights enormous pressures which are pui ' 

become chief executive and for' a steady increase ya huki- being exerted to improve fuel 7 h JSiKl 

deputy chairman), put him even ness into the eighties and nine- efficiency. On the other. ’-it is 

more closely in touch with ties we must go apr»& the having to respond to the equally " 

racing, for AP clutches, brakes Channel and to other, markets-;’ strong drive towards diesel 
and steering components ride on be insists. “No othericountry power plants. Meanwhile,, like ,.^ nq f pS^ 
most entries and have helped has been subjected the all British companies in the a ^*™“ s ^ and 
- ' • - K d «™ ,ic *•«- » h having ,o cope with. 

to win laurels 

I like technology and I like 

of home to foreign cars in/ the the continuing saga of the Jiad good. relations_ for a laty 
market as the UK As a result troubles at British Leyland and wi^ companies l&e Qm^ 
of imports from Japan, and lack of grow-th throughout the ““J?* .-Jatenfartiapal.. ^^ttaryratn- 
elsewhere, as well as impdtts vehicle production industry. - an 4, ^. t6I ^ , ^> .. 

u.. ir- a i r ^ : PTninKinn i>laTic B ITr <TnTlin>ai 

elsewhere, gg weii TTmpSS vehicie production inXTry. «&**«*&. &&&&! 

“fs '«• ^g’ZfSrzzsss! urss 

■ and oT course AP is heavily il JSltie? h ^\^”Si S? se« h or • is 

volved. he says. here, hut selective, manufactur- S£3 i to Ed aSe of Collyear is much more dbw^S 

- atS6 indulges his hobby ing wi „ be carried out abroad. T0 ,1** 0 TSi7 .»?! earth .on. its' . prospects /thm. 

by driving fast Ferrans. He is After all. in Europe we have h " ir P S p ;J! fn nis ons ni S many , people. -. m ; .the V moftf 
now on Ins fifth, a V-8 308 cap- become accepted >as being as ? s d bearines are industry t, °^ ay - He.bdi.eyesLM 

able of 150 mph which he likes reliable a supplier as any of di l c S 8 t^dsSth IZ example. : that - the _cnginC| 
to take when he can to their home manufacturers." p etrQl V nd diesel enginel while pote " llal the car ^ 

w .„ . . - y: 

Jeffrey Wilkinson ssyisw 

5SM-as«£ S3H5S3I 

ing director, commerning hlahwtv VS Md'AM 
*•“ ^ s ? overseas which li.a ^} 1 f 

* P f , En / n , e '- ”f m*rket niches. . .7>: 

cope; with the slump at British Up pow ^ „ as ;^ 

Leyland. invested in- its own manofacki^ 

In Ithe technical field. AETs’ing facilities in the U-S^* 
strategy is to ’concentrate on although it has a small stake ia - 
areas of high technology, says a company over there— Beicaist 
Collyear. The proportion .of many of its products are liglit ■’ 
money spent on research and enough to export direct. Bulff 
development in recent years has is clearly watching the sihtiK 
gone up to cope with the tion, and' looking at voitunft, 
changes ■ being sought for the carefully:. -.Collyear belie#?! 

new generation of engines. “If firmly that the world comita*;' 

you are designing .an engine cats industry will become-Uiii& 

and want to know the pressures- more concentrated in the 
on the pistons we can do a ahead, mainly because 
computer analysis to show what vehicle manufacturers arc tiu%7 
the streses are. better than any- selves looking for a smajlcft 
one else. We think - that these number of suppliers 
considerable resources within worldwide, scale. t . 
the .group give us first class Thus he argues in favour ^' 
Lucas^ rcccntiy berame involved. technoloRf which we can exploit the process of amalgamtg 

there is pressure tn establish expects this project to be worth overseas iitii C A^ haS n? ate S ^?£m3 

local companies: but equally, £20m in sales by 1980. AE*s areas of specialisation "K e al ui Britain during r^f 

trical and electronic car parts 
is well on the way to being 
rationalised on a world scale, 
with Lucas and Bosch emerging 
in Europe to contend with the 
American giants such as Bendix 
and Motorola. A great deal of 
Lucas's activity in the past few 
years, therefore, has been over- 
seas in a bid to become one of 
these leading world companies. 

It has gradually strengthened 
its grip in Europe, while moving 
into the developing world and, 
now, into the U.S. 

Exports have risen sharply 
as well, but Mr. Jeffrey Wilkin- 
son. the head of the electrical 
division, believes firmly that, in 
many markets, there is no alter- 
native to direct investment. In 
Iran and the Philippines, for 

example, both countires where , _ . . . r . 

Lucas recently became involved. technotoR? which we can exploit we j 

there is pressure tn establish expects this project to be worth 0V6r s 6a S- ‘” c *| 

local companies: but equally. £!0m in sales by 1980. AE’s areas of specialisation * 

these countries are happy to buy jhe main objective of *he ar « aJs ? obviously difficult for years - 

tcchnnlogy in the form of future European investment competitors to break into. For’ 

licences, because this is a policy will be to ensure more ^ ^ • 

cheaper process than developing dual sourcing. Thus Lucas will - — ; ; .■ 

parts for themselves. Similarly, clearly be trying to expand 
Lucas has set up shop with a the ranges of products in its 
workers ciHJperativc. ZasLava, associate companies in France 
in Yugoslavia. (Duceilier; and Italy (Carello), 

At the same time, many custo- while going for majority stakes 
rners want companies like Lucas and managerial control. The bid .mm- 

to have a variety of manufactur- for the 51 per cent of Duceilier 
ing bases in the hope that this which it does not already own Mi 

will give a greater security of was part of this strategy, and B 

supply during disputes — Lucas although it has been foiled so - B BB^V W^Br| 

was able to make up some of far by French opposition, Lucas - ■ " J 

its losses during the toolmakers' is likely to continue to pursue '■ 

dispute in the UK last year by this objective, along with a mnd B 1 1 

importing from its overseas sub- similar policy at Carello, which, • • • 

sidiaries. “We are finding in- at present, is mainly in the wh« w *' 

creasingly that you just cannot vehicle lighting business. :Dft ^ When you taSsanricBd vou^dK- 

export direct from this country .- The consohdaUo „ of its Euro- ... • WhBn ** to*?*™* /qu .rordWyc 

in many parts of the world.” peon interests will also form an Dirty or Mocked ofl filters Incretso fingii 

says Wilkinson. ‘‘You have to important element in Lucas’s - ' ■ engine fdllufe, 

do it with a partner or with a attack on the extremely : V®en you changed ttw-ofl did youal* 

licensee. Ami in many countries, important area of vehicle eiet- ’ 'i=* ^ 

including parts of the Continent, tronics, which is expected to . ~ ■?”" wows WltWeredunnfl yourr 

the UK will simply not be develop enormously in the next pwroiHKHwe bock in your cof. That moon 

accepted as a single source.” ten years. Wilkinson believes .fiSSiseJKflfl fitter 

Combined with the overseas ihat this revolution can only be ‘ 

investment strategy (some ana- tackled by close co-operation \ 

I ysts claim that this has reduced between the vehicle assemblers . L • . • 

Lucas's reliance on Leylanrl's an d the component suppliers. ' 

business from 40 per cent to 12 simply because of the amount of * 

per cent of its total). Lucas has manpower and investment 
also embarked on a sweeping re- required. 

design programme. Every pro- .. . , _ nri Fr _ n .._ n 

duct in the range has been " » ? 

redeveloped within the last three ff? 1 has 

years to metric standards, with n h “ “J J 1 * V, om - 

ihe nbieetivc of makins the P°. nenl company tended to be a 

dimcSsSand 0 ' thTperfoJm !nd whe^ T* 

ance characteristics, suitable fur n ® H 1 ' 1 r t",A d lec ” 

any European car. Alongside this ® J"-; 1 don ‘ see 

redesign programme has gone a able ‘ 0 allpcate e Sough researeh 
new " all-makes Pij ecUnjed and dcve i opment ^ make " 

Dirty or blocked air Auers con reduce your mileage per gallon by V®. • | 
tMten you lost serviced you car did you check the ok UBetZ'lilV 1 ' j 

Dirty or blocked 08 fitters Increase engine wear and the risk of • ‘ ^ 

engine faflure. . - ? 

When you changed the ofl did you also change the oil fi&erf- > • \ 

Rt five worta's begMttteis during your next service arid put the 
P8rfbfmaroe back in your car. That means fitting Trom' the worttf^.V { 

■ hsstsellmg fitters. . ..... rtf 

at developing a range of pro- r) fh ‘ hil Tha "^„'’ 
three years «U?0- Wilkinaon M l.D. 

: f®»M SWOPE U0, UbNctsont. PonK&n. u« G«omofocBi &«< 'aton Cf7 Wtf . 
TMpMM; (0443) 223O0a' - 

:OMPANIES - i WHXCH- have t 
o mini tied resources to develop- 'i 
__ ng .their distribution 'and retail- 5 

|Y ^ ng of motor components will be y 
LjJicouraged by a recent report, ! 
Cr p ommissioned by GKN DIstri- t 
V/Utors, which showed that the a 
Vr ^lo-it-yoursaslf .<ar.Tepair market 1 
«s valued at' £522m ! last year, i 
This has confirmed the view c 
^ , many., .companies in this. ( 

'< ‘ 'fc a |ket .thar itns • a strong jrovtdj ( 
§g|- . «rJ^^t'''Bwt«ists 1 faced;' j 
.teparr "costs’ - ire . 

• jiafciog^ mcreasing iis^ ofretailf 
. lutiftts-ior : :an increasing range”':* 
• ^^fe.'whJ^h tJiey can fit them- ^ 

Ik ^Vtrwey. cpininis^ by ! 

S %b' 3 onmal AuLo Aeces- 

M said- that 87 per * 

» 7 |eti£ ^fj- ^niotorists purchased 

.jofflC.- parts or accessories for ; 
IhefiLcars Iast year. This com- 1 
an estimated 35 per . 
jgAent^of :car owners engaged m 
.JKn^^IY- activity ■ in- : 1971 and 
fe^J^B’5'^er K cen.t in 1976. • ■ 

WHM ^t‘ rs^:also estimated that ' 
OWth in - the “ aftermarket " 
WHnTe^'pi& next few years will be 
igMHfcigher than the. anticipated rise 
iiumbwiTOf: cars .bn; the 
^^oadj- which iboiQd .be' between. 
■n$s ans 3 P«r cent over the next 

n fc iteai; jMecade. ' 

'■ other ihj, The. main 'reasons :for this ■ 
m akes i w Expansion, the report- says, lie 
anu fcciunn 3 m the cost of motoring, which 
iiijjli vijiu^ has risen by 267 per cent in the 
t iike rij n .'.past .five years. This has re- 
a fine bruited in consumer resistance 
and lot Jfto garage charges and a tend- 
ids a ,, a ency of motorists to retain their 
id hmit ^oars as tong as possible rather 
vHtoraenV lhan pay sharply higher prices 
i:e irujuM^for new cars. 

■n 01 Af. ... Last, year these ■ motorists 
r^trn repent £289m on parts, account- 
i- n 3 ; £ jng for 55 per- cent of the total 
j^^DlY after-market. Some 82 per 
» «r^cent of all motorists bought 
alectrlcal parts, while 43 pfir 
r rt **nt purchased at- - , least one 
.' 3 -’wake and suspension part A 
v .further . £76m was spent on 
' tt' ' maintenance, and repair . equip- 
v nent and £ 1 31 m on accessories, 

~ J *'. 1J A*ith car care [ equipment 

. «.3 t: Accounting f 0r .the rest of the !! 

" Market. . “ 

, ... ,-7, For some time the major com- i> 

)■ <" 'T - >oneirt -and. vetud-e : companies ll 
. ■ ‘ nave been aware of the market t< 

- ^Gordon Griffi 

' - ' lr ' '3KN*s . COMMERCIAL .stratekr >, 
in recent years has been marked 

- : -,v a move towards vehicle com- 
' "'.-i.-J “2 ii^onents with , a high: -technical 

Content This policy led to the 

.'* -^••Acquisition of the. Hardy. Spicer 
. r - iniversal 3'oint- concern. "and . is 
. ii- of the factors . underlying 

• :;J - ••• fche unsuccessful^ ! bad. for 

.j: i--he Sacha; Group of West Ger- j 
m,v m'lKmy. whose, main products are 
... jr: T t"]utches and shock -absorbers. 

’ t ;r i ; : Ttese are more sophisticated 
;-v rarj^'toducts than the forgings and 

u-.-.ressings which have provided:.-; 
. . .... j ^IKN’s niain^llne of business in 
; .he past. They also tend to-. 
^;eed replacing more often 
. .V.^iT.uring ' the. life of «■: car, - aim 

■ - : - /ouW thus have provided more 

v r.fter market -busmen for the 
company. . 

n 1 At the. same . time. . GKN has 
' - ..!;i ::, egun to move, more aggres-. 

r - vely into world markets. The ^ 
company was -rather slower to c 

■ V-k 0 this thaii /some ' . other . ( 

' ' . w ‘ roups in the UK components t 
•• • industry, hut there is no dopbt t 

r hat it now intends reestablish . j. 
, : very large proportion of -its t 
” "r-usiness overseas. .- The can . 
• ' • • ."k :*"n posed by- - the . . German ( 

■ '■ ■ •' v ' •'/' .. upreme Court on its bid . iot j 
: : ' "op S.achs Group is-pf course, y 

A considerable cloud over - these ( 

,J ; mh^ons. But' Jn the part I- { 

• " y : ’ mnths it has taken the decision , 
. - . - ' 1 ■} compensate partly for this ny ^ 

^ : ; ---stablishing * 7 manufacturing , 

- ' •■ase in the. V,^ [ while ; it is , 

Z\sn in the thick of negotiations ; 
- :ir ", establish a universal - joint ] 
-Jant in East.. Germany.. : : 

' The- vital shift of direction . 
GKN came abo'ut ten years 
“Up until" 1969 to 19i0 
— r ‘ were • only .. 

licroscnpiq' ■ 
ur business, into our colont^. . 
ivs Mr. Gordon Griffiths, the 

i rector - rosponsiWe'forjinotOT 

omnonents- . , 

: “There was a marked 
ace to take any .port’ of_ mk 
rerseas. People were iwti lora*- 
| J# ig. But then we figur.^ that 

SOI lere would be more and more 

1^ / an incursion-., from oyer- 

British, -models were 
ff ^tting older, costs getting 

|I™ i'gher and some peoide. were 

.vabt ■ M much 25 

^'if’iey should have been. ^ 

’ rs* ' , Griffiths' Objective .overse^ ^ 

• . :i!*' 1 establish subsicUanes m roort 

p . ajor vehicle manufacturing 

6 . .-■< mes. Like most executives m 

.cie components- industry, he 

-Avoids the view that it is bertt*. 
reasonably close, 

•. • ' dly, to the car and truck pro- 

tcers in order to be able to 
fluence their buying decisions., 
e talks of establishing- an u> 
rface ” with eveay -^3™ 
■oducer in an .attempt to latch 
ito specific’ areas of market 
verage— for example, a con- 

iction with - 1®**- :-JS ei SwS 

- Queers or: Fiat would autOj. 

i aticaily bring: an eniree- into 

* irf. ;<eir export maiSeIS> ^utb 

America. This.. brings. yn& * 

• >s% |»portuniti6S replacement 

*m£jZ-X $ as sales, however, &ere to. 

Jen .90 disinvestment . me 

treaid - and have diversified to 
take advantage of it at a tune of i 
stagnatran ;in the car and oflier ] 
vehicle, markets. . The motor : 
manufacturers, wipefa contume 1 

to see the Components" sector as < 
a ’ high-turntfver market where 1 
marina .can Tm adbieved, 
■direct thatr activities- dirough ] 
organisations such as Unripan - 
(British Leyiand) Motprcraft 
(Ford>,' Mopar (Chrysler^ and : 
A, C. DeS?o (General MPtotfS). 

r -. At 4he same tim^t the whole 
■■stiwrture of the- components 1 
industry has changed ki recent 
years, witii a large number of 
conponem^ ^mahufacttcrers estab- 
lisjung their , own -distnlKiiDon 
orgajiisations to give tiiemselves 
more outlets and access to the 
higher margins which they did 
not achieve before. 


GKN : is one of . the newest 
companies to enter JMs. highly 
competitive area and has cam- 
mitted considerable; funds to do 
. so, either through acquisition or 
development, bul. faces a hard 
l task. / ’ . -• 

It is faced with the already 
well - established '.’companies 
; • which dominate the ^component 
; supplier 'and an -atieaipt to set 
1 up an independent distribution . 
! arm with little bias towards its ( 

■ own products would- create the 

1 problem oL competing in dlstri- ' 

■ bution agatast suppliers.' 

[ The . success of Unipart is 
" clearly based’: on it® .alnfity 
s adapt to changing market con- 
ditions. exemplified by^.fts re- 
5 cent additions' of new products 
- such as oil.iwhich was ihtro- 
l duced recentiy with some suc- 
r cess. This .v*s prompt^ 
t the fact that an . increasing 
r number of motorists' now 
e [change their own oiL . j 
^ Another growth area which 
1 ‘ Unipart has exploited 'Is the 
J" sale- of fast-moving..; replace- 
s ment parts or service,, items, 
!■ sucir as filters, wiper- blades 
B and the' like, for the ^creas- 
ing '.number of. foreigp .cars 
1- beiAfisolff. Sales by Unipart in 
« this sector alone are expected 
n to reach £7m this ^ear.A ; .. 

The company now expects to 
increase the number of its out- 
lets to 600 by the end of this 
year, of which 12 to 15 per 
cent will be so called Unipart 
Centres, and more emphasis is 
to be placed On self sendee. 

Efforts are also being made 10 
Introduce more franchising 
while at the same time maintain- 
ing standards of product and 
improving packaging. Another 
statistic which strengthens the 
company's commitment to the 
market 15 that an estimated one 
in six people now carry out some 
work on their own cars. 

Similarly, concentration nn 
the foreign car market is partly 
justified by the fact that there 
has been a sharp rise in the 
number «>f imported cars bought 
by individuals rather than com- 
panies, and the market for all 
parts for these cars is estimated 
to amount to £350m this year. 

The vast majority of parts 
supplied by Uni part for these 
popular makes of imported cars 
are manufactured in Britain to 
specifications which are said to 
be equal 10 or higher than those 
of the original equipment (OE). 

But pru.-ing of these products 
: is crucial in a competitive 
market place and Unipart has 
concentre led. through an aggres- 
sive marketing policy, on achiev- 
ing high volume rather than 

high marsi ns. 

GKN* approach to the 
market wiH be somewhat 
different and may be loosely 
based on the type of inde- 
pendent components business 
which has developed in the 
United States. Success there 
has been achieved almost 
entirely through an improve- 
ment in distribution to levels 
nut seen in the UK. 

Mr. Basil Woods, CRN’s plan- 
ning director, pointed out 
recently that in the U.S. there 
are national distribution systems 
which can offer 24 hours’ service 
throughout the country. This 

sort Df thing, he said, was 
standard in the U.S. and a 
similar approach in the U.K. 
would create sufficient leeway 
fur GKN to. break into the 
market late in. the day. 

Although a copy of ihe U.S. 
system would probably nut be 
feasible in Britain or Europe 
(due to the number of common 
parts in American cars) the 
principles of qirick supply 
would almost certainly -he 
successful in the market place 
if they could be achieved. 

The retailing aspects of com- 
ponent supply have in recent 
times become far more im- 
portant to the manufacturers and 
distributors and many of the 
off main street factoring distri- 

bution centres run by the big 

companies -have become mure 
like shops. -with .customer; from 
the general public almost as 
important ' as trade buyers. 
Unipart’s packaging policy, 
which is stNI developing to 
provide easier handling, display 
and uniformity, has ci early 
been important in it* success. 

The natural extension of thi« 
is the appearance of retail 
shops catering wholly for the 
D1Y " customer, and one com- 
pany. Armstrong Equipment, 
has established a chain of 
these outlets with some .-uceess. 

although it has discovered that 
the correct location nf these 
shops ifi crucial to their success. 

The range of parts which is 
in demand from trie retail 
customer has uLo changed 
considerably in past years, 
continually extending from rhe 
simple items to pans- which 
traditionally have been fitted 
by garages. As car manufac- 
turers continue io simplify 
replacement of parts this trend 
is likely to go even further. 

Similarly, the uure inter- 
national the ir.ntnr industry 
becomcs. the more ..i.Jinplex the 
whole distribution system be- 
comes for components, but at 
the same time the British parts 
distribution system has become 
far less fragmented. The major 

area of competition in Britain 
is now likely to be the supply 
of components for imported 
cars, with Continental com- 
panies likely to enter the 
battle even more aggressively. 

The competition which al- 
readv exists is largely a result 

of the difficult times motor 
manufacturers have been ex- 
periencing and the economic 
problems the country is experi- 
encing. hut in terms of service 
to the customer it has been a 
welcome development. 

Lome Barling 

This high pressure die 
casting /or the Rover, 
supplied by Aeroplane and 
Motor Aluminium Castings, 
is the largest yet specified 
by a British car engine 

v M 

U.K. The company has added 
capacity in some areas, says 
Griffiths, and the attitude has 
been to “ take maximum advan- 
tage of any opportunity we have 
bad and at the same time p<r£ 
tect our investment in -the UK 
and British Leyland." In fact, 
exports have gone up in the last 
few -years, despite GHN^s awkr 
ward product range for this kind 
of business. Although many of 
the company’s parts are heavy, 
and therefore not ideal for send- 
ing long distances, GKN has 
found that H can put together 
packages in carefully selected 
are as — it has, for example, 
greatly expanded sales to the 
U.S. Exports now account for 
about 20 per cent of business. 

The three factors in success 
overseas, says Griffiths, are 
■quality-, performance and cost. 
A 1 lot 3rf emphasis therefore has 
tp'.be placed;. on the first two 
: eh a ract eristic s,_ ..where _ British 
companies have established a 
notably poor ' reputation over- 
seas-in recent years. Given a 
satisfactory performance on this 
count,. British companies are in 
a strong position,' particularly 
m 'their attempt to break into 
the U.S., because of their low 
wage costs. . “If you take the 
. general cost structure in the 
U.S. you will always find an 

• advantage here because of our 
,. wage costs. This has been a 
! fact for 25 years and as long as 
' this differential remains we 
: shall always have an advan- 
1 tage.” 

! ■ GKN also to another great 
k - strong point in its favour-— its 
' universal joint _ technology. 
' which provides a vital function 
' in transmitting power from the 

■ engines to the wheels in front- 
; wheel .'drive cars. Its on! 

■ serious competitor at P^ent on 
1 a world, scale is Peugcot- 
c , Citroen. Yet this market is 
’ Rowing at a vast rate .as more 
1 £d more manufacturers mpve 
'over .to. front-wheel, drive 

* “There* is a step change m 
3 constant velocity. 3<>j? ts ' 
[. Griffiths acknowledges. - “ U we 
1 are good, we shall' bang -on to 

the "business for some time. _ ^ 
we are bad we shall lose it. 

s - T.D. 



AP are already well established 
in Europe. 

In feet, we supply original equip- 
ment to a great many major European 
vehicle manufacturers. 

Renault, Fiat, Peugeot, Saviem, 
Chrysler France , Unic, MagirusDeutz, 
Alfa Romeo, Lancia, Ferrari, Ford 
Germany, Lamborghini and DAF 
to name just a few. 

Naturally, the feet that companie 
like these come to us, says a great deal 
about our products. 

Which is why we’ll continue 
to play an ever-increasing part in the 
European vehicle industry. 

ManuJfectuiers of Lockheed brakes, 

Boig&Beck dutches, Lockheed steering and suspension, AP silencers 
AP filters, and AP automatic transmissions. 




?:. ‘'. ' ‘ T -'« ;.-. ■■“..• . '.sr' -•£'■. j*ji : - 17? .. 

of do-it- 

WE ARE in the supply or Some smaller owner-run garages as owner drivers tried to econo- nised or franchise holders, hat keen eye to 

nffap hniliiiio, l.b~ ,>>i4 punnip it u<,f , n» noehim lact in tho ft 

^ from a main agent, often travel- ‘ L Breakeriess Transistorised turns \sre_- tfemg deigned to 

I I 1 ling long distances end receive Coil Ignition: Under this system, provide anteans of preventing 

■ *T“ ing low discounts for' his the current which causes ignition skidding by stopping wheel loc^ 

I I efforts” ‘ says Geoffrey is switched between the dif- The ^ idea is v that sensors 

1 I Butchers, director and general ferent plugs and ta'ggered off by atta^edjo all the. wheels in*. 

manager of IVP. '‘In the fast electrical components, rather pendenily regulate the braki*^ 
develop ing new situation he than mechanical breaker points by means of electronic signal* 

can now order by telephone which operates both as a trig- so that they ^ate. never qnlfc 

and expect fast deliveries of gering device and a . current, allowed, to lock. This will aUnv 

. , - CD identical to original equipment switch- The advantage of this the vehicle to .be steered bw& 

bu ^! uSs!" : system is that its eliminates in the wettest- conditions.: , 

business, cash and carry. Do-it- skilled help ^ engineering hardy, and possibly dangerous, Hazells of this world. The Peugeots, Volvos, Saabs, Atia is important in a period when the engine factions tS 

Yourself or whatever.” Tins was an d electrical problems. for amateurs to meddle. Disrupt- trend to n on-franchised opera- Romeos and Japanese makes. -JJJ™ leaner fuel mixturesare being notion- liehind this omeess^ 

from the marketing executive o£ — . . , . ing an electrical connection may .bans grew, strongly during the Nor these days can the im- mmiitfacturM^ O o for increasingly used: - that a-computer would^ntrnl ; 

one of the UK’s largest replace- lhe dramatic increase in fuel and changing™^ hydraulic 1 brake of and £burts by Fort, Chrysler and have the same spares backing -The system costs more at '*J5 op ^ 1 ^ 

meat part makers and dwtn- other motoring costs, inflation jjJJS^Sw lead (aSl has done there are now a Substantial General Motors (VaSball and as the popular saloons, it is at present but is v j rtua 3 ^ r 7 n ^ nSf ^ 

butors and is probably as an d wage restraints, the DIY } tQ total loss of braking number of VW “specialists” Opfel) be overlooked. The 40 any rate a fairly common way ternmee free, and is reckoned 

accurate an approximation of a sector of the market has been power at a crucial moment. mainly buying their replace- per cent of the UK market into the market to give lugher fuel ^consumpbon. 

market without defined bound- growing vigorously. Because of confined to routine ment parts from an import that imports have been taking There are various estimates All new cars in the U,S.: how ^ ■ 

aries as one can expect he fas “™g ; and fast chang- « source or UK supplier. will increasing be coming on ^ the value of the UK market ** these componente^ md.^e ; 

. . , . , ing nature of the after-market ou an ° Plug cnangmg. puluxjjj suDDHera attracted dis- to the aftermarket for replace- hnt a eusss of ffiOOm ammaTlv conversion is just be ginning in me appropriate. 

It is fashionable these days to b usiness it is a sector that is be- ? n a fa ® belt, ^ even renewing reputaWe ^ p j ra tes. ments and accessories. might not he too far out It is Europe, where about 15 per cent fuel mix, engjnespeed and ge» .. 

dress up mutton as lamb b> in- m 3 studied with keen interest to brake pads and hmn«s. and pro- ’ until The whole of this market has n^easv to Din down-feienifi of vehicles are xeckonedto have ratio. : Bnt these central .com 

dScrmtions MdX Producing try A ^termine the potential ™>JjB “ e .P* , suSvSon. nther belatedly suppliers of become a free-for-all, with car cant changes in a . codstattOy V breakerless Ignition units,; 
statistics to throw in people’? and fUlUre trends - no <reat harm will begone, for original equipment to the makers like British Leylaad, changing market, but. at trend 2. Gomputerised ignition:- 

eves, accompanied by the appro- Arguments as to how it will t he°more skilled maintenance factories, and then the. Fort and CJrysler in vesting that seems likely to develop This is a refinemmit pf the ^ 

priatc technical jargon. “ We develop tend to go in rather ^j] be carried out by the trade, vehicle makers themselves, got heavily in CTmprehensive ware- qiate strongly is towards spe- breakerless system;-in .M i . 

have 45 percent of the market opposite directions. There are Nevertheless there one or two J? °n the act Now many of housing and distnbutoM faah- cialisation, -■ The days of computer is used to^c^culate- 

for double-actin ' 7 water hoses those who believe that DIY is areas where DIY could eat into the Pirates either supply ties and acquiring parts from retailers offering everything the optimum ignition timing for : 

pliers ” may turn out to be only tnai me temptation lor smaller iik e exhaust replacement. Those « «■ “ 8 ™/ “ dy 08 nuffloet !?; ■*“*? wnue ine luea “ ri f 4 . Therh are jilsn other' ''tok 

about 15 per cent of the total sarage and similar concerns to offering DIY facilities could also chains of shops, and have be- The ^soaated Engineering the scope of DIY will : almost get informatipn- about, engme . ^ fiteWi .-in* as- «nS 

market after counting in Hie latch on to the business, even take some business away from come flutter respectable—and group, vriuch m A. E Edmun^ limited, itsyqhnne loads, beat and engine, speeds ^ 

same products made by car by providing suitably equipped traditional sources, although one respected— by taking their ex- Walker b« one 1 of the bw>t will almost certainly increase and to calculate ^ the tipisfi ! M 

same prooucts maoe uy car traaiuonai sources, annuugu uue . - _ - . , -»rhn 1 e«M» : 

manufacturers, other sources mobile workshops for hire— W0U ld have thought that the P erQse and tiieir products into spares organisations a ^°w- from present 2530 i^er cent the ignition to optimise tuel 

and imports after the fashion of the inereas- return on merely hiring would Eu i5 l P e and further afield. ledged the trend by setting up Q f retail market to, nearer consumption and control fumes. ■ 

in sly popular vac hire business , l0 t be sufficient to attract very , The stlff ^Per lip with a separate company .Imported the U.S. figure of around 50 : Micro-computers are now being pf. . 

—will be too difficult to refuse, many into the game wluch lhe traditionaUsts tried Vehicle Parts. In the past ttie per cent ... developed to take over the tasks b& one . <at.’dfa». 

Tpy 1 J Success depends on quick de- — - , « t0 meet toe onsJaught from up- non-franchise d operator has p. fa _ r'oHwS.fci- of control and adjustmeot. :and c®n™.fi^.of deVeJqpaMnifDi ' 

Dependent Visions m snatch every prospect - T £ ere 1S t0 f v2lS?JSS? start entr ®Preneurs with a been forced to obtain his parts reter CarnWTgM have gone ^ small series pro= the rompbn^ m a hgf aianretg ii - '■ 

. of ,.vira turnover in the equaUon. V ehide n nan 1 - . _ auction at General Motors and.. the 


l^CpCUUCm cisions to snatch every prospect in the equ^on. Vehicle manu- 

ln fact some things have not ot l?xlra lurr, over. facturers. and especially car 

changed all that much from the Others point to the number of manufacturers, are vividly 
earliest days, even though the serious crossover and other aware of the need to reduce 
range of accessories and spares motorway accidents in which maintenance to a bare minimum, 
has widened enormously with poorly maintained cars and It has become a highly competi- 
the increasing engineering and other vehicles are involved, tive feature. Tremendous pains 
electrical sophistication of cars. Britain lags behind other Euro- are taken at the design stage of 
Success is still dependent on the pt *an countries, particularly a new model to see that it goes 
ability' to supply the required Sweden, in safety standards, and together easily on the assembly 
article on the instant and of a this is not a situation that can line and that replacements can 
quality to ensure consistency of he allowed to continue indefin- easily and speedily be made for 
business. That is still the irely. runs the argument, maintenance purposes. This, has 
touchstone for those handling Ministry of Transport tests are greatly helped to reduce the 
replacement parts and acces- becoming stricter, partly because time (and therefore cost) of 
series, however and to whoever so per cent defective parts that routine maintenance, 
distributed. And. it may’ be are still operational can be 
added, to whatever market, passed by the less scrupulous. Fff nr f c 
home or overseas. and oarilv to see shat oc far ac HillUl 13 

nick de- . , iu meet me onsiaugnt irum up- uun-inuit-maeu upciaiui u« 

ornsneef There is too a further element slart entrepreneurs with a been forced to obtain his parts 

prospect • .. ^..,.1.. Vehicle mann- F 

The electronic 

Chrysler. majorcompaafes are jojffiMngib 

■ 3. Electronic injection. ’Direct ^ os ^ ,fL I^‘Eui’upe 1 :Bosoh ani -- 
injection of fuel mixes into tb e _ “Sf? . are ^^ jthe positioE 
•cylinder is now being widely. wmle to ^e ^^ Jv hn^ii BemS 
used as an alternative to- the ^od- MotoTX»a. have coaxie siga: ' - 
carburettor, because the system -ficant r steps fortwardi-: At-itt. - 
achieves a cleaner bum of -the s ameA irne, Geaesrai Motors 'an- ‘ 
fuel, and tends to improve fuel chrysfler- hsi\ne--ai«) eitered^h 
economy. In countries where race and are how ■ using . unit ^ - 
there are tight controls is both deigned .in ®heir -own^foaa.. 
these areas, such as the U.S., ponent subsidiai 3 ea . ' - \V.-’ 
injection systems are therefore - The major problenr&eing al 
gaining increasing aajeetsmee:, these companies in the- year.' 

In some of these systems > elec- aiieafl: « the high - cost - o 
tronics are used to ineasnre. thq.. devetopmant in tlas fiek ' 
air flow and determine ^en ^ . reasoo . & bexng w 

anaeq, to wnatever maraer. passed by the less scrupulous. £ai ZJi, '™ Tet ^ « as . being aif 

home or overseas. and parilv to see that as far as iUlOlTS j . fu?l- should be delivered to the ^sted that, in Europe, con 

„ . . _ ... nil „ihip i‘hP i 4 m nr ^ THE WORLD motor industry techniques. These wilt be also converted most of 'its cars intake ports. . . • noiieirt jhanufMjawpro iSpHt « 

i°.L n !l u *“!^ d . - b> " fhVrnad That is fine so *, Br 3S . ll soes ; stands today on the verge of designed to optimise the use of to electronic ignition systems. Bosch, the West .. German . 

the ability not only to spot how ’ but the after-market does not ^ 0WQ version of the electronic fuel and make it possible to run The problems with afl these electrical group, has developed rm joint orofents- tibSSw- 

the total market is moving, but This tightening-up has re- really begin to operate until revolution. The changes brought cars effectively on leaner developments, however/ is cost. & refinement of this system. — ^ ~ 

the way in which its various cently been taken a step further a car is out of warranty. New a b out by these new applications mixtures of petrol and air than To a large degree, the tech- called the Lamb da sensor^ which 

elements are changing in re- by the plan to reduce the num- cars are religiously taken ^ j^ely to be some of the are current at the moment nology already exists inembrvo is designed to regulate theair- . 

sponse to economic circuin- her of premises licensed for along to franchise dealers, and most radical to have affected Already, vehicle electronics form. Electronics are already fuel mixture by sensing the •' 

stances and high pressure MOT tesung. That would cer- though they make tremendous -vehicle design for the past 20 have gone a long way down the widely used in the aerospace residual oxygen in the exhaust 

advertising. tainly enable closer control of efforts to maintain customer years. They will play a part road towards achieving these industry where lightweight com- gases. The sensor feeds infoimae 

One of the more recent tne remainder. loyalty after the warranty ex- j n the rapidly accelerating pro- objectives. In America the new ponents which work t^a hi gh tion back to the electronic ' con- - -.veisid - 

phenomena has been the growth Any movement towards P ires . thls k,nd of loyally has ^ss of lightening and Cadillac Seville is running degree of accuracy are at a l 10 ! unit which then regulates . HP*. 5 

in DIY equipment and facilities, stricter testing seems bound to withered — sometimes to the miniaturising parts in the around today with a complex premium. BuLthe systems now the injection process td ^give^ ^the 

Faced with repair labour charges limit the scope of DIY. though P°* nt °1 extinction because of attempt to introduce more space engine management system on have to be i dei d mix. Again, the concept UA gSGoap atongwamBt^ch m_ 

of around £5 an hour, more and it may not diminish its growth, the fierce competition from the j n t 0 the smaller vehicles which board, and a dashboard light signed down to an acceptable behind. 'this .is to improve Luo as :',, sa ™ a . 
more motorists are trying to Without some kind of quality after-market suppliers. are now being designed. But which warns the motorist that price for the average car. How 1 ' economy and reduce pollution. .'®^ ratl8iKl ' vehicle pp 

maintain their cars themselves, control over repairs to safety- Car manufacturers tried their key role will be in redue- he is using too much fuel every long this will take, no one quite '4. . Antiskid:- Electronic ' ^ -Wcpected t 

or with the help of friends, or sensitive parts like steering desperately hard to channel ing fuel consumption through time he steps too hard on the knows, but the. main lines 'of method^of nmasuring the speed > ; 

■ “ moonlighting '* garage fitters, joints, it could get out of hand business only through recog- a variety of engine management accelerator pedal. Chrysler has activity are as follows: ... .wvk 

of >ybeels under brakiiig condl- 


Professional craftsmen don’t forget 
their skills when they get home. 

And Bosch power tools can help them 
get the most out of their skills* 

Here’s one reason why — 

Bosch “All-insulation”. 

Before 1929, safe insulation of 
electric tools was hardly known. Then 
Bosch improved the situation, by 
introducing the first double insulated 
hand held power tool— an electric hair 
clipper with a Bakelite housing. 

Nowadays, the entire range of 
Bosch drills and hammer drills for 
the home handyman has housings made 
entirely of insulating material for “All- 
insulation” - and this distinguishes 
Bosch from others. 

“All-insulation” gives protection 
above the present safety standards. 
Even if you accidentally drill into a 
hidden live wire in the wall you 
receive no shock at all. That’s when 
“All-insulation” offers additional 

Bosch have housings made entirely 
from polyamide reinforced with 
glass-fibre. It’s as tough as metal. 

But because of its low heat conduction 
you are well protected from the 
operating heat that the motor and gears 
generate. Even after long periods 
of use. 

“All-insulation” was just one of 
many Bosch innovations in power tool 
manufacture and development. 

Bosch introduced the first rotary 
hammers suitable for mass production. 
Together with Bosch jigsaws, the Bosch 
rotary hammer became a symbol of 

More professionals in Europe 
prefer Bosch power tools. 

Today, Bosch power tools are at work 
in every branch of industry. For 
example, most car manufacturers 
throughout Europe rely on them. 

This professional experience and 
quality goes into every Bosch power 
tool. And if Bosch power tools are 

good enough for the professionals, 
they’re go6d ? epougji for the home 
hmidymah and^o-itryoiirself enthusia^ 

too:- , 'V Vv.' •. :■ 

. • ,-V ' -V. 

There’s more to Bosch than you think: 

> Your car engin^ almostxertainly 
has some Bosch parte; and it may well p, 
be tested by Bosch equipment at its _ 
next service. . ’ 

• VMany of the goods people buy in 
their supeimarkets have been packed .: - 
with machines produced by Bosch. 
These provisions may be stored in 
a Bosch refrigerator or freezer in a : ^ 
Bdsch kitchen. 

..." Television viewers will have seen J 
the Olympic Games through Bosch 
eyes, as many of the sporting events : t 
were televised by Bosch Femseh • ^ 

cameras. News and ente rtainme nt in > 
cars can be received with Blaupunkt; 
aufp sound. systems. 

^Bathrooms and. Ktchens are -S 

equipped with Bosch fittings and; ^ < 
built-in unite. Bosch design and supply ^ 
iristaHatidns for assembly lines and 
production plants. Machine, tools use 
Bpseh numeiicaT controls. Peep-cooled .^ 
blood stored hr many European hospital^ 
bipod-bankfr is restored to body. - . ZH 

temperature mth Bosch medical 
equipment. - ..* v. • f, ' r... ■ .. . ; r . . 

^ Bpsdh employs 5/700 people ^in - 

research and development alone. BoSdrH 
have at present T 0 > WO patents ! . I 

throughout the world, with 15,000 f; 
pending- . - " ? ; : ,.C V * ■■ 2 



fsr-- 8 -' 

; « \V> _“. J •' *[ 

,j?une 6 Z978 








the ‘catalytic cracker 


;i on; A • 
lce fcjjj jj 

’ of 
5*8 v 


? v °i 

• it 
L the 

1 'he aihu* 



? *>>; 

■es. 4 

■ such^ 
^!. in ^ 



° f derc W 

Etirope, jj 


.A “Wit; 
1 ha;-e ** 

fonvari i 

>eneral ]fe 

* aiso tn^ 
e nuw DS'x, 

thsir q. 
imes i n £ 

he high ij 
■m tiiife;' 

•c L_ 

■‘OVER Tfte toK^two years there. 

^ aS ? B ®^ a radical shift-ihAGon- 
iervitive' on regional 

.. JWSeii the''. Tories ' pro- 
duced their," policy ; document, 
J ^ te Eiffh#: Approach, in October. 

most careful of 
" readers, .had- -to. . delve . for • any. - 

° r Regional affairs. 
^Tovrajda tbev bottom of page 32 
part of. a sen reaice ' s ta ted that 
v.-r th? power* of. the Scottish 
•and^-Welsh ^Development Agen- 
' iie ^^ Q :^ ny int0 Profltabie eom- 
•Would be re moved Y L- “ 
the far-flung parts of 
;^taiK^iniughi iiot have existed. 
>-By Ythe-.fSme T/te- Sight 
'■fprooehi^io-'the Eeonmity, the 

- poHc y--- document bearing the 
imprint ; of Si*- Keith ■ J oseph; 

.Sir .Geoffrey Howe, Mr. James 
Prior.: -Mr.- Anigiis Maude' and 
Mr.- DaTid : Howell, appeared a 
■year later/ the party was more 
loquacious. Two whole' pages 
were .given to regional policy, 
the core of which indicated a 
sig nifi cant change of emphasis 
from Labour's approach. 

.'■The Tories conceded that 
there were "still serious econ- 
omic -differences between vari- 
ous parts of the country but 
argued that the' cost of assisting 
those . areas where dereliction or 
unemployment - was -high was 

- often ; borne ; by successfu I con- 
cerns -“whose growth' may well 
have been curtailed” as a result 
: -They iar gned that pumping 
huge amounts of "money into 
capital-intensive/ labour saving 
plants did not help to ease u/i- 
^ employment' in either a local 
economy or. the national econ- 
omy and so there ■would have 
to be .control' over total local 
expenditure in order to get 
better value for money spent. 
The intention,/ in tite words of 
the pamphlet, wjts to introduce 
. “changes in pie 'structure of 

.'regional -grantY.lsq.that they are 
more', effective - in encouraging 
tSe geheraUon df real jobs, jobs 
that yifi If; last" '. / . • . 

The document was specific 
about: one other area, industrial 
development certificates (EDCs). 
To prevent the define of pros- 
perous' areas, such as the. West 
Midlands, and to. reduce the 
stringency /of government con- 
-trols on ' industrial and office 
development the Conservatives 
suggested that the.lDC threshold 
should b«.-r»ised and the system 
of office devek^ment -permits 
ended.' •' ", 

.'There is B'pme-'sympathy for 
this proposal W2t2i2R die Govern* 
-meat. Tt. lias already: raised the 
^threshold for IDCs from 12,500 
square feet to 15,000 square feet 
and while the Tories would prob- 
ably call this nibbling at the 
edges it is at least a . step, in the 
direction they want to_go. They 
would certainly put., the figure 
much higher, probably some- 
where between S0,WK) to 40.000 
square feet and if they come to 
power it is unlikely, that Labour 
would spend mucii time opposing 
such a move. - 

That the Conservatives felt 
able to devote two pages in their 
document io : a -discussion of 
regional policy reflects 'a con- 
siderable shift in their think- 
ing. Two years ago-; when hard- 
line positions w.ere being taken, 
regional policy was a non- 
rnnncr.v Instituting a fuller 
market economy- was considered 
to be a better policy than tinker- 
ing with projects. 

Since then it has come to be 
accepted ttiat the Tory Party has 
to have afnriew on what ought 
to be don&in North Devon or 
the Graov$kns;'on Tyneside or 
Merseyside^ -■ 

One man. Teddy Taylor MP, 
the Shadow spokesman for 
Scotland, has probably done 
more than any other to change 
parry attitudes. He has argued 
strongly, not to say vociferously, 
behind closed doors that the 
Party in Scotland has to have 
something lo put before the 
voters, - He has been helped, 
in a quieter way, by Nicholas 
Edwards MP, his counterpart 
in 'Wales. Mr. Edwards accepts 
that something special has to 
be done tq-jiroteet Wales, par- 
ticularly as it is now going 
through a difficult time with 
closures in the steel industry. 

The support of these two 
MPs meant that the committees 
looking at regional policy, 
largely under the industry 
spokesman, Kenneth Clarke MP, 
were given fresh hope. 
Instead of being relegated to a 
relatively routine exercise they 
began to feel that they were 
not some forgotten army of 
the Party... 

They were determined to try 
lo avoid some of thr Party’s 
excesses in adjacent fields, ft 
is conceded now that the Party 
has sot egg on its face over 
the National Enterprise Board, 
for instance. The first policy 
document stated; "The NEB 
must he abolished, though we 
shall have t<> retain some sort 
of administrative mechanism for 
selling off NEB shareholdings 
where this is possible and for 
administering those which can- 
not W sold off immediately. . . . 
Similarly, the powers of the 
Scottish and Welsh Develop. 
merit Agencies to buy into 
profitable companies should be 

was conceded that “of course 
we recognise too that there will 
be some exceptional cases 
where help may be justified in 
the national interest.” An 
embarrassed party did .not 
actually s&y in so many words 
that such help would be given 

permits it is likely to resist 
strongly any tinkering with the 
concept of regional development 
grants. For it is here that the 
Conservatives see considerable 
scope for change. 

The Tory approach is that 
regional grants could be made 

instance, support grants for the 
£290m catalytic cracker being 
built by Texaco and Gulf at 
Milford Haven. But they would 
support projects such as Ford's 
£250m engine plant at Bridgend, 
in South Wales because this will 
not only create 2,500 jobs but 

previous 12 months. Since the 
Industry Act was passed in 1972 
Section 1 grants (which exclude 
selective assistance under Sec- 
tions 7 and S) have amounted 
to £1.4bn. 

Such grams would not be cut 
off altogether. Some cost- 
effective schemes would be 



Plant and machinery 

Building and works 

. Total 





plant and 










ment . 


plcnt and 















and works 

Great Britain 


4 £5,876 








VII iri iwM*i 











Yorkshire and Humberside 






— ■ 



East Midlands 









South West 










Wcsr Midlands 









North West 








































Source.- Control Stctmiedf Office, Rtglonal Statistics, December 1977 

A year later, while still genu- 
fleeting to the theme that “ill- 
considered rescue schemes take 
money from the more efficient 
to give to the Jess efficient" it 

by the NEB, but the inference 
was plain. 

Those devilling away in back- 
room committees on regional 
policy were partly saved from 
being tou doctrinaire by a lack 
of tactical direction from 
above. Now, however, the pres- 
sure is on them to produce a 
policy. Goaded on the one side 
by Mr. Taylor’s persistence and 
on the other by the possibility 
of an October election, one of 
the Party’s leaders will make a 
pronouncement on regional 
policy soon. 

The two issues discussed in 
The Ripht Approach will figure 
prominently. But while Labour 
might not cavil too strenuously 
at abolishing office development 

much more cost-effective. They 
believe that what is known as 
the catalj'ti c-cravker syndrome 
— in which a £300 m project may 
create relatively few jobs, say 
300 — will have itself to be 
cracked. They believe, with 
some justification, that there 
ought to be a ceiJing nn the 
amount of aid given in relation 
to the number o; j.>b ? created. 

In other words. Conservative 
policy makers are against giving 
a 20 per cent grant automatic- 
ally to a project merely because 
it happens to be sited in a de- 
velopment area They are par- 
ticularly opposed to giving such 
grants fa companies -which 
would have gone to the area in 
any case. So they would not, for 

might even have gone elsewhere 
outside the U.K. 

This approach suits the Con- 
servatives’ determination to find 
area* of Government spending 
where economies can be made. 
If a Conservative administration 
is to meet its commitment to 
make tax cuts on the one hand 
a:ul increase -orae areas of 
public spending, such 3S 
defence, on the other, then it 
is looking for large savings in 
some parts of the public sector. 
Regional development grants is 
one such area where it expects 
to make big savings. 

In the financial year to April, 
JOTS, these grants amounted to 
around £350rn, slightly below 
the figure of £407.7m in the 

helped, though the definition of 
cost-effectiveness has yet to be 
announced. They would pump 
some money into the assisted 
areas, though on a much 
reduced scale. It is also pos- 
sible that the Tones would offer 
a new form of grant for the 
regions on top of the reduced 
level of development grants. 
What is clear is that aid in this 
beet or would be low-key com- 
pared with what is given now. 

Given the extent of such sav- 
ings— perhaps £2u0m to £300m 
a year — the logical next step 
would be to redraw the assisted 
areas map. These areas already 
cover half the country and there 
are considerable anomalies. But 
there is no intention to under- 

take this exercise before an 
election, because it is seen as 
more a matter of administra- 
tion than principle. Taking no 
action would also keep all the 
lobbyists away from the Shadow 
Cabinet as any local authority 
which knew it was to lose its 
development area status would 
immediately be up in arms. But 
it is a possible move for any 
Conservative minister to make. 

Attitudes towards both the 
Scottish and Welsh development 
agencies have softened recently 
and while it is still intended to 
discourage them from taking 
equity shares in companies their 
other roles, especially in tlie 
creation of advance factories, are 
accepted. There is. however, no 
chance of other areas of Britain, 
such as the north of England, 
getting their own agencies des- 
pite the urging of this course by 
some sympathetic backbench 
Tory MPs. 

The other big field likely to 
feature in Tory regional policy 
is the European Economic Com- 
munity. The Tories believe 
Britain should act as "good 
Europeans" and that the present 
Government is merely using the 
Regional Fund to get money 
back from Brussels, 

These arc all quite substantial 
changes from present policy, 
which is somtwhjr surprising, 
because regional-aid policy has 
hardly proved a subject of inter- 
party controversy m the past. 
The Government has nn the 
whole accepted the 1972 Indus- 
try Act and the Tones have 
taken on board previous Labour 
schemer. But the Conservatives 
believe their changes will be 
accepted by industry as neces- 
sary moves and as part of their 
strategy lo bring down the over- 
all ra'te of taxation through a 
reduction in public spending. 

• : ‘ i -» b •?, 

in Euffi;. 

! » vehicle ag 
ejects to sa 
ae atceiar:; 
inincaEL'j, j’ 
Bend it K 
that it nitgii 
an s E:«nis i 
••e Freuds 7 
and Henscj 
s', i; jsuiBjr 
Con? vnaSs 
such i & 
••'Jiff r?lti± 
t be expes 

public money 

J-'rom tke. Comptroller and .. 
•Auditor General. ’ - . " " 

I enthuse 


it may wE 
?nt at it> 

tie buy in 
en packet! 

.>red in 

:zer in a 

ia ve seen 
h Bosch 
ng events 


inment 111 


Sir,— The! artete./: Whitehall v 
MPs 'in. the fight over mointdjrlng 
public - money " by / David Freud 
in’ your' isrite. of today 4Jime 3) 
makes only ' one: incidental refer- 
ence to my awn substantial obser- 
vations,. ; oai't he • Expenditure 
Committee’s - report, on ' ".The 
Civil"-* Service ” last "Session; In 
those comments I sought imbng 
other things to explain the wide 
s.cppe . oi prflUPMY. 

aiuubng in which the Exchequer 
and Audit Department. was jme of 
the earliest pioneers,' and the 
issues involved Jh 'extending' pur 
responsibilities " further ia the 
general area ;6ffljoJencyi and 
effectiveness . auditing. .T pointed 
out that nee’s impress 

sion that E & AD devotes most of 
its resources nowadays to financial 
audit is incorrect and that a large 
part of the - Department’s 
resources .is, devoted_ to value-fqr- 
moneyiWffcfcj rVfJ'--. 

May I suggest that before com- 
menting , -further. -David,;. FreUd 
should read' ' ’ a ■ - represents live 
sampierHt heed..,Atfly. JbC d:-fSurty 
small . one-T^of. the.:’ £7 AG’s, 
operational 'report* Ah -the work, 
of departments v and- other public 
bodies covering-, -say the last 25 
years. I am .sure: that.' there are- 
important- -issues- _for discussion 
about toev -future ^balance and 
scope of 'the Department’s work; 
but I hope the’. disciission .vriU/fee 
based on a. ! ’sound' understanding 
of what has been done 'so- far.'. 
(Sir) DougLas. Henley.. 

ErtAequer tzroT/Aiidit' ; “ 

Department, ... 

Audit House. - - 

Victoria iEihhaiiJ&neiit,- EC4 ' 

Workers on 
the Board 

From Mr. .R^ GdOdcdE. •• 

s are 


[' and fjp 

;ne? aIld 





>e°P ]e V 

aionf' 5 

, 15.0 00 


Sir, — I -‘was interested in the 
letter you 'published; (May 3 j 
from Mr. Bryan Cassidy, the 
author of the Conservative- Party 
pamphlet. M Workers. --on the 
Board.” With-, this . pedigree I 
would have'.eigjected him to be 
rather better , informed-, ep the 
subject tlcar would 'appear from 
his letter. He . states .tiiat the 
weaknesses oT' the Government’s 
proposals relate 1 to -the- way in. 
which employee directors will be 
appointed,! stating ■ that in' -bis 
view they should he elected. by 
all tto work 'force and not just 
union members, and - should -be 
employed within, the. enterprise. 
I take no exception . L withi.these 
recommendations but cannot see 
bow he finds the Government 
proposals so much at odds with 
his own view's. The White Paper 
clearly states .that . employee 
representatives- on- the - Boana 
should be. employees; of the 
concern- On the question- of 
method of electioix _ the , : VVhjlc 
Paper admits tea" olear 
dilemma " with a considerable 
divergence of .view on this issue 
and makes no recommendation. 
Indeed, the Government stales 
that it believes further considera- 
tion and discussion will be., 
needed on this issue before any 
decision is taken. 

I also believe that his dismissal 
of ‘ experiments - Industrial 
democracy in the public sector 
is ill-founded. He regards these 
as a 'MioHow-sham^'becsuse -Hi-- 
most cases the 'representatives 
are “union hacks.” The most 
substantial experiment with 
worker directors in the public 
sector has taken place m British 
Steel and Mr, Cassidy will find 
that the problem encountered in 
British Steel has not been that 
the worker directors, have been 
“union hacks .’%but that, on the 
contrary. they.;have- beea con- 
ridered by Ihe.-nmons to be too 
independent > ... ... ; ; 

Letters to the Editor 

If the Conservative Party is that “me increase in the water 
'to deixilop a 'credible policy in charge . . . did not tie up with 
the area of i ndnslrial_par ticipa • ihe council’s statement that less 
tibn, which indeed H must I would be payable now . . 
would suggest -that, the* Authors The ** Dear Ratepayer ” letter 
of that policy examine current which. I . received from Mr. 
‘proposals and-- experience.- more Nicholas Freeman, the Leader 
Closely before : dismissing them, of the Council of the Royal 
fL.Good&M. . ■■ ; ■■■'‘if": • Borough of Kensington and 

27a, Upham. Park Rood**. Chelsea together with my rate 
Chiewuife, Vf4. - . - demand said;'. “I am happy to 

.V . ' . V ‘ ‘ say that it is possible to make 

Andwhbshould “ Hastily, S this year our burden 
' - - v*”‘ is a tighter one . . But the 

•iranncp. ihPin :*• rate in the pound requirements 
' -•>> - were,-, and -are as follows ; 

From Ihe-.Genercy .Steretarp, • E aroniui\coun«i pre- W7/n 
Ctett Serviee ~ " -cemina'X aunsormes - ' 

Sir,— In 'your >feport on the wSr^ASborllf^E* 

-response "of my 6 union to the aiurunenuA <s.n 43.30 

Government^ proposals on a ? r vf^ - 3,w ' 

post 'enTry. Ani'on membership ThaMes w ■, Auflr - p ^ K 

agreement S June 21 a printer's mimdiiw 

supjqaiisej' me to be, misquoted . <&*rtx s 

.hr a -rather; unfortunate way. In "^oo 

. ti ®-, r ®P° rt 1 aui quoted as i say- j sej}t my cheque payable to 
tag '* The. moment a trade union jj r Freeman on the understand- 
.-allowed an employee to decide j a g that he accept it on the 
.when: there should be a ballot basis of the accuracy of his 
pn : any. issue the union would statements. But he’s sent it 
give up a crucial part -of Its saying the cheque should 

freedom _and jadependenLe 00t jj e .addressed - to— - an iodi- 
tmy- underlining )■ The article vidual m^ber of the Council, 
in my union journal on wnicn 'Hiames Water sent me a 
this, report is based Made it pamphlet saying their bill 
clear that we were objecting covered, amongst other things, 
strongly to the employer land drainage. When I pointed 
attempting to decide that tho^e 0lI ^ t jj at B 0r0U gb ra te also 
should be a ballot Any em- claimed an amount under this 
ployee-who is a member of toe heading, they, replied, by letter, 
union of course has a complete that the new charging and 
right. to put forward a proposal hilling arrangements “do not 
that there should be a ballot, apply to land drainage." 

.1 would be grateful if this Does Mr woisey. like me, 
letter could be published in S115 p ec t that in the corridors of 
order to put the record straignt. power they refer to us as 
L,. 1 H. Moody. “ su.ckers "? 

U21', Hatton Wall, E.C.1. Richard Hatton 

.-. .■■■■■ . . 22, {Scarsdale V^iflas, W.S. 

Charges for Pension scheme 

sewerage pitfalls 

From the Director oj Finance, From Mr. C.A1. Jackson 
Thames Water. Sir. — The point made in Eric 

V M T? w in hi.; Short,s article "Pension Scheme 

iJSrff raised Pitfalls " (May 31) concerning 

letter .to > on (Mjy. 271 ra ed ^ adverse effects on pensions 
the question as. to ^hether a 0 f hanging jobs becomes much 
statement an our _ on more g^joys jf inflation is taken 

charges was not M a disgraceful }Qt0 account 
example of deceit -of public. Using his example, but assum- 
The: statement that charges that sa i ar y changes 

for services will no longer be j, e shows are In real terras f fa J 
included with your general rate t hat inflation is 5 per cent per 
demand and therefore you win annum for the . next 20 years 
:pay.. correspondingly less money giving 165 per cent total infla- 
te your local council n is .true- we gBt following picture; 
Mr. Thirkell .has chosen to inter- Salary at retirement 
pret this as. meaning that the Company A Is f 1S.OOO X inflation 
amount paid in the previous tion factor 2.65 
year (1977-76) to a local per annum 

authority would be. the amount fi na j saiaiy =£47.760 

actually charged in the current pension 40/60 =£31,840 

year. I have no desire to engage Company B 

in a. pedantic dissertation as to final salary £21,000 

Ihe meaning .of “correspond- x 2.05 =£55,650 

ingly” but I do not accept that pension 20/60 : -£1S,550 

this is what he described as plus deferred pension 
an “untruthful public state- from Company A 
. m enL" 20/60 of £9,000.,. =£3,000 

Water Authorities are of — — 

course subject to the Price Code Total £21.550 

and- before any increases in — 

charges can be made Price uom- Thus by changing jobs for a 
mission approval is required, higher salary one tfijnf. of the 
The Price Commission have final pension is lost If inflation 
recently completed an investi- is greater, more is lost, 
gation into Thames Waters C.M. Jackson, 
charges and their report is due 
for publication shortly. I would OakHlU Xoad, 
only point out at this stage that Sepenoofe, 

the^average increase in charges Kent. 

permitted bv legislation while B ,, . 


S i8 9.5 al J eT J ?^? 1 . of ..! n . averasi: of wealth . ■ 

E J Gfliilaiid. From Mr. Ridiard Elliot . „ 

jVff' River Head, Slr.-ITie article in to-day's 

Rosebery Avenue, E.C1. Financial Times’ - ( June JJ by 

Anthony Harris ends with the 
/if fhp Crtraordinary allegation that .14 

II4C years of socialism has done 

. , nothing to alter, the distribution 

wiatpr MinnlV of wealth. Not even. Lord_ 

-Diamond’s commission (not 
From Mr, R. Hutton. exactly a Tory presern) has 

Sir-~>Y0ur correspondent. Mr. been able to substantiate this 

WofeV (June 2) raises an popular myth, tn the past 10 
SSSuni point when he wy* years the proportion of private 

wealth held in shares has fallen 
by Lwo-thirds, the differential of 
incomes between the highest and 
lowest paid, up to the top lax 
rate, has halved, the value of 
fixed interest securities has 
plunged, the real value of all 
assets save property have fallen 
hugely in the face of inflation. 

Now private wealth is in- 
creasingly tied up in the inflated 
values of private freeholds, most 
bought purely for living in and 
producing no income. Mr. Harris 
would do well to consider why. 
notwithstanding the halving of 
the value of money, there are 
now less “ rich " people. i.e^ Indi- 
viduals liable to assessment on a 
future wealth tax starting ai 
£100.000, than would have been 
liable in 1963-69. 

- It takes no economist’s training 
to work .out that if one’s wealth 
is less than it was five years ago 
(as is the experience of myself 
and nearly all my family and 
friends) and if, in that time, the 
money in which wealth is 
measured has halved In value, 
and taxation on the Income 
therefrom is 'largely unchanged, 
that the rich are only half as 
-well off as they were only five 
years ago. Conversely, if those 
who have benefited from trades 
union" monopoly "power have 
doubled or trebled their incomes 
as a result, dearly there has 
been a huge, unjust and totally 
immoral “redistribution" of 

Richard Elliot. 

7, Vernon Avenue , 

Htmdsit'orth Wood, 


Buying a house 
in Scotland 

From Mr. George It. Cameron 

Sir, — With regard to your 
recent corespond cncc on “Buyin 
a House in Scotland," I can con- 
firm the observations made by 
Iain Fraser (June 1). 

Having lived in Scotland for 

25 years, prior to moving south 
last year, and having had during 
that period, as an owner 
occupier, to buy, and sell our 
individual properly, in West 
Central Scotland (twice), in 
Aberdeen and subsequently, 
Glasgow, I have been more than 
a satisfied client/ customer of the 
way in which my 'own appointed 
solicitors have handled the above 
transactions' on each occasion. 

Mr. Fraser rightly says: “There 
is a great deal of merit that once 
an offer has been accepted in 
writing there is then normally 
a binding contract,” which all 
readers who have had similar 
experiences to ours, of buying 
and selling property in England, 
will recognise -as a considerable 
blessing to both buyer and 
seller who are normally involved 
-in a second simultaneous trans- 

The Scottish solicitors' pro- 
perly centres, from personal 
experience, arc also a great boon 
particularly to business people, 
having time as a scarce resource. 
For the centres allow the indi- 
vidual to focus on a local pro- 
perty market quickly, and to 
obtain a fairly good estimation 
at minimum cost of the breadth 
of the market available. Its geo- 
graphical preferences (of 
cspodal value to strangers to an 
area, as we were when we first 
moved to Aberdeen) and a repre- 
sentative 'spread, of prices to suit 
almost any pockeL • 

No, I would rather have the 
Scottish solicitor's system of 
marketing property, in the effici- 
ent manner in which they carry 
out their task on behalf oE both 
buyer and seller than the un- 
reliable systems ibai prevail m 
the South. 

George TL Cameron. 

26 Dolphin Court, • 

Cliff Road. 



Mr. Morarjl De*ai. Indian Prime 
Minister, arrive, in LTv for three- 
day visit — lunch with Foreign 
Press Association. Savoy Hotel, 
followed by lalks at Downing 

. EEC Foreign .Ministers meat, 

Workers in depute at Bank of 
England's note-printing factory. 
Loughton, Essex, to decide 
whether to vail off industrial 
action.. • 

Post Office Engineering Union 
conference debates shorter week. 
Winter Gardens. Blackpool. 

JTr. Robert McMamara. President 
of World Bank, in Tokyo for 
four-day talks. 

Institute. . of Chartered 
Accountants in England and 

Today’s Events 

Wales annua! meeting debates 
motion on local authority 
accountancy, Moorgate Place. 

Air. Eric Yarley, Industry 
Secretary, opens new Vickers 
factory, Scolsw ood Road, New- 
castle upon Tyne 

Association of Chief Police 
Officers and Local Authorities 
conference opens. Palace Hotel. 

Air. Bruce Alii Ian. Scottish 
Secretary, in discussions with 
Orkney island officials on pro- 
posed Government amendment to 
Scotland Bill. 

Air. Ernest Armstrong, Environ- 

ment Under Secretary, opens anti- 
vandal exhibition aboard paddle 
steamer Tatiershall Castie, Vic- 
toria Embankniem. London. 
Rouse or Commons: Nuclear 
Safeguards and Electricity 
(Finance) Bill, remaining stages. 
Employment (Continental Shelf) 
Bill, second reading. Theft Bill 
(Lords), second reading. 

House nr Lords: Films' Bill, 
report stage. Wales Bill, commit- 
tee stage. Internationally Pro- 
tected Persons Bill. 

UK banks' eligible liabilities, 
reserve assets, reserve ratios and 

special deposits ( mid-May 1. 
London cleanns banks’ monthly 
statement ( mid-May 1. Hire pur- 
chase and other instalment credit 
business (April). Housing starts 
and completions (April). Retail 
sales 1 April — final). 

Charier Consolidated (full 
year) Comet Racliovisiinn Ser- 
vices (half-year). De La Rue (full 
yean. London Securities Invest- 
ment Trust 1 full year). 
Camrex, Seaburn Hold. Sunder- 
land, 12. Everard, 75, H arbor ne 
Ttoad. Birmingham. 12. Mettoy, 
Winchester House. EC. 12. York- 
shire Fine Woollen Spinners, 
George Hotel. Huddersfield. 11.30. 

Abbey National 

Still a higher return 
on your capital 

Ever since they were first issued. 
Abbey National Bondshares have 
been highly recommended to the 
investor who can put money aside 
for 2 or 3 years. 

• The latest issue of 2-year and 3-year 
Bondshares pay respectively 6.00% and 
6.50%.annually. (The equivalent of 
9.09% and 9-85% when income tax is 
paid at the basic rate of 34%.) 

While these rates can vary they 
will always pay 0.5% more than the 
share account rate for two year bonds 
and 1.0% more for three year bonds. 

Making them an ideal investment 
opportunity. Yet they still offer the 
investor red Building Society security. - 
These days that’s a very reassuring 

The minimum investment is f 500, 
the maximum £15,000 (£30,000 for 
joint accounts). 

Call in at your Abbey 
branch or fill in the 
coupon for more 



fa the security you need today 

To: Dept. BS, The Abbey National Building Sodety7f 
Abbey House, Baker Street, London NVl 0XL 



| — | J am interested in kaminL' mort about .Abbey National 
■ — .1 Bondshares. Please send me det.tik 

~ 1 am interested in the full range ot savings schemes | 
| — — Abbey National ofier. Please send me details. ft7 J 

ii t axi* f-vnff 1 

Second half fall leaves Metal Box at £ 56 m 


turn m the 1 LUC, second half 
profits of Metal Box fell from 
£34 ,3m to £30.55m leaving the 
figure for the full year ended 
March 31. 1978 down by 4 per 
cent to £55.78m. 

In November the directors 
reported half-year proGts ahead 
at £2523m against £23. 79m but 
said that they saw no immediate 
improvement and that the full 
year’s result was not expected to 
match the figure for 1978/77. 

Sir Alex Page, the chairman, 
says that the past year was a 
difficult one, not only because of 
the bad weather conditions for 
canned food and beverage cans, 
but also because of certain indus- 
trial unrest. These difficulties, he 
adds, resulted in lower profits for 
the period. 


As forecast at the half-way stage Metal Box failed to reach 
last year's pre-tax profits but the shortfall was less than the 
market had anticipated. Lex also takes a look at the implica- 
tions on UK companies* results following the American 
IRS's change of policy on stock valuation. Also covered is the 
Albright Wilson rejection of the bid approach from Tenneco 
and the Edinburgh issue of £25m 5-year Variable rate stock. 
Elsewhere, Martin the Newsagent like N5S lost about £50,000 
during the newspaper wholesalers’ dispute while William 
Reed looks poised for real growth in the second half once 
the recent acquisitions make their mark. 

The chgin nan says that the 
technology of can maktag is 
undergoing significant change and 
the group has made a substantial 
investment in two-piece manufac- 
ture, which has not yet earned 
any return. 

The glass company in Nieeria 
Is well established and is making 
good profits he adds. 

As part of its diversification 
plans Metal Box is on the lookout 
for a possible major takeover deal. 
The next move is likely to be 
outside of heating and packaging, 
and the sort of figures that direc- 
tors are talking in terms of. on 
a takeover, move range between 
£20m and £3 00m. “There are a 
lot of places under careful 
scrutiny,” says Sir Alex. One 
area, in particular, that is attract- 

adds, resulted in lower profits for mg the group's attention is once 

the period. taioer company, Metal Box lated to continuing communica- again the UJS. 

Prospects for the economy do Nigeria was reduced from 60 per tion and the licensing of each The principles of ED 19 have 

not appear to favour any sub- cent to. 40 per cent and this party by the other of patents and been applied in arriving at the 

stantial increase in sales for the company is shown in the accounts trade secrets relating to the manu- UK tax charge for the year, which 

current year, but Sir Alex feels as an associate- Excluding the facture of cans, crown caps and accordingly has been reduced 

there are opportunities for in- turnover of this company, the in- machinery significantly from £18.26m to 

SbTlS U ? , SS ,, ?™Sl! r ^hf-|i- per'ccnt" 0,ersMS W “ “ tax m the balance- 

dirtSJ fdStom problems %i«e mr-w ists-tt dealt with by each party grant- sheet has been reduced by £40.9m 

thi uwprni fooo row ins to the other, subject to prior and has been transferred to 

problems cost the kroup several Sa|04 gor.ta to$.i 73 commitment, a world-wide licence reserves. 

millions of pounds in lost profits Butne sk.w? JsiJM on a non-exclusive basis. Interest on borrowings and loan 

TheriTare si-ns that these nrob- Print ^ "before 'tax' T.!!! “k.777 sajot This allows a separate course stocks amounted to £9.78ra dl *ring 

P h,, - w.r4i 37.73: to be undertaken for the develop- toe year. w Expenditure on fixed 

lems ore being overcome, but u%vrS cjs ..... 2M3* 19.93s men , and exoloitatlon of can assets at home and overseas was 

1HC6Q cs n 0 9 6 O • making and crown making tech- £44. 6m, which included £45m 

variable stock 

the group can overcome the in- per cent. 

dustrial relations problems. These 'raoo 5 in^to 

problems cost the group several tosTts ^Wii 

millions of pounds m lost profits Bum* .... sr.w - n 

last year. Owrew* 274 362 2S6.S09 uu “ , 

There are signs that these prob- p ^‘‘ ! wfore *** S’lTT 

lems ore being overcome, but llvvrscjs J?eSt 

until incentives can be given for. aswUks 1.000 4 is , 

“ greater effort, skill and responsi- p* i? 777 ts.sra 

bility, which is difficult under the tS am where 

pay policy, problems are bound to extraord. docu* ujk nn ma , 

arise.” Uanne M.m «.ow “J-JJJf; 

E amines ner £1 share ore P^ , .‘!».■^Gllcl , div. W 99 

£, Q E ,«*. ordinary 4 003 9.«7 the 

stated at 64.9p (61p) and the divi- ordinary ... .... 4.icr 4.440 Standu 

dead for the year is stepped up Kt-ntm-d as.sss 32049 Sneele 

to 14.8662 p (13.4247p), the maxi- Mrtai in** :4.«i sjm f * c 

mum permitted, with a final of ^ m at a f 

S.2G62p net. The directors intend ; credit. Los Ai 

to" pay an additional dividend iT Negotiations were completed of car 

ACT is reduced. with Continental Group for the Group 

During the year, the group’s termination of the group's agree- and T 
shareholding in the metal con- raent with them insofar as it re- plants. 

Wm m: y 

‘£j5£-.';v.s ' " 


Sir Alex. Page, chairman of Metal Box — labour problems 
resulted in the loss of several million pounds in profits 
during the year. 


here' previously* *Metai BmT' had On sales of £252 ,3m against Carat 

, manu faeruri tiff facility £240.6m pre-tax profits of Metal payme 

The first rr^i or uroiect has been Box Overseas rose from £1 9.64m Anglo American Corpm 25} 

e SSn P ™Sy SSS to £20.92m for the year. .subject Bond SL Fab tat. 0.75 

andun Inc of Compton. Los to tax £6.58m (£8.68m). minorities Macanie ... 1.66 



The City of Edinburgh is raising' - The purpose of the mue is to 
£25m by the issue of variable rate use the -proceeds to finance 
stock with a life of five years, authorised capital expenditure 
The issue of 1983 stock priced and to replace maturing debt \ 
at £100. per cent is Payable, to . The application list which opens 
full on application- Interest wJjksi on Tbursday June 8 will close «*• ' 
iscakulated. at i of apointover-^e _ ■ - 

the rate at which the Bank of „ ilo+ . = - 

Scotland is advised by the “ refer- 

ence banks.” nanunaiu of of stock or tor .■ 

Serest oh the stock Is payable MS;.- 

half-yearly on June 9 and' Dec- AppKcauoiK ior.-£L,000 to- £5,060 
ember 9. The first payment will h © of £500 

be of £5,6559 gross per cent next of stoc k; . above £5,000 and not 
December.' . : exceeding- £20,000 In .multiples. "of - 

The stock wifi be redeemed. on ^20.000 in 

June 9, 1983, at par unless can- ^ . ..*■ 

celled by purchase to the <>P en MiZf 0 ^ 613 3°' -™ e are H. .- 

market or by agreement with -the w^ison. - ^ ■ 

holders. . . \ ; ^ 

Thames Ply wood placing 

THE PROSPECTUS js- published £250,000 to £275,000 are b eing sog^ 
today In connection with .the gested in the market against 
placing of fm shares lh Thames £232^)00 last year. 'On that basis 
Plywood Manufacturers and the placing p/e _ is perhaps 63 
requotatzon for the company a™ the yield is just under 9 pier 
fidl owing the suspension last cer “ r . .That might encourage a 1^- 
November - ■ small premium over the placing 5 

The placing will drop the stake price but there b udUktfr to.befl![U 
in-the complny owned by C. P. " 

Choularton from 85 per cent to By pther recent new 

65 per cenL The shares offeipd Issnes :. . '■ a-‘ 

facturp tu’o-m'ece' beverage cans exiraoromary aeoit or metai dm o-s 

STf-SS^bo "SSVS («.01m credit) The attributable W^ w . 2.7 

Los Angeles area for the supply amount emerged at £3.41m com- View Forth ...... L5 




year * 



July 28 






Sept. 25 






July 28 






July 4 - 






July 21 







4.42 > 



July 20 




Total- to the public are being: greeted 
last with the enthusiasm of a hew 

an amount of interest in-, the- 
150,000 shares which will . be 
placed hi the market. - 
The placing has been made .to' 
satisfy the requirement ’of a 


Bramall off 
to brisk start 

off to . a 

in t D. : BraimaQ got . 

isk start yesterday. The ‘ 

Thames Plywood's history. dates- ^ ie ; F r ? 1 F d “aln.draler 

See Lex 

throughout. For 15 months. 

Supplies upset but Mar tie the Newsagent expands 

Bond St. Fabrics ahead 

DESPITE LOSSES arising directly to 2.838p (2.189p). Last year's final the larger branches. Elsewhere. Biimeil, the chairman of W. and J. 

from disruption in the news- was 4.4ilp. volume sales of confectionery Glossop, says the company will 1 . jm g . w » 

paper industry taxable earnings p rrt fit wsw ctmek after dpnrecia- show some improvement and now not only be able to take advantage fftllT WQmC tlO If 

moved ahead at Martta the News- , io V .mScStibn SJS accounts tor 15 per cent of group of any easing in the unsatisfactory Ulil W 41 l/U SCtUUU U4I1 

agent in the half-year to April 2, icojfioooi and retained earnings Mles - Obviously the summer is trading climate but will also con- 

1978. by £277,000 to £1386,000 on arat , unted ta £LOlm (£L2lm). *oinz to be important for soft tinue its course of profitable TURNOVER OF Bond Street dend payment is maintained at 

CUlAr avAliln tno 1 V j T lira IQ U no r j _ ' l _ _ n m <-«l or- J k ■ .n »kn .w wm nn p _ _ .. . — . . 4 a_ • ~ 

sales, excluding VAT, up 1S.S per 

activities were onematea towarus tha da* a,™, *2 

the coTwtruction .of com^Ite ?toS^StabSf SfftS 
paneb for use n 1 commercial miK^S^Ttop 5 $ 
vehicles and con taine rs. and low of 89p^ . • - 

The placing with institutions 'Nevertheless Bramall was "the 
and indiriduaLs w of 500,000 second most active stock on 'the 
shares of 2ap each at a. price of Exchange yesterday with just -12 
34p per share. This drops the marks and- dealers Oast .Hight 
stake held by Mr. Choularton to where ; expecting ..some. ' earn 
65 per cent, though M and G through" to today, 
remains a substantial -investor Meantime dealings started in 
with around 10 per cent -- Alcan Aluminium fUK). The 
The company has two main shares opened at 102p-and after 

• . ,,n_ ^ c nn ci 1 f 111c number u; ununnc: — — m ~~ — . v.. -• — “ . ; — . - - ravue icu uvui xu^mui iu J.T.JOUJ 

cent at £39m, against £S2.S4m last operalcd by ^ group, which was wcorer pnee ns« will bene ifit and by acquisition. but pre-tax profit for the half year 

476 at half-time is likely to reach newspaper profits. With 20 addi- ^ ^ e January 31. 1978. year to March 31, 1978 jumped from 

The directors say that provid- 496 by the October 1 year end. Don a I newsagents this year, w ^en profit before tax advanced H5L000 to £248.000. 

mg prices of major products. Ten of these will be on new sites profits of aronnd £ (£23mi from £o.73m to £0.83m. Govern- direetons traie however 

particularly newspapers and and will comprise five conven- are possible. At 247p, tae shares ment £un ^ for ™ d state nowever. 

cigarettes, rise during the summer tional newsagents, four larger are on a protective p/e of 7 “ d improvement were iess than I 

in line with genera? inflation and stores and a genera/ store. taking a line through the interim ?Je SZ vl fesiMig in 

the newspaper industry is not too tax charge or 9 2 (fuUy taxed). J I B 7Hohtor particularly difficult period and 

severely disrupted, they expect a 0 comment while the yield is 4.5 per cent, SaStJ ^^Sa^wHtbsr 1 didlittie 1 

satisfactory full-time profit For 0 compared with NSS’s 9.6 p/e fon ! na Z®i k ^°° r weatner flia lltue poor. At this stage the directors 

1978/77 the tote! » as . record C™ Wl, on, _ between the ™ge> Vnd 2.9 p P er cLnt h « . . . wtt- hard to “etbe^rB ^ar'e 

“branches drinks and ice cream sales, and growth both within the company Fabrics fell from £439 m to £4.39m 0.75p per lOp share costing operating divisions. First .the." touching . 163p closed the day at 

severely disrupted, they expect a 0 comment while 

satisfactory full-time profit. For ^ „ . . „ comp, 

1976/77 the total was a record Comparisons between Martin the f™} 
£2 92m Newsagent and NSS show that 

L ' . . .. both have been affected to the T 1 ® 111 - 

Qf around f50 00 ° b y the 

disputes in Fleet Street and the 

trading, the larger part of which 

rnii i»'Vh« »...j h - » newspaper wholesalers. This, and 

This gain, amounting to a protlt IS™'„P rl S S ^”.0 
of some £50,006. was wholly off-set ?£ ar ** l ' s hI ? t ri4 ' e iu 

by the loss arising from the l< pcr cen ^ whi s rt ?TO 'Iu h 

disruption of newspaper supplies. > VJ ! S “round a fifth. On the 
the directors state tobacco side 139 per cent of turn- 

With. tax at £695.000. against over), lower cigarette consmnp- 
£280.000 restated in line with tion has meant a small drop in 
ED19, earnings per 25p share were volume sales, but this has been 

Growth to 
at Glossop 

and by acquisition. but pre . tax profit for ^ e half year £20^09-last year's final -was I35p. plywood operation is tavolved -to 161p; -■ 

ta the January 31. 1978. year to March 31, 1978, jumped from ' to® “top™ - 

?™m US. b g°SBm*toSS £1 S; 000 “ £a48 ' 0,)0 - „ £75 non p TjritEe? tS^on.- « OXLEY PRINTING 

from £0./9m » »®m. ijovern Th e directors state however. dL / J.uUU the Thamesply Products sub- - 

m ^P t iliP ds for I ? ad ma that the double jersey section of . - sidiary sells specialist products Ortey Printing Group announces - 

and improvement were less than the company is going through a OOWfltUITI to the buildlngindnstryboth at to® 1 st has received, completed: 

the previous year, resulting : in particularly difficult period and UUIrXIlUllI home and overseas. ' conversion notices from the 

C0 “P« tttton . 1 f nd . the forward order book is very Q a. T\if Q/'QniA ' The profits record is emtic, twWers x>* £360,679 of the cornr 

margins. Poor weather did little p0 or. At this stage the directors d . I iVidtdlilC . and i n the latest year to 7 April, 14 per cent convertible 

to help, he says. say it is hard to see the full year's A „ foreoast at halfway when a 1977, profits are shown at £232,000 debenture .stock 39SLVTbe bsned: 

However, the reorganisation of results as high as last tune. £38.000 profit against a £3,000 loss pre-tax. The half-year figures 'to onunary capital .wffi toweby. be 
the company continued, and the Profit for the full 1976-77 year was reported, pre-tax profit at end-October were profits q££73^M0 ■ m ' *L39LOOO~ , to ' 

newly acquired quarrying and was a record £441,231 after a Macanle (London) fek from compared wltii £74,060. * . ’ : 

bitumen beating and distribution £157.000 loss incurred by sub- £375,000 to £200,000 in 1977. An interim dividend of 0/75p •• • 

operations made a significant sidiary John Currie Son and Co. Directors of the H/rtiring manu- P*t share was paid to .existing BnTlTWABF 
contribution. The directors state that the fecturer said in December that Sharcholders^antl to _tfae absence - 

31 Anglo American polmon^cSric'hL 2.W & fte terel oi'hr,3h«to'o£ed fcrin Q 

£2 S “ d f U the n ° Temporary SLT°TO^n SSl^ r SSil’ff Ifflbfnt&SS' 

nnfl Son, 7 .37 ner cent. Employment Subsidy. eariy months of 1978 have seen “ffEES 

tne directors state. *.*tuavvv »iuv n «- e 'Inrcnn t — i. „ irmralnaymont Cnhcieln mnnthi t\f 1078 haw ewn “UK"™ mil jcai. uhs wrmeu .« new suosiaiary — 

With tax at £695.000. against over), lower cigarette consmnp- Si IjriOSSOp Tm 1 Su ^ ,dy - nwrLt^ enabUng Brokers are Halliday Simpson, tatenrer tateroationaL The major ... 

£280 000 restated in linp with tion has meant a small drop in At May 15 Throgmorton Trust Available profit came out at ® ■sugnny nrmer inarRei enawins — •> role -of the new comoanv wH hi* v - 

^D?97earnings per 25p share were volume sales, but this has been Althouch trading conditions in held 5.16 per cent of capital. £119,040 compared with £72.500 ^re profitable srfes in the wheile- -0 comment - to : develfl^eyporf saleX^hif ' 

depressed by 6.4p at 18.«p. The offset by expansion in leisure the current year do not appear Meeting, Halifax, June 28 at after tax took £128.960 against ^ r ;. r th . r}«^in<>d The J^toOtation for Thames Ply- of Rockware Glass in European ; 

net interim dividend is stepped up products (toys, records etcj in to be any better Mr. Digby 11.30 am. £78.500. The net interim dm- ^ Turnover tor the year ttecflired gives . an opportunity to markets. • 

f "■ ' ' 


■ y 

part of the fabric of life , ; . ■! 


whoever you are 
and whatever you do . . . 

, V. wx Id gives : an opportunity to markets. .. 

■from £1 9.44m to £IS.54m r reflect- develop, the locaL following which i— ■ . - ; 

mg the sale of loss making has bu fit up around the new chair- 
ao li w * t ' es ' .... .. man Mr. Choularton. Though' the 

The result is before a tax credit placing is of only 4m shares in 
of £13.000 (£66.000 charge) and g fairly small - company. - the 
minority interests of £0,000 market is confident that this will 
(same). • be another ^tagging IsSie. That 

Earnings per 10p share are should ensure a certain* amount 
shown at 2.49p against 2.45p, and of euphoria when dealings start, ■ . ■ 

the final dividend of 1.662p net but the profits in this year are 
lifts the total from 1.79lp to not expected to show anything 
1.975p. startling. Pre-tax profit^ of 

H BP* A--v . - v - v -"'A ■ • - 

Wif- , . I 

Jf' - 

‘ : •.? : Vrf ’■Vr 1 r,j S?, : > - 

flC! :■ .^vvV'.v- *>. • v; *■ . V 

.r f - 

Mft. ; ~ ' t- ••M 

. ; ; -sfep 

; If 


Spisto'.- ■ 

Whoever you are, whatever you do and wherever 
you live, the chances are good that someway, some- 
how, Tootal will come into your life. 

Tootal is a lot more than a famous brand name. Zt is 
a multi- milli on pound business makin g a tremen- 
dous range of products, manufacturing and market- 
ing them in Britain and Overseas. 

Tootal is a business involved in all aspects of textiles 
and fashion from spinning threads through to 
retailing. From its UK headquarters, the Group 
controls over 150 manufacturing units and employs 
nearly 30,000 people. ® 




up frran£23.8mto£27.Sm 


up from £lGm to£l 1 Am. 


up from £2 ,43m to £2.82m 


up from 1 1 ,7p to 1 4. 7p 

"Orders and despatches in the- first quarter. . 
are substantially ahead of the comparable 
period of 1977 in value and volume. Subject to 
unforeseen circumstances I have every 
confidence that in the year ahead we will again 
leave 1977 well behind us in both profit and. 

Arthur Katz, C.B.E. Chairman 


Societe Financiere 
pour les Telecommunications 
et l’EIectronigue S.A. 

Guaranteed Floating Rate Notes 1984 

unconditionally and irrevocabfy guaranteed as to 
payment of principal, premiunt t If any, and interest by 


a subsidiary of Istitulo per la Ricosfrtuione industrials C*IRT3 

In accordance with the terms oF.ihe Guaranteed Ftoati'ng 
Rale Noics 1984 issued by Societc Financiere pour les' 
Telecommunications cl rEiectrodiquc S.A. and guaran- 
teed by STET - Societa pioanziaria. Telefonica" per 
Avioni the rate of interest for the interest period, from 
7ih June, 1978 to 7th December#. i97S has bccir-JbEed-at, 

1 ? itSi I 7 E> 5 


: change 

Laird talks money 
with Government 

£130,009 attributable to skier an increase in ihc dividend AFTER MORE than a year's delay 
a? to ^arc? % ?- ,e ‘Jj to the point where earnings would negotiations have begun between dqARD IVSEETSi^GS 

ft J®* Grahara the Investment tn the Uncroft be covered twice. Laird gtouo and .the Government ^ * Sk ^« 3 

covered twice. lain! Croup and -the Government 

concernin': compensation for the tbl- Wtojnms 4 “JJ D f hl --> not^rf 
based' on , d.«» - Comment nationalisation of its subsidiary, 

°? L 3 ™J n R e _ Scottish Aviation, but there are f W m? pom-.e f.i m :d<.-n?u « 1 i*i 

depreciation from In a period in which William Reed to be further delays in respect of omcwi iL«aea:.on;. i.u ‘ jv.m 

10 per cent per has made four substantial acquit- the group's 50 per cent interest aftk wbenwr civnt. iw'. .r.- : .-rr..-a ar.- 
management annum m. a - . straight line, if the turns— the key question is about In Cammcll Laird Shipbuilders. wrenms <* nnaK . ,n ' 1 «!mwbi 

&Tg us qn_ Lacey, chairman of the Kilgour group in. October. 

.» ♦£L« R ^£ yester- _pepredatlojn cb4rses of £338,ooo 

past" - year 

In* ^ Of * YTQ J ua euu uroauct-UKer*. 7iOr_ mu prom upturn 11 

a r*>W secularly io household wii-s $e? n /^«5ted to eliminate under review has coroc .... ... .... 

h. J 0r £iSL?Jn 'j6e. meantime. ti&traSiSrfisi ***..■»:.. Lacey -also traditional business, the new shiprepairing. Further losses were . 

sauii^jisuiws continued to'«s^wrdS^! confirmed that there remained acquisitions having come in too incurred in the initial months of mom L ? nd l ^5" r,: '-' : ; r ' • :r ■’■nt 
r^? v « W: of the- profits' which fa* accumulated tax . losses of some late or not made a contribution the current year, and over two '""l 

wJMn SSSNS&L'.'. "* “ 

. losses of some 

group particularly „ 

trwick Carpets. begin to- took as it the second was placed on a 
the., line, extraoromaty half of the. current year and into maintenance basis, 
of £262,000 . f £82.000) next will show, real profits growth. Outside these two areas, os in 

opportunities have 

care and 

of A-D9m pre-tax. Below 

*t> 'th? ^iep^'l^on^on& Q Ri5m C SiS . of ““SffiL; '***£*"* next V1 « show, real profits growth. Outside the 

6 ‘SbS ’ f JS. “ 8 f included some £53,000 paid to once the acquisitions have been 1377. fresh 

5&» t it lapsed Band ££!.?..« *° e directdrs for loss of office. The made to work; If that is the case become available and additional 

'ibirtefl 0 inff ^uT^j^L™ 11 " balance .was attributable to the the current p/e of just under five manufacturing capacity is beans 

“Wards group- roor^nntentlnTi 4‘nste f»F Ttltiev find ton a chnm nrirtn nf &Dn nnJ n inetnllorl T>,o imrtMVPmfini in 

-ofits— and . that 

rf | zrginal - i 
J. nin^aartcd by 4 
Pldptens, Willis 

^ Sronp reorganisation costs of UTfley and (on a share price of 8Dp and a installed. TKc improvement in 

Wnf u/o«» •' or i! y Famworth, . Which" . have now low tax ■• charge) could look demand is already reflected in 

•¥hJ res ■ - s largely been provided for.- ; attractive, especially with the group profits, which in the f&wt 

rrt?i« r l.«!i a ^ q ^ ,sl ' - Eavninss. per* share are shown promise of a dividend increase to four months of ihis year are 

?? at IS. lip compared- witiu 19J &\ p life the current yield of 7.8 per running at a belter level than 

” main areas of in l»T7. 

carpets and The groups fuinn* lies in its 
means buoyant ability to com pet v iniernaUDivili.v 

v .. ...j-- . --j . : — iwciiiw — - «>--k'k oiu-vuiuijiiny's claim that 'and its silronu financial position. 

L Id is Jut °?SLir 4KJ? caund S Pr°5 r ^- of l.fioji antoUWi to 3 10 11 is trading wll against ihc title enhanced ultinuivly by the 

*^1 Oirti 1 i_ V^^F--, 3CC buntca for percent fncrease- and has the right products t plain compensaiion. v% ill provide the 

! ®min q. L^ I SF S • SOOrfPpO for the year. Mr, Lacey said thsrt If dividend textured carpets and fabric powerful financial h.icknu ni-ix*-.- 
ihefp i.'^ 1 The pre-tax 'profits 00 ,. however, restrami is lifted he would con- velvets; to meet demand 
, like Th >;;, i . •-■•'•.*■ .•/ .:■;■• 

by «8r^’. 


CuiifcrC BwiRv-ns-t . .. . Jar-- S 

F«*nniT iJ- H-* ■ •• . Ju r j. IS 

S-.utipS XIKelwa:! tl.'-nssinf .fi;::,- 21 

mn-d Sial<*4 au-1 r.i 1 ris-.t .’-.n- 14 
Wsril rnsannis W.» . just- J 


P.- iiwupd ronstriM.-o-: j :j 

Crriisli rwemst'-.- .r . T 1 . r ... .1-;..- 

Krtlidi Sti'ant Si . j-jr. •• 

PiBRiaion aaJ •' ".-r Tr-i- .1 

.in'! Svkltj 1 jr.- ’s:. rs .Hu-.- ,'n 
E!i tlrnme B-H'-'Is .. J-iv 

I r-.nii I wil ■ . . Ju ..■ 

.tuhn>i-n i ir.-_ 

Lr^jil <r. n ' i- ... 

Tin - Tim:— Vi-!i - . 1 . r. ■ 

It-.IUS • .Till. 

Wjnifrft Lctfin . mi.. ;..• ,i-... i.i j u: . 

sai'.v in deal with these pressures. 
Sir lull added. 

hiall oj 

Trust valued at £87m 


lficlr ^ £9.5m -purcha'se ■ W Tate ontl The- -company- stomas that '.the now exceed R3t0:n. 

/5 per cent interest in the recent acquisition, of .substantial Last i.- a r's pi-n-sure on profits 
- ^ ‘ n fltE20q ^square foot Sugar Quay retail. interests through the take- omc nmialv from excels cana- 

, l(y in various of (he indMno. 

Citv of 




■ ,K start T? !2TecLEC3 takes toe Fleming ha* 14 retail outlets, makes it in 'which Premier i>! involved 

sk 3?» &-*#■*&* 5 

shures ch^lstrlbution for' I977-7S. 

.,5ood at £!S.iin* ■_i. , ii; 
i'lff.Ilm at the Lir'r.i:. 

On the prolii -ccoun;. 

ini-c.'.rmcnt- incvnm 
amounted to mi.- ; 
i-irh 1 he irons 

fund of i.r - 

forward t».i? v.: r v: .1 : 
r-ceount S1.HK!' :n 
£ 7 1*1.000. 

Mr. Wcinlor. : r,- 

successful y«ai ■' ' r :!•.-• 
mice of the 


r :.i\ 
■i h vi- 
ne rife- 

nJ : '« 

r*.v r 

"Non bisogna imbarcarsi 

(Don’t put to sea without a compass) 

y \\ Tia c is good advice for th e mariner is equally 

sound for any organization embarkingon international 
trade or money transactions. In these, the guidance 
needed is that of a financial institution with both die 
worldwide experience and depdiof resources which 
are essential for success. 

Credito ltaliano is highly qualified for this role. 

It can bring to your business the special skills, the 
experience and rhe resource* which make it one of 
HuropeV tv»p banks, and place it high on the world 
ranking list. 

All Credito Iraliano's comprehensive sere ices arc 
readily available to you, simply by calling our London 

A hiehly successful yesr in l‘.*T7 
; reported for City «f WV— 1 - 
niiil.drr A.s>»imnce. .1 nii-mht-r i-f hi;i."iji;cd bv f«». 

j. >op v; - - ut *jic uu aiuMs. jewu. anr , tiic C' S.-b;:>.vU Sun try ln^iir.incc n^, the Farm;. 

dt;a lin?son ( ? :arcbv 1977 - valuation and sup- .... • ■ ., - rtnd dna nw^Banne. Group, by Mr. L. J. Wember&vr. the iw- 

. - ] 5p «r*TOM unit „ 1 {, h e n fi^FehSS < 5 B -affi in- LalC<?t i " dica,i<,n ^. »hat the chairman. A Mibstiintial projicriy bond fu: 

f< ? r . W-JS- \ , , Ji rBOT conditions ingrowth of m-w business ^ Durm:- ihu • 

^S ,Su i^ Quay. 1 which the ^ fund 1977 re AT nm - ,n these sectors, reported well rn m.rc nf ihc entered the 

^^dinr show an inibaMict yield • |^ c S“ m ?* l 2| ^SSPr" ’ ’ “which if maintained will have industry average, with new rev u la r mirl-ct with 

?f Sap. Hf ju^ over 6.5 per cent, is the - , - . . .a positive effect on Uic profit- premium business up by ,ji; per of th* 1 direct 

a «>c« brsiM l. 13 new properties Some M .pcr c^>t of Pawson ability uf tiic," Mr. Bloom wnl tu ' O47.ub0 and ?intle pe-iiion schcm.. •. 

2ctivrr“ qu ^ redjm A h ? 3r ' e F- .'Anti despite was recently acquired by Qufil- ^ s . premium b«i.,mvss 11 per writ u t !I rcfei'.cd 

J Vestal about- the shnrtice of crown, a nrfvaic company, which ... . hidicr at X£3m 

how?wV; n ^ 'the Tl^^ho.tiutpcemum! 

; j f 



•-C. Fur, 
• : US 

• o. m -i.v 
:•-• ’ . jo; i.nn s- 

l -:;.-.-:i!:vcs 
• i v ' i io* hec-n 

• >-«ew£;S™* 
ihd do?ul^S , ' T, A 

d ? £ * e h i Teminj^s 

crown, a private company, which 
property • mv'esunents made an offer fqr Paw son in 
chairman, Mr. - David August. lU' 
reports a constant 


p. & Jjf-. ream of propositions crossing 
jis desk. No Jess than 150 of 
(ttiose ' were investigated, • and 43 
3 , r fiV ent as far as the negotiations 
tloHa fctage. ■ - - 

A Strong" reversionary element 
t earlier fund purchases.providecf 
r «, ^ ie impetus behind -a rise in the 

fcl PRIVfltnit price, from 11,141 to £1307 
ll urmglheyear.':Ahda£2m.addi- 
* tinting Gnj«uonal revaluation since the March 

.4.i a ran.u. - ■ v rt*s i* and - - nine n flni nivet uni *■ 

Modest growth 
for Premier 


i-ti acair.'i 

^ prospect of i ncume iuoic than diublcd c.n t:ic V’lPW ^ 
reduced profits from the export VL . jr ^ £ 0 . 9 m and irn e-miL-m » It If j. 
or maize. Also the group cannot j nc0mv rose by over 50 per ceni u.„, i-,v 

expect indefinitely to raise £2. 5m, while there was a realised £.^015 proiir -m View Forth 

prufits in recessionary conditions, pralit. on invesimenis ..r i.c.iUy j mPSln ^ni Inw ..uunivd from 

Mr. Bloom says that the food £im. Claims and expenses ruse £tiG.5no to £S‘* J 7 T . ;i,.- ih-? vear to 

industry Is less insulated than by U8 per cent lu £S.9m. Taking March SI. »&T:- 

gcnerally supposed and “is ccr- into account :i £ incre.i<e in Staled earn. :.-er 'j-ln shares 
tainly not immune to the effects value of invesimenis ant! :■ were 2.7fi!)p » and' the ne: 

oF high unemployment and flOU.lHM) transtcr to profit .:nd total dividend . . lifted to 2. Ip 
resistance to higher prices." loss, the fund at the end « f i:iTT ii.7fipi.uitb e *f J.5p. 

r |« Credito 

1 T Nl» virtue, Lin ! -n EC2R.6HX 
r !;. .! 1 -olV- ‘O il Tck*\ • 4*0 'NSSO? 5 Credit »..! 

1 “JtV J V'Vl lee M ' 1.111 

Iv ,e? repro-er.’.itn v . .liiCk.-- L •: i ,i. *;i. New Y*>rk. L- - Anc-.-lcs, 
L'livT.e; .-.irer. V .lt.:C.l>. ClllCaJ- • I T Tikilirr, Nk'.'Ci'W . J'.iri , 

Jr.V Paulo, ToL% •.• j: J ZUnch. 

wnt ci . - ' . ' ciated ' British Foods,' ‘predicts 

r *swk UfS 8 .T he Fund- whtcir is open to m0 fe st growth in th^ current 
capital viu ofempt pension funds and chari- and hnnlies in annual 

! >« JSS^aWBSir" 

:: Smate tackcS^bJ a y fSrtJie ?40 *» the'South African economy ;a 

eversions due to fall during the ™° re r?P!^ raf ® of P rospese will 
K\\ \RF ext 12 months oira portfolio -now he. achieved. • ■ 

plit between 46.7 per cent offices, OntHnihg“ plans- 1 for -Aapital 
r^A:^ 3 - 3 Per cent- industrial,, 14.9 per spondinc of np> to BIGm, life says 
■jetTjj.-aj £ nt shop properties and 5,1 per ih*t this amount cau l be financed 

' iinernalftr despite tbe nt; 

BucpEect agricultural 

•rw si 

-- -n 1 .^ 1 - : . / Y addUiooal workhtg cppital 

-;,r CP ;“-. w. LPAWSOIV ■:*•' > - ? ft* {nm »»***•' P rices 

«j"rt increased costs. ■ ,i*S*tttOZ 

v '^ aai iriv# > nc- the ’ ^HalMax . The^trad^ snr^sC^o^d 

yomen's rlothim' group; is to be fmm ll50-8m to R55ryia8t year 

hanged from December 19 "to and cash ; flow -went >mead from 

B l’ebruary.2S. R2Im to R24m^*nd^ total assets 

g IS Pritchard sees growth 

■ ■ ^^*SSDLTS AT Pritchard. Services and fo provide fot future, growth- 
troup are-currentiy sFjtfwing pro- Security service^ operations last 
ress compared With the previous yea "r'f aged to attain overall profit - 
ear and barru^ unforeseeable ability. "Stltiibugh in the last few 
irenmstapees, Mr.- P. It Bfftcharrf, Tnohths a' surplus was earned, 
he chairman, , expects 'ari - increase .^Profits are currently, in line with 
profit s-Tbr? the^y ear. . . v; • : budget,, and Mr. Pritchard sees 

WtirB, ■ £ «JbS,nt 

W**!* -Germany . ^ prance, better results are 
w.. - ^•L-v^' vyV - '^'' expected this year now the teeth- 

He says: main ambition for ing 'problems on its cleaning con- 

1° tract at- Charles de Guaffe airport 
ji^taWisblPff- a- stxdhg. presentse in have been overcome. 

-^-v v - . .- .- v There is considerable potential 
_iicleab&ig' services in the maintenance market in 
imSeaseti profits !3.05 Germany, while in Portugal con- 
r . .fitJflST?; ."providiM k siderable effort will be .required 
for" other businesses which to keep operations profitable. 
.jlsqalhg'itM* The Mature. Tbe The group’s 40 per cent share In 

ilncWe^ tbe health. care the £140ra Riyadh, Saudi Arabia, 
aperations. ■ Mr, Pritchard city cleansing contract should 
vfi .mwHnpxeheimble that ms[ke a significant impact on 
eptfcq’.service such as is future "group profitability, Mr. 

group' is' denied Pritchard says. 

• o^rtunity, while -in Several large contracts, are 
'skD^ organisations currently under negotiation in the 
Y rate of growth. - Middle ' East, and directors . see 
stbfre ' cleaning and opportunities- for ■ expansion in a 
ride.'.-: 1977 .. profits number of areas, 
iwed cmisiderable improvement . Elsewiiere, the ouijook is 

n:u'4 nminnmuml >i, promising fOI 

Canadian., and 

this side contributing substantially 





ri «a.'N 


'H=S!?' JY $£&' iSffi 

iev'e; more adequate . margins. 


€ .. shares. 

ties to allow- for replacement Meeting, London Wall, June 2S 
fjslant, machinery and : stocks at noon. 

"Firmer base than ever 

■V ; *~4rom the 6/invaf statement by the Chairman, 

..... ...... ; Mr. Digby Burnett. 

<4- Pre-taxprofitiip byl 3 per centto 
£330,915 against £733,796. -" 

Divide ridtip to 3.762p compared with 
'3.469p forihe previous year . 

■ -4ri pm confident that the Company which is 

- on a firmer base than ever before will not 
: only be able to take advantage of any 

easing of the unsatjsfactoiy trading 

climate but will also continue on its 

- course of profitable growth both within 
the Company and by acquisition- 



V .'1978 

Turnover £11,679,265 

Profit baf Pretax J . -• . £830,91 5 
Profit aftertax . ; £464,470 

Dividends ;• 

Hamingspershare . lO.Op 


- ^BiTtaHT's Premier Road Menders 


Sales reach £807 million 

Six Alex Page, Chairman, reports: 

“The Year Under Review 

Hie past year has been a difficult one not only because of the unfavourable weather 
conditions for canned food and beverage cans but also because of certain industrial unrest, 
and these difficulties have resulted in lower profits. The technology of can making is 
undergoing significant change and we have made a substantial investment in two-piece 
manufacture, which lias not yet earned any return. 

The Overseas Company, despite political problems in a number of territories, had a 
reasonably good year. In particular, the Glass Company in Nigeria is well established and is 
making good profits. 

Sales at home were 18% higher than last year and overseas the increase was 7% : 
combined sales were 14% higher. During the year, our shareholding in the metal container 
' company. Metal Box Nigeria Limited, was reduced from 60% to 40% and this company is now 
shown in the Accounts as an associate company. Excluding the turnover of this Nigerian 
company, the increase in sales overseas was 12%. 

The home profit fell by £3-4 million (90%). Overseas, the profit of £20-4 million was 
- 2-5% higher. -Because of the changed status of Metal Box Nigeria Limited, there has been 
included in profits this year our proportion of the profits or associated companies. Including 
associated companies, the combined profit of £55-8 million was 4% less than last year. 

Proposed Accounting Standard ED 19 

The principles of the proposed Accounting Standard (ED19) have been applied in ' 
arriving at the UK tax charge for the year, which accordingly has been reduced significantly. 
The tax charge for the previous year has been similarly amended. 

The Deferred Taxation Account in. the balance sheet has been reduced by £40-9 million 
and this sum has been transferred to reserves. 

Continental Group Agreement 

Negotiations were completed with Continental Group for the termination of our 
.agreement with them insofar as it related to continuing communication and the licensing of 
each party by the other of patents and trade secrets relating to the manufacture of cans, 
crown caps and machinery. The continued use of currently licensed technology has been 
' dealt with by each, party granting to the other (subject to prior commitment) a world-wide 
licence on a non-exdnrive basis. 

This allows a separate course to be undertaken for the development and exploitation of 
. can making and crown making technologies in a number of countries where previously 
Metal Box had no manufacturing facility. The first major project has been the formation* jointly . 
. with Standun Inc. of Compton, Los Angeles, or a company to manufacture two-pfece beverage 
cans ata factory to be built in the Los Angeles area for the supply of cans to Pepsi Cola 
Bottling Group for its Phoenix, Arizona and Torrance, California filling plants. • 


The prospects for the economy do not appear to favour any substantial general 
increaqp in sales this year. There are opportunities for increasing efficiency and profits if we 
pan overcome file industrial relations problems which affected us last year. There are signs 
that such problems are being overcome but until we cart give incentives for greater effort, 
s ki ll and responsibility, which is difficult under the pay policy, problems are bound to arise.” 


















Profit before taxation 









Associated Companies 





55, Z7Z 






Profit after taxation 




Interest of minority shareholders 




Profit before extraordinary items 




Extraordinary items 



Interest of Metal Box Limited 





On preference stocks 



Interim ordinary dividend of 6-0p 



Final ordinary dividend of 8-2662p - proposed 



Profit retained in the business 




Metal Box Limited 






Associated Companies 






Earnings per £1 ordinary stock unit 



. Interest on borrowings and loan stocks amounted to £9-78 million. 

An interim dividend of 6-6p per £1 stock unit was declared on the ordinary stock of the 
Company and paid on 9th January 1978. The Directors recommend the payment of a final 
dividend for the year of 8-2662p, such dividend to be payable on 21st July 1078 to holders on 
the register on 23rd June 1978. 

With the related tax credits taken at 34/66ths of the amounts of these two dividends, the 
dividends and tax credits which together amount to 22-B245p represent the maximum increase 
permitted under existing legislation over the dividends and related tax credits of the previous 
year. Should the rate of Advance Corporation Tax and of the tax credit attributable to the 
final dividend be reduced below 34/66ths, the Directors recommend that a supplementary 
dividend shall also be paid in respect of the year ended 32sr March 1978 (subject to the 
Government's dividend limitation policy or with the authority of HM. Treasury) equivalent, 
with the tax credit attributable thereto, to file amount of that reduction, payment to be made at 
such date and to the members on the register at such time as the Directors may determine. 

Expenditure on fixed assets in the year at home and overseas was £44-6 million, which 
included £4-2 million arising on acquisitions. 

Accounts for the year ended 31st March 1978 will be posted to stockholders on Monday 
26th June 1978. 

The Annual General Meeting will be held on Thursday 20th July 1918 at The 
Dorchester, Park Lane, London W1 at 12.30 pm. 


A good business lo be in 

. \ 



Financial- Tunes Tuesday June 6: 1978 


to reject 
Redman Heenan offer 

£5m U.S. buy for 
Ibstock Johnses 

Spooner Industries, the York- prior to scrip issue) — four Moolayu Investments*— Mr. M 

shire-based plastics and textiles ordinary of Northern plus 315p Gampell holds 25.250 shares, 
machinery company, is likely to cash, or 675p in cash. 
reject the £2.Sm cash bid an- 
nounced by Redman Heenan E\iNK SELLS VALOR 

* ^Spooner Board will MW DIRECTORS SHARES 

decide its Valor announces that Mr. C. E. 

Ibstock Johnsen, the Leicester- Mr. Kenneth Norris and Mr. 
shire brick maker which has been Lewis Norris who, like their 

expanding ioto Holland Belgium brother Eri, are vice-presidents 

in- ..the past year, yesterday of the U.S. group, are now in 

-announced its first U.S? acquisi- Boston for the crucial mooting. 

; tioa' Tn Britain yesterday. Mr. Eric 

*5 It has paid- £3m (S9m) for Norris, finance director of Wor 
‘ ' Marlon Brick, the brick making cgster Controls of the UK — which 

Bum! P.iin mH Pa oe r— Mr subsidiary of Medusa Corporation in 1977 accounted with its 

Buna Pulp and rape . Qf Ohio. domestic and European sales for 

Schoenberg directors, hive dis- , Marion's oof put from its seven SS7m, of the group’s SSI m »urn- 

posediOt a° non -beneficial Interest P',* 1 !’ M,d: There 

of 50,090 
holding. ■. 

Averys — Kuwait 

shares from a joint 


, has been 

195m bricks "and deliveries interest expressed by several sub- 

were 212ra. Total capacity is said stanlial companies in this coun 
Investment t° be 240m. This compares with a try. I’ve had discussions this 

reaction but the indications last BenUey-Steyens has S disposed of qi?* ” "'nn^Mav tola l UK production of 247m and morning with chief executives of 

night were that it will find the hi* _ miereM , in __ 39.682 Ordinary .££H„ Jhrti£2r .fkiiTXiS deliveries of 229m for the same several British companies. " 


65p per offer inadequate. chores « Mtp per share. " ***** SSS? p^Sliep “of ?,her7 ' l. B 'i££ -they - are very 

LLan Heenan wan,, ,0 buy ^J^TATt J"* MS** 

Interested in 
Ibstock' matter further.” 

Spooner because its Products are Jabn^a^^ay^^id 105 ^ 7^0 a^rs that there is a 

complementary and it has over- advanced ahd I were aolffjbj ^the firJ preference' Marion 'produced pre-tax profits possibility of other interest in 

seas offices in six countries from bank on May -26 as a resuit oflhe .i'Si 1 ® , preference of j2 m fium, i as t vear and bad the “ 

which Redman Heenan's products n eed to repay such borrowings; ‘ ^ ock l7<5T P er cen *L het assets Siffm f£3°7m) Cor 

~ J 3 further 25^5_ shares in which ^ jfown - and City^ Jb-opertiesj Brick ..deliveries last year were 

could also be distributed. 

U.S. in 
Coroo nation. 
BTR. whose 

Worcester Controls 

shares closed 2p 

Redman first approached the Mr. M. J. Montague was interested Interest in T and C 7 per cent . valued at £8 9m. Ib stock’s own down at 258p last night, made 

Spooner Board six to nine months were also deposited with the-bank convertible cumulative preference profit last year -were a record £4.7rn of its 1977 £29m of pre-tax 

ago and received a cool response, under the sarnie charge and on .the shares are: Barclays Bank- «■* «»»— -- •- — ; -- — - •*— — '-e. : — — « -•■ — 

Tt kept an eye on Spooner none- same day -were disposed of by the 15,083,338 shares: Prudential 

f he less and gradually picked up bank with' -the" above-mentioned Assurance 31 .086.380 shares. . . 

2 per cent of the shares. Then sh ^ T res .® t n ^i^P® r £f sh 1 f*;®- A- Monfe and Cw On May -17, 

last Friday, Redman boucht _ Mr. M ontag ue nasateb ceased to Saint Piran purchased 100.000 


enouch shares to bring it up to have a dtsdusabte . interest in a or y inary anc | on May 22 

11.4 per cent From an ex-ch airman further 18.750 snares. His benen- c hased a further 25.000 ordinary 

and the wife of the founder. smirenolclmfi remains at shares. Total interest now 

It appears that the current 40.0a i snares. :;.045.000 shares. 

Board, which claims to have .70 

per cent of the enmnanv in its a CCOPI ATPFI FIVfi 

own or friendlv hands, does not ? c t!|,L F „ ff , n L| n w his 

share th. aame views „ game or % ? haS 

Spooner Ton ,„ pm i 

Banlc £4^3 m oh a turnover of £35,7ih. profit in America, where its chier 

interests are in materials hand 
• • ■ •• ■- jins. 

KEY* MEETING Among the new investment nro- 

ON- BTR BID - . J«?*s it launched in 1977 was a 

roll plant In New Hampshire, the 

state where Worcester Controls 
A key meeting concerning the Corporation is based. 

iccihtd (F2im I RTT? u-hnm r*Vi i l 

its previous members. 


tool manufacture. Wellman Engineering Corpora- 

Total consideration is £a,434,000 , ion; aienteith Investment Trust 
which has been satisfied as to an( j ] ts Su hsidlar> - now have 

possible S45m f>2imj take-over BTR. whose chairman is Sir 
West Bromwich Spring Com- bid by BTR, the British engineer- David Nicholson and whose man- 
pany: Mr. F. A. Smith has sold ing and transport group, for aging director is Mr. Owen Green, 
beneficial interest 140.9 j 2 Worcester Controls Corporation, has shown rapid growth, with 

from £3Sro in 1970 to 
1977. It has lately been 
being held late yester- active on the take-over front, and 
P. W. Hams has sold 10.000 day in Boston. has acquired both Allied Polymer 

Tt emerged late on Sunday that Group and Andre Silentbioc 
BTR, which already has a sub- within the last year or so. 
stantial U.S. business that 
accounted last year For £21 m of 
ifs £241 m salps, had made an 

„r shares) in the 11.5 per cent curau- the U.S. group which owns the sales up 
T . mn|inH , fimim nn nnlict^ lativ * preference capita]. UK valve maker. Worcester Con- £241 m In 

closed at 72p per share yesterday. '..hiiJ In Incisure Caravan Parks: Mr. iroLs. was being held late yester- active on 

up TRn on the* day and^Tp above g^eld "Sff^SrS the ^ " a ™ r h $ ^en 

the offer price. business of precision spring and ^fd fo.OOO Vares D ‘ ^ ' 

£4.090.000 in cash and as to the lrtla | interest of 025.000 ordinary approach to Worcester Controls 
balance by I.Zm ordinary snares, .shares (5.6 per centj. in the U.S. about a nrniectcd offer- 


Contracts have been exchanged 

Primrose Industries Holdings u.n«:>« «.> uiuma.., a.*™--"- snares (o.e per 

has decided not to nrocecd with Consolidated sales and pre-tax Huden Carrier: London and of £20 a share, compared with whereby, conditional upon the 
Lie acquisition of Aloe Minerals profits of TG for the year ended Manchester .Assurance Company Friday’s price of *19. This was obtaining oT any neceAsar>- 

l Proprietary). on April 1, 1978 were £13.-m ana ,, n May 24 purchased 1.700 5 per rondiiionai on acceptances from Governmental consents. Gunther 

Early in ftlay it was announced £1.4m respectively and the net ce , nt (formerly S per centl holders of 30 per cent of the Wagner Pelikan-Werke of 

rhat agreement had been reached assets of TG on that dale were preference shares (G.2 per cc-nt eonity. Hanover. wriJ acquire the capital 

in principle for the purchase of £5.4m. 
Aloe subject to cerrain conditions 

The directors of Primrose now 
say that within the time allowed 
by the vendors it has not been 


Hcwden Stuart Plant — Mr. M. E. 

. . . , , ... . „ i Newby, director, has sold 30.000 — 

nbJe to satisfy itself in fuH regard- Ajinre ’ > Tr . M . r> Goodwin, direc- Company: Mr. > 
mg these conditions precedent. ( 0r 12.540; and Mr. F. Jamieson. Mav 25 sold 125 


director. 12.500. All at 62!p. In Tliomas Rorfhwick and Sons: 
shn-c stakes on June l this’ trans- Sir John T. Rorth'.rick on May 31 
action was incorrectly nttrihuted sold 50.000 ordinary shares. 

Pnrh Farms is proposing to to ihe Crosby House Group, 
make a scrip issue oF 15 new Weurweil — London Trust, as a CORNFRfROFT 

shares for enrh ordinary share result or further purchases, has cni.i\urj 

field, the formal document, in increased its holding to DMi.000 Armstrong Equipment bought 
respect of the agreed offer by sh.-ires (7.4 per cent). on June 2 2,000 tnrnercroft 

Northern Foods, stales. The issue I’udang Senang Rubber — Wan shares at Gop — in addition to 
will not alTec! the value of the Hln Investments Sdn Bcrhad. 10.909 also bought on lhat day 

announced — making 

of the c1r«ki. It was expected that vital c*f Caribonum from Moore Busi- 

Juntar: Mr. E. S. Nasxar has decisions on the bid would be ness Forms with effect from 
sold 25.000 stock unit*, reducing madp at vesterday evening’s meet- January 1. 1978. 
his total interest to 562.500 units in? in Boston of the Worcester 
or 28.7 per cent of the capital. Controls Corporation Board. 

Federated Land and Budding which includes large shareholders 

N J. Macaulay on such as the president. Mr. Robert Aaronson Bros, has completed 
000 shares. McCray. the acquisition of Brine Veneer 


offer. As knov.n. the ivrrns are holds S4.503 shares. Onto’ Lee and already 
—for everv .19 ordinarv in Pork Luv Seng, a director of Wan Hm. holding 985.100 shares (39 41 per necessarily American, would he Net tangible assets at 
Farms 1 equivalent to one ordinary iioiJs 1 '>5.000 shares. ceni.i. prepared to pay a higher price, were £383,854. 

Mr. Eric Norris who. with his Hills - The aggregate purchase 
brothers Kenneth and Lewis, runs consideration of £550,000 was satis- 
the British Worcester company fied by the payment of £186.607 in 
and owns 13 per cent of the U.S. cash and the issue of 567.S01 
group’s schares said on Sundav ordinary shares in Aaronson. 
evening that, in the opinion of . The principal activity of Brine 
the British management, sufficient is manufacture of natural wood 
time had not been allowed fnr the veneers, the market for which is 
projected offer to be appraised or showing increasing demand. Pre- 
alternatives considered. He be- tax profit of Brine for the year 
lieved other companies, not to -September 36, 19 1 /. was £79292. 

that date 


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Telephone: (lL'J2j.b622 2589. Telex: 74793 

at 25 cents 


ANGLO AMERICAN CORPORA- subsidiary irr the spring of 1977. for a farther IS per cent 1 

TION, the biggest of the South Rand Selection is an investment In ~both ‘ Sectors ' the markets 
African mining finance "honses,: is holding company and the addi- have been^appreciahly stronger ii 
maintaining its final dividend at tron of Its interests to those' of the ' groat xeceot l5 - mouthy than 
25 cents (15.8p>. This brings total the parent, gave a March 1978 they were- in 1976. ■ - 

payments' for the 15 months lo market value of R713.7m for Hslexi On the- other hand, j,; 

March to- 45.25 cents, against 33 investments; compared , with having to "make. provision? againa 
cents In the 12 months to -Rfum arthe end of 1976, before base Tnetals investments. An,' 
December, 1976- . the merger. Investments' as a extraordinary -item . of R33.40ni 

The final was preceded by two whole for the group at. -the. end covers '• 'tmmdMt ag aang t ft-- 
interims, while in 1976 there was of March were Worth R1.4bn Teuke-Fungunmie c&ppgr venturr 
one interim and one tmaL against R525.68rn 15- months In Zaire, and.". the- cohtinuinf 

The dividend declaration, before. troubles of. the -‘Setebi-py fWt - 

announced yesterday/ was In the second place, .Anglo hick el- copper ■ operations ot 
accompanied by prbvisieuial receives a particularly heavy flow Botswa n a B S T . 
results which showed .that het of investment revenue in the . -'m,- mvestment lir ' - 

profits in the 15 months to March March quarter. There have thus Fungurome tias now hm. 'i.rrinT' 
were R241.7m f£152.9m). In 1976 beer, two quarters of exceptional 
earnings were-RSfi^m. *- -■ revenue 

The group has been - .changing months 

its financial year-end from A breakdown o? « tne results tjjQ e bf the mferinf'. figures * Tn 
December to March, thus making shows that Investment income for. 1876 there- waif^-ar- provision a 
comparisons betw r een one year and the 15 months was R2I3.17mj.--Or. 

the next invalid. At the same more Ulan double the : The. provision? JOaide against- 

time there are other- factors, received in 1976. . - Botswana RST- is RasJi'hL 

which distort the 1977-78 figures. Despite the distortions, bow- company, in which Anglo is om 1 ' 
when set against those of 19761 ever, Anglo has been doing wen of the two majbr sb^eholdetx"- 
In the first piace, the most in the areas where it is strongest recrat^reBouneedra>flhandM re- • 
recent period incorporates for the Gold and uranium accou nt for structuring; ; i' 
first time the results of Rand over a third of its investment Anglo shares ■ in London yester- ‘ 
Selection, which became a income, while diamonds account day lost 2p T to'295p. :: 

Tara in trouble ^ met 

TARA EXPLORATION, just a year various official approval^ wai -be 60 . ; pef-ceht .of - the otrtput-is o’; 
afier its Navan -zinc-lead mine executed by Burns Fry, the invest- ^eto quality, and ^the market ha'' 
came on stream in Ireland, has ment house, on the floor : of the been very. firm. - 
been forced to negotiate with its Toronto Stock Exchange.- The TWs makes the cotRttrra smal 
bankers on a rescheduling of debt price compares with a trading producer by wrW standards witlv 
repayments. price of C$1325 before the Amax ari output less, than -a quarter oi 

A statement from Toronto plans were .made known. ’ that in Namibia ' <Sbuth WmV 

vesterdar said that negotiations Should more than. 800.000 shares. Africa) . ■ -Most- of the ^ 

have started with the Toronto be tendered, the sbares- wm he .from , alluvial d^josits; ^rid tb'' 
Dominion Bank. The first repay- taken up by Amax on a pro rata leading company was -^Sodeti 
ment of principal is due on July basis, following the regulaSons oF Centrafricafne d’&LpJoftation EMi 
20. the Stock Exchange. mahtffere, in which Comhieo o ' 

Last August Tara drew down Last year Canada Tungsten, the CHuada^ha^ a 60; per' eeqt stake 

S112m (£61.4m) from a Toronto only tungsten producer in the ; ' 

Dominion loan consortium, country,- had a net income of a- 
Start-up costs escalated above the record C$16J.m. In the quarter 
original budget, but financial to March, the profit was C$4.7>n 
difficulties since then have been (£2J3m). 
coniDounded by the sluggishness Ti 

of Ihe metal markets. mill capacity io i.uw. mas a nay, .enrn MlVTMri _ , 

At the beginning of June 1977, hut wilLbe dealing with- a lower 
the London Metal Exchange cash ™ epde. The operation is -in about . ^ 

zinc price was £325 a tonne, but the flatter area of. the Norlh year for its slSS%ffSSSppS = 

silver mine in' north west Ontario 
writes John Soganith fron 


The ^company is /doubllnj. Tt* . . about prices 

ifll capa _ci ty to_ 1.000 tons a day, , S n m M i™iV:- b. 

since then has been as low as Temtones. 

£235.25. Latterley ;here has been 
some recovery and .the closing 
price yesterday was £33525. . 

Cash lead at the beginning of 
June last year was CHSj; a tonne. 

Ii fell to £250 last February, but 

Central Africa 
diamond quest 


. ‘.‘Because we continue tn recem 
low prices for- our concentrates : ’ 
and because, in common with '• 
many other producers, we have'. 

. — ~ u _• x 7 • '““v oarer 

•ike zinc nas recently been .•». v-ypr iicnjir jiamnn^ mining had to cut back -out production' 

“■ wIth yes,cnlay > pr,ce at — XSS-S 0 ; 

The Irish Government holds 25 fraervp be ^Ticraf nt ^nual A-poaitiw- SrjBw-’diBftJ'ST?: 

per cent of the Navan mine, the r the^anageSentstated- ^ - 

largest - zinc-teed operation in Gonen. reports L Uaniel from Tel ^ 'the nfne^liS to lasr:-- 

Europe, but last month .an General Conen has nut an operating ' 

assessment published m the ^ enerai wnffl nas put togetner „ — 

annual rppnrlnf the Central Bank 

Bswjruirjtftjsa cS-jsss-ffiTS ssaj-.‘ 

a^-ida^gg gSg»s ;- 

rnuj snarenoioers jn lara eimervirirmt chmp Ann . km from - an ^ non-operating ernenditure . 
include Norenda. Commco and ^™^ ^ 600 km from of C342m. . Out of. this sum.-“ 
Ncrtbqutc from Canada and ^ends CSZVm was snent on the Detour: - 

Charter Consolidated . the London esteng cop^r.^c-gold lofot venture in- 
arm of, the Anglo American ^ north t -west . Quebec. T«r~ 

ration of South Africa. 25^- miners isod. -mnes are - brine- 

Amax builds up 
tungsten stake 

African mining enginett, and uS?™'- 

Israeli maintenance persdjineL 

Any rough diamonds found will ^ 

.be sold mainly to the Israeli cut- 

ting industry, and 30 per cent of 8I ^'^ 9ZS per ***■ 

the profits will be paid ta..tbe OI s,lwr - .... 

state ax a fee for the Concession- 
Diamond production . in- the 
AMAX. the diversified U.S. group. Central African Empire has been 
wants lo build up its 47 per cent sagging in recent vears. In 2975 J»°LO and base— O ntpui of c*®* 
stake in ihe profitable Canada it was 338.000 carats, down by S’iuS 

Tnnssten company to fi2.o per 2 per cent from 1974. while tn cwti-d Aorir M; ttn. iac tooM. roimji8ft s 

cenl. Ji is considenng making a 1976, the last ypar for which 1 -ujxuid. Four jnonrti.s eoded April SB. 

block offer for shares at fi cures are available, it was 286.000 **''• ^ 196 lonrws. colomhlie j umnn 

a price of C$19 1933 pi a share. carats. But there has been little J?, A ■ 
The offer, which is subject to change in value, because about l^ni iK°Tonn«n. 7 



eserve and Uaion in $60] 

Reserve Oil and Gas and. Union 
Gas have signed a 580m. three-’ 
year joint venture agreement to' 
explore for oil and gas in western 
Canada. ■ - 

The primary' exploration areas 
are in north-eastern British 
Columbia, the Alberta foothills 
and western Alberta basin and in 
the heavy crude oil areas of 
Alberta and Saskatchewan. 

In addition to the exploration 
commitments the [wo companies 
will finance development of ihe 
reserves, discovered. 

Total expenditures for both 
exploration and development 
could exceed 58Um., according to 

■V * * 

Mesa Petroleum of Amarillo, as 
operator vvilh a 23 per cent 
interest, has announced the 
awarding of various contracts for 
the development of the Beatrice 


field .- located off the north-east 
coast of Scotland In the U-K. 
sector of the North Sca^ 

• _A revised development plan for 
the -field- was- Submitted to- ..the 
Department ot Energy ‘-on May- 15 
and approval is expected shortly? 

Contracts amounting - to £26m. 
have been- ..awarded., for the 
purchase of Steel plate,- fabrica- 
tion. oT jackets .-and : pilings 
and project' management " and 
engineering design. 

Through. UK subsidiaries, 
ownership in this block is as 
follows: Mesa (25 per cent). Kerr 
McGee (25 per cent). Hunt Oil 
(20 per centj and Creslenn jUKj 
1 15 per cent). ■ P and O Petroleum 
also holds a 15 per cent interest. 

Na Limas has announced the' 
completion of the GitaNo. 6 well - 
in its 53 per cent owned sou th- 

’ ."V '■ 

east Sumatra -contract fdftij 
offshore Indonesia. i 

The wen, located .about cigar 
, miles from the- currently pr & 
ducing-- Grata -fleld: was rested & 
■tcomWiied. ."Tatat-'df:- ibout 1JW 
barrels or oil per day :.froni two 
zones In the Talang Akar forma- 
.lion:. . The.. welk -also produced >■ 
d rate o£ -.2550.'. barrels per d*7 
troin the formation Batu Raja. - 
’• Gita .No.-fi.-was drilled to a total 
depth of 6^80 feet A second 
well, Gita No. 8, is currently brio£ 
drilled about 2.300 feet from the 
bottom -hole - location, of Git® 
No. 6 <for further - revaluation of 
the ■ prospect’s" potential. 

'. A Natnmas subsidiary is iW 
operator for a. group of companirt . 
which . holds - the production. .- 
sharing, cop tract in the soufb-eaw. 
Sumatra area with Porta raina. tl« : V 
Indonesian State-owned petroleum , 

Progress indicated at Sellncoiirt 

chairman of Selineourt says it is 
ion early to forecast for the 
current year, but adds in his 
annual statement, that at this 
time further prowess is clearly 

As reported on May II pre-tax 
profits for rhe year to January 31. 
197S were up by S3 per cent, from 
EUSm to £42Sm and the' 
dividend is increased to 1221p 
|0.9Gp) per share. On a CCA 
basis profit is adjusted to £3.34m 
£2.09mj after depreciation 
£0.4 3 m t£f>.4fim). cost of sales 
E0.98m (£1.79m) less rearing 

adjustment £0.S2m (fl.lfim). 

l.ooking further ahead the 

chairman says, that the growth, 
potential arising from the 
expansion plans in hand, 
promises well for the sroup. 

In April the group entered into 
arrangements with the French 
couture house of Pierre Balmain 
to manufacture in France and to 
market In tbe UK. the U.S. and 
other selected overseas markets a 

new range of .products' -under. the-. lariy 'successful, in the export'^' 
Balmain. label. Geld. ' thfr Chairman adds. Since .' 

The Scottish knitwear company, the year-end iF is " taking its fitf 
MacDougal), moved Ifrom a loss -share -of a boom period. 

nc UK Garment- oamwmle 
teUMJn SurlXwS. ”»«'« genemlly p^tormed 

The e .ro„p wm be storUy ' 

commencing work on . a. large . ’ 

extension to the existing modern 

plant at South Norxnahton, GPG/11NFOOD • s - 

DcrbysHirc* • 

E. and A, Richards’ results were t-lnfood . -Holdings has be® - 
disappointing, Mr. Leighton says, tjotifled by Guinness Prof 
but during the year- steps -were (hat it has acquired furU*.,' 
taken to strengthen the* manage- ordinary shares in Linfood ■ 
meftt and to insjall. fouir ngw follows:— On May 5, 50,000, on 
Jacquard . ~Raschel knitting LO, 25,000 and on May 25, i75,ra 
machines. m Us factory at Bobbers shares. In addition Guinness Pw 
Min, Nottingham. Currently -this has informed the company that ■ 

-is on target" for a much improved- has accepted .the company's off* 
performance, he adds. .. for its holding of Whcatshe* 

J. IT. Walker.- pile fabrics Distribution and Trading ordmsr: . 
maker, had another excellent -year, shares as a -result of which it h* - 
and additional premises . were aeqaircri a further 150,000 ordiiudl '' 
acauired in Rawdon Leeds, with Linfdod. - : • 

a floor area of- 76,000 sq ft. ' i, .. 

The -: merchant ^ cmivaliiiK VGuinneas;: -°^ v . •: 

subsidiary Walker and -Rfte, had interesr un 
a -reeord year and was partial- -4,836,188 ordlhaty shares^ .* \J 



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^Fiaancial; -Bines Tuesday ?Ju ie. 6 1978 

. _ .. To.fte Holders of . 

Occidental Overseas Limited 

10% Goaranfeed Notes due 1981 

codpot votes or sum pbbscjpal amoukt ootstasdcio. 

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9045 1Q747. 12551. 14278 160S1 19856. 10561 2136S ”'033 24OTQ =6638 28420 
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9071 IpSll 12573 14300 16D77 17874 19616 21257 22E74 21911 26665 284C2 

9080 10818. 12598 24207 26Z47 178S2 19629 21410 22584 24917 2C7Q5 28473 

9114 1082B 12617 34313 16157 17838 19C44 31426 22F.05 21923 26T21 2H4B7 

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2J5i JSS5I JSS 1^00 itsi? isn? 214 ?b 22954 =4359 267oc sasua 

9190 10856 12V72 14379 

9206 10861 12683 14408 
9222 30866 12700 14440 

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758 2556 4337 6092 7812 
774 2S73 4354 6103 7824 
791 2584- 4371 6121 7837 
B07 2599 4388 6138 7857 
833 2615 440G 6153 7873 
840 2632 4423 6170 7892 
8S7 2648 4441 6183 7917 
87S 3666 4457 6200 7937 
894 2683 4474 6212 7951 
909 2700 4493 6229 7364 
936 2717 4512 6242 7981 
945 2734 4529 6262 7991 
964 2751 4549 6278 8011 
9B0 2770.4567 6391 8019 
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1012 2307 4 €01 6316 8068 
1030 2823 4618 6326 8076 
1045 2843 4636 6346 8091 
1061 2858 4655 6369 8116 
1077 2875 4671 6386 813Z 
1094 2893 4688 6401 8144 
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1148 2942 4744 6448 8200 
1164 2960 4760 6488 8205 
1179 2977 4776 6473 8216 
1194 2991 478S 6478 8229 

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9972 11701 13445 15187 
9987 11708 13463 15237 
9993 11724 13523 15309 

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1230 3022 4833 6502 8266 10025 11758 13539 15247 
1249 3037 4S93 6519 8281 10045 11780 13556 15278 
1268 3052 4868 6530 8313 10064 11794 13573 13316 
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1456 3245 5050 6742 8480 1M17 11968 13721 15516 17210 19021 20311 2243B M3G4 25956 =7000 23531 

1476 5065 6787 6490 1WS6 12010 13728 15517 17211 19033 20820 22448 24377 25971 =7892 29540 

1494 3284 5084 6788 8524 10291 U041 13729 1SM4 17213 190M 20851 22460 24387 =6985 =7902 MM3 

1509 3300 5103 6789 8531 10300 12061 1377B 15559 17321 19055.20369 =24.0 =4390 26010 27911 2301.7 
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« T^Kotts speinM a^ffare fo be redeemed for the said jSiflJc jflfe Fund at tbe Corporate Trnftt- 

Offiee of Marine" Midland Bank, 140 Broadway, New Xork, New York, t*r. offices of Marine 
Midland Bank in London and Paris, the main office of Svk* Bank Corporation vi i Basel, the mam 
office of Dresdner Bank AG in Frankfurt/ Main, the mam office of KredreUiaHk'NA . m Bnissels. 
the main office of Banea Commerdale Italian*»Milaxi, and the office of Banqhe Internationale 
k Luxembourg SJL in Luxembourg, as the€» paying agents, and will become due and pay- 
able on July 1, 197K On and after the Bedem'pUon ftote, interest on Uic said Notes will cease to accrue 
and the coupons appertaining thereto shattl.e .TO'd- , _ 

. The said Notes shonld be presented and rurrahdered at the office set forth in the meeting para- 
graph on the Redemption Date with all interest coupons maturing subsequent to the Kcdcmptian 
Date attached thejeto. Interest coupons payable July L 1978 should be detached and presented ior 

payment inthe -usual manner. , MARINE MIDLAND BANK, 

May 30, 1978 TfBrtw 

board of directors 

?u ! 



t {'«■,. ' 


of the Red Cross. 

-Unlike most businesses, inflation and rising costs don t 
eat away at the profit margins of a charity. Simply because 

there is no profit. . , , 

' Instead, they effect us in another way that has more 

serious consequences both in the short and long term. 

Since the Red Cross has no profit as a cushion against 
inflation, this has to be covered with money from reserve 
funds. Funds that would normally be held back for 

emergencies or special international projects. 

In just two years, the cost of equipment and relief 
supplies have risen dramatically. For instance, the costofan 
Ambulance has increased by 40%. A wheelchair by 55 /•- 
Unless something is done now, our future could be in 

je0P TOs is why we are asking your board membere or theiv 
charitable trust to' consider whether they can help the 

Red Cross 


Society, 9 Groavenor Crescent, London L\ <EJ 




By MARTIN DICKSON, recently in Rhodesia 

MR. S. C. PARAFFIN, proprietor 
uf ihe Progressive Store and 
village petrol station in the heart 
of the Zwiuiba irihal trust land, 
stands at the entrance to his 
modest shop and talks of one of 
one of the most crucial questions 
that will face a black govern- 
ment of Zimbabwe— African land 

Mr. Paraffin is" a local repre- 
sentative Of Bishop Muzorcv.-a's 
United African National Council 
(UANC.J and this, as well as his 
shop, should keep him in touch 
with local opinion. 

What improvements do the 
people of Zwimha expect when a 
black government takes over in 
Rhodesia? “More land," is Mr. 
Para inn's immediate answer as 
he iuoks out towards the mud hut 
homesteads, plots of stunted 
maize and overgrazed grassland 
that stretch away in an uniidv 

“There are people here who 
have been working the same Tew 
acres for 20 years," he sa.vs. "They 
can't get any good crops. Else- 
where there is land just lying 
about. You can't gel enough food, 
not enough for the school- 
children. not enough for the 
granaries. Sometimes you don’t 
have enough lo buv a coffin for 
your wife.” 

Some 20 nulos to the nonh of 
Mr. Paraffin’s store, not far from 
Sinniu. lies the farm of Mr. Hugh 
Meikle. Since coming to 
Rhodesia from Britain in the 
early J93fl's. he has built a pros- 
perous mixed estate of just over 
3.000 acres. He attributes his suc- 
cess to ■' -sheer hard work." 

Like most while farmers. Mr. 
Meikle is apprehensive about ih? 
future hut ts trying to look on 
the bright side. He argues th3i 
the agricultural record of most 
govern men ts in hlack Africa can- 
not inspire great confidence-. 
* BnL" he adds. " with 3 Julie bit 
of sanity it will work. With a 
little hit of intelligence thi, 
country can go one way — ar*d 
that is up and forward.-. And 
intelligence involves leaving 
white farmers to get on with 
their work.” 

As he speaks, the eve wanders 
across the manicured lawn in 
front of his beautiful th«tch*d 
roof farmhouse. incongriiou<J.v 
juxtaposed are a set of croquet 

Tobacco is an important cash crop for Rhodesians 

hoops and. beyond ihetn. the 
barbed wire tnat tor*; the 
security fence around Mr. 
Meiklc's home 

The fence, designed lo keep 
mu any guerrillas moving 
through the neighbi.nrr.ood. i., a 
reminder that Rhode -in's bush 
war is far frmii over and 'hat if 

the Government of Zimbabwe 

were GauUy to emer-.p from Me 
battlefield, rather than 'he 
negotiating table. n--rv wr-nld be 
.1 nia mr exodus of v-hji'-s and 1 he 
possibility of a far more radical 
solution to the land mie-tn-o ih.m 
those currently being viorked on 
in Salisbury. 

Whatever the politico! comple- 
xion of the black government 
that finally take., over. ?: will 
he under IrresiMibie .orc.ssure 10 
distribute more ).,nd tr. :he 
peasants of the <.*-•. r-popu la: cd 
Tribal Trust »TTi.;» 

where «nme 60 per e-'ii;. of the 
6.5n*. Rhodeftmn African* live, 
largely by suhst<:*-pce farming. 
That will mean raKing j -:«me land 
out of the hands whites, who 
own some 46 per ryot, of the 
land set aside f*-r agrieulmre. 

However. since Rhudcsia's 
6.600 white farmers provide over 

75 per cent of the country’s mar- 
keted agricultural production 
and a major share of the coun- 
try's foreign exchange earnings, 
none of the redistribution 
schemes currently being pui for- 
ward inside the country foresee 
any major -shake-up in white 
tanning. Rather, the emphasis is 
on redistributing white farm 
lard that is currently being 

Fur instance. Mr Ernes: Bit lie. 
I'/Cv-presidcm of the L'A\C and 
now joint Minister oi Finance, 
bus assured white farmers that 
•‘no sensible man wouid v.-an; 
to dismrb then;.'' However, he 
adds that a GANG government 
would try to buy up and redistri- 
huto land owned b;. absentee 
landlords and rba: not heir . 2 
used productively by resident 

L^nri rcdtsrr/buiian will net 

merely be j political necessity 

for a black government. 
Economic and ftu.T.?nit 3 rian enn- 
>1 derations also dictate it. to take 
nre* sure off the overcrowded 
TTL-. where land I-: hem bv 
t hi • community and plots arc dis- 
tribu: >rt 10 individuals by tribal 

Some form of redistribution is 
therefore accepted by most of 
the black 3nd white- special 
interest groups that have been 
putting forward agricultural blue- 
prints for the future, many of 
them similar in broad strategy’. 
Over-population, poor subsistence 
farming methods and lack of 
decent infrastructure have 
created severe ecological prob- 
lems in the TTLs. 

In the words of the Whitsun 
Foundation, a development plan- 
ning agency hacked hy business, 
these factors have combined to 
produce “ not onlv low produc- 
tivity and depressed human 
welfare, they have also placed a 
devastating and inexorable 
burden on the rural environment 
x-.-hich has led to a cumulative 
destruction or degradation of 
natural resources in many areas, 
where alrcadv the ability to 
sustain a livelihood for an ever 
growing population has became 
marginal." When to this is added 
the growing disruption caused by 
ihe war to African rural life. 
1 he immensity of the problem 
bceins to he appreciated. 

Everyone in Salisbury agrees 
that the new’ government should 

not redistribute land without 
careful though*. It must not 
merely export me poor farming 
methods of the subsistence pea- 
sant and destroy more resources. 

Common therefore to many 
blueprints is the idea that re- 
distributed land should go to 
the best African farmers and 
that it should be held on a 
freehold basis to encourage 
capital investment. 

What this boils down to is 
broadly an extension of the past 
system whereby a relatively 
small amount of land is n-t aside 
as so-called African purchase 
areas, where black farmers of 
proven ability can buy land free- 

However, there is not nearly 
enough under-utilised white 
farmland to distribute to the bet- 
ter African farmers for extensive 
farming. Many Of tJie blueprints 
therefore stress the need for in- 
tensive methods on much of ihe 

redistributed land, with small. 

well-irrigated plots producing 
high-yield crops. 

Along with this would go a 
massive development programme 
10 help peasants remaining 
in the TTLs. which in the long 
term would move towards a 
system of individual rather than 
communal tenure — an idea which 
at present would be strongly 
opposed by peasant tradition- 
alists. Sonic blueprints also fore- 
see the extension of Rhodesia's 
present system of iimited State 

It is far from clear what chance 
these paper proposals hate or 
becoming res Illy. The schemes 
would take a considerable time 
to implement and money which 
Rhodesia’s deteriorating econ- 
omy does noi non have — ihe sort 
or resources, in fact, that were 
envisaged as an integral part of 
the now rejected Ana in- American 
plan. Meanwhile, officials are 
planning and leaving the real 
political questions for a new 
Zimbabwe Government. Will this 
new Government be prepared in 
proceed gradually in the face of 
peasant demands fnr immediate 
redress? How would it react if. 
a? some people fear, the TTLs 
burst open and squatters moved 
in targe numbers on to white 
farms? .Vo one knows now and 
no one will know until majority 
rule arrives. 

r-*' ’ ‘A.l’-: rrir-sv- 

Financial Times 





Vertically integrated with modern processing 
facilities just outside London 


£450,000 PRE-TAX 

Founded in 1970 with a capital of £33,000 increased in eight years to 
net assets at 30th September 1978 in excess of £1,400,000 
Young and energetic management team 

For jurther details write to : - 


27 John Street. 

London WC1N 2EL. 


(Near Paris) 
Modern factory supply- 
ing sheet metal cabinets 
— panels and racks to 
electronics & telephone 

100 employees — yearly 
turnover £1,500,000 
Managers prepared to 
remain if required. 

Write to: 

Mr. G. Esculier — 

49, avenue 
F. Roosevelt — 
75008— Paris— FRANCE 

An attractive opportunity arises in the centre of the 
CITY OF WAKEFIELD Metropolitan District Council's major 
distributive and industrial complex. WHITWOOD-NORMANTON, 
at Junction 31 of the M62 Trans-Pennine Motorway for the 
development of: 

(a) A hotel; 

(b) A drivers’ hostel and associated secure lorry park; 

(c) A vehicle servicing and petrol Riling station. 

Tittle developments would be sited centrally within the ISO acre complex lor 
which there are long-term plins for further extensions. 

Whi (wood/ Norm ancon occupies in outsnnding sue midwiy between the Humber 
ind Mersey *nd between the MI Motorway and A1 trunk road. An additional 
attraction is that no similar facilioe: have been provided adjoining the M62 
Motorway for many miles. 

The Council would welcome enquiries from developers interested in undertaking 
provision of such facilities on land available lor lease from the Council. 

Enquiries should be edd rested to: 

The Ch<ef Planning Officer. City of Wakefield Metropolitan District Council 
PC. Bax 56. Newton Bar. Wakefield WFI 2TU 
for the attention of E. R. Ashton. FRICS. Valuation and 
Industrial Development Officer 


Requires capital f or expansion. 
Working directorship preferred 
if possible. 

Write Box G.2039. 
Financial Times. 

10. Cannon Street. EC4P 4BY. 

UP TO £200,009 

Seeks minority, active stake in 
Merchanting Business. 

10 St. Marys Place, Bury. Lancs. 

ROM £69 

Formation in Et'Auin and all major 
coun tries and olf .shore areas including 

Efficient personal service. Contact: 
CCM Ltd.. 3. Prospect Hill. Douglas. 
Isle oF Man. Tel: Douglas 10624) 
23733. Telex: 627*00 BALIOM G. 


Line Printer- Disk Drive 
and Console. 

Reply Box K971. Walter Judd 
Ltd., la. Bow Lane. London. 
EC4M 9EJ. 


Substantial minority stake for 
sale in £2m N.W. engineering 
group as investment or bid plat- 

Write Box G.2049, Financial 
Times. 10. Cannon Street. 
EC4P 4BY. 


Rellrcd S.E. member, now resident 
California, offers personal. vonfMco- 
iiat services l" individuals or com- 
panies unereJlod in ibti area. In 
London mid-June. 

Write Box C.IOta. Financial Times. 
10. Cannon Street. ECU? 4BY. 

£1 A WEEK lor E C.2 address or phone 
messages. Combined rattsa + telex 
under £3 a wcck. Prcstinc Offices near 
Skkx Exchange Message Ml ne«crs inter- 
national 01-628 0B9B. Telex 5811735. 

CROSS FUND requires income In large 
Quantities Anv ideas welcomed. Write 
Bov G.201 6. Flnanrlmt Times. TO 
Cannon Street. EC4P 4BY. 

£15.000 PROPERTY LOAN required 8 
offered private , investor. Ample 
security. Write Bov G.2057. Financial 
Times. TO. Cannon Street. EC4P 4BV. 

YOUR ADDRESS in Switzerland lor Snl.Frv 
70 per month through H. R. Bftascr. I 
Hauptftr. 372. CH-5212 Hausen. ' 

(and from other sources) 
Ev:epcional quality office furniture, 
teak desks, hide chairs, swivel chairs 
in tweed, filing cabinets, and Aling 
cupboards. Adler and Olympia type- 
writers. 1 00s of ocher bargains. 

Phone for details: 

Brian North or Bil) Raynor at 
"Commercial." 329 Grays Inn Road. 

London. WC1. 01-837 9663. 


30 City Road. ECI. 

01-428 5434/5/7361. 9936. 

Business and Investment 
Businesses lorSfl^tastfed 

Every Tuesday and Thursday 

Rate: £16 per single column centimetre. Minimum 
3 centimetres. For further information contact: 

Francis Phillips, Financial Times, 10 Cannon Street 
EC4P48Y. Telex.- 885033. 

01-248 4782 & 01-248 5161 I 





in prime position of Bournemouth as a whole 

1) Linden Hall Hotel. Christchurch ming pool, gymnasium, lquash 

Rozd {as investment, let ac courts. games room (vacant 

£32.500 per annum; 5 yrs. remain possession). 

on full repairing and iniunng 3) Forecourt petrol filling station, 

lease ). garage and workthops. Knyveton 

Road {vacant possession). 

2) Linden Sports Club. Knotc Road. 4) Stiff houses and flats [vacant 

comprising ban. restaurant, swim- possession). 

Ideal as leisure centre and/or potential redevelopment. 

Closing date for Tenders. 12 noon Thursday. 20th July. 1978. Sole Agents. 
Hotel Department, GOADSBY ft HARDING, 

Borough Chambers, Fir Vale Road, 

Bournemouth Tel. 0202 23491 

Business Laws of Saudi Arabia 

Companies and Lawyers doing business with Saudi Arabia may have 
had difficulty in obtaining adequate English, translations of the main 
Saudi Arabian business laws. Graham & Trotman have solved this 
problem with the only definitive translation oF the business laws, with 
a quarterly updacing service. ** Business Laws of Saudi Arabia " is 
crans/aced from che original Arabic by the experienced legal trans- 
lator N. H. Karam. 

For full details:— 


Bond Street House, 14 Clifford Street. London W1X 1RD. 


Residential Flat Development seeks maximum finance in excess of 
(Hid commercial rates paid. Equity or combination acceptable. 
Ideal pension fund Investment. Replies in first instance to Box 
G2047. financial Times. 10. Cannon Street. EC4P 4BY. 


I have substantial capital, income and TIME to devote to a 
venture which requires your skill and experience, plus my 
proven capabilities and connections. Strictest confidence— 
initial conlacr Ihrough third party if desired. 

Write Box G.2035. Financial Times, 

10. Cannon Street EC4P 4 BY. 


Important manufacturer of tanks, special containers, transportable 
mixers, with many international patents and know-how, complete 
far sale: £750,000. Price includes land, buildings, offices, machines, 
materials, order book. etc. 

Industrial Estate, 60,000 sq.m, in best position for both Cologne 
and Dusseldorf, on the motorway system and arterial roads, ideal 
for warehouses carrying German and EEC stocks. 

Price: £1.000,000 

Robert R. Leysieffer, Ingenieur- und Untemehmensbe ratung 
D 5653 Leichlingen 1 / Germany, Dierath 2, Telex 8515737 baco d 

Entrepreneurial International Trader? 

International trading company wishes to licence companies to establish a division 
to trade under in name. Licencce re taint ownership. Company split into oight 
trading divisions; budding materials; consumer goads; engineering products: 
electrical products; textiles and clothing: Food and drink; medical; components 
and raw materials. Licence often benefit of multinational company, new 
contacts, produces and sales outlets. Size of company nor so important but 
telex and knowledge of international trade are essential. Licences are available 
in the UK and some territories overseas, 

Write Box G.204S. Financial Times , 10. Cannon Street, EC4P 4BY . 


Analo-Portuguese development company have completed 
holiday village in the Algarve— 1 mile from Peninu Golf 
Course. Superb accommodation, each unit fully furnished 
and equipped, landscaped areas, swimming pool, micro food 
market, own laundry, etc. 181 bed places. 

Write Box G.2051 Financial Times. 

10, Cannon Street. EC4P 4BY. 


Importers ol household goods— not 
textiles — over 50 years — require 
director. Can be reiidcnt anywherr 
in UK. Ample capital available far 
expansion. Excel'ent salary. Prestige 
car. Participation in equity give... 
Mutt have good selling connections. 


I LV ' f T'TT IT! ■ 


To assist U.K./JEuropean 
Mfrs.. etc., to establish in 
America a complete service 
is offered. 

• Market Evaluation. 

• Location & Evaluation of: 
Company Acquisitions, 
Distribution & Manufactg. 
facilities, etc. 

For brochure, etc-., enntnei.: 
INDUSTRON consulting 
270 Madison Avenue 
New York, N.Y. 10016 
Telex: ITT 423087 


Top financial executive in major 
worldwide manufacturing company will 
act as your agent in mvasting in the 
U.S. Experienced in real estate, 
agribusiness, retail stores, and manu- 
facnirirjg- Contacts in South. South- 
west, .and West. Can assin you in 
finding opportunities to fit your needs, 
evaluating investments. managing 
investments, monitoring progress on a 
frequent basis, and negotiating on your 
behalf. Will work on a very confiden- 
tial basis. 

Write Box F.I02I. Financial Times, 
10. Cannon Street. EC4P 4BY. 


Thorough engineering completed. 400 
acres. 20m tons recoverable. Medium 
to low sulphur. Strip and Deep Mine 
seams. Additional acreage being nego- 
tiated. R. Price. Bov 1017, Oak Hill, 
West Virginia 25901 U.SJL. Tel. 
304 469-2214. 

10 year mortgages and 
remortgages available at 3%- 
4% over our bankers base 
rate secured on freehold or 
long lease properties. Other 
facilities available. 

542 London Road, lsleworih. 
Middlesex. Tel: 01-560 Midst 



Private Group of Companies manufac- 
turing plastic pipes wish to acquire or 
merge with manufacturer of other 
building products to maximise market- 
ing and distribution potential. 

Wriie Boa C.204 5. Financial Times. 
10, Cannon Street. EC4F 4BY. 


Highly experienced Commercial 
Sales Executive wich 25 years 
practical working knowledge 
within the area offers services. 
Now available for meetings until 

Write Bov G.203B, Financial Times, 
10. Cannon Street. £C4P 4By. 


Companies formed with Swiss 
professional Management. The 
best of both worlds. 


175, Piccadilly. London. WI. 

Tel.: 01-491 4559. 

Telex: 84 7777 Manat. 


Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 p.c. 
Lease 3 yean from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-641 2365 


requires distributorship for 
Western Canada in food — con- 
fectionery and drink produces. 

Mease tend details to Box G.2032. 
Financial Timet, to. Cannon Street, 
EC4P 4BY. 

Taiwan and 
South East Asia 


Write Box G 2052, Financial Times. 
10. Cannon Street, EC4P 4RY. 



Seeks reversal inro Public Com- 
pany wich funds to expand 
present £IM Pre-Tax Profit to 

Write Box C.2058. Financial Timet, 
10. Cannon Street. £C4P 487 


in Briitol area seeks £60.000 to 
finance expaniion. Anticipated profits 
in 1978-79 in excess of £50,000. 
Equity available. 

Write Box G.204 J. Financial Times,. 
10. Cannon Street. EC4P 4BY. 


Companies 4 

If you are a shareholder in an established and. 
growing company and you, or your company, 

require between £'50,000 and 4:1,000.000 for any: 
purpose, ring David Wills, Qiarterhouse Development. 
. Investing in medium size companies as 
minority shareholders has been our exdusive 
business for over fort)' years. We are prepared to 
invest in both quoted and unquoted companies 

t currently making over .£50,000 per annum . 
pretax profits. 


Qiarterhouse Development. I Paternoster Row, Sl Pauls, 
London EC4M 7DH. Telephone 01*248 599*5. r. 




As Whole or Individual Companies; 
TOTAL T'O approx. £ 1.6m. p.a. 

Established reputation in manufacture of Special M/C Tools, 
Jigs, Presses, Tube Mills, etc. - - - 


Full details from Box G.20S5. 

Financial Times. 10. Cannon Street, EC4P 4BY 


For sale, very successful company engaged in leasing of equipment 
to major oil companies and rig contractors. Management will stay 
on. Market share estimated at 65?i . High cash flow. Price £4 m. 
Write Box G.2033. Financial Times. 10, Cannon Street, EC4P 4BT- 


(Limited Company) 


owning land bank- with planning 
permission, valued at about 
£100,000 and tax losses of 
around £300,000. 

Principal! only please apply to Box 
G.2042. Financial Times. TO. Cannon 
Street. E C4P 4 BY. 



wishes to divest small division 
operating in the mechanical 
handling field, which is peri- 
pheral to its main activities. 
Division comprises manufactur- 
ing. marketing and distribution 

Write Box G.1957. Financial 
Times. 10, Cannon Street, 
EC4P 4BY. 


A manswei; do thing company using 
CMT outworkers wich accumulated 
1 05105 in excell of C1DO.OOO wishes 
to discuss possibilities with established 
and successful Company or Group 
interested in utilising tax losses. All 
outside creditors paid up. 

Further details available an request fii 
writing to Sox G.2040. Financial 
Times. 10, Cannon Street. £C4P 4BY. 


Leading Agencies. Located West of 
England Tourist Centre. 

Stock. Debtors and Goodwill. 
Principals only. 

Write Box G.1961, Financial Times, 
ID, Cannon Street, EC4P 4 BY. 

Freehold Self-Contained 

Fully flame-proofed equipment, bulk 
storage tank, laboratory and offices. 
Turnover half a million pounds per 
annum, with ample room lor expan- 
sion, Principals only. 

Write Box 6.2041. Financial Times, 
10. Con non Street. EC4P 4BY. 


Established 16 years. Sixteen 
extrusion lines. Profiles and 
pipes in Polypropylene. Poly- 
thene, AJB.S. and Rigid P.V.C. 
Principals only. 

Write Box 6.2036, Financial Timer, 
10, Cannan Street, EC4P 4BY. 

to forecast 




Rationalisation is allowing us to offer---- these 
businesses, which are spread throughout the- U.K., 
at attractive prices with finance available. Talk to 
us, we are prepared to deal. Principals only. ... . 

Write Box G.2037, Financial Times, 10, Cannon 
Street, EC4P 4BY. ' 

The directors, of Welleo Hold- 
ings report turnover up from 
E2.4m to JESfim and pre-tax profits 
ahead from £287.000 to £296,000 
for the half year to December 31, 
1977. -And they confirm the fore- 
cast made last month, at the time 
of the rights Issue, that profits 
for the full year will be not less 
than £580.000. Profit for the 
whole of the 1976-77 year was a 
record £506,000. . 

The directors have- already 
announced a ,0.175p net per 5p 
share Interim dividend compared 
with 0.1tt9p last time, and they 
say that on the profit forecast 
they would intend to pay a 0-93P 
final. In context with the rights 

Welleo. principal _ activi- 
ties include the distribution of 
electrical components, - property 
developing; and building contrae- 
tnrinsr. has opened up a new 
export market in Iran for the 
heating elements for samovars 
which could be worth - as. much 
as Mm a year.- The croup -has 
recently received its first order, 
of more than £250,000. 

Huntleigh stays 
on target 

Continued development arid 
new growth ventures should not 
affect the Huntleigh Group's in- 
crease ht turnover and profit 
this year. Sir Joseph .Hunt, 
chairman told the AGM. 

“ We hope we have planned a 
good balance between the. con- 
tinued development of the on- 

going business and the initio 
tion of new ventures,” he sairf 
He believed that the loss? 
which, would, result from th, 
new growth ventures wen 
iikely4o be offset hy profit in 
provements elsewhere in tfii 
group. And he saw no reasoi 
to. modify the view that Huni 
ieigh should increase its turn 
over and profits in the curren 
year.” - ■ 

EGI silent 
on County & 
Suburban bid 

; A £433,769 surplus on a Deceit 
her year-end property revsluatfo 
at Estates and General lnves 
meats' keeps the company’s ne 
assets to J2p a share, despite 
'-£155,000 write-off and t radio 
losses from - its- abortive Nottnu 
ham -.Hotel venture. 

Chairman Mr. J. K. Laurene 
looks forward to 1978 “with cor 
fidence,”, but he' makes no con 
ment. about a -possible renews 
takeover approach from Mr. Pete 
Prowt|ng*s. County and Suburbs. 
Holdings. County and Suburbs 
took its shareholding jn - Estate 
and General to 39.9 per can 
following further share acquis 
tions sanctioned . at . December 

As reported, pretax profits fo 
the year- increased from £250,60 
to. £331,580. and dividends hav 
been 'Increased from 08p to i 

net ...... 


To De Offered 0/ Public Auction on 
13th July. 1S7B it 3.00 P.m. 

The property lies on the edge ol 
Trowbridge set In very attractive wood- 
land and extending to approximately 
Z2 acres. Permanent Planning Permis- 
sion for 100 residential caravans, with 
22 sites developed of which 12 
occooied. 3 reserved. 

FREEHOLD. Sublet! to existing 
tenancy agreements and with an option 
to atQuIre through a company with the 
beneei ol Tax Losses estimated to 
amount to C 1 CO.OOO. 

22 Cathedral Yard, Exeter 
Tol. 103921 SI 571. 

Teachers Assurance bonus 
rates stepped-up . ^ 

Teachers Assurance Company is bullc of the "amount ha* b6a 
maintaining its reversionary waived- , • • . r - 

bonus rate for thetJmje yearsfo lTr tatWyear to.Man* 3l'- 
September 30, 1877 » <u a t- ?f° 1978, the entitlement was £73,031" 

“ nt an nuxn of Ihe aun directors taking . fO.OOfr. '.. 

assured. But it has more than -mqob for the chairman and £2.Qfr: : 

2 fw the throe othe^ dirSv.- 

PGJGblG On death And HlAtUrtty. I -M npf .■ rf"* 

cLaims. The new scale based on’ 1 cent 0f ne£ mc P“®- . ' 
the sum assured varies .from And . in' the . last six .y ears th , 
220 per cent for a ten-year, con- entitlement bas totalled J375.48I ' 
tract to 450 per cent fora 20-year with aJJ hut £6T,074 of- l& 
contract to 550 per cent for ; a waived. .; >> 

?fn ,ear ^ The directors/ have called 

140 per cents 200 ptr ceDt^ADQ Tpnilff tn follow rh«» AlSk 

*•* er. Mnt re»PeMiTOly O" *- «°1lx,oS, 

previous scale. ... ^ provide that their tota 

Thus the company' has made- remuneration should, not exceec 
substantial increases . in its i perjasn of net Income. 

terminal bonus rates and has.' „,ih ,.;u ki 

obviously adopted the- philosophy ^ U 

that the bonus paid at inaturity^ JEf iJ S 
should represent a large portion t ^ lls re ^ u ?*^ L amount, which lasj 
of the ultimate maturity value.' w0 . uId have been 121,439. 

The Teachers’ Provident Society, _ £ eir entitlement over 

UK friendly society manesed .by 

Teachers’ Assurance, has also unreatisuc levem. rne actual 
maintained Its reversionary bonus remuneration has remained inl- 
and substantially, lifted the a^riM* for 18 years, and it la 
terminal bonus rate. . The proposed- to lift the amount paid 
reversionary bonus rate for the to each director by £300. 
three years ending December 31, This will lift the total payment 
1977, is kept at £6 per cent per to to £11,000, and Mr. McLintock 
annum of the sum assured. But says this will leave a margin to 
the new terminal bonus scale accommodate the appointment of 
varies from SBi per cent of the further, directors If requlrfed- ’ ^r-.. 
sum assured at ten years to. -rw ar- ’ 

3S0 per cent at2fiyears to ffiO per •T*’? ^.°f'J r, T R ‘o Co ^S' ■ 
cent at 25 years, ^pmpared .with ' 

220 per cent 800 leer cent ^d ■ 

300 "per cent respectively on the G Ovett and -_Go., which. acts_ A; 
previous Se T managers to the timst. Lake ^ ’ 

» .w .-v • m . turn owns la.l per cent^fr.. 

ordinary shares in Govett, 20 ^jwr 

originally established to ^provide ceQj g pgr cent preferonc#' 7 

sbarvs «>d 27^ per bent 

services to foe teaching, pro- iQ per cent preference capital -' 
fession. But abour seven or eight “ ^ * 

years ago membership was made . . '-V 

available to foe general pifoUc, A ■: 

but only recently have foe \wo ill II -•!? 

organisations sought to make “‘"Jr r r-u“ .- . 

their services known. - r r » - v 

.National Mutual Life Assurance increases loanv 

Society is to maintain, until ■■■■■" - . 

further notice, .its final bonus ■ 

rate, payable on death or Mj 
maturity _ claims, at. foe present : 

maturity claims, at tne present n . ... 

level of 30 per cent of attaching 
reversionary bonuses. This "bonus 

rate is reviewed every six months v “ V. J ' 

and was last ' increased 
current level 12 months ago from 

die previous rate >£ Jo per eenL ^.AeSu.K'Ihe^ • ' 

It', is intended to draw 
‘ crease In Eurodollars but ow 1 '-- 
T qI/q Vi AW gradually, as and when adt^v. ;. 

JUaAC Y lvYr : investment opportunities .'-VFfi • 

The repayment date has beetf.^i 
rilFPf'Inrfi tended to- May 31, 10S2, hut;**, 

till Cl tU.I o _ .other terms and -conditions - • 

. unchanged. - - ’ 

cut their pay 

ANTIQUE CENTRE Ml In fine Elitabcrlun 
building near SiraUord-on-Aion. Price 
£65.000 Freehold. Tel. 078 988 3452. 

lull Oroer Book and long lease . on 
7.000 sq. It. 25 miles WMI Of London. 
Wri:e Box G.2044. Financial Times, 10 
Cannon Street. EC4P 4BY. 

AGiUNST . A background - of 
growing- complaint about the lack 
of incentive offered t<r UK 
management by .foe tax rates, 
directors of Lake View Invest- 
ment Trust are moving to reduce 
the amount . of remuneration 
available to them. 

Since 1951 directors have been, 
entitled to 3.5 per cent of the 
company’s .'net ' income as '/re- 
muneration. But . Mr. C. Alan 
McLintock, the chairman, points 
out in a circular to shareholders 
that foe growth in income has 
made foe amount available un- 
realistic, with foe results that the 



w.Bfc as x 

PRODUCndH^; > 

r • kj.;. 

’ / - -• 1 Contact: 1 ^: ;= ; - ; -T ’’ ’ 


371 7 BRANDON STREET} • ■ ’ 



A specialist sub-contractor in the Civil Engineering 
field is seeking to extend its activities by Uie 
acquisition of a Plant Hire Company. Ideally looking 

Existing management to remain; 

Turnover under £1 million; 

Withing 50-mile radius of Reading: 
Underutilised yard. 

Principals only. Replies invited to Box G.2048, 
Financial Times, 10, Cannon Street EC4P 4BY. 



Over 400 sets in stock 

Buy wisely from dw m anu fact ur er* 
with full after sales service 
01-986 8231 
Telex 897784 

large lele^iian ol aoDrovimatcI* 1 20 ■ 
tryixs -.a cnooie horn. R.iw now lor our I 
Lit. Trade and export tiquirirs vet. r 
ccmrfl Large reduction on Oulu cur- ! 
rliasu D^li,e'i4s arranged worldwide i 
B -minglum Forx Ull Trutle Ltd.. Hams] 
Raad. SaHlev. Blrinmgtinm bs IDU. I 
Tel. 021-327 S944 or 021-328 1705, 

Family Engineering Business— 
Capital r eg sired. 

Manii/aenirers'dMiancrs own prdduct 
including capons for process industries. 
£au]iy. directorship, vonmft available. 
Healthy order book. £3,008 UJ £30,000 
inlecnon acceptable. 

Principals only please. Wriie Bax 
Ci-053. Financial Times, M. Cannon 
Street. Erjp *BV. 

Companies required with 
substantial tax liabilities 

Very attractive price offered. 

Write in complete 

Box G2D53, Financial Times, 
10, Cannon Street, 

EC4P 4BY. 




the U.S. stocktakers, who 
have no connection with any 
other group, seek to acquire 
two or three medium to small 
sub-companies in the U.K. 
Exi sting owners/staff lo re- 
main or retire as preferred. 
Please communicate in first 
instance with Maurice Abra- 
hams. Head Office. 56. Hayes 
Sired, Bromley. Kent, RF.2 
"NX. Tel. 01462 6237. Cor- 
respondence “ Private-’-Conft- 


■eeki to acquire fcnaral Inurance 
broking . builnuKi throughoiK the UK. 
Exliting Management could be retained. 
Prineipatt only write Jiving buic 
d eta 111 of buslnni and price required. 
Alio indlut* desire for continuad 
involvement if required to: 

M.D.. Box G.2034. Financial Times, 
10. Cannon Street, E C4P 4BY. 

Please reply ro Box G-2050. 

Financial Times, 

10, Cannon Street, EC4P 4BY 

S24D ' 331 








1 1.50 

F8 S 




PI 80 






1 21.00 

j 10.00 





•OO — 

.00 . a 
.oo * 
.00 ?8 
050 3. 

-OO 9 
MO i .3 


7"-. - : * -4- .V - 

'• ;* y t 7I V- >. ;»" • ’- ^ ; •• • - - 

:'« *??•$ 

1 jV- v 

7mie 6 1978 




-.■ -..’Vl. .- r* 1 •: j» 

a* Po*^cu&»rsr are ffiv«n fit compliance with ihe regulations of the Gwicfi of exchange for the purpose 0 / giving information to 

- rf UR|h_.reeanJ to -Thames Plywood Manufacturers Limited (“ the Company J. Tl ie Directors collectively and individually accept ful L 

Jnuffcli 5*r*i? * e accuracy of the information given and confirm, having mad* all reasonable enquiries, that to the best of their knowledge 

- ome i there are *0 other facts the omission of ithich would make any statement herein misleading. 

1 ■ .AfPUcalion has been made to the Council of The Stock Exchange for the vftole of the share capital of the Company to be admitted to the Official 
.]~ lsL shares of the Company rank pari passu in all respects including the right to receive all dividends hereafter declared. 

A copy of -this document and the documents hereinafter referred to have been delivered to the Registrar of Companies for Registration. 

* w* 


5,s ^ 



; Ur Wus ta 

* lr ■! t 

j 16 niau*- 


r «sed 



(Incorporated in England under the Companies Act 1929 So. 421037) 

A placing by 


of 500,000 shares of 25p each at 34p 

' ' • "w . \ 

The shares being placed are in registered form and subject therefore to the payment of ad valorem stamp duty by purchasers. 




600,000 in 2,400,000 shares of 25p each 

Issued and 
Fully Paid 



At close of business on the 1st June 1978 neither the Com pany nor any of its subsidiaries bad outstanding any borrowings 
or indebtedness in the nature of borrowings including loan capital, bank overdrafts, liabilities under acceptance (other than 
normal trade bills) or acceptance credits, hire purchase commitments, guarantees (apart from inter-company guarantees) 
or other material contingent liabilities. 

- - These particulars are issued in connection with an application for re-admission to the Official List of the Stock Exchange 
of the whole of the share capital of the Company. 

* iniwm (j ■. . .. 


tfflemeMfe! • CYUIU. POWELL CHOULARTON— 94 CarrwttBd, Hale Barns* Cheshire (Chairman) KENNETH DADD. F.C.A.— 

-o« laftite j ; SIR HENRY ELUS ISIDORE PHILLIPS. C&ti., lt&Er-M Ross Court, London. 

e t'tohmua • S.W.15 (Deputy Chairman)' : ' BAI 

‘ r RODNEY ARTHtTR HEWSON— 3 The Lamlwu&Beareted. Kent (Managing Director) NATIONAL WESTMLNSTER BANK L! 

he Jasi . KENNETH DADD— -36 -The- Albany, Woodforfl^Green. Essex • . 

ha> touny? ROBERT STUART HARRXGAN— Burr House, t&rea Road,. Near Chatham. Kent STOCK 

iut \ MARTIN MANFRED HART— 17 WalbrooS, London, EJS , HALUDAY SIMPSON & CO., P.O. Box 

. MAX LINDNER 1 —? The Beacons, Laughton, Essex ' • and The Si 

Eavt 5 ■ 

iow the- Jffir; , ■ . - - _ , „ - — - -- - - 

r nd Mr. 4 - ■■ 

•• -;•■■■•: chairma 

1 "t-i acoa •_ . . ' . "■) 

directors ifl, ' ; " • •vf’... The following is a copy of a letter to Halliday Simpson & 

onMtierabitfe ' " - '• -■ " _ _ , 

c aaouoL4> . • ' • • The Partners, 

ifeittesfr • •- • • ‘V-Hdliday Simpson & Co., 

:e.r <nui!as: ... • ' . . 9S King Street, 

. *' '-’Manchester 2. 

' tt*:. • •.. .*• - . " • . .. . . 

Vo • V- .^Gentlemen. 

0 vTiu'- '■ ■* . In connection with the application for re-admission to 

«cc»r * e • \ ; s%re capital of the Company I am writing to provide yot 

hit the v.i - . .v'. ? ^sidiary. ' 

Oti. 3Dd '.Tf* r * ' t *•* • • > : r I f k — : ! 

• ill tP3ie;r v * ‘ * -V.“ • : ” •'* 'J*~' r '.;' " 

rc«;o rs ;f ru HISTORY AND BUSINESS / . » d > J?* w***- Mnacma oui u» pence per share an. baw* 00 .mm.wo 

wi .cSrpor^ to England on TO. O^/lW and on j ; a rv^or purpose, ot .pmoArtaon. . , .. 

V Mr‘ ’ <«> The profl. h.don- . .t for Ibo ocnod ended Mil APdl. 1917. .nclodc. flMJM 

(iic'eOi.Bvktai. 'Fjk*. where tb* main acovity has peer the ^Sonfactur? at high ' KmD,0Ta,c,ll So,,,t<ly * No suDsWi ' wsk rc y lTc ^ 10 orpvlCu * s 

1 *5S£S53E& Son*. W!». I issued an miertin STatcmp m for thcriin rear ended 

fia.-'- in offer^u^fw •^nS.'vholfr* o?’^ share The Dtreeiars of Thames Plywood Manu/amrers Umlied announce that the 

/ per sjLjrszus&ftt asfcf-a^'a'rsa^ 11 Owober - *"■ 00 “* tatte - ,ntert “ 

i ^ • pcrdr -rJU, -/or -a consldoratfoa of In MSh. -L«er 1P^ swetaaen irt llhc unauaiwa accounis are as wjiows . . 

. -.. vCr^nr CompaiiT aotd lheir a&areic- wlia U»t- mwpapn a)_HJW0. to A<hlc y Indnsiml . , . emonihato emonihsto Tear 10 

•» Llmifed CAnUeyl. Ashley, which- te a wliofly owned subsidiary of my • 91.10.77 9tl0.J» $0.4.77 

family- company. - C4>. CSoinlanon, SoMf-.ftf Partner* Limited iChouIartmn had . * . 

owned, at the time of the August offenrSUM* of the share raplial of »be XlS DVCr . ...■••■. - 84G.OOO ■ 1323.000 

. YT‘1I Company. . Omseaoent upon these tfadsscflona . the "Company'* iftodt Eachanse P™S f Morv Tarvtlon 71.000 "*■£?? 232.000 

■ n Mill Siwu 'jEUHndcd.1 . SidMCtuMUOty'-Athicy add lS.S'* of the share capital Profit afu-r TaxaUoa' 94.000 23.000 1U.000 

KENNETH DADD. F.C.A.— 1S3 Harts Lane. Baruag, Essex 




HALUDAY SIMPSON & CO., P.O. Box 412. 9S King Street. Manchester. M60 2HA 

and The stock Exchange 


ALEXANDER, TATHAM & CO., 30 St.. Ann Street. Manchester M2 3DB 


DELOITTE HASKINS St SELLS (Chartered Accountants », 

12S Queen Victoria Street, London, E.C.4 

WARBURG REGISTRARS LIMITED. 34 Beckenham Road, Beckenham, Kent 


The following is a copy of a letter to Halliday Simpson & Co. from Mr. Cyril Choularton, Chairman of the Company: — 

. £. ; The Partners, 183 Harts Lane, 

■ v y Halliday Simpson & Co., Barking, Essex. 

V-9S King Street, 6th June 1978 

-.^Manchester 2. ... 


^ In connection with the application for re-admission to the Official List of The Stock Exchange of the whole of the 
r ~sjme capital of the Company I, am writing to provide you with information regarding the Company and its trading 

* " - 

'• —I _V- ' 

j . -Sbarv?Yo 

vidpnd- paymetua sei oui in pence per share 'ire based- on 2.-400.000 
vor - purposes of comparison. 

m..ii Lt ' 1 . nualicr plywood' ‘ ~ f 

■J 1.0. ’.'jlirilC jq ivea the Company formed a ,’wtabUy owned 'liibridlary, Technical Panel 
\n it- ;:oa l£'infln*trtat Umiieri to mw-nfacture composite., -panels at premises in 

, 1 m per n-Braintreo. Eno*. tor use fB.Tbr coostnaaion trf comniera*! wWde bodies and 
i-» Cam* * canbdnera. • • T.P.l. had an l^ed and tolly pahT.sfiare gpaal of flOO.OQO; 
ouilitL-- . . j n 1077 a successful offer was * made Ibr toe whole of the share 

1 ptr real csarftaX Of the Company. In.. September W7? die '-Oampanr sow fbe eonJty of 

; per its? raj.- Tor -« consider* tloa of -000.000 la eash. Later th^ wwtawi « we 

'. n-r V.-r* nr Company sotd their share*.' wlth the- ewepdpn. of tSJHW. to Ashley indnsiml 

“ ‘ Limited CAaWeyJ. Ashley, wbfch IS * whoOr owned subsidiary of nry 

family- company. - C4?. Oujiulartoo, Soos-fc" ■partners Limited ( Choularton' bad 
ovn ted> at tlte time of Uie August offer. “63.1 of Uw shirt raplial 01 toe 
, -* t‘11 Company. ' .'Omaeaoent upon tha®B trsdsaeflon* . the "Company's sun* Eaciuiwe 

in Mill listing yfM 'aniK«id«i.- .• Subsetiuonrty ' A*hicy sold 19.3^ of the share capnal 

1U AiU* of the Company to other members who had been shardwlflere at the time of ihe 

L August offer, and the remainder to Baofcfirfd Property Associate* Lfroiieu. anuoier 

_ l n owhoBy pwhed sn*w141«y,. of Omdartoa. Choulanon are now the uliimute parent 
PilSPS Of the Company hoHUng of ' the issued share w«Hial. • . 

L ‘ The Company ootr has .‘two mala dJviatoa* ol Scti vily bolb of which arc 

based at our Barking, premlsas. 

6 months to 

• 846 000 
' 74,000 





Tbe PlywOod .ILhdsion canttnue* to manufacture high quality jnvwooo wj 


c -'-Thaine«ply Products Umltri ta a wholly owned subsidiary of the company 

r 3ft, ® and '.comnieaiotid. to- '.trade on 1st. May 1977. It Is entfaged In the sale of special i-d 
... to fiCe® ^materials to ^ the. JraUdine Industry both "at home and overseas. CurronUy. « 
-v-.penl m^sells doon. windows, laminated panris^ -wooden fitted units, prefabricated bedroom 
1 ,in* units, etc. In addtUon'to ceruin of the products manutacturcd by ure Plywood 

iirticcd . kjjhMon lt seUfl iffodncto froni a nnmber of mandfaemrers again boUi at home 

,^^ ovOrseas.- 

.ind . ^. pROfl ^ Fjt - - 

•r rpp»rt u S ” Thi Gattpur- 'owns tbe Awehojd title to fiJfi acres of land at Hart s Lane. 
. n -.-r,; Baridns, Esses . Eroded on this ate are sinata storey toerory premises and 

• ,i v ;;i ’■ c a two staror office Mock totalling some i«,fW square feet. The main buddings 

3 .v.fjjflri-www areefed ■ to.UW... The land and buadings were . valued m> a cwrent open 
TS S J rc 1 market basis Jm 25ih May; J977,.ai i450.000. The valuation which necessitated a 
..' -.^reduction of the Capital Reserve which was created following a higher Professional 

vaiaaUOH do r a -'going concern basis la 1915 was Incorporated In the Balance Sheet 
■"at 30th AprtJ 1857 and- approved by s h are h otilers.' 

,*pARlTS)W0i«aNGlCAPiTAL ■ ' - - . _ „ t 

|Ar /Alw * The Directors are of the opinion that, havtaa regard to existing bonk 

* . «fibala nceg and ' *>«* fa rill ties, the Company and its subsidiary have sufficient 
A ^ A piri^rrans capliad tor their present requirements. 

**** sk fWANlAAiLCXlPOB^^ . ^ . 

^ 0 fir. -'The. Intonnaifito; set out below - is based on . the audited accounts of the 

I JSuf Mlcoaipany- alteemahtog sucii 'atUrataient* «c the Directors corudder approprwfc. 

adopted, in arriving at the financial Information 
,yCH w W oat below are as fonmw:?- - - • - 

(a) The Company prenaros Its accounts on the tustoncol cost basis ol accounting, 
^.j. modified jo Inclndfi the -revaluation of property. 

fbJ Ko ' depreciatton. is prorided o"^fn»hhM property. Deoredatlito on other 
« - -fixed 'Asset? ts -provided by equal; awnnaJ tasiaimenty to write off the cost 

' or each asset ijver iis. e $ilmited useful life. 

BRANP p The annual rates beingt— 

_ v *lBER” _ Machinery and Plant 

bt ■ Vehicles - 25% - 

••• Office EouilhBent ' . . 

Machinery and Plant W25-* 


Office EwUhaenr 1 “ 203* 

(C) Ph ted assets are stated at c®t .Teas deoreclaaon . calculated In accordance 


| jy 

!.?? i 

’ ’ profesartonai valuation c4n*M out in February 1973- 

0^ (d) Stocks and writ, in progress aw valued at the lower, or cost, including 

factory Overhead*, and act realisable value. _ - ■ 

'"V to) Deferred taxation has' been provided forr^ — 

^ 1 CO ihe excess of the written down book values of fixed assets over the 
corresponding written down - u* valseei 

1 • . (U) claims tor stock appreciation rdief: 

6 , ' tlU) other timing dUferenoss. 

/r, There is a conrlmgcm liability to tax whldi It is esllujatod would not exceed 
SS OB disposal of ihe freehold property at Its 

30th April. 2977, balance sheet value. 


is... rirofit and toss Accounts of U» Company for the 5 acctmnUns perlwte ended 
fl#fh April, 1377, after excluding the »wla of and dividends received from T.P.I.. are 
jet.out.hiow:—. -. '• ■; ; ■ - ^ ■ 

- . 30?^' *&n aJSs mitt 

^ate Ended £000s r . "fOOOs £u«os 

{STwS^^r. _JS _m« _jfr 

? huflr ’baton Taxation v"' -II ^ 

! faxatioo -. .1- -• r” 5 _ — 

Extraordinary Item A~.- ; . — “ ■ ' — .— 

* - - ‘ “ — 

frofirafter ExtraortUoary - . 17 78 3-3 ill. 

« Loop' Bivldends ffiOOs. • ■ 41 . 28 ' * 

gts s “ , f " im - ' ' ini' u» ^ 

-1 Ml « ^H^aai'-****'’*.*"** <«•- . 

3 ' - . •-» - 9n IS - *' 

; >opreriatian *5 ■■■.-* - • -jg • 3 8 . 

• -Werost Payable 

Qd:-crwuiing a 13 -10 - is 

merest Receivable « • 23 ' - 

1 *emponuy Employtoeni — iss 

; ; MW -Kingdnni Cnrporaiioa Tax 

i? i SS treK to deferred taxation. . . h . _ arrtMn , 

4 f?' - Ercrsorf^T Saw by^^hl^'txirtordlosry Item 

) I S « * *"• 01 ^ 








£000 s 






FreanoW Property 







Machinery and Plant 







Vehtolvs and 

Officfl Eqtdpmem ......... 




14 . 









Investment In . TJP.I. ... 






jnvesmietu to Associated 














Storks and Wor* 

to Progress 














Bank Balance 

and Cash — — 





















Bank Overdraft 

lunsecnredi and loan . 







Dividend _ 















2 S0 












. - B69- • 










B 1 

■ ii 1,11 










































No* PS 

(a) The fixed assets at 30th April. 1977 os adjusted tor the disposal of T.P.L were 
made up as follows:— 

Cost or 

Accumulated Net 
Depreciation Booh Value 












■ MS 



Freehold Property 
Machinery and Plant 
Vehicles and Office 

(hi As previously stated, deferred taxation, which would .amount to approximately 
£35.000, is not provided la respect of the ampins arising out of ihe revaluation 
of the company's freehold property which has been Incorporated into the 
1977 balance sheet 

fei investment jg subsidiaries— fhe figures shown oh each balance sheet from 

. . 1971 u 1978 relate wholly to T.P.L and represent tovenment ht share 
capital, £100.000 loan plus normal trading indebtedness. At 30th April. 1977, 
the figure was £249.000. In September 19T7 ihe Company sold T.PJ. and 
received In cash CM. 000 in comidcraUou for the investment in -share capital 
and loan. In uw 1977 Balance Sheet the COO, 000 has been treated as cash 
at bank and included £49,000 In- debtors. 

rdi The investment to associated company consists of shares at cost, of £30 plus 
loan. The shares comprise 50 per cent, of the issued share capllaf of 
Barking A Ilford Navigation Co. flHl) Limited. The Company's proportion 
of the associated company's undistributed profits carried forward at USt July. 
1978. wax £127. 

to> The capital reserve way creased m 1374 at an amount of. IS47.0R* bring tbe 
increase, m value of freehold property Incorporated in the 1974 Balance Sheet 
- following .a professional valuation carried out in 1973. This reserve was 
' reduced by £57,600 -being ihe deficit ariptog on freehold property toOowtug 
ih»- incorporation in the 1977 Balance Sheet of tbe valuation In May 1977. 
This reserve hu been further reduced, in the 1977 Balance Sheet, by 
■£360.fflM to (skit account of the one tor one capfUhsa&n issue nude on 
35th August, 1977. 

ff)_Ai. 3ftb April. 1977, nnnre capital expenditure Of the Company lolaQina 
£E,40fl had b*4ti authorised by the Directors. 

•gi Tlv.'re were no matenal cooungeat liabilities of the Company ai JOth April. 

.1071. . • 

ihi Amliivd a cc Duels of ilio Company bav^ not been prepared tor any period 
subsequent to April 1977. 

(!) Tb>.- dlsuibutabk and retained profits shown above are not identical by 
reason of adjustm-ma a nxi ns out of the deconsoUdauon of T.P.L from the 
- Croup accounts: The adjustments are as follows:— 


NCr Dividends re cel red 
from T.PJ. 










Wnii- back of provision 
for TJP.I. losses 




Year to 




All dgnres have been adjusted to exclude Ihe results or Technical Panel 
Industries Limited, a wholly-owned subsidiary, which was sold m September. 1977. 

Tbe sis months' profit U-fon- raxanoo includes Temporary Employment Subsidy 
Of £47.000 id months to 91.10 7B-£7?.OOOt. 


The follow ins « a statotneni of ihe Consolidated balance sheets (bring 
"Plywood Division and Tbaraesply Prodocia Limited > of ihe Company at 33th 
September TPT1 to 90th April 1977. The balance Sheet at 30ih April. 1977 
has :bwn - adjusted io show the effect of the disposal of toe loteresi In T^.J. on 
2nd Se] it ember 1977 and the capitalisation Issue made on 33th August 1977. 


Cyril Choularton I* 64 and has been a Director of the Company sine* 
November 1973. 

Sir Henry Phillips U S3 and has been a Director of the Company since 1W9. 

Kodney Hcwson fs 43 and N tbe Managitw Director or Ihe Plywood Division. 
ITo ’Oined Hu- Company in March 1973 at which rime he was appointed a Director. 

Kenneth Dadd is 4t and Is a Chartered Accountant. He Joined the Company 
in November 1973 at which time he was appointed a Director. 

Smart Kerrigan is 39 and is tbe Managing Director of Tbaraesply Products 
Limited. He joined the Company In November 1971 and was appointed a Director 
In February 1971. 

Martin Hart is 60 and has been a Director or the Company since 1955. 

Mas Lindner is 67 and has been a Director of the Company since 1963. 

The number of employees Totals 176 of whom SS are part-lime. I am 
pleased »o say relations with an levels of employees are good. 

Then- is a non-cootnbutory pension scheme for senior staff and a contributory 
pension scheme available tor werkjy and -hourly paid employees. 


An interim dividend of 0.75p per Share compared to O.SSp Jast year 
t adjusted for the increase lit shares foQowmg the one for one capital! sail on issue 
in August 1977) was paid on the 25th April. 1978 and In the absence of unforeseen 
circumstances your Directors Intend to recommend the payment of a final 
dividend ot l^Sp per share in October X97S (1977: l.]3p) making a total for 
the year of ri> U977: t.siSp). 

Turnover In 1978 was In line with that ot the preceding year and Is Currently 
proceeding at shnllar- levels. 

Your Board is currently considering the possibility of a more efficient use 
or the Company’s site and premise* at Barking by reorganising the processes 
of manufacture now carried our and tt is the intention of your Directors to 
Increase turnover in the current types ol manufacture not only through the 
process ol natural growth but also if suitable opportunity arises by acquisition 
and merger of other companies engaged in similar manufacturing the oatput of 
which could be transferred into the works. 

Yours faithfully. 

C. P. Choularton. 


Share Capital 

A t 30tb April, 1977, tbe authorised share capital of the Company was 
£300,040 divided into 1 *00.600 shares ot 23p each, all or which were Issued and 
tolly paid <j i these shares 1.179.908 bad been issued as fully paid for consideration 
other than rasa 

By an Ordinary Resolution passed on the 23th August. 1977 : 

(a) Tbe authorised share capital was increased from SV00.000 to SBW.09 0 
by the creation of 1.300.000 new Shares of 23p each. 

ft) The sum of £300.000 (being part of tbe capital reserve of dw Company) 
was capital/ set) and cbe Board were authorised and directed to appropriate 
such -sura to and amongst tbe holders of Shares on the Register of Members 
ai the close of bgsiness on the 19th August, 1977 in the proportion in which they 
held such shares respectively on chat day. on condition that such sum be 
applied to panne up m toll at par lhoo.non unissued Shares of 33p .-act ranking 
pari passu In au respects with the existing issued shares or 23p each. 

At 30th April, 1*77, the issued 1 and tolly paid share capital of Thamesply 
Products Limited waa 100 shares of £1 par value each. By ao Ordinary Resolution 
passed on the 38th February, 1878, the issued and fatty paid capital was 
increased to shares ol a par value each. 

Save as disclosed herein fit no unissued share or loan capita) of the Company 
or any of its subsidiaries Is under option or agreed conditionally or unconditionally 
to b»* put under option HI > no share or loan capital or the Company 
or any of its subsidiaries has within [wo years preceding the dote of these 
pan radars nct-n issued, agreed to be issued, or lx now proposed to he Issued 
tor cash or otherwise, and fill' no comm'Kitm*. discounts, brokerages or other 
special terms have been- grained within the said wo years by the Company or 
hr any of it* sQaaft&artes in connection with the- issue or sale of any part of 
their respective share or loan capitals 


The D< reel ore believe that Immediately following the admission to the 
Official List of we share capital of the Company, the Company should not be 
a dose company a* defined to the Income and corporation Taxes Act. 1370. 


Interests ol the Directors apd their families in the shares or the company 
are u fallows: 

C. P. Choularton 
Sir Henry Pfaintpa. 
R. A. Hew son 
K- Dadd 
R. S Harrlgan 
U. M. Hgn 
to. LAdner 

















Bankfi-i.i Prenorfy Associated Limited owns 2.056,933 (85 7 per cent) shares 
of the Company and la a wholly owned subsidiary company of C. P. Choularton. 
Sons 20d Partner* Uinit(d. 

^ toareboidm la excess of 5 per cent ot the total issued share 

^ Sare!ays Nominees tM and C Group) Limited which holds 

MO.ow shares (10.. per cent of the issued share capital!. 


the tte cora P any WBM&i provisions rimer alia) to 

Votes Of Members 

Evc , 1 ?' '^?^vL. w ? a K ,t>cms an Is pnsenr in person or (being a 

corporation' IS yrc8 * Q * by a representative oy proxy not being himself a Member 
Shall have 0" L ’ v0, _ e - and on a poll every Member via Is present m person or by 
proxy shall hav(? “t vote for evt-ry share of which he Is the bolder. 


(at The nature of any intorest of any Director or intending Director In any 
contra cl or arrangement w}ih the company either as vendor purchaser or 
otherwise must be declared by him at a meeting of the Dtrmnrs at whit* 
the question or entering into the contract or arrangement Is first taken into 

consideration, or M the Director was not at the date of that meeting interested 
to the proposed contract or arrangement then at the next meeting of the 
Directors held after he became so inreresied. and to a case where the Director 
becomes Interested In a contract or arrangement after it Is made then ai the 
first meeting Of tbe Directors held after he becomes so Interested: Provided 
nevertheless that a Director shaft dot vote in respect of any contract or 
arrangement to which he is so interested, and if be shall do so his vote shall 
not be counted. 

/b> The Directors' dun' he entitled to remuneration at the rat- of n.3S0 per 
sntram for the Chairman, n.uQO per annum for the Deputy Chairman and 
£300 per annum for each of the other nonexecutive Directors. The Company 
la General Meeting may also vote extra remuneration to the Directors, which 
shall, to default of agreement to the contrary, be divided between thv 
Directors equally. The Directors' remuneration shall be deemed to accrue 

Tbe Directors including alternate Directors shall also be entitled to be paid 
all travelling, hotel and lochtootal expenses properly Incurred by them in or 
with a view to the performance ot their doties. or in attending meetings ol 
the Directors or of commuiees of ihe Directors or General Meetings. 

Any Director who serves on any committee or who devotes special attention 
to tbe business of the Company or who otherwise performs services which 
to the opinion of the Directors are outside ihe scope of die ordinary duties 
of a Director, may be paid such extra remuneration by way ot salary, 
percentage of profits or otherwise as ihe Directors may determme. 

Directors may establish and maintain any pension, insurance and superannuation 
fund for their benefit and give or procure the giving of donations; gratuities, 
pensions, allowances or emclunjems to any persons who are or were ai any 
time employees or servants ol the Company. 

(el The qualification of a Director is the holding in bis own right alone and nor 
Jointly with any ocher person of shares of the company io tile nominal amount 
of £100. • 

(d) Borrowing Powers • 

it) Tbe Directors may exercise all the powers of ihe Company io borrow 
money, and to mortgage or charge its undertaking, properly and uncoiled 
capital, surf to hune debentures and other securities, whether outright or 
as collateral security for any debt liability or obligation ot ibu Company 
or any third party. 

Oh The Directors shall restrict the borrowings ol the Company and exercise 
ill voting and other rights or powers ol control exercisable, by the Company 
In relation to Its subsidiaries ill any* so as to secure <as regards subsi- 
diaries so far as by such qxorrlse they can sc cure ' ihai iho aagrojuio 
amount for the rime being remaining undischarged of all moneys borrowed 
by the Company and/or any Of its subsidiaries r exclusive Of moneys 
borrowed by the Company from and for the iinie being owing to any such 
subsidiary or by any such subsidiary from and for ihe time being owing 
. io the Company or another such subsidiary' shall not at any umc without 
the previous consent or sanction of an Ordinary Resolution of the Company, 
exceed twice the nominal am-urn of the issued and paid-up Share Capital 
for the time being of ibe Coiupinv and the amounts .standing to the credit 
of tbe consolidated capital and revenne reserves '< including any Share 
Premium Account and Capital Re-lempflon Reserve Func ano amount 
standing to the credit of the Consolidated Profit and Loss Account mu 
after deducting any araoonis standing to the debit of the Co-isolidaidi 
Profit and Loss Accouon as shown in the latest mibtisfK-d Cnnsolidaiod 
Balance Sheet of the Cnmpany and us subsidiaries but adlusied as may 
be necessary In respect of any variation in die pald->-p Share Capital or 
Share Premium Account since the dace of that fiafajto* Sheer and excfudiiv? 
fli aoy sums set aside for future taxation assessable by reference to 
profits corned down to the said date: < it • amounts attributable to outside 
shareholders In subsidiaries: «iiii any Share Capital or receives derived 
from any writfng.up or reraluat'nn of fixed assets after snth September. 
1964 fbnt to the case of a subsidiary acquired after 301 h Sepiemher. 19«4. 
Ihe date ot ir becoming 3 subsKflarv-. by ihe Company or any uf its 
subsidiaries; and no any amounts appearing ,upur He said consolidation 
attributable .to goodwill. 

(ej Retirement aae . 

Section 1S5 of the Companies Ai-r IMS < relating tu the anpointnuar and retire- 
ment of Directors who have attained the age of seventy ' does not apply to the 

CO Remuneration 

The aggregate emoluments or Ihe Directors or thv Company for ihe yar 
ended 3Dtb April 1978 amounted to £50.255 No material change is .ratleip.ittd m 
the year ending April 1879. Certain Directors hold service contracts brief 
particulars of which are as Mows:— 

-• : Fixed 

Annual Salary Expiry Date 

R. A. flewson £13.000 3tst December 3973 

R. Dadd £11.0110 29tb February 13?1 


Haiti day Simpson & Co. have agreed, subject to tin? whole of the issued share 
capital of the Company being readmitted to ihe Official List by the Council of the 
Stock Exchange not later than i2rh June. 197S. lo Place- on behalt of ttaokfioid 
Property Associates LJmJird >a Who ly owned subsidiary of C. P. Cbaulanor. 
Sons & Parlncr* Limited i 50C,0» Ordtoary Shares at 34p Pvf share • loss a 
commissi nn of l.S per cent), 


Tbe following contract not being a contract to tilt- ordinary -oursc of business 
has been entered into within years immediately preceding the dale oi i host 

A deed of indemnity dared Jib August rtT7 made between 'J’ Cyril Powell 
Cbottlarlofi (2) Choularton >3) Ashley the Comwny i5i T-ihnk-al Panel 
Holdings Ltd. and <S) T.P.L whereby the Company warranted ihe Balance 
Sheer, as at 3th March. 1577. of T.P.L and- asreed nut to compose w«h 
T.P.I. for a period of 2 years. 


t. Neither the Company nor-Ks suteidlar? - is eng aged la anr litigation of mattrial 
importance or has any litigation or claim of material im twit sure- pcndini! or 
threatL-ned against it. 

5. Save as disclosed hereto <i) no Director has or has had anv interest in anv 
assets which have been, nr are proposed to be. acquired ot disposed ut by ur 
Ioa*?d to the Company or any of its subsidiaries: and i ii ■ there are no romract? 
or arrangements subsisting In which a Director Is materially interested and which 
are significant to relation m ibe Company- 

3. Tbe expenses of the Placing including accountancy nod leeal charges, the nwi«: 
or pnnting. Stodt Exchange Ustlnc fee and the fees or the Sponsoring Broker 
u-ijicb are PStiQured io amount to 518.000 wtil he paid by the Company. 

The following documents or copies thereof may be Inspected at .hv offices of 
Halliday Simpson & Co.. 73 Cheapslde. London, E C-. and 9a King Sired. Man- 
chester 3, during usual business hours on in? weekday 'Sanirdays cxrepled' far 
a period of founeen days following tbe day of publication of these particulars:-. 
Hi The Memorandum and Articles ni Association of the Company: 

<rt» the Deed of indemnity dated 4th August. 10"- deacrihed above. 
tilli tbe audited accounts of the Company for the financial periods ended 30th 
AprtL 1976, and 30th April. 1977: and 
ftoi the Agreement wfth HfllHday Simpson £ Co. referred to above. 

Further copit-s of thisQ particulars may be obtained during business hour* on 
any weekday < Saturdays c«ept«l 1 up to and Including 9th June. 19 <3 from:— 

HjilIWuy Slmpnn & CO., 73 Cheapslde, London EC2V 6ES and 
P.O. Bax 02, fig Kins Street. Mao Chester , M63 2HA. 

Dated : 6th June. 1073. 




IC Industries bid for 
Pet excludes Hardee’s 

Poor start 

ST. LOUIS, June 5 

PET Incorporated, the food and 
dairy products retailer, has 
received an offer from 1C 
Industries proposing a cash 
merger of the two companies. 

Under 'the terms of the pro- 
posed merger. Pet shareholders 
would receive S54 cash for each 
share of Pet common held. In 
June last year. Pet had 7.2m 
common shares outstanding, 
which puts a total value of S389m 
on the offer. 

Alternatively. 1C Industries 
■proposed a merger upon which 
about 45 per cent of Pet's 
enmmon would be converted into 
cash and the Pet common not 
converted into cash would he 
converted into shares of an 
equity security or IC Industries. 

According to Pet. IC Industries 
in its letter noted that the Boards 
nf Pet and of Hardee's Food 
System bad approved a 
previously announced merger of 
Pei and Hardee's. IC Industries 
said that the terms of such a 
merger offers a substantial 

premium over normal market 
price to the Hardee's share- 

" Since our proposals herein 
also provide a substantial 
premium over the normal price 
of the Pet common stock, it is 
obvious that our proposals, if cou- 
sumated after the possible con- 
sumuiion of the Hardee merger 
would result in a very costly com- 
pounding of premium." IC said. 
“ Accordingly, we must condition 
each of our proposals upon such 
merger not being approved by 
shareholders of either Pet or 
Hardee, if any of our proposals 
results in a combination of Pet 
and IC industries we would will- 
ingly consider and negotiate in 
good faith with Hardee the pos- 
sibility of Hardee becoming a 
part of IC Industries " 

Meanwhile, from Rocky Mount, 
the Board of Hardee's Food 
System said it plans to move 
ahead with its proposed merger 
into Pet despite the move by IC 

Last month’s agreement be- 
tween Hardee and Pet offered 
Hardee's shareholders $20.50 in 
Pet common for each share of 

Hardee's has requested a tax 
ruling from the IRS and antici- 
pates that preliminary proxy 
materials concerning the merger 
with Pet will be filed with the' 
SEC within the next few days. 

IC said that should its pro- 
posed merger become effective 
it* would expect that Pet would 
continue to. operate as a separate 
company with Us own Board. "We 
anticipate appropriate repre- 
sentation on the Pet Board of 
directors and we would invite 
Pet's representation on the IC 
Industries Board." 

According to Pet, IC also said 
it was prepared to meet with 
Pet or a committee of its Board 
to discuss the proposals further. 
IC said it requested that Pet 
respond at “ earliest conven- 
ience." but in no event later than 
5 pm on June 6." AP-DJ 

for East 
Coast sea 
oil search 


NEW YORK, June 5. >' 

General Mills sees 16% rise 


GENERAL MILLS reports that 
income from continuing opera- 
tions for the fiscal year ended 
May 2S rose ahout 16 per cent 
to the &l‘29m range, or slightly 
below $2.60 a share, compared 
with a restated Sill. 4m nr $2.25 
a year ago. A gain of abuut 
S7m nr 14 cents a share from 
the operation and sale of the 
company's chemicals business 
brought final net profit to ahout 
SlHfiin, or in the S2.70 to $2.75 
a share range. 

Sales rose about 16 per cent, 
the company said, to about 

S3.23bn from a restated 32.7Sbn 
in fiscal 1977. 

General Mills plans several 
new product introductions in 
the coming months, and has 
promised aggresive promotional 
support for new and eisting 
items. Spending on advertising 
totalled between S165m and 
SI 70m in fiscal 197S. up from 
$145.6ii) a year earlier. 

When food prices soared a 
few years ago, General Mills 
shifted some funds out of 
advertising, and into price pro- 
motions such as coupons. “ We 

Oceanic Finance in profit 


OCEANIC Finance Corporation, 
the Bermuda-based company 
formed last year to specialise in 
ship finance, has ended its first 
year with a small profit and a 
si J .5m deal tu finance two 
refrigerated cargo ships. 

This deal takes Oceanic’s 
managed portfolio to *32ni and. 
m-cording to an interim state- 
ment Troni the company, has 
resulted in retained pre-tax earn- 
ings of $180,000. 

Although still very small in the 
ship finance world. Oceanic has 
attracted Considerable attention 
in its effort* to establish itself in 
an unusual specialism at u lime 

of profound crisis in the shipping 

Mr. Paul Slater. Oceanic presi- 
dent and formerly with Grindlay 
Brandt, said he was optima tie 
about the company's future, 
although worried about The 
prospects for bulk shipping, 
which were set for another 
downward turn.. 

The new deal involves the 
charter of two seven-year-old 
refrigerated cargo vessels to an 
unnamed European company. 
The ships will be managed by the' 
Uiterwyk Corporation of Florida. 
The loan was arranged in con- 
junction with the Royal Bank of 

aren't planning to do that this 
year, but we have the fieibiliiy 
to shift our promotional efforts 
if it becomes necessary" an 
eecutive said. 

He added that General Mills' 
products can benefit somewhat 
from higher meat prices. 
" Higher bacon prices usually 
help cereal sales, and higher 
hamburger prices are usually 
good for Hamburger helper 
because it makes hamburger go 
farther,'* he said. 

The company's major res- 
taurant chain. Red Lobster Inns, 
specialises in seafood and thus 
will not be affected by higher 
beef prices as much as most res- 
taurants. That is not true for 
York Steak House Systems, 
General Mills' second chain, but 
the company said that those res- 
taurants' shopping mall locations 
should help keep customer traffic 

General Mills is to build "a 
handful " of new Fennimore's 
Restaurants in the coming year. 
The company has been testing 
the concept, aimed mainly at 
hreakfust, with one unit in 

In all. the company will add 
more than 46 new restaurant 
units in fiscal 1979 to the more 
than 300 now existing. Some Red 
Lobster Inns will be enlarged 
by one-third to seat over 300 


By David Luce lies 

NEW YORK, June 5. 
THE U.S. has yet to discover 
Its equivalent of North Sea oil. 
Conlinentai Oil Corporation 
( Conoco) announced at the 

weekend that its exploratory 
hole in (he Atlantic off New 
Jersey, the first to be drilled 
in the area, tuned out to be 
dry. The company drilled to a 
depth of 12,000 Teet without 
finding any significant shows of 
either oil or natural gas. 

The announcement was dis- 
appointing,. given the intense 
national interest In the quest 
for hydrocarbons off the East 
Coast which is one of the 
country's major refining and 
consumption areas. Bat both 
industry officials and oil 
experts 'said that a dry hole at 
this stage was not surprising 
and did not affect the chances 
of oil or gas being discovered 

The chances of a major dis- 
covery have been put at about 
one in five. Significantly, the 
Government’s Geological Sur- 
vey has continued to harden 
its estimates , of oil and gas 
deposits in the so-called Balti- 
more Canyon where drilling is 
presently concentrated. 

Last week it revised its oil 
estimates in the leased tracts 
from 0.4-1.4bo barrels to 0.8bn, 
and its gas estimates From 2.6- 
9.4 trillion (million million) 
cubic feet to 13.3 trillion. 

Apart from Conoco, four 
companies are operating drill- 
ing rigs off New Jersey. They 
are Exxon. Houston Oil and 
Minerals, Shell Oil and Texaco. 
Five other companies, includ- 
ing Mobil and Gulf are 
expected to join the search 
later this year. 

IN ITS first survey -of attitudes 
since 1959 the New York Stock 
Exchange has found that 
Americans are deeply concerned 
with inflation and strongly 
averse to making "risky” invest- 

Characterising the. survey con- 
ducted by Opinion Research Cor- 
poration as ‘‘deeply disturbing 
and challenging" Mr. William 
Batten, chairman of the ex- 
change, called today for decisive 
action to ensure that "lack of 
knowledge and unrealistic public 
policies do not transform us 
from a nation of risk takers into 
a nation of economically timid 

The survey results follow in- 
depth interviews in late 1977 and 

early 197S of 2,740 households 
with annual incomes of more 
than $10,000. The NYSE claims, 
that the study represents the 
views of "financial decision 
makers' 1 of 45m. households or 
61 per cent of all U.S. house- 

The NYSE was extremely dis- 
turbed to find from its 1975 
“ census of shareowners"- that 
there had been a net decline of 
5jm individual owners of cor- 
porate stacks or mutual funds 
shares since 1970. On the evi- 
dence of the survey there- is' no 
significant resurgence of share 
ownership in prospect since 
common stocks are considered a 
“moderately risky” investment 
in comparison with caslrsavings, 
real estate and life insurance. 

Only 9 - per cent, of those sur- 
veyed said they intended to-' in- 
vest more in. common' stocks and 
4~per cent planned to reduce 
their holdings. Only 33 per cent 
of the households were current 
owners of stocks. 

The survey produced further 
backing for the security Indus? 
.try's demands for changes,'. in 
taxation of dividends and of capi- 
tal gains and losses? Some 47. per 
cent of current owners of stocks 
said they would add to their port- 
folios if dividends were no 
longer taxed as personal -income. 
-and49 per cent Of former owners 
of stocks said they would return 
to the market if this change was 
made. * . 

It was also found that .mis- 
understanding and lack of know- 

- ledge - appeared !**- be. a fernmd-.- 
... able . barrier lo ownhig /stocks 

■and other. types. o£ secnrtttes iD.: - 

vestments. ' ::fg • ; 

More ; than SO . per. neat of .the] 
households, cited as' im portals? 
investment goals ihe generation’ 
of income to meet normal ' ‘ 
expenses,, keeping - up wittf 
inflation, protection for the^ - 
family, income for " retirement 
and pensonai control -of assets. V 

Fewer than half regarded long* 
term capital, appreciation, short-- I 
term profits or. 'accumulatir®!" 
'm oney , for ; large: purchases as" 
important 'investment objectives,; . 

Some-T7l>er cent financial ded-fftlHl 
sum makers, believed inflatiefctf U ,J 
■wiU increase 4n the near - future# 
and,. 36 per cent thought 
increase would be sharp. , y ; 

halts U.S. 

Expansion in Brazil steel 


CD issue 

Gulf to pay 
cartel fine 

By Our Own Correspondent 
NEW YORK. June 5. 
GULF OIL has decided not to 
contest Federal allegations or 
anti-trust violations arising 
from (he uranium cartel case 
in which it was implicated. 
Instead the company is pre- 
pared to pay the $40,900 fine 
imposed by the Federal Court 
rather than pursue costly 
litigation to obtain a favour- 
able verdict 

However, the company slid 
faees several civil suits based 
on the cartel's activities, and 
aspects of the case are beiug 

By Our Own Correspondent 
NEW YORK, June 5. 
THE West German Bundesbank 
has prevailed upon the Deutsche 
Geaossenschaftsbank (DC! Bank), 
the Frankfurt-based commercial 
bank, to cancel an offering in 
the U.S. of D-Mark denominated 
certificates of deposit (CDs), but 
not before tbe bank bad managed 
to issue 810m worth of the paper. 

The Bundesbank made the 
move because it is West German 
policy to prevent any expansion 
of the D-Mark into a key or 
reserve currency role. According 
to a bank spokesman, it has a 
general agreement with DG Bank 
in relation to D-Mark bonds and 
offerings abroad, and the pro- 
posed offering of CDs went 
against that agreement. 

* However, the Bundesbank has 
declined to comment in detail on 
the case. According to an agency 
report from Frankfurt today, it 
is proposing to make a statement 
on June 12. 

DG Bank apparently planned 
the issue as a " trial balloon ” to 
lost reaction to an instrument For 
which there was bound to be 
strong market demand. The CDs 
would have given U.S. corporate 
treasurers a lucrative resting 
place for idle D-Mark funds, par 
ticularly (hose with subsidiaries 
in West Germany. 

The CDs have the advantage of 
offering high liquidity since un- 
like term deposits, they can be 
cashed in at will. 

However, DG Bank instructed 
Salomon Brothers, the New York 
invcslnienr bank to issue the DM 
CDs. apparently without the prior 
knowledge and consent of the 
Bundesbank. Also, even though 
a high Bundesbank official. Herr 
Karl Otto Poehl, is on tbe DG 
Bank's Board, he apparently, was 
not consulted about the proposed 

Once the issue came to the 
notice of the Bundesbank, it' dis- 
allowed the sale, and Salomons 
had to recall the $10m worth it 
had already placed. 

BRAZIL’S National Steel Com- 
pany fCSN), one of* the 
numerous steel mills controlled 
by the State-owned holding 
company Sidetbras. made a 
Cruzeiros 271.3m ($153m) net 
profit in 1977-- Operating and 
non-operating outlays -totalled 
S78.6m, and gross sales totalled 
$630m domestically- and $7m 
abroad, principally of metal 
sheets (49.6 per cent) and hot- 
rolled thick laminated': plates' 
(12.3 per cent). 

CSN’s phase three expansion 
programme of its Volta Redondo 
works in Rio de Janeiro State 
is now under way. witb-$480m 
of a total $3.71 bn investment 
already applied in stepping up 
new equipment and construction 
capacity from iis present 2m 
tonnes to 4.6m tonnes per annum' 
by 1982. 

The $3.7Ibn investment to 
which foreign resources,- indud-' 
ing special credits from the 
Interamerican ' -.Development- 
Bank,, are contributing $470.4m, 
is expected to be -recouped with- 
in 13 years, and to yield a return 
of 7.9 .per cent -per annum. ' 1; 

-With the CSN Phase Three 
and other major steel industry 
projects. Brazil's . production 
capacity has risen from fi,5m 
tonnes in 1972 to .112m tonnes 
in 1977 — a 72.3 per cent increase 
compared with a world average, 
of . 62 per cent In the near 
future, Brazil hopes to become 
□umber 10 or 11 on the list of 
-world steel producers, .-rising 
from its present position of num- 
ber 15, thus overtaking Romania 
Spain, Belgium and Czechoslo- 

Gen. Electric, 
Honeywell link. 

Honeywell ; have reached agr^ 
ment In principle to combine the', 
worldwide operations of General 7 . 
Electric’s; _ information asrvfces, 
business division-, with Honey?- 
well’s timesharing marketing^ 
operations in the UK, Europe and; 
Australia. ... . v . 

..'_:TKe new.. company will be Sf 1 _ 
per cent owned by Genera)' % 
trie and 16 per ..cent. .ownedt%1s L ’ 
Honeywell- \ 

The new company is scheduled 
'to begin operations November L 
j Honeywell is the exclusive dis- r 
“tributo'r for- GEY Mark III com- ' r 
■puter services in Britain, Italy 
.and Australia; with'. othW' ; 
■Western: European .. countries, 
served jointly Hy H0n6yWeU~rifiE 
Compagnie ties Machines- Bul£f ■ • 



Prices firmer 
in quiet trading 

‘During 1977 Garanti Bank 
recorded the most dynamic growth 
in its 32 -year history. 
The number of new savings accounts 
opened this year increased fourfold 
as compared to 1976. 
Total corporate deposits 
showed an increase of 57°„'. 

It all started in April 1977 
when the Bank entered 
a new era of lively development. 
Since then we have been going through 
accelerated activities stemming 
from an increasing confidence 
in the professionalism- of Garanti Bank, 
Today with 244 branch offices, 
correspondents in the four corners of 
the world, representative offices in 
Zurich and Stuttgart 
-and two to be opened soon in London 
and Frankfurt-, Garanti Js providing 
banking service of new dimensions. 

For the enterprising bunker, 
Garanti Bank is a natural point of entry 
to the Turkish marker. 

Its portfolio of corporate accounts 
attest to that with leaders in every sectoc 

and a broad base of domestic ’ ■ 
as well as multinational 

industrial clients. ■ 

For the bank that wishes 
to do business in Turkey, 
the one bank to do it with is._ 
the corporate one. 

Statement of Condition at December 31 
(in thousands of Turkish Lirai.) 




Cash and Due from Banks 



" w 

Investment Securities 






4.499.01 S 


Equity Participations 



Premises. Equipment and 

Other Assets 





7.O06. 5hg 






Funds Borrowed 



Other Liabilities 











GARANTI the corporate bank in Turkey. 

I87 3 Istiklal Caddea, Istanbul -.Turkey. Telex :22957 gafo ti Tel: 451480 

By Francis Ghiles 

THE Eurobond market was 
quiet yesterday with prices stag- 
ing a slight technical recovery. 
The straight bond for National 
Westminster continued firm 
while the recent Ontario Hydro 
bond edged up to close at 97J- 
97L Disappointing news came 
from New York .later in the day 
with indications that Sweden's 
Yankee bond, having been 
released from syndicate, was 
trading. at 97J-97J. 

The $50in private pJaeement 
for the European Coal and Steel 
Community was priced at 992 to 
yield S.79 per cent by lead man- 
ager. Banca CommerciaJe 

New Zealand is floating a 
FI 75m private placement 
through a group of banks led by 
Amsterdam Rotterdam Bank. The 
bullet issue, which carries a 
coupon of 62 per cent and a 
maturity of six years, has been 
priced at par.- 

Imperial Chemical Industries 
is floating a SwFr 100m 15-year 
bond through a group of banks 
led by Union Bank of Switzer- 
land. This bullet issue carries a 
coupon of 4J per cent and has 
been priced at par. 

Prices in tbe Deutschc-Mark 
sector were seesawing yesterday. 
Ahead of the Sub-Committee on 
Capital Markets meeting 
scheduled for Wednesday, the 
keynote is uncertainty- In the 
domestic bond market, prices 
were on average a quarter of a 
point lower. 

Fotomat $25m 
Kodak suit 

STAMFORD, June 5. 

FOTOMAT has filed suit in the 
Federal District Court in Sun 
Diego against Eastman Kodak 
alleging violations of the Sher- 
man Anti-Trust Act by Kodak 
and seeking single damages of 
$25 m. 

Mr. John Lackland. Fotomat 
vice - president - general counsel, 
said that in many respects the 
Fotomat suit against Kodak is 
an add-on to the Berkey Photo 
case and is in many respects 

Fotomat buys paper, film, 
chemicals and equipment from 

In an anti-trust suit, single 
damages are trebled, Mr. Lack- 
land noted, so in effect the -S25m 
suit is really seeking a S75in 

In Rochester. New York, East- 
man Kodak declined to comment 
on the suit. The company said 
it was aware of the suit but ha? 
not seen the court documents. 






Group turnover 

FF 000's 




Total profit before taxation s 

358.027 _ 



Total profit a fter taxation 

181.527 - 


Profit after taxation and before extraordinary items, 
attributable to members of the Company 

Extraordinary items 

Profit after taxation and extraordinary items. 

■ 8,764 



attributable to members of the Company 




\ 621,230 

' 618,835 

Earnings per share before extraordinary: items-- .- . \ .. 

Earnings per share after extraordinary itenis . . 

. ... FF32.46. _ 

.Jy. FF 34.34 



Dividend per share 

Tax credit 

Total dividend 


3. FF. 5.59 - 

' FF 16.77 : 

FF 11.18 

FF 5.59 

FF 16.77 

■ ' . • *, 



• The profits of the year have 
decreased with respect to 1 976. This 
is principally due to : • . 

-the insufficiency of the selling price 
of cement in France. 

- the decrease of the refractory . 
products activity in connection with 
the worldwide crisis of the steel, 

-the unfavourable influence of the. 
parity between Canadian dollar find - 

■French franc, when converting the 
contribution of Canada Cement 
Lafarge in French francs (less 12% 
over 1976). 

O The operating groups : Aluminous 
Cements. Plaster and Engineering 
performed well during the year. 

• Government control of selling prices 
is expected to be lifted in France and 
in Canada during the second half of' 

1978 . .... . .-.*•• 

Certain information required by The Slock Exchange to be made available maybe inspected 
during usual business hours up to and including 23rd June. 1978. at the of Rees ofkleinwort . 
Benson Limited. 20 Fen church StreeC-London EC3P3DB, from whom copies of the full Annual* 
Report {both in English and French) may be obtained. .• 

■i „ 

cj 1 f _ 

Lafarge 28, rue Emile Menier, Paris 16e. Tel: 727 97-89. Telex: 62804 F. 

a French property leasing company 

The Annual General Meeting which was held oh 17th May 1978, 
under the chairmanship Of Mr. J.C. Genton, approved all the : . 
proposed resolutions. 

The net profit of the company amounted to F.73,5 millions for the 
financial year ended 31st December 1977. 

The distribution of S 5 ,%ofthe fiscal profitallows the payment from 
19th May 1978 of a dividend of F.36,10 per share, rate of tax Credited 
F.0,19 (F.31,-30 for the financial year 1977). _ . 

22nd May 19 78. 


Registered office: 24iue Erianger- 75016 Paris^France 

. i. ,-i > ii !-.£ ■ 1 i 

\NKING NEWS U vv/ltl i / in 1 ■, TT O 

rV* \+\7Z m 




fcperahon’ out of re- 

«*■ <«S 

»r the 

of ^any- reai economic 

or fte 

Uy*',, OT-creujt out a gradual 

■*stLi^3^ tU !? money marker 

c em 'e 1 net Profit of 

(S&tat).. of which 
in' L v *n *??-. 9 ?. ■®«’froni the excep- 

,J > 

Generale plans scrip issue 

tiooal profits ■ from .overseas 
activities. .The 191* net was 
FFr 232.4m. The bank is trans- 
ferring FFr 404m to reserves. 

The consolidated balance sheet 
of the group at the end -of 1977 
was FFr 223.?bn. and -the con- 
solidated , profit FFr m&ja 
(5173m); or vrbicb STr6S1.7m 
represented the Sodete 
Gen^rale's participation.*;- , . 

The ^ j bank - complakfr that 
general • economic conditions 
made it difficult- ; to maintain 
adequate profit margins/ and the 
growth of the balance .sheet total 

by 21.4 per cent which was well 
above the growth of money in 
Circulation, attested to its vitality 
and its geographic and sectoral 

•while clients' deposits rose by 
almost 18 per cent to FFrSObn 
on January 3, with corporate and 
individual deposits improving 
equally strongly the PFrfiObn 
m credits granted to customers 
represented a rise of little over 
ID per cent, which was well 
below the rate for the previous 
three years. The main bright 
spot was - the 55 per cent 
advanced in long- and medium* 

PARIS, June 5. 

term export credits— -these fall- 
ing outside the credit guide- 

The report also highlights the 
expansion of overseas activities, 
including the creation of the 
Korean-French Banking Corpo- 
ration in Seoul: the opening of 
representative offices in Manila 
and Sydney: the establishment 
nf a joint venture commercial 
bank in Egypt; the creation of 
a banking subsidiary in Nigeria; 
and the opening of branches in 
Amsterdam and Frankfurt and 
a representative office in 

State aid boussac textiles 

for Svenska 
Varv and 


^eettu^^ES Banques Arabes et 
VWoll p- 1 theJParis4iased con- 

J Arafc and 

» Posing 

lt U),>Jjer .^nJecttunB of capita? 

hav, LEL ’W ^ h - eho i^ ers 01 FFr «Qm 
w -. m ^ over the next two years 

to shareholders' approval 
^ra^ A -jpeetihg: scheduled f or Jwie 
^formau^ issue equity worth 

e? if- y25? 1°^° equaI tr antbes 

es h&nn? July and next January 

0 ^ CK fS 1 W 9 ' Ja °uary 1880 and 
■^•1980 it plans to issue three 
coniaaav w > ,c ^; 1 e * cil of FFr 50m. of 
'tied b? f- Avertible bonds, 

5 :j£ r <**£' ’ 

c °njpat>\ u 

■* 1 ' 1 v ** biggest private 

Kredietbank dividend 

As with ' a two-trahehe FFr 
300m issue which , DBAF made a 
few years ago (and./or -which 
conversion rights occur in 1931 
and 1982). the new shares and 
.bonds, .would be offered to share- 
holders pari passu With' their 
existing holdings. - 

Five years after the Issue of 
the convertibles, shareholders 
would have three options: the 
right to. convert into shares, or 
to be reimbursed foMhe bonds, 
or to decide to bold the bonds 
for a further seven years: 

UBAF'5 share capital currently 
stands at ; FFr 150m. 

KREDIETBANK is proposing ro 
increase its dividend from 
BFr 285 to BFr 290 per old share 
for the year ended March 31 
last, and to pay a dividend of 
BFr 145 per new share. 

The Belgian bank announced 
today tint its balance sheet total 
rose BFr -13hn, or 15.2 per cent, 
to BFr 326 bn. The bank said 
this growth was due mainly to 
the increase in working funds 
made nvajjjbJe which tola lied 
BFr 296.6hn or BFr 4Q.5bn more 
than a year ago. 

BRUSSELS. June 5. 
Deposits and medium-term 
bonds account for BFr 2l9.7bo, 
or 12.4 per cent more than 3t the 
end of March 1977. 

Total credits to the private 
sector increased 6.4 per cent to 
BFr 142.7bn. while those to the 
Belgian authorities rose almost 
6 per cent to BFr 107 .2bn 
Total gross income at 
BFr 12.9 bn ($395m) was 
BFr 973m. or S.3 per cent above 
the previous year’s figure. Depre- 
ciations were S.2 per cent lower 
at BFr 7515m. 


6 big five’ overcome depression 


7- ft 111 £ • ■ , v ‘bb^k karate 

„ks enjoyed an excellent year 
ally bv Hijita, despite the general econo- 

•’ <iti‘x i '-*\fcpression. 

£lhe biggest of the five, Turkiye 

^aafcisL. noted that its total 
sits had reached 55bn Tur- 
i . Lira ( S2.2bn ) "23 per . cent 
fer tan- in the previous year, 
i household deposits growing 
Jfi per cent to TL 30bn. 

; Bank’s total assets rose by 
?er cent to TL 83bn and profits 
ire tax were up 20 per cent 
rL 631m. 

khank. owned by the power- 
Sabanci group, rose from 
d to second place in 1977, 
aging places with Yapi Kredl 

Akbank's total assets increased 
by about 50' per cent to TZ* 44ba 
and total deposits by 30 per 
cent to TL 31 bn. Pre-tax profits 
were TL 381m, 8 per cent higher 
than, in the previous year. 

Yapi Kredi Bankasi recorded 
total deposits 15 per cent higher 
at TL30.9bn. Total assets rose by 
32 per cent to TL41-?bn, and pre- 
tax profits amounted to TLSllm : 

Turk Tiearet .BankasJ’s. 1977 
deposits were TL12bn, 30.5 per 
cent higber than in ibe previous 
year. Its total assets grew by 51 
per cent to reach TL17bn and 
pre-tax profit by 13 per cent to 
TL203m. • ■; • 

Garantt Bakasvthe smallest Of 

the five, also recorded a high 
performance rate except in pro- 
fits which, at TL6m was the same 
as 1976. The bank, which is domi- 
nated by the KoC group, Tur- 
key's biggest private industrial 
concern, increased Its total de- 
posits by 23 per cent to TL6.9bn. 
Its highest growth rate was in 
corporate deposits which in- 
creased by 5 b per cent to TXJlbn. 

Garanti's total assets at the 
end of 1977 were 26 per cent . 
higher than the previous year at 

The interbank deposits of all 
five were lower in 1977 than 
1976, while their liquidity grew 
by an average 50 per cent. The 
highest increase in liquidity was 

that of Garantl at 71 per cent. 

The growth in the loans of the 
five was lower: just over 2 per 
cent for Is Bank and Garanti, 
15 per cent, for Yapi Krcdi, 20 
per cent, for Akbank and 34 per 
cent, for Turk Tiearet. 

The high growth in deposits 
In 1977 is attributed to tbe in- 
crease in the number of bank- 
notes in circulation. Similarly 
high growth is expected this 
year, due lo the sharp increase 
in interest rates introduced by 
the Eccvrt government to encour- 
age savings. A number of new 
taxes, which have been intro- 
duced to lower tbe high rate of 
inflation, may also encourage 
growth in deposits. 


i Australia ftpc T98S 

V Spc. 1987 

■alia S.'pr 1992 

-aJIan M. & S. 9*pc IK 
lays Batik 8*pc Wi- 
lier 9 1 pc 1992 . 

X. Railway Slpc 19S6 
3*11 Katiooal Sipc 1338... 
nark Slbc 1984 

•fu; 9oc 10 W 1 

SJpc 1997 ;.„L 

‘ SJpc 1992 

•Hac 1889 



1BS5 Nor. .... 

raper Slpc-MM- -- *71.- 

~ r;t*Iey Slic .iwtt. .90* 

^ Quebec 9oa. 1992.-- 9S_ . 

Wpc 1S87 .... 982 _ 

..... Canada *>pc J»W . . ..JflOJ ■ 
M o Ilian BIocOH VPC 1*92 94* 

Ferauson. 9 *dc ’SI ; *U 

■'ffiitn 9ipc i*S3 mils 

"^ini! Int. Fin. SJnc '93 *5i 

Ml Coal Bd. *pc 19S7 94i 

pal WsJmnslr. 9w ’Sfi 98F 
-;S5)undla/id Ope 1989 Wi 
' c tin-. Bai* Sipo J9SS 97 











9« . 







• 97 













ion* . 

- an-- 








l i 



FF i: 





'•** ■ 
. 101i 

- as 

- -99 



N’orsfc Hrdra 8jpc umz _ 95| . 

•.Oslo 9pc 1*88 99 

. Forts Auiotxuueg 3psr 1B9] *8 

Pro*. (Jur bee 93] 

Prov. Sukaicbwa. Slpc “S« 93 

R>.-ed ImernaHonal 9nc 1987 ‘93 

RHM 9pc 1992 U 

SeTKiion Trnst SJpc 9» 

ISKand. EfisIriWa 9pc 199L- “974 ' 

SKF Spc 13S7 92i 

Swfdwi UfdOO») «PC 1987 - 94i — 
I'.IMtMJ BSacute Spc 1983 -...' 98 
Valeo .gpc ISS7 Warm 83*.. 

NOTES ' •••' 

Australia 7}pc 1934 9t 

Bell Canada 73pc 1*87 4 *5 

Br. Coiunibia Hyd. 71 oc VSJ S3 
Can. Pac. Blpc »M .JC 97* 
ZV«r Chemical $pc 19&S.. SSi 

■ E»ts 71pe 1082 .,.: 931 

-KCS «pc 19*9 Wi 

EEC 7’. pc. 1987 93* 

EEC71PC1W5 «l 

En»» GlVBtll S*pc t»M .Hfl 












. 5 * 











fitffjycrfcen 71*: 1082 

Kochums Spc 1«3 

M'cbcjln Sjpc 19S3 

Montreal Urban Sloe 1*81 
Mew BrunKivkk Sue ISM 
*r«i' Bruns Prov. 8fpc 'S3 
New Zealand &jpr less . . 
Mon Me Joe Bh. 7toc JfcU 
MotsJc Hydro 7;pel*82 . 
Norway 7 Ice 19*2 ...• ..... 
Ontario Hydro Bpc 1®7 ... 

.Since* Slpc J98J- 

S. or Scot Eltv. BJpc IMF 
Sweden IK'dSmrTjpc 19B2 
Smdlsh State Vo 7!pc *S2 

Telmex Wpc MM 

Tenneco 7*pc 19W May ... 
Volkswagen 71oc‘.l«7 ...._ 

Allied BreweOcs lDjp*: T9 

CiUrorp lflpc 199-1 

Counanlda 9£nc ISS9 ... 

ECS 9?pc -1939 ■ 

E1B 91pe J9SS 




































100 * 











isr s 

. .--..B-jrss* 

. ■ ■ " I ’ J • 

.4 Z 

This announcement appears as a matter oi record-only. 

US $18,350,000 

Corporation Berhad. 

: Medium Tenn Loan 

• Guaranteedby 

The Government of Malaysia 

• . Initiatedby 

Kuhn Loeb Lehman Brothers Asia 

. Provided by . 

March, X97S • 

Bid oner 

EIB 9Jpc 1992 92} IK*’ 

finance for Ind. 9ipc I9S7 39 no 

Finance Tor lnd. ldpc 1989 904 91! 

f M ods jn^ 1SS7 9.1* 94} 

Crsirmer ]lpc 1988 91* 92* 

IMA lOpc 1939 S9 90 

Rownircc 10* pc I9S8 S»i fSl 

Scan lOlpc 19SS 5SJ Ml 

7bral Oil Slpc 2*94 Btli . SI i 


A'lan Dev. Bank 5*pc 1988 96* 97* 

BNUK S’pc 1986 96} 97* 

Canada 4.'pc 1993 . . 98 9SJ 

TVn Norshe Id Bk. «pr -90 99 Mi 

D-iiiarbe Bank 4ipc 1583 . 98 981 

ECS Slpc 1990 95J 96* 

RIB 52 DC 1790 96* ‘ 96* 

Elf Aquitaine Sipr 1988 ... 93* *r. 

Euraiom SCpc 1VS7 97* 96} 

Finland 5Jpc iPSri 9S 99* 

Forsmarkji B3pc 1890 98 933 

Mexico Her IASS 95J 964 

Norcem 5Jnc 19M 100 1001 

Norway 4?pc IMS .. 96! 994 

Norway 4 .’pc 1983 961 974 

PK Bankcn S:nc 19«» .. .. BS 95* 

Prov. Quebec Upc 19M 97 971 

BaiuarmUki Slpc 1988 9**1 964 

Spain flpc 19RS 9.i j Mi 

Tmndh^lni Sloe tens 97* 9<* 

■n/n Power Co. Rpo 1888 .. 96! 91 

Venezuela fipc 198R 97* 93 

World Bank 31pc 1990 ... 97} 98 


Bank of Tolrvo 1981 8lPC .. 99t 1001 

RFCE 19*1 8’pc 99* 100 

19<tt 81U.PC 100t 1001 

ROE Worms 1983 99 991 

r:CF 10SWRJPC Ml 9H 

ri 'MF 1964 73 pc 99} 1001 

OviWansinlt 19W S*pc 99* 100 

nn Rank 19ft! 715)6 pc .... 100* 1001 

C7R 1961 Sl«.pc 1004 101 

mil. WeMllim.T 19S4 8K 99* 991 

Llnvds 1963 7Jpc 100* 100] 

l.TCB 19S* 80c 09} 1M 

MntUnd 1987 6*)epC .. . . 9»J 100 

Na’. We*i«ni»sujr Bk. 19M V* 99* 

nKR 19ft! 7.' pc 09 * 300} 

WCP 19SS nine 99* 99] 

I'd. and Chtrd. '81 7/i»pc 99: i«n* 

Wms. and Clyn's 'M Siwnc ooj ioo* 

Source: WbJre Weld Securities. 


AmiTjuan Exiyrss «*m- ‘S7 
Ashland opc 19SS 
Babcock ft Wilcos 6 5 do ‘97 
•Rronrlw Foods 4 '.pc 10T! 

VvHcp Foods 1992... 

Bi-ocbam sjpr )W 2 

Borden Sue 1992 

R ran cl way Halo J’oc 1967... 

Tirna i ion 4pc 1MT 

Chevron Spo 1688 

n ir- 4 ’DC 1907 

Fas' Kodak 4!oc 
Economic Lab*. 43 pc 1887 

Kfimonc SOc 19S6 

^ord 5i>c 1838 

»1e«jeral KM-irCr ^}pc 10S7 

niii.-irc 47pc *987 

fiouM 5 dc 1987 

Culf and 3pc 198S 

rrls 5m; 1992 

nonorttvll toe 1980 

'Cl S*oc raw* 

N« fine 1097 

’-’■■h.-or*- f’v 1992 

•TT line i°87 

7 ■►s'Yi I'-ry 1902 

l '(miiiii 7'ic '990 

Piv Mrfk'WO" * ’OC "87 
iitnAiii 8">»“ 1990 ... 

JUlml 71 n<* ]9»n 

P. llvrpn i Inc 1987 . 

Source: Kidder. Peabody 

87 J 



97 } 


















S 9 J 

94 * 




1 ° 9 } 





















90 ; 




114 * 





10 ! 



omP an5f 

-i it's!# 1 *" 

‘ ■ ~b c 

Musaad Ai- Saleh Rea! Estate Ltd. Kuwait 

KD 5,000,000 

Medium Term Loan 


International Financial Advisers k.s.c 
American Express International Banking Corporation 
Arab African Bank- Cairo 

provided by 

American Express International Banking Corporation -Bahrain 
Arab African Bank-Cairo 

Chartered Bank. OBU Bahrain Lazard Brothers & Co.. Limited National Bank of Abu Dhabi 

Agent ’ 

international Financial Advisers k.s.c 


nil ?i’U- 


■ .•8: 

( ‘!i* ’ 

a ep^ v ‘ ^3? 
ntt - • 


By William Dullforcc 

THE Swedish pariiamvm has 
approved a grant of Kr 2bn 
(5433m) to cover the losses 
of Svenska Varv, rht> >iale 
shipbuilding group, ant i a 
Kr S40m lO*n to Kockums, (he 
lasl privalely-owned Swedish 
company operating a major 

In addition Svenska Varv 
will benefit from extra slate 
credit gtmrantees of up to 
Kr 600m and so-called "depre- 
ciation loans ” of Kr 173m for 

ownen placing orders, with Its 

yards. The “ depreciation 
loans" arc In effed direct 
stale subsidies and are not 
repayable. Pari ia mem also 
approved tbe _ spending of a 
further Kr 230m to develop 
“alternative production ’* at 
the yards. 

These measures arc intended 
to tide the yards over until 
the autumn. Parliament will 
then consider a new hill on 
the future oMhc shipbuilding 
Industry, which the Minister 
of Industry. Mr. Nils Aasling. 
is expected to publish at the 
end of June. 

JV!r. Aasllng said on Saturday 
that he was still convinced that 
one or two more Swedish 
yards would have to l*e closed, 
but. In contrast with his earlier 
pronouncements, he stressed 
the possibility’ (bar the yards 
could develop new heavy 
engineering products. 

Svenska Varv has blue- 
prints for Hoofing petro- 
chemical and gas liiinefaclion 
plants, while Mr. Nils-Hueo 
Hallcnborg, the newly 
appointed executive chairman 
of Kockums, said at the week- 
end that before live 19911s his 
company’s yard he pro 

during mainly mher products 
lhan ships. Kockums is deve- 
loping new larce-scale agricul- 
tural techniques, including one 
for the treatment of straw, and 
a new smelting process for 
steel production, 

Mr. Hal lenho re's optimism 
about the potential of these 
and other techniques is under- 
stood to have been one factor 
in Inducing Kockums anmral 
general meeting to accept the 
1977 accounts last week, 
although the auditors had 
declined to approve them. 

PLM raises forecast 

PLM, the Swedish metal can. 
packaging and waste treatment 
concern, reports a fall in pre- 
tax earnings during the first 
four months, but is raising its 
sales aud profits forecast for 
the year as a whole. The four- 
month interim report shows 
pre-tax earnings of only 
Kr 0.5m (SI 09,000) against 
Kr 6.4m, on a turnover of 
Kr 637m (SL38m), writes 

William Dnllforee from Stock- 

Extraordinary income boosts 
the pre-tax figure to Kr -L2m . 

The race for solvency 


yesterday when his colt Acamas 
romped home in the Prix du 
] Jockey-Club. It is the 12th time 
i M. Boussac has won the race and 
: Acsmas' victory brought bis 
I owner FFr 900.000 and put a 
, stud-price of more than FFr 20m 
on himself. 

Winning horseraces is. how- 
, ever, about the only part of 
Marcel Boussac's life which still 
jreiains its old glory. And the 
value of his horses is only a drop 
. in the ocean compared with the 
' FFr 107m losses registered by 
his textile master group 
; Comptoir de ^Industrie de 
France (CITF> last year or the 
\ FFr 266m of medium and Ions 
term and FFr 571 m of short-term 
I debts w hich appeared in the final 
; balance sheet before the con- 
i cem’s affairs were placed in the 
i hands of the Paris commercial 
! court. 

. A little of the du«t has settled 
1 si nee the court last week put 21 
Boussac rtoup companies under 
its direct control. Both the 
Government and M. B9ii«W him- 
self have outlined briefly what 
may happen next. 

The Industry Minister, Mr. 
Andre Giraud. has emphasised 
that it is not intended to dis-- 
inanile the group and that its 
! activities will continue while it is 
: under court control. He has 
1 listed the following tasks for the 
; croup's administrators: 

1 9 Examine the books of all tbe 
; companies to see what the 
i precise financial situation is. To 
! this purpose some 15 accountants 
1 have been at work for almost 
‘three weeks. 

;• Find out exactly v;hat 
> M. Boussac hiaiself has in mind 
I when he speaks of being ready 
i to “agree to make new sacrifices" 
;to save the group and to install 
; j management team ** enjoying 
■the confidence of the Govern- 
iment and. dare I say it. of the 
shareholders (i.e. himself i." 

0 Make preliminary soundings 
among companies who might be 
willing to take over parts of the 
Boussac group if the group as a 
whole cannot be revived. 

• Probably prepare a revised 
list of redundancies, with the 
Government doing its best to 
sieer alternative work to the 
Vosges valleys which depend on 


The key to all this is still, to 
a large extent, the S9-year-old 
M. Boussac himself. It was his 
letter offering to make “new 
sacrifices” and instal a new 
management which apparently 

Candidates for sale to help 
the Boussac empire raise 
funds to lighten its debt 
burden Include the 
newspaper group 
L’Aurore, the Dior fashion 
business and a stud farm. 

Jed the court to cancel the pre- 
vious decision of a few days 
earlier io allow the group a 
three-month grace period from 
creditors’ claims and bring it 
directly under its own control. 

The tw'o main targets for 
speculation as to bow M. Boussac 
could raise money are his news- 
paper group L’Aurore and Paris- 
Turf and bis Dior fashion and 
cosmetics business. 

Journalists at L’Aurore have 
been told that the newspaper is 
for sale but there is a lot of 
politicking about who should 
buy it. The Ely see Palace is 
apparently determined that it 
should not go lo anyone with 
Gaullist connections (ruling out 
the 90-year-o)d M. Marcel 
Dassault who already has Jours 
dc France and would love a 
daily). Purchasers as various as 
Sir James Goldsmith (who now 
controls tbe pro-Giscard weekly 
L’Express), M. Raymond 

Bourgine of the bourse-orientated 
Valeurs Actuelles, ihe Enipain- 
Schneider group, the Dietnch 
group, and 11. Robert Hersant, 
the owner of Le Figaro, who was 
a defeated ’Gaulhsi candidate in 
the constituency of Meuilly at 
the last elections, have been 

Tbe election result, more 
cynical observers point out. did 
M. Boussac a poor mm: had the 
Left won there would have beer, 
much more urgency among the 
capitalist classes to buy u right- 
wing newspaper to reinforce the 
combat against the Government. 
With M. Barre safely back, the 
Left no longer has an army in 
the field. 

The other candidate is the 
Dior business: when iis chairman 
M. Jacques Rouet went to New 
York in the midst of the Boussac 
crisis it was assumed that he was 
going to seek buyers for the com- 
pany. He has since said he was 
only reassuring diems that Dior 
was not involved in tbe problems 
of the group. 

Finally, there is still the 
Boussac stud farm Les Haras de 
Jardy for which M. Boussac now 
seems ready to settle tor about 
FFr SOin. Its sale has been under 
discussion for more than a rear. 

While realising these assets 
would come nowhere near 
wiping out the group debt, it 
would clear the way for the 
Government lo make new finance 
available (provided, of course, it 
approved of the new manage- 
ment team) while an agreement 
with the creditors on debt repay- 
ment would also make new com- 
mercial credits available. Even 
so, ibe group is unlikely to escape 
without being substantially 
slimmed down. 

Boussac is only one of a crowd 
of textile concerns in trouble: no 
fewer than six textile groups 
went into bankruptcy last week, 
directly threatening some 3.0(in 
jobs not counting sub- 

Volker-HVA link planned 

ROYAL Adriaan Volker, tbe 
construction and dredging com- 
pany. and HVA. a group with 
consultancy and agro-industrial 
operations, have begun studying 
the possible integration of some 
activities. The study will in 
particular look at HVA's activi- 
ties in the areas of consultancy, 
management, engineering and 
contracting in the agro-industrial 
sector, the two firms said in a 
joint statement released today. 

The study is expected to take 
several months. HVA’s FlslOO 
nominal shares were suspended 
before the start of trading today 
on the Amterdam Stock Exchange 
at Fls41.50. 

Volker is a group with exten- 
sive dredging, hydraulic engin- 
eering. pipeline and construction 
interests. Foreign contracts 
I accounted for 71 per cent of its 
j Flslbn (S445m ) turnover in 1977. 
j It was first listed on the Amster- 
dam Stock Exchange in April 

although tbe company said 
today it had been looking for 
opportunities to expand for some 
time. It forecasts that it would 
at feast maintain profits in 197S 
after a 22 per cent increase last 
year to Fls40.ini (S17.9m). It 
has an order book of Flsl.5bn. 

HVA is a company with 
interests in plantations, consult- 
ancy, trading, chemical and agro- 
industrial projects. It is still 
readjusting To tbe nationalisation 
of its extensive operations in 
Ethiopia three years ago. Recent 
fighting has delayed even further 
prospects of compensation and it 
recently reported making no 
profits in the first months of this 
year. Profit fell to FlsSOO.OOO 
(S356.0001 from Fls2.2m while 
sales were also lower at F!s591m 
<S263m) in 1977, against Fls609m 
in 1976. 

“HVA has a lot of experience 
we could use." Volker said. 

Unilever plans 
capacity rise 

By Our Own Correspondent 
UNILEVER will soon begin 
expansion of its capacity for 
fractionating vegetable oils in 
Holland. Construction of a new 
FI 45m f$20m) production divi- 
sion at its Croklaan subsidiary 
in Wormerveer. north of Amster- 
dam. will start shortly. Building 
work will take about two years. 

This will considerably broaden 
the basis for future development 
of the company's activities up- 
grading oils and fats for the food 
industry. In the short term, the 
enlarged capacity is needed to 
supply the company's SO or so 
export markets but in the longer 
term. Unilever aims to be able 
to supply the potentially larger 
market in Europe following the 
possible harmonisation of EEC 
chocolate legislation. Croklaan 
specialises in the production of 
cocoa butter substitutes 


1978 News Bulletin No 6 

A Strategy of Vigour 


Excerpts from the Statement by Mr. Roger Martin, Chairman, to the Annual 
General Meeting on June 1,1978 



Firmness in managing the present and audacity in preparing for the f uture 

We intend to persevere in a vigorous strategy combining firmness in the management of the 
present and audacity in preparing for the future. We intend to improve our results in France, 
which contributed only 4% to net consolidated income in 1977. by putting an end to the 
losses incurred by certain sectors of our operations, in particular in the fields of packaging 
paper, household glassware, and several engineering activities. We will take whatever 
measures are necessary to ensure the recovery or the restructuring of these sectors. The 
Group's operations outside France, which now account for 52% of net consolidated sales, 
have continued for their part to achieve satisfactory results, it would thus suffice for the 
contribution of the Group's French operations to the consolidated results to attain the same 
level as that made by operations abroad, for the Group's overall results to be significantly 

Our forecasts, on the basis of our existing structures and current monetary parities, lead us 
to believe that net sales could increase by approximately 10% in 1978. This increase is an 
expression of the Group's resistance to the effects of the continuing economic crisis. 
Because of the importance of the commitments already made, our expenditures on capital 
equipment will increase somewhat faster than sales. Finally, it is quite certain that our 
operations abroad, particularly in the United States and in Germany, will once again in 1 978 
make a substantial contribution to our cash flow and to our profits. 

Over the longer term, we intend to be ready to seize the possibilities of major diversification 
which may arise, ft is to this end, and with a view to reinforcing the Group's financial 
situation, which remains healthy, that we are asking our shareholders to complete the 
authorisations already accorded in previous years to increase the share capital, or to issue 
classic bonds, by authorising the issue of convertible bonds with priority rights of 
subscription for shareholders. We have no definite schedule for proceeding with either of 
these operations at the present time. 

The economic crisis and the problem of energy 

The continuing economic crisis has served as a detonator for the terrible ptoblem of energy. 
It constitutes one of the aspects of an economic decolonisation which is only at its 
beginnings and which has put into question the world's present equilibrium. The difficulties 
ahead, of which I spoke in 1 974, atthe risk of appearing pessimistic at the time, have been 
confirmed by events. The crisis requires an enormous effort of adaptation and change on our 
part. Rather lhan seeking refuge in an impossible refusal, France's vital forces would have 
everything to gain by seeking to negotiate and humanise these changes. 

Industrial research 

Conscious as we are of the importance of research in preparing for the future, we have 
increased our expenditures in this field by 40% over the past three years. The results we have 
achieved recently, particularly in the fields of fibre technology and automobile safety glass. . 
have justified the hopes we placed in this effort The Group has succeeded in maintaining its 
technology at a satisfactory level in comparison with its international competition. 



For further information, write to: The Director of External Relations, 

Compagnie de Saint-Gobain-Pont-&-Mousson, 54 Avenue Hoche, 75365 Pans. Cedex 08. 






More states are looking overseas 


QUEENSLAND'S Treasurer, and public sector borrowings over- board are jeopardised because a A$400tn. natural gas P'Pebne 
and Deputy Premier Mr. Bill seas has remained solely with the they can no longer afford to from the North West Shelf gas 
Knox left Australia at the week- Federal Government. The Loan cover these infrastructure costs, fields to Perth, A$150in for a 
end. bound for the major finan- Council also decides each year The stales, anxious for develop- power grid for the Pilbara iron 
clal' centres Tokyo New York the local borrowing programmes ment. have now conceded they ore region, a AS50nl _ water 
and London' His mission is to of <he stales, through their will have to pay for some of the scheme to supply ports in the 
place the state of Queensland on various state authorities. The infrastructure. northern part of the stale and 

the international lending lists, states have become increasingly The states have been pressing A$40m to A$60m for jnfrastruc- 
Queeosland aims to raise at least restive in recent years as the for at least 12 months for fcrre for the Alwest bauxite and 
ASlbn over the next 20 years. capital costs of new develop- changes in the Loan Council alumina project. Queensland 
Knox carries with him a 16- meats, such as power stations, system. Canberra began to take wants A$lbn over 20 years for 
page prospectus outlining the and rail and road facilities, have notice when the states began to unproved port facilities, water 
advantaees of lendine to Queens- risen dramatically, but because of find ways around the system, supply and sewerage pro- 
land budgetary limitations the Loan The Victorian Government's state grammes, irrigation and electn- 

ficaOon of country railways. 

NSW wants up to ASlbn, 
largely for its new coal loader, 
power and railway works. South 
Australia is talking of raising up 
to A$200m to provide the infra- 
structure of a petrochemical 
project at Redcliffs. based on the 
liquids in the Cooper Basin 
natural gas fields, while Victoria 
required large sums for its 
” “ ^ power schemes. 

The sta tea* overseas sorties at 

current iv" in * London 3 soundin'" Council borrowing allocations are power utility, the Stale Elec- this stage, including the current 
out the * prospects of raising at far too small to accommodate the tricity Commission (SEC > started trip by Mr, Knox, are largely 
least ASlbn bv 1990, as reported state demands. started entering into extended exploratory, because the rules 

in the Financial Times yesterdav. Moreover, in several states credit 4erms front suppliers which will govern the borrow- 
Victoria and South Australia where large scale natural through the issue of promissory mgs, and toore importantly, the 
are also looking at overseas resources ventures hav£ occurred notes for [he Loy^ia ng^ power amounts they can seek have not 


His tour is similar to those 
being made by other Australian 
states. The Premier of New 
South Wales, Mr. Neville Wran 
recently returned from an over- 
seas trip where he canvassed the 
prospects of raising at least 
ASSOOm for State projects, includ- 
ing a new coal loader, upgraded 
rail facilities and power station 

The Premier of Western 
Australia. Sir Charles Court is 

Western Australia, as reported in the Financial 
Times yesterday, is seeking international finance. 
Other Australian states are planning similar 
moves: James Forth explains 

markets to borrow large amounts in remote thinly populated areas, scheme, which cost AS400m to yet been decided, 
of funds. the mining companies involved AS500m in the first stage and If the treasury has its way the 

It is all pan of a fundamental have had to pay for many normal A$l-5bn to A$2tm by the time it states will still find themselves 
reshaping of the capital raising government services, such as is completed. in a relatively tight straitjackeU 

arrangements between the water supplies, roads, railways, Th e sec. backed by the State with a maximum borrowing 
Federal Government and the housing, and so on. The capital Government, maintained that ceiling for the combined stales 
states. Since 1329, when a body escalaiion has been greatest in this form of financing was not a ? f about AS300m. The Treasury 
known as the Loan Council was these services and many large borrowing as such and therefore concerned about the Federal 
formed, the right to arrange ventures still on the drawing Loan Council approval was not Government’s ability to control 

Australia the money supply and to manage 

The List of Applications will open at in a.m. on Thursday. 8lh June, 1978 and will 
dose on Use same day. 

This issue ts made in accordance villi n liiwm! fVinscni pdm hv flic T rcnxuni 
under the • Mitral ••( B.irr*ifrin>i Order 1915. 

.Application has been made in the Coum-il ol Tip* Si nek Exchange for Mr Stork bolus 
issued to bn a dm mod iu the ffftcUl List. 



£25.000,000 Cilv of Edinburgh District Council 
Variable Rate Redeemable Stock 1983 

A u rho’’d by ll/e Cilri Of rdirburplt Dulrf. 1 Council ami nee.irdaiir- talh 
the provisions ol the L*vnl i;i#r»-rpt»iwnl i .Vi-iUland > ti-t ISTT-?. mid the Local Authorin' 
Storks and Bonds 'Sr inland > ltd mlaUons 19 75. 

Price of Issue £100 per cent 



IMorcM (less income tax) orlU be payable half yearly on 9th June and 9th Decem- 
ber. A llrst payment, of ES.SSCT (less Income tax) per EUW Stock will be made on 
9*h Di-rsmbor, 1978. 

Tlie Stock u ait Investment taltma tritlnn run ll ■ r the Firtf Schedule to llte 
Trustee Investments Act JSWJ. 

In accordance ui’h a R—otuuon natscri be the Cue of Edinburgh District Council 
on Kw 18th Mav. 1978. BANK OF SCOTLAND are auihorif-.-tl in rmanw applications 
for me abor- amount of Stock, at the New Issue Department, P.O. Bus tuff. 30 Blsbops- 
sale. London EC2P 2 EH. 

1. SEC.URITV.— The Stock and l he interest thereon will he secured upon the 
srtiolc funds, rates and revenues of the Council and will rank port jsissh with the 
existing and furure debt ol the Council 

3. PROVISION FOR REPAYMENT OF LOANS — The Council is r.^uir.-d br Act 
or Parliament to make annual provision towards rodempHon or loans raised far capital 

3. PURPOSE of ISSUE.— The net proce»-ds of the present Issue or Slock will he 
applied to finance aothoriscd capital exwndiran.* and to replace maturing debt. 

+. REDEMPTinN op STOCK. — The Urn* will h.- redeemed at pai on 9th dune. 
JOTi unless previously cancelled by purchase in Ihe open market or by agreement 
with ihe holders. 

3. REnfSTHATtnx.—Ttie Stock will be refilstered and iransf -raMc free of chars/* 
in multiples of one pound, by uurinimeni in n-rilinct In accordant- with ihe Stock Transfer 
Act ISbv; ai Ban)- or Scotland. 3<I Bishouscato, London E*'iP 3EH i" lh»* Reuisirar"'. 
In respert of transfers lorised by hand before noon. Stuck Certificates in the name 
of ihe transferer i si will b- available for collection by - p in. on the same day. 
Certificates in respect of transfers lodsed bv cost will hi- sent by ordinary post at tb- 
risk of the Siockholder>si io rhe 'first named ■ resist, red h-dder ai his her rcaurtered 
address unless instructions to the contrary are klven in ivrtuny 

C. INTEREST — Interest «l-s>» income iax> rill he payable by halt-yearly Insi ai- 
mer us in arroar on 9lh June and Pth December «'* interest Farm-.m Dates"/. 

7. TFTE RATE OF INTEREST. — The first payment of interest will be made nn 
9th December. 197$ at the rare of fa.filW per cent. Mess income lay. beini! 1931 Tlwilhs 
ol the rate per annum determined hv Bank of Scotland, aetmc .is an expert. to be 
equal to 1 per cent, per annum above ihe averacc 'rounded upwards to the nearest 
<1.0001 per cent, i of the rates per annum at which Bank uf Sottland was advised hy 
Barclays Bank Limited and Lloyds Associated Bankinc Company Limited, a wholiy- 
o'.nted subsidiary of Llovds Rank Llnntr-d. the Reierenee Banks “i that sicrbn/t 
deposits In a marketable amount would h>* offered io ihem fur a period of six 
months m ihe London micr-hank market a> or abont 1(1 nan. on Sth .Inoc. 197S. The 
rate of interest payable »'• Interest Rare “i on each Inien-sr Pay-mem Pate subsequent 
to ®ih December. 197? in respect o< the immediately precedtns lull year «“ Interest 
Period "» a ill be rhe rat-- ner annum determined by Bank of Scotland act inn as ad 
/-sport, to be edual io .’ nrr /•i-nt. ncr annum ab«v.? thi- average trniindi-J upward to 
the nearest O.tlliSl t>;r rent./ or the rales p.-r annum at which Bank of Scotland is 
advised by each or th<- Reference Banks that sierlinn deposits m a marketable 
amount would be tiflcred to them Tor a period of ■ox mint Its in the l.nitdon liuer-hanfc 
market at or about 10 a.m. on ihe business day immediab-lv nreci-dltic the commenre- 
ment or such Int'-resi Penod i" Rale Fixlna Day"i. If ••liber of the Reference Banks 
shall fall on reouest io advise such to Bank of Scotland an any Rale Fixing Day. 
the Interest Rate shall b>- determined hy reference to the rate advised hy the other 
Reference Bank, ir hoih Ri-fcr- nre Banks shall so fall ihe Inn-rest Rale shaft be 
that determined as bcins fair and reasonable by Bank of Scotland aetmc as an 
expert. The Council will use us best endeavours to ensure that there mil at all 
limes be two Reference Banks. With the ai/reetnent of Bonk nf Scotland the Council 
may appoint any leadlnc bank in Ibe City of T.cndon as a snhstuute Reference Bank. 

A certificate nf Bank of Scotland as to the Interest Rate payable in respect of 
any Interest Period shall b«? conclusive and binding on thi Council and Stockholders. 
Eaih determination or the interest Rale for lnipresi Perwdb olh.-r than the first 
Interest Penod shall be certified to the Council and 14 The Stork Exchange not later 
than 9.30 a.m. on the first business day ot the relevant lm-r.-st Penod by Bank of 
Scotland and tbe Council will cause such rate to be published in twn leading daily 
newspapers noi more than one business day later. 

s. PAYMENTS. — Payments of principal and interest will he made by warrants 
available for Town Clearlne in tbe City of London, which wall he sent hT post at the 
risk of the Stockholder's >. In ihe care of joint accounts the warrant will he forward' A 
m tfu> person first named in the account unless insirndlons to tni cnmrarv arc given 
in writing. Pavrnetus or principal will be made against surrender ol the- relevant 
Stock Certificate's'. 

P. STATISTICS.— RcltiUnc in the C<»v nt Edinburgh DiMru! Council 

popuhtinn June. 1S7T (Registrar General's' .. 

Rateable Value— tsi April. 1BTS 'csUnidiu-d ■ 

Producr of a ran- of ip in r— IV April. I97S resnmati-rii 

Excltidlnc n-sourres plnnicni of Rai«- Support Gram 

Includltie resonrees dement of Rate Support Gram 

Dtsini.-i Council Rale per I— 1978 79 

Net loan dehi at r.lst March. 1978 

Debt administered by the District council 

Less : D-.-hl relating lo other local authorities and 






£dij. 139.415 


Add: Debt relating to District Council renices and 
administered by other local authorities 



£198.781 .MO 

10. APPLICATION PROCEDURE.— Applications on the prescribed rorm. accom- 
panied by Dayment In fall will be received at Rank of Sroiland. New Issue Dent.. 
P.O. Box 2S7. no Bishopsgaie. London EC2P 3ED on Thursday. Sth -fun". 1P7J. and 
must be for a minimum of flOO Stock or for multiples i hereof up to tl.OW Stork. 

Larger applications must be made in accordance with tlic fotlowlni: sealer — 

Applicarionx above tf.OM Siock and not exceeding O.IUKi srack in niulunl>.-y or X.iO't. 

Anulicationx above X3.000 Stock and not cxcucdtup £30.000 Slock In multiples of 
f 1.000. 

Applications above £10.000 Stock in multiples of Q.DD'i. 

A separate cheque made payable to " Bank of Scotland " and crosreri Edinhurch 
Loan '' reprencminp payment in full at the issue price and drawn on a bank in and 
made payable tn Scotland. England, or Wales, must .vcnmpnnv each application. No 
application will be considered unless lhew condliiotr. an- fulfilU-ii. Payments of C.ilflu 
or more should be made by Banker's draft or by chcoup drau-n on a Town Clearing 
branch of a Bank tn the Cus or Loudon. 

The Couih.i 1 reserve thr right to rrLstniet Bank of gi-otlauit ■ T • to present all 
rheques for payment and to retain the ilrnmm , « Smelt<:s and surplus 
applitauoo monej'B pending clearance or ihe applii-anix' ch'-ques an/ 1 »?' to reject 
any apolication or tn accept attv applieaiinii in pari nnlv. If unv .ippllcanon Is nnt 
accepted the amount paid on apnlieatixn will r#e returnrd by posi at the applicants' 
risk and if any application Is accepted for a xmall.-r amount of Slock dian that applied 
fnr. the balance of the- amount paid on application will be relumed likewise. All 
moneys will be returned bv Town fl.-arinv i-hi-que except that the Council rrserve 
ihe nght lo instruct Bank of Scotland lo n turn surplus application moneys by moons 
nr a cheque drawn on a Scottish branch of Bank of Scotland to any applicant whose 
application was not supported bv a Ranker's draft or by a cheque drawn on a Town 
Clearing branch of a Bank In the City or London. 

Each applicant to whom an allotment is made will be seat a definitive Stock 
Certificate. It U exported Ibat such certificate wil' be posted on aih June, 107a and 
that dealings in the Stock will bruin on 9ih June. ISTk. 

It. Prospect uM*n and application forms cau be obtained from: — 


New Issue Department, F.o. Box 2fi7, 30 BishopEgaie, London EG3P 3 EH and 
the principal offices of the Bank. 

n. NIVISON 8, CO. 

2S. Austin Friars. London EC2N 3JE. 


City of Edinburgh Distnct Council. City Chambers. High Street. Edinburgh 
EB1 1VJ. 

by Order of the Council. 


, f'JiVf f'.PVHt/r,' 


. l/irccmr id Ftmmre. 

I'tf C-hambers. 


MiriSh. EH l 1VJ. 

Sth June. 197*.- 

needed. Western . ... 

began looking at an alternative domestic monetary policy so as 
scheme, similar to leverage to contain inflation if tiie borrow- 
leasing. and which if imple- in® curbs on tbe states are 
men ted would enable its slate unduly relaxed, 
utilities, which do not pay taxes The Federal Government 
to pass on depreciation and wishes intending borrowers to 
investment allowances to tax-pay- join a queue, and wait their 
ing lenders, thus reducing the turn to borrow rather than have 
flow of company tax revenue to several state instrumentalities, 
Canberra. and perhaps the Commonwealth 

in M W . the Prim. S Kf 

Mr. Fraser, announced that 

borrowing restrictions would be 
eased on semi-government and 
statutory authorities. 

Borrowing proposals would 
still need to be put before the 
Loan Council for approval. A 
problem arose over the voting 
rules which Mr. Fraser described 
as “ requiring a simple majority, 
including the Commonwealth." 

overseas capital market at the 
same time. It also wants any 
borrowings to be Tor long 
periods. 10 to 20 years, at fixed 
rates, and proposes a "severe 
embargo" on the negotiability of 
securities issued by the authori- 
ties. which would tend to con- 
centrate attention on the U.S. 
domestic market 
Supplier credit arrangements 
would generally be allowed but 

Loss at 
Sasebo HI 
as debts 

This was his way of stating there would be restrictions on 
that the Commonwealth wanted buyer credit deals. It is also 
the right of veto over any proposed that credit arrange- 
approaches overseas by state ments should relafe to capital 
instrumentalities. eouipment only where the net 

This differed from normal effects leads to no increase in 
Loan Council voting, where the money supply. Export credit 
although the Commonwealth has would be applied io capital 
greater voting powers, it can still equipment only where it is 
ho over-ruled" -if the States com- certain that it does not relate 
binod against if. The states, to services to construction in 
anxious lo start seeking develop- Australia. The question of| 
ment funds abroad, finally agreed guarantees is -also yet to be 
to the Commonwealth veto, pm- settled. At present borrowings 
vided this arrangement was by the utilities carry a state 
reviewed in three years’ time, government guarantee. 

The states are now talking It is expected that these 
ambitiously of the sums they will matters will be thrashed out at 
raise. a meeting of the state premiers 

WA’s Court is confidently talk- with the Prime Minister, on 
ing of raising ASlOOm. next year, June 22 and 23. on Mr. Fraser's 
rising to ASSOOm, by 1900. The return from bis current overseas 
more immediate projects include trip. 

By Our Financial Staff 

SASEBO Heavy Industries, the 
Japanese shipbuilder, made an 
after-tax loss of YI.LTbn. 
(?5^m.) for the year to March 
31* compared with a profit of 
Y570m. in the previous year. 
The company also announced 
that. Id the latest in a series 
of moves. Its creditors — mainly 
Japanese trading houses — had 
agreed to defer repayment of 
some Y2bn* ($9m.) of Sasebo’s 
trade bills which fell due yes- 

Meanwhile, another troubled 
Japanese shipbuilder, Hako- 
date Dock Company, made an 
after-tax loss of Y13.75bn. 
(562m.) for the year to March 
31, compared with a deficit of 
Y298m- in the previous year. 
The company’s sales fell to 
Y38-99bn (5176m), front 

Y54.48bn. It is again paying no 

Sasebo reported a slight in- 
crease in sales, to Y7945bn, 
f$358m), from YTS.OTbn. The 
dividend is YL5, against Y5 
the previous year. 

The company said that it 
co aid not make a forecast for 
the current financial year be- 
cause much depended on the 
results of Us rationalisation 
programme. It is thought, how- 
ever, that turnover this year 
may fall to around Y50bn, 
some 60 per cent, below the 
1975 peak. 

Orders received la=t year fell 
37 per cent, from the preced- 
ing year to Y35.6bn, most of 
which were for products other 
than ships- 

The backlog or shipbuilding 
orders would run out by the 
end of next month, it added. 

Sasebo is reducing its work- 
force by L.600 to 5,000 under 
a three-year reconstruction pro- 
gramme, proposed by the 
Transport Ministry, ft last 
month declared debts totalling 

The Japanese Government, 
along with the company's man- 
agement, shareholders and 
creditors, is continuing efforts 
to salvage Sasebo. 

Last week, the company 
obtained a special loan of 
T500m from a Japanese bank- 
ing consortium. Including Dai- 
Ichi Kangyo Bank, for Its end- 
month settlements. 

Sanko Steamship. 

Sanko Steamship Company net 
profit in the year to March 3t 
fell 95.7 per cent, to Y168m 
($757,000’). from Y3.83bn a 
year earlier, AP-DJ reports 
from Tokyo. 

Revenues decreased 6.8 per 
cent, to Y3 14.82 bn ($1.4bn). 
from Y337.66bn. 


TOKYO, June 5. 

DESPITE negative margins on 
procured funds at 10 out of the 
13 Japanese City banks in the 
latest six-month accounting 
period, to March, combined cur- 
rent profits of the banks gained 
6J6 per cent, over the previous. 

September 1977, term- -.imp rove- 
" — attributed 

ments in profits were 

to the bank's sharp gains on 
securities, which rose to 
YU5.4bn ($520m) from Y67.7bn 

Operating revenues aggregated 
Y2.99 trillion (million million), 
down 3.2 per cent from the Sep- 
tember term,- as a result of tbe 
sluggisb lending pattern. Margins 
were squeezed by a series of 
cuts in official discount rates. 
Fuji, Sumitomo and Saitama 
Bank showed barely positive mar- 
gin s on their procured funds. 

However, the banks put in 
hand various rationalisation mea- 
sures such as cutting jobs. Cur- 
rent expenses at the 13 fell by 
Y116.2bo, as a result of reduced 

interest on call loans and lower 
operating costs. 

During the six . months, net 
sales of securities hy the. city 
banks totalled Y1.25 trillion, 
against YL17 trillion previously.. 
According to banking sources. 
City banks sold a large amount 
of securities in order to under- 
write a sharp increase in national - 
and local bonds. 

The sales of securities were 
also linked with the- bad: debts 
-which the banks had to writeoff. 
Combined bad debts at. the. 13. 
totalled Y103.7bn, compared 
with Y218bn in the September, 
term (including that- of Ataka- 
and Co.). OF the Y103.7bn, 
direct write-offs accounted far 
Y14.7bn, and the indirect variety : 
(banks’ appropriated ; funds for 
writing off bad debts in their 
special reserve) for YSdbn; which = 
increased sharply, from Y23.3bn 
in the previous six months.; \ - : '- 

Both Sumitomo and Kyoto*; 
Bank wrote off brad debts related 
to Ataka in' last September’s 

term, but . they "also appropriiti 
Y36bn and Yl2bn respective 
from their. . special reserves f ( 
writing off' subsidiary bad deb 
related . to Ataka in h 
half-year. Following the faih, 
of Eidai last February. i w 
Jbaflks (Fuji, Bank of Tok s 
.Dai-Ichi. :Kangya -. and - Dak 
Bank) --wrote- off -Y212Jbn. ' 

Bad loans apart, the ban! 
moratoria on interest paymen 
for- so-called * structural reft 
sion ” hit -industries, also erbdi 
bank earnings. - Recent res© 
measures' involving- the shefrn 
of interest payments for Fuji^ 
Industries and Fujtsash salesi 
Daiwa Bank (Y780m), f 
Hakodate Dock by Fuji Bal 
( Y400m) and » Hokkaido Tak 
fihaku Bank (Y300m> affect u 
profit outlook of these banks 
the September term. .. .’ profits of u 
13 banks increased by 2,6 a 
cent over the previous-*, 

Wearne ahead at halfway 


motor trader in Singapore and 
Malaysia, has reported a 16 per 
cent increase In group pre-tax 
profit to S3 15.44m (SUS$6.6m) 
for the half-year to March. 

Although this is substantially 
a slower rate of growth than the 
record S2 per cent achieved in 
the previous first half-year, the 
increase, aparpently, . is broadly 
in line with, the group's expecta- 

The group chairman, Tan Chin 
Tuan, in his last annual report 
warned shareholders against 
expecting the previous perform- 
ance to be maintained. 

Post-tax profit was 15 per cent 
higher, at SS7.99ra ($USS3;4m), 
while group turnover rose by -14 

SINAPORE, June 5. 

per cent to S316L6m (US?69m). 

Wearne has decided to raise 
its interim gross dividend by; SO 
per cent to 5. per, cent- 7 The 
previous year’s interim, dividend^ 
was 3.3 per cent after -adjusting 1 
for tbe one-for-two scrip -issue" 
last year. . 

Touching on the .motet vehicle 
market, Wearne expressed, con- 
cern over its Singapore .sales. 
The increase in additional' regi- 
stration fees on new passenger 
cars introduced in February this 
year, it said, might tetard sales 
in Singapore. . 

In Malaysia, however, Weanie 
said, the’ market for vehicles 
remained buoyant, and sales are 
expected to be maintained at 
current levels. , 

CCM reverses two-year slide 



Chemical Company of Malaysia 
(CCM), an associate of ICI Inter- 
national, has succeeded in revers- 
ing its slide in profits of the past 
two. years and has reported a 
modest 7.3 per cent increase in 
pre-tax profit to 8Rm Ringgits 
fUSS3.7m) for the first-half, to 
March 1978. 

Despite strong competition in 
the Malaysian market 1 arising 
from the heavy imports of ferti- 
lisers, CCM’s sales during the 
period rose by 15 per cent 
* + - 
Peg! Malaysia Berbad, the- elec- 

trical and marine engineering 
holding company, increased its 
pre-tax profits for last year by 
11 per cent to 3.07m Ringgits 
(USSl.Sm) and is increasing its 
dividend from 20, to 30 per cent 
Worg Sulong writes from Kuala 
Lumpur. In addition. It. is 'giving' 
a one-for-ftve scrip issue which 
is made out -from- 1.24m Ringgits 
from its capital reserves and 
share premium ac&ounL The 
new scrip, however, will not be 
eligible for the'- dividend. 


Africans look 
at credit and 

crop insurance 

By john WoiraH 

NAIROBI, June . 5, 

A. MAJOR -• problem . for imu 
ance companies in Africa v 
their-" image,” the' Sixth Africt 
Insurance Conference being hpj 
'In. Nairobi: wia&tolditoday by-ij. 
Simon N gw tri, managing direct 
of the -Kenya National Assnnm< . 
company,. -. /’ 

"Only too often does one h« 
that- ; insurance ’ companies - av 
oitiy tou -happy to receii 
premiums but most reluctant^ 
settle claims,’’ said Mr. Ngwii 
" I do not wish to say. this' . 
thie, -but to a lesser extent til 1 
could be a fair allegation." 

-Educating Africans on instr 
a nee is likely to be discussed ; 
length. Openine the couferenc ' 
today,,., the Kenya Hnam . 
Minister, Mr. Mwai Kibak 
touching on this, called 0- 
delegates .to devote time to del’ 
with, such .problems as how be - 
to advise the rural people in fli 
field of crop -insurance! 

On this question Mr. Ngwii 
said already’ -African fanner, 
were making inquiries aboa 
crop insurance. 

Mr. Ngwiri said very few coa 
panics undertook credit iosiu 
afice, ” but African financial in- 
stitutions keep od reminding 4 
to do ..something about, this ant" 
so far nothing has happened;'’ V. 

The List or Applications will open at 10 on Thursday, 8th Jane, 1978 and will 
.close on Ibc same day. 


City ol Edinburgh District Council 
Variable Rate Redeemable Slock 1983 

Issue of £2J.0()IU)(I0 Slock ai SlIOD per cent. 



New Issue Dcparuueur. Pf». Roi 3«7. lo Bishopscaie. London ECUP 3EH. 

I. We hereby apply lor 

• • • •• „ pounds' or City or FJInbnnsh 

Disirlci Couui-ii Variable Rate Redeemable Slot*. 1*W aiMjrdm.- w rhe conditions 
contained In ih- Prosnvcitm dated 5ih June. 1S7S and undertake io accept Die same 
or any Ws anionni tbai may be allotted io me us and to ray foi (be same In con- 
fonnlty wnb th.; tenits of Ihe said Prospectus. I -We requesi ihat any Certificate in 
iVfpeci of Siock ailmi.-d lo me us he seni fo me ’us hy post ai my.oor nsk to ihe 
first unde r-mem ion od address and Ibat sucb Rtoek be rojiuncred in ray.aur namets 

I Wo onclnre Uu- required paynt.-ni of f 

fn full at tiie ran- of ilOO per Ci-ni. on tbe nominal amount applied for°and ^ran-am 
Dial ihe eneque anaebeo ni-rrto wiU be honoured on first oreseinaiion and scree that 
any allotment of Sioeb is made smelly uu tins understandin*:. 

' I'Wi- deejare Ihat I am not iw one of us is r-sidenr outside ihe Scheduled 
Terrtrories vntbin ihe meantne of ihe Eschao^.' Control Act. I0J7. and that f.-we 
shall not he aeqnlrinK the Siock on behalf of or as nominee' of any peisoms 

resident outside ibos; Ten-itones. 


A7G.V.I rriur . 

First Name si rin full • 


■Mr. M rs . f.l Iss or Thi- • 

Address -io full including posial code 

Please use Block Letters 

in ini ease of joint application?, further applicants most bicd and oompieio below 

idoualuro t2i 

First .Xamcis' 

m InU 

Surnoft/f- unit . 

‘■'lr.. -Mrs. Miss or TIUe» 
Address in lull 

Plena use Block Letters 

F»r*f .Xante- *» in fuU 

Annidmc and nesignetien . 

• Mr. JJrs. Mies or Title' 
Address in JtU 

Please use Block Letters 
minimum of 008 suck or in multiples (hereof up to 

dr Applications must be far 
0,000 Stock. 

Laryar applications must be made In accordance wHih the following scale;— 
Applications above 0,000 Slock and- not exceeding E5£00 Stack In multiples of ESOO 
Applications above £5,000 Stock and not exceeding £20.000 Stock In multiples of £L000. 
Appllcotions above E20.000 Stock In multiples of £5.030. 

Instruct ions 

i tn the n* of joint applicants, all must sinn and. in the case ot a corporation, 
this farm must be completed under band by a duly authorised officer u-bo should 
state bis dcnucnaiion. 

Pleas,.' nm rhe i-h-que lo this form. Siapl-s should noi be itsmi. 

CONDITION IS FULFILLED. PayiDL-nb: of £j,0ito or more should bn made hy 
Banker's draft or bv chenne drawn on a Town Clearing branch of a Bank In the 
City of London, fn this conneciion. attention is drawn io the provisions or paragraph 
5 below regarding the return of surplus application moneys. 

1. This form should be completed and sent to:— BANK r>F SCOTLAND. NEW 
with a cheque payable to Bank of Scotland for the amount of tbe payment. Cheques 
must be crossed ■■ Edinburgh Loan ■■ 

5. No receipt »1D be issued far tbe amount paid on appUcation but an 
acknowledgment will be forwarded Ibroueb tbe post at the risk of the appflcanitsi 
• iiber by a dc(lnluvo Stock Cert I Scale ■ together with. If applicable, a Town Cleanna 
CheouL for any amount overpaid/ or bv return of the application moneys The rlchl 
Is reserved to return sprains manevs by means of a cheque drawn on a Scottish 
branch of Bank of Scotland to any a pul leant whose application was not supported by 
a Banker's draft nr by a cheque drawn on a Town Clearing branch or a Bank in 
the City of London. 

If this declaration cannot he made, ii should be deleted and reference should be 
mad. to an Autbinwrf Depositary or. m the Republic or Ireland, an Approved Agent, 
rhrooKh whom lodgment should be cflTecii-a .tiifaonsed Depositaries are listed in 
thy Bank of Enelatwi's Nfllic- E.U. 1. and include njn:-i banko and slocKbrokers In and 
.soli', trors praeiMnc nr the Untied Kingdom, the Channel Islands or tbu Isle or Man. 
Approved V-i-nis m the Kcpublte of Ireland are defined in the Bank of Ensland'o 
Noi!«.c E-t !«. 

;Th*. Scheduled Terriu/rliiS at prc.vmt conirrtv." the Untied Kingdom,. the Channel 
The falc of Man, i fiu Republic of Ireland and Gibraltar. 



A •• 

1 ^ 

Saga Petrokjemi a.s. sco 

U.S. $75.000, 000 . 








RBC FINANCE B.V. • :■ ' ' 










■ iKtternationalsa' - . : : . - 



2501 MAYTB7B 

fir . 






■/. yt; . 

T ~ t x"' 


AMMING and raw materials 


• B/.-OwLOwp Carrwpondent . 


market setback 
e report 





By Richard Mooney 

feoretl j RIC ^!r f*! 1 *&?*?]* 0:1 £ ucllun bad resumed ai Kolwezi are expected to follow St. Joe's ' L^ruion futures market dm- 

'^ eiaJ Excha, ? se but »m - uaaMe 10 say at whal tcad in view of the stronger Euro- Unued to *une c tiisher M-ster- 

asi ir^ y Miownr-wports that me. pcan market, which w lessening i a , as a new raid * front 

£S? ta2*SS*f? l "£**l“ipnteD! ^ In France, there was some competition from imports. i threatened the Brazilian coffer 

%'t t S!!f r® 0 iJb" 0 ^ 3 and' '““t a* Kolwezi mines in sceptism about the Kolwi-zt pro- Thc prjcc merest- ennies' regions. September coffee 

* °5 yft ^ r - >£™ta ™¥° n repor H- IW ^ ic yA ar ! J : tlu ; dulckly after the rejection by the : finished the day at £ 1 , 952.5 a 

ls av3 EtiSwf Sno *-Lnn„ .W ! ' ~Th» i2*2»*irl?fc I ' ™ '«• ^nim S the u. s . international Trade Com- 1 tonne, HIS* above Friday's 

Oft iS^ ft PWaS^oPdSrf ln^c? 1 " v^J ; renrS- J* £ h,te tedmie “ ,x » rolurn,n R to mission of pleas by the domestic ! dose and We lushest Let el 

id ‘\S 6| *k invaSLl' the Horn i!f U l\ S ' w *5 ,c * 1 i -lif* irSXll!*!?? UOr *’ industry for protection against j since last autumn. 

^duota^ iaoYt^awravarfnS'eMic^* - 1 ? ' coddot ^wutli But the planned American air- imports. * Fears had eased over the 

Locusis r£l ? Kolwrii uoen^it mi'nes had ro L’ ft ° r Moroeew troops to Shaba V S. zinc prices were lowered i weekend as temperatures rose 

SJSed SS TiSv aS fe* ™ sed h , 0pes of - a f » uiekcr injebruary this year. j i„ the coffec-growi.,:; areas but 

bavS’ ft : retried Vf0ifttJ4t Sot t n ialmutv mriLt •«S5Snnh lhan “P**led resumption or pro- Tin prices moved hi after.; as world markets opened ves- 

dUCl,on ^ Kolwczi, even though reflect tog a strong rise in. tcrda y morning reports of a 

: an t ^V’K^rs’NorihorS pr?vine R ™ n ° f ronnoelfa^n^n^^effi Wn^'JhS * 0llle . Londoa tra<lcrs are also Penang over the weekend and; ncW rold wave moving in 
n, M 'S' ■ TWwTtel JS f; fronney daft Produced before rhe sceptical about future prospects, scarcity of supplies available toj across the Andes s^m prices 

aj&tfWBM, «at i'rrs mjs «5 z a^SSr ' ss^T 3 - =ss 

* '*■ “ *«#.»? « ^&?s£srss£?i UhsLf££& ! J? ss?, sfiSrJsrss & 

-. . Six ' African 'nations. Ethion-a weeS °P««j<m6 * - copper stoeks-down by 4.-J5 b !^L S’ S week’s s«re. 

r ti e J k Somalia,' . ;Kenyu. the Sudan : It' was also" renorted that the lonnes ,0 a to tal of 523.bOO ,! A dl rh ‘1..° vohiio 6, i^° ^he world mark,-K reacted 

co.'!KWWBi «n«nd5tt?tw «orl tonnes-bia UlUe impact. **£ moMfc quota.'ion «« 135 ; 5r.m.a <mlly^m 1 ' r J dln ; : „„ ,|,. 

— opera tjn g m^ operations to slop • ing . normally with tonnes /me prices recovered some un at £6.«17.S. ' r^“T 0n , h 5, ^ cturai so 

nrrnrT“i CDI i !nin3 ' a plague.} of oro and 2.000 tonnes' of con- earlier losses following news that Lead was bJi by pmdMaking . ha? ( J J, ?.'?■• fr.r« ira iV "" 

Patte I SlwkJw J? ffl * lals »n Addis : Ccntralc passing through dally. a leading U.S. producer, St. Joe sales, and the decline in copper.; rahl n ,.- 


A sceptic attacks 
as talks re-open 

level since September 1974. 

uorth from Argentina, as did 

Pane 1 iLXTw "metals tn Addis : ccntralc passing through dally. a leading U.S. producer, St. Joe sales, and the decline in copper.; " “7" "T 0 ' ' a i J **, ; ‘ 

ft A S& the headquarters, say the ■ Later a spokesman for Minerals, had raised its domestic The «wh price dosed £7 down {.." vP 11 ' ‘ r 

w._ j. i wa ** I }s ar P kwr than they ; Sozacom. the Zaire metajs trading selling price for zinc by 2 cent* at £322.5 a tonne p3 P^®^ * M . k ’ 

v, j, ^ r " vr man iney ; autacom. uie z.aire mcvajiv iraunig ntiiihk price mr zinc uy _ ccnb at l322.o a lonno 

I vfllt t. !? r 5 ^ in -a decade. -The UX : company. told.Reutisr that ihn to 31 cents' a pound. Thc company Lead siocks fell by lail in 

flt r OflCL art U A "T Iflllln fp flrn'jWien i hilt «4 a 7 i Vllkr I AC fVftm cnitf iVia PC IVT kn 1 flA ... 

„ -^AinoiSi.- 
* prohlej, . 
P^OJe, Kl - 

l u p- 


1 T?* ’011k 

•;»>•» xu%- 

Uy -' "’l^n » 

Call for EEC 
sugar ‘logic’ 

French seek ban on 
EEC pigmeat imports 

meanfimr. prices ouicklv regis- 
tered permissible Uniil rises. 

Last Thorsdav frosi ijld 
minor damage in cuRih- trees 
ill Parana. Rra/i|\ main ru/Ti-e 
slate, according iu trade 
reports from Saiu»s. F.arly 
reports had said that no actual 
damage had been done. The 
lips of some trees u ere 
‘•burned*’ h> the frost but 
traders said ibis vtould not 
affect this > ear's crap, which 
is estimated ai about 17m bags 
(60 kilos each/. 


AS TALKS re-opened in London 
yesterday in a fresh effort lu 
resolve the considerable dif- 
ferences nf opinion over the form 
of a new lmornaiiursal Wheat 
Agreement, the Trade Policy 
Research Centre published a 
highly sceptical report pouring 
cold water on the whole idea. 

Writing in the economic quar- 
terly. The World Economy. Prof. 
D. Gale Johnson ui the University 
yf Chicago my a Wusfly; “ 1 do 
not helievc that it will be pas- 
sible to negotiate a set of ruies 
for the management of grain 
reserves under international 

Prof. Johnson say« that to suc- 
ceed an internal iona! pact would 
first need agreement on a range 
of international prices: agree- 
ment on she sharing-out of ihc 
costs of running the operation; 
and aareen/er .1 on bow much 
grain should by put ir. store and 
held in roM-rve. The issue of 
ownership nf the stocks would 
also have ;o be re solved. 

“Even if an agreement can be 
reached on These issues." he adds. 
" there is noining in past history 
to indicate that the terms would 
he adhered to for a significant 
period of Tijiir.” 

Mn-i discussions anou: inter- 
national grain stockpiles ignored 
Ihe extent to which such stocks 
were substituted for those which 
would have been held in any 
ease, regardless o; any inter- 
national agreements. 

So ir a group of countries 
agreed to establish a stock of, 
say, 50m tonnes, the actual in- 
crease in the world's grain 
reserves would be only a fraction 
of ibis, Prof. Johnson claims. 

“American and Canadian ex- 
perience indicates that govern- 
mentally-held reserve* replace 
most pnvaiely-held siocks.” 

The main djTiculttcs facing thc 
negotiators at the talks in Lon- 
don this week are largely con- 
cerned with the conflicts between 
the U.S. and the European Com- 
munity over thy place, if any. nf 
coarse grains in a new pact, and 

the fixing of minimum and 

maximum prices. 

Delegates are afro confronted 
by stumbling blocks highlighted 
by Prof. Johnson — ihe rights and 
obligations of the providers and 
holders of any “ international " 

These problems prevented pro- 
gress at the last full negotiating 
session on the pact which closed 
m Geneva last March. Since 
ihen the U.S. and ine Common 
Market have held bilateral talks 
ar which, it was claimed, outline 
agreement had been reached 
between the two parties on how 
to handle coarse grains in the 
context of a wheat agreement. 

But the views of the 60-odd 
other countries involved in the 
overall negotiation., which are 
due to restarl in September, also 
have to be considered. 

“!f trade policies for grains 
were modified so that in all or 
most countries domestic grain 
prices varied proportionately 
with international prices, there 
would be Jmlc need for grain 
reserves.’’ Prof. Johnson points 
out. And it is not necessary that 
governments should accept frpe 
trade in gram to achieve sub- 
stantial price s; ability in inter- 
national markets. 

But he warns that no one 
should be undt-r any illusions 
about the potential influence on 
ihe market of grain reserves 
alone. Stocks, whether of 30m 
or 60 jii lonnes. could not by 
themselves prevent an escala- 
tion of prices such as occurred 
between IR72 and 1974. 

“ If properly managed, re- 
serves of this size could increase 
price .-.lability. But reserves of 
much larger size are required 
to nffsci the pice desiabilisinji 
effects of huih production vari- 
ability and national price and 
trade pulicies." Prof. Johnson 

• nonrad Leslie, the renowned 
.-nip fore* j<ter. ha* raised his 
forecast of wheat produerion in 
the U.S. this year. His June 1 
estimate puts winter wheat out- 
put at 1 315bn bushels com- 
pared wiih his Aljv 1 forecast oT 
1.305hn and the U.S. Department 
of Agriculture's . forecast of 
1.2S4bn bushels. 

Wheat production last season 
was 1.527bn bushels. 




BRUSSELS. June 5. j 

FRANCE HAS asked thc Euro- ducers. the Commission is ex-| 
pean Commission to ban imports peered to argue that the growth i 

■o h 4act , pean Commission to ban imports peered to argue that the growth 

is i'jji j problem of sugar im« Oh another controversial -ques-, , of pigmeat into the EEC from in Community pig herds jndi-, . 

4irsii” -J.- P° rt ed from the Lom6 Cunvcnr tion, M. Cajtfe said that isoglu-! non-Cnmmunity countries to pro- cates that production is still suf-i CJrJIlltPn tP 4; l 

'o- -.An « L on CDimtr *cs should be solved cose, the syrup sugar produced ; tcct Common 'Market producers fluently profitable fur farmers ;o to 1 u 

sn Lanka I Outlook for wool ‘unpromising’ 

: ;n, The EEC has no need ior for eonUng ywra. lie it eweted | The Commmlun Is ekpeclca to n^nl^'in f^ em three ,»mta ! 1 „oo , S’n-“ d lSIm,;«i 

■ .;■■■ 'kb tsusar from, ihe Lome Convention “ ior ’^, i ‘ ™ s ^^t n . “ um ke'y Z aSSow “ ^ of lhls year ,otal,ed ^ spokesman ».d repom^ ffi 

■ f ' aeiWc® coumries. und. when the conven- lsoglucose sugar in Enzope. uniiKeiy to approve ail tne tonm?s of which 16 000 tonnes This year's ur-ei for tea uro- 

'•:>l?n J ;:-lion is revised In 19S2. the EEC ftomj if ? Market priccs^n thc EEC over- went lo r ™ nce - with duct/on' is set at a record 307m 

•*' - !w W2iMi*bouW -provide guarantees for t a ; ° q e ?^ Y ?hSc ?97^ all currently ?Jra»e about 90 ner 2S ' 00 ° tonnes fnr lhe whn,e r,f lb- sharply up from the 4«0m '.b 

“P° rt °f .^r from the "fiL 1 " SJfVSS^SSdSES ”priSS^dfcK last W; when 24 ' 500 u,nnes produced ‘last year, and slightly 

i Lome sugar-surplus countries » g, PI JSi55Jf ^i. ^thtf^rhS- 1 been near this level fnr some went 10 Francc * above the record 50:>m lb pro- 

•: A'nn ? Caribhean-Pacifie (ACPV-' STOUp time. French prices are above Our Commodities staff writes: d viced in 1965. ihe Ministry said. 

:,J ‘ ' ;DqL ^rnnfer(>n^ USai ' be f ° d 3 PreSS was urged, reports Reuter. the Community average in units- appealing for action from thc Thc loan will fund a tea pro- 

r ; The latest round of sugar-price of-accoum terms, comparing Commission. M. Pierre Mehaig- ject in Maskehy a covering 44,460 
V. -iTer- Cayre said, it was not a talks ’ended in Brussels l«t week favourably from rhe producers' ncrie, French Minister of acres, and to be phased over five, 
i:.. ^■• •'. l v , l ,ieslion of expelling Lome sugar with consuuuug West European point of view with Dutch and Agriculture, .-aid that without • years. . 

• G'.'i ” wh,ch comes mainly From the states offering a ; -2. per cent German. British prices, in units protection “the agricultural 1 • At to-day s l.nndnn tea auction. 

-7 ; . -- TCt Commonwealth countries— but increase to the ACP producers- o f account, at least, are the economy in many regions of prices were little changed from 

\ introducing some .logic into ■ The ACP wants an increase lo highest in the Community. France will be dangerously and the last S3le r>n May 22. Quality 

.. ;:V"T? "*;the system, abd separating ^aid 29.711 units of account jrper Though the French had been lastingly compromised, which the lea fetched 140p a kilo (against 
' r ’“-^pnlfoy frftffl’ -F.v.r: .h n >,Hr^i fcjios while -the-EEGss agitating- for several months for French Government -will not be I38p). medium I25p (127p) and | 

policy; ... .' T'“ '■■■'. .;' offering '2731. .moce protection for their pig .pro; able to tolerate.". plain 82p t unchanged). 

THE OUTLOOK fur wool de- 
mand for the "cst uf 197S 
remains unpromising according 
iu Mr. M. J. Godfrey, statistics 
secretary of the International 
Wool Textile Organisation, re- 
ports Reuter. 

In a speech prepared fur de- 
livery I « Ihe Organisation's con- 
ference in Munich this week, Mr. 
Godfrey said it «eemed unlikely 
lhal the earlier round of stimula- 
tory measures taken by leading 
industrialised countries were 
strong enough to boost real ex- 
port growth rates sufficiently. 

Judging from the timing and 
extent of past downswings, he 
said the prospects were that wool 
consumption would “bottom out" 
by the end of this year, followed 
by some recovery in 1979 as 
mill activity increased in major 
manufacturing countries. 

Consumption of raw wool by 19 
leading industrialised countries 
in 1977 fell S per cent, but in- 
dustry's intake of competing 

fibres dropped only 2 per cent, 
he added. 

Despite the shift to lower- 
priced man-made fibres, ihe syn- 
thetic industry continued to be 
in trouble becasue of its gross 
uver-ca pacify. Mr. Godfrey said. 

New Zealand's exports nf wool 
fell by 19m kilos m the first 
nine months of the current 
season ending June 30. 197S. 
and were 10 5 per cent below 
the same period last year. Mr. 
Hugh Peirse. managing director 
of the New Zealand Wool Board, 

Mr. Peirse added that sheep 
numbers in New Zealand, 
currently about 59m. increased 
4.5 per cent last jear and he 
expected them io rise by about 
lm in each of the next two 

However, it was likely Lhat 
increased wool production would 
be taken up by local mills as 
they recovered from recession. 

The average price for the 

current season would be about 
190 Cents u kilo, greasy. 30 per 
ceni below last season’s average, 
be noted. 

The Australian Wool Corpora- 
tion currently expects 
Australian shorn wool produc- 
tion in the 1978/79 season, 
starting July 1. lo rise 
marginally to around 620m kilos 
greasy, against 610m kilos in 
1977 /7S. 

Malcolm Van<si.-r. general 
marketing manager of the 
Corporation, said the forecast 
assumed an improved lambing 
rate coupled with better 
pasture conditions than had 
been seen since 1974/75. 

But the forecast there would 
be a Fairly dramatic movement 
in the composition of the 
Australian clip in the future. 
The change, towards broader 
wool types from finer'iypes. will 
come with the return of normal 
seasonal conditions. 


D.1CC MCTII C ■ . JETTSs on. the-- nu/nuria kerb our me to lhi« Irvo! fnrih burin* and sbori-vuv 

•■"Ai jJu ™TX. A /Vlv3 •- shan-ctnvnag. ibe jWeaRnw of sterling took u ud w K.'-oO Iu the mwnJiis 

rncr MCT 41 C ■ £T7Sj on.tbe-- nwruVs kerb enrlnf to llil< IctoJ fnrih burin* and sbori-vi-vcrtna emu i*-r pound '—Daily nnw Juw 2: 

irix X /\JLv3 •- jharj-ewenw. ill e'jWeaRnw of *u-rhng m ok n up w lu ihc mi/rnliw r>nu» JU.SO Jodicnor prnrs Jun, ■ .5 

m., n ... _ „„ agaunsJ Ihe rttllar.'ard a sllnhtly laracr before Iwavj- pr.-at-takins in Hie allrr- 15-d.iy av.:nac 131.4* tlSSlIt; 22-day 

h ]w,. ’fh. 0 than Ciepcctt-d M in warrtiouy klovlb. noon pared ll» i.rlCv I" M.613 on Ihc averase 140 T* U41.32i. 

hi in l bo after norm value:, weru crraile wi*h laie kerb. The fall in warehouse «uock« 

ounnrn meat COMMISSION: Avoraw faisioclc 

t\ LDDlIV pr iivs .11 ri'iT.iwmamv nartmu on Mon - 

SLIGHTLY STEADIER erm.ns nr iho S *’i “T-aT UK^. mlV. -m per uf 
Jondun Phi vial inartM. Utile mu-rest ' V-8 Sv ci n^ «n rwr 

hpnu -h/iiSf Hi. Hav. plosin. Bill.-: Lrtols f*.* 1 v * • 1 7 " a ' _ T 1 *- 4 2? . t* r 

... h- »" lm - HJ4WTI1 UIIH yjiuq i-rraui- iron me miu. i i*r i.m iu waicuw-c 

SK iirtn K Ho'p-Iwtt s-.'Uin* on Com ex deprcsMiW the caasetJ ihe baekn aril all i*n iu widen lo POFFFF 

PHre here to £771 before slwri-cnverlnn around £130. Turnnv«r MOO lonm-v LUrrtt 

meu) faJUns from £784 in £773 at one naM mnnos 

polar. . However. . thc once rallied fo krrh - Turn0Vlfr Ul40 ° 

.ijo jlsainated MeUl Trading repnned 

L . ..... .. - - . .- - It'ibusias opened *arp\y bljitief acain 

j Tiv- r , * i _ 3,h1 «»'trs of owr 1100 wen- recordnl 

1 TIN onii 1*1 I — | * 'Wfl" wl' before lb-- marts.'i revervd. Dread Burn- 

rcrase ^ London Pluvial martei- Uiilc mu-res. cn Ws VICr, rwr 

tbrmvhooi u u day, closjo, «uu-; U-wts , - ■ , , en^Iand aad Walc^ 

COFFEE Z£, t S"SJ-T&,“‘£u<l :u . vT'Zli? Sit' sk' 

■m. «»» wm *» ?rr - - “““ ‘ ** ,5 i r, 


Pnves pi’r tonne unless otherwise , 
staled. I 

Cathodes- 1 ' 

Caeli 750.5 1— 16^749.8 50.5 -21.5 

TIN— Higher again foUowins ihe sharp K..| 181705 | + Si 

nse jp i he Penan? price user the we-.-k- New Yurt — ' 

ham Lambert reported. In ihi- laic morn- 
inn aud early alii-rnoon larec-srale dealer 

profit -laluni: look values m only I*n to — 

ntn above Friday's l-Iimv but I be inbemm 
strvneih of the mark'-t was demonstrate'! 

as now buy Ins pushed values back in J,,, .v 

lb-- ItlBh* at i he dose. Dealers said '"S. 

irads-rs m-w si <11 pnu-UJuw ia establish JH-Se/e 
short positions in vi-w of the markers "-i-Hw 
volmility and all reversals sc-meif lo Jnn. Mr. 
be caused b.v lOJci-holiler pruBt-takiiv:. \ja.-1nr 
.... . . Jli-Srpl 

lu u . .. -n .w-. l. . I,; m,e.Tr CaiUv n«nib. r> -town V:.7 pur n-iu. aver- 
larki-r .was - a kg i buyer. aRi> pr j, -i jjp sbi-ep down 

,ne,# . . .. . _ . is? per ivnt. ji--ram- pmu t:.7.sp 

Plus down .‘7 J per >ym .iii-ram- pnee 
> ... I YeM'nUi'a l*ir> I--'-* pn-rtliess 53 4p 1-5.1,. Scotland— 'Taut- nun'0--r> 

. ■•! —u Cfo-t- -li-ne doHT< h.7 t-er <xtn aturaui* prin 7A2.W' „ . 

i —0.64*. Shi-ef down per i-m. aver, aetu 

J mm b •. + 

Record U.S. 
soya exports 

CHICAGO. June 2. 

A NUMBER nr leading grain 
market analysts estimate -that 
U.S. soyabean exports in 1977-7S 

i,V”. 7 mi a (A_ia V - taS aIyit 7t rwft-JB inu Pen as ? price over me V'civ act inrk — > be caused b.v low-holder piuHi- 

s ;• V«1' 21 end. Forward standard dimbI opened ~ - . .. 

' 751 • firmer at K-fftO bur then dipped in 16.5S0. Morruos: Standard. ^ cash I6 t ^ 10 ' iVMrnlii', ' ■ 

— 1T1 :_v: -'Ll §?:=£? — refleettns. the downturn in copper. M j*' Kl - r -ft ,. nrFKK . L’hrut 1 + -wj 

- . . .. . , • Standard, three months £6.6 je. i#o. _j.«. t. urrt-h . : . 

The analysts ouorpd a range 
nf 650m bushels — the same as 
predicted by the U.S. Agricul- 
tural Department — in possibly as 

J.a Index Xfmlfed 01-351 3466. ■* September 
29 Lamortt Boad, London SW10 OHS. 

1. Tax-free, trading on' commodity fntdres. 

45. so. AfurnMui: Standard, cash le.TTn. i,-. 

~ — ZT~Z , orn ibttn rauulhs £8.630. 25. 20. 15. Kcrh: ■ _ t pne 

September Coffee 1943-19B0 s«wJanJ. ihree month* J6.6J0. re.&jo. 10. „ • 2QSB ZQBO 

’ . LEAD— Lower ut sympathy with lOppcr. 10*1 ToSi 

c. fntn^-c 1 Forward metal fell to SX3 on Ihc morning iSL lBafi 

y fatares. mm’ M nav profit-taking bn< values -| JggrJSgS 

2. The commodity futures market for the smaller fnvesior. recovered s u*huy in tb? afternoon *tm i7goi?Bo!07j 5 iiSQoll7st «nv A RFAIV MEAT 

. . ~ - iorward metal finally Gcn.5 on the late Uln4l - I itss i7*7D + inn. o' I7«i.t7in I r\I3LAn 1 * llrV 

"* "* ■■ * — * - ---- ^—— l ^ C fo- Turnover. 7,530 tonnes. J72J.i7bO t! I2J 174D-1700 Thl in «t'* s uponrd sharply lower 

._ ' ' - • - • ' ; 1 stop-io^v iKiaulaTion foUiming limn lo 

T\ j ■ h \7ATT jTCJC! , - | «-m. J+ «4. u.«n- !+<■"■ ! in Clitvago nurkels. V'siui-s u-.-n- depm 

1 H 1 § ■ JL t n j I Vl i ll Ll LS.VlJ I OtHrtal . — . L Ifiinh-Ml- — “Sites. >.W 6 1 S. 8 OS 1 luis pf 3 tonovs. further in .inllcipatlon Ol subjlatit 

. - — -* — r— j — — 1 ~T. — ICO Indicator prices (nr Juno 2: iU'.S. raor- soy.t tinal arm.tls m Rmicr-1 

_ . . .--- ! g I il ■ »■ , JL ,,. n!s PlT pound. Colombian Mild Ai lh- olov prices linphi-d with to 

rnTTl? Dll AT’ r CMb- — ► S80.& 1 -3.75 322 5 7 Amblvas ifh.00 iHH.oOt: unwashed of £1 t« £1 -m. nnw CaouiMdines rrpoi 

JCjLJEJ r» y,#/~U -1. • 1 nmuUjr.J 330.3 -4 332.5 -7.25 Arabicaii 176.00 ilTootl.. other mild ‘ 1 i-trniay + Kioinv 

COVEKT GARDE M iPrur. in .i.'rlma 

. 1 «.m. 1+ «; 

L8a 1) OtHrtal — 


| Vii.^UoiAl 


! « i js ! 


, il 

CmU=. — - 320.5 1 -3.75, 



i ruvuthr. J 330 . 3 -4 j 



Seit’im'qt- 321 — 4 


e-Sjij** J _ ; . — | 

1 31-B3 

> ..... 


COFFEE prices have rLsen. over £500 in ; the last monlh with L'.S-g pm- j — : I JI-B5 ■ tuc.5o>. 

many ^ forecaster how’ suggesting £3,000 rer tonne if frost “ ornIns: Cash CC1 , 5 . n . 1hri « momtw ARAetc 

should occur in Brazil. saw. ».a. u. r. 1 . 5 . si. t*. tia ai. uo 5 . ™ 

While this must remain no more than a possibility one thing Kert; Throe momhs rci. n. 31 . 5 . ai. 
is certain — eomujodkj' price movements will continue tu *L*“r_g; ao A ^ f « M 5o J *™ aTiTxC mSilSS ' 

present excellent opponunities to the weil-iniornied futures ss 5i 12 .' kerb: Tbrw lutuht di! sl 211 . 00 : .v 

trader prepared lo take the high risks which undoubtedly 3 i. 32 . ai.s. ^adwL Oi 

r-viert ■ ZING— Easier in line uhh the s-.n-.-ral ft* «»■- 

CXISi. . . - .. ., . . irend in ' basc-mctata. .Mfor falUint 10 

The first step is to secure- the services of a reliable broker, on ihe monunt kerb forward mcr»i J*-®?- "J 

one who is prepared to make firm ' but reasoned price mm «jB.(tow « iws »/ it 

predictions at 'all -limes. C:C.S.T- is shat broker'and whother yj; gjtty 

you wish Ur opeir as account or simply receive the next two 31 wnls _ -ruraoi-cr. wnso tonnes. f,R A 

issues of our weekly, Market Report free of charge, please — -- — -,{+«■ 

phone' 01-480 6841 or write to:- zwo I nmrtai •' — • umdiMai I — ' 

jlUr ........... ! 1 72U-2730 r I I2h 1740-1700 Th, mark- ; upum*d sharply louvr on 

(1 . ,r ( jusrpur.l«s<fU-KW stop-fobS ikuhJatiop foki.M Ini: limn losses 

1+1' "■ ! in Clmago nurkfis. Vjiui-s a«n- dopn^ird 

' “* “Sites. >.W6 I S. 60S I luis pf 3 Ionovs. further in .nuk-ipjilon ol subsiatilMlIy 
- — ICO Indicator prices (nr Jun>- 2: i U S. tour- w>M uml arni.ils in Rmterdatu 
i ci-nts pi-r pound. Colombian Mild Ai lh- olot-- prices ttni-hi-d with losses 
7 Ambk-as UW.W»: unwashifd of £1 tm fi ««. SNW Coouuudmrt rrpnrte'L 
-7.25 Arablcao 176. Oil iITV.tMi. other fluid ~ li-trniav +*"■ Kimpw 

.Arabii-as fou.H7 1 174.07 1: Robust as 156.00 i;U«h. — . lVu.e 

I ..... H4C.5UI. Daily avi-rajw: 166J4 tlflO.SJi. : 

ARABICAS were dull with n.-nrhr nnsr. • 1’fi-fliunr 

-30.0 N595 


.. . . *.'3*5 
—3.0 sSSl 

CGSZ Commodities Ltd 

== ?1 Waisingham House, 35 Seething Lane, 

=i! London EC 3 N 4 AH - 

Ueroin. r,n, n»i ! ii ,h,» ARABICAS were dull with n-.-nrbj- post- ' „ .. Jjfia: 2» fcil-r. JJ*-3«5. Apples— Frenili: 

JFtt-^iFS'S'Ssrrs: s! ons t ' 10 ' ■ ,, ™? inR any ^ c,,M, - n Dc||, • l,,,, " -°- ih -- 1 *- 35 ■ 

**"■ - B ™- 31 ■ 31. T-, 11.J. il. —a. nnnihjm Lambi-rt reported. Aiie«»l t. 4. fO-24.8 - 3. 93 1.1.53-23.00 - Tn.-| «n hri--. h..v.’. \n.T J||- Tj-n 

Kert; Tbrw months /ri. .Ti. 31.3. 31. t ” am , . . i-t-rf-r . I15.7fl-2£.S -2.0 U6.S0-S4.O0 hjn cfmbV «, nd * % 

nn. 3.5.29. Afternoon: Thn-c months . PrtctfS nn order buyer, seller, chamte. ltewiU . r .. I25.M-KS -O.S5 125.40 25.00 Di-n o". n* 7.bli 7 tC Ilalia i R.iniv 1 

s g ssssdsr = STfaSif ^ & 

1 3 r i S^S* ter ,n T *S r^wSTS - UO* ^ ^25 ^1 00 ■ ^ D^il^ fofmrs. ' K m*Ak UMbfaJS 

ir*nd in basc-mctala. Alter falUmt io iwon-lfe-.uo. +5 -j. itvoo. adtu i^.oo- « s-tn. Dunn'-. Seedling h.75-r.f r 

on the monung kerb forward metal i' - ! oiir in Ur.ii.nv Smith TOO-T.CO; New Z< 

picked no to close at 1344 uu the late kerb tJySf'iiSl**' 1 '*' 11, S kjs * Ujl SUlj AK Jtiurwer Pimuds 163 <C:U. 173 

following news that Si. Jo- Minerals had ,0,s of Ktl0 *- l niiQOM DAILY PRICE .raw susari ‘^nny Sinnl. saa-j *9. Dans.di 

u grains ssa: ,rA * 2£ arisrs j®-= 

ZfXC r&ttva* f BAKL6Y SSISSM 

TOOin . 

Ht- predivied that limited soya- 
bean exports from Brazil would 
continue and that Argentina 
would have more soyabeans 
available for export now that its 
crop had been harvesled. 

In Buenos Aires, meanwhile. 
trade sources said they expected 
this year's Argentinian soyabean 

41 linlradnrf ' Frh " ‘ — . _ _ »rmr wimer n-jriium ■»« •# >u. ^iuipjhk , . • ■ ~ - ■ A _ 

\nnl 1T1 rwl ‘S»Us M MoOl I0l3 *f 100 WnM. DvIicimU « S UU-S. 4tr. GoiJcn Di'lici'.lK T.«0- M.-im- Fninrr^.... C83.4 !— 0.2 L'80.65 UTOp 14 reach a record 2j\\ lO "J-5m 

a . 7 im/y 7 —a »V7 S.^h. Dunn '• ScvdSiHs Ju* i.hilc'jn! Mm.v... i npc jjt> rrnm ryii* li)77-7iS hi°h 

LM i CliriR W-iwv Smith T0O.7.CO; New Zealand- K, , H |. Xu. a Am.ElOS.te c 106.75 ' Up ,rDrD lne ^ 

LM. Sales I t-a. Siiinuer Pimudw ttfi 175 SJU. »i m t - nf 1.4m. 

LONDON DAILY PRICE <r»w .usar< . B, «M Stm'l' _Dans.<h. for N... I K.-t Sjwmu -C96.2S.— 0.5 C94.25 Last Uionth the Argentine 

£105.00 .HA- :ji. a tonric cif for Jun-.- July 5" 2 .™ 1 ''" I . mci ; ^ Grain Board projected a 2 -15 m 

tS?2\in2*JS5l* a ' w “ ™5..w?Tp*- l lonnts ol,tput - 

r-* • The man e> upem-d about SO points Nclis / 36-..50 Sclmnn . (Vnhffffliw l.U; tuinn-jlq4 l’I. 64 J —5.5 Jl .55-1.5 } 

Last month the Argentine 
Grain Board projected a 2.15m 
tonnes output. 

Cull.'....., .<3 29 . 5- 3 0 -4 1 335 .5 '-4.25 U'mT 

i moutlis..!339.5-40 -3.87' 344.5 5 -4.75 

f’ment | 330 4 | -• "*!*■ 

Frm.Wewl - f 29-31 ! Yu. 

I Three months 039. 40. 42. 44, 42. 44. ’ : s i»F‘ Cipru.- 31". .lerr.i-y: SS-Ib it.H: i Pvr tun. 

. Kerb: Three months £34L5. 12. 4* 44. HCCA — RccnJTia] and UK average *'urroiuH»- Vah-mw: 4 3u-4«i: yjajnrcaa: Ut: 

•Gems per P«unn ’On nrevtaus Bl ff- Py 60 !. f ° r ctUIbs me ?■, oiTsn 107 *nji> cm inn nn ns ?n Italian. 4.4D. Tomatoes— Du i cl r 4.4u-t 30. 

mm* i SILVER gSftSS&PWKSSS fcv: !S:» siSi Kif:" !i“:2S r«s ij * di 

I Silver wn« fixed 4.55p an ounce IQMT 4RI, Ipnnaue: 2 JM. Other milling wheat: .May .... 125.65--.5-J5.J24.4D-24.50 124.M 8c«ro«— C-oru- 2Mb 3.KI. 1 

NAM| * for svot dcllwr7 In the London bullion Eastern Jjr.20, E. Midlands loo.M. fi. tiu: 126 . 75 27 -M '127. 40-^7. 50l — English orotfuee: Potafoes— Pi-r s^Ib. 

I market yesterday at 29i.0p U:S. ccflf Ea« lOl^O: N. West 100 00. UK: ton 70. On — 129.50 sO SO 150.00-J0.75l — White Red '.’.Jii-1 30. Lettuce— F »t >2 I.-H*- i FI 

-ADDRESS . - — | equivalents of the Balms Ivveta were: *wh chanw: +« iotma«es S89 FeetJ barley: * Salcs , ,:;.264i ion of 50 tonnes ' 1.40, CM 2 2M.40. Beetrooi-Per SS-lh 

1 5>4jar. down la.Si - .' UUUv-MO s. East S3 .J). S, West SI. 90. Eastern Tj| . a . d i.vL- es-refinen l>ricc tor 3.30-4.M. Carrot*— per has o.W-1.40. 

- -i' - • down 11 *e: six- month down U.5e: «J0. E. MMlandfi .42.70, W. Midlands tranulai.-il t>J5is vhilu sutar was vM" 40 Onions— Per 3fI-Ib Z.' Rhubarb— 

* B - t. r*.|YihriJri Tel* 54251 l 13-montb 575. Or. down 10.HC. The metal *3.40. N. Eifl 81.90. N, West Ft .70. Scot- (same, a tonne for home trade and Per pound, -■utdr.-.r u.-j 3. Cucumbers— 

2* Ptmun 5l. Cambndxe. TeL 54251 • 0£>ined a; ,412.i7Sici and land 82.10. UK: a2 .70. ctumw: 4 40. Ion- JSj* .?irC-5g. for Ft tr-.v U U s l Musfu-aoms- 

dosed at 2flil-2W.lp i331i-5Mlc). Baee S.SM/ Intertiailiutal Susar Asm-ment: Pni-.-S Per turned 0 20-1130. Apples-Pcr potini. 



— 8.26 1 




,-b. is; 








i — 0.2Q- 




D.2fl : 

90.9 5_ 

HCCA— Rorional and 


— — — . — t «• Kerb: Three months £34 L 5. C. n 44. HCCA— Rccwnal and LK averast- 

— r-l*^ - J am 1 ... ! ■ Cfmis per pyuria t On previDiis ®x-rarm spot prices for week cmUnc 

. auctau ftAUUAMTV rUADTC 1 offictal ctooe- t cm per picuL dE? L 

il per triune 


Daily H. 8 h/low/Clo» Charts with . ,(5ur?l»ri«. fw. non-U.K. pwuge) 

S-. 10- and 2fl-day Roving Ave«2« NAME — — 

updated to Friday 'i clow. . -ADDRESS. 

Pleas* send mi details [2 ' !•••. - 

^-5- : 

PL/57^ 1 ' 





PltW« mi details ^ " ...... , „ JP - 1 down llJcs slx-monjh down U.S e: B. NTMlandR i»2.70, W. Midlands vhiii! sutar was 4P Onion*— Pt-r SUD 

roe “■ *ym Mn-mn CaiyiKridvc Tel 4 S4251 l SVS.Sr. down IQ.Kd. T|ie oiei^J W.40. N. 81.99. N. Wesr K1.T0, Scot- isamet □ rorute fnr borne iradJ" and Per puund> ■•utdo»«r u.o5. 

f enclose cheque for £B5 D 2* toiton Sl. Canibnd**. Tel. 5AZ51 » a; ^jf^Uo n&iVSi a and land K.ld. UK: «.», ctutnsc: +«. (on- JSj* SwT for «pon P»r tr..v C*4s I S «•=.-<» 

— 1——"" closed at 2K.l-2K.lp t331i-5Mlc). Baee S.SM.- Inwmailoral Susar Agreement: Pni-S Per lumnd 0MM15B. Apples 

SILVEU j Bulllnn i> 
|wr ' fivlna i 

irt>y ;tr. prinnp \ 

The Outlook for 1978/79 foaiv 

Inter Commodities 


SpedriJjsts in Fundamental Research 

Iu: Infer CtornmodHM* I J6 • • ' ^ 
311oyds Avenue. Ltinrtmt fcCJN 
loli-pliontf: II1-4H1 110! 

Please send me your re purl un theouUoDkiorSuyabeans 
in 1978*79 . 

Str awrberrio* — Iv r i-tb 0.15-0 22. 


L ME— Turnover 144 (INi Jots ol 19.000 ftutfnrev dime: wheat: Spot. M ta-W_t3. Otwi W-.d I — | Ifcuu* 

R Nornlna: Throe months 301 J. I.S. Nnv. 83.95-5S S0, Jan. BI.eMI 45. Marrh , — — S 

v w. tHurump; »niiv ihuhiiw wim i»u*» -an. n-wrai iiim| i ii t 

302, 22. . Kerbs: Three months 392. 2.1, 34J5-W.05. Slay W.6fl-9fl.«) Sales: 61 lm*. 

&rt. Afternoon: Throe months UGD-fi. 300.7, Barley: Sept. S0.9U-8P.75, Nnv. S3.7tkSHD. July * 

3ua! Afternoon: Three months 030A 300.7. Barley: Sept. S0.W-0D.75, Nnv. S3.7mSl.40. July — 

100.B. 300.7. 3MJ. 309.8, 309.7., .“ Jan. S2.Ey3fi.2i March uniraded. May Oi-i,.u<r_ ..^40 0-58.0 — I.o 
Three montlts 299J. 9.8. 9.9. 300. 3M.1. 9L1M1.1I. Sales: 49 lots. . Uewtnlwi .. ^.3-38.3 —OS 

3 “-- *9. MARK LANE-Very quiet irfolruj with J}""- 11 KT? St ! 

rArAi mumlv shun carman on done pasiuon iLaojun 1 """ 

lUCUA asalnst delivery orders. n^w" ' -5fiJ-47J ' I 


'vSE««tfyV + .rt- 'fiiuuna- <192.90. Sepf. ae.X. Barley dcih^red cte»d WUh- ol the Qu veal *•"' 

:• CX* : - ! Kr^viJto. June finJU. July Snao. Sppl birthday. 

rrrr.TTrzrr cw ns no. , ^ meat/vegetables ■ - ss,c5; nb - 

l'i-mt*i DUNDEE JUTE— OuIcl Priw* c nnrt l 

lh me UK for Sop l -- mhr- r- \ oii'iribi-r shipmenL 

T.V/B £287. BWC £254. SU'D i24S. Tossa: 

BTB 5267. BTC ETD £24*. Calcutta 

— goods steady. Quounens fer prompt 

— shipment 10-oumv 40-inch £9.17. 7>-ounee 

— 17.81 ner ti)0 yards. June £3.5«. 7.75. 

— Jill;- .Sept. £S».Sn. £7 AS. “B” twills £27.25. 

— 127 ft. £27. 7*1 for ih- resp-nne shiumt-m 

— period Yarn and Cloth quiet. 


Contract: LONDON PALM OIL— OI»«lns- June 

C‘JCua .: 


J "ne 3 Jane l ; jlnnrTT \ . mi -i 

252.46 250.34 i 24?. 88 i 2fi3.=2 
i Base: " July j. 1952 = 1011. 


June a June ? tl> ,|*, 1 T-mTe' 

1515.41518.1 1465.S _ |T«0.0 
tBase: Si-piember 15. 1931 = 100) 


w J r ;J r ! ^ ^ ; plan by china 

-J.*I ... 355.06 355.74J3644242T20 j WASHINGTON. ’June 5. 

Fiimip-. 354.63 356.74:35o!a6 387.3* j CHINA MAft import siiostaDlial 
(AveraseTifi244!fi2ri=i0f)i - > quantities of advanced farming 

MOQnY 'e ; equipment within rhe next two 

iy hjuut s years for use on experimental 

J anoTJua^ui:, T .k Alaie farms in the less developed 

m-.-u-v r : i •• . <«- ■ north-easlcrn and north-western 

922.8927^''^ w.i r^siniw of the couniry the 

iDecrmbi^'3i7 1911=1141, , National Loiincil for U.S.-China 

* • - — — .Trade said here. 

( The Council, a private non- 
* ; i making urgamsation, in- 

ieimfing about 400 U.S. com- 
CRIMSBY Fish— S upply, SN d. demand. I panios. «;aid an agricultural 
fair. p«iv* ii ship'a ardi- , mi, i/ rutt maehi ner v dc-iegafion had just 

Pakistan rice 
export record 

Izharul Haq. chairman of the 
Rice Export Corporation of 
Pakistan, said total rice exports 
during the 11 months of The cur- 
rent financial year amounted to 
; over 700.000 ions valued qt Rs 

! 2 . 110 m. 

In the corresponding period 
■ last year the me exported 
J fetched Rs 1.9S0m. 
i Izharal said rice worth about 
: Rs 350m was expected to he 
exported this month. ■ The 
l revised target of Rs 2.300m was 
.therefore likely tu be exceeded, 

; he said 

IMPORTED— Wheat; CWNS No. 7 12! 

Name - 

Add: os 

■ fob: .-17.2S1B6B.0.4J.J Bcrerti June SBSJ3, Tilbun’. VS. Dark SMITHFIELD 'fc-uce wr pound.- fOTTON 

1 J?"- j -55 ,1822 0-94 0 N «r U ? 1 ' S «?!S 14 J?L Wm J . unc ' Sldw 54 0 lo 5>.». LU 1 1 U1 ' 

! SSarjrrlSKB ^S*‘>&SX& »“* “-*► arSW"Cffi«2l. , 52Sf~" “"SIR'S": 

U».v— 16S0J-16M -3.5 '1595.0-85.0 

mt-nl Easi Coast. 

Maize: U>.t-n-nFh Jim,- nos.25. Julv 

. fpfophpnc . 

lul.y -... tfgM-90.0 7 3.0 ,|U|^-7S.d fi 05.50. AuieUsl £101.58- ffalWhlpraent Ea«i 

%e »* IWlhMM t 2.5 j575.0-fi5.0 CoaAi; Soalh yrlian While .tunc- July 

5taJ«; £478‘"i3.*ss i fois vf S r«iiii>s. ‘ XSl.jO *;iu-5fiw; Somh Airlcan Vi-tlow 
l^tepraitenai Cocoa OrswilsaUpa IU.5. Jww-Jhly. 131,5!}. _Q)aaso»r k . 

10 43.U. U0-l«.MlbS mJ to 4LQ. 

iiiraacd aiwmjon. 

I6.U0. tni-iUuui £ 3 .ou.' 6 <nriv n. 40 -£j.uu. jcunimunes. Reuter 




$2.60 to £—10905; (1051%) 

. 8.9 higher in heavy early trading 

at con sinner prices rose at a on a 2.52m share volume l2.i2m). Dow Jones Average rose 9.52 to buying orders, notably Irom Swiss Johannesburg 
iuWe digit pace in April but that Resorts International “A," the 5.495.28. with volume amounting investors, petered out and garc 


-* ■*. 

NEW YORK-dow joirea 

that con sinner prices rose at a on a 2.52m share volume (2.12m). Dow Jones Average rose 9.52 to puymg oraers, notamy irom ovu» Johannesburg . 

double digit pace in April but that Resorts International “A." the 5,495.28. with volume amounting investors, petered out and garo ... 

the rise in wholesale prices slowed most active issue, advanced 1| to to 210m shares. The Tokyo SE way to position covering, me shares were modestly 

in May, hinting that consumer $35. U.S. Filter, also active, picked index put. on 1 *>? to 410-74. Commerzbank index finished a net reflecting the Jow'UuQion 

prices may ease also. And a up 2 to JI5J— the FJicfc Group, of Vehicles and Motor Components 3.0 down at 382.9. . . price. 

surprise fail in the U.S. money Germany, said on Friday that it advanced after an ea.sicr open- Brokers said that contributing Mining Financials tended ■ to 
supply, reported last week, has has taken a SlOOm stake in U.S. ing following reports that to tbe subsequent weaker tone f 0 jjo w the gold producers’ lower 
eased concern of further imminent Filter. Japanese vehicle registrations in were the results of voting on ^ hesitant trading, bur 

monetary tightening, analysts May rose 17 per cent from a year Sunday in Hamburg and Lower charts Consolidated gained 5 

day morning in heavy trading, eased concern of further imminent Filter, 
a move that analysts said monetary tightening, analysts 
.stemmed mainly from internal stated. f~t 

factors but was also spurred by 


'ago. Toyota Motor finished Y24 Siamy, where ChanceUor Helmut ^ 1*3.35 awaiting the results. 


area® :-=s 

Closing n rices and market Fa Irchiid Camera. 1 to $34J and to 996.6. Oils and Gas 3.6 to 1.353.8. Nlppwi „ Hodo Y30 to VWJft advanced by the were narrowly 

Ss ''zl'ZZZ** UP . m awftpw To 8, w s-s.sstfsa «sss 

5SSE3 ‘MfSTV rose 25 cc* ,o %£* ““ l$£Z2&.'g?JSS£ 

at 1 pm. while the NYSE All , a i,f roS eMs n . „5 but C35— Hemisphere Investments However,. Fuji Photo Film Banks. - 

Common Index had moved ahead rhrvsler's sa ]« wow Hnwn 7 5 ner said il * s considering an ofEer of retreated -Yi4 10 Y55o and PubUe Authority Bonds were A m ^t Pr |4 ai fi 
5ii cents more 10 S55.59 and gains Chrysler s sales were down 7.5 per ^ f each “B" share of AU- Konishtrokn Photo were also irregular, recording gains to 20 Amsterdam 

Other Mining issues . edged 
lower, with dealers expecting 

Closing prices and market 
reports were not available 
for this edition. 

„..d gains ™ Were ma /a ^ CS3 . 45 f o re a ch ‘ 1 BT sha re of AU- Konishhohu Photo were also irregular, recording gains to 20 AXK»uauatui 

by a five-io-two V. „ Can. Canada Tungsten Mining weak, unsettled by a Press report pfennigs and Josses to 35 pfennigs. Finner— inclined in '! quiet 

r expanded to Topping the actives list. Gram- jumped S3J to $17J — A max that the Japanese Government is Tbe Regulating Authorities bought led by KLM and van 

m Just Friday's n,an . climoedi-j to $2Qi — it has Securities may offer to buy up to considering cutting import tariffs paper totalling a net DM 2Llm #» II i in( £l lll w hich advanced FI i$0 
received a *272ra Navy award to S 00, 000 shares of Canada Tung- on colour aim to 6-5 per cent nominal, compared with D1I 1.2m !^j^Sri e - oec H Telv 
at “we buJ,d F ' 14 aircraft. slen at C519 a share. from the current 11 per cent. purchases last Friday. Mark Dutch Internationals ' were 

to the Also active. International Har- _ . . Leadmg Machine Tw» also Foreign Loans were steady. narrowly mixed, with Akxo and 

several vester added | at 5355 — it has Tokyo declined, reflecting profit-taking. . Hoogovens hardening but 

5ii cents more- 10 355.59 and gains cent _ ' CS5.45 for each ‘■B” share of All- 

outpaced declines by a five-io-two _ .. Can. Canada Tungsten Mining 

margin. Turnover expanded to Topping the actives list. Gram- jumped S3J to $17J— Amax 

24.7Sm shares from last Friday's n,an . ciimhertl* to S2Q‘— it has Securities may offer to buy up to 

1 pm level of 21.37m received a 5272ra Navy award lo 800.000 shares of Canada Tung- 

An analyst commented that “we buJld F-14 fighter aircraft. sten at C519 a share, 

sec institutions returning to the Also active. International Har- 
market for the first time in several vester added | at 5353 — it has lOKVO 
weeks." Portfolio managers had won a suit brought by a dealer 

been waitin'* for a market pull- who had alleged anti-trust activi- Share prices were inclined 10 
back chat hasn't occurred, he ties and -sought a SlOm payment, gain ground in moderate trading. 


Leading Machine Tools also Foreign Loans were steady, 
declined, reflecting profit-taking. 

P Pains 

Germany .. PARIS— Shares, after opening 

Unilever. Philips, and RoyaJ Dutch 
all edging lower. 


Last week, investors learned 

T^"\MEMCAN < SE‘ > MarkeSfvldire with ^sporadic* buying spreading Market closed mixed with a w-gl r. shower I some r«:overy in in KVA 

Index rose 0.68 to 146.29 at I pm over many sections. The Nikkei- slightly weaker bias after strong hesitant trading to end on a mixed suspended penning pany 



JiLlLe I 

1 <ll«-k 


l [ 

AU«-II Lulu. 32S/1 

A*MrMWi(jrB|iti .. , 231* 

A ctim l.i fe A '-'as- 401a 

An- Prmtw-i* 28 'a 

Air.- ; SO 

Al.ultAUiiiiiruui'i. Z8'( 

AI..IW 47 

Aii>x. lbi, 

AlU-nlieiiv IV i\ver' 16 U 
Alii>«1 * h«*n iifiii..' 4vJn 
Allinl Siuiv> . . !S3"f 

AMI- i.'lialnier-.. | Jl^* 

AM l.V S4ii 

A uinniilit ..j 1>.I« 

Ami 1 r. Airline-.. .- 12ii 

An.i r. Hrnii.f .... 50 

A»it*i. Hnw.liai.t 40 ri 

.liiinr. i mi • 4 1* 

Amrr. •.'vmin m l, I 29 U 
Amor. hle, 1 . l*iv« 22 js 
A iai«r. K\|iniv-... 28U 

AuiHr.UiiiiicPnkl 31 >a 
Airier. MHivnl... 24ij 
A mer. Ati'l nr-.... 61g 

Amer. AuL IJ*-.. 43 

Amirr. Simi.lni-t. 46.^ 

Ainer.. , -t..n~ 3ala 

Auivr. r«i.\ k-i,. 611- 

Aiiit-lek 35)3 

AUK 19 

A UC 324« 

Amin., 17 

Anili'-r H.«.Mr<a. 28 s » 

Aiiiifu-er Uuwli.. 

Ariini.Sie.-t 30 ta 

A.S.A i 20 

l.’I’C Int'n'tiiWH 491* , 49i, 

I'nrn 3Qig ; SOig 

v.'n«'l>i;r 26S| ■ 26*4 

Linn ii /^lli-rl ail'll 33 ig 33 Vg 
(.'urn nun- Knuiur 39*4 ! 3954 
i.tirli-- 177g j I8I4 

llnnn ieBlg 27ig 

linn ln.lli'tnr*.. 431* 4 SSU 

lieere 30'g : 30 J* 

l*ei Mniiti- isSifl 255g 

Uellnna 12?4 - 15 

Ueul-vl> 1 III*'- 23 '4 2lJg 

Dt-lnnl lull -nil... 1 6 Ir - 16 

UuiiiniiiilSlinnirk 26 ‘2 26 

Uii..|H|.-llOlli? l3>2 1 15*0 

IJIUIK hj>|i|i|a, 4914 . 47lj 

I1|>|N-| I IVhII 1 4II4 . 4£)7g 

Fh«ierL'i>r|iii 46 45 

iv.n Unrmnul ... HO *2 ] UBAg 

l'rnw>. 2B7 a i 28b e 

Ure-urr 44 44 

l.iii I'uiil 11GU '11534 

Uymii In-iuMrle* 30 >4 ; 30 '4 

liaeic I'ii.-lier. 22 ij . 22 og 

I 1-jbi AhIiik-i lO^a 10 

Keil inn n hi-mlt.. a61] ' b5 

Juli tn Uauvinv... 30iy 
■Inhiinun Jolmsnn' 80 
Jolin-on 50 

JuvUnniilactiuV 343 4 

K. Hart Ciirji 253g 

KalierAiunnni'ni. 33 
Kai-er Intluxine-, 1 >a Steel ■ 234a 

Kav 14 >4 

Keuatnl I ls4Je 

hen- 48 ig Waiter.. . 32U 

UeeivHi I 49 

Iteynoklj AletaieJ 33 >4 

Kn K. J j 566a 

Kieli'ann Mfrrrell., 251s 
Kiickncli Imer...' 3aU 

Hohni A Bui ! 36>i 

Kimln-ri.t Clciu.. 4 Ha j 47J t 

Kxvai I 'uii: 1 1 S64g 

KTE 1 17 

Hut, Ltiu-_ IHI4 

lij.ier 6y«lem.... <.2 

^alevrav 5ilim<.. I 4U5g 
Si. Jut Mineral*. I 27'4 

WooiKiorLb..^ ! 1973 IBJ4 

W?l» . 4Tg ■ 47 a 

\em* ! 53 'z • 53'4 

Z<P«UJ| i iSlfl I 

Zenith Kaillo ! 16 ig IS 4 * 

18W l9*t,.. t94lg 
L'S-TmuA^STSKi 18 '5« TSOia 
u.s. aofvfiinii .. e.66t. b.eo^ 


Brokers said sentiment was 
further depressed by news that 
strike action at two Renault 
plants had spread to two other 
factories, while the raising of tbe 


State Loans improved nfresb. 


Fairly steady in listless- activity. 




'* "W Cn 

Um-enay TmiiR. 

Lrvi Si (aua* 

1 IaUiv On-.Kmol.. 

!»L Ueni# Pai«r..J 29Sg 1 294b 

35 r a 1 33 la 

mdIi Fe Indn.. 

*aiu larr^i 1 

%oin In.lH 1 

■■St-hlil." tir»Rini:..| 14ig 

2BT a I 28 o 8 

UGU > 11534 

' Kalun 40 

1 b. Ii. A cl 

Kl Vihwi \hi . lit,' 

him ; 

■ Kmeitiiii Llivl rit. 
hiiiers All Kr'izlll 



kiicelhaut 234 4 

A -Miner* 1 .m 1 13m 


A-liWU-1 I Hi 

aii. It'i. In iifi.i 

Aulii (Mia 



Al.ili I'l’-nul- ... 
ilaii lin' Kl^i-I.... 
IIhiiL Ahii..|.|.^.... 
haiiki-r. I t. i.l . 
Uailii-r 1*11 

K-uiark 301a 

iklliyl 16 U S 

Kx 461| 

Kairvtailil Larnvra 1 3 3 -'4 

Kdl. llifpt. SluiV* 374 4 

Kim>i>.ine i'tie 134g 

K>l. .Nal. iv.-l.iii. 29 

Kiwi Van 22-'* 

Klmikivie 2»l« 

Kl.iriila IS ■!> «■„.., 294, 
1'iu.ji 37 7g 

IiIOU|i | 331* 

Lilly iblii ’ 45 'a Irulu-i....! 20 
L/a.-UhcelAinT'll 1 k44g 
Luu«-5ur Imla...! 204a 
Lmuc l-uui.f Ijii.j iB'a 
Lmii-iarui Laiiii..| 237g 

Luliriaoi ! 40U 

Luck> Blmo 1 ia4a 

L'ke Y'nn"i.|'wii| 74g 

lltk-Miiiaii ■ 12 1* 

LUm-VK. H I 41U 

Mtra. Hanuver.. \ 371* 

Alipt-n I 36 U 

Marat hun Ui._... 46's 

Marine 31 i.llaihi.j la : i 
iiat>liall Kiehl...j 20~n 

SclilumlH-irei..... 80Je 

sCJl ' 194a 

V141 ISier _ 16S8 

Tkiirfi Mr? 21U 

•Sne Duoiler .' Big 

194s I 194s 

36 U 1 3b<s 
46^2 i 45i4 
laU ■ la's 

223* | 22 1 8 

I V«l. 42 

Ui-aln.-f Ki 

bi.viniilii -ki'nii.n a 7. ‘a 

JHci' A Hoireil- . 19 ij 

Deni ■ 1 39 ip. 

belli! ■ir.’l Lull- *U* 41 8 

beilneJiwn Mev.. 25 
itln.-k V llei ker .. 1954 

JLmiiiu SOI* 

Jkii*>e Uimii 1 29iB 


burs Warner Suit 

humiM Im 13 »r 

H1Mv-.n1 ..V’ 14 Vg 

bnilul \l\i-rv,. .. 36(2 

bnl. I>l. AIUJ. 15.14 
lir>-*kua.\ ' , la r- . ' 344a 

Hrun-n loh 1 I6I4 

Hii.-vru- l-.rii' : 1912 

bm.iiH w H it'll ... 6i«i 
Hiirllllipttll -Nihil 391 m 

Hiirnni^br. 73 1 » 

i.h umiI^ii Siiiiji.. 34 '2 
Lana, liar 1 I'ai-illi' 165, 
Laiwl liMi|il.»i|ili.. I Hz 

Caniatinu 28 

L'aiTier A lienew.. 12 
Carter Ha«it*\ .... 19U 

K.ll.C Mutnr 

Knreinmi Mi-k.... 


K/ankiin Mini.... 
Kieeia-rt Mineiw- 

! Krueliaui 

Kaqua I ml- 

I IIhi I'epi. sinrer- 25 '? 

I MCA 5-iSd 

! Ud>«nivlL : 3ll 8 

.vl.-Uiiuiiei' Lhni“. 34 

1 A1 4n«« Uni - £3'g 

lie morei 474* 

Uei.* ' 094g 

Ueinn LvmHi 20 

lie* ('em Htw 111- 3444 

UU.U..._ 34 

Mum 41 111 “ A MlK 357g 

Miihii L'.irp. 651g 

MuDWltUb ' Pisa 

MoRtau-f.F ' 491) 

.Huliirom 47lg 

.^ea Container-. 

■’eaaam ' 1 

sear lloel >ui-L 

9KDL't.* • 

Shell Oil 

>De> Tinn*(kin.,. 



Sirupi n-itv Hal.... 

suuei 1 



Nilltll>lin v 

Sraillnt if Lin. Iv- 

-VHiiliem l',i 

Illili. Nal. lie .... 
>au Iki n Ha- >fi . 

131'z • 134a 

\Uilila 1‘aper 13 I 127g 

Acok-o bacie. 5.12 - 5.12 

uauiAirmiinnirfiJ 3 Ha . 30i 4 

Vuyxnabiee. Ulii ' atJ ia 

-laheauia j 394# ) 39*2 

Hank m Montrea 1 215a 1 21ig 
bank Nnvabniglai 21 XOij 
baai> Unmnnva.. - ->14 • 5U 
beii l'eietilitine~..i 58 58U 

br.w V'aiievinii..., £9 ! Zb'B 

UHUaarla. : 13i 2 13*4 

Uranuaa lfcj, ‘ loig 

brine,,...; ' »4.6 ' *4.b* 

Liicart Hotter '. 377g • 38 

L^diHm* Ml no... 1 14 >e 1 I® 
Canaila Cemem... I 14 : 10'* 
Cana-taMV L»n..' Hi* 10 >8 
Canlnip bnbL'om 18-'* . 287g 
uanaUa inituai....' ll9Sg 1 20 

Lam HocJlie ' 16*4 | 18^4 

Can. Ha Hie Inv..'. 2U** , 21 
Can. «uper Oh.... 55ia . 65is 
Carling O'Kewe.. 4.40 j 4.35 
•.'anon ii Ar«ir*_. 1- l z | lulg 

Call Money Rate to 8 per cent Oeriikon-Bneluie Bearer gamed 
from 7J was another adverse 35 to a new high for tbe year of 
influence. SwFr 2^50 in Financials. 

Banks, Portfolios, Constructions, Domestic and Foreign , Bonds 
Stores and Oils, however, were also showed tittle alteration "in 
generally better on balance, but quiet conditions. ' \ 
most Foods, Electricals, Motors, . •" 

Rubbers. Mines, Public Services. Milon -A* 

Metals and Textiles recorded j .. f.. . _ ; 

declines. Technical and speculative 

tj rr demand which prevailed through- 

Jtiong Jrvong out in quiet trading left stock 

Market strengthened in active pr p^,,^sn5' a?oreciated -3 5 to 

dealings, the Hang Seng .index , t0 .| 

lESriai 10 S. nThiSSS L979-3 and Flat 12 to UJB. 

level. since December 5. 1973. , 

Hong Kong Bank put on 10 A) FUSS 6 IS 
cents to HKS15.70, Hong Kong „ 

Land 5 cents to HKS7.95, Jardine Mixed to higher 'after dull 
Matbeson 10 cents to HK$13.fiO, trading. _ . - 

China Light 60 cents to HKS29.00. Among Steels, Coclu 
and Hong Kong and Kowloon advanced 8 to BFr 433. Blsev 
Wharf 70 cents to HK$ 20.00. Union Miniere rose 88 to Bf 




China Light 60 cents to HKS2JK00. Among Steels, Coch*rJlJ 
and Hong Kong and Kowloon advanced 8 to BFr 433. Elsewhere, 
Wharf 70 cents to HKS 20.00. Union Mtaiere rose 38 to BFr 794 

and VIeille Montagne 20 . .to 
Aiictralii) BFr 1,530, but easier Chemicals 

niULTdli* bad UCB tfown u to BFr and 

Markets were closed yesterday Solvay off 20 at BFr; Oils 

in observance of both Foundation finished tittle changed, as did 

‘Si’tltljuniKniiiiat • 494* 

vluenain...„ • 

Coiiilnco ■ 

L ijuh Hal liursl.;.. 1 
iJunsumer &*>....■ 


Day and the Queen's Birthday. Holdings. 

NOTES : Ovmeas prices shown below a ad' or scrip issue, c Per since. I Franca, 
cxvludc S premium. Balgun dividends a Cross, dtv. %. h Assumed dividend after 

I .:8l? 

sVl baurhaiv-.! k6a* 

>|.«rr> Uulcli lHl* 

■»|hmtv a312 

»uil. 31 Sb 

^81? t 28 Ib Loauiin Ki(.4i ; t la *2 

are after wlibboldtiu: tax. 

scrip and: or rteUs issue, k Alter local 

43t 2 i 42 « 

315b i 30i? 

-jumijuii linu i-J 3’r>2 1 6'ii j 

Mur)<b,v Ull 40 ag 


NatinL lienib-B'.. ■ 
■Naiiunm Uui 

U.A.F. 13i« 

•aouell 427 8 

• Jell. A iiii*i. Ini..., 10 

i.».A.T_\ 28 

tieu. LMil* 17 

i.i en. D.vunuiitv.... 6II4 

i.i an. Kiei.-i riis. I D2St 

Uenersi F*h*i»....i 32 

Uuneml Miu« 30 1 8 

lieoenii 61ts 

lien. Puli, (.-ill j 18Sg 

Hen. biunai 29 U 

lieu. l>i. Kieil..., 281a 

lien. Ivn* I 27lc 


iieuiiiin Haeinr... 25 ’4 

135« I 15lj 
427 8 j 425, 
10 1 9/„ 

-my <Jii | 165 

I niert'iUHr I'ihi-i.! 36H 

1. 11^ ■ 

L'eisiic-e I '■ it 1 Hi-, 
L will ml A S.W... ! 

i.eiisiineiM ■ 23 

I «*»-lli4 Air.'tnll.. 0l4g 

L'liiute UmiliHl inn 31i| 
1 llk.N1 40 ?e 
L' liOrCUruii l'i.i|.|.. 251* 

1 iie-K-sy-itni... 52i* 

‘I. brills^ 55 1? 

LhiviiuUl.-v 18 is 

i.lir\>ier lli a 

■.inewiiut 4ig 

■.-in. Milm-i v‘ii... 28 -a 

MUlT.IV ■ 24 r g 

1 uiea Strrvn^. " 51 

Cily (iiv«rli,iii....' 14i] 

1 .*n fwls 43^8 

L-.lumc Halm 2H- 

L-'ilino AikniHii.. 121* 

UillPiif. • ‘/SI* 

■■■■iln. Ii U. K I 81 i 8 

ij'*«1.vear Tire. —I l/>* 
■ luuJifl 29 1? 

(*■«>« IV. K. I S > >a 

Hi. Alim tv-leal 8 
U11. Ni'itb lmo.. 23 

1 ■ ie> 1 1 1 h 1 1 11 1 la 1* 

Hmi A IVeatem. . 14'^ 

(■mi Hi | 23 <g 

HiililHirtnn j 64 

Hmduh iliilliiu.—i 54 lg 
HMiiitvliieuer. .... loa* 

llTirt- Luruu 065a 

Hem* 1L .1 -6ig 

dniUinm I k94« 

425i -'"I* Hisui-en. 225 b 

Nal. 3er\Ku Itiil.i 164 b 

HSU -Nauouui sieei ....! alSa 

17i. .MUunupi : 44 

61 “ N«-l! I 544* 

a2?a -Ne|itiiiir I u»(.. . . [ 18 ? 8 
321* •'*“ k‘- kli* 

297b New Knauiiui ‘lei a4i* 

61 8 Nuiuani lli-liawk 14 

loSa -N«au»i» sbnre. ... lulft 

■Mji„ N. L. liiiimlriiTi. 184* 

29 .'uiliilk.UVe..|*ni 26 
27i, Xurtli .Nil. (i»i...' 40*4 
6*' Alim Slater HwH ^6s a 
254* Mb weal Alrlmif* 291a 
64 u Mliweni Uan.TMi: i464* 

N ort-.m ii 1 hmi. ... 19 1 8 

275* M T-iilellUi H«n.. 44l» 

21?a Wail vi M* tiit 1 ... 514* 

1/I A Whin 6riiA.11 18 

284* Wlm 16 

IDt.lUiLailliOTlial 424* : 425g 

>H. Will III I MUM..! O0'a 1 ttvVg 

JM. Oil Uliin ...... 55 1 62x8 

■lauB Oieniicn .* 421* 4 

>irruui: Hiuu.... 154* , lois 

nu-leiwkei | tfl 56sg 

4UII tV*. 404* 411g 

>1 irt.i - L tkii-I | 441* 44Sa 

^\ot« : 2 b '« 2b re 

let'll n 101,1. IT I IU2 : ll J 4 

feku.mii 1 41* ! 4 Uj 

lei»»\ne '• 1065* 1U51 8 

teies j 65g ; 65 b 

I'eiieeu 32 la ' 31*4 

Lhu>u tie v. uii • a 

Uenlton Mlaea...: 70»* 

-Worn Mines ! b7ls 

: Uume Hetioieum 1 514| 

, Wi.niimnn Undioi 244* 

! IMmur. j Ibij 

1 HupiM, 15I B 

' fraitTvi'se \u.Vtlf.. 251* 

I Knni MtUnrUan. , 791* 

6 DM50 dt-nom. unless oibennsc stated, taxes, m % tax Free. « FTancs: including 

yields based on net dividends plus rax. UniLie div. v Nom. Q Share mill. sDtv. 

9 Ptas.Mo dt-nom. unless othcrn-lse staled, and yield exclude, special payment. I Indi-. 
4> Kr.lQd denotn. uol'iss olhenvise slated, caied div. u Unofficial trading: pXllnorlty 
4 PrsJOO denom. and Bearer shares holders only. « Merger pendlde. v Asked, 
unless otherwise stated. "Yen 50 denom. ■' Bid. ! Traded. * Seller. 2 Assumed, 

unless otherwise slated. 9 Price at imie xr Ex rlnhis. xd Ex .dividend. xc Ex 

of snepenslon. a Florins, b Schillings, scrip Issue, sa Ex alL A Interim since 

l- Cents, d Dividend alter pending rights Increased. 

rt-NumPeinjienni 111* I 11<« 

lexacii 24 jg 241? 

Ojuuj-uII j 211* 21Sg • 81lg I 78lg 

I'exjuOii & o«r..: oU* * al5* 

I'esaa Uiilitim-..^. Zv. ij Jh-ia 

liinrlite. 44*3 431* 

I’tmetUiriiit ; 295a 295a 

Inn Len aO-.g all* 

Imiie ....I, 3-Ha 371* 

ItRUTmenm 1 l6l 8 : 15fB 

■ ransco- I lb i* 181* 

*«#» bantu ‘ 364* I 36lg 

uen-Uir iB'g 

Lrmrn Vul’mkmul iCfig 
uuii Uh Utnfela .1 2big 
dxHkerariiCLJsn.l 8lg 

d..n Huger. ! t33 

Hume Oil *.\* : 3BTg 

du.i»uB»y Hoi! Itl* 
clul&uil Hill — 1 lUl* 

Bu-lrtMiOlIXlm-j 421 m 

I.A.C : ! 19*2 

imav-T I aase 

liiiperuii Oil I l« 



liivu ; 205* 

Inna ! 13 

. IIIIM1I >«l. Use.. 

1 ui V.v I'lpelau* .! 
Kaiser hwourv**.! 

Luiyiw L'um.'b’..- 4.20 1 4J(o 

Alc'rMiiriLUk^,ii.. 18 Fg i 18 Tb 

Iran-nav intr'ii; 26ig I ic6la 

L -Uihic Haim 2 IN 

L-Illino Album 11.. 121* 

L'..luirr.|ji lx*, 1 27'* 

i.'.<I<iiiii.iii I'i.-i.... 1 19-i 
* ••m.ln-Lr'.i.lAiii ldN 
l .iinlHi.ii. ,11 l.ii^ 40 jg 

1 . iniliii-lii.ii ki|... 16ig 

» '■■■'u'lli KjI 1— >n- 28i| 

•1 ■..iii , « *Ih Ull Ki.-I 21- 

-Ml ell llr.. 41 t 8 

I .ini(.HiteiSeicn>.T- 111 ; 
*.■••1111. Li|i- III:.... o5i"a 
I'.Hini'. 23 

Hen ielt Hackahl.' 78 i 8 
Holiday lour...:.. IV>* 

Hnmer'iake a4i* 

Houeywei> 57 1* 

Hiioi« 12 

Ho p.Corp-Aiuet.; 321* 
Himston N*i.f>a-| 27 
HuniiPh.AiUlini' IO69 
Hiitum if.K.l.... . 16>g 
I.LI. ... 24** 

IN A 41 Kami 61 N 

In -and aier> 39 14 

I In-in.'. • loie 

1 1, erocaxi 27 

On L-im L'vruuiu ... oO I* 
Oneua IIIiikhh .... 1 ala 8 

I’aeill Ubk 24 Jg 

I’m me Li-jluiiix 15N 
Hm . Hm.A Ll...| bv-Sj 
I Vul A 01 IVi ,rl. > Airj 7 

Han, ex Harm 1 fin. j xai* 

IVrImIv Im 1 1.4.3 

I’eli. Hi*, i: U....| 2U* 

IVuny -I. L" 1 a3'« 

Hennaoil I «b*2 

I’ev'piett Wnie I 10 

Her-plea (ia« 1 35 Ja 

Hepaim i 31 

Iran* WnrF.l An 

I nveHer* . 

In Cnl>iien'aiii. 

19d 3 i 594* 

l.K.W 39 

AiUil«iiiiii* 1k>I 331* 

0. a.l ; *9 

1. A UUI 1 1 24*3 

In. I 2 j 

UW|* al*ei 37U 

l .ir e*ei " 50lj 

L nt. m Imiiii rp.. j 141* 
L-fiiMii 1. ml. ih,.....- 395g 
1. xiixin L x in 1 nier*' j 7ag 
L tiuiii Oi La 11 : 501* 

Alc'riiiii'iLUk^.ii.. 18/8 
UaKwr FeiviiMii., 13 1* 

UrllHyre 1 «ol* 

U.*./"!. 47 In 

UounuinxStatell- 3.70 

• win.., mhm-..." 27sa 
' Amkmmi Kuen:*... 15i* 

A 1 Ull. leltfL' in.... 30 

■Nuiiuur On A I.*-. aZij 
, .ink m k> 1 Hel-'m 1 3.6U 
1 •'aelln-Li 1 .p>-r.M , 1.86 - j - 

A-Mani \ vr-k-b... 470 '*-1.50 20 • 1.9 

Ull IV ... 236^50 —0.70 28.081 6.0 

ILVsK | 139.7 —0.10 la.TV] 6.7 

Haver 139.90 +0.10 18.75! 6.7 

llayei. Hr no ! 273 81 2IU2 1 5.2 

Uavei .1 ereln-lik.;300.60ni!— 1.50 18 | 3AI 

L’ibalnr.Ned.wrt-l 165 1 — | — Horula Mutnn. 

Urmimer»lwnti aW.Mx.- : — 1.00 17 ] 7.7 diaxae K,"'... 

U-nl G'linmi....;.. ' 75AJOp-0.5ff- - t‘— iK»U....... 

Daimler Ut-iic • 304.B0 1 + O.SO! *8.12, 4.6 Uo-\nU.ix» 

Uesuava 2S0nl 1 17 j 3.4 

Uemag 1S7.U 14 ; 4.5 

UeutR-he baok.... l 2B6.B0«d — 1.3 1 28.1! 4.8 
Une^iner Bank— 284.0IW— 0.50(28.12, 6.0 
UjxberUofJ Zenit.' ISO.Q -D.5 9.3tf 3.1 
(j.iitelK<Erniinc 196.5, + 1JWI 16 I 3.1 

HajjaL- Llxi| >i • 1J 6.80 . + 1.80' 12 i t>.» 

Har(+ner., 2bo.5 +0.5 1 4 j 3.1 I 137.10 -I.IO'IB.75. 1 6.8 

Hcwb ? 46.70—0.38 4 , 4.3 

AUH 11/(25 cent) 


* Vmfrt Kspioartlon 
4 Am jar Hefttoieora'.. 

berued mab j . 94J5I+0.5 1 
tO 70 f’Jl- 66. L-3 • J — • 

wjBl 1 ? Cre-iiSufii- .1 Mxud+0.6}u. 9* 

"t2:2CT'. bcmo>-. a^887. ' B i O-i-lW* BJt 

U 30 Lui Kmlitk-x-en__-l- 106.01+0.5111 IwA 
*0 78 l86.7SV-3^. 12 b.2i 

tL2u Tbrt hran.1 — 195.0011-1 -tt! B 9^ 

i-90-f a»- 

321] 1 33 

3.60 I 3.6 
1.86 I 2.05 

Huiten | 1x9 +4 |9.36' 3.6 

Kail fin.l 5>ai/ ! 139.50 — 1.50 9 j 0.3 

‘tcilUrHei imva.i. •. d45g 

rtu. Call. Hw'n. I 

rNtlllU ' 

■ a eO|4«. I>e|'l.^.. 

14.35 1 4.1a 

L 1 fill'll l’aeiH«".._ J 40 

I'erkm Elmer • 2 ei\ 

Pel • w2.g 

I'h/er : 33is 

I'LHin. l>*Uje 25U 

1'biia.icigbix ble. 1 / Sg 

I'li il i(i MtH-ns 69 

Hliimivl'ennl'm.' 33la 

Kilslnil V - ' 37 

I L'linev Himes. 23&* 

I'lllMnii 22 

iiiieT.i.iu v.iier^x _ 81 « 8 i 1*T*. 

1 HM 1 259 87 257 li 1,1,1 AUK 1 * * 

l .ill. til, --ii N.\. 22 ig 

O.iimiI I'.nix ...• 24 
'. "Um'I Nnt. tin-.... 38 1* 

L'liiini 1 met I Vw ei 2 1 ig 

l»;ini)eiiMi liifi.' 30 
1 V,iiini..|,i al l.iii.... !tB>i 
LniiiiiieuiMi Tel.-.- 16i* 

iiiTri .1 Dai* 337g 

L i.sifier Iii.iii-v 531* 

1 nl L KI«vihh> i.4Sj 

lull. Uinniei.... *5 
I11U. Mm A Llu-iii 4ji* 
(ml. M ull Hi pain.: fi2': 

lllLTJ 181] 

lull. Paper • **2 

1 ft; j a4i* 

Uii. Ke>_1iiler ! 13 .'a 

I in. lei. A Tci....' £D's 

invent ■ H« 

fOIHlUl" ' 

I'lilnniaL* hliv..... 
1‘Pli Initu-ine*.. 
I'niriw iienili.e.J 
I'iiIx erveK-rvi... 

Cumnaii j 31 

L-mfr'C*/ I ti 

L rulevl bmiiilv. ..' BS 

L,3 32 

Csli, |-nm 66 

! 28 

vs aiee 28/ 

lx. Ievliliii.i<*iv. 441 

<■ V liitlnMriea... . 2lS 

■ ir;li'h K'ei?i ... 13 7 

IV u; 1 ceil 251 

'V'rnei- Liimiini 43 
»l him- L mm »-H 3».7 

iVt^f.-.llairiiie,.. 237 

■IVv-Kai-ji. 267 

*l‘.-'lem Han mj- 35'i 
4 e-tern N. Aim • 281; 
•'itfleni L niim.. 17 

•' viiarliNfK'fiHi 21^, 

Invent ■ 11* 

lii»a Lleei 36 7g 

IV Internaiii.rutlJ 111* 

Jim Wall hi j 31 

1 uira | 

Vixabn 1-1*1- 

Kapi-i Amerinn ; 

Ilf A i 


'Veieilwwiw ... 

" lute Cnu. I nil... 1 217g 

Wi lainL'f I 191* 

M'i*enn*m Elevr..' 271* 

.'Ia.+ L«ii A in..., .96 I 

•*McerUeveu.| mi, 24t* 1 
1% m er Li- ip ear 11! 16 I 

•'nee • 14 I 

U'leliBc aLurce- ii. 1.35 

.lanijei On I 41J* [ 

Keni .sian ; 1. i 8 I 

Km A(*>nni ' 32 | 

Knyai Bk.i/i Laii.- dll* 

*(lxt’| 'Iriiai I8ia I 

weiiiieiCNiiin.*., Si] 

sea*. nuns • abi* ; 

9HW- Laim.ia IjJSg I 

■hen ill li-.Min,.. big , 

'Hftafii* U j *1 

jiiipMn* i oi* 

*tee> m Lana. 'a... | 45 U 1 
■eej- I!i*..fc I 1 3.90 : 
I cun. Laiiaiia ] 37 
lonnil.. 191; : 

t IH ■■ -L Hill'll*- I.I | lSig ! 
Inuiv Mminl IJ| *' 9 1* 1 

: 121] . 

L IIL--JI lia- 1 1 

Did. ike- *.".111111- . 8 , 
U*,aei H iran,... I 3a i* 1 

B'rtl Lx«4i ( m- 111* , 

W«i.i.,n (,r«. 161; i 

1vj1rr.Ln.11 , 311.80-1.20 28.44' 3.o 

tvaudiiii • 217 —1 i Ic./bl 4.4 

iv.ra;liner DAlliNj.J fc2 — 2 ! - — , 

KHD '176.00-0.20 18.76 6.3 

w nil'll 92.00— 2.00; — | - 

Unu* aa7 a- 1.50 lo ; 3.4 

L«’,veiiiTBii Ua ». 45u«d 49 I O.b 

l.iiltlian a j 110.5 9.3614.2 

d\N 183.00 T 0.50, it • 3.3 

Alaune maun 156.50— 2:80:17. 18l 5.5 

.Metaiik'e 207.8 1 lw 4.4 

.MuDL-lienei limrk. a30 \ J 18 1. 4 

.vuckeruifiiin 126.60—2.10' — — 

Kreuvrau DM 100. 114.6: - - 

i^iemWe-i.KieeL. 187.70!— 0.50 20 1 6.7 

schenng 262.50 +0.8018.12: 0.4 

'tmen- 482.50-1.50' lo 1 2.8 

vu iZiiekei 442.00 +1.M : 28A6! 5.3 

I'livvenAAl 117.70 -1.1Q W.18 i 7.2 

v'axon. 170.60 — 1.00! N 4.1 

' l-MA ldb.30— 0.50i 12 ] 0.7 

1 t-rem-A IVeriHk 288«lJ-2 ' lo : 3.« 
V.iik-naae,, 208.30-1.50 86 ; 6.0 

Wc.'Pulp Ptfper®L^...J 1L22 I ■ 

Arsoc. taio. Jjn.liuiilf*aLjl. 1L63 -1+UJ12. BRAZIL, •.. . . . ■ 

1 isf n - ■ 10:^4 1 ^. Stst -OTwiiL- 

3 nS'aSSw iSl. i ' fill 4^2 -L06 1+«.04ja.l»lKfca*; 

1 ih^tDliTProprletarvu..) 16^ H-0.02 5K? TS-dHIffiT!. ; 

‘ Uirjk^tUii:Proprl£ili»jrt_. 

♦ 8lf Sdutb ^ 

4 Curium United Mnpw«v...j 

Ubltflfi). td.u 0 

Uhw. tJmdnwrte Aitot . tilJ96 

UuBu.OeidiieKte' Aiut 

Container (5L.-...1. 

L'onrinc Klnunto .v! -■ 

l^vtalu AiMtntlia . f 1-' 

Dunlop KuW+rlSh 1 . tT. 1 

tijCOK™ tu.! 

t!tcrer-timith..._. .... 

*. ■ , K.&. rttiusiHtv 

*-j ! o!v Pnwwv i™.y- 

, „ Hamerelev u. 

y ? Uoowr :. ' 

, o K.T Australia — — 

tl.Uft j+Ojil 



td.uB t 

t!AS6 7\ ; 

..k?l2i>AlLjieiia UP .”2.20 +0.D2 iij»ty4; 

-Ixists Aimsi . 3.34 +0J4vjt< 

Petmbnu PP. M ..J .2-96 - -aj.M0.13 t&. 

PIralll 1.72 -0.010.16 L50 - 1 

AwraCWUP... 3.03- -O.Ofi D.33 fM- _ ' 

2 -SB +0JJ& 
1.60 j.,-. 

fmri PJC... IOlIO I. ........ [a.* 5! 

• rile- HI. IKi * Plj 1.30 i; ‘.18j 

. -VrST CrTwJm . Shares 45.4m. 
Source: Rio-de. Janeiro SE. 

tT4J f flmnwiwyB.M 

t-95 . 

tl^6 :+O.0J • - MINES 

12.45’ f+0.15 -June' 5 
tu.73 1 .—f. Anglo American Corpn. . 
T2J5 • Oiarter Consolidated .... 

Jooea tUavidi ~ •1.36' . itu.ol ) Uarxconjr. : — .... 

Lennar 1 Ul[._ A.I . J. (0.30 jj Kinross - — 

(Uetaix' iixpuuarlan^ fO . 38 7+J.lS J.JOodl - — — 

Source Nik&o Securities. Tokyo 


JUguilti JSxptoittion„. 

MIM Hi’4f Uii|i> — 

ffjw Emporium,..-—..... 

A lcbolo» Internal lx mat.. 
North Broken H’drnjpi Rdt 

Uailjrtdjp. ; 

Uli aeutdi_ 

Utler K.t[ibmi( loil — ; 

r-L26 H- 1 

+1.72 .... 

J ior] 


: Asked 4 Traded. 0 New 


Edited by Denys Sutton 

The world’s leading magazine of 
Arts and Antiques 

Published Monthly price £2.00 
Overseas Subscription £28.00 

Annual Subscription £25.00 (inland) 
USA & Canada Air Assisted S5G 

Apollo Magazine, Bracken House, 10 Cannon Street, 
London EC4P 4BY. Tel : 01-248 8000. 

^“■**5 ,-Hf.lS -june a Band +wr V-. 

tu.73 i —— r- Anglo 'American Com. ... ~3J0 -M* 3(1 Kij 

19 T2J5 • Charter Consolidated. 3-33 +Wfi 

■2 Inter-Copper ..—'-I tJ.28 Emit Driefontein 13JW - ■ ~tM. 

Jenohics I ndiutriea +1.35. > -Etebuni. ................. . US 

’ s'1.68 .-Itihdl HanBony- ! 5J5. ' ' -5A5 ^ \ ~ 

IO.3D . -i Kinross - t5J0 Jl 

+0.38 7+At2 JOadl SJ6 +R».y? Ii 

rdJ28 Rastenburg Wadnnm — ^ 1.C -4i# * 

+1.72 ...... St.- Selena r**' 

♦2.3B Southvaal — x- 7.89 '-i- 

+086 : Cold PTWdS S.A • 33J* '■ ■- r*5.. 

+ 1.33 MUW Holon Corp o ra tion 4A7 

11.78 T3e Beers Deferred 0.00 

WJ4 BJyvodruiQddn ,5M ' ' S- : ... 

+0.41 +i. 4 Ka«t Hand Piy. TfiCSfl ' 

+1.57 i'-ff.01 Free State GedoU SS.60 ' W"' 

+2.63 '-0.02 Prestdenr Brand .. 14.90 ' r**: ■ ^ - 

JD.73 -[-d-.uT 'President Sleyn 12.10 ' . 

to.e5 . hlbi sd if unrein -’4.«r -*#*•*'-. • 

ID.36 -Welkom — ^... 4.40 v, 

I Pioneer Uaniwte.^ .[• +1.57 j-ff.01 Free STaie Gednld 

i itockiuA UiiiRtnrt......-4...'— ’■ +2.83 '-0-02 Prestdenr Brand ~ .. 

d, c. siemli fd.73 -[-diul 'President Sivy a 

stxuihiiuid \liniiii!..L.....-— i +0.x5 . HUH Sd if unrein ....a-....— 

spareiai Ex+ynrallon...— ...j: 10-36 ....... Welkom — «... 

i fSi x +1.88 rMJ.yl ] West Driefonleln 37J3. 

'V*llnni tO.b-5 1 Western Nolffinga 

! Xlniinc ipC cenii; +1.35 '-0J1 .Western .Deep -...' 

M"onl*rfirlhh'....._ —...i 11.66 

Westeru [foldings i ........ . Hra.-.' . _ - 

Westenii .Deep 13X3 .• 

.. INDUSTRIALS : lv'' A, . 

AECI ......1-;. ', 155 • nS--./:,- - 

.w»Xto-Ainc!r. Cndtffitrtai ' ... • _ 

Barlow Rand . XB5_" • 

~Pra 3, ■ J.DT 1 iiiv *Thil iuvestnrenig l.fa +**v- 

Kr&u , + or, iiiv..TbL Cunric pHumce . o.6S . 

I — : rr>, . r DO Beers Industrial ..4-S-. J9J8 '-"Mb-' 
■sad Lei i di..!n Edgars Conucdldaied Inv.. 185 

148 18.1 ll*ni a ' 44 . 739 Lei .! 41 8 i 0.6 ££££ ■ 

463:3.7 ^n i V^Sr i,n ' ? isiE l Ti'B J | i l f 6!bi fs ^wyD'eady ■ W 'ZlZC \ ' 1 ■ 

[uiumdne mm+i A I t Pedcralo VbBcibelegglms W. .'VAj:- 

Oanwaii ) /f j 12 - UcCanlip Jtois< W V.t“— - 

i ffte - arr: i.S* 11 « .Sg ■ "K 

Lie ttancHl. e a 14.0; + 3.9 3 ^ rn-mwatmina — - Ih 

D.OU 4O9il!-05 jH.<5; 2.7^ 1)0 

Uipit 3Ie>iuei 

Cl edit Com Fr*<H 
L'xeiwni lrir*„„ 


». Petxwip.„.... 

Uap. U v+rtenta i 

7P5 : -ia - 1 8 **ro(ea HoWua' ..Z..ZZ 15ft ^LC'rs 

7Bo -1 ® hi' fs «*od Mines Properties US- --."'N (JVC 


Jacques Horei.,..- 

188.5'— 0,3; 8.2 a 4.3 £« 

67.9|-0.6 6.718^4 SAPPI U2 

119 ;-v5 —I - C. C. Sm+t+r Sugar 5J5 

Iw2.0+J.5 1BTDV8.7 SA Breweries L28 . • /<— V* -“V 

749 i — 1 14JF-3.2 Tbrer Oats -ami MaO. 8.40 0/;- i . 

- vim i-»s 1 — * w-u Liner viu* aim wau. sms*. ;;; -i 

Uxnnd 1.687 1 + 7 4«.n4 2.2 UaMec ■ : U» 

Phe»iia„ L02O ,+,30. S9^3S1 bun.riMH, n*ni( II S S8.7S.- ?=s 

■UxUwmt rncnis^ 1.U120 1+30. B9*r,3& H r-nr 

Mldieltn ■■H”: — (1JS89 —16 32.fifc‘ B.3 

Moet Humay...; 490 -!+2 iair-2T.6 • • A" 

Moultnes -..J 155.&-2.5 l d |LB 

Mari baa .1 1B8J5— 1.4 LJJfollZ.6 

rtcbfrwy- I- 9 2. 7) +0.2 7.6 ai cfi'.-ii '• 

Penuk-Blcaid __J 368 7.^ a.8 SPAIN T 

eeuRrar-CumnL-J 367 A — O. I 1/ JS| 4.7 June 2 

Seen rl lira Rand 'UMKJK&£*£ 
. (Disco nut bf 36^%) - -* 

— —■ 367A— O.I I/-2S 4J7 z Per OBHL ■ .-Ifei-*- r \'' . 

xVaallU 1 818 !+3 . — ■— As+dbd- - ta. -x-JW’- — 

liitdlu.TocllnlqiioJ 436 -J— 21.: 22 L A.Z Kflocn Bilbao ” - 3D' ■■ V’ - 

«*Mouw 1 655 > + 2 2V - 4.9 Banco AlbnHco (J P Wft> B0 ’ V': 

Xbuoe Kouicnx- ..;(. 88. lr+8-1 . « [10:2 .'Banco "Central ii..'.:.:, 384 - , . i ; 

, Q 3UO*A»iu 1 . 148.5!.—..-.,. I4i*«‘-S;8 Banco Exterior ;..U- 2«- ' 

3.9 iki*. — ,11,580 *+12-; SV-ISLS Hanco General' ' 

*~z - - 281 I »yj.B Henri* Prana xla. fX.WHH : t» . r-o-’ v*. .. 

a-6 >*aa t nnnLui,,u ti ....l r 755 .-j + -BimS)- HTspftuF * ZiT—ZSl*;-/ •. ---..• 

*■§ lih'iujim i-mmli 1901O'^U.£lr 15.15x 8.0 dinMiWi'CM.. iLfflW - NJ ' 

2-7 Uaionr 23 .9 — 0. 1 _ i — R. Ind.' UedUorradm .. 7W _ TVj 'V 

. ■ . Banco Popular .— — 237 

4-1 ■■■•■ • Kano* Santander cum - 4U ; 

4 -2 STOCKHOLM ' ■ ... Banco UrooUit (I.000> .. 25} . 

B.7 j_- ij Raneo Vizcaya 2d4 . : T . 1 

+ 2 " 

: + 3 -> 

j J unc-,5 

AO A Ab(KrjUi— 
ARal^ral U(KriA 

-w-m .thv.’t— .■ Banco Za raaouno .'lr\ ':■■+! 

v ' hmor, — ■ i\ r. l i Banfmelnn . -lSS.' . - . '*■.*<- + * * 

— ;• Banus Axit+aloda T ZU ■ , 

809al^r 0.3 i if.6 (Wicddt wUcas .^ — - ■ 2ft .. ; Tftps 1 . 

209ml vl- 
136 +.Z 

0.0 j jtf.Sl Rnbcdcfc Wlhaa 

3.6 £»C - 

■VdBA (Kr. ttb — | BJ.B ml f • & pra«adM 

Aria. Copo* Krai i28mf-:l [ . 6 I 4.9 «?m«twnlf. 

Ullti+iiH .. 84 1+4 - } 4-1 441 -5- ArsooneEis 

Before 1 1 Idml... .... [ ri ! J 6 &nc_-— 

tkwa.. V. — 1 . 1B7^+2.„| ,1a I S.S 

!'! ilvfltft-f S l 1 ml , <».4 52? ’ r- 


Krtciemn - 

- r l 1B7 z2+2.„>- Ij, I S.S Expt .R1*L ThUO — wg . 

“.TT “..iSSt* t li ! +.4. : : '• 

i-r(Kac I881P-4 [ o^ i .4,9 ..--I- -. ® ../• 

•BTKrbLi .139 r+1 j » | 4*« SSJ?SK™ ,5 : - - r - ; 


uranepn (inv;..- ‘ 

Uh (Job Dain-ti ..- 

xt4 -3. ■. 
90 «S —2 
• 52-1+6 ■ 


64 - L 

1 u | Cruao- VeJazonex - |«9D1 , US ” ~ ‘ 'igs A , 
a r >.» Mki+tila.; __ -■ 

4 I 4.4 IhnprtiiprW + '• ®3 v_ _ - i’ 

-J '■Hurra . - ■ ; ‘124 . :• 

i. ' - 6l i*5ni«ir+a.« m-antfiasr \ 

a j, l-‘* ,, r , i|» , ii , f' AS.-: J38 ^ 

> • -ivifffiwo, ... +.f«3;.i r 


... ^ eaa 

«rrency. Money and Gold Markets 

: . 9 .C- - . L -.- 

‘<*gt'ft«a«W per 

^ • jforeign^'exclian nc Forward steruofi 

%r*. vSb&SSJ?** -** win a* three-* 

r eenfon Friday. 

i£ wat also weak, 

three-mantb discount 


J«IDf5 iwlrt - • PiW'i • I 

1 % j bprf>i till 

- vnarfftnflSi S^ ate 11118 ,et >deocy'. with seUms coming 
' 'rtSl undcrmmc confi- from both Zurich and New York. 

uncertain tv *n terms of the dollar it closed at 
SSSfSSJS:* * W ?** ot-.a UK SwFr L35* agahiff SwFr LS810. 

downward WMle the West German mark 
‘S; revlSKmsm forests of the trade eased- - to DM ‘ 2J»*2f from 
1 ”SS2r^!LJ? 78 ' : Consequently. DM 2.0807* on Friday. - 
^ st&thttg?8.-'.l3caAe-. weighted index, Frankfurt; The dollar was fixed 
cakcflatefi by the Bank at DM 2.080S In quiet tttdtnfi. with 
of England^ -Showed a fall in th e P™ 8 * taking and commercial 
XMrnfcg -to GLl from 61.2 on bu *b»eas responsible for a slight 
.Frwy-. At noon It fell aKain to taproveaww by the U-S. currency. 
■^ 5 ^ 6M, 'i level not seen since July Jtknproved:to DM £0985 In terms 
-0:ias£ jear,>- However, the closing 2? - tbe D-mark, compared .with 
fiscal taxation "showed a recover? f« DM 2,03 on Friday.- Most other 
• . currencies also; gained against the 

•H ,iV.- Visaing -during- the mornin™ 9 ermaT1 unit, although the Swiss 
• “«-Sa ratfter dun-with both the US S?, nc X“„« I W , t | y weaker, at 

i s ; 

j gj 

Guilcti-r • 
Belgian Fr.' 
- Uhtiih, hr., 
f 1 1- Murk 
| PmO . fcn-. 1 
! fiiiau.i Km. ■ 
{Ura l 
Njrnp.. Kr.‘ 
! Frttiil.Fr. 
rVm ; 
! Austria & ; \u 
STritj, y t . , 




. JpwfliBAr 

1 * 1 * * * 1 1 » 1 1 ■ 
•. r ■" Wjl 4 k H Q M O j IK ii 


1977 1978 


jLtOOS. 7 compared 

DM 3,05$ on Friday: . 

Brussels: The Danish krone 
rose to its intervention level of 
BFr 3.S03 against ' the Belgian 
franc at the official- fixings-bat the 
Belgian central bank did not inter- 
vene. Both -currencies are part of 
the European currency “ snake," 
amf the Belgian franc has been 
weak against the Danish currency 
over the last week, although it is 
probable that the authorities only 
intervened on : Friday- to support 
tbe Belgian "franc against the 
krone. The franc was slightly 
firmer against the D-mark, when 
It was fixed at BFr'- 15.601. com- 
pared with BFr 15.8643 oh Friday. 
/Tokyo: The - dollar dropped 

. . . ' sharply; in nervous trading to 

< “tjd sterling showing a close at ¥2lg,7S against the yen, 

Sr. ooi? 1 * .^und down from Y221.9TJ at the dose 

li! opened, at S1^25o-L83® and mover in Tokyo on Friday 

5“^“ 1 * e Pushed the it opened at Y 22120 , but fell to 

Si. rate down to-SLS165 during mid- a low of V220.M m the morning, 
^ .morning. Early afternoon saw and to Y21B.7D in the afternoon. 
t the dollar in demand and It was This was the first time since 
6r m ?T e than any fresh selling April 17, when the: dollar fell to 
of sterling that led the Bank of Y218JB5 in.. Tokyo, that the cur- 
England . to intervene, ia the rency has fallen -below the Y220 
market quite heavily both to halt level. 

the pound's decline and to arrest Milan: The : VS.' dollar feJZ for 

any .further improvement in the the sixth 7 ' consecutive session 

v dollar. Sterling ended the day against ihe-Ura and was fixed at 

K-. ¥ 7' . 25. points easier at *1.8200-1-8210 LS81.4, a drop: of nearly two points 

" while, the dollar’s trade weighted from L883-2van Friday- Trading 

■' ± average depreciation since the was rather doll with only 56.4m 

.i- .... ^."Washington Currency Agreement exchanged at. the fixing/. Else- 

of December 1871, using Morgan where the :-fira also improved 

t : Guaranty calculations at noon in against the;Weart German mark 

J . '■ New York, narrowed to 5.40 per and sterling: 1 :.".. 

-J-* -■ lares lai-. . . . r . 

■■*«= ad - • • • • - •-.••...■•••• 

•- ■ • • .... -• : • • .'. 

M le", • •_ . ’ ' - . ••• -.- * ’ r .. 

;°"7\ v/ • \ • - . . • •. • 

* ft. . - - - - — - ■ - - l ■ ■ - 

. r-_t ........... o ......... . 



i -5- 

’■ • 'j- sw t, 

.-Vj-?.-* ~ • 


7 I1.B16S- 1-92S6 

Blj 2.U40-2.D44B 

4 . 4.04-4M 
S>3, fitLIB S3.46 

B IB. 19 10.26 

5 'S.771J-3.KI2 
18 ;• I2.flj-M.00 

8 ! 146.65- 148,30 
Ilfs' 1,5854-1.574* 
7 > a.i«-a.s5i 
7 : 


&i» M, 16 27.46 
1 ] 5.41-5.64 

> 1. BS 00-1.82 10 

.2,0366- SJ578 

,'4.07l 3 .*.Mit 
, 66.40-08.60 

' 10.23 »■ 10.24 ‘ 

j 3.6J 
. BS.4b-ai.80 
"146.70- 1*6.80 

--I.W4- 1.5696 

3.3BM B.iBU 

i.4lli B.-T2I- 


I 27.32-27.45 
I 3-52-5.54 


One nuniii [Sl«. JTlire* monlln X p.' 

8-66 D,4D>v I’m 

2-V-la* r. l-in 
I 56-26 i . i>n> 

1 >4-514 Mull' 

2v'a-l7a pf pm. 
Zb- 1.85 1 '. ,lln • 
36- 1 IS *hk 
l«i- S Hie ilia 

{> j j 


2.97 .1.65-1.46 

9.66 1.60-1. 5ft. .} 'in' 

6,51 7-6 I'.pai 
6,06 ISO 75 i\|iin 
-4,98 ) Si- 1 14-wlis 
7.47 ,8-7 >1 pm 
-15.06 108-600 .Mill 
-1.14 !*-& llwli^ 

— i.B6 8;-SK»wl« 
1.45 .Jlj.Jlji-.i'JM ' 

0.3B j4l-23i>nv}'in I 


ff" 1 ' (4 
21 r «-■ 

i r 


S.fifl 32 22 » I'lu 
8.92 fl- ■Ir.imi 

--4. 10 
— 7.06 
- 14.34 
— O.BS 
J 76 
I 78 




Jane 9 



Cl MW 

Canadian ■ 
fipJainn Pr 
ttanlRb Kr 
Port. Ei 

Nrwgn. Kr 
Prem-h Fr 
SvinLiO Kr 

Annria Sc& 
Swiss Fr 






39 .35-21940 



Ou maorti 

pa. Three monuis pj. 


B454.40C pm 

0,094i.l»C pm 
047-0 42t pro 

2.70-3 lira dl* 
0 3M.ffc dl» 
103AJy pm 


— DJN-0.07 
335 145-UOc pm 
All OJSUJgiepm 




4.71 L582.4SC Pin 0.52 

-a 33 M,15 lire dL* -4.82 

-136 1.76-LWc dls — L53 

5.19 292T3y pm 5Ji 

743 348845c pm 


opwia, r 
Dnwia« • 
Riga ta _ 
June 2 

QnlL Oi 

June J 

j ; 

( Lnilolinr i 

] Lacmtian 

! liuU-in «cii ... I 
Oeigu.u iranc ! 
itanlan k rune ; 
LhnitM.-lipm'rk ‘ 
Uuf«.-J< khiuIoi 
t'renrti imnc. j 
Ita'inn uni.,,. 
I«(anran \rn. ! 
Noma.v kr.'ne ! 

wnliBlikroBt j 

•»im lr»FK-... ; 









6.61 BBS 







0.67 5077 

1.1433 11 










6. 1 4436 





Bank of 

M organ 

j June 5 

England Conramy 

Index changes J 


.. U.XO 


I».S. flollur . 


- 5.4 

Canadian dollar 

86. SO 


Austrian schilliiui 

. 141 AS 


LVJriji) Irani* . . 

.. lti.43 


Danish Krone ... ■ 

. U6J9 

•• 7.3 

UedUehe Mark 

.. 14US 

+96 J) 



- 18,4 

Frtueh Irani. . 


- 4.S 





.. 1MJST 

Bfl.M*il tin trade weUbled change from 
lVashmtron asm'ftKnr Decenrher. Uf 71 

iftunk of Fnclnnd 

Index = iu0i 

i— — " - — - - 


£ [ 

s , 

i r 

i 1 


i Antes l.'aie 

’-hi i»i 

Aivi-ni ilia rw,, 1.416-1,420 779-7BO* li, .liar.... 1.5939-1.6100 |O.B790- 0.8868 
Flnlaiul Markka...., 7.771- -7.79 14.2720-4.8740 

Uvn/11 1. rur-ir.. : 31.62 32,62 ; 17.37-17.92 

(iftiw UniL-hiM..., 67.055- 68.7 14 36.83-37.74 
Hum; K„u k 1 k4lar.' 8.43 i«-8.451 4 4.64 10 -4. 6430 

Iran Hi*! i 125-131 j 68ia-72 

Wan Dinar IKD] 0.500 0.510 0.8750^.2800 
LHai-inhmru Pram 1 59.40 59.60 32.64-32.67 

Malay fu. IM-ar....: 4.3290-4. 34 IB. 2 .3B40 2.5850 

Nrw Znlandllnllar; 1.7641-1.8021 
zjhiidi Araliia Itiyal. 6.24^5.34 
sSlugap-wi? llollar... 1 4.2200-4. Z525| 
SouthAfncan Kaiiil 1 1.5699-1.5953 








iKmli'-,- . . .. 



‘Nilhrrlaii'l ... 



'.-Mtll.-crl* ad. 
frnlicd Slate* 

3.30 3.35 
1550 1610 
405 415 
77 85 

1.82- 1.831-1 

June l ~ 

Found ateriiugl CjS. Dollar 

DratwAeMorfc Japan-** Yen 

Freucti Fiainr 

riwls* Fnini* 

Dm cli Omhier 

Italian Lira 

Caua-lii Dollar 

Belffiati F ram* 

FoonA Sterling . 
U.ft Dollar-. 




















, 0.262 
' 8.404 

■ • 0.477 '■*. 

" j 4.883 . 


x 0.478 



ZJ. 05 











French Frans 10 

SwiM Franc * 

. 1.108 

j 2.176 

’ Q-516 ... 

T.082 • 

4-70.0- - 

. 114*0 . 












Dutch Guilder 

Italian Lira UKJ0, 

. 0.637 

1 0.446 - 

j - 1.160 



856 JS-, 














: 0.401 

- " 1688 

: 0^94 ' 
Jl 3.062 

i 6.417 

107.6 ■ 
vrrjo ^ 

4,1 16 

' J.733 











T 7J 

_ i 



r r 




• - June s 

- . StetUxiff- ' 

• Dollar.;; 

F.d. DoBar 1 Don* QuiWer 

Swtaa Prana , 

W. Geauan 

French Franc 

Italian Ura ] Asian S j 4 nj* new Yen 

t Short 'term-.. -i 
- . 7 d* j* (Mice. 

Six- months....... 

One yror_ ........ 


. 1 136-1178 
' : 117g-12fle 


74 -84 



‘ 74-74 

" . 74 -7S, 

• 8-84 
■ ..-8-84 
■83a -06a 









1 (k-1^- 

th-ig -• 



f (V*[5 






tou io;- 







7.V7 1* 





j t x c£ 
-re- X 

hoiv-wna ^nmdoiur depo*Us. two year* pw cenu ihr«e years 8i-9 per cent: four year* pur cents Bwe years Mi per «m. 




New York rates steady 


: Treasury jSJl rates . were 
generally 7 higher in early. New 
York trading, with ' lS-week hiUs 
quoted at 6.58- per cent bid. com- 
pared with 6.55' per Cent late on 
Friday. ; 'Longar-texm maturities 
were also firmer, with 26 -week 
bills at -7.11 -.per cent- compared 
with 7.10 per cent, while: one 
year bills werq unchanged at 
7.33 percent. ; ; 

; Federal funds 1 -were quoted at 
7} per cent bidv end dollar certi- 
ficates -of deposit were generally 
unchanged from late Friday. The 
one-month was quoted at 7.30 per 
cent bid, -two -months at 7.43 per 
cen V and three^months at 7.G5 per 

Washtagton: ’ . The Federal 

National Mortgage Association 
plans a debenture offering of 
$2bn. with maturities ranging up 
to seven years. 

Hong Kong: Conditions in the 
money market were tight, with 
call and overnight money com- 
manding 5|4 Per cent. ■ 

London: Eurodollar deposit 

rates were fairly steady through- 
out, and closed little changed 
from Friday's levels. Trading was 
quiet, with little interest from the 
Ftar-East and KS. Rollover busi- 
ness -was minimal at the start of 
the month. _ 

Rabatt The Moroccan Dirham 
has been devalued by 7,3 per cent, 
and wifi stand at par with the 
-Freni*, franc. 

. Port Moresby: Papua New 
Guinea hos changed the basis of 
calculation of the kina to a basket 
of currencies, and has dropped 
the former alignment with the 
Australian dollar. 

Munich: Foreign exchange 

dealers at International Forex 
Congress called for international 
standards to be introduced in the 
compilation and presentation of 
balance of payments statistics. 
President of the Bundesbank said 
that .financing of U.S. payments 
deficit cannot continue this year 
on . the same scale os last. He 
told the Forex Congress that he 
is confident ' the European joint 
float will continue, and believes 
it may be enlarged. 



Gold lost S3} an ounce to dose 
at S1S2J-1S3 in the London bullion 
market yesterday. After opening 
at the same level, the metal was 
fixed during the morning at 
5ZS3.5 and improved slightly to 
$183.05 at the afternoon fix. It 


j June 6 | June 2 


SMail assistance 

Ci'lil Bullliin laPur 1 ! 

■•Hiiuei 1 

Cilia* 5iaa:-lB3 , 5185-1853 

lijn'oina . ..,... SlB2i-1B5 : SI84-I84i 

Morning rixluu IS182.S0 [S1M.B0 

jlMOO.SIffj <12 10 1.0791 

Aiierniofl fiMOi! $162.05 I51B4.75 

(£100-577) hJ: 101.305) 

(li'ld Coins — ' 

•IniuealH'allj' , ' 

KniaenuM :?188-131 <3180 192 

|i£104-105j !|A*1Q4J-106; 

X« S^>vereienf 5634-564 1 66!; -651 

;if284-5(l61 1 1 23^-50i l 

nitl !S56V60i 

Guia Cmu» ;i«l-a2) llXBT-iZj 

• Bank of England .Minimum:; 

. , * : Leading Rate S per eent . . 

.(since May 12, 1978) . • 

. ■> Day io day credit was; in short 
supply -'in , the London. ■ money 
■ market yesterday, and the authon- 
.. ' ties gave ; assistancA by buying a 

'.small amount- ..of. Treasury -bills 
: 'and small niunher bf 

, t’-*' authority bills all- direct* from the 

«- ^^rsxfdiscount houses. ".The total help, 
-•.udl ** ygiren was termed as s m al l Apajt 
from today’s publication of the 
mid-May .. hankm? -- figures. 
Monday’s subdued conditions look 
o-:-" like continuing througbout tb» 
"? week and while, discount houses 
- ^ still retain soma relucUnce to hold 

long-term bills, the generally 
nervous '-conditions experienced 
■ throughout "tbe last few weeks 
seem to have abated somewhat. 

.. Underlining .the rather dun 
conditions, the market was faced 
with a take-up of Treasury bills 
but received some help from a 
decline in the note circulation. 

Discount houses paid around 
per cent for secured call Joans ar 
the start and funds were taken up 
to-8 per cent although S3 per cent 
■was seen -in places- However, 
closing balances M : ere taken any- 
where between 7 per cent ana a 
per cent. 

lit the interbank market, over- 
night loans opened at SJ-8{ per 
cent and eased to 81-8? per cent 
before finishing at around 5 per 
cent. Treasury bills showed little 
change with the discount houses 
buying, rate for three-month bills 
easing slightly to 83*-85S per 
cent from 83-8K per cent. 

Rates for three-month sterling 
certificates of deposit were 
marginally firmer in places, 
closing at 9ft-9J per cent, com- 
pared with us-Bi per cent on 

Rates in the table below are 
nominal in some cases. 


New Sovereigns.... 

Old Sovereign*...., 

820 Baffin......",...' 

$10 Kagloi. 

S5 Bagin.............. 






i £31-37) 



S 88-102 

S 180-192 
(CUM*- 105;; 


S 27 8- 281 

was after this however, that a 
general improvement in the U.S. 
dollar prompted an easier 
tendency. Trading was only on 
a moderate scale and the best 
level seen was nround 11.30 a.m. 
when the initial easier tendency 
prompted some demand which 
saw gold up to S1S2M831. 






?! Oremlffbc 1 

V 2 day* notice-! 
S’ 1 diiys or ; 

; 7 day* notaeS-l 
r Onemonth 
3 Twwontta-, 
Three months^ 

s , Wx moathiuT* 

One year «.>•.. 

1 I'wo.TBBn.-.. 

■ Sterling . 


~ . LoeaV . 

Lucal Auth. 











Ha rib 
■Bill* # 



. 9iJ-»4 .- 

lOflr-UMf ‘ 

1 -'. 5 -®** 

' fli-S'B 
. 038-94 

10 Ba-10ia 
.1058- 107 b 

83^868- . 

'818-83*- ' 

84-0 • 






94 84 


lOSe-94 . 

63 t \ 
fl 90-10 



1 -rt-ll 






7t 4 ^8 
















Prime Bate 

Knl. Funds — 

Treasury Bills iixweeki 
Treasury Bills iss-weeki 


Discount Rate 
Ovenjlsht .— 
One urantb 
Three months 
Six months 

• - - • mhm , seven days’ fixed. Long-term local authority mortgage rate 

t Local anttiorttwg ’ *sA finance house* wren dwd _ ews percent « Bank bffl ranw in table M* 

I bomtuiity three 'stars IlfrlW P ae CE,)1 * ^ our to Ca S„J?idrh t ftanft hill 6?m-8 u i* P° z etaK /onr-moittb lode hills 8 u »jll ocr rent 
i SSre S pSier. Buying » * iZJiSm ***** percent: and ihew-aaoraii wvb^Ib 

‘3 W ^roxtaa»»^S« r » t « 8fbr0!,e ‘52 onlll ^SShti^WlU an cent: ami iwo-momh 8M* per com: and three-month 
.? tKr^Ap^oWmiUowIlrtff-™ and *** ihrecmiswi 91 per «*t 

S»M1hi per MDC Oce-monCh undo hUls 91 per «ai ■ Assodorim/ Si wr con from June 1. 1978. Charing Kwk 

i . B* "—JSaSfif 5 — ■** R-**. for wains ■ «r COOL TreMmy 


Die count .Rate ... 


■One month 

Three months .- 
6ts months 


Pbcount Rate 


Three ntooths .. 
She months ..... 
OOe year 




















Rights Offering 

Notice to shareholders 
of Canadian Imperial 
Bank of Commerce 


Offering of 4,355,000 Additional Shares 
Subscription Price: $24.00 per Share 

Canadian Imperial HawTr of Commerce has offered to shareholders of record at the dose of business on 
May 12, 1978 the right to subscribe for additional shares of the capital stock of the Bank on the basis of 
one additional share for each eight shares held. The rights expire at the dose of business on June 19, 197S. 


The firms listed below have recommended the purchase of shares of Canadian Imperial Bank of Commerce 
through the exercise of tbc rights in light of the strong earnings performance over the past many years, 
the growth in earnings per share in the first quarter of fiscal 1978 and the anticipation of future growth 
for the Bank both in Canada and abroad. 

Richardson Securities of Canada 

Pitfield Mackay Ross 


McLeod Young Weir 


Walwyn StodgeU Cochran Murray 


Levesque, Beaubien 


Pemberton Securities 


R. A. Daly & Company 

Li mi Lea 

Casgrain & Compagnle 


A E. Osier, Wills, Bickle 

Limi ted 

Rene T. Lederc 


Bache Halsey Stuart 

Canada Ltd. 

Research Securities of Canada 


Geofirlon, Robert & Gelinas 


Moss, Lawson & Co. 


Dominion Securities Limited 

Wood Gundy 




Merrill Lynch, Royal Securities 


Midland Doherty 


Mead & Co. 


Davidson Partners 


John Graham & Company 


F. H. Deacon, Hodgson 


Houston Willoughby 


Molson, Rousseau & Co. 


Eemagban & Company 


Andras, Bartlett, Cayley 


A. E. Ames & Co. 


Burns Fry 


Nesbitt Thomson Securities 


Bell, Gouinlock 

& Company, Limited 

Odium Brown & T. B. Read 


McLean, McCarthy & Company 


Equitable Securities 


Burgess Graham Securities 


Scotia Bond Company 


Brault, Guy, O’Brien 

, Inc. 

Canavcst House 


Brawley Gathers 



Grenier, Rnel & Cie 


Yorfcton Securities 


MacDongaBj MatDongall &MacTier 


Tasse & Associes 


The firms listed above constitute a Sponsoriirg Dealer Group which has farmed a Facilitating Dealer Group, including 
«/{ member firms of the Investment Dealers Association of Canada and the Montreal, Toronto , Winnipeg, Alberta , 
Vancouver and London , England Stock Exchanges, for the purpose of facilitating the exercise of rights. These groups 
will be compensated in respect of the shares issued by Canadian Imperial Bank of Commerce resulting from the 
exercise of rights. 

For full particulars reference should be made to the formal offer from the Bank to its shareholders dated May 16, 197$. 
In addition an Information Circular lots been prepared by Dominion Securities Limited which describes the offering amt 
comments on the current position of the Bank. 

Hus information is given by Dominion Securities Limited on behalf of Canadian Imperial Bank of Commerce. 

World Value of the Pound 

The table below gives the 
latest available rates of exchange 
for the pound against various 
currencies on May 26. 1978. In 
some cases rates are nominal. 
Market rates are the average Of 
buying and selling rates except 
where they are shown to be 
otherwise. In some cases market 
rates have been calculated from 

those of foreign currencies to 
which they are tied. 

Exchange in the UK and most 
of the countries listed is officially 
controlled and the rates shown 
should not be taken as being 
applicable to any particular 
transaction without reference id 
an authorised dealer. 

Abbreviations: ( S ) member of 

the sterling area other than 
Scheduled Territories; (kj 
Scheduled Territory; to) official 
rate; (FI free rate; (Ti tourist 
rate; (n.c.) non-commercial rate; 
tn.a.1 not available; (A) approxi- 
mate rate no direct quotation 
available; (sg) selling rate; (bgi 
buying rate; tnom.) nominal: 
(esC) exchange certificate rare: 

(P) based on U.S. dollar paritic 
and goins sterling dollar rule 
(Bkl bankers' rate: (Ba<t basi 
rate; (cmi com mere lal rate 
tcn> convertible rate-; ifn 

; Value of 

Place and Local Unit 1 £ Sterling 




A ndurm 

AuHffiM ir< • 

ArRi-nliUH . .. 

Austral!* iM . 
A»« trlii... . 


Bahamas (S) 

UaLrain wm ■■ 
Balf* He Mi-* 
■Bm-bmlus iM.. 


i.ub ) 

Ulnar [ 

■ Freacli Ttani- ■ 
_■ Spsjj UhPe&eia. 

6. Carilibeaii S 
lr. t\t*j i’rw Ito' 
Ausinllan-S j 

Pontiff. Esrutlci : 
lia. Dullar i 
Taka i 


Sja. P«et« I 
lltutatk* 5tt L 

Belgium...— b. Prone 

Belize HS „ 

Benlu 1 >» »'• Frano 

Bermuda ifii- b-la. S 

Win nun... Indian 1(ape« 

Bolivia Ifcifivfau Ptoo 

Botawana* iS) I'ula 

Bnirtl Cruzeiro . 

BrViiginlM.*i J- --' ,i • 

Brunei *S>.. - bnmel $ 
Bulgaria I-* 1 '' 

Bunoa I''’ 81 

Bbivu>i) • • BiinnnH From- 

Cameron Kp *- .P.A. Fiam- 

CoiiBila i. h nailioo 5 

1 .tuury hh- .. apwilib P&tetn 







1.4 IS 









I (f ai)59. 45 











Place and Local Unit Value of £ 


Sucre ■ 

• i.iii 45.28 


Epyptian X 

-it ))0.754 
■ iT. 1.276 


Kiln. lulu n Birr 


f-'l'l’I (niiuvn iVbvlb 

145. 7S 

Falkland Is. 

rxiuniii 4. — 


Fan* la 

Limii-ii hr'*ne 


Fill I* 

Fiji i 


yinifintl.. j... 



Ktauvtf . . . . 

)■ n-m-lt f rain-, 

Fifty iii.Xt* 

'.'..I .A. Fra in- 



h»l FraiiL- 


Fl. Pol*. Is.... 

C.F.P. t r-jii'j 


C.F. A Franc 


(iuinhla uj)... 




1 tisriiiark 


Place and Local Unit 

Value of 

Cape Wpii f. 
Carman Im’-I 
Cent, At. Hi-- 




Congo (B 1 Ik-). 
Cflfcla BlA— 


Cyprus IM— 

Capo V &aido 
Cay. I. « 

, Pntuc 
C.F.A. Pranc 

. C-. Peso 

, Kanmlnbl Yoon. 
, C. Pwo 
C-P.A, Pjnoo 
C.F -/l. Fame 

Cuban Peso 
u ypnn £ 

Crachrs'loiSk- k' n ™na 

Denmark ifcfliah Krone 

UJirfluil try. _ 

Uuminlca Caribbean 5 i 
Unuilu. lteii- l/oirafaeui P«a«i 





(Bk) 49.85 

(Fl £9.40 

i fcumilfl. (0 
’ (on >20.20 
l {Ti 17.53 



G liana ioj 

Gibraltar (Kj. 

0 ilboet Is 

U retro 

U tven Inn-1.-.. . 
fl rvna-in i => i . 
I’l turiltliiu pe... 


filalRliml*. . 

timmit IkT.. 


liiiiaiui.iM ... 


! UoiuIum - livli 
Ht-UckoUff lb, 
, UuUffHIA ....... 

ictlaad i*i- 

(n.fia !■>! 



fni(| — 

Irvlt Bop Ik)., 


1 wiry look... 

Jrmlan (.S)..... 


Kenya <S) 

Korea iNili)... 
Korta (Slb»... 
Kuwait (Sib), 


MU'rlft.. u ...~. 

1 Deutschmark 

Gibraltar £ 
.lost. Diifiar 
Da u u.l i Kroner 
K.Carrit irons 1 
ti.aal Freni: 

In S 


SMI.V . • 

(iiivancM? S 

Li -in iu ra 
H.K. f> 

1 Kri'iia 
Ittl. Jfujitaj 

Imu Dinar 
Irish £ 
lsrod £ 


C.P.A. Frank 
Jamaica Dollar 

Jordan Dinar 

Kenya ihiiling 



Kuuait Diner 
Kip Pul X’oi 
Isetaac-te £ 
s, Afnnui lUnil., 
liberuui S 
Lit'Vao Dinai? I 

5,81 1- 

83. ft 

iiiiim 72.68 

. r)'Ui')0b.35 



(A 1 128 
DJ64 'vai 


Lic'-'lit "ubtn .. 
buxeilttn-uq: . 

! Macao 


ll«hyi>.y W|i. 
Mnlnui "isi. .. 
Malay ala tS*.. 
.'IkMivv U.,m 

"■tall ItU. 

Main )S> 

.Marti ii iqui- . 
Unurituuia . . 
Ilminini, m»i, 


M(i|ueinn .. 






Snis? Irani: 
Luk Frein- 

Pula ph 

MG Pntuu 


31*1 I'uiiee 
'Ireli Finn.: 
Lhh-hI Fnin: 
i 'iiffiui a ; 

31- lb, pee 
Mesknu Pean 
C.F A. Frnuc 
Kreneii Frauv 

K. Carribenu S 
Moi. Bccudo 

5 53 

0.7. 55 

si. ra 
1 T. 495 






Nauru la-— . 


Yen- Hi'|.rl.lta 
N. Zee land iSt 
Nicer U|s.. . . 
Niterta im.... 

| Urnan SiiIIhu- 
«tt rt'HSi 

A net. Dollar...... 

iSSffi' 11 ”’" 

Anullian Guild. 

l Auy.l. Dollar 
NX Dnllai- 
t 'inlida 
C.F. A. 1'iauv 
Naim . 

.Nntff; Ki>ine 

liiul Omiiui 

| Pakistan l:ui«ec 

I Paunina iialUa 


I'aiHiH.VCI.itii Kina 

IVtraffiMV Guarani 

p’pi'j d; K)i_ 

.if Yemen (Sl 

9.SC 's 






financial rale. 

Sharp fluctuations bate bee 
seen lately in the forcla 
exchange market. Rales in ih 
table below are not in all case 
closing rates on the dales shorn 

Vnlue of 

Place and Local IT mi ; £ Sterling 


•■■iii'B. 49 

1;. ■■■ .a mu Li-'i 

ti --.T22.79 

fa >*l:it.fa . f.-'iMliifn. r l»i|i- 

169. J9 

St. Christo- 

plieriS) . . K. '.iinMwii < 


-1. Ht-U-tut... . «, fUl.-iu i *.* 


**l. ■.■■••ira ... Cn 111 . la- 1 1 | •« 

4 3! 

Sl. I’ltria. . . I .1. \. Kmiii- 

-f . 1 K. < h:iIJk;hh .» 


-llllHlI.lf Kl . 1 • ll* *1 1 


'Hlmw i \n>!.. L S 


-«ii ')»ri:ia- ll-ilwii l.uf 


r I h'h . F)l'.v. tnul.. . 


-•Hii.ii \nl*in. U\al 


rrnual . 1 .I . A. Frau-- 


.-jfji-litlli-.. . f*. IJiijw 


siit.-rreL'.-'iiei--*) h*'iui- 1 


.■Mi'^n)-<ii. i.-r,. .'•ni^ui-.r. P 


S. m' I»isi -*i>lMni"n 1-. S 


i.\il 1.46 

Sill. Alru-ui^i Hand 


S.Vi.Airirau i 

TfTTilvrl^ >. A. Kauri 1 


iilMlU. IV«H» ■ 1 

145. ,'5 

riimu.f origin 

S.-rt|i Aliu-jFf>i‘l» 


>j-j iJintii i5.i r. L. ■ 

Sii.lHii lip. Smlmi W ! 


i AiD.bi59 

SiirlUMn C« il'Ui 1 


Mm. ilHii'lin.i J 


»AVklcii KlViia [ 


**n U .-i-rlitiiil ij* Fiviii* i 


'run . . ■ . in X 


Taiwan ■ Ne» 'lurraii : 

• I'iS.52 

Imi/miiH •■*.•. ls»i. •’•liiil'iiff ' 

1 IihiIkipI ... UkIiI 

57. 12 

Tii-i- Ii)* ■ '.F.X.itain 


j.ill-Ji jr. >.. IM HI-.^a 


fnin-lo'l •>.•.. fi-M. A 1 «'I*h"" , 


. 1 niilM.1 .. 

' 1 Ul'ktM 

.Tilth-. A < 
!ir..iln . 

Jffgamla >- 

'I mu.- mu Iim- 
1 ii- Ki-Jj l.ini 
1 .->• ?« 
AuMnlinn £ 

, l«. 'IllllUl^ 



S. Yemen Diaari.YiO.G22 

Sul kxei.ti27D.rd 

r Tim 

Forr Timor... 
Prin’iie hie, 
I'uertu It l(,n... 

(Jatar (St 


lie iU* la 

rb. jew 
l£ sterling 
I New Zealand. §| 

Pffne. Escudo 
Timor J&cuiitf 
Fffso. fincudo 
L.S, g 
(Jaur Ryal 

Piwicli Pram? 
lilMHleslnu Sj 



\ (CmlSI.OO 
■f (TI 91-00 
. 85.70 



i iiilpp) .Na'e.- I 4 '* *1 »»*: 

frufftiav . •• l'niffiiax Pi-mi 

C f 'I Kim,- f.-i.E. Du Lam i:..iihle 

l'pi«r Vulta . C.P.A. traue 

Vatican Ilaliau Luc 

Venezuela iJulivar 

Vivtuai"iX1li) IXmg 

WinamiStlo Piastre 
V uuroli*. I" .Sr. C.4. in>llar 

Some a 'St., faiiunm Jala 
, Yemen • • (*vai 

Vm.pHUH. .. l Piimr 

, Zaire Ep-- Jim- 

Zaiiilnn h n a>-liH 

0.7b l> 
i iUji 10.52 

iTi4.1S05 i'Ji 






of the Froaoh community tn 1 1 Tin- Aumnya has repiaevd the C6‘A [ X rales of otf j r0ll vxi*ur(f> , “• u.n- (•■» I he Traiistf-r mark 

inerly Wri of l-'rench West franc. Thi* excbansi* \ras made ai a j 7B - 123 - j . h . . 

- Thai par< — — - — ^ 

Africa formerly part of French West 
Alrrn or French Eotuiorlal Airtca 
^ Rupees PfT pouniL 

franc. Thi* exchange* was made at a ] 
rate of CFA Fr 3 10 one unit iff tfjc 
new currency. 

Uasi.d ou eross rains o$atust Wusaan 

Rate it now based on 2 liar!*' 
i he dollar. 

Now one uilicidl rale. 


Financiar Times^Tuesday" 

Subdued conditions in 

awaiting today’s banking figures 

equities— Share index 1.0 off at 474.5 

financial times stock indices 

I June 1 June, i June f -^av > 

I' A ‘ I- 1 ■' 31 -1 

'I ui da an! * tin 

Maw J May 
31 .1 SQ 

May- iyae-Al 
26 ago.r.J 

Comment 68.70 ». tUft'-M* 

Fixed lum* f. 10-82 7L33| 7L70] 71.77} 7L7<£ 71,92 

InduiUfal 475.6, 47*2; :47SMj -472*5* ; •47Kaf 457,**. 

Account Dealing Dales’ 


•First Di-tlara- las! Account 
Dealings tions Dealings Day_ 
! May 15 May 25 May 26 Jun. 7 
. Slav :t0 Jun. 8 Jun. 9 Jun.20 
Jun. 12 Jun. 22 Juu. S3 July 4 

* “ New lime " dealings may lake place 
tram 1JD a.m. two business days earlier. 

Uncertainty ahead of today's 
announcement of the mid-May 
banking (inures set the seal for a 
fresh setback in British Funds 
yesterday and made for unsettle- 
ment in the Industrial leader*. 
Further losses in the Funds 
ranged to 5 and the Government 
Securities index gave up 0.57 
more to a JOTS low of H8.70. Weak- 
ness in .sterling and the in- 
flationary implications of the Ford 
workers' proposal to press for a 
25 per cent uace increase were 
also a drag on underlying senti- 

The Industrial lenders drifted 
lower until lunch time when the 
announcement of hetter-than- 
espected annual results from 
Metal Box. up « at 3ngp. came as 
a steadying influence. Prices 
eventually picked up to close a 
few pence above the worst, and 
the FT .10-si i a re index, down 2.1 
at its lowest of the day at noon, 
rallied to finish a point off on 
balance at 474.5. 

Elsewhere, a rather nuiet and 
.subdued trading session was 
enlivened hi- the surprise bid for 
Snonncr Industries, up ID at 72p. 
after 74p. from Redman Hoc-nan. 
which in turn generated specui:i- 
liie demand for other bid 
favourites. Weekend Press com- 
ment also met with a fairly ready 
response, but the overall trend 
was one of mixed movements: 
risos were almost matched by 
falls in FT-q tinted Industrials. 
There ti.iv si fall off in activity .t= 
measured tv official markings of 
-* f!44 compared with 4,998 last 

Gilts uncertain 

Scattered nervous offerings and 
the virtual absence of support 
ahead of todays announcement 
or the mid-May banking figures 
were the prime factors behind a 
further setback in the Gilt-edged 
sector yesterday. The reaction in 
sterling and the possibility of pay 
problems following the Ford 
workers’ decision to press for a 
25 per cent increase also took its 
toil on .sentiment. Once again, 
modest selling round the market 
unwilling and prices reacted 
throughout the list. Fails ranged 
to ;. with War Loan recordinc a 
loss of that amount to 2»J. The 
long tap, £33- pa id Exchequer 12 
per cent. eased J more to 
021 compared with the last 
operative price or OS;. 

Yesterday was the quietest day 
in Traded Options since dealings 
began on April 21. A modest 250 
contracts were done compared 
with 277 on Friday and the 
heaviest loud so far or 083 
achieved nn May 5. ICI were the 
most active with 3*1 contracts, 

while Shell followed with 57. 

The investment dollar premium 
opened higher at 106$ per cent 
and. m thin conditions, touched 
1 00 1 l ,er cent before closing 31 
Up nil the day at 102 per cent 
Yvsteruay s conversion factor was 
O.tiStiS (0.6958). 

Following the placing at 75p. 
the shares of vehicle distributor 
C. O. Bra mall opened at 90p and 
touched »2p before closing at S9p: 
the brisk evenly-balanced nature 
of the business kept price move- 
ments to the narrow range. 

Banks easier 

In front of today's publication 
of the mid-May banking statistics, 
the major clearing Banks drifted 
scmly lower in thin trading. Mid- 
land closed 5 lower at 355p. while 
Barclays gave up to to 52Sp as 
did Lloyds to 278p. Nat Wes I, how- 
ever. held at 270p with sentiment 
helped by publicity given to a 
bullish broker's circular. Over- 
seas issues moved hiaher in places' 
with ANZ up 6 at 'iPOfi and Hong 
Kong and Shanghai 7 to the good 
ai 27 Ip. Merchant Banks were 
noi.-ible for a gain of 7 to 242p 
in Guinness Peat. 

Insurances displayed no set 
trend following a small trade. 
Scdswick Forbes firmed 7 to 4l»2p 
but London United shed 4 in I72p. 

Macdonald Martin continued 
lirmly in Distilleries, rising ID to 
42np for a two-day sain or 50 on 
i lie deal whereby Bass Char ring- 
ion will distribute its Highland 
Queen brand while, following 
Pres* comment. Burton wood stood 
•iut ;ii 1 53 p, up 5. in quietly Arm 

Buildings traded quietly with 
price movements rarely exceeding 
a couple of pence. Marchwicl, 
2!>Sp. and John Lying “A,” JTOp, 
added 5 and 2 respectively in thin 
markets, but J. Smart cased 3 to 
41p in further response to last 
week's forecast of a slowdown in 
profits. Artnilagc Shanks Armed 
2 lo i>8p and Ibstock Johnson 3 
to l76p. both on Press comment, 
while renewed interest lifted 
Brown and Jackson 3 to 94p. 

The after-hours' announcement 
front the Board that the proposed 
offer from Tcnncco was con- 
sidered inadequate made little 
impact on the share price of 
Albright and Wilson, already 5 
easier at 157p. Elsewhere, F Isons 
drifted to close 6 lower at 354p. 
but ICI picked up in late dealings 
to finish only a penny cheaper on 
balance at 3SSp, after 386p. 
Alginate Armed o to 265p after 
renewed interest, but Hlcksnn and 
Welch eased 3 to 220p ahead of 
Thursday's results. 

Ever Ready lower 

Eier Ready came on offer in 
Electricals, falling 5 to 14Sp on 
adverse Press comment. Elec- 
tron Rentals hardened 2 to 12Kp 
in anticipation of Thursday's 
results, while Highland Elec- 
tronics put on 3 to Sip. 

Stores drifted gently lower nn 
lack of interest. Martin the News- 

agent finished a penny easier at prompted a gain 0 f 7 to 1 iup In Development Corporation within to close at the day's best Prices 

247p on the reduced Grsl-haif Office and Electronic. De La Rue the next three months. were additionally boosted -by ttie 

earnings. Blackman and Conrad pul on 5 to 327p in front of Investment Trusts were quiet firmness of the investment cur- 
improved 3 to I8p in response to today’s annual results and Pentos and iitlle changed. Jove Capital rency premium. 

Press comment, while interest was hardened 2 more to 9li> with the responded to Press comment with Among the base-metal pro- 
also shown in Wearwell, 2 belter help of Press comment. Toye » rise of $ to 6lp. while City and ducers BH South, 6 better at lOOp, 

ai 25Jp, and A. C. Stanley, 5 to found support at 53n. up 4. while International, D9p, and GoveU and North Broken^ Hdl. 7 t 0 the 

the good at I20p. Grovebell added 3 at 32p. A dull Europe. 68p, put on _ apiece, good at a 19i8 high of I26p t were 

c - . . „ . market last uwl- roiinwin" Llie Shippings made another firm both helped by Press comment, 

Spooner Industries emerged as SbJ^lnS* 5*ur!S showing, wntiment helped by the while HOI Holdings put on 4- to 

the dear feature of an otherwise g^^^S to-quarter h„ujg firmness of freight 21 2p. Western Mining ended a 

lethargic Engineering sector. Crucible rallied 3 to 109p c v \ nA 0 Deferred closed similar amount hieher at I28n. 

«u1>J Minn XS4.0j JOE. i 

Onl. Div. Yield -...! 3-S8j SLW. r; . , _ . 

Earning*. VliltirnUjt'h 16;sd • I6ll7j- 16.43^ 16.40) V- 

t>!B ltati«<B*ut'n.l....j 8.84, 8.271 &Mj . 8.10; 8.J,(jf. 8 ; id'. 9JS 

DmIiuks. marlwl .\ 4.644) {4598} 4.851, 4.542) , 4,575, .5,368} .. 4.65*^ ’* 

&iu«ytuni»«nr£n.4' — _.] -67M8j 6*53} 64.B9r-49.6Sr- 

KaaltvjMrc'una total.. 1 . ! 12.696114,3741- I4.2fi4rLg.ga7;. 16.842? IsABS f . Kl 

. u am 475.4. -11 am 4rto. Wodn. J53.4. X smart, j, ; . "7 

- £ pm 43CS.-.3 pm 

Latest , Index _OX-M6 SBZb. : : ' - . 

_ * hftsed <m S3 p*5T. cent OTporadim . tax. t NflJ=ajB8. ^ c~ : - ' 7 - 

Basis DO Cow. Secs. 15/10/26. Fixed hU. .T9!8:. lodT OnL VT/36. Gobr '• -.1 
Mines n/9>n. :SE Activity Jnls-Dee. 794S. v- 7- ■ 

m .rr- - "j : 

475J5r 478^' 478Bj -472;5i' 478.1 437^ .• 
is2.r i55.a| . isa.i! -Tsr^r. isa.^ 

5.56) S.55}, . BJiZf ‘ 9:59*. S.Bsl - ,ip8- : 

rflKPio ^ and =/r currency ™tes. P. and O. Deferred closed sunilar amount higher at I28p. 

K r u?nd 

Smith encountered speculative apparently little affected by the * t0 a 1978 hl * h f £14 T'^ .. 

support and touched 73p before prospect of increased prices for ° signer ac jap . OF ^ more speculative issues, 

closing 3 better at 69p. while Hall petroleum' and the news that Ford Textiles rarely strayed from g^g Q f 2 - were conmum to 

Fridays dosing levels. William Metals- Exploration, 36tp, Mount 


r vj * 1 1 

n n i ’ 


tiovt. Seca— 

Bond Street Fabrics eased I- to > Hntng were active and finally 
32«p on the gloomy statement unchaflRPd on balance .at 112p, 
which accompanied the interim after H5p. 

figures, but small buying raised ^ ^ in ^ iiwesDnent 

the Italian-based Sma \wcosa 3 premium enabled So util.. African 
to ti<p. Following recent strength, to register margidal gains 

Rothmans International eased 2 desp i te the ®i.75 riedlne in the 
to sa'.p on light prout-taking m p^pe t0 51 82.625 per ounce 

' IH7S j 



I 76.56. 


I M/I) 

..(» & 

I 81.27 






! 16/1) 


I 168.6 . 


| Wii*.' 

•8/5) ' 


'^r-JDdUy’ - '" -. }. • • -:M : 

fil^Edgort J 1B0.3 (.178:5“ i • 

3SS ! SfcS-’ 

(9/108) - W.Li6 f 162^ l W3& 

150.4 | 50.52. SpeculatKe,..] 33.-1 J . 463 .- 
38/1 WTj <4/1/73) . Tot»la....i...j!!i 105.71 113.8 
649-2' I- 49:4 . . L -*- 

quietly dull Tobaccos. ; n frnm of lomorrow*^ Inter- Share t rtfonnation Service- vestentev — - KtntlV T/IWQ /Oflv - .. --i , : . w 

Reflecting firmer South African MoneW find gold ana,ned ^ M ‘ 9 ** [ , '. NBW . "T® < M) ' ' 

advices. Abcrcom rose 12 to 102p , jn NEW HIGHS ( 81) • ' ".'v . . . eiutish funds test 

and OK Bazaars 15 to 330p. aU ^ trading quietly for most ' X ? 

Australians firmer of the day a modest UA inqolry Bank □» wa.w. • ■ Cui^cw pw -f!3?SJi. S s1S r?t«»6 tJS: S5gf 7. 

.-VUbLrauaiib nriuei in late dealings saw prices harden beers ix> gxchcr. iSoc voto \Cxci«b. jsKcc jIm > J. 

Renewed speculative and insti- fractionally. The Gold Mines fgFSSJBST 9 ' eo.^. : :• 

tutional buying prompted further index, at 1^4.0, recouped 1.3 of buildings i7> ES^r 9 & , ?dBi - 

strong gains in Australian mining Fridays 2.o loss. BritMh Dredsms i&stoca johnsw entiv. swiSi 

issues. Prices opened a shade Financials remained subdued. IrST"’ 4 J*** 50 " A ■ . .gy^Pr- <aaz.9g : ‘ 

firmed owing to favourable Press Anglo American eased 2 to 2B8p Hv%en-stiwrt ' ^ ' v.. iroj^'a of 1 

mention over the week-end. But in front of the 15-months' resalts chemicals 1 tv. J5 4 - ‘•SK-vr'Wftfmpta.-aoc-.-Be-w-.ri.'i'' 

the absence of any lead from which were announced after wardie*a.> riSSsSSLiMl •■'ES£r 1 v^, 1 ?S.4' 

The following securities ousted in the 
Share trUormation Service- vesterdaY — 
attained nor* Highs and' Lows, for -1978, 

new tows <so) 'r 

Australians firmer 


fAl . . , , c .. . . „ r _ ., . . , , overnight Sydney and Melbourne market hours, while Press com- drapery a stores w 

followed Iasi Fridays gam of 6 shop stewards intend lo press fur mapfcl ,r- ,.},j c h were closed for merit on the nossibiiitv of an Home Charn. Stanley » A. &) 

w tilt a fresh improvement of 2 wage increases of 25 per cent and Foundation ^ Dal Md the Ouem?s SSLse in rough diamrad DriS peWrs Slar ^ A - 

to MWp in response to weekend shorter hours. Of the few firm SfrthSv holldivJ^iaw Steres? better^? blectwcals < 4j 

IS?15 , .o«Jd. >1 Sid3Sr. 1 c,ose 3 at lessrss® mssr 

P*4slons (Scarborough! 3 to Towards the close of trading. Elsewhere. Northgate advanced e ngin erring m • • 

Investments edged forward 1', to «bp. h nu ..»r fn.-i* •>? »« « iotr hint, saiu, Asit*ucy hhi & smiur 

added 3 at 81 p and Dartmouth and Plosion's (Scarborough) 3 to 
Investments edged forward 1J to 76p. 

invesTmenis i orv. nr u 1 , io lop. hnwpvpr sooip fsirlv a oprpgc j i a o? m/irp to 3 1Q7R hioh ttf 44flo Asfc Sr ucv hhi. a Smiu 

»mn^ tSULuJU ' buying developed and this carried in response to Canadian buying, 

SIS* ExclMr. ISdC V980 .e«chqrw V2W0C IMr < ■ 

Youna Co.Af*W. ** ■; f. 

, Tr«js. 3*iPt -79-81 TVbk^IZoc 1995 . • • 

UJ! i _ Trait. 9\t*c -Vgs* Gk Sk 1 inc4S'^ *' 

MGS (7) Exchqi*. Bi,pc 19BI EXchorT tOttpclSaX • 

Itatoch Johns*** • txchv. 9wpc' 19B1 fSTiauSc vo»V. 

tawig {John) A eschar. 3oc -198 1 •, JTbtt. Sec I9&z-Si * 

•vtrr *«ssri?5?«& 1 : • 

ALB .XV. .; -- ^ - • ' 

„ _ Troaa. 8 Udc- I9B2 • bdiqr. IOIjk ISA' 1 .’ 

STORES (4> Exchar. 91,0c 1982 Treat.- B*«pc 1997^-- 

Stanley lA. 6.) * . fJtchcr.- 9Uoc 62 A Treat.' 6 J,dc 19SS^* ~ ■ 

WeaisvaJl . . -Exxaior. &SPC T9A3 -TroaS. lS^oc 1948-1*1'-' 

... - ... ~ - Ejrchtjr. 3 bc 1933 EkcOar. 12 k jmc , . 

- ALS <«* Treat. 12*>C1 90S ' *£6S biMi - 9 * < 

Highla nd Elect. Trees. -Oltoc 1983 Treat- 9>UK 1999 ’ ? * 

mtbv* • ‘ Fuads. 5‘jx .'B2-84 Treat- *999 ", 

RING C8* 37®“?' 84PC '6&JSB Fund a. 3*oRC •99-0*n- : 

HHi & SioJUi •• ' Tuadg. &»a»c 8S-87 Trees. Boc 2002- 

among otherwise dull loaders, featured tta - Newspaper sector. bSS whiiT^s co^ent^railipted — — ^ 

fSST^^JH in V °active ahead «“«* 8 5 ^ * S * biDa « 

trading before closing 1'. harder days on investment demand in a ““ ^ ““ ™“ 

on balance at 29'.p following a thin market A Press mention OPTIONS 

weekend Press mention, prompted an increase of 3 to 73p, - ■ ivn<i 

weekend Press mention, prompted an increase of 3 to cap, 
Associated British Foods, prclimi- after 7Sp, in Benn Brothers and 
nary results next Monday, edged Thomson ended similarly better 
forward a penny to 70p, while a at 248p. 

speculative flurry raised Morgan Properties drifted quietly lower 


DEALING DATES Share Information Service 

Downiefaree Spooner Imfs., 


Morgan Edwards 


Citv Hotclv . Savor A . 

De Vere Hotels ' 


BrltlLh ViU Grovebcll 

Dom Holdings Hyman ft. A J.) 

Down Surgical Office & Elect. 

uculluvu esica snare injurmuium service British v,w Grovobcii 

First Last I^st For ... , , . , • ,, Dom Holdings Human fi 

tv . r , Stocks favoured for the call Down surgxai o«cr & i 

Deal- Deal- Declara- Settle- , VTre ixmrbo, Belhaven Brewery, 

,n ® s « * on men ^ Premier Consolidated Off, Morgan FtaLiton ' sctuomS 

Jon. f Jun. 20 Ang.3I Sep. 14 Edwards and Trust' Houses Forte ■fHS?*!!! mImi 5 ?" Jsh .. 1 
Jnn.20 July 4 Sep- 14 Sep. 28 Warrants, while doubles were MrereJc iii 

JuL14 JuL 18 Sep. 28 OcL 12 arranged in English Property and Dorada 

For rate indications see end of Lonrho. newspapers C2> 

speculative flurry raised Morgan Properties drifted quietly lower fngs Ings tlon meat Premier Consol 
Edward 4 to a 1978 peak of 55p. before steadying awaiting today's jnn. 7 j un . 20 Ang. 31 Sep. 14 Edwards and 1 

Kraft moved up 1J to £3S; Hffuras from Land Securities Jim .20 July 4 Sep. 14 Sep. 28 Warrants, wh 

City Hotels were which firmedj to 213p. Lngji_sh JuL1 4 JuL 18 Sep.28 OcL 12 arranged in Eb 

prominent and rase 7 to a 1978 Property eased a penny to 4op. r-^ indication* see ertA of i« n rhn. 

peak of 140p in response to Press Small buying lifted Cburcbbury t<xr Tate irMllClJnoTls see "** 01 Lo"* 10 - 

commenL Estates 8 to 245p, while the ' 

improvement of 5 to 14Pp in ATTfVF 

Metal Box please Properly Security Investment ALllTL alvJCIVJ 

reflected late demand on Friday. No 

Nervously sold down to 29Bp Trading remained at a low ebb Denomina- of Closing Change 

immediately in front of the pre- m oils with British Petroleum Stock tlon marks price (p) on day 

Imiinary results. Metal Box rallied barely tested at 866p and Shell 6 ici £1 14 SS8 — 1 

smartly to 31t)p on the announce- easier at 554p. Burmub finished Bramall ( c”d.V ... 25p 12 89 — 

ment before closing 6 higher on a penny lower at 66p and LHtra- BATs Defd. 25p 10 2SS — 2 

the_ day at 30Sp. Apart from m ar 4 cheaper at 270p. while OH BP £1 10 866 — 2 

Prestig* . 

-Pritchard .Senrlcea- 
Schlumtwrger ■ 
Scottish Heritable : 
• Tore 
MOTORS ill . 

of Closing Change 
marks price (p) on day 

Unilever, which edged forward a Exploration shed 

to 238p. Shell TransporL.. 25p 

couple of pence lo 316p. miscel- Slebens LiK met further profit- Bowater 

laneous industrial leaders drifted taking and retreated 22 more to Lonrhn 

lower in sympathy with the fresh 35g p . Metal Box 

decline ^in gilt-edged. ^ Glaxo Overseas Traders were featured Armltage Shanks 

ended 7 lower 3t 578p and once again by the performance of Land Secs. 

Bowater receded 3 to 188p, after Lonrbo which gave up another 4 p & O. Defd. ... 

lS7p. while Pilkington cheapened at a 1978 low of 60p, Mill reflect- RTZ 

2 to 4S5p as did Turner and ing news that the company must Burmah Oil 

Newell, to l«op. Elsewhere, a dispose of its Tanzanian interests Lucas Inds 

resurgence of speculative interest to that country'll National Reed IntL 

Assoc. Book Pubs. - Benn Bras. • -t,' 

. PAPER (1) • 

Melody Mills 

PROPERTY (1) • J" 

-.Rush 4 Tomkins • : * 

SHOES 42) — . J, ' '■ 

Stylo Shoes Turner f W. & E.1 ~ 

OK Bazaars - --- 


Brltrth Enkalon ■ ... .. 

. TRUSTS MS) . . - 

Alt I fund Can. Scottish Gurboeait' - 

Drayton Far Eastrn Scottish UteT. lo*. , 
Edinburgh Am. Tu. Scottish Western B 
Gen. Stockholders Slzewefl In*,. . .. 

Transpt- 3pC T8-3 a Trcaii 5l;pc 2008^2^ •• 
Trea*. TRoc r86;88.1Tre*s. 74^ 20u3s - 
Tress. Soc BS-B9 - Consoh. 4pc ■ a •- 
Treas. liod 1990. NWarlSin Si-jc • 

Trees, B>,pc.'B7-90 Trea*. Soc -$r j» c • •. 
Treas. uirec 199V- craftb^iK ■ / •' *: 
Funds. S1*PC «7-9T Treasury 2>}pc ... ". 

CORPORAflOH'LOANri4l ,; % 

B-ham Slope -79-81 L>bo1 XJ-nc iireiff - • 

G.L.C. T2iaoc 1962 Warwick. IZ'-pt -BO - r 
. 7".' loaMs (fir ” * • 

Agrk. Mart. Soc 1CPC io>ipc Uns. Ln. ). 

1959 89 J . ...-19BB • • 

. Met, Water 3pc B- « --De.- T.tscUiu.L<i. : 
FFI.13pc.1SB1.. ~-Pa. Tlbnrl lm m 

• '. , ' ..-■'WSO'. : . ■- J-i-.j 

.• j banks <w>. V/v ' 

F,C.iFj nance ■ ; . . GrindfeWs 

r-y'.'i.-. ■ . buildings ct) • > V ;■ 

..ParjLgr T.IMbw ; .. 

. . BcRtefc Northrop 

-j-' . ; • romsai' • - 

Barrow MIHlRfl.' Loctovoods 

Runcimafl (W.) 


-• V'v 


Gen. StocKhoiders Slzewefl ln»/. . .. 

Gove tt Euranean Chartemouso". — 

MooHsva Damay Day 

St. Andrew — — ’ ' 

Lonrho ■* - - 

ZanOnan,' ' 
Middle Wits. 

. Sllvermlnes: ' 

^ JrnhvyMi Cons- 

TEAS (1) .* 



North B. «IU 
Pancontl neotal 
. . -Norrlmtc •• • 

Britah Foods 
CWpaL,: . Dom. ... aod 
. Forefgii Bends v 
Indnstrlate " . ... 

Financial and Prop. ... 

Plantations ; 


Socsnt tssoes- -L- 

Totals’ • 




Up Down Sas»i»: : f ' 

’ l 'iV 70' ” 

• ■a • . •; j 

Z78 27# ■ . 

86 UK. 32 

0 29 Mb." : “ 

■ S- 3’ 2Tv-: :• ■ 
« » atSs.-; : 

• 2 XB MMSu-- . 
<M0 -.5ZSlAS>f;; ■ 


•• \- \ ' ■ —••• • .- ■• .'-ter-re; 

- Ks'rcise drain*:! 

' dininui I to any 

' ..fli-i i Vat. • , liuu. 

These indices are the joint compilation of the-Rnancial-IlnieSj the Institute of Actnaries-' -'. 

and the Facnlty (rfActuaries ^ : 

A distinguished and authoritative panel of speakers 
will assess the outlook for the Scottish economy, 
appraise the country’s industrial performance and 
prospects and examine developments in the financial 
sector. Devolution and its consequences for the 
economy will be among the subjects to be considered 
as well as the North Sea, with particular reference to 
its place in the world oil context. 

The Chairmen of the four sessions will be: 

The Rt Hon Lord Thomson of Monifieth PC 
Mr Alan R. Devereux Chairman Scotland, 
Confederation of British Industry 
Mr Ian R. Clark Executive Member of the Board 
The British National Oil Corporation 
Mr John B. Burke Chairman 
The Committee of Scottish Clearing Bankers 



131-c ; 


Htuli : tow | 

To The Financial Times Limited, Conference Organisation 

Bracken House, 30 Cannon Street, London EC4P 4 BY 

Tel: 01-236 43S2 Telex: 27347 FTCONF G 

Please send me further details of SCOTTISH FINANCE AND 


Name (Block capitals please) 


lJ-> ( F.I-. 
I JJV F.l*. 
£08 £10 

•• 11- . 
£90 £50 

’ ' i : 

— r . i*. ' 
LOOM. - ! 
• ■ • r.i*. 
CliW F.P. 
L-90J, i:i„ 

■« F.l*. 

• \mw. kif.r>s^ ini Kim. 1 «rmi,ie #2. hiQsji 

!OT*|.' inrniur •«,.« IOIjv tu.i Cum. Vrpi_ '.L0?Lt,i 

gig'Uaruyl 12; ^ ll<*i. 1967 O'j’—U 

I ^r-n*».M « «•!•». uimi. ««'. iiio Vre*. ... I 102pi 

lOUilfcw- Wmre-Tft Ke.1. fret. W&J • lO'«! 

26 luj l»«. .**••«. 0.-U-V | 86 ' i 

4tv»|ii*«.-,*mo li ()•■•’*. •>»> llj-% i'Wj..; 4?1« — >0 

99 • v 4 C... Vrr. 99I 3 | 

IU2. | ‘Lii/im <J .1 c him. »*•«• *1044 , * 

■*715 (*ill«pl -i - I.*,,,,* . l-rl -971 b )• — *5 

99 :*V*.l.-k <11. a .i.i I OS l'«i ' 99 • 

96 ■ I}, i,in.l.iivLn.l»W ' 96 .... 

- r>«, a l.*i Ui-I. IW> . 6*4'— >* 

Pll,W H ,1,* ItPJPrN 101 


zap '■> 
at, i F.l*. 
1. -24 : X . 

20l> ' Ml 
70|* ■ Nil 
IM.05 'Nil 
B4 j Nil 
it ! F.l'. 
145 ’ Nil . 
*>43 | F.l*. 

, |-*|'in Mpcnl 1 IkiiimI, 

»«! iIihiii i.nvii Keiil 

J',.,., i HiiK.ilnn 1 ,,'pt-rM- Hnl,... 

3C|mm » i-utml 'Inmuavtiirta*,.... 

1s*|<ih'|U>>»ii Pnrk lll-l* 

l"|H i + lau-l>rB,i.l UoM lHuliIU 
| UiMair 

. », ,H*m*..*,*m Mm. hum 

‘)|«ii Hon, leu lAleuinh-u 

j 3SCiz Konniitr M/u KIuimhU 

. >4 ailf'tH 

' l-v> • l nrwr .C Ne»««ll 

, 23L-MV.I.,. 

. i 160 1 mi ♦ 2 

■i 69 • .. . 

. : r 4 2 1. in -2 
32 |i«i»— I 
•j27ljpiu-— )a 
.. 20|«.., ... . 
.1 lBpii,, .. . 

.. 95 -I 

,i 1 IlMUl— I 

,.i 410 I lb 

. 54 I 

,.l 175 
1 24 >c I iuii dui>- luiiully last iloy Tor deulins Tree of stamp duty, h Figures 
bawd o>* pienn-niu i-ni I matc. t» Ashumitl dlylilvtd and yh'M. a Forecast tltvirtend- 
Mii.r bawd on ptvviDn& year's itartuiifi!,. r Oividelul and yield based un pros peel us 
or pUicf ollicial islimaH-s (or 1UT3- w Grass, r Kijiun-S assuak’d. ! Cover jIImwf, 

!vr Lunvvrsmn of sbjre* not non- ranking for dividend ur ranking only Tgr 
ii,viU'.i*iJ5. ; PJauniK nriu: in public. t>: Pviiw unless uitn.-rwUe Indicated, ti Issued 
hy I'.'lld'.-r. Ii«m,'r--d to bold'-rs o( Ordinary shares an a " nuhLs " Issued 

by twiy of •'si'iiu lisa lion, v- Mliiimtini lender uric- {5 Rcimroduevd. y. Issued I t Redemption yield, Hlsh* and laws recam,~bwc natpz and traloai and 4omilxnUit--C&a»ge»'Bra aaKkAOiTri _ 

in ■j.unue.-tK'ii -.tiih rii.tcanisailini more.-r or Mke-nver. 1|.| imroduciloti □ Usu-d I issues. A new lk« gf the comtituenis is avaUuMa Awm tfao Fuhlbhors. iba Flnauclal Thn, Bracken - House, Caanoir- 

m mruivr nvhwr finid..r* ■ .Him ini-m l.-nert: mr mily-gaidi. • Prn visional I London, EC4P BBT, price IN. by post 22p. - - - - ■ : -■ 

nr |inri];-u.itd uikitni- ni tuni-rv * Willi warrjnis. 



.... . property, 

i^ v BO NOS 

01 "« M U Jt ^ ^A^j * f * 1 Pra9i<mK Management Ltd. 

SSSi" fl-S — ” Portfolio ruins i SR , i^ 71 J? '•^TchmThs: txsrsmf ot*.i 


ES - GrtShaui Ufa As*. Soc. Ltd. 

*fc*& JS4 137 g ' w _ l Fna** of *al« nq . a Boom: 0202 ?*?*« 

S3 ? W5 .,„. _ - O L i»vh Fund , low lom i 


’■ S3 

=< «.. .■'+ 



2^2 V^lifl •'"l — !?!* l.V2 ,F ? w, * h®»» 351! **"■ | Z K»t.iKe%i n » wm,u» i«i * . j ' -lAiiiedi* 

?3£„ ,23! •••'• — '. P**£ ^*«*** B®»5 IIS.!! _ ttualllnxFd 1013 10b 6 - 0 ^ - uni |nd» p 

ffi,vgic. r- m i - JfteWtrBH »1 :8? z Wk'K 

Hg*' X Jn***.* Sec. Xite Am. Sop. Lid,? PorF-jKFdXz iwt 1145 ‘0? - uJKbre?*! 

■.-£■ . '"Ww-. B 1 OT" r 

M»l: — VjlndbSil^'iuiMfi'a iioB ' “ Norwich Union Insurance Group HitjjYienii 

‘ iu * Don wwuuDyTuoBlij-. ttftS.SUBwFd I £7.954 ( .. J _ PO»"t* v<jr«icb\Rmu. OfcaczaW l } l & h ^?S 

n»c* 6>.Ud. :: Gwfflu Roy*! Exchange KEtete?' -‘BBS isS 3 - 1 ol ’ <^U 

?£2£”!™F' E £2:_ . •• M4Bnw5S2S?i F «£--ffi^ Hf 2 J - Kr 

««r*L-TO|iorchSl EthrSHIf Dl-fcl4?rKi 
Vocafied Kuna . [1491 15b IF I — 

Price:. June 1 Ntil dealing Jub 3. 

New Zealand las. Co. IV, K.} Ud.* 
ManlandHouff'.SoiilhemlOSt^JX 07UHJ2P55 
KroiKeilni Plan, 137.5 14181. 

MWjIlnsFd. 1013 10b 6 -Q 1 - 

Technology Fd 104.4 1W.9 *08 - 

F.vm Ine. t'd. , 1005 105 0-0 7 — 

Amen cm VO. 109.6 115 3 -11 — . 

1105] *o; 
IMS ... 
101 I 

lAbbev Veil TrI„ Mgr*. Ltd. (a> 

>72 00, i.tttthouv* Rd . A« Itrtbuft . 026 
(Abhry Capitol . ..131 i M 7} . | 

lAhbey Incerrt*. |W1 41M . } 

iAbbey Hu T»L Fc.135 4 3J.M . . . J 

jAbber Hen. T»i ..... W J « jj . . J 

killed Hambro Group? (a)(g) 

[Hambro I be . Hutton, Brentwood. but 
B1 58B 2801 or Smtwotxt iK7?i ZIUSO 

Ualaired Fcmds 

Allied lac IU1 MU-011 

!nm Ind. Fund U1 U«3-on __ 

[Orth A lor PH W2j -01 3» 

UEIecL A Ind PevOl# 3SM-0H 503 

killed Canul mo HM -0 jj ~~ 

Allied capiui pi o n 
II la mb re Fund ...0931 1113 

S bn&rt A<e Fd.. (1U1 121 

■cm PvuU 

ll«h Yield Fd . I Ut2 74 

Iiah Income . ■ . . ,.WJ U 

Ji -JSI 

55 ;3BB3 

K llW 


agoia.-. Role 
iUuaaotf,,- . •.; ■. _ 

._ PropmyBoaHi... 1274 1 i«« x * F»*edlnl Fund. .14*7 lJiS-0 

Hambro Ure Assnrance Limited V ^ ur I niiMaj-is . i 20(6 | .... 

Jw l h?aS* , ' U Ste!* 1 ^-. **"*** Phoenix Amu ranee Co. Ud. 

- 024.4 

- pgytts*.— i7b.o 

. 17° PORK- ■ ^fclb 

: 'MBnagedrap. . . [l3s « 

. Managed Ace. 

- - Ovuwn I mi 

UiR Edged 3221 

;..A®eHcar.Acc, ._ S5 
\; P«i.P.! pcp r«p. ,.113? 3 

~ 4 5. King William SU.EC4P4HR 

z Wealth \» 1U« U7H« - 'MH.Min bCdl; 

... Kb r. l»h A*. .__ I 7T.7 .._ gwriB** Kanin 

_ tbr. PhKd.E . . ..(75 1 »*) . — jEapi Smlr.Coa 

.in " lalmatbaal Riada 

* w 1 Iniereuional . |2S* 
41 Sera of America. 154 0 

_ par die Kb nd. p*4 

- KneflallU FUBda 

Smaller (.'0 < Fd _ 135 2 
3ad Sm)r I a t Pd 43 4 
Ol B2A WTfi Recto cry SIU . . 14.5 
4 n cl . ;Mrl. Min b C'dljr. .403 
I _ klvcr*e»t Eatninc* 53 3 
I _. JEjpt Smlr. Co's «216 4 

74M^01 ■ 
Ufl-Ofl b 
4lij-0.l{ 4 

27 « -0 31 2 
7hd+0H 1 
423eO.S 2 

z Prop. Equity & 14 fe As*. Co.* 


R 0«te; Rel»te4OI0L7£f?-S?^ ?P 

•;- licra . _ .res.Pnip.Acr.,. .240 3 
r - mi ZZ Z • {uf.Can.-w -S52 

■-• nan -• •■ Pea. Man Act 26S5 

-'S3 -Z ’ E?A. i ra l, Ede.Cab.. So 3 
■'.■>^44 T"’" 7 »>n.ClltEdg Ace. 1»4 

: r z p® &|. ca£. . z. s j 
bVaoji ZZ Pe*-DA.F.Acc,... lj 


if:.: e 
fl-: e 

1 IS. Frau lord StreeU WTHUS. 
K. Silk Prop Bd. ( 17* S 

l‘o EqunvBd 73 0 

F!« Money Bd | 1477 

Anderson L'nit Trust Managers Ltd. 

lai Uartmure Fund 'lanagera V laitgi 
trass S«I z v. ifan IV f - n *K\ <•• ji-. ~y- 

! 4 05 an I *■- 24 2 31 «i^ • '. n, o 1 

5aa K>-i..ii l>i u<- 54 1 b03 -l k 33 

417 ....iiinii^lil' Sl.Jf* - . {155 J lbTOi! • 2* 

J93 . t>r »«*i 17 0 M« . 7 a* 

Mu iit-.i -tv T-i . »? si 

Irji'umrKjli'l '71 a 7: 2 | b j 

Im- \arr.i-;i- . 13 86 H n, -v 35; 3 j' 

.u * ••-»* K>'.p.pi Fil . iB5 9 71 - Oil b O' 

■ IriTl I'm -Ac- • . (12 ? M bl -H ’j 1 31 

3i sab Gihhs lAntonyi I’nit Tit. Mgv Lid. 

] J ju V 5 Pl.itrliplr, Si . y> »M T“. I . j; -T-SR i ; ’ 

J.l 5» >.T \<; tn.oBif ;«2 44 31-021 331 

J1 5 SI \«. i.roMltn .3*1 aZQi , 501 

3 7 4 77 .a.A >. I'arKai" ‘22 4 246. -Oi- O.S 

31 ill Ik-iil. r..: ’la.-.. tfAv-o. 

1 455 ijohmv 

an - 77 Ijm-l-.n W jII K>'IS i<; ■»■{! 

1<1 Milrir Ji.r«; jlS47 .| *01 

id 4(4 iai. 1 .um * ltd ,ia2C 120 &' ] ro. 

1.1) IT1 \eii i1culi!-0 Jj • I...V It! 

] 31 2 a Crievesoa Management t*. Lid. 

3 lj 1W liinIri-shasJM l i'-'I'-’li-. •.’ AitlaO 

l.g 2 27 itarnnylim %!.«■•• i7®?2 . j 4 31 

, \?<iim 1 oils' W1 * 251 % I 4 II 

iu H'r.i: H Id JuH' - 1 ^751 IMS. .. | 7 8 

3 3 5 33 ■ V-ctini fmtK 202 5 212 ll 1 7 S! 

n fiS Knripj'-Mi.-® . 17*1 157 2! I IT 

1 1 11 K«a I.IIW ‘185 5 19J1 .1 17; 

} 4« «.nuh«r lores . «J 99 4 . 271 

1 7 526 1 \C.'un> l.'nil* 98 2 102 9 ■ 2 71 

11 Ui.SBnl. Slav At. 70 2 J3I I ll 

.KiM iViumlnilS'. Iiah 757| I fl L 

tang I Perpetual l 'nit Trust Mngnti.V iai ! 

•• jfi 4*if'j-iM ..... r.j. - 

•.c, 0 17 !• . 398 K Z J 52 . 

lk: 5 ao Pieradillv l nil T. >lgr«. Ud-U uubli 

J 5?4 Hjr.f:: :n|,,r '«.. :^..b.r «*::/: V <’*' 'ft 


34 *1 • ? ’- O h jr.f:- :n i, ,r '«. 

5c; ‘ k .'-j n ..tit- 
' Z ..I b ..I, ; 1 ,. . >V. 

b03 -i s 73b _! ■...', .,. „ , ‘Arbulhnot Securities KM. 1 Umiied 

16 \2‘- 5 - i22 Pteead'H' - lull T. >l R rc. Ltd.* 'a.ibl,,,., ....^ ^ l!p;il r |,. W -'.77 

‘ f 37 r r*' |U5 0 119 04 ...1 420 

j , r'l I- ■•-all ..-in- 317 33 9 4b3 .i«-»[inc isv 2i-ni* 7 

1473'.. -4 l}5 ; '.i Vrt *11 44 3,-:; ;■ «M ;-ai»4l B il.M .. |. ,U4 8 VT1 01 . .. .] JW 

,, y v 5 ! : ?? ’ -m’j 7'.‘9i1 '4,0 Su 3C - - - 3-1 Nrit -iili. ^ 

91* -£i, bO* trr ± v-.-i. ■ ui'.y 11 . 

ub it 3 «c; 3 4; : VuKtnlian Selection Fund V% 

Til. Mgs. Lid. Ifi-iinlir. Kiml bl B Wl -11 3 11 ! iijrkr 1 uppisnucrlirs > p Irish Yoart*; J* 

'■Trbr.<:«e'.l - 4Rd 5.7 6.9U-; . 4 04' l , ll ; ku-|tt . 137, Ker.i Si. Sutm-v 

' FwtasiVM . .27 2 29 1 - 1 30 : | sSj .mum. \ 51 .-.151 ■ ... J - 

*JJ*°*i 4™ American I um >54 273' -0". 190! %rl A««ri \aU L • 

24 e! -Oil 0.30 Praetieal Invest. Co. IJd.¥ iyhci J Bank ol America International S.A. 

44 R!nninhiin.S4.'.V' :\U!SA <1: SU’Wii i hariiesn! liusil :.UM-U!h..„rs ti 1' 
Prarliml Ma. 21 . -'147 0 lab* ; 4 21 1 Wirt: nee:' In.-min- IS"-!!3 , 5 IV. 31! . | bSl 

lil.W-GO A> SUI»I l ini' ‘207 9 220 3 .421: Prm s .1: Jbi.e : 7-1 Sl -111. .la. Juno . 

1CW ‘.j 202 Provincial Life Im. Co. Ltd ¥ !Bak. of Ijidn. 6t S. America Ltd. 

in y.rt' i. 1'irt. : 4. T 1 
l-.iair K.ibrt .37 3 
Irrimltr. K-inrt [61 B 
" i.plif "in.?.. F jc4 57 7 
Fi'tasiF.J . :j7 2 

■'•tneri.-an I ui.a >5 4 

37 9 
44 3, 

5S 3C - 3 4 

“S 1 s-l 

»! .31' 
619c - 
29 1 - : 

27 3’ -0 

King & Shavson Mgrs. 

I ''lnnr.ii m- • ti ll-l.i-r :pt 
’.. ill.'. If.i- m I'llrri'.ir: «ih 
I Thtiata.- atri-.-c. 7«< ■>:!.. . 

< I lin.l • i.-U 1 ' • '9*4 
uiliTrj-i.1.. V '103 7 :0( 
<nl: Pr.ii liucrii J-iii> H 
Inti mu sms T«l 
lifs! S:it1i b« ...1817 1 

... u47ll L'47i« 

2b> . . | 12W 

H I 1290 

72l . ..I 32 P0 

I ir-l InU . _ ,'183 63 184 U 

Kleinwort llenson Limited 

3>. Fnu Imr. h «.! . 1 1 
Furiini-.i F. , J.0b2 ) 

1 iuvrc’f In.- . '63 3 b7 3 

f*» \i-rnni .^9* 83 G| 

ra I JiL KKl'if 1 .isl hM 
ca ua K B I n ! I F.,mt 
Alt SW st:s Kl! 7j(.:'j| t nr.d 

51' 413 U 
5‘ i-U 32 
S< .-.30 79 

| . 464 

rOJ 5 JO 
-02 597 

-0 1 5J1 
-0 2 4 41 

-1 7 526 

*02 yvm b, * hnp. t . ■ m i«i.54T^ra- * •' t\<ni Wi . n 4 ^1 knil ; S» 19 • *i:f- 52.3 862 -H S lb AIc*.irdrr 1 Xr.n i. . J — ? t 1 . « F<1 HfJAS' 5 

_ ir.-b 1134 ! it ti> . p; 7 at :.»-i ta.i.t 1 j-zr.r 1 .’ml'i.i'I m a rai<itid 

~ lrf ..-.T 113 ‘ I#3 . „ . ■iTil.mds r»M • .1825 1920; 

■ PrudL IHartfolItf -Uflgrs. Ltd.v (anbuci, Banque BraxelJe* Lojnberr -ak j. i j,. m ,r. e 

• i V) lluii.ortt Kir .. Iv*. 7 \ 2*. II o:-4059=r: Rae I'P Ij Ki-fi.-ore B luOil HrJx-ei« „ 

7 85 P.-mi-Tiiia; 124 5 133 01-0 5, 4 49 Menu rune I.K - 11 54fi 1 9051 -J1 786 JJovds Bk. iC.I.i l Mgrs. 

1% Quitter .Management Co. Ltd.* , Barclays l/aicom Inf. iCb. ls.» LUL ’Z’: ZZ. 1 '^. ‘'*'155 5 '" r < ‘' 58 a - 
1 77 'u- s,. c-v i:ir. LCIanw.Yw.. St Ke:..-r. m. . uSHTBii “•*«** T \ 

K h I r- I.*n F.l 1 SI.- 1149 ■: | 
Siiri.i-iKi-raiii.ij 5' >*9! .-30 

■l -ill. uni- r»M • 18 25 1420. 

•JiK Jit as J.'/i.i-.r. iv.i ire .Vii'-r.l: 

{ 77 Quitter .Management Co. Lid.* i BXTCiays laicorn mi. 11 
1 77 The Su Kirh«,«. p. -=\ HIP. ,j! S» «IT7[ ; ^nni.V- S. IWi«. Jn 

0MMQBS7 1S8 Fenehurch bt. KOMOAA 

Property Growth Amur. Co. UtL¥ 

~ ' Leva Haute. Cravdon. CB9 1 1 X". 

_ Property Fund I »13 

_ Property FbMiAJ 17*8 

_ Aeneulrunl fund ! 757 7 

Mdrr<ntiVT . [48* 524N0U 440 

Anibacher Unit Mgm!. Co. Ltd. 

AS3P-3; Guardian Royal £.\. Cult Mgrs. Ud. 

276 Wuar.rjil 1 trr. Fd. .1(4 $ 181 

w-adraai lucnme. .1251 121 

4 12 Reliance Cnit >lgrs. Ltd. 

1 nenejs lainne 

• *84; 

>!a1-.- 1 

....I 220 

831 .: :.., g® WI 3 " . 1 *w UV* Internalional Mgmnt. S.A. 

.y I -Nubjes-i ir. fee ji:.l > iikhoMir.g iaji-s 7 Ria.* >l» Khtnt-. Ik'. 179 '.21 ! Ui.-nc'.a II 

I Noble St . KC2Y7JA. 
Inc. Mowhl> Fund 11650 

J750|*3 0| 190 

01^800808 1 ‘ 

I — jArtlUtbnoL Securities I Ad. taitc) 

“ | rn.OAF.Cip . .1 1016" " “I I — Aane. FundiA*. .- 

z;;:|._- P«l-DA.F.Acc.....j 1828 j “"J _ Abbev %‘u Fund . 

Heart* of Oak Benefit Society imoMmeiSiFbML' 

?¥«>: sase^r-a, “T™ 

-. J — Hill Samuel Life Assur. Ltd.* Money puau.. .... 

r251 yLATgr- . Addiwombe Rd. tTvy. 01-6B843SS actuvuI I UM E 

9 F BaitJgys T^ -Asifdr. Co. Ltd. ’ . 

30 A24IH W ' 3M5544 SSKdS^«A: 

» T 'e« — Money'Serie 

' 1 Try . ■ ?t( i ' ••' JJR* Z. s “ FiatrflnL Ser. A - 

. - HI'r *°' 3 “ Pns.Man«sedC*p 

1 Ei-Z' in g°4 «g-^:>rr-— - 71-I53 • IDS .... — Pns Manacod Aec 

• T^-,q'JgaWg«feB8diaHK: A .- 32S ■— - • — Pnj.r.Teed Cip 

, TrlE- ’? -S*- '! -S-S - - ^s.G teecl. Aec.. 

*» 2f3 — Pen*. Equity Can 

•2 W. 1;iJ ^ fe|l™- ii— j-tt-IbJ* :i- c-962 ... _ Pan. F-qnlty Ace. 

T-.,- -Moray Pai2.-Acc.;jjg99 ’ i JSS ? — — Pns Fxrf.IntCap 

i -DO. tniliai-.^— V«7.9 ; , 202-51 - .... — Pnr. Pxdlnt Aet 

V— - ^-.TCurrfnllJUUl value June 5. Peny Prop Cap 

1 Beehive 'Ufe,Assar. Ltd.¥ - Prop Arc 

_ J37. Queen it Umdno EC4R IBV 
.. FjiralrirumeK.l J050 XU Or 

.. IHiRhlne Kuml 413 44! 

.. 6>AiTum 1‘niCf- .. 556 591 

_ liS}”. M drw I l. is. 1 5* b 591 

_ .preference Fund 25 4 27 ‘ 

_ iiAentm l mis* J7 7 4QI 

_ '("apl'al Fund . .. X9 0 20 ! 

.. Commodity Fund 56 4 60 9i 

_ vAe^unt Lulls, _ 313 *7 8a 

.. J10*.W d/»l F • 49 5 55 Si 

._ iFIn&PropFd .17 3 181 

Ir.ianl--. Fund 39 9 y I 

.. '(Areuiu I nllii 46 V 49' 

Growth Fund S3 J 35 < 

■ Ai.-uni f'nits. 195 42i 

•Sniai ler Cat'- Kd 27 5 29 6c 

~ Kasiern & loll Fd . 24 0 25 < 

Wa r t 1 iis , iff 20: 

Foreign Fd El 91: 

- * N. .vvner A Im Kd 30 7 33 2i 

•Property L'mu 1352.4 

Property Series A_|lB0.9 

-QJ - 

-0 3 - 

-83 — 

-0.4 Z 

1' A - “ws-,;-*. Imperial Ule Asa. Co. of Provincial Life A 

J 786. 

' Tri* S*< c*nada ^ Ufe- Assurance Co. Pens.Fd. Junes _ 1665 7*3.. .M — 

JC V* Bar; Heri*. PBar SIL22 Managed Fi^d' 1 p0r . rt fil 1 fi- i _ 

t, : j "on -^ 4Coh,r.ih.Fd iun*aA:'. tAs i i _ t? 0 ’- IS? 

«• ill-edged Fund 118.9 - 1 1 — 

fiiH-Edced Fd-iA. 1189 -ll - 

•Retire Annul It _ 1817 I — 

•Imoxd Aon'iy. .. 143.5 . | — 

Prep. Grevkik Pnolm 8 Annuities I JO. 
AllVlber Ac Via 1219 135 6 - 

•All Weather Cap . 1220 1214 . 

yrnv.FdtTs 137 0 

Pension Fd Uu . - 1297 

Cony. J*rns Fd... 1462 — 

Cm - . Pns Cap. 1 1 132 2 

Man. Pens. Fa 143.9 

Mao Pens Cap IT UZB — 

Prop. Pena. 1-7 - 145 8 - 

Prop, Pens Cap I B 1321 

BdU. Son PmIT 130 8 — 

Bldg Soc Cap IT- 120 1 . - 

Provincial Lite Aasurauce Co. Lid. 

Hot al Ktebon». F> 'Jp R*V »: a»*<; I 
.«.GuardhilITsi |S9 3 92.5! . i 4 35 

Henderson AdminislralionY laiicilgi 
IWiar* 1 T Admin . i> li.,jiJ lli.-ri.iR. 

Knrnl»ood. &»rv. V2T7 2iT EUS 

I .K. 6Vnd« 

I'ju Growtolm- 42 4 4S 21-0 1, 154 

' " • - '*•* «5* -0. ■’* 

'j.— -Vs Ki Bo- 419 Vt+O. kenueet ri . Vai- 
1 063 230 if-J! 

, 1U R: dart eld Is? * T -96 0 103 

I hi, i irf \1an T^i 
. ■ JHi.MfiixMuxual 

|.e ; 

2 . . ? : 

0123*52*1 t ap Ginuib.Vr 43 0 
-0 6 US2 Income A Assn- i32 2 
“21 2 22 High Income F*»d» . 

:!J 5S 

., SS KSS.SVm in. 

10 it* OilA.S41.Rei ... 127 2 

|K Intern aU ontl 

"" SU 1 abal ,- • *f ? 
im lnicmJ!i.snal - US 
• i g It rM Wide Junes 75 2 
I 2 B2 Oserteai. Fond* 

-0 3 2 97 .\u-ir«li*li . - ■ I if ■ 

-0? 2 97 Kuo-pean . 35 1 

*0 1 4 39 Fort*! - - 68 5 

-0 4 151 North liner . . 39 6 

«7[ -^1 1 U Rid^iieirt Smw.3 S ! W ok 1 1C II ' Bishopsgaie Commodity Ser, Ltd. 

34 3:Ic!| 6 25 Rothschild Awet MauagemeiulRi Uki lv <r‘h 

T2-H0 '.Jlen.. ..eR.I .V.kscur. JJ36 "4#4l; .'ANkll* 2 . ]il DOB X ObW . . 

Ausi IS Mj. :i! ,11*129 M.K-JI -a a: 

Inland .. . ,126.5 

. .Xi-eum I nils' _ . 1178 8 

2 58 . 

::c?' 1 -- 

134 61 -£l :! 1316 

190 3! -OL "3J6 

iS XC.Kqjgi Fuad !165* 175 9 - j 7, Si'-HBI'- l“J«*e-9nj | 4*4 iuil !■■ Fit Ma..'.l NF476 3 “P S5I I 361- 

***"'•• 856 S - £U. IMi-:*' 256 «e.tWi»'i:9 J nd •*£! Of. ffi.uV!" J'^JN 1115 '. I lfi ■ 

2i -l% i sl'imr^T^-wV S 6 75 ®Fid R e Management Ud. gVu ‘ " ! 5 5^ 

-** • ^.c.tau iw. 'r.«‘ AJ ! -;d TV- T, ' I 1 it liui* 12 >2 Z _ 

- C 7’ ■» 11 A H N *X'hl Jun#J \ il5J38 \ ... J — • 

Ji"? -0 :\ ill Rothschild & Lowndes Mg mi. >a> s^Zn^J J£. sl“S?#a? e ’.»«] I 076 Murray. Johnstone ilav. Advised . 

80 4i j 4 57 .Sf mi;|!ic- laar lilr M'4 3? Cfli.CA Ki v^k sp.ii ' IS( tlie-si i.|j'Cu-.\ - i'H Zll r-:21 

371 , -ev Neoj-'i Esempi '0220 129 Ci ■ 361 Britannia Tsi. Mngrm, (CM UtL } i! JjSil l I “ 

* 6 -0 5 H ^ on MJ ‘ 1 ■ •«' d “ ! S * J - rr ■' :v. Hath v M liclier J.-ce., OS34TJIU •**•"“» * lrd -S iv Vu ?“ 1 ‘ 

”5’ :5sl 134 Rtman lBil TrUSt MbR1 ' Ud V ‘ ai sterling Ue B «Un««d F«U. .. ., c . 

TteJi J5 1 tVyCili llw Fir-.ban ?n . FjT 01 SOS ;o* 6 Iroesl . . 33 2 35 9].... 4 00 Neglt S..V. 

53 si - fi i 15 A men:. in Jur.e I !6“ 5 70S; .1 097 f-ilnl Fd . 73 0 . 73 91 ... JW Ub Brnilvi url Ruin! I.u«emhiianf 

,, , SvCUnlte.Ma. 30 :1b? 0 172 3 4 43 lersc, Fncrflj Tsl 1382 14941.... ISO VVVJiiiu-2 5LS104? I'C’II — 

Mgrs.T U1 High \;-id June; >54 5 5741 . 7 58 ITm 'i STsl «« £2 23 2 3M . . M ‘J * 1 -* 1 

• — / • *-raj ■ idirnii .»r .1 ■ l« 

IU S.i.’.KqJilt Fuad 11658 

" .Vi *jig-. fa-s rii ;:n 4 
. NT hroci Kurd 147 3 
?=} NT fall. Fd. Is- ]90 4 

* w | RlJ . %.-•• ,99 4 

.. N C. Nmllr 1 "o'. ■. F i;j353 3 

175 9 

il« i - : i- 
156 Trt, -? 3 

NT'Mu S |£2J37 Z 479I I 311 
2 $6 : itrijir+lh 1 di m $'.0 jnu* * g il w. 

Jll j Bridge Management Ltd. 

ITS Pm. Ron ffl* 'Irjc.l iTaiojr. I'ayuuo Is. 

Samuel Montagu Ldn. Agts. 

1 14 > <!■! Itn>4d .*1 K. • U 

1631 -2 7 A M ) N ’^h) Jun^ J 

; Archway Cnit Tat. Mgs. l.ld.V latici 
a 17. High Keihnrn. Wi'lVTNl. PI IQIS-J.T'< 

'An-huai MjiuI 182 6 17 9UI I 5 88 

I'nitLi 11 June 1 N-11 uh uav June U 

.Barclays Cnicorn Lxd. faHgiVici 
T Tilcnni lin 2.’<7 Rofliiiiril Rri 1.7 U1.T34 .VVM 

7861 .J 

72.21 ■ ....1 

fe }g@«saasft«f:isi: i;j.= 

I 4 ~ r 'J^ Cattnoa AWucance Ltd-¥ 

Vflni ¥ ' 1. OlfiWife Jfy.;«t40Wey HA80NB 010028878 
i? Tr«s il : v£qnltsa!da srZr-iSM* - 1-0.061 -• 

31 IzJ-Oijt - 

Prov. KCanaced Fd 3132 
Prov CashFd . . 1043 

Gilt Fund 20 . . .1112 2 
Pnipene Fund -.1954 
Equity- Kind . ... 197.9 

Fxd.lnL Fund .. fas j 

ZiJ. \bvZ "'T - cAiimr^mma 

1 Wjmo, property Act uni: ... 0245 
°AN£ ,£, 'MnM. Aertua. J.- - 2J73 
i-r c andEquUy ... KB 

VG'G r 2nd property — 1012 

1 2nd Managed .963 

S '.J 1 *: 2 nd DepoBtv 96.4 

fL'lUtZBd&HFZ. 88.3 

1391 2nd Eq. Km, -ACC.. 0*6 
Ahks -21 ZodPiTi PeiwtAee. . 1060 
■j-' -'Ci/ 2nd Mgd. Pena Ace 90.4 
2nd DepJtens'Ace 978 
•‘.DINGS ,j, 2 nd Gitrpens'Ace. 885 

L«£SJ:F St. 

irJEIRlsir.n. LAE5LF.2 265 

H4EIR1NG -11 
eoas ,n 
‘•‘ -J. 




10LW -0 ll 

1*41 -01 



A05 .... 


Fined lot Fd hs 6 100'B...j - *-*E*? 1 

Secure Cap Fd . MS.7 INI ... I — Fxd.lnt. Fund .. f4S3 1 

Equ^Fund.. ...'958 108.9^ | - Prudentia! Pensions Li; 

Insn Lite Aasnnrace Co. l id . - iisibom Bin, CON inii 

II. Finsbury Square. EC2. 01-8288283 Bniil Fd Mai 17.. {£2507 2 

Blue Chp June 1 -.J7L1 7571 .. ..J 450 F*d Int May 17. 10874 1 

tonitfedFund-— P»A . I - Prop. F May J7... U2545 2 

Prop^fod June J. -U.771 186*^.... — _ _ , 

Prop. Mod. Gih (193.1 20X21 . ...J — Mlmce MuciuU 

King & Shudtn Ltd. • Tunbridge Well*. Keni- 

92.CoenhUI.EC2. 014235*33 ^ Bth . . J 1D1 

Bend FUEvenznjLBW^i 1*773/^- f — Rothschild Asset Mangj 
<■01c.S4e.Bd l .*!?E]ul.i2l2553i ! ! 1 — Si Switbln* Lane. London, EC< 
Langbam Life Assurance Co; Ltd- N c Prop ' %6?8nb?^ir Jui 

SS?^te kDr,N £i ° l T- 1 trance Group 

•Prop Rood 048 9 1«.S. .... — New Hall Place. UverpooL 

Wwp |SP7 Mao Fd [755 7961 . ...| - Royal Shield Fd ...11331 1 

n 1 'l- L'aicurn Aakrt. .1 34 0 

01 24.M33.po a„m \rc. 707 
IMJI | - 'DoAud.lm *56# 

110 1 . ... |l>n Capital . .66 0 

Hall -1 3l - 'ikvFcrinpt f»l 108 9 

100.5 — I Do. F-ttra IncUbie . 279 

10J? I — |m< tmnnrial .. 592 

ioo4| . . | - inn sni. 77j 

■W :SJ| 

Prudential Pensions Limited^ no GrouihA* e 

llolbom Ban, EX'! N 2 NII 01 - 405 #222 l!?- , 5 f' 0 n * e r “ . 

II .1 E j 

M Gen'Tal 31 1 

loGroulhAil- ..40 8 
■O. r Kl 84 4 

Do PH Am Tit. 1372 

-0 1 I b? 

1 -0 J 4 34 
-0 3 b 14 
-01 5 ID 

151 N Am iini May M 120 5 12S Sii 235 

1 10 CiWlmirarnCfi [SO 4 S3 *| -0 ij 135 

1 M Hill Samuel L'nii Tst. Mgrs.r (a) 

>. c , 45Reech.Sl.K021 , ?l >. Ut SJSUUll 

(b. BniifO Tmsl |J«0 6 ISOOri ;; 537 

Igilnl ITrJK - 77 5 40 2. -C I 3 22 

588 .c.nollarTruM. 78 9 944 -5 i 2 43 

U . &. Capital Tni-» '29 4 72 3 : . -C 1 4 69 

1 h. Financial Trust 110 4 95 7] ■? 4 77 

ibilncomeTruM i2t S I8 4e -0;, 7 64 

Sr. 44 .r.-Secenl* Trill . 52 2 559; Sll 

110 lb. High Yield Til. !24 1 31 2 J J s 36 

1*7 Intel. ¥ laiigl 

{« If. Cbn-jopherSlml I'.': u' .•47 724.1 

b 14 lnl.-l Im I'und 1 88 2 95 31 -5 5i b 20 

Key Fund Managers Lid. taiigi 
586 2T. MilkSi.h'CIV&JI m dOtiTiKO. 

608 Key Encrsi Ih-Fd. |7B S 81 51 j J 37 

4 20 Her Equity A *>n a? 8 
6 06 e.tei Kienpi Fd . 144 - 

5 07 Key Income Fund 

I 556 
-0 2 5 09 

-0 q 1 57 
4 01 
-0 I 4 81 

.. RdWlCKS lift. - JHrJL?*' ■'*M2 5 XI J T : 55 

. 1- Prop. F MBV J7... bs.45 26 2^...}- g® ftSIW-w, . S?5 JlS-oJlS 

::.:J - XellMoce Macaal w 1 '™** 3 S 65**3 ’Mis 

• Tunbridge Well*. Kent. 0BK 22371 Do*A»^um. " - I'irtB 748| -0 l| 4 1 

01-8235*33 ^ . ' ittnlremenc ' _ Baring Brothers & Co. Lid.V iansi 

Kotascnita Asset Management m. leaden boilSt.Fi'i oi&wu?. 

St Switbln* Lane. London, EC* 01B2843S5 sirattonT-.l.. . ...1167 8 175 01 I 42 

NC. Prop. Star. 31 -.1114 3 U16MI ...I - Do Accuol. .*20*2 217 9 ... . | 41 

Nail Sab. Dae June 30 Ne*l sub. dac Jane S. 

, «} .\» n Lrm '0220 129 Ci - 3 61 Britannia Tsi. Mngnu. (CM Lid. 

40 6 -C 5 18 Prcp on MJ> 1 ■ * ta: - e *•** 51 so Hath V M lit- tier Jrrc. WS4TJIU 

535 :Sa Rowan lnit TrUSt K** 1 - Ud ¥, ai xp-rling UeaMBinalrd FtU. 

15,: J ? si? Cl? >• Gill' 11-r Fir-bart ?-j . hi "2 Dl SCH ;.>66 C,io.» if: Im Ml . . 33 2 35 9| .. .. 4 00 

S3bi-0 5l I15 Amen-: an June I J47 5 70 5; . 097 (iinl Fd . 7|0 73«.. . j® 

94 61 UM i.» SrCuril|B .. 1 „ -JO lb? 0 17? 3 4 43 terser f.neray Tsl 138 2 149 4 .. .. ISO 

Mgrs.r I al High \i~id Jur.el ! 545 5741 . 7 58 rmi»: 51M.HC £223 2351. loo 

ui'SJsigjll ' Icrmr l n !- .'76 8 83^... 7 58 ilifib Ini MIg Ti-t - - 1 Ml Ii00 

90ri -i ;■ 5 37 Mat .i| 177* JJ-i I J I ,■» Ml«- Dronaiui^ Fd,. 

40;, -I?? ?22 • 4reum l an* ,950 998 .| 401 l nw .l 5T>I ;Sl'52J S5fi ... — 

*•? Royal Tst. Can. Fd. Mgrs. Ltd. "'« h ,n | ’ I - . 11 r ] “ , 

?a0- 11 IW . . . . , 0 . ^ pi jr June J Ntst A^auRi! June 

95 7 ? ll 4 77 ^4 J'-™ r -:reeT > U. .. ul 62u«a- . Jt . lll0 , P im P rt v.s «! Net l dealing dale 

Ite -0 :, 7 64 ' jpiijIPd £85 72 3i j 361 Jur.e 12 

l'lS | ]» 1 I'rv-e- 1 'it «a.. J! 7 sV*: draiirg Jur.e 15. Brown Shipley Tst. Co. IJerseyj Ltd. 

_ . n r !■ 1 1 K.'>.*6JM Heller Jer,»» 1)634 74777 

Save a. Prosper O roup StenmgS^i.dFJ . |£99l 9 96-0 07(1210 

u’ -477243 4 1 '.real Si H-!ct londhc. Fi'TIP 3 FTP 

95 31 -5 5i bM S8.77 w^n s- Wirhursr. EH2 4%x Butterfield Management Co. Ltd. 

H 4alltf , Dcal.ngM-J C1-S34 8869 or 031 226 7251 Pm, Rn, ISA lianulfiN*. Bernwda. 

' ,***-*». Save * Prosper Securities Ltd.* !lo 3 5 IIS zl 

83 5| j 3 37 InicraailaDal Fund* I'nri-* .11 Ma> 8 Vint tuh dJ> June J2. 

54 i: . 6.« VW - • ;i4 8 26 6 :5l! tit Ca P iuI International S.A. 

t>' -‘47 714.1 
95 31 -0 5i b 23 

■Hope Si f<: . ' 51 63275 . | — 

'Murray F jr.d . . * 5t S196S | — 

■Jii* '.\tvaa. 3: 

4 00 Negit S..\. 

J® wo boulviarl Suiai l.u>fmiwiaivr 

N’AV June 2 .... ; S1.hl0.47 1 cC 211 — 

1200 Negit Ltd. 

Kir.fc .if ti.-r-midj Hide-., dimilm, P.rrida. 
9 00 NAvM-119. <£4 71 — J — 

■ir.iuoi u-Jrcfoi’t-rt' v.s- Tr^.'eti dealing date Phoenix Internalional 
01 Jur.e ]- W Bh\ TT Si ivivr Pi*r!. <i;iorr^>. 

, 52 Brown Shipley Tst. Co. Ijersey) Ud. Inter IMhr Fund JS2 33 251 I ■ 

Pu Bo.-TWet Heller Jeryev 0®4 74777. property Growth Overseas Ltd. 
MeiWiWftWFiJ |£991 9 96,-0 07(1210 a,, n , h Tlll . r .j.j-,,..,, 

Pn Rc.'bJ M Heller Jery.e» 0634.4. 
Sterling K W FJ . |£9 91 9 96,'-0 0’| 1? 

Butterfield Management Co. Ltd. 
Pi*, flu, 156 liJimlliir. Bermuda. 
BwUrex F..| jui .12 33 2 SSI _... f 1 

Bunre* - Im enw ;2 0J 1961... I 7 

l S 1 ml I hr Fund . 
Siert.r.n - I 

51 '35 39 
1.123 77 

Km Fixed Dll Fd . 160 4 t>« 2 .119 

Key Soiall Co ► F«1 |93 9 999! I b 3 

KJeinwort Benson L'nit Managers* 
20 FenchurehSt.F.. 1 O'. 82180C 

K U l'nit Fd Ine '84 9 9? j, | 5 ft 

*KE t'nilFd V 10b0 1152: 1 50 

K ft Fd lav T«v 155 2 59 b 1 -2 Jl 4 4! 

4 75 cap. Dil . -364 

6.e8 J T C ,24 8 

525 l'«|i Liru^ir. .66 4 

* ?? lacrraalog Income Fund 
" High-YicM . .531 
WUb JnesDc Fund* 

05C38300 High Re:urn >6S9 

1 t ’' ron,r 427 

- . ...u Hi Squilj :«3 1 

311 st ■ „ s M 01 «■»« L 4 C Cnit Trust Management Ltd.¥ mmTmpc ' 

” *• "Kn»5 y»a ' 22S The Stock Etbauge 721 l'.l»- *1 a«t 2800 Europe . «. 

upan-w m is iv- -- —3. 

New Hail Place. UverpooL 
Royal Shield Fd ...11331 

Blshopsgat* Progressive Mgmt. Co.V La«soo Secs. Ltd. ¥<anc> 

Sector Fund* 

- ^ t ^Beral tL-nlt A«i»r.) I8tL * Prosper Giuupv 

— Kiiutnwood Home.. Km*v»Dod. Tadaorlh. . . _ . __ o , 

031 2274427 0. Blaliopygalc. EC 2 
1M.BI .... | - B'gat r>Pr.— M »> 2M 11849 

Ace tua '**tar23 .J220 J 

Zi ViZl Save & Prosper GronpV BgawtnLMmPi 1737 

'’^S&JSjkSSk to-*** 1 * '““S'S JJV. 

Ho ACffuo. _ 

Capital . Life .Assurance? Equity DutlaJ 

*» Con tstou Houfe. dispel Ash Wton 0B0228S11 

». XoilntTM.Fi I 30072 /.'...I - SaK* 

FaceraakcrloT.Fd - MU4 | .....J £0 iSSS 

CTiarterfaouse Magna Gjk¥ .. SulSStaiti.L- 

J8. Chequers Sq . VxbriAgc DBS 1NR 52181 3o.Arcmn.i--. 

r it,, Chrthse Energy.-- ."OT4 : 40.«| — PropertF Initial 

rll'Oiithse.Moii^.- Z9.4 . .. ?U — J^Accom.. — 

Chrthfie. Managed - 381 J «.2 — . Legal 6 General I 

, Chrthse Equity — 34 4 36.2 ...... — Exempt Cash lnit 

|i\ Maem»Bld.&oc.J_ . : 12A.6 ' — — Do.Accum. 

•*' Magna Managed —r. 1500 ... 7- ExempiRUtylnH 

l/j h City pf Westminster Assur. Co. Ltd. “jTxod tnii 

, -RlngBtead House, S-Wbitehorse Road. Oa Accura. ^ 

1 -Croydon CR02JA •' - " • ' 01-88*068*. EsempC MagiLlmL’ 

rn • . J47 8 Do. Accnin.^. 

-0.1 _ 
- IQ 2.0 -^01 — 
228.7 -02 — 
126.9 -02 - 

119.6 -0.2 — 
32L7 ~fl.3 • — 
10 Ll 9-14 — 
1D2.8 4.3.5 — 

1211 ... . — 

vnX +o'.j — 

•IBM — 

teaieoa) UiL 

3AS-&.J - 

Charterfaouse Magna Gp.V 
3ft Chequers Sq. Vsbridge URSINE 
t \ n rn, CbrthM Energy .T38.4 .' 40.41.. 

.\;>Li rill' Chrthse. Mon^— — 29.4 .,.. 3LC 

1U - Chrthse. MwiflKd- 381 s_ «.? ... 
Trnn ... Chrlhae ‘Equity— .. 38.4 362 

IrROiV : 12A6 , . 

lLnU.1l Ma^a Managed ...f 1M0 . . 

. Tffea Prop. Fond.. _ 68 8 
- 'Managed Fund . ... 1735 
ZTS sSnl&Rmrf 57.8 
U ■a Farmland Fund. ... 735 

n nFunnlandFuiid. _,.I736T 

- f ?M.rT tf z:r.#i 7 

■— 1 'PULA Fund. — —1141.2 

-63 Puns Mngd. -Cap. 

J j Pena. MngiLAcc.... 

- « Jag Rffiggfc 

Fena. EquilyCap— 

^|?c WS'i 

. ■’in >rf0rni Untts- — i 

S 8 'Ll Fond cutrep.Uv abend tow lovesUuejiL “'**“****7 
Iv ijy *M‘ | -7.7..J i — 91. Lombard St 

City pf Westnrfhstar Assur. SoC- Ltd. 

r-jephoE* 01-684 968* LJ0 ^° S LAtC 

linne ci 

Commercial Union Group . 

5L Helen’s. JL UodenhafL BC3. 01-283 7500 gW- June 1 

10Z-5J - Mngd.FIx 11m 

Legal ft General Prop. Fd. Mgr*. Ud SSSS^gwS 
1L Queen Victoria SL.EC4N4TP 01-2489878 Monri 3 May 30 
LftGPrp. Fd. June 5 J95J - ML7J — J Deposit May20. 

■ - • . Next aub. day July 1 ' ■ ^op«rty>by30 

•I4le Assur. Co. of PeoMylwniiLv BsffSaMay”- 

. 3P42No*BbnflSt.Wi7DRQ. -'Wf^C831B RSl^Acc*lUjOT 

LACOPUurti |9B6 10^7 ,7 ~ 

Lloyds Bk. Unit Tst. Mnpi. Ltd. ” Ifttu^eSaT^ 

71. Lombard SL.EC3. / 01-8231286 FcdlnJ-Pn^Aci 

Bal Iitv.Fd 1255 132.91. - 

Property Fd - 150 7 1595 . - 

Gilt Fd. 1164 122.6 -0 6 — 

Deposit FdT 122 7 1282 . ... - 

Comp Pen».Fd t- — 199 0 209 5 .. — 

EqoItvpensFd .. . ISO 5 290.4 +0J — 

Prop. Pens Fd * ... a5 8 227.1 . . — 

Gill Pen*. Fd . — 90.2 95.0 -0 7 — 

Depos-Pens Fd t |98.0 103 — 

Pnros on U>< 24 
t Weekly dealings. 

Schroder Life Group? 

Enterprise House. Portsmouth. 0705277 
Equity May 18 - -...I 227 

EquttySMay 30 
Equity 3 May 30 
Fixed lot. May 30 
Fixed InC Mav 30 
Int- ITT May 3ft. 

K ft S Gill Ma 
Kt S Sc. liny! 

Mngd.FTx lia 

ePr.*'Ma»S* 1*49 197 Out . 

.19 -Stay 23 . 2;o* 7 234* . 

i- InL M jv 111 1737 1641 ... 

m 1 Slay .71 1916 2031 

Next sub dav 'June 13. *‘Jur,e 

OBGeoiaeSi.njinMirfchKiiraii. 031 2283M1 hS5f^ 4l,¥ 

fTifirt .u Mat 8 Wit sun rtJ> June JIL 
266 -Ol! i is CapiUl International S.A. 

715 'U! 203 .'T fin* Voiri -7«nir. 

• 'ap-.lal Ini Vur.c | Si .> 17 32 |t9<6| — 

5? Ol -3 21 730 Charterhouse Japhet F'-’-l 01-2483990 

70S' ’ 818 .Viiropa .. .. .. DM30 64) 32201-0 20] 559 

45 9 -0:! 8 76 Adiii-rbJ PV4900 51 kD .. . 523 

Fondok. 1.143159 35 lOl-O 10] 604 

a*} 1 *81 Fundi- .. . naan rw . sw 

■ 481 Kmpcrnr F und - K.S291 3 011 .. -- 

90 L -A 3' 3 38 ” ,s P a,l ° - ■ *• ^® a • • ' 114 

IMEJ-I.y. l Lb Clive Investments « Jersey 1 Lid. 

8L4J -1 l! 0 84 mi B^'.USu. St Heher Jenci 85MJ738J. 

iliieilillFd .CJ.. 19 90 8 911 .. .1 1100 

?•!? Clue Gill Fd .Jsy -|9 87 9 C9J ... 1100 

7 38 Richmond Life Ass. Ltd. 

June 12. 4ft. .MhulSIrm-: noucU-.L’.-.M i*C}23914 
■ ix-T7u-'ii:..-r7ri-l 11121 U48I-I&I — 
Rk bm»nd Bor. I f T 150 3 . 189 C -0 4 10 93 
Do. Plan numftd 'lTb 5 1332 -21 - 

346) — rw |>!.I H.l 11064 1120 .. 

Du Xm OTcrJBd jlftd 8 2 73 4! .. 1 1173 

RwhschiJd Asset Tteoagement 1 C.I .1 

i'*i ■'•inimpdiii' lUTS 240 71... I 4 5i 

DC niTibiudn t. IS25 82 2? «6] . ( — 

■Pne- .*« Mji . 1 ; *.Vm d,-;.jji)j? .lure 1L 
: frier: -jn Ma;. 2S Next d'-slirf, June 7. 

J2S *H»‘- Matenalb 
ii.Vrttn l mu. 
i *Grm»in Fund 
•lArcum toil-.. 
TiGill ana ' 

Bridge Fund Managers¥taitci 
KiOfiWilllamSI.EC4R9.AK HI-6C3 495I 

— American ft Gen4- 2*4 26 21 144 

fftJ — Income’ 499 54 3 J . 6 59 

. . - Capital Inc r 35 3 37 6).... 3 2b 

-07 - Do.Acc.t~ .. .38 9 4141 . 3 26 

— Exemplr - ....136 115 D . 552 

Iniernil Lncr. ....156 - lew 3 66 

Do. AccT (171 1811 3 66 

Dealinfi *Tues. tWeid. tThurt. Price’ Ma> 30,31 

June IZ 

DTK 27733 Br jtenniu Trust Management fa; fg> 

ill i • 

Oil 2d -0 i 


51 9l .. 

659 Deal gMoo. 'Tin-, t.'AVrt :Tbun Fn^ femsnax.,-* pej euje. ...| aw 

5^ Legal ft- General Tyndall Fund? SSL S ?l!i V. 8S2 Z ™t ' ! 7^7 

552 18 Canynge Road. Br. lol. 027322241 pnc« al May 24 Next >ub dai Juce It. 

3 66 SmTimv: '[ra! “II .:..| Iti Schlesiager Trust Mngrs. Ltd. fa«D 

b 37 Financial 170* 75 7^-9 0^ 

5 £7 H (fib- Wn Imam Funds 
5S Selecl tnremai . p510 264 8! -1 ! 

^ Sclec! Income J532 56 ? -3.2 

Scotbiu Securities LUL* 
lflhD Siolblu .1384 4121*01 

lS(S Sc<d yield ... . . 49 8 S3 5 . 

Scmsuan,.* [56 1 60 3c . . . 

Scntiield .... 49 8 535 . 69 

Scmsuan-s [56 1 60 3c! ... | 44 

.Scot Ex Ab *9 . . ,241 3 252.7ml . . | 20 
SrotE* Yld-0 . |165b 17351 1 7 2 

Pntrt a! May 24 Nest »ub dat June it. 

3 London Wall buildings. London W'all. 

I ondon EC2M SQL >11-838 M7» 0479 

AsscLs . _ . . 7L3 76 7 -0 6 5 2* 

Capital Acc SZ1 55 0 -01 4 07 

Contra & Ind 559 602 -0 2 4 40 

Commodity. 76 6 12.40 -0.1 5 09 

DomesliC 37 2 40 Do -02 4 63 

Next sul- iLiv Jur.« lL i lncorporal tnfi Tnder.t Trusts 

Leonine Administration Ltd. ‘ w *"“■ D ^ 2 k, « 

ft DukeSl.. London WMiai.» 0J-w5»i iS Gro ”h. .'1 So 

Leo List [73 8 -02| 510 Exempt Hifih \Td pS5 

• Inedill Fd ,CJ.. |9 90 4 911 .. .1 1100 ■-•n — ;.e»: a-.-a 

"bI-osI 179 r«™h'| l |r <S rn« ,> '.rZntcevi 1 .h' - ^ Ro ? al T ™ st lC! ' fd. Mgt. Ud. 

75 7e* -.C6I 3 08 Cornfaill Ins. >r.uernse> Ltd. PO Bnv IM Ro-al r.r JlM».Jvrii-* 0SM27J4I 

pri Box IS. Sl IVtor FWI lAemver KT Im l F J . liLillO 9 59cj . | 3 00 

264 9! -7 II 2 32 two! Man Kd 1168 0 183 0| | — R T Ini I In >Fd (91 953 . | 3 21 

56 1) -&2) 750 Delta Group Pnie- at May is. Next deal mi; Juuu 15. 

LV P" Ei-x will Xassau i. Bahama Save ft Prosper International 

41 21 -rO 11 392 Delta lav MapJO |S1 /5 184| [ — r .^ alin< „,. 

fcn S 3 5 ' a« Deutscber Investment-Trust 3? IkluT .’.c^r. 0534-20591 

Posi/ji-hadSSH/eiH-rga-ixi.’-ii-UiSi'OOFrsnU'urr. t'>. IMbr-deoaoif naied hi a. Is 
173? ' ??? Con centra.. . IDUlfU M50I .. .1 - WrFxdlnt-MaiSl 1953 10 

»”5! Ii«hS ^ I - S/ll » 

m I jd j.j/rt Dreyfus lniercontinental Inv. Fd. x ortk Amcmm-t |3 71 4 

s . ■ • po. Box N3712 Niuiau. Bahama*. ft*pr»-» |13 52 14 

DlrFxdlni—Mat21 1953 
Internal Or '! |b 72 

Far blA'Iem"; ;37 51 

idon Wall • Leo uist i.-'» ./ri-ui am hjempt MifiB x id . caa 

U FC38 M78 0479 LeoAccum.--. . 1*1 2 8551-021 4 63 Kxejnpl Mkf. Ldn |254 

Jl.71 ~n« xaa 1 Inx-Ac RV I'rIi Ttr Vnvrx I trt ii Ini Exlralbc TSL - i29 0 

5 24 Lloyds Bk. Unit Tst. Mngrs. Ltd.¥ fa» 

IIP Prop. Rea. Cap 
Prop. Pen. Acc. B 
Money Pen. Cap B . 95 JO 
Money Pen. Arc. B.. |95.20 

_}.>AaArUtJune3..J. • 5458 
' Dn Annuity AXs .1 > 17 91 . 

; T«e Confederation Lite Insurance Co. 
j Li IW:<3janewLane.WC2A1HF-. 01-2420222 
V [¥Equi't>-Pund (153-6 1592) , .| - 

I _ «L CHfioc St, XCZA.JC3X Money ren. acc.b 

■• •4 - :;z. - ScottifibWIdm 

Opr. SEqtj- JuoolE m 1 138J ....• — PO Box 802. Edinb 

01-283 7500 OpL HyTjune 1 1525 lffifc — Jnv.PVSeriei 1 

. I _ . OpcSlUn JuooT- 147.4 155.2,... - ltiv.riy. Series: 

• _ OpLfiDepL Juno I.fIZL3 127.7] — Inv. Cash June 2 

f^ Co ..Lnndon .Indemnity ft GnL In*. Co. Ud. 

“ZZ. IftaO.'nioFoebiiry.Reodiafi 583511. Mid-Pen. June 1- 

Exempf . 

Ex ire Income .... 
Far Ea»t 
Financial Sees 
Gold ft General. 

Groutb - 

Inc ft Gromih ... _ 
lari Growth . . . _ 
Invest .Tst. Shares .. 
Minerals.. - 

Nal. High Inc 

New luue 

North American . 


Pro peny Shares ... 


Status Change 

ll mr Energy 

42.2 -01 
212 -*0 7 
67 9d -0 I 
92 8o -0 4 

a an Registrar s Depr •"•nnfi bi^ea. 

Worthing. We« Sussex 

4 63 First i Bal nc A >_.... 50 0 53 7<a 

7 »3 Do • Ac-rum >- HI 739 

9 36 Second »Cap.i g4 55 Zc 

341 Do iAecum.1— — 6*7 695 

4«4 Third i Income'..-- 81? 873 

309 Do lAcciMD i — .. 1112 U95 

-off 410 Fourth 'Exlne.i [, 


fne. 10%Wdn»l _.«9 0 
Ul -823 1398 inlnl Growth - *42 
. 4 45 Inv Tal L'nlta ™.;2S2 

4 45 Market Leaders 

-a a 315 ‘Nil view* . 

-0 3 315 Pref.fcGiltTrnxi . 

1,151 .0306188441 NAVJune ‘ -- 141 5,1415 UJ *I 1 “ 

2341-0 4 204 Emson ft Dudley Tst.MgLjrsyJ-td. 
» y *0-5 l 70 P n. Box 73. St Heller. Jersey 0534 MS 

573 - 4 jo EDIC.T. .._ .IU72 124 6( . I 3.1 

3liS .... 960 F. ft C. Mgmt. Ltd. Inv. Advisers 

xi 4 £?*1 “1 i 9W1 *-ft Laurent e Penniney Hill. EX 4R OB A. 

3Lt»r.V»1 -IO ft, 

27^3 -B l 431 C*nl Fd May 31 .... | SUM S3 1+001) - 
yojd -01 4 62 Fidelity MgmL & Res. (Bda.) Ltd. 

North. Anterudn't |3 71 
Sepro—J |13 52 

I — Slrrilng-denonunaird Fuads 

n . i.j Channel Capiialv 1231 9 244 2 -101 15* 

'.Tianne! Islandsj^Jltt 3 1541 -01 5.04 

1*534 M5SI Comnod Juuel 12t.b 1334 .... - 

I 3.00 St. FiXx'd June I .[U04 UbS . I 1L90 

,^ur* Pnvua on -M4‘ 30. ■■May 31. —Jur.e 1. 

rtser » tWeekl; Dealings 

75 53-0 1 7 00 b»* i.Vccuni . Z . 1 6b ^ 72 6[ — ] 7.97 I’JLGrth Dlsi 

‘3 5« - 2.48 Lloyd's Life Unit Tst- Mngrs. Lid. J. 

3*6 -01 3 37 72 80. Gatehouse Rd.Axlesburv 02flfl&Mli» 

tt7 -05 829 Equity Arcunt ... |25« J 166 4) | 4 03 Ca 

28ri -01 

23 03 *0J 
203d . 

Schlesinger international Mnfft- Ltd. 

41 . La Mol i« St . Si Heller, Jcnw. af 3J 72536. 

S .VI L 62 871 -1 8 33 

S40L. 0 C6 C 9l/.il 07 49S 

Gill Fd 22 0 22 2^-0.2 12 39 

lntl Fd Jerec.-. . 105 110 ... 334 

Inlnl Fd L^mhrR , 530 61 1L17I-003 - 

■27 -fly 
37.9 -0.1 
31 8d -0.4 
523 8 -03 
1*3 I 
ui -oa 


34 8 . . 

Jg M ft G Group? (yNcHi) 

4 12 Three Quays Tuwer Kill, E -IP 

itv 0296 &M1 120. Chea aside 
12581 166 4) | 4 03 Capital Mav 30. .1100 7 184 3rf. . 231 «**« 

fx.ui.uci lAceum 1^* l^R .... Z31 SenesAilninl.i. I £3.n I .. 

Income Mm- .TO ffij *78 Kcnes B iPaciftci. .1 OU I. 

Kill, E .1R 8BQ 01028 4588 lArcum. L'nits- . 270 2 280.0 ... 6 78 Series D -Am A«s ■) £17.26 [ | 

cS^cbaag^ Doings- ... J?*** 1 fe, 8 Q ml"' I g First \i king Commodity Trusts 

g] Ht:§? toSSteSfi l»l 0 3253 la a.StGenrecsS, DougUw LoiL 

§• 0 1 ill iJLecura Dolls'. 1338 359! .. . 221 0C4 48fc Ldn. AgU Duot-ar ft Co Ll 

I S * '62 -2 2 IS 'PenftCha?FdAp2S168 0 175.3 . ... 424 S3. Pall Mall. London SW'ITSJH. 01-96 

80 0 -0.7 iS -Spec£x Mat liPj236 2 2433 3.71 F«. Vi*. Cm Tel B7.8 39 M 

Bbl -0.8 419 -Recover* Mav ;0|183.6 18921 . 514 Fst \ kliblOp Tn [79 0 84.0x3 1 

3 113 2 -0 3 367 ’For lax evempr funds unit- Fleming Japan Fund S.A. 

667 - 0 2 8 63 Scottish Equitable Fad Mgrs. Ltd.? jr. rue .Voire Dame. Luxembourg 
4 125 CM -0 3 775 28 SI Andrews Sq Edinburgh 031-SCdBlOl Finn! Ju ml | SUS4646 | . .. .| 

* 23b 9] -0 7 7 75 income l' nits .149 8 5301 . . j 510 Free World Fund 

ahli IS JS&: 510 ^M%-g..llJ^.Bermuda ( 

•4 3 89 3 -01 in 2. . . NAVM.vJl . I 5!' SI 79 25 |*536l 

Sex’ also Siocfc Exchange Di 

.. lAccum. 

11 Income iiav?a.„. 

.IR 8BQ 01028 4588 l Accunt Coils' . 

Scottish Widows’ Group _. _ ... . . .. , , 

PO Bos 802. Edinburgh EHJB SBC. OBJ «5 0000 The Bntish Life Office Lld-Viai Series 1 IU58 105J| ) — ] Reliance Hsu .Tunbridge WrlKKi 0892 CL 

Inv.Hjr. Series S 
Inv. Cash June 2 

Shield.'.— 1*5.4 *1 91 -02) *44 American. 150 3 

Status Change [30 6 33 01 1 4 62 1 Arcum. Lniiyt . _ |»3 

Umr Energy |32 3 34 8) . .| 254 Auaraln-jan [518 

... , , ,, '.IctiliB t'nlb< . iS 7 

The Bntish Life Office Lld-¥ lai •: ommoduy . . gj.4 
Reliance Hse .Tunbridge Well*. Kl W9222271 m**’ RS. 1 , 

UfcKSlSJ^-iSg SSI "® J J 18 rSSSS-^sssr-SSy 

BL Dividend- .'. K'i *511 . 9 90 lnc j§^ 4 

-Prices May 31. Next dealing June 7 Km 1. mix. iSfta 

1 Icritm l nitr- 

58 41 

513 -M 

-OX L88 
-0.7 *19 

"Val'nltu E.J252 271a -B l 431 Ceni Fd May 31 .... | SCR£ 23 |+0D1| — 41. La Molte St . Si Heller, . 

rkei Leaden . J2S7 30 s«; -01 4 62 Fidelity MgmL & Res. (Bda.) Ltd. p 

315 Pref.ftGilttnixr . &* 252 -01 12.08 PJJ- Bo* 67° Hamilton. ^™ ud »- Gift Fd ’. . . .. 22.0 

6 21 Property Shares . 126 0 23 0-01 i2» D«J* ,l > **- N v fV^Sls — lntl Fd Jersx-*-. . 105 

b21 Special Su Tst C7 2 292 .. 253 Fidelity tot nrort. SL s2128 ... - i nln | Fd L-nthr* . BO 61 

7 97 UN Crib. V,- um m 4 23 0a >CU 5XL Ffde lly Fd .. «,S«0Z - -^ r Eax! Fund 93 

LGflh Dlst |18.9 2033. I 532 Fidelity Wrld Fd. | SIS1436 | + 0J5| — . -Swi Mib. day 

Heary Schroder Wagg ft Co. Ud.¥ Fidelity Mgmt. Research (Jersey) Ltd. 

rheamide EC" 01-2403434 Waterloo Hae . Dnn SL. SI. Heller. Jersey. SiUnmer L1IC «™ p 

;.UjX»: E rii00 7 1*W“ **2*?f*?7 - | ci 71 I I Kftlerprl ‘■e lloute Po^mo 

cum. II2I9 12611 .... 231 SenesAilninl.i. .1 £3.71 I .. — 1 nlrraai tonal Funds 

omeMni-.TO 185 J lfftfl 6 78 Senes B 'Pacific 1. . I a A I. — t Equity U61 

cum Cons. . 270 2 280. 0! ... 6 78 Series D -Am A»s ^ £17.26 | | — 5Eq U f|x 1213 

SSSSf.. lfi S| if »»**“ SSaiSSS: Si 

sK'ai- si ill ■ ■ asgar. UJ . a5:«a - •• gj 

SftChLSuipSSBHD 175.3 ::.. 42* sa.pall3lall. London S W'l7 SJH. d) 0307857 5 “ no «' fd ' 

100 7 184 la 

1219 126.3 

4588 lAceum. Coils' . 

General May3f 
1S5 •Arcura.l misi .. 
1 65 Europe June 1 . 
1.88 lAceum I'niU'. 

Series A ilntnl ). . £3.71 

Series .! (7 41 I. 

Series D -Ain A«s ^ £17.26 | | 

First \lkfng Commodity Trusts 

Jl l^Equity-Fuiid — . — [15 
_JjMaoafied Fluid — Jl7 
[“ersonal Pen. Fd_-.|72 

— . J!bccd Interest — - 34.1 


SquilyPHLFbnd:. 227 3 

' Fucea InL Pan. Ftt Ml* ’ ’ 

. , l. Managed Pon.'Fd... U34 

I Property Pen; Fd.. 2 06 . 

ifPrqtecteain. P«4. 37*0 

! CofnMlt lusarancc Co. LUL 

— . The London ft Manchester As*. Gp_¥ galar Manag odS 

- The Leas. Folkestone; KenL . 030357333 

= -aiSSBgfSttl SS rri: SsS2,'r s 

Solar Life Assurance Limited Mn *r.. Futmde. 

IDflZEly Place London E.C IN RTT. 012422805 BS Uiuls JuneS 

Brown Shipley ft Co. Lld.¥ 
Mngrs. Founder* Cl. EC2 ! 

“24 7? ' 


ZOMtO - -.377.0 

f 1 . . OExioipt Prop Fd. 892 

f ' - oapt. toe. 7W. Ftt. ■ 2474 

nrrewwin Flexible Fund . 110.7 

01-0185410 - Inv. Trust Fund 133.0 

• Property Fund 82.4 

• “H-'Z M ft G Grtnp¥ 

• ' -. Three Qosyf. Tnw Bill EC3R 8BQ 01 

arFxd. InLS 
or Cashs 
Solar InU. S, 
Solar Managed P 
So Lar Property 
Solar Equity P 
Solar FwLtnt. P 
Solar lntl P 

132.4 -03 
116. < ... 
168.6 -0.7 
1185 -0.5 
106J) .. 

106.5 -tl.O 
1322 -03 
116.2 ... . 
168.2 -08 
1183 -0.5 
UM . . 
1065 -3 0 

'-Jibl ■ ^ Commerce Instiiance . s Pm penaum— — 227 * 

’^r; : ^S ^.H*l«itSL 1 Lo ft dooWIR5FE!. 01-1387081 L^uv.Deporif.... . U73 

?!: r; • .^V.^ftCMn*! Fd^_>11220 : ; '132X[ I . Eq^EondZ 135j 

i Z^ CroWn (jfe Assurance Co. Lld-¥ FwnnySiwZZ 1809 

Oa.iAcc i JuncS _|271 2 
Oceanic Trirsts <ai XI 
Financial - . - 34 5 

General - . - - IB 7'vfh Accum „ . 45 5 
Groitb Income. ■ 36.2 
HjfiHJacome„. „ 29 2 

ITU 204 

Index — . 24.6 

Oversea* .... 19 7 

Performance _ . . 57 2 

Reco«en_. 21.7 

Exempt. April !(■.. 58 4 

229M *0 51 
2855) *0.6) 

i temn l ill. 

14W.D! *17 Fund ol Inv. Trt 

Mi -0 1 3 90 ;4™fn,u. 

jiil jn i.iv-nerai 

-uaj i n lAictiai l n!t%- 

31 S-01 9 69 R(K h Incomi- 

21 3 .. 3 88 lAc-um I'niix- 

2b 3 : 425 Jap* 11 Income 

+0 5) 480 

i Ac cum 1. nils. . 02* 
Rur<i|>ecin 3 7 

i Vrani ( ml*. .. 494 
Extra Yield. .. 8*3 
• V-.UIB ( till- JUI 
Far Eastern 52 B 

80 0^ -0.7 
Ba 1 — O.a 
113 2 -o a 

51 9] - 0 jj 343 Accum fnlls 

Far Easl Fund {93 9 

•Next Mib. day June 

Enterprise Houle ForUtncuih. 

1 aleraat tonal Funds 

LEquity. .. ... U61 123SI 

5 Equity 1213 129 D 

£ Fixed JnteiW- 1353 243 7 

SFixed Interest 104.9 1115 

CManaged .. .. UB0 1361 

3.H PH. Vis. Cm TM 07.8 39 ft 

514 FHlkDblOpTA [79 0 84.0^1 

Fleming Japan Fund S.A. 

526 -04 
891 -01 
i2Di -o: 
562 -0 2 

Dealing day Wednesday . 

130 J. Henry Schrader Wagg ft Co. Ltd. 
. 120. Cheapxide EC 2. 01-3834000 

CbeapSJuoi.2„ . 5151174 f-4) 33 2 47 

Trafalgar April 30 Sl'S114 06 i . - 

Asian Fd May !6. U'xUW 15 U| 330 

Darling Pnd.. JA186 JW. .. 530 

Japan Fd. June 1 SCS4-5 fe 90 . . 035 

ati Security Selection Ltd. 

London Agenli Inr 
Anchor ‘F L'nll* . STMM 
Anchor Gill Edge. [CT.60 
Anchor Int. Fil . Sl-SftT 

i ii iArcum.Lnitj' 146.7 
* 40 Ma,’nura _ . 2003 

— iAr<-u/n I nitx, — 249 5 
Midland - 1678 

'Accum Unil.c -. ?778 

1454 1556c 
146.7 157 i 

200J 214! 

SO JS-1P. Lincoln's Jnr. Fields. W.^. OWJgB* "K 1 *- 

IS Vnvl Gib Tst Acc -12*1 25.71 .1 2.58 ‘iSShS? 5 J™.Tsi B0 

123 Hurl Glh T*t lnc ..6l.O 22 2d IS HerrePa? Kd . JLV 

Crown Ufe Assurance Co.' Ltd-¥ Fwnny raw ZZ 1809 

aw Lite {fee. wtddofcGirai 1XW 04B52 as3 . Giujtood;- ws* 
danjrtLFuodAcc^riOlJ.^ .1064) +0.1f - -Hi? 

» i-J?3 . ;;"I;;roW'oLitolH6w';Wt 
: • 1:5 1* i -^ J 'KJuU{'d FuudAcc^. 
' ■ ! lUmtgdFtLJneaj.'.. 

• UantCtLFd Imt.: 
*3fi J.:* 2 ,lqonyFd.-Are.-...v- 
Z-+; ' rtTfiifiqa/tt'SW. lBctai.3 
? 23“ -J . -rZ IgqujtarPd. hriLv.w- 

x . i— . \ I'M* “roperty Fd. MC~. 

• ' x>.’F ?TODem Fd: Inenu 

: 106.4 +fl.J • '5.73 

. .1060 


200 J) J.« 

100,1 *03 — • 

1003 -0.1 


, ! ; Z ' T'F ?ropem Fd. Incnu 953 ; IM3 '-0.1| ■— 

Property Bd- — 1532 1U.H .... - 

E*. Yield Fd. Bdf .. BO B •*.* - 

RecowyFd. Bd-*-tt7 ' 66.^.. — 
American Fd. Bd.*. 55 0 .. j — 

L ---June 2 

Merchant Investors Assurance 

rax 135. ffifih Street. Croydon 

■ Property IS 

_ Property Pens. w 

12 S5' Equity.. ,» 

. Equity Pen*. 16 

4 40 Money Market ; 13 

■_ Moody MVa. Pena . . 55 

- Sun Alliance Fond Mangmt. Ltd. Exmpt. April io_ |58* w** .... I 4*0 ^" u UB i u . 

Sun Alliance House. Horsham- IM03B4U! Canada Ufe Cnit TsL Mngrs. Ltd.? 

EtpFd.Int.MaylQ.p98W 15650) . I - M Hifih SL. Ptollers Bar. Hens P. Bar 5) 122 gffinlS Gen 

Im. Rn. May 30 UJi 1 ,. .. I — Cao.CenDtxt. . 138 1 40.11-01] 4 35 lAccum I'ltiwi . 

Su* Alliance Unted Life Ins. Ltd. ■■ _~ Q j If fe t niu . 

Sun Alliance Houae. Horsham 0403 64141 Do Inc Accum. — W3 3 456) -02j 7.71 socciallacd Fucds 

aaffiKanKB 1S|^ : c„nj»«, »». u« Hs7*. 

Ip. il-J = SS*r ,K :. E gl ,BQ w;i ‘.'TTn s£>r^s ; “ 

1078 iw'5l*ll Z Inrorae . - .[79 D 8*51 • I 734 (Accum. Vails. 

107.B UZ7(+iy — Price* on May J* Next dealing June 7. Pens Ex JuneS 

Son Life cf Canada IU,K J Carliol Unit Fd. Mgrs. Ltd.* lalicl MaauUfP Man 

hJSSSwS FaZW? Sew e*i z 

PeooiitFuod 1963 101. a) .1 — 

107.0 1127) *11) — 

5-55 Speeiat 

“Sil ZZZ lAccum l mix. 
-0^1 7.77 sprt-lxllxrd Fucds 

AiMnimin lAccum l'nit*' - 
O1-5MB010 nmnlnmd MayW 

Stewart Unit Tst. Managers Ud. (a) J5 t^iJwW T,, Z.. 

3.84 45. Chart one Sq . Edinburgh 
*55 TStewart Americas Fund 

Standard L- ails . (Mb 64.9).... U 
Accum l' nils.. . Mi 74jJ ....I — 

Withdrawal L’nits. |516 551] J — 

S Ud (a) Bern' Pac St rig. 246.00 257.92 
i, T Ana Fd ... JHKB22 J4J 
oai-2»327l G.T A-iaSicrllng. 02*9 1361 

G T Bond Fund . SLR124S 

I 1 41 G.T Dollar Fd tt'S7U 

. ... G.T.Par idcFd .. SVS12.75 

277 Dl —0 d) 5 20 "Stewart British Capital Fond 

171 a \ 419 Standard „ .11330 XJ4S| ] 

215 4) -D.l| 4.19 Accum l nits [152 4, 165.0) .... I 

Dealinfi IFn 'Wed 

Gartmore Invest. Ltd. Ldn. Agts. 
iSt Mary ax e. London. ECO. i.n -^aj JaJi 

? S I Gartmore Fuad MngL iFar Earn Ud. 

,J0 1 1500 Hutchison Use. JO Harcourl lid. If. Kiwi, 

•*- *' “ Sentry Assurance International Ltd. 

P.o Box 326. Hamilton 5. Bermuda 
London EL-2. Managed Fund . |IUL?»» lWOj-eiMJ — 

Singer & Fried lander Ldn. Agents 
SI fend 1X14 2®. ‘-'annon SI . EC-1. 01-248 9646 

S IM Dekalond-x „..|PM39M ?fejtt . .. .1 6 96 

7 2 92 TokjoTri.JuaeS. .) SI S35M (....! IL77 

2 lib Stronghold .Management Limited 

d . 173 1‘0 So* .713. St Helier Jew-' K53--7I+O0 

1 Commodity Trust ,.|92 96 97 85) ) — 

, 0(|J “ij Surinvest (Jersey! Ltd. (xi 

. </ueeniH*e Die.. Bd SI. HeUer.Me liXUCTUB 

L . American Ind T*L |£S 30 8 47I,0C'| — 

Ul-aUJSJt I'oppcrTrort - £1180 1207 -0 2d — 

Urt. Jap Index Tsl.. |£1122 13.45 *0 OR — 

Do posit Fund- 
Managed Fund 

107.8 1127) +1 1) — 

Son Lire of Canada fU.K.) Ltd. 

2.3.4. Cochspur St. SW1YBBH 01-9305400 

MqpleLf.Grth 1 199.6 I I — 

Maple Ll. Mangd. . . 132.1 -D.4) — 

gS£^%-.z:| HK 1:3 = 

Target life Assurance Co. Ltd. 

■rbanboiM.' MavM 109.1 ; 

Cbanfd Max- 30 .144 5 14671 

(Acciun. t. nils. ■ 1791 181 N . 

Pens Ex Junc5 13*4 1418) < 

ManuLife Management Ltd. 

153 5) -0 51 6 *2 Sun Alliance Fund MngL Ltd. 

Sun Alliance Hie . Horsham. 

I1K& Par V.' Til... 

Japan Fd 

N American Tst 

HE928 31! 

1 512 MS Ufc 

ia»9SS 115 

04(064141 J iau Bond Fund... |it<9 928 

7$ TSB Unit Trust Managers (C.I.i Ltd. 

»|^!^ J wii|-o.i| 3.57 SysrJ , lC5E , A-» l - LU - 

131 577 Target Tst. Mngrs. Ltd-V UMg) 

Carlioi Unit Fd. Mgrs. Lid.* ia)(c ) MaauUie Managemeni ua. ji.CmhamSi .era 

Milbum House. Nextcastle-upon-T.vnc- SUBS SLCeorse'.Wax .Siriymafie [>43058101 Tarew Commodl lx .[35 

Carlin! .. 168 0 70 5<U I 4 22 Growth lulls 1524 55 *| . 1 3.68 Target Finaocla! |58 

ICarhol 168 0 70 M I 

Do. Accum. Lai’s.. 1815 B4.0| .) 

Do. High Yield . .1411 43 6d| I 

Do. Accum Units |512 53 7) | 

Next dealinfi dale June 14 

4 22 Growth t-nlis 1524 55 «| . 1 3.68 Target Rnanc 

4 ** Mayflower Management Co. Ud. tS«me 2 xii 

J 3.68 Target Financial 58 B 

. Target Equitj 36 8 

Target Es Stay 31. pt>6 9 
9)68098 $Do. Aec. Units - . [280 9 

Dealing*: IKS 05041 
37« .1 3 A3 

63.1 ... 440 

39 3 5.77 

Target House. Goiebouse , Charities Official I uvea L Fd* 

Buc “ t .1 Z** T7 London WTall.ECENlOB. 01-5881B15 

14.- !8Gre>ham St . EP2V7AU. 01-6068089 9Do. AM. L’nitt . 280 9 
«« Income May =3 UBS IM tt - . I 1 2| Target GikR*nd - g&0 

General May2t - lte> M- J S3* ?^f n T*_ h .. “ gS 

... _ Mercury Fund Managers LUL Do. Relnr. Fan* .- 3 la 

I53:i : '^ Eagle Star Insor/ Midland Ass: . SlSaTcS^Ss”'** ! 

.ThEeacToeedloSL. EC2. ' - Nelex Eq, Accum. ..ffl*S 22SJ 

• lH^iSagle’UULVuim^.tSLt. 5351-021 5*3 Xeji* Money Cap. ,»L3 
I IS9 EnrtHv ft Law Ufe Ass. Soc. Ltd* 

- i ’.^ Equity ft Law Life Ass. Soc. Ltd-¥ KSSc^SojK! 

' ,er.\ . _.' 'jg nuutlTT? v.wrjxwi’in 

Man. Fluid] oc. 

Nan. Fund Aec 
Prop. Fd. Inc... 
gop.Fy.Ace. — -I 

Prop. FCL lav. p07.o 

jail Fixed lot. Fd. Inc. 11061 
" Ref. Plan Ae. Pen 

z RetPUnCap.Pen- 
__ ReLPlan Manure 

- Ret.Planitan.Cap. 
z GllLPfen-Acc. 

Mercury Fund Managers Ltd. 
30. Gresham SL-MMEB. 01 

Mere Gen M»< 31 ..11822 193¥ ... 

Aec Ult Mat 3l- B367 251« .... 

Do ReJnr t : n»* - BZ4 

SSSfiSS-BI = I r:1 ‘ M E^mW 1 " 

•UnauUt. Only available to Refi. Cbariuei. More (nl Ms- 31- : 
Charterhouse Japhet? |S?i 

LPalcrnomerRoa'. E*.”4. 012483990 Accum. I'is Apr i*7. [2555 

• .. I 2.00 bxalr ft iv>n 

ICJ. Internal'! 23 6 

Accum. Units 27 8 

cj. income 34 0 

CJ.Euro P(n 26 2 

Accum L'nU-x 30 4 

CJ . Fd Inv . Tst .„. 268 

- S Midland Bank Group 

7.55 Unit Trust Managers Ltd.¥ la) 

*3 Counwood Ho-ixr. Silver Street. Head. 

01 -600 4SSS Target lav. .. 30 7 33 0d -0.1 3.53 ». I Fund > — . .1424 151^| 390 

T^Sr TareetPr Mav it. 156.5 164 n ■■ ■ i 431 mini Bond SUM04 64 1D7 ss . 8® 

2S TpSr . IS* 311^ : ..1 834 loLrautty SUS10 69 3U2 .. 2 gj 

5 Si TsL Prcf - - . 113 B 15 J) . . I UJO Ini SrtW A SI'S 102 1 05 E 50 

72 4 " ' 233 Co>"ne Growth Fd )189 283) -0.1 1 436 lot S’ g« 'B ll#M H1J 150 

'•••' if Target Tst. Mgre. (Scotland. (n)0» 

26611 4 ® 18. Alhol CreS':ent^Mio.3. ! 

. Target Araer Eagle|27J .2?^ . . J 130 f 0^1^4723. Nassau. BahaiM, 

PO Box 32. JVuglar, loM. 0ft’4=l»ll 

International Inc &1.0 22 Ad 11120 

93WJ Do Growth _ |K1 693] I *0 

333 Hambro Pacific Fund MgmL Ltd. 
4.40 -jmo, i.’onnauichi Centre. Hone Konj: 

5" Far East May 31 .. 1M0187 UW I — 

|-g Japan Fund |S15»H 7 } 3 I — 

3 so Hambros (Guernsey) LUL/ 

4.Q Hambro Fuad Mgrs. (C.1.1 Ltd. 

2 42 P.O.Boxftfl.Cuerow lw8i -asai 

3.53 Cl Fund .1424 151 7m( 3 90 

431 mini Bond Sl¥ 104 64 107 8S . 8M 

834 InL Equity SI'S 10 69 31.02 - 2 50 

1130 Int S‘C< 'A' SI'S 102 105 S 50 

436 lot Sega 'B' SUS 1 08 1 111 230 

lYirei. on Mj> 31. Next dealing June 7 

iAM Baeatelle Rd .St Suiiour. Jrncx uSM 73494 
58D Jrrxci Fund . . .146 4 aasi . I 4« 

3 t>tnfn«-i- Fund 46 4 48 W 1 4*2 

ifet't ”191 1 ITicoi on Mai :j) Next *ub day June 7. 

I ^40 Tokyo Pacific Holdings N.V. 

i |J Inlintis MAiWiicment Co N V. Curacao. 

• Lltl - NAV per fehare Uji 29 SI'S-JPCC 

Tokyo Pacific ffldgs. (Seaboard) N.V. 

Inlimir Manogx’ltient '. N S'. Curacao. 

NAV per xbare Maj 29 SI '335 72. 

Tyndall Group 

p I) Bex 1266 Hamilton 5, Bermuda. 2-2780 

8 40 i n crioox Ma> Jl ISIT115 
7 SO lAcC'im L'niLx. tl'.il!5 
E50 3AV«i- Int Mai 18 |SI."C5B 
230 3 Xn. St_ Si. Hrlter. Jrmey 

15 1 211 ... I 6.01 

75 na . . . ... 

58 ■ - 

Traudnter&ational Ufe Ins. Co. Ltd. AcruraCniu-'ZlM* 
2 Bream Bldgs., EC 41 NV, 01AOS6497 _ ' M8 ? 31 *? 

; £e^^tsnss= 


'■ "” v '. 
•• ..; 


Rethsehdd Am* Haoagemrac 

♦f, ’ | .*.^" 


AB.!<. . Bank 

Allied Irish Banks X>td. 

AmerfcaiLi^xpress Bk. 

1 Ainro-Banlt ... 

A P Bank' Ltd...., 


: ...... 9 % ■ Hill Samuel 

Banks Ltd. 9 % C. Hoare ft Co^ t 9 % 

iroress Bk. 9 ^ - Julian S. Hodge ......... 10 J 

6 % Hongkong & Shanghai 9 % 
.id"' 9 %' r - JnduscriaJ 3k- Qf Scot. 9 % 

2 Bream Bids*.. EC41NV. 01 AOS* 4 

Tulip Invest Fd 141.6 1491) +0.9J - 

Tulip Mans «L Fd.. .. 1128 118.71 — 

Man. Bond Fd ..1163 122^ -0.S — 

Man. Pen. Fd. Cap.. 1197 125.?) -O gl — 

Man. Pen- Fd. Acc. . 126.8 133 4) 40 9f — 

Trident Life Assurance Co. Ltd.¥ 
Renal ode Houae. Gloucester . 0452385 

Managed [122 1. 129.31 — 

Gid.Mitt 14*1 152.6 -1.4 - 

Property 148.1 1562 . . — 

EqiiiSf ^American — *5 9. M.9 +0.8 — 

UXEquityFund.. lllLO 1UJ -0-1 - 

BtehyieUL- 136.7 14*7 -0.9 - 

Gin Edged 118.9 125.9 -12 — 

Money : 12X4 1285 ... . — 

lnta moaimal 10U 107.1 403 — 

Flics L.- 125.0 ia* .... — 

Growth Chp. 12*0 3|3.4 — 

Growth Acc. 127.7 1353 — 

*S« Shef&cld.SllKD 
2-|f CoBxmoduvft C— n [6*8 
. 3I2 Do Accum.. -©• 
Growth.. .. IJ6.9 

ItwlKoSera Is?:* 63 9! -Ojf 1025 P"»» f*’ ***'' M. S^t dealing^ ulc / 

01-4066*87 M8y 31 Nm deailDC Juae ‘ Growth.. 

►09) - Chieftain Trust Managers Ltd.¥(aKgl 

‘Sa ~ ’ 11 NewSL EC2M 4TP 01-2832832 Do Accum. 

‘g'9 “ American -kiOJ 253) tOJI 1.58 Income- 

ro ll Z High Tncome M.7 43g.. . 9 45 po Accum. . 

h0,, JaWmahonal Trt.. ixi2*2 26.0] 324 IniorualJonal 

Ltd.¥ Banc Rcsrce. Trt (26 3 28 3/ .... | 4 46 • 

IMS! 38541 Confederation Funds Mgt. Ltd.¥ (aj Do. Accum. 
Ta “ 60 Chancery lane. WC2A1HE 01-3420282 

a TeI Trades Colon Unit Tst. Managers? 

♦OR f bl 100. Wood Street. ECi CIA38801 

+0N 3 0 TU IT June I . . |50l 534) . | 531 

T'iF i-L June 1 
. Aivum. Share . 
Am'-nCan Jur.e I . 

. Accum vtJW*' 

Jer-'ei Fd Milt 3| 

, \’.t ■ J An 1 P • 
Gilt Fund Mav 31 

i V-cutil Sharcx-.. 

?9 » IdII IS Tmnsatlantic and Gen. Sees. Co.? 

619) -03) 10X5 f ’ r,ce * of Mny 31. N«^i dealing dele June 7. .N.n’-J Art 1 is 
Managers? Hi“-Sam»e« * Co. tCuernseyi Ud. 

01 A28S011 8 l>vM.iTe St. Peter Port Guentwr>\ ■'! \ictoiy H..u>t- U 

534) [ 530 Guernsey TM .. 1148.6 159 0* -0 1) 354 KaiuCid Mu< 18 

Hill Samuel Overseas Fund S.A. ... j v 

Victor} H"u>i- Doucla.i of Mjn. 062-121111 
ISHnafird Mui 18 |129 0 135 B| | — 

L : td. Inlnl. Mngmnt. (C.I.i Ltd. 

14 Muli-jnc: SlrocL SI. Helicr Jon-.-i 
LIB Fund _ [11S997* IDIOM I 8.16 

United Slates Tst. lntl. Adv. Co. 

14. Hue x'drtngcr Uii.eintiourf 
L'S.Txi Ini Fn«i | SI M0 61 |-0(|J| 0 94 

Net and June X 

325.* -L2 
121.91 ... . 

c?i5?K 1 ' y rt U ^W 1HE «*r “TH? Wcum” pr 

Growth Fuad.. — 1413 43 4) ( *39 "Prices al Ma 

Cosmopolitan Fund Managers. Minster Fuo 

32 2 -03 341 81*0 New London Rd 

54 8) 63J Barhlcan Jure 1 . 76 9 

62 4 633 lArcum. Units ■ 1J6I 

51 J4 +0.8 2 *8 B3rt>£anLMa> 31 £8 

55.0 +0 6 2*8 Bucfcra. Jure I ...79a 

55 SIS lAccum. Uo«to< . 98 6 

.MS T °~ 55 CofemoJuiicX . 1251 

Cheteutord 034551*51 *’ «“* -^rr Drew tevomtreure 

•1 Cl I e*, IllSUE AfeI| + 0Jfe| — 

■Pnce> si Mai 31. Next dealing Jane 30 
Minster Fuad Managers Ltd. 

5*9 lAccum. I.' nils i . - 
5 99 I’wjjld May 31. _ 
10 lAccum. Initsi _ 
Glen Mai 30.. . 

.... lAccum L'nltti . 

— 3a Pom Street. London SW'IX 0EJ til -233 8525. MimderHse.Af‘ hu l f S»-.E.C.4 014B31050 Marlboro May 30 

iz - Baiik of GvTjrus-v.z.... 9 % London Mercantile ... 9 v 

: ’$*'■ Baak o/^.W. .9 % Edward Hanson & Co. 10t% 

37' *S!3Jj£' 'Banque -Beige Ltd...-..., 9 % Midland Bank | 

gf Banque du KJujne H% ■Samuel Montagu | ^ 

^ Barclay's B^nk .„...7.. : 9 % ■ Morgan GrBueU ...... 9 £ 

— | Barnett ChristieXtd..., Nan.onal Westminster 9% 

« , Bremar Holdings . Ltd.- 10. % * Nowich General Trust 9 o 

■ ^■■■^fussssas'. if US* 1 1 

:ig .* sp. c?S"Hdte>:;.;;;: ■#*.., f! c e u n v e T^& Co ' Lti . u \ 

— C^erte>«je4[ap>etv : . 9 % f^odard Chartered ... J % 
Si 2 - vi". ClwnJartDiJS ,-,^. £ Dev. Ban k 9 % 

‘ ;i?5 ■ -;.V C. E. -Coates::..- .10 > .. Sav ings Bank 9 % 

: ■ Consolidated ^Credits.. 9 % . ^^ ntiet h Century Bk. 10 % 
t'-’-TS; 5a ■ Cooperative Bank-.....* 9 % - Bank of Kuwait £ J 

, 5 51 ! .V v - Corinthian SecunUes... 9 ro wmieaway Laidlaw ... 9}% 

■ ,ii ‘ Credit Lyowais 9 | wiiljams 4: Glyn's 9% 

The Cyprus Popular Bk. 9 % Yorkshire Bank 9 % 

Duncan. Lajrae f.f J ^ Ihc AccenUag Houses 

' . English. Transcont. ... iu ^ r depwhs dcncsns 

Fiist London Secs » to ^ 

Peaa.Gt4Dra.Acc.. 1K3 112.1 . .. 
Pens. Ppty, Cap.. — 112.9 1196 ... 

Potifc PC'. Aec-... ,. U7J 12J.J .. .. 

TrdLBood _ 35.1 373 

*Trdl.G I; Bond . . (97.8 - 

*Uub xniue tor £100 premium. 

Tyndall Assurance/ Pensions? 
IS. Crnynge Road, Bnsiol Id 

3- Way J ii cel 1217 

Equlty-Jtuie I . 16*5 

Road June 1 1631 

Property June l .. . 1043 

DciK&it June I- . 1270 

3-wgyPcfl.Mgj-ia, 1462 

O'tea* Inv. June 1 .. 74.7 

Mn. PltJ-W June 1_ 169.6 

DoJEquIuJujtel. . 263* 

Du. Bond... 17*8 

Do Pro#. JUS'S .... 854 

Vanbrugh' Life Assurance 
41-43 MaddoKSL Ldn WlnBLA 01-4 
Managed Fd. .L - . |1**4 152.11 +03 

BmityFd, -..H79.4 24J S -02 

Cun), Fund .^..~,...pL0 106.4] +12 

Cwraopolo-Gth Fd. )17.9 19.2) +02| 4.75 Minster Mai Jt ||5 7 37 71 .. j 547 tAceum Lniat - g.7 

. „ Z_. „ . . J Exempt May 31 - 190.7 94.71 | 5.48 Van. Girth. May 30- ».l 

Crescent Unit Tst. Mgrs. LUL (a)ig) i>nLA Unit Trust Mgemnt. Ltd. ‘ nJ 

OldOu^t.Strcci.iWlHftJG. 0MW73D VxagT^kfyh " 
SS'^u^n h "iCT'J ujLgJ 0 75 MLa U nits -1393 4U| ...J 436 lAccum Unit* i . .. «1 

S5:kS?d 3L— M.2 «633 J 8.S Mutual Unit Trust Managers? ia«g; JSSSS* 1 uSii'.ZZ n! 

Cres,Be«rtc»..— .|40J *29) -02] 435 jjj, CopUmli A»e . EC3R7BV. Dl-dM4B03 Wick Dl. Jutie2 . tel 69 

Discretionary Unit Fund Managers MuinsJ Soc Plui- |51J US •• •I 6 g Do. Accum.... AO 7 
22, Blomfield St, EC2M 7 aL’ 014M44K SfiiSi BiSeS»P 4*1 . J 648 T>-ndaU 

Disc lorone J162.9 173.M .. J 521 Muipn! High rid J55.7 59.^ +0,3 8.70 18, Canjnwe Road. Bnnol 

E. F. Winchester Find MngL Ltd. ?;* ,ion *} * ad ISSSSSoSaV I .. j «i m 

Old Jewry. E02 01 608 21 87 3 L Si. Andrew vjiwre.Edinbjnth Wife* 0151 CapiUlMiy31 ... 1350 U 

r-. .»■ i mi win i lm Income May 31 "BSl! 157-5 1 J® lAccum Unltoi. . 174.4 11 

''I <S (Accural ni;x>-...- 216 01 [ 6 00 Exempt April 31 307 6 11 

1 656 Cim.Mo> 31- - ■ BS* 1285- 8-fi lAccum V diUi . 152D 15 


122.1 . .. 
814^ .. .. 
83 *rt . .. . 

103 2 

133 0 

160 5 

543m . — 
.59 7] 

723 .. , 


W-I ■■ . 

51 1 ... 


751 .... 



6*2 ... . 

693c .. 


5 42 International Pacific Inv. Mngt. Lid. 

J35 TO Bo, R237 5* PHI Su Sydn,*. Aurt 
437 J » l e bh Equity T«i )S2 09 2 l«*j i — 

539 J£.T. Managers (Jerseyi Lid. 

2-J? TO Box 194. Rovid Tst Hoe . Jer^idA::; 

7 03 /erM> Rxvnl.TH (160 0 170 0) ] - 

528 A> ji April ’28 Next sub. dij JIj- Jl 
5.28 Jardine Fleming ft Co. Lid. 

46th Floor. Connaught Centre Hong Kmfi 
jn JardinuErtiLTId . 3HK240 99 3 00 

f-s Jardinc J'pn Fd • . SHK31666 0 90 

■ c7 JardineS&.A SHX13 40 ? 30 

?ej JaniincFlcm.ini.. 5HK9.46 ... - 

fS NAT M«} 28 ‘Equivalent S '56a Id 
534 Next sub Ma> 3] 

53* Key se lex MngL. Jersey Ltd. 

844 Pr~> Hi rM Cl Uiilu-r .Imur ,K.. nl 

S. G. Warburg ft Co. Lid. 

:ui i.rexhariMrevi FCZ 
rn MFd Jvm: 5i. n9b2 

nfi Em-rfii lot Jun*S SI 'Mb 92 
3 00 i-r St SKil Apr 31 .. _ 51 S7 09 
0 90 Air Eur Alai 3! - . 1035 10 47 

!-0t'i| — 
-Oil — 

Warburg Invest. Mngl. Jrsv. Ltd. 

NAV Maj 28 ’Equivalent $('50 Id , t t w . s Si llclicr J-i <1 0S347.17S1 
Next bub Ma> 3 1 . vrtj ■ VJ 5; -1JJ: i*frsl ] _ 

Keyselex MngL. Jersey Ltd. i.-%it i.iit Ma- » £i2sa 1:5a ' .[ - 

P»3Bt'rfl8. *« MuJit-r. Jwwr. iFne Ol -ttuSTvW' MrlfJ’ t ..’.Alai IB U18J 12171 

Fmaclr* . .. IFifelfil 15111 -161 300 ^fV'i ^n J io37' le w 

Bondseli-x (Mils 17$ rt 1 - TMTL.-I Ms; 11 |l1U37 W| 

.1 8.06 i 

Inl l .. l£640 

KcrMnEunpr. i£387 O '. 
Japan fjth Fund. 1SVS3 57 S 

1 1 ri -imi 1 1 Great WJnrhener (18 4 Mil I im Income M 0} 31 -bS; 1+7-5 1 •JJ lAccum Unltsi. . 174.4 

‘E* 153 * 84 * niAufnrhW^rSkitl?? nsl ‘ “ *S (Accum. InliA'-..- [J5J2 SK ExerapiAunj 31 3076 

. ... - Oi-Wlacher U*e«1197 Z1S) .. | *36 CaDt Ma . 31 ha; 1285 . 347 , Accum Vnitxi - 152D 

■■ ■ - Emson ft Dudley Tfct HnKVint. Ltd. 'Accum. Unltn .- M** - I 3*7 CanvagelUrSI 98 8 

- SiJS' Si 

— Erason Dudley Tst. |64 8 697] | 338 ■tt.Grocechurchi't .E(3P3HH 01-C34200 lA ecum L'nils,- . 2722 

* 96 Kevst-lex Japnn 

* Jf CvnL A>scl« 1 'ap 

ai 13 12.22 

033 33 

}jf World Wide Growth Management^ 
| Pa. H^u leva rd Rrnal Lu ■ vmtnjurc 
Kiirliiwidv 'jth'6’rt| Sr MS 66 I -» 3.07| — 


Equitu Secs. Lid. la) (g) 

41 Bishapnfiale, ECS 01-5882851 

Proerosslie 1664 76.1Q +0.3) 4 06 

Equity ft Law Un. Tr. M.f (allbHCI 

Amershatn Rd.. High Wyeonhe MW3MT7 

LV 01-4804023 EquIlxftLa* ..... 1665 

20^-02! Z Fraznlinglon Unit 

N Pl.Gih Un T*t. g.8 47 9ri . I 4» Scot Cap Mai 31 . '1M8 

iAerum.L : Jlll«’* 58 5l . . J00 lArcura. Untiii ...166.4 

01-5882851 NF»0»*« Tn* ^ l»f 260 Sc« tnc 31. ,3620 

+0.3) 4 06 '^^^'^vfVert driij, JuLjo 0 UgmgU^M . 
(allbKei -Prireson M-vJ- Neurd-Blmfi Ka«-3I. "**•- 5^ 

National WebtmJasterVta) SontaftC wSt: ns 

Po Accum 432 

5U )Fnrux ill' not include S premium, ewt-pi where indicated v ann an ir. pi-nc.-- 
524 j indicated Yicldi- c » ij-huu-n i c l ut column 1 allnu I«r aJI JJ'ht.c ■ 1 «i rod otkcs 

$24 imludc all vxpvn>e'' h To-day's r-nn- r Yield liUSrii on of!*'? f.rn'.‘ d Fit Ifr-drii E T^-da* 5 
jk» opening price h mvlnlNiHiw free of r.ji. t*xc* p )vn<*'1n firi-miun in>uron'i-i'Uii< «Mncle 
{premium insurance x riflen.-d pm- includes all expor •■•.•• ■•xvept jctnis cwmiirtnn. 
V tflerx-'i prm include a all expense .. 11 buviflhi iltntugh mjhjfirr. c n%u**’ ^ 

6X7 |y Sc-i ol ia.x un rvaliscit capital earns ur.k'<i- in'licated Lv 6 1 (•■wren., sroxs. t . uapcndi 
.r-a I f lacW bcLrc J rti’i !3<. » F..-uI-ul'.,-i"!i 

I Fixed intern Fd. .1621 

I Property Fd 1*0.2 

I Cun Eli nd - 118.0 

106.4 +12 
178.7 -0J 
1*7.4 +03 
12 « | 

64 41 +n II 4 13 1*1 Chea Pride FC2V BED. 01-806 8060. Po Accum 
69 91+0.11 41- CapiUtf Aecuir. > - «.7 70 4nSri)y *25 Financial Prn> 

13 w; ; ??y 

‘First Nat.' Fin. Cojpn. 11 % 

First Nat. Secs-: Ifta. ll % 

yyiiUca-.-j , n Of 

Williams & Glyn s 9 % 

Yorkshire Bank 8 to 

Members Of the Accendng H««k* 
Commit ico. 

7uiay deposits I-aouth deposns 
8*->. _ 

May deiMStW 00 

and under 8*5. up lo £5.000 Gift. 

and over £25,000 

- » Antony Gibhs •*« ss?**- 9 **- 
s :;« .Greyhound Guaranty--- 9 J t can deposits over ri.ow w-. 
Grinrilays Bank 9 to s Demand deporits 8ir«. 

■ Guinness Mahon..:--- 9 % ;; Raie - a iso appii« w steam* ind. 

;* Hambros Bank » 9S purines. 

Vanbrugh Pensions Limited 

41-*3 Maddox St., Ldn. W1R9LA 02-4884823 

Managed [951 IM.g-fll ~ 

Eqql»Z.„ . [99.4 104. § -02 - 

Fixed Jniort*i_... _ 921 97.0] — 

Property-., -..[962 10lJ| . — 

Guaranteed tee 'Int. Base Rale*' table. 
Welfare Insurance Co. Ltd.? 

The Lwr, Fot Steal an e. Kmr 0303 57333 

Monevmakcr'Fd._i 1025 I I — 
For otter funds, please refer io The laradutr & 
.. Manchester (Jroup. 

Windsor Ufe Assur. Co. Ltd. 

' dwiOl-Aecuir. r 

Framltnglon Unit Mgt. Ltd. /a) Ex&xinc-.. 

5-7. Ireland Yard. KC4B 5DH. 0 1 2488971 cimSmbv T 

American 149 0 5L4j +0.a 180 Tn? 0 mc ” 

jppiialTsi ..1182 Uid ... . 3 87 Portfolio Im. W 

roeomo Tst.. 10*8 llL4d . . . 583 Uni venal Fd'd' 

lALCrwIh Fd ». 1084 1)3 ja ..... 2J9 iutpi Tmct V 

Do. Accum. 113 i 1U.M ZJ9 SEL Tpus V 

Friends' Provdt. Unit Tr. fitgn.* 
Pixham End. Dorking. 03061 

FnendaFror.UL .142.1 45M +0 1[ < 
Do, .Accum. — ]54.a 58 i] +0 1] - 

G.T. Unit Managers Ltd.? 

16. nashurv t'lreus EC2M7DD 01-0=01 

583 VnlvenalFd'd’ ■ (»* 6MM +l.lf 2 

HI NEL Trust Managers Ltd,? (a)ig) 

Milton LOuit.D” rt| nB. Surrey . ! 

702 -0 2 7 73 Do Accum. . . 198 212 

313+01 512 High Inc. PriOnCJ'. 63 2 679 *01 

958 +0 4 5.02 Inietnattwwl - 314 33.7 -0 7 

385 +0 1 653 Spen* 1 Stts - ■ » 30 6 32 7].... 

^8 z.32 l’nit Trusts iy) 

■ ,j H 21. Chau tr>' Way, Andoicr Ham* 0284 

EUL? I*"* 1 PeaUnfife to 0284 834323 

f. »ll ibjTSB General . [44 8 49.01 1 

642 -03 4 M <h<Dti Atwttt. - . 56* bQM . 

53.4^+03 7 88 ibt TSB Income. -. .B9 5 63.4x9 -0J 

I High Street, Windsor 
Ufe Inv. plats . ...... 168 8 72.41 - C. 

FutureArid (lihtai J 2413 ' - A 

FulureAud Cltvpi | 410 ...... — *» 

Rot AndPenfe :.. I £24.61 — 5. 

Flea, lav, Gro nth ...|U*8 10L5 — — «■ 

G.T. Cap- ine 835^ 

i l - , Da. AW* ... 2002 

ic 3 .on dun & c T. Inc Fd. I'n 166 6 

GT.L' S k iien 1434 

j GT.Japaij&iicn. . 272 3 

a \ *Ct Peflk.Cx.Ktl — 1319 

WmdLMr 88144 C.T. mri Knnri. .11122 
!.4J . .. - G.T. Four YdsFd.^[53J 

Z G. ft A. Trust (aXg> 

._ — 5.R»'lelfihRd-. Rreriawd 

« w-4 - U.i.V, [JU 

_ .. — - Milton LOuit.D” rt| nB; Surrey Mil ,b)TS8 General . 44 8 49.0 3* 

Tr. Mgia.? Nelaar. 6«2 -0.2 4M fh-Do Arena. - . 56* 60. S . 3JBZ 

03085055 NclstarHififcl-H' |36« 53.4| -03 7.88 ibt TSB Income -... 595 63.4x4 -Ul 7.30 

4SM+01I 427 For New CMrt nud Mugeis Uft " bl ^ Z-S 

sSil+oi) 4.27 see Kmh^chlidAMet Manaseiretit TSB|eumA m +8.7} |« 

Ma Norwich inion Insurance Group fb) |rt Htpr Bank? (at 

ID 01-0=8 em ^ ^ rWI<k iW3 3N °36l6! -?^ 5 4 m' WRh'fSrw Belail. 023235231 

i2i : .. 3« JSri T^u nwrotud 1 mow 'SVuTi r .., M 

170.9 7 80 2S2Hteh llolbom. Uil'lVIEB 0MOSBM1 Unit TroSt Acc0unt & Ltd. 

g-5.- ^rii-rawhFJ la*. 2471 TSw Krog W,lh«St EC4SSAR 0i-6=34»l 

,*5 •••■ 335 Act um t’nlfc - |+7 2 2VjJ . 4«4 Friers Hsu. Fund.. ..152 0 JW.fl) +3.01 4 20 

H2f 5K Pcirllnc -- lg-5 rf+U 674 W,e le rGrth Fnd 30 3 4 36 

Sll It! Pearl l nit Tm ....*2 37 9 2 507 Do Accum ...|34 0 35.^.... 4 36 

7 20 Admin ,?? _ Wider Growth Fund 

Pelican l in« Admia. Ud. fgx*» KioBWiihamst ec-irbar * 010234051 

i(KTT.-22™o 81 FouBlam 6t. Manchester Q61-23658BS income I'nih ... ,1»3 309) | 436 

34J£] -O.lj *84 Pelicnn L'tul» — 89.2} -02) 5J)9 Accum. t mb.. [34.0 35.8) I 436 


1 Royal Exchange Ave.. London ECTV 3LU. Tel.: 0 l-llS.I 1101. 
Inde= Guide as at 23rd May. 197S tEuse 1U0 01 14.1.77! 

Clive Fixed Interest Capital 127.67 

Clive Fixed I nterest Inc ome 113.51 

CORAL INDEX: Close 4T2-J77 


t Property Growth 9 i% 

t Vanbrugh Guaranteed B % 

- Address shuwii under Inwrancc and ProDvriy Kund Table. 

| 436 

.V-nMeruanr l\«\ Eroc 1296. Amsterdam -C. Manchester Queens House, Queens SLreeL 

Telex 1" 171 Tel: 240 55T> Telex 686813 Tel: 061-634 9381 

Birmingham: '.’-eerge House, George Hoad. Momow Sadoio-Samotechnoya 12-24. Apt. 15. 

Telex- 33865 0 Tel: 021-454 0922 Telex 7900 Tel: 294 3748 

Bum 1 . Presshaus 11/104 Heussallee 2-10. New York: 75 Rockefeller Plaza. N.Y. 10018. 

Telex 8369542 Tel: 210039 Telex 66390 Tel. i212> 541 4625 

Brussels: 39 Rue Ducalc. Paris- 36 Rue du Sentier. 75002. 

Tele:: 23283 Tel: 512-9037 Tele* 220044 Tel. 236.57.43 

'.'.nm H'.t Box 2040. Rio de Janeiro: Avcnida Pres. Vargas 418-10. 

Tul. 938510 Tel- 253 4848 

Dublin. R t-Tunx-illiam Square. Rome: Via della Merced? 53. 

Teles 5414 To!: 783321 Telex 61032 Tel: 678 3314 

Edinburgh- 37 George Street Stockholm i:‘o Sxenska L'aebladet. Raalambsva 

Telex- 72484 Tel- U3I-226 4I2> Telex 17603 Tel. 50 60 88 

Krankfon Im Sachscnluecr 13. Tehran: P.i). Box 11-1879 

Telex: -116263 Tel: 55JT3II Telex 212634 Tel: 682898 

Johannesburg: PO. Box 2128 Tokyo 5lh Fluor. Nihon Keiiai Shimbun 

Telex 8-8257 Tel: 838-7545 Building. I B-5 Qtcmachl. Cfcjoda-ku. 

Lisbon. Pr.wa da .Mccrta 58- ID, Lisbon 2. Telex .1 27IU4 Tel: Ml 2929 

Telex 12533 Tel: 362 508 Washington: 2nd Floor. 1325 E. Street. 

Madrid: Ecpry-nceda 32. Madrid 3 . N.W.. Washington D C. 20004 

Tel; 441 6772 Telex 44U22S Tel i202i 347 8876 


Birmi nahanv George Homo. G eorge Road. Manchester Queens House. Queens Street. 

. Tele:. Jj&b.rt Tel: 021-454 0922 Telex 666B13 Tel: 061-834 9331 

Edinburgh, 37 George SU*«. New York: 75 Rockefeller Plow. N.Y. 10019 

Tulc: .2*B4 Tor. IX: 1-226 -1139 Telex 423025 Tel: c^lCi 4B9 8300 

V £r. n to“7ii5 1X Pans: 36 Rue du Sentier. 75O02 16263 Tel .AMR Telex 220044 Tel: 23636 01 

,,ouse - The Mpariro ' i - Tok>o: Kawhara Bujldinc. 1-6-10 l-chihanda. 

to •i.'v-. -.-•>9® Cliiyoda-ku. Teles J 27104 Tel: ERj 4030 


^ C> obtainable from ncwwscnu; and bookstalls worldwide or on regular ■subscription £rora 

i-uh .L-ripiion Department, Financial Tunes, Londi-n 


6 ms 


PROPERTY— Continued 

INV. TRUSTS— Continued 

| Jr orj [in | it 
| hi« ] ~ J vt jOr 

93 13.35 

70 1 25.49 

62 -1 ! *1.9 

2«5 -6 j t7.g 7 
78 --j 1U0 
76 -1 I - 
8S«d . j i 3 
250 - 2 20 

I08ii . ... 3 bj 
223 .. . 4 0 
217 -2 

jorlijSI rx 

! 10) 5Si25«! 

2 0! 5 4|2 12 

I 12 47 263 
1 1.2 s 4.71260 
i;ll! 2.8I« 8 
1 — 1 — I — 

! 1 11 6.3 22.6 

i ■: 1 "• s + 

1 10 5b‘260 
' 1.1 52I26J 
1 11 > 4'23 5 
I * Jli n 

! I 0> i lj23 9 

I 1 Cl 9 1116 0 

FINANCE, LUND— Continued 

1978 ! i \r <jj Inv I JVWj 

njjjb Lo* ! Stuk i Prirr ! - i .Net ,OT!l»r»|P;K 

, W-, !r- , s>.;r'.K; j 131;'..-.! — — — — 

'.7 r 20 i.. .. — — — — 

25 |:tes:-.‘fiTrt«: - .! 31 tU4 «3 20 45 

7 ;, Iji 7 - 5p 10 1. — — • — — 

23 iS:_ ; 36 — - - - 

lb - 17 .. $0.94 31 8.4 54 

80 - < 105 ... L*u\V 3.0 77 5 5 

44 ka.-T-' -:>•! 73 j . . 10 loo 21 73 

13 Ipla'iii'j 1-4 . 19-!.. .1-65 13132 90 

13* lAsFaa...^ - 27 (-1 Os 4 7i 33ho2 

173 [Ur.V.-r-r.^ 1 97 < . tl 25 4.2 1 El 141 

J1Q4 ;•>' ! 123 1-2 3 46 3.7 4 3j 89 

53 Ij'j • !'» .* .■'.J 72 ' L>b8 2.4 14 42 0 

43 y.r :? ' 50 -1 75 92 11 i 71 

UW20 M’.-Mr. ! £11 . |WS!;b - 66- 

| 14 26' 3 3 07 32 >17 2 

230 Ti 315 I ... j - - - - 

lOli If'itlTiSt Iv: . • 14 1 . I — — — — 

life p^inuri*- 30 ; ti o 3U sou? 

■167 1216 1*1 lb 81 3 5! 4 3 91 

V.£43*<j?K»-r'. .' 1 £58^1--; «4 # o - 5.0l - 

" ’0 k .. ' lO 1 ;' 0 43 1.0 6 9 21.1 

eg k*i 4 User. ‘N .1103 . 3 02 1.7 ' 4 5 20.0 

•43 SZ Zf*i tts-.l £55 ... ttf.25 — I ®| - 

51 iSmShEw* — i 56 ... 14 91 2.1113 J a 9 

.&hnPdcHH3bC ffkjf ... . - -1-41 

£27:J.M!t:F.=.WlCe. £4 SmW Q22-* - 6H - 

S 900 Me TvL :r £10** iW3 <E 16* 7 * 

i 24 hUstn. ScieR-Sip. 26 .... 2.1' 12112 2 10.7 

1561- tanaBufrri. 56 J138 3 7| 37109 

I 68 KuleCap.a IP?— 68 1 j 9 3 8j 3 1 B.8 

, arjr .escc" 

.i-.Mflre-f i»J 

I 20 ib jir.-.erlsevC-. - ] 
120 80 - 1 : 
£0 44 

22 18 (plu-iiib !■- . 

19-4 13:,;^-.'::.. ■■ -A] 
30 13 «AsFaa... r ;- - 

“9 ! 73 [Ur. Mvr-r.jt.' 

125 104 M 4> 

73 53 •• - 

74 43 Wi-.r -:'r r? 

L1.V920 ‘JJtfMrin.'j! 

IS ! 14 

330 200 '7 : 

14 '“'•j ftaaBat'.:? - • 

32 1 21 *:■ \Fj:‘- riXeiV ! 
217 '167 W-.-.r 5 Lis 1 1 
l£70^ ’ £-5 ^ [ rre*- r ■' 

I 11 10 s fiwe*k7- 
131 90 SrAfiJflK. - 1 .. 

151 £43 |sz:i^|K 3aa... 
6l 51 {South Er.i* ...i 
9 74. rsfhaP-cHSfc 
£49-’. £27:. «st:F.a»“0C. £ 
£10’-' 900 hn« MjcTvL'-r . 
28 • 24 msm. 

56 j 561; jw«<* <£ M . 

87 j 68 |\uleCap.a!P?— 


The Nomura Securities Co.; Ltd. 

Berber Surneopi Hail. MonLwrll Squire, London Kjl', 
Lontion EC:ti BL Pnone fQII CC6 341 1. £253 

1978 | 

High l/m . 

Ml NES— Continued 

1+ er tor. 

Price { — Vt 

Z10 [155 iralronKhiitk' 185 I . . . Q50c 1 3 2s] 

25 [15 Rhil'nluTp-lP-p. 15 j .0 56 7.1 5 : 

80 52 Jftun Con*. H 78 -2 — ~ — 


1« 66 76 -2 - 

162 134 Sr.LfcrceoICp. 154 6.74 

892 720 2riL Petrol cl s.1 866 -2 22.10 

76U 70 IwS'.Pf.-l- 70 .. 5.6** 

72' 42 EB.-sa.NCr.. 66 -1 _ 

Lai f£51 to.F;U5:95 £60 

£11'; 638 n-.'.FN" . 850 *37 - 

5»v 99 Crc.:ul> Ibis - . 57 2.63 

30 21 rritcrriSE? 23 *1; H 

E23 E12V C:err Petnjle.3 . £22'; 014 Hr 

450 362 nilaKiMil .._ 450 . — 

149 Ho t. .'vtu* Petrol i! 133 -2 2.00 

23 JEMeaioaVt. 18i 2 . - 

36 2? KL’A ‘ 25 0.1 

190 134 iLUiJS.' _ - J 158 *2 - 

lin:. £.100 IHi* ■ £M2l : *b Q14"l 

31a 233 lL»£5!.r iOp 356 -2 — 

26 13 i _24 -1 i — 

306 273 !»*&tf.isp. . (238 -6 2.21 

175 122 [Tan c MnyiU5Cp ... 

90 78 Lm.Pro.S0D 

162 -3 Q1Q10 

» • ■■ -jar; 

41 32 jv.ankieCc4.Rbl... I- 36 . .. ... lQ7» : c 

lot; [. 10 tZnaLCL'rj8D0Z4.- 

251? -1 I - |-|- 

\lU 30 

15 6 6(14.3 
4 2 39 94 
5W- 12.1 - 


0 72 6 
- - 59 .1 

1 9 7.9 9 8 

66 L2124 

«. 0b C 

~ tX* - 

30\ 1.5)33.7 ?■? 

9 £35i,(S-.: Dai.bRA [ £45 +i« (p ?T1’. Z4 5 9 7.! 
0 455 k«::eRer. . . 580 -30 - - - 

6 |4gJ IsrJlT^ir- ?£; j 554 -6 157^ 41|43 5. 

5£o |4gJ anejlTnc.' 1 554 -6 15 / 

b9 I 61 rtrjfil 61 . - 4 9*k 

444 |I‘2o «*.*»•»■' a •£: * 358 -22 — 

£M £55 'Te-TO«.‘*Lir. £581; -li Q4W 
15b 130 tTrwccwl. -. 178 -2 1 32 1 

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24 ^maLN:aeria. 

240 A'erHnamSMl 
45 Sera It Tm . 

200 BerjuntaiSMl _. 
Ill Cm«. - 
Si, iloldiBarfiS.'p. 
220 OopenuCor.sL .. .. 
130 . 

78 Idris in?.. . — 
20 JjhMr llj . 

68 Kaomrdins JMi'i.iO 
450 lUUin shall . 

280 Malay towns: 5M: 

40 iPsbaiu; 

50 Peoakalen lCrp .. 

165 PstdineSMt. 

49 Sauf Pi ran . 

47 South CToitv \pp . 
140 South KuUj Sili 1 VI 
230 Sthn Ualayan SMI 
134 Sun^ei Besi 5MI 
55 Supreme Corp 5M! 
85 Tanjona lip . 

148 TronohSMl 

. t: 51 1.6114 g 

fn ' C SSlflS 

2-SS* 14 sf 

2.3 26 5(30' 

1.7*12.2 f59i 
<h 83 4- 
35 37 85 
7.5 6.5 3.1 
75 6.9 2.9 
15 ; 57 

F3 34 185 

4.4 4.7 70 
« 8.2 « 

10.2 18.8 - 
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100 [70 [Messina fWid. 99 [-1 |JQ30c| 1.9| * 


17 I 9 IBuima Mutes. lUjp ] 15 |. .1 — 1-1 — 

3C0 |«120 {Cons. March. 10c . 230 -5 Q30c 26 7 8 

440 245 N’onhgaiecsi .. 440 *25 - -1- 

22B 164 RTi . . . 

4o>i 30 Sahinalnds. C51. 
£12 750 TaraENtcn SI . 
45 43 Tehidyifinenhicp 

228 95 2B 6 3 

41+5 - - - 

£UU -h - - - ( 

43 133 * 4 7 


Hi&b Ltrw 


m| Stock | Price | + -“| N«' Icvtlir? 

167 .)120 huhmiCoJis CS1 .. 167 1 | <&c 1 2.9j iO 


Western DeepR2 

LbIcbb otherwise indicaled. prices and net dividend* ore In 
4-2 penae and de-oaminatkrns are 35fL Eathailtd pricejcaramsa 
59 ratkM and corns are Wonl oa latest ananalrepatu and »re«a«Uo 
— wad. wtaeie ponlUe. are updated on half -vearly Heukl P/Es are 

5.1 caknlated on the bakls a I net distribution: bracketed flKWe* 
I 8 Indicate 10 per cent, or more difference V cafnbM on -nlT* 

5.0 dlatrlbndoiL Caters arc based on ■maximum - dlstrUmlhm. 
Vj Yields are based on ntludlc prices, are Kroon, adjusted 10 ACT of 
t"g 3d per cent- and allow for value of declared distributions and 
Vo rights. Securities with denominations other than sterling are. 
I S quoted Inclusive ■( Ibe investment dollar premium. 

t Sterling denomlnmod MtvmiM which include iru-esltnent 
4.j. dollar premium. 

4.9 • -T«p ■ Stock. 

45 .Highs and Lcn*i. marked thus have been adjusted to allow 

4.7 lor ngM? Issues for ca.vh 

1.4 t Imeritn since increased or resumed. 

4.7 t InK-nm since reduced, passed or deferred. 

3.2 l* T.v-froe lo non-residents on, application. . 

* Higure-s or report awaited, 
ft Unlisted security. 

* Pnce at lime of suspension. 

9 Indicated dividend after pending scrip and or rights issue: 
cover relates to previous dividend or forecast. 

• ~ Free of Sump Duly, 
t Mentor bid or reargamsation in progress. 

69 4 Not ..'Otn parable 

fi.l 4 Same Interim: reduced final and/or reduced eurnine* 

9.0 indicated. 

ILL f Forecast dividend; tower on earnings updated by Latest 
M) inienm smiemeui. 

477 Cover allows for conversion of shares not now ranking fur 
eg dividend? or rattLinA only for restricted dividend, 
cq t Cover doe* not allow tor shares which may olsu rank for 
.?■? dividend at a future dale. No P.’C ratio usually provided. 
x i 4 Evciuamg a final dividend declaranon. 

?■? * Regional price 
*■1 II No par value 

a Tax irtre. b Figureo hosed on prospeents or other official 
esUncitc. c Cent* d Dividend rate paid or payable on part 
,, of capital, rover based on dividend on full capital: 
■4'b r Redenipcon vti-Id. I Flat yield g Assumed dividend und- 
yield b A- vumcd dividend ami yield after scrip issue. 

J Paymcrn from capital sources, k Kenya, m imenm higher 
than previous lolnl n Richis issue pending 4 Earning' 
based on preliminary figures r Australian currency. 

* Dividend and yield exclude J special OJjmtent l Indicated 
dividend- eater rclaici to previous dividend. P.'E ratio based 
on laivsi annual earnings u Forera« dividend: cover based 
on previous year? earnings v Tav tree up to Pdp in ihe t. 
w Yield allows for currency cl«u«e. >• Dividend and yield 
based on merger terms 1 Dividend and yield Include a 
special payment- Cuver does not apply to special payment.. 
A Net dividend ami yield B Preference dividend passed or 
deferred. C Canadian f» tTover and Pi E ratio exclude profile 
of U K aero* pare subsidiaries. E issue price. F Divlden-l 
and 1 icld based on prospectus or wher ofricial estimates lor 
1RT7-T8. C .Vuumed dividend and yield alter pending .scrip 
and, 'or Tights issue H Dividend and yield based on 
prospectus or other official estimate* for lSTO-TT. R Figures 
based on prome-'tus ur other oUlciai ejumulra ior tBTS. 
M Dividend and yield based on prospectus or other official 
estimates lor ISTK N Dividend and yield based on prospectus 
or other official ertimaie* [or 1879. P Diridead and yield 
bawd on prospcv-ius or other official estimate- 1 ; for 1977 
Q Groir-. T Figure*; assumed. U No vignil leant Corporation 
Tax payable. Z Dividend total to dale & Yield based on 
aoumrlion Treasmy BUI Rate stays unchanged utuil maturity 
o! stock. 

Abbreviation.-- dev dividend: a ex sc np issue, rex nghL'.acx 
all: dt ex capital distribution. 

*• Recent Issues " and ** Rights ” Page 40 

This service is available lo even' Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


The follu'A ing is a .-election of London quotation-- v-f .-.hare v 

f irev touslv li'led only in regional market-. Pt-ivi-.-- of Irish 
saue-: must of wh-.eii are not Otfivlally lined in London. 

are as quoted on the In»l 

AJbanvlriV Ltip 23 
Ash SpinniiiK 4a 

Bortoni 22 

Bdg'r.V Em Kip 26fl -j 
Clover t'ruft — 23 -1 

Craic & Rote £ 1 420 

Pres, sievp ?uc 
SL Helena Rl. 

Dyson 1 R A.' A. 37 
Ellis iM.-Hd.v-. 62 

Eve red 16 1 : 

Fire Foret* 50 

Finlay Pkfi.^P ,23 
Craig Ship. Cl 150 
Hi»un.s6rew ^52 
I 150 
Holt >p .. »65 
N'thn tioltlsnutli 54 
Penrcct*-". H.i . 158 
1’ecl Millf. 2? 
Sheffield Brick 46n 

23 -1 

1*4; . 

50 . .. 

23 -1 

265 . 


Stndall 1 Win 1... | 

Conv. »“.•£» 82 £90 i- 
Alliance Cas . 73 

.-\rnon. .. 346 

Carroll (I* J.'. . • 90 

OondalKIn 98 

Cun r re to prods 133 
Helton iKldgs ' 41 

In?. Corp 148 

Irish Ropes . . . 130 
Jacob . ... 68 

Sunbeam 34 

T M 0 373 

l-mdarc - . 90 

£37 l a|£30 Ando- Amir, 1 50c 
64 BscnpjgaiePli I0r. 
285 Dep?er? Df.5e_— 

*2 925 Do 40pcPf 35 

74 54 Utdennur? iSs; — 

3,0 \ 1.91 8,41 8.81 98 70 foaPiaiiCc 


U.S. shipping policy 
hits trade relations 


DIFFERENCES over shipping 
policy bave caused a deterioration 
in trade relations between the 
U.S. and 13 Western nations, 
including Britain and Japan, 
after the failure of talks in 
Washington last week. 

The talks, organised by the 
inter-governmental Consultative 
Shipping Group chaired by 
Britain, were aimed at resolving 
a growing conflict over U.S. 
shipping policy. 

Legislation now before Con- 
gress could result in a ban in 
U.S. ports on all shipping which 
did not conform with U.S. law. 

Mr. Gerald Lanchin. Under 
Secretary, shipping policy div- 
ision, Department of Trade, said 
in London on his return from 
Washington that the anti-rebating 
Bill before Congress could 
seriously barm the sovereignty 
of Western shipping nations. 

If the Bill became law, as be 
thought likely, it impact would 
spread far beyond shipping and 

Rebating of freight rates is 
practised by some members of 
Western shipping line con- 
ferences. which share cargoes 
and pool revenue. It is not 
illegal in Europe but would 
become so on all shipping using 

Fulmar Field 
go-ahead for 
Shell and Esso 

U.S. ports if the proposed Bill 
becomes law. 

Members of the Consultative 
Shipping Group wanted the anti- 
rebating Bill suspended pending 
the outcome of a review by 
President Carter of U.S. shipping 

U.S. Government officials 
refused to delay tbe Bill and it 
is likely to become law by 
November. The policy review 
will not be completed for at least 
six months. 

The group also presented the 
U.S. authorities with a list of 
complaints about the spread of 
unilateral U.S. jurisdiction 
beyond its territory. 

This included references to 
U.S. policy on closed liner con- 
ferences and shippers' councils, 
both of which are not permitted 
among U.S. shippers. 

Mr. Lanchin said yesterday 
that relations between the U.S. 
and the 13 shipping group 
member states were "more un- 
satisfactory now than they have 
ever been.” 

Tbe meeting in Washington 
was not expected to produce a 
definitive response but the 
delegation had hoped to “tie tbe 

U.S. down to Arm discussions to 
this end.” 

Members of tbe shipping group 
bad also hoped that an . interim 
period could be agreed with tbe 
U.S. during which, no action 
would be taken to aggravate the 
difficulties facing the 13 shipping 

While agreeing to continue the 
dialogue, the U.S. would not 
make a commitment to work 
towards a mutual solution. The 
U.S. wanted to keep every option 
open, including taking unilateral 
action, Mr. Lanchin said. A 
further meeting may be held 
before Christmas. 

Disagreements between the 
U.S. Federal Maritime Commis- 
sion and the U.S. Department 
of Transport, with the latter 
more in favour of a lenient 
stand towards the interests of 
Europe, stopped the UB. pre- 
senting a consistent case to tbe 
delegates. “The U.S. now has 
no coherent shipping policy,” 
Mr. Lanchin claimed. 

Retaliation by European and 
Japanese shipping interests is a 
possibility and the U.S. State 
Department is known to be 
worried about the implications 
for U.S. foreign policy if the 
anti-rebating Bill goes through. 


SHELL AND ESSO have been 
given approval by the Govern- 
ment for their £S00m plan to 
exploit the North Sea Fulmar 

But for the first time a 
major field approval is limited 
to the end of 1983 in line 
with the Department of 
Energy's new policy of allow- 
ing field developments to' go 
ahead only on a staged basis. 

The companies participat- 
ing in the development also 



rams >\ 


Energy Agency seeks greater 
effort to limit oil imports 


THE 19 nations of the Inter- 
national Energy Agency will fail 
to meet their own target of limit- 
ing oil imports to a total of 26m 
barrels a day in 19S5 unless 
several nations — the U.S. most 
conspicuously — greatly increase 
their efforts. 

This is the conclusion of a 
report from the agency's direct- 
orate of energy research, deve- 
lopment and technology 

The report to be published 
next month, warns that, although 
the target of 2flm barrels could 
still be reached, it will not be 
possible with the present level of 

Too many national energy pro- 
grammes still lacked political 
and legislative support, as well 
as tbe support of the public. 

The report singles out the U.S. 
as an example of a country 
which had not only failed to en- 
act its energy saving legislation 
but whose efforts could do most 
to help the agency meet its 

Other factors seen as import- 

ant are greater efforts at energy 
conservation — all nations could 
do more here — the replacement 
of oil for electricity generation, 
the increased use of steam coal 
and natural gas, and no further 
slippage in nuclear programmes. 

Without considerable nuclear 
power, however, the target is 
seen os unattainable by any 

Present estimates — based on 
1976 figures and 1977 energy 
policy data — suggest that the 19 
nations will collectively over- 
shoot their target by 3.2m 
barrels a day in 1985. The study 
warns, however, that even this 
estimate could be 10 to 15 per 
cent too low. 

The agency’s member-nations 
will be called to account for 
their contribution towards the 
target figure in another year's 
time. Net oil import projections 
for 1985 have increased in com- 
parison with tbe last (1976) re- 
view in the case of several 
countries, including the U.S. and 

The first of five areas, in order 
of importance, in which the 

agency believes that its member- 
nations may have over-estimated 
their capacity for reducing oil 
demand is energy conservation, 
where some have still not 
adopted all the measures they 
had planned. 

The second area is nuclear 
power, where almost one-fifth of 
the stations planned for 1885 
have not yet been committed. 

The third area is oil produc- 
tion, where leasing and pricing 
policies in some countries may 
adversely affect projected levels 
of output. 

The fourth area is gas imports, 
where the agency finds that 
balances submitted are not 
always supported by firm con- 
tracts. And the fifth area is coal, 
where a (comparatively small) 
fraction could be at risk, and 
where some countries are delay- 
ing investment in the necessary 

The report says that Britain 
has submitted ranges rather 
than specific estimates for oil 
and gas production “ and only 
the lower end of the range 
might he achieved.” 

^2™ ' 4-- 

jg v WEKORSK 1 

ttHBKJSl' ' a? 1 


*T fist 

Include Amoco, Mobil, 
Amerada, Texas Eastern and 
the British Gas Corporation. 

The companies have been 
given a special consent which 
guarantees their right to pro- 
duce from the field until 1990. 
But the Government is insist- 
ing on Its right to review the 
development programme after 
the initial build-up of produc- 

It is particutarly keen to be 
able to monitor companies* 
North Sea operations in the 
later stages of a development 
to ensure the maximum 
economic recovery of oil from 
a field. 

The Shell/Esso development 
plan calls for the construc- 
tion of two steel platform, one 
large structure and a smaller 
jacket which will . incorporate 
four satellite wells. The two 
platforms will be joined by a 
100-foot steel bridge. 

The platforms will provide 
an important boost for the 
UK’s steel platform industry, 
which tas been running short 
of work. 

The order for the smaller 
structure should be announced 
later this week- and is expected 
to go to the recently revamped 
JEtedpath De Groot Caledonian 
at its Methil yard in Fife. 

The order for the larger plat- 
form, also expected to go to a 
UK yard, should he placed 
later in the summer. Shell said 

The Fulmar Field lies across 
. two blocks — 30/16 and 30/llb 
—about 200 miles east of Dun- 
dee. It is a small- to medium- 
sized discovery with recover- 
able reserves of oil estimated 
at about 70m. tonnes. 

Tbe platforms are scheduled 
for installation in 1980 and the 
field is planned to begin pro- 
duction In 1981. The addition 
of the smaller second platform 
should ensure a high initial 
output of about 100,000 barrels 
a day. 

Production will rise to a 
peak of about 180,000 barrels 
a day (8m. tonnes a year) and 
will provide about 8 per cent, 
of Britain’s present daily oil 

The field is one of a number 
at medium-sized discoveries, 
which should enter production 
in early 1980s. With planned 
development such as the 
Magnus. North Cormorant and 
Beatrice Fields, it should help 
guarantee the UK self-suffi- 
ciency In oQ through to the 

The oil will be produced 
through an offshore loading 
system and stored in a large 
super tanker (VLCC) moored 
permanently at the field. It 
will be brought ashore by a 
shuttle of three smaller 70,000- 
100,000 tonnes tankers. The 
moored tanker will be capable 
of holding about one week's 

This system will be assessed 
in detail by a certifying 
authority before production is 
allowed to begin, the Depart- 
ment of Energy said yesterday. 
It bad been carefully examined 
for safety and environmental 

By the end of 1979 Shell will 
bave committed about £4bn to 
North Sea oil and gas develop- 

Fulmar is the sixth oil dis- 
covery by Shell/Esso in tbe 
last six years. Its fields account 
for about 30 per cent of the 
UK's proven offshore reserves. 

Metal Box's second half has resisting -the- old XRS 

turned out a little better -than T n< W fell 1 0 to 474-5 And- though Redattaiid CobhaS 
generally expected, but-feex$ * was- glanted. m.eacemptrott.byi 

luimgu awRiu ann u wmaa j 

was-gianted. m.eaceatiptrott.byi J/if 

the IRS one of the : conditional ft I « I 
for this was that, the ‘DarMtflli l>7 

-been the critical ’iactorr Tbe* ‘- 1 
I:' erig^ed'firiHSofiUjSira^uDt-j ,'!• : 1 
i .ant?- and. ^wyer?X®oiy^ feeti *: . . . 

: T caste 'that, aiv . : multixsit£qtia3s, if-. ; ' - • 
.4'wbuld; : - 1 

to observe % - 

.javra : " home'^a^ujiisi. ^e'rlRs: - 1 

Most pay deals within 
guidelines, says CBI 


Council revenue plans run 
£500m ahead of target 


THE FIRST comprehensive 
return of local authority _ 
budgets for 1978-79 shows that' 
local councils In England and 
Wales have provided abool 
£500m more on revenue 
account than the Government 
allowed for when this year’s 
rate support grant was set last 

This is equivalent to au over- 
run of about 4 per cent 
But local authority leaders 
do not expect ministers to call 
for compensatory spending cuts 
as in the past two years. 

This is because part of the 
excess budgeting reflects extra 
provisions for cost inflation or 
increased revenue financing of 
capital spending, and the pros- 
pective overshoot in volume 
terms in revenue expenditure 
proper is relatively small — 
only about 1} per cent 
They say that it could In any 

case fall to materialise if 
delays and other forms of 
“slippage” again cause local 
authority revenue spending to 
undershoot, rather than over- 
shoot, as happened last year. 

An analysis of the figures, 
which are compiled annually 
by the Department of the En- 
vironment and the Chartered 
Institute of Public Finance and 
Accountancy, shows that about 
£2 00m of the £500m excess 
budgeting is attributable to 
local councils’ caution about 

A further 1100m arises from 
a greater revenue contribution 
to capital spending than White- 
hall had assumed for the rate 
support grant settlement 

This leaves a prospective 
overspend in volume terms of 
about £200 m on total spending 

for rate support grant purposes 
of just over £12.5 bn. 

Commenting on the latest 
figures, an editorial in 
Municipal Review, the journal 
of tbe Association of Metro- 
politan Authorities which 
represents local conndls in 
the big English cities, says that 
local authorities deserve a pat 
on the back for managing to 
get so close to the Govern- 
ment’s targets. 

But, while Ministers are not 
expected to take punitive 
action against spendthrift local 
councils, the figures have not 
been received with complete 

There is concern too about 
the possibility of at least part 
of the extra provisions against 
inflation seeping Into actual 
expenditure If the provisions 
are not required. 

Access and Barclaycard admit 
pact over petrol stations 


ACCESS AND Barclaycard, the 
credit card companies owned by 
the clearing banks, have admitted 
operating an agreement which 
should have been registered with 
the Office of Fair Trading. 

Access and Barclaycard made 
a pact that petrol stations which 
charged credit card customers 
more than cash customers would 
lose their franchises, as was 
stipulated in their franchise 

It contravenes restrictive 
practice legislation for competi- 
tors to agree terms without 
registering the pact with the 
competition authorities. Custo- 
mers who have lost money as a 
result of such an agreement can 

sue for damages in the civil 

The disclosure of tbe credit 
card agreement is likely to be 
more embarrassing than finan- 
cially damaging to the hanks. 
Both Barclaycard and Joint 

Credit Card Company, which 
operates Access, have individual 
agreements with their garage 
customers prohibiting them from 
giving preferential treatment to 
cash customers. 

The joint agreement, dis- 
closed yesterday, was intended 
to reinforce the individual 
agreements when petrol stations 
were rebelling against this 
clause in their contracts. 

The Monopolies Commission is 
already examining the relation- 
ship between the credit card 
companies and their franchise 

The investigation was partly 
prompted by complaints from 
garages about the credit card 
comps Dies' insistence on their 
charging credit card customers 
the same price as cash buyers. 

- The commission is looking par- 
ticularly closely at this aspect 
It is believed the agreement 
between Barclaycard and Access 

came to light during this inquiry- 

In March Barclaycard volun- 
teered details of the agreement 
to the Fair Trading Office. Tbe 
pact was formally ended but it 
still had to be put on the Register 
of Restrictive Practices. This 
was done yesterday. 

The agrement, which was not 
put in writing, was made in 1976 
after the outset of the petrol 
price war. Barclaycard and 
Access bad been receiving com- 
plaints from card holders about 
petrol stations which were giving 
big discounts on petrol only to 
motorists who paid with cash. 

Petrol stations have -long 
argued that with profit margins 
under pressure they cannot 
afford to pay the credit card 
companies a commission and 
charge card holders the same 
prices as cash customers. Many 
have in any case reneged on the 
agreement with the credit card 

ABOUT 9.89 m people have 
accepted Phase Three pay deals 
which will add less than 10 per 
cent to employment costs, the 
Confederation of British 
Industry will tell Mr. Denis 
Healey, Chancellor of the 
Exchequer, today. 

The statistics, from the CBFs 
pay data bank, will provide some 
comfort for Mr. Healey in his 
discussions with the confedera- 
tion about pay. 

By * May 25 the CBI had 
recorded 1.340 Phase Three 
settlements of which 86 per cent 
were within the 10 per cent 
Government guidelines. Another 
13 per cent — involving roughly 
1.5m people — were in tbe 11 to 
15 per cent range. 

Included in the overall total 
are lm workers covered by 458 
self-financing productivity deals 
which generally- add between 5 
and 10 per cent to earnings. Half 
these productivity deals were 
linked to Phase Three settle- 

This leaves only i per cent of 
settlements wildly outside the 
guidelines. Neither the CBI nor 

Continued from Page 1 


priced imports from third 

When the Council of Ministers 
meets tomorrow, member 
governments will ask Viscount 
Davignon on behalf of the 
beleaguered steel industries to 
take further action to stabilise 
steel prices in Europe and to 
stamp out underselling by some 

Some countries, including 
Britain, will ask specifically for 
action against Bresciani. the 
small steelmakers of Northern 

The unstable relationship be- 
tween prices and production in 
the European steel market will 
also be raised at a meeting on 
Wednesday of tbe consultative 
committee of the European Coal 
and Steel Community in Luxem- 

The steel companies in Britain 
and in the Continental member 
nations of the EEC are in broad 
agreement that the Davignon 
Plan, which has helped restore 
a measure of stability. into Euro- 
pean steel trading in the last 
six months, is in danger of being 

Steelmakers are saying that 

the Brussels officials are anxious 
to achieve results by holding 
down the tonnages of steel made 

In the opinion of the steel- 
makers Brussels should be act- 
ing much more firmly against 
price-cutting by some EEC 

the Government expects the 
final weeks of Phase Three to 
see any significant change in this 

The CBI wants more flexibility 
in pay policy after Phase Three 
ends on July 31, although it 
stresses that moderation is 

So far. it has not given any 
particular percentage increase it 
would like to see during the next 
stage of the pay policy. 

It believes any “minimum” 
figure tends to become the norm.. 

However, the CBI will demand 
an end to government-imposed , 
sanctions on companies in 
breach of a “voluntary" pay 

For the long-term, the CBI will 
return to its theme that a basic 
reform of pay determination Is 
needed and that, as a start, it 
might be a good idea fora Select 
Committee of Parliament to he 
set up to look at the subject 

There have been unofficial in- 
dications that neither the Prime 
Minister, civil servants nor the 
unions would be in favour of 
this approach. 

was still a fall of almost a fifth the ns one of fee : «nditm.ia|flS^L 

in UK pre-tax profits for the ■- . for this was that fhe partSIjW 

period, and despite ... slightly- 

better overseas returns ■ the U-S> subsidiary’s, botrowings. ^ 

group total is down from fi^S.lm :V:-'WBile UIt compani^tiffeeted C 

to £55Bm. MB has been. dogged- 'Bayer ifeffp ti ft a n n ^i n g ffl^ir'de-'ll/ 1 jhJ 

by various problems. ^l-TPoor - „ s£ll _S* . mantis for a 

weather, hit demand for bever- “ Is “IS r requirement throu^ittiie_Engtislj ^ 

age rang last summer, .and the. 1 If / Institute oTChartffl^''Arcount; ; 

big fall in price of fresh veget- U H. ^'date, it looks- as? { 

ables affected demand for food. | [W_ .jreeenr htifotife^y^gEoap . 

cans and also the group’s frozen n If -■ 

food cartons. Meanwhile the in- 3J; .nw^h ati.maaib^nar-.havey 

troduction of new technology fe Io JbI been fe» Critical factor.; The* 'ji.-.--' 1 

the shape of two-piece cans led SwbSiBIB employed firms account: 

to a series of labour disputes, ‘• ■HOME and feeitfc: 

the worst of which ||' - 

cautiously hopes are now over. 'would. o£ uxrfafr^ 

Overseas the picture has slightly gj, ffl 6 to observe >. - 

been more favourable, and sig- " Tmn / . ^ home aeoounts. LThe’rlRS 1 / 

nificantiy a two-piece manufac- —and it is still •; '. - 

turing line has been installed j£n Tenneco’s mooted: offer : a£ least. 3(1 j^x^t pf tfieir opto ^ 

Italy without trouble. ' And Albright is oh - 

There should be scope- for a the view. that its profife ^;hb aw£ntiy r cap lffiir:- -. " 

useful improvement in- ' UK little changed this yeasCvil -- ' - in.’ their ccmspIiaatfed 1 ;Ta'ecoiuru v , 
profits this year, but the jgroup . However,- Tenneco does- no t ; suggests; ti*at fee. , Swftes- 'weri.~r - 
not yet seen any significant want to look like a ; beastly^ rimy, persuasive^ ,7 r ’ 

upturn in demand aud it Is multinational, preda tor, -. ^nd . - 

plainly nervous about: -what seems anxious to keep talking LullHIQl^rS flOfiter. _ ' 

could happen in the next pay. on a friendly basis. If it proves. tfijnff 

round. The share price;of 308p impossible to agree terms, its j ^ ‘ r 

allows for this, with a yield .tf belt bet may be to coini- out r 

7.5 per cent and a p/e (£h& with a formal offer atl65p and 

year glamorised by E ti m* of leave Albright to make its casei^ ^ -SSTS aS^l^^uJS' - - 
only 4.8. - . - . Tough tactics, such as a market - 

»22 flirt* S’iSTnE'Sit™ 7 0Bly **■: - • 

ment with Continental .Gan will LIFO /FIFO Switcfr W ^' h _ n ^ h eoftdderahrt ■ - 

from British companies, wife: DU.S' cheaper in terms of S*s^o3js$T 

markets (South Afrii 'NigeriT mbsidiares wUl no longer, have -a syndicated mediunMerm bmii! -,:, a 

Italy ete.) to hteher grade t0 value U '®‘ mvent ones - in loan. Edinburgh, reckons thatgft' ^ ‘ “ 

territories of whichthe 'first i«! consolidated accounts on on balance it is. not iosingoijt — 
California. There could also 111 ® conrervative last-m- smc^ 

however, be a move by Conti- O^O) basi^lov^ jt would mow liave^ad ^c^::.; - • 

nental into the UK Elsewhere a change of poUcy witfuMhe -cede a. slightly , higher margin^- : 
the group says it is happy with Americaa Interred ItevenueSer- than fee standard f of .a Pjtt*: ^ . 
its central heating business, hut vice - As » result ’ companies centage pomt on stock issues, V: • 
is looking for further di^rslffca- s° eh “ B°C .tot^raatipfial. Even' w-ther syndicated lw|i= . 
tion in other sectors to the tune Stone-PIatt . Industries - and ton .fCUl'.- looks * far / . 

of anywhere between fflOm. and Tootal need ,not face qualified flexible instrument.,: There. 3s- . 
£10Qm. That is quite big talking audit rejmrts for fading: to no need.To queue up at. ^Jr . .. 
for a group capitalised at un«ki comply with UK stock valua- Bank- of --England., the. lp^, : 
£200m, and could imply B tion rules.'- They can simply use authority can choose - 

degree of pessimism about 1 ' 1 *’ 0 ’ if -tbey wish, in theirU5. down dates and deadeTo^g^^i 
longer term profit prospects in snbaidiary. accotmts and adjust pay .fee loan ahe?^ of sfeedm.: