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iaKsiff in Reinforced Concrete Design 
Wc Suppliers of Reinforcement 


No. 27.503 

Thursday July 6 1978 

s *l5p 






9 % 


ce steadier 

ay rise a 8 a * ns * 

j D-Mark 

Jt. • THE DOLLAR remained 

* nervous on the outcome of the 

■ EEC summit at Bremen. But 

pemen should get a pay rise pressure eased, and it improved 
■gins more than 40 per cent, against the Deutsche Mark and 
■ "the Lord Earn und-Da vies 
rt now being studied by the 


ie Government had hoped to 
an initial 10 per cent with 
e money phased over two or 
e years, but it is likely that 
lore generous formula will 
» to be found to satisfy the 
te Federation. 

(bisters are expected to 
os, when the Government 
jsion is announced later this 
ith. that the police are a 
'dal case and that their pay 
rd should not he taken as a 
ieline for other public service 
-claims. Back Page 


for Mrs. Thatcher 
in election battle 


Mr. Edward Heath pledged last night to do his utmost in the forthcoming 
election campaign to send Mrs. Margaret Thatcher to Westminster as Prime 

to lost 

Egypt peace 
plan envisages 
role for UN 

By Richard Evans, Lobby Editor j OUR FOREIGN STAFF 

lana changes 

ina's head of slate, Ignatius 
. leampong, has resigned and 
succeeded by Lieutenant- 
leral Fred Akuffo. chief of 
ence staff. General Acheam- 
• ig bad survived several 
■mpts to unseat him since he 
ie to power six years ago in 
tloodless coup. 

3AF base 

• RAF airfield at Fairford, 
ucestershire, is to be made 
liable to the U.S. Air Force 

. ' use by a KC-135 aerial tanker 
;rafl squadron. Jlr. Fred 
ley. Defence Secretary, said 
t the decision would cause 
noise and pollution to the 
i. Back and Page S 

-C report 

• Greater London Council 
old broaden ite role as a 

• tejfic authority, says a report 
•Sir Frank Marshall rormer 
ler of Leeds City Council. It 
>ui mends Uiat the GLC should 
? ever some Whitehall func- 
ih and hand over some day-to- 

. tasks to town hulls; Page 6, 
torial Comment Page 18 

ade defeated 

•cm ia Wade was defeated, 
fi. 6—2 by Chris Evert in the 
mbledon semi-finals. Evert 
1 play in the finals tomorrow 
linsi Martina Navratilova, who 
it Evonne Cawley* 2 — 6, &— 4. 
■4. ilie Nastase has decided 
t to appeal against his three- 
mtl* ban. He will also pay the 
.700 fine for persistent mis- 
baviour. Page 7 

anker protection 

ancc has quadrupled Uic mini- 

am offshore distance for oil 

nkers passing its Atlantic 
ast. rt will also have one of 
e world's most powerful tugs 
i standby off the Brittany coast 
r future oil tanker cmer- 
incies. Page 2 

ront defections 

lie Rhodesian Government said 
lat the reported defection of 15 
smor Patriotic Front officials 
as a political triumph Tor the 
aalition in its fight for inter- 
ational recognition. Page 4 5 
ten and Hatters Page IB 

■Inzburg trial 

.ussiaa dissident Alexander 
iinzburg is to go on trial on 
fonday on charges of anti-Soviet 
ctivity. In Paris, 50 French 
uclear physicists said they had 
sked French authorities to find 
. post for imprisoned Soviet 
•liysteist Yuri Orlov. Page 2 

the Swiss franc. Its -weighted 
average depreciation widened 
to 7.8 per cent against 7.5 on 
Monday. Sterling lost 45 points 
to $1.8700. Its trade-weighted 
Index was unchanged at 61.4. 

• GOLD fell $1 to $184 1. 

•’ GILTS were easier at the 
long end. with falls extending 
to Government Seenritiesl 
index fell 0.28 to 6S.02. „ ' 

A EQUITIES were quiet, with ! 
investors worried about pay con- j 
frontation and the economy. FT | 
30-Share Index finished LI 
down at 452.0. 

O WALL STREET closed 7.10 
lower at 805.79. ■_ 1 

In doing so he ended more 
than three years of bitter and 
self-imposed exile since Mrs. 
Thatcher replaced him as Tory 
leader and took a big step 
towards ending the internal 
divisions which since have 
plagued the party. 

As part of the Fenistone by- 
election campaign, the former 
Prime Minister promised at 
Stocksbridge, South Yorkshire, 
in a speech which will delight 
Conservatives of every hue. that 
he would fight as hard as be had 
ever done for the return of a 
Tory government. 

“ Conservative voters can be 
assured," he declared in a key 
passage “that l shall continue 
to play my part and that the 
chance of leadership makes no 
difference to my determination. 
I wish Mrs. Thatcher every 
success. Together we must fight 
hard to gain the victory we all 

What is also significant is that 
for almost the first time since 
he was ousted in February 1975, 
Mr. Heath referred twice to his 
victorious rival by name, as he 
delivered a stinging attack on 
Labour and its record. 

| But. his return to the fold is 
; not without conditions- He gave 
ia pointed warning that in con- 
trast with the partisan Right- 
wing approach of which Mrs. 
Thatcher is frequently accused. 

the party should be middle-of-the- 
road and broad-based. 

- Stressing the “ moderate and 
fairminded " administrations of 
Churchill, Eden, Macmillan and 
Home, in which he had served, 
Mr. Heath continued: “That was 
also the purpose of wy govern- 
ment in which Mrs. Thatcher, 
and many of those on the 
Opposition front bench, were 
Ministers. 1 want to see the 
British people again represented 
in this way.” 


His wish to stay in domestic 
politics — and perhaps hold high 
office in a Tory government — was 
underlined yesterday as it 
emerged he had refused an offer 
from the Opposition leader to 
lead the first directly elected 
Conservative delegation tn the 
European Parliament. 

But, what will mean most' to 
the party is the enormous boost 
to morale. Labour, meanwhile, 
will lose one of its most telling 
arguments, that the Conserva- 
tives, under extremist leader- 
ship. are split hopelessly between 
Left and Right wings. 

Mr. Heath’s gesture will 
increase speculation that Mrs. 
Thatcher may recall Mr. Peter 
Walker, his erstwhile lieutenant 
and former Cabinet Minister, 
who has emerged as one of the 

most effective Tory critics of the 

The former Prime Minister 
gave a warning that the Tories 
faced a hard struggle to dispel 
the smugness exuded by Mr. 
James Callaghan. But a Con- 
servative government was in the 
best interests of Britain. 

Labour bad presided over 
record unemployment and infla- 
tion and a drop of 20 per cent 
in the value of the Pound. The 
economy had stagnated for four 
years and output today was 
barely higher than during the 
three-day week of early 1974. 

Mr. Heath demanded: “What 
has the Prime Minister to be 
complacent about? Wc must 
first recognise our real situation, 
not smother it. We must then 
try to recreate our sense of 
purpose' and re-establisb our 
confidence." i 

Last night Mr. Walker said he 
had never been in any doubt 1 
that when it came to election 
battles Mr. Heath would be 
pitching in harder than most on 
behalf of the Conservative 

Mr. George Gardiner, Tory 
MP for Reigale and one of the 
most- active campaigners to 
replace Mr. Heath as leader 
said: "Clearly Ted is throwing 
his full weight behind Margaret 
and Tory -policies. We all say 
welcome hack." 

no immediate steps beyond the 
U per cent National Insurance 
surcharge to recoup the revenue 
lost by the additional cuts in 
income tax achieved in May by 
the Opposition parties. 

Instead. Treasury Ministers 
will study tbe economic situation 
between now and November to 
decide what, if any. action is 
necessary to ensure that the 
public sector borrowing require- 
ment remains within the £8.5bn 

(Egypt yesterday published its latest Middle East peace 
'proposals. They are essentially a restatement or ha.-«ie Arab 
(demands, but are set within a different framework and invoKe 
]a supervisory role for the UN. Israel regards the plan a* 
.unacceptable, but is none the less virtually certain to send Mr. 
jMoshe Dayan, Foreign Minister, to London f««r talks with Mr. 
■ Mohaiumed Ibrahim Kamel, Egypt's Foreign Minister, Liter this 
I month. 

Basis for London talks 

CAIRO, July 5. 

the raising 

Srief ly . . . 

100,000 premium bond price 
roes to Leicestershire holder of 
Kind 7KT 6889S5. 

Vt least 340 Australians are 
suffering fro m food poisoning 
ifter eating Sydney rock 

The two-man crew died a 
Royal Aircraft Establishment 
Buccaneer jet crashed near West 
Preulh, Wigtownshire. 
NorlhampUm North Labour 
Party is to fable a motion rhat 
Mnu Maureen Culquhoun should 
not represent it at the next 

A cjutpisin to the Queen has 
been charged with ushi.4 insult- 
ing behaviour at Wimbledon. 
Israel has set up the Middle 
East's first camel clinic. It will 
provide x-rays, blood and urine 
tests for Bedouin tribesmens 

Chrysler strike 
goes -on 

ft .CHRYSLER toolmakers’ 
leaders rejected management 
and union appeals for a return 
to work in a pay dispute which 
has stopped Midlands production. 
The Government will be asked 
ir the claim can bo brought 
within the 10 per cent guidelines. 
Back Page 

urged the EEC Commission to 
consider radical measures to 
alleviate the Community’s ship- 
building crisis. The Community 
should be able to produce 
two-thirds oE its enriched 
uranium requirements by 19S0. 
Herr Guido Brunner. Energy 
Commissioner, said. Page 2 

e FRENCH TEXTILE magnate' 
M. Marcel Boussac reached agree- 
ment on the sale of his news- 
paper interests in his fight 
against bankruptcy. Page 3o 

blamed by Mr. Alexei Kosygin, 
Soviet Prime Minister, for hold- 
ing back trade between the two 
countries. Soviet-Gennan trade 
revives. Page 4 

• NATIONAL COAL Board and 
National Union of Mineworkers 
signed the first planning agree- 
ment with the Government m a 
nationalised industry. Back and 
Page 8 

Board plans to take a 20-30 per 
cent stake in Loglca, the compu- 
ter software company. Page • 

• FORD car dealers sold more 
vehicles at each outlet last year 
than any other network, a survey 
said. Page 6 

ft SEC HUNDRED Plessey Tele- 
communications workers at Luge 
Lane. Liverpool, are to be made 
redundant because of faU »n 
demand for phone equipment. 

page S 

Sricty is to invastfllmover 
Three years to build up its 
manufacturing base m Scotland. 
Page 6 


• j. SAINSBURY reports sales 
ahead of budget aud an improved 
market share of S.5 per cent 
Page 28 

half taxable earaingsteU 1 
£409.000 from £L25m. Page 

Schmidt hopes to make 
progress over currency 


Chancellor Helmut Schmidt of 
West Germany is hoping for a 
further advance on his plan for 
a wider zone of currency stabi- 
lity in Europe at the European 
council meeting in Bremen to- 
morrow ami on Friday. 

But then is no question in 
Bonn of bringing the new zone 
into being through a Bremen 
decision. Key problems remain 
to be solved. 

The German side will be satis- 
fied if accord can be reached by 
all nine Community leaders to 
pass on guidelines to the Euro- 
pean Monetary Committee 
(senior government and central 
bank officials) for further, de- 
tailed study. 

That action, the Germans feel, 
will be far from burying the 
scheme — which Herr Schmidt 
broached in general terms and 
great secrecy at the Copenhagen 
council meeting in ApriL 

There has been no overall 
i political agreement to go ahead 
with the idea. The British have 
considerable doubts about it, and 
ia long list of conditions they 
'think must be fulfilled if tbe 
| scheme is to come to fruition. 

It is also emphasised that 
agreement to go ahead with study 
of the currency plan does not 
automatically imply that all 
states will join the zone at the 
same time. 

That is important to Mr. Janies 
Callaghan, who may soon face a 
General Election. A specific 
commitment to join the currency 
zone might, it is felt be held 

Montary union and the EEC 
Page 18 

Trade pact unlikely— Strauss 
Page 4 

against bim, but an accord simply 
to proceed with the study would 
not compromise him. 

Herr Schmidt's scheme springs 
from his belief that the fluctuat- 
ing exchange rates of the past 
few years have hindered growth 
— and employment The view is 
shared by President Valery 
Giscard d'Estaing of France. 

If tbe scheme emerges it will 
mean the end of the so-called 
European “ snake " currency 
arrangement bnt not of the dis- 
cipline tbe “ snake ” involves. 

BONN. July 5. 

A different name will be given 
to a new European system with 
an inner ring of currencies held 
in close mutual relationship, and 
an outer ring of otber currencies 
with wider fluctuation bands. A 
part of national reserves, includ- 
ing therefore West German 
reserves, would be paid into a 
pool for intervention. 

Tbe currency zone is not on 
the official agenda at Bremen. 
It will be discussed informally, 
but intensely, outside the con- 
ference chamber. 

The formal agenda includes a 
survey by Herr Schmidt of Ger- 
man aims for its current six- 
month presidency of the Com- 
munity Council- There will also, 
be close discussion of the agenda | 
for the Western economic sum- 
mit in Bonn 20 days later. 

• Mr. Robert Strauss. U.S. 
Special Trade Representative, 
said in Washington that there 
is little chance, if any, of reach- 
ing even broad agreement in the 
GATT multilateral trade negotia- 
tions before the Bonn summit 
There was substantial disagree- 
ment on agriculture. 

announced in the Budget. BY ROGER MATTHEWS CAIRO. July 5. 

Mr. Joel Barnett. Chief Sec- 

re I ary to the Treasury, implied the EGYPTIAN plan calls for Liberation OrcunUntion headed 
yesterday during the report stage the abolition of Israeli military by Mr. Yasser Arafat, 
of the Finance Bill in the government in the Gaza Strip David Lennon writes from Tel 
Commons that there was every an£ j the occupied West Bank, in- Aviv: Israel has mu yet raided 
hope among Ministers that eluding East Jerusalem, at the publicly to the Egyptian pro- 
further action would not be start of a five-year transitional posals. but officials said that they 
necessary. period. It comes in response to did nor appear io set any pre- 

MPs were debating the Govern- an Israeli proposal offering conditions to the renew:. I of 
ment's proposal to increase limited autonomy for the direct talks between ihe iw.« 

employers’ National Insurance occupied territories. countries. Israel n until h.if* 

surcharge by U per rent, which The Egyptian proposals make refused io participate :n ihe 

will produce LwOrn tnis year, clear that although Cairo wants talks if any prior commitments 

i 3 a f ’ n . rf?e P ue the military government to end. had been demanded. 

£140nn on Budget calculations. j s also aware of Israel's The Government has already 

Mr. Barnett confirmed that the security needs. rejected the proposal that t; 

The countries ' two widely- hand over the occupied Wot 
diver S ent proposals will form Bank and Gaza Strip ro 

^ basis of discussi <> ns at a Jordanian and Egyptian i-onlr«I. 

the D re3n? of ti»e P btebS P blSd mee, ,L ng in London later this even as 3 »«•««■ 

SteA 8 ^ month ' . bul Israel is willing to sit down 

There are no revelations in with the Egyptians tn search for 
the Eeyotian scheme, the basis 

Support btfire *"**“"?“ 

r it was officially published. The from Washington to provide 

The Government had hoped to essence of the plan is for the Taiwan with Kfir jet lighters 
increase the National Insurance Bank to become the respnn- in a deni thought to he worth 
fmri7n nF - l ° rda n during a five $300m. U.S. agreement was 

o?d“ d io elte the SiDMri of th! VMr P erJOd ' wb -i?, F Syp / WO t U u d needed because some parts uf 
Liberal?. Ka:Q supp °rt °f the accept responsibility for the fhe ^maft are made in 

Mr. Barnett admitted that the Thi . p ffept(velv mpjin a America. Approval Is uniler- 

snreharge. strongly opposed bv This w °“ Id t ?“ ect jJ^_? ie!1 *J ia a t stood to have been conveyed 

^d verae S effm V ?n h Sn ptevwrti existed before the 1967 Middle personaUy t0 t,,c IsraHis latft 
would have^some ?moart ori East war - but wilh the difference week by Mr. Walter Mondale. 
Sianv cash 0 ” ow ,m °bu? h? the U.S. Vice-President. Page 4 

believed it would have been far 

damaging to raise value- ^r^&v-electe^presen- common elements in the peace 

advocate? ttSltESK Pl*» of the two countries, 

u S'DrinZ" who shall exercise direct intensive discussions got 

wa ae settlements “ excessive authority over ihe administra- under way in Jerusalem today un 

Sir Geoffrey Howe “ shadow ” r?fm West Bank and Gaza the Egyptian plan, Israel's 

Chancelter said That th? mir- Strip." response to it. and the guide- 

Charee would be j tax on jobs. V E CVPt suggests that the UN hnes which will he given to Mr. 
nmfife and invpcfmflnt Thp should and facilitate Dayan if the Cabinet decides oil 
currharce was takirie the countrj '*' l ! hdr t a j v ^ 1 - Wjj Sunday, as expected, to approve 

in the wrong direction. with ! he restoration oi Arab his going to London. 

During the dehate Mr. Barnett _ .. _ ___ Rami G. Khouri writes from 


In the wrong direction. wir " !. ne 

During the dehate Mr. Barnett a,, ,.rCri'i J iv,« ...... 

implied that the Government While the Egyptian proposals ^y mrnun . jj r Adrian Abu Odeh, 
might increase cash limits in vl f S5 ? n ^ e A a restate” 1 ent of j or d an ' S Information Minister, 
the' public sector, such as the said tonight that Jordan was 

National Health Service, in order ?P e 'l { ‘ d ou ^v* y . Fres'dent bad at studying the plan and might 
to offset tbe effects of the higher 1? .^ sa , n r?f; issue a statement tomorrow, 

surcharge. November, they do reflect a shift However, the Jordanians are 

Parliament Pose 8 S^ y fro, S C I ir ? ‘" S !f> en ^ likely to be cautious about any 

Parliament Fa^e 8 that a broad declaration of public statements concerning 

agreed. tbe j r involvement with the West 

13 a ref ^ ectl °j 1 BaDk. as the 1974 Arab Sunimir 
£in New York of the bitter disagreement be- at Ra5at decjded that ^ Sfl , e 

I [ an ^, ® y P a . ant * ... legitimate representative for the 

- July 6 \ Prcvion* Sadat's desire to bnng King Palestinians of tbe West Bank 

| ; HusseiH of Jordan to the neeo- in any resumed peace negotia- 

sr« i ste.fi7£v-S6® i su««^»Ti5 table. These latest lions must be ^ p L Q 

I morn h i 0.4&A44 tit» I’.m ji* Egyptian proposals suggest no Text oF nrouosals Pa^e 4 

Zmniuh* I U7 t.32.iw 1 tj5-ui.tis. role for the Syrians and also i ext or proposals pa.,e 4 

lpn-omh- 6.10-4.M .iu avoid mentioning the Palestine Editorial Comment Page 1 8 


Parliament Page 8 

£ in New York 

Sr«* I Sie.fi7&-S6*o 
I momh O >Ui 
Imnntha I IJST-USitW 
IP nwih* ' 5.10-4.90 ili« 


0.4S-0.4C Ji* 
! 1 JS 1 ills 



£15m payout for Swan Hunter 

Instant buildings in flat-pack'format 


SWAN HUNTER is to receive 
£I5m compensation from the 
Government for its shipbuilding 
I interests nationalised last year. 
Much of that will go to share- 
holders. The group is expected 
to make a 1 further statement 

This -is the first substantial 
compensation payment agreed 
with the Government. It has 
paid a total of £LSm to share* 
holders of Robb Caledon and 
John G. . Kincaid, but, unlike 
Swan Hunter, those businesses 
were entirely taken over under 
the nationalisation Bill. 

The Government may be ready 
to make full compensation offers 
to other groups. The Laird 
Group, which has received a 
£650,000 interim payment, said 
yesterday it had been told las! 
month that a full offer was 

However, many negotiations 
are still iu the preliminary stage 
and some bave not begun. Mr. 
Gerald Kaufman, Minister for 
Industry, said be expected all 
negotiations to have started by 
the end of this month. 

In the Swan Hunter deal, the 
Government is to pay a total of 
£15m satisfied by the issue of 
G ovemment stock — including 
£2J35m paid on account this year. 
From that should be deducted 
£3.7 5m of outstanding loans owed 
to the subsidiaries. 

Mr. Anthony Wilson, of 
accountants Price Waterhouse, 
appointed by tbe Swan Hunter 
board to look after the interests 
of its stock holders, said last 
night the compensation sum was 
worth &1.66p a share, marginally 
higher than the gross asset value 
for each share of tbe nationalised 
subsidiaries in the group's last 
annual accounts. Before yester- 

day's announcement the group's 
share price was suspended at 


Arriving at the compensation 
figure called for an estimate of 
what value tbe shipbuilding and 
repair activities contributed to 
the group's average share price 
m tbe six months to February 28, 
1974. The negotiations also bad 
to consider 'profit-earning capa- 
bilities and the snrplus cash in 
the businesses. 

It is a complicated procedure. ( 
Other negotiations may proceed 
less easily than those with 
Swan Hunter, where negotiations 
took six months. 

The Government has faced 
heavy criticism for the delay in 
arranging compensation terms. 
It has made payments on account 
totalling only £2Sm for the air- 
craft and shipbuilding activities 
nationalised last year. 

Lex, Back Page 




(Prices in ponce unless otherwise 


Brickhouw Dudley ... 4" "r \ 

Carpets into* »V t :? 

Howard & Wyndbam 30? + » 

Ricardo 178 + 5 

3»iW Pacific JS i 

•Thomson Urg + 1S 

' ' FALLS _ 

, ./*i tJV Excheq. jflnc X9«t * 

< Bttheq tape “13-17. 

’ :■ .(£« pd.) - l 

_ - • Bulmer (II. P.) ,,fl 

Courts Furnishers 

Eucalyptus Pulp 


Home Charm 
Now Thrownrtjn. Cap. 
Norton and W right ... 
Rowniree Mackintosh 

Thorn Elect. 

Vinton Group 

Yule Catto 


“Atncoal __ 

Gold Mines Kalgoorhc 

Oakbridgc - 

Tara Exploration — 
Western Mining 

107 — 4_ 
55 - to 
258 -6 
1(54 - 4 
104 - 30 

39 1 - » 
.105 “ 6 
117 ~ 4 
75 ~ 

127 - S 
575 - la 
45 ~ 7 
160 - • 
875 - j® 

European news 2 

American news 3 

Overseas news — 4 

World trade news 4 

Home news— general ...... 6-7 

— labour 8 

— 'Parliament ... 8 

Monetary union and the . 

EEC 18 

Economic Viewpoint: Case . 

for Indexed Pay Norm 27 

Business .and the Courts: 
The law on liability 15 

Technical page — 9 

Marketing Scene 15 

Arts page 17 

Leader page 18 

UR Companies ......... 28-29-53 

Mining 33 


Aftermath of Amoco Cadiz 31 

Tax havens and the limita- 
tions of self-government 14 

U.S. urban renewal: Sweat 
equity in NYC 3 

lull. Companies and Euro- 
markets 34-35 

Money and Exchanges 36 

World markets 38 

Farming, raw materials ... 39 

UK stock market 40 

Bonn launches coal invest- 
ment programme 2 

Spain: Recession and onions 

provoke rift 2 


Accountancy 19-26 

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W. G erman [unemployment 
at four-yeaif low in June 


. FRANKFURT, July 5. 

Germany declined fast month to 
its lowest level since 1974. How- 
ever, Herr Josef Stingi, presi- 
dent of toe Federal Labour 
Office, said -today that the figures 
gave no grounds for rejoicing 
as joblessness was continuing at 
an “ appallingly high” level. 

Statistics issued by the 
Federal Labour Office today show 
that the number of unemployed 
in the Federal Republic fell by 
35.678 to S77.319. Ibis brings 
the country's unemployment rate 
down from May’s 4 <per cent of 
the -total labour force -to 3.9 per 
cent in June. 

■Herr Stingi said that the im- 
provement in the labour market 
was attributable above all to 
.the upturn in the construction 
industry. In addition, as a result 
of -variations in school holiday 
periods from state to state fewer 
•school leavers had registered as 

Unemployment in West 

Germany ifc however, declining 
at a far fibster bate ttb&n -last 
year when fihe May-June decline 
was 15,300. Use June unem- 
ployment figures were also a fiEl 
5.8 per cent below the compar- 
able figure for 1977. 

Obviously, seasoned factors pro- 
vided the -main reason for the 
decline and seasonally adjusted 
statistics show on unemploy- 
ment rate of 984.000 da June 
compared with the previous 
month's 997,000- While Uhls 
again is the lowest level for a 
considerable period. Herr Stingi 
drew little satisfaction from the 
returns as joblessness remains 
particularly high in ihe Federal 
Republic's industrial strongholds 
of -Duisburg, Gelsenkirchen and 
the Saarland. 

The sharpest decline in job- 
lessness was among male workers. 
The number of unemployed men 
fell 6.8 per' cent to 409,409 from 
May to June. Furthermore the 
June total for unemployed males 
stood 9-2 per eent beneath the 

•level recorded in the same month 
of 1977. 

Against this, the number of 
women out of work fell back 
from May to June by only 5,877 
to 467,810. which was just 2*5 
per cent below the position a 
year earlier. The unemployment 
rate among males at the end of 
June stood at 2 JB per cent com- 
pared with 3.1 per cent in May. 
The rate of unemployment among 
women on the other hand stood 
at 5.5 per cent last month against 
May’s 5.6 per cent. 

The Labour Office president 
also reported a small 2 per cent 
decline in the numbers hit by 
short-time working. The total 
dropped from May to June by 
4,806 to 230,516. The short-time 
working figures, however, have 
been greatly inflated by a near 
100 per cent increase in toe 
number of coal miners working 
reduced shifts, primarily as a 
result of heavily reduced demand 
from fBe steel industry- Cur- 
rently there are 86,805 coal 
miners on short time. 




By Fay G jester 

OSLO, July 5. 

RUMOURS in London that the 
troubled Reksten supertanker 
group, of Norway, might scrap 
four or five of its oldes very large 
crude carriers (VLCCs), have 
been denied by the group’s man- 
aging director. Mr. Odd Kvaal. 

The rumours, attributed to 
“banks in London," were re- 
ported in the Oslo Journal of 
Commerce and Shipping yester- 
day. They named the ships ear- 
marked for scrapping as 
Aurelian, Nerva, Kong Haakon 
VII. Octavian and possibly 
Gordian as well. 

All five, the paper pointed out, 
belong to a class of VLCCs which 
will probably never be able to 
operate at a profit again. They 
are from tea to seven years' old, 
turbine-driven, and most costly 
to run that motor tankers. All 
five are at present laid up.. 

Denying that his group planned 
to scrap the ships, Kvaal said all 
five were of a very high technical 
standard, and safe in operation: 

The Oslo newspaper Aften-‘ 
posten reports to-day that Ham- 
bros has asked the -Norwegian 
Guarantee Institute for details 
of the economic prospects for 
every ship in toe Reksten. fleet 
This currently comprises . 12 
supertankers of 220,000 and 
300,000 tdw, plus one LNG car- 
rier, toe Lucian. 

Soviet-Oslo fishing * 
pact renewed 

By Our Own Correspondent 
OSLO. July 5. 

Russia and Norway on the regula- 
tion of fishing in a disputed area 
of the Barents Sea has been 
extended for a further year, to 
July 1, 1979. The extension was 
effected by an exchange of notes 
In. Moscow last Friday, the 
Norwegian Foreign Ministry 

Under the agreement, Nor- 
wegians and Russians fish in the 
area according to their respective 
national laws, while each 
country's patrol boats police 
fishing by their own and third 
party vessels. 

The agreement remains tempo- 
rary and does not prejudice 
either country's continental shelf 

Aid to shipbuilding 
urged by Parliament 



THE EUROPEAN Parliament 
today called on the EEC Com- 
mission to consider a series of 
radical measures to alleviate the 
crisis in the Community's ship- 
building industry. 

Proposals for study put 
forward in a formal resolution 

An EEC fund to implement a 
“ scrap and build " scheme 
under which Community ship 
owners would be given special 
premiums to scrap older vessels 
and order new ships from- Euro- 
pean yards; 

A Community preference 
scheme requiring ship owners to 
order all, or a high percentage, 
of their ships from EEC ship- 

Allowances that would enable 
unemployed workers to retain 
full pay while waiting for a new 

Payments to compensate 
workers for loss of /wages, 
removal expenses, retraining 
chits and early retirement 

The Pirli ament’s resolution 
also pressed for the inclusion of 
representatives of both sides of 
the indn®ar in the committee of 
senior civil servants from the 
ates which the Com- 
rOposes to establish to 
co-ordinate future 

review land 
policy, f-. 

Viscount Etienne 


the Cdmmisisoner for Industry 
gave no indication of the Com- 
mission's likely reaction to any 
of toe schemes. 

The Commission has previously 
opposed ideas of a Community 
preference scheme. But toe 
demands on it to examine the 
possibility — particularly if it 
failed to reach any international 
agreement on sharing shipbuild- 
ing orders— mounted rapidly 
among MPs today. 

Conservative peer. Lord Bess* 
borough, presented a report from 
the Budgets Committee which 
criticised the Co mmis sion for 
paying insufficient attention to 
the possibility. Socialists and 
Chrjgtian Democrats finally 
joined forces to ensure that a 
demand for further examination 
of such a scheme was included 
In the resolution. 

Mr. John Prescott, British 
Labour leader, won general sup- 
port for a statement on the 
industry's situation in which he 
criticised toe inadequacy of the 
Commission’s response so far to 
the crisis. v 
Estimates bad suggested that 
EEC shipbuilding production 
could be cut bade by 70 per cent 
by 1980 with some 90.000 ship- 
ard and ancillary workers los- 
g their jobs. 

“It is essential that we 
reorganise our' Industry,’* he 
said. “Some yards will have to 
close but the rest must be given 


Consumer move blocked/ 




THE EEC Commission’s attempts 
to harmonise Community law on 
consumer protection suffered a 
severe setback at the hands of 
British Conservative MPs today. 

At a private meeting of the 
European Parliament's legal com- 
mittee, the Conservatives suc- 
cessfully challenged the Com- 
mission’s right under toe Treaty 
of Rome to introduce further 
consumer protection regulations. 

Mr. Charles Fletcher-Cooke. 
Tory MP for Derby, secured a 
majority of one vote for a wreck- 
ing amendment to the Commis- 

sion's proposals after disputing 
its interpretation of the Treaty. 

The Commission's plans, he 
argued, would also conflict with 
UK common law. 

Christian Democrats, Liberals 
and GauUists backed the Conser- 
vatives to give them a 13 to 12 
victory over the Socialists and 
their allies on the committee. 

Viscount Davignon. Commis- 
sioner for Industry, is to consult 
Community lawyers before decid- 
ing whether to accept the defeat 
or to put the issue to another 
vote in the full Parliament. 

IN A SPEECH to the Bundestag 
in April, Count Otto Lamhsdorff. 
the West German Economics 
Minister, promised that among 
toe features of Bonn’s newly- 
begun six-month presidency or 
the European Council would be 
a new initiative on energy 
policy. Specifically, be said he 
wanted the Nine to discuss 
how best to make use of their 
plentiful, if increasingly costly, 
reserves of coa i. 

Details of .West German think- 
ing on a European coal policy 
are not yet known. But Boon 
has this spring set in motion a 
huge investment programme de- 
signed to prepare for toe day 
when energy prices are high 
enough to justify major increases 
in the use of Germany's hard 
coal — toe country's only abun- 
dant domestic energy resource. 

The West German coal indus- 
try has far some yeafs been 
burdened by sb on- term financial 
problems that have made it hard 
to find the cash needed to under- 
take longer-term investment in 
new pits, new technologies for 
mining and new ways of using 
coal itself more economically. 
Coal sales have been falling, coal 
and coke stocks at the pithead 
rising, and employment of capa- 
city deteriorating as output has 
had to be cut back. In 1977 
Ruhrkohle, the giant of the 
industry with 82 per cent of 
West German hard coal produc- 
tion, suffered operating losses of 
DM 525m. 

Bonn launches long-term 
coal investment programme 


through new investment. 

fmmrrtuntnly that means un- 
proving tbe equipment of exist- 
ing ooai mines. Fairly typical 4s 
toe situation of toe Westetoolx 
complex, not far from the Ruhr 
town of Gelsenkirchen. This 
year's detailed plans of how 
Rnhrfccfale will spend the 
DM 300m or so it mil have avail- 
able for mine improvement are 
not y«t known to toe local man- 
agement or to toe works council 
with whom many important deci- 
sions are in effect shared. Both 
reckon, however, that Westerholt 
might expect to get DM 10m to 
DM 15m as its share. 

In addition to work in hand 
(which includes the sinking of a 
new, more efficient air shaft}, 
tv'esterholt would like to be able 
to buy more new coal-cotting 
equipment. Its most recent fnlly- 
automated. Hydraulic face, cur- 
rently working a 400 metrewide 
seam at a rate of I metre every 
two or three days, is a decade 
old and was acquired from a 
neighbouring pit that has been 
shut down. 

do not Improve. Westerholdl is 
running well below capacity, 
though short-time work for the 
men has been avoided so tor. 
How viable the pit really ts, and 
for how long, is still a matter 
that the men worry about. Even 
if, as Rubrkohle says, WeSterholt 
has as long a future as any pit 
in the region, both the manage- 
ment and works council agree 

many other countries, they do 
not want their sons to take their 

Mechanisation has seen steady 
increases In toe degree of quali- 
fication needed in German coal 
mining, Ruhrkohle is . able to 
recruit a high proportion of the 
young men it neda to train an 
mine electricians, mechanics and 
fitters from the Ruhr am. 








Hard coal use 

(m tonnes) 






As per cent of all _ 

energy used 


. a* 





Coal and coke stocks 
(m tonnes coal 







Manpower (’000) 




m .. 



For some years now. the 
federal Government and the 
coalfield states have bad to help 
ont with operating subsidies, 
social assistance to ease the con- 
tinuing run-down of the mining 
labour force, and not least, with 
money for stocks of 34m tonnes 
that are still rising. In all. 
these subsidies amount to over 
DM 4£bn a year, according to 
Count LambsdorfP s own figures. 

Yet is has been necessary for 
the federal and state Govern- 
ments to swallow hard and to go 
ahead with a new programme 
which will giCe . the industry 
DM 582m more a year during 
1978-81. with the emphasis on 
securing long-term employment 

Westertmlt produces coal of 
four different grades, varying 
from high-level steam and coking 
coals down to lower-quality 
ballast coals. Sales are over- 
whelmingly to nearby power 
plants and coke ovens, to which 
much coed from toe pit can be 
moved by conveyor belt. Under- 
ground, the colliery manager 
and the works council chairman 
agree, mechanisation has gone 
about as far as is technically pos- 
sible. Productivity is high In 
keeping with the Ruhrkohle 
average of 3.895 kilos per man- 
shift worked below ground In 

Yet there is uncertainty about 
toe pit’s furore, if sales of coal 

that manning is going to be 
increasingly hard. 

Not that labour relations are 
bad: on the contrary, the local 

management and works council 
at Westerholt. for example, ara 
highly complimentary about one 
another. The heart of the 
problem Is. however, that work- 
ing underground Is still hot; 
dusty and tiring even with a Ugh 
degree of mechanisation, shorter 
working hours and other 
improvements. The Westerholt 
manager is frustrated by the 
rule which allows many miners 
to retire at 50 on something citae 
to full pay. if they have edm- 
pleted a norma! working .Ufa 
underground. His vexation is 
understandable, for men in &eir 
40s. who make up 38 per cent of 
Ruhrkohle’s work force, have 
experience that is difficult and 
costly to replace. But most 
miners, given the choice, feel 
that at 50 they have had enpugb. 
Not only that, but like miners in 

Unskilled men are hanfer to 
acquire. Ax in other branches of 
German industry, foreign wor- 
kers have been aired in Urge 
numbers, and they make up. 19 
per rent of Ruhrkohie’s total 
work force. At Westerholt, over 
600 of the total of about 4.O0Q 
men are Turks. Safely notices 
underground are in two lan- 

It may seem paradoxical that 
the German coal mining industry 
should faced with, toe 
real prospect of a shortage of 
manpower, given that there has 
been a rundown in Just 80 year* 
from over 600,000 employees to 
well under 200.000 last year, and 
from 400.000 to 2X5.000 in the 
number of men working under- 

Yet the industry will become 
even more capital intensive in 
the future. While Germany has 
in theory vast coalfields stretch- 
ing from the Ruhr out into the 
North Sea, the coal-bearing 
strata dive steadily deeper. New 

pits planned for tiie norft »l 1- 
reaches of the Ruhr will h*v/i i* 
reach the limit* of pt-esau-g* , ■* 

tog technology* which 1 

reach far below 1500 ineut* fit 1 
more. As a result, reset U 1 
funded by to* federal Go vl . * 
ment is being carried out 4 , -if: 

underground saturation o! e M ! 1 * 
though so far with little print' |jjl 
that this will be feasible ejfi l ' 

In terms of the temperate * 
needed to mate toe process w‘ 
or or the efficient use of Uw< 

‘ More important are the exp 
meats now going on into m 
efficient gasification of mil 
coal. The object (as in slmf 
work being carried out m Rrlt 
and in the US.) is to prod tie 
synthetic natural gas capable 
being suh.ii luted for natural ‘ 
around the end of this cenft 
Ruhrkohle. Rubrg&a (in wit 
BP now hu a 25 per cent aial 
and the Ku hrko Me-control 
Utility Group STEAG are pi 
ners in the Arbelisgcineinsch 
Drurkvergarang. With 75 i 
cent of the DM 108m cost hot 
by the federal Research .VLiuKt 
the group is to start up a pi 
plant next year at Dorstcn, nn 
of Esaen. -called (hv Ruhr l 
Using an advanced version of i 
Luigi pressurised gasiRcuti 
plant first developed in the 19' 
and 1960s. the JDomien plant v 
altn at converting 3-10 tonnes 
hour ~ of celt into sjmthe 
methane at *. pressure of up 
100 Bar (atmospheres press ur 

In theory, the process Is 

attractive one. wni 

lich offers 
number of other by-products 
well as using residual coke In 
the gasification process to p 
vide high heat for too convert 
Engineers concerned with i 
plant do not, however, und 
estimate the difficulties of r 
□log it at such high pressj 
continuously, over long perfq 

According to present calcs 
tions. the' synthetic moths 
produced at Dorsten, which * 
be fed into the Ruhcgas grid, i 
cost at least four times as me 
as the natural gas which 1 
group now buys from Hollai 
Russia and Iran. But Germ 
energy planners arc looking- 
the day when even that mit 
seem cheap. - 

trial / 
date set 

By Our' Own Correspondent 

member of 
songht to 
rrance of 
and toe 
fund (set 

MOSCOW, July 5. 
HAYING SPENT the last 17 
months . in custody, Mr. 
Alexander Ginzburg, a promi- 
nent Soviet dissident, will go 
on trial next Monday, charged 
with anti-Soviet Satiation, his 
wife Arina said 

Mr. Ginzburg, 
the group whi 
monitor Soviet 
the Helsinki 
up with roynfie? from., books 
by Mr. Alexander Solzhehltsyn) 
to aid political prisoners, faces 
a maximum sentence of 10 
years imprisonment and five 
years' internal exile. 

Dr. Yuri Orlov, a physicist 
and the founder of the Hel- 
sinki Group, was sentenced in 
May by a Moscow court to 
Aeven years* imprisonment and 
I/five years’ exile. Mr. Ginzburg 
faces a more severe sentence 
because he Is considered .a 
recidivist He was sentenced lo 
five years imprisonment for 
anti-Soviet agitation in 1968 In 
connection with a . “ white 
hook” he wrote on toe 1966 
trial of the writers Andrei 
Sinyavsky and Yuli DanleL 
- Mrs. Ginzburg said she was 
Informed of the trial date by 
Mr. Glnsburg's lawyer; Yelena 
Reznikova. Mrs. Ginzburg bad 
asked that her husband be 
defended by Mr. ‘. Edward 
Bonnet Williams, an American 
attorney retained to represent 
him by Mr. Solzhenitsyn, but 
this was not allowed. 

Mr. Ginzburg was the first 
of the Helsinki Group of 
dissidents to be arrested 

EEC role 
for Spain 

President Leonid Brezhnev and other Soviet leaders receive the applause of Supreme Soviet 


Kosygin: IKS. trade low 


MOSCOW. July 5. 


Recession and unions provoke rift 


IN THE face of a militant 
minority seeking open confron- 
tation with Spanish trade unions 
and the Madrid government 
Catalan employers yesterday 
sought to promote the candida- 
ture of Sr. Carlos Ferrer Salat 
for re-election as president of 
the Confederacion Espanola de 
Organizaciones Empresaiiales 
(CEOE1. the Spanish equivilent 
of Britain's CB1. 

The elections are due in two 
months' time, and Sr. Ferrer has 
been under increasing pressure 
from employers who want a more 
vigorous defence of their 
interests against Government 
projects for fiscal reform and 
enhanced trade union freedoms 
in the workplace. 

In Catalonia the government’s 
proposed trade union Bill bas 
aroused praticular controversy. 
This took a sharp turn in May 
when SEFES, representing 
employers from the Baix 
Llorbregat, the region’s most 
important industrial area, 
decided to impose a 24-hour 
lock-out for each day lost 
through strikes- Amid growing 
support for its radical view, 
SEFES said it would supplant 
Catalonia’s traditional em- 
ployers' grouping, the Fomento 
de Trabajo NacionaL which is 
federated nationally in the 

Yesterday’s meeting therefore 
also helped ranks to close against 
SEFES and to take some heat 
out of Catalonia’s Increasingly 
tense industrial relations. 

‘Hhe-Baix ZAobregat, south and 
south-east of Barcelona, consists 
mainly of smaffl to medium-sized 
firms serving She engineering 
irwjugtry, while the northern 
yaffles is stronghold of Ceta- 

lonra's important textile 
industry. The relative dacMne 
of this industry has, however, 
increased, the weigh* of ithe engi- 
neering, and chemical and phar- 
maceutical industries in the 
area, and SI is employers in these 
batter sectors who have joined 
forces with SEFES. 

One reason for the tough 
initiative is that Barcelona 
province last year had the 
largest number of “ suspensiones 
de pagos” — where a company 
goes Into an officially-recognised 
temporary default — and more of 
these are expected in the present 
climate of poor liquidity, 
depressed demand, and thin 
order books. 

An aggravating factor Is that 
many firms in areas like the 
Baix Uobregat are suppliers for 
larger concerns like the SEAT 
car company, Spain's third 
largest employer. When SEAT 
put its workers on short time 
in April, the ripples engulfed 
several firms in the area. 

But perhaps most important in 
conditioning the thinking of 
SEFES and its followers is the 
Baix Llobregat’s recent history 
of industrial conflict. In the past 
years of Franco the area experi- 
enced four general strikes in as 
many years. Two Barcelona- 
based firms, Motor Iberica and 
Hlspano Olivetti, between them 
dismissed nearly 200 workers for 
trade union activity between 
1973 and 1977. among them two 
present MPs. and the secretary- 
general of the country’s most 
powerful trade union, toe Com- 
munist-led Workers' Commis- 

The radicals among the 
employers first began to surface 
as a separate current of opinion 
at a now celebrated meeting of 
Catalan employers held . in 

Barcelona last September. 
Shortly afterwards, the so-called 
Moncloa Pact was signed 
between the Government and 
main opposition parties, under 
which a 22 per cent wage ceiling 
was agreed for this year. The 
pact involved neither unions nor 
employee directly, although it 
has subsequently won the 
majority support of both. 

SEFES warned then that 22 

per cent was too great a burden 
for industries in its area. It 

began to increase the stridency 
of its attacks on the Govern- 
ment, but the breaking point 
came later, with the Govern- 
ment’s introduction of a draft 
bill to formalise trade union 
freedoms in the workplace, part 
of the quid pro ■ quo of the 
Moncloa Pact. Through paid 
advertisements in t he local and 
national Press, SEFES warned 
that it would consider factory 
closures if the bill went through 
in its original form, which con- 
templated a mechanism whereby 
an elected works council would 
be kept informed of the firm’s 
pla ns a nd progress. 

SEFES further threatened a 
campaign throughout Europe 
against Spanish entry into toe 
EEC, and a moratorium on social 
security payments, in which 
many firms have in any case 
fallen seriously behind. 

Tins intransigence was the 
keynote in the major round of 
yearly wage negotiations begun 
in April, which led to the mass 
strikes and demonstrations of 
mid-May centred on the engin- 
eering, textile, ' construction, 
hotel and chemical industry. 
Catalonia bad till then enjoyed 
a period of industrial peace. 

The Government was by this 
time retreating on the provisions 
in Its Bill most cherished by .the 

unions, and the powerful 
Catalan labour movement 
decided it was time for a show 
of strength, at one stage bringing 
out 800.000 workers on strike. 
The radical employers, led b; 
SEFES responded with the- lock- 
out threat, breaking ranks with 
their . colleagues to concentrate 
their fire on the unions rather 
than the Government. . - 

At a national level, SEFES 
wrote Sr. Ferrer out of its plans 
and enlisted CEOE vice-presi- 
dent Sr. Luis - Olarra, <a forth- 
right Basque industrialist. Sr. 
Olarra had used the SEFES 
annual conference at the end 
of last year to launch a ferocious 
attack on the Moncloa Pact 
Although he has stated firmly 
that he is not a candidat e. Sr . 
Carlos Gelabert, toe SEFES 
president, is promoting fhim not 
only as a possible futuife CEOE 
president but as a future Minis- 
ter of Economy. 

With the latest developments 
it is not clear to wbart extent 
SEFES has consolidated its posi- 
tion inside Catalonia. The lock- 
out threat has still to be success- 
fully implemented, m part 
because the unions backed off 
from a major clash in the engi- 
neering industry, but 1 it has 
made . .Catalonia Spainfs most 
unsettled industrial . region. 

In the Baix Llobregat itself. 
SEFES claims to have ’.arrived 
at a “ social pact ” : with the 
Workers’ Commissions 1 '*•*»•*•*■ 
dominate the area. B 
they can afford to __ 
its competitor unions, 
are to grow, cannot. 

the dust has settled a 

the May strikes, the rea 

f they 
le after 

behind the strikes are far from 
resolved. The yearly wage nego- 
tiations were merely an occasion 
■for them to surface. 

MR. ALEXEI KOSYGIN, the that 'the striving should be was insufficient, as was the con- 
Soviet Premier, today expressed mutual. struction of new buildings, 

disappointment with the low Soviet economic sources have Western agricultural experts 
level of U-S.-Soviet trade in the estimated that unimpeded U.S.- believe that Soviet agricultural 
first major address of a two-day Soviet trade could have an output decreased by 5 per eent 
session of the Supreme Soviet, annual value of as much as S7bn fa 1977 fa comparison with a 
the Soviet Parliament a .year. Last year, however, planned 10 per cent increase. 

Mr. Kosygin told toe Supreme bilateral trade had a value of The agricultural setback stemmed 
Soviet session, which is expected only l^bn roubles (S2.2bn) from- a disappointing 1977 grain 
to deal with economic problems, according to Soviet statistics, harvest of 195.5m tonnes whieh 
that only 2 per cent of toe total compared with a trade value of. was 17.3m tonnes short of the 
volume of Soviet foreign trade is 2J2ba roubles ($3.2br0 in 1976. target; 

with the U.S., demonstrating that Mr. Kosygin’s remarks may The Central Committee resol u- 
trade between the two countries have been timed to underscore ] a j,j stress on improving the 
was only at a preliminary stage, tbe Soviet attitude following the harvest and said that the 

This level of trade was 

.v.c, w. ™*t an d subsequent party was aiming at an average 

attributed by Mr. Kosygin to U.S. Mr. Jay Crawford, the annual grain harvest or between 

reluctance to create trade condi- representative in Moscow of 238m and 243m tonnes during 

tions which are '‘generally foternaUgnal Harvester, a U.S. the 1981-85 five-year plan. 



acceptable in international fi I m w bich has beep a champion best . Soviet harvest ever 
practice,” an apparent reference of J[ rca *f r U.S.-Soviet trade. 223.8m tonnes in 1976. 
to the Jackson- v anik Amendment , aScu Ito re™ whlch^ Iadk speech on Monday, xur. 

^ ch ^-H V ^ ur f bl f US 'f 0V * e t adoStodafvStSSVs Senary Brezhnev acknowledged that 

The present Supreme Soviet fe^^Tso^e “os ’the pa“f,wo S 

session Is also expected to S Monday The reportbv Mr dwelt 00 and meit P rafJ uc- 
approve a Communist Party Brezhnev reiteration^e Soviet tion ’ whieh are cJ °8ely tied to 
Central Committee resolution Smraimlm to Production. He said rising 

which outlined shortcomings to improvlne the country's troubled demand for milk and meat was 

P° or increased efforts to improve it. Production, 
an! harvesting The Central Committee reso- Mr. Brezhnev also said that 

beetsT mmflSSIr ^ ! n ‘ toe Soviet Council of Ministers 

and other veentaKST 5 * potatl>es efficient m crop raisine. Soviet should draw up a long-term plan 
uv sericulture was hampered be- for Improving living conditions 

iff’ ,3, 5 * ld cause stock breed inn was not in the countryside and lncreas- 

W ^L., stm 2?£ increasing fast enough, costs ing Investment in that area by 
forei 8° trade with all were rising, and there was a toe 'Start Of next year. 

.capitalist fodder shnrtaee. Production of 'Soviet-West German trade 
countries, but it was important farm machinery and fertilisers 

revives. Page 4 

France seeks tighter sea rules 


PARIS. July 5. 

FRANCE K> to press Its Euro- shared by all its partners. tug or the Abeille Provanee 

*?* world ' s 3* F £S? c , i Ln plan i "I? ives an Both are privately owned and on 
sbippiog! nations for more extra FFr 150m (S33m) in long term charter to the Societe 

clearly-defined powers against Government credits for monitor- Pragemat Paris, toe owners of 
essels winch -infringe - navi g a- ing, rescue and clean-up opera- th e salvage company Les Abeiiles 
a " d higher crew tions. especially in the Channel. fatemaSonaL The tug Cadsen 
standards and stiffer penalties fa At tiwsame time the French are on full-tfam stand-by 

order to reduce pollution risks at suggesting farther changes in Sarto to the French Govero- 
sea - Channel routing arrangements meat. 

The proposals form part of a which would keep traffic away The agreement is expected to 
plan presented to the French from coastal danger-points. These herald a new approach to salvage 
Cabinet today in toe wake of the are along the lines of the im- financing. Salvage work will be 
oil spill disaster involving toe proved comdor arrangements conducted on a Lloyds open form 
tanker Amoco Cadiz off the already agreed. ^ cure no pay » " 

Breton coast three months ago. Radar surveillance of maritime contract, of the type sought by 
French pressure for tighter routes is to be improved, as are the German tug captain during 
international rules, to be exerted lane markings. The French the rescue attempt on the Amoco 
in toe EEC and in toe -London- authorities will lease a powerful Cadiz. 

based Inter-Governmental Mari- seagoing tug, to be based in the The Lloyds contract . would 
time Consultative Organisation Breton port of Brest, where an form the basis of 90 per cent of 
(IMCO), is directed against International. The tug chosen all rescues, according to Mr. Yves 
existing flag-of-convesience up to assist vessels in difficult v. Dumont, managing director of 
practices. . Other teams may later be set up Les Abeiiles. 

French views about the degree In Cherbourg and Toulon. Blit If there was no agreement 

to which flags of convenience are Lynton McLain adds: France between The tug and a stranded 
responsible for incidents like the will pay £6m over three years for vessel, J The- French Government 
Amoco-Cadlz disaster are not either the Abeille Normandie wiU. impose a doily rate" ■ 

By Robert Mauthner 

PARIS, July 5. 
THE FRENCH Cabinet to* 
confirmed That it was in ftmtf 
of Spain’s entry into the Comma 
Market in spite of last weekend 
tough statement bv M. Jttcquj 
Chirac, the Gatillist lead* 
opposing Spanish membership. 

Ministers had earlier heard > 
report by President Giscan 
d’Estaing on his recent state vial 
to Spain, in which the Preside® 
stressed that Spain would be at 
important political and economi 
partner for France within tfr 
European Community; It ba< 
i been agreed, M. Giscan 
d’Estaing said, thut the tw- 
governments would niaintai; 
close contacts and that ttv 
Spanish Prime Minister. St 
Adolfo Suarez, would pay r 
official visit to France at the en 
of toe year. 

In addition, the two goverr 
ments would draw up a compit 
bensivu . -list of the problem 
annng lor France and Spah 
from the latter's membership o 
the Community. 

On the domestic front, tb> 
Government has decided to pre 
pore a 10-year development pUu 
for the 'south-western depart 
meats of France, important wini 
and fruit growing regions, ti 
enable them to face up to tin 
tough competition from Spools! 

Most of the .opposition t< 
Spanish membership is comlnj 
from these areas, which havi 
already suffered severely fron 
the competition of cheap Italiai 
wine imports. M. Chirac and hi. 
Gaullist party, who are taking at 
increasingly . independent ilfli 
within the ruling coalition 
clearly intend to make as mucl 
political capital as possible out o 
the French wine growers' opposl 
tion to Spain’s entry into th< 
Common Market. 

Cabinet backs 



By Our Own Corresnondent 
PARIS, July 5. 

plants will continue to be built 
at an annual rate of 5,000 MW oi 
capacity in I960 and 1981, accord* 
ing to a decision taken by the 
Cabinet today. 

M. Andre Giraud, the Minister 
of Industry, told the Cabinet tfiat 
nuclear power plants would be 

producing energy _ equivalent to 

_ m tonnes of oil by 1985, about 
20 per cent of the country’s total 
needs. This represented annual 
foreign currency savings of more 
than FFr 20bn (S4.4bn) at 
current oil import prices. 

The Cabinet decision confirms 
tbe priority by which France, 
dependent for 75 per cent of its 
energy requirements on imports, 
has been giving to toe develop- 
ment or nuclear energy sinco the 
1973 oil crisis. 

However, unclear capacity is 
being installed at a slower rale 
than a few years ago. mainly 
because of lower demand for 
electricity in the - present slack * 
economic .climate, increased 
environmental opposition to 
nuclear plants and the reduction 
in the cost advantage of nuclear 

The Minister of Industry 
emphasised today that the 
development of nuclear energy 
was only one aspect of the 
Government’s energy policy and 

that it would be accompanied^ by 

efforts to sa v « energy and expl 

national resources, ’ particularly 
hydro-electrical power. 

Fivwm. TrNf.s, publhhrd excepr sar 
dure ano BnHiHv. U.P. xutwrlptloQ S2M.N 
iBlE-irci«ln> sMinn i»ir mill- prr ■nnwn.- 
Swuna eta* partus bmA mi Sow lost, Nbu 




(Financial Times Thtirsday July 6 1978 


Official loan-raising 
lay drive up 
J.S. interest rates 



NEW YORK, July 5. 

• SC \ST5 that the U.S. predicted that U.S. Treasury and 
mry and Government agen- Government agency new ^ cash 
will become very heavy raising in the second half of 187b 
iwen in public debt markets win be between S45bn-$50bn, of 
le second halt of this year which around $35bn will he 
leading lo predictions that raised through Treasury issues, 
rnment demands could put in the first half the Treasury 
.. ier upward pressure on U.S. raised only SSOOtn of net new 
< cst rates. funds. _ 

irthcr evidence of the con- U.S. housing in- 

• ing steady rise in short tenn »J|«h 

interest rates came today ?^^^ a n dc ould borrow up 
i the news ttat- ^ $i2bn compared with only 
■ SiSiST sa£e period of last 

jnties as collateral. on ^ money and bond markets 

hrough most of the year tne ^ - n ,n S p U t e _ Those economists 
ker loan rate has been one wbo f oresee a sharp slowing in 
r to three-quarters o£ a per- credlt demands across the 
taae point below the prime econQni y through the rest of the 
The Chemical Bank increase ear are ] e6S concerned than 
?s its broker loan rate to ^ wh[J are pred j C ti n g strong 
hin one quarter of a percent- borrowing from companies and 
point of the prime rate which consumers to continue. In tbe 
stands at 9 per cent. latter case the U.S. Government's 

'his will be seen in the money borrowing needs will help to 
:kets as both an indication of force interest rates higher still. 

. ne money market Tates and Economists such as Dr. Henry 
haps a precursor of a further Kaufman point out however; 
Tie rate increase. that although since January, 1977 

k key assumption in the there have been sharp falls in 
ilyses is that unlike 1977 when xj.S. bond prices and associated 
eign investors, mainly central ^ses in interest rate yields, so 
iks, bought an estimated far the current bear bond market 
hn of U.S. Government j s j ess severe than the two which 

• unties or close to two-thirds preceded it 

the marketable securities Thus in the 1972-74 period, 

; n ed, according to a Bankers interest rate peaks on Federal 
’ list ’ estimate, foreigners are funds reached 13.75 per cent. 
•- r expected to be such heavy compared with a peak of 7.89 
i rchasers this year. Last year's per cent recently (on a weekly 

• aw buving was primarily average basis). For longer term 

lated to the weakness of the securities 30 year U.S. Treasury 
u-r - securities peaked at e.bJ 

In a recent analysis, Mr. Irving per cent compared with a peak 

Auerbach of the U.S. securi- of 859 per cent smee January 
•s firm Aubrey G. Lanslon has 1977. 

Low growth 
by institute 

By Jurek Martin 


LOWER REAL growth, slightly 
higher inflation, smaller cor- 
porate profits and higher un- 
employment are forecast for 
the UjS. economy next year in 
the mid-year review of econo- 
mic prospeets conducted by the 
Conference Board, the New 
York-based private research 

The Board's forum of 12 
leading economists predicts 
3.3 per cent real growth, (com- 
pared to an estimated 3.8 per 
cent this year), 6.7 per cent 
increase in consumer prices 
(against an estimated 6.6 per 
cent), a 3.7 per cent rise in 
industrial production (against 
4.6 per cent), unemployment 
averaging 6.4 per cent (up 
from a projected 6.1 per cent) 
and a corporate profits in- 
crease of oi tj 4.7 per cent be- 
fore taxes (down from 12.6 
per cent). 

Only one member of the 
forum, however, predicted a 
recession next year in spite of 
a general expectation that the 
Fed wonld have to tighten the 
money supply and drive up 
interest rates to combat infla- 

Renter adds: Spending on 
new UB. construction put in 
place rose by $5.6bn or 3 per 
cent to a seasonally-adjusted 
annual rate of $198.6bn in May, 
according to the Commerce De- 


in New York recently, two 
inner city groups, predominantly 
black and hlspanic, acquired the 
title to the first two of 12 aban- 
doned and deteriorating 
tenement buildings which they 
plan to convert into 150 high- 
quality, low-cost co-operative 
apartments for themselves and 
their families. The groups, called 
People’s Development Corpora- 
tion and Adopt-a-Burlding, have 
been chosen by -the, federal 
Department of Housing and 
Urban Development to test a pro- 
ject which, if successful, will be 
extended to other groups and 
other cities. Officially it is 


in NYC 

By Carole Korzeniowsky in 
New York 

other cities, umciauy u is 
known as the “multifamily borne- policies have tended to be middle- 
steading demonstration," but the class families bent on returning 
croups refer to what they are properties to their former glory, 
doing as “ sweat equity." In the process, they have halted 

in keeping „ith _ President ° £ 

Carter’s vision of a “new part- D0 “f Q ° 0as - .. ec<MI 

nersbip ” between public and The new programme addresses 
private sectors to deal with urban itself to two seemingly insoluble 
problems, the project involves a problems — structural unwpioy- 
consortium of four city banks, ment among minority youths and 
led by Chemical Bank, which severe, deterioration of housrng 
will lend initial construction stock in two of ^** d *s£ * 
funds at 15 points over prime neighborhoods on New York, 

Wper^enf 1 Tte SepaX^f Ejfst 

!ra te to^‘’ < 5m Per For n VT£ m p°a?C a the problems on a micro-level: to 
York. fesfdesSro- sear* outbound Mu**-* 
viding tbe buildings at nominal . ^ T jj a j street around, 

sss s saisar-fi «- 

^Wbihfthe FederaHGovenimeiit Federal aid is made contingent 
has been encouraging homestead- upon the existence of a .strong 
projects in Secfnt years in neighbourhood organisation 
other cities, it has never before ready and able to take on a long 
ventured into the thorny area of and arduous task. People s 
multiole unit housing, although Development Corporation and 
the most Son kind of Adopt-a-Building have mjMrfal 
recidence in New York and track records. In the past four 
several'other large cities. In the years, relying on catch-as-catch- 
past, the beneficiaries of federal can financing from municipal 

sources, each has completely 
rehabilitated one multi-unit 
building and organised and begun 
work on adjacent ones. They 
have succeeded in reconstructing 
units for from half to one-third 
of the cost of professional work, 
and with quality which is 
generally as good if not better. 
Monthly mortgage and main- 
tenance costs again are oce-third 
oi the going price in New York. 

But tbe advantages go far 
beyond immediate book-keeping. 
The Comnrehensive Employment 
and Training Art (CETA). makes 
federal funds available to involve 
in the work youths who are 
considered “ hardcore " unem- 
ployable. If. as Mr. Charles 
La van of the Urban Home- 
steading Assistance Board points 
out, “they learn how to show up 
on time, use tools and hold a 
job.” the programme will have 
accomplished a great deal. 
Although Mr. Lavan concedes 
that he has “ a real hard time 
in running CETA (training! 
programmes." he contends that 
the sweat equity groups are 
competitive with better-funded 
employment programmes in sub- 
sequently placing participants m 

The sweat equity building 
owners are active on several 
fronts in creating alternatives to 
the stereotypes of ghetto life. 
They use. for instance, solar 
reflectors for part of their power 

Mr. Juan Villanueva, vice 
president and director of Urban 
Housing at Chemical Bank, who 
is administering the construction 
loan for the banking consortium, 
is quite confident that the 
projects will meet the terms and 
conditions set by the federal 
Government for acquiring 
permanent mortgage loans next 

Early end to 
Pan Am’s 
Dutch offer 

By Charles Batchelor 


PAN AMERICAN has ended its 
■ low-fare offer on flights 
between Amsterdam and 
Boston early because of over- 
whelming demand. 

More than 2,500 travellers have 
queued up at the two airports. 
The management or Schipbo! 
airport, Amsterdam. com- 
plained of conditions caused 
by travellers sleeping to the 

airport lounges. 

Pan Am has been forced to 
start selling FI 2S5 tickets to 
stand-by passengers since it 
calculates that all seats have 
beenf'taken up on flights leav- 
ing before July 15, the dale 
for the expiry* of its FI 115 
offer. Anyone paying FI 2S5 

who manaces to get on a flight 
before Juiv 15 will be given 
a refund. Mr. Peter Legro. Pan 
Am director for the Nether- 
lands. said. 

Ahoui 1,250 people are on the 
waiting list in Amsterdam and 
a similar number is thought 
to be waiting in Boston for a 
return flight to Holland. 

Mr. Sergio Orlandini. KLM s 
president, says the Dutch 
national airline has no plans 
to take part in the tariff- 
eutting war. The Laker Sky- 
irain service between Britain 
and the U.S. offered a new 
service to the traveller, hut 
some of the schemes did not 
help the passenger or the 
airlines, he told a news confer- 


H a- ! 
i l 2 

5.V ' 

1 A 

r No 

'em and IMF again seek 
accord on stand-by credit 


;nn M rsSION from the Inter- eight months ago. Inflation ran 
uUl ational S Zemry Fund (IMF) at 40-50 per » ** « 

Lukin m l, 5» U ’t«!™ rl, oi“i wm” 'inv”w toSnc. by the 

■ tand-by credit arrangement. Fund ^ “STScr to 

n^Wtb^^S WJJ. 

ltmlb. an outline agreement on their own level, or at least 



bus sattsij nig o^ r. their ■ already-tattered 

V^agrrt-ment being sought by finances. r Only the biggest ^ 

vm with a wide group of inter- strongest of the 'local tanks, the 

^r^neettnn in whether g® 

rpe“m STgriement; become unentlectehl. if rater 

3rS S ^.“Te 

sets of negotiations, including impormni » and the 

n„e signed gSSinL However, they have 

ranC uh r in e pe™ MttefrioU. become a central focus of argu- 
Also, within upsets, ment in Lima because the issue 

financial and political upsc ^ ^ be dear __ has Peru 

f °ThP financial situation is. at s Ud so far down the financial hill 

M h nV« S signed -d, at ably ■*, “tfS 

* n tM. r Sr in Se sen" that. ^Sbllsh what the Fund and 
, 11 It s iK weeks, the raa ny bankers. enn«*»; to be 

Central 0 Bank and the Finance sound financial ^ 

CATSnwf at°htrnie^and S,' report reachtng here 
abroad. Outstanding payments on saia out aT]d police 

rmniuercial de b . L n V v e r ' m D r e rounded up scores of people as 
said to be substanti - the former Inca capital— h‘gh jn 

than 8100m. h hand, the southern Andes and the third 

It is worse, on the other haniL {he so ^ lhe coun try— 

because reserves »*« ""“gj p^alysed by a 24-hour sympathy 
SSuTBSJSilta worM than stride. 


Satellite hunt in Canada 

OTTAWA, July 5. 

I -t ; 

:,j[j Canada 


SIX MONTHS after a nuclear- employees, is |^P® r j e ay T he 
powered Soviet satellite crashed P““” sn 0 e ^ ed b y tbe businessman- 
fn the Nurth-West Temton Mrf » Francncnr -a 

‘SlufVc ^hicC^t 0 is* estiaiuted. Reuter adds from Toronto^ 

\iomic Energy of Canada, paid leading opinion 
1 priavte company to comb the ,. at e d that a re«*nt f 

crash site this summer. Bonne the ruling Liberal ram » 
S winter. Canadian armed M . Pierre Trudeau, the Fnme 
forces carried out the search. Minister, is fading. . 

Meanwhile, the Canadian Ex- Hfi decline d to call an ^ e « d 

tcmal Affairs Department is enera i election this summer 

trying to come up with an ^ ghowed that the ow 

Itemised account to send to the 5iUon Progresave Conservative 

Soviet Union. The Defence ]g d by Mr. Joe Cl 

Miinsler. Mr. Barney DMSOti has level with the Liberal 

acknowledged that it could be ^ t „* nn rt for tne 

If like most British men, you have an 
for a sleek Italian shape, you’ve prob : 
ably wondered whether the Lancia " 

Beta Coupe 1600 could possibly he a 
as good as it looks. 

Theshort answer jsasfollows. 

v ' jt is. 

\ In thefirstplace, its performance 

is just as wolfish as its appearance. j 
1600cc twin overhead cam engine giv^ i 
top speed of aroundll2mph and 
pace through the five speed gearbox. - 

There are also 2000ec and 1300cc versions- 
which are, respectively, fester and a little slower. 

Handling is more than equal to the per- 
formance. There’s front wheel drive and all- 
round independent suspension for limpet-like 
cornering. And servo-assisted 4-wheel disc 
braking for exceptional stopping power. 

Inside however, the Beta Coupe is the 
very opposite of the hairy chested sports car. 

There are contoured seats covered with 
comfortable cloth upholstery and built-in 
headrests at the front. Soft fitted carpets over 
every inch of floor. 

There’s an efficient heating and venti- 
lation system.Inertiareelseatbelts as standard. ^ 

And there’s a full complement of mstru- to more of a car. 
ments, including electronic rev counter, oil t**®*^™^ 


about S6in 



Since then, support for the 

■». ft* s?SF ^ ^ ■ ” 


Montreal: 1-0 3uiv»>, Toronto Star, showed 

City dailv newspaper which has t ® J° wilh a S i X -point lead 

by — cv^- the Conse.-a.ive, 

Pay rise for 
NYC police 

By David lasttUes 

NEW YORK, July s - 
NEW YORK CITY officiate 
reached tentative agreement ia« 
night with leaders of P°j>ce- 
men’s union on a pay dejl 

would give ofiicers t .“ i two 
rise of 83,400 over the next two 

yC A^orapleto contract that would 
avert the possibility of a P . 
men's strike has 5®* * arc 

hammered out. hours 

still talking about uwkm a hours 

and improved ?, cn ®‘5r' non g the 
The police links are among in 
tm*- crucial labour negotiations 
ihflitv S holding with several 
groups^of municipal employee*. 

Guyana appeal 
for poll boycott 

By Our Own Correspondent 



it was ur ? lllS „S y J?^i S satisfao- 

includes the Maijnst party 
People’s Progressive 

Beta iJCoii^C 1606 (asiJ)i . 

level, oil pressure and oil temperature gauges.. 
The Beta Coupe also has several hidden 
benefits. Like a rigid steel passenger safety 
cocoon, with front and rear sections designed 
to absorb accident impacts. And under-body 
sealing and interbody cavity injection to fight 
off corrosion. Plus a 12-month unlimited mile- 
age guarantee. 

So if you’re looking for a lot of pace, a lot 
of performance, a lot of luxury, a lot of safety 
and a lot of envy, take a look at a Lancia Beta 


N o two plus two adds up 

_ c 


The most kalian can 

Lancia (England) LU,Alpcrton,MiddIesar.Tcl: 01-998 5355 (24-hcursalcs cnqui,y service). 



WHERETO seetheianoabeia range- 


Alnwick; SVilHam Satire Molora. 

Ashford ff/idd*]! Laleram Eaagt 

Aytssbury: giprilt' «v Moiora. 

Tul. 0&ld4 W.’f. 

Banlxuviivrnie HoneGarsgA. 

Tel: 0296 50733 

BarMng: E.A.6rimsteaa&Son, 

T«+.fcI-£495J61 . 

Basingstoke: clover Leaf CM> 

. Bnh: Jem Marsh PaW 
Bedford: Ouse Vatoy Motts. 

Bhmtngluun; CoknoraDopi* 

Sports CasfllKJ. 

T«k 029822368 
Bolton: Panowsot Bolton. 

'Tei; 0204 31323 , „ 

Bournemouth: Modem U^it Cart, 
7et0202333£4 _ 

Brighton: f.ecnS tete. 
lShc-ofiom).ToL 07617 G13M 
Bristol: Continent^ Cars Clilten. 

Tat 0272 37190 . , 

Bremfeyt Normand (Bromtevl. -hjcnw 
Burgees HnisTBeys (SussesJ. 
141:04446 43431 
Cambridge: vwllfa 4 5m. 

Cemtarth: ChorCo 0M9. 
Trf.0&2473"J60 j 

Catwham! Cnesaemai L Edivexas. 
Ici- 22 42:95 ' 

CbaUMham: Sivirdw Road Semce 
Suntan. Tec 024232107 

Chester Rf-d CicetWstJra. 

7rf. 0244 ii*5C4 
CWchester G wae. 

Ini CM3 M 3271 ^ 

Cleethorpes: David Sturt i«u^X 
Tei 0472 5359? 

CotchestanD SatmcnCars. 
T«'L(iI064E435 . 

DenhaHK Denham Seivtea Siaioa 
TeU 332 2345 ,,, 

Derby: f.Vnk Pri’ihwd nteara. 

Tm 0332 hK-89 „ 

■ Don coster. Stringwal Motors, 

Darsheeier. Titafc Burton. 

TihOiC© 67411 , . 

Durham: 2rwJaJaSsivfcaStaficTl, 

Ttl: 0388314^71 

Exsten cxncudi Garages, 

Tel: 0392 

Exmmittc E CTttrii Garecej, 

Tf* 039 92 77553, 




Teh UTiinae '0o03i 3S21Q 

Forest RdwtIilvot. 

Tef 034282429a 
BiHinglum: Auiryesha 
Td. IC6341 623S3 
GloueeaMd ttomeraMocn 
Tec M £2413009 

Te, C4S3 60751 

KaieswoiTh iSuitrW.NsrmariKingsttn 
CarLTrt. 09S67 SSC8 
HamrgetBi iWsaB'sMatotCW*. 
Tei.0423 396351 
HfltteWC. nay Aura. 

Tel.r-3 71278 

Hereford: '.VhHetara Sotvlte Slcftav 
Tec 043 Z75 404 

H ijdde ^9 Lockwood MoW Garage. 

Tel CW- .9344 

laieoi Wfliw «yde Garaoa. 

7eL ■tjooI 


Kenilworth: MilarBiciS. 

-ft OV.f 5:073 
Kettering: Bnrugtuan Motors. 

Tci-otOe '80224 
kiddermineter CoUnore Depot 
T*-i 01'’- 

W" n =SSS sqto "- 

ileds! E.nlctsrtWbnJeyL 


Lei es tier: Thumljy Gera ge. 

7 C |. Of 55 412143 • 

Lincoln: RiccanJo'ErrfCariL 
Tel" 0:2. 31735 
Uve'pnot ISoco. 

Tel. 05 5 •’*9 4431 

U.W7: Maufca RnuacTat 01-959 639L 
eV. 1 : V.ateriw Carnage. 
&.£-281?22 only) D. B. AUBB. 

f c r 0 :.;25855a 

- Vtf.i: f rwr WtoBarafen. 
fJTv <267818 

cw.7: (Sows orfyl Robert Pan ids 

5 vtflO: Uen Strea-Tti: 0V37A 41U 
eW.ISh l »r W-Tefc D1-S46 5686 
W.i: F < -man Gaw^Tel 01-936 5410. 

Tc* 01‘t*^66D22 

Vtf.6 - - -Sew* only) CWpeteed ot 

Nel .^uwaTel;0l-74& 7387 
Maide nheadiDelia Motor Co. 

TJ ^2660 

Meneheeter frv-rs-.T.' van. 

Mansfield: Rea t* Jfjm. 

7d Co-'i 850330 .... 

VJ 0wcflitlA-upon-lVfW 1 rvTi»i i-cu'C % 
•Tzi.uoj:7?j 5'.*> t „ 
Northampton: crouar.'.en Mciara. 
Tei.Obttf j87e7 
Norwich Pvunv MolorCo. 

Ter 0603 4S345 
Nottingham: BiaolrfiB f.iclora. 

T;4- rjtn. 1 77 4011 
Oxford: J. D. Barclay. 

Pelentan: Pagers torage. 

Tec 0803656234 


Tel: 073 57 3322 

Peterborough: PeterbsfOUflh MUlci 

Tet 0733 53W6 

ptynnutfa: 8. Harpefi 

Tet 0752 771123 

Romsey: R dies fll Bomsey 


St Agnes-on -S«R Church Bead 
Garage. Tel: 0253 726679 
St hree: Ouee valley My.orG. 


Scarborough: Misim & Kruggs, 

Tel 072364111 

SheffMd: Machoo Bank Motor Co. 

Tal C'742 524B8 

Sherborne: O-klsGarafle [Sherborne). 
Td- 083581 5C« ^ 

Southampton: Modem Uflhicars. 

Tel 0703 22838 . 

Southend: TnorseBayAutopomL 
rn 0702 588200 ju „ 

Stansted: The Sian&ud Molar CO. 

Tel- 0279 812535 

Stockton on Tees: DWnnf.r.- ■: 

1- 1 1 
Stoke on Trent: Wiripraw 5 F. ,.-M 
(KbiHevi. TrlO ”82 20244 
Strottorel^n^Vvon: MiUjT 6r 

Swindon: [ ; i .* Lwert (SpeciA 
'.ii 0” i;.^7?Ti . 

Taunton: P ir«l4 

Ted- Of 23-i: L‘vl 

Telford: V' j Vi 


Thaydon Bois: .'^cdiKjoiiin;. 


Truro: Pr^ynia Place Garage. 

T^l 007286*347 

Tunbridge Wells: G.E.Tunbridg& 

TH: 0822 35171 

wetleny: "itru Brighton Girjgts. 
TeL051 638 0040 
Wellington: JrictRose. 
Warminster JlfTi Marsh. 

Td 0385 214777 
Woybridgo: Tony Brooks. 
Wi Imslaw: V, 1 ? ntstovr MilCTt 
TeL 09964 27356 
Windsor: Oi'Ki Motor Co. 

WKney: HoKon*ofHanboroutft 
TH-C093 882277 
Wolverhampton: Carofc Mows. 

TH 0902 27fc97 
Worcester Cierionlcop Mctors. 

Tel 0905351821 
Vbric PiccadiBy AutoCcrtra, 

Tat 0904 3«3 


Aberdeen: GkmHendorscn Moms, 
Tei 0224 28343 

Ayr ,*i~. '" r *- 

Dundee- 1 _ 

Edinburgh: - 1 > Mm •Ictscn!/ -• •: 
Glasgow: ■ Hc-o-yconf-'- - : - 

Lanark;: • 

- . ,*P ••( 

Motor f ; 

i-i (a* ii - : 

Peebles: B 

l-i 0 ' 

.1^1 on. 
i Bros. 



721 2L-.-3 

:• Got jflS- 
d: 5r..rVs laaras*. 


Swansea: (.Lai.Mi.T4 Lawrence. 

TH 07‘>22 '.S27 

HeveFldrtlwesuFrirtlRres Gaiu-aA 



Belfast: 5: j 4c r Ha r. l y & Co. 


Lbnevady: Cvi't'and Cara, 




Ti;l:05Ci4/_ _ . 


Port Erin 



Guernsey:^.’ e ^°ev 

C-u.'c M'.' 



Cc i. in tii'.TiJ 0534 37357 
£#. l‘y,v Cok-r.r >jri. 

7ci.C*5iJ 437.-4 

inc'-'- ei34'fe , *'w»«ur 

JJW<UUV. *•;/** 


5cOC--ic: -r.i-'rise 

Personal Export; If you ar e eligible to purchase aLanciafree of tazes, contact our EtportDepartment 

Financial Times Thursday July 6 197S , 

J ** • 


Washington approves sale 
of Israeli-built fighters 








THE C\RTEP. Administration introduce a new element in the the F-4 Phantom is a fighter; 
has given Israel the go-ahead to Lain American conlexL bomber. not just an interceptor. 


Trade pact unlikely beforej 
Bonn Summit— Strauss j foreign 

by jurek martin wAsinN^o.v, July 5 . i currencies. 

i MU. EDM I 'XI* ni;LI. Hr*t -• 


am! Prc.-tJcu: G.ub 

sell a. number of it.s Kfir figbieri. State Department officials said and any sale of these to Taiwan . -rnc* REPORTER 
worth .1 renorLnd SSOOin. tu that ia* proposed sale to Taiwan would, it is felt here, deeply Kor , t __ 

worth a reported $3QGin. tu that ’.oe aroposea sate to i atwan wouta. it is ten nerc. aeep,y 
Taiwan Rut informed source* would he the first big foreign disturb Peking, 
said the U S. ha« at the same lime *aie c*i '.'■e kfir. and the necessary Taiwan had put the Phantoms 
refus'd a direct Taiwanese pe.-mlssmn was conveyed in at the lop of ils current shop, 
request for U.S.-made Phantom person to the Israeli Government ping list, and its interest in iho 
aircraft on the grounds that this by the Vice President. Mr. Walter Kfir may have more to do with 
would lip^l ihc militarv balance Mondaie last week. hij-h pressure Israeli salesman- 

in the area. ' The f fir is roughly coin par- ship than anything else. Never- 

U-S approval is needed because aole with the F-5 aircraft that theless the go-ahead for Lhe Kfir 
parts of the Kfir jet engines and the U.S. has already sold to sale was considered a helpful 
avionics are made in the U-S. by Taiwan. and according to political gesture here toward* 
General Electric. Last vear the Government sources here, does Jerusalem at a time when the 
Carter Administration" turned not go beyond the capability of Administration is putting con- 
down a similar request from the MiG range of aircraft that siderable pressure on the Israelis 
Israel to sell Kfirs to Ecuador, the People’s Republic of China to start talkmg to Egypt again 
arguin^ that such aircraft would alread- possesses. By contrast, on a Middle East settlement. 

senior officials of ?.Ir. 
Mugabe’s guerrilla ««' 
was greeted with delict 
by supporters nr Ki 
transitional Government 

goes into 
fifth day 

By Ihsart Hijazi 

BEIRUT. July 5. 

' — — : — — , to Rhodesia the Government 

- - would be able to draw satis iso- 

I # # • . -m , . non from an evident split m the 

! Cairo insists that S 5 5Sw? 

: ; Government or from nines' 

I settlements must go 

1 National Union of the Rev. 

I CAIRO. July a. Ndabaningi Slthole sl-nd? 'o 

I THE FU LL TEXT of the peace 5-The Israeli military Govern- 

j plot polished by the Egyptian ment in the West Bank and the , jUt 'P° rl 5f J ' L.-,! 

! Fore Jlfnisirji m Englinh Gaza Strip shall be abolished at S l!” , h _ , S' ' , r 

iiiidau under the heading *' pro - the outset of the transitional “ e 

1 p..v«!s relative to withdrawal period. Supemsion over Ihc -V 

.•-■urstandin'* issue?, agriculture wait until after the European ment nn «icii 
excepted." 3 ' summer break ut Augii.-t valuation*. gm 

B'it r.e doubted that the novo- lie listed a niisuiicr of astri- »n*m ;i,i|ii-:»-<. 

.*;»»* CUr-H.m*' 
rumen! procure 

The i-uHi-ait*. w; t! ■■ normal 
be expected !o be worth .il j 
flm and the free:.*!! • m rt 
!in an.-. :r: '.v:!i '.•■ i-.injliicil 
US di*> •«: iVT-ih-* \\ 3 
The premium . harmed .»i!| it 
She saujc r:,:ei .rcity (<■ * cuiiir.f f* tin 1 D 1 .-J -n cer; 

Thr IH'W fa.nirv ifitcndc 
help Mic— ..mitt- gi.i.J, 

pursers who h.ivr 1 r.ul 1 t 1 . 1 n 

standards, tariff fiiia I 

t is tin g mar. da £■? possessed b> Mr. cultural item* 
Wiihelsn HaferkasiKi. the EEC beef, poultry. 

*. redtsi'Tson* and even on a new <ui*p::er 

:u,t — part 

•. ice--* resident. a « iarr- en*»ui.h tobacen. almonds. rice and were •:!:!) or tlirec : > i* uirr. ^ a a.v ex -i--. 

unabfe the Com rnun: tv |h meet specially food — that were still 1 piest!.. :s »" rr::i.i snip g cn this. .mg to tiu •■»«■. wuti :i p:.-'er 
hovan; ime" ’America outstanding. He :il*o uupiivd that Mr. K;r:i ;>.» :»'.**• ad.iui.vmlv ’ nouncm.' .0 0 ^: 1 : 101 ^ 1 . 1 -; >-ti « 
demands on agricultural access, the U.S. was .-nil from rejected!- nude over ‘"V 1 *. 1 

ile added that the fame wa> true tied wtrh the European pusi'.ion iho l.i-t vi.-c'-' "»y textile and • r-i.t-.l' i:iur;jmcc. 

of Juuaa iV,d n , .i:ist well be so over suPs-nlie* la aartculiural m.inac.e'iioni add union* Mui : 1 1 r . :l ■ ‘ : r , ■"* 

: r. his owr. casts as well. exports. fhetr mdu*;r:e.. bo c vein joed >-■ * ::1 ;0 * r ' ^ ? 

The EEC. he <aid. needed Jo Ho warned that the IS. Con- from !ki: f.'dc talks and :.;ive:i ' heh.ilf and, 

r.uke** " no'.it:<:al decisions." gross would never ratify a trade separate ue.i'utetiL ! ‘ i*Mii:ie!.'-»j:i‘. .us mane a* 

e ..tile I11 M cfn i lSh-l inilu.-.s 

” ’ _ ! /'et'ka 'if Y.ian-davia. Tlic lj 

. will help nuance a emt 

Soviet, W. German trade revives 

•irapos. sul»s:d:o- ode. .litliniuih there 
v and were -it : t } »’t* tlirer 

larly shin . , .: , .d .unr.di m. 
{ I. til :v any «*X • •• -s-V. • - . 
mg tu tiu ,, kc;.. vviiti :i 
riP.iRi'in.* to (■:■ uuderl.i’-.' u , 
*llptdil , l l , S , l , dil 

• KvlC I • kii .1 ran Iced ' 
ivruv mr :| 7 a ml funding tn. 

THE LEBANESE crisis is 
taking on larger and more 

dangerous dimensions as heavy an d lasting peace in the Middle ’/.*■=* “'"jArmv iZANLAK 

fighting between Syrian troops ■ Ea s t nc- e*siutes a just solution Gaza Stnp shall become the re.-. - . P3SOQS k,i,; rir i -v <j.'fesr- 

of the Arab peacekeeping force 0 f t h*’ Palestinian question in possibility of Egypt Jordan- ; - ^ ‘ 

and Christian milirianten here al( ll3 a , P e C ts on the basis of Egypt shall, carry out their. « had ilw 

v.’ent into its fifth day. None of -the lernimate r’ghts of the responsibility in co-ope. ation ar „ uin „ ^ t hin Mr Muit'-c's 
the five ceasefires declared so p a | es tin)iin people and taking ^ ^et'ly elected repres.nia- jjaNU^ in favour of a 


THE VALUE of Soviet-West rise in West German ex ports and 19?fi-i>n five v-'ir plan, 
German trace rose during the the major expansion of Soviet affected Si.\ ict W.**r 
first quarter 0 : tlus year presag- experts, which is in part due to trudr s<> fur this >c:ir 

far has lasted more than a fev.;, nt0 consideration the legitimate ol lhe Palestinian P-»pL al!iance with lhe zhnhibve declii 

l,ours - , , . . j security concerns of ail parties. snaH . African Peoples Unior. (ZAPO i&Ti. 

The number 01 casualues since, o— In order to ensure a peace- tion of ^ h _ We - t R an r- an d ( -; az3 of Mr. Nkomo. Til 

the clashes began on Saturday ; ful anrt orderly tran cf er of u.V %h?l sunenico and Reuter : r.cre 

is now pul at over laO killed «*nd < 3ut horUy there shall be 3 transi- fj estate the Israeli withdrawal a vai 

m Th% l Tri4Vqu U ^e E fs of the^^ 1 ™ «d «5 res Son of Arab; '•*** 

The Christian quarters of ine v -eara a', the end or which the . JIIt hnnTv - ^ . :r.»ca 

capital are now a shambles widi p ale „, ima:i peo pi e w i tl he able dUtno ^"“ . _ , . ..; \pw Pakistan »«•/. 

millions of pounds worth of;. { delerra i n e their own future. 6— Egypt and Jordan snail. A dM!»iail ^ VJ i 

damage done to properly. These! . „ , . n . iia guarantee that the «ecurity' \t 

areas v.erc hammered by Syrian; 3— Talks shall take plate arr3n ce:nents to he agreed upon CaOilici RalTlcQ 2 -;rci 

artillery and rockets at the rate between Egypt. Jordan. Israel. wj ]j C o nl j nUtf t0 he rcsneetcd in, .. u , j n ‘ T ; 

of 10 shells a minute. land represents lives of lhe the w - eSl Banl; and (Ja2a . By Simon Henderson 

renresenta- ar " uin " within Mr. Muz&Lc s :ng a recovery for Soviet-West deliveries of energy products resulted m ;i Mnwh'.c first; in<> plant •* vie-ignerf *.« 
man people in favour of a tv''**.'* German trace’ which la*: year under long-term coinpensaunu quarter Suvii-l hard vdrrencj • -• fiPaviLv ••rodssce in 

it;e dirper alliance with the Ziwbsbve declined for rf.e first ume since agreements, will characterise debt tonne-: of* .1 -.ear ai 

“ to tlern.i&a 1 n il u 1 

! /’I't'ka -if Y.i4ti--lavs:i. The lj-’ 
: will help siaanrc a t-.-nt 
• . iii'iirdt'd by Jug-iiue’a'.. 

rPVIVPC ' lV buy in : jg.-u.-v 
I TIT It'vJ f ' ic- u-s tu H 

; Wrmht-uvn M jrh i n«* ro.. d ii". 
MOSUHtV JuJv 3. I : ! ,1 ‘ httcrn.i!i'ina! Gi.itip 
j tn.- ce^igts. uf cquu'tit 

y 1 * 1 r plan, howowr. -uperv i-u*q •i f erv.tmn .\Tvct * 

,"v u-f Wi**t Genu.iii 1 misvii’ninj: “ r 3 tmpljte .-ii;n; 
t!u* vein- It al.-u i at Sah;u- near Belgr.srti* 
a >v.'e.iMv first The plan: •* designed U 
«•! h..rd •sirr.-m-v • -t riPaLtl.V *-• tT-'lltJCC lfilt 

rr-. „ - - . 1 Palestinian people with partict- 

of the UN with a view Reuler 

and many of their shell, have i £T wn- up^ni 

falicn on the predominantly j A ^ Dela ris of the txansiUonal ’ j today .appointed a 

Moslem west Beirut. As many | . y-t j* 1 . > uiduding poliliciai 

as 17 people were killed by these: ^fimetable for the Israeli 031101 m£Yl ‘-■o’Jncii of advisers 

sheils. I withdrawal. . J h-s been ruling s 

While the Christian militias- c— Mutual security arrange- rpnnrt flPTliPfl i 

were reported to have capitalised j nients for all the parties con- ICJJUIl UvlilCU J cabinet included ? 

on the brief lull in the fighting i ,,-erned during and following the T».v*nu t..i. ^ I 

early yesterday to set up new transitional period. RIYADH, Jul- a I politicians all cm 

guns on rooftops, the Syrians D-Modalities for the imple- SAI r DI ARABIA todav denied a j p^tv which m 

have brought reinforcements in mentation of rejevant UN reso- ^ 0 ^ in the Kuwaiti daily ^eK associated 1 
l ¥ ge convoys mto Beirut from luiions .on P a Jest* nian refugees. aJ S; lyMMh lhat it has placed its militarv ruler. Pi 
Sldon - K 1 . SSU n S «, C ?r« ldered armed forces on alert close to j Khan in the 1960s. 

RIYADH, July 5 

j By Simon Henderson 

j today appointed a new cabinvl 
including politicians to !a- v :> 
i council of advisers with wind. ;.e 
I ha* been ruling since January 
j Like the previous cot: no:! ti- ■ 
J cabinet includes general*. Li:.*i- 
■ nessnien and technocrat: T:*.e 
I politicians ail come from lito 
: small right wing Muslim League 

1971. trade for the rest of the year. Omipieiv.MiMx*: trade figures ' d. u, ‘ l*'' (, v ctuimussu.ncd 

The overall volume of trade Suviet-We*t German trade remit!;. rcbeiM’.l hy ifi-. Smiel ; September! MS j 
increased 20 per cent reaching declined 1.4 per cent. I:i.*t year authi«n'.u-* *h.>wcd .1 three month , 
a value of DM 2 -Satin with West to a value nf DM lll.SMm com- deficit >if ifimblv* vlSlUitut 1 

German exporrs. overw Itc-intingly pared with -uzoahl-- 1 nr reuse* in only a -light •intimvcnient mi tin- i FvilMlCinn nV 
;g:icjl 2 gf. pipe and plant equip- Smiet-West German trade since debt bu-lt »::• during the dulicult ! JuAltHMUU Ul 
r.tcr/.. ir.crea-ir.g fin per cent tu 1971. This is attributed U» Suviut fir*t quarter 19TT when the! ^ e 

j. value of DM 1.8703. attempts to hold down hard Si'Vir: dmio: wuu ire West • COliiraCl-S IOI 

A: the -i me West German currency purvitascs in the light siu.-r; . ( i KuuMi-* l.inbn I ^ . . 

?urcha=e= of S:iv;ci good-, pro- of the disappointing 1977 epam t£St:i7itn:i ; t Unvlfli^n artll 1 

domiaar.Uy jj*. nctroi. and harvest. !:: 1977 . fv S-.xi.-: debt with: V^auauidtl HI 11*. 

chemical products, increased 44 The need In import machinery Hie W t -si v. ; , red :u-.*d during fhv • By Victor Mackic 

per cer.‘ - ■-alti-.* «.f DMl.L'Sbn »•> realise industrial output m\ un-nth-. m' tv \«ar when! ivri \\V\ l^i- 1 

Wes'. Gem. an target* as lit-' Soviet economy ih..- S«:vu-:- pf.sted "a small* ' 

urces U'::we sue significant ne.irs t!ie halfway point of tin- »mVlu* in n.ide with the West. THK G< ‘YKRX.MKM* 01 C.iru 

j competing f*'t a >2. "■bn n 

• a 1 Jltf* -w- f • : fighter aftiafi cuntra-.t jd 

China to buy steel from India sur 

v Air. Barney D.-s-un. 1 

chemical duct 5 . increased 44 

per cer.' - '.algo < f DMl.L'Sbn 
Wes'. Gem. an commercial 

China to buy steel from India 

on rooftops, the Syrians D— Modalities for the imple- c AT mi ARABIA todav denied a ; 2 1 Thi.h A^-r .r^ 

hrought reinforcements ini mentation of relevant UN reso- fn^fhe K^waUi d^ily fl 0 ilv assoriated with an earlier C 

convoys into Beirut from lotions on Pa^tanr^u^ al-Siyassah that it has placed Us military ruler. President Ayub ti 

BY K. K. SHARMA NUVY DELHI July 5 , muem-n MiriiJH-r. na* animunc 

. - ‘ j that new sufimiSH'in* \*:li 

‘-HINA HAS indicated that it steel pipe* and tube.**, wire ropes and CV.ia. trade ceased. \ :ivcept<*.| in July ami the Cuvet 

considers India to be its pnn- and pre-s tressed concrete wires jn u i-purt. Ibe dMUcutionM ment will stud;, them and cimti 

cipa. source tor sice, tubes and as the tlireo expon items for dtdvgat d:: has rerom mended ;:ito some of the c«m leaders 

pipes and wants a i reel . contracts which there were r M goi«d that India .should organise a 1 August. 

.or orders, bo far. Indian tubes prospects." separ ue sales ami export j The six rnnicndmq aircraft f- 

Dei once Min filer, ha* anmmnc 

that new submisj-mn* \*:li 
aveepted in July ami the Cnvei 

annrnnriato hv nil narti«><; J 1 ™ 1 niidii in we >«un -uu j* me u 

The main guerrilla group, appropriate dj an parues. shared borders following recent! General Zia had said he was pipes and wants direct contracts which 

Fatah, took a decision jester- 4 — Israel shall withdraw developments io nortli and south J going to appoint a cabinet :.i ter for orders. So far. Indian tubes prospects, 
day not to get involved in the j from the West Bank (including Yemen. [three months of talks with and p.pes have been imported hv Mr Sir 

new fighting here. The position .Jerusalem! and the Gaza Strip. The spokesman said the [ political parties failed k« estao- China m substantial quantities, showed 

was adopted at a meeting in occupied since June. 1967. The report, published by the daily : iish a national administration, bur through companies in West erKineerin 

Damascus last night by Fatah's Israeli withdrawal applies to the newspaper ai-Siyassah. was with - 1 The inclusion of the Muslim Germany and other European and v 

Executive Council under its settlements established In the out any foundation. ' League took many people by sur- countries which have used Indian niachirterv 

leader Mr. Yassir Arafat. 

occupied territories. 


Chinese edict on industrial development 

THE CHINESE Communist 
Fariy's Central Commit ice has 
issued a draft decision on prob- 
lems in speeding up the 
development or industry. Ii 
has been circulated to all 
province level party commit- 
tees and party groups in 
ministries and commissions Tor 
implementation on a trial basis, 
Coiioa iMacDougail writes. 

The 30-poiut decision “is a 
powerful weapon for exposing 
and criticising the gang of four, 
and for dispelling chaos and 
restoring order,” the announce- 
ment said. Reference to “chaos” 
suggests a great deal still 
remains to be done In re- 
organising industry which was 

seriously damaged in the power 
struggle in 1976. 

It is a mark of the leader- 
ship's concern thai Lhe Central 
Committee, which hitherto has 
remained aloof from the nuts 
and bolts of lhe economy, has 
now been brought in to super- 
vise the operation of local 
party committees in the indus- 
trial field. 

The main points of the deci- 
sion Include, besides criticising 
“the gang of four,” the fixing 
of criteria Tor improvements in 
industry, the division of res- 
ponsibility between the techni- 
cal staff and the party conunlt- 
lee within the factory, more 

planning and specialisation, 
guidelines on the respective 
responsibilities or central and 
local authorities, and a scries 
of directives on expanding 
energy sources, raw materials, 
agriculture, research, training 
and welfare. The main under- 
lying purpose appears to he to 
Improve efficiency at least In 
part by increasing central 

At the same time, China’s 
first Ministry of Macbine- 
Building, which handles general 
civilian machinery, announced 
that it Is reorganising its enter- 
prises into integrated com pan- 
ics to increase .specialisation 
and eliminate overlaps. 

For example. Peking has 
organised U4 district 
machinery plants into nine 
machinery companies and li 
general plants according lo 
lines of production and has pul 
them under the leadership of 
the Municipal Machinery De- 

China experimented uitb this 
system in the early 1960s, but 
it was attacked as revisionist 
in the cultural revolution. The 
then Head of State. Liu 5Uao- 
chi, was severely blamed for 
favouring il although it is 
alleged today that he was one 
or those who tried to sabotage 

Smah order? for riccl tubes equipment jnd uia ten al hand! m- India. [ , r ,‘ , *. , ' 1,1 

and pipe* were placed with an equipment. A list of item* that Trade with China t- ox^-ivd • V™ ’ lf J 1 ' U 

Indian delegation which ha* just India can export tu China was to pick u:» .-utwaniuilv ..jut »ho ‘ 1 1 a * ■* ;' -1 r,M * 11 , 

returned from the Canton Trade handed over 10 the at lndi.i:i foreign mim'sier Mr 1 K,,r :, ’ r - y,'* 
r:-ir. These are expected suh- the Canion Fair. Aral Rehuri Yariavee. usa* • ■j 11 ' *' vn " ! ‘' , 1 ‘ 1 " : 

star.tnlly to help China s larae The delegation has come hack Peking t«>tvards "ihc end V.j ,;, d I '-k" .1 | li , « , ..n n 1 

in.jus!“:a!isa:;on 3nd construe- with the imprrsMnn Ui.i { China Seyteni’u-r or early Oetoher 1 1 ,. 1 -f ul ' il iwev«*r. Mr I , .i:i*i>:i n 

tion plans. wants to increase trade with li.i> accepted m invdation from : 1,11 ‘ nf the h.d ..-t 

The delegation represented lhe India substantially nnw thai it !iw Chinese coizrii<-r;.*:tr: and iho I |, n* i oTi , «j ,, -.i -nii-ni *-. 10 : 1 -. li • -.c 

Association nf ihc Indian ha* been resumed in a >in»ll w.i.v visit is expockd rn fie a major i ,, "‘ il»»v»Tn::i»*ni f; ».f drciiled 1 Industry and its after a aap of 15 year*. After th- ljreakthr««uih uv ubUons I deiav its fin d dcc^um uu« 

•Dll )l.d.< 

•lei'i-nii 1 

leader. .Mr. T. D. Sinha identified 1962 border war between India i-oiwcen Lhe kwn onm tries. 

S. Africa motor merger agreed 


SOUTH AFRICA'S biggest motor Sources close to Sigma say agree- passenger cars, and Peugeot l.fiOS | 

; other cnnir*.cu«*s irni had tl 
I “unie opimrniniiv. 

Protpst over 

Austrian tax 

SALZBURG. July 5. 

Updating the thoughts of Mao 


SOME DISARRAY in China is was referring to himself, the seems to have used the occasion supporters of the Gang are still 
evident from the fact that Peking minority in an otherwise prag- to begin to reassess the status going on. One could even see a 
should celebrate lhe 57th an niver- malic leadership. One is left to of Liu Sbao-cbi. Liu was for parallel between Mao's hint to 

vehicle manufacturing group has ment with Ley land has already units (out nf a total of 17.7ISLI rrkRRV tipiy-fp^ m,. k, n .. 1 
1 oeen formed with the announce- been reached on certain point*. placing them Third and fifth t' l 7., r ,.. n 

ment that Sigma Motor Corpora- The takeover involves gross respectively in the passenger ?„ miL, f, n i f r!*,! ^,1 

non whose shareholders are assels of R30m and will bring vehicle market. Combined Sterna \ ‘.‘vi , ' , r h \ J “ 

Anglo American Corporation and Sigma's motor manufacturing and Peugeot sales in the first I vtninrloi .-.mntiv - 
Chrysler. 1 * to rake over the assets to over Rl30m. Mr. Chris five month* of this year would > Traffic n L rinn mkii,] 

manufarTJirp nnrl rlKirihiifinn in flrilJitha ih«. /-h-ilrtn-.n nf Cl. ...... n i.. M ih« ,u... I . I on lIKilurviajS linkilU 

la * lormj- internal routes to step up pres 
latter has s nre on the Austrian Govern 

recent months and had been high-quality motor vehicles lion in 1976, the' latter ha5 slire nn lhe \u«ir:jn Goveri 
widely lipped as the most likely backed hy lhe resources of Anglo become recognised as one of] ment in drop the new levies, 
candidate for a joint venture with American and built with the South Africa's most aggressive Crossing* into Czechoslovak! 

NTO IH3 It T C nnilPl'nn nnti.'oifoi' tnonnr.lntir F In., v4 i » n a ~ . t e I . __ ... 

have not been called off. and Sigma currently markets Mazda. Mazda fi'23 model boosred Siuma s da v led hnlida-- maker*' car* it 
thar there may be room for Ley- Chrysler and Dodge vehicles. market share from 7 per cent ofi ronvov across fields lo liv-pas; 

land m the Sigma- Peugeot stable. In May. 197S. Sigma sold 7526 the total to 14 per cent. i the choked highways. Reuter 


jiiuiiiD ivitraraie me 3i in anniver- mauc leaueiainp. uuc :s leu iu ui i^iu oudvn.ui. uiu vv a* iur parauei ueiween Jiaos nmi ioic:__,, ...l,,, r , ~ — - — x — •. iu*sni„* uuu wiiiiujii'mm 

sary of the foundation of the guess at whether there is a years labelled "China's Khrush- the provincial leaders and the 1 , 1 .®. r 'h* 1 ci 0 ,?.^ t ovi..'nri° V m'il-c‘ . 1 . « u ..u ? mutor niotor companies Last year fnrjand Hungary were :il>n hii h. 

Chinese Communist Party on similarly radical minority in chev.” hut the newspaper last recent warning on the front page | - navo nr , r h p»n '*.?. r .. d J ^nslanct*.^ sales of , he j popular j jhe blnckadfsand jjuIjlv y.>li:T 

July 1 with the publication of today’s pragmatic leadership. Friday applied the epithet to Lin of the People's Daily to the un- 

j 16-y oar-old talk by Chairman Besides tile obvious points, the ^* ia0 an( * l ^ e '^ an ? °f Four. Liu named but obvious leading 

Mao. .... pragmatists have made some tMt P 3 . 1 ” in . t0 »*wignia«nce official in Shensi. 

Evidently no one in todays more sublle ones through Uii* since Un and the Tyrannical First Secretaries, 

leadership speaks with a sufli- plication of an old speech. It ^ ^ re si 1 ’ 11 ^ l0 » t,T !’ £,s Mao said, must reform. If thev 

dciuiy commanding voice to shows Mao at his most self- ^ a n r «sb chev • In did not> lhey would lose lhe f r 
make the points Mao made cr jiical. This carries a dual j 1 jobs, a warning both for 1962 and 

without appealing to his higher nie!5SaR e. The first is that every- 0<r ;® ? ?:. a . h,r ?* t S !f J°?" d 5, d J 197S. But there was to be no 
authonly. The implication both Dne ma kes mistakes and there- hJ: m°J'c indiscriminate bloodletting: as in 

of Maos speech and an editorial f 0re a il officials should be ready colleague of Teng Hsiao-pings an earlier speecb similarly 
in the theoretical journal Red [0 admit them. The second ,^ ue for some kujd gf delivered years ago and pub- 

Flag that accompanied it w that underlines the fact that as Mao cetiatntUation. lisbed 5ince hig dea[h fthe „ Ten 

some leading officials need to said hiimself he was no econo- Mao's comments in the talk nn Great Relationships” in Decern' 
reform their attitudes. The mist, and hence policies which the problems of socialist her 19761 Mao emphasised the 
People's Daily went further and everyone knows were hi* as construction seemed tD carry theme of unity and rejected 
said frankly in its anniversary much as the Gang of Four's another important message for execution for political offenders 
article “followers or Lin Fiao _ excessive seif-reliance, and 197.S. His account of his discus- unless absolutely necessary- This 
and the Gang oF Four are still decentralisation, tor instance, caa sions in I960 with the U.S. has been the constant policy of 
around and will come out to be safely abandoned. journalist Edgar Snow led him the present leadership, perhaps 

make trouble.” A text 0 f this talk was first t0 § ive his own views of Chinese partly for the severely practical 

Offshore challenge for UK in Brazil 


the disastrous 195S Great Leap 10 touch — has become ramous. jh e capitalist countries in less f rom facts" is a theme which has 'he Amazon mouth or Santos It cannot be said that Petro- i lff \ h, * e ». <,,, PP lil ‘ r# - 

movement in the economy, a Perhaps surprisingly, there are th-''a 100 years. Is this a hint been fieUim , stea diJv more°prfr Barin off the south coast. hras lacks proper technolnsv or U ;, -' kr . d A R°1 'Association uf 

movement which he 1 
set in motion. Wise! 
he admitted his owi 
bilily and stressed Lh 
lisicning to the peoj 
bringing them into tf 

’ economy a Kcrnaps surpnsmg.y. mere are been geUjns steadily more pro- Ba-in oH the south coast. hras lacks proper technolnsv or 

ic himseir had very few differences Mwn *»}dt 1 -mbit jous ■ d «veloPinent jninence reC cnUy. Peking has This is encouraging consider- that there is not the will among 

,he ? cd < i l Ji rd , th * wn heen lr - vin S to persuade officials ' n = *h»J Brazil's oil is a State Brazilian industrialists 10 manu- 

with the State electricity and 

Rrin.h Off anir Industries, and 

R 11 EC (British Marine Equiiv- , h . . ‘ pr n “ ” 
nieni Cnuiu-iH have been Moodily 

and energetically hii.ldins up . tvvf.vthmy was n rf -l - '. 
contacts with PeU'Oh.a* in recent « s . ‘'‘rhinos ( Ru-Dmi .. at 

making business and learning direct references to Liu Shao-chi. ^ ^ since ikrd ri but after ve^s oFarbitrarvcnUcism 

ntsas^. £TE r JS5S., e, B feli S- ™ fo e n^ 0% d - i b u u s ; rliz *SZl£ •32r£J2 a 2r. 

?L ^“SS 1 oi „,„iToffici a l/„„ 7 preV r 

In™ * tnSSta/ ctanS w* “ *“ k ' ”» 

The moral for the China of in 1962. Mao said “from 1958 somethinE more cautious th^n Frora mid -si sties on. 

today is obvious. The emphasis we decided to make self-reliance r.hairman Hua's sneech to the an Y° ne who proposed work 
on practical considerations is our major policy and striving Rational People's Cciucress lasr n,et h° t ^ s which could lead to 
fully in accord with policy since for foreign aid a secondary aim." March which spelled out Thina'c sreuter efficiency or greater 
Mao’s death in 1976. Yet even The 1973 version, however, has forthc-mims devrinnmpnt " profit was in serious danger or 

if this sample of Mao's thinking “ becoming fwm 195R we cst.ib- p attack as a “capitailst roader.” It 

was perfectly chosen as ideologi- Tished a clear-cut policy of rely- Much of Mao's talk was is some indication of the extreme 

cal justification for the doctrines in* mainly on our own efforts devoted tn criticising the work of hesitance of the Chinese people , t IOOK 
of today, it still hints that all while seeking foreign aid by way leading officials, notably a top to believe that the pendulum will petrobras. 
is not well within lhe leadership, of .support.” The difference is provincial man who was present, never swing violently Left again glomerate) 
Mao delivered the talk only small, yet the change justifies In the usual Chinese style he that the present leadership is a! read v be 
months before he let loose the roreiun equipment and even refrained from naming him. having to issue the text of Mao's ILsDanoi] 
Socialist Education campaign, foreign loans, a notion which though everyone knew who he talk. Once Urn Chinese in "cneral 

jeoloqical. financial and eren and up-to-date 
political risk is hich. and the manufacturers. 


There is a lnsjral connection — 

permutators (APV». sled bars 
(Round Ook». Calibres ti'uvni- 

tectmoiogy for Britain* North Sea experience lo, instant;-. 

- (British Aluminium). The 011 I .1 


China-wulchcrs laier believed he listed an anniversary article, biller campaigns against alleged do the same". 

profit was in serious daneer or n 51 aV\ W cLu , v, h ? y techni “* .lectures hy (but not the most sophisticated British and niher Offshore l-r:.. .1 

attack as a “csoitaHst roader" ft !! , ", Uth " ;US d y ii S ^ e11 ,i Whl ^ h Bra7,!,an Jlnd foreign experts, encineorinc trchnulnay— sun. e- siands. Brazilian nianuracturers 

nF |J. aT-tranTo hart r ” a J ur problems with rip was supposed rn aitracr visitors thing Brazil would dearly love could not conceal their nen 

nrk OF hV^tTncl. tifJes and crumb,in 5 subsoil until not only from Brazil but Treni all Jn acquire). ‘ at the prospect .,f :• m..-s 

, k !.?n fn hin" VP o , to K ok e ^ erl , a r dv,ce .. from America. It succeeded in The variety of offshore goods foreign invasion either 111 direct 

P elr obras. the sto'o ml con- the former but not in the latter, pnd services Britain is tendering sales or joint venture*, 
llnmerate) and Exxon have because, as several nhserveis is almost exhaustive: Seduwick Local manufacturers have 
j! ready begun pro he?. suggested, both Latin American Forbes, through ils Brazilian received orders from l’e\ri>bva« 

H:spanoil and Cities Tpsus are rivalry and great travelling dis- associate. Porto Naznre. is fnr platforms— tint local «-u>i!* 

also committed to risk areas lances rtfd nut make Brazil a already covering BP. Shell and are high, and expertise is .still m 

and within the next month, magnet for prospective Venc- £lf-.>vj:ip's risk cnnlracts. Lloyds the moneering stngcs. AH lha 

Potrobras is expected 10 offer 7 ,ue la n-Chi lean nr Argentine and the Midland banks bran- Brazilians can hope fur is that 

new risk areas. However, the buyers uf European, U.S. or di.*hod offers nf credits. Ocean l’etrohras keeps its word to U'v* 

j foreign oil companies Jananese equipment. itu-heape secured support opera- thviu some share uf tnc ecu singly 

Petrobras. the state oil con- the former but not in the I 
llnmerate) and Exxon have because, as several nhsi 
j! ready begun probes. suggested, both Latin Ami 

Hispanoil and Cities Texas are rivalry and great iravellin 

advent ot toreign mi companies 
drilling over a thrcc-jear period 

Jaoanese equipment. im-hcape secured support opera- tlu-iu some sh 

Never the less, in a Hurry of lion contracts with BP and Penn- neb pickings. 

- K v 

^^ncmlTmies Thursday July 6 1978 






Sole Agent lor the IniMing 
Me, Hardware 
-and Allied Branehes. 

Expan deret Screw Anchors A/S are looking for a 
firm, well-established in the above-mentioned branches, to 
undertake distribution of the internationally recognized 
Expandet wall.plugs made by us for fixing in brick walls, 
concrete etc., and also Expandet Rosetttor fixing in 

Our agent must himself be in a position to take 
responsibility for the marketing on the British market, and, 
having the necessary storage capacity, to purchase his own 

We are a 20-year old Danish firm and are represented 
in more than 50 countries, but we lack representation in 
Great Britain. 

Please apply to: , 

Expandet Screw Anchors A/S 

M4rum 3230 Greested. Tel. 03 -29 61 00 j 

“Wall plug for fixing all types 
of woodscrews in brick, stone, 
concrete etc. and related 

"Expandet Rosett which 
means fast fixing in hollow 
wall, partitions like plaster, 
boards, Masonite, 
Gypsum etc.” ' 

Diversify into profits 

^ !t‘ II S? 0 ff. Small company having spent £250,000 on developing 
an inventive plastic product of genuine world interest 
•III ri-i'ts now finds itself short of funds to manufacture and 
market the product, despite the fact that massive 
ii « ■ *i 0 » :? H ^ orders are in the pipeline from Europe, Africa and 
v .... s . Asia. 

. The management team is prepared to continue and 
to maintain a minority equity interest if a large 
company can now take over the financing strain. 

It is well within sight to produce profits in excess of 
£lm. within the next two years and it is an ongoing 
situation in that demand will continue to grow. almost 
indefinitely for this world patented product We will 
. discuss any genuine proposals from principals. 

The Chairman, 

Commercial & Financial Investments Ltd., 

81, Stonegate Road. Leeds 6, Yorkshire. 

We’ve farmed more 
companies than 

/other company 


So next lime * / / 

youneedone, ✓ Jf'iWn t* V l iy 

phone Patricia Parry (£. } l, t* . LV. 

on 01 -253 3030 ‘ ^ 

jojtashoosc aunrann «« 


nunoKiOL auanowus swioin 


Established off-shore service company with 
proprietary products in sub-sea services, seeks 
British partners/investors for expansion and new 
projects. Investment around £200,000 envisaged. 
Write Box G.2222, Financial Times, 10, Cannon 
Street EC4P 4BY. 



Medium-sized company trading internationally in building 
materials, fertilisers, foodgrains. 1977 turnover US $25m. 

Half year 197S U.S. 525m. 

Write Box G.216S, financial Times, 10, Cannon Street. 
EC4P 4BY. 

Fully Recognised 

Advertising Agency 

«rith touml track record, good nanaB** 
ment end financial resource*. *eefc* w 
acquire other Advertising Ageneiej and 
CoiuuliaiKiei in order to cupand its 
operation and develop new ereis « 
business. Location it not important. 
We are willing » conaidur all piopon* 
Cions from principals wanting seriously 
to discus, possible acquisition. 
Please wrrte in confidence to ourtclret 
in the firet instance. Particulars will 
only be forwarded to' our diene after 
vendor 1 * approval. 

Broadway Chamber*. St. Peter's Street, 
St. Alban*, Hertfordshire ALI 3LN. 

limited companies 


30, City Road. EC1- 
01-428 542415/7361, DM6. - 


of large multi-national group engaged 
in factoring protective clothing and 
equipment to industry at large and 
i-jndry equipment to rwindnrf. seeks 
to expand i*» range or predueti. 
Would consider acquisition, dlitnbuior- 
ship or seeiwy- 

Write Bo* G.H07,.FiM*I Tim. 
IP, Cannon Street, EC<P 4BY- 

Wc are looking for 


For a first-class building 
programme on the 
French Riviera 
Write to: 

FRANC IMO, 1, rue C.eard 
Geneva. Switzerland 



i via. Man Inipon-Exjwrt Firm welce 
urcenUF Bruiuh umflnulufi Uouwi for. 
r. pri.wmuilon in Nlwnx. Tnlurestud 
Hi-ifiKfl conurtm-n should write w: 
The Advcnlwr: P.O. Bom sow. 
Ctuistia. Nigeria. 




Commissioned In 1970 and in good 
an/er. Can he seen working; 
Please telephone Drrjd J. Kr*d 
Bedford 67466. ext. 3060 



ra “tfSl 

line 3 year* from £3.70 weekly. 
Rant from £29 per month. 

Phone; 01-641 2365 



Turnover b. 3- jfrgJ&E 
haced. Seek parfncirsiilPi JJJJJJ. 1 * k 
tlnn. sale or reortani- 

nunaserial particlMtien lor 



Quota, given on 

27A Comber-ton Mill. Ktddermi"« #r 
Worcester* hi re oriff , ?'l 7766 
Telephone (0S«> 6 667T and 
338036 Centos G 


For further information contact: 
K. Dean, 

Breeds Place, Hastings, 

E. Sussex. 

TeL: 0424-430824 


U.K.-based trading subsidiary 
with professional background 
soon to have resident repre- 
sentative in Jeddah to support 
active local entrepreneurial 
agent offers to represent inter- 
ested contracting and commer- 
cial firms in return for shared 
establishment costs. Write Box 
G.2 22 3. Financial Times. 10. 
Cannon Street. EC4P dBY. 


Our business is 
merging your business. 

36 CHESHAM PLACEL0ND0N SWI. 01-235 4551 


Pre-tax profils around £500,000 

Are you a substantial shareholder in such a company? Have you thought 

□ how best to ensure the future prosperity of your company 
and its shareholders and employees 

□ how to enable existing shareholders to unlock some or all 
of their shareholdings in order to diversify their invest- 
ments and perhaps reduce future tax problems 

□ the possibility of joining forces with a successful public 
company which specialises in helping companies to grow 
profitably without swallowing them up into a large 

If you would like to discuss the above possibilities, or any other ideas you 
may have about the future of your business, you are welcome to comae: 
Hamish Mackenzie at Crest Nicholson Ltd., Crest House, Church Road, 
Ashford, Middlesex TW15 2NH. 

Crest Nicholson is the quoted parent company of a Group (turnover c £30m> 
with varied interests, including such well known names as Camper & 
Nicholsons, En-tout-cas, and Crest Homes. All our businesses retain a high 
degree of autonomy in their management. We believe strongly in 
encouraging them to achieve profitable and controlled growth. 


Prestige period office building 
of 4,500sq.ft. approx. 


All amenities + 4,000 sq.ft.of 

Self Contained 
Executive Apartments 

Long lease for sale at 
£1 1 00 p.a.Ground rent fixed 

Principals or retained surveyors with 
named clients on|y : to Box NO.G2218 


10 Cannon Street, London EC4P4BY 


We seek sole Importer/Distributor for the United 
Kingdom to market a range of swimming aids 
through departmental and chain stores, super- 
markets and sporting goods and toy wholesalers and 

Floatie Swim Aids developed, tested and proven are 
made to highest quality standards and are uncon- 
ditionally guaranteed. 

Please direct your enquiry providing full details to: 

The Managing Director, Styrox (Aust) Pty Ltd., 
Villiers Place, Dee Why West 2099, New South 
Wales, Australia. Telex: AA 210S4/STYRQX 
Answer Back — VAMCO 

■ v •- _ . 


in prime position of Bournemouth as a whole 

1) Linden H»U Howl. Christchurch court*, game* room (vaunt 

Road (u investment. Ice at possession). 

02,500 ptr annum; Syw-ramaiii 3) ^ncoim fl uj„ g nation, 

on fall repairing and .muring praBe im| Knyvcton 

2) K» Spom Club. Kiwi* Road, <” oml 

com pricing bars, restaurant, swim- 4) Staff bouses and flat* (vacant 
ming pool, gymnasium, squash posiossian). 

Ideal as leisure centre and/or potential redevelopment. 

Closing date for Tendere, 12 noon. Thursday. 20th July. IWJ. So/e Agents. 
Hotel Department, GOADSBY & HARDING 
Borough Chambers. Fir Vale Road 
Bournemouth Tel. 0202 23491 


We are acting on behalf or in old-established medium -sized London ftrm 
which has several vacancies for Partners or Associated Members, or a small 
Arm, due to the acquisition of a little additional space. Our client will 
consider either Partnership or a CommlMkHMharing basis. Single Members, 
or Attaches, a small Group, or firm, with a good quality clientele (private 
client or Intitutional) should send us a letter for forwarding in strictest 
confidence to our diene. Please stare any firtns to which the letter should 
not be sent. Wrrte tee Neville Jones. Messrs. Annitage & Norun, Hazlits 
House, 28. Southampton Bui Wings. Chancery Lane. London. W.C2- 


By reducing debtor days we 
increase your cash flow 
thereby improving your work- 
ing capital. 


Contact in strictest confidence 
A. B. Baden och, 


- D - w - Clark, A.CLA- ’ 

Credit Aid LttL, 
VTT 4, New Bridge Street 
NX E.C.4. 01-353 7722 


would be interested in acquiring a 
number of . small private companies 
engaged In' or associated with residen- 
tial development. North or Midlands 
area preferred. Principals only. 

Write Box G.22J9. Financial Times. 
10. Cannon Street. EC4P 407. 


Are you obtaining the hast price for 
your lew-mileage prestige motor-carl 
We urgently require Rolls-Royce. 
Mercedes. Daimler, Jaguar, Vanden 
Plas. BMW. Porsche, Ferrari. Maseraci. 
Lamborghini, Jensen Convertible. 
Rover, Triumph and Volvo ears. 
Open 7 days a week. 
Collection anywhere In U.K. Cash or 
Bankers draft aval table. Telephone us 
for e Ann price or our bnyer will calL 

Brookwood (04867) 4567 


Seeks Merger with medium lize 
agency based in the London area to 
develop as a group. 

Principals only reply to:— 

Bex GJ199, Financial Times. 

TO, Canaan Street. EC4P 4BY. 



Ac present subcontracting £100.000 
of presEworic per annum. Surrey- 
based firm preferred. Please lend 
detail* of rapacity available, eg. 
presses, etc. 

Write Box G.2121, Flnondal Timet. 
JO, Caiman Street. £C4P 48Y. 


Er-company mj>. ta late fifties seeks 
active participation with £100,000 
Investment U> extoilns business or new 
. nature. Extensive experience Of 
Brand aL marketing, property and 
leisure fields. 

Write Box GJ 288 . Finandai Times, 

■ ' ID. Cannon Street, EC«p (BY. 


Jn certain sections ol the shipptno 
insustrv soon a lo no-term investment 
oowurcniriw still exist. Old cbUbl&ned 
operating suosldlary of major British 
smoiiSw'i a roup ran offer one or two 
investment protects comoleto with 
manaaement or win manage vour 
vcStUIS on wo rid wise basis with .same 
care and thought as entreated to ihrir 
own fleet. 

Writ* Box G.1275. Financial Times. 
10. Cahhon Street EC4P any. 


will off-load share in 
non-resident deferred profit 
This equity share carries benefits of 
a pur-option exercisable after nine 
months. £750.000 entire or propor- 
tions of not lets chan £10.000 are 
offered. , 

Write Bo* G.2209, Financial Tima. 

JO, Cannon Street, ECdP 46 Y. 

MORTGAGES AND LOAN Capital to any 
amount. Long term repayment. Details 
in Lon&denee to Knlgntsbrldge Consul- 
rant* Ltd,. Admin. OAce, IS High Street 
Deal. Kent. 

No eanltai reoalred. Established over 
M years. Cl tena Jn 62 countries. Send 
large JLA.E-— Wade. Dept. F- P-O. Box 
B. Marltmoagb. Wilts. 

By maJL The Educational Addressing and 
■nailing Service. Derby House. Redblll. 
Surrey. RHI SDM. Memtiam 2223. 

E* PUBUC CO. CHAIRMAN bat £200,000 
family trasr income lar residential 
property investment*. _ Urge or Small. 
ImmedUtb decisions. T. Pothocarv. 2S8 
sneauam High Read. SWIG. 01-769 

create a new Interior lor your office 
retention, boardroom. Shop, restaurant 
or hotel. We design, plan and manage 
vow prelect rrem tun ta naith. Phone 
Gordon Llndsav Group. 01-993 5*46- 

AGENT, BRITISH- resident experienced N, 
Italy. woKomca commercial enquiries, 
write Box G221S Financial Times. 
10. Cannon Street EWP 4BY. 

tor subcontractors for regular produc- 
tion who are able M manufacture hinh 
auMtv stxiaieee steel encrtpmenL Write 
Bbk G2212. Financial Times. ID. Can- 
non Street EC4P 4BY. 

GOLF RANGE In 14 acre* With Licensed 
dubhonsa. York, a Bedreomad nouse 
ana . potential for further development. 
Full .details from Oliver Kitchen and 
Fhnm^jSQ Albion Place. -Leeds i0532 





Brokers protected. Local representatives 
wanted. Write Swiss- American Combine, 
P.O. Box 680 Panama 1, Panama. 

Up to £1^00,000 available 

Successful family with substantial funds 
now seek to back dynamic entrepreneurs who 
can offer business opportunities in profitable 
expanding companies. Write with details to 
Box No. G2197, Financial Times, 

10 Cannon Street, EC4P 4BY. 

l J 



A re you already exporting to Europe but feel cint your 
products lire not netting the exposure and distribution "they 
deserve V 

Are you not exporting but feel that your products would »■!! 
well given the right amount of opportunities and sales HfortV 
Would you like to export but lack the urgnnisatuu; and 
physical resources of an export department': 

If your answer is yes to any of these questions then we c.m 

IEM has the organisation — 14 overseas offices, all v.iih hrchly 
qualified staff — and direct connection with ihe pnacifal 
buyers of major retail outlets such as Departmental Store?, 
Supermarkets, etc. 

We are already helping many client companies to marL-t 
their products in the following categories: — FOOD 
Perhaps you would also qualify for one nf Uie Gnvernuii'fir 
schemes available which offer financial assistance m beri>>u.: 

For additional information write or telephone 1 ; 

1 S3 ’ Export Marketing, 

Pfjya I London House, 
itfflTl 16 Finsbary Square, 
h L> ml on ECS 1BR. 

Ttil: 0X438 8756/7 
Y vty Telex: 885575 


SNAP-STTX — a range of self-adhesive letters, numbers sien.i 
of various types, combined Into and presented as a complete 
sign making system suitable for a large variety of exterior 
and interior applications. Established in Australia. U.S.A.. 
Canada, Far East and Middle East. Range aUmetirely 
presented and competitively priced and sold through D1Y 
centres, hardware, stationery and departmental stores. 

We seek financial and energetic sole lmporlcr/Distributor for 
U.K. with well established connections. 

Please direct your enquiry providing full details to:— 

T!ie Managing Director, Styrox (Aust) Pty Ltd., 
Villiers Place, Dee Why West 2099. New South 
Wales. Australia. Telex AA 21U84/STYROX, 

Answer Back — VAMCO. 







Write Box G.222I. Financial Timas, 10. Cannon Street. EC4P 4BY. 


U.5. company engaged in the manufacturing and distribution of office 
supply products with world-wide brand names is interested in selling 
its German Subsidiary. Excellent production facilities. 

Contact Box F.1032, Financial Times. 10. Cannon Street, EC4P 4BY. 


servicing the larger retail outlets 
in North and Central Scotland. 
Spacious warehouse on lease 
and modem vehicles. Opportuni- 
ties to take over an organisation 
with expanding prospects for a 
modest outlay. Reply in confi- 
dence to Box G2214. Financial 
Times, 10, Cannon Street, EC4P 


departmental STORE 

Site* exceed £109,000. 

Market Town. Kent, within 25 mil« 
of London. Leisc would be granted 
or Freeho-'d « available. Personally 
inspected ind consider with younger 
manaicff' enc **l« coaid bo consider- 
ably increased. Vgndsn would consider 
disposal euciidc the trade, such as 
Building Sodcty, etc. Detail* to 

P wm!*hou2hton ft SONS LTD.. 

7/10. Chandra Street. 

London W1M QHD. Tel: 01-580 5931. 



14 mis. from Lambourn, 45 
mins. Heathrow. • 152 Acres. 
Has been operating for 2 
years. Still in need of develop- 
ment- Further details tele- 
phone: Nigel C. Wright, Lam- 
bourne (0488) 71042. 


jluuicd in rerai aiid-Wal«. Wall 
establish?*! and thriving. Can be titan 
over f* * 8®'he concern. SPiCloui 
workshop ““ good machinal, etc, 
Pleanot house and garden*. 

Further particular* writ# Ban G.221S, 
Financial 10, Cannon Street. 

EC4F 48*. 




Small company manufacturing ladies 
brief*, underwear and nightwear « 
for sale u a manufacturing anil. 30 

Apply In confidence to; 
Water-worth, Rudd ft Hire, 
Chartered Accountant*. 

Central Buildings, Richmond Terrace, 

Blackburn, Lancashire. 


Private Limited Company operating In 
West Country. T/O £165,000 P.a. 
Principals only apply for farther 
detail* to: 

Box G .2196. Financial Times. 

10. Cannon Street. EC4P 4BY. 

For Sale 


(5 acres) 

Turnover approx. £200,000 
North West Area 

Write Box C-S220, Financial Times, 
to. Cannon sum. ec*p 4BY. 

man seeks juMitlonal challengas. Propo- 
sals tin last moving consumer oraducts) 
treated In stflCtestconft'Kace. Principals 
£2211. Financial 

A Speculative House-builder is required for 
Purchase in the Midlands 

A small to medium sized business (turnover of a minimum 
of 100 Units per annum! is the ideal with a Land Bank fur 
some two to three years. 

Replies should be addressed to the Principal. Box G.2134. 
Financial Times, 10, Cannon Street EC4P 4B\. 


A speculative house-builder is required for purchase in 

A small to medium sized business (turnover of a minimum 
of 100 Units per annum) is the ideal with a Land Bank for 
some two to three years. 

Replies should be addressed to the Principal. Bos C-21S5. 
Financial Times, 10. Cannon Street, EC4F 4B\ . 

only phrase, write Box 
Tima*. 10. Cannon Str 

10. Cannon Street. EC&P 4 BY. 


An international Consumer 
Finance Company, now estab- 
lished in the U.K„ wishes to 
expand its Interests by acquiring 
companies with H.P. Credit 
Sale, Personal Loan or 
Mortgage Paper. 

Under cenain circumstances, 
part purchase— or the purchase 

of receivables only— will be 


Please reply to Box G.2216. 
Financial Times. 

10, Cannon Street, EC-1P 4BY, 


Flake or lump Ice malUiic plan! 
cjDablc of producing np 10 50 ion per 
day required. Could be in one unit 
or several smaller units. Second hand 
giant in Road condition considered. 
Plcaso reply to Boa G.221" Financial 
times. 10, Cannon Street. ECU’ 4B1- 



preferably in a service industry, 
earning pre-tax profits of at 
least D50.000 a year. Replies 
please to Mount Securities 
Limited, 19. Bolton Street. 
London WIT 8HS. with 5 
years balance sheers. Strict 
confidence assured. 

A large Betting Shop and 
Amusement Group is anxious to 
expand further into similar and 
allied fields. Consideration given 
to Food, Camping, Wines end 
Spirits. Minimum nett orotic 
required £60.000 per annum 
wjrh strong management. 

Please repir to Bo» G.2205. 

Financial Tiffira, 

10, Cannon Street. EC*P 42Y. 




Offering peace, quiet and relaxation. Ideally situated adjacent 
to: Golf course, safe uncrowded beaches and magnificent bays. 
The perfect spot for Spring or Summer holidays. Registered 
for 33 plus children. Open all the year round. Residents’ Bar/ 
Lounge. Games Room. Owner’s integral ground floor accommo- 
dation. One-acre rite. Excellent potential. £105,000 as a going 
concern. Enquiries to Sole Agents: Beck & Deane (Estate 
Agents) Ltd, I. Waterloo SL, Sl Helier, Jersey; Telephone: 


Aparcmcnt house containing HQ 
apartments for sale in dense 
tourist area. 12% return 
guaranteed by major European 

Please reply to 


A pa read O 177 Mssfutomss de Grsn 
Cansna, Spain 

For Investment 

Advertiser prepared to agree 
terms now for completion in 

Full details to Box G.22D0, 
Financial Times. 

10, Cannon Street, £C4P 43Y. 





Co-op to spend £1 1m Sc ° tk ™ 1 * 

0 ,, lack of jobs 

on Scottish base 


THE Co-operative Wholesale number of the S90 workers as part or a £20 t. 

Society is to invest film over employed will be made rcdund- gramme m Scotland. 

J the next three years in building ant and the inanufaclureo^ jam g ir Arthur added that the 


‘could lead 
to violence 5 

British Rail world 
trains runner-up 


; BRITISH RAIL has been placed The performance 

ha's Fill i 

Acts iet 



landlord 3 

By Terry Dodsworth, Motor 
Industry Correspondent 

shop pro- 

By John Lloyd 

(•second In a world league of high British Rat! well ahead of nigii-, 
cl speed train operators published speed travel inl’ranee. Germany.; 0ur Cotruipoo* 

q. today in the latest edition of the US. and Kiisnw. 

I The society plans to rebuild n °Y Bd to England. iuraover'Tn ''Scotland ‘in five * 3S d ?~<* quickly ro tackle the Jane’s World Railways. These and nther ' rathtfays. are , THE RENT A«* rerre.-a-n 

• its ^f-acre Shleldhall industrial However. Sir Arthur Sugdon. vears . The society was xx el i in missive and atrurfiiral uncm«; But there is a warning that if pimlnng .ilican wit.i lar.^i hcuic llccncL . tor thl . unscrupul 

I complex near Glasgow. Central chief executive, said yesterday \ ars , et To achieve the preheat aloysnent" in Scotland wm ! the Government failed to pay fur elect ri heat »>n uni t.nn>h J\.ui , tenant to evi.fciit, extort 

i to the development will be a ^> a l by 1981 he hoped there year’s share of that figure. ' issued yesterday by Mr. Alan ; la rg^-scale electrification now. by lias on »> "««: I'V'-'jert unw-. j harass the deivnccWss iandb 

rr m oo ft drinks factory with an would be 750 jobs. _ ‘ r .. Dcvercu;:. president of the Scut- .the .war 2000 Britain iiukIiI tie — ■* suburban seneuie tu*.ween claims the Sinai! Land lu 

: annual output worth about £Bm The Union of Shop. Di«- °, r J h °, fundir ‘ c n /, *=* twh Counei: of the Onfeder.-i- ■ unable to afford to run its rail- L.-ndon and Bradr.-rd ! A^ncutmn 

annual output wortn aoout tbm __ J AJ|ted VVofl;t?rs £11.* . investment were not 5* van. uq- o: BnCish !ndU Mrj ; wa vs. The that Britain cuu ; Tllt , a!i . ocn r, an .mI'cJ 

society had Bui sir Anliur said that ipc^iuin .\»r. Dev?-*ux. .mu.- j king in,- Mr. Paul G«'ldsivk. ••ditor. puts ni» lunger a tYoril to delay further da v on the fliivcrnin.-n' ii» m 

, . suggested voluntary redundancy ,hc money would come ... ... - - - - - a - - * 1 " ’ 

other sales network in the UK The complex will contain and earlv retirement for a lil<? society* resourc-.*?. 

last jear. . plants for the manufacture of number of workers. Agreement snciet >' *'°uld be eh 

According to a survey by the upholstery, industrial clothing, along these lines was likely about £2m in regional aid grant* 

Se-A-ell research organisation. : stationery and packaging The announcement comes after There arc abuUt -'Joy Gu-op unemployment ;r, Srotl.-md was minutes at an .rn'rage spend of vicvUiIiialinn. Both : Act >- and uaci'rl.t.nty i»v*-r ll 

Fora had ^. 0 - sales per outlet uidicriais. news ] asl wee k that society retail shops in Scotland v.Mh a running at IS7.*l0. This was. - 103 7 miles an hour. pane* support the concept of- future has «:i an e 

last year against -o* by uatsun. . development will be would spend more than £Sni further 61 local Co-op retail 7.6 per cent ...f the wurkfurre — British Rail ha* four trains further eti-etrifiejUun. idu milling sunpiv of pru?em 

FORD car dealers achieved a far Scotland and Ae north tributlve asd .> 

higher turnover or vehicles a t ^Tjy-land WUna ana me WTtn said that the 
each Individual outlet than any - '- suggested volunt: 

rcccivsiig the. British Rail behind Japan and cli-clr ideal urn fur much longer. A j Known the results «.*i ir* rev 
re* Enterprise its Rhinkanscn bullet train. This jomi British Itaii and Depart- , t | u . ,.\ct*. winch was promi 
Ami?. the free (rover? the 106 miles between spent of Transport worriim! party 1 ; („ r |» w i» n d nl (.»•>*. year, 
enterprise orcapiiation. «aiU ill at ' Nagnva and S:zi«uk.i m 5M r- l•\;»l1llmn;.: a programme uf ; The lamllord? *jv t!u: 

-■ mp. Deve-eux. 

■. o ? c f ?-T. '-■:«==>■*■ =-=■<=■ ■ 

*/. >cntxiss - Kre* 
izio.e -or Award ’’ fpim A 

the tnp i o’ porter, aod 221 by i accnn ipanied by a rationalisation on 
\au\'hall. BL Lars came seventh labour and production. 4 

in tbet able with 143 sales per: 
dealer, behind four importing 
organisations — Datsun, Fiat. 
Renault and Volkswagen. 

The survey detects a relation- 
ship between the rising number 
of imported car saies and the 
expansion of the importers’ 
dealer networks. By January 1. 
when importers' sales had risen 
close to the SO per cent mark, 
dealers handling imported 
marques had grown to 48 per 
cent compared with 42 per cent 
only two years before. 

retail developments in chains — most with a nuinocr of -10 
A Glasgow over the next few years outlets. 

Princess marks end of £32m 
Cammell Laird modernisation 


per cent higher th^n the , which cover ihu 41 anle.s from World Huilux i;t< wil.', a ..r»>»m:! pr-upurl 

average UK unemployment rate. • Swindon to Heading in 24 Rnpul Turns it Systems; Jane's • n f j n :|,e hands oi ttn- hr 
“Stripping away the cosmetics ■ minutes at 103.2 miles an hour. Yt-urfawfei, SI9.SII. 
of temporary employment sub-! 

sidy fSO.OOhi. jab" creation pro-| 
grammes 1 12,000 1. the youth 
opportunities programme and 
' the small firms employment sub- 
sidy (6.0001. the real number 
of commercially unemployed . 
rises tn 244.000 — more than one ; 
in ten Scot; — and there is worse; 
to come." i 

The shorter working week pm-* 
posed 2? an antidote was “naive ’ 

Plan to help companies 
fight drink problems 


. MARKETING Maned yesterday Education 

PRIN'CESS ANNE opened a ship years late, mainly because of a staniiai improvement :n labour mbbish.” A So-hour week would 

A si^niSi’ani 'number of these construction hall at Cammed change in contractor early tn the relations in the past nine months, increase labour costs 

dealers have switched from BL Laird Shipbuilders yesterday and project, which led to building Cammell Laird is capable of tea?. Cutting the 40-hour 

the former British Levland I officially marked ic end of a worker pickets shutting down surviving and ultima tuiy by two hours would 
which has b p en rationalisin'* its [six-year modernisation pro- the yard and disrupting ship- prospering. labour enrtj by 3 pe: 

nAtunrk RI ha« rerlucrd 0 ire ’ sramme that has cost £32m. building. The 145 metres by 107 metres reduce UK employment b> more -'s-imnu’e film For Your Own 

nutlpts in the oasf two vears bvj The Birkenhead yard has That, with the yard’s poor consiruciion hail ha? space for tiaa PS.000 jobs. mm. for lour Amind ha, 

693 Stes. compared with been transformed into one of the industrial relations record, has 


type •*( l.mdi'ifd. 

‘A licence’ 

Thev call for a “ . 
giuraiilci'd policy under wh 
then* would Lie minimum perl 
uf not ice but no .iccunly 
1 tenure fur new lets, a plus 
| nut of security nf ten 
j bestowed on tenjuK- of rurni^; 
j accommodation by {he 1974 
; :ind j reappraisal of the seem 
of tenure for it-rs.inl-. nf 

iiij llii'ii people 

an i 

... tVl „ __ . most modern in the country, meant that since 1972 CamracU 

reducisnn h> the car; B hc faan com when Laird has not delivered a ship 

les Of 9,3 dealerships. . msrkel conditions are so bad on time. 

nr , , i __ o oern i LLUU aci vuuiuuuua ou uau uuai.. 

BL Csrs no** hss — r— 50 outlets. #vjp vard has oo merchant n ■ 

“! »»1M «' h eb ” B ™ n Prospering 

modestl: ’ , twin-bay “ship factory." It has also 

A partial stop-gap is Cammell heavy losses fi 

' Laird's involvement with the oae important < . .. - ^ 

! Naw as a builder of Tvpe 42 in mid-life and further penalties struclion in other departments. f n : t : fl *: V pc 
1 ! destroyers. It was a vessel'of that accruing from delivering late But unless more work can be 

[class, the LiverpooL whose keel daring rapid inflation found quickly, redundancies A number of iniiutives 

create 400.000 jobs in the UK , 

A partial - stop-gap i's Cammell heavy losses for the yard, with Modernisation has involved ai'^ne " 6CI '° |JU n Sc ‘ >l ‘ and J 
involvement with the oqc important contract cance Lied extensive re-tooung and reco> 


from 1 17 to 143 a year. 

More dealers | Laird ' 3 

In contrast. Ford has increased ! 
both its number of outlets andj^ 

sales per outlet. Its network . Princess’AnM "jadin' th^baiiT'* Cammell Laird remains one of among the 5.100 workforce will be taken: 

has gone up from 1.203 in 1978: Tony Smith the company’s British Shipbuilders’ oiggot become inevitable this year. The I — The G. vernuiur.t must not 

bould i 

Report seeks strategic role 
for Greater London Council 


ago to 302 last year. j has the" opportunity to shed its unofficially estimated to have Type 42 series. valuation* or national health 

On the commercial vehicle reputation for industrial disrup- made in its first nine months’ There have been a few insurance surcharges, 
side Levland Vehicles, the BL,tj 0n an d unreliable delivery. trading. redundancies this 

subsidiary, has also reduced its [ Certainly memories of the six The yard's facilities, however, alongside Cammell 
representation. [years of reconstruction will not are now as good as any in Britain privately owned Western 

By contrast, the importers, ,b e cherished in Birkenhead. The and Mr. Smith believes 
which expanded their sales from j C i V ii engineering work is two given a 
lo to 22 per cent of the market 1 

in the last year, have increased 
their networks significantly. 

Fiat's is up by 32 per cent com- 
pared with 1976. Magirus Deutz 
by S per cent. Mercedes-Benz 
by 19 per cent, and Scania by 
14 per cent. 

In petrol outlets there has,.,, 
been a 22 per cent reduction in ) A™ 
the last seven years, with num- 
bers dropping from 37.501 in 
1970 to 29.347 in 1977. 

9 BL Cars has failed so far to 
pull out of the sales slump which ! Manufacturers of 
followed its successful Superdeai 1 Insulating Fibres 

year and 2-Ther* should be higher ;^„ lc .uih^ri.v ^ 

Si m VI K° rkerS - : objectives and policies f. 

>tern Ship- — ir..biiun should he con- : ran ; ra i , n .i irlupvin • ......... 

. Smith believes that, repairers is closing down with trolled through tight monetarv • : h J‘. , h '.u., m CO ntroi 

continuation of the sub- the loss of S00 jobs. ro ; rnir.r The n«t round of 1 resourees This ' w"s l he main 

should he ; conclusion 

[THE Urealer Lundon Council 
■ should develop its role as a 

for the 

capital and achieving them 

Insulation ‘must be improved 9 


•1T' C .u e " l fJ r,e . D ‘ s * ,,ouia ne ; conclusion yf an inquiry on 
iO'.vc-r than tnc Iasi. drealer Londnn carried out bv 

4 — Management must reduce [Sir Frank Marslull. a former 
manning levels and get produc- , leader of Leeds Hty Council, at 
Uvitj- up. ; the request nf the Conservative- 

"I ue.ieve that the trade ! controlled GLC. 
unions arc prepared to be , The inquiry's report; puh- 

panneri in this exercise but lished yesienJay. recommends 
EARLY improvement in ately to raise insulation become the statutory rnirimuni. :*mu is running out" he said. I that the GLC should take over 
insulation standards for Britain's standards as far as possible to Insulation standard- :>t new “tn our greed and folly we,' certain functions from White- 

housing is called for in a report those that would be required by domestic dwellings v.vre las: bate K»r inflation bring us to the [hall, while at the same time 

retvewed in 1975. Tne reoort ' ver 3e o! monetary collapse and 'handing some of its da>-lo-day 
.architectural profession proposals could save ine nation we may wei; have created condi- ! tasks to tile town halls. It 

Mineral and the construction industry more than £70m. a year. f J,;5r ‘S of massive and structural I strokes tin? need fur the GI.C 

would require time to adapt to Housing now accounted for 25 . u^mn'.oyment which unless we and the London boroughs to 

published yesterday by Eurisol- 2000. 
UK, the Association of British The 



Ploii fur u heifer London 

It should liavc power.-. Im>|1i 
advertise and to give gran 
Industrial development cert 
calcs and oflice developliic 
permits should be aholtshi 
Able and evin-ncmod I'umiiu 
men should be d-oplni un 
commit lees fur prumuiini: i 

Housing: The GLC sluuM c»nlr 
the allocation uf all cjpii 
funds for the provision and u 
provement of lamilun's huusin 
It would foot the bill anil rerou 
the costs through tis l*n<iut 
wide rate precept. Mjnafuum 
w’l'itid be a tuirough retper.e; 
Mlity. but a Single waitin'.: lr; 
could bi 1 maintained un a C.L< 

Eilacatlon: Inner London shoal 
enntimie to have a single nine: 
turn service, but this should 1» 
the sole responsibility «»f th 
tuner London Boroughs throng 
:» statutory joint eoimuatee. 
Fire Brigade: Tins should cor 
linue to bo under GLC cuntro 

Soda] problems 


campaign in March. According; 
to unofficial figures it took only : houses will 
a little under IS pec cent of the ! energy 
UK market last month, com- • considered 
pared with 16.6 per cent in April fuel " after 
and 22 per cent in May. and oil. 

Ford once again captured the Fuel 

market leader position with al-j double oy tne year zuw ana sector to pian positively lor me twuem rtoaa, London, SW1V pan; 
most 30 per cent of sales. i steps should be taken immedi- date on which raised standards IDE. conini&'r.Ls 

- i nunur ito nrnnar rm r» 1 1 canine . n „ . mi . n t 

Social Smites: These should n 
mam fundamentally a Bnrous' 
boroughs should act. such as responsibility, but the Metre 

local plans and development politan aspect of many criuca 

control. Bringing the whole of social problems should be recoc 

The GLC should take ui 


lish that sense of direction.” ^ 0U J d co " s ; t !, crod v .- v {S5L. TllJ , ,. f cl Mll , 

The report aho points to the Roads: The C.LC should have Health services: The (.Ll. shouh 

[present relationship between the ? vcr j ,u . responsibility for eventually become the Regiuna 

GLC and London Boroughs as a London s roads. It should also Health Authority for London 

1 " ■»■-“-* ***- ’ — - «»■ * the boroughs should contrn 

district management teams 
Health Authorities shuuli 

_ _ _ Those sections or tin 

posed in the Government’s Green competition policy occasionally economies of scale of various Glven ^is different * perspec- from 'rfa^ouTable'^resuSoS ! "London 1 was"' no longer should assume oversight of 'the Metropolitan Police wind 

!i 5 L“ S"fc !ft ffSSSSJTSi! uve- it. I. no. surprising Li guards movers t! an ££. bm.m? ta, in foa."° u f dedino complete jobU* iranspon. not- ft* 

i "The GLC. having searched for work in London, sotting fare should he detained rmm t .ii« 

ues that, what | a role, has assumed that of poticies. app roving invcslment which Provide sen lam wr Lon 

proposed is ajsu-aiegic authority without the P>a*» co-ordinating services Jon. Closer links should 

, .. .-. . nratnaM1 «„ omw , n - — --- _ not move away from the present approval of the boroughs and and associated facilities. 

from making it more 
for companies 

Thinking on competition challenged 


THE National Economic Develop- which highlighted the uneasy mergers had not fulfilled the increasing efficiency through mergers examined. Xedo anuies 
ment Office delivered an un- relationship between the Govern- objectives laid down at the time acquisitions, “if ihe industrial that rhp r.roon u» n , ,s 

argument goes - hc saxs. ? h ' ir s ! ,,deI i nes -V ,th in "htch the 


”1 have internreted mv task Heathrow Airport within the msed. The GLC should tab 
, being to estabtish or re^atab- boun , d 1 ai 7 cs of London a " mformalion and inlellig 

4 VH (.UIUHCUUUH puiicy auu inuious uie Kina ut cu-up era uve mum. _ ot c lirrir jcj n n i- nat towards m^reers 1 

quened the assumptions on action that the industrial strategy of the UK to international com- j ^ harder tially neutral 0 one 

which these proposals were seeks to achieve. rib tiotL the development j of ,i n % on m 1r g ^s%r^ But \edo a ?gue 

J C ' The report puts far more Government’s Green Paper. It the committee pr< 

It also suggested that. Tar emphasis on the need to enable rr^o sa > s H 131 Hie evidence is not move away from «** present < « i UC wunshd «u U — _ _ --- — , , r 

it more difficult companies to co-operate among “l e ^^l pe ?h a strong enough to state that genuinely neutral position onU or the most part without the Docklands: The docklands joint ^nd the GLC through a Folici 

fO make nurpp- Ihomciilvpc than is fnsniirpW hv UcmdUU, Open me question m(>ra<>rc arp either i>nminem<-jKlo mononfiIi« In nns ..horn i nnH'Prc tn imn oinpnt It” COmmittCf* Should be abolished. tOHlmlUee. 

established between the 


....... presumed 

operation between companies Whereas the Government’s companies which merged fre- be radically improved. detriments, 

over certain matters. committee on competition policy quently tended to invest more While acknowledging that As a second stage of its 

its counterblast came in a was obviously impressed by all than those that did not and there is probably somescope for review of competition policy 

report on competition jpoiicy the research showing that many there were also possibilities for increasing the number, of tiie Government’s committee is 


planning in London should be Industry and employment: The . 1 hLiw 

clarified and streamlined. The GLC should take a positive role ™ °^ y 
GLC's concern should be with in promoting industrial develop- oy uireciorates. 

broad matters of strategic ment and the creation of jobs. Editorial Comment, Page 18 

or 125 years we've been 
helping business in Australia 
and the South West Pacific 

...from London. 

In 1853, Australia's first bank-the Bank of 
New South Wales-became the first overseas 
bank in London. 

Today, 125 years later, the Bank of New 
South Wales is the largest finance, investment 
and commercial banking complex based in the 
Southwest Pacific, and its world-wide 
representation includes three branches in London. 

The first Bank in Australia, the Bank of New 
South Wales is the one that knows Australia and 
New Zealand business best. 

Bank of" New South Wales 

OwrlSCO Offices. Australia. New Zealand. NeivYork. San Francisco. Frankfurt E3hrain Tcb.’o Honnfnrr «»»,« iat-^ c 

IncoqJCra'.edinAuc'XJliawiUllimilSdliabilily. -,-C H^bA. 

now looking at the restrictive 
practice legislation. Among the 
things it is considering is how 
to reconcile the general prohibi- 
tion on companies colluding with 
each other and the industrial 

In its report A'edo calls for a 
clarification of tbp *■ gateways ” 
m the restrictive practice legisla- 
tion which allows certain closely- 
defined types of co-operative 
agreement, certified by the 
Secretary of state as being in 
the national interest, to be 
exempted from the normal legal 

At present, companies were 
inhibited by fear oE long and 
costly litigation from formulat- 
ing agreements, even those 
which appeared to be in line 
with the Industrial strategy’s 

Small businesses 

A degree of closer co-operative 
action between competitors 
might, for example, help some 
sectors of British industry at a 
time of recession, by avoiding 
cut-throat competition and waste- 
ful collapse and permitting 
efficient use of competition. 

Even though it would involve 
reduction in arms-length 
competition. Ned a says there is 
case for defining desirable 
areas of co-operation for small 
businesses, and allowing such 
concerns block exemption from 
the requirements to readier such 
agreements with tbe Restrictive 
Practices Court. 

The need for greater co- 
operation among small busi- 
nesses was recognised by the 
Government, as evidenced by the 
Small Firms Division oF tbe 
Department of Industry. Its 
efforts, however, fitted "a little 
uneasily into a system of 
scrutiny which may tend to 
deter such co-operation." 

Gas is clean, controllable, 
versatile and economical — 
the ideal domestic fuel. 

That's why nearly 14 
million customers have 
chosen gas to heat their 
homes and cook their 

But like all fuels it 
should be used wisely 
We have a booklet that 
can help you. 

Among many important items it covers: 

H What to do if you suspect a gas leak. 
m The laws on gas safety. 

a How to have your appliances properly installed 
and regularly serviced, 
a Help for the disabled. 

So help yourself to gas safety— pick up a free 
copy at your local gas showroom. BRITISH GAS 




! Oil exploration rule 
il chang'd' to attract 


Steel chiefs divided 
on price rise call 



SOME MEMBER companies of 

, m GOVERNMENT has shore licences-np £350 to £1,250 
tended its offshore oil licens- —and changes in financial details t0 ig ^ nrices of steel 
* arrangements in a move to be furnished by applicants for Tf KtrS 

. aich could encourage indepen- liceoces. tomere over and aW reS 

exploration companies. The Energy Department is still British Steel romn ration 
Changes in petroleum produc- considering the offshore indus- increases. 8 C rporatl n 


■nt exploration companies. The Energy Department is still 
Changes in petroleum produc- considering the offshore indus- 
3n regulations announced try’s answer to the draft eondi- 
vsterday hy Dr. Dickson Mabon, tions for the sixth round of 
inisler of State for Energy, licences, 
dude the clarification of rules The UK OfSshore Operators 
jverning the appointment of Association. has complained about 
'crating companies offshore. many new features contained in 
The Government has empha- the Government’s recently pub- 
sed that the operator for the lished consultative document, 
cpioration phase on a licence While the Energy Department 
lock may not necessarily he is expected to accept some minor 
itiBed as the operator for the amendments it will probably 
•Id development stage. insist on the oil industry accept- 

In essence, ihe rules may mg a greater State participation, 
ncourage smaller independent In particular, it wants the oil 
>m panics to bid for new corporation to be operator in a 
cences. under the sixth round number of the new blocks and to 
.location now being considered have more than a 51 per cent 
y the Government. stake in at least a proportion of 

-The Energy Department may the licences. Oil companies may 
How these smaller groups to also be asked to pay for at least 
•e operators during the explore- some of the corporation’s explora- 
on phase of the new licences tion expenses. . 

u condition that- they hand over It is thought that the Govera- 

more experienced companies ment is hoping, to announce 
-possibly British National Oil details of the conditions, together 
orporation — should a. field be with the location of the offered 
iscovered. blocks within the nest month, in 

Other innovations include a order to receive a response from 
igher application fee for off- the industry later this year. 

Air Wales proposes 
to expand network 


So far only general steel 
products a re involved. Mem- 
bers of the association dealing 
in British Steel strip mill pro- 
ducts hare already derided io 
hold the mark-up at the 
present level of under 15 per 

stockholders, It would be 
Impossible to persuade buyers 
that an increased mark-up was 
necessary on any British Steel 
products bandied by them. 

A number of British Steel 

Phone box 
big loss 

By Christopher Dunn 

Government plans 
simpler version 
of Price Code order 

THE GOVERNMENT yesterday proposing increases yielding be- 
published proposals for' reducing tween £1150.000 and £lm. although 
the amount of information com- again it will be less than is 
panies have to give the Price required at present. 

Commission when proposing in addiiiun to provinding the 
price increases. data required for smaller 

They are attempting to force T T 
up the agreed mark-up charged Unnecessary 
by members on some of the Wome-uroduret 
British Steel predieu they P ™ ™ 

handle. > r.. . 

An increase of at least 2 per 
cent is favoured by some com- 
panies on the present mark-up 
of 15 per cent. 

But the association is divided 
on the issue and attempts are 
being made to consult all 
members before fixing a new 
figure or agreeing to hold the 
mark-up at present levels. 

for cars 
next month 

Home-produced strip mill 
products are having to fight 
hard for a share in the market 
against competition from im- 
ports— mostly from Europe — 
and the situation has been 
aggravated by the recent strike 
at Llanwern strip mill in South 

The Institute of Purchasing 
and Supply said last night 
that, considering Ihe profits 
being made by most steel 

part of the uawgnon Plan for 

steel. That is because British 
Steel Still enjoys a market in 
general steels which is Insu- 
lated to some extent from the 
wider European market. 

“The fact that British Steel 
will bare a considerable range 
of products priced higher than 
the Community level seems to 
be unfair to British industry 
which is expected to buy steel 
from national sources,” said 
the Institute of Purchasing and 

Losses on the Post Office's l years at the end of this month. 
77,000 kiosk phones — public j* The new Price Code, which 
call boxes — could have I will he of minor practical 
accounted for over £*25iu of this I importance, will act only as 
for the year ended March I97S- .'guidance for the Price Commis- 
The losses were directly S i on . 
attributable to the three-year Basically it will be a re-state- 
freeze on coin-box charges, the mem of the criteria in the Price 

Post Office said. Commission 

Charges might have to rise to I commission 
a minimum of 5p a call, com- j increases, 
pared with 2p now. to bring The Pru 

Commission Act by which the 
commission judges price 

sumer Affairs Correspondent, 
reports on the Got eminent's 
suggestions for simplifying the 
Price Code amt exempting 
more companies rrom pre- 

noi ideal ion requirements. 

Medium-term loans 
business ‘has gone 
mad over past year’ 

I By Terry Dodsworth ** MICHAEL BLANDEN 

NEW REGULATIONS control- COMPETITION for medium-term £9^000. 

pared with 2p now. to bring The Price Commission and ctist ^ before and after the pro- 
charges into line with private Confederation of British Indus- pnsi-d increase, 
phone tariffs. Adjustments might try (CBTi have been discussing Companies propo-in? increases 
also have to be made to the time means of reducing tii<? aduiinis- ridding more ihun >'lni will have 
allowed for a call. trative burden imposed by price { Q provide much ihe same mf. ip- 

Business and private phones controls on companies for some U i:ith»n as at present. 
subscribers are now subsidising time. means they will lime tn >.«y 

pajphone calls far too. much, Although the proposals pub- which or the i-riter:a Ian! down 
said the Post Office. lished yesterday do not go as , n the Price Commission Act is 

“,. ma ? e these estimates after far as the CBI would like, they relevant to the ujrticular 
publication of the Post Office will mean that com panies pro- increase. 

Users National Councils annual posing only relatively small As now, it will i»» up in in a 
report, which said that coinbox increases will have to do far commission u. study the infur- 
ebarges would probably be Iess paperwork than at present, matinn and then decide whether 
increased when prices were nest The idea is to link the amount u wants to carry out a full-scale 
adjusted. 0 f information required to the inquiry. 

But the Post Office said that amount of additional revenue At ihe same time as making 
P° decision about altering pnees the price increase would the changes, the Government 
m 1879 nan yet been taken. generate for the company. proposes raisin-: the size of 

bince IS<5 - losses on kiosk Thus companies proposing company that will he exempted 

phones alone have totalled £75m. t increases that would yield less altogether from the prc-nuiitica- 
includmg £23m in 197b-77. Tele- than £250.000 of additional lion requirements. 

itLlW LUUUUI- . ,, , « % j ^ f # _ 7 _ j V TT * U1&U1 '.'I ilUUIUl.iliaj Ill'll I l 1 I II . I vIllVTllA 

ling standards of manufacture lending business had gone mad The Finance Tor Industry communications made a profit in revenue will only have to give If the proposals are agreed, 
for cars sold in Britain come into lt * the past year. Lord See boh ra, . n F ill £365m, before repay- t hc commission the barest the threshold uii munufaciunng 

operation at the beginning of chairman of Finance for Indus- an 5 ,n S^100ra of excess profits to sub- details: their name, the goods companies will bo raised from 

next month. said yesterday. "ported substantially increased scribers. involved, the proposed dale of II2m to £l5m ami that f..r service 

They are designed to bring Introducing the group's annual * c0 « Dared pfi «m m implementation and the yield companies f rum i«m tu n:*m. 

British standards into line with "Port, he said that a scramble vear llh £ 6m 111 Changeover calculated on historical, data . All the clmnues my to c..m« 

REG. nmnnuic anrt mpnn that for business bad developed ‘ ..... Rather more information will into effect on August 1. subject 

next month b b try, said yesterday. reported substantially increased scribers. 

They are designed to bring Introducing the group's annual ^^Jf*coSwr«l rr* 1 

British standards into line with ^port, he said that a scramble prcV i 0US vear Changeover 

EEC proposals and mean that 1 developed Rpsult5 werL ; boosted by real!- The users’ council said last 

VIR WALES, the new Cardiff- Nearly 1.000 passengers have manufacturers will have to WjgJ* had r sations of a number of ‘equity’ night that it hoped prices couid be r< “ quired frojn companies lu consul la Hon. 

Cardiff-Brussels service 

• ! >ascd airline, has applied to the used this Cardiff-Brussels service satisfy the Department. of Trans- ^^ l apv ttjr [ne oroup ^ investments and industrial be held unchanged for as long as 
i|T:^2S:ivil Aviation Authority to "f n “ « starred in 3 Ifav and ‘ntfwjMi components subs » InraM in developments which possible. But losses on pay. 

- xpand its network bv running £“,2* w Sr t UCh as seat beIts ’ slass ande . x ' mSStSEStie mnnaniJL produced profits of £10^m. These phones were mountios too 

cheduled services to Edinburgh, alrI,ne bas , adhieyed. 97 per haust systems, meet certain large manufacturing companies. were considerably higher than sharply, although it had normally 
luruberside and Guernsey. cent, punctuality performance, in safety and environmental The competition among the forecast and compared with made some losses in the past. 

The applications cover the other words within 15 minutes of requirements. clearing and other banks had £4Jm in the previous year. Once a decision is taken about 

ntroducion of services from the scheduled time. New cars in dealers’ show- had two major effects: the banks 0.1:^, phonaft altering coinbox charges, the 

from the scheduled time. 

. ntroducion of services from the scheduled time. New cars in dealers’ show- had two major effects: the banks p n |j ( w r r*hanpf» altering coinbox charges, the 1 

Swan sea and Chester, as well as Because of this success, Air rooms which have not been had been prepared to offer loans 1 “ £ . changeover could be effected 

’ardiff. and where appropriate Wales, part of the DK Aviation ” type approved ” cannot be on longer and longer terms. Against this the group made within a few months. 

vould include- an optional stop group’ which is backed- by Cosalt, registered on or after August 1* extending up to 10 years and even provisions of _lL.4m compared • Discussions continue with the 

-,t Birmingham. the publicly-quoted . ships’ The development of inter- 15 rati^r than the more with £7 7m m lhe J revl ™sy® B Post Office and the Office of Fair 

The proposed expansion comes chandlers and industrial group, national EEC standards will lead normal seven years: and margins The 'S““ d re Ag Ct S n? r?*rS 2*^* ?° t codes o£ Practice, 

n the wake of a promising start has decided to add a Sunday eventually to a system under over market rates had been m POhcy and the ^encral rise jhe aim is to present a clearer 

n Air Wales's twice-daily service evening service to Brussels to which vehicles totally type squeezed to unrealistic levels of m the level c ?‘ and simpler basic statement of 

0 Brussels. next winter’s schedule. . JnDrived In SS country can be about 3 per cent for medium- ^Jhe Rroups new investment what can be reasonably expected 

New inflation accounting 
guidelines are on way 


anoroved in one country can be about 3 per cent for medium- s new JJZ esUn fiP] what can be reasonably expected intent on inflation accounting, draft will propose that the 

sold in any other Community term loans and 3 per cent for ^ of Post Office services, and to This sets out the accounting standard .should apj'ly only 

Inquiry urged into adult 
entrants to university ; 

\N INQUIRY into ways of be better provided." 

*m.-ouraging an increased intake The memorandum tdsq gave 
»f wider people into university tentative ; support to the 
»nd polytechnic courses was Engineering Indnstry Training 
i ryed by the Trades Union Con* Board’s /roposaf Tor. a radical 
tress and the Confederation of reform /of the 'Craft apprentice- 
3ntish Industry yesterday. ship system. '' 

'J’hc study, said that Tts joint Under the Board plan, 
tienm random to the National youngsters could start the first 
Economic Development Council stages of training in the schools, 
norting in London “should possibly at the age of 14 arid 
include the extent to which pre» emerge with full craft status and 
para lory courses for such pay when they reached 181 
intrants have been found lo be The TUC and CBI said that, 

ctatp 10-year money. “*» — -- * improve me remeaies avauaote ooaies pians iu w 

■ . . . . As a result, FCI has extended Finance for Industry and com- Qu ngs Eo wrong. present Hyde guidelin 

This is expected to liberalise period for which it will con- Paring with - 1 -5m in the pro The council is nressine for an next vear 
the fl..w of trade, since at present Sder variable rate loans to 15 vious year. With uncompleted arhitSSn iS. * 1 „ 

! 4«S eC C t0 Tears compared with 10 years bustaey standing at a > r «c“J of cedure to be set up in the more »^ St nn?sure S dra 

highest since the formation ot improve the remedies available bodies’ 


1 individual national tests. 

Ians to develop the listed companies and to other 
yde guidelines over the large undertakings. The relevant 
size criterion has \ ct to be 
decided, but in any event that 
«-iti ho would be a matter for public 


It is expected that it will take it has been prepared to con 

Vf of cedure t0 be set U P in ti,e more “ ^exposure draft will be \ vould . be a J ujUor ,dr 

S? y^ Lr,rd Seebohm am! 1Vlti P “ st Prepared with Ihe .Bisbnw. nf |*’«Su”Tn[t »■ 

“ FFfs coninutment » British Ihe mflalmn _eec0Lietlr,g rieerm; m .The espo^rL draft « 

will be 
s and 
or the 
ib lished 


may benefit’ 

LUB IC.IU|IW« .U U . . market would prooaDiy cost me sud- 

corset controls over banks would g The group was able to raise scriber extra, since additional 
lead them to reduce their com- ««•_, ... mnnitnrine eauioment would be 

These statements will evolve companies will be published to 

lead s them to reouce i ne ir com- a( relatively attractive monitoring equipment would be from the interim recommend a- assist them to follow the prin- 

petition for medium-term tend- rg)es gnd was p j acei jn needed at telephone exchanges. 1 tions (the Hyde GuideUnes) and ciples on a voluntary basis.” 

m FGI Performance was in con- thc face of hi 2 ber interest rale 

tt. “wltt ftflSJeriwe SfX "“ iD * an “ ci * 1 ^ . 

By Our Economics Correspondent trast with the experience ot tne 
1 other main subsidiary, 1CFC. 

necessary and the degree of sue- although the proposal is pri CONDITIONS IN the money which lends to small companies. 

cess which has been achieved in in arily a matter for study by the murirPt are likelv to be tight This company met a considerable | IP 2 rPI* N32 nc 

mounting such courses. unions and employers directly during the next month as banks increase in the demand for its . 

“From this base, more work involved. “ we wish to commend re-arrange their assets and facilities and made a record PRICES OF Saab cars sold in 
could be done, with the support this initiative and to recommend liabilities to comply with the £50m of gross investment in loans the UK will go up by an average 
or professional bodies, to that it should be given serious re-imposition of the stwalied and shares, compared with £26m of just less than 3 per cent on 
examine how part-time routes to and constructive consideration by corsets control and as heavy in the previous year. In total, August 7. Costs have increased 
professional qualifications could ail concerned.” seasonal tax payments drain advances were made to 51S cusro- and the pound has weakened 

Sea oil policy criticised 


Enterprise Board takes 
20% stake in Logica 

FINANCIAL TIMES REPORTER in the short-term, from inter- 

A PROPOSAL by the National have agreed to co-operate with 

funds from the market, says mere, an average investment of against the Swedish krona. 
| Phillips and Drew. 

The stockbrokers also say in a , . /» n 

ffiWStfKSEftSC Inflation likely to fall 

1 the Government will probably 

resist any further rise in Mini- ^ 1 

“Long-dated gilts could benefit JJC^k 

in the short-term, from inter- 


approach, for being blurred in surpluses on the current account hence a reduction in unemploy, 
its presentation, for avoiding of the balance of payments. ment levels — in spite of such a 
many issues and for making “The White Paper is studiously reduction being declared to be 
wrong choices on big policy vague about the size of the the first priority in the White 
decisions. surpluses necessary to meet its Paper.” 

The criticisms come in a paper l° an repayment targets. How- The White Paper on North .Sea 
from tbe Fabian Society, the it is possible to deduce Oil Revenues: Fabian Hoc let it. It, 

independent Labour research that they will have to be of Dartmouth Street. London , 
organisation. tbe order of several billion SWJH PBS; SOp. 

The paper has befen published 

just before a one-day Fabian 

conference in London on Saiur- m iL • 

For some time Insac has been 

Marlborough jewels 
fetch £452,750 

for marketing software overseas, reacnea. wigica 
Sn far. four software (cum- “considering ar 
puter programing) companies tion with Insac. 

considering areas of co-opera* panics could rise to more than 
on with Insac.” £2bn by the end of July. 


cash limits in keeping public a0( j Professor Dick Sargent, A CASKET of jewellery belong- Casile Ashby for sale. The 
expenditure in check, would keep g r0U p economic adviser of the ing to the late Dowager Duchess striking feature of thu transla- 

I increase in tbe rate of inflation requirement 

the the public sector borrowing Midland Bank. 

within the Th e memorandum says that November, sold 

of Marlborough, who died last ijn/i 

Christie's stanzas. 

tie division 


Evert and Navratilova win 
through to final 


: meet m Ihe final, of- tbe women's before sbe beM t M 

i ryss?5a'5 Sfel-arjiB 

,vbco .he Czech girl woo B three moved W. . M g'Cfifft” Trailing 1-4 Miss 

Evert voa steadily and SS&*»I « SS/ ST ^STt 

impressive y yesterday against American broke back at once .k. HoSni her own 

the iiefenduy; cbaaipipn Virginia • hlr for the 

W.iric S — fi. S — 2, but Miss Navra- 
tilova’s match against Evonne 
Cawley was one of high, drama. 
Thev were poised at. one set 
racli and 3—3 when Mrs. Cawley 
again damaged the injured 
AthiJIes tendon in her left leg. 



She was left a hobbling cripple v ben Miss Wade misjudged a lob were ners. 
and lost Ihe match 2-6. 6_* Miss Evert’s lobs, cunning y -Ttajg 
6-4. . _ hoisted in the breeze, const*™ of wtidiy 

Miss Evert’s record of con- frustrated the British S irI ^ “JJJ 

sistency over the last seven years attempiT to get to the net and and grac 

service break. Holding her own 
serve proved beyond her for the 
third time in succession, how- 
ever, and Miss Evert is too great 
a player to cast aside such oppor- 
tunities. One more game, compe- 
tently won. and the set, the 
match and the place in the final 

The other semi-final was one 

£8.5bn limit set by the Chan- t he Government’s White Paper yesterday for £452,750. It bad adopted by any other English 

cellor. on North Sea oiL published been expected to fetch about translation of the period and 

A similar outlook on inflation earlier this year, also contains £250,000. certainly not suggested by 

bi<> error in the calculation . The casket, one of the most Virgil’s original. 

is taken by Staniland 


another independent economic 0 f future gas production and important collections 

Hoffman and Freeman. 

middle of next year, after which Green Paper on energy. Jewellery, which fetched £ < 5S— i S. corrections and editions, subse- 

it will decline to a low of 7.5 per The Fabians say that the That is a record for a jewellery quen tjy published in the volume 
cent by 1980/81. I Government is wrong by giving sale in this country, the previous Last Poems, 1940, by Yeats. 

ft* at m other lots Quariteh went to 

Christies in March. 19,5. £5.000 for the Hcrtford-Croker 

Former defence chief - 

Master and modern prints already 

• • v 1 £ TB sold - b rmgs the value of thb CAI ETPHOM 

insnc nnflm nt kqpqi estate to it was wlcrvuiw 

nUfllU IvftLiU originiUy^ ^timated to CfUh BY ANTONY THORNCROFT 

FINANCIAL TIMES REPORTER The top lot. at f 110.000. was 

paid anonymously for a diamond 

RACAL. tbe fast-growing mili- operational and technical necklace of 14 graduated circular prising S§9 autograph letters, 

tarv electronics group has administration of naval commu- and cushion-shaped diamond mostly hy Francis Charles 

'oinied Admiral of the Fleet niLa,ions for ten >' cars until 1971 collets, with a total weight of Scymonr-Ciinuuy, third Marquess 

gn Fdward Ashmore as a mem ^ hen h ^. b* 1 ’ 1 ?®,, NAT0 . P1 ^ ft 130 -5 carats- A cushion-shaped or Hertford, to his friend and 

££ sir caw urn Agnmore as a mem- commander and Commander-in- sapphire single stone ring factotum John Wilson Croker. 

ber of i is Board. Chief of the British Fleet. mounted in gold, the weight uf The letters covered every aspect 

Sir Edward, 58, was Chief of Sir Edward, who speaks both the sapphire approximately 12.S6 of English social and political 
the Defence Staff until his retire- French and Russian, became carats, was bought by S. 3- life over three decades. 

<.- ■ ment last summer. For most Chief of Defence Staff and was Phillips, tbe London dealer, at Quariteh also paid £4.000 for 

has been impresmve. She has take charge* P^EffSwIine return of serve almost at will y *** defence communication network, with Government Ministers and £6.S45. . paintings yesterday for £387.950. 

reached at least settled for some lengtb> base dropoed her ser- He was responsible for the the Civil Service. In other lots a diamond bangle with 15 per cent bought in. A 

every year since 197-. won the rallies. One of Winch went ^ ^ opening game. three games before Miss Navrati- went to Graff Diamonds, another still life of roses and fruit by 

title in 19 « 4 and 19' 6 and was strokes, as the games P She won - f 0ur e successive lova struck a finn service winner London dealer, at £60,000, and an Theude Gronland. painred in 

runner-up in 1973. . . . reguarly with service. gamea at a cost of seven points to take the second set. A unmounted Chrysoberyl “cats 1855, S0 ld for £16,000, plus the 

Hor victory ycsterda>.achievcd They moved necka^d n Rio i«m ^ ex u e d Czech After striking the lob that put AfUGX ODfiflS SHOD 1 ) 3.11 K eye” of 812 carats, to Wang, a 10 per cent buyer’s premium, 

in one hour 36 3Ust to^be girl brieffv halted the slide her ahead 4—3 in the decider UjlVUS WaiUl U.S. dealer, at £36,000. much above forecasL 

ample revenge foiv the neieai^e tne first ,set would . nee Wa de with a thunderous game to love, Mrs. Cawley screamed in pain, , , , . . . A newly discovered translation The auction of Japanese works 

suffered at the hands ,“5 decided by a tie-break Bti * ^ Q^jgy g ii de d effortlessly dropped her racquet and clutched AMERICAN EXPRESS has are looking for M ays of intro- into English rhyming stanzas of of art at Sotheby’s totalled 

Wade at tile sa™e stage last was dramatically broken ' ^ ardufeh the n mct two to go a set her left leg. taken an important step into during more flexible banking Virgil’s Aeneid, Book IV. by Sir £119.659. A writing box and 

year. It was fully merited roo. 13th game. One fine loo d ^ onl 21 minutes. - After the change of ends she retail banking by opening a hours. American Express argues John Harrington, made £7.500 in writing table sold for £6.400 and 

though the defendins enampran an ends up » ana 1 sue left jjlss Navratilova badly needed bravely decided to continue branch 01 its International Bank- that the clientele of Harvey a sale of literary and musical an early bottle, from the second 

fought tigensbly to retain ner another. Then sne Evert to- tighten her game if she was although she was crippled to the ing Corporation subsidiary in Nichols wall provide opportum- manuscripts and autograph hair nr the 17th century, fetched 

crown particularly in the first strandedby an exquisii to stay in the match and her point of immobility. She could Haney Nichols, the Debenhams ties to extend its services. letters at Christie's. £4,000. 

scl. She was handicapped now- cross-court back-nanner. eyery Tep ^ Waij typically forceful. She not swing her leg to serve Group store in Knightsbndge. The branch, the group’s only It was bought by Quariteh. the At Glendining, naval and 

ever by -inconsistency in ner miss \vaoc strain save Went for her shols boldly, won properly and could not run. Her London. one of its land, will provide London book dealer, in a sale military decorations and medals 

serving, committing s«t .aounie smew to oreax oacK and it fenr Ean)es ln a row ^ was resistance was only token and The branch will be open banking and travel services, that totalled £43.806. The sold for £3l>S00. wirh a top price 
fjiulls and frcquooti? losm^tnc tne set, mmw bul she t-1 ahead before the Australian Miss Navratilova took the next during normal shop hours, insurance, Amencan Express properly of the Marquess of or £2.200 for a George Cross 

ball at the service cun iu nave oeen^i cnu pj B of managed to get a look in. She three games routinely. It was a including Saturdays. The move card member services and Northampton, it had been awarded posthumously to 

bei-ause of lbe swirling wina. p ue a Tore ^ with saved one set point and won sad end io a fine match. comes when, the big UK banks travellers’ cheques. removed from the library of O. S. Bennett SotiiiveJ! 

Amex opens shop bank 

■■ A ^51 

crumi - a j . - - to stay 1D tne maten ana ncr point 01 lmmooimy. one couia k L V U1C w«uriiii«ii» ^ ^ lexers 3 

scl. She was handicapped now cross-court back-nander. eyery Tep ^ Waij f oree ful. She not swing her leg to serve Group store in Knightsbndge. The branch, the group s only It was 

ever by jnconsisteacy m her Mia \vadc ste save went for her shots boldly, won properly and could not run. Her London. one of its land, will provide London 

-serving, coiannlting sus double to d b -m— 15 and it four games in a row and was resistance was only token and The branch will be open banking and travel services, that t 

faults ond frequonti^ losm^tnc tne set. s,ne lea bul s he 5-^-1 ahead before the Australian Miss Navratilova took the next during normal shop hours, insurance, Amencan Express properly 

ball at the service ,*® SS ' U P - t irta i coapl* of managed to get a look in. She three games routinely. It was a including Saturdays. The move card member services and North an 

be/-aii5e of Ibe SwirUng^wind. ^ this with saved one set point and won sad end io 3 match. comes when, the big UK banks travellers’ cheques. removed 


Financial JHMes t pmpa&?vty* 3378 


No decision on measures to 

, ^ . ■ 

recoup £140m. cuts— Barnett 


to help 


as telephone demand 


PLESSEY' Telecommunications agement and stall pcsltlon* and 

yesterday announced that 600 340 win be hourly aid Kd»I«e nlwt has l 

workers at Its Edge Lane plant final figure of 600 Ji” 8 ?* 3SJ “ a 

in Liverpool are to he made less than had been locally tu ”o f 
redundant. The company blamed anticipated. . Ar® company intends, foot 

a reduction In demand for tradi- 


. . . to tocrodaoe the sanafacmrt 

tiona [telephone equipment and at the Edge Lane heed- r e 

a change to less labour-intensive JSartere of the company. A yhtr SSTfaSi«r^Se Snsaev 
electronic B^ems. ffw-gr j® 4 uSoSST 

THE GOVERNMENT will decide Geoffrey again emphasised the sector receipts and payments. In the -wrong direction at the 

between now and November Conservatives* intention to Pressed for further clarifies- wrong .time, and showed the 

whether to take action to recoup reduce income tax and shift the tlon by Mr. Nigel Lawson, a Tory Labour Party would remain 
the £140m lost as a result of the burden on to indirect taxes. front bench Treasury spokesman, the high taxation party. 

Ip income tax cuts inserted into He pledged that the Consenra- Mr. Barnett said: 6 1 don’t say *““*ug the- prospects of growth 

the Finance Bill by the tives would cut public expend!- we would necessarily need to and^ suc cess. . _ ... . . __ 

Opposition. Mr. Joel Barnett, ture. particuiaxly on subsidies to recoup the £140m. • was , 3 The workers involved will be Mersevside with the closure . of * 

ci YI f ® ec ?, etary t0 the Treasury, trade, industry and employment “We win study the situation P £2?L A CAMPAIGN lo slop exploits- ^ n e ^ ^atutorv 90-ds? con- factories at Speke and K ftkby. 

told the Commons last night. H e coupled this with an attack between now and November and hw c££a tjon _?L *»®e"®£*re Setter notice required under sit-ins followed at ** 

He indicated that the on the huge sums which had decide what, if any. further by a^mneed by the Government the Employment Protection Act. plants in Liverpool, jmd the 5“ cKLIJ* * 

Government’s decision on been poured into the British action Is necessary to ensure that y«*tentoy. though the company will initl- company said at the time that « 

whether to make good the £140m Steel Corporation over the past the borrowing requirement ^ , *** Mr. John Grant, Employment a lly seek volunteer? to go. further redundancy* might E^J 8 oJSu^KS i?5 

will largely depend on the decade. remains within £&5bn-" SlSSPLr •JSSffSLt in* Undersecretary, told Mr. Jack at branch have to be considered .tan of ffihfKfhSS? * 

indicators for the eventual Mr. Barnett emphasised that Sir Geoffrey Howe pointed out S^SmSi ****** «**»- Stok^on-Trent S.) , JS?* 1 ®.* "?£? wS. “irMn » drop to orders from the Poet ta ** 

Lee it was clear that the income to Mr. Barnett that the higher 
could not be surcharge would increase the 

borrowing requirement once 

“There are two ways in which tax reductions 

5® S=?A5?S g»°s” !!Bi gaaaftglB f«w 

not <mitw mwt ** He cajrf lEspeciorR wjw oe maxing cnecBs i . Union 


tlon by 1980. 

_ Manufacture of she digUa 

- - — -- not going to work.** he said, f*™! 1 '™"* w «***»* nonses to the decision. Union Plcssty Sira is a statement electronic System X tela_ 

one can offset it— by public reversed, a 2* per cent increase cost of employing people to the Thesemcaraires had progressively seIect * d . * re4s during the P, ancry at the timing announcing the redundancies equipment tor tbe Post Oflue\ 

expenditure cuts, tax increases or in the surcharge was the best public sector. bSSSVS of! SpfoySg and autumn to see that *“g“ announce that It re^ettsf thtTactkm. but X^nUnue to UvSptSf 

a combination of the two. answer. This would have left it would add £54m to the cost people. e l rB f ts , ta industries subject lo yesterday and the way the It was naomsaty because of. m Union leaders represent 

Mr. Barnett was speatang on a substantial surplus available „f employment in the National The Government was off course. **^ tof * wa Kf couimcsl dg-ision was circulated in the reductions ft ' demand for the j.iqo men employed 

toe report stage of the Finance next year for further cuts In Health Service and £42tn to costs offering no strategy for the rest- are 22 err ' plant rather than through union Strowger telephone equipment smith's Shin Repairers of No 

BUI as MPs debated the new income tax. in local government _ .. oration of prosperity. “We have channels. and the change tonew Aeetronlc shields bm beentold' that 

were an- “7***®* ... company might have to make 

clause which introduces the 1} The tax cuts, he said, had" In tbe°Ught oftJhis he wanted gotloset abotoTewardine' more Aa advisory committee, with 
per _ cent increase _ m the a dded 1440m to the borrowing to know whether the Government sensibly and more effectively trade union and employer, repre- 

__ _ ^ _ The redundancies 

employers’ National Insurance requiremehL The £&5bn”^ure Croiild increase cash limits in the woriTand «ahBrmise-" sentatives, will monTtor progress J 225£S®i*.*fi” * racetln * 

surcharge. for the public sector borrowing health service and increase the They ta ]ired about world reces- aD(f see what further action 

This was adopted as a com- requirement was the best rate support grant to local don but over tfcenast three years ™igM be needed. Mr. Grant will 

promise with the Liberals when estimate but “ no one is saying authorities. 9m hew jobs fckAbeen created in be the chairman, 

it became clear that the Govern- W ith absolute exactitude that Mr. Barnett said: “Cash limits ujS. which, had a far better Employment Protection Act 
ment could not force its original this is going to be the figure.” will he increased as necessary." performance in terms of growth, powers will be used to get 

proposal for a 2* per cent sur- j t was not unusual to have a Dealing with _ the argument « Qne cannot see now information from employers 

margin of error of £lbn or more £ ve r levels^ or ^ mcoxne ^ tax Mr. Govenuneiti can go on The campaign will concentrate 

with The Post Office last plamd men redundant in the event 

charge through the House. 

representatives of the workforce, orders with Plessey for Strowger the ship repairing business suf 
Of the 600, 280 will be from man- equipment, now 40 years old in log a tortbar collapse, 

Toolmakers’ leader Callaghan 
seeks executive seat 

l * i 

, I . 

of £440m to make up. The 1} 

edition for 

° f ! «£w 2 f SMS 3 ^SSVSSSSSW Tongh 

1300111 stiU would be less than £8. 5 bn. T accept that our income tox reduce the public sector borrow- U ® U 


to health 

avmg £14001 short. ci™ at the higher and lowest end jpg requirement. MV Barnett 

During last night’s debate Mr. ^ ver y bi 8h and need to be tad wasted four rears by steps announced by the Minister | 

Barnett also gave an indication reductions would not be coming r * « — — -- - - - 1 

Sto effect until ^ November^ Mr cut 1 ‘ waDt t0 - "“J 0 *? struggling to reduce public would “ hardly dent the problem 

that the Government may to- Bam ett Si PCS in fS of direct ^ Iwitid spending by £4bn over two years of exploitation of homeworkers." 

crease the cash limits in the pub- ** in never argue that that is the ind~ now p 

lie sector, such as the National bSU *| i be renewjng the answer to all our problems. 

Health Service, in order to off- pros ? ec:s _ f 9 r . “ e „ _ borrowing “T a suggest . that^ thjs could By October, £lta would have homeworkers. “So "the action is 

_ _ to increase it 
by the same amount. 

They would help only 25,000 
out of an estimated 250,000 

set the effect which the higher solve the problem of infiation m been committed or spent on pay- only a small squib rather than 

surcharge will have on them. JJ™r information is coming ^ country is to carry it to mg for the losses of the British the big banger required, and the 
For the Tones Sir Geoffrey us * exaggerated lengths." Steel Corporation over, the past attack will be brushed aside by 

Howe, tbe Shadow Chancellor, This will enable ns to take Although he conceded that the three-and-a-half • years. 

condemned the increase in the any corrective action necessary increased surcharge would upset For tbe Liberals, Mr. John t0 Sf? a ? Alo _ ~ iH r.nv*™-J 
surcharge and declared: “We to keep the borrowing require- the cash flow in firms he also Pardoe said it would have been wnfVr, I 

regard it as a foolish and un- ment withm the fSfibn to which emphasised that it might en- extremely easy for the Chan- 555? sieps to 


necessary measure introduced at we are committed." courage the more efficient use of celior to have ensured an ^ e p lromeHorivers - 

a foolish time and in a foolish He pointed out that the £44 Om labour and thus improve “ agreed " Budget without any of • 861 * statutory 
fashion.*' raised by increasing the sur- productivity. the reaction that took place in wage; 

Challenged to explain the charge by L5 per cent repre- Sir Geoffrey said the sur- the City. • Class homeworkers as «m 

strategy of his own party, Sir seated only 0.1 per cent of public charge was taking the country Many people tapald regard the ployees so they can benefit 

City’s Budget reactions as “stark from employee protection legisla- 

raving bonkers." tlon; 

'‘P 16 I*?! JJJ*** ^ *”* • Register aU homeworkers so 
mad an j their pay and conditions can be 
have been totally converted, rhpefeed- 
bewitched, seduced, bothered ’ 

and bewildered by the ‘guru ’ 

BY DAVID FREUD, frd 2 Chicago. • 

They should be sent on com- 

THE GOVERNMENT yesterday to bring -the Tate of ACT into It 'added that inspectors of pulrory coursos af Cambridge to 
confirmed that it would accept line with the reduction in the taxes would also make what ««i d y Keynes 

Effect of tax changes 

MR. ROV FRASER, leader of 
the nnofficial toolmakers’ group 
In EL Cars, is fighting for a 
seat on the Amalgamated 
Union of Engineering Walters' 
executive In September. 

In the recent presidential 
election Mr. Fraser beaded toe 
list of eliminated candidates 
with mare than UMWO votes, 
an impressive total for a coo- 
tender unsupported by either 
of the union’s two powerful 
political factions. 

The Intervention of such 
a strongly-placed unaQggted 
candidate will increase J&e 
pressure on the main Left and 
Right-wing contenders todpull 
out every vote. 

Left-wingers urgently J$ed 

Raise penalties on employers 
who flout the law on home-1 
workers from £100 to £1,000- 

basic rate of income tax. 

the Tory amendments to the 
Finance Bill made at the Com- 
mittee Stage. 

This means the basic rate of 
income tax for the 1978-79 finan- 
cial year will be reduced from 34 
to 33 per cent and the new 
threshold for the higher rate yf^rda^thatthe new 
bands will be £8,000. The 

amendments were needed in the Mr. Pardoe 

Accordingly the rate of ACT case o£ taxpayers Hable tofaigber ta^formofttoc 

he was con- 
fas the “least 

wfli'be" reduced from 34^6ths to rate tax or inerctment income 
33-67ths, The new rate wiU surcharge. Pa^t« agreed with 

apply to distributions of divi- Companies wfaidh have paid tf, *,2?' 

dead made after April 6. ACTTSe cM rate from April 

The Inland Revenue said 6 will be entitled, on enactment wSfuTv 1 *!? £ 

rate would of the amendment; to the differ- ^ 

on coach 

to wlo the vacancy, car 
the retirement of Ma 
Reg Birch, if they are 
a presence on the 
executive. Their can 
Mr. Leu Choulerton 
Right-wing opponent 
Jack Why man. Both 
time officials. 

Members of the 

uauua niu uc HWfuu. 1 UB c-.s-l,* 

cfaanges will take effect as from £- tr ± gll i'® va ^ 

start Operating provisionally once between the two rates. 

He said income 'tax was a BRITAIN* is to introduce regu- 

PA jour 

group have proved unable to 
unite around a single candi- 
date to fight for the executive 
vacancy caused by the election 
of Mr. Terry Duffy to succeed 
to the AUEW presidency lu 
October. Tbe first-round ballot 
paper will consequently con- 
tain tbe names of three 
moderate full-time officials to 
the West Midlands— Mr. 
Alfred Cotton, Mr, Ken Coro 
and Mr. BUI Jordan. 

Right-wingers are certain to 
.give full support to any or the 
three who qualifies for a 
second ballot next year* but 
the division may help to giro 
the edge in the first routeMoj 
the Left-wing candidate, 4ffY. 
John Tocher, a full-time effitial 
from Manchester, 

The September- .eteCtoms 
will be of major Important* 
to the AUEW with Bar. Duffy 
and his colleagues seeking to 
consolidate further their 
control oF the executive and 
Left-wingers v fighting to 
recover a credible hare for 
opposition. {>? 

ts to meet 



11 6 , 

fundamentally - fed tax. Advent- lations tq . strengthen motor coach 


D .. . Such companies could either ^es of payroll tax were that ft roofe todependcnilv 

The Intend Revenue said that make lie necessary adjustment was broad-based, and did not 5X5 non Kcl i 

riitfllfnfllc uilin haH Lwxn in tn navi- A i "P n, miu. iit tn. .l. ..... WJUUUUU 

of the 


By Paul ffcyter 

Jill health service- unions yest 
day "urgettSy to find ways 
avoiding 'Samagtog strikes. T 
Callaghan made his appeal a! 
reception to mark the 30th an 
versary of . the founding of t . 
National Health Service. 

.After praising the achic* 
me&ts of the past 30 years, k 
C*llaghaa sald that strikes a 
stbppages^ caused harm to t 
rare and cure of patients a: 
damaged the reputation of t 

He welramed the initiative 
Mr. David Ennals, Social Servjc 
Secretory,' in catting togetbi 
representatives of d octal 
nurses, midwives and Health Se 
vice unions to discuss, how ■. 
avoid disruptive industr!, 
action. He hoped the talks wottl 
provide solutions. 

Mr: Callaghan did not matt 
specific reference to the Britis 
medical Association which, aUm . 
amongst the unions, has refuset 
to sign a letter of rommltmen 
n> the Health Service to mari 
the anniversary. 

He . told an audience which 
Included past Health Ministers, 
MPs, toMpn leaders, indium 
Lrialists. and Health Service 
representatives that huge im 
proverawus had been made in 
the service but the lack 

individuals who had been in to tiieir next ACT payment for a distort the economy. 

Mr. John 


UNION REPRESENTATIVES in support of their demand for resources to meet needs still 
and management in .the Press pay parity with other Fleet persisted. 

The main effect not already receipt of dividend at the old subsequent - return payment or It was no good the Govemment Association are to meet this after- Street jounialiste. Overtime bw He Sromteed more cash rot 

.. - iting to toe appro- blaminn OontSition hiitS for 25’J ™. ounced ,n ** Commons n0(m for fte te t/ t te»e since been banned and tbe^oarna lists the service when the 

dealt with will be on Advance rate since April 6 would auto- apply to writing to toe appro- blaming Opposition parties for 
Coloration Tax. The Chancellor matically receive the difference priate elector ot Taxes for cirfting^ taxSSrfn. “ IVdarehere yesterdaj - 

viiE tohle a resolution to the BIB due. 


to cut taxes,” he said. 

Tuesday test 





Environment was considered 

t V 

in Fairford choice— Mulley 

Britain was acting in this way journalists' pay 
because toe EEC had not made Jj W t0 ^ gerio 
progress on tbe ijraft regulations ne ws service’s 
Britain had proposed last year. if a soluti 
Mr. Horam told Mr. Gwlym found ft s 
Roberts (Lab., Cannock) that last offers -of 
year 64 people died and L2B9 Advisory, 

the economy ': | 

Service may 


were seriously injured in bus Arbitrate 
and coach accidents, which repre- accepted 
seated one-sixth the rate for cars Mr. .'Ken Ashton, general “within the guidelines.’ 
and taxies. secretary of the NUJ. indicated 

Mr. Roberts said there would last Wednesday that he did not 
be many casualties this summer think Intervention by ACAS was 

, ek in a are refusing to co-operate with improved but reiterated the need , 
spute that is last-minute changes lu shifts. to control inflation. I » 

y affecting the 1116 journalists’ . claim for a Mr. Stanley Orme. Social 
orts coverage. £2,000 increase has been rejected Security Minister, read a me* 
is not quickly by management as being in sage from Mr. Ennals, who was 
possible that breach of the Covenunena 10 unable to he present at the 
inciliation by the per cent guideline. \ \ . hnnfversary celebrations because 

Conciliation and Union representatives say toefcr: Ije Is in hospital. 

be proposals for Increases avar\10 ' Guests at toe reception, said 
per cent were rejected although by the Department of Health 

and Social Security to have cost 
. only £2,000, passed a small but 

rather clumsily use was involved -at Fairford 

ue uiiLuy C8&u2uut3> uiu suuiulu uuxiK luieiveuiiDQ u v was « ® 

due to the delay in implementing necessary at that stage, but PA jUDCrVlSOrS 
It the proposals, which had been management emphasised yester- “ 

ENVIRONMENTAL factors were had been , _ p 

a f4o MTTTTnw w* Iiandle(1 - was lutiikely that there would be put before the House two years day it had not decided against cfflTl WArlf 

v by ' p ^ s for Go^mment before the RAF Mr. MuUey said responsibilfty a very substantial case for addi- ago. the offer. WUlJk 

l°J^ e derision wa^his, bnMm tional compensation arising from Mr. Peter Temple-Morris, a Mr. Ian Yates, chief executive THE 350 foremen employed by 

noisy picket outside Lancaster 
House. Tbe demonstrators were 
protesting about Health Service 
cuts and hospital closures. 

In a statement issued yester- 
day to mark the anniversary the 
TUC said it welcomed the talks 

Sd^SE ££&£ las gras, 1 iftts a? s=w kq® ofas^aMass pSwr."' w-ro*- 

today, was^ announced yesterday trie adcutionai u.s. air force the Environment Secretary. aircraft . man said that while appreciat- a brief and informal approach diesel engine manufacturer, tte 1 

could only 

Gormley fends off bitter 
Yorkshire area attack 

plan urged 


in the Commons ' KC 1T5 tanker aircraft whirh arn ";T";T7T ™— ”, . . man, said that whtie appreciat- a orief and informal approach diesel engine 

Mr Prthort to be stotionedTn Britain M? F ^T f 9 rd had . 3J a distinguished . The local economy V would mg the problem, the industry yesterday and asked for the facts came out on strike yesterday; 

AdS?“!SpSi..irm2; of 9b 5l Fndm^y, toe^ DefenS ^ home * for benefit hy between £3m and £5m was to be congratulated on the of the situation, which were They are angry with the 

rnn?™IwPariS??nt 3 ?l -S? taiyV toldthe Comtmms vStCTday ^ a year as a result of the decision, fall in accidents over the past given to them. Possible help from management for not taking 

A^r sSeraiS- S FaS^ ^ stationing there of the ln me ^ Winter . decade. As these horrendous ACAS has not been ruled out" disciplinary action against a 

SiJSnn hrih? the statement 811 was already a fully° operational *5? 135 iT 35 ™ erely a bottom, for the Govenanent, said accidents often involved old Until yesterday there had shop steward in a dispute over 

election bnbe. Sfie^SchhadaL^eSS c ?^ ge **<*** ** d not a there had been a Sto Se people and children action was been no sign of a break in the duties. 

The announcement came from K5” icScorde he said* °^I think **25®® v Times from the Ministry of needed to improve the brakes deadlock that had existed for The labour force is working 

Jf r - J ° hn Horam. Transport ^ ^ balance there will beleS ,3® *5 5^® rs Defence about the decision to on these vehicles. more than a fortnight. without supervision but toe 

Under Secretary, in a Commons and not -more noise and pouS ^ 5^ 7S site tbe base at Fairford. Mr Horam said that consulta- . Last Friday, the 240 journalists company says that production 

reply to Mr. Edwin Wamwnght tioiL »- v' ^tehjtad Mwafiy operated, from On Tuesday night Lord Winter- tions’on bStog standards were involved -increased their action has not yet been affected, 

(Lab Dearne VaUey) Led by Mr. Nicholas Ridley w -„ w fhta nrflrfeinn bottom repUed to a short debate Sting later this year. 

Mr. Horam said the preferred (c, Cirencester and Tewkes- S? the ' issue saying that Mr. implementation coula muy 

route ot the scheme would go bury) MPs from the area stated MnUe7 w °uld be making an f 0 n 0 w industry action and it 

along the side of Stockbridge that while the decision would be 111 ai ^, wa ^ ?b® announcement in the near future. VO uld be a couple of years 

Valley and provide relief for a disappointment to people Irving P^blems which Lord Winterbottom said: “Un- w Qre coaches could be pro- 

Stocksbridge, Penistone and to the Cotswolds they were likely ™e waywhere with military fortunately, there was a leak at Sth new braltine 

Deepcar. to accept it because the location to^altetions. the Ministry and toe flrat I knew KjLjs 

This scheme, together with toe of toe additional KC 135 tankers By providing an extended about the proposal was in The 5 

by-pass for Mottram-Tintwhistle in Britain was essential to the for air. refuelling toe Times this morning." - . 

and other improvements to the interests of. Western security. K ?^ 135 ? „ w6uId multiply very Viscount Mersey, a Tory peer, 

A 628, would cost about £40m. Concern in toe area over substantially the value of the called for the officials respon- 

Mr Horam said. enviromnental factors was NATO air forces. stole for toe leak to be named. 

Mr Adlev MP for Christrhurch emphasised by Mr. Douglas Hurd Replying to Mr. Anthony Ker* Lord .Winterbottom: replied: 

and r LvmImrton. said laanlshti ^ C - 545(1 0x ? I J ) who ^ his shaw (Con Stroud), toe Minister “The matter is being treated 

“What™ an asioiti shin^ 1 cotoct constituents felt that the matter explained that as no. change of very seriously” 
den ce that of all the schemes in .... 

tbe national pipeline, toe Secre- 
tary of State for Transport 
should suddenly have wakened 
up this morning and decided 
that, above all others, this one 
had top priority- 
“This is nothing less than an 
election bribe and one would 
have hoped that Mr. Bill Rodgers 
[Transport Minister] might have 
risen above such things. 

'No doubt the doughty York- 

stiraency k i?ll th sle P tough Sis' ** “Sri P“?£ ^as^reveniie dropped“y^“ sell readi^'to toe Com^^ yester- SpSw^Umon to Orford Mr. queue'of wouto-be” sphere to le ^ J efe ‘ M 

transparent piece ofchiMaery.” f “c®rai dirertioa off a few zebras and camete.” day but has tittle chance of Riffomd who reagaed as & slc down so that he couid answer W*® Mr. Mick MeGahey, 

i« e « ui wuwiwn. was defended by the Independent Sir- Brian said the . zebras and becoming law. spokesman In December 1976 the charges against him. Scottish president, nodding his 

Broadcasting Authority yester- camels might be making a profit Dr. Reginald Bennett (C. Fare- when toe Conservative party The incident was triggered off assent Mr. Gormley said he had 
XTSTsilcfi unffl day. ' * . while television revenue' itself ham), chairman of toe Commons adopted an anti-devolution stance by a passage in the annual report to i d ^ Board that if higher 

TV Clau V Ulc Cl- .ttrian Young, was falling. catering subcommittee, said he j»ld that boto “hard -Hne dealinir with the - recent dlsnute bonuses were offered to 

need for more finance in the 

BL car strike 
at Swindon 
to go on 

A MEETING of 640 strikers In 
BL’s press shop,.- Swindon, voted 
yesterday to .continue- the stop- 
page in spite of warnings that 
layoffs could affect other plants. 

BL, formerly British Leyland, 
said yesterday that tbe dispute 
was not affecting assembly lines 
and layoffs were not being con- 
sidered at thin stage. 

The strike was said to have 

MR. JOE GORMLEY. president week caused by the controversial 
of toe National Union of Mine- decision of the executive to allow ” B 

workers, grimly put down an area incentive schemes after a 1 P assed _ spd F*5 ec t Panels at tbe 

open challenge to his authority pithead ballot had rejected 
yesterday, from toe militant similar nationally-based plan. 

end. of the tine instead of at a 

tater stage. Striking members of 

Yorkshire coalfield. 

YortahS* that ' the SLJ&-H2L- JS»“£ 

By John Lloyd 

The assault was launched at executive blocked local negotia- 
the annual conference in tions on the rescue men’s demand SSJ? ^ 8 Sf 1 

Torquay by Mr. Sam Thompson, for higher bonuses, even though a chang n working 

from Armthorpe near Doncaster, the scheme was supposed to be pi S^rr: 

THE HOUSE of Lords should He called on toe president to an area matter. -JESS? T™Kria«* 

insist Stoat toe Scotland BtU in- r«ign after accusing tom of Mr. Arthur Scargill. Yorkshire Swtev^^AbSadm 
eludes provisdon for proportional wheeling and dealing with the area president and a contender SSf thSitened 8 bvtoe dismite 
representation to a fatm* National Coal Board and brine- i k«. . V* 1 ? mreaxenea oy me uispuio 

Television companies Aid sought 
interests defended 

A PRIVATE Member’s Bill to SEE HTanB An^ ^ foltowed as rigto- ^TBS 

gveBJLhvtoeyardsretief from “ ^ pSi^eaS S? e d“ to '!K«SP S 

rates and dutv was introduced tend said yesremay- | ^ r<lnM At nna nnint Mr ? J , . ’ . _ 

. ■ applause that greeted. Hr. Gorm- 

Panels from Swindon are dis- 

future National Coal Board and bring- for Mr. Gonnley*s job, forced, his AuLro 6 Marini 

Scottish Assembly Mr. Malcolm way to the rostrum to challenge Maxifprim^s and MG' 


TELEVISION gramme-making. 

shire folk in the Pen &t one con- c0 ^ pa i x i'^^! e ” Ifi 5?H D J 1 ^ an junop^sed" ¥m „ _ s Peakfo® T ! *o j Gmmfey stood Shouting 1 at a 

Sir Brian 

director- falling. 





By Our Labour Correspondent 


eeneral'bf the authority told a 1x1 course of the hearing was sponsoring the BID to give nroonasts and supporters of devo- involving rescue brigades men in Yorkshlremen he could not CENTRALISATION of collee- 
Commdns select sub-committee Slr .Brian saia the authority help to Britain’s wine lotion would welcome propor- Yorkshire. Underlying it though, guarantee that he would not seek tlve bargaining may satisfy the 

Commons select sub-committee , . , . . -. . . _ -- — - — — , 

, . . , that the concern of toe broad- wou f d o* produemg new rules combat the poor conditions for tunnal representation since it 

THE GOVERNMENT last night casting unions was understand- on aD10 ™ 1 t of foreign pro- growing wine. guaranteed that the Assembly 

beat off by two votes an Opposi- JKTVfc toe unions should firammlng allowed on TTV He wanted to see aU bnUdmgs W(mJd never ^ dominated by a 

tion attempt to bar toe proposed cminf tbe inflow as well as toe screeDSl probably within the connected with a vineyard separatist pasty. 

Welsh Assembly from making outflow- of. money * next month, or two. treated as agricultural, which __ „ 

special grants to art gaflerie^ ° n T „ • Nortoambria Television, a new *ou!d make them eligible for aSSSS^SLlInJ^u 50 

museums and libraries to bay riEL,J fl, 2£S consortium, is bidding to capture «B.ef. Scotland aet««ved more than 50 

special items for their collections, revenue, was siuggisn, receipts franchise of Tyne-Tees Tele- The size of . — v — ~ — — . _ _ . 

Ti„j no .j.. rfcrwiw- chon n t tvia feo®> outside interests had vision for a grant should be reduced party to have done so was toe 

wSe^BilF *JhEh set? np tol helped to si^in television pro- * t wants the franchise from from fowacres to one. SpeSlIst Conservative Party in 1955. 

Assembly if a ref erendSn agrMft irr/*-. next year whenth^ T^f. UTbus Scotland was a country 

was the tension discernible all the same for everyone. 

Redundant steelworkers 
will get up to £3,500 


Tory 'Mere challenssMia clause He argued that ATVs Edward Tees Television contract rumsou t for a similar grant while research of minorities even before the I REDUNDANCY terms for toe waring at East Moore, Cardiff, servants. 

ioxy peers fcawwagw a Clause „ nn n ,ri,'» urn»u ^ -1 4lLua out i«*n esm j in UaoV, anrf Khhur Val» tint xnme 

egos of some union leaders but 
it is an ** unhealthy- extension of 
the power of toe state," Mr. 
Frank Chappie, general secre- 
tary of the Electrical and 
Plumbing Trades Union, says In 
this month’s union journaL 
Wages and conditions, says 
Mr. Chappie, should be deter- 
mined by tbe collective bargain- 
ing process and not by civil 

“t^do YI1 series and Granada's World after 2(T years.**- wu *’ jnto viticulture should get tax rise of toe SNP and will remain I closure of British Steel's' Red- and Ebbw Vale. • But • some Trade unions were founded as 

anything it considers ' appro- ^ ^ar were two such instances. - The new company says It wants reUef - - 
priate" to support museums. Sir Donam i\aberry, chairman to get away from “the parish 
ealleries, libraries and other of the. sub-committee, asked what pump approach."- It would con- IV pw t)ppr 

.. rn _J? frVA numATiBhirl nf a +1 hviit maW Tma«I L.. - J«. X ■ V TT • ftfVvI. 

one in spite of Its decline. The path Dorman Long subsidiary at employees could ^evidently re- « defence for working people 
electoral system should mirror Treorchy. South Wales, have “HP.* 1 ““55 tb® economic power of 

■this reality and proportional been agreed. Shutdown of toe the- employers hacked by the 

, . . - . reptesentiataon would help ensure plant will go ahead as originally LfSlS!' p ^. tI S s iu P0we ^» 0f *** . stat? ‘ T r 

The Tories tried to write in a srfan and also offer high quality SIR. JEREMY HUTCHINSON, toat it did. planned on September 30; with SSnf%n P SSSS Sivment 

provision that they should not (Tndent Televtaog l helped pro- features to toe ITV network. vice-chairman of the Arts Council “The House of Lords must ^e Joss of 300 jobs. ElSfitfo stetepowersunply to the beUef 

make special grants for collection gran unir ig, and Sir Brian repeated • . A new television centre plan- was introduced in the House of stick to Its mine on ic«no n r , equivalent to -~f weeks wages, that it would give union leader- 

S^utlSwisijertrfby gi, point attonrprortd mg a lmf pea . for Newcaal^upoa-Tyne l£k' *f! “d the aiuiralent of six WMkf ship more ay t. how th,t pwer- 

cultural activities. 

contribution the ownership of a tinue to make local prog ramm e^ 

81 votes to 79i 

flow' of ^vestment for pro- ^)uld create 2(K)lw jobs, " mSmaattsStoA. S^er tiler" 

a | reportedly not as generous as wages to lieu ot notice plus holi-. was exercised would be a 

those granted redundant steel- day entitlement. 

■" betrayal of out past," 






i sticky problem 

• • ... ! v field University are building 

Jar-heated bouse which will 
: ... ya single-storey building at 
> ' and. with the addition, of a 
'■ 1 n.d storey next year, will 

■; ® six of the students engaged 
.■'Vae project. 

vimpaaics such as Unibond 

. letping by donating materials 
■ technical advice and the 
■ ' -'. power Services Commission 
given £6.000 under the 
Tnmenl’s job creation scheme 
1 ■ ■ . mploy a group of unemployed 

litecfure graduates to carry 
■ ’ *.‘thc majority of the construc- 

• i . work. 

-he walls and roof of the 
ber-framed house, in Brooni- 
•. Sheffield, are constructed 

V :..n 2.4 metres by 0.6 metre 
... * • dwich panels in which 12 mra 

sts oE plywood are bonded to 
. 150 nun core of extruded 
'■ . . ;ular polystyrene. Because 

. , y were not equipped with a 

a ^ a $Ceeps dry on 

ID TO provide a solution to 
■ problem of accumulation of 

, „ I , npness in insulation, is a 

* Hi clSlfi lti- ,a >' er roll-on, over-deck 
c ' t * insulation comprising an 
r - J oer layer of roofing felt, a 

Illsnc e of polyurethane insulation 
th a reinforcing membrane 
'-v«: 7.. 3r da profiled aluminium vapour 

i. •••, .... ?ck. 

--"/The insulation, called Tekurat, 
.supplied in rolls which cover 
square metres. Of Gennan 
igin, it is being marketed in 

press ]□ which to clamp the ply- 
wood and polystyrene the 
students had to use a contact 
adhesive — the problem being 
that most adhesives of this kind 
contain petroleum solvents which 
dissolve polystyrene and many 
other plastics. 

The problem was overcome by 
bonding the plywood and poly- 
styrene with UniTSk, made by 
Unibond, which is dispersed in 
water rather than petroleum and, 
says the company cannot harm 
materials such as- polystyrene 
which are damaged by oil-based 
solvents. The adhesive is also 
non-flammable, almost colourless 
and easily removed from brushes 
and tools with water, factors, 
claims the company which made 
the students’ workshop safer, 
healthier and cleaner. 

More from the manufacturers 
at Tuscam Way Industrial 
Estate. Camberley, Surrey GU15 
3 DD (0276 63135). 

can bo prevented by the earthed 
filter bags which incorporate the 
special fibres. 

The anti-static filter felts can 
provide resistance levels below 
100 Megohms, conforming with 
BS 2050 and' German Standard 
DIN 534S2 relating to anti-static 
materials. The felts are produced 
in four standard qualities, all 
beat stabilised for use up to 
150 degrees C. The 340 gm/m 3 
and 400 gm/m 1 qualities are 
suitable for shaker or vibrator 
cleaning, flat envelope or tubular 
filter elements. The 500 gm/m' 
and 640 gm/m' qualities are right 
for pulse jet filter elements. 





Posh at Trafalgar JWj-J 

by the 


the UK from July II by the sole 
agent in this country, Evode 
Roofing, Common Road. Stafford 
ST16 3EH (0785 451211. 

Its integral upper lay of roof- 
ing felts means that the insulat- 
ing core of polyurethane is 
protected from gassing when hot 
bitumen is laid oh top and the 
material will withstand temper- 
atures up to 250 degrees C. A 
reinforcing membrane within 
the foam is said to give great 
dimensional stability’. 

Concrete mixed like food 

H1LE EXHIBITING at a food 
r in Saudi Arabia. E. T. Oakes 
member of the Mono Group) 
tich claims to be a world 
uler in food mixing technology, 
is asked if its methods could 
employed for the mixing and 
nduction of lightweight aerated 

The company met the 
alienee which resulted in its 
lildersmate CretoJite Unit 
lich provides an. efficient way 
producing up to 7 cubic 
?ires per hour of lightweight, 
rated concrete in. a continuous 
semi-continuous process. An 
lee nil pump enables tbe unit 
deliver the finished product 
the point of use at heights of 
* lo 30 metres. 

For on-site use the machine is 
pplied as a trailer-mounted 
iil for towing by Land Rover 
similar vehicle with pow£r 
pplied by a diesel engine rated 
lfi hp. It is also available 

as a static installation' for use 
in low cost housing project. 

Further from the company at 
Queens Avenue. Macclesfield, 
Cheshire, SK10 2BT (0625 27411). 

less likely 

A RANGE of filter felts incor- 
porating electrically conductive 
polyester fibres to reduce the 
risk of fires and explosions in 
air cleaning installations has 
been introduced by . Webron 
Products. Bacup Road, Rawlen- 
stall, Rossendale, Lancashire, 
BB4 7JL. 

Many types of powder, such 
as flour, sugar, starch, plastics, 
wood-flour, rubber and coal, con- 
stitute potentially • explosive 
mixtures when mixed with air 
but build-up of static electricity 

WHAT IS claimed to be the most 
advanced fully-automated plant 
in Europe for tbe production of 
larger polyetheylene containers 
for liquid products in the 
5 gallon/25 litre size range is 
now in operation at Plysu 
Containers, Woburn Sands, 

In the smaller rangp, the pro- 
duction capacity is about 100m 
a year and 400m in the larger 
size. Demand for the company’s 
most sold product range, the 
“ Compact " family of bottles, 
which come with capacities of 
i litre to 10 litres, has provided 
a base for the company to extend 
its horizons to encompass 
Europe, and form an Anglo- 
Dutch venture, Piysu Europe BV, 
based at Halfwek, Netherlands. 

The company has just launched 
the SR 25, a 25-litre rectangular 
jerrican with rounded corners. 
Available also in a 20-litre 
version, it has been developed 
for use with. 1100mm by llOOnim 
pallets and is designed to fit 
eight across the internal dimen- 
sions of ISO freight containers. 

The “square-round” container 
is blow-moulded from robust 
high-density polyethylene and 
manufactured in versions for 
slacking 2. 4 and 6 high, with 
two layers per pallet, each layer 
.accommodating 16 containers. 
Stack stability is aided by the 
container's top and base con- 
figuration which enables stack- 
ing in any of four positions. 

Suitable for use with a wide 
range of chemicals, foodstuffs 
and other corrosive and non- 
corrosive products, it has an 
integrally - moulded carrying 
handle which, together with 
fingertips provided by the base 
configuration, facilitates easy 
cnnjrolled pouring even when 
protective gloves are worn. 

Available in a wide range of 
attractive colours, a large flat 
labelling area on all four sides 
»* recessed to avoid scuffing, and 
lh<* container can be supplied in 
relatively - small runs, screen- 
primed- with' customers’ own 
brand designs. 

IN A MOVE which creates the 
largest British group selling and 
supporting 'small business com- 
puters, Allied Business Systems 
(Trafalgar House group) and 
Business Computers (Systems) 
yesterday announced the signing 
of an agreement on close 

ABS is acquiring the Brighton 
manufacturing centre of Business 
Computers and an option to 
purchase the share capital has 
been given by the latter's share* 
holders to ABS. However, 
Business Computers remains an 
entirely independent company. 

The joint organisation will 
market Multibus equipment made 
by ABS throughout Britain. ABS 
will continue to manufacture 
Business Computers’ Molecular 
systems and ensure continuing 

The new arrangements provide 
the group with a market base of 
small business machines already 
installed of about 600. To these 
must be added. potential 
customers — perhaps as many as 
1,000 or so sites — using machines 
which were the predecessors to 
Molecular. The partners have 
undertaken to continue support 

in terms of software develop- 
meat, applications programming 
and general support 

ABS predicts its turnover for 
1978 in terms of equipment sold 
at £1.6m. It has distributors in 
Scandinavia, Benelux, France, 
Spain and South Africa, Its 
installed base of Multibus equip- 
ment now amounts iq over 250 
machines. Turnover for Business 
Computers this year is expected 
to reach £3m, or double the figure 
for 1977. 

Trafalgar House has taught 
many organisations lessons in 
how to run building projects. It 
is sharpening its teeth on tbe 

With something like 40 com- 
panies involved in introducing 
small and medium companies to 
the mysteries of computers, tbe 
latest move from a Trafalgar- 
based company must be looked 
at in the same light The acquisi- 
tion programme is by no means 
at an end. It could be much more 
effective than roughly parallel 
NEB moves and take in other 
healthy companies. 

ABS, 1, Berkeley Street, 
London WlX 6NN. 01-499 9020. 

Better account detail 

LARGEST single application of 
Computer Output Microfilm 
(COM) is fully operational at 
Barclays Bank. The system, de- 
veloped over three years by tbe 
Bank together with a Kodak task 
force, provides daily branch 
microfiche records of all 10m 

In addition to providing 
speedier answers for customers 
queries, the COM system is sav- 
ing Barclays up to four tons of 
paper nightly. 

Nine Kodak KOM-SO micro- 
filmers produce full close of 
business balances direct from 
magnetic computer tapes over- 

night. Microfiche is delivered by 
the morning to all 2.300 branches 
equipped with film readers. Each 
fiche contains up to 16.000 
accounts together with an index. 

Features developed especially 
for the Barclays system include 
a highly efficient control routine 
to ensure film quality, and a 
variable copying facility which 
produces the appropriate num- 
ber of copies of an individual 
fiche for each branch. 

Kodak. POB66. Kodak House. 
Station Road. Hemel Hempstead, 
Herts. HP1 1JU. Hemel Hemp- 
stead 61122. 

Sweeps data into store 

USING A new hand-held OCR 
scanner by Siemens, data can be 
captured about 10 times faster 
than with conventional key- 
boarding on a data terminaL 

The easy-to-hold lightweight 
(5 oz) scanner need only be 
passed over the line to be read 
with a short sweep of the hand 
in either direction. An audible 
signal indicates that all charac- 
ters have been correctly read 
and transferred to the connected 
device, which may be a data 
terminal, a point-of-sale ter- 
minaL etc. 

The complete unit consists of 



v siril 


AUGUST 15 1978 

The Financial Times is preparing a major Surrey on Indian Industry to be published on 
Indian Independence Day, August 15 1978. 

The editorial synopsis is set out below". 

e I 

INTRODUCTION The strength of Indian 
industry by comparison with other developing 
countries; slower growth in production last year 
after the 10 per cent spurt of 1976-77; problems 
of excess capacity and sluggish demand. 
Nehru’s concentration on heavy -industry the 
shift in the 1950s from a mixed economy to 
greater emphasis on public ownership; impact 
of government intervention through wage and 
price regulation, tariffs, foreign exchange 
control and licencing of new capacity. 

PUBLIC SECTOR Expansion from utilities and 
heavy industry to the state taking over immense 
range of manufacturing plants; the structure of 
responsibility as divided between ministries in 
Delhi and between the central government ana 
the states. 

PRIVATE SECTOR The dominance of a small 
number of major industrial houses; restrictions 
on the size of individual companies imposed 
by tbe Monopolies Act. 

FINANCE FOR INDUSTRY Access of the public 
sector to Government funds; credit policy ot ine 
nationalised banks; the development institu- 
tions; equity capital and the stock market. 

TRADE" POLICY Strong growth in exports 
particularly for the engineering industry; tne 
absence of overall marketing drive; the impact 
of the removal in the Budget of tax concessions 
on overseas marketing. 

LABOUR “Increasing strength of trade unions 
in the organised sector; widespread industrial 
disruptions over the past year; the power ot 
management to resist wage and bonus demanas 
because of excess capacity. 

OIL AND NATURAL GAS Development of 
Bombay High to meet a substantial proportion 
of domestic oil needs; continuing offshore 

POWER GENERATION Recent shortages and 
their impact on industrial output; varying 
record of cutbacks among the states; plans to 
expand capacity. 

aim of gaining access to foreign technology but 
limiting foreign equity holdings; enforcement 
of the Foreign Exchange Regulations Act; 
attitude of the multinationals. 

A- major part of the survey will be devoted to 
studies of particular sectors and particular 












There will also be portraits of contrasting 
industrial cities — Bombay, Bangalore and 

For details of advertising rates for this Survey and for other advertising requirements please 

contact: ’ 

Nicholas Whitehead 

Financial Times, Bracken House 
•10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext 7112 



The tetttent Publication dairs of Surveys In financial TSna an « U* CuxnUm of tie Editor. 

the hand-held read bead and the 
microprocessor-controlled recog- 
nition logic to which it is con- 
nected with a thin cable. The 
device can read a total of 32 
defined OCR-A and OCR-B 
characters at a rate of up to 140 
characters per second. Characters 
produced by the major printing 
processes used with OCR can be 
read, e-g, letterpress printing, 
plastic card imprints and im- 
prints produced by line printers, 
matrix printers, ink jet printers 
or labelling guns. 

Siemens AG, Postfach 103, 
DS000. Munich 1, German 
Federal Republic. 

Printer has 
simple head 

NOVEL in design is tbe printing 
bead employed in the latest 
model of matrix printer from 
Lear Siegler, available in the 
UK from Peripheral Hardware 
of West Molesey, Surrey. 

The 9 x 7 dot matrix head has 
no magnetic cores attached to 
the individual print wires; 
instead, the wires are struck 
from behind by a solenoid 
driven " armature and travel 
rapidly and with less inertia to 
tire paper. Greatly increased 
bead life is claimed. 

‘ Printing at 180 characters per 
second is carried out at 10 char- 
acters/inch horizontally and six 
or eight lines/incta vertically. 
The extended matrix allows 
underlining and true descenders 
on characters. The full % char- 
acter ANSI! set is standard, and 
foreign language and special 
sets can be provided to order. 

Lear Siegler is providing the 
bead mechanisms for Hewlett 
Packard. Data General and 
Anderson Jacobson machines. 

Peripheral Hardware. Link 
House. Pool Close. West Molesey, 
Surrey, KT8 OHW. 01-941 4806. 


Coal fed 
against high 

PROGRESS is being made tn 
finding how to feed large volumes 
of coal into the high pressure 
and temperature chambers of 
modern plants used for the con- 
version of coal Into synthetic 
natural gas and petroleum pro- 

The essential problem is to 
pump it in without any blow- 
backs or other interruptions. 
Lockheed Missiles and Space 
Company in the U.S. has designed 
a disc-shaped rotor, a kinetic ex- 
truder, which spins dry pulver- 
ised coal outwards- through small 

It has demonstrated it can 
move more coal at lower cost 
than feeders employed at pre- 
sent pilot plants. 

A rotor to move 50 tons an 
hour int° chambers pressurised 
up to 1-000 pounds per square 
inch, is being designed. The small 
scale model moves one ton into 
300 psi chambers per hour and 
the same type of unit can move 
seven tons into chambers against 
600 psi- tbe company says. 

Interest in coal conversion is 
intensifying in the U.S. and else- 
where as oil and natural gas 
supplies decline. Systems differ 
but most process at high tem- 
peratures and pressures. Several 
pilot plants are operating aimed 
at developing commercial-scale 
operations tat they all need a 
specialised feeder. 

Lockheed’s work is under a 
Department of Energy contract 
and data from it will enable coal 
feeders for big conversion plants 
to be designed. 

PRINCIPALLY lor use in the 
shipbuilding and chemical 
industries where tight radius 
bends are often desirable and 
where pipes have bends in one 
or more planes is a numerically 
controlled unit, to handle pipes 
from four to lfl inches diameter, 
and up to i-inch wall thickness. 

The Mediolanum 5 uses the 
draw bending technique, i.c n 
h andin g over a mandrel, in order 
to ensure quality of bends and 
can be used for bending either 
steel alloys or non-ferrous alloys 
as used in the above-mentioned 

Maximum centre line radius is 
34 inches and maximum length 
over mandrel is 5 metres. 

All three movements, that is, 
degree of bend, plane of bend 
and distance between bends, are 
hydraulically actuated and a 
resolver which counts revolu- 
tions is responsible for main- 
taining accuracy of all three 
motions. All speeds are infinitely 
adjustable within tbe speed 
range, and a brake ensures that 
a slow-down movement is 
engaged before the pre-set dimen- 
sion is achieved. 

The motor driving tbe 
hydraulic pump is housed at tbe 
back of the machine and the 
hydraulic oil reservoir is thermo- 
statically controlled in order to 
ensure the correct viscosity. A 
fail-safe ensures that tbe 
machine is non-operational 
unless the oil is at the right 
temperature. Similarly, tbe 
mandrel lubrication system is 
also a fail-safe type, ensuring 
that the machine does not 
operate unless mandrel lubricant 
is being fed. 

Tool setting is made easy by 
slot-in type tooling, secured by 
pegs in the case of the clamp 
and by the use of one nut only on 
nn the plane of bend carriage 
and by use of one nut only on 
tbe bend die. 

Addison Tool Company. West- 
fields Road, Acton. London, 
W3 ORE. 01-993 1661. 


voice pact 

RACAL-MILGO has signed an 
exclusive agreement with 
Wavetek Data Communications 
of Santiago. California to market 
Wavetek voice response systems 
throughout Europe, Africa, and 
the Middle East. 

Wavetek Data Communications 
has produced voice response 
systems since 1970 .with over 
150 installed in the U.S. and a 
number of systems in the United 
Kingdom. These systems enable 
any number of remote users, to 
enter or access data at a central 
site via dial-up telephone lines 
using low cost key pads. The 
response to data entry or da la 
retrieval inquiries are in com- 
puter controlled human voice 

Racal-Milgo will provide com- 
plete. voice response systems, 
from initial system conception 
to installation. Typical applica- 
tions are where fust response is 
required, such as vehicle parts 
distribution, credit card verifica- 
tion, retail distribution order 
entry and shop floor data 

Racal-Milgo, Rennet Road. 
Beading, Berks. RG2 OSS. 

Low cost 



TAKING ON companies such as 
GEC, Ferranti, Hasler. ITT, 
and Plessey is a new firm called 
Format Communications which 
has just entered the message 
switching business with its MRS 

The company claims that at 
the lower end of the market, 
where perhaps the main task of 
the equipment is the distribution 
of telex messages to various 
parts of an organisation. Ihc 
equipment costs only about half 
that offered by the majors. 

Format has achieved this, 
claims managing director Barry 
Taylor (an ex-ITT World Com- 

munications man) by reducing 
the sophistication of the pro- 
cessor lo a minimum and by 
using TTL parts which are now 
relatively cheap and allow higher 
speeds than a micro. 

MRS can operate at speeds up 
to 9600 bits/sec nn as few as 
four telegraph, telex or voice 
grade lines, using teleprinter or 
VDU terminals. Off-line storage 
is floppy disc (up to 250k bytes) 
or flying head disc (up to 3 mega- 

Basically, the system accepts 
incoming messages which can 
then be re-routed to up to 32 
locations with three levels of 
priority, with editing nff disc as 
needed before onward trans- 

MRS can be connected to Post 
Office auto-telex lines to give 
automatic transmission and 
reception of messages over the 
telex network. In addition, by 
typing a suitable code nn his 
terminal the user is connected to 
another user in conversational 
mode. If the called line is busy 
the system waits until it is free 
and then makes Ihc connection. 

Taking 500 watts from a mains 
socket. the equipment is 
designed to operate in a normal 
office environment. Rental starts 
at about £5,000 a year. 

More from the company at 1S6 
Oatlands Drive. Wcyhridae. 
Surrey KT13 9ET (Wcy bridge 


Links with 



OFFERING A solution lo prob- 
lems facing manufacturers of 
pre-packaged Roods liable to arise 
from .toon-io-br-manri.'iiory EEC 
weight conlm! regulations is tbe 
Sortorius range of MP balances, 
says the company of is Avenue 
Road. Belmont, Surrey 1 01-642 

In addition to being themselves 


The big new 
name in 

northern engineering industries 



programmable, the balances are 
said lo be very suitable fnr 
operation in conjunction with 
data monitoring and control 
systems. Coupled with a Honey-, 
well Level 6 minicomputer, num- 
bers n[ balances from the range 
varying from 0.1 nig sensitivity 
and with capacities up to 30 kg, 
with speeds of up to 100 weigh- 
ings per minute, can be interro- 
gated simultaneously by tile 



the heat 

CONVEYOR chains passing 
through slaving ovens create 
maintenance problem.; due to 
lubricant breakdown. 

Avhesnn has formulated ;i n«*w 
convey or lubricant that over- 
comes these problems — unlike 
conventional lubricants it does 
nu! decompi isv a) modern paint 
Moving tempera to res »u form 
varnish, gums and carbon. 

Conveyin' lube oven chain lub- 
ricant will work ciiiiiiminuoly 
at temperatures up to 1F» dec C 
and fur .-untamed permit lip to 
o'5« deg C. It mites protection 
a gain t-l wear and sc i jure and 
eliminates surging and judder- 
ing of conveyor lines. As it has a 
low evaporation rate it is lung- 
lasting and can be applied 

Ache* mi rin Holds Company. 
Prince Rock. Plymouth PL4 0SP. 
0752 2M351. 



The Carruthers MONOBOX overhead (ravel- 
ling crane has been designed to save you money 
-all along the line. 

The basic MONOBOX structure - a single 
box girder with great torsional resistance - has a 
high strength to weight ratio. Less deadweight 
means less cost 

The design has been developed and 
simplified to give you long and troubie-lreo service. 
And there's a contract maintenance service in 
operation throughout (he United Kingdom, with 
swift delivery of spare parts. Down-time is kept to a 

Volume production of parts and assemblies also 
helps to keep the costs low. A MONOBOX can bo 
built to you r exact req uireme nts. t og eth er with any 
type of fitting tackle, and delivered - fast 

When it comes to overhead c-ranes. the . 
Carruthers MONOBOX range is well worth consider- 
ing. For design, reliability and versatility, they are 
outstandingly cost-efleclive. 


move up wrm monobgx 

Britain’s leading crane manufacturers. 

J. H. Carruthers & Company Ltd. 

Peel Park Place, College Milton, 

EAST KILBRIDE, Glasgow G75 5Lft 



Financial Times Thursday July 6 1$7S 


Latest managerial salary indicators 


IN CASE Tuesday's league fable 
of salaried posts in London 
failed to satisfy readers' lust Tor 
figures, here is the Jobs 

Column's regular four-monthly 
indication of managerial-type 
pay levels throughout the 

The table is based on nearly 

3.000 of the 28.090 people who 
registered during February- 
May as job-candidates vtith the 
Government-sponsored Profes- 
sional and Executive Recruit- 
ment Agency. My statistics are 
confined to particular age 
groups — with two exceptions 
(marked in the table; the 33 
to 37 year olds — but the full 
details are available from 
Reward, 1 Mill Street. Stone. 
Staffs STI5 SBA— telephone 
Stone (07S 583 j 4554. 

The first six columns tin all 
cases the figures in bracket* are 
the corresponding salaries in 
February-May. 1977) relate to 
all candidates of the stated ages 
registering in each category 
throughout Britain. The last six 
columns relate only to those 
among the candidates who held 
“appropriate qualifications." 

If all the general managers 
and so on are ranked by pay 
from highest to r. the 
“median" represents the salary’ 
of the person half way down. 
Likewise the upper quartiie is 
the pay of the person a quarter 
way down the ranking, and the 
lower quartiie that of the 
manager three-quarters down. 

For personal comparison. 
Reward recommends the addi- 
tion of 12 per cent to the table's 
figures if your employer vs an 
international or large national 
concern; 9 per cent if it is a 
regional company with 200 to 

1.000 employees: and otherwise 
3J per cent to allow for the 
time Jag in publishing. 

All in sample 

Professionally qualified only 

Age group 33-37 








— X 





( 7976) 



Upper quartiie 













General manager* 













Administration managers 












Company secretaries 



















( 5,800) 







Con accountants 













Computer managers 












Systems Analysts 











m ^ m 

Computer programers 






( 4.2C0 ) 





O&M/ work-study officers 













Personnel executives 













Training executives 












P.R. executives 












Marketing managers 













Sales managers 












Sales office managers 











Sales representatives 






(4.400 ) 





Technical sales reps. 











Retail management 











Production managers — 













Production managers— 













Production engineers 













Mechanical engineers 













Electrical engineers 













fChemical engineers 












Quality control engineers 

4.1 00 

















( 4,400 ) 







Civil engineers 






( 5,200 > 







Technicians in Ctt-siacering 













Quantity surveyors 

















































Distribution executives 






( 4,500) 







Purchasing executives 













Chief Executive 

For a s mall and successful light engineering company, highly regarded for its 
technical excellence by major names in the electronics and scientific industries. 
Turn over which is less than £1x33, has grown rapidly under new ownership and 
the board now proposes to develop the business further 

The chief executive will plan and direct the required expansion: determining 
the future role of the organisation, guiding the company along new lines and 
introducing modem manageme nt methods. This mil entail capitalising on its 
reputation for prestige equipment and opening up new markets. 

The requirement is for a record of achievement in a progressive and profit 
conscious manufacturing company, coupled with creative talent and 
demonstrable management skills. A. qualified engineer; probably a graduate, may 
be preferred. 

Remuneration: up to £15,000 plus car Equity participation is a distinct 
possibility Age: up to 40 l Location: East Anglia. 

Please write in confidence to F J FHail (Ref: 178F) 





Reporting to fra rrnonda' O./ector. the Accountant will play the 
leaefing roleinfred* 1 . elcpmert of computerised systems. With a machine 
change due in Octocer. specific procedures are required Tor stock, 
commodity positions end management information. The position could lead 
to promotion into c line or systems post in the UK. US or Europe. 

With cn : rrccme of S5X million and recent growth of 100% p.a., our 
client Isa profited e suPsidicry of one cf the world's largest private 
companies. .Age 27-25. applicants (male a fernaJa) should be qualified 
accountants -with proven systems development experience Inthe profession 
or industry. Please telephone or write to Stephen Blaney, B.Comm.. ACA 
quoting reference 1/1719. 

EMA Management Personnel Dd. 

Bume House. 88/89 High Hoibom, London. WC1V 6LR 
Telephone: 01-242 7773 

Thomson McLintock Associates 70 Finsbury Pavement London EC2A 1SX ML 


Development Manager 

Salary Circa £14,000 pia. 
London Based 

A Managerwiih the ability and experience to take charge of the 
development phase ol newand e.xistiag businesses is required by 
an international engineering Group whose turnover is in excess 
olTIOOM p.a. 

Pe rsona I res po nsi bil ity wo uld b e to the G roup Man ag i ng D irec to r 
for the marketing and management of projects currently valued, 
in excess of£l5M p.a. 

The successful candidate, male or female.may have a functional 
marketing background and u degree, preferably in a numerate 
discipline.wiil be expected. 

The fringe benefit, package is exceptionally attractive. 

Resumes should be sent to the address below quoting re P922/FT. 
T hey will he dealt with in the strictestcanfidence by ourselves and 
client's M.D. You should clearly state the name of any company 
to whom you do not wish your application forwariled. 

Philip Smith 

Manpower Consultants 

35-37 Jermyn Street. London SW1Y 6JD. 01-930 4725. 

Company Secretary 

c £12,500 plus cur 

A public group of companies in. the property sector requires an 
experienced company secretary who would be required to assume 

-immediate responsibility for all secretarial matters at group and 
subsidiary company level. In addition he or she would be expected to 
advnse^management on rationalisation and reorganisation of the group 
structure, legal matters and oversee the office management function. 

A record ofachievement in a similar role is essential. Candidates should 
have either a chartered secretarial or a legal qualification combined with 
commercial experience. 

Location central London. Age limit 45. Remuneration will be in the 
region of £12.500 plus car. 

Please write in confidence for an f ). 

application form to David Prosser, 

Executive Selection Division, 4 J. 


MCS/370L ’ t Associates 

Alumina Contractors Ltd. 

Alumina Contractors Limited has been established to manage the construction of 
the £287 million alumina extraction plant on Aughinish Island in the Shannon 
Estuary near Foynes, County Limerick. 

The plant is being built for Aughinish Alumina Limited, which represents the 
interests of Alcan Ireland Limited, Billiton Alumina Ireland Limited (a company 
within the Royal Dutch/Shefl Group) and the Anaconda Ireland Company (part of 
the Atlantic Richfield Group). 

Construction work will commence shortly and at peak the work force will exceed 
2000. The plant will go into production in 1982. 

Construction personnel in the categories set out below are required now. 




Positions range from senior 
engineer with not less than seven years 
experience to senior agent or equivalent. 

With not less than ten years 
experience in contracting or consultancy. 
This should include claims, contract law 
and interpretation of conditions of 

All candidates for these positions must have experience in large construction 
projects, involving heavy civil and/or mechanical work preferably in the 
international field. 

Conditions include top salaries, bonus, company car and relocation expenses or 
living allowance. 

Please give full personal details including experience and salaries or write for an 
application form to: 

P.A. Hopkins, 

Personnel Manager, 

Alumina Contractors Limited, 

Sarsfield House, 

Francis Street, 


Investment Assistant 

£4,000 p.a. plus. 

Would you like to switch from actuarial 
studies to investment work? 

We offer an unusual oppoi runily in the 
small and highly professional investment 
team of this old -established mutual life 
office. The post is based in London, 
where interviews will be held. 

The Person 
Age: around 22-25. 

Qualif ications and Abilities 
Degree or good A levels in Maths. Some 
Actuarial examinations, including 
compound interest. Ability to work 
meticulously, formulate and express views 


£4000 p-3. plus. 

The Job 

Regular contact with broken; and the 
maintenance of up-to-date records of 
gilts, capital gains, income, etc., on the 

There are opportunities to help the 
Assistant Investment Manager with other 

The Future 

Mathematical background will help our 
chosen candidate's understanding of the 
theory underlying the more interesting 
aspects of the market. Over a period, he or 
she could progress towards becoming a 
gifts dealer. 

We offer a good salary and fringe benefits. 
Please write or telephone for an application 
form quoting reference No. REC TO 

Miss J. E. Berry, 

Personnel 8» Training Manager, 

UK Provident. 

Dolphin House, NcwStreet. 
Salisbury, SP1 2QQ. 

Tel: Salisbury (0722) 6242. 


: i. 


is mi i itt'Tiui hmi.iI company la the medical flel.l. with fu!i\- 
env iii‘d <.ii!>s:i!iarii'x in Knrupe. USA ai.ri South Aincru.i. 

Throe i»n>i.uii!ini: opfjnriunitie-; have arisen m uur 
International Sales and Service Division, located m Lurid mi 


As :i member nf itn* Headquarters ihe Hud;;et 
CunlrnlU ‘1 will be responsible for the propa ration and 
impliiihniainm of the laui-ieis uf ihe suiiMiii.incf. in 
e(i-<HMrf.»!i* :i with (he lui'u] financial staff 
ideally "5-32, thi* person wv an* luukinc fur shmih? It 
a quail lied Financial and Management Aeaumi.ini, wiili 
experience m Imdqinim:. preferably will* an ir.iiTiiali.>ii:i! 
emu par: i In order ro implement the biidgeis of (-muj .,nii-s m 
differeqi countries, he/she should posse?, gnod ive 
skills and a persistent uaUiiu. 


As a member of the Headquarters financial team, the V’tn.itn»al 
.\rniiyst will he required to process and analyse all the 
financial information arriving from the Company's Mil'Mdtnrias 
throughout Kite world. 

Ideally axed -o-3L*. the person we are looking far should he 
u qualified Financial and Management Accountant, with 
experience In the preparation and analysis of fmanra! vi-m-. 
menis of mult;- emnpjnies and should further have 
experience :n man.i 'cmeni. He/sbe should p»*.-e.v; e.ov»d 
communicative and planning skills. 


As a member of th» Headquarters financial u.itu. the 
Opera! i nns Officer wilt be responsible for all 1 1n* svlo* 
operations and administration, including the dopaiehing or 
goods, analysis of orders and prieinc, preparation uf quarterly 
sales forecasts and their Implement at ion. «ates s':iti>ties and 
the follmv-up of outstandirtg orders from ihe fjrt*«r>. lle/she 
will also he involved in the pricing of instruments. 

Ideally aged -54V2. the person that vw arc looking for should 
have a wide, preferably international, experience in sales 
administration. A candidate wtUi a business degree is 

Applications, accompanied by full c.v. and mentionin'; which 
position you are applying for, should be sent tn Box A. '>407. 
Financial Tinier. 10. Cannon Street. EC4P 4BY. 




c.£7250 +car 


Exceptional opportunity for 

(Financial Director Designate] 

Vlfould you like to join a highly 

successful, well diversified Come 


operating mainly in these fields: Heating & 
Ventilating - Personnel Hygiene - Services 
for the Catering Industry - Printing - 
Management, Marketing, and Sales 
Training? Could you replace our Financial 
Director, who has moved into line 
management as Managing Director of our 
Service Group? 

The selected applicant - 35/4 5 - will be 
a chartered accountant, with good 
professional and industrial experience. 
He/she wilt be responsible for 
management accounts - centralised 
management services, including data 
processing - cash management - and 
long term financial planning. He/she will 

be expected to develop and implement 
Ihe present sophisticated systems of 
controls, and will report direct to the 
Mam Board. 

The industrial Headquarters of our 
Group (.factories, computers, accounts 
department . etc . .) are in Caerphilly, South 
Wales, ana the Financial Controller will be 
e/pecied to live in this area (relocation 
expenses will be paid if necessary j. 

The salary will be commensurate with Ihe 
importance or the position; a car provided, 
and a good pension scheme. 

Please wnie or telephone for application 
form lo; Miss Travers, Personnel Department, 
the TACK Organisation, TACK House, 
Longmoore Street, London SW1V 1JJ 

Lev Service Group is a substantial public company 
wnh a turnover of £300 million and an impressiva 
gruvvth record. The Group is involved in Passenger 
Car and Commercial Vehicle Distribution, Hotels, 
Plant Hire and Transportation. 

Internal promotion has created a vacancy for a 
Finjucial Accountant at the Group Head Office. The 
successful candidate will be a chartered accountant 
and preferably a graduate, in iris.- her mid to Idle 
twenties, with a minimum of two years poii 
qualification experience in a large imemalional 
practice. Responsibilities will include the preparation 
of group accounts, pljns and forecasts together with 
financial analyst;, and management reporting. 

The position is an ideal stepping stone from the 
profession into a commercial environment and offers 
the opportunity for wider experience wnh good 
prospecis ior advancement in a rjpidJy expanding 

Please apply: in writing, with full details of your 
experience and qualifications to: Mr. T. J. Monks, 
17, Great Cumberland Place, London W1H8AD, 


Institutional Gilt-EcUrc* Department needs an 
additional Sales Executive and an Analyst/Sales 

The Sales Executive should have had some 
experience of the gilt market with a stockbroker »r 
an institution. 

The Analyst would ideally, though not necessarily, 
be an actuarial student and would be expected to 
help develop and market an anomaly switching 

Applications, which will be treated in strict I'Oiifitlciice, tu: — 
P. \V. Clarke. 

Williams de Broc, Hill Chaplin, 

P.0. Box nl5. Pinners Hall. 

Austin Friars. London EC2P 2HS. 

; * =? ** 

taf ai U 

*• ! >. : 

• » * ’ J '• : I 

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t'T" * 

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K.‘ J - C; ' 

* » V 

I Maui. 

V T 

* S " 

■i * 

KftanCS^ times Thursday July 6 1978 


N. Midlands 


Corporate Planning Responsibility 

to £12.000 + car 

responsibility for directing, co-ordinating and playing a key top financial 

new stands rdsnf n*rfA BV0 3 ! Uat,nS tfl6 i Ct ? m ^. n - V - S P ^°[T ance * gliding >ts future • initiating and implementing 
new standards of performance appraisal • advising the Managing Director and the Board. 

Our Cflmc One of Britain's oldest and more successful leading eng i ne er ing 
companies Annual sales. Profitability, Return on Capnai ara heairhvl 
Substantia investment programmes have resulted in xhdr bang 
undisputed leaders m their field ol lachnoJogv. (66% of production 

Thw future success is. however.^ dependent upon evolving and 
introducing more nnhe and sensitive financial controls to assist with day ro 
day management, forward pfenning and continued cost reduction 
programmes. The company’s head office is situated dose to some of 
BnwuVg most beautrfvl countryside, * 

The CfwltengB: Working closely with the Chief Executive, hb Board end 
ww Group’s corporate management In assessment and forward planning. 
Evolving end imotememing Improved • financial end manufacturing 
controls •M.j.S. •corpptner««*c?iKws*bw3gBtirig^varian{*repon5 
• 5 year corporate plans * identifying end negotiating new business 
development opportunities. 

Vour Department &■ Its Need: A large wad established Finance Section 
Jiotal staff 50) which includes “ Rnanetal Controller • Management 
Services Manager « Divisional Management Accountants. A loyal, hard 
wmking and reliable team in need of dynamic leadership, stimulation and 
guidance in the adoption of sophisticated and cost effective techniques for 
forecasting production control and monitoring performance. 

Our Ideal Candidate: A highly qualified Accountant, aged 34-40 years, 
with a wealth of practical experience in • Financial Management and Cost 
Accounting • Computer Applications • Inflation Accounting • Budgeting • 
Corporate Planning. A knowledge of the heavy and of manufacturing 
industry is desirable. The predominant attributes we are seeking are ■ 
Creativity • Innovation ■ Marketfeg/finfflidal skills • Resourcefulness in 
managing people* Capacity to work alongside a dynamic Chief Executive. 

Generous Remuneration: Competitive base salary + executive car + 
Iree BUPA + pension /trie assurance + 4 wks hofiday + other benefits. 

mvSSIZV^SS’SS^Jf arrange an interview, telephone or write to the Company's adviser: Paul Sinha (Director), on 
01-3855 2051 or 01-388 2055 (24 hr. Ansaphone) quote ref. 242. All app/, cations wfffbe treated in the strictest of confidence. 



Merton House, 70 Grafton Way, London W1P 5LN ' 

Executive Search and Management Consultants. . V - - . 

This appointment a open toir&e/ffmaleappPcanEL 

Internal Audit 


c. £7/7,500 + car 

The Cheltenham and -Gloucester 
Building Society wishes to appoint a 
suitably qualified person to set up and 
manage an internal audit function 
based on its chief office in Cheltenham. 

This is a new appointment of senior rank 
and offers the opportunity to create a new 
department from scratch and to make, a' 
positive contribution to the further 
development of the Society's systems. 

Candidates probably in their early 30's 
should be qualified accountants with a 
flood knowledge of computer-based 
systems. Building Society experience, 
although useful, is not as important as 
sound general professional/commercial 
experience of modern financial control- 
and accounting methods. 

Apart from a competitive ancf negotiable 
salary, there are attractive fringe benefits.- • 

Write in confidence, quoting reference 
2933/L, fliving brief details of qualifica- 
tions and experience; to M. J. H. Coney, . • 

Peat Marwick Mitchell A Co., 
Executive Selection Division, - ’ 
166 Queen Victoria Street, 
Blackfriars, London, EC4V3PD. 


required for a group of companies in 
Please send resume co: 


20, Westbourne Park Villas. London W2 SEA 



•Consumer Electronics •Lighting •Domestic Appliances •Engineering 

Tokyo c. £25,000 + car + 

substantial allowances 

A new and key role. Represent all 4 major Divisions of one of Britain's Industrial Giants. Be responsible 
for defining marketing and safes opportunities. Spearhead the further development of existing 
business into a Emulti-million turnover in the fertile Japanese market. 

Our Client: One of the U.K.'s top 20 companies with an 
enviable U.K. and Export Sales/Profit record. Turnover 
exceeds £1,000 million and they employ over 80,000 
people world wide. Technologically in the forefront in 
many fields, they are intent upon gaining an important 
share of international markets. 

Your Opportunity: To create and develop a branch office 
in Tokyo. Be responsible for • Identifying marketing 
opportunities • Developing marketing /sales programmes 
* Examining joint venture projects • Representing the 
Company at all levels. 

The Ideal Candidate: You will have extensive experience 
of developing overseas markets • Be a skilled commercial 
negotiator • Be practiced in resourcing market intelligence 
and conducting market research • Be able to appraise 
financial viability of new projects • Think and act as a 
businessman • Preferably you will have a degree in 
electronics and be between 38 and 45 years of age. 

Your Rewards: A generous basic salary + housing + car 
+ 5 weeks leave ■+■ pension + other substantial benefits 
+ excellent career development prospects. 

ACT NOW! Telephone or write, in the strictest of confidence, to the Company's adviser. David Bums (Director), 
on 01-388 2051 or 01-388 2055 (24 hr. Ansaphone), quoting reference number 241. 


Merton House. 70 Grafton Way London W1P5LN 
Executive Search and Management Consultants 

for Senior Accountants 

. c .£ 8()00 

For an ambitious well qualified accountant 
ibis is an interesting opening which oilers 
considerable promotion prospects as well as 
_ibe opportunity to travel. Our Oienr is :ui 
.American’ based multi-nanoxul service com- 
pany with its European headquarters lucartd 
in >X cat London. As one of their interrutiunjl 
Senior Accountants you. would be based in 
l.nndun, bur expected to spend some joja 
wf your time abroad, mostly in Europe. 

Responsibilities ’will be varied and include 
the reviewing of European subsidiaries 
monthly Tcpurts, the co-ordinating and 
preparation of budgets and ad hoc analyses 
both in London and in Europe. 

The fob obviously calls for a man or woman 

with wide experience who ha* worked and, 
preferably trained In a sophisticated account- 
ing environment. At least two years’ post 
qualification experience is essential anJ .i 
.working knowledge of at least one European 
language would be idcaL 
A starring salary in the region of /Sooo 
will be oricred plus the usual bcncius associ- 
ated vti ih a major ti rm. 

VOile in ihe Hist instance with full career 
derails to Position Number ASl bSit, 
Austin Knight Limited, London WtA il)b. 

Applications are forwarded to the client 
concerned, therefore companies in which you 
are not interested should oc listed in a cover- 
ing letter to the Position Number Supervisor. 

|ak) advertising 


A major ritv based international banking group 
seeks to recruit a young chartered accountant, 
ideally aged 26-30. Previous experience of banking 
and mum-national operations would be useful but 
notbsential. . 

The successful applicant will join a g nai l specialist 
team, reporting oirectiy to the Group Chief Accoun- 
tant, responsible for the Group's accounts, estab- 
lishment and co-ordination of accounting policies 
and tax planning. It is also involved in corporate 
fi nancial planmng, strategy and development. 

An attractive basic salary, together with substantial 
ancillary benefits, will be offered and excellent 
future prospects are envisaged. 

Write, giving relevant personal data and career 

The Personnel Manager, _ 

Standard Chartered Bank Limited, 

10, Clemente Lane, 

London, EC4N TAB- 

[sfc| Standard Chartered Ji 




Up to £12,000 + car Manchester 

An established and successful, privately-owned leasing company 
wishes to appoint to its Board a solicitor, or perhaps a 
barrister, aged around 28-36. He or she will have gained good 
commercial experience, preferably with a large profession* 
firm and will be seeking now a chance to apply technical skills 
in a competitive environment, where challenges and rewards 
arc great. 

Based in central Manchester he or she must be willing for 
some travel throughout the U.K., to establish client contact. 
Personality and drive will be essential in tackling the intellectual 
and human . relations demands of the business. Profit sharing. 
Relocation expenses. 

Please appfy: 

Sir Timothy Hoare 
17 Air 5treet 
London W1R 5RJ 
01-734 4284 


Interviews London or Manchester 


INTESEXEC’s confidential services are w;lely directed 
to helping senior executives to secure new appo'nrnienis. 
1NTKREXEC provides the most comprehensive and 
largest career advisory and job searching service for 
both U.K. and overseas appointments. 

JNTEREXEC undertakes all the research, maintains all 
the Information and docs all the work of the job searen. 
Our professional service secures appointments faster. 
The World Trade Centre, London El 9AA 
01481 9977 

A private company which markets and supports MICRO 
COMPUTER systems, requires a 


Financial Controller 

This is an excellent opportunity for an ambitious, qualified, C.A,, A.CA. or 
A.C.MA. wilh about tl years’ post-qualification experience, to enter commerce 
at a senior level with Line responsibility. This appointment will provide the 
opportunity to develop a successful career by having early responsibility both 
within and outside the specific accounting sphere. 

Home Counties Age 23-28 Salary from £8,000 

& car allowance 

Applications in the strictest confidence quoting CT should be addressed to: 

[2 Robin R Whalley 


i Executive Recruitment Cvusultunts) 

Caldcr House, 1. Dot it Street. London TOY 3PJ. 

Telephone; 0L& 2 v rieoT.B 
Cable: Intercept h.'udon Ujf. 

Licensed in the United Kingdom in accordance with the Employment 
Agencies Act 1973 No. SE(AJ 1416 


A major firm of brokers with an established Gilt-Edged Department 
wishes to appoint a Sales Executive specialising in short-dated gilts. The 
successful candidate will have access to the goodwill of established contacts. 
As well as established Sales Executives, our clients would be interested 
to hear from individuals with experience of dealing in shorts on the 
Floor of the House or in appropriate Institutions. The main requirement 
is for a confident and energetic person, who is a self-starter. 

The post will carry fully competitive remuneration and the opportunity 
of a progressive career in a profitable and ambitious business. 

Applications win be forwarded direct to our clients, and you should 
indicate in a covering letter any firms co whom you do not wish to apply. 

Please apply in writing quoting reference 932, giving particulars of 
career, in confidence, to: 

W. L. Tait. 

. Touche Ross & Co., Management Consultants. 

4 London Wall Buildings. London. EC2M 5Uj- 
Tel: 01-588 8644. 


American Express 
International Banking Corporation 

As a medium sized International Banking Corporation, we wish to appoint 
a well-qualified Commercial Banker to administer and expand our banking 
relationships world-wide. 

The person appointed must have extensive knowledge of 'Oocumentary 
Credits. Bills, Loans Indications and Foreign Exchange. He/sne must be 
.personable and be able to demonstrate an ability of meeting with Bankers 
at a senior level. 

The person appointed will report directly to the Vice-President in charge of 
the bank's non-lending activities. Age 35/43. Excellent fring*- 1 benefits will 
be afforded to the successful applicant . 

Please apply in toriting. stating age and experience. Ur 
Mr. EL J. Ralphs, Manager — Personnel, 

52/80- Cannon Street, London EC4P 4EY. 

Prominent City Stockbrokers 

Career Opportunity 

c £7,000 

An excellent career opening in one of the oldest firms, with an enviable reputation 
and exceptional track-record for stability, reliability and steady growth. Their 
partnership is dynamic and forward thinking. 

Our Client: The firm has a substantial institutional. 
Private Clients and Banks business. The partners have 
invested heavily in computerisation and in ensuring the 
excellence of their research and valuations department. 
Thor dealers are respected as among the best in the 

Your Opportunity. To become an integral pan oF their 
Client Service function, servicing a regular dieniefe 
comprising several hundred banks, advising on 
investment funds of up to £100m. Complete freedom 
to organise and manage your areas of responsibility ks 
an important Feature at this varied, interesting and 
highly responsible position. 

Your Background: An executive (mate or f ornate), 
aged 25-40 years, with a wido experience of handling 
private clients business. 

A bound knowtedgo o' the following is essential: ■ UK 
Economy • Monetary Supply • Interest Rates • Poll tvs 
• Personal Tax Planning ■ New Rules of CGT and cHcc t 
on Investment Trusts • Trustee Act 119611 ■ Non- 
Resident Acts “ Organising valuations * Preparing 
recommendations and discussing policy with Partners 
and C hents. 

Rammer* tion: Generous basic salary + high bonus, 
i- Pension/Lite Assurance + 3 weeks holidays, etc. 

ACT NOW! To discuss the appoint m ent further, telephone or write fm stnetest of confidence) to the firm’s 
manpower adviser; Michael A. SBverman Ml PM, on 0T-3882051 or 01-388 2055 124 hr. Ansaphone) Ref. 

Institutional Sales 

U.S. Equities 

New York Based 

A major U.S. investment banker i.< seeking *.ir« additional 
executive to assist in llie servicing of evisting inslitu»ion;.l clients 
and the development of new relationships in England und 

Applicants (ajed between 25-35) should have gnod inf t mi Mortal 
contacts and a thorough knowledge of ihe U.S. stock market. 

The job is based in New York but requires regular visits to the 

Salary is negotiable and will depend on experience; the right 
individual will find the financial opportunity attractive. 
Generous assistance will be given towards relocation and other 
expenses. Application with full C.V. to: 

Box P.1034, Financial Times, 10. Cannon Street. EC4P 4BY. 
All applications will be treated in the strictest confidence. 


Leading International Bank is seeking an Area Officer whose 
duties include the assembling, updating and analysing of all 
background information required to review and generate credit 
opportunities within a specific area and to provide back-up and 
background to travelling area representative. Position would 
be attractive to someone aged 25-30 with banking experience 
and, although not essential, French would be preferable. Initial 
s alar y negotiable £6,5Q0-£7,500 plus usual banking benefits. 
Applications in strict confidence to Box A6406, Financial Times, 
10, Cannon Street, EC4P 4BY. 

Jonathan Wren • Banking Appointments 

The pcTM>nnel ccui'.uhancv dealing cxcluvivclvw jth the banking profession 

LENDING OFFICERS Negotiable c. £9,000-1- 
Our client is an international bank with branches in 
many parts of the world. Ideal candidates will have 
gained a basic grounding with a clearing bank before 
joining a City-based international bank where they 
will have gained credit experience. While the success- 
ful candidates will be initially based in London, they 
should be looking for an overseas posting in due 
course. Persons with direct lending/marketing 
experience who are already internationally mobile 
would be considered for earlier overseas assignments. 
A professional qualification and a fluency in a foreign 
language would be considerable advantages. 

Contact: Roy Webb 

ADMINISTRATION c. £8,000- £10,000 

An expanding American Investment Bank requires a 
person with excellent Eurobond Administration 
experience and a thorough grounding in all other 
Euro-Securities and- U.S. equities. 

Contact: Mike Pope 

- 170 Bishopsgate London EC2M 4LX 01 623 1266/7/8/9^- 

Financial Times Hmrsclay My . 6 1978 

Financial Controller 

gnnf7^7l<Yf^j ^ if”y^ ^ggTi^ 

piygrp«tCTTO TTvm^ Tn^ttam.TheAaocigtinnpmiin dMthfni»aTiglinrf}^> 

h«s^ , «nde spread of ptopeidea in tbeFTR Tf-t»a^ PYpanfli»^x g r* | ^y? T1 ^ 

the Director — ls "* 4t 4 *' .. . 

T Tip^OTraflT pnntTnllerMrllbeiD t . nnatd .yinTOlgad fn tfric f TOTtgjtinTi Thff 

ferj!ifarpthp np fTTrnrm iiSgnfreSOPICeS.Tbi8iiinI! entail rash flm y firw wTflrtrng ^ 
jirryyta jTpraigalflnd dfTCgifipmyaTOnilarflmimf TT73nggy*nn »nf-7nF nnTvifTrm Ag nrm 

of tfareeseaiordlvisiorial nianaaaST^poi tl^gtotiaeDirecto^ the financial controller 
-will partidpateinthedaytodayiEi^QagemcntdftheassodatioiiaiidthewifcrissiKS 

nfnnlir ymaking . 

Hie need is for a qualified accountant^ with alivdymind who is a stror 
administrator, with sound business and manageniem experience gaine 

Agetaboot 35. Re munerat ion: £9,000plns car. Ixxarioni'Wfest London. 

mama) or 


^32-37 ^ Up to i 

oixp idiMit n financial institution based in Indonesia and backed by 
substantial international and Indonesian shareholders, will shortly 
appoint a senior banker whose respon s i b ilities will include: — 

-A- lendine medium' and S&orMenn. to total industry and commercial firms . 

J itJvJnp and lending to multi-nationals already established .fa the area 
* ‘ advising on the structure of companies and their quotation on the Jakarta Stock 
■- "Exchange 

generally dealing with new business opportunities 
if - hie share of the administrative responsibilities involved in a small but 
' expanding office 

The ideal candidate will have obtained his lending experience prefer- 
ablrwith a merchant bank based in the UJC He will have, in addition, 
a good general financial knowledge and some experience of overseas 

ThefpSloi^appointed wffl be depaty to the mesentmanagtag director 
- -Th^-Mitinn therefore calls for someone who has leadership qualities 

The -Position therefore calls for someone who has leadership qualities 
and ^mature enough to deal with a variety of responsibilities. 
Prospects are excellent in a country that is going through an exciting 
-period of development. 

J. R.V. Coutts 

Chichester House . . 

Chichester Rents off Chancery Lao* 
London WC2A lEC. 

Telephone 01-242 5775 

Thomson McLintock Associates 70 Finsbury Pavement London 




£14 pier single 
eofazznn centimetre 


Up to £$,000 

Cinzano (UK) Wfi.» a subsidiary^ gown* 

International* S A. and is engaged l* **{► 

oil w. bottling and marketing wb« in the 
53? The Company aeejw a Financial 
Accountant to be based in London. 

The FixuKKbd Accountant wili report to tbs 
Group Financial Controller and will bo 
responsible for preparing budgets, manag** 
jnfint accounts aad financial accounts and 
for producing costing and other fn * B *£*B*£** c 
information. He/she will a ho be responsible 
for the day-today running of the accounts 
department; a computerised accounting 
system is In operation. 

djiatnu w . 

Applicants must be qualified accountants 
with sound experience in Industry or 
commerce. Salary will be negotiable up to 
£9,000 pJL 

17ivuw • 

Please write or telephone for an appHcafion 
form, quoting rof. Pal. to; W. I* Talt, Touche 

form, quoun# 

Ross & Co- Management Constant** 
London Wall Buildings, London EC2M -5U4. 
Tel: 01-888 6*44. 


Financial Controller 

Leeds, c. £10,000 + car 

This specialist manufacturing company aged around 35, must be Chartered Accountants, 
(t/o £5m) who are major suppliers to the printing trained in a small firm and with good al) round 
industry have made rapid strides in recent years industrial experience in a professionally managed 
both in technical innovation and profit terms, company. Any exposure to computers will “be 
They now wish to appoint a Financial an added advantage. They will be hard -JAi* , 
Controller who will report to the working, down to earth, ambitious' •- 

Managing Director. Candidates, and keen to succeed. 

Managing Director. Candidates, and keen to succeed. -***% 

J.R. Featherstone FCA, Ref: 121 651 FT. . . \ 

Male or female candidates should telephone in confidence for a Personal History Fonvf lot 
A LEEDS: 0532-448661, Minerva House, 29 East Parade, LSI 5RX. 

lias several vacancies for experienced, 
Currency Deposit and Foreign Exchange 
dealers. Excellent salary and conditions 
of employment are offered to suitable 

Applications in writing or by telephone 
wffl be treated in confidence and 
should be addressed to: 




The Board is looking tor* fourth Chief Engineer 
wundwiakqaranqecrfintfltoanngjmftc .... 
cha llonging duties. 

Staff Director, 

M.W. Marshall & Company Limited, 
52 Cannon Street, London EC4N 6LU 

The successful caixfidaw will hav» 
management respmwbillty fora number of 
engineering services including safety, long term 
planning and common services fonhe control 
of large projects. r ~- . . 

Executive SelectionConsultants 


Financial Analyst 

Aged under 27 

Hertfordshire, c. £7,000 

Our client is the UK subsidiary (t/o 1 00 million) require a young qualified chartered accountant of 
one of the largest US manufacturers of fine graduate calibre. They offer an effective exposure 
chemicals. To strengthen their compact financial to sophisticated techniques in a manufacturing % 
planning and problem-solving team they now environment The fringe benefits are excellent. 

Mrs. Indira Brown ; Ref: 19Q92fFT. 

Male or female candidates should telephone in confidence for a Personal History Form to: 
LONDON: 01-73 r 4 6852, Sutherland House, 516 Argyll Street, W1E6EZ. 


f Executive Selectbn Consultants 





Bland Payne Limited, a leading firm of Internationa] Lloyd’s insurance brokers, has an 
opening for someone who has knowledge and skills in financial or investment analysis 
and would like to build on this experience in tbe City. Working as part of an enthusiastic 
team under the Financial Director, interpreting and making recommendations on a variety 
of financial matters, the successful applicant will require tbe ability to communicate 
successfully at a senior level and to accept increasing responsibility. We offer an 
attractive starting salary and excellent fringe benefits.' 

Please phone or write with full dbttHs to: Miss E. M. Edgerton, Personnel Manager, 

Bland Payne Limited 

Sackville House, 143/152 Fenchurch Street, 
London EC3M CBN. -• - 
01-623 8080. 

i f pit, ;■ ftffili i 

. ■ Hi /-. . r - v ■ HiFi , n &■ i .i r. ms. 

The central requirements forth* post are drive 
ond the intellectual quality to control a range of 
engineering activities, backed by achievement 
in senior engineering mMUMcnant. Experience 
in all the ernes listed isrifto essential but 
responsibility fivaon#t$ctfo&or operation of 
large power 

will to an advantage;' r> - 

The ability to lead negotiations with outside 
bodies and to pMsecaVtoBevcEsoasd'digublio 
meetings is imp&tetfc, . ~ 


Salary for the post will be not less than £13,500 

Please writeto the Chairman, 
South of Scotland Electricity 
Board, Cathcart House, 
GIesaowG4448E not later then 


Our expan^g international team are seeking 
additional staff wfeo can contribute some years’ 
experience of investment in Wall StrceL 
Responsibilities include: 

□ Identifying pot 


Q Establishing and n^rtaJilingcdBlact with 
stockbrokers and companies. 

for art international group which provides vita l services to 
industrysand householders; worldwide sales of£50m„ half 
in the UK. Safes and profits have both doubled in the last 
five yeafs and growth and diversification continue. 

The Assistant Company Secretary is accountable to the 
Group Finance Director/ Company Secretary for most of the 
secretarial activities and some financial responsibilities 
whichgogether include insurance, pensions administration, 
price control, investments and exchange control. 
f - ■■ 

Candidates preferably aged 28 to 35 should be A CIS or 
qualified accountants with secretarial experience now 
seeking/greater scope and responsibility. Prospects for 
promotjpn to Company Secretary. . . 

Salary negotiable around £8,000 plus car. Location Sussex, 

Please send brief details, in confidence, ref. B.43548, to 
David Hennell, MSL, 17 Stratton Street, London W1X6DB. 

U m 

This appointment is open to men end women. 

Laurie, Milbank&Go 

Members of The Stock Exchange 

An exceptional opportunity exists for a potential Partner in 
our Money Department Candidates ideally would be aged 
about 30 with experience of sterling markets. They must 
have the personality and ability to handle money 
negotiations at the highest level. 

Apply in confidence to: 

A-P.SGOftE sq. # 

Laurie, Milbank &Co, 
Portland House, 72/73 BasmghaO Street, 

London EC25DP 


□ Prod ucing written reports and liaising with 
.. • management. -- 

A competitive remuneration package will be 

Applications with curricuIuxiLvitae and 
details of present salary should be. forwarded to ; 

D. Woodward, Personnel Manager* 
County Bank limited, 

11 Old Broad Street, London. EC2N IBB 

County Bank 

& A member ot the National Westminster Bank Group 



Age 35-5oj| £6,000+ 

Expanding InternatrStol' Bank series mature person to assume responsibility for all aspects 
of premises and serwees administration. Specific duties will Indude negotiations with suppliers 

i/i premies ana itn«w administration- bpeeme duties will include negotiations with suppliers 
in respect of purchasing and maintenance, control of stationery, printing, office equipment, 
catering and insurances- The successful applicant will also be expected to deal with all related 
correspondence and' 'documentation. A banking background would be advantageous, and 
previous experience S the City is essential. 

In the first Instance, please telephone. In confidence. Rod Jordan 


Agre 22-25 « £4,750 

Unusual opportunity- for young Banker to 
control. section of active Settlements Dept- 
A minimum of 2 years' experience in F/X 
Back-up Is essential.- as is the ability to 
supervise staff. 

Please telephone Brian Durham 


Age 24-26 £6,500 

Rapidly expanding Bank in Crty requires 
ambitious young Banker with minimum of 2 
years’ Analysis training from within U.S. 
Bank. Superb prospects For, early advance- 
ment. Fringe benefits include profit sharing. 
Please telephone Mark Stev e ns 

life diverse activities of iJie UDT v Group of Companies 
include the provision of banking and financial services, as 
well as 8 variety of industrial interests. . 

C^weJf-establishpd.Group Inspectorate Department based 
atSaur Head Office, in the City, is responsible for the audit, 
fraction within the Group. 

we now wish to recruit a qualified of part qualified Accoun- 
tfigtto carry out systems audits, principally within our bank- 
mja and financial services companies. The work is mainly in 
Lwidon, with some travelling within the U.K. 

U$s offer a fully competitive salary, based on qualifications 
adgJ experience, and other benefits include non-contributory 
pension and life assurance, lunch'eon vouchers and, after 
qjBpWylng service, mortgage subsidy and staff loan 
schemes- There will be opportunities to move on, in due 
course, to other posts within the Group. 

Please write or telephone for an application form to: ' 
X-t' MkK. J. Ridge, .' 

- Group Personnel Services Department, 

United Dominions Thist UmftmL 
7?|3£2s|r^\, . 51 Eastcheap, London EC3P3BU • 
iSa. TeL 01-623 3020 ext 85. 


series young (20s) person as -Account Executive in tbs London 
representative office to service UJC. Institutional investment 
clientele, following training period ia New York. University 
degree w accounting background preferable. Previous U.S. 
investment experience would' be belpfdL 

Write only, stating age and details of background and career. 

Prince Rupert House, -fit- Queen Street, 

London EG4R 1AD. ’ . 



Fniancj^ Times Thursday July 6 197& 


to £20,000 tax free 


Jnei i L^winfTiTig rapniIy, and engaged m importing, dicfrrihnLintr 
and adling private and wwwTner Hfliv phirlof; 

Anfiwpost, based in Jeddah, reporting to the Vice-President o 
PimBcCi wjihro^io nrihilit v to ^ 11 AS Pscts of cadi moii g gmBPt # 

*mv*uwu an nim a UiCUlUHI LTJ ifiiJJC SlZcd 

in industry or commerce. Experience of negotiations with 

Hie Client 

The Job 

The C andidate 

. - , credit control procedures, negotiation and’hiterpretatioti 
of contracts, and capital expenditure appr aisal would be 
particularly appropriate. 

Tlie Package Starting salary at around the Rials equivalent of £20,000, 

including bonus. Can Furnished air conditioned accommodation 
provided Education allowance. 30 days’ home leave per year. 

Brief but comprehensive details of career, salary to date and marital status, which 

Will be treated in emfidpTifa, cfr rmlrj he ywt te 

E. H. Simpson,The Executive Selection Division - SF740, 

Coopen & Lybrand Associates Ltd^ Management Consultants. 

Shelley House, Noble Street, London, EC2V 7DQ. 


up to £15,000 + car 


Our client, a well established and highly regarded mini computer manufacturer 
■with a growing interest in the software market, is seeking a Financial Director to 
control all financial and accounting aspects of the company's operations. 

Reporting to the Ma na gin g Director, the Financial Director will combine sound 
financial and coaomercial skills with the strength, of personality to meet the 
demands of a fast changing business environment. 

C andidates should be qualified accountants in their mid to late 30s who have 

d management accounting, more recently at 
jreferably high technology, industry. This 
good knowk 

several years’ experience of financial and management accounting, more recently at 
a senior level in a fast developing, preferably high technology, industry. This 
background should be complemented by a good knowledge of data processing and- 
accounting systems development and the ability to work well under pressure. 

Remuneration negotiable up to £15,000 with car and particularly attractive fringe 

Briefbut comprehensive details of career and salary to date, which will be treated in. 
confidence, should be sent to: 

E. J. Robins. He Executive Selection Division— RF530, 

Coopers & Lybrand Associates Ltd., Management Consultants. 

Shelley House. Noble Street, London, EC2V 7DQ. 


Equity Institutional 

Due to further expansion an attractive 
opportunity exists for a young experienced 


to join the present team. 

Salary will be negotiable according 

Please reply in confidence to: 

Mr. P- T. Baker, 

Montagu, LoebI, Stanley & Co., 

31, Sun Street, London. E.C.2. 

Tel: 01-377 9242. 

Admin. Partner 


Stock Broking 

South West 
c. £8,000 

7he job carries respa nsjb3fty for the entire 
administration of a major independent firm 
of stock brokers. It calls for a person aged 
sound 30-50 who can show substantial 
etperience in business administration, in- 
cluding accounting, and who has a personal 
interest in the stocks and shares market 
ideally gained by working in a stock broking 

Given the ability to manage this function, to 
develop client relationships and to pass the 
m stock exchange examinations, it should lead 
^ to an earfy partnership. 

The method of remuneration ts open to 
negotiation over a very wide range. Generous 
assistance with removal expenses will be 
given to the right person. 

Applications, which wilt be treated in strict 
confidence, should contain relevant details 
of career and salaiy progression, age, educa- 
tion and qualifications. 

Please write to A. C. Crompton quoting 
reference 714/FT on both envelope and 


Management Consultants 

, 128 Queen Victoria Street London EC4P4JX 


Insurance Shares— Investment Analyst 

Rowe & Pitman. Hurst-Brown has a vacancy for a junior 
investment analyst in the insurance sector, where the firm 
has a long established specialisation. 

Candidates will be expected to have had some experience of 
either investment analysis or the insurance industry. 

An attractive remuneration package of salary and profit 
sharing bonus is offered, together with a non-cunlribulor.v 
pension scheme incorporating good life cover. 

Apply with full CV to: 

P. N. Smith. Esq- 

Messrs. Rnwe & Pitman. Hurst-Brown. 

1st Floor, City-Gate House. 

39-45 Finsbury Square, London ECJA 1JA. 



Ref: No. 1W731 

Major Insurance Group 
requires ;i qualified 
for their Bermuda oflic«*. 
Excellent conditions or 

Age group appruxinuicly 
117/35 years. 

Salary $ IS. 01)0 p.a. 

Plcusi’ tWephiii.v in 
confulcu<?c . — 

3.P.S. Group 

(Em ploy men i Consultant?, i 

oi-isi sin 



Planning& Administration 

This new appointment will report 
to the Managing Director of a 
successful North Midlands £10m. 
plus turnover company which . ■ . 
manufactures medium weight iron 
based industrial products. It is part 
of a major group, has a sound 
technological record and will . 
shortly complete a capital 
programme of several £ms. • - 
The job is to co-ordinate and 
direct a number of the Company's 
central management services 
including financial Hanning, ; 
Data Processing, Personnel and 
head office general 

Candidates (male or 
female) need lo be 
well versed In the 
financial appraisal of 



(including acquisitions) and 
familiar with e.d.p. applications as 
a usee They will be graduates in a 
numerate discipline, with sound 
business training and several years’ 
experience of the enaineering 
industry wliere management 
controls are well developed. An 
accounting qualification is not 
envisaged Preferred age 30-37. 

Starting salary will be around 
£8.000 p.a. with company car 
and other beneiils including 
removal help to a pleasatil rural 
neighbourhood. Please write in 

confidence with brief 
relevant career details 
to H. C. Holmes, 

Bull, Holmes 
(Management) Ltd., 

45 Albemarle Slreet, 

- London W1X3FE. 


Personnel Consultant/Director 

c £16,000 


In order to meet our diversification and succession objectives we need 
another Director to service our International Clients. We tend to concentrate 
on recruitment, but this is not our only activity in the personnel function. 

Candidates, around 40. must offer professional qualifications, a wide 
experience ut Personnel Management at a senior level, and ideally an 
excellent record in Consultancy Assignments. The person appointed, 
would in due course share in the equity. ^ Tr , 

Ple as e write briefly to Peter Barnett. F.I.P.M., M.I.M.C., Barnett Keel 
Lid. , providence House, River Street, Windsor, Berks SL4 1QT. Tel: 

Windsor 57011. 

Barnett Keel 


MANAGER - Business Developments 

—International Finance House, Sal. c£9000 

Our client, a respected financial City group specialising in the financing 
of international trade and represented in seventy different countries, has 
through recent reorganisation and expansion created an excellent and 
fairly unique career opportunity for a financially orientated executive. 

This* is an interesting marketing opportunity involving visits to clients 
overseas, in order to analyse their business requirements and then 
structure a service to meet their demands. 

We are seeking a young executive in his or her late twenties to early 
thirties who can represent this group at senior levels, relate to the needs 
of the clients’ businesses and appreciate the importance of discretion, style 
and overall maturity required of the position. Clearly, financial knowledge 
relating to overseas trade is valuable and a second language desirable but 
this appointment will be made as much on personal qualities as on career 

The successful candidate will be offered a negotiable salary of c. £9.000 
and in addition will .receive other executive benefits. 


Please telephone or write in strictest confidence to: 

Leslie M. Squires, Managing Director 

Jonathan Wren City Ltd. 

60 Cheapside, London EC2V 6AX. Telephone: 01-256 4441/2/3 

(Recruitment Consultants) 

Assistant Financial Controller 

Surrey • : ' . - c£7*500 

Accountants . . 

A future In property is 
a wise investment 

Rank GW Wall Ltd.. Ihe'property Investment 
division of the Rank Organisation has interests 
in the U.K.. Canada, Belgium and France. To 
complete it's accounting team it has the 
following vacancies for experienced accountants 
in its Head Office in S. W.3. 

U.K. Divisional Accountant c. £6,250 

A qualified accountant aged 25-35 is required for 
this post. The principal responsibilities of the 
post ion are the production of management 
accounts for the U.K. division, the control of 
financial property records and computer 
master files. 

Financial Accountant 

c. £5,000 

For an international manufacturing 
company, a market leader in its own field, 
with turnover exceeding £500m. 

This is an opportunity for a young, well- 
qualified accountant to realise potential In 
a rapidly expanding European Division. 
You will apply your creative financial skills 

★ computerised information systems 

★ capital project appraisal 

★ cost analysis 

★ long range planning 

liaising with Data Processing and 
Financial Management throughout 
Europe and the U.K. 

The company will use your ability to the 
full, offering rapid promotion and 
exceptional career development. 

Aged under 30. you will be a fully qualified 
Management Accountant or M.B.A. with 
finance specialism. Experience of 
computerised financial systems in a large 
industrial concern is desirable and 
business French would be a great 

& Executive 

If you wish to develop your expertise in a dynamic business 

environment please contact:- 

Barbara Bailey, London (01) 235 7030. Ext. 210. 

Applications from both men and women are welcome. 


U 3 SPfl 


Manchester £10»000-£18,000 

A large, well established office of a 
national firm of Chartered Accountants now 
seeks to recruit a Partner Designate to extend its 
range oi tax planning and advisory services. 

The structure of the Tax Department is 
such that the successful applicant could be 

either a young Tax Manager with. potential or 

a Senior Tax Manager/Partner. 

Personality and a creative approach are 
pre-requisites a3 the appointee, male or 

female, will operate in a consultative 
capacity advising partners, clients and staff 
on a wide range of tax planning services. 

For further written information contact 
Jeremy Eidson or Trevor Atkinson ACA 

quoting reference 21 60 . 

taxation Division 

Douglas XJombta Associates Ltd. 

1-m stVtnc»olSSi»*t,G3aiMwG2SW.W:041-2263IOI 


■ : ffl 

f »*-' 

Nuf York CT tv 

with London Meui EttlWtiBRldlwH l 1 * 1 *®" 
cxpKimu. Salary negotiable «D.ODb 
130,000 baaK plus benefit* depend' 
background. • 

Contact Graham Stuart nr Colin 5Wrt»" 



Europe/Far East 

£7,000+ (neg.) 

We seek a first class 2535 year old for an exciting opportunity 
with an International Merchanfcing House offering really 
excellent career prospects. 

Eased in a most pleasant London office, trading in natural 
fibres, some overseas travel will b? necessary and candidates 
MUST be FLUENT in FRENCH. (An additional language e.g. 
German an advantage.) 

A background in trading, merchanting, finance or sales would 
be ideal but applicants possessing commercial acumen and 
with a successful career to date and who are capable of 
conducting business at a high level should apply now for 
an early interview. Quote ref. “ VW.” 

Phone 01-828 7000 (24 hours) or write 

35/37 Gro5venor Gardens, London SW1 


AGE 20s C. LONDON £7,000 

A feuftinitiOMt industrial group wishes R> strengthen c torporite planning team 
whkb appraises, inter alia. Inveirmenc and acquisition proposals. Candidite* 
should be either accountants wish some po*t-qui(ificie*on experience, or 
graduates with relevant experience In a City institution. 

Prospects are extensive throughout the group. 

Nigel Halley _ . 

Chichester House ■ Cfc 

Chichester Rents m n 1 

Off Chancery Lane 
London WC2 lfiG 

Telephone: 01-242 S77S uismo 



Rapidly expanding City firm of solicitors with a large UK 
and overseas practice require an Administrator to be 
responsible for office administration, cost and accounts 
department and computer terminal. Considerable 
responsibility will be placed on the successful applicant who 
should be a qualified accountant with management experience. 
Salary negotiable in the region of £15,000. 

Please apply, in writing, to Neville Russell and Co. (Ref.: 
DBNJ. 30, Artillery Lane El 7LT, giving details of age, quali- 
fications, etc. 

Apart qualified accountant aged 25-35 is 
required for this post. The principal 
responsibilities of this position will be the 
supervision on a day to day basis of a small 
accounting function, ihe preparation of source 
information for the management accounts and 
assistance with tenant enquiries. 

Candidates for either position should ideally 
have experience of computerised accounting 
systems and the ability to work under pressure to 
meet tight deadlines. 

To apply please send brief details or telephone 
for an appointment form to: 

Nn.V. Apps.The Bank Organisation. 
439-445 Godstone Road, Whyteleafe, 
Surrey CR30YG. 

Tel: Upper Warfmgham 3355. 





Salaries £ZG00-£8,O0(H- 

>i 'U'E. ivrrteor ufliur ooeol our 

Free Lists 

r i .jranos Ptera quot* ii'< r *l I 
Commenai Industry (IP- '***») 


l..lQFbO£2 1 OOi>if> 1 OuO 
The Profession {UK u 
I ciFfKlDL.'&O-WlO'J 
Ifensd Oven Associates CWtf 
* *.ncyk, % Moo«gaN, ECS btl 

Tel: 01-638 3833 ?J horns. 








Seeks writte n Id Public Relations or 
m a CMBnerdal Ageni id MeXlca. 
Possesses lqftmulion Licences 'un- 
V 0 re)s rt Trade «- 
perw*. Fbteftt In Ecwlish. Preach 
t Clcrnwn. SxoeUeni business con- 
tains m Mexico D.p. AArti 31. married. 
icli«. * *emna urm. 

WriK «« APrftte Burras Orcias. 
Santa N Oe Naawo Mexico 13, 
Barctiou 17, Spain 


Do you need a responsible representa- 
tive or age nr. lull or Part rime. 
British national resident on Continent, 
retired after S«n<O r Careers in Civil 
Service and EE Community. Fluent 
French. German. Italian. 

Wecse write Box A 6*08 
Financial Times 
10 Cannon Street, EC4P 4&Y 


Mid AOs. with Impressive crack record 
of improving company profitability, 
seeks challenging appointment, prefer- 
ably wish inctrnaeionat company. Well 
qualified and multi-lingual. Will re- 
locate. Please reply in Strict 
confidence to: 

Ber A641Q. Financial Timet 
10 Cannon Street. EC4P 4&Y 

42, Ex-Public School 
with wide and varied experience 
{administration, personnel. DP. com- 
pany secretary \ seeks new position, 
preferably Londoq or kent/Suncx. 
Able to negotiate at ell levels. 

Write Box <46409. Financial Times 
10 Cannon Street. E£*P 4fir 



Telecommunications Internationales dc la Cote d’Ivoire 
INTELC1 is launching an International Invitation to lender 
for the construction of a “Standard A INTELSAT*' aerial at 
the land-based station of AKAKRO. 

Tender documents may be obtained from: Building LVTELtTf* 
CENTER— Avenue Thotnassel— AB1D.1 AM-FLATEAU, against 
a payment of Frs. CFA 50,000 (for two copiesl. 

Tenders should not be sent later than September 2, 197S— 
12 a.m. 


SCULPTURE IN TIME at Asprer Eclt'hf 
t'OJi ol Audcmars Plouet Skeleton waicnes. 
4-15 July, Man.-Fri. 9.S0 a.m.-5.30 d.ri. 
Salunuw 5.30 a.m. -1.00 B.m- Asprey 
5 Co- 165 /IBS. New Bow Stnwt. Lon- 
den. W.1, Tel: 01-493 6767. 


of nws and rattlesnakes. New U.S. 
Jewels. Goldsmith Hall. Foster U«*. 
London. Z.CJ2. s-ZBth July Mon. -f it. 
10-5. A dm. Free. 



27ft Reception Room, Cloakroom. 
Kitchen. Gu-age, 2 Double Beds., I 
Single Bed,, Shower-ropm/wc. Bath* 
rown/we. Recently redccoraicd 
throughout £74.000 to include fixtures 
and fittings- 

Ring 01-373 4483 Weekend 
or 01-636 8468 extn. 26 
Office hours 


EVJt I8J>. Recent Krcct 734 0SS7. A it 
Carte or All-in Menu Three Spectieuiip 
Floor Shows 1D.45 1 2.45 and 1.45 and 

music ol johnny Hawktisworth & Friends. 

GARGOYLE. 65 Dean Street. London. W.1 . 


Show at Midnight and 1 a.m. 
Mon.-Frl. Closed Saturday*. 01-427 6455. 

MICHELLE'S Cabaret Club. Suoerfa food. 
E. Ormond Yard. S.W.1. 910 2842 3. 

Danelnp Partners. 



Over 400 acts in stock 

Buy irbetr from the mmftcturen 
with full after sales icrvke 

01-986 8231 
TeJex 89 7784 


Offer by way of rights of 



Warrant - 1978 

lights coupon 


established at Delft 

1 307 770 registered shares/bearer depositary receipts 
(“BDRs”), with warrunts-1978, of DfislO each, in de- 
nominations' of lx Dfls 10,1 Ox Dfls 10 and IQOx DfislO, 
entitled to the dividends payable in respect of the financial 
year ending 31 December 1978 and subsequent years. 

Dfls 97-50 

Open only to holders of preferential rights in respect of the 
presently, registered outstanding shares/BDRs on the basis 
of 1 new registered share/BDR of Dfls 10 for every 10 
registered shares/BDRs already held and for the holders of 
preferential rights in respect of the presently outstanding 
warrants on the basis of 1.1 new registered share/BDR of 
Dfls 10 for every warrant already held. 

With every subscription on 20 registered shares/BDRs each 
subscriber receives one option -embodied in a warrant-1978 - 
to purchase 10 BDRs Nationale-Nederianden N.V. of Dfls 10 
each, at a price of Dfls 125 per BDR. 

Dividend coupon no. 34- of the registered shares and BDRs 
has been designated the rights coupon. In respect of the 
presently outstanding warrants, receipts nos. 1 and 2 are 
designated for obtaining Dfls 10 and Dfls 1 nominal value of 
new capital respectively. 

The Amsterdam Stock Exchange has ordered that the rights 
may be dealt in as from Monday 3 July 1978. 

Qn Tuesday 11 July 1978 from 9 a.m. until 3 p.m. at the 
offices of the undersigned in Amsterdam, Rotterdam and 
The Hague, as applicable. 

Copies of the Prospectus in Dutch, subscription forms arid 
copies of the abridged Prospectus in English are available 
at the above-mentioned offices of the undersigned. 

Amsterdam, 29 June 1978. 










Dealing in rights 


the channel islands 

Financial Times Thursday “ 19T8 

by robin maxwell. 

to self-government 

custom ant! 

E* SOME respects the West- the phrase "Channel Islands* force compliance, and const! tu- wrdicted by 

minster Parliament always except in a geographical sense, tiona] propriety enshrined in .practice, 

claimed the right to legislate For constitutionally there are custom and accepted practice. An Act of tho UK Parlia 
for situations external to Great two distinct entities within that without doubt the UK Par- meat only applies to the Chan 
Britain* for example, in the geographic term; the Bailiwick. 1<MTfC . rr caB pas5 Bills, which nel Islands if, within its teat 
field of criminal law, piracy on of Jersey (which exists, sui WQuld in lhe normal course of it is specifically stated that ft ' 
the high seas anywhere outside generis, with its own Lieutenant ev enCs receive the Royal Assent so applies, or if it applies to *J> 
British jurisdiction, and treason Governor, "States,” and direct valid UK law. Her Majesty's dominions, or i| 

committed anywhere. It will access to the Sovereign-in- whicit purp nrt to altar the law. the contents of the Act neces- . 

be remembered that " Lord Council), and the Bailiwick of op criminal, operative sarily implies application to the 

Haw-Haw," hanged for treason, Guernsey, also sui peueris. with within the Channel Islands. It Channel Islands. When it i? 
was not a British subject, and its own Lieutenant Governor/ its ^ enttallv dear that, since the desired to extend to the Chan- 
his acts were committed in own "States" (which, however, yj- ^ responsible for the d*- nel Islands a UK Act's provi 
Germany; but at one stage he include within their constitu- of Channel Islands, stone, this is more oftcr 

had employed a British pass- ency the islands of Hens, 8nd possesses mobile armed achieved by including withir 
port, which event cost him his Jethou. Brechou and Lithou), force t it could tn extremis the Act a provision empowen** 
neck In the civil field, plus Alderney and Sark. f 0rce j( 5 will upon the Chan- soch exteosl ere. suitably modi fie*! 

adultery is not ignored in nei islands. Nor, In interna- » acconmwdaue the sped a 8 

British family litigation because Complex tiona! law. could the Channel circumstances of' the Channel 

the act took place in Albania A i dernry , in turn, has Its Islands (not being sovereign Islands, to be made by Ord« 
(or even, hypothetically, oo the own “States." though in some States) enter into defensive in Council. Though doubtless 
moon) rather than within the re ~v»cts the States of Guernsey alliances with other powerful the Home Office consults both 
Bntish Realm. can legislate for Alderney as states to forestall such action Bailiwicks before the final 

For Westminster to impose Alderney sends two by Britain. drafting of Gw Order in CouiK-il 

.egisjarron, particularly tax representatives to the States of it is certain also that while concerned, there Is no joint 
legislation, on perrons who Quern^y, by right. In Sark, the the UK could undoubtedly pass organ of the two Bailiwick* 
were normally domiciled in the legislature is termed the “Chief a Bill repealing Australian or and consuTtattott has therefore 
. who have taken up pi eas; « but the States of Canadian independence. It to be a more protracted procetf 

tax-residence hopefully in the G ucmse y can legislate la would haw the greatest con- than would be the case were 
Channel Islands, constitutes no rcS pcct of criminal matters ceivabfo difficulty in securing such an qrgkn to exist. Never- 
nov elty of principle and no w jtbin Sark without the assent the enforcement of such leg is- thrless, the -ihet remains that a 

w of the Chief Pleas, though on lation, even supposing that tho UK Government could quits 
non-criminal matters the assent Queen of Canada and the Queen legally. JE xeprehensibiy, pass 
ever, were the Westminster Q f the Chief Pleas must be given of Australia, acting on the ccm* legislation- applying to the 
parliament to pass taxation before legislation passed by tho stitutionally given advice of the Channel Islands which is 
laws applying to cnannei states of Guernsey is applied to Prime Minister of each of those contrary to their Interest, ant) 

SarIt countries, did not decide to without their esreement. 

from ume out of mind that has This of legislative refuse the Royal Assent to such when the entrv «»f 

been a field reserved exclusively organs inter-rcl ationsh Ips & a Bill. So -vre have two classes Britain into the EKC */»* 

s JS^S3S*“ accompanied by a similarly com- of UK enactment: the enforce- gg? 1 tS ^ aftT^S 

, , , plex and overlapping judicial able and the unenforombJe. Inri 

We must not forget, however, system, independent of the 5“ StIS?™ tE ii? 

that the large degree of inde- British courts and not subject 

pendence which the Channel to review by them. Improper much ^ apprehension. Whi) 

Islands have possessed for so The dominant feature con*- There is also 3 third categtn? 

many centuries, and which they mon to all the Channel Islands legislation, arguably, namely "EEC^rules whidt VtJ 

still possess, depends m the last is the sovereignty of the Crown the categorj- of constitutionally 3 to 

analysis upon the continuing of England, as legitimate sue- outrageous or improper legb- 3 ™ 

willingness of the UK Govern- cessor to the Duke of Normandy, ^on For instance, when the Tr * "JS?! 

ment and Parliament to respect But here we enter another area nower of the House of Lords aspects , - of f th ‘ 

the spirit of the special rela- of arcane complexity, since it to Uv 

tionship. To do otherwise is as Queen of England, not as Sri & 9 ,DUno ? A&**lanl 

would, in extreme cases, place Queen of the United Kingdom S? Art of Mil £° Ilt3r ' ** co « 1 " on 

tlie Crown in a position of of Great Britain and Northern SL/SL ?SSii«£p 225. Provisions, and from the 

acute embarrassment, as well as Ireland, that the English Crown ™ 1 33330 roIcs T**" 8 th ° fn ^ 

senerating widespread popular re tains sovereignty over the 

curtmimegt apy movement of persons and 
resentment within the two Channel Islands.” " ’ legislation services. In achieving fortius 

islands. This spirit of mutual To depart momentarily into Lw “® OB * ™* , Vl4 " ctl Channel Islands this deroga- 

trlerance and respect for tradi- the realm of hjTwthesis. fc is “v* . &ewi to **■' tion. the UK mitigated the 

ticnal relationships should not, arguable that should the U&f be tcnd . ^ hc maximum life of a probability of the European 
in turn, he placed in a condition dissolved, and a separate repub- Pari,iamcn t beyond tfie span of Commission securing the 
or unaccustomed strain by abuse Uc or system of republiafebe five years. The object of this practical ability to govern by 

of the special status of the created in its place. ElixiHeth exclusion was to avoid this regulation a wide spectrum of 

Channel Islands as a tax-haven Windsor and her lawful Skuc elass of potentially improper matters which fall outside the 

for persons or enterprises who would retain sovereignty over legislation passing unicamer- range for which it has 

have no natural lonis .itondi the Channel Islands. £ *Hy- been considered constitutionally 

there. For abuse is the father When we turn to the atimty This is the area in which acceptable for the UK Pariia- 
of unreasonable response. of the UK Parliament at AVffite- discussion must centre as to the ment to legislate for the 

So complex are the relation- hall to legislate for the Channel propriety (not the power) of Channel Islands, 

ships between the Channel Islands, we must distinguish the British Parliament to legis- Robin MaxiceU Hvslop is Con- 

Islands and the UK that it is between the legal process--. or .lale for the Channel Islands on srrrarine 1$P fot the Tiverton 

presumptuous even to employ enactment, the power to en- matters or /within spheres in- dtririon of Dmm. * 


A source of energy 
that will last for 300 years. 

At the present rate of production, Britain 
has proved coal reserves which will last at least 
300 years. 

This puts Britain’s Coal Industry in a 
strong position alongside striedy limited oil 
and gas supplies, and the continuing develop- 
ment of nuclear power: With this assured 
energy supply, based on coal, British Industry 
can plan ahead with confidence. 

1)16 benefits of being the EEC's 
biggest coal producer; 

Britain already has the biggest mining 
industry in the Community, producing as 
much coal as the rest of the EEC put together 
To replace Britain’s present coal output with : 
imported oil would worseri Britain’s balance of 
payments by £5, 000m a year. This makes coal 
good for Britain as a whole. ; 

Vast modernisation programme. 

To ensure that these huge reserves are 
available when needed the NCB, under its 
“Plan for Coal” is already investing heavily in ' 
developing new collieries and in expanding' 

We are still proving coal reserves in 
Britain four times as fast as we are using them. 
Selby, the biggest new coal project, will pro- 
duce 10 million tons of coal a year This and 
other new mines are keeping British coal- ' 
mining in the forefront of mining technology.' 

Ever heard of a fluidised bed? 

Britain is also taking a lead in the tech- 
nology of using coal. Fluidised bed combustion 
is a new method of burning coal in industrial ' 
plant. These boilers should cost less than 
conventional plant and need less space. This 
method, in which, coal is burnt in a bed of ash 

or sand and which is ‘fluidised’ by passing air 
through it, offers substantial advantages to 
those considering new industrial boiler plant 

New ways to keep coal on the move. 

There have also been spectacular ad- 
vances in coal and ash handling techniques. 
For example, compressed air is now being 
used to push coal through a pipeline from 
bunker to boiler and ash from boiler to storage 
-.silo. The system is completely enclosed and 
dust free, silent running, needs little mainten- 
ance and is cheap and simple to install. 

Problem-solving is our business. 

Coal benefits all sorts of customers. With 
District Heating, coal fired plant - supplies 
7 .-heating -and hot water to whole communities. 
Individual users, from the biggest power 
station to quite small industrial planes and 
• individual homes; Can benefit from the new 
knowledge and equipment on coal burning. 

There s an enormous amouitt of know- 
-how concentrated in the NCB. Technical 
Service, covering all aspects of the efBtient use 
_ of steam and hot water heating. If you need 
advice oh making the best usC of your existing 
plant, information tax new equipment and 
techniques, ' how much - new equipment costs 
and what savings it can give, ask the - NCB 
or your Industrial.Fuel Discributx^. Exjjert 
help is available. : - 

The NCB has a new brochure which tells . 

. what. coal has -to offer you now arid in riie 
future. There are also new technical booklets. . 
dealing in more detail with all 
industrial coal-fired, boiler hbuses.- 

If your would like copies; or would likea 
technical expert to talk'''dyex;ybur/heatihg 
needs, write to National Coal Baud, .Market- 
ing Dept., Hobart House, Grosvenor Place, 
London SWIX 7AE, or ring #235 202QT 

Doing Britain and British Industry a power of good. 


■' i:!v 




Financial Times Thursday July 6 1978 



Yes, but what does 
advertising do? 

Even top marketers seem confused about the role and effectiveness 
of advertising. Nor can they agree on the most important single 
quality to be sought in an ad agency* 

MICHAEL THOMP SON-NOEL describes a new report 

^12- ^SyfiL w *>y *? e continued to 




1' • 



■ extraordinarily famous ^ nuiE 
A Vriy ’ an<1 80 heroically. Philip Wrigley 

‘ 5, n ^ e ^ ou . gBt ** plane up in the air, 

you dont sfcut off the propellers.** it was a neat 
: enough ■aphorism, as aphorisms go, yet lake most 
'• to get to grips with the soul of 

advertising, to try to grasp precisely what it 

h do ^ the remark 
reflected much of the magnificent uncertainty 
with which advertising and the advertising 
■. business is dogged. 

ft doesn’t take a Theodore Levitt to point 
' out sat products don’t sett themselves, that they 
need , to be baUyhooed and adumbrated, sur- 
rounded by escuement, embellished, elaborated, 
amplified, enriched, perfumed, styled, coloured 
' and cosmetxcised. 

In part, that is advertising — the provision 
of information, snspiraCion and enthusiasm But 
is It selling ? Attempts to define the role, let 
alone the value and effectiveness, of advertising 
are notoriously difficult. According ,u> Jeremy 
Builmore of J. Walter Thompson: “The almost 
. infinite number of different users, uses, aim£. 
purposes, motives, audiences, media and methods 
makes the question * What is advertising’ * 
peculiarly difficult to answer." 

According to a survey conducted over the 
past year on behalf of the advertising agency 
Wood, BrigdaJe and Company, some of the 
greatest confusion over advertising is to be 
found in the ranks of the very men who com- 
mission and pay for it: the marketing profes- 

■ monads themselves. 

According to the report’s author. John W. 
Wood, chairman and joint managing director 
of Wood, Brigdale: “ In comparison with the 
huge sums spent on advertising, a trilling 
amount Is known about what yield advertisers 
expect from this investment and what they 
expect from the advertising companies through 
which they make it. The argument most 
* frequently beard in support of advertising is 
the efficiency with which advertising produces 
.sales and hence, ultimately, protects and creates 

But how. do the expectations and require- 
ments of marketing professionals tie in with 
that argument? Specifically, to what degree do 
they expect or require advertising to sell their 
companies' products? 

Among the main findings of the report were 

• Only five of 50 respondents considered 
advertising to be vital to marketing, while more 
than half (27) judged it as not very important. 

• Of the total sample (50 marketing execu- 
tives in 35 blue chip British companies;, virtu- 
ally four-fifths thought that advertising's key 
function was to accomplish tasks other than 
selling. Only a fifth thought that Us prime 
function teas to sell Among the four-fifths 
there was little agreement as to the -central 
role of advertising. Eight thought it was to 
hold consumers’ interests, four that it was to 
keep in touch with consumers, .two that it was 
to encourage distribution. 

• The notion of advertising “creativity” 
was Pound to mean virtually’ all things to all 
men. The most agreed description was “An 
ability to produce memorable advertising.'* This 
view was held by 21 respondents, but there was 
wide disagreement about the memorability of 
any particular campaign. 

’ • Return on investment seems simply not 

to be a factor in assessing advertising. Only 
three of the 50 put ” value for money ” 3s the 
most important quality they looked for in an 
agency’s advertising. This was consistent with 
the fact that none of the respondents listed the 
j ability to sell products as an important skill for 
an advertising agency lo possess. Only one 
[respondent thought creativity could be linked 
i to sales results. 

O Size is generally discounted _as a key 
factor in agency assessment. Of the 50 respon- 

dents, 15 thought size totally irrelevant when 
assessing an agency’s potential. Of those to 
whom size did matter, nine preferred large 
agencies, seven preferred small to medium-sized 

• There is major disagreement over the 
value of agency presentations. Six respondents 
judged presentations to be of little or no value; 
only five thought them vital; seven considered 
them . an unfortunate necessity. 

- • As would be expected from the almost 
complete generality of the word “ creative," the 
50 respondents suggested 37 separate agencies 
as being a “ main creative agency." Companies 
most often mentioned were JWT (14 mentions;. 
Collett, Dickenson, Pearce (12) a nd Saatchi and 
S&atchi Garland Compton (8). 

• There is little agreement as to which 
agencies are up-and-coming. The company with 
the most support, Saatchi's, was mentioned by 
only 10 of the respondents, followed by Allen, 
Brady and Marsh (6), and CDP and Boase 
Massimi Poiiilt Univas (5). A total of 28 com- 
panies were mentioned in this context. 

• There is a relatively large (though still 
minority) measure of agreement concerning 
which agencies are considered to be top when 
defined as a mixture of size, creativity and 
overall capability. The winners here were JWT 
and Mas:us. 

• Finally, are agencies regarded by their 
clients as parasites ? According to the report: 
“This most hallowed pejorative concerning 
advertising was found to be running out of 
support” Fourteen respondents considered the 
assertion that agencies were superficial and 
living off the fat of the land as “ no longer 
true”; 11 thought the statement had never 
been true; a further 11 thought the assertion 
probably held more than a grain of truth. 

The survey was carried out for Wood, 
Brigdale by Davis Ives Associates and involved 
dtpth interviews with 50 marketing executives 
representing 35 major LUC advertisers. Indus- 
tries represented included food, drink, cosmetics 
and ioileiries. pharmaceuticals, household pro- 
ducts. tobacco, durables, insurance, banking and 
the motor industry. Of the 35 companies, 11 
have a turnover in excess of £lbn, 13 a turnover 
of £l(J0m to £lbn; only seven a turnover of less 
than £50m. 

The respondents, according to Wood, 
Brigdale. ranged from senior brand managers 
to managing directors. The broad middle 
segment was comprised of marketing directors- 
Three-quarters of them are said to have direct 
responsibility for advertising budgets and most 
of them are reported to exercise direct influence 
in the choosing of their companies’ agencies. 
The 35 companies in the sample represented 
103 advertising accounts spread among 49 
agencies, including the leading 18 in the current 
top billings list. 

Wood, Brigdale says it would have liked 
to poll a larger number of top marketers. -But 
John Wood says the survey produced a remark-, 
ably consistent response pattern. - - 

According to his report: “We sought to 
determine the most vi-taJ element of marketing 
generally and we sought to determine the 
importance of advertising to marketing 
specifically. The findings are notable for two 
reasons. First, they reveal an almost complete 
la»*k oE agreement as to the most important 
element of marketing. Second, they reveal a 
surprisingly low level of agreement as to the 
importance of advertising." 

Remarking that advertising frequently 
accounts for at least 50 per cent of the total 
hm a rke ling budget, Mr. Wood says that to find 
that advertising is considered to be the most 
vital element in marketing by less than a 
quarter of bis respondents is to be faced with 
the possibility that perhaps it should be argued 
that typical advertising expenditures are too 

“ Much of the confusion seems to derive 
from the opinion of advertising, evident antoag 

'A ~ ^isZZ£ir.+*. ^ 

marketing professionals, as a discipline 
responsible chiefly for producing a constant 
payout of Images, memories and associations 
rather than a concrete payout of sales.” 

One of the most vexed of the many 
questions raised or at least revived by this 
report is the question of return on advertising 
investment According to the report: “Value- 
consciousness in terms of return on investment 
was not a factor among marketing professionals 
when assessing either advertising or advertising 
agencies. This is particularly interesting in 
view of the popular assumption that whereas 
both advertisers and agencies may not bave 
been sufficiently budget-conscious in the 
profligate Sixties, the exigencies of the Seventies 
bad made both more subject to and responsible 
to financial accountability. This appears not to 
be the case, at least in so far as marketing 
executives' expectations from advertising are 

“No respondent mentioned value for money 
as an important criterion by which to judge an 
advertising company. However, when asked 
specifically to consider value for money two 
respondents placed it first. This is consistent 
with other findings from the survey demon- 
strating a low expectation of actual return from 
advertising. It is important to distinguish 
between two sorts of value for money in relation 
to advertising. The first is the price paid for 
services and the production of advertisements, 
versus expected return. The second is the 
amount spent on wbole campaigns, versus 
expected return. There is evidence that while 
both receive scrutiny, the scrutiny is generally 
not related to expected return in any but the 
most vague sense. 

“There is evidence, too. that the former 
receives more scrutiny than the latter. Certainly 
if there is little agreement as to wbat return 
can be expected front advertising then it is 
clearly impossible to determine whether or not 
value per pound has been achieved. The 
pervasive feeling seems to be that advertising 
is good value if agreed budgets are not exceeded 
and the advertiser judges himself pleased with 
the work and service provided.” 

This is a provocative report. Why did John 
Wood commission it, for its publication is 
unlikely to endear himself to some of his more 
ostrich-like colleagues? His agency bills £2m 
and includes Princes Buitoni. Smith and 
Nephew, Cadbury Schweppes and the First 
National Bank of Boston on its client list. 

“I had two motives.” be said last night. 
“ The first was selfish: I really did want to know 
what was important to managing directors and 
marketing companies. Second, and much more 
important, my own industry gives every appear- 
ance of the greatest sophistication. We have 
highly advanced techniques at our disposal for 
researching the value and effectiveness of the 
work we do and yet the people who finance 
these techniques make very little use of them 
to examine the sort of questions we have tried 
to cover. I hope this report helps contribute 
towards a more disciplined approach to under- 
standing the uses and impact and sales 
effectiveness of advertising. Anyone can 
compose a jingle along the lines that advertising 
equals profit equals prosperity. What we’ve 
got to do is prove it.” 

The Instrument of Advertising. Wood. Brigdale 
and Company. £24. Kent House, Market Place , 
London, W.l (01-636 3152 i. 

Smurfs take over 

YOU LOVE THEM or you loathe supply, fierce price-culling and 
them. Either way. the Smurfs exceedingly cramped prods for 
are rapidly consolidating their retailer and supplier, 
reputation as one of the most The market this year should 
timely, most successful retail total 4.8bn gallons worth £3.6ba 
promotions of recent years. — a far cry from the t»bn gallons 
Smurfs? They're National Ben- or so expected by the oil cum- 
zole's little blue men, a range of panies in the early iHTlTs before 
Disoeyesque characters which the oil crisis and its aftermath 
made their bow on May 20 and of doubled petrol prices, the 
have since made remarkable start of the trend towards 
progress towards meeting two of smaller-engmed cars ami iieight- 
their prime objectives. ened consumer interest in mny. 


on petrol 

dispel sum, __ 

earnestness of the petrol price •„ 

war. The second Is to help I 1 s 5 c S r s 2 > S!}-.* ,tl f {,l i on Wl 1 per_ 
bolster retailer profits via the s,st for se ' cral >tjrs ' 

’ — tin.* 

The National brand has been 
more vulnerable than must. In 
1965 National Beiuuiu had -i.SUU 

sale of Smurf merchandise which 
includes Smurf figurines (mini- 
mum recommend retail price: B h . 

3 ftp), play sets (£1.40). T-shms iarl > u 

(£1.43 to £1.75) and sew-on 
badges (28p). 

Ben Earl. National’s promo- 

had fallen to ri.aO'.:. mainly via 
natural wastage. In 1973. at l ho 
split up of Shellmex anti BP 
(National going to BP). Shell 

lion and advertising manager, tC iok over a further i;jno Natiunal 
says Elm worth of Smurf mer- sites su that in eight tears 
chandise has already been National’s nutlets were effec- 
moved. At present, out of a tively halved 
total of 2.100 National Benzole At the start of this year 
retailers in England and Wales. National told Leu Burnett ‘ us 
the promotion is being handled advertisins aqcncv for the 
by approximately 1,260 who 59 years, that it ljad bought’ the 
between thorn account for 85 per UK rights to ihc Simiri>. The 
cent of National’s volume sales. Smurfs had already acoivd some 
The majority are said to be prumotiunal success I«ir BP in 
selling upwards of £200 worth Holland. 

of Smurfandise a week at a “At a time when E*su and 
probable margin of around 15 Shell were running eaiupuiirns 
per cent (some are charging whose key .selling point wa? the 
more), giving them at least £30 sheer size and scope in' their 
a week in extra profits. organisations.” says National, 

the West “*^ ere was vlearl) an opportunity 
worth of lor _}^ e . ma F° P L ’ r -‘ :,n:ii tmich ’* As 

One customer in 
Country bought £1S 

Smurfs in a single swoop. Re- 
orders are now rolling in, some 
at £700-p!us a time. As a help- 
ful boost, the Smurf song, the 
rights to which are owned by 
Decca. not National, is at No. 2 
in the hit parade, jostling John 
Travolta and Olivia Newton- 
John at No. 1. , . .. .. , . 

“We reckon that a National RjJ »* j£““ nal 
dealer with Smurfs can sell his 

a result, the target audience for 
£500.000 worth of Smurf jui-i/m 
advertising this year t*. 17-24* 
year-olds, motorists with children 
and National Benzole dealers 

The campaign aims in stress 
the friendly and helpful service 
motorists are assured tliev will 


Service with a Smurf.” 

McVitie’s £20m bite 

NEXT TIME you crunch into a to boost the sector to more than oo bounds. In support of its 
McVitie's Digestive you may like £32m at rsp through grocers. brand it offers tailor-made pro- 
to know you’re biting into what This makes the digestive more motions stressing the digestive’s 
this year will become one of only valuable than many other basic claimed versatility — linking it 
two £20m UK biscuit brands, the grocery markets, including with peaches and cream, leading 
other being McVitie’s Chocolate pastes and spreads f£24m rsp branded cheeses— even marma- 
Homewheat. via grocers last year), tooth- lade. 

UE 4 (BiscSfts the d!4«Shm *2 (£20ra) > P^ket soups f£19m). 

K£ ‘"Slant milk (£15m) or baby 

foods f£9.5m). 

UB says the McVitie’s Digestive 
accounts for more than 65 per 
cent of grocery sales in its sector 
and that to promote further 
growth this year it is signifi- 
and last year, cantly increasing its level 

petrol at a lp a gallon more than In ®». ** Smurf promotional 
the neighbourhood opposition cwtmgHm this your 

without anv loss of volume.” £* atlonjI *»>* \\ ,s tl J L 111 A 
says Mr. Earl. “At price parity ™ 

plus Smurfs he should definitely su !^ a sp ? cc lmie - 
be putting on sales, though I There is also plenty of local 
must stress this is by no means advertising in progress, with 
primarily a gallonage exercise. Burnett supplying local Press 
The main p»m Is to inc ro asc layouts and radio (apes. The 
retailer profitability. Four- production costs are free and 
fifths of National dealers are National will pick up 50 per cent 
independents. There are no °f t a b- National's dealers 
company-managed sites at all so bave been told that a whole 
we can't dictate to our dealers, range of fol low-up Smurf 
We can only persuade.” merchandise is in production: 

At the start of the year, more figurines, posters, children’s 
National had 5.3 per cent of UK hooks, mugs, carrier hags, 
petrol sales, putting it sixth in Ip the fullness of time the 
the retail pecking order. The nation will no doubt tiro of the 
background to Smurfs is the httie blue blighten?. c-ut 
glum state of petrol retailing, a National has made its point, 
market characterised by excess 3LT-N. 

one of those relatively rare food 
sectors currently enjoying real 
growth, its own McVitie’s brand 
alone generating 5 per cent of 
grocers’ total biscuit sales — Sm 
are eaten every day. 

Between 1973 


says UB, packet sales of diges- support spending well over 
lives grew from S4m a year to £500.000 via Masius on national 
nearly 23Sra. a volume growth TV and women's magazine adver- 
of more than 64 per cent. This tising. UB will also back the 
year's projected volume increase brand with more than £lm-worth 
is between 12 and 13 per cent of promotion at the point of 
Over the same four-year period sale via consumer competitions 
the sterling value of the digestive and premium offers, etc., making 
biscuit market has increased by it Britain’s most heavily sup- 
nearly 300 per cent so that this ported biscuit 
year further growth is expected The enthusiasm of UB knows 

For years people in the seed business 
had no protection if the seed sold failed 
to deliver the expected crop. 

If you sold barley seed and tomatoes 
came up. or the seed failed to germinate, 
you could have a lawsuit on your hands 
with no insurance to cover you. The buyer 
of your seeds may lose a whole season 
and a very substantial payroll along 
with his profit. 

That's where Hoag Robinson came 
in. Our Seedsmen's ^rirors and 
Omissions policy provided coverage in 
a field where before none existed. 

That is one example of the way Hogg 
Robinson operate -shaping insurance to 
the specific needs of our clients. 

And is only one example of that 
investigative and creative 
approach which has helped 
make us one of the biggest 

insurance broking groups in the worid. 
And that approach goes beyond 
insurance broking. For Hogg Robinson 
is also deeply involved in pensions, 
underwriting, travel, freight, packing and 

If you would like to know more about 
out services, please wnte or phone. 
/fQe\ Hogg Robinson, Lloyds 
ll/W Chambers, 9-13 Crutched Friars, 
IlfVhr I London EC3N 2 JS. 

A Tel: 01-709 0575. 

ROBINSON (Howard Parsons) 
The international insurance group. 

Sour grapes. 

IPC spending £1.6m 
this autumn 

will get £760,000 of 
the major monthlies 

IPC MAGAZINES will spend weeklies 
n.6m-plus on autumn promo- support, 
tion for its women’s weeklies £321.000. young women’s interest 
and monthlies, leisure interest mazagines £174,000, football 
and otber -journals. Activities £220.000, practical publications 
include a new magazine. Soccer, £75.000 and the leisure sector 
to complement Shoot, and first- £100,000. 

^ Of equal interest to the trade 

. . J. _!> r e 1! ..^4° will be an “Index of Perform- 

raounted give-aways plus 
Press and radio support 
The graph for sales of the big 
four — Woman. Woman's Own, 
Woman's Realm and Woman’s 
Weekly — between January -June 
shows a healthy rise towards an 
aggregate 5.4m. 

Chon reaching 

a nee ’’ to be sent out for the first 
time which includes targets set 
by IPC. Pat Barnes, circulation 
director, reckons this is possibly 
the most refined measuring 
device in the publishing trade. It 
gives the Wholesalers a run-down 
with Woman's by region, town or group of what 
for l.fim and the house has achieved since 

Woman approaching 1.55m- The September, 1977. 

7 he HUrti&erie 
Mormnide offers you 
that extra personal 
touch Ju& phene 
Joseph Jjrnser. our 
restaurant manager, 
and ask him to send a 
copy (f his menu 
to your heme or office. 
This my you’ll tv 
familiar with our 
dishes when you arrive 
fordinner. ftie 
Roti&eric Aemuride 
Specialises in La 
A ouveile Cuvitv.ihe 
totally natural style of 
sweeping Prance. 
Whilst the dishes are 
new and exerting, the 
atmosphere is good old- 
fashioned candlelight. 
Have an evening to 
remember at Ldhdon's 
most exciting 
J Iso open Sundays! 



The Rmfescri* Xantundr 
si the Poftirofl’Hciiel 
in IVmis Square, 

L-Nbliei.'X'IH 9FL 

01-486 5844 

Viewers can 
taik back 

THE LATEST in two-way TV 
research systems reported from 
the US. is designed to allow 
consumers to talk back, as it 
were, to advertisers or agencies 
or even politicians or pro- 
grammers come to that. 

The system is being marketed 
by R. D. Percy of Seattle. Each 
time a viewer wants to react he 
pu$he* one of six buttons on a 
desk-top terminal which repre- 
sent 3 good-to-ghastly range of 
responses. Viewers can also 
simply cut ads off the screen. 

The computer monitors each 
home continuously and a display 
shows whether a TV set is on, 
what channel is being watched 
and whether one of the buttons 
is being pushed. The information 
is instantly available t OClients 
at the computer centre. 

Roger D. Percy, formerly with 
McCann-Erickson. is the creator 
of the system and counts General 
Foods and Sears Roebuck among 
his clients. 

Percy undertook a study for 
Seattle City Light to find out 
how interested the public was 
in the energy question. Presi- 
dent Carter got high ratings for 
comments on solar energy and 
insulating homes; when be called 
for more competition between 
the oil companies he got an 88 
per cent approval on the Percy 
score board. 

At this stage Percy is only 
using 35 Seattle families but be 
is planning to raise the figure 
to 200 and extend the number 
of response buttons to ton. 

To the Holders of 



(National Hydrocarbons Authority) 

6 % Sinking Fond Debentures due February 1, 1981 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Sinking Fund for the Deben- 
tures of the above-described issue, Morgan Guaranty Trust Company of New York, as Fiscal Agent, 
has selected by lot for redemption on August 1, 1978 at the principal amount, thereof $1, 084,000 
principal amount of said Debentures hearing the following serial numbers: 

















723 1481 2092 3078 4813 5654 7108 7871 

738 1484 2103 3088 4867 5857 7163 7880 

742 3488 2185 3093 4870 5658 7176 7888 

744 1309 2170 3097 4897 5660 7177 7888 

746 1515 2182 3098 4905 6670 7204 7903 

770 1512 2187 30S9 5001 5672 7209 7834 

775 1564 2191 3140 6094 5673 7211 7974 

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490 1235 1953 3816 4180 5491 6941 7685 87® 12648 13980 15184 18181 17304 18114 19118 19768 

304 1320 1958 2819 4193 5497 6943 7704 8728 32729 13984 15187 16182 17305 18119 19119 19775 

2348 1984 2887 4218 5520 6S8T 7727 8778 32072 14023 15313 16217 17433 28178 19174 19889 
— 13M 1986 2898 4238 5522 7034 7748 8781 1^24 14048 15517 26240 17441 38196 19180 39990 

551 1390 2005 2913 4239 5589 7037 7747 8838 12985 14068 25335 18244 17474 18208 19130 198 S3 

065 1393 2030 3834 4427 5652 7040 7783 68 3 12290 14069 15344 16258 17476 18213 lltM 19Q2S 

807 1399 2031 2957 4586 5576 7041 7793 8877 12392 14081 15346 16273 17504 WC35 19224 19934 

603 1401 2035 2962 4807 5592 7043 7304 8099 18385 14084 13390 16274 17518 18347 19226 10940 

820 1438 2038 2965 4714 5603 7044 7813 890$ 13372 140B3 15403 38294 17522 1325ft 19237 1^77 

628 1437 2041 3870 4728 5605 7076 7817 8909 13374 14096 15422 16307 17531 18274 19243 199&9 

Ml 1443 2055 2976 47« 5S14 TO9J 7822 9105 13396 14101 15428 1«10 17543 18276 19246 

689 1445 2056 230$ 4801 5826 7093. 7B34 8303 23408 14103 25424 1027 27579 28282 29259 

697 1473 3067 2998 4807 5633 7103 7825 9488 1341 0 14118 1543S 16320 17SS8 18282 19275 

703 1478 2085 3010 4809 5639 71(17 7863 9413 13412 14120 15440 16343 17618 18302 19273 

On August 1, 1978, there will become and he due and payable upon each Debenture the principal- 
amount thereof, in such coin or currency of the United States of America as on said date is legal tender 
/or the payment therein of public and private debts, at the option of the holder, either (a) at the cor- 
porate trust office of Morgan Guaranty Trust Company of New York, 15 Broad Street, New 
York, JV.Y. 10015, or (b) subject to any Jaws and regulations applicable thereto with respect to the 
payment, currency of payment or otherwise in the country of any of the following offices, at the princi- 
pal office of Banco. Naaonale del Lavoro in Rome or the principal office of Banco Commereiale Italians 
in Milan or the mam offices of Morgan Guaranty Trust Company of New York in London, Brussels, 
Paris or Frankfurt or ibs main office of Algemeae Book Nederland N.V. in A msterdam or the main 
office of Kredietbank S A. Lttxem bourgeois* in Luxembourg-Ville. 

Debentures surrendered for redemption should hare attached aB munatnred coupons appurtenant 
thereto. Con pons due August 1, 1978, should be detached and collected in the usual manner. 

From and after August L 1978, interest &hall cease to accrue on the Debentures herein designated for 



OF HEW YORK, Fiscal AgeaZ 

1006 29,1978 


The following Debentures previously called for redemption hare not as yet been presented for 


4583 10274 14911 14933 16798 18170 16804 18247 16284 18327 16373 16440 16533 16629 

24-1908 1995 2884 
1912 1997 20W 
1919 2001 2101 
1921 2012 2103 
1929 2028 2188 

1931 2037 2175 

3§S 3*6 2195 litter 12859 14338 15484 16162 16195 16221 13272 li 

4584 10Z79 14828 15089 15798 36174 36205 3S2SL IKSO 16 323 16360 18458 16538 16631 

4729 10280 14925 15167 15897 16177 16207 16252 16302 16333 16381 16466 16515 13750 

9008 10282 14930 19190 16043 16180 18209 18264 16304 16339 16404 36481 16355 13717 

9105 1Q284 14938 15428 16048 16191 16213 16288 16305 16345 16409 16484 16567 

9177 12352 34937 15449 16061 16193 36214 16287 16303 1634ft 16410 16486 16575 

ragr 32859 14938 15164 18162 16195 16&1 16272 16316 16383 16428 16496 1M05 

5552 552 ? iggra 1451s 34942 15471 mu 18200 16227 isstt iraie igsgb 1&435 16S20 lserr 

X082 2062 4581 30273 I4SI0 14345 15478 18168 16202 16232 16233 16322 16371 16436 16530 18828 

. , 16 


Financial Times Thursday July 6 197S 



ONE OF Mr. Denis Healey's basiJ. eluding 1975. the growth 
favourite quips is about how one 9 r ,jr ' J * s ^ Qm estic Product 

average been forecast 
„ , . , „ within or.-: per cent and the 

cellar has been to downgrade tne ini;re3ie . n consumption has 
Importance of economic fore- bt ,. n forecast within I per cent, 
casts, or is it forecasters. Fev. record on projecting Lhe 

would say that he had not made* currc -,r account and the borrow 
his personal contribution to tliis j n2 r-.-iui" -ment has been less 
crusade, yet economic fore- impros-ive. to put it politely. But 
casters are flourishing as never iheic £r yrr -* are - oF course, the 
Wnm tr* tv*** i?**.r in «inv« shine. disioreiU'i* between two very 

‘ and there is inevit- 
:e margin of error 

before. In the last 10 days alone. ( 

more than a dozen detailed pro- inarRin D1 error . 

sections of me IK economy nave only have themselves 

appeared— enough for assiduous tIJ blame for much of the 
readers, if there are any. to criticism i not giving projec- 
become befuddled by seasonal tir-ns c'.'.Ting a ranee, rather 
adjustments and underlying than ju*t 4 single figure, 
trends. The real issue is perhaps not 

Sk , -he accuracy of the 

_ . forecar's as such but the uses 

I II 11 p mania to which i!iey have been put. 

Profiler Ball notes that 
Hy colleague EnHan g™** 
has likened the post- war craze nn t : ie ,hort-term forecasts 
for short-term economic fore* though interesting in 

casting to the tulip mania of 17ih themselves for certain purposes 
century Holland and the Cargo such as business budgeting and 
Cults of the South Seas. There planning should not have borne 
is certainly something slightly lhe weizht that central governs 
odd. if not bizarre, about the de-:i=:oas have placed upon 

hallowed position which the t,ie "l; , , 
regular National Income Fore- “ T(l * ''' ,J hlem ufoconomic 
“ - .... . modelling i * not to be confined 

casts now occupy in the White- , fJ |he .^ration of such short- 

hall scene and in the profusion * ern > forecasts but is concerned 
of projections :*nd guesses pro- i I ji outlining general possibili 
duced outside Government. But ties and constraints within the 
there is presumably a reason for mode}? capabilities. It is often 
this craze, as shown, for example, ™ ,re 

opeSn g e S ern o? S Ute h 't^sS of^Xlar pol.O' 

ssrsr h stsa «» ^ 

exploited. Forecasters would >' ear P er - jd h d :*u 

clearly not exist in such num- tce P-tc.s.on Aitl 1 which next 
hers if there was not a market - ear ? ^ r0si Domestic Product 
for their work. forecast. 

The answer is partly circular 
in the sense that since macro- T T j . 
economic models exist they will |J jHlU0r3t<lIlQ!I12 
be used because we do not have " “ 

other methods of looking into the j n s j, or *. ccminonsen w and an 

future outside astrology. Their understanding of what is happen- 

profusion can in part be 

ing now are usually of more use 

explained by the fact while no - be print-outs from the 

single forecaster has a nnniacu- black Jl0;; . The various fore- 
lately correct record, the errors casL? apj Jndeed lreat ed with a 
are not so great as to make the atlJuun » of scepticism bv 
ybole enterprise appear man: - ;t ,.- ua i decision-takers, 
ridiculous. Nevertheless. a social psych olo* 

In the latest Economic Outlook gist might be needed to explain 
from the London Easiness the apparently widespread 
School, Professor Jim Ball, him- fascination with uncertain rela- 
self a prominent practitioner, tlonships neivreen economic 
compares the forecasting per- variables based on highly 
formance of his own organisation, tentative assumptions; does this 
tbe Treasury and the National represent -j lack of selT-confidence 
Institute. He concludes that in response to economic failure'.' 
apart from 1975 when forecasters Other more successful nations 
throughout the world failed to appear tD nay less attention to 
predict the extent of tbe recc-s- such forecasts, even though they 
sion, forecasting performance has have them. The answer is not to 
been creditable and there is not do away wir.ii forecasts hut to 
much to choose between the place them in their proper, and 
separate teams. On an annual heavily qualified, place. 

Illuminating the law on liability 

THREE RECENT decisions, in April 
Britain. France- and Germany, her 
illuminate various aspects of Ford .- 
liability attached to vague or April 
incomplete offers by brokers, Mr, 
agents and company manage- in 

ment. They concern the insur- driving of the new MG to him- 1970 two pr. 

anct- contract, investment advice self. The letter was received band and wife, bought about hccau-. - - - . . , . 

and prospectuses jnvitinz after 5 pm on April - IS about $20,000 worth of L\S. Income a l:mi; .if. only SU nor cent for *>» the pro;jtab:.ity oi jnimni.nni w;;.-, disinivMuj m ibi 

would-be investors. one and a half hours after Mr. ' the mv«->i mein The I ubihts j.ulaniiriM was nuiar^ablo. Tt, 

If you ring up an insurance Mason’s son had caused * serious — thu agent. BgII .-a.d. resulted Court umii-l it rtvu-asaty t> 

broker to ask for a cover note injury' to Air. L. Stockton 
or tell him about a material through negligent driving of the 

change concerning your insur- new MG- Mr. Stockton suc-d Air. 
ance contract, for example the Mason Jr., and also as third 
replacement of your old car by parties, the insurance company 
new one. and the broker and the insurance brokers. The 


BY A. H. HERMANN. Legal Correspondent 


aiilcly from she ;a**» th.ii .•nipkiMj-e that the >han-holdc 
wish held imornwii^n of siibslan- w.i-. by no means obliged i. 
tial i in port, i nee i»» :» customer make use i»f the offer: he mua 
who relied on U:e tt»rrectno»-i have known th:il ji he did no 
and -i-nmp!eien.‘S» of ihi.- d.iU like it he could leave it. Th> 

. provided i»v .i- ::n expert. Court mainiMincd ihat js h 

THE FISK veil i:rw i Coni mis- ^ exvlu-ivvly the m forma 

rt;;agiag of land owned *,»„ des Operas i-»n^ dr "th! 

et»RU k vt the 

inetSiud by witieb the offer prici 

answers: “ . . . that will be judge awarded £46.000 damages 

all right, vc will sec to that against the brokers. Properties Fund (L'SLP) invest- the i 

are you covered or pot His judgment was however mDQt “his proved lo be by German properly i!ivt'-«tmont a public wa: .•ii-imr which h.i 

From that time on? Giving reversed in the Court of Appeal a luckless venture. The L'SIP ninds. The inveHtmenr company striven :«r veur> tu improve 

judgment in Stock tor. r Meson on June 26. Lord D:p!oc«. subsequently gave up the right appealed lo the UGU hut the the .,i aeeo'.mt and '»' | ! Jfj « ih, 

:o have its units traded in Court confirmed lav lower report, rented 'o snareholdcri n '; 1 

Germany in July. 1971 and is court’s decision, thouch on bv French r.impanii's. is j* , ‘' 1 ’ ' 

now bein'; wound up. The d.lfcrent grounds. n eased with thr first decision *»'***' *i ui J 

cr.uple. who lost a .ubslanlia.’ In :ts judgnmni (NV II ZR ,,f S he ran. .\pr-M' Court con- ^ a - jrc " to a,li mct,l0d n 

n r n,< III-! .'m nf irsnl HI IM7U l,,,f ....... , Tl kiI-.K H 

Mr. Justice Arnold thought the Vjscount Dilhorne and Lcrd 
answer was "No." He held that -S carman, sitting as appeal 
such an answer given by a Judges, agreed that persons a;k- 
brokcr's clerk on the telephone ins an insurance broker tor a 
amounted to no more ihan a cover note regard him as we 
statement that the brokers a?ent of the insurers, in the 
would seek to negotiate a con- tripartite relationship between 
tract of insurance on behaLf of the broker, insurer and insured 
the motorist. However, as the i n the field of non-marine 
brokers failed to inform the insurance it was well estab- 
motorist that they had not sue- Hshed that the broker had 
eeeded rn doing so on the old implied authority to conclude, 
terms the Judge decided that the on behalf of the insurers, tem- 



The investors ba s ed 

their impression that it had a special COB. and not osfiy on the part 
brokers were liable for damages poraxy contracts, normally :'or e : a:m for damages on the undis- l, y descnhini* ibi-li as an of the 
resulting from an accident, 30 days unless terminated ?ll ted fact that the inxesunoni »«t«rnatw»nai •umpauy for 
which was not covered by the earlier by a notice. The 
terras of the modified policy. insurance company and not 
It all happened rather quickly, brokers will have to pay 
The aforementioned converse- damages, 
tion took place between Mrs. * * ■# trial judges decided :n the in- statutory* limits were for the respect u? i!.v method ii-ed for 

Mason and lhe broker's clerk on INVESTMENT intermediaries vestors' favour, holding that the mortgaging of German property the calcuLtiiosi of the prn-c at 

liny at the. price offered. Tlim 
i was solely designed to 
certify that there were no 

nurr.-i.- n# If-? WNfiiiiiy rou 
■■SUM III Ifc*' rrgai^il nf ffte Dull 

Water Frolic ready 
for fourth victory 

THAT MUCH-IMPROVXD filly, clear-cut victory over Sideshow. 
Water Frolic, looks to be the one Still on the’ subject of the 

Jobs centre 
will help 
black spot 

Financial Times Reporter 

made bay hy Sir Ivor out of that brother to Turnkey, in the . cs :erduv. 

Granville Stakes at Ascot on ' The four-v-eek courses a! the 
King George VI and Queen -to-riac.- aw’if.i’.n at Skvlmer? 
Elizabeth Diamond Day. ..i u ;'e New Town v.:U o - related 

Back to today. 1 shall be q:s- - 0 local employment opportuni 
appointed if Rely on Pear!, run- ;. C5 a .-.d ire scheme a joint 
ning in prefereoce lo two other venture between the Merseyside 



almost equally brilliant per- Richard Hannon juveniles, caccot Trainin’ C.->ijreil and Mjnpnwc 

former, Waterloo, the- 1.000 »'in lhe With dean Stakes. Serv.ces Contra :«.-srp. 

Guineas winner, has won her Rely on Pearl, a good-looking Mr. GeciTrey Hclljcd. directnr 
asl three races in the style of an daughter of Deep Diver, i» on r.f the Conmiis sijr's Special 
extremely smart performer. the upgrade Frouraxmci Division. wh 

If she can reproduce the form Further support for Saturday's opened the centre, said that the 
which saw her easily disposing Coral Eclipse favourite. Youth Opportunities Programme 
of the widely supported Collapse Gunner B. has seen a cut in hss was on target to provide 1:10.000 

the Hermes Handicap at odds by lhe Tote, which now ha? places for young people by the 

Epsom. Water Frolic, a Henry him at 11-4 from 7-2. autumn. 

Cecil filly trained for Mrs. Peter 
Burrell f whose husband pre- 
ceded Douelas Gnv at the 
national studi. should have few 
problems. I hope to see her 
make it four in a row with a 


2.00 — Dedham Vale 

2.00 — Murrmalch** — -Water Frolic*** 
SJUI — Rely on Pea/1* 

Under the programme, which 
j heron this year. 60.000 places 
i were available on work exped- 
ience schemes and -10.000 training 
•places were being supported in 

t Indicates programme 
in black and white 

0.00 Parti 

BBC 1 



to Ray Noble 
10.25 I. Claudius. 

1120 Tonight. 

12.00 Weather/Keginnal News. 

(except London >. 420 Alt Regions as BBC- 1 except at E 0 "* 15 < Bristol I : S u g B^helw Can^ ^ r ^* w, -' : 

ioI .as BBC-2 1L00 amt. tbe following times:- SJfh Wm ipIJSSSm P ^ S' xS! SCOTTISH 

. 1J20 pm On the Move. 

Mister Men. 1.45 News. 

Wimbledon Lawn Tennis Cham- 
4. is Resional News for 

ins land 
Play School 

itl tC - ? G?S5L > * WaJPs-S-SS Pm Wales Today. 

u?fn,hitr G ? Place5 *' 3 03 The 6-15-6-40 Heddiw. 6.40 Join BBC-I 
Wombles. i Wimbledon). 12.00 News and 

5.40 News (London and South- Weather for Wales. 

___ 5®** onlyi. Scotland — 10.00 am Paddington. 

. 5 - 5 2 Nationwide. 10.0S Jackanory- 1020 Help! It's 

lyirobjedon. lhe Hair Bear Bunch. 10.40-11.00 

<■3* T°P. of tbe Pops. The Islanders. 5.55-6.15 pm 

„ , , Reporting Scotland. 12.00 News 

8j 0 Citizen Smith. and Weather for Scotland. 

London Transport— A Fare 2“-v ” rv ' : '' 

n __i i_o". #J9 c.a-. « j.-S l!sc 1- ’:n; non.-i 

. . _ _ 5J0 Cros«:-»:s. 6.oo *.■&-, tt.%: 

12.10 am What the Papers Say. Repor. wsu. 4 -is san.-.ji -js Mr 

12.25 Close: A poem by William ar-: Mrs. UUS Vaitrs. 

Blake read hy James Coyle. . MTV Cw ” ;,TV D G, n ' T * 1 

- ----- AH IBA Regions as London 

i Leeds. Manchester. Newcastle!: except at the following times:— aJw.c v.-*::tr..-:sa. y p-.-u 

Midlands Today ( Birmingham »; ANGLIA 1177 Wctt “ A1 I:,r *' C-.b-rai 


by the Liberal Party. Northern Ireland News. 5-55-6.15 

9.10 News. Scene Around Six. 12.00 News 

9.25 The Songwriters (tribute and Weather for Northern Ireland. 

England— 5.55-6.15 pm 

East (Norwich t: Look 



South West (Plymouth). 

BBC 2 

11.00 am Play SchooL 

2.00 pm Wimbledon 

8.00 News on 2 Headlines. 
8.05 Gardeners’ World. 

10 30 


ACROSS 7 Mrs. Mopp i> cautious about 

. I Overcoats for little children the young fell nw (S 

without colour (Si 8 The unconscious supporters 

5 Spots measure in a ship (6) British rail {§! 

9 Reprove a town for greed (Si 13 Protective parapet suits 

10 Suited one busy about the fighters to a T ( 10 » 

river (6) 15 Self-inHicted trouble follows 

11 All hints at homes for such a demand i a. 3. 2» 

workers for a change (3-5) 16 Scotland xard in a match for 

12 An incentive for the Duke of genuine proof (4, 4i 

Edinburgh, we hear t6> 17 Mentally deranged sellers of 

14 Divorce place as below (3. 7) goods by b ire-purchase (5-3) 

18 Religious observance circle 19 Thin cover fur shift about (be 
in California (10) M north-east 161 

22 Falsify the dossier about the 20 People on to a winner can be 

theologian (6) a potential danger (6> 

23 Always in hire and sub- 21 Race that may cause stress 

missive (8) 

24 Jackdaw' city (6) 

25 Township for a couple of 
artists adds sweetness (81 

26 People of great intellect give 
a short reply to a bird (6) 

27 A good man starts to 
encourage the fish (Si 


No. 3,710 



1 Left nearly everyone at 
gate (6) 

2 Swift’s flying island (6) 

1 The Friar is at home for a 
good meal (4, 2) 

4 “Head to foot now is he — 
(Hamlet) (5. 5) 

B.Entmer vicar found among 
dutiful "(S) 














i 71 















S5'^00EE.<>: •-;> 















^ C* B 

- ~>e 

55 ra 0 g 













2JB Womufl only. 4J0 Rocket Bcaia Howl. 10.20 am Vail*? o: D -orjur •* — 

«.«5 Th* Adventures o( Blac* S-.;»ua-. .Vdoa:. U-10 Anfc'i Pzry. U35 i.Vninier 
77~n. *' M Ab °i'i L3S pry-.:. 1-25 pra j-.i Hoad 

le f£ ns *- . 10 -® ilarswaad 2.x VT-«r.:r. ur.b. a.20 Ula-vd ■>( Adwr.- 
Lawn Ab , 0 , u > :he tUTj. SJ5 Canooi. 5JO crosirojds. 6.M 

t.bopPiT Sqoau- 12-35 am Tic Ljvia* S..v'iar.J Tr<fay. 6J0 uvsr's Way. k.i5 
<,rd - Carsoc* Way. UJ5 La:e CjU. 1L2B 

ATV Ea-.eric=cr. 

S^50 BC: The Archaeology of the Rid^S aUvmI ujw'suSoh 1 ?^ ujo air^S-KF^iI^^ioat. ilm 
B ible Lands. 1L5? Adventures of Parelev. l_a> pm AcJy’s Pj-ry UJd Coun'emoar. L20 pm 

9.00 Party Political Broadcast by Shcu '- Southern zoo Woiu -fl Only. 4.20 

the Liberal Party. ^ OKjtort. Dyaomwt-dw Dog wonder. Ttie Los. 

9.10 Midweek Cinema: “ T Never m» Dan August. 

Sang For My Father." star- RDRDPR 

ring Melvyn Douglas. UCK 

10.40 Late News on 2. 

10.30 Wimbledon highlights. 

11.40-11.50 Closedown (reading). 


0.30 am A Present from the Past __ —— - - — ■ - — 

9J5 Paint Alnn<* with Nanrv ^irf- P T „® nQCj 1 4™chu ,n « Newr xtd L2D pm Xortii Ejsi .News and Loolco round, 

Va2a t- J Ij * hM * ?“ Where. <L2Q LuUe Uouse on 2.W Women Only. 4 -2D Thursday Maunw 

10—0 The Undersea Adventures tho Pralno, SJ5 The Flinurones. 6.x ‘"nm Man Called Flinuioae." teo 

of Captain Nemo. 10.30 The Wells Oa ,n *l News. U0 The Royal Vhu. Northern Ll/e. 12.10 Double Top. 13-50 

nf Montrose. 10J55 Nature of . V1 5?J, Ji? 14, Channel La:e Georac MamUton IV. 12-2D am Epilogue 

Things. 11.45 Cartoon Time. 12.00 w ^ Tho^Sy w,h^ S ULSTER 

Little Blue. 13.10 pm Pipkins, um The s*ecney izjs » „ 1 » c t noon “- 40 Ail “ ar - 

12.30 Doctor! 1.00 News plus « Projections. “J® 

FT index. 1^0 Helo! L30 Crown GRAMPIAN Headlines. &£0 Clue Clob. 4.45 The Gene 

Court. 2.00 After Noon. 225 The . am First Tlun*. HJJO Wooftlnda. Machine. SJ3 The Adventures of BlacK 

J^J^ATV TodaV^ 122D Gardemns Today. Islands. 545 S;rJ)ad Junior. 520 Cro-y, 

roads, t-00 Cay by Day. 6.45 L'afversuy 
C.hiUeCSi. IQ. 40 A 5o'JLhem Report. 1X20 
Peep!; Ruic.' UJ0 Southern .Vt»> Extra 
1220 West The Papers Say. 

1020 am Stnppjr. 1025 .UJoa:. 1120 
Andy's Party. 1125 Counicrpcuat. T12D pm 
Eorder News. 420 Code P„ 525 Solo 
f.we. 620 Looks round Thursday, (i iff 
GibhsvUie. 12.05 am Border News 


125 am The Good Word (oCouvd by 
North East News Headlines. 1020 Tlw 
Secret Lives of Waldo Kilty. 1020 Afloat 
1125 Andy's Party. 11-30 Counterpoint 

Crew:. 3,20 Quick on tbe Draw, ?®5 1L05 Seaway to Ibe Heart- Beauur. 6.08 Ulster Television News. 

3 5(1 Thp Cullivane 42(1 Chilrlrpn*'! J? 0 ®' . Counterpoint. 120 pra 6-05 Crossroads. 6JQ Reports. 6.45 Want 

K-fiiL ?^1 l3n ,Vews Headlines. 220 Flair. A Job. 720 Cartoon Time. 1120 Garden. 

Film Matinee: “ Tarzan s Greatest 4.20 The Lurie House an the Prulrte. 525 tog "Today. UL40 Bedtime. 

Adventure.” starring Gordon Audobon—W’tldlife Theatre. 620 Crarapiyn WFCTWlRn 

?nmLi Anlhony Quar,e and .««. 

5.45 News. 

6.00 Thames At C. 

fi25 Cartoon Time. 
6.50 Crossroads. 

7.15 Margie and Me. 



1225 Grampian Lam KlSbt PafU , ^ 

rotivuni pm Gus Honoban-s Blraidays. 120 

OJtV.AI’i AJJA Westward Neu-s Headlines. 420 Little 

10.M am Return to the Planet nt the Honse on the Pratrtv. 525 The FlintiTOfc* 
ip-.-. 10.40 The Lost Islands. 1125 The 6.03 Wesiuard Diary. 1023 WVsrwanl 
Real Its. 1125 SkJppy. 1125 Kathy's Laic Notes. 1020 The Upon Air with 
Quiz. 120 pm This Is Your Right. 420 Clive Cur.ncU. IIJO The Andy WMtiuiw 

U.40 The Sweeney. 1225 am 

7 43 “ Shnwrinu-n *’ etai-rin« TlnnL- L,IMe House on the Prairie. 520 What's Show. 

Xvw ' 525 Crossroads. 620 Cranada Faith ... «... 

_ Hudson and Dean Martin. Reports. 620 on sius. in,fl# wan's on. YAOVTOIDC 

9A0 This Week- U20 What The Papers Say. 1120 The X yixlVoriAK t 

10.09 Partv Political Broadcast by h, aw Ccn, « ,. lt ? 0 2™ A - N '« h t sii- 

fhP I ihpral Parti- Music tnth Manm Simpson. !*!i r -'-4 wens 1125 Friends of Man. 

L.ujerai pari}. UTTV L20 pm Ca^indar News. 420 "The Man 

10.10 News. _rtJ.V Called Flintstone" i full-length feature 

10.40 What About The Workers ■"> Houseparty. 1020 Alloat. 1L0S canoom. 6.00 Calendar .EnUey Moor 

11.10 Time for Rncinpec e no .;,'i. Andy s P^rty. UJ2 Counierpoim. 12B pm and Bebntmt pdit:onsi. 10.40 CricJtet 
ii.ui nme tor Business Special: Report West Headlines. 12s Report Wales Forum. 1120 Danger in Paradise. 

RADIO 1 2 1 7m Concert (Si. ff20 News. 9JJ5 This Week's 5.55 Weather: proaramme news. 6.00 

(5) Stereophonic broadcast s r d . n ,?? Slr, I 1R * Now ‘ 5 - t - 30 Brain of Britain I91t. 7.00 

medium Wave Sctu ¥*.? r Milton <S». News. 7JE The Arclters. 720 Cite*.* pottVL 

(VHFJ Very high frequenev i , ^ on “, German Radio Symphony 725 From Whence Cometh }!y Health. 

fb> Binaural Broadcast Orchestra: Concert, part 1 iSI. 1225 pai 820 James Cameron with the BBC Sound 

5.00 am As Radio 2. 7.02 Dave Lee I U iI’ r V l BBad ' n fj .V* 2 ? Concert, part 2. Arcbutv 825 .Uialrsis. 920 Kaleldn 

Travis. 9.00 .Simon Rales. 11251 ' Paul „ S*- H? ’-S’ Weather. 10.00 The World 

Burn^ir including 1 2 Aft pm Newsbcai. 2.00 rj anp c 5. 1 ' Wpr, ?, rtl F«- , *O v *l 1977: Tom^ht. 1020 Boy moeis Girl. U20 A 

1 Parha- 

Tony Blaekhum. 421 Kid Jen^ uidoS- li" Si ^Mcro." comic opera m Book at Bedtime. 1125 Th-. 

toe S2P Kens heat. 720 Sports Desk 5? v L,, aCT- tnu5lC _. bj ts, 320 World TOntehi. 1120 Today i 

*Jolns Raoio 10JE John Po»l iS> =•' V' o? Dr> ' 325 2gth -Century ment. 32.00 Xe is. 

122-2.62 am: As Radm a. Music. For Two Pianos 1 S.. 3.45 Salisbury 

— — Salisbury 

VHF Radios 1 and 2-520 am -With Orebemrjs oMbc World’ iSi.^^45 Home- Radio LOlldOfl 

Radio including 1.35 pm Good Listen- "ard Bound tSi. 625 News. 620 Home- 206m and 91.9 VHF 

lr«. 2-0*. Pete Murray s Open House 'Si ward Bound 'continued). 620 Lifelines: 5.00 am As Radio 62Q Rush Hour. 

uni 1 mi> -d from Madia 'i. I52»i. 2.30 The Wider World. 7.30 A Mozart Quartet 920 Lond"n Uve. 12.03 pm Call In. 223 

D I d-30. IVajtRoncrs' Walk and Quintet iS*. 8J2S A Sorrow Beyond 20$ Showcase. 423 Home Ron. 620 Look 

* ** JohB ° unn Cr ^l s ' monologue hy Peter Bandke tS Stop. Listen. 720 EI-a Loodamrs. bjo 

S'-^'^JOWjthJIadio 2.1H.OO With Radio and B^_ 920 Hanns Eiskr. 1025 Hiss- Soui 7 i. 10.01 I.v.i- Nijhl London. 12.00 

12-00-2.02 am With Radio 1 Chambon Rc-vislted flalk hy Esmond As Radio 2. 12.05 am Qo-stion Tiihl 

12 \ run ■> 1 yiftn, Vlfp WnjUj.'- lfl -f?_J?l 0 _ E i! c h Family >Si. from the llow-e or Commons. LOS— 

K ALIIU 2. l,awm ana VHF u.06 Nj*v 112ML55 Tomsht'i Schubert Close: xt Radio 2. 

5.00 am Kuw- Summary. 522 Richard Son B ‘Si. 

aiwnan a-tih Th,- Early show is. includ- r> a niri 4 
a 6.13 Pan*: for Thought. 72? Terry JV-A LflU -♦ 

434m, 330m, 285m and VHF 

LDfl am Xotf? RM^flniy 4 in bSMtmtif 

Wiiaun - ?5 * incidrag 8—7 Racinn Bullonn 
and -.(j Pause for Tbeuabt. 10.02 Jimmy 

Yon or 

l In lie 

Ins InreroijUOD. 7.02 Cnutllry Club >S 

London Broadcasting 

261 m and 97.3 \*HF 

5JJO am Horn irs Mum. 6.00 Alt- non- 

Down, Your Wey^iua Ri^Adam- Capital Radio 

. T “'o ^ Swans liSs w°r" “- 02 ««n P Vou °atul E Youre^" LL 2 ?" Many" a 194m and 93.8 VHF 

End UJfl Siar s2*P^ „ 12 - K Weather: progranunc news. 6 JO am Peter Young- , Breakfast Show 

U ,-?£. Erl ?“ L0 ° Tb« World at Ooc. 120 The Archers. *5i. 4.» Michael ASPil (S. 12.00 Dan 

!■ i* woman's Hour IncludJns 2JNMJ2 Cash fS\ 3 JO pm Roner Scon tSi. TJ0 

ncJuaine i_.w .,ewy. 2J0-2.H2 am New* Ncim, ZAS Listen wim Mather. 3.M Lord GctRe-Bim's Capital C«mmenL*r> 

News. 320 Questions to Uw Prune 'Si. 720 Loudon Today i S'. 720 Adrian 



C C — Tic-W ! 
caret tv tr: 


; CLOD! TH» AT«1 

vii i. o 1 a jd. 

jtlUA M.mCNSIL. 

COLISCUM. Cr«.! Cl. 240 S2S3. 1 ALAN ill"-.. 'I"A t New 
Sc>vi-.a:ians OI Slu .'.tut I TtN 1IMLS FASLC 

NUREVt* F£STIVAL t •• T.Mi ■>-•.. - - ‘u.-i-i-.t Uiicft-rr- 

C-.u: 7.30. Wau 6»: - . .it Z -O with; n L.- .-•■ D Ivl • An ir- 

LONOPN FESTIVAL BALLET. I Sat -..oiv c«. S- "Uav T:nc&. : 

■ile-.-oi-i-l Bi-autr Hr*! VB«« with DUTCH | — ■— 1 


n.-,i weel only oil' f ilif si , ■*:..■ Mj- .j: 7.33. ■ Stanley J 

C.iv, snWrminir i Hoa.>ti!o- . ■ T.n.vv. HINDLE j 

WAKL*. ' -. e*. -'n.- ' !>...* .1. an 

9 SC 6900 

5hJ>'l'.-vburv A*C WT2 <Mi0h Nottem - <rna| 
k-fll. m b.o. JOHN K (-ADDON in 

This mrniul nas eyervlh >>0 " S Mr. 
Mat Sa! ^ 0 All yfdtt L> J.2. £1. 
Crr.t-C Card BooLmua ssc ChR.*. 


COVENT CARDEN. CC 0:-240 1Q66. 
Carn.-nchjr..- c ;. c-*--S -ilh Ult f-70S.J 
Ter.i-hl & Mm n<-.: a: 7. DO Narmj 
ts-.nar. 4". 7.3*1 RQVA.L , . , ALLLf SCUCOL 
PcRFS ' Fo:L . 1 - 1 - I Vl' O'". -VI. Lev 

Sffch'in. O. *.:■■. j*-. B tVi. Orenno 
Si!. A *Vetl « • .'l 7 33 p c'lr.\j e! 

Mel'senoc i-5 Am-h '.'•li* avr' for j'l 

per*-!. I.’OJI 13 9i .-a» ;! urft. 

- J 

! Cecil'. T.m.sht 
Mj: 4. JO. 

Sj'jft.-JJurr A»e WC2 iHloh Hof Dorn #na 
fftani July ti in a smut Sinwnw 
3ciu»> A New Produrtien of 

v-r* 'fjni Il-l'j 

BC-.: jrailacw seal: jt £Z DO ; i hour 
were sr.fwr r<o*i« lhe Boa OlKca 

Auo. 7 »*ih :s i'll, in .if mom. 

Onne-.ira. Toai-iE: ha! j.wl M*V. oeat 
at ta.JS La fl.i.f-M- Su" .111*1 Tuc> 
n- rt 5 33 *-••• tan !j-.:r. Psssiblc 

return! Jrlv. L' ■» o"l:.-r G>>ndCbCUrne 
U--el. t. -juste- 10273 5124: 11. 

SaiAW THEATRE 01-JBB 1394 

C*rr>ndt 7.30. Lose J Devs 
" Itt aitatitw IV unjifflinttpca." S. Time*. 
-A -.uperlal'wc c«t." Puitatn 
Lon pricet law Parking. 


734. Ju--- 

sj-. - . t— : .-i-j 


II Vii; ■ AMOHL *•■■■. I 


Bros I- LA COCK j 

-I'.- IttE.Nt HANOI ..« | 


A It.— *. •• I.2NALO HARWOOD I 

B.irrt • -- * A-..PLH WfttSl '• STRAND. 

, - - — - - — • — ' Mat ' 

HER MAJl.'TVb LC CI.lMO Si. Of. \ 

Even «c-. .' WV.I A Vjl. 3 L'O 


l - - 1 l- AQl. Jsal and | 

.•ajm.'nt Ni'.viits : 

A.. [ ; 1 01 CJ- T,-n- u,,., Ju |*| Tr... r' LL' VG^ MU^.IC SHOW j ST' M AttTIN’sT^ C r“ 3 jtTT«Tl‘ h 30. 

V. • a n J D-' • UL'LT SrltVtLOVC ! Mifir**» Toes 2 Saturday 5 and S. 

NIKOLAIS OANCk THEATRE* _ L A»! .'. V. EIWv SNOi J-lw | A TME M *2bu5rrBAP * 

Toss and Si:. Mai. Temnb-v. didonel. I ' THE MOUSETRAP 

True. S.»:. e*« Tr 'ptr. D-r' I. am Grotto. 

V" .%3<i Lvwn*i<QS B.0O. 

Thur. 5. 0 Sat. S.Ji} a op 3 30. 


GOOD SEATS L4 03- L 1 00. 

S:.». Tr Tom 3- j-ia T-i'-v nr«t 

Tr u'e D'i:i -ran C*'7!!a. G ^ S’.vv 
Mon. and W.-d n.*>c C kuhjI. llwb 
Fr,U-rt, Suit-* liC.TI San;!jiti. Jjlv'31- 


KING'S KOA3 (Hi; ATRL. 332 7453 I 

M-:n. Tr 9 0 r j«! 7 So. =>.10 / 

L'*.'.'l i CREAM IT SEE IT 1 


2o:t. YEAR 

_ I f- SO a.«.i"0 Da'-r-np 'Bars (wen 7.ISJ. 

73 I 


ADELPMI THEATRE. CC 0 1 - C C ia Till I . J 
Evj'. 7.20 Mail Thors 30 SH 29. 


d 197b. *077 jr.o 1 Vfi ■ ! 

IRENE intNE _ ^ IRENE : 


Sun.t* p«*o-: i 




ALBERY. 336 3979 ' Cre^'t car a 0* 3V | 

3*6 V07T-3 Iron* i '4 i «l P»rt- £■»-.■”. , 

Mon. Tuc*. Wed aed Fr . 7 25 u..n. 


LIOr ^VE 0 R A . RTS | 





■ - Man.. Tue -1 Tiwr*. Ff .11 S. 

*e.'. aim wj. 5! j :a mi 3.50. 


In a ior.-- i.-j, i- ..or*-M» Se.ue. 

T*»5 .■«-.-.* S- ■ .hr an* *j 

Sn.vj.i, j jiv »c a :-oj a 0 00. 

?.s>. I CM O ' -e:-:.-**.- 437 2035. 

tl JO super Revue 
ana 41 *1 o m 


0T 730 2S34. 

Open* wed. n«mt 

pr,vt l*n at 7.10 

b» Niaei* Bjtonin. 

: 5 O 



Mai. T 7. Sal 6 ? and 

6r Etlu.-i'e im F'I-ol-o 
S.-e:e.- bv FR.-.NCD 7tfl IRELU 
TOTAL rFHUMPU •' Ev T2.-**2. "AN 
EVENT TO TREAtuRf " 0. M - - MAY,' 
YEARS S.iTira. Tim?-. 

'MAY FAIR. 02° 'CJu E.-t. 3 Sat. S.3S 
?ej 5.30 WeJ. Mat. a: 3. 


AEDWYCH. 836 R2C4 Inti. ."S 53!2 
notrior*. Fully a:r icnn 


. 2J8 7050. Re&Murait; 243 

2535. Evei.n.u 7.33 aid 9.15. 
EVERY good boy 
A Slav tor Jito-'T 

VAUDEVILLE. 83l- 9V8J CC Fry 9.0O. 

Wui Ttaen. i AS Vai S J"fl 8 
0"iar> SHERIDAN Du** GRAY 
■' R-'- enter AnAtha with another »*ho- 
">l Agatha Cnr.Mle Iv Main to lha 
vtv-M Ena y<m aaa.'n with another w 
hrnd'VhW 'now* ouv murder mviters**-" 
Fell* BarVpr News 

book now 929 jras-e 834 tsit. 


Even. nil 7 JO. Mil* Wed. *nd Sat. 2 *5. 

Era. ! aandre fisiRs* 

Tonight. Tomer. 


"An gvcnlnti c* r-ue rti*i. 

5. With 5-nndberg'j THE DANCE I 
OF DEATH *aevt actl. 13 fulvl R5C . 
also *1 THE WAREHOUSE l,« ui.— r ' 

W) and at thg p.ceair.liv Theatre in . NATIONAL 


WAREHOUSE. Don mar Theatre. Levan- 

Roy»l Snah nw ere 

* David Rudkin'i 

inumnn " t. 

StaerLiro All aears Cl .80. Student stand- 
by Cl. 

ALMOST FREE. 485 5C24. ^unthi.m.f. 
"■ One on " bv Bo= W'lton Tu*-i.-SJT. : 
1.15 em-Sun>. 3 03 and 5 00 pm. No | 

E » -« ul.T'-r ■ - ' ' _ . IT^rr^nT i WESTfMINSTER. 01-8. 


ON PARADF. OLIVIER toper vtano): Todlr 2.25 .red | M UGGERID«" «renih 3 nt 
! - - ,MI 3- ■' t0 THE CHERRY; THORNHILL'S dramiM art" 

01-834 0193. 

inoon Mon. 

ALMOST FREE. 4S5 6224. Evgmnov Kurt | 
Vonnegult V " P!**tr PiYPO " b» Jjmf* ; 
Saunderv. Tu« -Sat. fl 00 am. No show. I 

AMBASSADORS. 0:-S36 1171. 

Nightly a: s oo Matinee Tucs. 3.25. 

Saturday 5 and 9 



The WorlO FnmouV TVtilltf 
'* Seeing '.lie pl.w again is In tact an 
utter and total ioy." Punch. Seat prices 
LZ 00 to £2 .JO D'nnnr and TOP-PrtCc 
sea: £" SO. 

ORCHARD by Chrlihoir Ot Michael 
Frarr. Tcmer. 7.30 The Country Wile. 
LYTTELTON iPfl'Kiiljm Stage) - To'nt. 
and Torn or 7.J5 PLENTY a nvw plav bv 
David Hare. 

COTTESLOE f small jud.torium): To'nt. 
and Tiimor. 3 AMERICAN BUFFALO bv 
David Mamet. t»ce l lent cncap seals all 3 theatres 
dav oi perl. Cir earv Rc-.taurant 023 
3033. Crcd't caro bkys. S23 3052. 

APOLLO. 01-437 2663. Evenings 6.00. 
Mali. Thun 3 00. Sat. 5.00 and 8.0Q. 

" Actor o! tho Year " Evenno standard. 
“ IS SUPERB " N.o.W 
'■ Wickedly tunny." Times. 

ARTS THEATRE. 01-B3S 2132. 


“ Hllarioirs . . s« it Sundav Times. 

Monday to Thursday 3.3C. Friday and 
Saturdays at 7.00 and 9 15. 

928 7616 

June-Sent. Season 
Eileen Atkins as 

a oreal Periarmance " Tnc Titties 
Today. Fn. 7.30 

br Christopher Fry. Sat 2.30 A 7.30 

' an outstanding revival " The Times. 
Returns julv 10 

ASTORIA THEATRE. Chmng Cross Road. 
01-734 4291. Mon.-Thurs. 8 O m. Frl 
and Sat. 6 00 and 3 45. tBuKCt rood 

ELY 15 

Infectious, .loocaiina looi-stimmn* an«* 
heart-thumoina." Observer Scats £2 OO- 
£6 00. Hall-hour before show best avail- 
able seats £3 00. Mon.-Thurs. and Fn. 
6 p.m. pert onVf 


Lunchtime Theatre Mon.-Fri. 1.15 p.m. 
■■ Not Much Change Irotn a Fiver. " 

OPEN AIR. Regent's Park. TW. 430 2431, 
E»9a. 7.45. Mats. Wed. Ttiur. 3 Sat. 2.30 
. t .. Saa *C ‘MAN OF DESTINY 
Lunchtime T.jmor. at 1.15. KEMPS JIG 
with Chrli Hlrrls. Sul*, at S.O0. 

DW T«i. 

"injenselv human dram#.- Y.Poat- 
"Treiriende'us impact." NoW. "I wit 
sharply moved." J C Trrurln. 

Frg« 7.45 Mats. Wed. 3 0- S4ls. 4 30. 

WHITEHALL. 01-930 6692-7769- 

Evas. 8.7-0. Fil. and Sat 6.45 and 9.O0. 
Paul Raymond presents the Sensational 
S»i Revue of tt*c Century 

Twice Nightl* S.OO anii 10.00. 
Sundays 6 00 and B-OO. 

PAUL RAYMOND presents 


-' Takes lo unprecedented limits what fv 
permissible on our stage." EvO. Ne*»*- 

CAMBRIDGE. 336 6056. Mon. to Thurs. 
a. 00. Friday. Saturday 5.45 and 8.30. 

Exrttmo Black Air lean Musical. 

" Packed with wrlelv." Dlv. Mirror. 
Scat ortces C2.0O-ES SO. 

Dinner and too- price scat £3 75 Inc 

PALACE CC. 01-437 6B34. 

Mon.-Thurt. 9 0. fr. * Sat. 5 a 9-40, 
b* Tim R.ce and Andrew Lloyd Webber 

PHOENIX, Ol-SaS 2294 Evenings 8.1 S 
Friday and Saturday 6.00 and 6.40 
GARDEN make us laugh. " D Mall, in 
The Hit Comedy by ROYCE RYTON. 

HAVE DIED." Sunday Times. "SHEER 

PICCADILLY. a37 4S06. Credit card bkOS 
836 1971-3 S 30 a.m.-8.30 p.m 

CHICHESTER 024 3 3 ' 3 1 2 

Tooav at 7.00. July 7 A 8 at 7 OO. A 
7.00. July 0 at 2.00 THE INCON- 

COMEDY. 01-930 2S78 

For a limited cnqaoemrnt until July 16 
■•An unD4ra»cl--d tour d” Torre " S. T.tnj-. 
Tues. to Sat. at 8.0. Sun. .11 4.30 No 
pnrls Mon. Seats £1,25. £2 25. £2.50. 
£3.00. Latecomers not admitted. 

CRITERION. 930 521S. CC. B3S 1071-3. 
Ev9s. 8. Sots 5 30. 3 30 Thur-. 3.00. 
- VERY FUNNY." Sun Tl-I. 

DRURY LANE. 01-336 8106. Every 
n.ahi a.OO. Matinee Wed. and Sat. 3 OO 

A rare, devastating, lo/ou:. astonlihlno 
stunner." Sunday Timcv 

DUCHESS. 836 8243. Men. lo Tliurv.*. 3 00 Fri Sat. n 13 and 9 00 

The nudity ■: stunning.'* Daily Tel. 
a:n Year. 

DUKE OF YORK'S. 01-536 5122. 

Evenings 3 00. Mat. Wed . Sat 3.00 
Limited Season must rnd August 26. 


Brllhantlv -virtv no cm: shauld j 

EvOs. 7.30. Sat. 4 30 and 8 Wed. maw. 3. 
Roval Snal'esfeare Comoany In 
bv Peter N.chOIS 
"Rlpro.iring tr.umeh.-- S Evmeis. 

E*. Std. Award and SWET Award- 

PRINCE EDWARD. CC. iPormerly Casino.) 
01-437 6977. Mondav- Frdav evgs. a.OO. 
MJI. Thur. 3.00. Sat 5 30 and 8 40. 

by Tim Rice ?nd Andrew Uovo WrtjBer. 
With Da.m EvSev Elaine PaldO and Jo»» 
A l> land, Directed t- Harold Prince. 
Plytw note Irem iur» 22 Sat. Peril, will 
be at 5.0C and B 40 

WYNDMAM'5. 01-836 2038. Credit Card 
Bko». 336 1071-3 Irotr 9.30 am. Mon.- 
Fri. B Fri. and Sal. 5.15 and 8.30- 
VERY FUNNY." Evening News. 
Mary O'Mailev's smash hit comedy 
" Suorumo comedy on sen and rrilgioo. 
Daily Tclevraoh. 

LAUGHTER." Guardian. 

01-023 6363. 


Ben lontnn's 
EvtD. 7.45. <No Peri. Mon. next.J •• A 
rlproarlnu production ” Sun. Times. 
Youno Vfc Festnar until Joly 23 «ion« 
Sox Othce lor leaflet. 


8961. Sen. Pens All Seats Bookable. 

1: 2001: A SPACE ODYSSEY *Ui. 7 Omm 
litm. Wk. & Sun 2.25. T.55. LSt* Sf»W 
Fn. * S.11. 11.05 

2 BILITIS 1X1. Wk. * Sun. 2.00. 5.35. 

CAMDEN PLAZA *dPP. Camden Town 
Tuber. 4BS 244 3. Taviani's ALLOWSAN- 
FAN lAAi rav the director of PADRE 
PADRONE. I 4 4S. 6.50. 9.00. 

CLASSIC 1. 2. 3. 4. Oxford Street 'OOP. 
Tottenham Court Rd. Tube). 616 0310. 
1. Bruce Lee game of death (X>. 
Pros. 2.00. 4.15. 6-30. S.45. Lite show 
11 p.m. 2. Walt Dlsncv's HERBIE GOU 
TO MONTE CARLO <U). Children half 
price. Proo;. 1.30 3.40. 5.5S. 8.05. Late 
(XL 3. Alan Bales. John Hurl THE 
SHOUT <AA). Progs. 2.30. 4.35 6 40. 
8.45. Lite Show 11 u.m. 4. Richarn 
Burton THE MEDUSA TOUCH <A1 Props. 
1.10, 3.35. 6.00 8.25. Late Show 10.50 

PRINCE OF WALES. CC. 01-930 BfiSl. 
Evgs. 3.00. Saturday b.30 and 3.4S. 
starring ROBIN ASK WITH 

QUEEN'S THEATRE. CC- 01-734 1166. 
Evgs. S.O. Wed 3.00. Eat. SOO. 8.50. 

In Alan Scnnctt'v 
and Plavers London Crlt'c* Award 


RAYMOND REVUEBAR CC 01-734 1-593. 
At 7 p.m.. 9 p.m . 1 1 p.m. 'Open SumJ 
PAUL RAYMOND presents 
Fully alr-cannltioned 

b It," Hiroln Hobson '-Drama*, in&rant , 
credit card reservations. Dinner and 1 
Top price Seal# £7.00. 1 

FORTUNE. d3C 2233. Evv. ft OO. Thurs. 3. 
Sar S 30 and S.OO. 

Muriel Pa, low a# MISS MARPLE In 


Ird Great Year 

GARRICK - THEATRE. - CC." o’lTfl'so JCoTT 

Eys. 8.0. Mai. Wed. 3 0. Sat. 5 30. B.30 


Gdn. - NOT TO BE MISSED." Times, 

ROYAL COURT. 01-730 174S. Air wrsf. 
EvenlnO^ 9. Sat B.30. 


Bill Morrison’s " Savage larce." F.Tlmdl- 
ROYALTY. Credit Caro; 01-405 9004 
Monday - Thursday Evenings 8.00. FrMav 
S 30 and B.JS. Saturdays 3.00 and 3 OD. 
London’* .Tllle'- vote BILLY DANIELS *n 

De-iT Mur leal ot 1977 
Boo 1 - 'nhs ai.mL:d Major credit cards. 
Special reduced rales lor nuunvei llor 
limited Denod only* 

CURZON. Curzon SlrcwL W.f. 499 3737. 
■ Fully Air Conditio nod Comfort.) D6R3U 
UZALA tU) Id 70 nun (Tnyllsh sub- 

"MASTERPIECE." The Times "MASreR- 


WORK." The Observer. 

ADVENTURE." Sunday Times. "VERY 
.BEAUTIFUL." The Guardian, "haunt- 
ing ADVENTURE." Sunday Bjujtom. 
"MASTERPIECE." Evenings News. FHm 
d*ity at 2.00 (not Sun,! S.OO and a.OO. 

R'chnrd Burton. Roger Moorr. _ RKhard 
Mams. Hardy Knot In THE WILD 
GEESE IAA>. Rdvnl Chari tv_ Premiere 


5at3, _ . 

advance for 8.10 prog. Mon.. Fri. and all 
props. Sat. A Sun. 

r 9fc * 

^ I 

ODEON HATMARKET. 930 273B-2771. 

-- ... fnilirv 

. . . _ . . . aim J. 6.00. 9,00. All Mill 

bictole. at theatre. 


KIND iAl, Sea. progi. Dlv. 

1 OS. a.IS. 7.4S. Late * 

Doors open 11.15 p.m. 


1. Dlv. Doors open a 

1 Show Fn. A SaL > ,-?7 .j« 

■. All aeon .bkblr. » • ■- 

SAVOY THtAIRE. 01-036 6838 


TO SEE IT." G*tn. 

CV9>- at 9.0. Frl. and Sat. 5 45 ami 6.45. 

ODEON MARBLE ARCH. 725 2011-2. 
KINO *AI. SCO. DfML MdfL-rri. Door* 
open 2 15. 7.30 SAL & Sun. DOOn ooen 
1.05. 4 1-5. 7.45. Tote khaw Fri. A Sat. 
Doors ooen 1 1.15 p.m. All Wilt bookable 
in ndvaiwe extent (ate shows. 

PRINCE CHARLES, L*c. So. 447 8161. 


Siml Peris. Dly. .<nc. SunJ 2.4S. B.1S. 
9.00. Lie Shew Frf. A Sat. 11.45. HlU 
Bible. LIC'tl. Bur. 

1 >*.. 


iadler’s Wells 

Alwin Nikolais 


The return of Alwin Nikolais 
i London after an absence of 
•yen years brings back the 
neks of a master conjurer with 
Bht and movement With 

• ikolais it is often a matter of 

• ot believing what yon seem to 
-0. as bodies dissolve, and 

.1 aapes merge and split like so 
iany highly coloured amoebae, 
"his is where the Nikolais 
. -lagic is most potent and so it 
roved in the concluding work 
' . f his first programme at the 
; veils or Tuesday. The earlier 
art of the evening was rather 
, lioner stuff, - comprising two 
ieces which revealed the choreo- 
raphy rather than concealing 
l beneath patterns and shifts of 


.In both Temple and Guignol 
.he insistence seems to be upon 
uirkly gymnastic movement 
« . nd a good deal of egregious 
v.'harm from a cast of nine. 
, 'emple is brief; Guignol lengthy 
... d exploring the idea of various 
Jnds of lay figure, model and 
luppet— its subtitle is Dummy 
'Oances. At moments the 

• ■ lancers appear as madly gay 
vindow-dressers manipulating 

•. nannequins; at others they are 
. 'juppets, clowns.' and wooden 
urtist's figures. There are hints 
■>f drama, but unlike the Bun- 
"raku sequence. In MacMillan's 
Rituals, there is no tension or 
3 envelopment to the incidents, 
»nd an omnipresent vulgarity 
makes many of the effects look 
.-heap. Only in the closing sec- 
tion, when each dancer is 
ioubled with a life-size model, 
Joes the action move into that 
irea of illusion and eye-confus- 
ing unreality which is very speci- 
illy Nikolais' own. 

^Record Review 

This is the territory, happily, 
in which the closing. Triad is 
placed. The setting is. three mir- 
rored doorways, which 'lead into 
a world of kaleidoscopic mystery. 
The constantly melting patterns 
that Nikolais projects over the 
performing area, the masterly 
camouflage wherein bodies lose 
their shape or limbs take on an 
independent life, are a continu- 
ing tease for the eye. 

Choreography is simple, a 
single ingredient in a complex 

Guignol (Dummy Dances) 

structure of light and shadow, 
colour and illusions of form. For 
the most part the dynamics are 
flat, a progression of movement 
no more compelling than 
shadows moving across a screen; 
a closing passage played under 
the eye-numbing flicker of strobe 
IigbtlDg is a final burst of the 
magician’s virtuosity as the 
dancers jerk in single-frame 
sequence carrying large metal 
triangles and passing in and out 
of the mirrored doorways. 

Leuirard Burt 

Nikolais’s theatre is one in 
which visual sensation is alL 
(The accompanying scores — like 
everything else, devised by Niko- 
lais — are electronic wall-paper, 
save for an extemporised jazz 
accompaniment to Guignol by 
the Paul Winter Consort.) 
Supremely it suggests the vast 
possibilities of light, which even 
after 25 years example only 
Nikolais seems capable of under- 
standing and using for our 

^jr' -V 

"■Two second operas 


~ — ” — — was persuaded to sing Edgar in 

Puccini Edgar; Scotto, Killebrew, Madrid; but even he could not 
Bergonzi, Sardinero; Schola achieve success for the opera. 

Cantorum. Opera Orchestra ~ , 

of New York/Oueler <TBS ® ve Q°®l® r * conducting • the 
T^iaTtwo SSoSlo ffi Opera Orchestra of New York on 
™ . 3 J u records), £679. ^ ^ recording, uses the 

Nielsen Maskarade: Brodersen, revised, three-act version, which 
Plesn® 11 . Landy. severely curtails the role of 
Schmidt Johansen, Hansen; Tigran a, while leaving that of 
Kat k° s y™P^ 0D f Fidelia, the heroine, practically 
Orchestra and Chorus/Frand- untouched. Fidelia’s gentle, 
sen. Unicorn RHS 350/2 steadfast character is 
(three records). £11.97. immediately established by her 

—rr: “ — — “ opening number, an aubade. first 

Edgar. Puccmi s second opera, heal . d 0 ff-stage. with which she 
. is a work for which the gramo- wakes the sleeping Edgar. Renata 
phone in general and the long- Scotto phrases this, as she 
playing record in particular, phrases all Fidelia's musir. with 
could have been expressly ^ ideal mixture of tenderness 
invented. The preposteroasness and restrained but genuine pas- 
..of Ferdinando Fontana’s libretto, S j on . in the third act where 
derived from Alfred de Musset’s Edgar, disguised as a monk, plays 
..La Coupe et les I6vres. a verse dev |i' s advocate at his own 
drama intended not for the stage funeral, it is Fidelia alone who 
but for the library. Is diluted defends the young, .man, and 
r on a recording, while Puccini s > 

-score, which " contains many , t> nn 
•passages fascinating in them- Book.ReVlftWS appear on 
selves as well as many m'-re T>o«rn. 17 

prophetic of the glories to e$me, r «g e 

. rivets the listener’s attention. ' — 

The musical characterisation, _ „ . , . 

. already masterly, provides the here Miss Scotto is In her 
'dramatic stiffening so conspicu- dement, shaping the vocal line 
ously absent from the text. most eloquently, charging but 
The relative failure of the never overloading it with the 
first performance of Edgar at emotional conviction that is the 
La Scala on April 21. ' 1889. hall-mark of her singing, 
despite a strong cast that in- Tigrana, a part for either 
eluded Romllda PantaleonJ ■ (two dramatic soprano or mezzo, is 
. years previously Desdemona in entrusted to Gwendolyn Kille- 
the premiere of Verdi's Otello) brew, whose rich-toned middle 
as the viilainess Tigrana, was and lower registers contrast strik- 
a bitter blow to Puccini, then ingly wtih Fidelia’s purer 
in his 31st year. But his patron timbre, and who certainly sug- 
the publisher Giulio.Ricardi did gests a sultry seductiveness; but 
not desert - him and continued she Is badly taxed by the tessi- 
to pay the composer a monthly tura of much of the music, uot- 
allowance. At Ricordi’s insist- ably her second-act duet with 
core Puccini reduced the Edgar, when the top of the voice 
original four acts of Edgar to sounds harsh and ^ strained, 
three, and the revised version Edgar, fluctuating between pas- 
was given at Ferrara in sionate desire for the courtesan 
Februarv 1892; later that year and romantic love for the pure 
Francesco Tamagno, whom young girl, is hardly a sympa- 
Puccini had vainly hoped would thetic character; his actions in 
create the title role at La Scala, setting fire to his paternal home 

Book Review 

and in staging bis own funeral, 
suggest a pathological case. 
Carlo Bergonzi, skilful at 
illuminating the murkier cor- 
ners of a diseased imagination — 
witness his Carlo Moor on the 
Philips recording of / masnadterl 
— sings Edgar's introspective 
monologue “Orgia. chimera dali' 
occhio vitreo” with particular 

In the scene where Edgar and 
Frank (Vicente Sardinero;, once 
his. rival in love, later his com- 
panion in arms, tempt the 
apparently broken-hearted and 
repentant Tigrana with a pearl 
necklace, Bergonzi subtly points 
the dramatic irony of the situa- 
tion. The funeral march— con- 
ducted by Toscanini at Puccini's 
own funeral— is impressively 
played by the orchestra while 
the Schola Cantorum of New 
York sing the Requiem with 
similar accomplishment Eve 
Queler paces the work leisurely, 
but does not allow the tension to 
drop and builds up the big 
ensembles with a nice architec- 
tural sense. The recording, made 
at a public concert, is perfectly 

Carl Nielsen’s Maskarade is 
also a second opera, but there 
the analogy with Edgar ceases; 
the composer of the latter work, 
a man of the theatre if ever 
there was one, went on to write 
another 10 operas, three of which 
remain among the most popular 
ever written. Nielsen composed 
no more operas, though Mas- 
barade. based on a comedy by 
the classic Danish dramatist Lud- 
wig Holberg dating from 1724, 
scored a respectable success on 
its first performance in Copen- 
hagen (November 11, 1906) and 
is in the repertory there today. 
Vilhelm Andersen, Nielsen's 
librettist, was taken to task for 
rewriting virtually all of 
Holberg’s dialogue, but the com- 
poser took his inspiration from 

the subject of the play, not from 
Its form. 

The plot is simple: Leander 
(tenor) disobeys the orders of 
his father Jeronimus (bass) and 
together with his valet Henrik 
(baritone) attends a masquerade 
to meet the unknown girl with, 
whom he has fallen in love. She 
turns out to be Leonora 
(soprano), daughter of Jeroni- 
mus's friend Leonard (baritone), 
and Leander’s prospective bride. 
In the third and final act, the 
entire cast turns up at the mas- 
querade, including Leander's 
mother. Magdelone (contralto), 
who flirts with Leonard, and Per- 
nille (soprano). Leonora's maid, 
who fancies Henrik. 

During the gestation period of 
Maskerade. Nielsen played 
second violin in the orchestra of 
the Royal Theatre, Copenhagen, 
and the score bears traces of the 
influence of Verdi’s Falstaff 
(introduced to the Danish capital 
in 1898) and of other comic, 

The Unicorn recording, by the 
Danish Radio Symphoy Orchestra 
and Chorus conducted by John 
Frandsen. is cast with singers 
familiar with their roles on stage, 
and consequently sounds 
thoroughly ideomatic. The two 
young men, Leander, lyrically 
sung by Tony Landy, and Henrik 
deftly characterised by Mogens 
Schmidt Johansen, are particu- 
larly convincing. Ib Hansen 
makes an amusingly old- 
fashioned Jeronimus while Gurli 
Plesner is splendid as the still- 
youthful Magdelone. The girls 
have little to sing, but Edith 
Brodersen makes a charming 
Leonora and Tove Hyldgaard a 
pert and sprightly Be mi lie. The 
dance music of the last act is 
played with heady rhythm and 
an infectious sense of enjoyment 
One Is left with the feeling that 
Nielsen, though no bom 
dramatist, could have fruitfully 
explored the operatic vein in 
other directions. 

St. Barthoiomew-the~Greai 

Ultimos ritos 

For the next 11 days, a festival 
of 20th-century music holds sway 
in St. Bart's, with midday, even- 
ing, and late-evening events, an 
interesting survey of diverse 
modern styles, and a plentitude 
of first performances. It is a 
brave, admirable venture richly 
deserving of support (not least 
by those who complain of the 
lack of variety and enterprise in 
London concert life). 

Tuesday's opening concert 
was given by the Southampton 
Youth Orchestra, the Michael 
Laird Brass Ensemble, and the 
New English Singers, all under 
Andrew Morris. It began with 
a new, Walton-crossed-with-20th- 
Century-Fox Festiral Fanfare by 
Edward Gregson, and continued 
with a beautiful choral prayer, 
Slava tebe Gospodi, by Grechani- 
nov (about which there was 
neither text nor note in the 
festival programme). But the 
most important business of the 
evening was a performance of 
John Tavener's UUimos ritos 
(1974), that elaborate, intrigu- 
ing. “ arcbitecteural " choral 
composition laid out on a large 
and very ambitious scale. 

With its store of religious 
symbolism made manifest in 
music (its groups of four choirs 
and four percussion sections, laid 
out on points of the cross, its 
trumpets and recorders directed 
to sound from galleries high and 

Festival Hail 

low, its organ grandly sonorous 
from one end of the nave). 
Ultimas ritos needs space. There 
was not quite the necessary 
depth, height, and distance in 
the harmonious and intimate 
interior of SL Bart's; not all the] 
drama of contrasts on which I 
Tavener so heavily depends could 
be fully played out. and at times 
the performance seemed to reach 
the ears of the listener all too 
quickly, too “normally.” divested 
of the awesome apparel of rever- 
berance and decay. 

Nevertheless, despite the \ 
reduction of scale, and despite 
a performance not .always fully 
geared to the individual dramatic 
character of the five movements, 
with little hesitations and un- 
certainties as well as devotion 

and choral proficiency in its 

execution, the multitude of 
glamorous, striking sound-inven- 
tions came across. I am by no 
means persuaded that Ultimos 
ritos is the sum of its parts; that 
all its technical ingenuity in the 
super imposition and layering of 
textures affords a musical ex- 
perience of any substance; or 
that the work functions on any 
level other than that of aural 
titillation. On that level, there 
was much to enjoy, not least in 
the third movement, with its 
appealing mezzo-soprano solo 
(beautifully taken by Patricia 




The soloist in two piano con- 
certos at the heart of Tuesday's 
Philharmonia concert under 
Andrew Davis was the youn* 
French pianist Pierre-Laurent 
Aimard. I first heard Aimard in 
1973. when at the age of only 
16 he was declared outright 
winner of the Messiaen Competi- 
tion at La Rochelle. Teenage 
prodigies fall by the wayside 
easiy; but Aimard has stayed the 
course well. The finger technique 
is still more dazzling than it 
was; the easy, fluent manner and 
sensitive touch have neither 
cracked nor soured. We should 
be hearing more of him as a 
soloist in the coming years: and 
as chamber player too, since 
his appointment as pianist in 
IRCABTs new Ensemble Inter- 
contemporain in Paris. 

The evening's first “concerto’* 
was Messiaen's Oiseaux ex cliques 
— tin-own off by Aimard with 
vivacious precision, keenly drawn, 
beautifully coloured: the effect 
would have been finer still if 
the Philharmonia's ensemble, 
willing and energetic, had been 
rhythmically more exact: and if 
there had seemed less of 
hastiness in Davis’s beat, and 
more of manic insistence, a true 

Messiaenish vociferation implac- 

It was also Aimard again in 
Mozart's E flat concerto K449 
who held the music bright and 
taut Davis spun out his tuttis 
and bis accompaniments — as he 
had spun out his opening 
Schubert Third— dully, without 
finesse, or any manner of 
subtlety of counterpoint or 
instrumental colour. Under a 
different direction, Aimard might 
have cut his ornaments in the 
andantino, sweetly and simply 
as he otherwise phrased it a 
little less drily; and in the finale 
added to the warmth and wit of 
his playing the only ingredient 
it notably lacked, a real Mbzartian 

Louis Armstrong 

The annual concert held to 
commemorate Louis Armstrong 
will be held this year on Satur- 
day July S at the Royal Festival 
Hall. The bands taking part are 
Mr. Acker Bilk and his Para- 
mount Jazz Band, featuring 
Mike Cotton on trumpet and the 
Johnny Barnes/Roy Williams 
Jazz Masters. 

LciiBun! Curt 

Charles Beebjr (top) and Gerald Miller 

Theatre Space 



Another new venture in Covent 
Garden. Formerly the Rank 
Strand demonstration theatre 
and more recently a club cinema, 
this cosy but featureless base- 
ment at 29 King Street is play- 
ing host to the One-Off Theatre 
Company from Bradford. The 
play, by Don Milligan and Noel 
Greig. investigates, somewhat 
crudely, the gay relationship be- 
tween carefree Gene (Charles 
Beeby), into loose blouses and 
make-up, and serious Dick 
(Gerald Miller), who is heavily 
involved in union politics in a 
Bradford factory and plays the 
allegedly “heterosexual” game of 
three-piece suits and beer with 
the boys to ensure the validity of 
a bid for power 

The message is that political 
struggle starts with yourself and 
your debt to those you love, but 
there is minimal sophistication 

in the presentation of arguments 
and little consistency in the 
dramatic trauma lisa lion of a 
couple of Leicester hearties up 
for the convention who find 
themselves rudely deposited in 
the surprising domestic milieu 
of their “What about the 
workers?’’ comrade. 

After an over-stressed intro- 
duction in the butch locker- 
room, where all talk is of 
holidays in Majorca with the 
wife and kids, the action pro 1 
presses tediously through to a 
pretty boudoir denouement in 
which Gene works himself up 
fo a final departure on the 
grounds of Dick’s closet menta* - 
Iity. On the way. Gene, needless 
to say, has ail the best lines 
and tickles the audience’s fancy 
by flouncing around in predict 
ably outrageous fashion. The 
director is Paula Stepney. 

An opera is staged by arth 

The Making of an Opera: “Don 
Giovanni " at Glyndebourne by 
John Higgins. Seeker and War- 
burg, £7.95. 272 pages 

To : the surprise of the first - 
-wight audience at Glyndebourne, 
✓ Peter Hall was not present to 
take a curtain-call when the pro- 
duction on which he and his cast 
- had laboured For five weeks was 
" -unveiled on May 31 last year. As 
director of the National Theatre, 
he found himself chained to 
London by a labour dispute— 
‘ which some suspected to have 
been timed to erupt at the crucial 
moment for. the delivery of 
Don G-uwmmi to its customers. 
This externa) drama is undo 
,l played in John Higgins’s pages, 

. ' much in the spirit that Hall, bid 
“ the nightmare at the National " 
from his' Glyndebourne team. 

Sir Petw Hail 

The author's concern is the 
building-up of the opera pro- 
duction, from the earliest dis- 
cussions* about casting to the 
raising of the curtain. Alert, 
knowledgeable. and (one 
imagines) with a tape-recorder 
almost always at the ready, he 
was a privileged observer. His 
book does for a opera produc- 
tion what has been more often 
done for film productions ana 
occasionally for plays and 
ballets. It is a pleasure to find 
it done so well and published 
so swiftly— while the production 
itself is back at Glyndebourne 
for a second season 
Not that one needs to o® a 
frequenter of Glyndebourne, or 
fully versed in the inmcacies of 
Don Gicmcmnt, to 
fascination this record of plans, 
revised plans, conversations, and 

3hS£a Si. Like the expert 

journalist he is (he wasarts 
editor of this newspaper before 
moving to a similar position at 
rZeTimes), John Kgni; 

but unobtrusively sketches both 
the historical background and the 
present world of glyndebourne. 
Seclusion from London a ®“ 
unusually long rehearsal period 
Sowed s creative wolutio^of 
a production, quite dmerent 

from the imposition of a sch« me 
brought In cut-and-dried py a 
producer who has already staged 
the opera elsewhere 
Peter Hall’s most deg*™ 

point of re-interpretation— 

making Don Giovanni defiant at 
the end of Act 1, instead of fend- 
ing off his accusers and running 
away— is well documented, to- 
gether with the eloquent letter 
to The Times in which Peter 
Shaffer defended it against the 
doubts of professional critics. 
Next to Peter Hall, the most arti- 
culate of the participants seem 
to have' been Benjamin Luxon 
(Don Giovanni) and Stafford 
Dean (Leporello). Their views 
on their roles can be tested by 
the reader by reference to the 
text of the opera given in Italian 
and English in 65 pages at the 
end of the book. It is a pity that 
this is set out as if It were all 
prose, not distinguishing between 
the sung numbers and recitative. 

With remarkable self-denial. 
Hr. Higgins takes no critical 
Stance himself — not even on such 
a seeming absurdity as placing 
the period of the action some 20 
years after Mozart died. More to 
be regretted is a neglect of two 
specific matters. The first is 
money: we learn that “ one of the 
Don Giovanni cast was appearing 
for 25 per cent of his regular 
'German salary" (I think this 
should be “what he states to be 
his regular German salary "), but 
are given no real information on 
costing, although it obviously 
governs so much at Glynde- 
bourne as elsewhere. 

The other major omission is, 


surprisingly, music. Although 
there is a chapter on “the con- 
ductor” (John Pritchard), he is 
treated mainly as a useful, 
reliable functionary in the 
producer’s service. There is 
virtually nothing here about the 
placing and strength of the 
orchestra, the experience of 
orchestral rehearsals, the deci- 
sions on cohtimio and appog- 
giatum, the latitude allowed to 
soloists in matters of tempo, 
the problems of blending voices 
—even about how fast and how 
loud the music was to go. We 
know of course that the producer 
(or, as Americans more sensibly 
call him, the stage director) is 
the true modern operatic prima 
donna, but there are times when 
the reader of these pages might 
almost forget that opera begins 
with a score and, even now, 
has to be sung and played as 
well as acted. 

The book is finely printed and 
produced, with only a rare slip 
showing the haste which must 
have gone into its compilation: 
on page 191 Peter Hall gets 
“scarcely no sleep " in the week 
before the final dress rehearsal. 
Admirable photographs (of other 
Don Giovanni productions and 
other Glyndebourne operas too) 
are well displayed. The identi- 
fication of Frankie Howerd as 
“the English comedian" seems 
to indicate that tlie book is 
intended to travel So it should. 

Arts news in brief 

The prizes at this year’s (the 
lSth) "Goncoreo Internationale 
di canto B Gigli” 

Macerate in Italy were a 
to Simone Maamo *** 

Bee Boo (equal first). Rantaro 
Kurasaki and Yoshahisa 
(equal second) and 

* The prizewinners ^ - 1he a 0 ^ r 
flnaUste will be heard *n a con 

cert on July 25 Jn the Arena 
sferisterio at Macerata as part 
of the forthcoming season. 


A paperback edition of Who’s 
Who in the Theatre, the Bible 
of the English-speaking stage for 
the past 60 years, has now been' 
produced. The 1977 16tb edition 
is available for £5.95 in a Slightly 
truncated form, as against £15 
for the hardback edition. It is 
published by Pitmans who will 

be bringing out a revised edition 
of the complete work in 19S1. 

Comedian Billy Connolly is 
to act the role of Frosch in 
Scottish Opera’s production of 
Die Fledermaus at the Theatre 
Royal Glasgow, in January. 

He will also take part in a 
gala performance on December 
22 which will be conducted by 
Sir Alexander Gibson. 



Teietnnc Flnantimo, London PSt Teles 886341/2, 883897 
Telephone: 01-248 SOW 

■ . V; ‘ , ■ 

Thursday July 6 1978 

The Egyptian 

Ov I T IS ON THE cards that the 

_ I European Community will 

I -msm. launch a new attempt at 

Vg| *1 aw |l la ■ || monetary union at the Euro- 

UviiV^V Mil ffi ffi ; Pean summit which takes place 

in Bremen today and tomorrow. 

. What emerges from their 

NEARLY SIX montihs alter meat has not modified its plan discussions may not sound like 
President Sadat abruptly broke which would, provide for limited it; indeed, some government 
off negotiations with Israel it self-government for the occu- leaders, starting with Mr. James 
see ms almost certain that they pted territories. Rather, in Calla ghan, will be at pains to 
■will be resumed in the next few response to UB. probing, it has ensure that it does not, for fear 
weeks despite the foot that the — wi “ 1 . “ c dissen t of a minority of provoking entrenched 
main elements of the Egyptian including Mi. Exer Weizman. national prejudices against the 
leader’s plan, which was pub- the M ? nister of Defence— hard- idea. But it is the idea of Euro- 
Kshed yesterday have been ened i ts Po sition, by refusing pean monetary union which will 
consistently rejected by the t0 contemplate anything more be at the heart of the Bremen 
Israeli Government However, ?, e J ?* b * e ' *f d _^P*»P«Ss 

it had already accepted the US. Gaza toat v some «*m«cwt progress 

invitation to attend a meeting Stnp ^ ter five yeaxs * be made 

of Foreign Ministers in London One element in the Sadat Experienced and cynical 
provided that no preconditions proposals — the return of the observers or the European scene 
or “ outra ego us ” demands were West Bank to Jordanian control groan in disbelief. The 

made. Wisely, Mr. Sadat has — is baffling, in as much as this European Community has, after 
not made Egyptian attendance Idea has not been, endorsed by “7 m*® 6 att ®mpte on 

dependent on Israeli acceptance Jordan. King Hussein, lake Mr. L . pe J£ ^ 

of the totality or. part of his Sadat, subscribed to the resold 

EEC heads of government at Bremen: By IAN DAVIDSON 




Financial Times Thursday 3 uly 6 1978 




No concessions 

tioos of the Arab summit con- o£ taTe mct ^ 

. x .. „ , _ ignominious set-backs. The 

that the Palestine liberation most attemot has h<x»n 

The prospect of a meeting Organisation should be soledy S19W 

between Mr. Moshe Dayan and responsible for any territory which is designed to limi t the 
Mr. Mohammed Ibrahim Kamel evacuated by Israel. Now he fluctuations of Community cur- 
at the very least says something feels unable to undertake any reudes against other. But 
for U.S. efforts and pressure to mandate for the West Bank the buttressing arrangements 
breath life into a negotiating without full pan-Arab support have been too feeble to support 
process which began promis- f? or £us part Mr. Sadat has gone the weaker currencies, and 
ingly last November with Mr. some way to compromise, by Britain, Italy and France have 
Sadat s bold mission to Jeru- making no reference 'in has plan all dropped out, leaving only a 
salem, but has subsequently gather to the PLO or to Syria. D-Mark zone surrounded by 







^nre ^h^ormnt H(wever ’ PoLarisatkm some voluntary adherents. Is months there 'roily has been The Benelux countries, for Jimmy Carter. Yet, with nods 

IZ7' manSSt T cSuS’uina on basic between Egypt Jew any reason i to suppose some convergence of national example, do three^uarters of and winks they have, at the same 

manliest a 

Egypt to search for a 

55 s&Si&iO-!- 

rmilimiinp — ™ o r !»i,.* ' . , ... , - - swue wu»cigcnce ui uauuucu cmuuviic, uu*.* »*»■ muM urcj ms own 

hnfh Te-a-i snd Israel negotiations at theljbj 2 plan wi “ fa ^ W economies, in the sense that the their trade with other members time, allowed other governments 

present time may not oniy be} better? That remams to be British and French governments of the Community; in Britain's to understand that there might 

T. *f * have managed to bring their in- case, the proportion is under be a 


fruitless but also dangerous. 


package deal in the offing. 
Final cabinet decisions* on 

nppntiatf* another Definite nil- . .. ~ j *«._ lhslllc^ luli auu uie ISIS v>enuau ouuxoi u»ve 

ferences vrithin ' Mr^Begin’s ■ Th . ls , “ f eason for Israen h ^ Vh^^mrnnnn a considerable gap with the Ger- proportion, and provided com- been ostentatiously postponed 

Cabinet and even greater heart- in ^^ vln . 8s . ab ° ut a ^ man inflation, rate of around 3 petiteveness can be malotesned until the second half of-This 

t™i nimistenal meeting under UA Market theb^qucstonmark per cent but it Is a vast improve- by other means, such as oon- month. Ten days after th^Earo- 

searchmg his electorate, Israel ausp i ces at this point A second over the attitude of 
has conceded nothing since it is that a breakdown might British government It is diffi- 
presented its own plan late last jt as the intransigent^ to hnow whether Mr. 

year. Neither, arguably, has party ln<Jeedt tb e suspicion Callaghan wants to join, but is 
Egypt even though it is only ex ists — and may be justified— pretending he doesn’t for the 
now that Mr. Sadat has pre- ^at both the U.S. and Egypt salre of his relations with Mr. 
sented publicly and formally his may bope £or ap outcome Er ic Heffer; or whether he 
own proposals. bringing about 




troi of the money supply and of pean summit at Bremeni^the 
the public sector borrowing Germans will be hosts in Bonn 
requirement it offers a sigmfi- to an ostensibly much -^wre 
cant incentive for gr as ping after important international ^Sum- 
some degree of currency stain- mit attended by the Americans 
l.ty with the rest of the Com- and the Japanese, antf the 


at least doesn’t want to join, but pre- But the centra* factor in the In cce of France, received wjsdo® has 

Mr. Sadat has taken a funda- hastening the poltical demise of tends he does for the sake of improved prospects for a new v, * hich does a much higher pro- this will be the big o«|slo.n, 

mentalist position in proposing Mr. Begin who is regarded by his relations with Helmut and European currency scheme is P 01 ^ 0 * of its trade with the starkly overshadowing ttjp pre- 

that Egypt should take over many as one of the main Valery- Or is he frightened the widespread disenchantment Deutsche Mark bloc, the ineen- paratory meeting in Bregn. In 
administrative responsibility for stumbling blocks in the way to- both of the game and of being *n\h the consequences of float- tivo ^ even stronger. practice, the odds are tfcattt&e 

Sinai, and Jordan for the West wards a peace settlement. This left out? i ng exchange rates. The success second parodox is that Bonn rf 

Bank, including East Jerusalem could also be the concealed hope The paradox of the current of the Germans and the Swiss the notion of a European cur- ■ "LS2S! 

• • operation, orifrinally 

by Herr Schmidt as mS —LJ ,1^ 

international package nXt ^ ^ 

_ . „ TT . , . - — — — Him, u — which other countries raWlum xenn - - • 

future. He has also specified would in^ the last resort be pre- lead. (Or rather, for precision has only served, to drive their (including the U.S.) would get What the Germans watft is 
tiiat Israe I should withdraw pared for territorial compro- oil this point may prove crucial currencies higher than ever. The quite different compensations, exchange for faster growth is 
Jewish settlements from the raise on- the West Bank and, at a later stage, it is the Chan- British Government has only to may in fact be pressed forward three commitments: a/ommit- 
territory which it occupies. It perhaps greater recognition to cellor. Herr Helmut Schmidt, declare a policy of concern for quite independently for the ment by the Americans to do 
was on these principles, of Palestinian aspirations to- who is taking the lead.) In the the competitiveness of British benefits which it will, or may. something to arrest me decline 

Israeli withdrawal. Palestinian wards .self-determination. But past, it has been the French industry for British industry to confer on the participating of the dollar, w&aarily by 

'self-determination.’’ and the the odds, unfortunately, are that who have argued for monetary bank on a depreciation of the European countries. curbing oil irapodS; a commit- 

dissolution of Jewish settle- Mr. Mojidalc s diplomatic coup union as the first step, wberes currency, and to award wage • For longer than most of us ment by all thop major part- 

ments. that the earlier phase of will p^we to be a , futile one the Germans have argued that. inureasds which will, call for can remember, the British ners to rcsi^ protectionist 

negotiations foundered. and the London talks something monetary union made no sense such a depreciation. The and American • Governments pressures; "~ J 

In contrast the Israeli Govern- of a charade. 

a commitment 

without a convergence of the Americans indulge in a policy have been urging the Germans by their European partners to 
participating economies, and in of benign neglect, and their to help the world economy out took seriously at ways of 
particular of their inflation insatiable appetite for oil im- of recession by. adopting a stablli singer European curren- 
cies- ports drives their trade deficit faster growth rate at home, c* 65 - 

The change in the German atti- higher and higher, *arfd their These impassioned adjurations In theory. President Carter 

tude emerged, quite unexpec- currency lower and lower. have been stonily rejected by may bd able to bypass the diffi 

tedly. at the last European Most significant, the decline the Germans, yrho have made it cnities made by. Congress for 

summit, in Copenhagen this of the dollar has disturbing abundantly clear that they have his multi-part ; energy bill, and 
April, when Herr Schmidt sud- -effects an the rest of the world, no intention of embracing impose a surcharge on oil im 
denly proposed some new form especially' in Europe, because higher domestic inflation for the ports. He has allowed -it to be 
of oirrency cooperation . in the importance of the dollar sake of Jim Callaghan's blue reported that he may in the 
Sni FRANK MARSHALL, who into the transport business at] Europe. Now, over the past 12 varies from country to country, eyes, nor even for those of last . resort be prepared to im- 
was commissioned by the which it has hardly so far proved 

Wrong way to 
reform London 

pose such a surcharge. " But their depth when the talk j 
considering his difficult re] a- down to brass tacks; fOr anott 
turns with Congress, he may there is still serious anxiety 
prefer tty avoid any outright the highest levels of the Frei 
confrontation with Capitol Hilt, govern ment. and even in 
In the hope that- hi* preferred Commission, that the Schm 
energy measures wilL sooner Glscard enrhusium is premat 
rather than later, get through and dangerous for France, 
the legislative mill. say nothing of Britain and In 

Much the same goes for tl.e Iu so far as there is a prat 
required commitment to free plan on the table, the fr 
trade. With the GATT negtv runner among the v*ri 
-tiations on yet another round options drafted by the Ci 
of trade liberalisation teaching muulty’s Monetary Committw 
a theoretical deadline only one one in which currencies wo 
day before the Bobs summit, it be stabilised against ■ 

Will be difficult for the par- European . unit of accov 
tiripatfng government to resist which is a weighted basket 
tiie case for trade liberalism, all the Community current 
Yet with every month that This, according to Its advocai 
passes it becomes steadily more has a number of advantages: 
apparent that the Japanese, for is a looser system than ? 
all their protestations, have not snake. . and thus poses to 
found a way to reduce their risks for deficit countries; , 
trade surplus in a politically makes the task of speculat. \\ 
acceptable manner, and it more difficult: , and if cent 
becomes correspondingly more hank settlements are also me 
difficult for some European in units of account; the cost 
governments to he sure that deficit, countries would 
they will be able to resist pro- further reduced, 
tect ion is t pressures- from some Perhaps the most import. 

sector or other. consequence erf using the unit 

In any case, the faster growth account as the yardstick 
which would be the counterpart currency fluctuation, is that 
of these commitments would country, 'certainly no ma \ 
need to be fairly dramatie If country, can drop out witiu.'- 
it is to persuade President breaking the system. In otl 
Carter to have a row with Con- words. If the Nine were to Adt 
gross, or if it were to ease the such a scheme, it would Imt 
protectionist pressures In other that an of them intended to si 
importing countries. Naturally, in it for good, 
the German Government is not J 
being specific about what It ^ ^ 

might have in mind, hut two * rOOlIIl? Of 
points have emerged: there. '■ V* 

would be no stimulus before the rfSPFVPS 

turn of the year at the earliest, - - 

and any stimulus would be care* Xn the longer term, there 
fullv assessed for the danger of Um the: shadowy implicati 
inflation. In other words, a that the Nino would be layi 
purely German stimulusjs not the foundation, for. a Europe 
likely to make much difference, cuirency.. As It is, the Genua 
to the rert of the world." already agree that the schei 
It might.- of coum. be an will require some pooling 
encouragement to other coun- reserve*. . But there remain « 
tries to tallow suit Earlier this siderable divergences of vU 
year, the Organisation for whether, in the first instant 
Economic Cooperation and reserve pooling and central bn 
Development recommended that settlement would continue to 1 
all the industrialised countries a book-keeping function hand!* 
could and should go for higher by the Bank for Internation 
growth, hut the proposal was Settlements . in Basle, t 
turned down by the Finance whether the embryonic Eur 
Ministora^atleast some or whom pean Monetary Coope ratio 
were reluctant to accept precise Fund (which as of now cot 
growth targets. But the crucial slsts of a brass plate and a part 
question Is whether the German j-eeretary in Luxembourg 
Government will give enough of should -start to look more life 
a lead to trigger ‘the revival o{ .«• European central- bank, 
the OECD growth plan. There can be little advanc 

This week’s Bremen meeting. 'certainly about either thf 
by contrast, is. laced with a week's Bremen meeting or net 
much simpler question: will the week's Bonn meeting. Eve 
nine Community countries agree after they have taken plact 
in principle to set n new there may he considerable cor 

all fusion about what really occui 
red. A iiwrfiil guide for. the laj 
nch man would be the Inverse Con 
the munlque Index, which works a 
r to -tallows: a very long commun 
fs qnd means that all are again* 
quite likely that the details WiH sin, but nothing has been dt 
be left to be hammered dut elded: a very short eommuniqu 
during the second half of thfe means that something rathe 
year, and finalised - at . the important has been decided 
December European summit.- ;>eve o if it remains secret 
For one thing, the Schmidt-vtotal silence means tota 
Giscard ideas have been dis- deadlock. . My guess would b 
cussed hitherto in sudi secrecy either a diort communique o 
that some at least of the heads total strive at Bremen and 
of government will feel out of very long communique at Bonn 

currency system In 
will participate m 
able future, dr wilt 
join an enlarged version’ 
snake? Even if the ansi 
the first question is yes. 




not be the first President in an 
.independent Zimbabwe through 
the barrel of a gun. Tongogara 
appeared to the Commission as 
a man possessed of inordinate 
ambitions." The commission 
guerrilla leaders Rifted: these ambitions to rtfae 

Conservative regime at County a d*Pt, taking responsibility for 
Hall in May, 1977 to produce a commuter services, 

review of the structure and ft might also expand to take in 
functions of London govern- whole of the London Airport 
ment, has worked with area - 

commendable speed to produce None of this functional shuff- 

a thoughtful report which tins provides any clear rationale Man ITIOSt fCAfCd 
contains a number of detailed tar perpetuating an ; extra. - j 

proposals which are clearly regional tier in local govern- jn. Rhodesia 

sensible and helpful. He is also ment Administratively . : this a man possessed of inordinate 

blunt about the shortcoming of structure has proved .a: night- fi WS T ‘ aac ambitions." The commission 

the Greater London Council in mare in', the health service; -and. Khodesian guerrilla leadeis Rifted these ambitions to rtfae 
the first 13 years of its if t here, is to be a “strategic" have sought refuge in Swaziland systematic process of eliminat- 
existence — -remote, .apparently authority it is far from dear that Kes a power struggle t*”* could ing possible rivals by death.” 
obstructive, unresponsive to the GL^area is a logical unitin ^ wfcathappens after '■ One of the 15 who have fled is 

, in c Y^ nfi ou i a . ro1 ? iXm „ Ti’ , ■•••=•• Ian Smith flaaaddy irarids over “General^' Joseph Chtaiureoga. 
S5 i ?„f eW °i th6m ^ ders ! ani lf L P lar ming were; control. AitSe heart of the third in command of the ZANLA 

However, these observations omitted from this list of fuhe- gtiru g» } e ^ Tongogara, BueaSliias: fee was also charged 

raise more fundamental tions, -die argument for a sep- zSw with .a car-bomb murder, then 

fltvfdaMv finiM? hrate governing unit would Ipok -liberation Army timewise freed without standing 

ly udge . _ much weaker; and it IS; m ,hjs (ZANLA), to which the 15 trial. ZANLA belongs id the Pat- 

v ideas of the role of planning “ d-efeotors ” >u>p>ng>d Tlie rmtic Front, led by Robert 

Vague terms that SbMbUn the Herbert T Mugabe and Joshua Nkomo. But 

The real question raised by S a ^ ^ somhroSSee, causes. j f “internal seU(ment”col- 

the record of the GLC is unease amoasg bteik: and wfette 12 ? 5 ^!' hut- Tongogara 

whether ? regional authority of seems 10 be Uvuig f?. alike in Rhodesia today. aught emerge as the . ruler of 

this kind, separately elected, is tne p - : Secretive and implacable, the Zimbabwe, 

necessary at all; but a report A strategy • SSyear-okl Tongogara was hedd. A senior African civil servant 

sponsored by the GLC itself is in a Zand>iaiMiKuataiam security who has met Tongogara told me 

not a likely source for .guidance During ^the war many: people pniso-n until December 1976 on in London yesterday:, T should 

on tins question. The question found solace in the Utopian a miffd-er He was not like to be governed by him.” 

is indeed raised early -hr the plans produced f or-a-recoh- let out w president Kenneth i 

report, but it is answered in structed Britain, and the pretty ito,,*.*!* .. - - - 

astonishingly yague terms. An drawings and models which SL-? 1 ^inference^^ra Nord-SUd POfltik 
overall authority is needed to illustrated them: but post-war c twl win- ^ , ‘ 

stand up for London against experience has been deenlv- -5®?. J5*? Brandt no longer sees him- 

“What about us? If. we 
didn’t make taws .they 
wouldn't have any to 
- ’ enforce! n 

Guilty feeling 

Revenren mother, have you 
recently (out of the goodness 
of ypjur heart) 6igned‘ fpra3s 
guaranteeing' someone -.else’s 
debt? If so, you may h'ayeeause 
to regret it. For _youx. name 
might very well end. up on the 
flies of Britain’s biggest credit 
vetting agency. •. 

A number trf nuns have' landed 
up before the eourts that way, 
aocording . to Credit Data. 
Though the wheels of the law 
grind- slowly, fh«y- grind exceed- 
.ing ; .smalL Credit Data, which 
.takes .all its' information from 
public .sources^ like the county 
court records, .has had 7,524 
applications to-vlew its Hkn files 
in the year jfince the Consumer 
Credit Act obliged the credit 
vetting agencies to make details 
of - fhefr standing available to 
the hniividuBls' concerned.. . 

. History does not record how 
many of thoSe 5\524 individuals 
stamped out in high if inarticu- 
late dudgeon.. But EL. of them 
claimed .and proved . that . some 

■ , _ ivmvv ^ uikui 

central government, to foster a disillusioning. Panning has been hc J?Sf, ied * he ti 12 ’ 0 J® “ primarily a European mista ^ e ^een made— the 

“corporate approach” to seen as a source of rigidity. :*o®J b«se3 Statesman. Yesterday he was qW1 _ eC P n °^ C J name wrong, the address wrong, 

common London problems, and mediocrity, social problems and Mo ? aillb ? Jue - Uants of tins happily signing copies of his on accelerating the development t h e sums at issue wrong. Credit 
a “ Metropolitan consciousness ” economic decline. Planners of a fODCe iiave b . e f 11 accused of the book. People and Politics, pub- , Tj1ird i, orld '. h B u lJ ie ! s ^ ata says that 27 of those mis- 

among voters. These duties may few really modern developments atrvMi * ltfleS ’ the lished here two years after r e ?f i ha ^ py . a ^°“t ti}® J . takes resulted from the provi 

seem altogether too ill-defined such as Milton Keynes and the 13 missionaries. the German verson.- But at Siy?* v™ Stmet sion of wrong information by the 

> justify setting up a large conurbation slowly growing Tongogara, wfeo was trained a lunch after the West German to 011 rD Its AfncaD Lord Chancellor’s department 

lected body with some north of Newcastle have adop- 111 has been bfaetrged in Embassy’s reception for him; he 8 Certificates, of. satisfaction from 

lousands of paid officials. ted a much more modest role, Eusaha ™ April 1976 with the was telling a number .of us that _ ^ranats wiaer interests maae the courts — acknowledging that 
The basic strategy is that the solving the essentially technical oar^Munfc kitting a year earlier he sees his main role as a' .iSHL. e S the debt had been paid— were 

LC should aunlre some problems of transport, energy of lawyer Herbert Chitepo, the mediator in the North-Sonth S? subsequently added to 280 files. 

for those 

boroughs to make its continua- 
tion less annoying. 

rtn-OOUtll issue is the nnl , .. . . Ci^iaunuun — a cuiuse pre* 

onunua- A strategy defined In these I between Tongorara and rivals world’s “most decisive social iomfblcauL thlv coSd n£t 2**“^ ° pen t0 *** JW»- 
Thus it modest terms could well be tar tiie gueroiBa a-eaderatadp was question” for the rest of the im™ nn aSJthfnl rSLSSI thetical abbess. And 1,977 dis- 

oon less annoying. in us it w u-wawwip was wr me rest oi tne affTW nn anv thine *.1«» Rranrlf ; *.«* ■ ma- 

should take over trunk roads, drawn up by a technical body revealed by a commission ap- century, be says. As chairman savTbe wmbt nr^SrPd 5° vereti ***** there wafi n< * la- 
the fire service, part of the reporting to representatives of pointed by Kaunda to Investigate of the Brandt Commission on indlreof hut ^ tarmation about them on the 

police service, the redevelop- the boroughs: and other essen- the murder. It is believed that this he is touring European file. One presumes they were not 

ment of thelormM docklands, tlally technical services— a com-lthe flight Into Swaztiand" marks' capitals ’to” piwlata” 1 ^ 

all housebuilding and, most puterlsed housing list fire pro-|a resurgence of these struggles, message. He says his commis- it Sl ar h T 

contentiously by far, ■ tha t^etion safety msoeetinn ami thelTn its r»n«rt tho mmmiasinM ..nn ,.^n ^ •«_ j . ciear insr naving wen me 

ir. the tection safety inspection and the In its report the commission— sion wfl be reporting in just firct .mLLf Force of ha hit 
ween the iike-jMitid be^ron in toe same including representatives of 12 over a year, though doubts foTnSr KsTet ctoUn^SSS n- rf >, ' 

- - - — — * mm* thA ktmoHipa nf !ami nn n 41 am* j ~ : * . - ^ produce &11 tbe from the grand old European ELI, >k. i._. V.i!^ 

the over- 

sharing of revenue between 

boroughs, at toe expense Iruu* •»-*» — ~ — - — ■«.*.%—« a»i» Wiu UI a«cu- wncmer It Win produce all tne Imm tha ffnn 4 „14 t^, — ** /vu ■■—»»* auuui ms uvci- 

of Government departments and as the structure of local gov- tions and torture in the forests, answers. rrv,,,^ r J d iJ U weight tax collector who lost a 

of some borough functions. It eminent :whiehjieed redefining; | It said: ; “There was evidence He says he is i “moderate w^aii indh^«^i to MwJfd ^°g|TblMd out^ftt ^ 


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sharehordins cHsdosures.*s^ lc e' April, 1977 when 
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Financial Times Thursday July 6 1978 


Thursday July 6 1978 



* ,1 , ( 

. ,l s 
■* '!. 

The British accountancy profession has spent the past year reassessing 
itself and its standards. This was inevitable following the defeat of the Morpeth 
proposals. But now it is time to get the show back on the road again. 

*!■ . . t 
.1 f\. .. 
l! ‘ ! 1 . • 



».■ .. 
it \ 

'■ r -’r 


res t 

to close 

Jy Michael Lafferty 

WE ARE a great profession 
j ..f. ^ith an international reputation 
■”s (tor integrity, honestry and a de- 
ication to high standards of 
• * onduct and service to the com- 
i unity. We must noio close 

laufcs — support sensible policies 
or self-regulation and collec- 
.... .ir-ety be determined to stand 
. * H rm against interference in the 
' egiilation of our profession .” 
... Erie Sayers. President of 
he Institute of Chartered Ac- 
: (mutants in England and Wales, 
une 1978. 

THE ABOVE quote was how 
he' incoming president of the 
" English Institute of Chartered 
. Accountants chose to raUy his 
'"nembers at this year's annual 
: njrtference in Brighton only a 
ear after they had voted 
• .gainst their council's wishes to 
»ut a stop to the Morpeth 
reflation accounting proposals. It 
' ould also be read as: “Look 
haps, the past two presidents 
■ iave had a rough time. Give me 
chance, please! 

1977-78 was the year of 
. lack-pedalling by the leadership 

of the accountancy profession. 
It began with inflation. account- 
ing, and ran right throughout 
the various activities of the 
Institutes, including the 
dominant English Institute in 
particular, it was a great year 
for committees, exposure drafts, 
discussion papers and learning 
lessons. But it will hardly be 
remembered as a year when the 
profession took any significant 
steps forward. 

The view was that the 
profession bad been pushed too 
far. asked to accept too many 
fundamental changes and. after 
the Morpeth affair, was in no 
mood for proposals which had 
not been properly thought out. 
So the delay over the draft new 
audit standards turned into a 
marathon exercise in consulta- 
tion, the autonomy of the 
Accounting Standards Com- 
mittee was restricted and the 
promised censure statements on 
accountants criticised in Depart- 
ment of Trade investigations 
turned into toothless efforts at 
drawing “ lessons " for the good 
of the profession. Altogether 
it really was something of a 
son-event alter all the thrusting 
activity of previous years. 

The change of attitude was 
abundantly clear at the Brighton 
conference. But there were 
signs too that Mr. Sayers, also 
the new chairman of the overall 
Consultative Committee of 
Accountancy Bodies (CCAB) 
believed it was time to get the 
show back on the road again. 
This is how he squared up to 
one problem. 

“We cannot shrug off the 
current criticism of. ouy 
profession. .-After all,, as far as 
public company audits are 
concerned our members have 
for all .practical purposes a 



* •, .# 


monopoly in this field. The 
Government has a responsibility 
to ensure that where a company 
has a monopoly it does not 
abuse the position where the 
public interest is concerned. 
Similarly the Government has a 
responsibility to ensure that a 
profession in such a situation is 
so conducted by the members 
as to ensure high standards of 
work and conduct where the 
public interest is concerned.” 

Again, stressing the 
Institute's determination to 
remain self-regulating. Mr. 
Sayers suggested that to enjoy 
that privilege accountants’ 
professional standards of perfor- 
mance and conduct must “ be so 
high that it would be virtually 
impossible to frame legislation 
to legally demand them.” 

Perhaps Mr. Sayers sees 
another opportunity like that of 
the years immediately after the 
failure of the 1970 integration 

scheme for the accountancy 
profession to take another great 
leap forward. If he does there 
is no shortage of areas for 
action. The accounting standards 
programme for example needs 
to be put back on its feet with 
more resources than any other 
technical activity within the 

A start could he made on 
making the Accounting 
Standards Committee more 
suited to the job it has to 
undertake. It seems quite odd 
that a body primarily estab- 
lished to serve the needs of 
users of accounts should still be 
dominated by auditors, wbo are 
hardly the foremost consumers 
of accounting information. 
Recently, there have been 
moves to make accounting 
standards more acceptable to 
individual companies and 
industries with much damage to 
the ideal of one standard. 

ace, please! public company audits are .another opportunity like that or individual companies i 

r-78 was the year of concerned our members have the years immediately after the industries with much damage 
ledalling by the leadership for all .practical purposes a failure of the 1970 integration the ideal of one standard. 

.’yr.- '*■**-■ Tr'“^ "" 7\ v '•.'ST'MISnEHBT nSTJVT?’ “X3T 

But so far there have been no 
initiatives to bring more users 
of company accounts into 
the stadard-setting process. 
Perhaps by doing so the 
accountancy bodies would not 
only serve the needs of share- 
holders and investors but also 
strengthen the hands of 

Inflation accounting. of 
course, remains a delicate 
problem to be bandied with care. 
But indications are that the 
accountancy bodies still stand 
committed to the eventual intro- 
duction of current cost accounts, 
if only in supplementary form. 
As president of the English 
Institute Mr. Sayers could have 
a great influence on the extent 
to which the planned exposure 
draft next year goes beyond the 
Hyde guidelines. 

Another' problem : to be 
thinking about is the future of 
the Consultative Committee of 



Institute of Chartered 
Accountants in England 
and Wales 


Institute of Chartered 
Accountants of Scotland 


Association of Certified 


Institute of Cost and 
Management Accountants 


Chartered Institute of 
Public Finance and 

Accountancy Bodies. the 
patched-up compromise for 
unity put together in the wake 
of the failed 1970 integration 
scheme. In May next year 
CCAB will have existed for five 
years, and there is likely to be 
pressure from the other 
accounting, bodies for changes. 
Questions such as whether the 
English Institute president 
should continue as automatic 
chairman and the matter of a 
possible separate secretariat 
will have to be resolved. 

The central question remains 
whether CCAB should be 
developed further as a more 
active umbrella organisation for 
the profession. Some prominent 
chartered accountants take the 
view that it has been a bit of a 
disaster for the English 
Institute, which has had to 
merge its identity with other 
bodies far less in the public eye 
like the Association of Certified 

Accountants, or the Institute of 
Cost and Management 
Accountants. They want to 
have the trend reversed, seeing 
nothing but further loss of 
prestige within the present 

Even the Association of 
Certified Accountants accepts 
that integration is out for the 
foreseeable future. Instead, in 
a discussion document recently 
published (with about as much 
impact as the National Front's 
plans for taxation) it has put 
forward the idea of a federal 
structure for the profession. 
According to the aptly named 
“ An Association of Ideas," this 
would eventually mean a pro- 
fession settling down into four 
main streams: 

(a) public accountants to 
service large companies; 

(bl public accountants to 
service smaller companies 
and individuals; 

(c) accountants in employ- 
ment, both in the public 
and private sectors: and 

(d) accountants in education. 

To be effective, the Associa- 
tion says, a federal structure 
would require registration of 
the profession with Government, 
so protecting the designation of 
“accountant” for members of 
the federated bodies. 

The advantages of federation 
are summarised as: 

• Better services for members. 

• Higher national and interna- 
tional standing for British 

• Better educational facilities 
for students. 

• Lower administration costs. 

• “Unlike integration, federa- 
tion is not an ‘all-or-nothing’ 
formula. While a comprehen- 
sive scheme would, clearly, be 
more satisfactory, federalisa- 

linn could if neee.-sary proceed 
among some if not all of the 
six bodies, and could he exten- 
ded among those areas on which 
agreement could he reached, 
while deferring those which 
presented difficulties ton great 
to he encompassed at the out- 

Ironically, it is the As-socta- 
tion itself which is increasingly 
becoming the udd-man-nut of 
the CCAB bodies. Leav ing a.-nle 
the regional (Scottish and Irish i 
institutes of chartered account- 
ants. it is the English Institute 
of Chartered Aceoom.inls, the 
Institute or Cost and Manage- 
ment Accountants and the 
Chartered Institute of Public 
Finance and Accountancy which 
have been co-tip crating mu>t 
at the educational level, and 
through the sponsorship of a 
joint new technician grade. The 
accompanying chart gives tome 
idea of each body’s medium- 
term membership ambitions. 

Judging by the history of the 
UK profession, and the vastly 
different educatiunal policies of 
the individual bodies nuw. the 
Association’s ideas look like a 
pipe-dream. Yet can it be in the 
public interest that there should 
be so many bodies competing in 
the same profession? Despite 
its vast foreign student body, 
one question the Association's 
discussion paper does nut 
answer is whether it intends 
Association membership to 
become what it seems to lie 
aiming at — some form of inter- 
national accounting qualification 
mainly directed at the former 
British colonies. So lung as it 
refuses to come to grips with 
this dilemma, the other account- 
ing bodies will feel able to 
prolong the present set-up. 

\ f’ ■' / *• 

. ■'% tgy. •!■. > '■ •• ' 


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Tortuous years of inflation 

eased below the 8 per cent 
mark, the lowest for five years, 
and accountants dream of the 
time when it shrinks to such a 
law figure — less than. say. 5 per 
cent — that the endlessly contro- 
versial subject of inflation 
accounting can be shelved. But 
this is not going to happen yet. 
Economists are agreed that we 
shall he lucky if UK inflation 
stays near current levels, and 
many believe that it will move 
back into the double figure 
range early next year. 

So the process of developing 
a generally acceptable system 
of inflation accounting will 
continue. But the accounting 
profession has learnt some 
valuable lessons during the past 
few tortuous years. 

This period has embraced the 
Sandllands Report and the sub- 
sequent Morpeth Steering 
Group's draft standard ED 18 
on current cost accounting, and 
of course the dramatic vote a 
year ago at which members of 
the English Institute of 
Chartered Accountants rejected 
all attempts to introduce com- 
pulsory current cost accounting. 

The old approach whereby 
attempts were made by the 
leaders of the profession to 
steamroller proposals through 
has now been dropped. From 
□ow on the Accounting 
Standards Committee is to adopt 
much more cautious policy. 
It will not run the risk of 
moving far ahead of general 
opinion within the profession, 
which in terms of numbers Is 
still dominated by the members 
who operate in thousands of 
small firms up and down the 
country rather than in the rela- 
tively few big firms which domi- 
nate the auditing of listed 
companies and which proride 
the bulk of members of the pro- 
fession's influential committees. 

First evidence of this now- 
approach came last autumn ir. 
the Hyde Guidelines, a rescue 
operation launched by the A5C 
to salvage something' from the 
inflation accounting mess. The 
guidelines are highly simplified, 
they are entirely supplementary 
to the main historic cos: 
accounts, which continue a s be- 
fore, and they are optional. Thi- 
contrasts with the amb:: 
Morpeth ED 18 proposals which 
were highly complex and com- 
prehensive and designed to *u>: 
historic cost accounting within 
a very few years. 

In one crucial respect, how- 
ever. the Hyde Guidelines went 
even further than ED IS. in that 
they introduced a gearing 
adjustment. Most accountants 
have always insisted that a 
correction for monetary items :s 
necessary to give a true 
inflation-adjusted version of 
shareholders’ profit, though this 
has often met with resistance 
from industry. 

In general the Hyde proposals 
have been quite well received 
by the large listed companies a: 
which they are aimed. Most of 
the big companies hare given 
all three figures, on the basis of 
which it is possible to calculate 
inflation-adjusted earnings and 
dividend cover. 

The response has been patchy 
across the broad ranks of 
smaller companies, however, 
and a number of large com- 
panies have also made excuses. 
Sometimes it is claimed, for 
example, that the Hyde adjust- 
ments would be for some reason 
misleading. Other company 
chairmen fall back on the hoary 
old excuse that they are 
unwilling to give inflation- 
corrected figures until a 

generally accepted method has 
been devised. 

A period of time will be 
necessary* for the Hyde Guide- 
lines to be tried out. But 
already the ASC is planning the 
next stage, which is to devise 
improvements both in content 
and coverage-. A statement iff 
intent earlier till* week. 


Tt Is likely that an attempt 
will be made, starting with a 
new exposure draft next March, 
to introduce compulsory supple- 
mentary current cost accounts 
for listed companies. This draft 
-.■.ill be :n place of the much 
more sophisticated CCA stan- 
dard on which the Morpeth 
Group has been working since 
its ED IS proposals were 

The ASC will not wish to 
suppress too much of [In- 
valuable work which ha? 
been done by trie steer- 
ing group. At the same 
time it will not wish to frighten 
the accounting profession again 
with highly complex and revolu- 
tionary proposals. A likely 
compromise is that the pro- 
posals will be kept quite short 
and simple, but tite Morpeth 
Group will be asked to pro- 
duce voluminous background 
material to guide companies in 
their calculations. 

Far the future the ASC prob- 
ably envisages a step-by-step 
approach tu full current cost 
accounting. Later stages would 
include the a-inprion of CCA 
for smaller companies, and the 
shift of the system from the 
supplementary figures into thp 
m.-in accounts, replacing the 
historical cast calculations. 

But there is no question of 
these steps heing taken without 
general agreement. In retro- 
spect it is clear that the account- 
ing profession made a mistake 
in allowing itself to he tied 
down to rigid timctahlos by the 
Sandllands Committee and its 
successor the Morpeth Group. 

To he Fair to the Sandllands 
Committee, though. it was 
dr-liberating at a time of 
ai-cclcratmg inflation and at a 
period when it was thourfir 
essential to find a way of 
inflation-proofing the corpora- 
tion tax system. In fact, ad hnc 
reliefs by the Chancellor, not- 
ably the deferring of tax on 
sfncfc increases. effectively 
hi re cl 'he tax problem. Infla- 
tion accounting js therefore not 
about cash but only about 
fi-jures. and this has made it 
slightly less urgent. 

Figures arc- still important if 
they have a direct influence on 
the* decisions made by manage- 
ment and on the attitude of 
investors. But finance directors 
nave had years of experience 
in which to learn lessons ahnui 
running companies during 
periods of inflation. And in- 
vestors have valued shares on 
lower and lower price-earnings 
ratios to take some account of 
the artificial boost given hv 
inflation to historical cost earn- 
ings figures. 

Stockbrokers Phillips and 
Drew have studied the impact 
of the Hyde recommendations 
on the figures of large UK com- 
panies. For 1877 Hyde profits 
before tax emerged on average 
some 32 per cent below conven 
finnal figures, and there was a 
similar reduction after tax. 
Compared with fully taxed his- 
torical cost figures the median 

dividend rover dropped from 
2.9 to 2.0 time?. 

While the advance of inflation 
accounting ha* slowed down in 
the UK. it has speeded up in 
certain other countries. In the 
U.S., for instance, where an 
acceleration uf inflation is now 
widely reared, the Securities 
and Exchange Coin mi*-! ion has 
been ordering companies to 
divulge information im Hie 
replacement co*.: «ff assets. 

Within the European 
Economic tin in m unity there is 
pressure to have clauses per- 
mitting a degree of inflation 
account i:ig written into the 
fourth Directive. Hut stiff iCmsI- 
anee is being put up l»y IN* 
Germans, wuo are adopt in", the 
well morn nr :u mein that u is 
much better to eliminate infla- 
tion itself than try and accom- 
modate it. 

According (■' one well- 

informed *.i*U!\ v \ hnwi-wr. tin- 
German- are new put tin.- n.r- 
ward a eoMproi view They 
are mu: getting that 
Ui count ill:: should i-e Wiled 
for a limited period v,ie*» ;*s tl 
years and t'n-n w-Ht.lfawn. so as 
to give countries 'suie •„ 
ciinunnh- from their 
economic sv.-ten*--. Tin- Gi-rwji^ 
them i*.-ti {■?.. of course, already 
enjoy one of the lowest rates n£ 
inflation n: Europe 

It is. howev.-r. n j. 
propiidno;i ih.v ih.- i m-.-ai 
the withdrawal •-.! ;uflali»!| 
aci->uiu!i:ig c.Kihi h:-;:sg :j,v.iif iin 
ri»il lo uillatiuu. IT is a! in iu:»ru,. 
t!ul |!:e adapt!,..: el mitaiioii 
accounting will c-iL-ouravo tV: 
per-g-h-iice of inflation, i ai rent 
cost aci'iuiutiiui ;• oqu.'iilv as 
valid a. ‘.iiM't u h ii-k.;r>'-i:ir! of 
stable pv:i«-s i:i cu:ut:il-eu-. of 
roaring inflation 

Bam Rilcv 


Whinney Murray would like to give 
more scope to your career. 

If you join our development 
programme, you won't just be a specialist. 
You’ll be an all-rounder, with a 
businessman's mind for financial 
problem-solving, a keen eye for economic 
and taxation developments, current 
events and any fundamental changes 
which may affect your clients. 

And whether you eventually stay in 
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overseas, you’ll never be just an isolated 

■VlioasAlnwiT, beJfeat. BintiR. a iu3’ l CuHfif, Dublin. Filmburrh. 

accountant. You’ll be an interpreter, 
fina n cial adviser and problem-solver, 
working within the wider scope of the 
general business scene. 

So if your abilities match your 
ambition and you’d like to talk business, 
phone or write to : 

Arthur Hammond 
Whinney Murray & Co. 
57 Chiswell Street, 
London ECl Y 43Y 
Telephone 01-628 60S8 

HuU - h "™- ^ U-P-**..*— . 

Controversy over 

EARLIER LAST month Mr. established its pronouncements, taxes they expect lo have lo pay 
Tom Watts became the third not surprisingly, have attracted in the foreseeable future, (inci- 
chairman of the Accounting a fair share of controversy This dentally, the ultimate tax: 
Standards Committee, the group is because accounting standards standard will perpetuate what 
established by the accounting are not binding on companies has become every investment 
bodies back in 1969 lo improve as are the provisions of the analyst’s nightmare — companies 
the accounting and reporting Companies Act. They work will be permitted to provide! 
standards of British companies, through persuasion. for full deferred or actual taxes] 

particularly the quoted com- All auditors are obliged by as they wish.) 
pany sector. Such has been the their professional institute rules Yet another example was 
achievement of ASC over the to qualify audit reports on com- provided by what has since 
years that this is now probably panies where there has been a become statement of standard 
the most important post in departure from standard accounting practice iSSAP) 12. i 
British accounting. accounting practice. The same dealing with depreciation. Here ] 

Mr. Watts, who was virtually obligation applies to finance the property industry revolted 
called back from retirement for directors, in so far as they are a S ainsl a ruling which would 
the job, faces a difficult task. He qualified accountants. Backing have required property invest- 
takes over the chair at a time up all of this is s statement in ment companies to include 
when the rule-making com- Item 9 fa) o: the Stock Ex- depreciation charges for build- 
mittee’s ability to act change Listing Agreement that * n ” s ^ ie * r accounts ( it might 
independently has been severely quoted companies are expected ^ave °, U * . 

constrained (every document it to observe accounting stan- 
pubh'sbes must have the darcls. 
approval of no fewer than six- 
accounting bodies, or their pre- DJcL-c 
sidents at least), while it is 

widely agreed tha after 9 years Operating thus in a quasi- 
Present form some fairly i e gai capacity, yet depending 
significant changes in methods f or success on persuasion, the 
and operation may be overdue. Accounting Standards Com- 
Apart from all this, ASC is now mitree can onlv work effectively 
entering deeper waters in the 50 j ong as {h ere is gener ^ 
subjects it is beiDg asked to agreement on its 

Are Your Telephone 
Overheads Excessive? 

Do you know 

— -whicii extensions are making 
nuixoiii" calls to whom, a l what cn*l 
and whether ihcv art* justified? 

— how many calls arc made and 
received by each extension and 
u hot her you are paying unnecessary 

In addition would you like to know 

— how your telephone bill divides 
by departments? 

— if potential customers east ^ot 
through to your organisation. 1 

— if you should be considering 
private circuits to other key 

Ai! thi* inform:, t um nrid men* is uvjilchle by 
investing in a Bui:ri Traffic Study uVin-,- i-ur 
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Bunzl Telecommunication Sen-ices Lid., 

30 St. Dumtun's Hill. Chi-am. Surrey. 

Telex: SS13336. 

and at the last minute the 
English Institute of Chartered 
Accountants gave in to their 
demands, instructing ASC to 
conduct a detailed review of the 
industry's accounting problems. 

These then, not to mention 
inflation accounting, are some 
of the experiences the Watts 
review must have in mind as; 
it puts together a discussion 
paper on future accounting 

*2* with the reset, that is SHTd it M MfeS i ZSXSS ±J2£ * t ' f0r 
becom^n* ^ncreas^nsLv^fficiih al the irass-roots aecountaacy The group will probably take 

“ 5 U 5 ? Sk % W« p z 

of ASC early in 1978 Mr. Watts 
was asked to head a small 
review group whose task is to 

recommend whatever changes 
may be necessary to cope with 
the job of accounting rule- 
making from here on. 

The move was by no means 
premature, though unlike so 
many other recent accounting 
developments it cannot be said 
have been forced on ASC. 
Ever since the committee was 

o you know 

We have over 20 offices throughout 
the U.K. serving a wide range of clients 
— from small private companies to 
large public groups. 

We can offer you direct involvement in 
the development of our clients' businesses. 
Involvement that will bring early responsibility, 
technical development and clearly defined 
career progression. 

Our acknowledged expertise in 
specialist areas will provide the 
opportunity for you to acquire and 
develop skills, in Tax. Liquidations, or 
Consultancy Services. 

And, when you meet us, you’ll find an 
environment where your individual 
contribution will be quickly identified, 
encouraged, and rewarded. 

If you’d like to talk to the people who make 
us what we are, write to Kerrie Norman, 
Staff Partner in London, to discuss 
current opportunities in our U.K. 

inflation accounting affair is example, if there was a general 
probably the best example of re-appraisal of what accounting 
this, though the controversial standards are for. It may seem 
. v 1975 Corporate Report— appealing— for the sake of a l 

at . e3Elstin J suggesting future directions in quiet life— to allow more stan- 
standard-setting procedures, and financial reporting— is regarded dards to become, in effect. 

by some accountants as almost double-standards. But such] 
equally dangerous. action would hardly be in the! 

Id its everyday work of basic interest of the investing corn- 
accounting standards - setting munity or any other accounts 
ASC has had its ups and downs, users. Nor would it inspire 
in the past few years panic- much respect for accounting 1 
Iarly. On more than one standards, 
occasion it has been forced into Again, it may be tempting to j 
a complete volte-face. involve companies much more 

Perhaps the first example in drafting future standards. ! 
of this was the exposure draft But if this leads to the degree; 
on accounting for research and of flexibility some companies 
development expenditure, which are demanding the process may 
come down against capitaiisa- fall into disrepute for this 
tlon of such costs as intangible reason too. It is only necessary 
assets in company balance to consider how quickly several 
sheets. But a sharp chorus of companies have been to adopt 
opposition from the electronics favourable accounting standards | 
and aerospace industries soon long before they become effec- 
put paid to that pious hope. A live, and how reluctant many 
revised draft, now the account- others have been to follow un- , 
uig standard No. 13, said favourable standards until they| 
capitalisation was permissible become binding, to appreciate 1 
in certain, admittedly tough, that the matter of standard- 1 
circumstances. setting should not be under I 

Hardly was this out of the excessive industry influence, 
way, however, than ASC found Perhaps the best way forward | 
itself facing an even bigger 
revolt right across British in- 
dustry over . the standard on 
deferred tax. This required 
companies to set up so-called 

Jolliffe Cork & Co. 

Our success and expansion over the last few years is 
the result of the true personal service wc offer our 
clients from our network of offices in the UK and 
in 31 countries throughout the world by our 
international practice, Jolliffe Cork Ingram. 

If you would like to join a lively gu-uhead professional 
firm we believe we have the opportunities to match 
your ambition and experience with openings to specialise 
in Auditing. Taxation, Financial Planning, Investigations, 
Management Consultancy or Data Processing. 

Please write for a personal history form to: 

Guy D. Thomas, FCA, Jolliffe Cork & Co., 

City Wall House. 14/18 Finsbury Street, 

London. EC2Y 9AQ. 



Chartered Accountants, 
Columbia House, 

69, Aldwych, 

London, WC2B 4DY, 

is to balance any greater Indus- 
trial representation on ASC by 
equivalent representatives from 
accounts’ users, as suggested in 
a recent report on accounting 


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deferred tax liabilities in their standards by a group of London 
balance shucls on account of the accountants headed by Mr. Ken 
Government's accelerated capi- Gardener, finance director of 
tal allowances for plant and Dunlop Holdings. 

(later) Tor stock appreciation The Gardener group also eon- 
relief. Companies contended eluded that both tbe account- 
that they would never actually ancy bodies and the Stock 
have lo pay these lax liabilities Exchange should make greater 




Mnr Slrtvt 
Tel: [0533)32731 


112 Gtaen Lam, 
PnlniriGnM NI35ini 
Tal: [01] 3S6-S45! 

over to the Inland Revenue. 

Again ASC relented, sus- 
pended the standard, and came 
out with the now well-known 
ED 19 exposure draft which 
says companies need only pro- 
vide in their accounts for those 

efforts to ensure compliance! 
with standards. It said that 
although at present these | 
organisations state they support 
the standards programme “ it is I 

not clear how much they do to I 
enforce them.” It is difficult to. 




27 Shaabnib Hicada G-U 
Tel: |04!) &32-SIQ3 





^L- TEI 

Financial Times Thursday July 6 1&78 



The major firms dominate 


e r»r.- 


■ mu money profession Is 
■ ■ ■ . waning like its UJS. counter* 

’ rt. Every year lie handful 
major accounting firms are 
sponsible for on . incr easing 
oportion of equated company 
di-ts; they dominate in both 
bide end private sector 
w/We-shooting - assignments 
d they have a virtual mono- 
ly of Government: consuhancy 
jrk. Though the UK does 
■t yet have a “Big Eight,”, a 
second Seven ” and then a big 
op to the thousands of other 

■ counting Amis . in precisely 
e U-S. proportions the panailel 

• only too clear. 

At the top of the UK league 
accounting firms is a group 
*’ ., r some 10 highly influential 
-\ r-ms. Broadly, these are the 
fee earners, employ the 
staff am? partners, and 
►Id the largest numbers of 
toted company audits. But it 
_ __ not quite as sample as that 
rthtir Andersen, far example, 
~ • L w smaller in UK terms than, 
r example, Thomson McLin- 
rt ck. Yet it is arguable that 

; realise of Andersen's imter- 
'Z , itional size and reputation it 

lids at least as much clout 
?re as major UK firms with 
ss -recognisable international 
imes such as Thornton Baker. 
Anyhow, the top 10 firms have 
ready identified themselves in 
•tters signed jointly by aM 
teir senior partners to the 
buinrial Times over the past 
ear. They are the U.S. and 
itemational ** Big Eight,” plus 
homsnn McLintock and Tur- 

i‘ !<• 



The specialist agency 
. for all levels of 
accountancy staff. 

A personal and 
confidential service 
at your disposal. 

Accountancy Task 
Force Ltd. 

21 Copthall Avenue, 
London EC2R 7BN, 
Tel: 01-628-7931 4 


Etimintuoin *re held half-yearly 
in June and December 


>VK a ^ 

Exemption* arc granted on a 
»ub>ect- 1 or. subject basis for 
HND/HNC or Equivalent. 
Details from: 

The Secretary -General 
The Association of Com A 
Executive Accountants Ltd 
(by guarantee) 

282 Hermitage Road 
London N4 1NR 

quands Barton Maybe w. 
Dominating the group, of 
course, is she sub-group of four 
firms— Peat Marwick Muohell, 
Price Waterhouse, Dekwtite 
Haskins and Sells, and Coopers 
and Lyhrand. The only way 
any of the other firms from the 
10 could get into this size 
category is through a merger 
with one of Jjh-e other Jorge 

There is no shortage of 
rumour in the profession that 
merger (takeover?) discussions 
have taken place between some 
of the larger accounting firans, 
between members of the top 10 
amd the medium-sized firms 
immediately below, and between 
the medium-sized firms them- 
selves. In the top group, for 
example, it is reasonable to 
suppose that Whinney Murray 
ur Touche . Ross wiii have 
actively considered substantial 
mergers; the former firm, 
indeed, is believed to have 
had very preliminary discussion 
with Thomson McLintock a few 
years ago. 

Given their international 
connections, -it seems highly 
unlikely that there will be a 
UK merger between members 
of the “ Big Eight ” in the fore- 
seeable future. Indeed It is 
difficult to see how a merger of 
such scale would be possible 
even in the U.S. But what 
about the other large UK 
accounting firms — starting with 
Thomson McLintock and drop- 
ping to names like Spacer and 
Pegier. Stoy Hayward, Mann 
Judd and Tansley Witt? Here 
the betting must be on some 
fairly significant changes ovqr 
the next decade. 

International Link-ups could 
bave a lot to do with the out- 
come- What would have been the 
effect on Stoy Hayward if its 
U.S. associate LevenCboI and 
Horwatih had merged with 
Touche Ross two years ago? 

Maybe Stoy Hayward would 
have sought another U.S. con- 
nection, though these are few 
and far between nowadays. But 
the recent exam-pie of Touche 
Ross Linking up with Arthur 
Andersen's Former Middle East 
associate. Saba and Co., which 
in turn is now merging -with 
Touche’s former connections in 
that part of the world, is 
another example of what can 

So in the case of Thomson 
McLintock it is likely that any 
change affecting its U.S. asso- 
ciate, Main Lafrentz, would 
bring abcut fairly rapid changes 
in the UK too. but not neces- 
sarily bringing both ends into 
the same “ Big Eight '* firm. 
However, such events are not 
going to occur overnight A com- 
plicating factor in many cases 
is the degTee tor ratheT lack 
of it) of centra! control, or 
“ one-firmness " which exists in 
a firm. 

Thomson McLintock, for ex- 
ample, consists of no less than 
12 individual and fairly 
autonomous partnerships in the 
UK which are backed up by a 
central services organisation 
providing technical, training 
and quality control . procedures 
and Tnrquands Barton Mayhew, 
though operating under a 
national name, does not appear 
too centralised either. 

Again Turquands is a good 
example of a firm where a UK 
merger would be complicated 
by the team's foreign connec- 
tions. Turquands itself is one 
of the largest accounting names 
in the Singapore/Malaysia part 
of the world. The UK firm is 
also a member of the European 
accounting partnership called 
Klynveld, Turquands, VDGT — 
consisting, as well as TBM, of 
the Dutch accounting giant Klyn- 
veld Kraaycnhnf (a firm which 
includes no fewer than 291 
qualified accountants), and the 
second largest' accounting firm 
in Germany. Vereinigte 

Rewards at Buzzacott and Co. 

vested interest in greater dis- 
closure. yet they reveal very 
little about themselves. So far, 
for example, only a few of the 
major International accounting 
firms have disclosed their total 
worldwide fee income and only 
two — Arthur Andersen and 
Peat Marwick Mitchell— have 
published detailed accounts. So 
the rewards of being a partner 
in Peats or Coopers of the UK 
remain a secret to all but the 
partners themselves (and the 
Inland Revenue), though specu- 
lation puts the total remunera- 
tion of senior partners in such 
firms into six figures. 

But what about ibe vast num- 
bers of smaller accounting firms 
up and down the country? From 

sole practitioners to 30-parr- 
ner firms very little is known 
about a typical partner s remun- 
eration package. 

The' 14-partner firm of Buzza- 
cott and Co., chartered ac- 
countants is an exception. It 
operates with a staff of 120— 
including 20 qualified account- 
ants and 50 students from an 
office in Salisbury Square in the 
City and has all the attributes 
typical of the average medium- 
sized accounting firm. Jt has 
a few small quoted company 
ludits, an all-round spread oi 
small company, tax and account- 
ing work up and down the coun- 
try, and a sort of speciality in 
that it does a number or audits 
for charities and religeous 
orders. Here clients vary from 

the Catholic Daughters of the 
Cross to the Home lor Aged 

Buzzacott hopes to have gr>»ss 
fees this year of £1 2m — an 
average of about £S6JHMI a 
partner against a target for each 
partner in 19S0 of £100.000. The 
average partner’s salary for the 
current year is likely to be at 
least £22,000. A junior partner 
starts at about £13.00U and the 
highest paid non-partner gets 
about £10,000 plus. 

The age of the partners 
ranges from 30 to 63 far the 
most senior. Again contribu- 
tions to the firm's estimated 
£!m working capital require- 
ments vary with seniority: but 
the lowest capital share is 
£14,000 and the highest £4.000. 



A much abused word, but it has 
importance, importance to us and for 
you. Probably you think of yourself as 
bright, capable, keen to yet on— 
AMBITIOUS. But can you Fulfill our 
requirements? Something like — 

• a good academic record that led 
in qualification? 

the drive and enthusiasm to put 
that knuwledge into practice? 

the intelligence and cominonsense 
lo appreciate clients’ difficulties? 

• the flexibility and initiative fa 
tackle problems as they arise in 
m a top firm? 

• personality — how do you com- 
municate with colleasucs and 

• can you inspire and motivate 
your fellow staff? 

If you think you can, then talk to us 
about it. Just write or ring to tell us 
brielly about yourself and your abilities. 

It's quite easy. 

The address is: 

Jn«nlync l.i>inn.t!ennct( <1 Cd 4 
.Mrll-nju'li* 1 IdU-r. 

:P' tS Totrcnham Uourl Koad, 
London IP OIL 
Or Trlcphnne I) 1 -fi.'Jfi 7777 

Deutsche Treuhandgesellschaft, 
based in Berlin. 

Moving down the list of 
larger firms other merger prob- 
lems begin to arise, like staff/ 
partner ratios (many medium- 
sized firms are over-partnered, 
according to the large firms) 
and the proportions of small 
fee jobs in a firm's client 

While these trends towards 
greater concentration go on at 
the lop end of the profession, 
the future for independent 
medium-sized accounting firms 
— starting from those below the 
top 15 or so firms — is getting 
tougher. Over the past few 
years there have been a large 
number of cases where they 
have lost quoted company audits 
to the “ Big Eight ” for reasons 
varying from their size and 
absence of International con- 
nections to their lack of im- 
mediate name recognition in 
the City. 

Examples of such changes 

over the past lew years include: 
Arthur Andersen's appointment 
as auditor of BICC in 

place of Chalmers Impey; 
Price Waterhouse as auditor 
of Reed International in 
place of Hill Vellacott; LRC's 
appointment. of Whinney Murray 
in place of Keens Shay 
Keens; Ransome Hoffmann 
Pollard's appointment of Peat 
Marwick Mitchell in place of 
Tansley Witt, and Slough 
Estates' appointment of Defame 
Haskins and Sells. Lyle Ship- 
ping's appointment of Arthur 
Young McClelland Moores. 
Crosby House s appointment of 
Touche Ross, and Glaxo’s 
appointment of Coopers and 
Lybrand as its joint auditors. 






gross fee 





income 1978 




Peat Marwick Mitchell 







Deloittc Haskins and Sells 

214 . 






Coopers- and Lybrand 







Price Waterhouse 







Vtliiiincy Murray 







Arthur Young McCk-lIcnd Moores 







Thomson McLintock 







Touche Ross 







Tnrquands Barton Mayhew 




' t 



Arthur Andersen 







Thornton Baker 



-- 7.59 




Spicer and Pegler 







Josolync Layton Bennett 







Mann Judd 







Panneli Fitzpatrick 







Binder Hamyln 







Tansley Witt 







Robson Rhodes 














Hodgson Harris 







Armitage and Norton 







Stoy Hayward 






The pressures towards greater 
separation of the profession 
along U.S. lines into firms more 
or less involved with quoted 
company audits and those which 
are not are increasing. One 
example is the growing demand 
for the introduction of reviews 
as an optional alternative to the 
audit for proprietorial com- 
panies. Another is the likely 
development of the U.S. peer 
review system in the UK over 
the next few years. 

These quality control and 
management-type audits have 
already been forced on the pro- 
fession jn the U.S.. where the 
American Institute of Certified 
Public Accountants is now 
divided into two regulatory sec- 
tions— one for firms with SEC 
practice clients and one for the 
large number of other smaller 
accounting firms. Only last 
month the chairman of the 
Securities and Exchange Coni- 


Financial Managers 

c £10,000 p.a. + car 

Our client is n larpe and diverse J> -niton KiscJ .tnJ cmmorL' i. a. The group h.n investinvui :niJ tn.inagum'ni imca-M-. in xn-.iny 
O inp.uiie> uper.uin'z ihouiuhout the '.M<rkl. intuited in. jn.inul.icuirin;', nici- 
cluniLnu, distribution and sLtviccs busints. es. 

'iLc jiruun fs pursuin'- .in active prujrraminc ot’gn fh through both acquidrions 
and joint venture .iiMnqnncnrt, thus ctcimhi; impon.iru c irccr dcrclupmcnt 
eppun unifies at waitor level* Vkithin the curpurutc h&tdqu.mer* .mu opm.iciug 

'i'hcrcf* -re. our client Trishes to strengthen its rrun.iecmcnt team by the appoint- 
ment of IV" L)uali:icJ .ico >um.ints tvith appropriate experience in industry and 
Commerce, who will lie in the ape r-tnpc io-qo. After an initial induction period 
in flic United Kingdom. succcsshil raidiJ.ucx may be required to spend a period 
ot' time ahr.ud to familiarise themselves with the croup's overseas operations. 
Candidates, male nr t'unalc, must therefore be prepared to accept u degree of 
mobility particularly in the earlier years. 

Initial salaries, in the region of £10.000 p- 3 ., will he negotiated accordinc to 
experience and the other benefits are those yuu would expect from a major 
international employer. . 

Please vn;e, "nine full details • >f your age. qnnllficnfions and circcr history to 
date, stating the name ut any organisation to whom your letter may not be sent, 

Kelvin 'Whitfield (Ref 954, ’FT). 


Whiles Recruitment Limited 72 Fleet Slreel, London EC4Y 1JS 

Oitoe;. Asroc Aa.alotaam, Bristol. Bruise Is. Durscldcrf, 

Lct-L, Lair: hcsler and Wolverhampton 

This data relates only to Great Britain. * Excludes 

tion not provided. 

ancillary staff such as secretaries, t Informa- 
t Estimate. 

■K ^ {S- 

m ;• 



ire — " 

at ■?. :• 

c €erdi.a€l d£l } te 

F, English Car 
Contracts Ltd 




disagree with the Gardener 
group’s conclusion that there 
has been little visible evidence 
of effort, particularly from the 
Stock Exchange. An active Stock 
Exchange role in enforcement 
would do much to encourage the 
work of ASC. 

But all the indications are 
that the Stock Exchange has no 
stomach, as it says, for doing 
the accountants' work for them. 
On the contrary, it would seem 
that it is extremely sensitive 
.about making listing require- 
ments any tougher at a time 
when the prevailing mood is 
against greater regulation of 
industry. But is it possible that 
the new Council for the Securi- 
’ties Industry will have a role to 
.plaiy in place of the Exchange ? 

Finally, It seems worth record- 
ing another Gardener recom- 
mendation which appears to 
have the support of the Watts 
group. This says that separate 
standards may be necessary for 
specific industries, and it men 
tions property, banking, insur- 
ance and oil — sectors which 
have given the accountancy pro- 
fessions on both sides of the 
Atlantic more than a fair share 
of trouble up to now. The road 
to special cases could hold many 
easy solutions. But the greatest 
problem for the Accounting 
Standards Committee will be to 
remain independent, striving to 
serve shareholders first of all. 
and not forgetting all those 
other users of company accounts. 



f ,~ 




International isn't synonymous with 
■ impersonal 

Of course you'll receive whie^ran^jng 

If you do well you should 


Talk to the people who know us. You'll soon discover 
what it means to work with an International firm that 
believes in identifying and encouraging your 
individual contribution. 

Just consider our client portfolio. You'll find every 
facet of industry and commerce and every type of 
business and business structure represented. 

Whatever status titles you are used to, the facts are 
we are looking for evidence of supervisory and 
managerial potential as soon as you join us. And 
we'd expect you to achieve this kind of responsibility 
wrthiri two years of qualifying. 

If you wojld like to find out more facts about us. we promi* you won't be disappointed. 

Contact Nicholas Land in London 

Turquands Barton Mayhew 8- Co* 
Lyntori House. Tavistock Square, 
London, WC1H9LS. 




— V 

You might not have realised it, but your 
local Hodge Finance office is your contact 
with one of the biggest financidl 
organ isari ons in the world. 

Of cuubc, w hen you're jgst looking for 
strjighttorwnrd credit taci lines, our financial 
connections or the sire ot our asset* may not 
interest you. 

Fur if your Hisine» could benefit from 
the .1 Jvictr that a gr» >up like » H«r> cun gi\ e, or 
if \on’J like to know more about le.oing, 
in'-ralment credit, insur.mce or unv L»t ««ur 
investment schemes, then our financial 
sLinding becomes more uiipL-runi. 

Tlie Hodge Croup itself has assets in 
excess of £300 million. But we’re also a 
member of the Smndard Chartered Bank 
Group, Britain’s largest independent 
international Bank with 1500 offices in 
some six o’ countries. Their assets exceed 
i 7,0 00 million. 

S • whenever you walk inre' any of our 
one hundred 1 1> dee Finance offices and 
meet the !*.«cil and hi> start’, tlien 
ymiVe mm Juced \mirselt t. > the helping 
hand ot H*d»e Finance: > >ne ot the most 
flexible, wide-ranging hiuncial services in 
die country. 

Simply Took up our nearest office in your 
local phone book. (In East Anglia, louk 
under Garfield Williams). 

Or get in touch with Roy Wright, 
Development Manager, Hodge Finance 
Ltd. , Cardiff. Phone: 0222 42577 (70 lines). 

Hodge Finance 

A member of 
Standard Chartered Bank Group 



The nice thing about dealing 
with Hodge Finance is the £7,600 million 




Financial Times Thursday Juty S T 978 



Some leaders in the profession 

The profiles on this and the following page were 
written by Michael Lafferty, Barry Riley and Terry Ogg. 
Together they provide a representative selection of 
the work of accountants in public practice, industry, 
Government, research and similar fields. 

Mr. Douglas Morpeth 

Mr. Kenneth Sharp 

Mr. Eric Sayers 

MR. ERIC SAYERS is only the 
second President of the English 
Institute of Chartered Account- 
ants with a background in 
industry. At 61 he is chairman 
of Duport, the Midlands motor 
components group, having pre- 
viously been managing director, 
and a board member since 1982. 
As such he is probably typical 
of senior chartered acountants 
in industry who now account for 
some 80 per cent of the finance 
director positions among major 
UK companies. 

Mr. Sayers qualified as a 
chartered accountant shortly 
before the outbreak of World 
War IT and after two years 
with the Royal Air Force he 
was seconded to the Ministry 
of Aircraft Production where he 
was mainly engaged in cost 
investigations. He has speci- 
alised ever since in management 
accounting and business man- 

agement He joined Duport in 

As an industrial member Mr. 
Sayers has not been able to 
devote the same amount of time 
to professional affairs as his 
practising colleagues. Conse- 
quently he has chaired none of 
the Institute’s main committees, 
opting instead for chairmanship 
of the young post-qualifying 
education committee, where he 
has been one of the main 

Apart from accountancy. Mr. 
Sayers is a member of the CBI 
council and chairman of the 
CBI energy committee- Col- 
leagus describe him as a good 
practical man who dislikes long 
meetings and gets things done. 
As chairman of Duport he was 
paid £10,500 last year; £22,000 
in 1976 and £27,000 in 1975, the 
year he relinquished his post of 
Duport's chief executive. 

Mr. Eric Sayers, president of 
the Institute of Chartered 
Accountants in England and 
Wales and chairman of the 
Consultative Committee of 
Accountancy Bodies. 

IT IS now . jixst about a year 
since the members of the 
English Institute of Chartered 
Accountants effectively rejected 
the exposure draft ED 18 pro- 
duced by the Inflation Account- 
ing Steering Group under the 
chairmanship of Douglas Mor- 
peth. A further setback for the 
group came when plans to pub- 
lish revised and simplified pro- 
posals were tamed down by 
the accountancy bodies in the 
interests of giving a clear run 
to the Hyde Guidelines- But 
Mr. Morpeth did not give up, 
and in continuing to lead the 

group in the development of 

current cost accounting he has 
again displayed' the ability and 
resourcefulness fehich took him 
very high in the profession al 
a comparatively young age. 

A Scot, he has been prominent 
in the affairs of the English 
Institute. Be joined the Council 
in 1964, was chairman of the 
Parliamentary and Law Com- 
mittee from 1986 to 1969, and 
became president of the 
Institute in 1972-73. Mr. Morpeth 
is vice-chairman of the Account- 
ing Standards Committee, and 

of course is widely known for 
his work on inflation accounting. 

His professional career, mean- 
while, has been spent at Touche 
Ross, which be joined in 1952, 
becoming a* partner in 1968; 
until 1972' his specialisation was 
lax. He-. U currently chairman 
of the Touche Ross Board of 
partners, with responsibility for 
the business development of the 
firm. In addition he recently 
became chairman of Clerical, 
Medical and General Assurance 
among other external appoint- 

At the time it was set up 
the chairmanship of the Infla- 
tion Accounting Steering Group 
appeared to be one of the plum 
jobs in the world of accounting, 
but in the event it has turned 
out to be a very hot seat. The 
group accepted the ambitious 
timetable laid down by the 
Sandilands Committee, but 
unlike Sandilands it had to 
deal with the grassroots of the 
accounting profession. 

Mr. Morpeth also entered 
into a somewhat controversial 
situation when he became ope 
of the two Department of Trade 

ALTHOUGH FOR many. years 
partner in the Carlisle firm 
of Armstrong Watson to ope of 
England’s remoter 
Kenneth Sharp has mopa 
recently established hlasrfr 
right m the centre of 'the? 
Whitehall corridors of pftwefi 
Since 1975 he has been head of 
the Government Accountancy 
Service. His stepping-stone to 
this position— incidentally an 
entirely new ptot— was hJ* -year 
as president of the English 
Institute or Chartered Accoun- 
tants m 1974-75. 

Mr. Douglas Morpeth, chair- 
man of < the taxation 
Accounting Steering Group. 

Inspectors into the collapsed 
Court Line holidays group. 
The Inspectors’ report, pub- 
lished in March this year, 
criticised Court Line’s account- 
ing methods and stated that the 
1973 accounts did not give a 
true and lair view. 

At one time he was the 
youngest member of the Insti- 
tute’s Cornwall which he 
reached in 1966 at the age of 
39. His energy and enthusiasm 
took him six years later to the 
vice-presidency, and bo heewno 
one of the few presidents to 
originate from outside the big 
accounting firm*. This naturally 
gave him a special into rest to 
the problems of the smaller, 

Mr. Kenneth Sharp, head t 
the Government Accountant' 

The post of Head of the 

Mr. John Grenside 

Mr. Tom Watts 

A YEAR ago Mr. Tom W3tts 
was planning his imminent 
retirement after working for 44 
years in Price Waterhouse, 
where he became an articled 
clerk at the age of 17 and a 
partner at 46. During his time 
as a partner in PW he had built 
up a considerable reputation as 
an accounting theorist, had 
become the firm’s first technical 
partner and served on the 
council of the English Institute 
of Chartered Accountants. 

In the seventies he had be- 
come known as the accountancy 
profession’s “ Mr. Europe ” 
because of the time he devoted 
to representing the Institute and 
advising the Department of 
Trade on EEC company law 
harmonisation matters. Yet he 
had never held any of the high 
offices of his Institute — some 
say because he has never been 
afraid to speak his mind. 

So it is reasonable to suppose 
that Mr. Watts was a little 
flattered, if not amused, when he 
was asked earlier this year to 
take on the job of chairing the 
profession’s Accounting Stand- 
ards Committee. He accepted 
because he liked the challenge, 
and now faces a period of at 
least two years in the post. 

At 61, with an unrivalled back- 
ground in technical accounting 
study within the profession, 
Tom Watts is probably the best 
man for the accounting hot 
seat He is devoting his first 
few months to a study of what 
accounting standards are, and 
ought to be. But, for a man 
faced -with the task of getting 
inflation accounting back on the 
road, he has no illusions 
about turning accounting theory 
into practice. “Politics is the 
the art of the possible, old boy," 
is one of his favourite remarks 
these days.. 

Mr. Tom Watts, chairman of 
the Accounting Standards 

THE AGE of - dominant 
personalities is past. It is now 
the era of the team, according 
to John Peter Grenside, the 
man who underatudied the 
ebullient Sir Ronald Leach for 
three years before succeeding 
him as senior partner at Peat 
Marwick Mitchell late last year. 

“ My chief concern is to 
progress the ten of Peat 
Marwick .MitcbeSg". he says. 
“ Now bow far-A in today’s 
environment it is '-possible to 

make a . personal.*.. Impression 
while doing tbaf -is difficult 
to say. As senior partner, 
one's greatest efforts are to 
rationalise, and harness in 
harmony the excellent, free- 
thinking individuals that make 
up the partnership. 1 * 

A solicitor's son, Mr. Gren- 
side opted for classics at Rugby 
and entered the accountancy 
profession at the suggestion of 
his father. It offend better 
all-round training ancjrprospects 
than the law, which was Mr. 
Grenside’s natural, 'if not very 

strong, preference. War service 
in the Royal Artillery inter- 
rupted his training. In 1948 
he qualified and joined PMM, 
becoming a partner in 1980, 
and senior partner designate in 
1974 before his present eleva- 

In the early-60s he began to 
get involved in Institute affairs 
through the Overseas Relations 
committee and the Parlia- 
mentary and Law committee. 
He became president of the 
Institute in 1975-76. “There’s 
not much one can do in one's 
year as president of the Insti- 
tute, It's a matter of progress- 
ing the Institute and the 
profession," he says. 

Earlier this year he was 
appointed to chair the joint 
committee established by the 
profession to develop the Cross 
Committee recommendations. 
"One can never be completely 
happy with the outcome of a 
committee's examination of a 
subject as complex as a pro- 
fession’s attempt to regulate 

the quality of *»s work.** 
admitted Mr. Grenside. “ What 
is proposed cannot stand an its 
own. It is a particular element 
nf a scenario designed to 
improve the profession's posi- 
tion and restore public confi- 
dence that, rightly or wrongly, 
has been shaken fay recant 

“We had to strike a balance 
between what we believed . the- 
industry would accept -Aim 
something draconian. Draconian 
measures can be countcrprttjtf^ 
tive in that they chase -jjtod 
people out of the profe^jpeat 
We also had to be careful hot 
to set up a committee .. of 
perfection. After all, nobody 
runs an airline without fcwrijfcg 

a crash .* 1 "?• '• 


.... - V <:?; 

Government Accountancy Hi 
vice arose out ot a 1973 rvpt 
on- accountants in the Cn 
Serrice by Slr Anthony Burn 
and Sir. Ronald Melville, 
was proposed that a pruf« 
sional structure should bt> % 
up for accountants within t 
Civil Service, on the tin 
of .those already in pxisten 
for lawyers., economists at 
statisticians. ' 

Kenneth Sharp was the nu 
recruited to give shape to tl 
new policy. His brief was 
advise ©nr the work, care* 
management and deploymci 
of - professional accounted - 
-■ Government depat 
lie also took on 
of wiser: to the Dept#/ 
xnnt of Industry. 

He intends to stay iq£tpe 
chair at Peats for the nesf.Bb c 
to nine years. During that 
time the partnership's college 
of cardinals — the 20 oW So 
leading partners — will rfarf 
watching for a successor to 
emerge from the .ruck. ,^It 

.Much of his work embncjut 
unglamorous arm like -the tagi 
of itttomal. audits (carried ofil 
by rjuatifled accountants) aaiy 
means of. achieving Rreatej 
efficiency . within the pubh 
sector. But he has oftert 
.... proved willing to air his vjew-1 

. . J;-- •• •- in public to taaoy controversial 

Mr. Ji>hn Gfceu$dc,_, senior j 0 p lcs . nf recant months, fuel 
imrtHerj Treat Warmth instance, ha has criricwed the* 
afftm'ii. Cross Commltteo propr>sals on 

; t disciplinary procedures, anil 

may not ^ & a particularly called for ways of implemcnt- 

dctnocratit way. of sheeting a wig current ro*f accounting for 
senior partner . but 'it works,” small businesses oh a voluntary 
he declares.' - v basis. 





knows that businesses 

need bank managers 

who understand 

If you take a simple square with 8 units 
along each side and cut along the lines 
indicated, it can easily be assembled as a 
rectangle. It seems a simple enough exercise 
but it has one extremely intriguing result 
The original square, which was 8x8 
had, of course, 64 units but the rectangle ' 
which is 13 x 5 now has 65 units! 

We all knowit can't be true but where , 
does that extra square come from? 

If you are a newly qualified accountant 
we expect you are looking for ways to aet 
something extra out of yourcareeranaw8~ 
believe we can help. 

We are an international firm and can 
give you very broad experience in every 
aspect of modem accountancy. 

You can be sure of the best possible 
training, the maximum encouragement and the 
opportunity to make the mostof your talents. 


Contact: -- 

Michael Fowle, Staff Partner, Peat Marwick, Mitchell &Co. f 
1 Puddle Dock, Blackfriars, London, EC4V 3PD 
Tel: 01 236 8000 

"When inflation changed the rules of financial 
management, it also changed the relationship 
between companies and their banks. Today- 
companies look to their banks as never before for 
co-operation and advice: 

Five ways to 
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X Working Capital 

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' r. 

Financial Times Thursday July 6 1978 

M. Ian Hay Davison 

TRER Professor William 
r’s recollection that Ian 
Javison is the only LSE 
ii he can remember who 
secretary is wholly true, 
s nut sound too far off 
irk. For Ian Hay Davison 
A *rent in all sorts of ways. 

' s been highly successful 
professional life so far. 
t 'Nbhled in politics, and 
■*-t* »t mind airing his contro- 
- views un -what : are 
\ jy the most sensitive sub- 
\ aecm/ntiag. 

Hirst and foremost Ian 
Vi son is Arthur Ander- 
• became managing part- 
■'**%>* London firm in J966. 

■? day he was made a 
and has been -the 
and figurehead behind Mr. Ian Hay Dai 


Professor Edward Stamp 

IT SEEMS odd that the best 
known accounting academic in 
the UK should not even hold a 
British accounting qualification 
— but it is true. The man in 
question is of course the 
49-year-old Canadian-born Pro- 
fessor of Accounting and 
Finance at the University of 
Lancaster, Professor Edward 

Eddie Stamp trained as a 
chartered accountant with 
Clarkson Gordon. Canada's big 
accounting firm, and became a 
partner at the age of SI. But 
the prospect of spending the 
rest of his life solving the 
limited number of problems his 
! clients came up with led him 

all the . main accounting issues 
of recent time, including the 
Solomons report on education 
and training, the controversial 
!§ Corporate Report, auditing stan- 
dards and professional discip- 
line. inflation accounting and, 
latest of all. The recent UN dis- 
closure proposals for multi- 

In all this Professor Stamp 
differs considerably from the 
traditional UK accounting 
academic who prefers to work- 
away from the public gaze. At 
Lancaster his accounting depart- 
ment. with 17 full-time staff, 
is the largest in the country. 

fell takej'ust one day 
to show you howto save 

Saving tar is now more than ever the province of the 
specialist Marchmont Conferences offer the interested an. 
ideal chance to update on the latest thinking. 

6 SepL.1978 Personal Tkc .Saving for Directors (Lon<fan> 

13 SepL.1978 Personal Tbs Saving for Directors (Bir mine! i;im) 

IS OcL,l97S Tax Strategy for Companies ( London i 

35 Nov, 197S Tax Saving for the Self-employed 1 1 .ondon) 

J3Dec,?97S Tax and the Family Company (London) 

10/11/12 .Ian, 1979 International TaxPlanninc Conference: Na-wau 
24 Jan, 1979 Tax Savings for Professional Partnerships t London) 

14 Feb, 1979 Personal Tax Saving for Directors ( London i 

Ms. Vera di Palma, vice 

He also heads up the Inter- president of the Association 
national Centre for Research in °f Certified Accountants. 

and figurehead behind Mr. Ian Hay DaiHson, to give up this comfortable Professor Eduard Siamu Accounting at Lancaster, the 

i’s rapid growth, in managing partner. ^ Arthur existence for “the freedom and j Arthur Rank Research on| y such unit outside North 

ever since, having 
UK managing partner 

Anderson UK. 



academic Professor and Director of America. 

His first teaching position was ‘Z b«n recoded in sever,] , - n , 

still the smallest of Outside Arthur Andersen, at the University of Wellington lhe University of JncLer countries. Only last year he Ql PalmH 

[7mU> Tan Wflt Tlancnnc ctondinn hec in NPu/ 7. pa I a n H Via conn “ J c ry x 

Professor Stamp's .work has 
been recognised in several 

Ms. Vera 

Eight internationai Ian Hay Davison’s standing has in New Zealand, where he soon * ' become the first European - ~ 

firms in UK terms, been recognised through bis ended up a professor. In 1967 academic to get the American AN ABILITY and an interest 

«*£ jad no UK base until appointment by the Department he came back to the UK (be had Accounting Association's award in bookeeping at school led Vera is catching up of Trade as the inspector in read bis MA at Cambridge) to standards in The Times which 0 j distinguished international Di Palma to success in breach- 

S 1972 the firm did- 17 Mr. John Stonhouse’s London become the first full-time pro- eventually played a large part visiting professor. His next ing the inner sanctums of the 

:ompany audits; now it Capital Groups (where the fessor of accounting at the Uni- in the establishment of the public blast looks likely to come male - dominated accountancy 

:5. By all accounts it report had some harsh words for versity of Edinburgh; where he Accounting Standards Commit- f rom a book on international profession, 

t getting more than an that other well-known chartered remained for four years. It was tee. auditing standards due out this Recently elected vice- 

share of Government accountant. Sir Charles Hardie) here that he first attracted Ever since he has rarely been autumn. Eddie Stamp reckons president of the Association of 
jlic sector consultancy an d more recently when he attention in the UK accounting quiet for long. He has been the UK profession's A uditiog Certified Accountants, she took 

recent years for a firm became the inspector invest!- profession after launching a involved, either as a committee Practices Committee could learn two positive steps- to advance 

It may have been gating the Grays Building campaign for better accounting member or as a commentator, in a thing or two from reading it. the cause of equal opportunity 

in the old days, now Society affair. Apart from this for women within the profes- 

Andersen is said to be he is also a member of the Price sion. She specialised in lax work 

st aggresssive in the Commission, a position which m m and in 1965 she formed the 

ng services market- gives him a unique opportunity \ f\ /'m/' i lictic Certified Accountants Women’s 

to see how his competitors go 1VJ.1 . JT dtliVjV LioLlo Society. 

lay Davison has recog- about advising their clients. _ In 1967-6S the women’s com- 

m raittcc established a goal of 

' getting a woman on the coun- 
cil. But without the backing of 
the incumbents the first two 
attempts failed. Miss Di Palma 
also failed in her first attempt 
but received such strong grass- 
roots support that the following 
year. 1971. she was invited to 
stand again. The endorsement 
carried the necessary weight 
and she joined the council. 

V i Integration was rejected by 
?« the Institute of Chartered 
Accountants in 1970 but she 
%_] believes that federation “where 
each of the bodies will have a 
degree of autonomy within an 
overall framework " can be 

■ in the old days, now Society affair. Apart from this 
Andersen is said to be he is also a member of the Price 
. st aggresssive in the Commission, a position which 

ng services market- gives him a unique opportunity A4V DofriW Pnctio 

to see how his competitors go J.VX1 • X CttiivJk v.- UoUo 

lay Davison has recog- about advising their clients. 

he importance of pro- At 46 Ian Hay Davison is still PATRICK CUSTIS is a which now exist, representing 
1 involvement in the young in his professional life, prominent representative of the the opinions of senior finance 1 
nient of his firm. After Many who know him say he substantial body of chartered men in industry, 
cl of five years on the would make an excellent pres- accountants who work in indus- Born and educated in Dublin, 
oc of the London and dent for the English Instiute. try. When he spoke up in public p a ddy Custis is comprehen- 
Soeiety of Chartered but forecast this is unlikely for at a Financial Tunes confer- $jvely qualified, for as well as 
ants he was elected to some lime because he ruffles ence on inflation accounting in being a fellow’ of the English 
ncil of the English Insti- too many feathers in the 1976 his views struck chords institute of Chartered Account- 
1975. Since then he has Moorgate Place' Council cham- elsewhere; his speech was mts he is a fellow * of the 
member of the Auditing her. They had better not leave instrumental in the formation institute of Cost and Manage- 
:s Committee, the educa- it too late, for above all else of the Midlands Industry Group me nt Accountants and a fellow 
id training committee, Ian Hay Davison, does not lack of Finance Directors. This is 0 f the Chartered Institute of 
Morpeth steering group, ambition. one of four similar groups Secretaries and Administrators. 

iulld your tere wiili Thornton Baker 

After qualifying as an 
accountant be joined Sir Val 
Duncan’s team at RTZ in the 
early 1950s. In 1955 he moved 
to the Midlands and to Glynwed. 
where he began as a group 
accountant and eventually 
became a subsidiary company 
director. The next move was Mr. Patrick Custis, finance 
to GKN in 1967, where his director, GKN Lid. 

For further information regarding these conferences 
please contact the Conference Administrator. 

i^Marchmont conferences 

Vogue House, 1 Hanover Sq., London VlR 9RD. Tel: 01-491 7S13 

Auditing Standards: 

From Discussion Drafts to Practice 

Frank Attwood and Clive de Paula 

Provides the auditor with 
a yardstick to assess his work 
and gives a practical illustration 
of how audit procedures may 
be tailored to meet the new 
standards proposed. 

£ 6.95 

post free from 

The institute of Chartered Accountants in England and Wales 

ORDER FORM (payment with order please) — 

To: The Publications Department, The InsiUule ol Cluucred 
Accountant In England and Wales PO Box -133. Chartered j 
Accountants' Hall Moorgate Place London EC2P 2BJ i 

Please send me copy/ies of Auditing Stanaanis: 

From Discussion Drafts to Practice at £6.95 per copy. I 

I enclose a cheque for £ (payable to CHARTAC) j 

Address - | 

We are a major national firm of Chartered 
Accountants with a unique quality:- We have 
offices in nearly every major town and city in 
the UK — they have grown there, so we are an 
integral part of the local business community. 

If you join Thornton Baker you will find that 
the emphasis is on personal relationships both, 
with clients and within the firm. You will have 
an early opportunity to exercise initiative and 
take responsibility. In addition, because we are 
a large organisation, we are able to provide 
within the firm the full support of national 
specialist departments, and all the technical 
and training facilities you need. 

Career development opportunities are 
exceptionally good, for our policy is to promote 
from within, and we need up to ten new partners 
every year. 

With us you get involved, and help our clients 
grow by solving their business problems. So, if 
you are an ambitious young chartered 
accountant, competent professionally and 
ready for responsibility, 

a Peter Hubbard (Staff Secretary), 

§ Thornton Baker, 

V I Fairfax House, Fulwood Place, 

D I London WC1V6DW 01-4058422 

initial post was as controller 
international. There followed a 
spell as a director of the group’s 
Birfield transmisions business, 
and after a short period as 
group controller of GKN Mr. 
Custis was appointed to bis 
present post of director of 
finance in April 1974. - 

As chairman of the Midlands 
Industry Group — the so-called 
Midland “Reds” — he came 
out strongly in favour of a 

director, GKN Lid. 

gradualist approach to current 
cost accounting, rejecting the 
ED 18 proposals as too complex 
and endeavouring to do too 
much too soon. He urges that 
accountants from industry 
should play a much bigger role 
in the development of account- 
ing standards, a process which 
until now has been heavily 
dominated by accountants from 
the big professional firms. 

Accounting for the 

Mr. Martin Gibbs 




Consumer Products 

MARTIN GIBBS confesses that 
he got involved almost by 
mistake with inflation account- 
ing, the subject which has 
brought him into the public 
eye. It was about six years ago 
that he took, over the writing 
of a paper on inflation account- 
ing at short notice from a 
colleague. Since then he has 
published many articles, given 
many speeches and been at the 
forefront of the debate. 

In 1959 Martin Gibbs bad left 
Chalmers Impey to join the 
stockbroking firm of Phillips 
and Drew at a time when the 
stock market was enjoying 
possibly its most profitable bull 
market ever. He joined, inci- 
dentally, a five-strong research 
department which consisted 
entirely of accountants. The 
bull market soon faded but 
Mr. Gibbs stayed and in 
the course of working his 
way up to his present posi- 
tion of senior research partner 
he has made a substantial con- 
tribution to the building of 
Phillips and Drew’s reputation 
as a leading research bouse. 

After serving on a Stock 
Exchange committee on infla- 
tion accounting be joined the 
working party which was estab- 
lished by the Morpeth Steering 
Group to investigate adjust- 
ments for monetary assets and 
liabilities. Mr. Gibbs was also 
a member of the study group, 
set up by the Accounting Stan- 
dards Committee, which pro- 
duced the controversial study 
The Corporate Report Last 
November be was invited to 
join the ASC itself, where he 


4 Yr'S 


*>'!■- >=- 2d 

K r«- 

<; >. j 



Mr. Martin Gibbs, senior 
research partner, Phillips and 

plays an important role as a 
representative of the invest- 
ment community.. _. 

Martin Gibbs regards his part 
in the adoption of a gearing 
adjustment in the Hyde Guide- 
lines as perhaps bis major 
achievement. But he goes fur- 
ther, arguing skilfully and 
persistently that debtors and 
creditors should be distin- 
guished from other monetary 
items, and he is continuing to 
campaign to get the Hyde 
formula improved in this 
respect He points to ICI’s 
recent current cost accounts as 
an important step forward. 

Gazing into a crystal ball is not a particularly positive way of planning for 
your future. 

Action is needed - now. 

To develop your professional skills you should obtain wide experience 
within a technically progressive and an internationai environment. 

-You need exposure to modem audit methods : 

public and private companies in a broad range of activities: 

E.D.P. systems and special work . 

Our national firm, with its partners throughout Europe and close 
.associations worldwide, offers this type of experience, plus opportunities to 
specialise in taxation, insolvency or management consultancy. 

Your action today could secure your future tomorrow. 

Write to John Cholmdey at H St. Rndc Street. London. ECt A 4DA 
or telephone him on 01-353 3030 or contact our other offices in 

Binder Hamhm 


Bacup John Barker - Bacup 3213 Ulac^ou 

Birmingham Clive McGee - Birmingham 236 4462 LtvtU 

Bury si. Edmund, Mike Fulcher - Bury SL Edmunds 6331 1 Manchester 

Croydon John Coward - lundnci 681 3521 .Votlingtam 

Veil McNdl - Glasgow 2-lh 37A1 
Harry Raket - Lcvds .136111 
\nllven Leon - Manchester K31 71:11 ClnMupfcn* - .V<iffin£hiiii S3»rj 


Major firms 

With an annual turnover in excess or £100 
million and a-range of tissue products 
including such well-known brand leadersas 
Scotties, Handy Andies and Andrex, Bowaler- 
Scott is a familiar name in the UK cohottim 
market The contribution of our management 
accounting function, which provides set __ 

objective commercial appraisalof co mpzoy 
operations, is widely recognised as a key 
factor incur continuing success. 

The position reports to the Group 
Marketing Management Accountrnitam the 
prime responsibility will be to work with 
.ConsumecMarketiitg Personnel on 
identifying, evaluating and advising on any 
areas within the marketing function where 
company profitability and market share can 
be increased. 

Asa member of the corporate 

management accounting group, you wffl also 
need to be conversant with the planning and 
production functions. 

For a young qualffied acco u ntant (AC A, 
ACCAorACMA) with aileast two years’ 

represents a career opening with extremely 
bright prospects. Salary is fully negotiable 

Initially based at our Kmghtsbndge head 
office, the uost will be subject to relocation 
-to East Grinstead in June 1979; full expenses 
will, of course, bepayable. 

Please write guoting'refF/anwiflvftifi 
personal and career details to: Miss Simone 
Slade Bowater-Scott Coipoiation Limited, 
Bo water House. KnightshridgB, London SWL 

bowater * scarf 


mission, Mr. Harold Williams, 
expressed the view that the peer 
review ’system would shortly 
have to be extended to -the 
foreign offices of U.S. accounting 
firms, or their associates, which 
are’ involved in the audit of com- 
panies coming under the 
agency's jurisdiction; 

Among the smaller ’ .prac- 
titioners of the profession work 
is by all accounts booming as 
ever-increasing numbers of 
people, particularly those with 
more than one source of income, 
seek professional tax advice. 
There are also indications that 
professional accountants are 
playing a greater role in the 
affairs of their smaller family 
business clients. This is evi- 
denced by simple things such as 

accompanying a client when he 
goes to his bank manager lor 
finance and the preparation of 
basic budgets and management 

But there are problems here 
too. not the least of which is 
staff. Small practitioners find it 
difficult to pay the same rates to 
articled clerks as the majors, so 
increasingly they -must rely on 
unqualified and often part-time 
labour. One of their greatest 
problems lies in convincing the 
young student that life is even 
more exciting with them and ex- 
perience more wide-ranging than 
doing fixed asset or systems 
audits at the top— in companies 
like GEC or Grand Metropolitan. 



1 '• j * 



Further information available front: 


LIMITED (By Guarantee ) 

TELEPHONE (023064) 471. 

Financial Times Thursday July 6 1978 

Working with i^s 

would work with you 

because ourT7 partners are a Bhafcjly eiy 

involved with both clients and sfeft 

So, if you want a carter where you can extend 

your general experience but still have a 

chance to specialise, telephone one of 

the men you could be working with. V 


Ot 5883504 









P.L James 
XJ. Griffin 
P.J. Lodge 

G.W. Martin 
W. J.Holfis 
F.C. Parelow 
T.R Malone 



da r/r.- rdAixmtnano 





NEW title in the course of preparation: 


Details of other titles sent on request. 

A vail able at leading bookshops, or direct from: 

29 Park Street, Croydon, CRO 1YD- Tel: 01-686 2740 

UNTIL ABOUT a decade ago Press, who asked whether the another committee chaired by 
little was to be read about the revelations were, typical, what Mr. John Grensid* was estab-... 
accountancy profession, or the measures would be taken lished to fake' the disciplinary 
art of accounting and financial against those criticised and, matter ' a stage further. Us A 
reporting in the national Press, most important, what provisions report, suggesting a new 
Then in 1969, after a series of existed to insure that similar approach _ to self-regulation, 

** public cases," the English failings did not arise again. came out in May this year. 
Institute of Chartered Account But it responded in the end The Cross Report did not get 
tants (later to be joined by the by setting up committees to a good press, for it contained 
other main accounting bodies] look into the. various problems no immediate solutions to the 
decided to take upon itself the raised by the “ scandals." One main difficulties facing the pro- 
task of laying down rules which of these was the decision to fesston, Its principal recom- 
companies would be expected to proceed with a programme of mendation was that the account- 
follow — to- avoid the risk of auditing standards. The others ing bodies “ consider setting up 
getting a qualified audit report, included: domestic tribunals with lay 

—in preparing iheir accounts. . 9 Th e establishment in October representatives to deal with 
From then on accountants 1976 of a committee of inquiry allcgatwos of unsatisfactory 
have been very much in the under Law Lord, Lord Cross Of work.” Splitting 

public eye. It was almost as Chelsea, to consider “ to what disciplinary problems into • 
if, after complaining for years extent, if any, the investigators - ' P**I»e "and " private " eases, 
that they were being ignored, and disciplinary organisations Cross concluded that it was only 
the accountants had at last and powers . of the three j n former category that the 
achieved their place in the sun. (accounting) bodies may re- of the profession deman- 

Alas, it was not to be all sun- quire to be changed to enable action, 

shine. There were clouds too. them to deal both effectively p.. . 

The storm took its time break- and justly with the allegations JLIlSCIOSUrC ! 

ing, but when it- did so in 1976 pf unsatisfactory professional > 


Appeal Commttlrt 
(Tawyw m chairmml 


(iMntivt nnuTtltm— 



. . Disciplinary Tribunal 
(whh lay m*tnb*ri 

membarj only • ^ 


App+*1 CwwAlw. 
dtMir* «r qc 
m dplnmii) 


Domestic catex 

IfivmifMiMi Conrmtttc* 
(with lay *<H«n«f) 

Cpmmtrt— of bwinr 

(with tanr 

PoMc um 

All compUmts i 

and criUcnm 

(after pracnnni by watttfiwl ; 

Each body would adopt » common 
approach and have id own 
machinery utn out abow. 

Nopi " Scheme ** macWnerp cam - 

.(h> OntipHn* “ Firm* and mom coni 
therefrom . _ 

th> Prefer “ complaint* “ (which are conchnl-nr 
a* re the ferti) about hxhWchMl memhen 
te their parent bedta aed roeenmteitd the 
share tf the coin <• be- re co v er ed froth 

statutory powers would be a firms in circumstances which The great drawback of 
major disadvantage. What, is give mo to public concern; jurat scheme la its cost. Aw 

—in the aftermath of the conduct by any member." Cross Another aspect of the Cross significant about the second » the mri union of lay members ing tu Uresside. a single inqt 

secondary banking and property reported in November 1977: Report was its disclosure that report is the determination it all levels in the investigatory mio a complex matter cuuldw- ' 

collapse a couple of years earlier 9 t jj e publication, in December the Government had indicated shows to make the best of 4he and disciplinary prucessas; over Z5QJ&Q. though the a 1 

—it almost turned into a 1977 of draft new ethical rules Unwi Hmgness to give the siiuation without the help of the # the creation of practice U iao» likely to be arm , j 

cyclone. The. profession was including provisions dealing a «<»ntancy bodies statutory law. advisory services: £90.000. This could he ill 

knocked off balance by the with independency vowsrs in the area of investi- The main Grenside recom- # \ ontroI 0YBr p rac tis- « part by4he proposed po’ | j 

extent of the criticisms against * tha ^ gation and discipline such as inendations, which have already . -prfif tattc*- recover cosls from offend 

arwvmtino fii-mc uni ® __ announcement in LfCIOOer for an* *nlir*iTnrK hi'Pti sunonned fov lh*» munfilc n , 1 » wmhtni. hut th* h 


A medium sized, expanding firm of City Chartered 
Accountants have opportunities for newly qualified 
Audit Seniors. Write with full particulars to:- — 
A. T. B. C. Simpson, Personnel Manager, Buzzacott 
& Company. Salisbury Square House, 8 Salisbury 
Square, London EC4. 

respected accounting firms, and Tqct J , for doctors and solicitors been supported by the councils i* Th * ' development 0rms *Ofl members, but the b 

the publicity that each affair e^ar ,0 «“»« ^es to 8iv 0 of the main aecouutin* bodies. * £ c n ”,L“n g «*»« , 



Suddenly, distinguished audi- Panel, drawing the' attention of 
tors were being accused of bad the profession to the conclusions 
workmanship — in effect failing and lessons which may be 
to do their duty to share- learned from particular Depart- 
holders — by Department of ment of Trade reports involving 
Trade inspectors, one of them criticisms of accountants; 
usually a fellow senior # in December 1977 it was 

'ESTAZ arc: * ’ 

*!** • the extension of disciplinary 

Cross believed that the jurisdiction for individual 


educational programme. pos8ti ' . 

Ono of d. most Sbtniflreo. SS5?fc 

absence of such powers would accountants to include ineffid- features of the proposed joint j.g£uriBW!iM«ti6h is lor 

. .. , . . ■■ ■ i L whiimA ic rnar rliKCinlinaru ... . T ....w-. 

mult umuii. mu -- — — . pa iwKi in nsi? u.n. i 

propose any way round the about its effect on the standing accounting firm* - Any individual would vary from £o 

, *.^ aS problem. Whether this was a of the profession: accountant tounrt wanting will urtner Oil tvo-oirlnpr tin 

chartered accountant from an- declaredUiatwider Duhlicirv pr ? lera ' W ? ethcr thl " *» . a 01 me prtuession: S XtV Zt Tv he m rm.I d is- P«rtr«M»a two-part nor tirni 

other accounting firm. And the woufd be°SU^ In fSSroi !o nod or a wink, it u |to rhe credit • the establishment uf lomt ‘"JSi*! 1 ,? ” HI oS-S 0 P« »*rtaer in firms w 
profession had no easy answer JETw of the p rnfe^on that it decided machinery ("the joint schemO rig ««> .f5S“ °* ° W " «v«r 60. partners. 

those, li ke the fin ancial^ ciplined in regard to public 
interest cases: 

com- mgs 


- — - — . mtrrec. Like Cross. Grenside conduct, efficiency and compel- 'T 1 ri rj UK nrT 

following the Cross Report found that the absence of ence of members and nl member £>1101)11"^ 

Being a Chartered Accountant has never been easy but at Moore, 
Stephens & Co. we are solving the problems of today and building up the 
experience necessary for tomorrow. 

We have 28 partners in London, associated offices throughout the 
World and a national practice giving a comprehensive service to a wide 
range of clients. Our continuous training programme is designed to help 
you gain the most benefit from post qualification education and maintain 
the high standards we have set down for ourselves and our major 
international associates. 

Complying with 

We can offer you the opportunity to develop your professional skills 
and technical abilities to achieve the wide experience needed to solve 
today’s problems. As well as audit and accduntancy you can also specialise 
in taxation, investigations and management consultancy. 

If you are interested in shaping your future today write to Douglas 
sell, Staff Partner, Moore, Stephens & Co., St Paul’s House, Warwic* 

Fussell, Staff Partner, Moore, Stephens & Co., St Paul’s House, Warwick 
Lane, London EC4P 4BN or telephone on 01-248 4499. 

ornfessinn had no easv answer TI T . of rue profession mar it defined machinery ("the joint scheme") over 60 part nere. * 

r™ like the fin^iai Kffi? ; been to take another look at the to inquire into and make find- awmnuns body. 7 , , h - 

' t0 public problem via the Grenside com- ings upon the professional . Another feature of the jo 

i est cases. mitree. Like Cross. Grenside conduct, efficiency and compel- Li; n , r - Kheroe is-that it is to be imf. 

• following the Cross Report found that the absence of ence ol members and of member JCrfUBDIinS inenied, at a time when there 

re-kindlcd 1 enthusiasm fur si 

T? ThtJ J ,,,nl - regulation nght throughout i 

’ v because u is intended Thisbas already mamfesi 

the English and bcottlsfi : Jnstl- j n jjj e new counuil for 1 
* • / 1 f 'ues M Chartered AccountantSi securities Industry, on which 1 

■ Atv^ I T 7*1 rr TTT1T n I 1 -' * nd the -'f accounting bodies aro rep 

m I | I ^ M I \/ III W/ || II Account aut*»' a to J» «t«Lb> seated. With such back-up » 

V/lll |o/ JL y 1XJL>-S VV JL vXx by means pfaii enabling panned undertakings frt 

JJ •/ SmJ danse m the respective bodlK p^rtr, crs j n accounting firms •- • 

constitutions providing lhat ( a) SU pport the scheme it wou 
• • meinbers in roust under- that the GrenstUe pi 

I ? ^ -w -r , talie un behalf their firms to po S j| s have a fair chanee 

KKf. UlT 6 CtlV 0 S i- SS— LcSBSi"**.- 

m. J m J X. y \p 4-X-1» ▼ V/kJ . , will refer cases to the Joint But the accountancy bodii 

scheme machinery when the know only too well that Ch . 

THE PAST YEAR ius brought EEC States’ Foreign Ministers) distribution and administrative l? ub "? in "T o 1 SSSytlS! 1 

the approval of one important on J u®e 27. This directive is expenses. It is to br hoped >loinestic disciplinary com- s ""J* SnS »*!l**i 
EEC directive sod the public*-' «»““<! “ •* Published about that Britain will legislate ml, “S accounUr* mwi 

one. - fourth directive has heeu ^ f£SlSS S£B 

live on the professional quaHfi- approved only after many yearn nothing new to offer. :/ tnm has a fnlure in 

EEC directives 

uve on the professional qualifi- approved omv atter many years naming new 10 oner, .j ----- - tlun h fuhir in MI x - 

cations of auditors. The first of lengthy legal wrangling The fourth diredlve/s only PWi ^ ehart shows hew the turn has a future in atLi.unlig. 
i M much more important for among civil servants from each meant to apply to individual p - 10 lyt 1 

companies in general. It is the member State as well as Cora- company accounts,/ however ^ .. ___ * 


Sooner-or-later data processing . . . 

famous fourth directive on mission officials. As such it is having originally wi»n drafted 
annual accounts, which received reasonable to presume that it to harmonise accoflnting in six 
the approval of the Council of has much of the character of countries whero/ consolidation 
Ministers (in the shape of the * h ® lowest common denominator was not the common practice. 

— about it Yet it cannot But it is bein/ suggested that 
be dismissed even by such an the UK will/implement it a* 
advanced company law/account- applying dfrcetly to group 
^ m S country as Britain. accounts, so avoiding the un- 

■WC| || 1 J It is likely, for example, that necessary-duplication of having 

• • • the fourth directive will lead to holding.? company accounts 
C/ substantial changes in the way drawn Jp on a fourth directive 

British companies present their basis (with an added P and L 
accounts. This is because for account) and the consolidated 
the first time in the history of version as it is now. 

UK company law there will be An important point for UK 
legislation laying down stan- companies at least is that the 
dard formats for both the„directive embraces the true 
profit and loss account and and fair view requirement, 
tbe balance-sheet. Prescriptive specifically slating that where 
accounting of this nature is a company’s directors consider 
common in countries like West that compliance with the law 
Germany. France, and Belgium, does not give the necessary 
The directive includes four view, they must do whatever 
alternative layouts for ■ the else they consider more appro- 
profit and loss account and two priate. It remains to be seen 
for the balance sheet, but how this will be written into 
member States have the option German company law, where 
of limiting applicability within the notion of “if ifs not in the 
their own countries. Apart from law. it’s not done ” is. the order, 
the insignificant option of Incidentally, companies will not 
. - vertical and horizontal balance be obliged to follow the layouts 

sheets and profit and loss exactly as published; they can 
accounts, the only real choice relegate -detail to the notes, 
is between the income state- The following are among the 
ment where • expenses are more interesting aspects of the 
analysed by type (eg, wages) directive, as far as British com- 
er by operation — fior example, panles are concerned. 


Get the 
right partners 

Fora successful career In accountancy 
having the right rapport with your firms' partners 
is essential. 

■• j 


a* 'si 

Dearden Farrow partners have the experience 
to guide and instruct; a valuable advantage to 
be considered by both students and qualified 
staff. We also have a planned training programme 
wtth progressive pre- and post-qualification 
experience. . . 

Prospective staff considering a move in our 
direction should get in touch with George Bunney, 
our Staff Partner. 

n M Dearden Farrow 

"■■■■■■ Jtor.wXLo«ICfiEC4VBAP.Tel-W353«)8S. 


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Whether you work for us in London, 
elsewhere in the UK or abroad, ybu will ’ 
find that Defoitte Haskins & Selfs will 7 
give you a 360 degree prospect on the . .. 
world bf business. 

Recently qualified accountants and finalists 
should contact:- 

JL A. Wechsler, 

Deloitte Haskins & Sells; . - 
128 Queen Victoria Street 
London EC4P4JX, 

London Belfast fttmuniham Bmrffruri Brfatnl narrgB Prfmh.i.jjK i - — | — ' m. — i — N-rf" 1 fnTttnQtmrh *innHnnpHWl "lim— I Pldhfjiri 

1 ;Kl 



\ .Ti«!, 

:V fi ] K Financial Times Thursday July 6 1978 



Fresh attention being paid 
to student training 

iRE IS prpbab^ no more commerce or the profession. Because its student body (1,600) hump of students which is viding junior qualifications for 

;itivc subject wtahin the UK Cost and management accoun- is so small m relation to that of behind the dismal pass rates. accounting tedmidans. Tbe 

■luntancy profession than the tants tram almost exclusively the English Institute of The figures bear this out In older of these, run by ihe 

cation and training of its m industry, while members of Chartered Accountants, for the Institute's December exam Association of Certified 


.Chartered In^htute of example, which has a student there were no less than 774 Accountants, is the Institute of 

■ ;^ner in which each of the Public Finance and Accoun- population of some 16,400. 
* main bodies provides for the tancy gain their experience to Nevertheless it is withi 

puianon ot some 16,400. students attempting part 2 on Accounting Staff, set up in 

Nevertheless it is within the at l e *st a fourth attempt Only 1973. Over 1,100 now hold the 

s": _ — T _ .. — “ J ° — • — : . . iveveruieiess it is witmn the 31 iea « a lounn anernpL umy j. over i.ruu now noia me 

ning and education of their a large extent m town halls English Institute that the most 50 — some 7 per cent — passed. Institute’s diploma and there 

... ir ® . members which dis- and the public sector up and fundamental changes in accoun- It is now a fair bet that almost are more than 2,500 candidates 

.tushes one from the other, down the country. tancy eduction have been taking aU of the rest will not become studying on the one-year 

' ^bartered accountants’. Even, within the three place in recent years. They chartered accountants. But they course. 

^sjther English, ' Scottish or chartered institutes of the date from 1972 when the wi!l only be prevented from In opposition to the certified 

^h. can only . be trained British Isles, there are Institute council published a wasting their time after 1981 scheme another qualification 

tin the practising side nf differences. The Institute of booklet called “ A Policy for when the Institute introduces was launched last month jointly 

--s. profession, rather like Chartered Accountants of Education and Training - C oo- rules to limit the number of by tbe English Institute of 

Certified accountants Scotland is the only one which taining a clear warning that attempts at the exam. 

the other hand may train provides its own training and entry and examination stan- 
ce gaining accounting and examination courses for dards were going up. 
ncial experience in industry, students. It is able to do this 

Chartered Accountants. 

Published by the Financial Times Ltd. MillilllUIIl 

I g B a First, there we 

II i B B more “ O ” level ei 

m I profession; the mi 

■ H I |fe IB || | ^ was going up 

BJU&JO ■ 9U levels. In addition, 

* students were to b 

0^ | • take a year’s Institi 

Accounting §gs 

the new name fc 

A clerkship. Even 

graduates— those 

■ ■ bJ k | & £ m n degrees in subject 

B I pkdJ U B B mics or accounting 

§ to take a .gradual 

course before star 

New standards, new practices, new controversies . . . Other features 
changes and the pressures for a new approach are policy included: gi 

developing everywhere, all the time. Never before has over tr aining coni 

. the accountant and financial executive faced a future so introduction of tra 

full of new rules to be absorbed, new procedures to be creation of a be 

mastered— and new opportunities. accreditation of 

Each month, World Accounting Report, published by the principal*— the 

Financial Times Ltd., examines developments round the turns with whom s 

world and analyses their significance. a training contra 

. . . » , encouragement of 

For example, the following items appeared in the July iog schemes for ^ 

issue: ing firms. 

Viewpoint — What is wrong with Associate Company poUcy me 

Accounting. English Institute, - 

The exploding cost of professional indemnity. little more than z 

U.S.— Dispute over “full cost” and “successful efforts” body for 96 years 

methods of accounting for unproductive oil and gas wells. assuming some 
Netherlands— Major accounting firm at centre of Dutch for tj 

The future will besiege you with questions: World tioirof tiiTnrograj 

Accounting Report will arm you with the answers. . dramatic impact 

entry and examination stan- Behind the English ICA’s new * CMA 2116 CIPFA - Called tbe 
dards were going up. policy is an implicit acceptance Association of Technicians in 

of a graduate-only profession. Finance and Accounting its 
though for political reasons it * nt fy requirements are alleged 
]VyflnSvMn m seems unlikely for it to make }° be tougher than those of the 

ivimimum this a rule. In the last 5 years Institute °f Accounting Staff. 

the proportion of graduates An important difference 
First, there were to be no entering training contracts has between the two is that the 
more “ O ” level entrants to the increased from 20 per cent to Certifieds run their own exams 
profession; the minimum stand- around two-thirds— and the whereas the joint scheme bases 
ard was going up to two “A” graduates are getting through its education requirement od 
levels. In addition, non-graduate the exams reasonably fast Mr. the attainment of the Business 
students were to be required to Michael Licldss. chairman of the Educational Council’s National 
take a year’s Institute accredited ICA education and training Level Award obtained . by 










1 36-142 Bromley Road, 
London WI06SR. 

Tel: 01-960 4421, 

2nd Floor. Tower Block 
Centre City Mill Street, 

Birmingham B54 UA. 

Tel: 021-632 5845. 

BTunnell Street, 

St Helier Jersey, C.l. 
Tel: 0534 26451. 

64 Port Street 
Manchester Ml 2EG. 
Tel: 061-236 4124. 

10 Central Road, 
Leeds LSI 6DE. 

Tel: 0532 457455. 

Pegasus House, 

153a GIdssops. Road, 
Sheffield 510 2 QD. 
Tel: 0742 669265 

6 Tunnel Street. 

St HeJier. Jersey. C.l. 
Tel: 0534 26461. 

Award obtained 

Mr. Michael Lickiss of 
Thornton Baker , cfiair- 
man of the ICA education 
and training committee. 

foundation course at a poly- committee, estimates that 81 per t^ng accredited courses and . irnhiina committee 
technic and pass an Institute- cent of all graduates who examinations in further educa- ana ^rammg committee, 
monitored exam before enter- entered training contracts in H° n colleges. Entry require- 

ing into a training contract— 1972 had become chartered raents are a minimum of 4 GCE course while gaining approved 
the new name for articles of accountants by the end of 1977, “ 0 ” levels at grade . c or practical experience with their 
clerkship. Even nan-relevant and that by 1980 between 83 shove, and applicants wiJi be employers, 
graduates— those not holding and 80 per cent of the same required to undertake studies * y 

HpffrPPC in cithiPPte lilro arvinA. Viowa nnt fkvAimli OD thT0O _ V63r OilTt-tilDe 

degrees in subjects like econo- batch will have got through, 
mics or accounting— would have in the part 2 exam last July 
to take a .graduate conversion gg per cenl of first-time 
course before starting training, graduates passed, though in the 
Other features ot the new later December exam the pass 
policy included: greater control rate for first-time graduates had 

the three-year part-time 1VI* 


of authorised fully under the new policy, the 
partners in results are also encouraging. In 

Please send me afree sample copy of 
WbrldAccounting Report 



ne o 




Return to: Subscriptions Dept. (WAR), 
Financial Times Ltd., Bracken House, 
10 Cannon Street, London EC4P 4BY. 



■■ ! ■ ~ I • 1 . . ! : • 4 I .■» . ! ! H • j - . | : I i ; i 

.■ VmM*.... , ■ ■ ■„ » | - III 1 I t * I I f 

.. ■ .< r- L’l t : > i ‘ ■ ~ . 

a training contract: and the per cent of the students passed, 
encouragement of group train- and 14 per cent passed in some Ml 
ing schemes for smaller account- papers. But much depends on A» 
ing firms. what is meant by a student IS 1 

This policy meant that the While the English IGAEW ^ 
English Institute, - having been has by far the largest member- 35 
little more than an examining ship of tbe six main accounting 95 
body for 96 years, was at last bodies, it is only in third place SO 
assuming some responsibility when it comes to students. A 
for monitoring the education long way out in front comes 50 
and guiding the training of its the Association of Certified 
future members. Implements- Accountants with- a student 
tion of the programme has had population of 6L500. This is ^ 
a dramatic impact on pass rates more than three students per \ 
in the Institutes two profes- certified accountant In second ! 
sional exams, professional 1 and place, with 38,000 students is the ! 
professional 2. Whereas in the Institute of Cost and Manage- «e 
old days roughly 40 per cent of ment Accountants. Ac 

students got through each exam, Both the Association and the po 
only 25 per cent succeeded in ICMA derive a substantial pro- 1 
last December’s part 2 exam and portion of their income from 
32 per cent the previous July. students. This is borne out in _ 

** The ICAEW education men their accounts. Whereas mem 

have been under heavy pressure hers' fees and subscriptions are 
as a result of such poor pass the main sources of income for 
rates. But so far they show no the Institutes of Chartered 
sign of changing course. If any- Accountants, student and 
thing they blame tbe outcome examination fees (amounting to 
on those partners in the pro- £1.8m. in 1977) contribute two- 
fession who sought to avoid the thirds of tbe certified accoun- 
introduction of the compulsory tants’ total income, as it did 
foundation course by rushing in for ICMA. 
before it took effect, an unpre- 
cedented number of students — 

3.081 in 1972 against a more Qiirtiliic 
typical year’s Intake of perhaps Jr 

1.700. In other j®* Since the Association has 

large proportion of this 197^ ^ past tw 0 years with 

a surplus more than double that 

M ’! rr 1 • 1 ! f ? t • ! 111 ■ i of its members’ subscriptions 

■ and fees (totalling £427,000 in 

1977), it is difficult to see the 
justification of its argument 
that it is not making a very 
substantial profit (despite re- 
cent fee reduction) out of its 
students, a large proportion erf 
whom may never pass all the 
exams. Another perspective on 
tbe matter could be gained 
from considering that the Asso- 
ciation’s surplus of income over 
expenditure for the past two 
— -j— 3 — 1 — = — r— r— r — rrri — — : — r years, amounting to £1.6m, is 
Y T~ rh" 7 ! ? ; f r l Slightly more than the cost of 

r ^"1 ' ‘ I j ’ I*!"! I" T“! its new headquarters at 

TT'pj . ; ; ■* *", : f ~YT1 Lincoln’s Inn Fields, which 

1 l"j ITj { ■"■•■j".;. j ] L i was purchased in July, 1977. 

-j : . | : — H— =“i An interesting feature of 

T’v-'j— j both the Association of Certified 

[ ~'i j ; - rrrn"| Accountants and the Instita te of 

! ■ 1 f~' m : \ : { | ! I H Cost and Management Accoun- 

.yrf^-j-4-i-f-: j-W ? i tants student is the degree of 

t i } representation from overseas. 

: » W .. A . | ■ In the ease of the' Association, 

TTr*!"*!. 1 HTj : '7 ~~? well over 50 per cent live out- 

T f ?' i l i 1 ’ r “ l 0 side the UK— mainly in the for- 

j j j L J_ LJ mer British territories. It held 

examinations last year in some 
I. 225 centres around the world, 

| { ■ I ■ ' ]'\ i"4 ! ■ ". " [ -g ■ f- [ perhaps justifying .the claim 
'"Tj t rrli"T — that “membership of the Asso- 

ciation. is the premier inter- 
wj BmlPBlm national accountancy qualifies- 

tiom” - of icma’s 

> " I " — t students, almost . 15,000 are 

tTl i ’ l 1 y—f — i - v— j — — 5 * ? from overseas. 

| yt r: : j |_i } | Because of the insistence on 
'j-j ■ j l M serving a training, contract with 

fi H ' { ’’ -rf practising accountants, students 

tn i J 7 .1 1 ‘ i of the Institutes , of Chartered 

; f •{ I Accountants are almost ali of 

; 1 -"‘^TT : [ 1 i i ) British Isles origin, as are those 

of the Chartered Institute of 
Ftdiiic Finance and Accountancy 
where there- i$ also a principal/ 

1 inn'll student relationship. The 

i-i-X-L ’ utSKftJBjTlZl gre^oate intake of CIPFA is, 

XottLJT-; ! '■ j at about 65 per cent, roughly 

toc^ins^ j the same as the English Insti j 

tiite of Chartered Accountants. 
qgpttcj — p^qslevJWirtir jCov ^ contrast some 33 pe r ce n t of 

nip; ‘ ICMA’S latest student intake 

are UK graduates, against only 
8 per cent for the Association’s 

Mw emnnts-. 

Apart from the senior pro- . 

1 ; TV; fessional qualifications, there 

’ A- 1 ■*•!■* 1 j i '= l 5 ’ j j : ‘ are now two organisations pro- 







Majority are graduates - 
Training wholly or mainly in 






UK obligatory 

Training in public practice 







Normal age of qualifying 






over 25 


“ ■ 





Average age over 40 






15% or more overseas 

65% or more non-practice 











35% or more practice based 




95% or more in private sector 
50% or more in industry/ 

yes- . 



— _ 


50% or more in organisations 
with fewer than 250 




Main source of revenue — 




_ i 

Members subscriptions 





Student and examination fees 





Sales of services 






Reports ethical enforcements 
Active teaching as well as 




examining body 

Formal CPE policy for 





«ir* entry 





Source: Michael Renil. 

[n “ Current Inver In Accounting,” 

The Society of *Jj| 

Company & Commercial W 

Accountants in Industry & Commerce 

The Society exists to further the interests of Accountant 
and Financial Officers in Industry and Commerce whose 
responsibilities are not limited only to one particular facet 
of accountancy. 

Membership is by examination. 

For further information write to: 

The Secretary. 

The Society of Company & Commercial Accountants. 

11 Portland Road, Edgbaston, Birmingham B16 9HtV. 

by Bryon Cart berg and Tony Hope (Philip Alan, 1977 ) 

CMC is the leading UK company 
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British management has suffered a 
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mitments Kke mortgages and school, fees 
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And punitive taxation has- put paid to any -. 
miserly wage policy. , ■ 

No wonder a recent surv^r discovered 
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It's cafl^d theLansdowne Tive Figure 

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’V- • 


Financial Tin»s IttuiaSay July 


•* ' 

to get 

A FEW weeks ago the accoun- accounting firms in the country. Particular difficulty, they say, is a review (though this may not same audit requirements as same audit standards may be hand, there would be no Utde- The standards and guvdeU 
tany bodies launched a pro- It began with London and attached to the increasing be worth considering if it is limited companies, there is little applied ■ to- all businesses pendencc or ethical problems also provww a basis to » 
gramme of draft auditing County. Mr. Gerald Caplan's number of cash businesses accented that rL neoole incentive to make the change. regardless of sue. . The only f ar f hc re viewing accountant 
standards and guidelines on failed fringe bank, where where “ ^ 

worth He «u!d *« a JSSSSSSJ* JSwdJSSTS!* 

imino mnni ty* know the difference recording that there was general r ^tVnd^KiiMed trustee, financial advisor or gpoasiNiliy for t^detecSS 

umng off some of the ^ tw £ n aacimi ^ ™ audit- support among toe chartered * or nSSFSSE. wU ^ ny w i?°?L “*£ eK frauTthe pSb 

ing) and, more to the point acco un ta nts who listened to Mr. J th<> awdiinr has bilion ahd U may be strongly ^ . questionable payments 

cooierence most ot inose anew*- mspci.-iui a reports yet in ine Why ff PSSi wimpfnies te»cff > or t tte^rev’iew been wiable to substantiate JJJSS^ServtM foe reallseedJ 0W fJF*? countries. and m 

ing would prefer to forget for pipeline. The last two such 0Dt out of theaudit rwu iiS £or smaH accounting firms. Jwence for the review concept cash transactions, 0 r where too * , d nawdane wairew like how 

to?™™**™ "E" 1 ®Mt. Providing instead the However, * appears that most the cSSnriis 8 * business Jacks internal control. * * T* ” ^ J2L. S* 

Admittedly, the whole subject John Stonehouse’s London option of a •• review," in which accountants accept that the 3Jethw bodf»-^ 

of auditing is not one that Capital Group, where Sir Charles a public accountant could report limited liability form of busi- £n«lish an d Scottish Institutes T ' x 
arouses much controversy out- Hardie s firm, Dixon Wilson whether he thought the accounts ness entity is not really appro- ^ IlllDaCt 

side the profession, but there were auditors and on Co urt were - plausible " in ail the priate to a large portion (no o ms of £rtlSd 

was something very odd about Line, where Robson Rhodes circumstances. One of the knows quite how large) of the ?* Z? C ln ? 

.. >mc mo non Accountants .Then there could fission uf 

At the other end of business other auditors should give 
life, what changes may be ex- Auditing Practices Cumnu 
petted from the new audit enough work for several yt 
standards? On the face of it to come. 

the proceedings nevertheless, were auditors— had little leading proponents of the 600.000 incorporated companies 

Here was the British accoun- comfort for the profession. review enno*nt_«hJ,.h aiw^rtv which iT th» i:ic One ** * sutnmsswn 10 ““ Depart ' 

impact on the pro- very little, seems to be the * Th _ ProDrir<tm , CDllln 
of a change in Ihe answer. But 10 the cynic at v«T » 1M 

— - - ----- review concept-^which already which exist in. the UK. One law allowing small wm^tes least the profession will find (evfM Khkh ^ he ^ 

tancy profession, by its own But it was an obviously half- exists in the as ., Canada and alternative suggestion is that meQl of Trade - to opt out of the audit probably it more difficult in future to j^ Mr. J. H. K Gonm ll. u 

reckoning one of the most hearted and low-key effort which Australia— is Mr. Jim gemmelL smaller busin^es should be Bat judging from past efforts includes the following. It might let off those auditors who come nicof director of -f-Ywr White 

respected in the world, pro- the accounting bodies embarked. a paTtner itl chartered account- encouraged tn oot for the ii will probably be years before not be easy to insist that review under criticism on the grounds Ass0 « a£ « Buchanan 

* « on «• *■“" “ 10 ants Fryer Whitehall and Go. unlimited company type of Britain bas another Companies work should be limited to the .that it is difficult to determine ^ Hoibom, London EL 

Soeakine at the Enidish incorporationTBut since this Act. Meanwhile the Auditing members of the accounting what were acceptable auditing ' 

chartered accountants* annual has the same costs of incorpora- Practising. Cmnmtitee has to j ,D ^ i “_^^ , {iscd ^bder «nsl- standards at the lime they did jyj 

posing to lay down rules about on when they decided 
the way its members went about establish a Joint Auditing Prac- 
work they have been doing for tices Committee in 1976. 

“ STffi nTSSLEt T 1 = ■SEHB. S iiSTEi- &*** U* company law. On the other the work, 

mean that they had been doing 1 USSle Jjf warned with some effect that 

it all wrong? Or that standards Hardly had the APC started ^eoth^reJie^^f^^l bu^ 
of practice varied so much that work-deciding that it would ne£ aVccSS^m l5d to ^the 

a^it ab rSlly' 0 was klie or W ^ where ^ st f nda ^ is oa J the h * U, S t0 5 831116 shocks for thoiiilds^f 

SSS. S°2Sy , Si e ta!iS Tra^T “porn CONT'NUED FROM ^ACE V, 

began? And why was it happen- how he should then report his SUjSd^ttto muted comlS ' , , , . ' ' ^ 

mg tius May anyhow. findings— than the first of these Th e fSr SthTt tiiene w DepreriatioiL. The directive Disaggregation Companies annual report shall at least this, up to the limit •/ satisfy- are the independence rules 1 

The only answer to these areas (personal standards) was Revenue procedures may be sa ^ s ‘ that “fixed assets with a will be required to analyse net include a fair review of the ing any two of the following down for an auditor: 
questions is that the accountancy i ost iD a brief tussle to the turning up P quite a lot ofunder* limited useful . economic life toniover “ into categories of development of the company's qualifications: balance sheet • He wifi be prohibited fr 
bodies were responding to profession’s ethical com- whir*, shall be reduced by value adjust- business and of its position, totals up to 5m units of account; auditing a company where. 

to write off the activity and mt0 geegraphical SpeciflcaU y It j s required to turnover up _*o Sm units of independence does not app* 
from outside the profession, jgsu^ a few initial standards „„ n ^ c value of - such assets markets insofar as ... these .. . give, an indication of: any account, or 250 employees. to be sufficiently guaranteed 

rfitfet- crihct antiaiiv ** Could this «>.,». on the fourth difeo- relation to the members of •: 

period of two body whteti represents, admi 

. „ . . „ . . — — - — auditor off the hook in several i n m w nave important impn- ment of Trade to tighten up on company s inseiy xucure ueveiop- u# iiihw»« the neceatfry Sters,^ direct or supervises 

p “ b , l2C at easL , that they wanted to see the * „ Firs . ^ auditor he cations for property investment what has become a much- ment; activities in the field of legislation, and it must take company^ its majority sha 

office statement said: “The shape of the whole package^ to^ re^Slrtelyhid^ companies wWdhbave been com^Ste rcsearch ^development. effect within a further period of holder* or members, 

auditing standards codify good ^ior* committing themselves. ^ fighting against having to fluted section of the Companies _ Comtwiilcs The 18 months. • The auditor- may neiti 

current practice. For many one of the greatest hurdles Pf.-aHntr i-hp a/vmmtc h» tvu>n depreciate buildings. It should Acts? fourth directive provides the • directly, nor indirectly revc. 

firms, they will not cause a f or the APC has been the ques- ^ ^ th also be relevant to those Tax Accounting Another pro- me Government with an oppor- COQdltlOIlS other . benefits from the c<i 

S a ticnof smaller com r ies.Under com$a£ftfft Si Series which take the view vision requires disclosure in the TWreft Lctiv-e lays SSUTiSL ° f ^ 

performance cm bfSSsu^d.” pS^ new standard^ and the *»* *”*" dy reciate. notcs of ^ extent to which small and m^um-sired-com- d ™ Q llliniinU m qualiSLz^ auditor may not am 

The move was probably por ated High Street retailer to would thS^l^S! 8 , Sm *** 6316111311011 of *** orofit or ^Sn^nc^d^o^hare^n for thu ^ audjlinil the accounts of a company 

inevitable, given that it had multinationals such as Id. un £ ose °° 5111811 busuiesses - . *J orta ., ^ ■ . th6 German loss f 0r ^ accounting period co ?. banies n K ^ d . not panies covered by the fourth group if more than 10 per re 

long since been forced on the have to have their annual But . ? e /J 71 ?* concept . ^ deleg8tl0 ^. tbe directive does has been affected " by valuation or P “ bl p h a ,J’ ro ® t f and directive. The educational and 0 f his turnover is derived Ik 
profession in the U.S. and had accounts audited, and the audit F egarded "2* deep aispicion p^rmiUndivid^ member states njfe diffcrent frQm those speci- ^_5 CC ®2" L £ Ven r 2ll^55* professional training renditions that client unless it can 
recently been copied in report must say whether they fa y some practising accountants, to introduce motion «co««- fied in the directive “with a SSL,®!! b ret > ulre thu attaimaetot of uni- shown that this does not 11 

Pivp a tmp fair itIp.w and has been Strongly opposed pg requirements. _ Where this ** abbreviated. Medium^rcd 

Australia. After ail, every gi ^ a true and fair view. 3nd has been strongly op^sed mg xeqmrementi Where tnis ^ w obtaining tax reUe fM weaum^ca vcrMty entrance level followed his independence, 

important accounting country Yet it is obvious that there is by ' for Mr - J °hn Kirk- is done companies w dl be ^ meaSure ^ primarily compani “ nocd °, ot ^ lish by a course of advanced train- Member Slates are obllm 

likes to feU it is keeping up an enormous difference between Patrick, last year s president of "jouw* j° f b ^ in , lbcu ‘ : r , rpnr!pH for thft _ p .. mnMn t S2S5 r “SiEI ing a,,d 311 ex^dnation of pro- to publish a list of all authoria 

with the leaders. ~ ^ &£SSS£SS~£ con- ^ fnstitute of' Chartered what toe result «d values intended for those European s.^tly abbreviated balance SMMftaCST 

But it took toe 1974-75 trols of large quoted companies Accountants m Scotland, would be on the histone cost ?re Sh f tS ’ 1 s J ^ or equivalent level of accounting firms the names i 

property / secondary banking and the vast majority of Behind this opposition is toe system. wnere companies are required Small companies are defined training. The list of subjects ih c partners, 

collapse to focus public, or at proprietor-controlledbusmesses. belief that the very least toe Goodwill Member States are 10 , ov/ Iax . ,n I .. tn * ir as those falling within two of to be included in the profes- Copies of all EEC public 
least Press, attention on British Purist auditors argue that it is privilege of limited liability permitted to authorise com- accounts in order to quality lor ^ following qualifications* axonal examination is extensive (ions are meant to be obtair 
auditors. Suddenly Department impossible, within reasonable should demand is an audit panies to write off goodwill over 181 re “ e£ * But c0 ““ l *1 v? balance sheet totals up ft 1 m anil according to Price Water- from the Stationer 

of Trade inspectors— one of costMimits at least, to do a There is also said to be toe a limited period exceeding five rele vance to the Bntisn units of account (£670^00). house, wfll probably require Office. The postal address i 
them usually a leading chartered proper, audit of most small possibility of confusion in the years provided that this does not preperty companies. turnover up ot 2m unljs .of changes Jn the syllabus in prac- pjp. Box 569 , London SEl. 

accountant — were criticising businesses because of toe minds of the public as to toe exceed the “ useful economic Annual Report Contents The account, or up to 50 employees, ifcally all member States. Most ]Vf H 

some uf the most respected absence of internal controls, difference between an audit and life of the asset." 

directive stipulates that the Medium companies slot ln above significant for Britain probably 

5kcuU Ivvaifc 

ft CV*+? 


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Appraisal and counsefflng with a staff partner.. 


Make the most of yourself.... 

Career devdopmentatFWisatwoway process, 
We provide theopportunities. It’s up to you how far 

All ihe back-up you need will be available: 
the right practicaTexperience; thefast-dass professional 
training; the personal supervision and guidance that are 
so vitaL And if you want to develop into other areas 
(from audit to tax, for example) you’ll have the chance. 

This is part of the commitment we will make to 
you. On your part you have to make a commitment that 
is equally demanding. As a first stem write or telephone 
for a personal history form-Then it you match uptothe 
epportunties that we offer we will invite you to come and 
see us. 

Please write to Dick Shervington, 

Price Waterhouse & Co, Southwark Towers, 

London BridgeStreet, London SEl 9SY. 

Td^hone 01-407 8989 or contact the nearest regional 
office listed below. 

WalterCIarfc; Partner 

*1 Job»djni965 froroasmalter 
Ih ri hmofiireexoale n ti^yjThinHies 

fi reaMBr d wdop mwM wtlfeupto 

the irefiddual to take them For 

cxMnplcJ spent a year in our 
Techrtcal Department whercl kan4 
stood mein very goodstcadT 

QemBaxtecSenkKMraqer . 

ycsnseigo. I joined llwinninNewrarfc. 
rtioved (o London, and om nowin ihe 
Ti>chnica] Department doing audit 
dchiovingsLKTESslsthedegreaof - ' 
responsiMlty given toapcrsoaPve 
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United Kingdom 

■ BkmtoghM-BarTy Dale 021-236 SOIL Brirt»l--nmTiOTuO272-2937m.Caniff-Hu^Thanas l O222-a721Edinliurih-|0nMam.Q3l-2254242'; 

Glasgow --GordcnAnderaou 041-332 4162. Leeds -Keith Rawctfle, 05 J2-4J3741. Lrtcestw-DawtdSrawiji^. 0533 5198L Uvwpod-John Tear®. 051-236 7862 . . 
Manchester- Roger Evans, QS-22S 654L Newwstlo-DeieH Booth, 0632-23493.Itofflngl«ffl-NoiinanD^Q6024^Soiifiwi^-Mh^ 

' )fr 

Financial Times Thursday July 6 1978 



The case for an Indexed Pay Norm 

■OUR MINISTERS are very 
aware of the high price 
pay for TUC assent to a 
policy norm. This was 
m very clearly in exchanges 
uestion Time last Thursday. 
!' 3 the following quotations 
i Hansard. ■ 

Budgen: Does the Chief 
"‘Vetary agree with the 
, ; ence given by the Treasury 
less to the 'Wilson Com- 
to the effect that 
dead control has tended to 
! ‘ ort the equity market and 
, *> 5 to increase the cost of new 
: r itaL which provides new 
, jth and new jobs? 
r;.. - Barnett : The ' hon 

itle man is quite right Of 
rse there is something in 
. t, hut it must he considered 
lie wider context of counter- 
‘ Btion policy. 

Ferny hough ; Will my 
. 'it hon. Friend bear in mind 
t if capitalism and capital are 
- iwed uncontrolled rewards 
re is little possibility of 
our, through the trade 
ons, agreeing to wages being 
itr oiled? 

Mr. Femyhougb is of course 

lere is another slightly more 
livocal quotation involving 
■ Chancellor himself: 

. Lawson: Is the Chancellor 
. .are that as a result of his 
... ation and incomes policies. 
^ a time of record post-war 
^employment one manufao- 
; '*er in five is now reporting a 
: Mrtage of skiifed labour? 
c iat sort of industrial policy 
'• d strategy is that? 

Healey: I know that there 
> shortages of skilled labour. 

- t that is no consequence of 
.. 2 incomes policy. It may well 
the case that under free col- 
:tive bargaining differentials 
.. tween production workers and 
"Hied workers, particularly in 

the engineering area, were com- 
pressed. but that has not 
happened in the past year. 

The unravelling of the con- 
tortions of Mr. Healey’s answer 
would take excessive space. But 
he obviously grasps the main 
point. All along Labour 
Ministers have shown a recog- 
nition not shown by the CBI 
and so-called Tory “moderates” 
(i.e., Heathites) that you can- 
not have the supposed benefits 
of TUC acquiescence in a pay 
norm without paying a consider- 
able price — in areas ranging 
from 83 per cent marginal tax 
rates and salaries for 
nationalised industry heads to 
overseas investment or housing 

Much quoted 

Let us now switch to a much 
quoted section from the Con- 
servative Right Approach to the 

"Yet in framing its monetary 
and other policies the govern- 
ment must come to some con- 
clusions about the likely scope 
for pay increases if excess pub- 
lic expenditure or large-scale 
unemployment is to be avoided; 
and this estimate cannot be con- 
cealed from the representatives 
of employers and unions whom 
it is consulting." 

Obvious common sense? 
Certainly Ministers have quoted 
from it. But it just happens to 
be incorrect Most governments 
in most countries throughout 
recorded history have managed 
to avoid such “conclusions and 
because they did not have them 
were not faced with the prob- 
lem of whether to conceal them 
(or merely distort them 
slightly) from union and 
employers' bodies. 

If the Government ever came 
out with a clear-cut statement of 

its monetary, fiscal and 
exchange rate strategy, indepen- 
dent bodies and the economic 
advisers of unions and 
employers would be quite 
capable of estimating for them- 
selves the resulting "scope for 
pay increases.” Moreover the 
conclusions would be taken 
more seriously if those con- 
cerned came to them on their 
own account and did not have 
them foisted upon them by the 
Treasury, NEDO or other semi- 
official bodies. 

Apart from all the other 
objections. a pay norm 
invariably becomes in British 
conditions the going minimum 
rate for all settlements. On top 
of this are added further 
percentage points for open and 
disguised breaches, and still 
more points for upward drift at 
the workplace, for regrading, 
and for people moving to higher 
paid jobs. The 10 per cent 
norm of Phase Three has 
already become 12$ to 25 per 
cent, depending on the earnings 
index used. 

The reduction of infla tion to S 
per cent is due mainly to the 
1977-78 appreciation of sterling 
and the fall in real commodity 
prices (a pure monetarist would 
not admit the latter). The Phase 
Three pay norm of “ 10 per 
cent ” has actually worsened the 
further, outlook for inflation 
compared with what it would 
have beeu if the authorities had 
relied last year only on 
monetary and fiscal policy and 
a free float for sterling. 

Not merely do we have the 
Phase Three slippage, but iD the 
next round we will also have 
the cost of the deferred pay 
increases promised to the 
firemen, policemen, doctors, 
armed Forces and other groups 
to buy off troubles last time 

Yet if for reasons of the 
political power game, or the 
self-esteem of the Establish- 
ment. we are condemned to yet 
another pay norm, there is a 
way of going about it far better 
thau the options now being 
discussed between the Govern- 
ment and TUC. 

The alternative approach is 
to have a pay norm tied to the 
rate of inflation. This can be 
called a cost-of-living clause, 
indexation, or what you will. 
The ideal time for this would 
have been last year when 
people were excessively pessi- 
mistic about the inflation out- 
look. and when a cost of living 
guarantee would have cost very 
little and enabled a very sub- 
stantial decline in money settle- 
ments to be negotiated. 

Indeed I recommended cost- 
of-living based settlements on 
this page on July 28. 1977 (Pay 
Policy, A Letter to Employers), 
where the suggestion was made 
that employers might experi- 
ment themselves without an 
official norm. But of course, the 
official determination to pursue 
the 10 per cent pay norm by 
fair means or foul cut the 
ground sway from any such 
decentralised initiative. 

'Writing a year ago. I 
suggested two possible wage 
indexation schemes. The first 
was to have "a very low con- 
ventional money award." but on 
top of this to increase wages 
point for point with every 
increase in the retail price 
index. The second scheme, 
devised by Mr. Richard Layard 
of the LSE. was a conventional 
increase with a threshold pro- 
vision. Wage earners would be 
compensated for cost-of-living 
increases once the retail price 
index passed 8 per cent above 
its level on the settlement date. 

If this suggestion had been 










l I U U-Li 

■ ii 

J 1 1 1 1 1 1 1 m i I i 1 1 

1973 1974 





adopted no threshold compensa- 
tion would have had to be paid 
at all; and any reduction, how- 
ever small, in nominal wage 
settlements as a result would 
have been pure gain — that is 
from the point of view of infla- 
tion and employment prospects. 
But with characteristically 
Bxitisb flair, the authorities 
adopted thresholds in the worst 
possible year during the Heath 
pay policy of 1973-74, when oil 
and commodity prices exploded. 
They were so appalled by their 
experience then that they would 
have no truck with thresholds 
in 1977, when the circumstances 
were as favourable as they had 
previously been unfavourable. 

Lost historical opportunities 
can never be recaptured. But 
it is still not too late to do some- 

thing. With inflation far more 
likely to rise than to fall, a 
threshold as such is so longer 
particularly attractive. If we 
move to cost of living compen- 
sation as such, the problem is 
wbetber to look backwards nr 
forwards. If one looks entirely 
at past cost-of-living increases, 
it becomes difficult to have any 
de-escalation at all and the exist- 
ing rate of inflation gets built 
into the system. Moreover union 
leaders would be understand- 
ably afraid of being uncovered 
if next year’s inflation rate 
should exceed tihas year’s. On 
the other hand a purely forward 
looking formula would do noth- 
ing to compensate for the 
erosion of last year's settlements 
even by 8 per cent inflation. 

The compromise I would sug- 
gest is based on the fact that a 

wage settlement has its 
maximum real value the day 
when it comes into effect and 
its minimum real value the day 
before the next settlement— 
say 12 moniihs later. The 
average real value of the settle- 
ment occurs about halfway 
through the year in which it 

Therefore, I would suggest 
dividing the norm in two parts. 
The first would compensate for 
half the increase in the cost 
of living since the last settle- 
ment. The second part would be 
a point-for-point compensation 
for each 1 per cent future in- 
crease in the retail price index 
as soon as it occurs during the 
period of the new settlement. 

Assuming that the year-on-year 
inflation rale remains at 8 per 
cent this autumn, the first part 
would amount to a 4 per cent 
award. There would then be 
small but mounting increments 
in the course of the year in line 
with the rise in prices. This 
second part of the settlement 
would be equivalent in percent- 
age terms to slightly more than 
half the inflation rate over the 
year in which it is in force. 

Favourable case 

If prices rise by S per cent 
in 1978-79 the settlement would 
amount to 4 per cent initially 
plus just over 4 per cent, 
equivalent to S per cent in all. 
If the inflation rate were 22 
per cent the settlement would 
be worth 4 plus just over 6 per 
cent or 10 per cent in total. Thus 
in the favourable case it would 
not be too different from what 
the Government is now aiming 
at, but may not achieve. More- 
over success in keeping down the 
inflation rate would be self-re- 

This mixture of backward and 
forward looking cost-of-living 
compensation would be the 
whole “norm." Anything else 
would come from local settle- 
ments, "special cases.” breaches 
and normal drift. 

Could such a norm be sold 
to the unions? If a real effort, 
were put into the job. just n't 

easily as an orthodox S per cent 

norm which would provide no 
built-in insurance againsr any 
increase in the inflation rate in 
the period ahead. 

The real benefit from the 
indexation formula would come, 
however, in 3979-SO. The main 
gain from full cost-of-living 
compensation in 197S-79 is that 
settlements in the fotlotrim 
period could be entirely forward 
looking, as past inflation would 
already have been covered. This 
would enable one to think next 
year in terms of a rero norm 
plus compensation for future 
inflation only. Real wage 
increases would come from pay- 
ments above the norm where 
local market or other circum- 
stances justified it. A monetary 
and exchange rate policy 
attuned to such a norm would 
enable a drastic reducrion in the 
inflation rate to he made hv the 
winter of 1979-SO: and the pound 
could then look the mark in the 
face — if that is what it really 
wanted to do. 

But it must be repeated that 
a norm of any kind is a poor 
second best. Far. far better 
would it he to rely on a medium 
term monetary and exchange 
rate strategy, and to leave it 
to individual bargainers to 
experiment, or not, with differ- 
ent types of cost-of-living com- 
pensation according to their 
own particular circumstances. 

Samuel Brittan 

Letters to the Editor 

Finance Bill side effects 

-ont Messrs. M. Homan, 

. Mackey. P. Sheicell, R. Twrton 
id I. Watt. 

Sir,— Clause 10 erf the Finance 
II.' Which is approaching the 
port stage, is designed to give 
lief for VAT purposes in 
spect. of bad debts. While the 
■anting of relief is generally 
clccmie che conditions laid 
own by the clause give cause 
»r serious concern as to the 
kely side effects. 

— If the clause is enacted in its 
-csent form, it will be a contfi- 
on of relief Chat the debtor 
mipany is in liquidation. It 
Hows from this -chat creditors 
ill have a financial incentive to 
_jrsue their debtors in liquida- 
. .an. We believe that fin's will 
ftixnage fins prospects of rescuing 
Sfonpunivs iffl temporary financial 
faculty by means -of one of a 
•imber of forms of. moratorium 
preserving tiiek- Businesses as 
mg concerns in a receivership, 
re di tors would be most unlikely 
3gree to any. form of xnolra- 
. rium tb*t canhot offer an early 
*iyment -in. excess Of the VAT 
fund. . In receivership, the 
oct of a tyjpdimj tip order on 
te receiver’s ability to continue 
ic trade can be prejudicial and, 
.iriiculariy in labour-intensive 
>mpazries, will often force the 
reiver to cease, trading. . Given 
ic financial incentive of a 
.•fund we d<r not expect credi- 
rs to join the receiver an oppos- 
v! a winding-up petition. 

For corporate debtors the 
In use will be destructive of 
sset values productive capability 
□d employment, fn the case of 
•rivale individual debtors the 
fleet is equally regrottable.-The 
ebtor will ‘be required, to- bo 
iade personally bankrupt before 
elier is granted and the alter- 
ative of a deed of arrangement 
rith creditors will not qualify. 

We see no valid reason why the 
clause cannot be widened to give 
relief where a receiver is 
appointed to tbe debtor company 
or where the debtor enters into 
a composition or arrangement 
with creditors. This wider form 
should not be difficult to regulate, 
compared say with the existing 
need to monitor the inclusion of 
credit notes in VAT returns. 
Furthermore the additional cost 
to the revenue should mot be 
material since under the present 
proposals, if there are substantial 
sums of relief at stake, creditors 
would in any event take the 
necessary steps for liquidation or 
bankruptcy to ensure their 
recovery “d it is also necessary 
•to . - take ■ into . account the 
redundancy and other costs that 
will result. 

The matter has been referred 
to the Insolvency Law Review 
Committee uDdcr tbe chairman- 
ship oF Mr. Kenneth Cork and 
this letter has his personal sup- 
port. It will, however, be a con- 
siderable lime before the com- 
mittee’s recommendations ran 
become effective. 

We earnestly hope that this 
matter will be put right before 
the BiU is enacted and that it will 
hot be necessary to await a 
major company V. ; ng closed 
down with extensi- e redundan- 
cies before the position is recti- 

Mark Homan, 

Price Waterhouse, and co.; 

Bill Mackey. 

Wbinney Murray and <-.o.; 

Paul. Shewell, 

Coopers and Lybrand; 

Richard Turton. 

Spicer and Pegler; 
lan Watt, 

Thomson McLiDtock ana v,o., 
c/o Southwark Towers. 

32. London Bridge Street, 

avoided these days with a little 
more certainty than in the past 
Having been with my present 
employer (and married) for 12 
years. I take it I may expect a 
good credit rating' 

(Mrs.) K. Clifton. 

66 Osmond Gardens, ■ 
Wdllington, Surrey. 



A possible 

From Mr. T. O’Brien 

Sir. — My compliments on the 
;uppicment on Northern Ireland 
(July 4) and the article on 
workers' co-ops by Robert Oake- 
sbott in the same issue. Mr. 
Onkeshott speculates that tax 
concessions may be made to 
workers’ co-ops and that the 
Chancellor ■ may seek to limit 
them to co-ops as defined under 
i he industrial Common Owner- 
ship Act. 

Despite the fact that Northern 
Ireland is the.area of the UK in 
greatest economic distress, which 
vcmr supplement confirms, Ulster 
Was excluded from the ICO Act 
and iis benefits. 

Tf tax reliefs were to he 
restricted to workers’ co-ops as 
defined by this Act then such 
companies in the six counties 
may be excluded from this 
assistance, thus suffering a 
double injustice. 

Terence O’Brien. 

Department of Economies. 

The New University of Ulster. 

Co. lAmdonderni. 

Northern. Ireland. 

thought, even if his reply is 
“ blunt.” 

He roust know, at any rate, 
that a large number of P e °P“; 
in this country do not get any 
pay or salary (except the ' State 
pension) so to have a halt for 

a time and continuation of the 

san.e income for a further L- 
months, if. not longer, would be 

n °NoSiSg tike 't Would have the 
effect of keeping prices static 
and inflation .might well be 
forgotten, as it ought to on. 

Actually, if everything— both 

incomes and prices— 
allowed tq slide, it would be 
all to the good. 

Sterling would then regain 
some of its lost integrity. 

D. Inglis Duff. 

63. Hepburn Gardens, 

St. Andrews. Fife. 

Good credit 


No annual 

' rises 

r. D. Duff 

l dislike asking questions 
rriting to the Press be- 
ns wers are not expected, 
eryone muM want an 
to this one— is it neces- 
have an annual pay 


nly it has never been 
in .issue that tills the 
ss as it does today. The 
is getting wildly out of 
t all levels, and surely 
gfa time someone asked 
ne Minister to give it a 

From Mrs. K. Clifton 
Sir.— Following the 50tt ■ *™» 
versary of the grant of *®* 

suffrage. I feel I cannot let pass 

without comment tbe patronising 
tone of the article on creo 

vetting'* of July l. To 5L*5 m 
married women of child-bearing 
age could claim such consistency 
of employment "—two ¥ MI "[ 
a generalisation which 
surely be refuted by the major R 
of those women who need to wr 
to maintain the family household 
especially in the light of 
benefits available to those 
do stay with one employer 
a number of years. 

T would suggest, that t e 
younger employee, with th j P 
tection of a parental roof. * t 
more inclined to change jobs 

a whim than the married woman 

who is no less a breadwinner 
than her husband. As for 

bearing ’’-that, it may sunrise 

your writer to too** caa 

From the Economic Adtnscr, 
Burge and Co. 

Sir,— The weakness of tractor 
and farm machinery production 
in the U.K. (July 4) is of great 
interest to those of ns who parti- 
cipated in encouraging the 
dramatic rise in exports by. these, 
industries in the 1960s. 

At the root of today’s prob- 
lems in the industry, in my 
opinion, is the misguided and 
relentless pursuit of tractor 
design policies which assume 
that “bigger” means “better.” 
Farmers are showing a finan- 
cial fatigue as they are called 
upon to pay more for these 
machines, even allowing, for in- 
flation. Tractors, as the motive 
power unit in agriculture tend 
also to determine many other 
farm machinery designs follow- 
ing the “ big is beautiful ” 

I Jim familiar .with the 
arguments that more power aids 
timeliness of cultivations and 
hbour productivity, especially at 
peak working periods, but these 
points refer to- quite short 
periods in the 12 month farming 
calendar and, for the rest of. the 
year, farms are lumbered with 
tractors which are much bigger 
than needed for routine trans- 
port and haulage operations. 

‘ The bigger size and increased 
noise and exhaust pollution of 
tbe -current generation of trac- 
tors has brought legislation for 
coinpJeteiy enclosed and in- 
sulated driving cabs and relayed 
implement controls. The driver’s 
cab and control now add about 
30 per cent to the cost of basic 
tractors or. say, 20 per cent more 
-than is justified for essential 
safety frame and simple weather 
protection needs. 

As a direct . consequence of 
these . moves, only the larger 
farms at home and overseas can 
justify regular purchases of new 
tractors and machinery nowa- 
days. More of the smaller farms 
have come to Tely upon second- 
hand purchases, at longer inter- 
vals. for their needs. This trend 
should be posing questions for 
the policymakers in the industry. 

It is particularly interesting 
that the small grey Ferguson 
tractors, tbe last of which were 
produced more than 20 years 
ago, with clever weight transfer 
and matched implement merits, 
are still regularly seen on 
smaller farms in the UK, Europe, 
Africa and Australia- 

Marketing experts today will 
probably say that tractor and 
machinery production for the 
smaller farms is no longer profit- 
able using current methods of 
manufacture and distribution. 
Nevertheless, some hew think- 
ing on design -and production 
appears to be called for as it is 
clear that current production 
ranges are not so profilable 

A. G. Horsnail, 

Burge and Co., 

25, Worship Street ECS. 

tween 50 and 5,000 as not being 
inhibited in recruitment by the 
Employment Protection Act. The 
other, based upon some 1,368 
reports, indicated that big British 
companies plan a sharp increase 
in the amount of work sub- 
contracted rather than taking on 
more labour. 

The Union of Independent 
Companies has clear evideoce 
that members will take on no 
new people unless it cannot be 
avoided.. It is unnecessary to 
look beyond the 18,000 appeals 
to tribunals expected during 
1978. of which experience fore- 
casts that some 70 per cent will 
fail, quite apart from the large 
number of other settlements, to 
realise the time and energy, not 
to mention cost involved, which 
diverts from ‘the running- of the 

Large firms are often very 
overmanned and. therefore, 
keener to shed labour than take 
it oo. but what is very signifi- 
cant is that when new projects 
arise, they intend to subcontract 
Under these circumstances, of 
course, they are not inhibited 
by the Act 

The real losers are the unem- 
ployed, whose best hope lies in 
Government extending the pro- 
tection period from six to 
twelve months, coupled with the 
requirement for a dismissed per- 
son to inform the employer of 
the case to be answered. Then 
there would be fewer appeals but 
a greater percentage success and 
higher awards. 

.Charles Simeons. 

21. Ludlow Avenue, 

Luton, Beds. 

The price of 

From Mr. W. Goodchiid . 

Sir. — -Although, in your issue 
of July 3. Mr. J. Stafford tells 
us of two competing garages 
opposite each other in Gerrards 
Cross, he gives no information as 
to which was first established, 
nor as to any differences in 
goods and services -provided. 
Without these facts, it is not. in 
my view, possible to judge how 
the problem of wasteful compe- 
tition between these adjoining 
outlets blight equitably be 

W. P. Goodchiid, 

57 Summerdotcn Road, 
Eastbourne, East Eussez. 

Control of 

The real 

From the Chairman. 

Central Government Committee. 
Union of Independent Companies 
Sir,— On June 2S you carried 
two reports which at first sight 
appeared to conflict. The Policy 
Studies Institute reported manu- 
facturing firms employing be* 

From Mr. W. Empson ■ 

Sir,— -There seems to be a 
fairly general assumption that 
if dividends are freed from con- 
trol at the end of the month 
there will be strong protests from 
the unions. 

What a pity it is that the hand- 
ful of more enlightened union 
leaders who no longer regard 
profit as a dirty word are not 
able to .impart their now-found 
wisdom to tbe rank and file. 

Could they not spread the 
message that a very large 
proportion of any. increased 
dividends would go to the insti- 
tutions which include tbe pen- 
sion funds who daily have the 
extremely difficult task of pro- 
viding and protecting the pen- 
sions that many of us fin all 
walks of life) enjoy today, and 
for those of the future. 

There can be little wonder 
why union pension fluids have 
had to move into the field of 
antiques and works of art in 
order to provide increased 
income in the years ahead. 
William’ T. Empson. 

L etheringsett. 

Barton Meadow, 


Looe, Cornwall. 


Two-day European Council 
summit opens in Bremen. 

European Parliament in ses- 
sion. Luxembourg. 

Labour Party issue document 
on “Local Government Reform 
in England.” which will be pre- 
sented to its annual conference 
later this year. 

CBI conference at Cafe Royal, 
W.L to inform British indus- 
trialists on bow three major 
multi-national lending agencies 
function. . Mr. John Tomlinson, 
Under-Secretary, Overseas 

Development will attend, and 
speakers include those from the 
Asian Development Bank. World 
Bank, and European Develop- 
ment Fund. - 

Prince of Wales visits Royal 
Agricultural Society Show. 

Today’s Events 

Stoneleigh. Warwickshire. 

National Union of Minework- 
ers’ conference continues. Tor- 

Scottish -Milk Marketing Board 
annual meeting. Excelsior Hotel. 
Glasgow Airport. 


House of Commons: Considera- 
tion of Lords amendments to 
Scotland Bill. 

House of Lords: Wales BiU. 
report stage. 

Select Committees: Expendi- 
ture (Trade and Industry sub- 
committee). Subject: Measures 
lo prevent collisions of noxious 
cargo carriers (10.30 am. Room 
16). Race Relations and Immi- 

gration. Subject: Effect of EEC 
membership on race relations 
and immigration. Witness: UN 
High Commissioner for Refugees 
(4 pm. Room 6). Science and 
Technology (General Purposes 
sub-committee). Subject: Govern- 
ment observations on third and 
fourth reports of Select Com- 
mittee. session 2976-77. Wit- 
nesses: Mr. Anthony Wedgwood 
Benn, Energy Secretary, and 
Professor Sir Hermann Bondi, 
chief scientist. Department of 
Energy (4.30 pm. Room 15). 

Final dividends: Braithwaite 
and Co. Engineers; Daily Mail 
and General Trust; General Elec- 

tric; Greene King and Sons; 
Scottish and Newcastle Brew- 
eries; Wellman Engineering Cor- 
poration. Interim dividends: 
Birmingham Pallet Group: Braid 
Group: Gough Cooper; Thermal 

Altirund. 2. St. Mary Axe. EC. 
12. Alpine Holdings, Alpine 
House, Honey Street Lane, NW, 
12. Barr and Wallace Arnold 
Trust, Leeds. 12. Bremner. Glas- 
gow. 10.30. British American 
Film. 113. Pork Lane. W. 11. 
Doranakande Rubber. 14. Great 
Tower Street. EC. 12. Fidelity 
Radio. Churchill Hotel. W. 12. 
Fine Art Developments. Burton 
upon Trent. 4. Gordon Luis. Cax- 
ton Hall. SW, 12. Guardian In- 
vestment Trust. 11. Walhrook. 
EC. 12. Pvramld. London Hilton, 
W. 10. UBM. Bristol. 12. 



Company's Capital, Reserves and Risks Funds LiM26.984.878.20G 

Balance 1977 

The Ordinary Annual Meeting of Shareholders of Banca Toscana was held on May 2. 1978 at the 

Bank's premises at the Palace Portlnari Salviati. in Florence. 

The President Prof. Dott Enzo Baiocchi emphasized among other the remarkable development of 

the Bank’s activities also In the past financial year. 

Doth Giovanni CresTi, Managing Director, read the Report of the Board of Directors and commented 

the major points, namely: ..... „ ...... 

• Deposits have reached the aggregate amount of Lire 2.725 billions (of which Lire 2,556 billions 
represent customers' deposits) with a progression of 26.1% over 1976; 

• advances lo customers total Lire 931 billions (13.2% over 1976); 

• the profit and loss account closed with a net profit of Lire 3,677,596,393; 

• a 15% dividend has been distributed (9% from 1959 to 1971 - 10% in 1972 - 15% in 1973 - 
20% in 1974 - 25% in 1975 - 15% in 1976); 

• after allocations to reserves and various funds, the total of own resources amounts lo Lire 
126,984,878,200 (the figure for- 1976 was Lire 96.251.444,004); 

• the volume of international trade transactions handled by the bank has further expanded and re- 
presents about 24% of the whole international trade of the Region; 

• prospects for the year. 1978 look good and are encouraged by the authorisation obtained from 
the Banca d'ltalia to open a branch in Rome and to reinforce the network in the Region 
(Castelfranco di Sotto, Segromigno in Monte, etc.). 

Balance Sheet as at December 31, 1977 



Funds at the Central Bank 
Securities owned 

(government and government 
guaranteed bonds) 1 

Loans to customers 
Banks & Correspondents 
Bills- for collection 
Sundry & transitory accounts 
Furniture- & Equipment 
Bank premises and other 

Interest earned not collected 













Ordinary & extraordinary reserves 48.420.891.388 
Loans loss and other risks funds 54.026.523.249 
Securities fluctuation fund 9.438.647.960 

Bank premises and equipment 
renovation and reslructuration 
fund 1.500.000.000 


3.1 1 5.434.541 .533 

Customers savings and current 

accounts 2.556.1 21 .390.729 

Banks and correspondents 
current accounts 
Circular cheques 
Bills for collection 
Sundry and transitory accounts 
Staff indemnity provision fund 
Depreciation funds: 

furniture and equipment 
bank premises and other 

Tax provisions fund 
Unclaimed dividends 
Adjustment for unaccrued Interest 

and interest earned not paid 40.865.766.457 
NET PROFIT 3.677.596-393 


192.541 323.189 







Sainsbury on budget for profit rise 

SALES OF J. Sainsbury were 
ahead of budget in the current 
year, the group was achieving a 
considerable growth in volume 
and it was well on budget for a 
satisfactory growth in net profit. 
Air. John Sainsbury. the chairman, 
said at yesterday’s AGAL 

The group's market share had 
Improved from the year end TJ8 
per cent to 8.5 per cent, based on 
Department of Industry statistics, 
he said. . 

The launch of Discount 78 had 
been more successful than direc- 
tors had hoped for and he pointed 
out that it was a major long-term 
development gearing the company 
to trade at higher volume on 
lower gross margins, to make the 
company more competitive with- 
out losing a satisfactory level of 

As already reported Sainsbury 
plans to open eight supermarkets 
and a second hypermarket in the 
year, and Air. Sainsbury said that 
in 197S-S0 a further 14 super- 
markets would be opened, 
increasing its sales space by 
220,000 sq. ft 

Last year produced, the most 
competitive trading 


Swan Hunter has become the first major company to agree 
compensation terms for the nationalisation of its shipbuilding 
activities. The National Association of Pension Funds has 
come out strongly against the proposed deal between Barclays 
Bank and the Investment Trust Corporation. Lex also 
explains how clause 10 of the present Finance Bill is likely 
to push companies in trouble into liquidation much faster than 
at present Also covered in the column is the implication of 
the report of the Royal Commission on Gambling with particu- 
lar emphasis on the casiDO operators. Elsewhere, Briekhouse 
Dudley has once again been bolstered by a strong trend in 
exports with the UK activities being held back by the cut- 
back in local authority, spending, and the pattern is being 
maintained in the current year. John Waddington has turned 
in a subsantial second-half slowdown against a mid-term fore- 
cast of some improvement, due to destocking by the retailers 
and poor trading on the packaging side. However, a better- 
than-expected second half has been- achieved by Braham Millar, 
but the important Middle East markets appear to be running 
out o£ steam. 

share for every 20 ordinary 

The accounts show a direc- 
tors' compensation for loss of 
office of flLOOO. Liquid funds as 
at March 31 decreased by 171.871 

Crosby Springs the group's 
largest subsidiary involved in car 
seating and furniture spring »TO. 
had a disappointing’ year, and |ts 
contribution remained at *he 
modest level of V376-T7. Produc- 
tion built up In the second hair, 
after unrest in the motor industry 
had affected .the opening period, 
and has been sustained in the 
current year. The chairman says 
that provided these conditions 
continue, the problems of I97S-79 
are likely to be those related to 
working to the linrii of capacity. 

The balance sheet shows that 
funds employed have risen from 
£2,468^89 to 1S.25&473. This in- 
crease includes the difference 

between the replacement value of 
assets destroyed at Doric Unit 

They say business conti unes to 

conditions j, e hard won and that as the 

“2 “T"™ «T«>* of too world recession are 

not expected 
current year. 

Parker up 
at midway 

FOR THE half-year to March 31. 

expected to continue to be felt, 
full-year profits are unlikely to 
exceed the £5J2lm of last year. 

They say the Hireplant sub- 
sidiaries are showing results a 
little ahead of the same period 
last year. Two new depots are 
planned for the future. 

After tax of £1.55m (£OJ36m) 


The interim 

Good start 
for Crosby 

A GOOD start to the current year 

has been. made by Crosby Spring Sodern^d 

well maintained^ 

Company (Springs) and their book 
values of £199.912. It is also 
swollen by tax relief arising from 
capital allowances on the con- 
siderable purchases of plant, and 
by stock relief. 

During the year capital |ai- 
ture of £850.771 was undertaken 
but of this £225.172 represents the 
fire replacement at Doric Unit 
Company (Springs). leaving 
£625.590 of .planned expenditure. 
Some £197.753 of this was covered 
by depredation provisions made 
in arriving at profits and £70.136 
bv regional development grants. 
The group's policy is to keep 

Financial limes Thnredav My 6 197 

Profits ahead 12% 

at Braham Millar 

tttrnoYER u? * n 0*S»5SSr» final wag 

profit^ before profits Of £113.0. ». 
the Braham Millar Group. Direct dm say the Joint 

Enfield-based mrchanival en- company. Pewttu-Hnbtt Inr 
elMcr rose from £9714*38 to gressim: well. Habit ha 
rTirniw in the year ended available a medium-term 
March SI 1978. JI5U.WW to the jemt com 

*w«t half profits were up finance purchase of r 
to £510,999 on Increased Komis Inc. and to prm 
turnover but the directors said at working capital li n anr 
that since that although turnover ,but the Jftint venture c 
second half was expected « U5 make a useful conirtb 
to he higher, profits could not be profits nest year, 
forecast to exceed those for ihc 
first si* month*. 

Earnings per lOp share at, the 
year-end arc shown 81 «.»P 
2nd net assets P*r share, 50p 

<5 A P> final dividend of OJWKp 
effectively raises the total from 
2.429SP to 1.3&72P and If the tax 
rate is reduced the Board will 

ahead so far 

After interest of 

rate is reduced the bo«u wm cnmparpd wi , h W 33m prt » 
propose an «», *» ™ “g” taxable profit of lmen 
to 1.0I2SP. A ser,p DEatlHrn and Yin laws ih< 

issue is also proposed. — — — 

Profit is struck after dr previa- 
£121.564 (£67,193) arid 

Mr. John Sainsbary, chairman of J. Sainsbury — a further T4 
supermarket openings planned for 1879-80. 

The outlook *o far te favour- 
' a bie. say the directors, with 
demand satisfactory aod the 
volume of home sales approach- 
ing that of exports. The year 
ahead will not be without its 
problems, but progress is 

Metropolitan subsidiary, 
from £7 .65m III IT.!Hm 
March 3L, 19*8 half-year. 

The remit includes a: 
contributions of 
(£240,000) and is he fore 
£4. 19m (£4J2m> ami n 
interests of £296,000 (£61 
credit!. Turnover for the 
rose from 1177.54m to £J:w 



197S, taxable profit of Frederick unchanged at 2.475p net_per lOp 
Parker advanced 8.4 per cent share, and will cost £3o7,ro4 before 
from £2.9m to £3.14m on turnover waivers of £22,645 (£25,452). The 
well ahead from £l4.0lm to final dividend will be considered 
£20^4m. when the full year’s results are 

Directors say results benefited k °°' VIL Last year a 5-7p final was 
from the shipping of the bulk or 

the equipment for its contract The company's shares are 
with the Philippines Department traded on the over-the-counter 
of Public Highways. market 

_ ■ .. Interiors, says Mr. L H. Camp- 

profit came out at £La9m bell, chairman, in his annual state- 

merit, and provided no serious 
downturn in trade occurs and 
major strikes in the motor 
industry are avoided, the year 
should be more profitable than 

As already known pre-tax profits 
for the March 31, 1978. year rose 
from £589,482 to £712.090 and the 

Braham BBUar 

Auditors as? .that the marsm 
arising on “the sale of plant 
between two subsidiaries has been 
included in the accounts and that 
the effect of this is that a zro up 
nroflt of some £60.000. arising 

Engifsb Card 
Frank G. Gates 
Habit Eng. 

Roattedge. Regan 

3 4 Mans ium'win|»iii j m uuim^> _ ^ 7 - • ^ " _ 

therefore unrealised, is included ScottfcfljEaa. Inv. 
hi both the group profit before Technology Inv. ... 
tax and "the book value of the John Waddington 


Date Corre- 
of s non ding 












03 O- 









Aug. 31 





Aug. 22 





Aug. 14 


— • 




Aug. 3 




Oct. 4 






Aug. 4 






Aug. 4 


— T 



Aug. 31 





Aug. 12 




• comment 

Taxable profits at Braham Millar 
rose 3 per cent in a betier-thnn- 
expected second six months, 
thereby maintaining the group's 
traditional second-half bias. The For the May 31, 11)78 bj 
apparent imnrovement in full-year taxable revenue of Winter 
gross margins, however, reflects Trust rose from £183.3 

Trust ahead 
to £218,627 

the inclusion of earnings from a £218,637 after manage me i 
£2m Middle East contract but the pc n# e 5 of £29,432 compare- 

•’ nmiiiN In 9ha C-.— . 

dividend is increased from 0.5852p group’s pbmt and machine^', 
to 0.653fip. Also proposed is a Meeting, St Helens, vines, 
scrip issue of one £1 preference July 28 at 1130 am. 

Second-half setback for Waddington 

Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues. $ Assuming S3 per 
cent tax rate. 5 To reduce disparity, g Not less than R5p final 
forecast (28p). 

DIFFICULT TRADING conditions spending boom. However, Wad- Arbuthnot Insurance Services ment that the directors are 

for the packaging and printing dington will have to wait a while bad a record year while the sue- confident t hat steps taken wui 

industries and generally poor to see if provisional orders for cessful marketing and investment enable the group to continue its 

Christmas trading for the games games — said to be at a “satisfao- performance of the unit trust progressive role in the LK tyre 

companies depressed tax- tory " level — will be taken up by group contributed to the growth market, 
able earnings at John Waddington the retailers. At 200p the shares in non-banking earnings, says 

in the second half from £1.2om are on a p/e of almost 10 the chairman. ^ *>.« -* — - — .. 

down to £409,000. Total profit for (average capital) while the yield There was continued and saus- product futST three months of dispute between C. E. Heath and 

the year to April 2. 1978. was is 8.8 per cent, so the market Is factory development of the factor- range • " 

£2.7Sra. compared nth £3J!7m lor anticipating a fair slice of aLnS gT. computer «ahl3£i ht tsT 

For 1978, 



reaching sales 
maximise the 

C« E. Heath makes good 
start on broking side | 

. , pensrs ui a*?,-!*- shi 

turnover wan shown In the ^B.146 and interest 
previous result* ,Cmwth m aRa iost £$*,892. 
recent yean,- has own almost ^ £s7j«i) (£73^r 

wholly conflrod to exports but wal|a |,te profit is I 
this time sales volume Increased trim jay Earnings pc 
hi rhe VK-HtoW. UKjenenMy {fi“ 

depressed oversea* .{J® and the interim dividend 

lucrative Middle East markets 

became more competitive around ~ £x St 

August while some analysts feel J0-42xn pre-tax prom* 

the boom there may be over. Net asset value per shan 

Customers in the Middle East are prior charges is shown at 

apparently well stocked up with (H5.7p). 

equipment but the company feels 

It can retain its share of business 

there in the current year. Group InniPikHnnC Al 
forward orders are little changed AllUILallUliJ Ul 
at £2*ni but contracts are . ■ . 

currently being discussed with the firOWtll 

Egyptian Government. This would =1 ' I 



Card slips 
to £2.76m 


ware subsidiary, produced good 
results from Its business in 

Better balanced production 
operations, manning levels and 
inventories are being introduced 

in the export finance company 
continued to develop, Mr. Arbuth- 
not adds. Meeting. 37, Queen 
Street, July 27 at 12^0 pm. 


from £17.6m to £19.O0m pre-tax 

Sales Pro fi t of English Card Clothing 
Company declined from £2£6m to 
£2.76m in the April 1, 1978, year. 

At half time profit was down 
from . £L03m to £2.01m and 
directors forecast second-half 
profits higher than 
ing period. 

Evans of 
Leeds on a 

and Arbat 

M^fiU 1U1 «4 4Uii OUUC la _ 

the previous 53 weeks. 

.This contrasted with the 
directors’ forecast at halftime, 
when profit was higher at £2-37m 
(£2.03m). that there would be 
improvement in the second six 
months despite a lean period in 
the early part of 1978. 

Mr. Victor Watson, the chair- 
man, now expects much better 
results for the current year. 

The surplus for the year was 
after extra cost of pension con- 
tributions amounting to £232.000 
and depreciation £103,000. 
rose £5.57m to £43.38m. 

Tax took £1.3 6m (£1.75m) leav- 
ing earnings per 25p share lower 
at 19.62p (27.69p) on capital 

increased by rights issue and the 
net total dividend is stepped up 
to llJJlp (6.45425P) with a final 
of 6filp assuming the rate of ACT 
is reduced to 33 per cent 

sws s;SFi; “ssskjk 

Work is now being applied to to support these sales program- 

York. U Bo'S l> S I 4 7 5 e r n ^d n p™ , fl; ttete,. OPtoSstiT^ ■«!» SyiZwS bV'itet <fK»i 

brokerage growth at C. E. Heath the P. L. Pepper syndicate at 
aud Co. were on target and Lloyd's over container iaeftances 
slightly ahead of predictions. Mr. arranged for CTI. a N «*• York 
F. Holland, chairman, said at the container group, had not ygt come 
annual meeting yesterday. to arbitration at Lloyd's. ARhnngb 

While there was a long way to both parties agreed to arbitration 
go to the year end. he was never- the terms of reference l$ve yet 


Inv. higher 

firm footing 

Mr. H. C. B. Be re as, the chair- 
in the open- man of Evans of Leeds says in 
his annual statement that the 

would have another good year. lawyers, 
company s business. On the Lloyd's underwriting 

As already known the group side, Mr. Holland was quietly con- 

incuired a pre-tax loss of fi denl 0 f a retum to profitability 

£605.000 for 1977 a»inst a profit ne xt year and other underwriting 
last time, of £611,000 on turnover operations both here and overseas 
ahead from £la9J7n to .087.57m. vere on or exceeding their budget 

The chairman says that the targets. _ _ 

difficult trading conditions of If there was a total lifting of 0 f £332,333 against £313,743. net 
1976 continued throughout 1977, dividend controls it would be the revenue of Technology Inre.«ment 
when the company’s performance intention of the Board to recom- Trust advanced from OSE360 to 

was further aggravated by below- mend a substantially increased £521,459 for the year jo May 31. 

schedule manufacturing returns dividend during the next financial 1978. 

year. Previous total was 4B816p. The net divkk raised to 
Later it was said that the 2.6p (2.25p) per (hare. 

After all charges ihcludlog tax 

at all three UK plants. 

Improved productivity con- 
tinued through to m id-1877 but 

After TITC rav of CO <t7m fft\ 9flmi «*«- ubucq uuuugu uiiu-mi/ oul 

tJS «? f revaluation of property, the he says , that all the advantages 

nvorviK t 9V nf n 91m f Cl 0-)rv,V lie wys . uui «»ii me nuwiliaXB 

and^n^r^es attributable 1 nroflt fsiension of mortgage and bank nreviously gamed were dissipated 
i 2.“; loans and the renegotiation of a by the under-recovery of over- 

Eevpttan Government. This would ^ 

make up for the more unstable Ach \ninninn 
overseas customers, like South . opiiHlIllc 

Yemen, and helo cushion the Exports by Ash Spl 
group against what may be a Company since the end of 
tougher year at home. At Sjp the had been satisfactory and in 
stares <tand on 3 p-o of 4.7 &nd iicurus were well aho^iri 
yield 6.5 per cent. prartirally nn help from 

temporary employment sul 
' TT i • j -w-t W. J. B. Brtcrlcy, the ch«U 

l^aDir r,n^- told the annual meeting. 

At present the company w 
the middle of the holiday p 
and regular trading would n 
mcnce In September. A 

forward order book was belt 

With turnover up from £529.000 the offtake was the key to nu< 
to £000.000 pre-tax profit of Habit he said. 

Precision Engineering ruse £39.000 He noted that the comp 
to £89,000 in the March 31. 1978. deferred tax provision now : 
half year. Directors are confident at £424,000 arising from j 
the company will continue to pro- relief. If legislation next 
gross. established a six-year limit oi 

The profit js after interest of extent to which this relief 
112,000 (£48.00(0 and is subject to regarded as a potential Vial 
tax of £49.000 (CHMHKti. There and the company coni in uw 
wore evn-TM . present level of stocks, the 

were extraordinary debits of vhdon would be reliMMxl yea 
£17.000 (£4.000). year becoming a free reserve 

Earnings per 5p share arc shown increasing net asset*, 
at II .3Sp (£0.75p) befoi* extra- releases would be about £S 
ordinary items and 0.7T 

up £39.000 
at halftime 


total from 2.62p to 2^8p net. 
There were 

John Waddington clearly over- a £342,000 credit last time, 
estimated the level of second half 
trading when the directors fore- 
cast that full-year results would 
show an improvement In the 
event profits are 22 per cent 
lower, with the second half show- 
ing an 85 per cent shortfall, 
mainly because of a prolonged 
period of customers’ destocking 
which affected activities in both. Confidence in the further de- 
divisions. Greatly reduced velopment of Arbuthnot Latham 
demand for cartons and 
clipped almost a quarter 

SSf!S ESS? £$£**-*"* 

East Anglia success 

f2iK°i52. m fff? d with giving rise to capital commit- 

Confidence at 



ments of £2.Sm. The properties Working capita] increased £3m 
will not become rent producers a g aJnst £8J5m. 
in the current year however. 

economic factors and marketing 
conditions that contributed to an 

The offer for sale by tender of isssued by way of rights, 1,858,770 
£2m 7 per cent Redeemable Pre- shares (94 per cent) were taken 
ference Stock 1983 by East Anglia up. 

Water Company has attracted;' The balance of 117,240 shares 
applications amounting to £4^4m. : 'bas been sold on the Stock 
While the minimum price of Exchange and the excess over the 
the issue was £9730 per £100 of subscription price (after 
stock, the average price obtained expenses) of iLSSp per share will 
was £38.161 with the lowest price be distributed among the original 
to receive a partial allotment be- allottees in accordance with their 
ing £9S.05. respective entitlements. 

Dealings will start today. ■_ 

Brokers to the issue were HUIVTING 

r---,- HoFdincfi is emreswri hv Mr ” virk *n uiis £328m for the Seymour, Pierce and Co. PCTPHT FTTTMf 

labels Homings^ ^ expressed by Mr. amount would not be justified as March 3L 1978 year against T rvr ivn n . twit, x tlKULIilJM. 

r .? ff te chairman, theproperties of the group are f^J° r HYLAND PAEVT Application lists will open and 

held as long term investments. p £°rL_ _ of L -_ “ 0 ? , £ a,e Leyland Paint and Wafipaper close today for the offer for sale 

Auditors Tansley Witt and 
Company have qualified the 
accounts over the failure of the 
company to estimate the amount 
of tax which would be payable in 
the event of future property 

Hie directors consider that the 
work involved in estimating this 

Progress at 



packaging profits to £l-2m for the “ Gromf 11 pro fits P have increased 3 long te ? ? investments! »fpr«*snrtfp r*auit and wallpaper ciose toaay ror tne otter tor sale 

full year whUesramesandPUrales ne ariy 60 Sr rent ov^^he Pr °Perties are valued at £24^7m J2fl5AM Jumped from announces that application for by Robert Fleming and Co. of 

(Monnnolv. table football etc I ■*“ jr *7; L T nt .- over in the accoimts tarimim* a t0 conversion o( £U«m 8 per cent 2.7m Ordinary shares of 25p each 

After a £4.665 (£1,161) tax Convertible Unsecured Loan Stock at 85p per share in Bunting 
credit and minority interests of 1981 has been received in respect Petroleum Services. 

revaluation in the March 31, 1978, 

Meeting, Leeds, July 

28, at 

(Monopoly, table football etc) S' t reif e. fhV K ™ in «» e amounts. Including 

Sir SSVJBStf aSSs suc,1 ' us which ™ 
El& u $ t %£EU'£ fnss , per share SSi 

Son? TV the ^ ° W ^ 

Christmas period. Elsewhere, ** For the year ended March 31. 
printing activities (continuous 197^ profits after tax rose from 
stationery, playing rards; held up f 1.05m to £1 Am. The dividend is 
well showing profits growth of lO.OSp (9.111p). 
nearly a fifth while greeting The merchant bank produced 
cards were a tenth higher. For higher profits after tax and trans- 
the current year the prospects fer to inner reserves and the 
appear to be slightly better with foreign exchange and sterling 
packaging companies starting to money departments had an active 
feel the benefits of the mini year. 




£ 3,385 (£6,662 credit)' and an of £912,982 of stock. The last con- 
extraordinary credit of £43,987 version period for this stock 
(£814,605) profit came to £250,627 ended on June 30. 
compared with £976.685 last year. A total of Ll9m Ordinary 
which was after a £30,835 transfer shares of 25p each will therefore 
from the capital reserve. be issued in conversion and an 

Earnings per 10p share are a PPhcation will be made to the 
shown at 1.35p (Q£6p) and again Stock Exchange for a quotation, 
no dividend is to be paid. The 

Mr. W. Hansen, the chairman of dmdend was 90.5p net interim X. a J. Hi MAIN 
Goodyear Tyre and . Rubber m 1972-73. L and J. Hyman, plastic foam 

Company (Great Britain), tells The group’s Interests include converters, announces that of the 
shareholders in his annual state- instalment credit and insurance. 1 j76j0tQ new Ordinary shares 

“Cliarebin” Ships Decanter 
“Star of Edinburgh” Goblet 

It's crystal clear 

why Crown House are Britain's leading 

quality glass suppliers. 

Our name. Crown House, is one rarely associated with 
glassware. Yet our Group includes Britain’s most 
wide-spread table glass suppliers, with factories and 
warehouses infour locations in the United Kingdom. 

Far better known in the glass world is the name of our 
glassware division, Dema Glass, through the manufacturing 
of full leadcrystal branded as “Thos-Webb” and ‘'Edinburgh* 
and the world-wide distribution of over 100 million machine 
• made glasses each year. 

Dema Glass did well for Crown House and for Britain last year, 
by increasing their exports to over half their output. 

To find out more about the achievements of Dema Glass and the 
rest of our group, contact our Chairman, Patrick E dge-Partington 
at 2 Lygon Place, London SWlW 0JT. 

Telephone 01-730 9287. 

Crown House CD 

)bumaynofseeu^butweielheift . 

In yesterday's elition it was in 
correctly stated that lists closed 
on that day. 

ordinary items and 0.78^(0.61 p) In 1980, £12,000 in 1981. 09,006 fit 
after. Hie interim dividend is up IB82. £119,000 In 1983 anff£112JB/| 1 
from Q.49445P to 0.55p. Last year in 1984. 


Group results for the year to 31st March, 1978 
★ Year of significant advancement. 

Pre-tax profits exceed £l-5m. 

Property revaluation increases shareholder 
funds from £53m to £ 19.4m. 

Dividend increased to maximum all 
of .797p per share. . 





- 1977 

Total Revenue 




2,] 16,866 

Net Revenue before Tax 



Net Revenue after Tax 
and Extraordinary Items 



Dividends: Paid and Proposed 



Earnings per 25p share 

4 M6p 


Fixed Asset Values 










Chairman: N. M. Barrow C.A. 

Highlights from the 
Annual Report 1977/78 

Pre-tax profits £27 million on higher turnover 
Exports from U.K. increased by 25% to £12.5 million 
Capital expenditure at record levels 
Future prospects remain encouraging 

Year to 31st March 


Profit before tax 
Attributable profit 
(after tax) 

.1978 1977 

£ million £ million 







Earnings per share 
Dividend per share 
(including tax credit) 







Copies of the Report and Accounts may ba obtained from the 
Secretary at Ferguson House, 15/77 Mary/ebm Hoad, 
London NW] 5JE. ... 

/ • 

** hflv 

r ' Ip. WnaucBT Tftnes' Tftnrsday Mjr TSTS* 


*>M i!K Ts 

non-stop grit, filth, 

" j ; 

j >.7 

NT • ••“•O’-T 

*-* r.'h 

and scalding acids. 
Whydoesn’t it care? 


.: nt!H5 

Lit; • - - ,, ‘ 

-» -.pH.* 

n . : ?■* d r 


*?;■: ;=C‘’ U ' 

i • ■ 

It’s a sad reflection on this modem throw-away 
world that we are too often prepared to buy something 
which is initially cheap, only to find before very long 
that it’s nasty too. 

Take exhaust systems. As you may knoty they can 
be a source of trouble and expense. Now; for an extra 
cost of less than £10 on a £5,000 model, car makers 
could fit a stainless steel exhaust which would last five 
years instead of two.Think of the savings in money 
inconvenience and blood-pressure this 
would bring. 

So if you are involved in designin 
1 ’T with steel or aluminium, brass, or 
copper, think again about stainless. 

Of course, it can cost more initially 
And by increasing the materials content, 

~ you push up your price. But don’t dismiss 

stainless until you’ve done your sums right through, 
because often you’ll find two things. 

The longer life of the product makes the added 
cost worthwhile. 

And you gain the two extra selling points of 
higher quality and cheaper maintenance. 

Yes, think again about stainless. Find out the 
current facts about our range of thirty different types. 
And remember, our back-up service is always at your 
service, particularly in matching the performance of our 
steels to your exact needs. 

TOte to Mike Whitecross, 

BSC Stainless Marketing, PO Box 150, Sheffield S9 lTQ. 



The cost of corrosion The Hoar Report* 
estimates Britain’s losses from corrosion as costing us a 
horrifying three-and-a-half thousand million pounds. 

Much of this loss is preventable. Stainless steel is the 
supreme example of an existing material that 
must be used more fully for its superb 
resistance to corrosion. 

And British Steel has already invested 
£130 million in plant to double our capacity to’ 
supply it 

• - *"A Survey of Corrosion and Protection in the U K," 
published by the D.T.l. in 1971 (figures adjusted for inflation). 

The material 
youve been looking for 

could be right 
at your fingertips. 




y&amctal Tfamt'lfcH ndaf'Mr « 

■ ■■ 


Our specialist loss 
assessors will take a look 
at your present insurance 
cover on buildings, ■ 
plant, machinery, fixtures 
and fittings and negotiate 
your claims - including 
any consequential loss? 
Can you afford to take the' 
risk of not consulting us? 

Beecroft Sons 
& Nicholson, 

71 South Audie/ Sheet, 
London W1Y 6HD 
Tel: 01-629 9333 Telex: 261988 

Established 1842 

to peak £2.02m 

boost Brickhouse 

tops £lm of mixed fortunes 


warrant ho 

Is declared, in lieu of the custom- 

approved, no. 
will be made. 

further payment 

A RECOVERY in the second 
half from £0.7 6m to £L 22m 
lifted pre-tax profits of Brlek- 

honse Dudley from £1.59 in to a Tht following eoapuin bare notified . 

peak £2 -02m for the March 31. dues of Board meeting* to the Stock of this payment was stated in the 
1978, year. Exchange. Sncb meetings are oroatty - ~ 

1 Imu for tlw ya m m Of cAmutenns 

At the half-way stage directors dividends. Official tadtcattea arc not 
of this manhole and inspection »"“*«» whihr, «u*u»ds conc erned 
«> v er “d frames manufgeiurer 
reported a fall from £0.83rn to rear's timetable. 

£0.8m. but said that second-half to day 

results would show an Improve- GB °“ h ° >aprr - T “ r ' 

ment on the first Period, if full- Pi n S£!3^n«ood Brewery. Cdealon 
tune working could be mam- Industrie*. DnDy Mall and General Trust, 
tained. General Electric. Greene Kins. Klnta 

*• in a vear which f nr- the mnrt Kellas Robber Estates. Scottish and Sin- 
*z castle Breweries. Shaw Carpets. Darld S. 
pan. saw again abnormally low smith. strand rjict Drummond. WcUmana 
levels of demand for our pro- Engineering. v.’j|fcfns and .MiccbeiL 
ducts in this country, the growth Flrru * E dates 

of our exports was the spearhead bWA Emrinperui* July i= 

of our progress.’* states Mr. Jacob* (John i » July 27 

Michael Htrrtable, chairman. The Uaipberaon (Donald) JBly 11 

value of goods exported by ^ the ' "... -"““7 £8 * 

group rose 70 per cent, from wejufttnhouse Brake and Sleaal -. Ad*, l 
£2.512.000 to £4^36.000. Final*— 

And a significant and encourag- trism 

THE RECORD results for 1977 

:ent to subscription IN THE absence ol inr 

w&rreuil ooiaers in return for the ft i? 111 te# Prices, Sir Colin 

cancellation of the warrants and chairman of James PWay and 

all rights attaching to them. Basis up Snm £SS7 - 28S “ Company, tells members feat It (5-9077H3p) 

for the ,y** r - 
6.454 Sop for J978 

vi ui» p ayment was suica “■ jflrojifnnc snrtriiwtwl th* wems likely that the groups Interim of 6.4o4Sop lor iB, ° ** C *T^|wj jn 

announcement made on Jw* & J3? plantation interests wiU &di*ce declared. ... . . „ fJtVS; u«ehiKi^m^ 

Id view of the scheme* an pwi ic lower profits to 1978s uthDmb Also proposed is a auMhlsIoft fmm New sUibnH 

interim dividend lJ?per share theysho^d ofjip «o&untts to l £ S^rd. 5S CanadSmwS 

63 per cent ahead at 

capita] embk^ed. a scrip issue on Ihe hasis of ^ track 

the groupi don- 25 d unit for every 50p unit now 



On the industrial field of 4 
plantation ties, George Payne and Co„ 
kies the feet tonary and ©ever 

ary final CM *e scheme _is turn- ^"jS^j^gro^n- one^p 

( £ 7l i!ftirf d fv2S ewrlSS it inSrests 1,n wS2k provides the fect'.onary" and beverage cor 

single dividend is lifted from „* ms unlikely that this wffl «*n- major proportion of profits pro- turned in q*prt pre-ty pwa 

pensate fully for the likely redoc- Sliced record results, due to the £731.000 (£313,000) and bene 
tion in the level of plantation high prices for *** obtained from being wen covered in 
profits. - during the year, particularly In materials and also from th» 

Overall, directors believe Umt the first four months. Since that nlfiranr capital expenditure 
Finlay will again give ir g&$d time tea prices have fallen, ho 
account of Itself in 1975- - j' adds, although they are *tUl 
Surplus cash and other Teafiv- significantly above 197S prices. 

nKnnrt Kng - On the financial ride of the 
*°_ trmnn merchant banking 

Argos leaps 
to £0-86m: 
sees more 

1.4I25P to 2.55375p net. 

Tax charge for the rear amounts 
to £545,359 against £348,411. 

during 1978 by net overseas profit ???“£ 
remittances of about 

Pulp falls 




tbe last 

ridiaiy James Fjntay Corporation. source mw* 

to,y*&** a^sSit* of sSSISnt" pS 

gramme that 
Implemented over 

The chairman 
*^h' another good result 
source in 1978. 

continues to 



the group Is due to kecelre “ '“L arosuiTof stanflcant'prS cemrato majM- rffort on zw 
£470.000 in August, betafc&e Sr^ h-Tng to ^iJi^Srinst vwtmenc, »nd Finlay_ mad 
scheduled repatriation of p gfctt ™ c Q f u s uSaSlSSretal offer fn_ June, l 

some £L2m iwued share 

t*. 1078, . for a£ 
capital of 


A leap in . taxable profit from 
£55.000 to some £860.000 is re- 
. July 1 : ported by Argos Distributors, the 

- — Jnir 12 unquoted catalogue retailer for 

tag volume of business has been M.v-fionaM Manln Distiller . . .. JbI 7 n the Noi’emh«r51Q77 wir Tum- 

fh b i ain 1^n? ,e 5Sod” 0n ^ f _ 

enhances the directors’ confidence jSv ifl Mr. ^’r!’ the chair- hj & a for 1977 after being down remitaUe in five equal J^pud a’Tass'^for 1977 of £338.000. com- ' John Swire and Sons J»W 

in reaching the Increased sales ■ — man, s5s tbTStauir^ e^an- « sta * e f™m jE1.6n 1 instalment ■ gg wilh R £4S0£»C profit tor »r «nt of 

target they have set for thk year, slon of the comnanv*s business 1 ® HJhn, Turnover for the full A? ttpori&l on Juhe 7, Wyd- iotr However, due to a tax British and Commonwealth 

he* adds. ^ planning of S^ex^ S^Sd^fo pegd v« aj*, behind at £ 10 JBm hril P™fita foU Sawbarkthc r^t is reduced ping Con^my. 10.6 per cent 

The current trading period Is SiedulM. 5 increases > both turnover and Sfffied* l^Sth 10 fl47 -°°°- ' , Meetln* Glasiaw, July S 

off to a . «»®d start. J would be Should ACT be reduced to 33 profit dunng the current financial Warnings [&: Sp ^ share are hy *t^ tofffi Overseas, in the international noon, 

disappointed if first half profits per cent, a deferred final dividend year. The MU benefits of the , • - >... 

were not ahead of those achieved of 0.0236p win be paid at the recent amalgamation of the Green dtreefora have passed the umi ^ r 

during the equivalent period of same time as the 1978-79 interim. Shield and Argos merchandise dfrkHmd (^>) mriaw a total for 

last year, says Mr. Huxtable. , functions are expected to emerae TW ®* “^sp t®P) 

Export orders will continue to • Comment f “ the pnblidied results for 1978- Tik for i*eyw took 

be a critical factor, he adds, but Brfckhonse Dudley has to thank 19 ™- .. ' £X1 Im 3 ^ pr0&t 0 

assets up^awm 1 to £6.4 6m. Sir John Colville, the chairm a n , WITH THE most difficult 4J*dto tfnue to enjoy consistent and able profit «rouutx to ISC 

Current assets increased to £1.03ra says in his animal statement that development cycle behlndVthe steady profitability.^ ■ (£434,000) jHter extraortf 

throutfwut tbe whole of the year group, Mr. W. R. Alexander, terir- Auditors say .the mrector* have Q^dits of Jbe^OQ (jaOUKK)) 

world pulp markets were de- man of Seotcros, tells d>drti)crs made a provision of to __ . 

pressed and much of the group’s rhn r it is equipped for a sos'tataed cover known nnd future installa- 

tonnage was sold at reduced period of organic growth, beffn ta tion costs aristas In connection company tt Bguny Trust 

prices: profit margin suffered ^ uk and overseas. with plastic sheet production- At 

accordingly. - He is hopeful that profit ibr *W* lime i! 15 001 ****** to 

Scotcroi equipped for growth 

from £0.4m. 

Dividend rise 
seen for 
Ocean Wilsons 

The Earl of Dartmouth, the 

signs of a. modest improvement its excellent export record again 
in the UK construction industry for the 27 per cent growt fain 
are beginning to show themselves, pre-tax profits to a record £2m. 

Turnover for the year was ' n tiie previous yrar. export 
ahead from £18.13m to £2I.05m sales rose by over two-thirds to 
and tax took £1.04m (£0A3m). aronnd “ P^ cent of total sales. 

Profit came out at com- compared with a figure of 8 peT 

pared with £0.72m last time when £? nt ,n . 1975-76. This reflects 
an extraordinary item claimed ^"^nd mamly from the 

£37^33 Middle East, North and West 

Statnd earnings per 10p share Africa and the EEC- In contras^ 
are 6.55p (5.04p1 md the dividend abnormally low levels of demand 
is stepped up to 2.334822p Prevailed m the home markets. 

(2.1118I1P) with a final net pay- reflecting the cut back in local The Earl of Dartmouth, the 
ment of L556522n F authority spending. Howver. the chairman of Ocean Wilsons (Hold- 

Art- l, , . Situation at home Is improving tags) says in his annual staie- 

51841 "LP® ye ^. r ’ with the construction Industry men t, that the Brazfijan economy 
with short time working, the showing signs of a modest is sffll suffortagtosome extent 
manufacturing division, aided by recovery and the diversification from the general world recession 
export contracts and a modest of the manufacturing division aSTthf hiStr 
seasonal upturn in UK demand, into engtaeerin gaud agricultural ™ it irdiffiSh 5 35s 

showed a gradual increase of casting^ CouplSl with a signlfi- fiV nKS "SJ£?V2 the 
production and profitability, which cantly larger export order-Kok. S t0 JanuS^l P 19^ l leml 
being maintained. Brickhouse Dudley is ex pec: tag Q^e rl ingSS^te ’ ’ 

A capital investment programme further growth m the first half However tbe 
totalling some £400 000 is being with pre-tax profits ,l — *- — 
undertaken and the division has touch the £lm mark 
also received a grant from the rose 4p yesterday t 
Government’ Ferrous Foundries ? ITC a p/e °* al ld a. yield 
Aid scheme towards an investment 8 P er cent, covered 23 times, 
programme scheduled for 

He says that the weakness in - .; r . H 

prices severe in the latter half 
of 1977. has continued Into 1978, 

results for 

determine with reasonable 
accuracy the ultimata costs which. 

particularly because there hS «^Cf VS£ SSmSm^JSSifS 

SLS2L I JS 1 ..S!2EK adiusiment. if any, which may be 

been a lar^e accumulation of pulp ‘Si adjusTme 

stocks In Scandinavia and North wJJJ J. e J?°“^L e required. 

America. ^ Solsgirlh Investment Trust, of 

Sir John adds that there are 8 feature or recent yeata.^- which Mr. Alexander is a director, 
now signs that the leading paper as reported on June 7 r «cep- holds 10.2 per cent of the equity; 
makers are beginning to build tional development ex pen d iture Meeting. Glasgow, July 31 
up their stocks of pulp again and coupled with difficult trading noon, 
that the long downturn in prices conditions in the final- 'charter 
may be coming to an end. Thus, reduced pre-tax profits forl the 
he sal’s, there is some hope of an March 31, 1978, year from fUlgm 

Bird receives 
final Tanzania 

improvement in margins towards to £0.B3m on turnover downturn 
r. and H9.68ra to £l9.3Sm. *&’. 

Scottish & 



the srae period lat year. on the adetioao of the Esc. ISm Sii'Vn EdlnburcS 11 *] 

He says, that the capital regis- pensions provision for the groups however, the 1 

tered in Brazil is now increased two Portuguese subsidiaries, as at _. rot J UCet j «aieable prod 
to £5.004.485 which provides a December 31. 1977. _ , 5ESS? ^ Confident 

implementation over the next 2} 

In addition, the division has 
succeeded in securing larger 
volumes of available UK business, 
and following a successful 
programme of rationalisation, has 

lessened its dependence on more — --.-ir-t rr-- --rr .r— • :• -,.. r T „. v « nm 

traditional markets by diversifying The basis for uniiising Scottish ff2flnr). divi^nds ' vc - Jal ^ 27 at 1ZJ0 P 111 - 

Into engineering and agricultural and Continental Investment Com- totalled -.8750 net per 20p Phare, 
castings. pany comprise the voluntary Meeting, winchester House, EC. 

A similar trading picture liquidation of the company Ju3 y 28. at noon, 

applied to the merchanting followed by the transfer of its net 
division tbe chairman states: a assets to MJ European Fund, a 

new UK unit trust. 

If the proposals are adopted 
ea/\ shareholder wil] receive one 
unit in MJ European Fund in 
exchange for each Ordinary share 
in the company. 

To facilitate implementation of 

Assoc. Cinemas 
profit increase 

provides a December si, urn. diraetors are confident 

higher base for remittance pur- Balance sheet shows Axed assets nrovision 1 

poses. There should, therefore, at £3.71 m (£5.1Sm), net current future production 4^ 
be good praspects for a further assets £I.73m ffl.Slm). Working P roaucuon r^ B 

increase in dividend in respect of capital decreased 10.4m (£131m t . ‘ 

the current year. increase). _ „ The ch^nnan dfaelo«« 

Last year, when pre-tax profit Meeting Chanrw Cross Hotel groups 80 Mr cent 

■- - *■ — — -■ — in the Kemy tiroup. 

tag some I1.4m has 
resulted in French co 

Routledge Scotcww transport eqni 

sluggish start to the year followed 
by signs of an improvement in 
the late summer which accelerated 
during the early months of 1978. 

A national reorganisation 
programme has been completed 
offering vastly improved services 
to customers and better advance the scheme the ‘ proposa l; in 

declines 1 

to £361,242 

the imminent condtisi 
number of other trading 

Costs of developing the pnitduc 
tion of roll-over protection 
tures (ROPS) for. ea . 
equipment has also been written 
off. significant sales contracts' for 
ROPS have been won in- .Europe 

Bird and Co. (Africa) 
st reccrrad the final Instalmcn 

compensation from the Tuu 
Gqvcanunant in respect of 
assets and liabilities of the < 
pany In Tanzania taken ovei 
the Goveriusent in 1967. 

The gmount received in oxte 
Sterling ta £347,711. A tota 
some £l.03a. baa now 1 

Profit* before tax of CaMontan JTBMfiL-' 

5*oas Associated Cinemas Increased JJ* 
iand from £343.000 to £468.000. In the * J£L 

lv the year ended Man* 25. 1978, Turn- JgJ* 1 *^„® ri|! S£ ,y *£%£ 

iJ % h,shcr “ &.5SR&J3fii SW 

Earnings per 25p Aare are ^ natlonaUretton was 03W 
tht, shown nr G0.3p (413p) and a final The directors of Bird h 
‘t!; dividend of 2.623 j> raises the total already stated that it is ti 
from 3.244p to 3.623p. Should policy to make arrangements 
idv ACT be reduced, tbe final dividend tbe company to go into voluat 
f0 p will be increased to 2.683P. liquidation as soon as praette* 
2nd Tax charge for the year ta in order to return the c*tf 
of n £219.000 against £172,000. Atfribnt- to stockholders. 

T-ilT ... 

■ . ' .■ * . ’srrev-»*» . 

\ \ «*■* ?~*9**- . _ _ 

• . ,■ I*' , , s ' • , 

y % * \ •• % •' • • • • tu 

A name that’s recognised can inspire awe, 
envy or, in this case, confidence. 

It’s a name with a reputation for accepting 
only the best, and maintaining the highest 
standards. An assurance for the wine-buyer 
that his choice has been expertly selected and 
carefully shipped. 

A very good wine reasonably priced. 
Distinguishing it from the ranks of all the rest. 

In other words, a name such as ours can 
sometimes be all the guarantee you need. 

Because when it says Bouchard Aine on 
the label, it says a lot for the wine. 

read the small print first 

Bouchard Aine 

Burgundy specialists and shippers of fine wine 
*Ame denoting the eldest son of the family 

A further fall _ 

half from £1*1.877 to £105,524 left 
profits at Ellenroad Ring 3WT1 

Pre-tax profits of Routledge and 
Regan Paul, book publishing con- 
cern, advanced from £311,246 to - _ ... ... . 

a record £361.242 in the March 31, and the UK. and director^ expect 
1978 Year after £182,000 against this activity to make y growing 
'* fi*« jgwjg £153.000 at halfway. contribution to group i^oliis, Mr. 

Turnover for the full period Alexander says, 
was ahead by over £0^m to This division hnsjrilso secured 
Basic earnings per 25p contracts for deforce equipment 
with deliveries bflRinning in the 
current year. 

In the food djfrtoon. farm sup 
plies ended tho^easnn on a risim 
dividends trend with salts and profits hold 
tag up well./ Additional capaci: 
has been Installed and quality 
improved ifi order to win a grow- 
ing section of this market. 

He adds that in the drinks div 

down -at £129.084 pre-tax. for the 
year to April S. 1978. compared 
with £203.477. Turnover was ahead 

at shown as li-2p (125p) and 

TTiedTrectorsrav that the order the dividend is lifted to 4.05p 
book is is adequate and, shook! Vtit pif n *n^ payment 

there be an improvement in trad- ^-^ p - P^rerence 
tag conditions, the group is well absorb n.4a, (samejandordi- 
ptaced to tak** advantage. dividends^ £S9^1o (135.S07) 

Earnin^l per 25p share are Ain after waivers £6,600 (£6,031) 
ffl.36p) and as already announced. ,_£** _ was £197,670 

the dividend is mamtataed at (£I4S^J46) and there was an 

2.1 55n with an unchanged final extraordinary credit for the year gion the Scottish agency for Wil 
of l.6S5p. of £13^16 (£58206), relating to a Hams and Humbert sherries i* 

Tax took £65.448 (£104JS21) and surplus made on the redemption now gaining momentum with 
£30194 (£65214) was retained. and canc el l ing part of the com- bigher sales and profits antici 
n»e group's activities are spin- pany’s 71 per cent debenture pared. The group's own brands 
ning and doubling of cotton and stock 1987-92. Profit retained was now have a dominant position in 

man-made fibres. 

£170.214 (£169,188). 

the market and “we expect to con 


ALLIANCE INVESTMENT COMPANY— say tbe company's policy of indmUng In 
Results for year to April SO. 29T8. already accounts only the dividends received from 
known. UK-4noted Investments at market associates does not accord with the 
valuation BO.ttm iSS.tCm), abroad SiJUm relevant standard accounting practice. At 
tfSJm). Unouored at dlrtttoft* valnarton May 31. 1378 Sterilnc Indnstnes held 
£448.1*4 f £548. 0931. Net cwrem assets 16.43 per cent of the equity. 1EJS per 
178SJS3 (£7X857). locreasA in liquidity cent of which was threrayh Cnwkeme 
1.783 (£229^20 decrease). . During year investments. Keeling. Cayzer House. EC. 
emphasis placed on U.Sr : tod Japan. Jalv 36. at 3 pm. 

Principal changes In oversees Investment CONTINENTAL AND INDUXTIIIAL 0W9.SOP ««.»). 
—redactions In Europe and Australia and trust— Results for year to May 3L 1*78. (£L3ftn>. Meeting. 
Increases In UA. and Japan. ’ Policy Is rtvorted Jmr 28. Listed UK Invesnsents 
to combine Increasing Income with £37.5lm f£3L72rm. abroad Hi. 48m 

capital growth and to retain ^ high pro- rnsiSra). mdisM £0^m iflUim). Net 
portion of Investments pyerseas la current assets XV.Sftn f£L4mi. Net Itcratd 
countries where furore looks more attrac- Funds decreased £B.3tai t£0A6m Increaso). 
tfve. in UK company contoies to cot*- Meeting. ISO. Cheanslde, EC. July 28 at 
cenrrale on smaller cnmnMtes srtttt good DE LA RUE— Results for tbe March a. 
growth prospects. Chairman, hope rol that is 78. year reported on June 7 m a full 

preliminary statement with prospects 

next year wfll again provide :an Increase 
In earrings and dividend. .-Jfeetln*- 1-3. 
Laurence Poontney Hill. July 19. 

at L30 pm. 

t*7T reported June 10. Vfced assets 
n.Wra fffl.TTrn'. net currenf' assets £D.3Nu 
f£0.44m I. Meeting. Y01K. 'Jhir *< 
noon. - 1 

the S3 weeks ended Aorll reported 

on June 18 with full ctiurman's ststenirnt. 
nreup Bxed assets £3 84m rfS/TUnl. Net 
cuireoi assets M10.939 iriritfSSV- Mi cm 
term deposit 030.000 (ESSO. 0*01 cash at 
bank £211.005 (£81.5077, MeeOn. Btrmtog- 
ham. July 20 at noon. * 

close of business on June 30. 1*78. approxi- 
mate asset value per capital -share, after 
srovidlng lax on realised pcoflt* but brfore 
pro riding for contingent tax on un- 
realised appreciation was UL1P <180 74p 
for previous month). 

INGS) — Results for March Sfi 1978 year 
already known. Croup fixed^apsets £1-S2m 
E.02m>, net current aakets SI.tTm 

profit £28 Jm reduced to £33.7m after 
.•xtra depredation £1.6m. cost of sales 
adjusonent XOXm and net monerair assets 
£2.2 m . Net Uould funds increased by 
£12 .48m f£18J3m). Meeting. Cafe RoyaL 
W. July 26. 11.38 am. 

TRUST— Results to April 30. 187S, pre- 
viously reported. Net current assets 
investments £4 23m 
Sr. Swl thin’s Lane. 
E.C., September 12. 3.45 pjn. 

tiles. engineering, plastics. ofKbore engi 
neerlugi — Results fur 1877 with scrip issue 
reported May 28. Fixed assets ti.Tm 
i£3.I4m). Net enrreat assets £3 3Sra 
>18 SUn). Chairman says current rear 
started with slower Intake of orders. How- 
ever. be looks forward with great confi- 

Group fised assets 123 Ai m <£20.43m). net deuce to successful year. Meeting, Great 
enrreut assets WflJSSm f £23. 18m). Pro-tax Eastern Hotel. E.C.. July 21. at 11 ami. 

fCLlbnl. Pre-tax profit £SIJ®3 adjusted 

I aft4nwD«riaticra 

July 37. 

on CCA basis to nm.9fl9 . 

£59.458. cost of sales £*¥1 

factor 00.898. Meeting. 


ro March 31. 1978. alrcadyitoown. Cur 
reni assets £i4.r»m ifl3.73»n). current 
ILihllWes £13 (04. 3^ni. . fixed assets 
•24. 8m (£22.13m). Subsidiary nf Bnttsb 
Elcurlc Traction Co Meotaw. Stratton 
House. W -tulr S at 2.3o pjn. 

J. BILLAM (cutlers l — Resists for 1977 
with chairman's comments -on prosueas 
reported May 27. Croup Jfcred assets 
£337.570 (£381.7001. Net ali tT Cni .assets 
£117.010 (£3894141. f.TC. Puasioo Trust 
and I.T.C. Pension invesmMis Jointly 

hold 100.000 Ordinary sharA- Meeting. 
Sheffield. July 19. at noos-. 

BRENT WALKER— ReSUfD for 1077 
already reported. Fixed «*» Jftn 
££^9ra ►. net vurrom padris £0-5m 
i£8i,S3o llabimiesi. Meeting: Tower ran, 
E-C:. July 28 at 4.30 

GROUP— Recall's to March 31- l** 5 - re- 
ported June 22. Fixed - assets £2.6m 
£2.S5ml. currvnl assets £14 t5m 

(£11 DSm). eurruni llaMliUo £8-82m 

£6 jim i. Current cost pro-tax profit 

n.GSju after acannc uh,HK tost of 
Sales ED 7Sm. depreciatiQQ £202.000. Meet- 
ing. Leicester. July 27 at noon. 

INGS— Results (o March XL 1978 reported 
June 22. fixed as&eis £83S»- lS*.Wmi, 
n« current axseis £SJ*B -fflJimi. 
Meeting. Sheffield. July 20 at uoon. 

for March. 31. 1CTS year reported. June 13, 
Quoted UK Inrwimi-ms flOiSnu (O.OTnil, 
overseas (OJitn (E0 4jmi. uouuored at 
dlrorton' valuation n.sS'S (£LOall. 
Klxrt assets £1.34 in tfUSXU. CUrtVPt 
a»-r* E.Cm (C.SVnl. habilittW taTTm 
Ei— “mi. Working capita] pressed by 
{290.748 (£338.874 decrease); IlduW 
decreased by £018,383 <£S14jM>> Auditors 


Clothing aid Textile Manufacturers 

frank Usher 



Filigree MacDougaJI of Scotland 

Bush Baby 


A record trading year 
for the Group . . . 
for the current year . . . 
further progress is 
clearly indicated." 


* Given free hand Board would have considered 
higher rate of dividend. 

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

* Turnover up 13% to £54.476m. 

* Exports at £6.41 9m. 14.8% of U.K. turnover. 

* New European showroom to be operational 
by September this year. 

* Licensing agreement signed for marketing 
"Pierre Balmain" collection. 










Prospects ^re for another good 
result in 1978. 

Tax Profits 45% better 
previous year 

Summary of Results 



Sales external 



Profit before tax 



Earned for Ord. Shareholders 



Earnings per 25p Ord. Share 


22.1 8p 

Dividend per25p Ord. Share 

3.71 65p 


Dividend Cover 



% return on capital employed 
Net tangible assets per Old. 











Holidays Division 



Motor Division 



Computer Bureau Division 





Parent Company Expenses 





Copies of the Report and Accounts may be obtained from : 
The Secretary, Barr & Wallace Arnold Trust Ltd., 

21 The Calls, Leeds LS2 7ER. 


Notice is hereby given of the appointment 
of Lloyds Bank Limited as Registrar. 

AH documents for registration and 
correspondence should in future be senr to 
the address below: 


Lloyds Bank Limited, 
Registrars Department, 

Worthing, West Sussex, BN 12 6DAi . 
Telephone: Worthing 502541 / 
(STD Code 0903) ^ 

V *ity 6 



Financial. Times Thursday July 6 1978 

The aftermath of Ainoco 




ar "* t; 

r j 



MARCH 16 the steering fail. The steering system, al- whether to accept his claim that salvage contracts. 
r *r aboard the Amoco Cadiz, a though operated by dual pumps, the tug captain threatened at The Board may also feel that, 
' i . C ™ de . J caj 7 5er was fed from a single hydraulic one stage to drop the tow line while Jittle criticism could be 

" Wl ° ds ^ fluid reservoir and therefore unless this contract was agreed. ^* ade J e training of the 

was not, however, until been used at any other stage Given the possibility that 


il.t ( 

'T.^ide oil on to. the French assistance the inquiry heard before a second tow line was amendment to the IMCO train- 

i "ini' 11 ^i tches and causing .the world's that the immediate response of made fast During these four ing convention which is expected 
• n ,.■"*! :jst ever oil pollution disaster. Captain Bardari to the steering hours Captain Bardari used the to be signed later this week, and 
■" ..‘r/VSfx days later the Liberian failure was to dose down the tanker’s engines astern and the which will probably include 
* 'b ureau of Maritime Affairs, engines and broadcast a warning Board will want to consider recommendations for specialist 
Sponsible for registering the tD other ships to stay dear. It whether the engines could have training of tanker crews. 

"* % jker. sec up a five-man Board 
■,i ,,, Inquiry" under Sir Gordon 
■ Gilmer, a former Admiralty 
1 'gh Court Judge, to investigate 
1 ."’ I ;i:r ls , * causes of the incident Last 
Y^'p'B-iurdBy, after- taking evidence 
hb dozens of witnesses during 
i,m 31-day hearing, the investiga- 
'• Ti was closed- 

: " J ‘v.t-.nie evidence for the interim 
^aort, - to be published by the 
iiillT^ard in the autumn, falls into 

'li 1 , 

;m :s 


1 '"^ree areas.. First the technical 
-k.idence concerning the steer- 
i gear and the possible ex- 
i nations for its failure: 
.'ond, the apparent delay in 
)hvg for assistance once the 
ring gear failed; and third, 
> events surrounding the 
• f,:: furtive salyage attempt 
,, three main witnesses at 

. "■ inquiry, who ‘ together 

; ' y- counted for almost half the 
' ‘^rba! evidence, were Captain 
squale Bardari, master of the 

ON FRIDAY delegates from 72 nations 
will put their signatures to a new 
convention laying down minimum 
standards for the training and certifica- 
tion of ship’s crews in the wake of the 
Amoco Cadiz disaster. 

Although the Inter-Governmental 
Maritime Consultative Organisation's 
conference on training was planned 
well in advance of the Amoco Cadiz 
catastrophe the speed and urgenev 
with which agreement has been reached 
will be interpreted as another effect of 
the Amoco Cadiz affair. 

In response to French pressure IMCO, 
at its Maritime Safety Conference in 

April, accepted the need for a new 
traffic scheme further away from the 
Brittany coast and agreed to examine a 
number of important proposals in 
committee including changes to the 
1910 Brussels convention on salvage, 
compensation arrangements and the 
relationship between master, ship 
owners and flag states. 

It has also agreed to re-examine the 
regulations covering steering gear on 

The Liberian inquiry findings are 
expected this autumn and will probably 
lend support to these proposals in time 
for a diplomatic convention next year. 

11.10 a.m. — after the vessel had of the rescue attempt. there were misunderstandings 

been drifting for almost one- What is clear from the evi- between the two captains bc- 

and-a-half hours — that he made dence, however, is that the tug cause of language difficulties 

inquiries about tug assistance. Pacific, even if the tow line had the Board will also consider 

and not until 11.20 a m., when no t broken during the salvage recommending changes in train- 

attempt. could only have been ing to ensure an acceptable 
expected to hold the heavily degree of fluency in a common 
laden Amoco Cadiz in position language, probably English, 
until more assistance arrived- Although the evidence concem- 
While it is impossible to anti- i n 6 the wrangle between the two 
cipate the inquiry’s findings masters over the form of con- 
there are several key questions mcl salvage or an hourly 
At . 9.45 am on March 16 Captain Wwaee rat^-prcvldes an m- 

p 0in . of salvage, if is unlikely that 

Ttl noco Captain Hartmut 

master of the Bugsier 

al ranzajfSa 

vage tug Pacific and Sr. 
jrcia Blanco, commercial and 
Shnical chief at the Astilleros 

ninon^riflP 3110165 Uai]ises factory 
1 Ip; ere the steering gear was de- 

a,:,? ' » i u-Tisd- 

.1 r 

he was told the steering gear 
was beyond repair, that he 
called for assistance. 

Even then he did not pat out 
a general distress call. This was 
not successfully done until 
11.18 pm, more than two 
hours after the tanker first hit 

2S“ at HP JT- 2BS ST*EZto “nSt It KC tere sting insight into the world 

— ^ evidence and — - o£ *l**Be. « is unlikely * l ’-‘ 

— A . " . “ — LUC ivuo a L piu. 

the - Amoco Cadiz left the Bardari argued that he was right - 

rrirthbomri stopping lane which not t0 call for assistance before it made any material difference 

; P® 11 separation 100 a.m. because it was not ^Nkplffn the disaster. A suggestion 

^nerae, about 7.5 miles north of until then that he knew the * l 2h2h!i . m&de by Captain Bardari and 

V ihant en route to Rotterdam steering was beyond repair. ^roverim* others that the tug had appeared 

The tug Pacific arrived on the twilling to tow ratil a Lloyd's 

:ene at 12.20 pjn. and secured g need t0 be contract was agreed was con- 

U» steer'inggear saving tie Soundermg tutor £** JfSEuStoH o£! 5to^^rS2£5E 
k>ck had sheered but a second Bugsier tug might , e ? T ainp ,. tbe . tions about the need to keep 

lushing from the have arrived in time to assist Insbtute of Navigation in Us 1 about «« 

The Board may however wish 
the to comment on the dispute and 


. .i Lyme Bay, the helmsman re- 

* ■ tied that the rudder was not scene at 12.20 pjn. - 

ponding to the bridge a tow line aboard at L31 p.m- tightened. vincingly refuted by Captain 

u ieeL The tug master argued that if Several witnesses suggested \y e i ner t with the support of the 

- On inspection it was dis- a call for assistance had been that in future tmikers diould be ^ eng i nB jogs. 

•• -vered that five of the six bolts made earlier not only would he designed with twin fully mde- 

-Iding a hydraulic pipe flange have stood a better chance of pendent steering systems. This 

‘ to the main 
' ■ stribution block 

••^d oil was gushing iron line nave arrived m ume.ui £" thi’o55ii5«"eoah heavy towing equipment on 

.stem. The Amoco Cadiz him. . mittee investigating tanker board tankers in the light of 

... .wring-system has not been On the third pointy the abor- mi«ee evidence about the chain break- 

covered from the wreck but tive attempts to tow the tanker satety said it worn a support 
•: • its on bolts taken from similar out of danger— the Board was suen a move. inmrirv 

wring gear in sister ships presented . with contradictory The Board of inquiry wiU also broader aues- 

^ggested that they were made evidence. It will have to con- consider the need for tanker SjunS^ sritin^ JS£r 
\ - sub-standard steel which was sider why Captain Bardari was captains to inform the appro- ^ 

adequate to withstand the apparently reluctant to accept pnate authonties as soon as a Mo® m convenience. 

,x [i - ".Besses of service. An un- the standard form of salvage pollution threat appears, and for The French Senate inquiry 

iiH-jcontract, a Lloyd’s Open ^Fonn- oil companies to lay down un- whicii has just released its find- 
' .' ic-svstemhad caused them to no-cure no-pay contract, and equivocal rales for accepting ings, as expected has reiterated 

the call for tougher action 
against "flags of convenience,” 
even to the extent of one sug- 
gestion that all but EEC vessels 
should be excluded from EEC 
ports. The French inquiry sug- 
gests the Amoco Cadiz incident 
was caused by crew incom- 
petence and a dash of per- 
sonalities between the tanker 
master and the master of the 
salvage tug. 

The Liberian inquiry, on the 
other hand, is likely to decide 
that the initial cause of the 
disaster was a steering failure 
in poor weather hut will con- 
sider whether Captain Bardari, 
in the words of Sir Gordon, 
“did too little too late.” 

Even without the findings and 
any recommendations that the 
Liberian Board may see fit to 
make, the Amoco Cadiz affair 
has already had a significant 
impact on the international 
approach to tanker safety and 
pollution, in much the same way 
that the Torrey Canyon disaster 
did when it hit the Cornish coast 
in 1967. This impact can be 
measured by the speed with 
which 1S1CO has reacted. 

Meanwhile the final question 
of blame will remain 
unanswered until the courts 
decide who is to pay the 
bill for the disaster. And 
while there are nu changes in 
the present international and 
industry-based compensation 
schemes the cost of the Amoco 
Cadiz disaster is likely to exceed 
all existing arrangements which 
provide compensation only to 
about $36m f£25.3ui). The 
French Government recently 
estimated that its share of the 
bill could alone total about 
FFr. 500m (£59m). At present 
Captain Bardari and Captain 
Hartmut Weinert have both been 
released on bonds and are 
expected to face charges later 
this year. 

The inquiry also had a 
political importance over and 
above the desire to discover the 
cause of the disaster. For 
Liberia it has focused unwel- 
come attention on its mercantile 
fleet at a time when, having 
gained a scat on IMCO‘s execu- 
tive council, it was beginning to 
lose the "flag of convenience" 

The inquiry therefore had an 
unwritten purpose, spelt out 
verbally by Dr. Frank Wiswall, 
counsel for Liberia, namely to 
demonstrate in an inter- 
nationally acceptable manner 
that the disaster could not he 
blamed on either a sub- 
standard vessel or crew, and 
that Liberia has a real concern 
for tanker safety. 



Chairmanship change for 
Leopold Joseph Holdings 

Sir Hugh Weeks, chairman of 
since 196G. is retiring after the 
annual meeting on July 26. He i* 
to be succeeded by Mr. Robin 
Herbert, but will continue to be 
associated with the bank as a 
consultant. Sir Hugh was for many 
years a director of Finance Cor- 
poration for Industry' and of 
Industrial and Commercial 
Finance Corporation. He was also 
chairman of the Economic Com- 
mit >ec or the Confederation of 
British Industry. Between 1903-BS 

he was deputy-chairman 1 nf 
Richard Thomas and Baldwins, 
and uniil 1072 was a director of 
the strip mills division of British 
Steel Corporation. 


Admiral of the Fleet Sir Edward 
Asbmore. ChW of the Defence 
Staff until his retirement last 
summer, has accepted an invita- 
tion to join Ihe Board or RACAL 
EU3CTRONICS. Sir Edward, who 
takes up his appointment imme- 
diately. specialised in communica- 
tions. both ashore and ailnat. for 
the major part of his +4 years 
with the Rovjii Navy. For 10 years, 
uniil assumin'; broader responsi- 
bilities in 3071 as a NATO 
Supreme Commander and Com- 
mander in ChipT of the British 
Fleet, he had responsibility for 
Ihe operational and technical 
administration of naval communi- 
cations on sen and land. Sir 
Edward became Chief of Ihe 
Defence S'afT and was promoted 
Admiral of the Fleet in February 
1977. three years after beine 
annninlert First S»n Lord and 
Cbier of the Naval Stall. 


company coordinating Exxon Cor- 
oo ration's rhemicals activities in 
Europe. Africa and the Middle 
East, has announced senior man- 
Acempnl changes in "s Brussels 
nr"inisalion. Dr. Karl-Ludwfg 
Bnbmer, previous!'' the company's 
vice-president for chemical 
specialities, has been appointed 
vice-nresident for plastics, suc- 
ceeding Mr. John R. Eagle, who 
is moving to Houston. Texas, as 
nlaslics vice-president for 
Exxon Chemical Company USA 
Mr. Anthony F. D. Pott, who has 
hpen appointed to succeed Mr. 
Biibmer" as vice-president for 
chemical specialities, was pre- 
viously the company's vice- 
president for special projects. 


Mr. A. D. McN. Boyd has ceased 
lo be chief executive nf 
COMPANY, but continues as 
chairman. Mr. G. E. Darwin has 
been appointed chief executive. 

Mr. E. Wall has been anpointed 
managing director and chier 
executive. Iran, of NATIONAL 
who will take up his new post 
in August succeeds Mr. K. H. II. 
Cook, who is returning to the 
UK lo take un a senior position 
at NFC headouarters. as pre- 
viously announced. Until the 
end or 1977, Mr. Wall was manag- 
ing director of Wincanfon Trans- 
port and denuty-chairman or the 
transport and engineering division 

of t'nigaie. Since leaving Unigalc 
he has visited Iran on behalf of 
the NFC as a consultant working 
on the initial stages of a project 
to provide freight terminals at 
four So.ulhern Iranian ports. 


Mr. Colin Hope, director of 
Dunlop's engineering group, 
based at Coventry, has been 
appointed in the Board of DUN- 
LOP LTD., the group's European 
operating company. Mr. Hope, 
uho joined Dunlop in 1976 as 
director nf the engineering 
group, is deputy-president of the 
Coventry Engineering Employers 


Sir Frank Marshall, formerly 
deputy chairman of MUNICIPAL 
subsidiaries, has been appointed 
chairman on the retirement of 
Sir Francis Hill. Lord Greenwood 
of RosspndaJp succeeds Sir Frank 
Marshall as deputy chairman. 


Mr. Jobn L. Rogers, chairman 
of ihe meat division of the UNI- 
GATE GROUP, has left the 
company and relinquished all his 
appointments within ihe group. 
Mr. John L. Read assumes the 
chairmanship of the meal division 
in addition to his oilier responsi- 


Mr. Keith Mitchell, who has 
been appoinied drpnly director- 
general of the INSTITUTE OF 
EXPORT, was formerly commer- 
cial manager for International 
Chemicals in Zambia. 


Mr. Tony Stoller has bpen 
appointed ihe INDEPENDENT 
bead or radio programming. Cur- 
rently senior officer (radio) at the 
I B.A. he will (ake up his new post 
at the end of llik mnnih. succeed- 
ing Mr. Michael Si arks, who is 
going to the BBC. 

Mr. G. 5. Rostock has inined the 
Board of the MIDLAND NEWS 
ASSOCIATION, publishers of the 
Express and Star and Shropshire 
Star. He was recently appointed 
chairman of Keeling and Walker, 
and is a director nf R. F. Kershaw, 
LJovd's underwriting agents, and 
Anthony Wider and Co., invest- 
ment consultants. Mr. Rostock 
retired from the family firm of 
Loins, of which he was vice- 
chairman and joint managing 
director, in lfl62. 


Mr. D. B. Waters, di reel or and 
general manager of PORT TAI- 
FOT TLANT and of PTp Plant 
Hire, has been anpointed manag- 
ing director of both companies. 
He succeeds Mr. I*. M. D. Mnrf. 
who has become chairman. Mr 
Mart is also managing director of 
PTP Plant Sales. 


Professor I.. P. Pugh and Mr. 
J. A. Igguiden have both retired 
from the hoard of directors nf 


SION has appointed three people 
to serve on the new BROADS 
AUTHORITY, which is being 

formed in an attempt to solve the 
environmental problems of the 
area. They are: Mr. S. Bushel), 
of Norwich, a solicitor, former 
chairman of the Broads Society 
and currently a member of its 
executive committee. Dr. T. 
O’Riordan, of Colne.v. a reader in 
the School of Environmental 
Sciences. University of East 
Anglia. Lt.-Cmd. A. S. McLean, 
of Brisjey. Norfolk, chairman of 
Norfolk Naturalists’ Trust. 


Mr. George Styhurski. a director 
of Bank of America's wholly 
owned subsidiary WOBACO 
TRUST. has been appointed 
general manager of the inter- 
national trust office in Nassau. 
This appointment Tutlous the 

resignation of former managing 
director Mr. John Kitchen, who 
has joined Societe FinnnciOre 
Europeenne to establish a new 
trust operation in Nassau. 


Mr. A. Woodward has hren 
made commercial director of C. F. 
Thompson is appointed director 
and general manager or KONTAK 
and Mr. J. McCnllnugli is made 
marketing director of the com- 
pany. Both arc subfidijries of 
Engineering and Industrial Securi- 


Mr. L. A. M. F. Clair lias been 
appoinied managing director of 


Mr. . G. E. Isaacs has been 
anno luted production director of 
VESSN. a member of Intermed. 
ihe Thomas Tilling re- 
liahil tint ion and hcaiih-care sub- 


Mr.’ Huger Eie has been 
appnpilt'd UK sales director, .r. C. 
Rocc.wcr. Stairs. 


Mr, Richard Stokes lias joined 
the board of JOHN VKALE 
ASSOCIATES, an executive search 
const! (anc v. as an executive 
director. He was prev lously group 
personnel director and a main 
board director of I he Burton 


The Home Secretary has 
appointed 31 r. T. N. Ritchie ns a 
member or the GAMING BOARD 
Stnrritt has been reappointed for 
n Hi rl her term. Mr. Robert T. 31. 
lUcPIiail has retired. 


Mr. Mat Faccy has become 
managing director of METRIC 
FASTENERS and of SNW on the 
retirement of Mr. Derek Brook. 


Mr. SI. A. Wilkinson has re- 
sumed from i he Boards of 
ASSURANCE and Guardian Assur- 
ance Company on taking up resi- 
dence in Jersey. 


31 r. William A. McNeill has been 
unpointed a director or GATEWAY 
is managing director of Thomas 
Somerset and Co. i Textile Manu- 
facturers). and a local director 
of the Ulster Bank. 

ft? -S:- 1 


^ \'f . y- 




An outstanding example of the way in which 
Bowring's UK Division operates is its handling of 
the insurance problems of The Wellcome 
Foundation Ltd. 

This international pharmaceutical company is 
both large and complex. It is one of the world s 
major research establishments. It is high on the list 
of world providers of pharmaceuticals not only for 
medical purposes but also for animal husbandry 
and agriculture. It operates in over 50 different 
countries around the world. 

Coping with the intricate and varied insurance 

needs of such an undertaking calls for an 

exceptional range of skills. With its offices in the 
UK and overseas Bowring is in a unique position 
to provide them. 

Bowring is a world-wide insurance broking 
network which places insurance and reinsurance 
business through Lloyd's and other major 
insurance markets. 


Insurance brokers to the world 


Why involve a Canadian 

bank if your banking 
doesn’t involve Canada? 

It will probably come as no surprise 
to you that the Royal is Canada’s largest 
bank. But, with assets exceeding $35 
billion, were also the fifth largest bank 
on the Nortrt American continent, and 
one of the largest banks in the entire 
world. In fact— through our offices, rep- 
resentatives, subsidiaries, affiliates and 
correspondents— were involved in bank- 
ing in more than a hundred different 

Now size, we grant you, isn't all it 
takes to handle the worldwide needs of 
today’s multi-nationals and governments. 

But with size comes the expertise, the 
experience and the fast decision-making 
that it does take. Not just for basic inter- 
national banking, but for project financ- 
ing, Euro-currencies, import/export deals 
and the entire spectrum of international, 
financial transactions. 

So, if you have the feeling that your 
needs extend beyond your existing bank 
relationships, contact us. The Royal Bank. 
At (01) 606-6633 in .London, 266-90-30 in 
Paris or (0600) 726 051 in Frankfurt- Even 
if your international business doesn’t 
involve Canada. And especially if it does. 


One of the world’s great banks. 



you get an opportunity 

Says Lyndon Humphries of Blaenau Gwent. 

Life in industrial Wales has ncv$r been a soft touch. It breeds men 
like Lyndon Humphries who can take it as it comes, the roujih 
with the smooth - and spit out the gritty bits. How this special 

character can help British industry uca matter of record 


. Lyndon Humphries and his fellows are proud of this record. 
Although the irony of finding themselves out of work, as the steel 
industry shrinks, does not escape them. They are typical of the 
toul force of experienced workers with different ski! Is. resolutely 
resident in Blaenau Gwent. 

What an opportunity for new industries to rc-locaic to 
thfewvcll favoured region - with one of die best 
workforces in Europe waiting toweZcomc them. 

■ Blaenau Gwent is the nearest special development area to 
London and the Midlands. In addition to its skilled, stable ' 
workforce - sites and even fully serviced factories are 
immediately available. " 


Jw a manufacturing industry; advance factories can be rent 
free la cup to live years, a 22" o gram is available for new plant, 
machinery and buildings. For service industries, rent free 
accorrcnudaiion Ls available for up to seven years, plus a-grant of 
j£l -50IJ for each job created plus a further grant lor employees 
moving with their iohs into the area. Concessionary loans can be 
negotiated inwards the balance of the cosrofa project. This 
amountsno the bust financial package available to industrialists in 
Great Britain. 

' b'o ihis is the opportunity that is waiting for new industrial 
development in Blaenau Gwent - a perfect location lor n ork — 
dose to die M-l and M5 motorways. A'pcrt'ect place to live — 
sumiundad by some of the fmesr unspoilt countryside in Ecitain, 
on the edgp of a national park. Send the coupon below in 
Roger Lead be ter. Chief Executive of Blaenau Gwent, who will be 
pleased to contact you and discuss your special arrangements. 


opportunity looking 
7ir\~~ for Indus try- " 

% 1 1 X Roger Lcadbeter, Chief Executive, Borough oF 
JBbcnau Gwent, MonicfpaJ Offices, O vie Ccaire, 

Ebbw Valc.Gocm. NPJ bXB Tefc Ebbw Vale 3034UJ 
I am interested in moving to Blaenau Gwent. 


Lyndon Humphries would tike U more width known. that he 
and hit mala cstabtiihtd one of ‘the hat work records in 
Lkinptem industry! There are about Z.OQUaflhtm - from 
the IMto I ale Steel 11 nth nraifaNe note to work for yea. in 
thespccialdezdopmctu area of Blaenau. GiccnL 


Sime stake in 
bought at well 
current levels 

- Financial Times -Thursday .Ttily G-1&7& {; 

Pyke family u >,ll 
sells stake 
at 30p a share 


SJme Darby's 4.E per cent stake 
in Guthrie, announced Inst week, 
wax bought over a six month 
period ending a month ago at 
well bekm current market levels, 
said Mr. James Scan, chief 
executive of Ssme Darby, speak- 
ins Cram Kuaia Lumpur yester- 

Shares nf Guthrie, the 90 per 
cent British-owned company with 
among the largest plantation 
interests in the Far East, were 
very active last week on take- 
over speculation. 

In response. Sime Darby 
announced its current stake and 
stated that it had ** no present 
intention to increase its invest- 
ment in Guthrie.’’ 

Mr. Scott added yesterday that 
the Guthrie slake had been 
bought at about 250p to 270p per 
share and said it was "a good 
month since we bought a share." 
The purchases were made, he 
said, because the prices of com- 
modities which Guthrie produces 
—rubber and palm oil — were 
looking good. Moreover Guthrie's 
share price seemed cheap in 
relarion to that of other com- 
parable producers. 

But now that Guthrie’s shares 
hare climbed up to 330 n. Mr. 
Scott said that further purchases 
were “doubtful." The stake 
should be seen in the context nf 
the many trade investments which 
Sime Darby has made, he said. 
Sime had been particularly 
active In building them up this 

As is normal in the Far East, 

a number of rumour* have been 
circulating the markets about 
Sime Darby's intentions and 
actions. These included the 
assertion that parties sdin in 
concert with Sime had bean 

aist of about half and half, of In- 
dividual shareholders .and invest- 
ment itihUtiitwn*. Only about W 
ner cent of ilw Kriltoh holders 
do nnj fail it»:u the*? categories. 

concert with Sime had boon The scope for any potential bid- 
buying shares from Hong Kou*. der “sneaking »ip“ on Guthrie 
Mr. Scott said: “I can tell you aDDears liimiei!. 

straight that we bought these 
shares on our own and there i$ 
no question of concert partita 
warehousing or anything of that 
sort." it did not surprise hbri 
that a lot of Far Eastern buyers 
had appeared. The shares htf 
been too low. 

Mr. Scou also denied that Shm 
bought the Guthrie stake at' the 
behest of the Malaysian Govern- 
ment with the aim of speeding 
up the ** Malaysinnisatton * pro. 
gramme. He said that PenuuL a 
Government agency, held Just 
under 20 per cent of . Sime but in 
the time he had been ■ chief 
executive, “we have not been 
constrained in any way by the 
Government.” Sime is “tataRy 
commercially orientated.'* he'-sgto 
In any case. Guthrie’s existing 
plans were widely considered x 
“ shining example " of Malaysiani- 
salion. . JOtf. 

From the Guthrie side, recant 
demand for copies of the sham 
register is reported. The secre- 
tary of the company, Mr. Op fla- 
sh aw. has discovered the bene- 
ficial owners of the bigger mmi°- 
nec shareholdings, as he is. en- 
titled lo do, and estimates that 
only about 10 to 13 per cent «f 
the shares arc owned outside fee 
UK. The British shareholders q$o- 

appeurs Sumter!. 

Mr. kin Coates, man; wing direc- 
tor of Guthrie, mi id i*n Monday 
■that it would he his duty hi look 
at any bid from wherever it 
came. He noted :hat Guthrie Is 
hot just a plantation company 
but ha> carpet amt °* h ™* °|? c ™ i : 
dons. The interests of the 4.000 
British employees would have to 
be aRinn-^ these eimMdered in the 
event of a bid. 

Testify inn to the diversity nr 
Guthrie »a< a Minnie eastern 
deal announced this week. Guthrie 
has taken 4ii per c ««. Ol 'a part- 
nership with A. R. E. Galadarl 
and Brntliers nf Dubai. The new 
company. Guihrie Goladart with 
£3^m nr share and luan capital, 
will distribute food and other 
consumer products in the Gull 

S, ;{T Coates said that Guihnt 
had wanted to establish a pre- 
sence in the Middle East for some 
time end had been looking for 
a good partner. The Uujf .states 
combined political si ah i lily with 
the econonue growth of the 
Middle E.v» as a confirming 
Middle E.-st as a whole. GuthriP 
already has experience ol trade 
with the Middle East as a confirm- 
ing house and iia* particular «• 
pt>rirnve nf food distribution in 
the UK and elsewhere. 

By Christine ttolr 
In an- unusual deal wh 
Millies W, J. Fyke, the whole- 
butchery company, at £236. 
against a market value or JQ44 ^ 
the Pyho family has sold 31 
per cent of the equity to » 
and Mrs, D. R. 'nitunpspn. i 
price was sop a share: yestcrdi 

market priev Was 43p. 

Mr. D. H. Thompson, who b 
iTIreelor or l<nit1ex. the fumtu 
group in which 'he holds 44 1 
cent of tho shares, has up oarer 
been close to the butchery tri 
nil his life. Yesterday's punch) 
being over *n per cent, nu 
mar lea tty triggers o It an offer 
1 hr rvinalmn* .shareholders . 

flow-over, at 30p this offer c 
not look very attractive and, 
deed Mr. Thompson does 1 
appear over-eager lo get ow 
than ifl per cent or fyke. In 
statement ycftlrrefay he said 0 
Hint he was buying the sha 
from the Pykes as an invectmc 
The most Interesting suspect 
the deal now is what position \ 
he adopted by the other ma 
shareholder, Cyril Uurvitz tin 
the British arm of the lnt 
national meat traders of t) 
name Hiirvlt* built up its sti 
in I*yko during 1974 and by do> 
so irunrered off a wave nf ! 
speculation which drove the aha ' 
up to a peak of Top, 

Since March this year «peca - 
non hus again surrounded t 1 - . 
company and the sharps h* .* j ' ' 
.steadily edued up from 30p. .^1 J I * 


A wholly-owned subsidiary ][L 
Armstrong. Equipment yehterdb l 
l<in-eha-4Ki a further 74T>* 
ordinary shares tn Comercroft 
fijp per share. 

Armstroqg. now .holds « i . 
received acceptances in respect 
I -250.000 ordinary shares i.\Dor 
per cent* and its ordinary ofl 
is therefore unconditional a 
will remain open for acre-plan 
until further notice. T 
preference offer remains open h 
eominurs lo be conditional as 


Grand Metropolitan Is tn tna 
an agreed bu( for Alnwt 
Brewery Company in Norlhumbt 

British American Tobacco's announced a further delay*; tn 
quoted Brazilian subsidiary. Souza negotiations with the National 
Cruz, has sold its chain of 34 food Sugar Company for the acgalsi- 
s tores in Rio de Janeiro and Sao tion by NSC of JSETs sugar assets. 
Paulo for just under £7m An agreement embodying JBie 
1 Cruzeiros 230in>. The buyer is «recd terms had been drafted 

Extracts from the statement by the 

land. IX*spiie «h name, Alnwi 

A m 'll Tfe 1 1 ^ * Hrrwery is a distributor of a vh 

BA 1 sells Brazil iood coaui is?t Bp dnnis m it^Tp?bncb 

unlisted company. 

The terms of the offer, whii 

British American Tobacco's announced a further delay; In of JSE’s acrounts for the year to ° tv 

quoted Brazilian subsidiary. Souza negotiations with the Narfobal September oU. l’J.7. 

Cruz, has sold its chain of 34 food Sugar Company for the aeqatei- for'^h n oS,, 

stores in Rio de Janeiro and Sao hop by NSC of JSETs sugar assets. - nnm>r-c u , C *JL , l 0 ™ ml, 

Paulo for just under £7m An agreement embodying :.fte NO PROBES share and £! for each » per cei 

« Cruzeiros 230rn>. The buyer Is agreed terms had been drafted The following proposed mergers tum-retlMrauble preference slurr 
Pao de Acncar. the 1eadin*»super* by NSC’s local advisers L and are not to be referred to the. The offer will lapse if refent 
market operator which runs the approved by the directors Mid a Monopolies (.i»niim«ion: Unlgate/ to the Monopolies Commission. 
"Jumbo "chain not onlv in Brazil first proof of a circular to share- Carding Group; and Dana Cor- Pn-tax profils t 

but also fn Spain and Portugal holders had been printed With a pomtion. Turner Manufacturing. ia.PWHXll.n0Q) last year. 

A spokesman for BATs in 1° Pacing the proposals ■ 

Tendon said yesterday that the before the shareholder 1 !. 

Sonz Cruz chain of stores, called However the direct ow. jwe re 
Pee-Pag had been running at a adrised recently that the Ministry 
lo«s famounting to £lm fn 1077> of Finance could not give -pamis- 
and the company had been faced sion for one or the principal term* 
with a decision either to expand ant ^ h a( i thrown doubt on wfethcr 
i* suhstantiallv or withdraw from another of these lonnsTt.was 

the market, in favour of more acceptable. . I >jj£ f . ... 

established chains. NSC has now written to corffom Extracts fmiTl thft Statfiftlftllt hv thft 

Souza Cruz bought Peg-Pa- In this and has at the same %e «=AirdUL2i iruill UlO ^Ldieinen t By Lficf 

IS72 for £21 til The surplus from put forward alternatve profijA n/i« \a/ n 

the sale will now be spent on which, in the present form. CnairmSfl, IV/lr. VV. n. AlGX3nd©r 

other "potentially lucrative forms directors would not recommend to ' 

'SS.^SSSm 3 SPOtem “ n in SrS^^SESSfiJeSE Afterfive yearsof uninterrupted growth of sales and profits 
Souza is one of baTs most nsc as a matter of urserty tn 1 977 was clearly a considerable disappointment : the single 

tSSSyjSSSSnff&ISi SSTM AtS major fa «o™ aS CTiifp.ionai e xp e nditu, a o( £334.000 
market which is constantly ex- in Jamaica early next wfok. incurred at our packaging plant in Edinburgh. However it 

jHSrS7ri« ..S'Sc d5n?iiXck»™un5 wasalsoayearof inveatmentanddevelopmen.forScotcros, 

. against which thesf negotiations notably the 30 per cent acquisition of the Remy Group in 

Reports from Brazil suggest are taklnK pIace afid. in particu- France. \ 

Snuza is eonsidermg investing ihe t aP the nossibilitr as mentioned ■ -n. » - - • ... 

Pcg-Pag proceeds in a new plastic in 'the chaSnMft’ announcement The last quarter of the financial year was an exceptionally ■ • 

of Fe.hniaiy Jr of compulsory difficult trading period with shorter order books and 
its cigarette packaging JSSd'for the l ?irpose. C5 ‘ Slal ' on therefore pressure on margins. The indications are that this 

raents - ihe result bf this i atest develop- trend has now been reversed and, with the most difficult 

T, M , Ir . ~_. R . paftof the development cycle behind us, the group ia 

Tirvcnci ivn before the shareholders and to equipped fora sustained period of organic growth both in 

Ta^iS S s?Jr L l££« h» IheUKand overseas. I amhopeful that profits in the first 

half of the current year will return to the level of those forthe 
p-j • samepenodaslastyearandtheresultsforthecurrentyearas 

JjNI t tlm exoansion awhoiewilldemonstratethatScotcroshasresumedthe 

R S n Lh* .nhnnn.aH uettMem growth which has been a feature of recentyears. 


Jamaica Sugar Estates 

BSG £lm expansion 

BSG International has agreed to greatly enhanced lighting division s 
pay Il.lm in cash for the capital with a profit capability of some 

?o f m 'pTy A S?h H w^bsid£ios e nm ' A copy of the report and accounts may be obtained from : 

% SANGERS PURCHASE TheSecreury, Scotoros Limited, Fitzpatrick House 

391,271 ordinary shares. Sangcrs announces that iti Cadogan Street, Glasgow G2 6QR 

Pre-tax profit of Vega Tor the f JSSUSP 

year to March 31, 197S. amounted JSS r,?! 

to 1262 827 ThLv wa< after Wticai business in Kent tor a 

d^etorf ^“.rlSS; “S, 

and expeases of £78^48 which Ini n-" 

will he non-recuiTinq after the SL'Sf™ S™ 1 ^ n, “ - 

purchase bv BSG The dirwetnre ordinary snares of Sangers. Tliese . _ . . 

feel that the Sue of net ta^ible SlSJfnH d Jrtir oavmSn^ 31 Pacfca 9 ,n 3 * Food and cfnnk 
assets should Increase when the l l .V?. e P d „ declarcd ^ or P a y men t on . 
properties are revalued. October 2. 

Leasehold properties were last 
valued in 1974 and freehold ' 

properties have not been valued S'Z *- — ■ 

since their purchase In 1976. H 

Vega is a designer and manu- // \\ _ Hf ||1 . 

facturer of motor vehicle lighting / / ^Ti, 1 — \\ 
equipment with two factories at If VIW 1 1 . 

Droitwich and one at Worcester. 1 1 . WAV / J VI n m MU 

This purchase is complementary \Y VAT // M Mm Jf ■ ■ 

sjs igffwsf liEhaw \i\fn OnhP 

The two companies give BSG a Vv 

Food and drink • Transport equipment 


Noun to the Hoi sen ol Bo not of the 
too* 8°. — 1977/8.6 ol USU5.000.oao 
made tre the 


The Commission of the Eurooepn 
Communities announces that the 
annual Instalment ol bond* amounting 
to USS3.000.000 has been Purchased 
far redemntlon an Stsunbcr 1. 1978. 


vBJ Wood hea d 


RECORD RESULTS-year to 31st March, 1978 

Group turnover 
Profit before tax • 

Dividend per share 












normally 1 Toyo Rayon KatrasbUcI Kabha) 

S. G. WARBURG & CO. LTD,, amwnn 
that a dividend of Yen 2.00 par share 
has been oafd to' shareholders on the 
books of the above Company as at 31tt 
March, 1978. In rnspact of the six months 
ported ended on that dpte- 

Holdcrs of Bearer Depositary Rocofots 
Issued by S. G. Warburg a> Co- Ltd. may 
present Coupon No. 31 for payment 
forthwith at S. G. War-hum & Co. Ltd.. 
Cnueon Deoartment. St - Albans House. 
Goldsmith Street. London EC2P 2DL. or 
at Banque Internationale a Luxembourg, 
2 Boulevard Roval. Luxembourg- sublcct 
to peducuon at Japanese Withholding Tax 
and United Kingdom Income Tax tir any) 
at the, approorlate rates. Details of tax 
deduction can be obtained from the Raying 


_ . . As DapoMtanr. 

7th July, 1978. 


L2.000.000 Bills MMiad fi.7.78 k) 9l».. 

to mature 5.10.79. Total appiicauoni 
L 16.5 m. Toul oatstandihs £6m. 

Points from the statement by the Chairman, Mr. EL. S. Simpson;- 

• Final dividend— the maximum permitted by current legisfation. 

• Exports have shown a useful increase over the previous year. 

• All Divisions will benefit from the high level of capital authorisations 
planned for 1978/79. 

• Prospects: With a measure of economic stability, stricter controls of 

imports from outside the EEC and good sense on the labour relations 
front we will prog ress to ^better thin gs.. L 

We continue to plan for growth and expansion. 

Copies of the Report and Accounts are obtafnable-from the Secretary, 

Jonas Woodheed & Sons LUnited, KirkstaN Road, Leeds LS42A0L 




■ la , Thursday July 6 1978 

Survey shows gilts 
50-year low 

■ ••■•' :, terry ogg ■ 

: a ! , , . ‘ . i ‘ ' . 

i , 

! - JJrt.ce of Oita (con- Iu the first six months of 1978 

■ ■'viTwiSssS zT^rsrz srs 
■ • ' :;;SSri ffMws 
' : . •••:. ■ is s STfe. *£ 


De Beers reduces gem 
diamond surcharge 

Price rise forces Ferranti 
shares to be withdrawn 


■ stockbroking again, coupled with increasing SURCHARGE of 10 per cent a seasonal cutback. The July centres, especially Tel Aviv, 

a ? a iS#va °- domestic and International Y- “ , ^Posed on rough gem sight is traditionally slack with caused an uncontrolled escalation 

m posmon tor equities is pressures for continuing high sales at the sight to be the Antwerp and Tel Aviv cutting of prices on the secondary market 

ly better worn me oost-of- interest rates during the 5 the De Beers Central and polishing industries working for rough stones. 

• ««3USt©deaiH^ price index remainder of this year confirm J™* Organisation in London at a low ebb because of holidays. A pen nhim sometimes as high 
; * t double tire 50 year tow of onr view that, over the year as M ?"day. a company spokes- It js possible that the surcharge « ion cent was bein~ nalrf 

’ ; * t double Hie 5© year tow of oar view that, over the year as 1 Monday, a company spokes- It is possible that the surcharge as 1( E, per cent was bein'" oald 
■- ; in the fast half of 1974. It a whole, equities are likely to "SiSSn WSSF’ w ? ek * a . Jflp* ^ above thVCSO list price forroilgh 

> wever, only 35 per cent of outperform Consols for the first .™ s T > vlD be the fourth surcharge fast It m widely expected [m ^ Latterly, however, this 

Record high value of 4 83 time in three years,*’ de Zoete Beers warned in March Antwerp that the CSO, which premium has dropped to nearer 

. ashed in the second half of says. 4 Jecoi T e 5*Sh* "2? °„ f » »*r cent and hoarded stones 

■ • The de Zoete index was set .in,- . .. °,^f rousJ 7 overheated. But the ronS h . stones, which move on to have coming back on to the 

i in 1Q1Q Tne survey underlines the surcharges have been steadily the international market, will _ nr i.- t acaln. 

>' jL j v alue of timing in investment reduced from the 40 per cent 5000 abandon the surcharge „ , t 

• a £JP2?£F!3L ."ViS decisions, as well as emphasising *«fed in March, reachingis per Policy. „ The quietening of the market 

' • based on the price of £2i the advantage of holding cash rent last month indicating that The Antwerp industry is con- has meant the restoration of 
sent Consols as « general during a bear market. With s P ec ulatlon in rough stones has ®dent that the CSO will raise the margins for manufacturers. The 

. , " itor of the state -of the gilts sross income reinvested Ft non died down list price instead by about W per price of palhhed ,i. SIODes . "® v ® r 

• : at The eanitv rirwip-v is i^rl.- 1 i lC ri n ?_^?i nVe * tefl V.* 1 ' 000 l .11 '.i . rpnt if nnf in Anvnst. at teast in rose as quickly as the cost of the 

ssf. 5i*^5v» » ajF’jgrsi 's&.s ^tKsi^wg 

• changes in the gilts^ treasury bills and cash 3M Stected d£? ed by SOme jewellery. last March. Indeed the instability 

■ i:,et place. £ (building societies) would have nrto 7“ cuems. iq short a difficult phase in the of the rough stone market has 

!% t !\i , 

* . r Tj^i, “V , ujua vas.H 300 selected ritente jewellery. last oiarcn. mueea me mstamnty 

et 1«ace- * (building societies) would have nrto v®? cuents - In short a difficult phase in the of the rough stone market has 

» oast of imng adjustment achieved an outstanding total in manufacturer’s diamond market seems tq be induced caution among the 

.ted on <4ie annual change in excess of £250,000 in the same ^r„5 been cut by 50 per ending. In the spring, when De buyers of polished stones. Manu- 

... official retail price dndex. period. rfit;. , , '^ hat be called “a mini- Beers made its original warning facto rers expected a revival in 

™T.-L But ““ reflects not so of a surcharge, the hoarding of demand after the summer holi- 

- much a squeeze on the market as rough stones in the cutting days. i 

^industries expects 
iirther increase 

Japanese warn Australia of 
lower iron and coal needs 

" • FORECASTING another release the majority of the 

. ' ase in profits for LIndustries deferred tax provision as it Is not 

le current year Mr; W. E. considered that this will fall due AUSTRALIAN iron ore and coal contracts in general. In the past, outlook for Australian producers 
■; chairman, draws attention in the foreseeable future. companies have reportedly re- secure long-term supply commit- is generally bleak. 

he fact that the difficult In arriving at the group’s net ceived some blunt warnings in meats were important but low 

r pg copdJtmns whmb arose at asset provision the Board has not p rfvate discussions *™wth made it necessary to BOW VALLEY I 

ind of the last financial year — level delecarion nf renresentativAR establish a purchasing formula. _ _ . _ . 

1 u»t yet very much better. SHARE STAKES ‘ fr °m Japanese steel mills, writes In meetings with the coal com- COAL PROPERTY 
1 ff.SL* 0 !? 1 * Reed Kxecuthrfr-Mr A- E. Reed. /amcs Forth hom panies, the Japanese represents- Bow VaDey Industries, the 

shmtid^^ecS fa earn chairman, has acquired a further The delegation, which Included ^ es suggested that from now on Calgary .oil, gas and minerals 
manes snouia begm to earn «n ooo shares for one nf his non- Mr. Saburn Tana be vice-oresident the mills would indicate their group, is extending its coal, 
?h£ beneficial trusts, Trexco English of Nippon Steel, pai^e^agrira total tonnage requirements on a interests in the U.S. through the 
r • 1 r0und Settlement^ Sr bSl non- picture; forecasting that Jain's quarterly rather than annual basis, purchase^ of additional reserves 

„ ’ .. ._ beneficial holding for Mr. Reed is steel industry would incur a total The delegation maintained that “ Harlan Lounty. Kentucky 

. Bcult tiading conditions in 2,140^55 shares. loss of AgTOOm (£430. 5m) for fiscal tonnage contracts under which from OOver Fork Coal, writes 

-latter stages and a greatly . . . uuhnn. nnidmc r. 1977 - Wi th 1978 production likely amounts were specified but prices J °b® So & w $ t £, ,ro ” Toronto. 

... eed contribution from over- Arbutterot _ Ulham H^igs- remain 100m tonnes of were not should be abandoned. ™e acquisltion ^ bewg made 

associates combined to «Jon Trust CojJPJJJ crude steel, a substantial cut in Australian producers should agree tough Valley's U.S. sub- 

** t™?} ».? per intake of eoktog coal In to tie. tadusion of a flexible cle- 

which is 

based in Denver, 
The reserves, are 

iuke. -- 19T8 wouldbe SaS.e““ “ ^ a paag 

dS? higher tad°lt > mt been shareholding to 7.886 per cent The Japanese suggested there The price of Austtalian steanting Adjacent ‘to a coal mining^ opera- 

CEilfP has also 'fid Its remaining should be a substantial element of coal should be kept low, the tion by another subsidiary, 
SK SJJfJiB dfirine the bolding of 330 ordinary shares, spot sales in iron ore contracts, Japanese said, and suggested a Resources Corporation. 

' '^2? at “iSJSalSd Vickers— Eaele Star Insurance WIlh a suggested mix of about 70 1 three- to five-year pricing period Mining on the new property 

fiSfmbothStTSs nmTtSSrmS^mSSS P« r cen t on fixed terms and SO for steaming coal contracts. should start this year and will 
ESA 4ml" set records d reference stock 19.25 per cent). P® r re nt variable. The Australian companies think increase by 600,000 tons a year, 

ftm nrnflt iv adfa«ted to ? DniriM— Mr J D They also indicated that they that the Japanese are merely Bow Valley's existing output 

e-tax profit is adjusted to Associated Dairies— Mr. J. u MtpmhKno tn rtemtiatp the best Last vear. production was lJLom 

m?fter K °i£LrSe of m? ooo t? ^ were having second thoughts attempting to negotiate the best Last year, production was lJSm 

iSZttS&SESBi ";^2„ a rdt , S < 5;^.' 1,sp “ s d — Vwh -f i-m- ^ 

■— fl^2m. Dividend for the T rr n a , mt 

® ^(.1 SsS™ A M & S defies market gloom 

THE FACILITY to allow dealings 
in Ferranti shares on the Stock 
Exchange under rule 163 (21 was 
withdrawn yesterday following the 
recent sharp rise in their price. 

When removed from trading 
the shares stood at 470p. a gain 
of lOOp on last Wednesday's dose. 
The price had already more than 
doubled in the previous few 

A statement on behalf of 
Ferranti says that following dis- 
cussions with the company, its 
brokers and the Stock Exchange, 
it was decided the facility should 
be withdrawn until the ordinary 
shares join the official list follow- 
ing the publication of Ferranti's 

This will contain details of the 
plans by the National Enterprise 
Bound to sell half its holding of 
the non-voting shares together 
with a dividend forecast for the 
current year. The listing is 
expected to take place in Septem- 

For the March 31 year just 
ended a maximum permitted 
dividend of 4LS56p net was paid 
after a jump in pre-tax profit 
from £6J4m to £9.12m. 

However Mr. S. Z. de Ferranti, 
the chairman, points out in his 
animal statement that upon list- 
ing it will be free of dividend 
restrictions for two years. The 
dividend absorbed £464.000 of the 
£5.78m profit available last year. 

Demand for Ferranti shares has 
been buoyed by the NEB’s pro- 
posed sale, which will be in a 
form rather like a one-for-three 
rights issue to other existing 
shareholders. The issue price is 
based on a formula which would 
give an issue price of £2.35 based 
on yesterday's dose. 

The formal documentation for 
the listing is under preparation 
and Mr. de Ferranti expects to 
give further information at the 

The NEB will retain its 50 per 
cent holding to the voting shares. 

Mr. de Ferranti says the work 
In hand and the activity level at 
the year end give directors con- 
fidence that sales will be further 
increased in the current year. 

Overseas sales contributed 
significantly last year and parti- 
cular emphasis was devoted to 
strengthening the company’s posi- 
tion in Europe and North 

The purchase of Interdesign, 
Inc. of California, will provide a 
base for the «*)? in the U-S. of 
the Ferranti products comple- 
mentary to Interdesign’s special 
integrated linear circuits. The 
small power transformer factory 
established in Canada which is 
now in production on schedule 
will help sales in this market, he 

Also, joint venture companies 
set up with leading U.S. offshore 
oil production Industry companies 

will proride international opport- 
unities to exploit Ferranti’s tech- 

In the UK. Ferranti Engineering 
made progress in its first full year 
in improving the traditional power 
transformer business despile diffi- 
cult world market conditions. The 
company made a profit after re- 
organisation costs. 

Defence equipment business 
continues to provide a major con- 
tribution to total turnover and 
production orders for existing 
projects are providing more work. 
Development contracts with good 
future potential have also been 
won by the Scottish and instru- 
mentation groups. 

Ac balance date fixed assets 
were £lS£6m (£l7.54mj, and net 
current assets £S3.07m compared 
with £33.Sfim. previously. Term 
loans advanced from to 

£23.69m following the repayment 
of an NEB loan and the establish- 
ment of new medium term fund- 
ing arrangements with a con- 
sortium of banks headed by 

Chase Manhattan. A £12.4m 
surplus on property revaluation 
has not been included in accounts. 

A current cost statement shows 
the profit reduced to £4.G5m by 
additional depreciation or £2.0Sm 
and cost of sales of £4.12m. offset 
by a II. 72m gearing adjustment 

Meeting, MillbanV Tower 
London. July 26 at 12.15 pm. 

Deficit for 



from £4.1 6m to £425m there was 
a £23,000 tumround to a £15.000 
pre-tax loss at Glanfield Lawrence 
hr the April 2. 19TS half year. 

Directors say that while com- 
petition continues to be intense, 
sales and profits are now follow- 
ing a similar pattern to last year 
and despite the disappointing 
start— which was mainly owing 
to a poor result at one of its 
bigger branches and a shortage 
of some popular vehicles — they 
expect the full year’s result to 
exceed last year’s £86.000. 

Mainly owing to the sale at a 
surplus of its Stanton properly 
available profit is ahead from 
£1,000 to £18,000 after a tax credit 
of £8.000 (£1.000 charge) and 
extraordinary profits of £25,000 
(£6.000 debt). 

The company does not pay 
interim dividends and last year's 
single payment was 12op net per 
25p share. 

Directors say the merger of the 
Burton and Stanton operation is 
now showing benefits from re- 
duced operating expenses, and 
the hire purchase companies and 

importation companies continue 
to make an increasing and im- 
portant contribution to earnings. 

Also Yauxhall and Bedford— 
which comprise the major manu- 
facturer represented in the group 
— are steadily improving their 
market penetration and a con- 
tinued upturn in sales is expected 
throughout the year, espeeiaUy in 
the fleet sector. 

Holders of £35.716 of 8 per cent 
convertible unsecured loan stock 
exercised their right to convert 
to fully paid “B” ordinary shares 
in the period under review. 



by imports 

IN THE first few weeks of 
trading in the current year at 
Jonas Woodhead there has been 
no evidence of any favourable 
movement in customer schedules 
and there arc two predominant 
concerns, Mr. E. S. Simpson, the 
chairman, says in his annual 

The concerns are the increasing 
imports of cars ami commercial 
vehicles and the level of disputes 
and stoppages within the vehicle 
sector. Against this background 
it is difficult to forecast future 
performance, he says. 

Meanwhile, the Hiring, shock 
absorbers, etc., group plans 
further organic growth and 

As previously reported pre-tax 
profit to March 31. 1978, advanced 
from £4. 58m to £4.95m. A current 
cost statement shows this reduced 
to £3.7m by additional depreda- 
tion of £0.7Sm and cost of sales 
of £0.67m. offset by a £02m gear- 
ing adjustment. 

Meeting, Leeds. July 2S, at 
230 pm. 

Foster Bros 
ahead of 
sales targets 

Mr. H. G. High, chairman of 
Foster Brothers Clothing Com- 
pany, told shareholders at the 
AGM that negotiations for a 
further addition to the toiletries 
and cosmetics division were at an 
advanced stage. 

Mr. High said: ** Our prospects 
for trading and profitability have 
never been better; turnover for 
the first four months continues to 
be extremely buoyant and ambi- 
tious sales targets are being 
appreciably exceeded.” 

Vrenor-iteH * law between tnem noia wi.uuu ana zinc arm ui uie whuuic ium- 
naccount g or7he d signffiSit ordinary shares. As a result of the tinto of Australia group, yesterday wtotwgr food jjauuid, .but Mr. Broken gm Proprietary and 
" of the Larket valuesof the recent scrip issue that number of defied the prevailing gloom on the Carnegie was nor confident that Rjotinto of Australia 

.n s properties 1 mrer book share, would be 2,820,000. In May metal markets and announced an ongut wuldj bj yesterday said in Melbourne that 

ips prop ernes oe DOOK fi00iWM , Q r those shares were sold. ASllm (£B.76m) package of mvest- Australiari smelters were cutting ^ producing units. 

" H __ rj-w- rwph«.ter W 1° t*» cast - however, of 450.000 of ment in pew processing plant at back production to ro per cent Dainpier Salt aTld Texada Mines, 
?$!?"«• Dorchester ’ W ’ the shares which have. been sofa Port Pirie and Newcastle. "'SSlWta.ta fa* 1 taken discussions on a 

.,nt nV n raih fnr th» armin the Interest of the directors In Two developments are planned. production merger to an advanced 

unt of cash for the group. queslion was remote. At Pon Phie a plant costing stage and that the Western 

Caffyns faces much 
heavier interest costs 

.r, isi 

keep pope with demand and interested in % 466,500 ordinary bismuth .The .«ort should be com- ^ js ^ per ^ owned by springs from.the difficulties of the 
» were also serious problems 127.76 per cent). pleted early m 1980. Rj 0 Tlnto-Zinc. whose share price salt production industro, which 

iiolityond supply of imported Enenp Services and El«v Al t. Newcastle a new lead dross yesterday W as 215p. has been hurt by depressed 

hed material ironies— F G RnflMffl has bought leaching plant is planned. It will demand consequent upon the 

impelition in'the home textiles TfuSher ' 52.000 share. JtfEESi BHP AND CRA T0 6C0D0IniC d °^ m ^ 

krt was -severe but an excel- Wiggins Construction — *>ee wtuen are currenuy soiu overseas ¥ But both companies will 

contribution from the group’s and Slater now hold 540.725 ordin- and turned mto tod ALIGN THEIR malmain their existing contractual 

me STiS. TfftJS Gordon S a ( nd Gotch^HoUlings- ** SALT INTERESTS TTieir salt P is sold in Japan, to! 

1 Canada were most dis- shares bringing tbe total noiaing g f _ cine bIeak trad inR con-- - ■ — — — 

limine, but made the further to 1.162.012 shares. T , . ditions In May Mr Rod Caraegle, _ _ 

51 fffi'ivs Caffyns faces much 

SSS heavier interest costs 

ihurihle to shareholders the holding in the company s pre- prices. 

■nnted to £35ni. This figure re- ferred stock to 2 total of £230.000 At that time be pointed out The current year has started to £675,S4S by extra costs of sales 

k llie Board’s decision to stock l7.4 per cent). that most zinc producers were weU j of Sales for the of £636,738 and depreciation of 

1 ~ first two months are up about a £51,303 less a gearing adjustment 

' ’N third, or by 20 per cent if the of £281^42. . . . 

new branches are excluded. Sir _ The " et ‘^mnnntL/^o 5 r^lwm 

Edward Caff to, the chairman, year amounted to £l.08m 

'Wliy -w- O T , 1 renorts (£230,469) and capital commit- 

. bmp<i Kin mviv ( ,0 1 .fn «* » sss» “ .«Sw e °of "SSS 

! & J 1Ci 3 X XlllCty vV XJ that company’s faces a con- |j§|oo (nil) had been authorised 

1 ^ J siderable increase in bank interest but ’ not contracted. 

1 1 Q77 DKQT TT 'T’Q ac?uired Se preS£ inutile SSS 

1977 Kcjo ULIo itjwsr-jMfa g£ wk 1 sss d 5 

r ' tJ er £Sam S SS 1SSf le ! to*™ bran «* w reached £2 5m in 

; “I am pleased to report that results lor 1977 were once again itot,™ ' tans “ai tad b«n £* ra” 

an all lime record.” S' nM “"S , ' 1 ' 1 

^ir rtnfin Oamnheli Bart, M.C., Chairman. , Throughout the year supplies of 

Oir \_*Olin t^ampocii, uai i, v^yiuuiuwu. In additlon ^ company’s con- new rars from BL were erratic 

' trlbutions to tbe staff pension ^d inadequate. Even so. these 

^, 11 — i — — ii ■■■ — ■ — 1 scheme will increase and during sales rose 32 per cent and there 

r the second half it win have to has been an improvement in 

1977 1976 Increase meet the surcharge on national supplies over tbe last few months. 

. insurance contributions. In the current year many of 

-£’000 £?000. . Because of the political un- the group's branches ‘will benefit 

it- 7 on it mo - 3 TCV. certainties Mr. CafFyn says It is from the change In the franchising 

Pre-tax profits lD./nv 1 1 .e difficult to forecast the longer policy and will acquire the Rover- 

v-rn;n<«« r rt r iiwKnah, «,nrlr 6.403 5.723 12% term outlook. Triumph franchise. - 

l^inungs for Urdmaty Stock v, ,. 1(V Pre-tax profit for the year to Although the . Rollse-Royce 

Kamiugs per Ordinary Stock Unit fa, J P March 31. 1978, advanced to division also suffered supply 

.. , r m. a , r’ . 48*126 34,035 44% fl-OSra (£900.957) on sales of problems it made a significant 

Ncl langible Assets for Ordinary Stods. « ** £38.36m (£29.48m)— as reported contribution to profits aid with 

Net Tangible Assets DcrOttiinarv Stock Uuit 4G9.7p 326.7p 44% June 17. The net total dividend seven more brandies opening 

Net langiDic Assets peruramary oiovxu b t0 6i4p f5f75p) pe r 5 ^ wlMrive department’s the self- 

Cross Assets J ’ ** share and a scrip issue of p re- hire diilsion revenue neariy 

ference shares is proposed. doubled. 

On a current cost basis on the Meeting. Eastiwuroe, on July 

1977 HIGHLIGHTS ' Hide guidelines profit is reduced 27 ar 3 pm- .... 

Group Results All Time Record. T : ’ - ^ 

,i, Record Year in Conferiionen- and Beteragr Manufacture. ‘ GfOWth 10 Y DartmOllth lBV. 

To tKe Holders of 



(National Hydrocarbons AntLority) 

6^4% Sinking Fund Debentures due February 1, 1982 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Sinking Fund for the Deben- 
tures of the above -described issue, Morgan Guaranty Trust Company of Jicw York, as Fiscal -Agent, 
has selected by lot for redemption on August 1, 1978 at the principal amount thereof §1*269, 000 
principal amount of said Debentures bearing tbe following serial numbers: 


M-2 2SS2 4161 6088 8023 9272 10582 12066 14546 15448 36500 17749 18729 20021 20874 22461 24101 

" ' 30592 12075 143B9 35457 36504 37758 38737 30022 20894 22483 24123 

10616 18080 14597 15488 1B513 17792 18745 20026 20927 22476 24129 
10618 12092 145S8 15468 36544 17793 18763 30027 20940 22485 24159 

67 2593 4308 6221 8082 9428 30631 12156 14601 18476 16545 17807 18769 20041 20944 22301 24162 

68 2594 4815 6271 8092 9438 30643 22181 24529 15478 16553 17831 28772 20048 20945 22587 24166 

163 2597 4353 8278 8109 9443 10646 12244 14641 15486 16559 17627 18776 20055 20952 22613 2417T 

219 2599 4363 6455 8121 9466 10683 12277 14642 1 5523 16570 17833 18784 20065 20954 22646 24178 

463 2615 4873 6464 8144 9468 10680 12288 14657 15535 16580 17840 18795 20066 20956 22652 24184 

467 2616 4875 6505 8145 9492 10701 I220I 14691 15556 16587 17952 18868 20109 20979 22653 24189 

472 2639 4504 8315 8170 9487 10738 12364 1*704 15585 16697 17967 10882 20125 21010 22673 24192 

485 2642 4532 6541 8174 9499 10732 12478 1*709 15570 16709 17970 38023 20134 21015 22675 24239 

*99 2646 4366 6549 8206 9509 10705 12532 14713 15576 16819 17973 19028 20141 21032 22676 24258 

507 2650 4568 6623 8208 9528 10766 12585 14755 15331 10835 17991 W034 20150 21039 22689 24259 

523 2679 4569 6646 8212 9535 10770 12596 14766 15584 16837 1BD12 19050 20153 21036 22756 24262 

530 2725 4571 6659 S219 96EZ 10782 12646 1477* 15586 16841 1B022 19051 20166 21057 22764 24277 

620 2737 4572 6682 8222 9673 10783 12648 1*788 15590 16860 18028 19121 201 76 21066 22777 242BZ 

621 2748 4651 6865 8246 9776 10808 12631 14810 15396 18863 18046 19310 20177 31104 22779 24297 

32 2557 4172 8069 8037 

35 2561 4283 6073 8038 

66 2588 4288 6203 8065 

67 2593 4306 6221 8082 

640 2753 4726 6667 825* 9797 10813 1ZHS4 14815 15 
642 2767 4766 6669 8287 9798 10818 11BS5 14819 1 

L James Finlay &Co, Ltd. 


“J am pleased to report that results lor 1977 were once again 
ail all lime record.” 

Sir Colin Campbell, Bart, M.C., Chairman. 

Pre-tax profits 

Earnings for Ordinary Stock 

learnings per Ordinary Stock Unit 

Ncl Tangible. Assets for Ordinary Stock 

Net Tangible Assets per Ordinary Stock Uuit 

Cross Assets 



_ Increase 








12 % 



12 % 






44% - 





Group Results All Time Record. 

Record Year in Confectionery and Beverage Manufacture, 
tig* Short Term Liquid and Realisable Assets excecd.£lQ milhonv 

1978 TO DATE 

^ Seaforth Maritime Limited— Ofier in Progress, 
jjj,, North Sea Exploration Interests valued at £3.8 xnilliou. 

I Pre-tax Profits 


£’ million 6-4 

Earnings for Ordinary 

£’ million 


3-3 r~~ 1 2.6 

1.7 1.7 

W7 1976 1973 197+ W' 3 

1977 1976 1975 I 1974 I 1973 

The major part of Dartmouth 
Investments capital investment 
programme has been generally 
completed and with only ACT pay- 
able, a year of consolidation and 
positive cash flow is in prospect, 
Mr. D. G Hathaway, chairma n, 
says in his annual report 

As. announced on July S, the 
group Birmingham-based heating 
engineer, is also raising £461,615 
by way of a one-for-three rights 
is use of 5p shares at 15p a share. 
The broader equity base resulting 
from the issue will give greater 
flexibility when considering fur- 
ther expansion opportunities. 

For the year ended March SL 
1978. pre-tax profits rose sharply 
from £255,648 to £505.518 on sales 
of £ 8 .Jm (£L 8 Sm). The accounts 
also show an £11,697 ex gratia 
payment to a former director. 

The directors have budgeted for 
sales of around £ 10 m In the cur- 
rent year and an increase in net 
income. They also intend to pay 
dividends of L25p net on in- 
creased capital compared with Ofip 
last time. 

The state of the group finances 

reflects where it was expected and 
planned to be at March 31. 1978. 
says the chairman. The reduction 
of the deterred liabilities relating 
to H. Miller Investments was 
effected during the year. This, 
coupled with a year of further 
investment of £0.4m in new plant 
and tooling anil' a significant 
Increase in the Working capital 
requirement to fund the expan- 
sion of sales took borrowings in 
the year from £0:628m to £Q843m. 

The group throughout the year 
operated comfortably within Its 
negotiated banking facility and 
the flexibility provided by these 
arrangements has made a sub- 
substantial contribution to growth 
and profitability. 

On the Miller side substantial 
stints have been spent on compen- 
sations, long-term contract 
remedial work, and property 
demolition- This expenditure was 
provided f °r in last year's 
accounts but has affected this 
year's cash flow. The prudence 
of the view taken at the time of 
acquisition has been justified by 
events and the reserves fully 
utilised, says Mr. Hathaway. 

16868 1B049 19311 20178 21108 22793 24315 

__ .. . __ 16873 18052 19321 20197 21121 22796 24316 

650 2784 4855 6702 .8278 0806 10828 13884 14834 15831 16878 18057 19345 20200 21125 22814 21335 

652 2802 4991 H716 8312 9812 10833 12865 148*3 15635 16912 18070 M 20213 21132 22897 £4347 

700 2813 5020 8785 8313 9814 10844 12569 14847 15644 16976 18091 19375 20227 21147 22899 34367 

704 2829 5022 6846 8327 9823 10860 12787 14833 13058 16880 18103 18377 20229 21151 £2903 £4368 

721 2830 5030 8859 8340 9908 10871 12849 14863 15661 16884 18125 18379 20246 21156 22905 34398 

742 2831 5032 6891 8377 9911 10875 12852 14857 15683 16985 18127 19386 20254 21161 22909 £4405 

744 2835 5073 0907 8378 9932 10898 12856 14897 15682 16986 18134 19398 20278 21182 22974 24410 

750 2837 5079 6925 8394 9936 10009 12860 14931 15706 16090 18148 19405 20283 21172 52977 24421 

751 2890 5110 6955 8407 9938 10S24 12889 14941 13714 17319 18157 194D6 202B7 21176 22996 -24434 

755 2919 3237 0988 8412 9942 10925 12012 14951 15735 17129 18171 19451 20307 2J179 23491 24431 

756 2952 5288 6996 E441 9943 10935 12920 14956 15744 17130 18179 19452 20320 21IB7 £5512 £4481 

763 2902 5301 7038 8443 9955 10942 12941 14969 15746 17135 18198 19486 20321 21191 23514 24305 

823 2070 53J4 7039 8445 9959 10958 12972 14973 35760 17153 18203 19489 20345 21393 23525 24568 

829 2974 5319 7052 8524 9962 10960 12999 14980 15763 17169 18214 19518 20368 21209 2354H £4570 

632 2989 5334 7061 8531 9973 10969 13000 14997 15788 17213 18236 19537 20376 21223 23551 £4578 

863 3000 5337 7006 8583 30012 10980 13007 15011 15607 17230 18242 18553 20390 21243 £3500 £4577 

876 3016 5388 7152 8573 10038 11041 13025 35018 35810 37247 38270 19561 20399 23244 £3570 24578 

880 2022 5403 7161 8598 10056 11042 13027 15022 15818 17254 1B304 19582 £0402 21245 23582 £4587 

884 3024 5415 7171 3599 10079 11047 13167 15044 15837 17275 18310 19587 20411 21=89 23588 £4583 

984 8029 5421 7211 8600 10088 11094 13165 15047 15850 17279 18321 19589 20443 21321 23589 24606 

998 3082 5427 7232 8001 10093 J1D95 33347 350 EE 3585* 37289 18335 19803 20457 21349 £3608 £4623 

1014 3149 5451 7206 8008 1009 G 11105 13352 15064 15872 17294 18345 19638 20481 21353 23614 24625 

1229 3167 5458 7277 8619 10119 11130 13354 15Q38 15912 17306 18352 196S4 20491 21355 £3615 24829 

1491 3187 5461 7810 8648 10122 11160 13357 15107 15931 17310 183B4 19655 20496 £1358 23616 £4634 

1495 31B9 5495 7357 BB77 10166 11167 13389 15116 15035 37311 18387 19664 2050 5 21373 £3617 34635 

1498 3197 5506 7400 0695 10167 11174 13371 15120 15945 17336 18395 19679 20532 21379 £3672 24637 

1500 3210 5522 7413 8683 10169 11299 13391 13121 15963 17331 18410 19692 2053T 21399 33680 24703 

ISIS 3410 5523 7423 8701 10179 11303 13453 13138 15971 17355 18414 19693 20540 21412 £3696 £4729 

1785 3425 3328 7486 8730 1CHM 33336 33874 15148 36055 37380 18449 19696 20558 23474 23706 24750 

3844 3426 5532 7461 8718 10197 13340 33094 13153 18066 17370 18452 19714 20567 £1490 23717 24762 

1861 3427 5535 7502 8723 10216 11397 13807 15167 18071 17389 18460 19732 20572 21496 £3736 24765 

1900 3430 5543 7596 8740 10288 11403 13738 15181 18069 17393 18461 19740 £0581 21607 £3748 £4772 

3925 3432 5557 7537 8744 10268 11404 13737 35180 18098 17417 38505 19753 20596 £3704 23754 £477* 

2048 3437 5565 7617 8745 10209 11405 13758 15214 16099 17425 18506 19754 20634 21711 £3783 £4802 

2050 3458 5589 76® 8789 10271 11*27 13809 15215 18106 17438 16508 19762 20650 21713 £3786 £4804 

2053 3463 3584 7671 8783 10274 11470 13810 15217 18113 17439 18515 19768 20652 21744 23792 24808 

2056 3528 5635 7677 8795 10338 11*72 13822 15232 3KL20 17451 38520 19808 20687 £17*8 23894 24817 

2068 3730 5619 7882 8815 10340 11479 13838 15241 18138 17464 18529 19809 20688 21765 =3913 24825 

2068 3737 5623 7888 8830 10359 11478 13842 15258 18159 17*72 18531 19810 20695 21706 £3925 £4846 

2088 3783 5624 7690 88*9 10363 11*81 13846 15261 1C1GO 17491 1B536 19851 20718 21771 23927 24855 

2123 3754 5635 7756 8856 10372 11496 33966 1B281 1B165 17495 18584 39855 20733 21792 23928 24868 

217* 3774 5644 7820 8885 10431 11569 14361 15282 16179 17535 18585 19857 20740 Si 797 23932 24906 

2188 3841 5663 7827 8887 104S5 11570 14363 15*90 18237 17546 18380 19839 £0741 21799 2393* 24955 

2216 2899 5688 784S 8889 10455 11572 14375 1SH7 18*57 17570 18592 19866 20751 21B0T £3984 24962 

2222 3911 5717 784* 8910 10438 22584 14388 15311 16265 17611 18624 1S877 20702 21809 23985 2A98S 

2224 3916 5731 7888 8923 10468 11585 14405 15322 26288 17624 18617 19886 £0763 £1810 23991 24963 

2232 3919 5735 7929 8932 10470 11508 14*11 16324 18278 17835 18621 19892 20785 51829 2* 017 24971 

22*9 3927 3740 7936 8337 1047* 11002 14421 15338 16403 17882 18627 1992* 5 0 769 21833 2401B 24986 

2258 3980 574* 7939 9953 10485 11842 14430 15361 18404 17674 18631 19934 £0778 =1636 24021 24992 

2272 3976 5998 7946 8957 10486 11646 14452 15876 16421 17079 18882 19936 £0781 £2407 24023 

2288 3S77 6000 7804 8000 10935 11765 1*453 15377 16*46 17680 18702 19937 £0810 £2432 24025 

2350 8889 8008 7994 9003 10543 11791 14516 15398 16453 17695 38713 39945 M828 22441 24037 

2335 3982 6017 7997 9011 10557 11684 14523 15*04 18470 .17714 18722 19994 20854 £24*4 24044 

2396 4320 6047 8007 9022 1GQ80 33887 34531 15418 36490 17725 18723 19998 £0860 22448 £4<J9R 

2*04 4123 8048 8017 9023 10582 12038 14544 15420 18494 17743 18725 £0013 20889 22450 24099 

On August 1, 1978, there will become and be due and payable upon each Debenture the principal 
amount thereof, in such coin or currency of the United States or America as on said date is legal tender 
for the payment therein of public and private debts, at the option of the bolder, either (a) at the 
corporate trust office of Morgan Guaranty Trust Company of New York, IS Broad Street* 
New York, N.Y. 10015, or (b) subject to any laws 'and regulations applicable thereto with respect 
to the payment, currency of payment or otherwise in the country of any of the following offices at the 
principal office of Banca Narionale del LavorO in Rome or the- principal office of Banco Commercials 
Iuliana in Milan or the main offices of Morgan Guaranty Trust Company of New York in London, 

Q p.-:- T t.r— . .1 ! tr_ r n n .1 m.j t j MV j_ 

thereto. Coupons due August 1, 1978 should be detached and collected in the usual manner. 

Rom and after August \ 1978 interest shall cease to accrue on the Debentures herein designated 
for redemption. 



OF NEW YORK, Fiscal Agent 

June 29, 1978 * 


The following Debentures previously called for redemption have not as yet been presented for payment: 

»-l« 4{gg «jg 3*9 809 8091 6196 8273 8386 10482 10677 12832 36402 16468 17631 £2509 

25 5?t £5 223 £5? IKS 5222 £22 *Ma iom loses isow 1640 T ib*so 18872 22550 

w JSgf TOg 8031 Sira 3209 8297 2970 104*3 10699 13783 16*12 16505 £1803 22761 

6016 7938 7987 8036 8137 8224 8308 9973 2044S 30702 13783 18432 16526 £3804 23763 

837 5 064 79*4 V Bg g 8064 8152 8234 8309 10190 10463 10707 1378* 18436 18532 21818 



Financial Times TRursday Jaly 6 I 



Upsurge in 

Inland Steel expecting 
record second quarter 

Ashland Oil 
may sell 

South Africa consul* 
syndicated Euroloan 

^ !1 
J 11 


By David LasceUcx 

NEW YORK. July a. 

THE CHAIRMAN of Inland capacity through the third foreign steel imports in May 
Steel, Mr. Frederick G. Jaicks, quarter, and should he very close totalled Him tons. Inland had 
said He expects 1978 earnings to the record 6.1m tons shipped expected about 1.1m tons. 

By Robert GJbbens 

MONTREAL. July 5. 

_ 1 * __ TH E 5««»th African Government Mr. Iloraraod, who Is on a lour public sector ontiiiw, 

continues CHICAGO, July s. HIM might go to the international of European financial centres. Liven the ' Jf*- 

•AV'fcj .... ,, „ capital markets for a 'new said be had not come here to loan syndicated among umn 

By David tke CHAIRMAN of Inland capacity through the third foreign steel imports ra Ma.. B y Robert Gfcbvns borrowing during the next lew raise finance but for more a very small number or 

By David Lasceii«s Steel, Mr. Frederick G. Jaicks, quarter, and should he very close totalled 15m tons. Inland had months If it decides this Is general discussions. would certainly leak out. \ 

NEW YORK. Julv 5 said He expects 1978 earnings to the record 6.1m tons shipped expected about 1.1m tons. MONTREAL, July 5. advisable Senator Own The last major publicly be assumed [that no banks 

TOTT nnnw •„ 0 ,™hiir,« rh,™ to rise to at least $5.40 a pri- in 1974. The company expects May was considered the first ASHLAND OIL confirmed in New w orwo od ' the country’s Finance known international borrowing live to IWNfe pressure . a 

T?w am vri n « j£*w mary share, compared with last the traditional second half telltale month for the trigger York that it may sell its S4 per Minister said in London by the South African Govern- South African lending 

year’s $4223. industry fall-off to be less than price mechanism, although it cent ownership interest in Ash- SSdL mem. as opposed to public jam in. 

yj* the coinpanies pro " Mr. Jaicks said in an interview last year. will probably take until the end t and oil Canada Ltd., of Calgary. * . corporations in the Republic, At the same time. South . 

year's 54J23. tSSSt to be T«s than pri« although .t cent ownership interest in Ash- 2*ST aF oppi^I ?o public ^ in. . ’ 

^ compames pro ~ Mr. Jaicks said in an interview last year. will probably take until the end t and oil Canada Ltd., of Calgary- * „ .f, ' . corporations in the Republic, At the same time. South . 

m ahniui wh\*h that earnings for Inland could Inland is sticking to its total of the year to judge the success “Serious expressions of interest He did not envisage any took plate in 1976 when the Is now rated a much ni»rc a 

“ft- *™ h be even hilher if the company industry shipment forecast of of the system. - , have been made,” "Ashland said, borrowing being a public toe, Co^rnmcnt floated. *S25m bond credit risk than w* tfra n 

?np D pa«I^ e maintains the first half's high 9701 t0QS in 1978, with 49m tons The high 9.4m ton level and "discussions are being con- ^nt said had J?J5L D £J!!' B f £J5T issue and later secured a $UOm 1976 with the result that 

SSJffT! jSSSfie^itf^Vew productivity. in the first half and 4Sm tons imports through May compared ducted to evaluate the nature and sibility of ^syndicated loon from ^ djeated crct iit. generally luve rut their w 

Jer»y in May ^oday C pifbUshed ? Second quarter earnings would in the second. Last year, the to 6.2m tow last year has caused extent" of this interest S f JmL 2?. Attswcriui! questions. Senator tm lending to the co, 

S’il s ,atis?iS y the be higher than 1977's record of industry shipped 9l.lm tons. some industry observers to jkMs fnm Ashland. Placement. He told Harwood dismissed suggestions Several continental banker! 

V®vad^ in ASSJfie^itf^Vew productivity. in the first half and 48m tons imports through May compared ducted to evaluate the nature and sibility of * syndicated loon from ^ djcatod credlt . generally have cut their ce 

Jer»y in May ^oday C pifbUshed ? Secoad quarter earnings would in the second. Last year, the to 6.2m tow last year has caused extent" of this interest * f ^2£fwl mm -T Answering questions. Senator tin lending to the co, 

operating 1 statistics S lb! be higher than 1977's record of mdustiy shipped 9l.lm tons. some industry observers to ^ frorn Ashland. iS lit Horwood dismissed sOM**tiOM Several contineniaibankorf 

month of June which shows a $1-87 a share, although he The 9.6 percent average total speculate there is as much as Kentucky: Ashland oil has pre- h «„ J t l h!?£!St that South Africa would face a menled yesterday that they 

rte?dy increase in revenue" * declined to say by how much, steel pnee increases announced 3m to 4m tons of unronsisned viousiy said that it was consider- f 0U j?i K t0 *** sum ^ serious debt repayment httmp In reserving their available 

The net " win "—the phrase Inland will have a second so far this year should come r ?«lgn steel Httmg on the dock- injf y* disposition of its Can- be sough. the early 19S0s. The country African lending capacity 

used to describe takinas at the quarter shipment record of close to offsetting increased side that could affect domestic adian subsidy The Finance Minister stressed would take Its commitments in export finance deals. Acco 

gaming tables and slot machines 1.6m tons or better, he added. costs. production when it surfaces in Qil Canada’s stoek that the Government did not j l5 stride, he sold, to some reports, banks m 

More . operating costs - Third quarter bookings have The SfifiZ.JlSS'i,. SS? a. JcSTrfST rose CsTfo C$231 on V }°.± b '! a "** ! ° r • J^.54!l9S.JiS£_iL!:-C! ,, !SS 

amounted to just over SIBm. continued in the 

bookings nave J-ne inuusiry ^ yeslerdav rose C31 to C$231 on need to go to me marew xur • wary wtmpoeu mbs: xi u coumnw awn- weeu «n«r 

past few weeks anorher pnee increase this year, But Mr. Jaiks said the uncon- rf Toronto balance of pay menu purposes, understood that Senator HorwoOd by their authorities In rt 

veL, and Inland since it is operating on poor signed foreign steel will not be ggg* E^Mee before trading The country had now sorted out has had several disoua&ion* with their South African hmdii 

This works out at a daily average at a very high level, and Inland since it is operating on poor signed foreign steel win not iw S ^T Ex«*ange before trading The country had now sorted out has had several discussions with their Sou 
of $334 6*7 or nearly *2 per should be operating at over 90 margins that could be affected detrimental to Inland since it “ *> 6 its balance of payments diffi- bankers during his European this way. 

cent <ore ' than the 8438 504 per cent of capacity through the by uncertain economic factors, is projecting such high volume. ** cutties and figures lor the first trip, as he did last y*a*“ without One US. banker yi-itt-rda. 

netted bv the casino in the six third quarter. But Mr. Jaiks was not forecast- He doubts whether the imports t f OU r months of this year any concrete n-siUlt in terms of that any syndicated ton 

davs of operation in May. which Shipments for 1978 should be ing another price increase. will have a price lowering effect. COW Valiev COal ngntS suggested that the current a government borrowing. Bankers South Africa would likely. 

. « . r .i . « : a ii atiAa QA nav Mnf a f ITa U'oc rliri nnfiintorl fhof T? oirtoT ■> **. . ■ ■ . ■ Jam 1 Q?Q mioSt a».avaTIii Iam tv/a - fin In Ka. vtmifif1«l hv fldtr ivinr 

included the hectic opening operating at over 90 per ceut of 
ceremony and the Memorial Day 

He was disappointed that Reuter 

holiday week-end. 

Of the June total, $7J2m came 
from the slot machines and 
$3 .8m from the gaming tables, 
reflecting tbe high popularity of 
the slot machines. 

Few people now doubt that 

Earnings move higher at Fluor 

Bow Valley Industries, through account surplus for 19TS might, are generally less sensitive on to be provided by Germut 

U.S. subsidiary Flying Diamond approach Rlbn. the subject oow thaaayear ago Swiss banks. These cmmti 

Corporation, lias acquired coal However, be said some of but many of the leediag names in and most notably (icrmuny 


Atlantic City has an important pluOR CORPORATION earn- $1.87 a share, down from £2.12 in slightly less than the S130.4rn in t’A subsidiary, 
future as a gambling resort j or third quarter end- the same year ago period. Pea- 1977. 

provided the state can regulate jag Ju | y 31 be fa i r i y strong body Coal reduced its first half The results reflect a past Fnirvi^w 

it effectively. compared with the $1.21 a share net by 47 cents a share. period of slack orders, but the l au nen 

pondenL They are adjacent to longer-term development point loan- - tn*> iasr rew raonuu. inc i.«; 

further reserves already being orview. "Overall sentiment in Several or Th« Juriui II S- tion Snr Deutsch - Mark j.-. 
mined by another Bow Valley the caital markets has improved banks in the past made it dear meats » r South African 

for South Afnca in recent that they are not lending to the rowers has improved con: 
months ” he added. South African government, or. ably lucent months. 

Amendment to 
leases rule 

compared with the $1.21 a share net by 47 cents a snare. period of slack orders, out me »•-«««« *«******.»» 

last year, the chairman, Mr. J. Improvement in the second group expects to recover in fiscal Cadillac Fairview Corporation, in 

Robert Fluor said. half is expected to come from in- 1979. which the Samuel Bronfman 

He expects higher earnings in creased revenues from major The company's Daniel Inter- family of Montreal has a major 

the fourth quarter that would projects in Saudi Arabia and national division, acquired in interest, plans to buy, through 

lift earnings above the $4,48 a South Africa which should con- May 1977, will make a good con- a wholly-owned UJ5. subsidiary- 

share in fiscal 1977. tinue to benefit tbe company tri button to 1978 earnings. all the shares of General Homes 

Analvsts’ estimates putting throughout 1979. Daniel should have pre-tax Consolidated Companies. 

Strong progress at Dormer 

BONN. July 

Analvsts’ estimates putting throughout 1979. Daniel should have pre-tax Consolidated Companies. CORNIER, the West German well as for a number of other.. and control syste 

1978 net at 54.75 a share were “a Mr. Fluor did not know when earnings of above S20m com- Houston, for LSSSfm in cash and „ ,„ t _ ri nprncrvuce CDm . export ' customers including for which Boeing 
little generous" and he put earn- the company would be able to pared with 89.4m for five months notes. The American company's pnvaicij-o . lncrM „ Morocco, Togo and the Ivory that Dormer will *i 

loncoc vii I a im earujug* auu»c luk a buulu .-mu:* nuicu mjuuju wu- wui a suwu iuu- - — s._w. ai-,diaxi nines iUl.VN. July 

lcdyt.3 I UiC share in fiscal 1977. tinue to benefit tbe company tribution to 1978 earnings. all the shares of General Homes BT ADRIMN 

cTA\TFORn Tniv s Analvsts’ estimates putting throughout 1979. Daniel should have pre-tax Consolidated Companies. CORNIER, the West German well as for * number of athfir . and. control system f.\WA 

^ ' %,U,J , i97s net at 54.75 a share were “a Mr. Fluor did not know when earnings of above S20m com- Houston, for LSS24ra in cash and __.__ trtlM1OTied aerosmice com- export customers Including for which Boeing has conflt 

THE FINANCIAL Accounting mt i e 2e nerous" and he put earn- the company would be able to pared with 89.4m for five months notes. The American company's privaicij-o Morocco, Togo and the Ivory that Doraicr will act as mam 

Standards Board fFASBj has inss at betweea $4.48 and $4.75 begin work in the $4bn Alaskan last year. earnings are projected at S4J>m i pmy, has aonounceu an im^ease .. . tractor If a final gu-a head ii fi 

issued an amendment of its a sh are segment of the North Slope gas The company expects (o have this year on sales of about S94rn. in sales of DM 114m to D«722iu ^ the’ civil side Dornier’s by" NATO governments, 

slalement F.ASB 13 “Accounting Earnings this year would have pipeline. The project sttU a good year ip fiscall979 but Mr. writes Robert Gibbens. Tor 1977. Operating profits in- skwervantcootintted’to provide Meanwhile. Dornicr 

t?lj£ as n % s - J?f c “uh St ril«S t«een around S5 a share if it were requires financin&he noted. Fluor made no apecific forecast. - Cadillac Fainiew. one of the creased to DM 19^m from the company with good bUsmess. repeatedly made clear tba 
T„ AS 1 B ir JiSSnlZii r!JE aot fQr coal strike which v. 6 ^ 1 v} 878 - revenue ® t The fetors will take a look two largest Canadian publicly DM is.lm, a rise of 23 per cent, with 'a total of over 200 aircraft do « no t wish to Set caush 

to lease agreements resulting affei . led Peabody Coal, in which should be up about ten per cent at a possible dividend increase quoted realty development com- 1 rh e ma i n devetoument for now cOMDleled and delivered. not wisn to *« can„n 

from refundings of tax-exempt io per cent bolding. from the $2bn last year.. in December. In December of last panies, has been expanding m ! Do ™f er b^cn the ffidlS For tu£5* DoSier is ln ** increasingly com 

fn r-fMWMP m , reau«t to Losses at ^ bod V wil1 cost , ***&*. earnings this year year Fluor raised its quarter* the western U.S. in the past two I towards full production of the expeeting both these aircraft restructuring of the \ 

m response io a request to FJuor about 50 cents a sbare in from engineering and construe- dividend to 30 cents a share from years. The L.S. company is a;4i 0 ha jet close-air support and programmes to give it plenty or German aerospace industry h 

fen?? b e etween P FASB 13 and ^al 1978. „ w . “ on . operations, Fluor’s largest & centtt residential development firm. trainer aircraft, which Dornler work. In addition, it Is expanding carried out under pressure I 

1 ® “2 For the first half. Fluor earned business, will be the same as or Reuter. ha * been workinc on ioinll* with non-aerosuace activities in such the Bona government. 

tency between FAS5 13 and 
Accounting Principles Board 
Opinion No. 26 on the early extin- 
guishment of debt, the FASB has 
amended its statement to make it 
compatible with, the Accounting 
Principles Board Opinion on 
changes to a lease agreement 
resulting from a refunding of 

residential development firm. trainer aircraft, which Dornler work- in addition, it Is expanding carried out under pressure I 

has been working on jointly with non-aerospacc activities in such the Bona government. 

the French Dassault-Brcguet fields as nuclear power control The company w well place 
Wnrlrl Tfconlr group. Production of the aircraft technology, solar engineering, resist official pressures fur. i 

V/ilU JJdlllv is being stepped up to -a- peak sea -water • evaporation and is proud to point ■ nut, u- 

which will be reached in late recovery of metals from waste, secured a substantial milu 

oorrowmg 1979. in order to meet outstand- as well as mechanical engineer- order book without having 

t , B in? orders for some 30ft, Alpha ing and roedlcaliechnology. . rely or more than nominal a 

FRANKFURT. July a. 30ts for the West German, Still undecided is the fate of itt state aid— all of which h 

HE World Rank rfnnn nni nlon Cummon airKnrn* warninc hi'f>n nairt hack. 

Judge rules on U.S. Steel, Lukens 


tax-exempt debt. Gains or losses a Federal District Court Judge prices of alloy steel which is used of tbe ruling but no decision has ™ E World Bank docs not plan French and Belgian air wees as the European airborne warning 

from such changes in lease has ruled that U.S. Steel Corpora- primarily in the hulls of navy been made. ?S!5j^ 0, ‘ ar ‘ M 25 rowin .«* J n “ sca l c ~ '* ■ : 

agreements will henceforth * be tion and Lukens Steel did not sh |P®; * ^ k i n, _? t ? el spokesman ^borrowed .■ 

been paid back. 

recognised when they occur, vin | a ,p a"" iq si Fndcral steel antI Lukens Sleel had declined comment on tbe ruling, some S1.3bn in 1977-78, Mr. 

rather than over the remaining ffi£S2,Z„ S also been-accused by the FTC of Lukens Steel yesterday an- Eugene H. Rotberg. vice-presi- 

rather than over the remaining CommLsslon consent order ■!» been-accused by the ETC of Lukens Steel yesterday an- tugene h. Kotoerg. vice-presi- |V APkIITHV S 

term of tbe. lease as called for P r!c£ agreeing to 6x pnees with nounced net earnings for the £nt ai^ treasurer of the bank lVUtlV U 

by the original FASB statement ^ pfe said. Newport News Shipbuilding Dry second quarter of SI.S0 a share s 311 *- mHicnan 

The statement FASB 22 is The opinion by Judge Oliver Dock a Tenneco unit which was are compared with SI. 64 preri- Mr. Rotberg said wide interest BT william, 

Kockumssecures order 

Veba confirms 
sharp recovery 

oy me original r.ian SHiemwu thd FTC said. .Newport i\eus onipouiiain^ ury actouu ur s»i-ou a snare — ■ — — nmiffwA CTrirk - »rn7 M tiilv 5 JlMl V ICLUl 

The statement FASB 22 is Th e opinion by Judge Oliver Dock a Tenneco unit which was are compared with S1.64 preri- Mr. Rotbers said wide interest BY WILLIAM DULLFORCX STOCKflOUW. July 5. * 

effective for revisions of lease Gasch rejected charges by the not named as a defendant because ously. Total net increased to differentials between currencies, irnrKtme moA Kockums’ financial add employ- thlQ VPflT 

agreements entered into on or FTC in a 1974 lawsuit that the it was not a party to the 19*1. S4.6m from S+.2rn, gales ?n.3m and the potential revaluations ment sittiat»Sns“ . J 

after July 1, 1978. companies had “engaged in a order. An FTC spokesman said compared with $64.4 ra. • they pose, had moved the bank °tteratf n Sthe last major Swedish tP«ninal< are of a novel Bv Our Fliwncial Staff 

AP-D.T -Ammtn xmirc, «F intinn '* In tW »ha eraff io otfinairlorinn an annnal ATOnoiM ' In Hnniiin !l ..<n»U hhI., ohinwnrrf in ni-HUfn rAntrOE'naS t* 1 ® ICrmiOalS ail W 3 UOVCI Of WMr rllHUlSWl 

companies had “engaged in a order. An FTC spokesman said compared with $64.4ra. 
common course of action ” to fix the staff is considering an appeal Agencies 

they ttSRZjrsrss “SIS » of . BW «i b^ 

to decide that it would prefer shipyard m private controE'lias ™ ° r f J f * By 

not to borrow dollars at this won an order for three dfiating h " n %in» fnr new harbour TO-’ESSELDORV. July 5 

“jft , h „ cemcnt-h.ndlini t.rmujfi tom projects or for* u°aj!!r W cunsmic' lEARNlNliS OK.VEBA. ,hr W. 

I World ^ Bank boreowitSs ' * would I refiistered in PananV Only last They are relatively . simple '. 

. : Gentian natiunal energy conce 

improved during the first f 

receiving «>i wm>vi »> ■ » —viiw. •■■■■. ■— <•> -r — * , - — - — — - — — - — 

* Howocw fnn niinimpnf n r »h« third roil on/r^l off vessel. machinery but will carry a diesel Vena. 44 per cent owned 
borrowin'* dfif? Mr. Olafut/ Sigurdsson, the engine to provide power for the ! the German Govornnient. repo 

Borrow .n e differs drastically v», ar %- n ; ne f rUrerlnr. Mid the conienr handline cnuinmenL -Ihst >nn«irti»r.ihK- hinh/'r nml 

from fiscal l977~Tn fiseaPlffTS managing arrector. said the cement handling equipment; -that considerably higher prol 

cement ternflnaJs were the first Last month Kockums obtained ! wore achieved in some divlsloi 
2?^^ 9aS2f*«3t hig “ alternative production job a SKr 340m jS74m)state loan although losses arc being ma 

8hn W 3ii i2 secured for the shipyard. The and arrranged a $200m credit on oil and chemical activities. 

5SS— c-i - n eq ,“ i “i I; Y price is not being revealed but, facility, guaranteed by the state, The eomnany repealed its fo 
K5?".S rt ^'"a is au three terminals ere to .finance the LKG carriers .it i, c ^ u ^ I ^K 0 r 'S;S , nSinr 

wVr' r .L To T. Vt as all three terminals are xo finance xne carriers u is casL n-Mrin --hen announcing 
Rotbfre Sd JaP e ieRr M ' scheduled to be completed by the building on its own account. It DM ^Dm sale of refincry. S g 
Ro t Derg said. _ _ «»nd nf the vear. thev are likelv still has to find a buyer for these ■ ran in^oroefe tA P 


♦♦ ♦ *♦ 

The Saudi British Bank 

rV^Ee • ,. i_- , . _ . end of the year, they arc likely still has to find a buyer for these and mrfceunc interests to B 

s * .**• ^ «• s JSSI's 

1977. which amounted to more _ . . should be a good deal better th 

Pop ffroup CHIUS Slim . Rationalisation and restruen 

SlJ2bn was borrowed in * O tv “r T - mg measures, together vri 

Deutsche-Marfes, the equivalent • by OUR NORDIC CORRESPONDENT STOCKHOLM, July 5. refined oil prices, shou 

of only S500m in Swiss francs allow losses m the oil sector 

and only S300m in Japanese yen, ABBA, tbe Swedish “pop group," investment company through be well below last years. 

Mr. Rotberg said. reports earnings of SKr 50m which ABBA places its income. Structural problems persi: 

He said that the interest rate fa i ra nst Slim) on a SKr S6m y ® ar Il . QWevp , r > a rise in prices f 

differential on long-term funds 1 f th vear c f. ded SKr 30m in a large Stockholm all products rcinamx necessary 

was 5 per cent between the dollar J un ?°^* r for ttte year cnaea property and formed, together bring about a return to financi 

and the Swiss franc. 3J2S per cent April 30. with Beijerinvest, the indnstrial health in this sector, 

between the dollar and- the Earnings were up by SKr 3m and trading group, Sannes Trad- Electricity will make a su 

Deutsche Mark; and 3 per cent and sales by SKr 6m. Since the ing, a company designed to con- stantial contribution to groi 

between the dollar and tbe yen. four Swedish singers won the vert ABBA’s large Rouble in- profit this year, helped by tt 

“Those differentials are just European song contest in 1974, come in the Soviet Union into imminent operation of the Unte 

too wide for us to borrow their company has sold records to hard .» currency through trade weser nuclear power station ac 

dollars." Mr. Rotberk said, add- a value of SKr 227m. deals. the rise in electricity prices la 

ing that World Bank figures ABBA's main company is Polar Tbrecsquarters of last year’s year. 

showed a potential 79 per cent Music, which is owned half by turnover arose outside Sweden In the chemical sector, tl 

revaluation of tbe Swiss franc the four singers and half by. their and ABBA is currently investing company expects a ’ positive, bi 

over a 15-year term. “We don’t manager, Mr. Stig Andersson. A SKr 2.6m in an attempt to break not a satisfactory result. becau\^- 

take currency risks,” he said. similar ownership pattern applies into the U.S. market. It also bas no market revival is cxpecU - 

AP-DJ to Polar Music International, the plans to extend sales in Japan. before the autumn. 

Established 1978 


Lower profits hit brewery payout 


VIENNA. July 5. 

BRAU AG, a leading Austrian 
brewery, is reducing its dividend 
for 1977 from 12 per cent to 
10 per cent. Turnover last year 
rose by 3.6 per cent to Sch.l.6bn, 
but net profit was down from 
Scb.37.4ra to Sch.31.lm <$2.lra). 

Concerning the projected 
merger with Schwecbater. 
another major brewery, the 
Board said this had been, virtu- 
ally completed through the 
merger of the respective hold- 
ing companies last year. It was 
only certain “legal problems” 
which had led to the postpone- 
ment of a formal decision. It is 
understood, however, that the 
evaluation of the assets is still 
at issue and the fact that tbe 
‘takeover, price also affects 
Austria's largest bank. Creditan- 
stalt Bankvereln, which has 
a minority interest in 


PO Box 35, Dhahran Airport 

A commercial bank owned 60% by the Saudi public 
and 40% by The British Bank ofthe Middle Bast, 
a member of The Hongkong Bank Group, - 
Head Office: PO Box 109, Jeddah.Telex401Q51 S J. 

Schwecbater. But Brau AG gave 
notice that production staff at 
Schwecbater will have to be 
reduced from 1,400- to L200 or 
even less during the next 18 

Brau AG has a market share 
of 26 per cent of the domestic 
brewery output and 12.3 per cent 
of beer exports. Following the 
merger, the company will 
redeploy its capacity, concentrat- 
ing for example in Linz on tbe 
production of non-alcoholic 

Last year, Brau Ag managed 
to increase total output by. IB 
per cent to 3.66m hectolitres, 
with brewery output up by IB 

per cent to 2.05m hectolitres. 
This was still slightly over the 
average Austrian growth rate of 
l per cent. For non-alcoholic 
drinks a record output of 
400,000 hectolitres was achieved 
last year. 

Turning to imports, the Board 
expressed satisfaction that lower 
purchases of foreign beers had 
caused domestic brewery output 
in the first quarter this year to 
rise by 3 per cent During 
January-April tbis year, beer 
Imports were down by 23 per 
cent to 101,000 hectolitres, while 
Austrian exports rose by 34 per 
cent to 62,000 hectolitres. 

+ ' ★ * 

Treibacher, the Austrian 
chemical company, is reducing 
its dividend from IS per cent 
(including a bonus of 8 per cent) 
to 11 per cent for 1977 on apitai 
in re as ed to Sh 180m from 
Sh 140m. Tbe company has been 
hit by the drop in tbe value of 
the dollar, because it exports 79 
per cent of its output with about 
70 per cent of sales invoiced in 
dollars, tbe Board said. 

With investments likely to 
total Sch 260m. tbe company 
seeks in the next IS months to 
expand its raw material buses 
partly throngh recycling. At 
present, it has to purchase four- 
fifths of its raw materials over- 
seas. The effects of the dollar 
crisis have been made worse- by 
the «tecl depression. . Neverthe- 
less, the company managed to 
increase its turnover last year 

by 28 per cent to Sch 2-7bn, ordetbook was up to Sch Thi 
altough this growth was pri- by mid 1978, the board revealed 
marily due to higher prices. * * * 

Profits dropped from Sch 26m Wert helm, ' the Austria! 
to Sch lom last year. The com- engineering company, is increai 
pany invested Sch 133m ui M77. j n g jts dividend from S per cen 
the highest figure so far with 67 l0 10 p er cent and paying ; 
ncr cent f this spending financed a nor n»m l.nnno for mv? Thi 

per cent f this spending financed 3 per cent bonus for 1977. Thi 
from cash flow. Turnover dur- expansion in bunks' branch ofllci 
Ing Me first five months of 1978 networks gave a push to sale: 
was up by 5 per cent to Sch IMbn in saEely Installations whlcl 
and the Board reckons with a offse i a flight drop in order: 
'substantial improvement dur- for Turnover last year rosi 
ing the second half ul the year. by 2 5 per cent to Sch 650m 



SGP, the Austrian heavy Sch S20m and the ordor b^k at 
engineering and rolling stock tbc end of 1977 was WO rtfc 
producer, is maintaining its dm- q »v> 
dend at 6 per cent for 1977, 5C “ 385l J' * * 

a,th ^f» t TH r ^ dr0P l e , d *sr, 8 veitscher Magnesite AG has 
per cent to Sen --5bn. Sales this c „ t ^ dividend by 4 per cent to 
year are expected to reach 10 pcr cent for 1977. Both turn- 
Sch 3bn. The board added that over and earnings were down last 
the fall ln last year's turnover ye ar. As recently as 1975. tba 
was due to the fact that pay- company was still paying a 23 per 
ments for certain major projects cent -dividend, including a 10 pec 
will only appear in the accounts cent bonus. Production In all 
this year. Total orders at. the sec tora Has had to be reduced, 
end of 1977 were Sch 6.4bn, with while labour costs were up by 1.3 
foreign orders accou n ting for cent,, operating profits drop- 

Sch3,lbn. . ped From Sch 64m to Sch 44m, and 

SGP is one of the few Austrian caa h g 0 w from Sch 389m tq 
nationalised companies - trims- sch 345m. 
ferring a dividend to OIAG, the * * ' * 

holding company for. the Anker Imsuraoce Company is 
nationalised sector.- Investments increasing Its dividend b.v 1 per 
last year were up from Sch 194in cent to 9 per cent for 1977 and 
to Sch 256m. The railing stock announces a rise in capital from 
sector accounted for 67 per cent Sch 25m to Sch 33m. The majority 
of last year's production- by interest ru the company is held 
value. Particularly high growth by Swiss shareholders. Premium 
rates were recorded in turbine revenues last year were up 12,9 
and boiler manufacture. The per cent to Sch645oi 

e! ii!- Aerospatiale losses 
! reduced following 
sharp exports rise 

financial and company 


Japanese UpJ 

hedge in 

vSjIllfli riVill ARAB COUNTRIES aim to 
N^fcLUUl 1 IJ Ul become intermediaries in inter- 

Upgrading the Arab role 



PARIS, July 5. 

By Yoko Shibata 

JAPANESE started at a three-day conference branches abroad and consortia apply in bilateraT agreements sophistication of' Arab financial 

iZf 7 ? in Amman last week, attended banks with Arab shareholdings. with European or other markets would allow fhem to 

ARAB COUNTRIES aim to One suggestion that is being promotion and protection code would concentrate on providing 

become intermediaries in inter- considered. Dr Nabulsi re- which might be applied on a capital on a medium- and long- 

national capital markets, and veaJed, is f°r the establishment regional basis, and which would term basis for projects in the 

not merely suppliers of capital- of some sort of ^ permanent or probably be different from Arab world- 

The process of achieving this standing syndicate ’ of Arab bank similar code? which Arab states Later, however, the increasing 

boost for 


By H. F. Lee 


' COMMERCIAL success of the British. West German Dutch *ng to the Middle Eartbave ™ Amman last week, attended with i _ : Eur °P ean or olher markets would allow them to SINGAPORE AIRLINES (SIA) 

^European airbus helped the and Spanish SpacT^dus^es begun to ttSJ to sSn * * central ban* governors ^ cou ° s ' w ? iay ™ terna i ionaI ™ie as has reporled a 19 per ccnt jn _ 

Xench state-owned, aerospace tb e company's exports increased in order to hedge a° d representatives from every he thougnt. ui n uie present A SIX . maja committee has been intermediaries between Arab H ■ ost * nrofit to 

p»pany. Soaete Nationale their share of toS timiover^ast against exchange risks arose* Arab country except Oman. The system of ad hoc established to look into the providers of capital and inter- , ! 

gdustncUe Aerospatiale, to year from 30 to 40 ner cent by the sharp rise in the ven conference was charged with on indiviaua yndieanons. pP j or j{j es j n bringing about the national borrowers. SS-5ra iU.S.M0^9m)^fuc the 

' 11* !osses by 28 per cent This trend is iikelv to be re- in the foreign exchange mar- discussing the specific topic of u We want to see how we can desired common Arab capital At that stage down the road. y car ended March, 197S. 

o Tr 447m <$t00ml last year inforced this v ear r^necialiv if ket * creating a more or less unified prom ote, enhance and integrate market, and it will report to the the size or the Arab capital This figure, however, excludes 

rani thf- r r nV.lm rApnrJ g H ..v . .1 ■ anrt jutoaratpH Amh ranitfll Jv. ranitnl oF imK oan. mn 

.i n jn- m m mm UU9 \ ear. CSueClaDV II J _ " V - . . uiuuiuii., \ “**■*-&* VI UIL » ■ * MU 

r°ni toe * r record deficit fresh orders for the airbus are Hitachi Shipbuilding and and integrated Arab capital ^ individual capital and finan- second conference of Arab cen- market would probably rise to 
•- 4 1970. taken into account The airhus Engineering Company has market, transcending national cisd markets of the Arab stales tral bankers to be held next S50bn and above. Dr. Nabulsi 

.. Atrospi 13 e. t e French Con- scored its bi^npet v,m3irtv,mi(Dh arranged to borrow 3m to 7m frontiers throughout the Arab estimated. 

■ l S e Frcnch Con ‘ Sl '°red its biggest breakthrough *"Wd to borrow 3^ to 7m frontiers throughout the Arab ' estimated. 

»rde partner, has now made three months ago with Eastern "yais it, July. Tbe company, as world. Tbe Jordan central bank * We wou l d like t 0 see the 

• in rover Fr°-M e hn Airli " es ' <*rder for 23 aircraft. t he ***5 Japanese borrower of Governor. Dr. ^ Said _ Nabulsi. A foy conference in Amman last week, attended Arabs one dav as intermediaries 

company »i he« outt. acting „f n ‘urfM by 20 central bank governors disced Arab «Sgf 

dss was mainly due to aircraft airlines to follow plant and a floating pier from code of investment to be applied participation in international capital markets. The *“PP‘^ S or CJpUa1 ’ vr ' 

uroduenon. which makes up just But the company warned that Saudi Arabia. in the Arab world was high meeting promises to become an annual event * -But w an vert mn of 

,mder a third of its turnover, the the davpinmnW' n® Hitachi is typieal of Japanese priority in the conference's ^ ** 3 

emalnder being taken up by markets mad^ft " more Plant exporters 10 the Middle follow-up stage, as this was “ J} a i2v 

^copiers, tactical missiles and able to the world economic. East, who are exposed to sub- needed to “revitalise the receiv- n market without barriers March. The areas identified as fj ca j* on and expertise shoulcfnot 

...rustics. commercial and political situa- stenbal exchange losses on mg end of Arab capital flows fte pail -Arab level,” Dr. most important for further study , b 1 ”“? n .1"/ 2225^ ?o ?he 

'■ DrArail Sale< last v-nnr ivura « « . .* . * * their nlant an re mast bv enenuraEins and facilitates .. . ^ t. , „ ^ a t 'I*® expense or to tne 

M We would like to see the 
Arabs one day as intermediaries 
among capital markets as well 

as suppliers of capital,” Dr. 
Nabulsi said. 

dividends from tbe airline's 

subsidiaries such as Singapore 
Airport Terminal Services 
l S ATS i and Singapore Airport 
Duty Free Emporium iSADE) 
which have yetto be approved 
by the Board. 

“But we are very aware of These dividends arc provjsion- 

the fact that the development and 

- ftllisl)c ?; , , . commercial and political situa- ^ uai , exciiange losses on mg ena oi 

Overall sales last year were 6 tion. in a maricet wherp com- ,he,r Plant exports, since most by encouraging 
. ip r cent up at Fr 9.5hn. of which petition from U-S constructors is of •W exports are denomi- the flow of mooe 

money on the private Nabu - Isi “*«*. “But such a pro- are: the provision of a favourable detriment of olher established 
uiuucy uu me privdic mm, ic vprv widp in its ernnp an H mvMtmpnt plmmlp: thf* pstsh- - _ • 

ally estimated at SS21-m un a 
pre-tax basis. Aflcr allowing 
for tux, SlA's post lux profils 
including such dividends 
would be substantially in- 
creased to SS35.7m <tfl5.41in i 
— 19.5 per ccnlhigher than the 
previous year's comparable 

Ipr cent up at rr y.DDn. of which petition from II S mTKtnirtnn ol u,e ‘- ,r exports are denomi- tne now oi money on iue pnvace =. _erv wide in ite scone and investment climate- the estah- , " uu,u , 

hesircraft sector accounted for ^fomSeTnce St Jevel among different Arab states. f a f lo n. fodud^g iTsStof ufeSra^ionof "Srab or t0 Arab cap,tal f^ner 

.1 3-lbn. thev have un to nnw benefited ever the rlyal long term Such a code would include •»,_ adeouaev qf e\istin° com- stock exchanne^—there are six . P e r r than thu 

. Apart from the airbus, pro- from a dominant position? dose f. romotto " of i ” ve ^ n .®" t ince “' merciiTbankiiig systems, "invest- in operation: and a seventh to wera^eH^are^mft {he? wera fi-ure^f i^»3 r <- in ‘ :0inp;i, ' a 

^ a consortium in which to beinc a ouasi-mnmtnolv in rivil tnents) tnvohed can be onset tives, such as lax holidays and rnmoanies stock exchanges noen in the Sudan soon- tbe av, arc mat mey were h^urc of S.^3.S,m. 

"■lerospatiale is associated with aircraft” P fereiST 1 ^ weU as . “ a s°n °. £ SI Vree P flow ‘ of capital and steengthening of Arab commer- The h ig i ncrease ^ due t ,, a fiv(v 

• - foreign currency borrowing contractual agreement on mini- T .-„,- ri _»i n n Q f nr nfitc amo np hanklne canabilities- the 00una . 10 op a Slow and gradual f 0 i d 3um , m dividends from 

' •- ^ ^ Uhe so-called impact loans). ma l guarantees against commer- ? P hs tatw the use of ^evelooment o? in ° ne ' As the re present aUve of subsidiaries, coming mainly 

Marcel Boussac selling I since the turn of this year. ' ..... ... "J. - - . . . — . . — i,. ability to 'uodenake feasibility and investigation of tbe need tn conference'' were ionc.terni ' ones' I ~ . _ . ' 

Marcel Boussac selling 
newspaper interests 


PARIS, July 5. 

The fact that there are great 

projected post-lax profit figure 
of S$34.Gin in ihe current veur. 

i ? ■’ * lv* 

STILL FIGHTING off bank- Sale of tbe newspaper has been dollar rate, for three to five national centres back into the CQUDtr ^ es 

Saudi rivaTloans are likely to X nil 1:L ments, the easy movement of tutions such as joint investment immediately » p ? sl * ,ax l' r,,hl "sure 

cai4 inteJeL rates i tn Jt bi yew m ST^cobSSrim mo ? e , y - t0 H C ? ila l e tra ^ and tiie companies or consortia banks. The fac t‘that there are great of current year. 

6 per cent to 6.5 per cent, or and ^rpnvth of AribSn activities of hanks and develop- either wholly among Arab insti- differences in the political and The airlines operating revenue 

3 or more percentage points before liey switch oftheir ™ ent , Monties m providing tutions or in partnership with economic systems of individual rose .by 3M per cent to 

below the comparable Eoro- curnlus funds from otiier inter- development assistance to deficit foreign financial concerns. Arab states should not be a great SSUffibn while operating ex- 

a. ^ aui r*“o IUUW “ w “ T 111 ^ 1UI T I AMintrioc' 1 rpw* itfUl CnnDPCt iw npnHlhiro inr*i>ancur1 it 

The committee will suggest hindrance in the initial stages. 

-uptcy for his textile empire, under discussion since the middle years. 

if. Marcel Boussac reached of last year, one of the early Nilgita Engineering Company 
igreement to-day on the sale of ™”«* .JSSLJb. 

Arab banking system. The central bankers were action to be taken by individual Dr. Nabulsi thought, though he 

He said that there was a working on the concept of M an states as well as what is required did say that the adoption of any 

_ .« « A L AAftfinmin n.*innnfkin M fyt «■ in intar»r^toH P.H h. A mh nf nnilia«1 4r»ik AaivnAnm* tc 

penditurc increased at a 
slightly faster pace of 31 per 
cent to S$1.04l>n. Operating 

genera] desire among the central Arab economic citizenship," for an integrated Pan-Arab sort of unified Arab currency is suirilus was 24 per cent higher 

bankers at last week's meeting which would have any and all approach. Dr. Nabulsi said. He a bit premature given the enor- at SS93m. 

i ~ W fellow octogenarian business dating with Chase Manhattan bankers at last week’s meeting which would have any and all approach. Dr. Nabulsi said. He a bit premature given tbe enor- at asajm. 

iis newspaper interests, accord- magnate M Marcel Dassault, the Bank to borrow a total of 17m t0 see mor e recycling of petrol Arab .investors treated on an estimated very roughly that the mously sensitive matter of the SIA attributed the difference 
„■>* t0 , l i e M Par J s evenm = nevvs ' aircraft manufaeulrer Saadi riyals, in several instal- d oH^ by wayVf Arab banks equal basis in all Arab states, size of the unified Arab capital infringement of political soyer- between the operating and 

“•'4KI ?'«»,« According to the Le Monde ™ent s between July and Sep- ^ consortia banks with Arab The Arab League is already market during the coming years eignty inherent in ihe adoption post tax margins to four 

’ d T^ y «5 report, the final stages of dis- tember. It is implementing partners outside the Arab world, working on a draft investment would not exceed SlObn. and of a unified currency. factors. 

iwever^ MkntMnti CU68ions for sale of ^ new J' C xJSS^,l° - - — "»«r. «» stopping up of d.- 

I^ownw mir^iepri arp papers— of which ParifrTurf. Arabia with an airport fuel ~ _ preciation of new aircraft tn 

Maas ags SjvSaSSs p»y»n offshoot Tooheys plans A$8m notes issue -SuST-fla 

leinc M IMerre Taittineer of the ^ Boussac group’s creditor s ub«hl Elecmc. IOr BBrClftYS * aling depreciation to six years. 

Sittinger Champa^e family banks about how the proceeds m J ved ^^Slfug^Ttinpact T . BY JAMES FORTH SYDNEY, July 5. Second an increase in the pruvi- 

Sir. James Goldsmith’s ^ou Id be used. loans in April, ta view of ?he International ^vc c» n «, Bmnn «iF,r Mr a nt) n^rketiae 

rr»u , oaoers— or wrnrfi Paris-Turf Arabia with an airport fuel 

omonrow The purchaser are JJg ] ufotion nf 150000 is ^PP'y system and pipeline. 

MiliMMul In incliiHp nr.oatp h.nntc Wltfi a arCUlaUon oi lW.OUU, ^ gome 52m Saod j riyj|ls of 

. tod food and drink interests, Uie “" r . “"‘J borrowing is planned by Mtt- 

• lame most widely mentioned ™ arke * b y disagreement among * 

:>eing M. Pierre Taittinger of the JJl® h ®L QU T >,p n^Mds The Ministry of Finance re- 

.Taittinger Champagne family. ? bo “!.J low ^ Proceeds n#wd ^ ceiling on impart 

, Sir James Goldsmith’s should Reused. loans |n April> ta view of lhe 

.french food company Generate t . rb ® n f!I2ii pe v!LiSL SSS “change losses incurred by 
keidentale firmly denied any 1116 n ° n ' t ^ xt V® t Wh S? Japanese exporters. Tbe Mlnfs- 

iart in the deal. Sir James had are effectively in hock to the ^ nn d e rstood to have been 

irevinusly been rumoured to be ba °{[ s - OB . advising Japanese export- 

tite rested, following bis recent The oriented companies to vary 

mrchase of majority control in offer to seU them and other items the enrrency base of 

he weekly magazine L ’Express, including his champion racehorse tte | r i mpac t loans. 

The Boussac newspapers, the Acamas, valued at FFr 20m or 

light-wing daily L’Aurore and more, was receutiy turned down 

he weekly hnnse-racing publico- h - v banks, which refused to tfrirtO 

ion Paris-Turf have been renounce their claims on these JCVUUg 

moflicialiy valued at about assets, used as security against -rffV'^A.wa. coin 
^rs 100m (822m) ^ans. UlSJp/Uni SHlC 

M. Boussac bought control of Tbe Cartier jewellery group is ^ 

, • .•furore, which had been known to be interested in pur- By Ron Richardson 
h v'U'isifffrefounded during the German chasing the most valuable of M. uftwr. irnvr: J«lv 5 

try is understood to have been 
advising Japanese export- 


SYDNEY, July 5. 

By John Worrall 

NAIROBI, July 5. 

TOOHEYS, the large New South group, would make an offer for mous technical and marketing. 
Wales brewer, plans to issue just Tooheys. I5 Iue - t0 be 3ttacbed t0 11131 

over A98m tS9-2m) of conver- 

The directors of Tooheys said experience, 
that during June the technical To increase the scope for tak- 

post tax margins to four 

Firstly, the stepping up of de- 
preciation of new aircraft tn 
six and a-half years in its last 
financial year under the 
phased programme of acceler- 
ating depreciation to six years. 

Second, an increase in the provi- 
sion for overhaul of the JT3D 
and JTSD engines as a result 
of increased rates. 

Thirdly, net finance charge of 
SSIBni and fourthly, allowance 
for tax (including overseas) 
of SS25m. 

to 1.567m capacity tonne- 
kilometres while traffic carried 
rose at a faster pace of 27.3 
per cent to 1.067m revenue 

he weeklv magazine L’Expre^ mciuaing ms cnampiou raceuuroe ih , i nan c oaniang company caueu. uarciaya UK. osnensioiy no increase me was agreed mat the association wuuiu LU SIA alsn renorled a *>17 ner wnt 

■ ' Tte 1S£f^!SiSrtta Acamas," valued at FFr 20m or their Impart lna ± _ Bank of Kenya with the view scope of existing technical. and had ^ught benefits to both Tooheys subject to approval of 

ticht-wing dailv L’Aurore and more, was recently turned down later of going public with shares marketing links and to assist parties. the Australian regulator} 1.567m canacitv tonne- 

be weekly horse-racing publica- b - v th e banks, which refused to Pfjp||na IT/ina . made available locally. Tooheys an expansion. Tooheys has been associated 46l f kilometres while traffic carried 

ion Paris-Turf. have been renounce their claims on these LlltUllg To this end a BiU has been ^ m(yv€ aiso comes against with Allied since 1970 when a , e f ert ^ , by q nnn rose at a fast ®r P a « of 27.3 

moflicialiy valued at about assets, used as security . against vjit^a • | ^ background of takeover jointly owned company. Allied i 2Awi” 0 £ ^The P" cent to 1.067m revenue 

^rs 100m (S22m) loans. H i\.h f 1/fTT Sale Gazette caUed the Barclays Bank wit,hjn tbe brewinc ViDtners was established which terabie convertible notes, me tonne-kilometre 

M Boussac bought control of Tbe Cartier jewellery group is or Kenya Limited Bill. The indas&v T^p jnnjest brewer in bought several wine companies. nat ® s bad a maximum duration Th e overall load Tactor imnroved 

.’\tirore. which had been known to be interested in pur- By Ron Richardson purpose of tbe Bill, said a Ss Sf^Too th am? (i in May H* 1972 Tooheys bought tbe of five yeai^ Md could be con- Th^era Mojd rai tor improved 

rofounded during the German chasing the most valuable of M. iinnir wnvr inlv 5 Barclays International statement *5°^ /“sttn remainder of Allied Vintners for 7 ert ed at any tune by Allied. The b™ ter rields despite P increaJ- 

iccu nation, in 1952. The news- Boussac’^ sidetines, the. Christian ^p T] ^ r ? N ^ n K N ®wL?]^ was to make the change from a ^“?, ht v ^fL P n S^ Su«ice shares, which gave Allied tssue price is AS1.75 and the {^ter irtds despite increas 

■Sir a bastion of anti-Com- Dior fashion business (not the CHEUNG KONG Holding), foreign compan y to a locally STSLiJSS Breweries a holding of about 14 notes convert on a one-for-one |" n E e -sK™keve^lo a rifnctor 

in ini cm with a daily circulation perfume business, which is con- one 5 HE?k!m- P incorporated company admixxis- fromtbetwo per cent in Tooheys. basis. They carp; the customary 59 -'oer 

>f 2SO.OOO Iasi year, was seen as trolled by tbe Moet-Hennessy tra lively possible. shxrehokters CouTOof M P me Tooheys directors said rights to .participate in right* froni 594 t0 59 - 

<] me thing of a trump card in champagne aod cognac -group). s ®* d {^tf^HnSSr In Itis ^ bank’s wish that as and Amatil —• in which Brrtxsh b road ly the relationship and scrip issues. Allied s stake .. in r(> - enu „ 

-I Bnussacs manoeuvring with Christian Dior Couture is valued }be Bah 10 soon as possible after tbe forma- Amencan Tobacco has a 5 ^b- between the two brewers pro- Tooheys would rise to 21.6 per 

he Government over the future at anything between FFr 300m **dones \ ^ tion of the new company it stantial equaty - and offered * vided that the expertise of each cent on conversion. MMteroutes ^ S 

f his troubled textile factories, and FFr 1.5bn. ■- mSS «wS!5f2?fiie l5l Hotri should invite Kenyans to take pnee to a-emaming share- would be made available to the The funds made available ~ ° ‘ 

l2S up shares in the new bank. holders. other, with particular reference would enable Tooheys to pay off Revenue growth on the 

about a year ago when it look The shares to be issued will There has also been consider- t 0 toe areas of marketing, pro- certain more expensive, short Australia /New Zealand route 

~ " Wvn««ir e r. H mf«! 9tonf The be in addition to the equity able speculation that Tooheys duction and quaiity control, both term loans and to extend its rSL the 

_ ■ . . mJhfSir a^niSd inthe dral capital of the new bank' at the itself could receive a takeover in t h e brewing and wine brewing 3nd wine fadUties. But South East Asian link 10 per 

T nn/TDr T Inon ITIQflintV ISs omfei^lD of the Bong tin,e of Incorporation. . approach. Hie most common industry. Allied had a world the directors said that above all “2Li5 OI ?J ,a £; d L th _5*P*?!ft 

I jOfliffcr 11/ dill il- J Kno „ Hilf ' Hotel Which if There is no intention of suggestion was that Philip Morris wide involvement in the brew- the additional comitment by 

® holds. ' Barclays in any way disinvestlng Australia, tte local offshoot of ing. wine and spirit field and Allied ensured a strengthening 

BY JOHN EVANS in Cheung Rone’s annual in Ken y*» or reducing the level the U-S. Tobacco and Brewery Tooheys recognised the enor- of the technological alliance. 

„ w report for 1977, VV^nncor was of its activities, or repatriating 

■HE BANK O ENGLAND has that a small number of other 8aid to tew assets wortb any of its substantial capital 

« T pte,ed ST5T " ““"5 - £- ?&-SE ^ Hon ,! S&ZZStfJT- * e LAFCO opens Singapore office ahead 

■“r 5 bn mm srss. iSjses ^ v sjtes- ™ 0UR own co^o^t ■»« JuJy 4 . s« 0, ^s r ;r z 

Longer UK loan maturity 


was 22 per cent and on the 
South East Asian link 10 per 
cent, compared with capacity 
growth of 20 per cent and 
5 per cent respectively. 

Traffic growth of 33 per cent 
between the Europe and 
Middle East route kept pace 
with the increase in capacity 
of 32 per cent. As a result of 
improved yields. revenue 
generated in this area rose by 
38 per cenL 

ssfesaa.a ®y our own correspondent «*««■. *>,4. sssr ~ n “ ™ * * 

urrency loan. The key elements taken up by other members of . Hyatt pnhlie will be employed in Qn ^ericao Finance Singapore with its substantial reported an increase of 3.3 per ^ 0rjeni r0l]tc achiev ed a 

f the new arrangements are u the group. The purchaser of the BaJi extending the new banns opera- r nrT , ora ti 0 n (LAFCO) a Midland export trade and well established cent in after-tax profit for the revenue increase of 20 per 

Du wear extension of the The amount of topping up Hyatt is Far East Organisation, tJ0 r Tf throughout the country. Ba _ k subsidiary has’ set up a export credit insurance facilities half-year to May 31, to Y4.71bn cent despite low capacity 
vera’ge maturity of the original finance from Bank of AOKyo a private company owned by fne bank sma it haa long been „ . nna i office ^ Singapore. was clearly a potential centre for t§22-9n*> .^om Y4.56bn in tbe growth of a 4 per cent, due to 
even-year loan and a reduction and Canadian Imperial is never- the same interests as the Hong its wish to identify itself even Amoriran'K eroun this next phase in tbe growth of same period last year, reports good traffic growth and im- 

a the interest rate margin to theless believed to be fairly Kong-lfsted Far East Con- more closely with Kenya. Local uH LrM_ A T p onTe p London American. Reuter from Tokyo. Sales for provement in yield. However, 

per cent over interbank rates, small in relation to tbe overall sortium. The consideration for incorporation and local partici- “yf 1 w that thp wihstsntiai London American has the first six months were 7.3 by virtue of the massive injec- 

palt- pnhlie will lie employed in(_ . American Finance Singapore with its substantial roported an increase of 3.3 per Tbe Orient route achieved a 

The purchaser of the Bali extending the new banks opera- p . (LAFCO) a Midland export trade and well established cent in after-tax profit for the revenue increase of 20 per 

« r Tinns thrniiphnut the enuntTv. uoryuidi wi, a iuiw-u- v,* tn u.« Vi 71 hr* . j , 


pven-year loan auu u reuwKuuii uuu , . . Uie wuur imcmu M uie ow«6 — 7 — , » , T imnlMn'E armin itus next pudbc io uie siuwiu ui w yuuu iraiuc growin ana im- 

i the interest rate margin to theless believed to be fairly Kong-listed Far East Con- more closely with Kenya. Local Lonaon ^ner b p LondoQ American. Reuter from Tokyo. Sales for provement in yield. However, 

per cent over interbank rates, small in relation to tbe overall sortium. The consideration for incorporation and local parti a- «uei cxecuurve, u. , American has the first six months were 7.3 by virtue of the massive injec- 

However. there has beeD resist- Sl.5bn. Bankers Trust is the ^ sai e ^ hKS 25m in cash pation would give the new bank swinere “« “f -JS SJ appointed Mr. Leslie W. W. Par- per cent higher, at Y131.8Sbn tion in capacity in Europe and 

nee to the lower interest terms co-ordinating bank for 3II the ^ the transfer to Far East a truly local character, yet at Z *™™ ' rett, an executive director of (S640m). against Y122.92bn. The the Middle East. SIA said, this 

mnne mine banks. non-European institutions in the Organisation of a HKS 45m the same time retain the impor- I* pltnhHch LAFCO. as general manager Far interim dividend is unchanged, route has overtaken tbe Orient 

Chemical Bank and Morgan new facility. bank loan outstanding to taut working links with the in d |°“ aT , nro alS East-Pacific region. at Y5. as the top revenue earner. 

iuaranty Trust have dropped out The rearranged ,Slflbn marks oeng Kong CHoldingsL . worldwide network, expertise and ~ _ ~ 1 

f ihe 14-bank management an important step in the Govern- T he sale represents a timely experience of the group. toe Sineauore — - g = — 

roup for the loan, and their merit's programme of foreign injection of liquidity into the ; — 3g® n6,bte 10 ^ Su,gapQre 3H.— 

'sa.-sr jaaLsrss , p s -sa-sr : sees deam. g boo* P00te r w8 

Thsanammmal arpeen as taxllcr ifraai ady 

hei e two banks havebeen taken the peak period for maturing number of Iarge*cale invest- The Singapore Stock Exchange importance attached by London 

hesc two banks nave Deen en x V * ments, including the construe- associate. Securities aeanng Amencan to this region as a 

T Si“ k a ° d f n mStuffiy "esm, Ze repay- Ho? of ZlaT o63« blocks md Computer Service, (PTE) mejor area of future growth in 

.anadwn ImpLiui Bank 0 neriod is extended to above the two central Hong (SCCS) proposes to introduce world trade with consequential 

Jommerce. which have increased rnent perToa is exienueu mmnn « j » ’ ™ J roil interbroker clearing nf demands for snoolier credits. 

Jane, 1978 

h°iil m nStiVroaitens ,a to leave toe 19S5-SS while the \ per cent Kong underground stations of fMi interbroker clearing of demands for supplier credits, 
heir partici patio ...» ..I.’ n.wohU Pnmrwrpri th« Hace TVanste raJiwnv. These share transactions, through a t>ip SineaoarR office wou 

(SKf nmnnnt intact margin now payable compared toe Mass Transit railway. These share transactions, through a The Singapore office would 
fw.rdine Treasury an- with tbe 5 and 1 per cent on tbe two projects, which are being central clearing house on evaluate possible new develop- 

a old facility. arranged in undertaken in partnership with January 2. Reuter reports ■ ments for toe group in this part 

lounceiuent yesterday. . ^",0^ 0 th- Km Transit Railway Physical deliveries Of serin nr the world indudine tbe estab- 

nndertaken in partnership with January 2. Reuter reports 

In addition, it is ‘ undenslood February. 1977. 

ments for the group in this part 

the Mass Transit Railway Physical deliveries of scrip of the world including tbe estab- 

Corpo ration, involve the eon- between clearing members lisbment of operating companies 

straction of abont 1.4m square would be replaced by deliveries specialising in financing exports 

feet of office and commercial to and from tbe proposed central from the principal exporting 

floor space. clearing house. countries within the region. 




Alcan AtBcralla 81 PC 1988 

AMEV. 8pc 1387 

Australia- 8ipc 1993 
Australian M. & S. Sine '83 
Bwvlaj-s Bank 8! pc 1993... 


The shareholders of UNION ° E R | A F NQ ii E J 
decided to increase the permanent funds - 
Bank to FF 550 million, i.e. more than U.S. 

120 million. 

The capital will be increased by FF 100 million 
to FF 250 million and subordinated mnwert ble 

debentures will be issued for FF 150 JTtII ■ 
enforcement of this commitment will be sprea 
out from now until the end of 1 980 . 

Taking this move into account, the total of 
funds already provided or committed I V 
shareholders reach in the UBAF G P 

^S^rwludas^bank^ 1 " 0 ^ ^ j nc ^ 3 an? Bah'ra j n)° 
Hong Kong and New York. 

, The Group, which has total resourcesofover 
U-S. i 5 billion, can look forward confident y 
I to further expansion on sound grounds. 

Oemnaiit S-Joc 1884 

ECS »pc 1993 

ECS 84 PC 1997 

E1B Hpc 1892 

ErJctsm «pe lass — 

Esso toe 13M Nov 

GL Lakes Paper SIpc 1984 
Bamcrsler 9>pc 1092 
Hydro Quebec Spc 1992 ... 
ICI &}pc 1987 

Mlcbelln 91 pc 13 S 8 

Newfoundland Spc 1959 

Nomine 9iPC 1989 , — 
Norsk Hydro -8Jpc 1992 ... 
Oslo flpc 1886 

RHM Spc 1985 . 

Selection Trust 8Spc 19B9... 
SbeU lnU. Fla. 31 PC 19B0._ 
SkaiKL Enskitda toe 1891... 
SKF toe I9OT .... .■■■—- 


AOSttalla 7*pe 1984.. 93 

Bell Canada 7.*pe l»7 ...... » 

Br. Columbia Hvd. 7 loc 85 91; 

Can. Pac. SI PC 1984 ... .... 97 

Dow CUemh^l toe 1986 ._ BS 

ECS 71 pc 1935. - » 

ECS 81 PC 1989 92 

BEC Tlpc 1983 — « 

EEC 7Spc 19S4 « 

Enn Ciunit Sipc 19S4 ... 96 

CouvcrfccR 7Jpe 19W 55 1 

MidU-Ihl Si pc 1383 






Nev Brunswick toe 1984 ... 



Creditanstalt 19S4 8*pc 



New Brans. Prov. Bioc US 

- es 


DC Book 19S2 9 pc 

New Zealand SJpc 1986 .. 



cza isst eiisDc 



Nordic ter. B8. 7b»c 1BS4 



Inu. Wumnl aster 1984 gpc 



Norsk Hydro 71 pc I8S2 



Uords I9S3 8ISI6W: 

Norway 71 PC 1882 



LTCB 1988 Spc 





Ontario Hydro toe 1987 „ 



Midland 19S7 S’wpc 





Singer Stpc i9S2 



NaL Westminster w 95]gpc 



S, of Scot. Elec. 91pc 1881 



0KB 1983 7:pc 



Sweden lirdotoi ripe 1982 



SNCF 1985 S<pc 


100 . 

Swedteb Stale Co, 73pc *82 



Stand, and Cbtrd. *84 Si or 




Tchoea 9*pc 1984 



Wms. and Giro's '84 siupr 





Tenaeco 7jpc 1987 May ... 



Source: WMte Weld Securities. 

Vofkswaaen 71 PC 1887 







America o Espn-as 4} pc '87 





Allied Breweries 10*pc ’M 



Ashland Spc 19SS 





Citicorp lope 199s 



Babcock * '.vilcoa 6:ne "97 





Connanlds 9 Toe 13S9 — 



Beatrice Foods 4Jnc I9K... 





ECS 8epc 1889 



fieafrtcc Foods 4loc 1S92... 





EIB 9}pe IBS® 



Bccebam tip*.’ 1992 



03 i 


E3 9*pc 1982 

91 : 


Borden Spc 





Finance for Ind. 9}pc 19S7 



Broadway Hale 4fpc 1987... 





Finance for lad. lOpc 19S9 



Carnation 4pc 1987 





FI sorts lOipc I9S7 



Chevron Spc 1818 





GMleliwr line MSS 



Darr 4Jpc J*'' 7 





INA lOpc 1SSS 



Eastman Kodak 4*pc 1B88 





Rowmree lOipc 1883 



Economic Labs. 4Jpc J9S7 





Sean Mine lSSfi 



Firestone Spc 1988 





Tola) Oil -3*pc 1984 



Ford Spc 19SS .......... 





General Electric 4!pc 1887 






GUJeitr 4;pc IW7 





Aslan Dev. Baric 5>pe 13S8 



Gould Spc 19S7 





F.VDE B’pc 18W 



Golf and Western 5pc 1888 





Canada 4fpc 19S3 



Harris 5pc 1992 ,.^ A , 





Den Nnrsfce Id. BU. Bpc VO 



Soaeyvrell toe 19S5 




881 ' 

Deutscne Bank 41 pc 1S83 ._ 



ter Olpe 1W3 





ECS S*pc 19B0 



INA Spc 1997 





ETB 5*pc 1990 



Inch cape 6Jpe 1992 





Elf AqoluJoe Sipc 1989 — 



ITT 4ipc 19-7 — ............ 





Enratom 5;pc 1987 



Jusce Spc 1982 





Finland 52 pc 19S6 



Eomaisu Vipe 1990 





Forsraarts Sipc 19M 



J. Ray McDermott 4jpe w 





Mexico toe 1985 



UittKDfhiLa Sloe U9Q 


IS 11 



Norcem SJpc J3S3 


Mi la ni 7iPC 1«0 





Norway 4Jpc 1953 



J. P. Monmn 4*oc 1887 ... 


Norway 4*pc 1383 



NaWsW 51 nc 1938 



PK Banken 55 dc 1888 



Owens muiols 4Joc 1987 ... 



Prov. Quebec BBC im 



J. c. Penney 4*nc 1S87 .. 





Rantanrakkl s^pc im 



Revlbo 4ipc 1987 




Spain spe J9® 



Reynolds Mclals 5« jssg... 





Trondheim SJpc IMS 



Sapdvlk 6 ; pc 1888 





TVO Power Co. 6 pc 19SS _. 



Sperry Rand 4ipc 1987 





Veoezopla 6 pc 19SS .._ . 





Worm Bank SIdc 1990 







Toshiba dipc l»s — 






Ty Co. Spc IBM 




Bank of Tokyo IBSi Bioc 



TT CO. Sipc I8SS 





BFCE 1334 Nk 



Union Carbide 4!pe 1982 .. 




BNP 1983 SlttPC 



Warner LambtJl 4inc 1£S7 



BQE Worms ISS5 9pc 



Warner Lambert 4ipc isgg 




CCF 1985 Slpe 



Xerox 5pc 19S8 — 




CGilF 1984 8 11 IS PC 



Source: KiOOCT, Peabody SccuriticR. 



MediamTerm Floating Rate Loan 

Guaranteed by 


Managed by 







Provided by 








Bahrain Branch 







Financial Tfmes lEursaay 6 29' 

AH at these Beetttt a&ZhTrf BjliaddaoU'JtSiraaiio wiBtwaBiappg anaanmKttcrtil racnnfoagg£ , 

Ito-Yokado Co., Ltd. 

(A Japanese Company) 


5%% Convertible Debentures due August 31, 1993 

$ 20 , 000,000 

9Va% Notes due August 31, 1983 

Goldman, Sachs & Co. 

Nomura Securities International, Inc. 

J. Henry Schroder Wag? & Co. 


Atlantic Capital 


Barclays Bank International 


ABD Securities Corporation 
Banque Nationale de Paris 
Banque de lUnion Europeenne 
Basle Securities Corporation Bear, Stearns & Co. 

Credit Commercial de France 
Dillon, Read & Co. Inc. 

EuroPartners Securities Corporation 

Bache Halsey Stuart Shields 

Inc u point ed 

Banque de Neufiize, Schlmnberger, Mallet 

Baring Brothers & Co., 
Berliner Handels-und Frankfurter Bank 

Blyth Eastman Dillon & Co. 


Daiwa Securities America Inc. 

Hamhros Bank Hill Samuel & Co. 

Limited Limited 

Kleinwort, Benson 


Credit Suisse White Weld 


Drexel Burnham Lambert 


. The First Boston Corporation Robert Fleming 

I nco r p or at ed 

E. F. Hutton & Company Inc. Kidder, Peabody & Co. 

In c orpo ra ted 

Kredietbank S.A. Luxembourgeoise 

Kuhn Loeb Lehman Brothers International 
Loeb Rhoades, Hornblower & Co. 

Lazard Freres & Co. 

Nomura Europe N.V. 

Samuel Montagu & Co. 


The Nikko Securities Co. 

Internationa], Inc. 

Orion Bank . Osakaya Securities Co., Ltd. 


Pictet International Ltd. 

Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fenner A Smith Incorporated 

Morgan Grenfell & Co. 


New Court Securities Corporation 
Okasan Securities Co., Ltd. 


Salomon Brothers 

Paine, Webber, Jackson & Curtis 

Inc o rp ora ted 

L. F. Rothschild, Unterberg, Towbin 
Shearson Hayden Stone Inc. 

Schroders & Chartered 


Smith Barney, Harris Upham & Co. Societe Generate SoGen-Swiss International Corporation 


Vereins-und Westbank Vickers, da Costa International 

Aktiengeaellscbaft Limited 

Wertheim & Co., Inc. Westdeutsche' Landesbank 


Yamaichi International (America), Inc. 

July, 1973 

Warburg Paribas Becker 


Dean Witter Reynolds Inc. 
Yamatane Securities Co., Ltd. 

All of these Bonds have been privately placed in Japan. 
This announcement appears as a matter of record only. 

New Issue 

June 1978 




DUE 1990 

Private placement of these Bonds has 
been arranged by the undersigned 



Weekly net asset value 
on June 30, 1978 

Tokyo Pacific Holdings N.V. 

U.S. $59.41 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S $43.29 

Listed on the Amsterdam Stock Exchange 

Information rPwson. Hsfdring & Pierson N.V. Horengraeht214. Amsterdam 



DM Bondi 

HFL Bondi & Note* 

U J. S 5ut_ Bonds 
Can. .Dollar Bondi 








1 0648 

DM Bondi 





HFL Bonds ft Nocn 

. 7.428 




U.S. S StrL Bonds 





Ci n. -Dolin' Bonds 




No. DQ2060 Of 1978 

Cbucerr Division Companies Court. In 
the Matter of RIGNEU- LIMITED and 
In the Muter of The ComaanLes ACL 

Petition for [he Winding ud of the above- 
named Company by the Blah Coon of 
Justice ms on Uu 27th day of Jane 
IS7S. pres ented to the said Court by 
COUNCIL of ibe Council House, Birming- 
ham. and Uiaf the said Petition u directed 
to be heard before the Court slums at 
the Royal Courts or Justice, Si rand, 
Loudon WCSA 2LL. on the Slat day of 
Jniy tifiS. and any creditor or contributory 
Of (he said Company desirous to support 
or oppose the malting of an Older on 
the saw Petition may appear at the time 
of hearing, in person or by his counsel, 
for that purpose: and a copy of the 
Petition still be famished by the under- 
signed to any creditor or contributor; 
of the said Company requiring sticfa copy 
on payment of the regulated charge far 
the same. 


180, Kitlsswax, 

London. W.CJ. (Ref: I-tRRi 
Agents for: 

of Birmingham. 

„ Solid ion for the Petitioner. 

NOTE.— Any person who Intends to 
appear on the hearing of the said Petition 
must serve on, or scud tar post to, the 

•hove-named notice in writing of his 

intention so to do. The notice must stale 

the name and address of the person, or. 

If a Arm the name and address of the 

hrm and must be signed by the person 

or firm, or his or their solicitor r|f any* 

and mnsi be served, or, IT posted, must 

be scut by post in sufficient time ro 

reach the above-named not later than 

four o'clock in thv afternoon of tbu 
38th day ot July 7978. 

ACT. 194« and in THE matter op 

_ -Repwered office: , 

33. Clhflords Inn. f etter Lane. 
London. BOiA 1AH, 

Section 2S3 of tne Companies Act. i£«a. 
that a MEETING of the CREDITORS Of 
the ahcNe-named Company will be held 
at 33. Clifford, Inn. Fetter Lane. London 
BCE* 1AH, on 2ist July. 197B. at 
11 JO ijn.. tor the pprpcoe mentioned 
‘"Section et sea ot the uu Act. 
Dated this 16th day of June. 1970. 
By Order or tin? Roam, 



Currency, Monev and Gold Markets 

v 7 «•' 

Dollar steady as 
pressure eases 

Pressure on the U &■ dollar 
subsided somewhat in yesterday's 
foreign exchange market and the 
u-S. currency went on to finish on 
or acoond Its best level for the 
day. However, with no change in 
the fundamental reasons for the 
dollar's recent decline, the 
undertone remained generally 
nervous. Trading was a little 
q u i et e r than on Tuesday and the 
dollar seemed to benefit from a 
Bide profit-taking and occasional 
central bank intervention. The 
market appears to be awaiting 
any outcome of the two-day 
European Community summit 
which begins in Bremen today. 
This was despite denials that no 
detisioBS are expected on a 

widening of the “ snake " and that 
ibe question will only be dealt 
with in informal discussions. 

Using Morgan Guaranty figures 
at noon in .\ew York, the dollar's 
trade-weighted average deprecia- 
tion widened to 7JS per cent from 
7.5 per cent although the latter 
figure was calculated on Monday, 
there being no calculation on 

The dollar improved ' to 
DM 2.0533 from DM2.0463 against 
the West German mark while the 
Swfes franc also eased in dollar 
terms to Swfr 1.8170 from 
SwFr 1.7990 previously. The 
Japanese yen finished around Uie 
middle or the day's range at 
Y20L5Q against Y2U0.M having 
been as high as Y3O0.70 at one 

Sterling opened at S 1.87 1 0-1.8720 
and with selling of the dollar later 
in New York, the pound improved 
to Sl.S730-l.S74O before easing at 
the close to SI.S695-I.S705. a loss 
of 45 points. Using Bonk of 
England figures, the pound's 
trade-weighted index was 

unchanged at 6L4. 

FRANKFURT— At the fixing the 
dollar showed a slight improve- 
ment to DM 2.0528 from DM 2JB00 
in early trading and DM 3- 0 5 0 0 
at Tuesday's fixing. Support for 
the US. currency did not appear 
to be forthcoming from the 
Bundesbank although commercial 
banks were seen to be giving some 
assistance. However, in later 
trading the dollar fall to 
DM 2.0485 in generally quieter 
conditions with confidence in the 
currency remaining at a very 'low 
IcveL Against 22 other cur- 
rencies the mark's trade weighted 
revaluation index rose to 146.7 
from 145.5. up 9.1 per cent from 
the end of 1976 and 0.0 per cent 
up from the end of 1977.. 

Once again the Belgian franc 
fell to its lower intervention point 
within the European currency 
“ snake” at DM 6.343 per hundred 
Belgian francs. 

PARIS— In generally nervous 
trading, the dollar showed little 
change* in terms of the franc At 
FFr 4.4387} from FFr 4A349 op 
Tuesday. During the morning the 
U.S. currency recovered on some 
profit taking and at one point 
reached FFr 4.4475. If the central 
bank intervened it appeared to be 
on a very small scale. Against 
the Swiss franc, the French franc 
improved ro FFr 2.4580. from 
FFr 2.46R5 previously white to 
relation to the West German 
mark, it .showed little change. 
Sterling closed at FFr &3140 com- 
pared with FFr 8.3080. 

MILAN— Conditions proved to 
be relatively dull apart from 
activity surrounding the dollar. 
The lira lost ground against AH 
currencies, the only exception 
being the Swiss franc which 
eased to L466.7B from L469.6 on 
Tuesday. '• 

TOKYO— The dollar continued 
to weaken and closed at Y 100 97} 
compared with >*201.33} on 
Tuesday. Conditions were riM so 
hectic as earlier in the week and 
the U.S. currency took oh a 
slightly steadier aopcarcnce. The 
dollar opened at its worst level of I 
the day ot Y200.5 but improved ; 
to over YSDI with some assistance 
given by the Bank of Japan. 
Although t his intervention was 
not heavy, the dollar was helped 
by a slight increase in domestic 
demand. However, some sources 
Hiiggested that the dollar would 
fall below Y200 before the summit 
talks in Bonn. Trading in the 
spot market totalled about 8467m 
while swap and forward business 
accounted for 8657m. 


‘"V . ■BH»r " ' - - 

. July 6 oue*. IMV 1 " { ^ • 

L'.S. 6 

('■nwllan t 
Ihfeiui Ft. 
Ihmvli fir, 
IWt. b**. 
!*p*u. IV*. I 

Sr*£6. Kr.’ 
Fnn'li FT. 1 
*«i» ' 

Auairte Seta 

thrim Kr. 

8 4.1U-4.M4 *.»4 .Ji 


W.B0-7tLM l ID.ABI1 


S ; 

7 . 



I ‘ 

LlLLUi lit UU 
wTHkafi • S4.7B-sS.ft 
14S.B6- WM 144. 10- MLIft 
1.W5-I.H5 MMl-UNM 
:IS.S&4 W.07* 

■ sil s.n 







Be Uttaa rate is hr cwmtiUt trues. 
Financial francs 1MMLH. 


%PA-jlVw» ' ^ 

Pm nVAih .i«r .(.III 
01 1>1 * •)■!)■ 
son ■ . 1 4.1 
1^,47, !•!«" lllf 
14 Idi 

t*r> 100 c, .it, 

1 Itwpni pw 
» tlut.ll, 


Lm imi-iilla 
It't NlMJFM j 

S-ftcJiM . I 



0- IB rl.lB- 
S-*3 / li-tl, r.i-ui 
J-ftS *0 78.. tm 

4# iTt> it,. 

fta »»-/i i-l a m 
-*.M M-tTBi-,.1,. 

In .nu-lluTiiii 
—7-43 >ri. <Tr dia 
HR I4r. 

0.71 IMfin. j.ifi 

ru M.n 

MS ti-Hcrunii 

LH ft flr. itu 

Sa-nuatib forward dattar J.3J-1 
U-mnio ns. 





Qm nMMb 

P-*. Tbr«ft mntti 


ua-iui IUW7JI 
7.teUW» UWJOU 

Csnad’n »■ 

grhttan Fr 
PsflKb Kr 
l*on, tu 

Nrwsn. Kr 
Fr e n c h H 
Swnfnh Kr 

Atwria Srb 

• U.S, cesta mj Csn afll ra J. 


3W.tOJM.4Q Ml.10.awg 
— ts.Tue.rr 





0. 774R0FMW 

1. sB-tLte/ pt* 

1.17-iuc MR 

par am 
» LU-ilkm 
LW JMScmh 

«t Z.TALUMm 

-l.W U>7JUHlr*st» 

-l.W IJO-l^kSla 

*.D0 taiArn 

♦JO jAmscim 



Drsw rt— IMV 
Rtetas Accsnet 



U.S. dollar ..... 
Canadian dollar . 
Aostrtea M-hitUns 
Ht'Isian franc . . 
Danish krone ... 
Traurhi- Mark 
fti&Uer . .. . 

Kfench frauc 

Lira , 


Nsrwrcian krone 

Peteia .. .. 

Swedish krona . . . 
Swus franc 

EUMe unsi 



















.UJ5. doUiT 
Canadian dollar ...... 

AUffTTUD arhiUhw 

HelsiSD fraiu.- 

Danish kionf ..., 

UMksf Me 
iMriWd Cm 
I n dex dm 




Peancbr Mark H8S4 

+ 1 




OelMer .... ...M... Ufl-M 

Frrwb rrsoc UNL2X 

Un : : »Ja -* 

Yen let 57 +4 

Wrt ea trade -uMichtcd rhanw 
Wasbiottion «tri*-nii-nr IMi i-inbcr 
4Haok of EnaUm! tndrs“ tWi. 


July 5 

AuetniiM IV-iter.. . 
Kin land Maikka... 

ttdKiw ’ 
(itrtvt- IliB-i’oo- . 
Hi 4m Kl'na ILHlar. 

Iron Rial 

Kun«» l*ier iKU 
Iaj.(-nii>4ii-j frnili 
Mala.\n» D-dlat.... 
Nrr Zr*i«iiiil V4i*i 
temh Aro1<m Up-o'.. 
"•mKap** IkJUi' .. 
Siitlh Alnrnn JUm<: 

1.476-3.480 788.30 793.44 \uHm 

].ea84-t.6»« OWS8 0.8707 .iwbium 

7.867.88 A.HOOa^SOTOliewLori 

33.16 34.16 . 17.74- 18.87 iim, 

67.3S7 hB.988: 38.0036.89 ’irtzmuiv-. 

8.67 8.69 -4.64OO-4.Q410 Itilj 

138 J J4 i 68.40-71.66 ’-fnptn 

0.006-0.6X6 <0-8706031760 N«H*rl»nii 

60.40-60 SO 38.33 -4a.S6 -W»i« 

4.464.41V '8.349O-8.350Q :k*ar\ llip ,l 

1.8093. 1.81960.9686 JL9703 *‘i*iii- 

6.40-6.66 1 03-3. SO 

4.38-4.34 3,5006-8.3069 :l mtm Slat.-*.. 

1.6198-1.6367)0.8668 0J9763 lVL«n*hi>vi 

1 « 

Xnlr, 1 

10.45 XI 
151-0 1 
4 ns 4. 

10.00 II 

79 8. 
1 .435-1 * 
34 M 

Rate gfvm ter Arsmtlne is frvr rare. 


July l 

IV>ii»t Strrimtt. L>. iMht 'IVum-linVarfc: JfttniiM^Cea I I'nwli Kram- | .*» Frew | Pulrli LuiUlfil luiian l.iro It «uaun IVjHar! Hcieteu | 

P.iitel Sterling 


1.870 5-645 

i 377^ 







l Ilnilar 












0.486 1. 

. 98.18 

1 lh73 




Jaiuroe Vra l.OXJ 


4.954 10.19 

• J ■ . 3000^;, 


1 10.95 




Frrorii Ftms; 10 


2.249 4.624 

■» 464^v 

1 10 . 

1 • 4.961 

W04. » 



swwn Froth: 

| 0.294 

, 0.550 1.131 


ti| 2.446 


1 1.215 




Dutch tiuiWr 


0.463 0.932 

1 91.52 ” 

1 .. 3.016 - • 



I 383 8 



Italian Lira l.?.C 


1.J61 2.429 

f 238.5 

' • 6.253 .. 


! - 2.606 





0.892 , 1.834 

180.1 4 




755 1 ‘ 




3.091 6.355 

. 624.0/ 





- 3.465 









11. <tr:inau 

July = 

Strrluw 1 


l'.S. D, Jlnr 

l)up-t< l» niftier 

-eia- Knux- ! 

JI 41 L . 

Frvncb Ftenr 

. Itn'fan lli» •; 

Aston S 

.MpailteK V 

Wlrnrs terji 




/ 4l«-4l 3 


3 S... 

U!| ll\ 


i iUch nrtur. 

lUlj 11 j 


8 8L« 

f 4U-4I2 

1^1 l‘ii 



91} 101* 

e,: -a.. 

l-» ’■< 


10 l 2 11 




Hi- l>n 

i •. -a , 

9i 4 -10 

10 11 [ 


1 ,; 1 - 

I Lire ntuniho... 



a* His f 

4I-. .441 | 


9>i 10 

lO-'* Ill* , 

aii- Bjii 

2't 3>« 

Sis cuintlo 

117,1214 I 

a..: x,; .' 

6'4-5«I ' 

2 2's 

3»s 3 m 


12-13 •!. 

U, 1 ,- y.l: • ! 


Oitr year. 

121«12i a 1 

a;; 9,i 

Z,. 2,, 


,121 2 l3l t | 


4.; 4;* 

Tbp foDovnu nominal rates were ousted for London dollar cwiincatcs of dcooMt; One aootb S.&4.13 Per cent: throe rnnntiffi BSo-h-fO per com; his tne 
S.73-9.M . per cent: otw year s 00-9.10 per emit. 

Lnofl-reno Eurodollar deposits: two years Bi-91 per cent; three years 9< jt-9 Q i6 per rent; four yean 91-SI per cent; five years Oris-S"w per rear. * R.iliS . 
santin^ closing rates. 

Shon-tenn rates are call ter sterling. -ti.S. dollars and Canadian dollars; two days' notice for guilders and Swiss francs. Asian rates an- casing rali-s 


New York rates firm 

Interest rates were fairly 
steady to New York yesterday, 
although 13-week Treasury bills 
were slightly firmer than at 
Monday's auction at 7.07 per cent, 
compared with 7.038 per cent. 
Longer term bills showed similar 
movements, with 26-week bills at 
7.47 per cent, compared with 
7.447 per cent at the tender and 
one-year at 7.74 per cent, against 
7.73 per cent late Monday. 

Federal Funds fell to 71-7, 9 6 per 
cent, from 8J-8A per ’cent on 
Monday, but trading tended to be 
distorted by the fact that it was 
make-up day for the banks. This 
may have had an artificially 
depressing influence on the rate. 

PARIS— Money market rates 
were generally easier, although 
day-to-day funds were unchanged 
at 1 1 per cent. ODe-month money 
feU * per cent to 7J-7* per cent, 
ana three-month by per cent 
ta 7J-7J per cent Six-month rates 

declined by l per cent to SI-81 
per cent, while 12-month money 
was unchanged at 9J per cent. 

FRANKFURT— Interbank money 
market _ rates were unchanged 
from 3.5 per cent for call money 
to 3.95 per cent for six-month. 

AMSTERDAM — Cali money 
eased to 4J-4i per cent from 
4J-4? per cent, but longer periods 
were firmer, with one-month at 
4--4J per cent compared with 
4-5-43 per cent; three-month at 
43-43 per cent, against 4}-4j per 
cent; and six-month at 5J-5J per 
cent against 5J-5i per cent. 

BRUSSELS — Deposit rates for 
call money rose i per cent to 
5J-6J per cent, with longer periods 
much firmer. One-month money 
rose to 5H> per cent from 58-5J 
per cent: and three-month to 6J-6J 
per cent from SH-fl, 1 * per cent. 
Six-month funds increased to 62-7 
per cent from G&-6H per cent; 

and 12-month to 7J-7j per cent 
from 7J-7J per cent. 

HONG KONG — The money 
market was tight with call money 
rising 4 per cent to 52 per cent 
and overnight increasing by a 
simil ar am ount to 5 per cent. 

TOKYO — Excessive liquidity in 
the money market is unlikely to 
present any problems in the near 
future according to the Bank of 
Japan, even though intervention 
in the foreign exchange market 
to assist the dollar has tended to 
increase lately, with the build-up 
of speculative money into the yen. 
This comment from the central 
bank followed publication of 
money supply figures for May. 
Broadly defined money supply 
(M-2) fell to an average annual 
rate of U.S per cent, from 1L9 
per cent in April. Cash in 
circulation plus demand deposits 
(M-l) showed an annual growth 
rate of 11.4 per cent, against 7.8 
per cent in the previous month. 




Gold lost an ounce in vc 
quiet conditions to close 
$184-184}. After opening at t 
same level, the metal improv 
slightly to $184.40 at the momi 
fixing but eased slightly duri 
the afternoon to be fixed 
S1S4J2Q. Trading remained at 
low level after Tuesday’s holid 
in the U.S. and yesterdays Ik- 
gold auction, "also to the U.S, 

~ In Paris ; the 12} kilo bar w 
fixed at- FFr 26,600 per kilo 
per ounce) to the afternoon cor 
pored with FFr 26,675 ($186.4 
in the morning and FFr 26,7 
f $18723) oh Tuesday afternoo 
In Frankrurt the 12t kilo bar v>- 
fixed at DM 12,153 per M 
($184.13 per ounce), again 
DM 12200 ($185.02) previously. 


Unforeseen shortage 

Bank or England Minimum 
Lending Rate 10 per cent 
(since June 8. 197$) 
Day-to-day money was in sur- 
plus in the London money market 
yesterday, but conditions were 
slightly patchy and the authorities 
finished up giving a small amount 
of help to the market, even 
though, most discount houses 
probably expected the Bank of 
England to be sellers of bills to 
absorb money from the system. 
There was a fairly large net 

take-up of Treasury bills to 
finance, but banks brought for- 
ward substantial surplus balances, 
and Che market was also helped 
by a slight fall in the note circu- 
lation. and an excess or Govern- 
ment disbursements over revenue 
payments to the Exchequer. 

On these figures It came as 
something of a surprise to find 
that the authorities had been 
called upon to give assistance. 
They lent a small amount to one 
or two houses overnight at Mini- 

mum Lending Rate of 10 per cent, 
and banks are expected lo brine 
forward further surplus balances 
as a result. 

Discount houses paid around 9! 
per cent for secured call ' ns in 
the early part, but dosing 
balances were found at 5-7 per 
cent. In the interbank market 
overnight loans opened at D}-9i 
per cent, and eased to 7-8 per 
cent by early afternoon. Rates 
touched 9*9} per cent later, but 
closed at about 6 per cenL 


Jnlj- 5 

| Scerlfna 
Certi Scale 
j of lieftelh 

lay. notice, 
toy- or 
1 1 toy- notice., 
Une" mouth.... 
iwu niuBtlu.. 
rhree incut hr, 
uc mon£ifc.._ 
Nine mostfai.' 
One >eai ..... 
I « o 





ie.- 6 .io„- 
1012-10, v 





6-9 is ! — 

— I 9«2-9» 4 

s&e g;« 

97*. 10 

10- lOLi 


11- 11U 

9«s S7 B 
9i, -JO 




10 r ' 6 -lOij 


[/ml Auth, 

105b 9; B 
, 10L.-BJJ 

1 101*:- 10 

: 1012-10 







I0fo-10i 4 
lO? b 







til Hr ih 

Bins 4 . 



9i a 





'T“i— ^r 

93*818 i - 
Uto-SSB 8,1-914 
91* j 9l 4 -9^ 

'9lt I 9ji-9a 

■ 81» . 
9£ 9ii 
icy,- 10 , v 


ioi 3 



July 5 i Juli * 

Lii4il Bullkm (altnr' 

■mm« 1 

CUer ..... SlS«-l84l a 

ilpmW... )S1B4-I*43i 

Uuniint! fining.— *-,* IM.flO 

. . lEU^Bh 

AtLenratm fl»iu£._. S 15*^0 

. ,i£BH.2B7i 

tJuM Cniu».‘ 

■InnirMirali.v ! 

KrnAfrron>l SIM I ft 

‘iL'IOU H»i 

■New S.rirrrienH •‘bb-a? 

.iLTi Mil 

l*M Aivcieiunn _'S5J Jfl 

^ S3^ 

n,i|.i Cnin« M ." 

uiLnrnatmiuilIv ■ 

tvmjtPttKtol ^ 'S UBI 191a 

Aew .Sircrngns : fM-Sb 

;iEWl 29ii 

UM Sp\'crpl*fiw— ... l S54-6V 

520 Kmglm. M Js27Bt-S7l 

S10 UtR lea., 18141 144 

fo JviwMa .......,.-585 IB4 

Local antnritr and finance booses seven days’ notice, others seven days* fixed. Lonser-tentt local authority ntarUaae rate 
nomujally three yean ILC-nS ncr cent; four years 12-121 per cent; five years 122-12) dot cent. ® Hank hill rain hi table are 
tmsrin* rate lor prime paper. Bnyliut rates tor four-month batik hOJs Si5» per cent; four-numb trade hills 1M Per out. 

Approximate »I0ne rates for one -month Treasury hills 91 n-H per cent; two-month per cent: wifi tijrctSBHmth 

flSsyfltag per cent- -Approximate seUtrut rate for onr-tnoprh bahk brlts 8S plt ami: sufi twtMiiooth B*' n-9«» per eentt and 
tnre^montij 9 per cent. Om-momh trade Mils 10 ) nor cent: lu-o-tiionth 102 per cent; and also force-month 10 * per cent. 

Finance IJnst Base Rates UmbUshed by rhe Finance Homes AxsockUtoni 10 per ccW from July 1. IWS. doorinn Bank 
Deposit R ate (for small sums at aevu dair noticci Ol-T ncr cent. Ocarina Bank tosTaKclr f be JuSnc 
Treasury nifls: Average tender rales ot discount 0.2728 dct caOL 


new york 

Prone 'Bate 

Fed Funds : 

Treasury Bills n.i-wecfci 

Treasury BUIs 


Pisco imr Kate 

Owcnlsht .. 

Ono month . . - 

Three months — 

Six montfls 


Disnuuu Bale — — .... 


One. month 

Tbtte months 

Six months 


Plteonm Rate 

RhU (Unwnomioorti — 

Bills DtKttux Rate 










7 JUS 



.* ft 

S164 WSi 


: 5 It 4.40 

<1*0 It 2 
i«4; St; 
|U2SJ JOil 
W-4 *8 

;«IM 13? 
|SD4 ofi 




T„, v 

*» ft, 

i^ffiahcEail Times Thursday July 6 1978 


Irish eyes 


He shows ail tbe signs 
being settled in his faith. 


£ Place Apart by Dervla Murphy. Comparative peace of Antrim intimately at «se d#*«rte hrr Vumhv ] 

John Murray. £5-50, 295 pages 2nSSve° for human = onlac ^ with of still beiu* — - 

Uf tJje way to B&otry Bay by took physical dsks^whS !he Sam 1 *?!?”** 111 ? She l f, dmi f ed He must have v . supertatiye 
"Benedict Kicly. Gollaner plays down. ’ ™ h “em. they were hospitable, they company on these various trips 

-BjJO 20 8 oases - ancz ’ she ha« nu £ ad vlrtue S the Catholic Irish he describes, and his friends are 

• . ^ - P geS conclusions SHF! hadn ’ t: but on « § e * *e impres- to be envied. Even by Dervla 

'^Dervla Murphy is tough, with a quahfiPrt an* >,rS sl f 0Q that she doesn’t have the ties Muiphy's standards, they had to 

Rtttpid and intelligent. She I emerepfl fw!™ n i!, of association with the Scots-Irish be prepared to get through a 

■■ ixf travelled, alone, lo unlikely admiration HS™- *!£• Northern Irish Protestants) reasonable amount of liquor, 
to**. such as Tibet, author bS ^ «Hich she might have picked up and there is an account of a 

-^ Jfthamstan. Ethiopia. She seems out being able Sit m There they have drinking day in Galway City 

„ \ have a gift for getting on she wa? K, ade a " mark ^le impact, which makes the head spin. He 

^CAiLjaiey terms with all manner of for this ® rted ha vmg produced 14 Presidents included several beautiful 

people. Most of her travels have She came duty and love, and rather improbable products elegies for dead friends, c 

■Ct!!. norfnpmnrl i. . ” Caine from a family Of lm- such SC Wllllyrn anrl IJpnrv .Tamos In vltr wmrino ihmit I 

fen performed, in a pleasingly peccST e Hpn 0 ,Iwiir a fa ^H. : H O 7H i 7 1 * such as William and Henry James, particularly moving about the 
^aiihrnniii i»« *.«».!«« ^ - ST 508 ® 1 ? Republican credentials. *, jn 5 ne poet Patrick Kavanagh, who 

eyes, ought to be as welt known as 

^ttfChronmie fashion, on ' a In 'nearivTuy other cSrvTer Nevertheless, she saw them in fine poet Patrick Kavanagh. who 
,/ >ic yele. She would have made father a ‘ nd * t 5L r SHF'iifE ^ lster . ^ clear. kind 

■^T«agrBM SLSfflr ss 

and uister with clear, land eyes, uugui to uc «> wc, ‘ 

resnectebl? iXlfectai hasn't been a fairer-minded Dylan Thomas. Irish writers do 

. . - .u ir -cS l fe Th^ ^ere ohserver of the contemporary these celebrations much better 

" ' .iriOUS, in the best sense, than Catholic not fanaticaL but scc °e there, nor one who started than we do being more 

• • lose traveller-predecessors of believinn it i* Paw tn imwini w,th more advantages. Tbe book emotional on the surface, less 

^ers. She is southern Irish, now them in hhen cnriPtff n will infuriate anyone iD politics, sentimental underneath, and so 

i her mid-forties, and she came provincial TvfSI? {.niSSiif ir doesn’t matter whether they less inhibited about letting tbem- 

„ . » accept that she had been shirk- upStsuStW SlSSSSi ^ i* London, Dublin or Belfast. selves go. 

~Ti i e L°S Uon ’ had afd WpticS ^ to w y ond?r. P " d Se T j know the 1 ^ tbat Kiely bad spread 

u : mied her mmd away from the dust elMr** sfto- answers. As I said before. I was mnrp , about Frank 

the best short- 
of the age. 
totally certain of 

r,1 OVE^V Q ifrH?»fc^ U .i IOn va? e d L an t in Ireland her fatber had taken hifi own liIerary judgmem and 

t^ant lo “Ltk of >t. \ et perhaps up iiis gun in the early Troubles. ajlswer at a “- not moved by anyone else’s, 

• "*e\le Jusl because of her Her mother’s sister bad remained Benedict Kiely's book, All the which maybe didn’t make him 

;;■> LphrinSibg, see ana hear things devotedly attached to the IRA. *®ay to Bcnlry Bay , is an Irish comfortable reading to those 
'V^Sdcn others dian t. There was when De Valera's Government travelogue of an entirely who prefer critics who sing in 
Vi' -remote chance she might be was suppressing it. Dervla different kind. Kiely is a gifted unison. He never got tbe recog- 
oW to say something useful. Murphy still carries all those writer in a quintessentiaUy Irish nition he deserved, either in our 
i . rJ ;So she got on her bicycle again, emotional memories. As a young ve »o, verbally inventive, playful, country or his own. a little 

id £pent months getting inside woman she slipped out of the lyrical without being in tbe least more in America, though not 

~ te SiY Counties, somehow find- Catholic church but without sentimental. Kiely is also some- enough. He was more successful 

]g herself invited to tea in strain and with friendly feelings, tjtnes bafflingly inconsequential, in getting recognition for others. 

• r two homes in the slums of very much as educated English That last quality often gets ia the There he used his great natural 

pffast, in corresponding Protestants slipped comfortably wa y of the narrative of his authority with more effect and 
: rotestant homes in the Shankill out of the religion of their youth novels, and at the same time generosity than anyone I have 

tto ia Derry, ditto in the snug As a rule, the Provos in tbe endows them with their singular known. It wasn’t out of personal 

. rmhouses (Protestant; oF the north accepted her as someone charm.. lildng, which wasn’t much in bis 

nntryside. She drank pints of who would understand, and she He seems, under all the floral line, but because it was one of 
-^er, for which she has a con- met them as no English person decorations of wit and verbal his articles of faith, perhaps his 
Jerable relish, in barricaded could, however cool-headed and arabesques, to be a more ortho- deepest one, that a decent writer 
ibs all over the province, from detached. She wasn't quite so dox Irish character than Dervla ought to have his due. 

~~Enigma of Willy Brandt 


of the post-war period to be it. 

-ople and Politics by Willy j oved> 3S we jj respected! and again 



Collins, £8.95. 502 

Herr Brandt returns again Minister, Prof Karl Schiller. He 
to the theme that, had a vision of what he wanted 
abroad. whaever happened, the two social democracy to achieve. The 

And yet throughout his superpowers would respect the . . . b _ nlial civil 

periods of office there was spheres of influence in Europe S ro ph ¥A ha t L 

i :Her r Willy Brandt is a man JJ™- « imnn^inn that he broadly a-r^ed at Yalta- it was *WB« the second social 

io has never quite realised his J l” p f hZ» i n D n f,,c L wrft J th»t security for the broad mass of 

.11 potential. He has been “ theT were “ caDable the population. The third had 

u-or of west Berlin, West h ^„ r it w- ^o^the Sise as tell 7s “ n^onS^ BomethmE to So «iU> “ Pjrtiei- 
Prman Foreign Minister, and future of Europe after the first It was a question of doing what- pation,” but he was unable to put 

_janceHor. His achievements sta g e detente or tbe future ever could be done to improve it into words, and it was there 

c considerable. He was one of democracy, the words West Germany’s relations with that he betame woolly. Again 

e first Germans to recognise ^ n0t conie out jn the end the East within that context perhaps he had reached the end 
the reunification of bis it was not surpnsiiig when he — - — of his road. 

-uld he no question of the because- with his achievements It w ^ d^GauUe, for instance, interesting to find, for example 
thenng away of the East behibd him-he had become who p DiDted out when H err »?e had the same opinion of 
•rman stale, nor of the roll- something of a burnt-out case. Brandt was still Mayor of Berlin Ludwig Erhard as Konrad 
ck of Communist forces. He i t is the same with this book. ^ nPt . esS i ty of r Cognising the Adenauer, the man whom 

cepted a policy of ” small Much of it is an account of the od-r NeiLp line as Poland’s Erhard eventually succeeded 
■ps" and lie did more than - - J - vaer-veisse nne _ as romuos „ 

early, genesis of detente and wpttern' frontier There may be “T™ nafling a blancmange to the 

ybody else to put West the evolution-nf Herr Brandt’s JJJ 1 exaE-eration here andeer- waJ1! " Adenauer said. Herr 

rmanv’s relations with Eastern own thinking about Germany. It ^iTiiv rherp is » leaning towards B^ndt did not dissent from that 

i rope on a normal footing with- began with the building of the vvS nP dv That becomes almost Judgment It is also striking to 

l in any way impairing rela- Berlin Wall and the realisation f d ^? a £% Becomes almost ___ . u _ , u. 

ns with the West. Above all. that no one in the West was ££ ^e ^rpoiilife al 

the first German prepared to do anything to stop ^ 

Wolatrois. But in s enen, the «« “« 

ie thorp- rho rtvtMiitib attached to France. Througnout, 

to have been the French 
rather than the British with 

rhaps. he was 


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Magnus & Estrin: 
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Fifth edition 1978 

S.W. Magnus & 

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The new edition of this well- 
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much important legislation 
> passed since the fourth edi- 
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‘ As usual, each subject starts 

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Modules of employable 
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international labour Office 



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Without attempting to 

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examines virtually every 

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Labour market 
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developing countries: 

A general review 
Lottaar Richter . 

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LiroP O406 37Oll ( 7gJO^ 

Cased M 6 37010 

seems to have been the French 

" a ?uViumo««iuo‘ p n"“ = iTLiTlidSSt con- 

5^?.^.*bSS!f-ctoa ft****'* “*-?» 

ud Parted it P ” u C t° C ‘ i ” d P ‘“' tS “ 

It ic The British indeed ri)n- 

Yet if that is a tiibute. it is gpicuous almost by their absence 
also a criticism. Herr Brandt from ^ boDt when they are 

treated, it is at times with mild 
to* Oftpohtik was conteTnp L Thus Herr Brandt 

JJ "tK* 4 ® comments on Sir Harold Wilson: 

any the worse for that, but there 

was a failure to recognise at the 
same time that tbe world bad 
moved on. There were few clear 
ideas about. what to do with the 
European Security Conference or 
the Vienna talks on mutually 
balanced force reductions, to 
which the progress of the Ost- 
polittk had sometimes been tied. 
Equally, East-West conflicts and 

“Shortly afier leaving office he 
published a comprehensive 
and almost pedantic account 
of his official activities between 
1964 and 1970. What surprised 
me was that. Commonwealth 
ties apart, he dealt with inter- 
national affairs as if Britain 
were still a world power.” 

As for George Brown 

rivalries were no longer confined Foreign Secrets O'. Herr Brandt 
to Europe. With some justifies- recalls a meeting with him in 
tion Herr Brandt tends to blame 1967: “ 1 was greeted by. the per- 
J the lack of follow-up on other plexing and disillusioning plea: 

I powers— East and West alike, ‘Willy, you must get us in so 
| but one cannot escape the we can take the lead." 
thought that be himself bad There are vignettes about 
come to the end of a mission Leonid Brezhnev who must have 
and did not know where to go had more conversations with 
next. Herr Brandt than with any other 

There is a revealing admission western leader. Herr Brandt 
of this limited approach in found that be made an “almost 
his reflections on Vietnam, dainty” impression and was 
Instinctively Herr Brandt was “vivacious and quasi-Mediter- 
against the U.S. involvement, not ranean in his movements.” Tbe 
least because it led to unrest verbatim quotes from the talks 
among German students. It was with the East German leader, 
a subject, he says, “ about which Herr Willi Stoph, by contrast, 
I simply knew too little.” He show a dialogue of the deaf, 
adds: “I may even have pre- though are no less riveting for 
ferred ignorance because that This kind of political 
enlightenment would have memoir, coming so quickly after 
brought me into conflict with the events, has not been written 
U.S. policy, on which I was by anyone else, and there are 
heavily dependent not only as few others who have the 
Mayor of Berlin but in subse- experience to do it. 
quent years ” No less revealing j ^ n± however one 
was bis plea to President Nixon to the limlutioi 

He" Brandt’s most 
^ ■ netw0 . r ^ of 'J*™ damning epithet is “nineteenth 
”2? gSS&JJf century?” It is that which he uses 
m “ P SSKSi ultimately to deny Adenauer the 

Herr Brandts was a limited 0 f a great .man. “The 

worlcI ' world in the latter half of the 

Similar limitations come twentieth century,” he writes, 
through in domestic policy. It is “ can never correspond to the 
not true that Herr Brandt was * concert of powers ’ which deter- 
not interested in it There were mined the politics and diplomacy 
times when he could discuss of the nineteenth." It was his 
economic and monetary failing — perhaps some would $ay 
Questions with far greater his appeal— that he never quite 
clarity than his economic articulated what could be put in 
advisers, including bis Economics its place. 

Waiter Pater, a drawing by Charles Holmes about IWWrom tbe 
book reviewed below 

Pater now 

by peter quennell 

r ... . — ■ February 5, 1864, moved into a 

The Case of Halter Pater bv pliant set of rooms, which. 
Michael Levey. Thames . and although he spent much time at 
Hudson, £8.50. 232 pages the house he shared with his 

. . , • . " ; “ r~ sisters, be would continue to 

( A 5 ud ..^ e and *!??? occupy until be died, 

of Reading Gaol Oscar Wilde Pater’s attitude towards the 
often reflected, he tells us, on Christian religion remained 

Walter Paters Studies in the affectionately ambivalent Since 
History of Renaissance, a book jjj s boyhood he had adored the 
that he had first read at Oxford te remonies of the Church; and 
a little more than L0 years j n j ater jjf e h e managed to com- 
earher, and that had exercised bine a keen reg ard for the 
“su^b * s *f®“ ge * 5 fiy e nce over f^b. reverenced from a more or 
bis ill-fated life. Pater had both aesthetic point of view, with 
recommended his reader “to be his cult of th e “modern idea” 
ever curiously testing new and 0 f ^ ]c] od 0 f visionary neo- 
opinions and courting unpres- paganism that he exalted in his 
sions,” while never submitting to Writings. At Oxford he was 
to a facile orthodoxy, and had a ] Wa ys a suspect figure; Jowett 
celebrated the picturesque sins of be i ieved tbat fae h ad a deleter 
the penoa— crime for its own j OUS influence: but a new genera- 
sake. a whole octave of fan- ^on of undergraduates gladly 
tastic crime, not only under bnl- respond ed to his spell. He was 
liant fashions but with immacu- .. the modern i dea ” personified, 
late gxac« and discretion about a pr opbet who boldly encouraged 
tbem. Pater s writ of beauty, y 0ung to seek moral freedom 
as his disciple called it, was a and individual self-fulfilment, 
somewhat heady doctrine which Not only should they extend the 
Wtide greedily absorbed, and frontiers of knowledge and 
then did his best lo put into per- re fuse to embrace a “ facile 
sonal practice. We know the ort hodoxy,” but they must make 
result Yet although the dis- a subtle use of all their senses, 
ciple succumbed, the master had How does Pater’s reputation 
miraculously escaped. and today? Do undergraduates 

remained a well-conducted don, s tjj j read Marius the Epicurean. 
whose public pronouncements deS pite some admirable passages 
may have troubled Benjamin an extremely long-winded book, 
Jowett, but who avoided the or enjoy Imaginary Portraits? At 
smallest breath erf private jjj S WO rst, as In the lengthy prose- 
sc S£ da i . poem he consecrated to 

The Case of W ater Pater by the Leonardo’s Mona Lisa, whose eye 
Director of the National Gallery Jjd& be wrjte& m a little 
provides a fascinating double vveary," and on whose half- 
portrait. On the one hand it sra iii ng face he detects 
depicts its subject as a philo- de iicate patina of “strange 
sophic hedonist devoted to the thoughts and fantastic reveries 
cult of impressions and sensa- and exquisite passions." he 
tions and to the pursuit of sen- seems merely to be accumulate 
suous enjoyment, whether .he j n g decorative phrases. But at his 
found it through literature and b / st , for ^amp^ in fmaptnarp 
the visual arts or in the discreet Portraits, . where he describes the 
contemplation- of attractive character of Dutch art and the 
young men; on the other, as a watery landscape of the Low 
staid and modest personage, cir- Countries, he reveals an imagina- 
cumspect and slightly prim, ^ ve i ns jght. a gift of evoking a 
cared for at a quiet Oxford S( .£ne and a mood, that even 
house by his two unmarried Ruskjo seldom equals, 
sisters. • Pater’s story includes few 

His appearance frequently dis- dramatic events; but Michael 
appointed those who most Levey has produced a con tin u- 
admired his books. . Georse ously interesting narrative. He 
Moore thought him heavy and brings his subject to life without 
uncouth. “ like a figure moulded resorting to any twentieth* 
out of lead," and observed that century pseudo-science, and does 
his. small eyes shifted quickly; no t “explain” Pater in terms 
while Frank- Harris declared either of bis sexual temperament 
tbat No. 72, Bradmore Road, (which everywhere speaks for 
might have been a grocer’s itself) or of his social position 
home, tbat the Misses Pater as an ill-adjusted member of the 
were sadly “ colourless ” spin- 19th century middle classes, 
sters. and that their conversa- I have a single complaint 
tion around the dinner-table was about the book. Its publishers 
verv far from entertaining. are renowned for a series of 
The middle-aged author of splendidly illustrated volumes; 
Marius the Epicurean had grown but here they have given us 
a heavy cavalry moustache, only nine plates, not all of them 
which gave him the look, a con- particularly good. If ever a 
temporary once said, of “a book needed a large array of 
retired cavalry officer in poor illustrations, it was The Case 
health.” He showed, however, of Walter Pater. Surely we 
an occasional. touch of dandyism, should have been supplied with 
at Oxford often wore an apple- photographs of some of the 
green tie and, when he visited works of art that inspired him 
London, affected a smart top-hat. and the ancient cities that he 
a black jacket, a neatly rolled visited? . As the book costs 
umbrella and a pair of dog-skin more than £8. the present aHow- 
gloves. If he recalled a retired ance of pictures appears remark- 
major. the distinguished Rifle ably ungenerous. 

Brigade had clearly been his 

Michael Levey describes his Tfl 
hero’s character with unfailing Lji v 

skill and sympathy, and against 
the background of an unadven- 
turous existence traces the 
evolution of an adventurous and 

gifted mind. After leaving A lot of people must have 

‘Sflhp wondered a year ago what that 
second-class degree, early in the ____ man pj5 er Jav 

fTfriJmf letting himself in for when he 
bel( “ ved was dispatched to be Ambas- 

r».riLri.« M ?nd d hnm^! a** » n Washington. Well, the 

whil U h. 6 T5 truth can now be told, courtesy 
sexual versifier, whom he bad e » Tamos Harhurv 

P«udoii™ for ? S who 

Siatod 2ni nmVhWea sinste ‘"Sfi'E 

word of what one said.” decided J ,lfe ia 

that he must take decisive action. An ST ^ 1 % 8 ' T ie , 
and informed the Bishop of n ? ve M s 

London himself that the candi- P ur « WJQWUe. Pre- 

date had already lost his faith, cmely the sort of book that ar 
This perhaps was Pater's worst traveller might well pick up to 
blow; he had dearly loved while away the eight tedious 
McQueen: but he survived the hours it takes to fly from London 
shock, secured a classical to Washington, 
scholarship at Brasenose. and on JUREK MARTIN 

A Diplomatic Affair by James 
Horbury. W. H. Allen, £4.40. 
192 pages 

End of Gulag Archipelago 

by, but preserved for future almost impossible. 


outs in case be was raided by the 

The Gaiag ArcUpelago (Volume generations of Russians, those Again, it is a pity that this police: and tbat there would be 

3) by AlesanaerSoiznemtsyD. Russians that noil have to come final volume has only appeared more lost than gained by trying 

Collins. £6.50- 588 pages to terms with what happened, in English some ten years after to revise it now. 

What can one say about Gulag Bv his novels and now by the it was first written. The pre- The third vo lume, he also 
3 that is neither irrelevant nor HPPPkffi trilogy of Gulag, ylous VD ^ uf ?^r ap ^* a ^ ed P omts out in the preface, “will 

said before? The paramount fact Solzhenitsyn ins ensured as no 1974 and 1975 It is reported disclose a space of freedom and 
about Solzhenitsyn’s trilogy Is other coifld have done that the volume sold well, struggle ” to readers who have 

that it exists at all-tbat out of that the mute nullions vrtio disap- but the second did not, thus « found the moral strength to 
the nameless millions that ? eare ^ ^ not also disappear determining me publishers to overcome the darkness and 
suffered and died in the concen- bureaucratic oblivion leave a “ l° n S«J a P be i<> r< ; suffering of the first two 

tration camps of the Stalinist era by .. archives of Pitting ° U I. ^? ree ’ volumes.” It is an apt corn- 

one man of iron courage and ^ Soviet secret police. may be a mJn*keting reason. But men t. Volume Three tells of acts 

supreme talent survived to tell Because the trilogy is not a . histone a f defiance, individual and col- 

the tale— not just his own tale set of novels, because Gulag 3. is importance uai- ^ttey surely do. lective. against the brutality of 
as an ex-convict (others have not First Circle, though kindred A”** j j“? v ? ul ^ een the ■ system. But how many 

done that) but collecting together to it, one' may offer comment, availaDe 3 soo “ •» possible. readers have bad tbe “moral 
into one vast panorama tbe frag- rather than literary criticism. As Such matters apart, strength ” to cope in full with 

mentary tales of many, many of the previous volumes, it can Solzhenitsyn can say with com- the “darkness and suffering” 

Other survivors. be said with justice that the plete justice that the text was of Vols. Two and Three ? 

In this way the memory of tbe hectoring, rhetorical style is a written in tile most difficult Not that many, one suspects, 

most horrible episode in the great deterrent to the reader, circumstances while be was still But it does not really matter, 

history of a country littered with While showing the passion and inside the boviet Union; that he Thh’ trilogy stands with 

horrible episodes is preserved, indignation with which the never saw the text all together Aeschylean grandeur as an 

not simply published for the trilogy was written, it neverthe- in one place at one time — it had enduring' monument to those 

Western world to judge and pass less makes sustained reading to be scattered in various hide- who died. 


Small is good 


The Sweet Dove Died by Barbara 
Pym. Macmillan, £4:95. 208 

Resurrection Shuffle by Angus 
Wolfe Murray. Peter Owen, 
£5.25. 190 pages 

The Reservation by Ward Ruj'S- 
linck. Translated from the 
Dutch by David Smith. Peter 
Owen. £5.75. 253 pages 

The earlier novels of Barbara 
Pym, who has recently and 
rightly enjoyed a revival, remind 
us that the English are very good 
at writing substantial fiction 
within very narrow limitations. 

In The Sweet Dove Died (the 
title is taken from Keat’s famous 
little poem) Miss Pym is less 
confined to the exploration of 
conventional (or apparently con- 
ventional) life; but this novel is 
quite as good as any of its 

Leonora Eyre is a possessive, 
cunning, selfish but courageous 
woman; ultimately we are 
enabled to see her as a human 
being, and the experience some- 
how dissolves the uncharitable 
and moralistic initial judsement 
which we are likely to have 
formed. We suddenly see that 
she is not worse than the other 
characters — most of whom dis- 
like her— and that she is only 
making the best of what she has 
been given by life. 

The Sweet Dove Died is really 
about the shattering of Leonora's 
complacency; it shows how. ever 
so unobtrusively, she learn s her 
lesson. A slender but highly 
distinctive and — ultimately — 
charitable novel; the critics who 
have recently insisted on Miss 
Pym’s too long neglected gifts 
have not been wrong. 

Angus Wolfe Murray made 
something of a stir with bis 
first novel The End of Some- 
thing Nice in 1967. Since then 
little has been heard from him: 
hut he has been busy — as book 
reviewer, reporter, business man 
and as “roadie" on a famous 
lock Group’s tour of America. 
Rock is the subject of this, his 
second novel. The narrator is a 
rock “musician” (my quotation 
marks declare my prejudice, if 
such it is) who is touring 
America in 1970. The documen- 
tary detail— the world of drugs. 

Black Panthers, student violence, 
opting out — is accurate ^nd 
lucidly presented, and the story 
is weli told. 

The author understands that 
huge success is corrupting, and 
even that art and commerce da 
not really mix. Bur his main 
character, his narrator, lacks 
conviction, Could this excellent 
writer — the novel is consistently 
readable — this thoughtful man. 

ever have become the monster 
star which he is? 

Still, other readers may well 
take this skilful work as evidence 
that there is something truly 
cultural about rock music, some- 
thing that is not wholly coarse, 
hypnotic and degrading. It 
depends whether oho finds the 
description of (he final slate of 
mind of the narrator merely 
pretentious rhetoric or psycho- 
logically acceptable. That there 
is material for a novel in the 
phenomenon of rock Angus Wolfe 
Murray leaves us in no doubt. 

Ward Ruyshnek is one of 
Holland's ninsi accomplished 
novelists; this is the third of his 
novels to be translated min 
English. Tl>c Rcserruliun is a 
powerful variation on the mm 
familiar 19S4 theme. A sclmt.I- 
ma«ler. .Innas, tries m protect 
one of his female pupils from the 
crude advances of an industrialist. 
Drexoler. He makes the uusiuk-* 
of giving her shelter, which lead.? 
lo his being accused of seduction. 
Eventually, after being -acked. 
he is taken to the “ Reservation.” 
This is an institute for the 
preservation of eccentrics, en- 
dangered species. allriiiMs. poets, 
platonic lovers, philanthropists. 

Ruyslinck does full justice t n 
this horrible* theme and Hie 
climax nf his novel— when th** 
girl Jonas tried to protect, now 
the industrialist’s mistress, visits 
the institution — is worthy »»f 
Orwell. The Reservation is «aid 
to be set in an “ undefined 
future”; but if read meta- 
phorically it feels more as 
though it were set in the present: 
those who worry about the 
proliferation of bureaucracy and 
about the consequences of 
“totalitarian democracies” i this 
problem is touched on) will 
immediately understand. The 
blandness of the narration has a 
peculiarly nauseating power. 


ECONOMIC ACTIVITY — indices of industrial production, manu- 
facturing output, engineering orders, retail sales volume (1970 = 

(excluding school leavers) and unfilled vacancies (000s). 
seasonally adjusted. 

Indl. Mfg. Eng. Retail Retail Unem- 

prod. output order vol. value ployed 




1st qtr. 








2nd qtr. 








3rd qtr. 








4th qtr. 









1st qtr. 















































OUTPUT— By market sector: consumer goods investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles. leather and clothing (1970=100); 
housing starts (000s. monthly average 1. 

Consumer InvsL Intmd. Eng. Metal Textile House, 

goods goods goods output mnfg. etc. starts* 


1st qtr. 








2nd qtT. 





SO. 5 



3rd qtr. 








4th qtr. 

















1st qtr. 















* 17.4 

























EXTERNAL TRADE — Indices of export and import volume 
(1975=100); visible balance; current balance; oil balance; terms 
of trade (1975=100); exchange reserves. 

Export Import Visible Current Oil Terms Resv. 
volume volume balance balance balance trade U S3 bn* 


1st qtr. 








2nd qtr. 





— 745 



3rd qtr. 



+ 54 





4th qtr. 



+ 45 






1st qtr. 



















+ 43 

+ 132 







— 279 

— 189 















’ 112.5 


- 49 





FINANCIAL — Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growth at annual 
rate); domestic credit expansion (£m); building societies’ net 
inflow; HP, new credit: all seasonally adjusted. Minimum 
lending rate (end period). 




advances DCE 











1st qtr. 


- 8.8 


— 74 




2nd qtr. 




+ 769 




3rd qtr. 








4th qtr. 

25.1 1 








1st qtr. 




+ 1*819 


























4 13 




















INFLATION — In di ces of earnings (Jan. 1976=100). basic 
materials and fuels, wholesale prices of manufactured products 
(1970=100); retail prices and food prices (1974=1001; FT 
commodity index (July 1952=100); trade weighted value of 
sterling (Dee. 1971=100). 






mnfg. B 





St rig. 


1st qtr. 








2nd qtr. 








3rd qtr. 








4th qtr. 









1st qtr. 





197 JJ 













































1 * Not seasonally adjusted. 

(**?:■ r s ‘ > . '.■. 73 ^.^ - r -n -•* 



Broad Wall St. retreat on economic fears 


*2.60 to £1—1 I2j% (I1Z'%) 
Effective S1A7P0— 53% (531%) 

reality o. it a sinking in." hem also | to $22J. and Armco 8 gain of 055 to 415.66 in the rising 12 cents to AS 1 55— the Ormanv 

Monie Gordon, of Dreyfus and Steel i to $29}. while Alcoa shed Tokyo SE index, while rises led company is reportedly seeking wuuouj 

Co., commented that the effect of J to 541. Raiser Ahunhmm J| to losses by about a flve-to-four ratio, partners to finance the expansion Share prices eased on a teeh- 
ihe bleak, economic, news is ,a $30} and Reynolds Metals i to Trading volume was an active or its. coed operation in northern nical reaction to recent gates, the 
IN THE face or a gloomy outlook “dashing of hopes raised In $28}. 400m shares (350m). New South Wales. Commenbank Index losing 4.4 to 

for the C.S. economy and in8a- April” that inflation and interest After some copper producers Motors tended lower. Nissan Expectations that Japan will 790.0. .. 

tion and weakness in the dollar, rates would peak -later this year cut prices 2 cents per lb. Kenae- *** Motor receding YJ0 to ent iron ore shi pments and In JMxUns nates. Dtaxccie Bank 

the Wall Street Slock Market and that any economic slowdown cott shed J to $22|. Phelps Dodge V7S9 and Toyota Motor V9 to \P06. demand lower prices led to a fall shed UM 3. bask. and stem*** 

retreated across a broad front would be-mrid. } to $19| and Asareo J to SIS). “ *’ J 

cisco declared a mis-trial In the trading. 

Slbn anti-trust suit brought by THE AMERICAN SB Market Value 
Memorex against IBM after Jurors index declined o M to 144.90 on 
said they were unable to reach 
unanimous verdict. 

Eastman Kodak declared that it 0 f I 53m. 

would appeal against an $87 Jm 

yesterday in fairly active trading. IBM rose j to $257} but American Telephone receded } 

The Dow Jones Industrial Aver- MemorcX fell If to $42 J — -a US. to $59 J. Squibb $1 to $33} and 
age receded 7.1Q to 805.79 and District Court judge in San Fran- Mobil $1 to $601. all in active 
the NYSE All Common Index fell ■' J _ — 5 s_ * *■ 

46 cents to 553.00. while declines 
outpaced gains by 1.119 to 369- 
Turnover came to 23. 73m shares, 
up sharply from the 11.56m tou! 
for Monday when trade was 
severely limited by holiday 

The Conference Board f 
a slowing in real economic 
to 3.3 per cent in 1979 from 

estimated 3.8 per cent this year. *\,irh exceeds* 
while inflation was forecast at a J™ ta £ra ~ 

6.7 per cent rate next year, up E1 Pswa \ ost j t0 tl5i and 
from the b.b per cent pace ex- Tenneco } to $30— Sonatraeh. the 
pected this year. Algerian State oil company. 

In addition, traders returning because of delays in U.S. approval 
from Tuesday’s fourth of July of contracts, is to sell to West 

but Electricals' improved TDK of Iff cents to A$£20 in shed DM 4 and DM 3 respectively 
Electronic rising Y60 to Y2.320, Hmaeratey. In ; Electricals. while r Alston had 

P ione e r Electronic Y40 to VUOO. Among Uraniums. ftnem- BMW down DM 3.a0. Ai 

aids Electric Y5Q to Y1 OSO and tmenCnl added 20 cents at ASXA80 Engineerings. MAN and 
Sony Y10 to Y1 700 and Peko-WaHsend 10 cents at were respectively DM .4.90 said 

Ei«ewhen> owsen ASS.60, but Queensland Mines DM 3 lower. 

advsmeed^M i^Y 540 < rShel ***** 5 eeats more to AS2 - 55 - Dealers said the mw 

z mcvuwcu «.^r v.. rSlirEkKafaSi. v^n irtViion Trio- Tins were firmer, but elsewhere fixed-interest securities bon- 

a volume increased to 2.84m shares 552,*®' v-vi and in Minings. Western Mining tteued to firm in line with 

from Monday’s extremely low level Y*0 to »«" ^na reacted another 5 cents to A$1.53 expectations, with rises of up to 

Koatsu GasKogyo Y4i lo > w2. ^ cr* declined 4 cents to $0 pfetmigT beiteE recorded. 

« On the other band, Shfceido lost 

company s 

City casino exceeded by 22 per 
cent the amount set in the first 
week of operation in late May. 


The continued strengthening of 


Stock prices again 
clear trend .iij. lire 



good demand and moved ahead 
15 cents to AS4.20 — there is wide- 
spread speculation (bat Westfield 
no shares are going to be split. 

Hong Kong 


Bourse prices mainly tumid 
only marginally either way . in 
light- volume as investors ■ Wafted 
the outcome of the Europttjh 

Overseas interest and with epeent 

strong local demand abating. Market showed renewe d bu oy- counciT”'inecting in Bnspou 

place today "Add 



MtMtaui am-n, iulwiim* him; tn.if m mm t ! #«. n wei.w 

i ! • . J ■ i • outi itii/irzu. 

BWltaM.‘ Itit 1MS1 »7SC « U.W 17 . W M.M J S7.» | - \ 

- • - , -«ar»7 «M» 

SkMapraW MM *tU« *tM* $»j» : *«.« 217.0fc MU*- . 

, MM* . 

i • _ I <M> l All ;{?ikAA[ 

Uclllt iw •T0S.2X laMPMMC M.W W4tt W-tti riSJ* : US.M ! WM •' 

i J i ; lW» j t®i/» <SQ|*/6ai! i 

fwlms vtuj 


•1.7 A 1 t.Mfc H.M* tw *M» -- 

i t i 1 • : 

UakiB or Imicrttwiwt RamtAmpm W 

Inrt. rtlv. ,\ IcM 5f_ 

.Jpw>M * JuweXS 








— T — i i 1 raw 

June ■luati Jus* i June » — 

30 ST| a I « ■ Huh 



(iMurtNttiL wTw wjwmtiittkM wW; m.* r *52 : w.m 

j j' J i. : W* . wJi .ftl/iiAM. 

1Ctonp<rtt* ».U| K-U, WUT. H.A BUS; MM, M.M : Utah ; 

; , l 1 } t ; M = i#~u .H-I9.4I.I 

. . , . . . , - contracts. !S to sell to West The continued strengthening of .Among Coal stocks. Coal and ancy yesterday in brisk Trading. JESS’ 

belou Monday s levels. Germany the natural gas it had the yen caused some export- Allied gained 12 cents more to with the Hang Seng index advanc- ^ S 

Also, a published report said planned to sell to the two U.S. orientated issues to soften but AS4.30, partly in belated reaction j n g io/)o t0 574 . 72 . ^p-fiJE^V/wwt* Flectrirate 

the number o fWall Street econo- concerns. resulted in good demand for oil to recent bbaf sales to South Swire Pacific fed Blue-Chips ‘irreeufar^^wSS 

imsls who expect a recession later Rowan advanced 1? to $23} — • distributors and domestic industry Korea and IsrieL TbJess advanced w j(b a 45 ^nts advaace to rhPmiraLTanH 

■ Oris year or in 1979 is Increasing. Chicago Bridge and Iron, down J stocks, such as consumer goods 11 cents to A$2B6 on hopes that Ak^.i! while H«ag KornT Bank TtMdLv hut 

UommenUog on the market’s at S 33 . has begun ns offer to buy related issues, while speculative it can fill some of the contract and Jardine Ma these n rose 30 n ^id Oils werem^ 

weakness. Palph Acampora, of Rowan shares at $24.50 each. shares also met buying attention, gaps opened up by the strike- apiece to HKfi lSJ O and inrlined «« 8 r- 

Smith Barney Harris Up ham, A number of leading Metal The overall market result was bound UtafL Which retreated 9 HK5I6-56 res pecti vely, Hong Kong ‘Redoute 

staled that although predictions issues were under pressure — a rise In the Nikkei-Dow Jones cents to A$3j«L 1 ^ put on 20 cents to HK$ 10.70, 

of a recession are not new, “ the U^. Steel lost ] to $25J. Bethle- Average of 14J33 to 5p7S^4 and While Industries were strong, Hutchison Whampoa 15 cents to 

HKS6.40 and Wbeelock Warden 
" 5 cents to HKJ3J23. 

Ind.iliv. vlehi % 


tt } Avar It f Vjinr H Year qn i*j, 

tnri. P H Kfftni 










Uiusimii. Hi>nl . vIeU 





SA, despfte 

I^nd pat Q P2fl cents to_Hh$iQ-7b, announcing a 13 per com -Trie 

in first-quarter sales, declined 



J uly 


AI*U.i|t LaJ-s 

ii: a 


A-lilremigmfili --- 

20 it 

20 i; 

Aelrw CdleA-L«n.. 



Air Pniiucl*- 




k 6 l 2 





A Ilea. LikUuiu .. 



AllestoeiiT fViner 



Allied L'Lieruif+l_ 



Alliftl 6 lurvri 

221 ; 

Alin l. halniera 








27 r B 

Amer. Airline'... 

11 I 2 


Anier. braiut*..... 



A nii-r. lin «i1i-n - 1 ■ 



Anier. Lan_ 


41 >3 

Anier. ('yauftiuiil 

28 : t 

28 1 8 






t'nrams lil*S!-... 
I'll! Int'n'Cimml 



Lmwn 7.e'lerl«i-lr 
Cum in 1 11 - Kiitfinr 
CuniM Vi riclii... 








46 S* 
2 bia 
257 8 
I 6 i 3 

.Inter. Uiki. Tei~ 
Amer. Kiev. I'i>« 
Anier. 8x|ire».... 
A»ier.Hi>nie Pn>i: 
Ainer. Mi.-. Inn I. ... 

Amer. M.itur- 

A titer. Nil. (mr.J 
Anier. ^tnnifani.. 

Amer. Mi.rt*. 

Ainer. Tel. & Tel. 



A II P , 


Ani.-hor Hn-kni;. 
.Vnliemer RiihJi. 

Ann.-. Meet 

. A.S. 1 

Aiaiucm Uil 

23 U 
277 6 










2 i *4 

29 1 « 

2 - ia 
5i 4 
41 l a 
59 5a 
32 U 
18 U 
32 'a 
23 ; e 
14i a 


A-.lilniM( d«| 

Ail. II idiKel'l 

AiiIm l»*l* Pm.-. 


Ax in 

A vun Pnatuel-.... 
UmII fiS', Llei-t ... 
Usiili Ainrnra.... 
Hankers Tr. A. Y. 

fliiri«r Oil 

UiMt-r ‘I ismuii . 

llenl ri' ij Pninl 


hell A Hi. well 


Benj-uei Cnir> -B' 
BH>iMii-iu Steel. 
Bliii-KA: IHvber... 


Hw»e Otwnili...... 


H*'ia Wnnier 

Homifl lm 


UrLiui M j er» 

29 lj 

24 U 
2al 2 
22 >« 
42i = 


22l 4 
517 C 
25 l S 
121 a. 






24 ia 
53 >b 

27 Ir 

25 19 
225 b 
52 1 4 
263 b 
287 j 
14 1 B 


Han Iiiilusirlw.. 

Ileen*_ .... 

Del Munte- 


Uentbfil.v Inter... 
Detroit tulfom.-.. 


Ulrita tlMifi—- 
Uihney (Wain — 
Dover Uuipn- 

Dow CLenilcal.... 

t 'reader- 


Dvmu Imiusirii-. 
Ki|*le Pleiier 

Hast Airiiiies 

Baatnuin KmlaJ... 
Bali 41 


417 # 



22 >* 
431 8 
110 »* 
30 1 4 
12 U 

Z 6 U 
111 * 
221 * 
437 8 
24 la 

Brit. I VI. A1>U.. 


LSiu-j ru- Kne 

Bulion Watch... 
Burlm^lou XtLn. 


Campla-II Soup... 
l anaiiuin Bacilli- 
Lanai Haoilnlpli.. 


Lamer*. Lien era! 
Carter Hawley... 
(.'nCerpiliarTntcl >' 


l. Vila nest* Coiihi... 
Central 4 S.W ■ 

15i 2 ; 
34 1 

i+»4 : 
37 i b 
72 1 

3214 I 
161* I 
lOsg | 
271* . 
113. | 

617a • 







. 6S * 

377 8 












CertMiileeii ; 

I ►~'i» Ain-tall... 
L Iiixm- MsiiliaiLau 
l lieiulcal Hft. N \ 

C'hewiiroii 11 , 111 , 1 . 

I'luvil! Sj-Mcill.. 
Lhliw^n Krtilui-...! 



( ine. Milni-run... 

1 ll'lllTp 

L" iik-i Berviiv 

fill Ime-ting... 

V>»* Cola 

lolpuw Palni 

Colima AiLuiHu..| 

('•■iiliiil'la Has ...' 
Cfiluiolun I'ii-i..,. 

I nni.ln^Lii.iirAni 
Liiiiiliii'i inn Kite. 
L.inili|i--li.iii K«|... 
(“lii-w'l li'-.n.i 

L' iii'xi 'H i ( ill Iter.; 
C.iium. Satellilr.' 
1 nuirailerScleni-r 
Cnnii Idle I nr..... 

i nnnu- 

1 '■in.K<Ji-i , n S.Y.. 

Cnn->nl Ftrali. '»il Mat. (ja-t . 1 
L'niiiHiiner Poxiei 
Cnnrmenial lirj. 
I', ,m menial Oil.. 
Cmif menial Tele 

i.'oniml Liam 

Cijtijcr iiiitin ..... 1 


357 8 
3u> 4 
a 8 ls 
fc3i a 
29 7, 
t3a ; 
29 is • 
2278 : 
495 e 

2014 ! 

Ills , 

24 3« 
107 B 

K. fi. A fi 

El IVan .\ai. ini*. 


Einerr- in Klei-I n.- 
Kuierj AuFr'iciil 


K. 1 U 



lit lay I 


Faitcliil'l l amem 
FftL Uej*. iinnn 

Fintnne Tlie 

f«. .'■at. kabra.; 

Fleii Van 

Mini Lute 

Flnrida Fiiw 4 r..... 
Fiii-r a...' 

231* I 
373a ! 
2*8 ; 
2112 1 
431c I 

28 >5 • 
355; j 

2018 1 
i.5J* ' 
3038 ' 
06 1 

241 S 
23J 2 
21 i s 
29l 8 
301 a 





Johns ManilUe...! 
Johnson Jolmaoo] 
Juiimaia C.iniiol .’ 
Joy MaDuCaitar'^! 

K. liar Lurp ! 

Ka i«ei .VJ u in i nl'm 1 
Kaiser I niiustnei-i 
Kaixei Sleel....... 


Kronen >U 1 

Ken Ue<iee......| 

Kuiflp Waller 

Evunlierly Clerk. .| 

Koppen | 


Kruger LVi. J 

UaarMy Trans.. 

J>rr Stnuss I 









121 B 

22 is 



85 1 






















33 <s 



Jlv u ' 



[ ■ Stock 1 

■ July 

J tl'v 


Kerkm.’.- • 




. 183s 

: J9 

ICevraiM* MeUlv 

26i, - 




R ■rittiliN It J. — 

*6i 8 


iXeiptj. ^.... 

- 52 


U i-li’aitn Mert+l.. 



I Zapata... ^ 




F-rfil Mulur 

Fiirem-r-i UrL._. 

Fnuiblm Mint..;. 
Freejuat Mineral 


Faqui- llul- : 

45. B 
201 * 







20 jg 

a67 B 

9i 8 
24 >a 
29 ic 

U.A.F 1 


lien. Amrr. lm.. 


l»en. i.'aiile i 

lien. L)y nan iiit.. 
lien. Kiel A 1 

I.en. Fissl-* ' 

lieiiroxi Mill--...,, 
i>Vnemi JJi-liu-.. 
Ihul. Puli. I* til.... 

(•en. signal 

f.en. Tel. Kl«i-t... 

Den. Tyre. 


(ienrjpa Pacilic.-, 
Getty Oil 



a. u 
17 is 
50i B 
38 3 3 
2 tu a 

6 ia 











69 i B 

313 b 
26 i a 

Gillette. 1 

Goodrich B- F....I 
tinortyesr Tiie— .. 


I i race W. Jt I 

fil. .Ulan Fai- Tea. 
Urt. .Vuith Irnn.j 

Gull A Weslein.; 

Gull Uit„ 1 

Halil oinisi 

Hanna Mining...' 
Hams I url*i._ I '. 

Heiiu H. J.— ....' 

16 rg 

54 lj 
49 5# 
261 * 

28 1 8 
221 * 

167 8 



o 6i * 

2 ». a 



23i 8 




547 a 



Sr 8i« 


39 1 3 
105 8 

29 Ig 

I Bis 
39) Z 
I 6 i 2 
27 1. 
2 is 
107 B 

29 ?g 

15I S 
3 lie 

Hewle IKi-IuipI...i 

Huiulay Inna 


Honeywell I 

Hoover 1 

Hir,|wCur|i. Anier', 
HuMim Aai.Gaa) 

Hnmfl’li-Al I'tuir 

Hinton (K.F.f.^,..l 
I.C. InduMrles... 
IA.\ ‘ 

Ingersnii )|an<{...[ 

InlMUt Sled 










15I e 





147 B 

6 OI 3 
*4 J a 
247 9 
lUl 2 
I5s a 





I BM * 

Inn. Flavour-!.....} 
Inti. Harverter..,i 
lull. MmAL'henv 
Inti. MultibsKlvJ 
I not ^ 

Inti. Paper. ! 

IP(i I 

lut. Ifer-tifier ! 

lot. Tei. 3. Tel... .| 

Imenl [ 

Iowa Heel * 

1C Internationa M 
Jim Walter- 

257.5 2563* 
d3 231. 
343* . 351* 
s 6 ■ 37 
i0«* ‘ 207 8 
157 b • 16 
383g ; 383* 

333* , j3rg 

l(Us i 103* 

f-lwtet Group....'.! 

LnlyiKlyU | 

UiUon lnclu»t.. - 

Lnckhecd Aln-r'Ii 1 
IdUieSiar ln<liii>.| 
Um>£ laiand Lttl.i 
Umisiana La nil- J 

IdiiiriMii I 

Uicky Store--. ; 

Li'ke fuucst'w U.| 

Mai-M illan - ' 

ILai-y It. H [ 

Jl itsi. Haiipx-ei-..-' 

Mapcti i 

Xlarathnn Oil 1 

Marino Miillnnii.' 
lUnhall Flelil ...' 









10 i* 

21 1 2 






18 ;* 






4 Us 
14l s 

ibricKeM Inter... 
Unhni t Hi 





Elsewhere. Hong Kong Tele- 
phone moved ahead HKSI.25 to 
HK$S325. Hong Kong Wharf 90 
cents to HKS2&90. China Light 


5 to FFc 330. 

Among the few 
were Correfonr. up - 'tff-. at 
FFr 1^83. Porialn, SJ hjghdP at 
FFr 216.0. and Bony goes,, n 
firmer at FFr 900, but 

Koval puti-h ^ 


Bus- hiRi 

Kiiier -J'-Itm .... 

'Gateway Surea... 
St. Jite Mmera‘-. 
st. Kesi- Paper... 

Santa Ke I ihG 

Saul I m e - 1 

sairai Inlr.M 

SehliL* Hrenrin}*.. 
SL-liinmimger .... 


scon Paper.. ...... 

'wrii Mrs 

ScudrferDun. Cap 

= 91* 
14 l t 




• 653 
19 13 





393 , 

55 s * 

27 Ja 






77 B 

I Zenith Barffct.. 
l-’^.Trem«tt 8 r 
l.S. 90 rfay Hit*.. 




S45a • 

tOlj ! 
& 0 I* . 
441* I 
457 B ' 

MiiifJiy Uil a73* , 

Aalitaiiu.- 2 -is • 

Airbit t lieiok-ai .. 29 Is 
NiUunal LaiL 

May Heni.siiirr* 



McUnnuell LLiux: 

Mr U raw Hit 

Mena we* 1 


Menu Lvudj 

Musa IVlrtrieum.' 

MOM ■ 

Mum MinK-LMif! 


Mmisanlu • 

Morgan J.P - 

Muton -ia : 




2 ais 







38 1; 


6 U* 








•Sea Container. ... 



>eam UoeNR-k.... 


aliell Ui'.— 

btieii Lran-i-iM ... 


Sl»Di*le Lull.— 
aini|.itt-ilv Pat ... 


-irnilli K'lne. 

Sol iinm 

southdown ....... 

>mtlieni Co.--.. 

bllin.Nat Hr 

Souihem I'arifii . 
S. in hern Rail ain 



13 7j 
6 b 
20 >8 







14 i a 
a 6 i a 

40 1; 
4bi a 
26 5a 
3l a 


9vl* 344 U 
79;, 4797* 

7.04 i. 6.93 a 

40 cents to HKS2BJ20 and New declined 1.2 lo FFr 8 &S gad 
World 730 cents to HKS2^0. Paribas J.O to FFr lfifl. 5 . 

Slocks were predominantly 


July ‘ J i.:y 

AiaDhi Fhper—. . 
Ag»«p 9 ns le*-.'.. 
lUcnAfmiiliin ■ 



Bankot T 
Bank flir 


Boor Valle) ft*-- 

• <-; 
-tU . 
43 Jj 
22 8 
a 6 >; 


e .00 



743 : : 
a 2 !e 





Amsterdam & 

lower following fairly active con- s “ >c5 ‘ continued to shw an 
Editions yesterday. The Toronto easier tendeny in light boding. 
Composite Index receded LI to However. KOI strengthened -a 
1.118-3. while Metals and Minerals further 6.Z to FI. loa.7, responding 
retreated 13.4 to 911.4. Oils and to the announcement of favour- 
Gas 7.5 to 1.401.1 and Utilities 0^« able profit prospects, 
to 178.40. but Golds advanced ifl.5 , gaining ground agafhtt-the 
further to 1.445.1 and Banks put downtrend were AMEV, up IJ at 
on 0.90 to 273.14- FI 8I.«. Gist Brocades, 1.0 bSher 

Ashland OH Canada gained .11 at FI 37-0. and Ballast Nedm Cen- 
to $27— its L.S. parent said that tracUng. S.5 firmer at FI 1075. 
lit has received "serious expres- 
sions of interest " for Ashland Oil 

BP Canada.. 
I Hnma— 
Bmwu ....... 



367 a 



Ami. UL-tlller. 

Nnl »•« kv IniI.i 

\*lamai -Si 

.Naiiinia-- • 

Mil ‘ 


Ae« Kn*iauil El. - 
Av» Ki^-ian-l Tel: 

.Niagara Sluice:...' 

,\,l. In-luiinai..-' 

Viiili Aat. Gaa>...' 

MUn. State* Pwr 

XUineat- AirlintnJ 

Mtittnt Huncorji, 245. 

AununSicnon •• 1690 

iVd'ieniki Petrol i 
Ogllvy lUt her — : 

Ohio Kditcin ) 

UUn _< 

21 3« 
6 b I* 
3 a I, 
3 B'h 





211 * 







18 Is 




llweiu CVruing -1 
imeti* llinois-...! 

('*1 lilt- llfcU. 

Cki'ilir UHhllnuJ 
Pmi Pi*r. A Uil..; 
I’miAliiWonl Air; 
l ’ll 1 Lei HannHtn .1 

PmIimI.V Int.l— J 

IVn. Pk. K L....| 
IVonv' J. C > 

IVim/nii { 

Peniuut l>rue-...| 
Pi^ijJifK Gan 


143. ' 
29is I 
.05* | 
233* l 
1912 ; 
215* | 
es* . 
231* , 
2338 I 
203* | 
t53* I 

274 I 

11-38 ; 
34t 8 
2S>* , 






21 *B 

2 1 
10 U 
2 V ia 

Perkin Elmer,.-, 1 

Pei : 

Fttan I 

ITiClpu Lkxlge | 

PhltadelFriite Kle.l 
Philip M.irri*.—.' 
Pliillip* Pelro'm.t 

Pilulrirx I 

Piine>- Bowes-.... 

Pinston : 

Ple*sey Ltd AOKJ 



197 8 
1 . 1 * 
a IS* 

10 1 * 

201 * 
IV #( 
39 Is 




29 1 8 



111 * 


Polaroid I 

Pucoinac Kiev. .. 
PWi Industrie*. 
PrtK.-»er fra mwe 
Puli daw 'Elect 

Pullman | 


ij linker Oat*. 

Kaplif .L/nerlum. 
Uaytheoo-. — ...; 

KCA — .. 

Rep uL<liuStecl....| 

367 8 | 
161 * ' 
isu, : 
a 1 * 

»67 8 
2 b I* I 

225a [ 

161 * . 
2 c lg 







Si nub land ., 

Va't Bail-ha rer.. 
»|«rry Huu.-h..... 
5|«rrv Kami...... 

3 i|inh. 

Slam buil Braiut-. 
* 7 lil. 1 lil Indtaua .< 

Sid. Oil (JhMi 

SlaiiJl Cliefnical-. 
riterlma Oru|r_... 

Lin lol taker.. 

■*UIi Cn 



1 M-iimtolor 

r«Uh*il*. >I ., 

I clerlyne- 

lele* — .... . 

I euroi...... 








40 If 
17 5* 



431 * 

4 la 

I 285* 
: .264, 
. 165* 

. 39 

• 4070 
. 441* 
' 30 lg 



• 975* 
- =is 

. 305, 





2 b If 

Caixar* Power... 
uuurW Mite-— 
t'anajla Cemtaj. 

U triad* MT L*n . 

Can. Imp Ilk. Cbm 

CBRUila llufaM-.' ;2v ~i 

Can. Pu-llic...,.— ie: 
Can Pc-l&e lav.. 19U 
Can. .*sui« Oil...' 
Curling O' Kerr*. 

Caiaiar A*fw*Un.l 







10 '-: 

2 fc -’8 
10 >: 

i Canada. Dome Petroleum said it 
has no interest in acquiring the 

MTS International rose 4 cents fleeting London 
I to 19 cents on higher nin-roontlts was prompted 


State Loans further declined, 


Golds were generally firnift- in 
fairly active trading, mainly re- 
buying Which 
by a weaker 

securities rand. 

F pri Mum, tlfhncB 




I«*s Katlem....- 

rm> llul'm 

Toju Oil i. <:»*.. 
Te**» L Ulilies—,' 

rime# 1 m ' 

Tinie# Mirror 


Trane. ; 1 


Traruco — • 

Tiana Untoo.— ..! 
Tran-way Intr’n.' 
l'nm» World Air. 

TniiHfn - 

fri Conunental _| 









28] a 




19 <8 

41 1* 
201 * 
407 S 
35l t 
19 J « 
a5 is 


r.R.w ...1 

null t'enbUT Fox, 

fjk.i : ! 

t'AHL'O ‘ 


I mirier..—^.' 
I. m 'eve; >1 : 

Lninn Hant-Wp ...; 
L Dii in CarlAle.... 
I ni.M Conmiem ; 
L won Mu l.ani..., 
L’niim i’lostu:. 1 

<61 « 
; 8« 4 

= 43 , 








2 *sa 










Liuro.xal — .1 

tmted Bran-tv-..' 

06 Uan-orp— I 

US Oypfuni- 

liSShoe i 

L S bieei 1 

Bd Tei-bnrrfo|jier.| 


Virftlm* Klein ....| 


W« mr-CJnma n_ 

Well— Fhrnu • 

iVnteru Uamur^J 
AVfc.;em S. A met | 
Wtbfiern Union... I 
We*linpb-e Ei«-j 

2 s * 1 
678 • 

283, 1 

237 8 : 
J9i a I 
141; , 
*4? a ; 
4 1 ! a 1 

277g I 
223* I 
2 bia ; 
363s I 
271*. I 
161* i 


411 a 
2 bl» 
16 la 
211 * 

Lil leltam 
I.i -O'. BallmrH.. 
Craviumer Gam— 
Lu-ela UexwRe- 
Oruin . -l— 

IMon OeveJ— 3 — : 
Uenana ,r — ni 
Mom Uine-..._ 1 .; 
Uiiine P«n*eain 
Uonimina Bnrisd 


0 up* 4 ll 

‘ 8-1 



I 2 i 2 



Kaimn'se ji wke . ' *2 

Ford Ui,it Cn 



Giant Yel‘ttkn:ir 
l-ull Oil lanaila- 
Hattker >i«f.lnn. 


Home Oil 
Huiluai Uay MliS 
Hinhiai Ha« .... 
HiMl-aiOll A Ua* 



1 ruperMj Oil.—. 



12 ;* 


. 2 .* 

t 2 



. 14;* 

NOTES : Overseas once* a&oam DHmr and/or imp issue . . _ 

1 esclnde i ptumom Be Ulan d IV Wends 0 Cron. rtlv. h Assumnl 

\*rr alter waMMloinX tax. Scrip anrtmr ristils tswe. »r AJ&r. .Uc»i 

4 OM 50 (p-nojn unk-n mhenrae srareo, (axe* m % rax inv # eniBcr- Sriwuna 
I'vi* 63*^1 nn net rtlvntenib plus rax. UiuUc die. i> Norn 0 Share *aUt.- i «Div 
• Pus ^<0 (Morn unless otherwise staled, aon stem exrindf xpoml Daynndb.- 71 ml 
4 Kr If* aeoam unless aiwrwne Mated, rated div. n Unofllcial mdw* wtttnonG 

9 Fra SOI rtrootn. and Bearer Mures hoMor* onlv n Mower Dentine. Asked 

onirvs uiherwiw wated. ? Y»n so itenmn. t Rht. * Traden. t Viler 1 AiMhned 
«9en orherwise wared C Price- af Hum xrfir Ottbra. xdBr diWdeadr' tr Ih 
at mnnitai n Kimias. n Sehinine* seno Itraie. x* k, au. * fntaflta since 
-Out*. aDtetdend aOer orodirw rtahn iBere**ert. ^r *- 1 ' 





JiiIt • June 1 Jnpo r 
3 . M * SB f Ultfb 


Rtsn «i-'d yoila 
• July h July 4 

l Uwf 

68.06 54.44 M U' 

1 ■ 1 • 


Imua# tradfcC..,.. 

WIW...M -M,.' 

PhUe j. 


Maw HWu-.;..-.' 
Paw ! 





2 ft 


10 J 


f Jatv | 4vir j July 

l June K— 

j » L: 





1H.7S W9.ll 



rtfljn mu 



TORONTO iwuMpaujlllll il.Wtfi 6-1 j UM.9| JWKdltotbt. m.S-wi 



22 $ A - 

nil L3W.9 i ■ 
(u> MJl- 


2J4.1 fit * 1 * 
?<2.2 (ALfir 

iu.i .1 













Anstnliai* > «»•» UArt MI.M HI. 14 
Hi, 61 ! itMl 
fcj.ta M24-, luLIh BU.43 
' i9/hi 

! W lS M.oo 24U.« .aaj •m.A’.i 

' cBvix - ... iSS.-i •; 1 

Belgium ■ 

Pa pmer h.**- 

Spate 'WelflRJ*' Kt« llo.i.s; 

1 A ai 

*.Ih 96 A2 

Fntaco i?s- 

. HJ5! 

;A).0 . IM A 

'"•i: as 

XJL4 j K8J6 

HIE., | 

^i rt 5a 

(9ft f 'jim.. 
^4.72 954.73 rn4.R S3.44 
" ii*h 





> lafAi 1 


Hollnnfi i* 5 > 

Kong Song 
Italy V... KjM 

Singapore 3oU7. WHiaSS WM .SSUW?. 

- t . ^ .. (*nl i lift Truro 

’ ' • ' ” s«uri >6 

bus value* UoWi 


APoahcn* AlrUiK 1 * 


Sears Kocbnek ... 
tM. B. WBW> . .- .. 
Ranuda ten* . — 
Amer. T*-i; mvl . 

Slock* ciusin* 
iradnl wiiv 




JOB Tttl 


2 «.jna 
227 2 U 
J 2 J.W 1 

lit ‘ 






Indices aid hai . , 
ion exrror NYSB All Cattman— j* 
standard* and ftMtr— ID nod Toronto cm COMinwnBnMiUHe.. ina. mi Am 
MWM.0U0. 1 he last named *ssod on rtWi. dam. lnoaxtrUd WTO. <51 • linn* . 
r Gxclndim: booda . ten indnatriala Rank 3l--7r«4. Milan 2<i 73 <«, t 
3*00 lnd<:. 40 uwMsa, 40 Finance and New SE 4'1/W, • ib>Slrai(* Tunc* 
» Traibonn. Sydney All . Ord. - tc> Clond: (tf> Madrid KR 30#M 

1 !|| Uelaran SB 21 / 127*3. 1—1 Conuhuen id) Scockhatn IntanrUI 1'l.aH. <fi $ 
SB 1/1.73. CT+) P*rl» Boar**' 1UU Bank Carp, mi llitafillaht*. 




Pnce . + ■<-, Ui\.,YM. 


AiIiuec \ er-jk-li... 


BUiF_ - 



- B 

- Hi 












001 , 



Indal r 

Iniaml Mat. G*- . 
InlV v l'l[« L*nt 
Kaiser Kewurre- 
Laun Ftu. fort-.. 
Leblaw Cora. -K', 
M mill'd Bioedi. 

143, * 
fc >2 

lla»»ey Pen;u«Hi| ll«a 

Mil uty re.... 
Moore Corun... 
lloun tainS tateff-' 
Aorarala Mine*.. 
.Von-en Knei^v... 
Aihn. Teieuwii .. 
Adouc Uil it ««-• 
Oakurv.l Pelrl'ui. 
(Grille L'upprr 31.. 

37 1 * 








8 *a 
13 1 * 

77.7- O.lj - ; - 

475*1-2 31.2. 3.3 

24:*! —3.5 28.06 5^ 

128.9k *0.1 18.76' 7.3 

Baivr-..- 131.4o— 1.0 ' 18.76* 7.2 

Havir-Hif'- 290.0 -2 0 28.121 4.9 

a-urr Vcmtttbk. 318.5—2.3 18 ! 2.8 
■.;»tt»ci>t-i.on- 163 *1 

iurrir.e^rt*n®_- 331.5 —2.8' 17 (7.3 

L-xHliiiuin.i 77.0 ~ 1.8 — l — 

Ua:a- rr 302.0*1 -0.6 28.12! 4.7 

Deuias I50X»te-1.3 14 ! 4.7 

32.6O-3.0 28. IT 4.6 
On-floer Hei.k. .. 2413 -1.2 28 . 12 ; 5.9 
bwkerheff Zerar. 191.6c -0.2 , 9.i^ 2.5 
[Guieh-JCnubi;— . 203.0—1.5 12 1 2.9 
122-8-0.7,14.041 5.8 
2880 * 1 e 16.71 5.6 
127.3-0.7 ; 18.75; 7.4 

44.8 - a2 1 4 4.4 

13x3-1.019.30 3.6 
138.8 +-U.S14JR' 5.1 
3X50-2 23.44 3.7 

2250-1 I18J2 4.2 

89.6 — 0.2 J - | - 
1790-3 ;18J6i 6J 


July to 

' lives +or. 
Yen ; — | ^ 

Awlil lilan ...a., i 333 — 14 

Lamm • 469 .. 12 

Ca»M* 694 + 26 25, 

Ctolrmn..... 380 

INI Mi*.*! Pnui 5*3 .- r 

Fuji Ptnitn 530 -15- 


Hi oil la MrHi-ra..... 





Hbi*K |J-*\H 

Hamener... •• . .. 


H<nrr«» ...... 


Kali met roU 

Kamadt - 


Kb* Auer I>Uh». 

hraralnu 101—.. 

MAA -...I 


4A0 ! 
Oj/5 . 
81 i a 1 
It 38 1 
13>, . 
I.c5 , 

31 . 

te 3 * : 


321* i 
181* | 

Wesvacn ■ 

Weyethaeueer i 

Whirlpool ! 

W’UileCon. I nil... I 
William Co. .....i 

Wi«tx<nsm Blevl.J 

253, | 

iWl B | 
<17* I 
99 I 

k 8 ■ 

22 la 

22 s, 


2 & 

Fai-ifii-IVlinieiiiii' ci( 
PM. Can. Prt'rn. Hi lg 

Pal Ini 1 IsS* 

Peojiies Uei* s... 

Place UmJ Uii.... 

Haem UeveK*<iiii 
Pov er Corpora r ri 

IVit-e ■ 

IJiietn' Murfear 
It* nserOli— 

Ilee<l Sbaw 

Id.. Aipmi. „r 

Hoy* I Blj.4 Lho.I 

Koyal Trukt ; 

SeepCrc K'niunt-l 

VMi K nm- 

alie" Canaila ; 

■jhemlt G, Mmc-i. 

iehei\' U. 

3imr»ou J 

Heel ui Caoai(a..| 26 lg 
3teepKoi-k Iron— 2-tO 
I'esau" Lanai to.... r 391* 
l'lor.nloLMm.Bk.' 19 1, 
Imiu CanPipeLai! 

I' tan- Mount 

I'mce.. ......... . 

l riKJnUo.-... ... : 

Lm, ^intie Miner, 

i> alter Hiram. _■ 

IV^tUa-rTnn' J 


284A — 0.5 ' 25 
1.410 * IOJ. 25 1 8.9 
1020-1.1 ;9.36i 4.6 
203.1-4.91 12 i 2.9 
U*mKh.®*iui_.., 156.70— *1.6 !l7.l» 6.5 

Metallic* : 225J0.— 3.3 . IQ | 2 Jt 

Uunt-hener 2uck 550 +5 ! 18 j 1.6 

, , Arviemtann 1 I38J-L2 ; — , - 

«*« IfteiMuc OM IOO 118.3 +2.0 • — • - 

32»a Kliein Wetf.Klee. 168^-1.3 i 25 . b-7 

tl9»» l.-risenng — 2630 +0.5 28.12; 5-s 

‘lemen- 289 —3.0 lb • 2.8 

ml Zuwker J 245.6 +0.5 i255hl 9.4 A.G ' 116.8—0.7 17.18' 7.3 

tart* ' 173.60 —0.3 ! 14 i 4.1 

kEBA — '118.1 -0.7 12 | 5.0 

VeremaA WcO HC 292 —1 ! 18 : 3.1 

WJkMVay.n ■ 212.3 25 i 6.0 

7T. I 

253, * 


2 bi* 

137 B ■* 
t 14 I 


in* ; 
171* i 

14 ia 
1 UL, 
32 Sa 

39 1* 




* 1 * 

3U t 




July 5 

PHca |+or I InvjViii. 

Fffc : — 

* ‘ % 

*21! 3.5 

AiMitof iFi.aj)_ — 103.0 +0.2 

\k*o iFlJO* i 2B.8 1 — 0.4 — I 

AiRcm BflkfPUOff 3640 ! 28A' 7.8 

AMKV(Fi.lO) ,81.7rti + l.l 

/a.S 23.5J o.s» 

92.4 tU. 9 , 2b 1 6.7 

71.8, — uA! I 2b 

278. u!— 1.3 i 27 
131.0' — 2.0 , 37, 

t Bid. t Ashed, i Traded. 
1 New stock. 

37 JO + 1.0 
99.9!— uj ! 

32.0 .) 

24.7 +0.21 
155.7 +6.2 j 8 

47.6 -U.a : 19 , 

34.8 ' 12.6/ 

97.21+0.2 ‘ 48 

ex f 1 . ra o ! mi 


oVrlen 1 


Voi. ; * ixit 


Vn|.- | L*»t 

Jmi. 1 I 

Vol. | Last | Sbick J 

A Itt 


' ___ 


28 [K364 






3.20 F28.70 






i .. 


2.10 ! 


S45 | 






- !S52l* 


S50 ! 





— * 


K60 . 




1 «* 


8 *f 




4.10 !F32 






2.70 • 


K 2&0 : 




— ,S267J 4 


S280 ; 



— • 

— 1 a a 


F 140 , 





28 |F153 


Fi30 : 




26 | .. 


FlbO i 






18.50 „ | 

KX.A 1 

K170 1 







Fiao I 






5 1 i 


F190 j 






a 1 .. 










F 220 1 




4.10 i 


F98.90 ; 




5 IF97J0 ' 


F1O8.90 ! 





' 2-10 | 


F 118.90 ! 




1.60 1 


F25 . 





— IF26.10 









S40 ■ 





— '$361* 


FI30 ' 






5 JO' F 130.20 


F 140 ; 






2-20 ' 


F110 i 

S : 10.30 


— IF120.30 


F 120 I 





. — 

~ ! 



X'm’. | 

F<H*. 1 ft 




88 , 



- ;s 8 i«* | 


A.B.N. Bank ............ 10 % ■Hill Samuel .....§10 % 

C. Hoare 3c Co tlO % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd. 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao - 10 % 

Bank or Credit & Cxnce. 10 % 

Bank of Cyprus 10 % 

ink of N.S.W. 10 % 

Bahque Beige Ltd. ... 10 % 

Banque du Rhone 10 % 

Barclays Bank 10 % 

Barnett Christie Ltd-.. II % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

I Brown Shipley ......... 10 % 

Canada Perm'L Trust 10 % 
Capital C & C Fin. Ltd. 10 % 

Cayxer Ltd. 1 10 % 

Cedar Holdings 10}% 

l Charterhouse Japhet... 10 


C. E. Coates 

Consolidated Credits... 
Co-operative Bank ... 
Corinthian Securities... 

Credit Lyonnais 
The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 

Eagil Trust 10 

English Transcont. ... 11 % 
First Nat. Fin. Corpn. 12 % 
First Nat. Secs. Ltd. ... 12 % 

i Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Grindlays Bank J 10 % 

I Guinness Mahon 10 % 

I Hambros Bank 10 % 



















Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd— 12 % 

Lloyds Bank 10 % 

London Mercantile 10 % 
Edward Manson & Co. 11 i% 

Midland Bank 10 % 

Samuel Montagu ...... 10 % 

Morgan Grenfell 10 % 

National ■Westminster ID % 
Norwich General Trust 10 % 
P. S. Refson. Sc Co. 10 % 

Rossminster Ltd 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 11 j% 

Security Trnst CoXtd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 101% 

Williams & Giya's 10 % 

Yorkshire. Bank 10 % 

tee Accep t i ng Houses 

Amrotaak. (Fl^Oi 


Huhrui T(|iw«le' 

UmerY (FiiaO). 
bn mu A.V JJearer 
Bum C«m r»i(Ki.C 
. G ut Bracmle. i K .0} • 

HeincLro tFU£i.. : 

Hnc«m-em (FU9h. 

Hunter U.(fl. ICO;.- 
K.L.M. iFl.IOOi.... 

Int. Mullen teOi... 

.Vaantro (Fl.lOl.... 

A'ai . A'e< 1 1 iw.l FI ti>.‘ 

A'edCred BklFI^C.; 

A'eri M U ilk (FI Jx}.. 

CJceiFl.aOi j 153.LT + 0.4 

* an Urameren \4QS£—0A 

IVtbned iFI. 20)j 
Philips fFL h>.._' 
Kobew rFl 
Koliixn (Fl. h0|...; 

KnrtWf IKI. 60i.... 

It lyal Dutch/ Ft^fl) 
riiemiGrp «FIJS<) 
r-U.i r.Pfti-. HI, ll.S. 

Gnllei+r rFUAli.- 

I'lL.ingU*'. MIKJ 4 40.7 irf + 0.2 
n cstlan'-lu-.Bank: 396 —I 

SO I b.l 

80 I. 6.8 

» I 7. 


68.7- J 94 ij b.l 

H 5.9 


14 ! 3.5 


1.230 -yf 



c. ii*.i». 

232 ■/ 



lt<*-\ r*Ksili* 

1.300 / 30 



JacvM.. - 

702 /- 8 




2 .6*0/... 

Knhmu Ktovi 1*** 





iff l 





2 ./ 

4*070 + >0 


0 .** 

AUL-uuhlla IihI.. 

Jlib *8 



Mitautektoi Henl*„ 

* 279 ,1 


1 .B- 

122 -a 



MiinibMn C'i<bl. 427 , -5 



Milam A Cu_... 

322 +2 







Xtppnn limn.... 

1.300 -40 



«Vipp*m ziUnpan. 

722 :+7 



Maun btnuutt... 

789 —10 




1.630 ,+40 



Sanyo Utertrv... 

259 :— X 



dehraui Hreieb... 

888 +8 


1 ./ 


.1.2w0 -40 




•1.700 + lo 



p] | 

232 ' 



408 -2 




Tel jin 

118 *1 



loklu Marine .. . 

4b7 + 1 



Inklii fclieel Pun 'i 




I'oayn Minn 

334 +6 



A* VU blillemm . 

138 -1 



1 urav..- 

145 ,+ l 



Vin**a Alid-ir .... 

906 -9 




M MM- uBobrcj 

Arora VirAHtl 

.Uiinl Mug. Trrt*- In-Khl- 
\mpoI Hijttomlfcai .. • 
Anuni FWnueiwi.T l ~. > .K. 
Aw. 'I'Beral. — ... 

V^h', l Slip 

A*HV. L'.wi. Iiilunlrm 
.Vie-l.FmiiHaiinn (mm. 

\ii»l. Hi' * Gft> + 

HailiUi- Uieek t>..M ,.i 

M.iir Metal Ira! . : 

A*vim me Li***-; :: 

HraiiiMe* lralu>in+> 

Bmki-n Hill Fh*«wfar\-....| 
HH <7.41111 


July 8 

"Pra.r. +'i 4 .ini;,V 
" t>*u _ TU. . . 

Attritefir 0 ;ft» ; ~oj»,o.: 2 :: 

fiaiMiteflraoL. . 2-00 :+4U343.17-S 
it* . lS8‘_..-.0.37 : ,J' 

9.0$ ' --O.flSO.OfVJ 

t«piU Amer. OP.. ' J.«-:+*.«j0.9Q!r*^ 


July to 



i lt*IT.‘ 
+.or; Fra. 'YU 

- -JSHi 

IrlhM 2,340 

Ui|. Brx l<aiilb— 1.345 

Uokrrt ••B". i2,02 J 

L'.K.U. i.'enivut 11.120. 

L'm-kenll 457 

HBIte i2.*5U 

HledtirixS 6,85 3 

,—30.1 — | — 

! — 5 _% i. 72 
1+10 lllb 


195.5 +0.7 


39.8— 0.2 
80. 1-1.6, 

171.2— 1.3 '-V266J 
131.6-0.5 ' - I 
123.0-0.2 1 *93 
130.4 —0.1 
237 ^1 I 19 
137.5+0.7; 87*J 
128.o: + 0 8-»UHli 

120.3— 0.2 . | 

20 i 

S3 ! 

12 i 4.9 




Faht 1 i|iie Aar ;2,c60 1+35 fl - 

U.U.Inno- ” 

Gavaert 11.292 

(Wkm..— 2.3 10 

imenajui ;1,7 bO 

K re> ll et i* n k <6.690 

UBnjuf Hetee- p,7ft J 

Pan Houitnc- — 12.640 

Petmflnn ia.690 

3th- Gen Ben«|ue.i2,90 J 
ra*.- Uen BetaVruel 1.388 

3c.Bna [4.125 

•X"V,r 2.3b0 


!+n i — 

I— » ;177 
klO |430 

j-.-: I 86 

L. Jl7i» 

;+5 1148 
1+30 1290 
1+4 <3*5 

i-*0 iM.Se| 

'+b (m 

+20 |20o 






b .0 


0 -n 



fraction Btet | 



Vieille Myaceffne! 1,414 




+ 2J 
+ 15 
+ 8 

, 60 
-26 1 — 

140 | 




6 . 



July 6 



+ «r 


July 5 

l“nce ) -f- ar j Diri 

Kroner ; — 

P Member* 0 1 


|-day dcporiia T: i. l-noitth deposta 

<-&*3 dcwslu on sums of aa.BM 
MU under G>*£. ud to £!5.0N n?; 
and over 123.000 7f,. 

Cau doiMsits over 1 1.000 1%: 

Demand deposits 71%. 

lHWlMlteB— ; 

Henn'aer W i 


EaatAsati Co. ! 


By^ener — , 

For. Puplr. — ■ 

Huhlsbtanli , 

C..Vth- n HjKtflol 

Nonl Kattel 1 

Olielahrtk : 

Prlr»tt»nk , 

Provurabanlc ... 

Boph. Berenvt^ro ' 

a u pert os 


441 +6 ■ 

1223, : 

165 +2 

1291*! + 1* 
3701*! +4i* 

791* -i, 

1233*.-- | 

263 : 

195 i + iia! 

79i,i + 1 2 I 
129 j+i* I 
I36is—l* 1 
405 '-1 ■ 

1811* +3; | 



8 — 
9 JB 





July. 5 

Price | +u» i On.* 

O * A* 1 

CreditauMad ' 



Sleyr Daimler ....I 
*«l Magn^l.-I 


i _ 1 




• .... 1 




; + l | 








4 1 


;+i i 

14 i 


Viuminium - 1,240 

BBL-A' 11.640 

CibuUelio(Fr.lUU!l > 105 
Ui. Carf . Ort.[ 825 

bo. Met- j 681 

Credit -<iim. 2.160 

V:iecin«ttft.rt ..... 1,73 j 
FiM?l»er Hirorcci. I 6*0 




+ 1 



£. / 

HoITntiui Pt CcrtN. i 71 7301+ lOOojsSO j ii!e 

Do. main ,;7.20J 

liilcrfnwl B ~..i5,926' 

Jeimull (Fr. KXh. 11.440 

Se* if.Yr. UU). ..13,465 
1*1. Hex. .4.425 

OerhfcooB. (F-SbOi 
PlrelH S1P(F 100) 
Sandrra (FrASO).... 
l*u Parc Certs..! 

uirer Ct|Fr. IGUiJ 

iviraatr {FJ 60 )... 
sttla* Hnk. F.IOO. 
la* (Ke)?rZSO... 

t'uinn Bank 

Zurich In*. 












+ Mo 



+ 2b 


8 7 



+ la 



+ 5 



+ 20 









2 7 

+ 15- 



+ 1 



+ 9 



+ 1 





+ 50 



I’M* 1811...'. . ; 

L'lx-khura LTvnrat 

LViiw. OnhlfMtle Anal 

L'uii taitier [81) ... ........... 

Crauinc Kiratmo • 

Coatain AuainUia....,.., 

IHmlnti Rubber (Sli 



KJC. [oduihln 

Uen. h"fmy Tnw 

I liunerak-L 


ia AiUtmHft 1 


Ji-nniwr" Iralti-tnfM 

Gwe iDnvhti- — .* 

I«nrnurl Oil j 

>M*te kxidrantinti.. • 

MIU .HoktMh;a_ '. ■ 

Svvr Kni|<iniiin. 


.Virbntas liiicnMiminU r 

•V.nth Broken U Mine* (toft-:, 


Oil bewrt- 

Otter Ks|i||itiittie : 

Piimeer Umiun+e 1 

Ucckitt A LVHinan 

H. U 8Mqh.. j 

-‘xatthlarel XIinmR 

■5(»rRr+ fixplnraiMm.„_.... 

T<x>Ui (3 1 


Weetcrw Minim* tbOccnt* 

«.»! . 









♦ 1.17 
10.8 J 
tLB 8 


tO. 12 
11 M 



; +a.u 

+U.U 1 




'- 0.01 


-». 2 

Pelitilnna fl!..,.., 

Pftem .. 

<.*im I'mx-OP... 
i tiii> i*e . — 

Vale Wi» TW* r p| , 

tttL-issan « 

2.83 eO.Dl-0.2iSt 


1-33 ' 1 0.050. 
Tunwwp.’ ' rrisf Om" ~Vn|inin* "s 
Brortv: mo tfr Jaui-irn SEl. 


I'iiiV -f « 

JnH to 


Briken Utmii;... 


Cn* Utlaint; 

K» 1 I II 

Aiwk Ilyilrokr jH 

! Kreni'i , ; 

tt . 

■ 92!0 


64.&: , 

!• 106.I.- 


aio.o . . ; 


102.00 — O.ifr IX 

; 180.00 1 1 * 


• 83.251 -0.M: 



r+ 0.01 



1 - 0 . 0 ? 


+ 0.0 

i— OJlt 

i-o. a 


July 6 



+ i+i luv .; yi.l 

- iPri-i % 

L’eote **.— 

Atnquet (Aviii'i'ej 

Air Lajuirf 


hio> : 


b.+js. Omni... 



C.I.T. Aicaiei .... J 


Club Ueriller 

Credit Com Fr’cc 

UmnM Loire 


Fr. Petroica, ___ 

Ciea. Occklemaici 


Jacque* lk*rel — i 117 

Ularjje ! 183 

l/Ureau. • 764 

team* 1 1.602 

lluiaou* I7imi*.. 485*i 

Michel in “B" 1.282 

Mur; HeimpMev .' 489 



Fw liinr> [ 

Pernut-iii.-anl. .. [ 

l*«iaeot -I'u men. . i 

Puclnln I 

Hadiu IVa-liut<|ue.| 

Kedintlc. j 

Klhmc Puuk'iit ...i 
at. Uiitoaln... 
kb HowIruqi ....! 

telemra-Bnniue .... 1 

Ukutwno lira rail, j 

Llilnur J 

746.1,..: 1 41* 0.6 

4b6 1 + 3 *81.15 5.8 
298 |+1 [ifcb 5.5 
slO '1—1 tz&£E 5.2 
49aB'+B il^thj 8.9 
900 i+U ! 48 4.7 
531 +6 1 40 J 7.6 
La83 ]+48 J 75 
a«7 1-2 JiJi 9.0 
1.060 i + ll 1 70.60 7.8 
314.9,-0.1 1 13 3.8 

391 —® ill. as! 2.9 

121^+aB; 12 ; 9.8 
1 U -D 2 - J - 
.748- 1+1 . K.m 4.8 
129. lab— 4.9 M.10H0.9 
186.5;— 0.5 ] 8.i*| 4.5 
61.21+0.7, 5.7| "9.3 

+ 2 
+ 3 
149. Of + 0.9 




8 l 6 . 0 f 







;1B.M 9.1 
]lS.rf: 8.1 
,M.7b 83 
I 5B.«j 8.2 
|42isj 2.6 
I 12-fli 2.6 
4 : 8.0 
-tO -laJtoilBje 
—1.8 i 7.6; 9.0 
—8 i 2.9 
-0.3 : 77.Z&- 4.7 
+ 4.5 i - i - 
-6 I 25 ! 0.6 
—3 27 ! 5.1 

+ 1- , 9 9.2 

—20 i 59| 2.3 
+ 4.5 i 26.6, 9.8 
! — 5 j 26.51 3.8 
-1.2 10.181 7.7 
+ 0 . 2 ! — I — 



July 3 

Annie American Corsn. 

Charter Cwwlntetcd .... 

Last Drieltmietn 





RustenburK Plauzuun .... 

3t. Helena • 

Suuih Vaal ..... 

Cold Fields SA. 

Union Corporal liwi 

ft? Brora Dclenvd • 

Birvhomixicfcc . ...- ; 

East R*n6 Ply. ^ 

Free State GttUHd 

PresUem Brand 

PresWent Sieyn 1S.33 +# 

SUUoutetn- ,-. h 4M 


WwlDtHft mfc i 





Rand +b 

- Jj*r +(*»*_. 

... :;JH 

... i 2 ;jxa +t 
... . I .Ml -I - • 

... 4I.Ji +1 

... b.jU 

.. fli-'id+f- 
... 1.45 -+L 

« 15.15 -+C7 ■ 

.. S 55 +1 - 

.. TM.W +f 

_ +.55 +C 


- -43* 

- SLBd 



n. .-. fc 4#5 • +U j 

«fnntrti r ”.“T.T'" " tsa.o# xd +W jO A l j 

Holdouts tTLBO +I'lOC If 

Dvco- - 14.00 +8 ^ ¥ 


Hariov.' Rand 

CNA lDYl*8tm«US ... 
Currie - Finance ..... 

Dc Been IndusirUl 
Edsate ConsoHdated 

Edturs $nuvr . .1 

Eva- Ready 55A .' 

Kedernle V olksbr him ins* . 
OrMfmuns Stems 

Guardian AatmancB (SAi 



UeCuthy Sniwiy 

OK Banars 

Premier Miflus 

Pretoria Ccmeflt 

ptmm HokUno 

Rand-Jdbn PropcrUe* ... 
Rembkaodt Group- — t 

Sage Hotdtmu 

SAPP1 — 

C. g. Smith susar 

SA Brewerin 

T vster Oats and Rat. Kills- 



- 1.70 

-a “ 




ri.M , 




‘ «.«■■ 


10. ‘.f' 


-: 2JU 

. +Drt. 



2.03 - 


• OAJ 




0 00 

+0. ■ 












-0.1 ■? 





+0-1 uQ ! 






Securities Rand VSfOMi 
(Discount of 39.3%) 



July 5 


ttulogt - 


Uo. Priv 


luiconiro; ..... 

I (ai MiJer. 

Hunted Iron 
UllctfUl Pri« — 
PlrtHIL & Cn. ... 
Ilralli S|B. ...... 

bull ViamM .... 



+ ur jlnv. ;yiii. 

96.75; + 1 
450 +4>+29 

1.617*. 1 + 28 

Giro X 

ISO! d.2 

15 J, 9.9 

UB.Z5 +7J0i — | - 








235 | + 15 j — ! ~ 
33.070) + 123j1.20O; 5.6 

6001 6.1 

+ 3J&! — I — 

+ 9 
+ 21 

130) 6.9 
80 B-8 

July 6 



+ OT 



+ 1 - 







WFWtt \ 



!— 1 
— 1 


— 1 

KrtnMfii ‘K’lhiWf 
























* K, 


July a 

i, mu 

ftwettn-W .V 


Crnnpi-v (lrcel„...j 

ManlHUi ! 

lla Urli Unm+K| 

aandvlk A.U ; 

S.K.F. -l»' Km....', 
BitaiHl Snsktirt*...; 
Ikoteik -H' Krtot* 

Uiklrtonlm J 

VuIvotKr. B01...J 



















8) 2.7 
4.1 4.4 











Banco Bilbao . .. 

Banco aUbdUvo 

Banco Central 

luco Kx tenor 

Banco General 

Banco Gnulana ILBMV 

Banco lUspano 

Banco UkL Cal. UJJ09I 

B, 2 nd. Medherraneo •. 

Banco Santander (1501 

Banco UKmUo <1.0992 ... 

Banco Vtacaia. 

Banco 2ar»jnaano _.~ 


Banna Andalncia 

nabcock Wilcox ......... 

CIC ; 

Drasadas . 

ttmMtoanl! — 

E. I. Araemesaa . ....... 

Batwnola zhtc ... 

RspL Rio TlQta ........ 

Feraa LLWMi _ 

Kroon mint - 

GaL Pivcladoa 

Grow Vriaamicz 


• | «* , rdtiero 


Paoi-lrw Rsunida* 

■‘"irnllbor ... 

Petroleos .-. 

Sarrio Papatera 
t Os* 


IA*r rant 

' 292 
2 U 





‘5ii •>. 

+ 1 S. 

— s.. 


+ 4 

- 4 
+ 5 

— 4 

+ h 

1 4001 









+ 2 

+ 0J5 

+ X 

- 2.90 

- 1.25 

- 3.50 

- 1 

+ 1 

T»t», a«wwh ' » 

Tubacex - in 

Union Elec. -...7......^. . .WeS 

- b 
+ 8 AO 

— L 23 

r v>..5 financial Times Thursday July 6 197S 

U.S. zinc 
price up 
1.5 cents 

\y John Edwards, 

Commodities Editor 

RISE of 1,5 cents ia its U.S. 
mesUc zinc price to 30.5 cents 
ib. for prime western grade 
s announced yesterday by 
arco, one of the leading TJ S. 
c producers. The increase 
lows close on a cut' ot 2 cents 
the U.S. zinc price at the end 
last month, rescinding a rise 
‘Her in June. 

. Che news had a brief impact 
the London Metal Exchange 
,e marfcet, which since it ba$ 
eady been largely discounted 
lues have risen steadily 
. ring the past week Cash zinc 
x ised £1 higher at £308 25 a 
me, compared with £297 last 

Asarco also announced that it 
>8 following the downtrend in 
5. domestic copper price, 
itiated last week by Duval and 
ielps Dodge. 

It is cutting the copper price 
2 cents to 63 cents a lb. 
nilar reductions were 
nounced by two other .U.S. 
odneexs. Newmonta and 

Meanwhile, Reuter reported 
it a meeting between the 
iployers and the union at the 
; pper Pass tin smelter in Hull 
iled to reach agreement on a 
' .intlon to the dispute over shift 
v. according to a onion official. 
The flnaj sfa?e of the agreed 
iputes procedure, a meeting 
- the joint industrial council 
r the chemical industry, will 
"w be invoked, and will take 
*ce on July IS. 

- ^.Workers at the smelter how- 
-er returned to work on Tues- ’ 
-y after voting to do en at a ■ 
m meeting on Monday, i 
blowing this decision Capper i 
lifted its force rnnietire on i 
jes contracts and purchases of i 
i concentrates. i 

EEC may cballei 
fisheries controls 



responded coolly to Britain's 
decision to introduce unilateral 
fisheries conservation measures 
within its 200-mile limits. 

Mr. Finn Gundelach. the 
Fisheries Commissioner, indicated 
tost night that at least two of the 
four measures are likely to be 

In fact, in a letter forwarded 
UK Government representa- 
tives here last night, he refused 
to accept that Britain had sought 
approval for these measures. 

References to them in the 
Government’s letter to the Com- 
misaion seeking approval for its 
action, as required by Community 
rules, were taken as an indication 
of intent, not of formal notiflea- 
« e t , said - 11 wou, d be 
.,TSP2?- aWe if tbe British 

authorities envisaged applying 
such measures. «FP‘y*ng 

mewm in Question ; 
concern the widening of the 1 
so-called Norway pout bov an ] 
area where Industrial fishing is 

banned, and the introduction of 
the 70-millimetre mi nimum 
mesh net for scampi fishing. 

On the other two measures — 
a herring ban off the west coast 
of Scotland and a reduction in 
the maximum allowable bv- 
catch of protected species in 
small mesh fisheries— the Com- 
mission withheld its judgment 
and merely requested further 

The matter is expected to he 

ment A Eur °P* aD Parlia- 

Jg* . .Friday and Mr. 
J&W** F DOt * x P™d to 

aS” "* due t0 *"<*• in 

Comtn ’ KSlon sources indi- 
cated some time ago that anv 

b * Britain unilaterally 
to widen the pout box by more 
degree east would be 
k Tbe ^ decision to 
Wden It by two degrees is seen 
he it 5 s 3 deliberate chaUenge. 

Under the terms of Tbe Ha-ue 

Warning of herring 
price increase 


India expects 
big sugar crop 

■By Our Commodities Staff 

7DLAN SUGAR output for the 
177-78 season is expected to 
■ach 6.5m tonnes, the Govern- 
ed announced yesterday. This 
35 per cent more than the 
Sra tonnes produced last year. 
Domestic demand is estimated 
4m tonnes and India's export 
.lowance under the Interna- 
onal Sugar Agreement is 
— 50.000 tonnes. 

The new figure is 200.000 
mnes lower than the latest 
. O. Liebt estimate and com- 
ires with the 5.7m to 6m tonnes 
-recast by the U.S. Department 
Agriculture in May. 

——In Brussels, the EEC Commis- 
on authorised exports of 46,700 
•nnes of whHe sugar compared 
ill) 35.250 tonnes at its weekly 
.port tender. 

The maximum export subsadv 
as raised to 26.348 units of 
.’count a 100 kilos from 25.825. 


2.i err i a S fis , hm § c,ff th e west 

coast of Scotland, which came 
into effect at midnight, may have 
to last quite some time ” and 
is bound to force retail prices 
higher. Mr. John Silkin, Minister 
°f Agriculture, warned yesterday. 

aut he said prices would have 
climbed even higher eventually 
had no action been taken. Indus- 
try sources have estimated that 
Kippers could soon be costing 
more than £1 a pound as UK mer- 
chants are forced to bid against 
competitors from richer Euro- 
pean countries for imports. 

Mr. Silkin, who was speaking 
at Heathrow Airport on his re- 
turn from informal fisheries talks 
m Norway, regretted the hard- 
ship the temporary loss of the 
herring fishery would cause in 
Scottish fishing communities. 
“Someone is always hit by con- 
servation measures" he stated. 

“ In this case there was an urgent 
necessity to take action ” 

The ban would also hit Nor- 
wegian fishermen but the sympa- 
thetic and understanding 
response it received in Norway 
contrasted with the “sharp reac- 
tions'* of Britain’s Danish and : 
German EEC partners, the Minis- , 
ter said. He also noted that tbe i 
Dutch had not reacted adversely. . 

Norway was evidently nor one i 
of those countries which : 
regarded conservation as “a < 

1 ES. same ” Mr Silk “ 

: “The atmosphere at my talks in 
: Oslo were rather better than I 
i could have hoped.” he said. “We 
> have established a mutual under- 
: standing which could prove 

■ ®*tretnely valuable in the 
f future. 

r The talks were Dot aimed at 

■ negotiating any formal agree- 
ments and there was no question 
of negotiating anv “swap deals’* 
on fish resources. Mr. Silkin 
declared. But a useful exchange 
of ideas took place on conserva- 
tion and enforcement policies. 

He said he was very tempted hy 
the “ one net rule ’’ which would 
prevent vessels from carying nets 
of different mesh sizes and which 
was hinted at when tbe conserva- 
tion package was announced on 
Monday. This rule would prevent 
industrial (fishmeal) fishers 
excusing illegally high by-catches 
of human consumption species 
by claiming they were caught in 
Iar?er-m«>shed nets. 

The Norwegians are them- 
selves considering imposing such - 
a rule but are also examining 
alternative ways of achieving the > 
same end. These have been \ 

passed on to Mr. Silkin and will < 
now be studied by Ministry of 1 
Agriculture experts before any ‘ 
final decision is taken.- Mr. Silkin i 
stressed that this was a question i 
of enforcement not conservation, t 


BASE METALS ST" fiff SUSS tSfV'.K ■£, 


of Agreement of October. 1976 a 
m member s taie may inttodicS 
unilateral measures providing 
~ are urgent, necessary, no* 
st discriminatory and temporary 
in and providing the Government 
£ ° qaes , tl0n se eks Commission 

L ££E ro y a! it does not 

n- have to wait for a reply). 

II „,? omm [ssion sources indicated 
.r today that there are' serious! 

fL 0Ul)ts whether tbe British 
ie measures fulfil all these require- 
a- merits. 

r. Observers here suggest the 
to Commission is unlikely to cbal- 
4. lenge tbe ban on herring fishing 
■e off the west coast of Scotland. 
n since it had earlier proposed 
such a ban itself. 

*' t But it is clearly annoyed bv 
y ‘he UK decision to introduce it 
.y now since, possibly as a result 
‘e oE pressure from other member 
e states, it withdrew the proposal 

0 saying that the scientific 
n evidence on which it was based 

needed further examination 

MP attacks 
food policy 

By Christopher Parkes 

a MORE THAN £5bn of the 
Common Market’s budget will be 
3 spent on disposing of the EEC's 

1 surplus food production this 
e year, Mr. Nigel Spearing, flip 
‘ and chairman of the Safeguard 
' Britain Campaign, charged, last 

• night. 

“This is really a racket" he 
c said, adding that the Common , 

* Agricultural Policy damaged I 
\ world food production. M I would 

call it an evil and selfish policy." 
he told a meeting at Leamington. 
Dumping surpluses under- 
' mined food production elsewhere. 

“ Far from adding to total world 
supplies these subsidised sales 
could have the effect of cutting - 
world food capacity.” ^ 

Mr. Spearing, whose organisa- s ' 
tion represents the remnants of ti 
the campaign against British C i 
entry to the EEC, claimed ques- u 
tions in the House of Commons rj 
had revealed that the Commu- i« 
mty expected to dispose of more 
than lira tonnes of grain in the n 
EEC and outside at a cost of it 
£800m in subsidies. 

About £I.4bn was to be spent T. 
on dairy surplus disposals and 
getting rid of 2.5m tonnes oF as 
excess sugar would cost more b] 
than £500m. of 

Mr. Richard Body, MP. another th 
campaigner, warned that UK as 
formers’ ability to expand was wl 
threatened by EEC surpluses. co 

Lamb curbs 

may hit UK 


By Chris Sherwell 
Zealand’s Deputy Prime 
Minister and Foreign Minister, 
ymerday waned that the 
EEC’s proposal to regulate the 
Community market for mutton 
and iamb could seriously affect 
British business as well as 
consumer interests, quite 
apart from its impact on New 

He told journalists in London 
that the heavy British invest- 
ment in New Zealand's meat 

processing industry, in the 
• provision of shipping and 
Insurance services and in tbe 
handling and retailing could 
be damaged. 

Mr. Talbovs. now in tbe 
fifth week of a tour of Com- 
munity capitals, said In every 
country he had visited he had 
been told the proposed regime 
was not aimed at New Zealand 
lamb exports, which “pre- 
sented no problem.” but at 
I solving an intra-Comasoity 
problem of “ discrimination 
exercised bv one member state 
against the products ot 


He had been assured that 
the New Zealand lamb trade 
would not be damaged, but 
added that the operation of 
existing Community regimes 
gave “little ground for con- 
fidence ” that his country’s 
interests would be protected 
over the longer terra. 

Confessing that New Zealand 
had no sanction against tbe 
Community to prevent its pro- 
posal going ahead. Mr. Talboys 
said the real restraint must 1 
come from Community con- i 
sinners who wanted to buy New 
Zealand iamb because of its i 
price and quality. 


Last chance for a 
moribund market 


ON MONDAY the London Wool wools are similar to merino and Wool Corporation ha« a support 
Terminal Association will make used in clothes. They have system, similar to that in \u<- 
a new, and probably its last, benefited from the fashion trend tralia. in ensure its farmers 
effort to launch a viable wool recently in favour of coarse receive a price for their wool at 
futures market knitwear— the tweedy look. But auctions adequate to keep them 

Putting it bluntly, the present ! owe r quality crossbreds in business, 
merino wool futures in London, use d in carpet manufacture are Demand for crossbred wuul 
relaunched in 1974 with new ahnost a totally different com- seems to have eased slightly dur- 
contracr terms to replace a “odity to merino wools. ing ibe p.isr season, and the New 

previously dormant market, has Seek’ng to hedee price risks Zealand Corporation has built un 
been a failure. t or these crossbreds on a merino a surplus stockpile of about 

It had a reasonable run to i U ^^ rkct ^ Breton, be 200.000 bales. This enmpures 

been a failure. i or these crossbreds on a merino a surplus stockpile of about 

rt had a reasonable run to fu ^ re3 markct ar ~ ^refore. ** 200.000 bales. This comjMivs 
beSn with ISftradine £5vl 5 a / ? lsaStrous exerci *\ ’*»* over 900.000 bale* hold by 

dffid ud when Australian won^ v 0fl . occaslo . ns mcri no Pf lces ^e Australian Corpuralion. 
prices slumped tee the «74 J r av c e c u b r ee H ° -°’ n2 U P coarse which arc spread around the cu«- 
boom and have remainert " ossbreds J h .ave been going sum ms countries, 
depressedriose tQ & the“fio?r” d ° Wn ' a0d v,cc ' versa - ** Manufacturers , n these vuun- 

pn P c”Stels s?fup by the support ? ,rcumstan £ e l a0 - v . potential tries can keep luw stocks, 
buying wstem iSd 5? PP SI 2 sses would be m a S nified rather knowing extra «ipphe> are 

AunrSta? w“ Corpocatiog 1 ^ Ci ° E ° n nnn^ih 5 ' hSl 1 '"’ 1 ' 7 - ■ is 

■n revent farmer k heine fnrre* ah t 111 a *uiures market. part of the bailie against co:n- 

of bifslneE^ 6 f d U ,., Ac , co i^r. to r , the International petitiun from synthetic fibres. 

TlS lack of Drice movement ^ 00 - Te?rtlle Organisation, pro- whose surplus capacity has 
sounded the death? kLeU fS^thJ ?o^ 10D , °,l 2 pp SSS 1 a^ 01 in 1977 ‘ forced prices down to low levels 
London markeV sioee il totalled 1.SS8.000 tonnes out and hit wool consumption. 

St rh.r ESS'S* of lotal wo ° l output of 2.507.000 Scnlmient in Bradford i? re- 

l tonnes . leaving 619.000 tonnes of ported bv one trader 1o he 

‘iiSSf OIJwr # “ sed for “suicidal” at prcsoSt-hardiv 

ns * n « pnces or supply shortage, carnet manufacture. the best time to launch -i now 

attraCtJOn for But it is claimed that actual future, St! 

t n/tSoMH. anfl t,r crossbred Bill the new London conlrarr. 

AfVb? *JS W0Ql iQ Wcstern ^rQpe are which claims to ho ihi- first cv or 
vinw hS mor f v aun,ef0US - since merino crossbred future.- market, has 

>ears has been growing demand wool buyers tend to be conccn- received promises 4) f siippurt 
wools - Tbfse irajed in fewer, larger, units. . from ,!„■ trade and ’■ncmiwile. 
basically the coaree wools used Tbe smaller manufacturers nnd men l from the New Zealand 
primarily in carpets, blankets traders require hedging facilities Wool Board. Appraisal .-.f wind 
and wooden goods. most urgently since they often tendered. f..r example, u m be 

Merino wool is fundamentally d o noi bave ibe financial re- based u n the hoard’s standards ' 
used for clothes— a market which sources to cover losses created It remains to h.» M*on wtu-th.- 
tends to be more sensitive to by unpredictable price fluclua- The word trade in Europe has -n't 

overall economic trends and has tions. out of the habit nf hedging or. 

obviously suffered from the At tbe same time crossbred futures markets. Or whether tbe 
recent yeans of industrial depres- wool prices have tended to move provision uf a ero*.(ir»if contract 
Sl °p- , more erratically than meriuo in will at least revive some interest 

Some of the finer crossbred recent years. The New Zealand in the moribund London market. 


Updating drive loses momentum 


national plan for developing its 
sheep industry appears to he 
tailing off, and although the 
country’s output of lamb is still 
Increasing, the trend towards 
rationalisation of the industry 
is slowing. 

Tbe drive began in 1970 with 
moral and administrative back- 
ing from the Ministry of Agri- 
culture and money from the 

Fanners were to be encour- 
aged to sharpen up their hus- 
bandry and improve the qnaiity 
of the product. Help came in 
the form of advice, technical 
assistance and grants for farmers 
who formed self-help groups and 

In 1968 there were four groups 
in the whole of France. By 1972 
there were 43 in the whole of 
France, representing fewer than 

5.000 farmers out of a total stock 
of sheep producers numbering 

150.000 at least. 

At that time they produced 

8.000 tonnes of mutton and Iamb 
a -year — some 6 per cent of the 
total French output. 

Now more than 9.000 farmers 
— registered members of 78 pro- 
ducer groups— produce some 

25.000 tonnes of meat a year. 
This represents 17 per cent of 
national output 

Tbe French Ministry of Agri- 
culture reports that more than 
50 per cent of all the fanners 
whose main enterprise is from 

sheep are now members of pro- 
ducer groups. 

The top l<j per cent, of farmer 
have 50 per cent of the national 
flock on their holdings — an 
average of about 200 breeding 
ewes each. 

Tbe other side of the industry, 
however, has a much less stream- 
lined look. While most of the 
national flock is in the hands of 
the large-scale farmers and the 
efficient producer groups, many 
thousands of small subsistence 
farmers populating the uplands 
depend beavily on their tiny 
flocks for an important part of 
their meagre income. 

A census held in 1975 showed 
there were 152.000 farms with 
sheep in France. The total breed- 

ing herd was Bm ewes of two 
years of age or over. 

But the census showed that 60 
per cent of the farmers posse.- - 
sing sbeep owned a mere 9 per 
cent of the national flock — 
90.000 farmers with fewer than 
B breeding ewes each. 

Further light has been thrown 
on the intricacies of the indus- 
try structure by more recent 
research showing that many of 
the big farmers in rich arable 
regions such as the Paris Basin, 
Champagne and the N'ord. have 
given up sheep rearing. 

They have fnund far greater 
profits in the grain markets, for 
example. They have also had 
difficulties finding lahour able or 
willing to work with sheep. 

COPRER— Nadocttv firmer. After an rise to £719 on the early pre- 
•rlti'l. Khkh reflected Sheri covcrtnc 
id expectations ot a biriicr Comes, 
ntimcni »'« reversed w Mb forward 
etal eastns back lo dose at £715.5 an 
c laic tort. The early bullishness 

AJPPErI •■ rn - H" [t+w 
0*Hm — Unroll- -in _ 

£ £ 


««b 697- .5 +3 

iiumib*.. 717-.5 |+3 
rttl'm'nt 697.5 i+3 
athodesJ ! 

■nil I 693.6-4 +3 

mnnrfaB* 713.5-4+3 
ntl'in'nt 694 +3 

.B. Sun.,1 — ‘ i ...... 

711.5-2.5 ■ 

*66.5- 6B i 

stemmed from the recent weakness of the 
dollar which prompted hopes ot U.S. 
currency be dse buying. Turnover 12.050 

Am al gamated Metal Trading reported 
Uut In tbe morning cash wlrttars r-aded 
at £ 63?. three months HT9. 19.5, 19. 19, 
17.3. Cathodes. Utr-je months tns 3. Kerb: 
Witvbars. cash £697. three months £7i7.5. 
17. Afternoon: Wire bars, three months 
ms, 19.3. 10. Kerb: Wirehanr, three 
months £716.5. IS. 

TIM— Firmer bat quiet. A rise In the 
Penang price coupled with European 
physical demand saw forward metal move 
op to XB57Q on tbe pre-market but this 
level attracted hedee seflinp which 
lowered the price to £3.550. In the after- 
noon values moved erratically with 
forward material dipping to £6,520 then 
rising to £6.530 prior to dosing at £6.530 
on tbe late kerb. Tbe late rally was 
attributed to some US. physical demand 

while the backwardation narrowed to 
areund £70. Turnover lJtfi tonnes. 

]~»'-"V~l+ov! pCmT t* or 

TIN OOjcm j — , Unoffi'-'it — 

ffiob Grad** *' * X ! t ~ 

1 6630-*;Q| (6600-15 +35 

i uwmiu. 6S7 5-86 + 30 6670-80 + 65 

sattietn’t. 6640 — 

Standard J 

Cash. 6630401+2.5 6600-15 +S7A 

i months. 6545-501+ 12. 5j 6545-50 

bewiem t. 6640 +6 I — 

lUraltnU. 151720 +2»| — 

New Ynrfc — I ( ! 


Robustas opened unchanged but the 
weight of dealer seHing soon forced values 
lower. DrexeJ Barnbam Lambert reports, 
jo the afternoon weakness at New fork 
caused Payers in London to back away and 
tbe market eased further stop-loss Uqat. 
aaiioo and ibe dose saw values fiaM> 
Just off tbe low*. £30 lower on baljuaw. 

I Tee-mnlav’vj j 

COTTER ' Cn-e ( 4- «w I Bownn. 


f« pe* icviite 

+ Bowiies* 

— Done 

STEADIER opening on tbe London 
pbyskad market. Good demand through- 
out the day. rinsing on a firm rate. 
Lewis and Peat reported a Malaysian 
CTdowti price of 226 (238) r onm a kilo 
nominal buyer. 

Ncvl lYwt'rriMV Previous DasUrest 
USA ( dora Close done 


-G. Index Limited 01-351 3466. September Coffee 1336-1351. 

9 La moat Bond, London SW10 OHS 

1. Tax-free trading on commodify futures. 

2. The commodity futures market for the smaller investor. 





Bache Halsey Stuart 
(London) Ltd 

Plantation House 
Fenchurch Street 
London E.C.3 
01-623 4646 

Morning: Standard, cash £8.850. «, 
three months £8.570. 55, 50. 45. HJab 
Grade, cash £6.dSo. 45. Kerb: Standard, 
time months £6,545. 30. -Afternoon. 
Standard, three months £6.550. 20. 25. 3fl, 
40. 50. Kerb: Standard, three months 
£6.530, 35. 

LEAD— Unchanged and vary quiet. 
After moving ahead to £320 on rite pre- 
martet influenced by tbe upturn in copper 
forward metal drifted back to close at 
f 314 - 5 on the tore kerb. Turnover s.430 



p-m. .+ n r 
Unodlcui 1 — 


i £ ( 


305.6-6 +1.25' 

306-.5 +.75 

J month**.. 

31 0.6-6 f+l.Sf 316.5-6 i 

U.S. -Spot. 


•+ 1 

1 ...... 


Jmr { 1442-1445 1 — 56.0 1505-1445 

-*l««Tnber..j 1542-13451— &S.0 1414-1346 
A»vemr er„ 1256 1260 -54.61 T535-12M 

Jan nary 1203 1210-55.61 1275-1200 

Warefa 1155-11751-48.911230-1215 

U»y 1110-1116'— 47.5 1180-1116 

Jtur— — 1090-10951— 62-5 1095 

Sales: 3.053 (3,773) lots of 5 tonz^! 
ARAB1CA5 tin order borer, seller, 
bostoeas. saltat: Acs. 165.00-1704)1. 167.06, 
— Ocl 556 00-157.73. nest oo business, Dec Feb. 130.00-140.06, Aorti 

1 29. 00- 139. DO, June 12S.00-U5.I10, Avg. 

122.00- 133.00. Total sales: S. 

Amt. — 64.50-55.® 6LEMKJ 
bjpt .... 66^0®.^ 64. 15-64. 1 
Ocp-Usc S6J0-S7® SUMU 
Jan- Mr. 5S-50-M4d 67.956B.I 
Apr-Jne 6I.5CL6I® 69.76-56.1 
Jly-dopt 6SJ5-BJJS 61^5-61.' 
OetrUec 04.00-64.89 6L1048J 
Jan- llari 66.4046.50 84.7044.; 
Apr-J rw 68 JO-68. lffi 66.40.68J 


57.40- 66. IQ 
l 50^5-68310 

61.40- 69^6 


Morning; Three months 1320. 19.5. 17. 
1K5.1& 15-S, 16. Kerb; Three months 
brfif- Alterncron: Three months £316. 
Kerb: Three months aiS.S. 

ZINC — Coined further around. Forward 
metal moved up tram £325 to O is ia the 
morning with trading subdued until tbe 
“nouocemeni that Asarca bad lifted Us 
Producer (vice by U cents. This prompted 
a flurry of baying Interest and Hftrtt the 
Sli? ’O £323 bur the maritet failed (o 
hold and slipped back to close at £317.5 

market opened 10-15 lower oo wheat and 
10 higher on barley. Country setang was 
seen Initially bui reports o/ a fob barley 
trade rallied the market to dose fairty 
steady 35-40 higher on wheat and 4045 
hjgfacr on barley on lack of sellers. Aril 


... . JYesterday'tJ 4- or JYeeterday , *j + or 
Mnth| ck»« f — r dote [ L. 

. u-m. H- orl p.m. t-for 

Zi.vo Offl -tot -j C noflHa 1 

£ £ 

ya*b^...L 305.5- 6.3 -1.251 50&-.S + 1 

JmwttoK. ol6 .5 -1-25 518-.5 +1.12 

S’ment .... 306.5 —I — 

nra-irw — 20.31 

an fbe kite kerb. Turnover <550 rcimes. 
Morning: Cash £309. three months Qi&s. 
J&5. IB. l&B. Kerb; Three months 
31T&. 17. Afternoon: Cash 009. three 
mmlhs £316. IS. 5. IS. SO, 29.5, 18, 

ISA Kerb: Three months ISIS. 17.1. 

• Cents per pound. *On previous 

Afflctol dose, ism per plcuL 


Silver was fixed D.05 p an ounce higher 
>ar spot delivery in tbe London bnlUon 
atarket yeslerday at 2 SWb. U^. cent 
equivalents of tbe fixing levels were: 
Spot 529 Sc, down 0.5c: three -momi 
SHUc. down B.5c: six-mmub iSa.ftc. down 
04c: and 12- mouth 574 fle, down 8.6c. lie 
tteUl opewd ar 33.KW4.ip i5aM3Uc) 
aud closed at 32-2S3p (52F5294c). 

.. . .. . _ 01-623 8236 

Bnilmn ' 


4- or 



203. 3 p 
299. 2p 




+ S.I 


289. 7 Sp 

London Markets 
American Markets 

01-626 2611 

w •Atraa aia va jv,uup 

ouKes. M anting: Three months 291.2. 
Kerb: Three mouths 3L2, M.J. After- 
naan: Three tnomha 281)4, 90.4. 90, 89 Al. 

I’fl* 9'7 Ketb: Tteee m0Btia W, 

, wpt. 83.55 1+O.86 78.70 +030 

f N«W. 6C.33 i+O JO 61.46 +0.46 

Jan. 69.15 l+n.55 64.16 +OXS 

r Mar. 91.76 +0.4B 8e^0 +0.45 

May 94.40 1+0.551 69.5S +0^6 

’ ~ Business dune-Wkeat: Seat S345^Tl9. 

Nov. S6J5-B5.B0, Jan. 89.15-88.6. Man* 

, W.75-MJ3. May M.3963.6 Salem 159. 

■ Barley: Sept. 7E, 70-78-25. Nov. 81A561.10. 
Jan. S4 15-83. 75, March 8fl.756S.4S. May 

IMPORTED — Wheat: CVFR5 No. 1 1U 
per cent July and AdS. £92.00 Tilbury. 

1 U-S- Darn Northern Spring No. 2 14 per 
; cent July ESO-50. AOg. £80.75, ScpL Bti-44 
tyinshipmenr East Coast. 

Mate: U-S-/Frencb July flflj, Aug. 
£99.00, SepL neo^O transhipment East 
Coast. S. African White Sept. £73 Llver- 
ppoL S. African YeOow Sept- £7150 

HCCA-— Location ex-fana spot prices for 
July 5: Peed wheat: Hertford £95.09, Food 
barley: Hwtfnnl £50.20. Borden Wen 

Tbe UK moneiary coefflctan for tbe 
week beainalns July 10 is expected to 
decrease to L37Q. 

Effective for July 6 in order currant 
levy pins August, Sept, and Oa. 
premiums, with praviom In brackets, an 
in units of account per tonne— Cammo 
wtmot 9L1T. rest ail (9L17. reel mil, 
durum wheat 135.79, nil. nfl, 9.93 (138.39, 
OIL nlL 0.731: rye 8694, re« Bfl (89 W. 
f 8 ” “{?; bariw JgJO. res HU (KU6. 
rest nill: om» 78.07, rest Oil (79.49, rest 
■UK (other than hybrid lor iMd- 

lno» 61198. rest nil (8098. test nU): 
buckwheat all nil fall rest aU>i ptlfief 
T9-94. rest nO (7934. rest mto < 

torgbum BAST, rest aff IS4S7, rest nff): ' 
Itoor levies— Wheat or hiImm! wmi „ i J 
rye 13088 (13089); rro 137.71 (07.71). 

. tots ot 15 tonnes and 

28 <43> lots of s tomes. 

Physical dosing prices (buyers) were: 

1 1SL ^ ^ 


The market opened unchanged in thin 
volume, values gradually picked op on 
fihon-covcrloB and mixed buying in anari- 
potion of steadier Chicago opening but 
jjpfe of follow-tfarongh and profiHatong 
Dimmed sane of tbe earlier gains, re- 
ports SNW Comm odities. 

IWenlty 4. tv OunumT' 
(-to — Pone 

Aegon XJO lt8A0-17.W 

October W0-19.4I+0.7D 119.70-18.70 

U»tsmber_.. JJJ-50-17. j + OAd 117A0-18A0 
Pebroaiy. -.. I1U6-UJ + l.w 118J0-17.5O 

April JlflAs-rtA +0.7S — 

June 120A8-S2J3 +080 — 

August 131.0B-24JB — 

Sales: 94 (46) lots of 100 tonnes. 


£8090 « £91.80) a wane df for JntyAugost 
shipment- Whim sugar nafty price was 
fixed at 000.00 (flOLOO). 

trades to near August wore 100 
potato below previous cfrwtng levels, but . 
the lows wore shortUvod and prices ns- , 
covered some 50 points, reports a Grand- 1 
Saw. Thereafter, quotations showed utile . 
change In sooC two-way tradbig condi- j 











Abb- ■ M.I5-9W6 M.BW9.H 

8l-76-9L80i 82,00-81.00 

,!5-7M9-ni 96-00-34^6 

Slareb . ltn.4WH.55)IQL0MlJB 

M* y — W.^04.75 194.1M4^UB.«W4.80 
Aug — J07-KM».lSl09.«W».50 

tot 1 19-06-12-a nLO0-WJ«112J5-12.OO 

Sales: 3J29 0249} 'lotg of'sT wnoa. 
Ivtemattooal Sasar A m e c me au U& 
oento per pound rob and sitnred Carib- 
bean part, prices for July 4: Dally 8.76 
(SAM): 15-day avenge 74H (7.M). 

Tal ? . a f d h-M Se _*? t " r ® to|in ’ for 

gnumtoted tiaslg white sugar was £24AS5 

S (flSilSTth^mSr ^ ^ 

WOOL futures 

To: Bache Halsey Stuart (London} Ltd- 
FREEPOST. London E C3B 3HR. 

HH me, free of ch,r E e. the next foot iswt of ,oor weekl, 

commodity review 


Addrcsj ..e. 



Date .... 

LIVERPOOL COTTON— 6 pot and shipment 
sales omonmed to 271 tonnes, bnnalpg 
(ho total lor the wede so far in 519 
imure. repons F. vr. TaitorsalL Ulodvrate 
oroera were reported mosily in Middle 
Eastern prowlhs. The call for Sooilt 
American and AiricaS ooalllics was again 


GRIMSBY FISH — Supply flood, demand 
flora. Prices at ship's side (unprocessed) 
par stone: Shaft «uj £3.40-14-00. codlings 
£LfiL£3.09: large haddock Mftwsa. 
medinm E3.70-C.oo. small 0.38-0 00: luge 
£6-30, medium £3.0O-£ best small 
asj-ftau; large sMnned Hmffinh Rj), 
meojinn £5,50; tonon so lea E7.00; saitte 
£ 2JW3.00. 

With the re-emergence of producer 
bp Qlnfi. prices eased to close on tbe lows. 
reports C1U and Dnffns. 

|Kenerrtay*»j +or SnitfifgM - 
COCOA | LHu« j - D*T 

X.hhC'Uor't! ! . I 

Juiy ;i8U5.0-ltL0 '—210,1640.0400.0 

sepc .17673-68J) 1-28.751811.0-785.0 

Doc 11753.044.0 —20J.17755.2lA 

If arch 17D8.D.03.0 20.5 1740.0410 

Jtay 1665.040.0 1&5-1729JL700J1 

July 1863.0-70.0 (— 28J?;i8S5J5-90.0 

I855.04SJI ’ — gg-Sj — 

Sales: ^386 tLOMj lots of 10 tnones 

LOUDON— Tbe market , 
to m fraction lower. Bod 

Aiutntluii limeuit’vsu. q 
Oremy Wqo 4 Quae ~_ 


October gSW4T.» -U 

December _ 

Hatch P»f^4*A ...... 

&lay_ — E46JMa.d 

was mchoiiged 
be re ports. 

oo SMITH FIELD (Pence per pomuli— 
dt- Scottish killed sides 56.0 to 5k D: 

Ulster hindquarters 70.0 to 73.0. tore- 
an 3J“ r!erB _ 10 W.9; Eh® hindquarters 
Uo W-B to 73.0. forequarters 35.0 to S7.0. 

Lamb: English small 60.0 to 63.0. 
_ medium 60.0 to 64.0. heavy JtfLO to ISO, 
toported frozen: NZ PL 54.0 10 55A, PM 

• 53.0 to 54 J). 

Pork: English, under MO Ib 37.0 to 44.0. 

— 100-120 Ib 36.0 to 43AL J2H60 lb 3 SlO lo 

< 1 . 0 . 

MEAT COMMISSION— Average (atstoek 
Wlcei at representative markets on 
.. Jnly 5: CB cattle 7i »lp per kgfw. 
“ «+0J8l, UK sheep I43.6p per ka. eta. 
« GB mt »fcl.«r. 

Sr . EoB,a ?* ** Wales: Cattle numbers 
i? l9 -* P* r S 60 *. average price 71 74o 

44 **«’ D SJ per cent average 

— K3-7n l— OA): Ptes up 10.7 per cent, aver- 

J Q On f+n (1 

Sc^ind: Cattle up 5-9 per cent, avr* 
aee 77.44n f+0«): Sheen down T9 1 per 
,. rent, average 133. Sp r-7.6): Pigs un 
1X3 oer cent, average S9AP (-0.9>. 

Meat CqntnifschiD forecast rates of V K. 
monetary comnritsatory amounts for vr+k 
commencing July 10 (previous week’s 
figures to brertrerst: Fresh or chilled 
In beef carrases: M.TOp per kg (34.30.. raren 
u bacon sides £213.33 Per tonne (223.96 r. 
t COVEITr CARDEN 1 Prices lo sterling 
« per package except where otherwise 

* rtaied*— Imported produce: Oranoec— 
S. African: Navels 4 00-4.80- ftresilian: 
3.80-4.40 Lemons— Italian: 100 /ISO’S’ new 
crop 4.OM.S0: Spanish- Trays 1.38-t SO. 
torce boxes 334 40: 5. African: 4 50-3 30. 

— GrapcAnrrt— S. African: 27/J2 3.40-4 50; 

20 kilos 440-4.B0 Apple* — Fronrb; 
Golden Delicious SO lb 84 's 3.30-3.40. 72's 
3.40-3.60: w. Australian: Cranny Smith 
S.M: Tasmanian: Stormer Pippins S.50- 
vso. Granny Smitli 6J0. Croftons 9.50: 

S. African: Granny Rmttb 8.SM00. ftTilie 
Winter Pearmain 720 Starting DcHctons 
S-S- CoWen Delicious S.SOS.BO. Yorks , 
. 9.0A6.M: Cbflean: Granny Smhfa 7.20-7 Wl; 
Now Zealand; Stunner Pippins 163 9.90, 
173 9.09. Granny Smith *7.00: Italian: 
Rome Beamy per pound D.J6, Golden 
DeHctons 9.18-0.17, Jonathans O.H. < 
Peacbra— Spanish: Trays 2^63.00: 

tiallm: U trays 2 Oo-4. 00: French: 1.00- ' 
, 3.00: Creek: 2JaL2.08 Necurtore- 
; i30-L50, Pear*— Victorian: l 

40 to Josephines 13.60-14.00. Winter Nells 1 
MJB. Crape*— Israeli: Porlette 4.00; u 
Ornriot: 12 lb Pertette 7 20. Cardinal 1 
; J-»- Plums— Spanish: S kilos Gavtotu * 
2,80-3.40. Santo Rose 1JBM.00, Bortanks , 
I S' 2-5 *-. *FrieMs— Spatoah: 8 kilos 2.60- " 
2^0. Banana*— Jamaican: Per nound v 
0.J3. Avocado*— Kenyan: Foerte WSfs 
3.0MJ5B: S. African: Foerte 3J66.50. 

Ca oakarn*— □ arch /FVcoch : Per 5 kilos - 

3.00. Cherries— French: 0.70: Washington; 

0M. Osiena—Cuaarr. 23B; Israrli: 3.30- 
4.00: Spanish: 2.50-3^8. Pataiocs— 

Cypriot: 520: BriOany: 2.99: Jersey: 

55 to —40. Tom aloe*— Dutch. 2.SO-3.00: 
Cuensen 2 202.00: Jersey: 2^0: French: 
5.40. Carrara— French: Names 56 to 
boxes £.70-2.80; ((niton- 2.00-3.40: Cypriot: 

2.00. Beoireot— Cypriot: 22 to 1.60 
Cborfletres— French: Per pound 0.25. 

Erafith produce: Potaraes-Per 58 to 
£.4fr!A0. Lettuce — Per 12 0.50.- cos 0.70. 
Webbe 0.60. Rhubarb— Per pound, out- 
door 0.09. Cucumb e rs— Per tray U/54's 
Moshnoms— Per .pound 055. 
Apple*— Per pound Brantley’s 0.10-0 20. 
Tomatoes— Per 12 ib EoEbsh 2.B0-2J0. 
pretao— Per crate. Kent l.W, Cabbage 
L2M.40. Cekry— Per 12715’S LSMJfl 
Strawberries— Per i ib 0.15-0^0. Caoli- 
nowers— Per 12 Lincoln 5.3L2-4Q. Bread 
beans— Per pound 0.07-0 US. Pea*— Per 
pound 8.12-0.13. Cberrie*— Par whjm 
B lack 9.98. While 059-055. Coeseherrles— 

Per pound 0^2-0 J5. Cowpeiiep— Per 
POimd 0JB. Beetroot— Per 23 Ib S.50, 
Garrets— Per 28 to 2JIkiv«. 

Prices per tonne unless otherwise 

July 6 I -f- Itonth 
1973 — 1 bjjo 

U.S. Ma'rkets 1 

Metals end 

Hotals ! 

Aiumtuium C680 (. L680 

Free mark 01 l.+r) 8I.QfiDi4oj .-1020 90 

C^n*rraah WJBai- £695.5 + £.5 .’»:739 
s' nii.uth- .io. do. E7 16.2S + 2.5 ! II / 79. 5 

C’«-li CRtbwle. 0592 +8.5 l’755.7a 

i mreith- do. (tw. C712 +£.25f773.i5 

fif'd Troy ni. -1B4.57b — 0.5 ,j |tl.47». 

lAad CatJi t3D6.2fi +0.75,C521.75 

■1 IwnUi- L516.7J €331.76 

Klckei ea.666 £2.556 

F«w Jton£etuali(ibl 5L8D 61.90 

1.94 J 2.03 

Platinum trey os.. £129.6 'CJ22 

Free Market. 5Ut9.65 T 0.4 i«:150.25 

Quicksilver l76Lb.l SUOiaol 'S127-52 

unwtiw-ot 283.3u 1+0.05 291 

4 ■tuba 2B0.B, J- 0. I&29B.75 

Twt ‘-’wl' £0.607^ + 37.5^6.750 

a months^ .) L6.B47.5l t 5 J5 16.615 

5 r *iiraui 32jC4lbwP.jS132.36; e 129-34 

Zinc ra-lt .jCSOB.25 1 t 1.0 i-334 

» ""’ot b- IC518J5 :+ 1 . 125 i343.25 

nurtut*!*...- iSb&U-bOO J. -fabo-allb 

Oils 1 

Ivtvnui I RUIl 5650/j £0.0-5655 

lireuutlnuu It: 698 ! 1:744 

Lm>e**l I'neie ivi.lCoOS j... "... C3S5 
IVlut Malayan jg640k j+10.O,»6O8 ! 

Seeds ; 

CutiiB Phillip 5460 p .- 5.0 s-440 

iVVahmo tV Jj j. ... $2/&t |+ 1.5 ,9291 


Banej- EEC j . * 

Home Future*.. ,. £81.48 + 0.45 C8S.95 

Matre I . 

French So. 3 Am £103 —0.25 £106.25 

wheat | 

No. 1 K«d ^nruu-roap U’97 

Hard Winter j 1 j 

Euglwh Milling. £105 i£104.5 

uooa shipment — £1.850 —28.011:1.732 
.. £* hl E B Se J*-- - ffl.7SJjl-ta.7S £1.637 
Coffee Future. I 

£1. MS. 5| — 65.0/ f 1. 767 

Cotton ’A In den — 70.95e 70.55c 

Kubber kuo a4.25p +1.0 (57.25/. 

>uc»r 1 Kaw)„ £90 Ul.0 £104 

" "n'tos* r-t- kilo. .. 8t»3n 1 Ijolj, 

• NominaL * Unquoted. b August. 
»i June- August- n Juiy-SraL p July- ABE. I 
V Ausust-Sept, xPcr torn 


financial times 

Julj & j July 4 jJloath 354 i"o*r «■«.> 

* 40 - 3 * ^4Q-Q 5| <nO,61 j / ~47.63 ~ 

(Base: July L 1032=190) 


Joly & . July 4 .Uonth 55* SSi ego 

1^9.814 58.6 J 1526,2 1547.Q 

iBase: Seotember IT 1931 =imT 


Uow j July” July fMWthT' Year 
dvaeaf 5 0 ico ^ 

^“•IST’Kte 09 5 o9 1&321.13 

gutntra 1341.03 d45^7l355.34B4a.Ba 

(Average 1&14-23-M; 


. cocoa down 

NEW YORK. July 5. 

’ COPPER CLOSE I » link- rtwiw.-fi on 
> mixed iradint and Commission Rouse 
activity drspiio a J tvni pi-r pound cur 
n rtonu'snc producer price, precious 
metal once acum closed mixed on hohr 
snecuiativu Lquirtanou prior io munthb 
IMF sold auction. Coou vjs sharply 
1 lower on trade arbitrage selluu. jnd 
! coffee fell on ruibour of rerlund pnccs. 
Bache reports. 

Cocoa— July 114.42 «I49.JJ>. Sew m.7l 
U45J0I. Dec. March J3J.WI. May 
l-’S.jj, Julv IJ7.05. Sepi. 115.D0. Dec. 1JJ.73. 
Sales: SS4. 

CoRee — " C " Cumraei: Julv U9.J3 
ll34J2i. Sept. iI-LMSi. Dee. l.S 50 

naked. March 119J5. Muy It.."-', asked. 
July S-.-pi. 115.110-114 HO. Dee. 
lia.flit-lloOn. Sales- 773. 

Copncr—Julv 99 9» i59_0i. Au~iui :i0 70 
1 55 ,7th. Sept. bn.:w. D>e. *57 00. Jail u.-.+l. 
March ts.tio. May 04.60. .1 uly Sept. 
«W.R0. Dec. OS.un. Jan. 6S.50. March itf.j*'. 
May 70.50. Sales- ’.‘.OfiO 

Cotton— No. 1. July 5)>.3IL.ili.3U ■54J)*il. 
Oct. 59.95 c50.5u*. Dee. i>0.7U-Ud.7J. Marsh 
62-5. May i^.ltuCJ.M. July ii4jn.6i.:MI. 
Ovl. 64.70-tM.50, Dec (ft.70d4.50. Sales: 

Cold— Jab' 153 SO ' IS3.r<J*. Auauvt 

184^0 I1S4501. Sept. (So 30. OcL lS7.un. 
Dec. 190, jO, Feb. IPJ-M April Iftn'.hfl, 

June 189.70, August L'CCSO, Oct. -113.90. 
Dec. rt&jy. Feb. 2U.39. April i’lJ.ifl. 

Sales: 5.434. 

j tLard— Chicago loose — w) iJlili. NY 
Prime steam 2430 iradi-fl *24.73 trad-tl*. 

tM&ire— July 247J--.M7 U44*. Si pi. 2JPJ. 
2301 12471 1. Dec. 'JMi-'J+i:. .March M'i. 
May 2641. July 205. 

SPtoUimm— July S93-21930 *24030*. 
Oct. 243 00-243.50 (244.10*. Jan. 24dJI(l. 
346.40, April 249^0-249 .Jk, July 252.30- 
332.50. Ilel. 233 CU -235 30. Jan. 253 10- 
238.30. Sales: 1.2tUl 
IStlvcr— July 3.M90 i32S^*tt. Aucu«t 

527.S0 (52930*. Si-pi. S31.50. Dec. etJ.i'O. 
Jan. 546.9U, Man-h 533.0U. May 562 un. 
July 572.40. Sept. ai> Dec. W1.9U. Jan. 
tOU.SO. March May <I14.2H. Sal-’*- 
7.200. Hardy Harman spot 324.70 <5:5 . mi . 

Soyabeans— Julv dS7-r+9 **“*!*. August 
1573-871 1957:1, Sept. G40. Nov. IHiP.-GI?. 

lrHlIjfl tl.n-h ,;*o nine 1 

HIDE S leads . Uncertain wuh prim 
lending to ease, si-334 tales Sfl.Osper 
kilo, 28-30} kilos withdrawn 56c. be 
kilos vritbdrawn S3 Apl LtoU coin wlib- 
flraWH SLS» per kilo. No calf offered. 

joir.._. . — j nmr 

Ustubw .—12*04 _ 

Sales - 1 (uD) lots of 15.998 kg. 
SYDNEY CREASY— (In orf- (*«*- 


* OeL 345.0- 
845 j>. vtf.040.5, 8; Dec. 353.0-21BJ, 3S3A. 
353.0. 23; March ^ 356^-357 A. u- 

Mil W2.1-SCA 30^380^. SHE 

355-4. 3fi6-0-303-5.37 Oct. 3SSi-2^j i 3EB.B- 
3SJ). XlbZ^n.0, nfi, afl. Total 

sales; cs. 

Merino export 
ban relaxed 

CANBERRA, July 5. 

A PARTIAL relaxation of the 
embargo on exporting Merino 
mms was announced by Ian 
Sinclair, Australian Minister for 
Primary Industry, reports 

He said export of up to 300 
Merino rams will be allowed on 
a 12-month trial basis, beginning 
With ibe Melbourne sheep show 
on July 24. 

, . 4uly j Julv UdBth Xrei 
Moody *i 6 1 3 «£», 

aplo Uommtv^lg. HcS.B 600.7 
t Pflcembcfr si. inxia itwi 


By Our Own Correspondent 

. NAIROBI. July 5. 

Ubya is to import 3,000 tonnes 
of coffee from Uganda under an 
economic, technical and cultural 
co-operation agreement just signed 
oy the two countries, 
r 1 £ ccort fo , G to Uganda Radio. 
Libya is to send im metres of 
textiles and is studying ways of 
supplying in addition 13,000 
tonnes of gypsum a year. 

Jan. S20i-A2i. March U29. May iftl 
July a23-6JJJ. 

Soyabean OH— July 23.22-25 25 *24.77*. 
August 24.30-24.43 *34 SO*. Sept. 2~t.i5a-23.KS. 
Oct. 23.00. Dec. 22.U5-22.U0. Jan. ji.sft. 
March 21 u5. May 21.50. July 21 ~n 
ItSoyatiqaa Heal— July I7t.mi-i74.ia 
il70.Mli, August 172.Stt-174.U0 it7ii.*Ul., 
^epi. 172 SMTIUO. Oct. 17n.5u-i7Uin. D-v. 
ns. 50.ins.ou. Jan. i :fi$.:*o, March 
170.30-170 -ID. Mar July lTL'.UO, 
Suaar— Xu. It: Sept. C.^-*5 5fl n..SK». 
Ocf. H.C5-C.6*5 1*5.95*. Jan. 7.2n“~4. March 
7.33-7,38. May 7.*a-7.b2. July 7.SM-7.S2. 
SvBli 7.03-S.OU, Oct. S.12.S.I3. SaL-s- 4 270 
TIb— -SCO .O 0-369.OO nominal inui avail- 

••Wheal— July 32H-32ii> (31711. Sect. 
333-334 * 320; *, Dec 3371-337. March 33U;. 
May 334i. July 320-327. 

WINNIPEG. Julv 5. riRy* — July 
103.00 bid llOOAu h<d*. rtrt. 1H2.90 bid 
flOO^O bid>. Nov, 102.00 bid. Dec. 101.30 
hid. Mar 99.50. 

ttOals— July 72.90 bid tT.' in bid). Our 
73.DD bid 172.00 bid*. Dec. 73 00 bid. March 
73.10 bid, Mar 75.50. 

ttSarksr— July 75.10 bid i 74J0 i. Ocr. 
73. 00-73. 10 ( 74.)0i, Dec. 75.10 asked. March 
*5.10 asked. Mar 75.20. 

SFIaasecd-July 130.30 bid i2!3M bid). 
Oct. 236.SD hid 1225.00>, Nov. 220.50 nOto 
Dec. 233.10 bid. Majr 329.50 bid. 

frtVheat— SCIVUS 13.5 per rent pralcm 
nmrent elf St. Lawrence l*!tS4 (Krt.iaii 
;U1 cents ocr puand cx-traretinasc 
nnli-ss otiieru-isc stated. ‘ Ss m.-r irov 
outlet— 1W oiinre loss. ■! Chicago luu ;.- 
Ss per I(K> Ihs — Dept, of ,tu. prices pre- 
vidus day. Prune steam fob. NY bulk 
tank cam. .7 Cento per 50 lb bushel ,.v. 
wa rehouse. 5.0W bushel lots. •, >.s nir 
iroy oatux far 50 os units of 9P.9 mr 
ccul purity delivered NY. * Cents jut 
troy ounce tx-wareBousc. l| New ■■ R ’■ 
> n Ss a short ton (or bulk lore 
of 100 short tons delivered f.o.b. care 
Chicaro, Toledo s,. Louw and Alton 
PW • to bushel in m™: 

' S8SK 

to ” lm tow 


-r. 3F7 «■ _- - . _ 

Equities lack incentive and fellow long Gilts lower 

GEC nervous awaiting results— Swan Hunter suspended 


— — — , July *r i 4obr Jtuta'iAV* 

- ; b • r' | •. / , j ao j _» ' a t • _m'S»M ».oi « 

Fi.rt Inure* - «■»! 71 *7 »M* W.M- « 

tnKunrrut OnllWT— «*»,« «*.![ *»l| «87.3f W* 44; 

GnW Minns. w : «Mj “ 

OrtL Dir. ‘ “■“! ^ 4 

Account Dealing Dates tion in the level of business In amount off at a 1978 low of 308p. sentiment si 
n „ Traded Options yesterday. Con- Decca also came on offer, the poor results 

. T . . . tracts amounted to 292 compared ordinary losing 7 to 4Q3p and Bassett wfife 

First ueclara- Last Account sis on thmu<bv with m«ir»w the “A" 10 to 2S0r>. Of the few the turertotfi 

i unsettled by the Sop and. fbUowfng the disappoint* 
isSoSd by George in* figures, John WuMtaffon, 
faSdTt I20p after inTtiaHy 4 higher at 204p. 
6ay» s loss of 13. retreated to -the overnight level 

■*» ““ *»*;i** »“s- * were tuiujjicira, were m- »»*u|<uuv«« ■ w »»» mui yriccs •'j- — — ~-r — — — nn - T — . _ - 

July 24 Aug. 3 Ang- 4 Aug. 15 clined eased with GEC October the upsurge of 100 in the past narrowly b4f6ri*%k»si«g with small jvmiertles were quiet «7P on we denial of racetat 

- - How time - dealings may take place reactin 3 to 22* and The July 260 week of trade under Rule 183 12), mixed movements. BeecbaoL largely untested. Occasional ™nwrs of a forthcoming - scrip* 
tnm w» US! iwi sSS^da^taHta? 6 to Ss. ■ Ferranti yesterday requested the 645p, and Gtatv557p. both ended issue- ‘ ™ 

. An early recovery in leading „ ^ 4 _ SrftKJSSK *, £a«r. regained on exaggerated movements. A _ V 

th ?i~.E ncertai “ ^ eeonomic ing issues continued to ' drift 
outlook. lower. Barclays reacting 4 to 3Q3p 

The influence of the trend in and UoydS 2 to 248p. Hongkong 
British Funds on equity markets and Shanghai, up 7 at 333p, pro- 
ws s well illustrated by the FT vided a lirm contrast in Overseas 
30-share index which, after besin- issues. 

nmg the day 1.3 higher, was down Breweries were dull, while con- 
st each subsequent calculation, tinuing nervousness ahead oF next 
being a maximum of 221 easier at Wednesday's figures took H. P. 
1 pm and finally a net 1J lower Buhner down 7+ more to a 1978 
at 432.0. low of 114ip. 

Grlt-edged securities went Building - descriptions were 
easier from the outset with the hardly tested and ended with 
emphasis switching to the longer few' changes of note a Tier a con- 
maturrties. Anxieties about wage tinuation of ‘ the previous day's 
inflation returned and in the first low level of trade. Further con- 
tour of business induced s5me sideration of the profits and divi- 
free offerings of stock which dend left G. H. Downing a couple 
could only be absorbed at lower of pence better at 220p and 
levels. Thereafter, trade came to modest speculative demand lifted 
a near-standstill and quotations Brown and Jackson similarly to 
came away from the lowest, but a 1978 peak of I32p 

closed with fell, extending JbriMd hlghcr Jt olltK , t tQ 

*' 3fi7p. Id retreated to the Over- 

Pressure on the shorts was night level of 383p in the absence 
relaxed in the absence of a con- of buyers. while Fisons in similar 
tinuation of Tuesday's liquidation circumstances touched 337p 
and marginal initial losses, which before closing a penny better on 

taKiTiMc at -1 four especiea io ok in oepiemoer, me ®»p. Tne »4c« of a SUDStaniuu atut . tllft r_nnifatl shares a like caused tfte OUinon price ZO-'tmm- 

gSSi remained nreoS-uni^d H ^ < mbros J shares yesterday ended at 470p. rrcSvery in^^x profits during Wp (SSETbotS » cents to S1W27S per ,oa^ 

w^wwriK Sout ooksmiTun m - d furt ^ r reacted John grown took a modest turn the current *ar pimpled firm- sSS added 4 tiTSto and affected sentiment to Softdr 

confrontation^ ^ with floret 3 ^ I55p; the an " ual for the better aJter recent profit- ness in Rexn^; 5 dearer at 60p. ***** atWed 4 21 ° P ’ African Gold shares, tort &£&* 

SSnt ^ Sltr fitiS! *nay SolkS SS "iff 11 *- d «e tomorrow. ELse- taking and touched 3S4p before while Scoter^ responded to tbe D . __ ended on a marginally finwaf^Met 

the uncertain UK enMomie > vher * t&e Banking sector, lead- drifting back to 380p and closing chairman’s enctnfraging statement BflSfer Oils awaiting the outcome .<■«£»?- 

c economic ,ng issues continued to drift latest International Udnawcr 

ot,tlook ^ lower. Barclays reacting 4 to 303 p ■ -rt ■ h. 9H?. uS? lhai ? -? f J?1^7 Fund gold auction. . - 



F.T. Actuaries Index 

= w 









but British Petroleum succumbed i 

to modest American selling and nJ 1 * 

eased 4 to SSOp while Shell fSJSSSLSL 

managed only a marginal heavyweights. “wdtMtaiiw 

improvement to 552p. Lasmo i U, ^ ep 1 ° at e £»fi ^hlle^wS 
eased a couple of pence to I33p *, 

after a reasonable turnover and registered a smucifr 

modest persistent offerings « 

dipped a like amount from J" fhe lower-priced 
amount from Burmab at 58 P- Storontefn attracted further? 
Stebens (UK) traded quietly and j °S and Improved 5 more toj 
finned 2. to 332p, but Ofl Explore- far a twhday n» of 20 
tSoa softened 4 to 2l4p in South A fn«n Hn MjeMtj 
response to a late seller, while quieUy mixed. De Itou , 
Ceaticry. recently firm on the another 4 to 3S9p — the CSGd 
chairman’s confident remarks, yearly sales figure Is «*Pfl 
shaded 2 to 61p. shortly^-while “Amcoal":^ 

in for Profit-taking and-, an 
J lne protracted quished 35 to 575p. & 

with the Jamaican ^ 0n the other band, 
Gpreniment, Jamuca Sugar eased Lo ndon and Cape interests 
eased 2 to a p ]atill ums move further - afc 
1878 _ los f® s of still on consideration of a tab) 

areand 10 were seen in Inchrepe. circular. Rustcnburg and 
4^, and Harrisons and Crosfield, gj^e were both around a w 
4 * 3 P' firmer at S3p and 86p respectm 

New Throgmorton Capital. 10 A continuing lack of^fj 

Bqiiliywnwwgm^ •— «*«.»** 

Zlto, tmnraln* total..’ - ! X4.M8» Xl.WOt lg,WiUOWl l g«|0g lrtt 

^ ■ t t r r io^ia J 4sCC~h "«P1 "<8i .or~Noon *at.L a pm «SU. 

9p» <w.°- 

UMI Tfitftx flwMr ISA 

* FLssed d& St pet owt tssmxmUtm t as-, j Wtf-J Wt . 

Basts u* nSvnatre »n«rtA !«■ ^ wf/3# - c 

i^nw 1S/S.-3S. SE ActlvRT JOIf-Dsw IMS. 

highs and lows s-e. activity 

: . f~U 

; High j low Btgb i Law ! - * 

Opsvttaem^.' 7aM J UM | ' X4«.l ! 161 

u.ii , ®.« C8/1-MI I tJ.’l/m ; hRhwtw*,.. : 164.1 ; itc 

in> - 8XA? ; 70.73 i 160.4 : 50.64 J SjmaiUKd... 3tl ! 32 

***** fi.a, : fomi ' *•»+* * x«.a ; hi. 

IwL Ort W « 4«L4 J mi! 4B.4. « 140.9 j X* 

> rtiil tWiMOl. . 150.B ■ 144 


.81.27 i 70.73 

|V.*ll • tM* 

w. o- \ w : ssmu! jasi 1 sscWhm i « 

OoM Mina*. 

168.6 i IWJ 441L3 i 43.5 • bfmwaHv*..: 33.5 
..-■ 55 ; Ai\\ . I mMln&bW .H) > T enf*. 9B.9 


£m< 1 wiwHLOIM IM LOWS tar ^*>5. TlWWT* 

NEW HIGHS (311 T ™ n <&£ ySftoS^Etalfe S * ■ 

FDKtlCN BONDS Cl) . ^ « SwalSSkl 3% 

ttofMUSU L.CX, S*3K M77.JH 

had carried yields into the 12 pec balance at 353p. ‘ ’ unaltered on balance at 382p. on the trading, qutlook with a SSw-JK™ MelboSne^ ’ImStets ctS 

« 7 n £ss- taa ss£ peraistent demand ,ifted «?u^? se in wo, ;f e y rise ° f 2 ***** * a %£ 8 “ fi s ssriniT! r 0 ^ 

Howard and Wyndham 3 to 301P. « c j^ d ^ed^nun^iffted GR Bold- V rfW hardened 2 to 33 P , while the level of 

s&L- arsissf«™s 



■ U ,tD.N«*S a ^ 

, ’ ,d 

"""““‘VlNIMAS <D 

Howard A 

gS4 wrn KSrvSS&ta 

° eWh, ” t njgCTBICALS «* 
Itactrocomoonont* WfJtaWjMj Fkttnfio 

Bridcftousr Durilrv CfftnfB 

INW«TRl*iS •*> _ 

Asswu Soravcn Duisv BUnrmoc . 

Notch Wtaii* 

RMO MOro gte jtaCk M«HW 

r R OP«^ rn t5l M *' ,t 

HKLaw * TomJftC* 

Cmrtt Inti. . SiU ViSCOM 


Barry Trust Monies Inv. 

Crescent Jjnii Scot. E« in*. 
Drayton » ar Eutom SconU In*. 


niBic iu o*.w. . : — - — * uie goaa annual results »im a neaaway incniaea K. w. tootniii * »w,cwi»u>^ *ui « t| gin „tMi 

Of the dav's individual feature® / a ? a j? s . Iar f? st , 5 etal J. er v Daie i rise of 4 t0 46 P* while the a "d Vniflex which both improved reaction of 5 to 78p In YnJe Catto «S?«n 

GEC met with loose seUine from L aI ed 0 s ^ mu ^ a ^ Marks and encouraging tenor of the full 3 to the common pri ce of 4tp. In following the previous day’s p ^ 

wme '"holders ne?voi£ of m 2 SCSELf report left 600 Group 2) dearer contrast, Nortpir^d Wright sko speculative jump of S. ffiSltex 

no unmex which both improved »p™. 136n on further considerafcwEef tov»uo«: 

aaxsB w-r a rr w IHp - ssk-ht-w *n-s saa.&Kr- dl5S £ 

company’s profits today matching on 3 t "l34p fi^spSJiM*” the iLSfc ?t°^Rn n 175pin ?^ lntei1 eased 4 C??** 5 .^ternational featured Among Coals. Oakbric«y"*dl tr«d W rii 

analysts' projeciions. while Swan Salnnan’s ^enco?raeiS“ state SlSiJS Jjp. but Tex to 11/ p. ., Textiles with a nse of 9 to a 1978 heavily in overnight market 

Hunter were suspended during the S al the SSSl SJftfnE %W ffiSSSSfSiSd ° mo?^ta Molors and Dfetribulors spent P^k of Mpm a restneted market. in line, gave up 8 to Uto 

afternoon at 12Sp, pending the KiTirou! doSed 2 lower Sn * another quiet session. Turner "WIe Press comment helped while the co-partner in 

final compensation terms; these J? n ^£ rt afteT ^ 5ln follow inc^he JZfi Manufacturing edged forward 2 to K«rw Bond or to finish 3 harder Bundle oil shale project. C 

were announced well after the ?* 2* VS a M78 peakofmp on the de- atffiip. Pacific Minerals, dropped-! 

market close. wiil ^of reach thl orerious year's cision that the Dana Corporation Currency considerations were 575p. Australian selling IS 

Corporations moved in unison record! Court (Furnfahers) ^“*A” SiSASrn bid ‘s not to be referred to the n»go^hle for weakness in Sou th Gold Sftoes of Kalgoorlle Z j 

with the longer fui?d5 U Jmd encountered profiMaking; and jjl vSSZCB&iiS , 1 ? ,B 5S ssto "’ 

recorded losses of 1 in some cases, gave up 4 to 107p. while Home 2G0p. Swan Hunter were 5?? lIa ? ve ^ nte i? s i- e ? ab i^ 57511 31,(1 0K Vsl -* 

but recently-issued scrips were Charm were a like amount down temporarily suspended at 128 p- Kwflc ;??S J t0 *i os ? £v? iad S ^ a i. d !r« r Baaaars 10 10 42flp ‘ Tara Kxp oratlon to 

only half that anmunt easier, at 164p. In contrast, buyers details of nationalisation compen- r.Lr^iLSio 5? 1 « ^ 

Southend-on-Sea 12 per cent 1987 showed occasional interest in sation payments were announced ,,al ®s ease a r to s tp. alter aiip, ■ ■ ■ — ■ ■ ... J« 

closing at 8. or a discount -of 2 MSI. 2 up at 99p, and Bambers, jgter. ?. n .disappointment with the pre- .M 

on the IlO-paid stock. a similar amount dearer at /4p. Among Foods. J. Lyons revived 0 jj favourite Thom- OPTIONS J 

Another extremely quiet day in with a rise of 3 to 81p following ia? 

™ !5SRS!S , JSST , .“JSJ G geC ““^romlnentlv in fShU STup a^e ri8i0 s f 8 10 Pint “tat* 0 For welTLSh'ofl. 

ss- a saBsunl 

I^pets international featured Among Coals. Oakbridte'jbH B^dweii 
Textiles w«h a nse of a to a 1978 heavily in overnight markets tod. ergo 

Scot. NBtttm*! 
Scttt. UW. Inv, 
Tritatn# In*. 
wt rmrt otaacB 
Fittror Inv. 
.St.Gconn . 


Eitate Outin 
G.T. JiPin 
iRvtsiing in SuccM* 

J inline jMin 
■rain* Sm. 

****”'"• ™Mx»£ars? m *' - 

FWnM Fin. Stale Ward and GoMrt 
Atern Ahuntawin Howard Mkium 

Bowrtaa fC.TJ Son Lite 

rtwootN • 

. rwmry 121 

Froo. A Raw. A W op. HMo. a h» 

PA, 6 OM. PW1 ’° Ki 5,1 





Up D«4 !■ 

BrUIrR Fond* XX 34 ■ 


Bradwdl Cothrfr .. 



NEW LOWS (33) 

' BANKS n) 

Hill Samnd Warr. 

■rUM Fond* XX 

. Cat-pOS. Danlqlw MHl 

-FaroitR Dand* 11 

indntrlali jsft 

PInmwM «k 3 frw. ... 131 
os* . 4 

nUUNMft. 1 

Mine* 41 

Recant Iw oa a 1 

Touts 573 



anoinfr extremely quiei nay in 
the investment currency market uciL OH OuCF 
was enlivened only by a single rrr 

First Last Last 

Stocks favoured for 
were. Bunnah OIL KC 

sra sTmTui Muwmi j * “w s kt tin sssswff&a 

easuy met ana naa mtie impact Ki ,- ah i- rtr rfa.r K . » ._ tn trad* in Airhon Himniinn i»i> ings »ngs uon ment vinelal r Kwik-FJt and GE 

many higher at U2f per cent. % t ^ ay - s preliminary figur^ at the annu81 meetm ^- Rown ’ awaftingtodw’s^ua] results. July 18 July 31 Oct 12 Oct 24 Bunnah Oil and Kwik-FItS 

v: a?n«.l^7 S S«n VerSOn factor Selling V in front oftomoreow's troe Mackintosh remained a dull The rSulte and t8fe rfiainnaiS Ang. 1 Ang. 14 Oct 26 Nov. 7 dated calls were done’ fc& 

was u.wjr lu-owi). results- also took its toll of Thorn market and lost 9 to 391p for a statement on future prospects For rote indications see end of and Redland. while a put'll 

There was a marked contrac- Electrical which finished a like two-day decline of 19 with left Eucalyptus Ptdp/T5 lower at Share Information Service double were transacted In 1 

Stock tkm 

- icr a 

Shell Transport... 25p 

GEC 23p 

BATa Defd 25p 

Boots 25p 

P & 0 Defd. -.... II 

2? BP £1 

‘S* Grand Met 50p 

Marks & Spencor 23p 

fe.** 1 Commercial Union 25p 

GUS A 25p 

©C GKN ...; It 

i® j*. Rank OhT.' 25p 

JBC"SpTllers ..‘r......... 25p 


Denomina- or Closing Change 

Uon marks price (p) on day 

— £1 11 385 

t... 25p • 11 — 552 +2 

Arab International Bank 
Cairo, Egypt. f 

Invitation for 


for General Contractors. 

The A. I. B. -Center is an 
Egyptian Public Law 43 Prefect 
created by Arab IntenntiocnL 
Bank The Prefect is located near 
the center of Cairo and consists of 
one 750-roam hotel, one 20-story 
office building and two 32-story 
apartment buildings all inter- 
connected by a 5-story mixed use 
building. The gross area is ap- 
proximately 245, 000 square 
meters of reinforced concrete 

The contractors who are 1 
qualified win be expected to sub- 
mit a firm price tender for the j 

structural elements, and general 
conditions for the entire project- 
and submit a percentage fee for 
the acceptance of assignment by 
the owner of subcontractors for 
the entire project. Site excava- 
tion work and (he installation of 
piling bas commenced. Structural 
drawings and specifications are 
complete. The remainder of the 
construction documents will be 
completed by mid 1978. 

Prospective general con- 
tractors pre-qualification tender 
must contain the following: 

L Certified year-end financial 
statement and a current 
applicable balance sheet . 

2. A synopsis of personnel of 
the association including cur- 
ricula vitae of the top officers. 

3. Names, dries, experience in 
construction in general and 
experience in the Middle 
East of senior staff who are 
currently in your employ and 
who wiD be assigned to the 

4. Number and tides of senior 
staff people who will be ob- 
tained from other sources 
and the sources thereof. 

5. Company experience in the 
Middle East, if any, including 
specifically the number, type 

and toe of successfully com- 
pleted projects and year 

6. Number oflrigfa rise buildings 
completed worldwide Uh 
getlKC with a brief descrip- 
tion of at least four major 

7. Number and description of 
projects of comparable size 
succes sf ully completed and 
year completed. 

8. List of clients for whom pre- 
vious projects of similar toe 
have been successfoOycom- 
pleted with the name and 
title of representatives 

| who can be contacted as 


9. History of bonding relations 
on similar sized projects for 
the past 5-7 years. 

10. Sources of construction 
materials and the number and 
types of equipment for the 
concrete structure. 
Pre-qualification .tenders wilJ be 
received no later than July 18, 
1978 by: 

Arab International Bank 
%Mr. WB. Luster 
50 Gomorhia Street 
Cairo. Egypt 
Phone: 935744 
Telex: 9-2079 

Drawings may be reviewed at the 
foD owing places; 

Gerald D. Hines Interests 
2100 Post Oak Tower 
Houston, Texas 77956 

Phone: 713/621-8000 
Telex: 910/8SI-546S 

Skidmore, 0 wings & Merrill/ 

22 Hussein Bos tom Street 
Dokki. Cairo, Egypt 


mittt anonym* 

R Ml st re ne Commerce: Section B no. 8.621 
The Annual General Meeting of Share- 
holders of HOPE STREET FUND S J\. 
will t» held .at its registered ofhee s - 
Luxembourg. 14. rn* Aldringen. on j,., 
21st, 1978. at 3 JO p.m. for the punxne 
of comlderlnp and rati no upon the foHow- 
»«■_ matters: 

1) To bear and accept the reports of: 

a. The directors 
- *>■ t* 10 statutory auditor. 

2) To approve the balance sheet and profit 
and loss account for the year ended 
March 31st. 1S78. and to consider 
deciaratlon of dividend. 

3} To discharge the- directors and the 
auditor with respect to their per- 
form ante of duties daring the year 
■ended March 31s*. 1978. 

41 To elect the directors to serve until 
the next annual general meeting of 

5) To elect the auditor to sane until the 
next annual general meeting of share- 

61 Anv other business. 

The shareholders are advised Shat no 
ouorum for the statutory meeting Is 
required and that all decisions wifi be 
taken at the major) tv ol the shares present 
or represented at the meeting, wO the 
restriction that no shareholder neither tor 
himself nor by proxy can vote tar a 
number pi shares In excess of one-fifth 
of the shares^ issued or two-fifths of the 
shares present or reoresented at the 

fn order to. take part at the statutory 
meeting of July 2 .Tsl 1978. the owners 
of bearer shares will have to deposit their 
shares five business days before the meet- 
ing at the registered office ol Che Fund. 
TA, rue Aldringeru Luxembourg, or with 
one of the following banks: 


— Clydesdale Bank Limited. 

30. Lombard Street, LONDON. EC. 2. 

The Board of Directors. 

so ciete anony ae 

Registered Office: LUXEMBOURG. 

_ 14. rue Aklrinoen 

Rwl ?^F_?i_ CD!nmcrtt: Section 6 No. 8. 821 
The Annual General Meeting of Share- 
holders ol MURRAY FUND S.A. will 
be held et_ Its registered office In 
14 4 JTH* AJdrlngen. on July 
21 st 197B. at 3.00 p.m. for the purpose 
pi considering and voting upon the foliow- 


;Ex‘icUc Closing! . , C'.wnng Oi.wVoj.’ 

Option i prfi-e offer ; >oL ; ..tfer v.H, offer »rd. 

P 750 ;~85 , 2r ;1os las .” — 

P 800 33 2 ; 64 _ BO — 

P \ 850 ; 4 ; — i 42 ■ — 58 • — 

P I 900 : 1; T 16 : IS X 38 j 1 

5 m. Tnlon' 140 , 4>g { — ; I0*a — 15 — 

Uil. Union. 160 1 I* ! — ; 41; , 8 1 — 

i Equity 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 
. ; f and t^e Faculty of Actuaries 

Ing matters: 

1) To hear and _ accept the reports of: 

a. The directors 
- b. the statatorv auditor. 

2) To approve the balance sheet and profit 
and loos account lor the year ended 
March 31st. 1978. and to coraMer 
declaration Of dividend. 

SI To dbrchartie the directors and the 
auditor with respect to their per- 
formance of duties during the year 
ended March 31st 1978. 

4) To elect the directors to serve until 
the next annual general meeting ol 

5) To elect the auditor to nerve until the 
next annual general meeting of share- 

G) Any other business. • 

T»e shareholder* are advised that no 
quorum for the statutory meeting Is 
reouired and that all decision* wifi be 
taken st tbc majority of the shares d resent 
or represented at the moating, with the 
restriction that no shareholder neither bv 
himself nor- bv proxy can vote for a 
number ol shares in excess ol one- fifth 
ol the shares Issued or two- firths of the 
shares present or reoresented at the 

In order to take part at the statutory 
meeting of July 31st. 1978. the owners 
of bearer shares will have to deposit tbclr 
shares five business days before the meet- 
ing at the registered office or the Fund, 
14. rue AJdrlngen. Luxembourg, or with 
one Of the fallowing banks: 

— Horace Gdntrele 0 u Luxembourg. 5 A. 


—Clydesdale Bank Limited. 

SO. Lombard street. LONDON. E.C.Z. 

The Board ol Directors. 


The f oil owing table shows the percentage ebansest which bare takes placo since December 30, 1177. 
equity sect tans of the FT Actuaries Share Indices- It also cantatas the Gold Mines Index- ' 

Gold Mines F.Y +12JM industrial Group — .......... 

Orereeas Traders - - +M-S1 — — 

Mining Finance ... T,Tn, Electronics. Radio and TV 

Newspapers and Publishing — •-••-ci •r« 07 Pharmaceutical Products 

Toys and Games . 

Chemicals - 


Engineering Contractors 

Mechanical Engineering - 

Motors and Distributors 

O trice Equipment and Paper 

Investmont Trusts 


Capita! Goods Group 

Contracting and Construction 


Consumer Goods < Durable • Group .... 
other Groups - 

Metal and Metal Forming — 

Wines And Splrttt 

Textile* — 

Industrial Croup — — 

All-Share Index -• ■ — 

Building Materials 

Electronics, Radio and TV ... 

Pharmaceutical Products — ......... 

Consumer Goods <Noo-Durabtet Group 

Insurance Brokers 

Household Goods 

Food Manufactories 

Breweries ............. 

Eotcrtaninwat and Catering 

Food RetoQIng . 

Stores . - 

Merchant Banks 

Property ... 

Insurance (Life) 

fi'in.tfltlal Group 

»Wltf .. ...» 

Otscoufu Hnoses ’ ” 

Insurance (CortiPMlIc) .... 


Hire Purchase 

f Percentage ctaasea based on TuefitUy, 




















Stun, I 7'fnr 

June | 
as < 



Renunciation dan* a anally tail Any tar dealing free of stamp doty, b Figures 
based on proapeenn nxiipiaie. o Assumed dlefiieod and yield, u Korecasr dividend 1 
cover based an orenaiu yexti eantirws. r Dividend and Yield based on prospectus 
or oiher olllelal estimates mrd»» u Gross r Figures assumed (Cover •uurere 
(or conversion al shares not now nuDong for dzvfdend or ranktaB only for restricted 
divitftncs. s Placing unw? » (fubllc- p» Pcn« ankss olberwHe indiwiled. s Isaiud 
bv ictyler. y Offered to bdders ot Ordinary shares as a - rothtis." *• Issued 
by way of capitalisation t* Minmiiup tender price. II Befanrothiced. S3 issued 
in connection with reorgpnttiulan merger or take-over HH Incrodncdcm. •□Issued 
to former Preference hoKbss. ■ AlWmen letters for fuUy-paU), - • Piuvtaional 
or parOy-pald aliottucnt letter*. ★With warrants. 

Wed., July 5 Turn. Uon. 

July July 

Index j 1'ieM 4 3 

x*. ! « 

lfi 20-yr. Red. Deb & Loans (15) 56.57 57.16 B7asj 57,25 1 57.23 ; 57.54; 

16 lnvestiaent Trust Prefs. (15) 51.6a 13.71 bi.os si.ds ai.01! si.saj ai.3sj si.aal ai.34j 51.50 

17 Coral, and lndt- PrefS, (20) 7024 1S.18 70.62 70.48 70.66 { 70.69 j 70.62 \ 70.68 ; 70.64 1 66.86 

I - • i • • 1 • r f 

T Redemption yield. Highs and laws record, haw data*, and vatrep and constituent change* are pphUshwf in Satnrdap 
l*su«f. A new Hu of the enusttuwats is avail fifeto teom the Pabltshere, Ota WnaiwWI Time*, Srackcn Nano. Cannon Streets 
London, EC4P 4BY, prise Up. by put Zip. 

^h- a 

Financial Times. Thursday July 6 197S 










'll fa- Are. „ — 

sperty J’d 


jcctlw PlinS 

oney Fund. . 

nf , Property, 

iu. iMerllv* 

nx. Security 

ux. Mnnaced . — 


Top Fd.Ser.4 __ 
lM.Fd.Ser.4_ ... 
Wilt? Fd.Ser.-fi- 
Mtf.Fd.Ser. 4 .... 
loney Fd. Srr. 

Managed Fund — _p«L3 15«.7f | — 

Price* July 3. Hcxl dealing August L 

ibff LlfeAoiWince Co. Lti General Portfolio Life Ins. C. Ltd.V NPI Pensions Management Ltd. 

SLP»uI>Cnt»rfh>'»r<J > BC4. 01-048 BUI 00 Bartholomew C*, Waltham Ores*- WX31871 4g.OraceehinrhSt..EC3P3aH. 01-6234200 

uliyFBod- 1*7 »7[ — .J — PMIdUoFuod. I 135-0 | I — 

Portfolio Capitol j*L9 44.0| | — 

Gresham Life Ass. Soc. Ltd. ___ New Zealand Ins. Co. (U.K.J Ltd.? 

* f r ). Rr t Maitland Houte. SouLhendSSl 2JS 070262965 

G.L. Cosh Fund [968 101.41 +0.2| — ei»ivm1m piu 

Cl_ IntL Fund 1244+33 — ^S?tarTS!* 

CJ-Pjsy.Fuml—ki MLTj+Ojj - SSriSSraZIT 

Growth ft See. Life Asa. Soc. L«.¥ Far Erot FA 
Weir' Basic. Braj-on-Thame*. Berks. M3SM2M item-itM™ 

Flexible Fin*nce_| fL044 1 1 — P ^ — 

Lindbaak Seca.__ I ^ ..._.| — Norwich Union Insurance Groap 

cfftsSwi* "r*OJoi 1M l Z:J Z • FO Box 4. Norwich NTH 3NG. 000322300 

. 303 

mk 7 




127 3 




3*9 .... 
1565 _.. 
142.9 .... 
91J .... 

137.0 .... 

127.7 _.. 
1133 .... 


143.7 __ 
UU ..... 
1341 .._ 

>3 3&i 



. lew at July 4. Valuation normally Tuesday, 
[tuny Life Assurance Co. Ltd. 



». 2 

a 3 





92.6 ..... — 
98.1 +07 — 
95.0 ...._ — 

183.0 . — 

112.9 +03 — 
108 9 +0.1 ~ .... — 


. Old Burl Lotion St, W.i; 
Iquity Fd. Arc— .[1773 

UlMdlnUAn 134.1 

M.UoneyFd Ac.. UU 
, _ ntUlattFiLAcm. 109 1 

Guardian Royal Exchange 

Royai'&cehanfie.EC*. 01-2837107 Property Fb nd.— . 

Managed Fund . 
Equity Fund. 




roily Pen. Fd. Are. 2B8.7 
wirflFMAcc— 17*2 

XBSnfi&B | 

MEV Life Assurance LUL? 

01-4375082 Property Bond* _ .(174.9 384*1 | — 

Fined InL Fund _ 

Deposit Fund 

Nor. Unit June 15- 

r- 3<i.7 

1282 1349 

[148.7 1543 

105.7 11U 



Hunbro Life Assurance Limited ¥ 

70WPMlOjuw.London.Wl 0l-4»0031 — n. tja 

Fixed InL Det>_ B2S3 13LW ..... 1 _ Phoenix Assurance Co. Lid. 

— Equity 

Property 16*2 

Mac need Cap,-. 137.7 

Managed Aeo... lTfU 

- Otrriau 118.5 

GUI Edged 1232 

American Acc 953 

Fan.FJ.Dro Cap 137.7 

PeiL/lLDepAW— M93 
Pen.Pmp.Cap. 2B29 




102.4 ■ 

1013 ■■■ 


Pen. Man. Cap. 2013 

Pen. Man, am __ 259.7 
Pon.GmEdi.Cap.. 1213 
Pen. Gilt Edt Ace.. 1273 

Pen. B-S-Cap. 1241 

Pen. BA Acc... 141.4 

Pen. DA.P. Cnp. 

Pen DAP. Ace I 

* ima Hoe. Alma Rd.. Relgatc. RelaoUHOlOL. Pen. nop. Ace 5*4 


. UKV Fixed Iwt — Hi 


len pi an. |96£ 

Life Assurance 
. 1. Uxbridge RoadW 1* 

,;r 853 ~::i 

- .. . Uirtlays UIe Assur. Co. Ltd. 

SI Romford B«L,E7. 

■:^= m 









273 4 


— 4-5. King Willi mu SL.EC4P4HR. 01-6269974 

Wealth Ass. _JUM^U5Jj ~4J 

80 0( 

3 = 

Prop. Equity & Life Ass. Co.¥ 

1 18, Crawford Street, WUiZAS. 01-4860857 

R. Silk Prop. Bd. I 1805 

Do. Equity Bd. 720 

Flea Money Bd | 149.B 

Property Growth Assnr. Co. Ud-¥ 
Leon Ho uae. Croydon, CBS 1LU 015800806 

Abbey Unit Tst_ Mgrs. Ltd. la) 

72-80. G alehouse Rd.. Aylesbury. nZH-Wl 

Abbey Capital 131.7 33 71-0 41 4 34 

.Abbrj-Ineomt. ...1382 40W-0 3I 9 94 

Abbey Inv.Ts. Fd..D5 6 37« 431 

Abbey Gen. Tst.__|3.9 4fr7| -0J| 421 

Allied JTflmbro Gnmp¥ (a) Ig) 
HambroHse., Hinton. Bren wood, Essex. 
01*588 2851 or Brenluttod lOTTii 211459 
Balanced Funds 

Allied 1st. 

Bnl. Ipda Fond 

Cnhuioc... _. 

Eire!, ii lod. Lev. 

Allied Tapi lal 

H ambro Fund 

HambmAcc. F<L_.. 

I Drains Fund* 

Hi*J» Yield Fd 

HiEh Income 

AH. Eq.Inc._ 

latemaiJoui] Fundi 


Pacific Fund (46 4 

SecA 01 America— 

USA Exempifr 

Specialist Funds 

Smaller Co.'s Fd. 

2nd Smir. Co's Fd. . 

Recorerr Sits 

Mel- C'dlv. . 
uterwaa Earning* , 

Espi. Smlr. Co'] 

Property Fund 

Property Fund « Ai_ 
Ain cultural Fund 

Ajjnc. Fund »Aj 

Abbey NIL Fund.... 
Abbey Nat. Fd IA ■ . 
I nvrsUnr ol Fund 


Hearts of Oak Benefit Society 
15-17. Tavtcock Place. WC1H ASM 01-3875020 iiiSmMt f5.7aT' 
01-7400111 H«rt»ofOak J3fi3 385) 4 — EqaUyPond ' 

.. 7- Hill Samuel Life Ass nr. Ud-¥ SJSg ^ ,Al - 

NLA Twr„ Addtacombe Rd_,CTar- 01-8884386 Money Fund lAl 

♦ P r o per t y linita - _ 
Property Series A _ 
UiMpd Unit*—. _ 



Una gen - 



£^np.Aecan>."w"8 » 1DLI 
•o. Initial — f?3.8 . _98J 

Managed Series A~|4S5 
01-534 5544 Managed Series C„ 

H +03) Money Unit* 0205 

-OJJ — Uoimt Series A___. M73 

-0.M _ FiiMInt.Ser. A — »L4 

1 — • Pna. Managed Cap.. 1137 i 

-07} Pua. Hanand ACC..Q44.9 

Pnj. erteed. Cap 0053 

Pna, CTteed. Aec._._nil3 
Pena. Eqnity Cap.. _ (953 

Pen 4. Equity Acc nu 

Pns.FidJnt.Cap 1943 

Pna.Fid.lnLAec___ W4 9 

Pens. Prop. Cap [95.4 

Pena. Prop. Ace (965 

Imperial Life Ass. Ca. af Canada . 
01-833 UB8 Imperial House. Guildford. 71265 

1 1 _ GrULF(Uune30 1787 7631 I — 

1 ' — 1 Pens. Fd. June 23... (65 0 7a7f _„4 _ 

Call limbed Portfolio 
3 99_ r 

„S loo. 1 

Secure Cap Fd — 

Equity Fund — — 

' <40 s IoltiAl ■_ _ 


• , -toey MS Ace. -.hOBi 185.M — , 

' -Current unit value July 3. 

*. leehlve Ufe Assur. Ctt. Lid-¥ 

L Lombard SL. ECl. 

at Horse July It 127.67 
: Canada life Assurance Co. 

. ...y _ A Hijb ft. retton Bar. Herts. Mar 61122 foZ 

M7.a _ . 
169 jj -1.01 

97 Jj — oifl 

102. M +0.1 

96 31 -02 

U7.g — 


Actuarial Fund 

Gilt-edged Fuad 

Gill-Edged Fd.iAi.. 

0 Re tire Annuity 

frlmmed. Annty 

180 9 





183 8 

Gweth hnitu 6 Annuities U 

Ae. Uti (129.7 

•All Weather Cap.. pL9 

*tav. Fd. Uta Z. ■ 

Pension Fd. Lite. 

Conn. Pena. Fd. 

Cnv. pm. can Ul] 

Man. Peru. FdZ-.... 

Man. Pens. Cap. DL 

Prop. Pens. Fd 

Prap.pens.Cap.Ute. . 

!S£Si5?i£ J 


-5i } 

„ "wy.GUi.WJuly3.|»2 I - 

“ — tqj l ietmt- Fed. JuneS-l 12*3 | -—-l — 

'josn Assurance U4¥ Irish Ufe Assurance Co. Ltd. 

. Olympic Wy^WemUayHAOONB 01-8028878. 1 1 Finsbury Square. EC2. 

Provincial Life Assurance Co. Ltd. 
222.Bishopagaie.EC2. 01-2478333 

Pro*. Managed Fd_ 11132 11921 . 

Piw.CashFd. 104.9 1105 . 

Gill Fund 20 — .._ 1133 . 1193 -0.BJ — 

PnrperwFund 95.9 . 1818 . 

Eqmty Fund 973 183.0 . 

Fxd.Znf.FOnd |942 99j| . 


1 ..rep. Bond/Eaee — 
I lluiBAJEaeclUnit-! 

I i j t ... SsnosliBond ; 

^ ‘ ! ihlV^VAHtn 

" ! TopertyAeaun-.J 

.. 0667 
- ilU3 

.. OUT 

see — 0333 
_ 172 

. 0173 

, lam-Acctun. 1571. 

‘’-nd Equity 403 

nd Property 104.7 

ad Manasori — %4 

• Bd Deposit 96.9 


-«d Eq. Pmut/Acc. . 90.7 
bndPir.PeaWArr.- 1083 ' 
^ad Mgd. Pens/Aec 98.7 

-aid Den. Pena/ Acc J99.8 
tod Gilt Pens Arc. [W. 7 

. t ES.I.F. 073 


Current value July 4. 

! — 03771 

96.1 -06 

lioj .... 7 . 

1B2.0 -02^ 


3».S J 



Prudential Pensions Limited^ 
01-6388253 HolboraBacs.EClN2.VU. 01-40SI 

430 EquiLFd.June21_|i 

Fxd-Int. June 21 _ £8,72 38.1 

Prop. P. June 21 f 

A ^ 

Blue Cbp. July 1.^. 

— Managed Fund ' 

— ' Exempt- Man. Fd... {1013 

— . Prop. Mod. Gth. — JM7.7 20Slj ...74 — Reliance Mutual 

Z King ft Sbmssoa hUL Tunbridge Weiia. Kent 

— 52. Comb Ul, EC3. 01-8235438 ReLPrn P-BdS. \ 198.* I 1 — 

— Bond Fd. Exempt. ..[103. 18 3045^-0361 — yj«a t ]Wnnag o m «»nt 

— GortSoeM^-— — ^Switl^iAne.Londoe.BCA^^ 01-628 «5« 
Z Langham Life AssHrance Co. Ltd. KCftl,p ' 13 ^ — 4 “ 

— -LansbamHs.HolmbrookDr.NW4. 01-2035211 Royal Insurance Group 

— Langham ’A* Plan.. 163.8 67Jj I — New Hall Place. LiverpooL 0513274422! 

Z WOP- Bond. Xfi-3— -1 — Boyal Shield Fd. — (13*0 139i( 

— Wisp tSP) Man Fd|783 826) .—4 — 

— Legal ft General (Unit AmrarO Ltd. Jw ■ * 

— . Klucswood Houm. . Xlagswood, Tadworth: ^ OULHelea-s. Lnd^. BOP .^P- 01W 8809 

— Surrey KTZOBEU. Burgh Heath 5306 BaJ-lar.Fd. {I26.7 1MJJ -Olj — 

Cash luitla] 195.4 

Cmplt*l Life Assurance¥ i^^iiZZ: U5J‘ m3 -a 

Cuniaton Haase. Chapel Ash W*Um 000228511 Do. Apeum. 1175 123.71 -0 

Key Invest. Fd -I 101-21 I J — Fixed Initial — 5S 3"? 

1 IntL Initial 97.1 18*1+2 

Do.Acvum 97.6 10*5 +0 

Managed Initial 114.* 12*?) -0. 

Do. Acnns [117-2 12M| -0 

Psrenukerine^d..| 10*03 
Chirterfaonte Magna Gp.¥ 

10, Chequers Sq, Uxbridge U» 1NE 
Chrtbse Energy -— 

Chrthse. Money ” * 

Chrthae. Managed- 
Chrthse. Equity — 

Magna Bid. Soc 

Magna Managed — 








Property Initial —[98.4 

Do. Acetun. pUO.9 

Legal > General (UnU PensHaa) 
EkenqMGBSh Zolt -IB64 

Do. Acenm. (983 

. Exempt Eqty. Init— (12*9 
City of WestmiBSter Assur. Co- Ltd. uo.Accum. — - — ha* 
Bingstead House. « Whitehorse Road. Exempt Fixed lnit-PW.6 

Croydon CKO 2J A. 

West Prop. Fund — 

Managed Fund 

Equity Fund—. — 
nnnuad Fttod — 


PULA Fund- 
Pens. Mngd. Cap-„ 
Pens. Kngd. Ace-*. 
Pena. Money Cap.,.. 

Puns. Equity Cap- — 
—Pen*. Equity Ace... 
Fund currently C 

5731-0^1 - 

* Cil J f Wratmlnrier Aesht. S«l Ltd. 

_ Perform Units.- 

% „ 

oumasuBC. Do. Aeerttn. 1114 

01-6M9OM. Esampt Magd. Inlt 119-9 

Do. Acetun. 12*8 

Exempt Prop. IntL. M 
Do.Agcnm 198.0 

Property Fd. 
Gilt Fd. 



?1 = 

23461 , 


Equi tyPens Td. fj78 .fr 

PropPensFtL* .122*2 

Gilt Pens. Fd W*6 

DeposPena-Fit I98.7 103.91 —- 

'Prices on July A. 
tWee klf dealings. 

Schroder Life Gioap¥ 

Enterprise House, PMtsmoutK 070527733 

— J — EUaltrJaarSl 1 ,225.9 

Equity 2 July 4—— 2336 

Equity 3JoIy 4. u£S 

Fixed In* July 4 134.7 

FVxedlnU Juiy4 14A7 

InL OLJulrTz 1363 

K&S Gilt July A M*0 

K* Sc. July* 114.2 

Mngd. Fix. July 4 1296 

JJ ,, l , . hLmaged JnJy4 14*5 

Legal ft General Prop. Fd. Mgrs. Ltd mi 

11. Queen Vicuna St. EC4N4TP 0*2489678 Property J ufe- 4— 1555 

life Assur. Co. of Ptnnsylvanim SgS^'WkZ mS 
33MC New Bond St., W17 0RQ. . 01-40S8803 *W^A“Bjgy 4 -. gA8 

LACOP Units [987 18S«| [ - WJ 

Lloyds Bk. Unit Id. JfagK. UxL Prop. pen. Cap B— «.* 

jarsssu «M2rsftf®saii 

jLa' Telepbone 01-08* 8884 

First Unite |J»h 

Property Units. — ..|54.7 

.. \ Commercial Union Gronp 
Kt. Helen's. 1. Undershaft EO. 
VrAnAcUt July 1—1 9S 

Do. Annuity' U8™| 17.84 

¥1 ::=1 = 

Uoyds LUe Assurance 

20. Clifton SL, KC*A 4MX 
BlL&hJsneO_. | *324a 


224.9 +0.2 - 

122.7 +0J — 
14*9 406 — 
15*3 +0.7 — 
343. & +06 — 
143J -til — • 
1253 ...... — 

1363 +02 — 
150 J +0.4 — . 
11*2 +02 — 

123.7 +02 — 

163.7 +0.1 — 

3613 +01 — 

127 J +0J — - 
2384 +OJ — 
2073 +06 — 
246.4 +0J — 

99J +03 — 
1803 +06 — 

ia*i — 

18*6 +03 — 

100.7 +0.1 — 
10*2 +0.2 — 
1026 +L6 — 

02-383 7500 

Opt. Hy. June 20. 

- DpL5Man.Juue20.tlW3 
“ Opt5DepUune29-U*16 



IM4 — - 



Scottish Widows’ Groap 
PO Box 002, Edinburgh EH18SBU. ®l-65S6000 

Ia*7lr5crlfr 1 

1183 1 

— lav.Pff. Series (973 

Ini'. Cash July 3 


— -Confederation Life Insurance Co - London Indemnity & GnL In*. Co. Lid. Jaw aol 

Ml, Chancery Lane. WC3AIHE. ___ 01-2420282 1S30, The Forbury. Reading 5« I L 





14*3 — 
138.7 — 

260.1 — 

4 Equity Fund - — 
VMansied Fund.-., 


*1*0* Fund .—PI 5 * — 


Tri, ■ - — 

TVmI. Pea. Macd — 
Sullgd Mngd Pn. «. (726 
Graur " 






Group Mngd. Pen. 

Fixcd Inl.Pen..— 

Equity Penaioa .— 

Property Pension...; 

CorahlU lnanrancc Co. lid. 


Cap Feb. June 15-.UZ35 
''GS Spec. June 16.-_&o 


7 353i -0.11 — Srtar life Assurance Limited 

IbleZ -6?-l JO.ri -0.11 — 1002 HyPUce London E£JN OTT. 013922906 

Fixed Interest P3.8 3571-051 — SalarMann*eda_p253 33*9) -0.4 

The London ft i lteMer ggg^f^ggl 

ariasr-- 1 

— The Leas. Folkestone, KenL 

= a 

Cap. Growth Fund- 
Test. Exempt Fd.. 


01-6285410 S^T rtMtF^mL — - 
property FUnd 

M ft G Graup¥ _ 

Three Quays, Tower HIU BC3R 68Q 01-6* 

i7B.o| :z.| — 






Fad. liitS — 114.0 

sourcaihs ieao 

Sour IntL 5 983 

Solar Managed P— 123LS 
Solar Proper tyP — 1113 

SoIxrBq^P 1573 

Solar PhtLIoCP — U36 

Solar Cash P [993 

Solar IntL P_ 

1286 -0.6 — 

1K3 —05 — 
1316 —0.4 — 
117.4 — 

1656 +0.1 — 
119.6 -0 6 — 
186.1 - — 
20A2 -05 — 

- Credit ft Commerce Insurance Pera. Pens"lon'—.__tt238 

12®. HejentSL. London W1R6FE. 01-087061 gs* 

. C6C Mu 6d.FtL.~-. 112*0 13*8} ..... | - 

Crown Life Assurance Co. Ud-¥ FmnUyM-ay 


















. 1001 











—0 4 



106 5 












Mang _ 

Maned Pd. Inlt — 

W*a+6*[ 5.N 

Equity Fd loll — ... 

Property Fd. Acc 
Property FiL Incm. 

Property- Kil. ImL 
lmr.TO.Fd. ACf .. 


Inv.Trt.Fd.lmt.. .. 

Fixed Int Fd. Act 
F ad. lot TO. incm. 
lntfril.Fd.Acc - 

InteriL FA In cm. . 

Money FA Acc 

MonrvFd. Incm — 

nut Pd. incm- - 

Grown Brt. Inv.'A".. 

Crusader Insurance Co. Ltd. 

Vincula House. Tower PL. EC3. 01-6288031 

GUl P rop. July*— I”* •■•-l ~ 

Ehftle Star lasnr/Khflsiid Ass. 

124JJ +0*1 



!2S ::d 

63.0 -0.1 
645 +05l — 
5S2 +051 — 

Japan TO Bd.* 5 593) +25) _ 

156 6 



Recovery P£- 

Americas TO Bd.* .1 


Prices on *July 5. -June 28. —June 30. 

Merchant Investors Assurance 

125, High Street, Croydon. 

£5* Property. 

_ Property Pens. 

1? •>* 


■ 75 


Equity Pens. _« 

Money Market 

Money MkL Pena. — 

Deposit Pens. _ 

Managed.— — 

IntL Equity. — 
lull. Managed 

NEL Pensions Ltd. . 

M>lu>n Court. Dorking, Surrey. 











104 fl 


Sub Alliance Fuad M ang m t. Ltd. 

Snn Alliance Hcuoe. Horsham. 040364141 


Sob Alliance Linked life Ins. Ltd. 

Sun Alliance House. Hondram 040864141 

Praporte Fund 188.9 

InternafionalFU- 109.0 

Deposit Fund 94.7 

VamvedPhnd — BOSS 

Sub life of Canada (UJK.) Ltd. 
2.3.4.CocfapurSt.$WlYSBH 01-0305400 

ICanteLI.Grtb I 199.0 



Maple U-Mangd— 

Maple LL Eqty. 

PUrsnL Pu. TO — 


GartmoR Fund Managers ¥ tang} Perpetual Unit Trust MngmLV fa> 

2. Sl Man- ,V*e. EC3A8BP. 48 Han Sj, Henley /*n Thiffle* WOlifiM 

1 ii. 1 American TS [28.4 

Bnusk Ta.vAcc i ... 54 8 
Commodity Sh are . . 
Extra Income TR_ 
n> Far East Trust. 36.9 

High Ineeuc T« 57.4 

Income Fund 

Iiin AcrnciH — 

Inll ENetnpl Fd . — 
inliuLTstiAcc.i — 

30 fad 


1612 1744ft -O.ll 257 Piccadilly U 
36.9 Milled 0 76 gw*"--** 


PpMuoiGp-Glh. — [399 42« .4 3«1 

Unit T. Mgrs. Lld.¥ lanb) 
583 London WaJIkXT 8380801' 


Extra Income. 

Small Go's Fd. 

Capital Fund 

InuErati Assets. 
Pnvaie Flmd — ~ 
Ac enrol? r. Fund.... 

Teehnology Fund . 

For East Fd 

AmenCvU Fund — 







„_ lt 





59 1 


-0 2 




27 6 

29 6c! 




+ — 

44 Bloomsbury Fq. WC1A2RA 01-62388831 
Pracileal.JuoeSB—QSOA g|j} + ?3 ** 3 

Arrum. L'mu 

■39.7 -fd 676 

|7LZ 76&^1 SIS 

if "avIh 

|33J 35 .« J *22 

Gibbs I Antony) L'ntt Tst. Mgs. LUL 
23. Blomfleld Sl. £l' 2M 7SL. 01 588-UU 
<ai ac. income* — Wl.4 sail 1 aaO 

;S^c:fSSS£?z|i W rneum !»'■«*. Co. UiV OHO 

Dealing 'Turn. tTWed. 

Govett (Johnj¥ 

T7. London Wall. E.C.2 03-5885831 

S'hldr. June 30 — [1380 

Do.Acciun Unit.. U65.9 17491 L93 22Z. BUhopsgate. E.C2. 

Next dealing day Jul> M. ProlUtel'olu [82 3 

Grievesoo Management Ca Ltd. High Income |MM 

59 0 resham SL. EC2P 2DS. 

Barringron July 5-.|3® ? 

(Ac cum L'allal_--H7 6 
E'lncJ/5 dJUBe28- 1733 
(Acc urn Units) — P99-2 
Eode av July 4 g0 *5 
1 Acc urn. U nits) — «9 7 
Gmchar. Ju«w30- -)2 ? 

(Arc urn. Linltt'.-— ri76 

145 51 1 L9S Provincial Life Inv. Ca 

22S Sl +28[ *•**» 

883+611 310 
176J) -0$ 


Ltd. ft«sswa±:l 

2103 +*« 
227 9 +3« 

nn s 

338 6 -.I 
21*7 ..... 
219 2 


7L7c -o.i 
753 -021 

016K4433 prudL Portfolio Mngrs. Ud-¥ lallbMel 

}3 Ho! born Bars, EC1N 2S'H 
PrudMitial —B»9 

5^5 Qailter Management Ca Ltd.¥ 

22751-05] 452 

165 TheStk.Exchaoce.EC2S JHP. 01H50041 

Z« <Ju-droaiG «MM *« 

293 Qundrani Income— 112*1 125.9m — 4 

427 Reliance Unit Mgr*. U<LV 


Anderson Unit Trust Managers 
158 Fcnchuirh Sl EC3M BAA 
Anderson U.T. 146.6 

Ansbacber Unit MgnL 

1 Noble Si .BSY TJA 0l«36376. Henderson Adnunstralion¥ (aRcMgl Rsdaedeld Management Ltd. 

Inc. Monthly Flmd. (lfi£6 27Bdf — J 953 Preuuer Adnw t. a Hjykigh Rwd^HunmN ^^ Kglm ^oSiL. Maaebtwer Ml 236 8521 

Arbnthnot Securities LUL (a lie) i jt" Funds " nideefieid uu. UT.fiB*# im 

37, Queen SL Londnn BC4R1BY 01-2365261 Cap. Growth Inc — KL7 

99 S3 ::d 





Ertraia«BneRJ - 

High Inc. Fond . 

*< Aec urn. Uniuu . „ . B4 4 
i»jV WdrwI.Ulai|S4 4 
PrrJcrence Fund 

lArcum Vnitsi 

Capital Fund 

Commodity Fund — 

lArevm. I’uitei 

1 10% Wdrwl L.i 


Giants Fund 

'Aceum. Lntlsj 

Grovnh Fund 

Accum. Units) 

Smaller Cos Fd — 
Eastern & IntL TO. 
(6% Wdr+ri.Uts.i — 

Foreign Fd. , 

N. Amor, it 1ul Fd. 














1316 +0.3, 
435 -D1 
58 5 -0.& 
585 -0.3 
25 Bn -0* 



sa ' 

9 a5i-o.ii 








.... , 523 
—1 523 

... 133 

J 13 


Cap Growth Acc.— £23 
1 neoaie & Ascels-. . [31 9 

High Income Funds ‘ 



Oil a Net- Res [27.6 



JntemaOoosJ ._ 

Wrid Mde June30_ 

Otfcnon Fub 



Far Bast 

North Amer.—— 

N AiuG riiJ un e30 ,| 

Ridgefield bit. irr.(U*B 
44 4| —031 361 Hidgefirid lncome.|93B 
« 3 61 Rothschild Asset Management <g> 

34.B — 630 ^un c.i«k«u»M Avleiliiiitf. 02965) 

5 n$$% 



atal Il37 

p June3Q_|73.4 


Arbnthnot Securities IC.I.) Limited 
P.O Boa 2M. SL Helier . Jersev. 053472)77 

Cap. T»C- 1 JerSC.r I . .P16B ^ ^ 


12001 ... 

.Next dealing dare July 18. 

East Alntl .Tst 1 Cl I - |U6 0 , 12101 — 

Next sub July A 

Australian Selection Fond NV 
Market Op pon unities. r,n Irrh Young 4* 

Uu'.hwanr. 1ST, Kent sl. Sydney 

L'SSI Share* 1 I ... J — 

Nel Atari \alur June s0 

Bank d America International SA. zu. tmcbun-bsi.. m j 

King ft Shwson Mgrs. 

1 iTiunni: Cross. Sl llriivr, Jcf>oj- MTAi'TTTi! 
Valles Use. Sl Pnler I ■art. i.rnjy. riMSD r-ilrtS 
I Thuma*Slreei. IViuglAv, 1.0 M _ I'ACI^fM 
Gilt Kuml< Irrsrii. IB 97 S Kdl ....}" C3 
i;illTrust!l4>.M.i...h«K 1 106 73 ... Il2»!' 

Gill Fn* Guermey|9J3 93t] . I 11C3 

lull. Got* Sm Tjrf. 

Fitet SI er line j)8 49 IG 6C! [ — 

First Inti... [105.92 IO6.SI1 .... j — 

Klrinwort Benson Liiuiled 

SB Bameiard Royal. Luacmtourc G.D. 
Widluveu Income IMS* 

Eurlmrrt Um. F 
7 go liurmw lpr — . 

Do. Accum [79 J 

Prices at June 29- Neat ««b day July A 
Bnk. of Lada, ft S. America Ltd. .. .. 

4M8. Queen V,rl«n«i SL. LC4. u 1-930 2313 J™ ■’f ■ 
Alexander .Fund.. . (IUS664 - | 4 - fc&L iSSStal. 

XR Far EM Fd. . 
KBlnll Fund 

B!-Q5 > a<n 

1.060 I -oj »:s 

2 UOI .... 1 4 ~ 


SI -411 55 
frUSll 29 
Sl‘S35 49 
II -Nil 96 


3 7J 

UnifondsiUMi-.".'' Iu 75 14 SJ, 1 

1 GS 
3 S3 

KB act as London pa.vmr. acente unlj. 

oluo June LX 

Banqae Bruxelles Lambert 

Z 100 ?£T*% 7 76 Uoyds Bk. ICJ-J vrr Mgrs. 

Renta Fund Lri . — - 1*885 15«| -eR J- r . u|Mt Jftt, jir Helier .lerocy dW } =TT« 

Barclays Lfticorn In* iCh. Is.) lid. up > d,T»LO B!as^|5afl 614! 

1, Charing Cross, a. Hrlier.Jrsy. 053473741 Next dealing dale July 17. 

uS!Ster^usll“ls«fl9l *M* Lloyds International MgmnL S..L 

UuiboudTrurt JW>i) | 800 - j| H do Rhone. P 1 > tint 17V. 121 1 Gone* » 1 

"Subject to lee and withholding taxes Uoyds InL Growth |<ni5« BSffl-iudi :tj 
B ar clay * Unicorn In* it. O. Man) Ltd. uo>ds inL I ikdiw Wnsaw jsp,-L'(! 6 JJ 
1 Tboams St. Douglas, 1 oJL • 08144850 



• 49 

a. 90 




.. .... . Bin Samuel Unit Ts* Mgrs-t la) r.vrouhi.voluu 

Archway Umc TsL Mgs, JlhLt faKci <5 si ec 2 Pzlx 01-022 son MrriiB Jui> s» — 

•**“* UJ-WUAlfc— 9CT-U9* T\'f ill IWI fl«7 - — • - — • -— «■ -»■ 538 (Accum. Uni 19) 

72-80. Guehouae Rd_ Aylesbury. _ <^65941 

■ j2 N C.Equity FurnL-ll»3 17S*|-p21 
*78 N.C. Eno'JteS-TtL 109 7 , 116-7| - 

J9.C. Income FUnd . 1430 152 

sea WC.JnU.Fd.fTnc.j90 2 

? S N-C. lari Fd. (Acc i 982 9S 9| -0.4^ 

N.C. Smllr Coys Fd|1512 168 9| ... ...| 

271 Rothschild & Lowndes MgntL (a) 

J2 St.SwtthinaLaiie.Ldn.. EC4. 01-63S43S6j 
AM Kew C*l. Exempt — K12S.Q ^132 0) .....J *54 
UT Price OB June 15. Seal dealing July 1.. 

5 07 Rowan Unit Trust Mngt Lid. VI a) 

City Gale Hse.. Finsbury Sq. EC* 0I-«I6 IMS 
254 AmericMiJune29. [*45 “ * 

134 Securities July 4 — F 
High Yld. June 28.. 

Vnlcorn Au*L £xL .151 8 

Do.Aurt.Mln- 135 

Do.Gtrr. Pacific. ... 62 7 

Do. Inc) Income 372 „ 

Du. L<tfUanTn._ «7 
Do. Mans Mutnal_.|253 
Biahopsgate Commodity Ser. Ltd. 

PO. Box 42. Douglas. I.D.M. 

ARUAC "June 5 .... IRSfl 14 Hi 

„ _ i CAST! HO* 'June 5 - U 155 1.22 m . — i -- 

■*f»lCt>UNn— Junes.— IC2.512 2 663 1 1.97 

*64 j Onglnally Issued at "510 aqd •■£*00. 

Bridge Management Lid. 

PO. Box 5GB, Grand Cayman. Cayman la. 

S hashi June 30 _ | \15569 i+231| — 

C.P.O. Box 500. Hone Kong , 

NipponFdJuiyS —fnSttJS »Xm|+Dl 74| OS7 
Ex-block Split 

Britannia TsL Mngmt |CI) Ltd. 

30 Bath BL. SL Helier. Jersey. - 033473114 

Sf ft G Group 

Throe Quays Tnuer Hill FC3K 6KQ 614W -"3T, 

Atlantic July 4. IB! j — 

AusL El. July b H-I): 7 IC| •■)*.! — 

ikilrt Ej_ July 5.. . IC-TiS lia-Wi — 

lsloud M3 B Ml 6, -SI I «; 5i 

(Accnvn U bits l X25J2 Ub4 k -C*| _ 

062*23811 Samuel Montagu Uln. Agts. 
.■- f “ 114. Old Brand SL. K.C.2. 

Apollo Fd June 30 |liF47 15 


317. High Holborn, wtriv 7N* 1)18316233. r».i British T^ust— 

Archway Fund J79 6 04.44 J 645 SJIfnnrtu* ] 

Price* ai June 2ft. Noat lub. day July d. ici Do Liar Trust 

Barclays Unicom Ltd. (VllVltl {ul Financ ial t wa 

Unicom Ho. 252 RmntordRdLET. 01-5Q45544 ibl Incsnue Tros* . 

Unicorn Amenca- 332 

Do. AusL Ace 762 

Do. Aart- Inc. 60 JJ 

Do. Capita) 64 0 

Do. Exempt Tn 1047 

Do. Extra I ncotxae .. 27.1 

Do. Financial 56.1 

Do.500 — 7*4 

Do. General 304 

Do. Growth Arc. 392 

Do. Income Tst. 8*3 89. 

Do.PitA'as.Trt.. 133.7 140., . 

Prices at Jana 3£f. Next sub. day Ju 

Do. Recovery — . <*3_ 4fll ..... 

Do. Trustee Faod_ 107.7 . 116. 4J -OOI 

Do.WTdwWeTrt._ 49.4 5*3 

BtrtJnJdJnc. 685 63. M -D.lj 


50 0 

1543 -0.1 
39.7 -0* 


303-0 4 
931 -07 
27 2 -O.t 


30.6C -0J 

Royal Tst. Can. Fd. Mgrs. Ltd. 

4« 54. Jr rmrn Street, S W.l. ' 01-SS8252 

4.96 Capital Fd 167 9 7171 . — j 3 65 

806 InoomeFd.— — .._.|70.7 746|.....| 755 

5 46 Price* at June 30. Nett dealing July 14. 

Sterling Denaoiinated Fda. 

Growth Inert 1515 34ft 

IntnLFd ...S2.8 at 

Jersey Eneno- TsL . [136 8 147 

Vnsvxl. STsl Sit _ C2J4 2; 

HlgblnLStltTsL— IEB.97 II . 

V5. Dollar D en om i nated Fda. _ 
Unlvsl. STrt— E.W4 5^1 

M Save ft Prosper Group 

lutet-V faKgl 4_ Great sl Helens. London BC3P SEP 

15. Christopher Street. F.Ci 01-3477243 ,*-73 Queen SL. Edinburgh EH2 4NX 
InteLlnv. Fund. — 183 9 90 7i4 — J 670 Dealings to: 01-554 8809 or 031-226 7351 

Key Fund Managers Ltd. laKg) Save ft Prosper SecnriUes Ltd.* 

».MHltSl_EC2V8JF. 018087070. imeroatlanrt Fund* 


3 i§ 

In. Fd... 174 4 

v It Gen.. 
5 23 frlfcy BumijX Fd ... 
Ic 31. Key Income Fund... 

y " — Key Fixed InL TO 

Key Small Co * Fd . 


k-SJ Unhr.Growth 1674 

Ina r as lag Cacao ae fhad 

626 High-Yield 









Klein wart Benson Unit HuugertV High 

Un+ 7221-02] 581 =0. Fenchureh SL. EC 1 01838000 !i^S eolrn 

Do. Accum. 1692 7ZJ| -02| .5.81 K b. U nil Fd. Inc. ..184 9 92J[ J 509 ltKma * 

Baring Brother* ft Ca LUL¥ la)fr) H ‘ ioil 

KXeadmibaUSL.ECJL .K-B-SmlrCosFdJ'.:i _ Ml ’Zj - oroSa* TOndwx) 

BoH 4.4b - L ft C Unit Trust Management LUL¥ EWe «67 

D "- A “SSr5ff^j“a ”* Th- Stock Echangc. BC2N ISP. 01-588 2800 

Bidepsgate Progressive MgmL Ca¥ lac I nU tc« TO [96 9* ^S) ;Z"J Sro tw^msd*. 

0, Biahopsgat e, EC2 02-5383290 j^maa Secs. Ud. ¥f a«c» e^ Z-ZZZZ WJ 

19334 — J 3.90 37, Qucea'sSL. London EC4R1BY. 01-2385281 Financial Secs. 170_8 

552] -0*1 755 




’ 44.7J -0 J| 534 

-m =q 3:3 

B'gatelnL Juno27_Q725 lH3.y -- J 2M 

LAccum-i June 27— 1190 J 20*51 I *84 

Next sub, day 'July 1* —July ■*.' 

Bridge Fund ManageraftaHC) 

King William St. EC4R BAR 

American ICs i^-|, 

627 Qigb-HLntniam Fundi 
tJZ Select InteroaL __]2568 
J-25 Select Income |5*3 












yRaw.Materiols — 38 6 421 

♦i Accum. Units i 433 47 2 

■Growth Fund 547 59.1 

"lAccum. I'nitai — M3 65.7 

■HGiH and Warrant- 365 SM« 

iAineriCinFd. 23.6 261 +fl.d 

018234951 5Aceun»L'nllsi— .. 245 ~ • 27.2 +03 

262 145 J*Higb Yield 445 .515 

£35 669 «*<Accum I'nili,’... 6*4 7*2 .... 

37.4 +08 3J4 Deal. *Mnn. -Tucu. TtWedL JThurs 

iSo ‘*10 5 72 1 ** al * Gcntr »i T>TidaU Fnnd¥ 

HI :!! fs asacaar +? *>**«»■ ^ mm 

*93 Seotblts Securities Iid.¥ 

2S Sc Dibits BB.1 4029| +0- 

Scotyield Kj . 5*fl 

J,TZ Scoiahares...— [55 fl 59*m 

Sc0t.Ex.Glh-* 12S3.9 '24S.0J 

Sent. Ex. Y Id. ”9 — _uS67 1683*4 
Prices at June 38. Next sub. day 





- July 







Dealing -Tue*. tW'ed. tThurs. Price* J iify 45.8. lAccum. UnlBi-..- .1714 7661 

. . Nett sub. day July l* 

Britannia Trust Management (a) (£) i jBBn | ne Administration Ltd. 
3 London Wall Buildings, i^dm Wall 

London BC2M5QL 

Assets— — 169 7 

Capital Acc. [50 4 

C nmm &t lad £>45 

Commodity [777 

Domestic—— — [365 

SJfr 140, South Street Dorlri a*. 


Exempt — 113.4 

Extra Income 533 

ParEkot.. — 22.8 

Financial Secs 604 

Gold t> General— 89 5 

Growth — 765 

Inc. ft Growth— 70 4. 
:T Growth. 

7ml Growth. 6 40 



North American—. 28.1' 

Protoslonal <894 

Property Shares _ 1*8 

Shield «0 

SUtU* Change — — 300 
Onle Biergy— (3L7 

ssa==B „ 

75 . 

.S4J -0J 
587 ...... 

. 836 -03 
393 +0J 
019.4 -0.9 
4*5 -03 
246 +0.4 

65 Du 

962n +13 
823o -0.2 
75.8 -02 
68 9 +0 8 
4830 +02 
■393 +03 

85.3 -03 



323 — <L2 
JU +0.1 














§ | :z 


25 9H .... 



30.6xw ..... 
513 +0.4 
Z7.8 h 



...^ 472 — 

Lloyds Bk. Unit Tit. Mngre. IitL¥ (a) inc:i o% wd rwL— as 

MjM ,2**. Goring-by-Seo. • lS^Trt.T^TZ: Sl 

Worthing, Wert Sussex. 01-828 1288 g J 

First (BaJncd.)-- — 148 0 ■ 5*6 -03 4.69 ^NJlVield' 27 J2 

DarActiniLL 680 7U -06 4h9 preLftGUtTnirt- 2*8 

■Second (Cap.). 510 54®J -D3 312 property -Share* __ 24.7 

Do. lAccum; fe42 648 -0.4 3*2 SpcetelSiLT* 267 

Third (Income) D93 -O-l 6«j 5r.t Grth. A* mm 2*0 

Do-lA ccjaL) DOM J369 -