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22 BW Band SL. London W1 Tel. 01493 0802 J*— Z 


Friday July 7 1978 


Taylor j> 

-taking a constructive 
approach to every 
size of project 


C-lltnirit w ant's FFU European ACCOUNTING SVSTEM ATTACKED 

orders Power board 

currency scheme by for new prices ‘4% 
start of next year ‘. 1 ! bus too high’ 

Aerospace Correspondent . . 




Public Dollar 

on train 

There will be a full public *' 
intpiiry into the blaze which n 
hilled 11 people and injured a 
• SO on the Penzance to Padding- gJ 
ton sleeper train early al 
yesterday. T 

Experts sifting the burned out 0 
remains of the two IS-year-old 
Inter-City sleeping cars are in- 
vestigating whether an electrical 
fault could have caused the fire. • 
By the time the coaches were 
halted near Taunton. Somerset, at 
3 am, most of the dead — eight 
men and three women — had 
perished as they slept in their 
berths. Parliament, Page 10; 
Page 6 

• Parliament 
disrupted . 

Miss Yana Mmtoff. daugter of 
the Mu! Use Premier and a mem- 
ber «f the Socialist Workers 
Parly, is understood to be one ^ 
of two ponjilc handed over to the 
police Iasi night after bags of m 
horse dung were hurled into the . 
Com mans yesterday. She and 111 
another demonstrator were of 
removed from the House shout- m 
ina slugang against treatment of 13 
prisoners in Northern Ireland. 
Other demonstrations on behalf • 
of Ulster prisoners were staged fr 
ouiMde Buckingham Fa lace and na 
Se! fridges. Parliament, Page 10. St 


Borg, Connors in 
in final • 

Tomorrows Wimbledon finalists uf 
wiil he thp hu liter. Bjorn Borg ^ 
i Sweden) and Jimmy Connors 
iU.S.). a former champion. Over- s .> 
seas Press covei'.\ge of ifau a ", 
K.urnament was blacked out « 
re<n* rday by n dispute involving 
iw* office engineers. Page 6 c0 

Paisley protests 

The It. iv. Ian Paisley, loudly § 
interrupted the first Roman 
Cdifiolic mass to he held in the 
ervyt of me Palace of West- v 
«m irster mow* the Reformation £ 
'I he mass, conducted by Cardinal , n < 
limin'. Archbishop of West- i%j 
imnslcr, was in honour of the di: 
im-nmry of Sir Thomas More, j,], 
in- headed in 1535. Paisley, Ulster ’fti 
Unionist MP for N. Antrim, jjj, 
described the ' muss as a gj 
''blasphemous fable and a 
dangerous deceit." • 


„ . ^Marples dies Jg 

-^~T^Lord Marples. who as Transport c h 
'^Minister between 1959 and 1964 thi 
***%$ introduced parkins meters in ih: 
Britain, died in Monte Carlo. He 
Kd was 70. Obltuary r Pa«e 10 • 

. rf-ds ah 

5 s No to Concorde 2, 

. Concorde lias been banned front tu 
landing at Chicago's O’Hare air- Pa 
- port, the busiest in the world, 
V-ii because ii is too noisy. Mayor • 
r-.&j Michael Bilondic called the 
Anglo-French supersonic jet an 
environmental insult." 

, ijWar-tlme memory • 

j Vi 

- . -j Dr. Hans Filbinger, Premier of , u 
^ Baden- Wurtlcinberg, is under pc 
-.-v' pressure lo resign after ^ 
admitting Press allegations lhat m 
be sentenced two German sailors 
\ r:.’^ m death in Nazi-occupied Nor- • 
way in April 1945 only weeks pa 
before the war ended. Neither s ti 
man was executed as they had to 
lied to Sweden. pc 


Cuba cuts troops # 

Cuba has cut its troups in Tj 
Ethiopia bv about 35 per cent lo wi 
bet ween 13.000 and 13.000 men, co 

diplomats in Khartoum said, th 

ASiuui one third of .the Cuban lu 
troops Slalion^d in Africa arc in _ 
Ethiopia. sa 

in gilts 

• GILTS rallied, with rises to 
». Government Securities Index 
rose 0.42 to 09.44. 

prices ‘4% 


Herr Helmut Schmidt, West German Chancellor, is eager to have the first stage 
of an EEC currency stabilisation system established and in operation shortly 
after the beginning of next year. 

9 EQUITIES gave up initial 
gains after GEC’s statement 
about future dividend policy. 
The FT 30-share index closed 
0.1 higher at 452J. 

f spaftintwatB 1 

Gold Price 


• GOLD fell $13 to $182 j, 
influenced by the improvement 
of the dollar, and disappoint- 
ment at the result of the latest : 
IMF auction. 

• THE DOLLAR recovered, its 
trade-weighted depreciation 
narrowing to 7.4 (7-8) per cent 
Sterling lost 25 points to 
$1.8675. Its trade-weighted 
index Improved at 6L6 161.4). 

• WALL STREET closed 1.38 
up at S07.17, 

up $70Um tn i5349.9bn. M2 up 
$l?.5b n to 8541. 9bn a. id com • nor- 
cia.‘ loans down 5150m tup 
$235nt). Federal funds were 7.72 
(7.781 per cent, and 90-119-day 
commercial paper 7.7S (7.75) per 

Shell in dispute 
over oilfield 

• SHELL and Esso arc disput- 
ing the British National Oil 
Corporation's claim over the 

discovery of a new oilfield in 
block 30/17 of the North Sea. 
The companies said they spotted 
the reserves in 3975. before 
BNOC was set up. Back Page 

year became the UK's largest 
exporter with £1.077bn worth of 
oil products and £lllm of 
chemicals sold abroad. 1CI was 
the second largest and Ford 
third. Page 4 

objected to certain features of 
the flm bid by Mooloya Invest- 
ments lor Customagic Manufac- 
turing, the furniture group. 
Page 25 

leading Ford dealer, and Oliver! 
Rix, its BL counterpart, may 1 
announce a merger within 10 
days. Back Page 

warned the Government that it 
must close the Royal Docks if the 
port authority is to avoid bank- 
ruptcy. The closure could hit 
nearly 2,000 jobs. Back Page 

pany's helicopter plant shop 
stewards at Yeovil have decided 
to recommend a new pay oner 
geared to abolishing piecework.] 
Page 7 

TUC are likely to discuss 
whether dividend controls will 
continue after the end of July,- 
the Commons was told. Page 

This became known at the 
start of a two-day meeting of 
heads of the nine Common 
Market Governments here today, 
at which President Giscard 
d’Estaing of France said that his 
Government would be prepared 
to consider applying fresh short- 
term stimulus to its economy by 
steoping up public spending. 

Herr Schmidt remained un- 
moved by renewed urging to 
stimulate the German economy. 

Specifically, he refused to 
accept a Commission suggestion 
that Bonn Increase its deficit 
spending to the equivalent of 
5.5 per cent of Gtoss Domestic 
Product from 4.5 per cent at 

Presenting the proposals. Mr. 
Roy Jenkins, Commission 
President, said it would raise the 
German growth rate by between 
l and 15 per cent annually. This 
was disputed by Herr Schmidt. 

He insisted, however, that such 
action would be conditional on 
the U.S. and Japan also agreeing 
to make substantial contributions 
towards promoting world 
: economic recovery during the 
j coming months. 

Proposals for a currency 
stabilisation system, on which 
Herr Schmidt and President 
discard appear to have reached 
a wide measure of agreement 
during the past two weeks, are 
at the centre of the Bremen 

But so far no firm consensus 

has emerged among the Nine 
leaders as a whole. 

The British Government, which 
seems likely to have to fight an 
election later this year, appears 
particularly reticent about in- 
volving itself in any scheme 
which could lay it open to 
accusation at home that it bad 
surrendered control over its 
economy to Its EEC partners. 

Herr Schmidt would like 
Britain to join in a general 
endorsement at this meeting of 
the basic outlines of a currency 

But he is not expected to 
press the UK to commit itself at 
this stage to do more than par- 
ticipate in technical studies of a 
plan over the next few months. 


A more impatient attitude has 
been adopted by President 
Giscard who is keen to see the 
franc again linked formally with 
the European currency “ snake " 
as soon as possible. 

He has told confidants during 
the past fortnight that decisive 
moves must be taken rapidly to 
bring about greater currency 
integration in the EEC even if 
this threatened to bring about a 
split in the Community by ex- 
cluding sterling and the Italian 
lire from a monetary arrange- 

He is said to be puzzled by 
Mr. James Callaghan's luke- 

warm response to the currency 
proposals first advanced by Herr 
Schmidt at the Copenhagen 
summit in early April, and 
apparently suspects that they 
are due to British reluctance to 
abandon the residual interna- 
tional role of sterling. 

The atmosphere of today’s 
meeting was somewhat soured by 
complaints by the smaller EEC 
countries that they had not been 
sufficiently consulted on pro- 
posals for a currency scheme. 

While most of them favour 
such a plan, they resent the fact 
that most of the running to date 
has been made in bilateral con- 
tacts between Herr Schmidt and 
President Giscard. 

The European Commission's 
prescriptions for reflation ary 
measures are designed to raise 
the EEC's average growth by 
about 1 per cent above the 2.83 
per cent annual growth which it 
estimates will be achieved 
during the next two years if 
present policies are maintained. 

The Commission believes that 
Britain has already made a sub- 
stantial contribution through Its 
Budget measures this year and 
need lake no further action 

But it could consider further 
modest tax cuts in about a year's 
time, provided that its EEC 
partners also agree to stimulate 
their economies. 

Israel jets over Beirut 
in support of Christians 


ISRAEL SERVED notice on 
Syria today that she would not 
tolerate suppression of a semi- 
autunoinous Christian community 
in the Lebanon. 

After- a night of the heaviest 
fighting since the 1975-6 civil 
war, Israeli Kfir fighter-bombers 
buzzed the predominantly 
Moslem sector of Beirut this 
morning, shattering windows, as 
a warning to Syrian forces, which 
for nearly a week have been in 
conflict with the Christian 

Although no bombs were 
dropped, the Israeli action was a 
show of force clearly intended to 
give support to the population of 
eastern Beirut, under heavy 
Syrian bombardment since last 

Acute apprehension was felt 
here that Syria might be pro- 
voked into a token refutation by 
her own air force that might lead 
to a wider conflict. 

President Elias Sarkis, already 
deeply distressed by the show- 

down between the Syrians and 
the Christians, threatened lo 
resign today. 

Mr. Selim al Hoss. the 
Lebanese Prime Minister, 
members of bis Cabinet, and Mr. 
Kamel al Assad, Speaker of the 
Parliament, held talks with him 
in a desperate bid to persuade 
Mr. Sarkis to take no action 
which would plunge the Lebanon 
into a graver crisis by creating 
a constitutional vacuum. 

Technically the President is 
Coinmander-in-Chief of the Arab 
peacekeeping force, but in prac- 
tice has only nominal control 
over it 

Action by the Israeli Air Force 
lasted about 20 minutes. The 
supersonic bangs broke shop 
windows in Hamra Street main 
shopping street of western 
Beirut and made crowds duck 
■for cover. People had to rush 
to hospital for treatment of 
wounds from flying glass. 

Last night Syrian troops inten- 

BELRUT, July 6. j 

sified their bombardment of the 
Christian areas of eastern 
Beirut following inconclusive 
talks with Mr. Fuad Butros, the 
Lebanese Foreign Minister. 

President Hafez' al Assad of 
Syria is seeking to curb the ' 
activity of the Christian forces.' 
in particular the Pbalangists. 1 
and bring about withdrawal of< 
the units manning the Israeli, 

David Lennon reports from Tel 
Aviv: Dr. Eli yah u ben-Elissar, 
director-general of the Israeli 
Prime Minister's Office, said 
today that if events continued 
as at present Israel would con-, 
sider taking steps to prevent 
“the Syrian massacre of the 
Christians.” He said Israel has 
undertaken not to permit 
destruction of the Christian 
population in Lebanon. 

About 400 of Beirut's 250.000 
Christians have been killed in the 
attacks which started on July l, 
according to Israeli estimates. 

By Michael Donne, 

Aerospace Correspondent 

pean aircraft manufacturer, 
yesterday formally launched the 
new, smaller, 200-seat B-10 
version of the European A-3W 
Airbus, with preliminary orders 
and options from several Euro- 
pean airlines for a total of 31 

Lufthansa said it intended to 
buy 10 of the ‘aircraft, worth 
about DM 50Om (or £130m). with 
an option on another 15 aircraft. 
It already has seven of the 
bigger, 250-seat A-300 B-2s and 
R-4s in service, with four on 
order. The final B-10 contract 
will be settled by March 31, and 
Lufthansa will get its first B-10 
in late 1982. 

Swissair said in Zurich that it 
bad signed a “memorandum of 
understanding” with Airbus 
Industrie for the purchase of six 
B-10s, worth about £S0m. with a 
final contract due after settle- 
ment of technical specifications. 
The first aircraft is due in 19S3. 

Air France late last night was 
also expected to annonnee a B-10 
decision soon, probably for four 
aircraft, while Iberia of Spain is 
believed to be oo the verge of 
an order. 

The deL'ision to launch the B-10 
is a major development with Far- 
reaching implications for the 
European and U.S. aerospace 
industries; and especially for the 
UK, which still has to make up 
its mind whether to join Western 
Europe in a big new civil air- 
craft programme or to take up 
an offer of collaboration with 
Boeing of the U.S. on the 757 
sbort-to-medium range airliner. 

The B-10 is a direct competi- 
tor for another of the projected 
new Boeing Family of jets, the 
767. and a major sales battle is 
1 under way .in the U.S. to win the 
contract from United Air Lines, 
the biggest airline in the Western 
world, for what could be up to 
50 new aircraft. 

U.S. options 

The most recent reports have 1 
indicated that in that fight the 
B-10 is inching ahead, basically 
because It Is cheaper and the 
financing terms offered are' better 
than those for the Boeing 767. 

In the meantime, several other 
big U.S. airlines are interested 
in the B-10. Eastern, which 
recently ordered 23 of the bigger 
250-seat R-2s and BAs. worth 
£400m, also took a tentative 
option on 25 B-lOs, to be con- 
verted into a firm order once 
the B-10 was formally launched. 

The orders and options for the 
B-10 bring the total for the 
Airbus to 200 aircraft of which 
113 are firm orders and the rest 
options or tentative orders. Thai 
International of Thailand yester- 
day ordered two of the bigger 

Continued on Rack Page 


THE Price Commission said yes- 
terday lhat tiie South of Scotland 
Eleclriciiy Board had increased 
its prices by 4 per cent as a result 
of unsatisfactory accounting 

The criticism came in a report 
which has important implications 
for the other nationalised 

The unnecessarily high electri- 
city prices followed a decision by 
the board to increase deprecia- 
tion charges by 40 per cent to 
take account of the effects of 

This level of enhancement was 
suggested by the Government's 
Price Code of 1976, and has 
been widely adopted by other 
nationalised industries. 

However, while this compen- 
sated for adverse inflationary 
effects, there was no allowance 
for the benefits arising from the 
reduction in the real value of 
these industries' debt as a result 
of inflation. 

The commission says that this 
latter adjustment — known as the 
gearing adjustment In the Hyde 
guidelines for inflation account- 
ing — virtually cancels out the 
depreciation adjustment in an 
organisation such as the South 
of Scotland board, where- most 
of the capital is provided in the 
form of debt. The 40 per cent 
increase was thus wholly un- 

In the case of tbe South of 
Scotland board the 40 per cent 
provision for inflation amounts 
to an estimated £17.1m in 1977-7S 
and a budgeted £ 17.8m in 1978- 
1979, raising the cost of generat- 
ing electricity by 4 per cent, 
which was passed on in prices. 

An equivalent estimate for the 
Central Electricity Generating 
Board, which also adopted the 
40 per cent rise in the past 
financial year, shows a provision 
of around £2Q0m. 

Similar calculations for other 
nationalised industries are nor 
yet possible because of their 
different debt structures and 
because the amount to which 
they are capital-intensive varies 
greatly. However, general adop- 
tion of the 40 per cent enhance- 
ment, without allowing far lower 
real interest payments because of 
inflation, may have led to 
increased prices. 

Allied to the commission's 
criticism of tbe devaluation 
provision is a concern over tbe 
practice adopted by the Board — 
and presumably in force in other 
nationalised industries — of charg- 
ing interest during a period of 
heavy capital expenditure as a 
current cost against revenue 
rather than capitalising it. 

In this way the costs are passed 
on to the consumer before the 
project — in this case a power 
station — comes into operation. In 

short, he is paying for electricly 
in advance. 

“The cost of an asset shoo hi 
include the costs (including the 
costs of finance! of its construc- 
tion and consequently we helievc 
that it would he proper for the 
SSEB to capita Ise the interest 
during the construction period of 
an asset. 

“Such a policy would relieve 
the consumer of the costs of new 
assets until such time as they are 
in use, although the total costs 
of the project to be depreciated 
will be greater." 

In addition the report 
identifies a wide gap, varying 
between 17 and 50 per cent — 
between the South nf Scotland 
Board’s estimates of the assets 

Details, Page 6 

Editorial comment Page 20 
Lex Baek Page 

lives, on which depreciation was 
charged, and the generally 
accepted current estimates of 
how long these assets would last. 
This meant that further extra 
charges were passed on to the 

The commission was asked by 
the Government to investigate 
price increases of an average of 
7.6 per cent proposed by the 
Board in February of this year, 
these prices included the provi- 
sion for inflation. However, 
while the investigation was beinv 
made the Board raised its prices 
anyway under the provisions uf 
the regulations which safeguard 
basic profits (Prices and Charges 
[Safeguard of Basic Profit] Act 

The Commission has therefore 
been unable to recommend a 
restriction on the tariff rises and 
has made no recommendation* 
on future restrictions, since the 
Board has said it has no inten- 
tion of raising prices further in 

Auditors for the board are 
Kerr MacLeod of Wellington 
Street. Glasgow. 

Mr. Roy Hattersley. Prices 
Secretary, yesterday sympathised 
with the concern expressed by 
the Commission over the depre- 
ciation enhancement, but said 
that “the 40 per cent uplift 
which the SSEB were permitted 
to make under the Price Code 
might generally understate the 
proper depreciation charges for 
many companies.” 

f In New York 

Spr* 5LSH70-8fi7D ' S1.6675-8W5 

1 inuDth 0.4tMj.3& ilis j Cl.42-0.S4 'IU 

3 in'inihs 1-SJ-U5 «1 i-* > 1.37-1.32 <.IK 

13 months 4.90-4.70 . 1 is ; 5.104.90 ,li=. 

Fiat link with Peugeot-Citroen 

Let us lake the weight 
from your shoulders 

Briefly . . « 

Solomon bland* (pop. 200,000) 
tii-camr independent at midnight 
jfirr b’5 years of British rub*. 
FT Surrey page* 33-36. 

During the World Soccer Cup 
mills, sue Argentine security 
s’-tco abducted 48 people who 
lute nut y»*t reappeared, a 
member of the Argentine t.nnj- 
mission for Human Kiyhts said. 

Four men who tried m blackmail 
a hank manager lot “F 

threatening hi\ wife and juwit, 
(children were jailed for i* l J ,lal 
U 33 years at the Old Baita*. 


(Prices in pence unless otherwise 

Fxchcq. flipeA^ -WU + ■* 
Ewlwq. lspe ... . * 

(US pd V '• ^ 

Alliance Inv "t" .'f 

Eriiisb Dredging •• 4i> s 

Dowty S 

2fant Mid Allied Pit*"* !»■ ~ 2 

Hambros ....: 

Imp. t»nr. Gas •*! 1 ... 

Manchester Garages -61 + 

Pinion's T V 

Raybeck + ”, 

Shaw Carpels ^ *» 

9 Decision on a £J5m plan by 
Samuel Properties to redevelop 
St. Albans town centre has been 
deferred by the local council for 
three weeks. Page ® 


• GEC pre-tax profit for ‘he year 
waut ;; record £325 ,3m (i_ib.3m), 
tu line with ihc- growth trend 
iJniwn at the interim smye. But 
j ■* dra»lie increase »n divi- 
dends will not occur iwmfr 
diaiely. -•-ays the Board. Pas c & 
and Lex 

• THE Scottish and Newcastle 
Breweries pre-tax profit for 

vear lo cnd-April was 

'(135.11m). Pace 24 a,u * Lcx 


FIAT, Italy's largest private 
enterprise, is joining forces with 
the French Peugeot - Citroen 
group for the design and manu- 
facture 'Of a new light com- 
mercial vehicle in a L241bn 
(£153m) production facility to be 
built at Val di Sangro in the 

Signor Giovanni Agnelli, Fiat 
chairman, announced six weeks 
ago that the Turin-based group 
planned to invest about L540bn 
f£342m) in the depressed south 
of tbe country over the next four 
years and that the company was 
seeking “a foreign partner" for 
part of the investment. 

Fiat disclosed tonight that the 
partner is Peugeot-Citroen. and 
that an agreement has been 

The Val di Sangro investment 
will be through a new joint com- 
pany and t he production of 
component parts for tbe new van 
model will be so arranged “as 
to ensure a satisfactory balance 
between the two groups." 

Few technical details of the 
proposed new vehicle have been 
disclosed. But initial production 
targets are understood to provide 
for some SO, 000 units annually 
of a ten and 13 cwts model which 
will have an optional petrol cr 
diesel engine. 

The Val di Sangro plant is to 
be built on an area of 1.3m sq 
yds and, when in full production, 
is expected to provide up to 3,000 

The new model. Fiat said, 
would be "an internationally 
competitive vehicle increasing 
the respective production levels 

ROME, July 6. 

of the two companies." 

No timetable has yet been pro- 
posed for tbe joint operation. 

Fiat has made clear that the 
project, and indeed the com- 
pany's other planned new invest- 
ments throughout the South, 
depend on the Italian Parlia- 
ment's approving Government 
plans for new and enlarged 
subsidised -fund? for such indus- 
trial undertakings. 

They also depend on the pro- 
vision of the necessary infrastruc- 
ture facilities at Val di Sangro. 

Sis- Agnelli has lately been 
putting stress on the investment 
end commercial logic of joint 
ventures in the European motor 
industry, and Fiat has already 
joined, with Saviera, the Renault 
subsidiary, to develop a diesel 
engine plant in Sicily producing 
engines for. lightweight vans. 


Simc Darby 

Swan Hunter 
Vosper — 

Wctivrn Bros. 



Northern Mining .. 

North Wcs.1 Mining .. 


Coral Leisure 


Pvke iW- J ‘t 

Thermal Syndicate .. 

Wadding! on (J.) 


Shell Transport 

Do Beers P[d, 

Mount Lycli - 

HI -b 8 
141 + 13 

370 + n 

HR +■ 19 
275 + 15 
545 + 15 
112 + 35 
27 + 5 

102 - 4 
361 - 4 , 
40 “ 3 
5*7 — 17 
196 - 4. 
S22 - R 
545 - 7 
3S1 “ 8 

European news 2 

American news 3 

Overseas news :j 

World trade news 4 

Home news— general 6, 7 

—labour 7 

—Parliament - 10 

IMF studies financial 

muddle in Italy 20 

Politics Today: Pattern for 

poll takes shape 21 

Around Britain: Montrose 
• a haven of content 18 


Technical page 


Management page . 

Arts page 



UK Companies 

- .. -22-25 




Energy review: OPEC oil 

Britain’s leading exporters: 
BP ahead of ICI and 


Ghana scene: Economic 

Ferranti's success 
diversification .... 

wilk Ghana 

1? action 







Bank Return 





Property — — 


Entertainment Coiop 




Eure. Optiena Ex. , 


Sale room 


Feed Prices 


Share ittferauBlOB ... 


. FT-Aesassries indices 


Tennis — . 



■ a 

Today’s events 




TV and Radio 


intnl. Companies .26-27 

Euromarkets 26^7 

Money and Exchanges ... 28 

World Markets 32 

Fanning, raw materials ... 37 
UK slock .-markets 3S 

W. German rocket range 
in Zaire 2 

Medium and long-term 

finance 11-16 

Solomon Islands 33^6 

Unit Trusts 34 

Weather « 

Bus UmSms Raise 32 

Cartier Sapei-ftomk .. 2? jl 

{Comment Pua 22) 

Braid Group 39 

For latest Share Index 'phone 01-346 $026 

annual statements 

of Ireland . ... 25 

Brunner & Co 24 

CBU rin fc Stecmnod 22 

AsricBturai „ 27 

I^NWeBrew,. £ 


HiUier Parker's professional teams locate suitable sites 
and. buildings, assess rebuilding prospects, armnge 
funding , select the building team, manage projects , 
let surplus space -in fact ; take all the might 
and the responsibility. 

If you are thinking of investing funds, or need 
more space , an extension or a renewal 


I ^lUillier Parker 

Ml Mny A Hondcn 


and City Of London -Edinburgh-Pan&.AmSiertwm- Sydney- Me Iboume- Brisbane 


Financial Times Friday July-7 1978 


Dim mid-term outlook for 
unemployment— OECD 


PARIS. July 6. 

A GLOOMY picture at the much slower than would have of labour as a result of the 

employment outlook in the been the case only 10 years ago, economic slow-down, the report 

UECD area is painted in a report and s rearer efforts to devise says. Traditional manpower 
which has just been published appropriate policies will be policies are no laager adequate 
by the organisation's Secretarial, required in the future. and job-creation measures often 

Pointing out that the rate of A nwng [ the structural factors pull a great number of new- 
unompioyment in the area has behind the rising trend in un- comers into the labour market 

borered around 5 to 5 5 per cent employment, the report includes instead of absorbing the existing 

for about three years, the report \ h * «-onUnuJnsr increase in the unemployed, 
on a medium-term strategy for 'cmtuea n “ teenage labour force. Most progress in combating 
employment and manpower Particularly an the tertiary unemployment has been made 
policies notes that the unemptov- s f clor -. T&is ha! * accompanied j n countries like the U.S. and 
ment trend has been upwards sLa 3nating or declining job some European nations where 
since 1969. irrespective of °PP° rtumlies other sectors of selective employment policies 
cyclical variations in economic l ^5 fi r0_ have been closely co-ordinated 

activity. vidin„ employment for other vrith general demand manage- 

It nevertheless stresses lhat _ »»?!?* policies. 

Dutch plan 
for excess 
profit tax 
spelled out 

one of the main causes of current st^^overa] Growth P |!T TVle report therefore su » 8esls 

»nf>mn nvniant ..Inal- .1 i SI - oveiuu ^rowui in agg 

unemployment is slack demand Sl * atl ' “'T, 1 .?" in aggre- tjj a t se j e ctive policies — in par- 

lor goods and services and that e mn I ovm enfhLs "tended “to Ucular job-creation measures— 
little can be done to solve the e in periods 2f rood S hould be L set J n a t " ore seneral 

problem i n a fundamental and I r ouSent Growth TTie reason {n ™? work of s macro-economic 
lasting manner before a recovery IS £.,{ durin-Tn u^win" the pollcies t0 stimulate "On-infla- 
of^demand .gets under way. ‘SSfe ?end 6 P to rec^t ^ omh *** raise eni e lo >" 


Frnm „„7 Countries opting to reflate 

om outside the t j, e j r econ omies should consider 

miTlfint I1 i edilJ, !i" ter ] 11 e,11 P |o - vnie P t a greater percentage of its 
1 P a ? ,cularly uncerlam worker from outride the 
oecause inflationary and other recurdod labour force than does , . , . . , 

constraints may require govern- manufacturing industry selective job stimulation, notably 

iTients to pursue relatively “ilaSuJSPlibS? wit, other lB fc employment 

cautious demand management than wage costs have risen sub- i ul ! si !*' es t0 u lhe , J pr ^ VaIe sector - 
polictes. allowing only a slow sionliuJly jn many countries and JjJL chm.ld 

reduction of unemployment. But labour has inureasinglv been l “ an temporary, and should be 
oven after the recovery starts, turned into a quasi-fixed cost phased out once a more general 
the lag between renewed expan- factor, notably as the result of u PA uro sets under way. 

Countries where demand con- 

5ion of output and a fail in increased dismissal costs. This 

unemployment is likely to be has induced companies to tmues b e sluggish should put 

long, due to huilt-in labour slack, operate with a smaller labour most 1 of ! he emphasis on I 0 ^ 

While the revival of demand force for a given level of output c . reatlon in the public sector, 

would be a necessary condition and has slowed down capacity sin ® e subsidies to the private 

for making rapid progress and employment-creating invest- sector risk aggravating rtruc- 
to wards reducing unemployment, mentis tural problems if continued for 

the report says, it would not be Labour exporting countries * 00 * on 5- 

sufficient. Structural imbalances face a special problem because A medium strategy for emplou- 
in the labour market will ni3ke of returning migrant workers ment and manpower policies , : per cent, 
the recovery of employment and a sharply reduced outflow published by the OECD. 

By Charles Batchelor 

off 24 per cent of companies' 
“excess" profits, with hair 
going Into a collective funds 
to improve pensions and half 
going to the workforce or the 

According to details released 
by the Social Affairs Ministry, 
the collective part of the 
“ excess ” profit scheme will be 
levied at a rate or 12 per cent, 
the same rate as for the 
Individual part which was 
announced in May. 

This means that the new 
Centre-Right Government has 
set a higher levy than its Left- 
wing predecessor which set a 
rale of 20 per cent, though this 
would have risen one per cent 
a year over fonr years. 

However, the maximum Levy 
under the collective part of 
the scheme has been set at 3 
per cent of fiscal profit to help 
companies such as consultants 
which have only limited own 

The maximum amount which 
may go to an employee under 
the individual part of the 
scheme is 3 per cent or his 
normal wages, or ahout 
F| 1.500 ($673). These two 
limits mean many companies 
will in fact pay less than 24 

W. German speed limit proposal 



A “ RECOMMENDED " speed porary energy-saving measure Reflecting a firmly-held popu- 
lirnit af 130 kilometres an hour during the 1974-75 energy short- lar belief in Germany that speed 
(SI mph) may now be imposed age. 51 has P rov ed impossible to and road safety are unconnected, 
on West German Vs aurobahns, gather support for the sugges- the Transport Ministers of the 11 
following a decision by the tion ,bat ,hey should be made federal states today turned down 
federal and state Transport permanent. a suggestion by their colleague 

Ministers todav But in keeping Repeated reports by the Inter- in Bonn. Herr Kurt Gscbeidle. 
with past form, the Ministers national Energy Agency and that the 100 kph limit should 
shied awav from anything that other independent observers be introduced on wet roads. They 
might smack of compulsion. have stressed the wasteful aspect decided that there was no 

of driving at the high speeds scientific basis for taking such 
many German drivers insist a step. 

The latest, modest effort in 

favoured by the experts at’ the 

lheS P have mvde little In ° ne respecl> 3,1 ^ same - 
Federal Transport Ministry* that headway ag3inst counter-efforts the G * rman driver is no longer 
a 100 kph maximum speed limit bv the motoring lobby, which entirely master in his own car. 

should be imposed on autobahns h o Irfs lhal in an overbearingly The Transport Ministers 

and dual cari'ilgevfay roads in nnnrnrinict nnH nrasnicorl enpiplv* anm 

we l weather. 

conformist and organised society, approved a suggestion, based on 
the right to drive as fast as one insurance companies’ analysis 
Speed limits are traditionally likes is one of the few areas in of accident statistics, that a fine 
one of the thorniest of all poli- which the German citizen's civil of DM 40 should now he 
tical issues in West Germany. liberties are not subject to imposed on anyone caugfht not 
Although imposed as a tern- higher authority. wearing a seat belt. 

The collective part will he 
administered by a committee 
or 2(1 members, 12 nominated 
by the unions and eight by the 
Government, The Government 
will also appoint a delegate to 
advise the committee. 


Basque party demands amendments 


MADRID. July 7, 

THERE ARE increasing signs 

The PNV instead has chosen the constitution to defend Basque takes placc during *f. n< LJ v _ > 
that the Basque nationalist to raise the stakes, and this week-. wrtMnny. fo^tinT- country -This situation there is 

zsjss- EkL-km si sr ays'-fts mb 

tSS. •HJU? 2: place of Basque nationajiam. The SSST £f ™t .««•«•»* “ 

constitution. meeting is intended to rally the right self-detenmnatioil. extremist separatist group. ETA. 

This week the Chamber of Basque public support for th& Basque opposition to the con- The' killing* appeared to be a 

constitntioiL stitutional texts on autonomy reprisal by rightist elements for 

Deputies in full session began p^v stand on the . 

discussing the final -text of Although there appears to he an will not necessarily alter the recen t ETA attacks. Meanwhile 
Spain's new constitution and so element of politicking in this existing wording. But it will be a friend of the newspaper editor, 
far 10 of the 150 articles have moT e rt risks complicating, an- a politfeal embarrassment and g r jose Maria -PorteU. the 
been approved. But the principal order jy dehate on the autonomy weaken the government’s care- Bii bao newspaper editor assassin- 
Basque nationalist parliamentary f^gue. More seriously, it fully elaborated strategy for the ated last Thursday, has said that 
party. Partido National Vasco, threatens to put the PNV, regions. Further if the Basques he was acting as an intermediary 
PNV, has indicated it will pro- basically a centrist party not are unhappy with the constitu- between the government and 
pose 28 amendments primarily open i y associated with the more tion, it will be logical for them g r j uan Felix Eriz told the 

relating to those articles dealing extremist Basque nationalist to express this disapproval in a da ji y gl Pais today that Sr Martin 
with the rights of the autonomous v t ews j Q a position from which large abstention or negative vote villa, the Minister of the 
regions. So far PNV has refused it wil j ^ diffic ult to climb down, in the referendum that is interior, had asked Sr Portell to 
to listen to pleas from i both toe ^ ^ expected to follow parliamentary act ^ 3I1 intermediary, and he 

Government and the opposition . ^emptinl to oSffank- cciti- approval of the constitution. had begun these contacts In the 

Socialist and Communist parties is 

to moderate its stand. 

cism over not doing enough Jin All this political man Delivering last days of June. 



arms critics 

By David Saner 

MOSCOW, July 6- 
Soviet Foreign Minister, today 
denounced those who accuse the 
Soviet Union of failing to 
honour Its international agree- 
ments. describing them as 
“ irresponsible shouters " intent 
on wrecking the strategic arms 
limitation talks (SALT). 

Speaking before a session of 
the Supreme Soviet, the Soviet 
Parliament, which is considering 
;< draft law on the conclusion of 
treaties. Mr. Gromyko insisted 
that Moscow has proved a “con- 
scientious, irreproachably punc 
tual and consistent partner in 
meeting its international obliga- 
tions " for 60 years. 

The excess profit lew will he > ^be Soviet Foreign Minister 
nniic-d nftpr «. nrt .n n ^i« a r«» ; said that it is recognised m the 

Soviet Union and the United 
States that both sides have 

applied after companies are 
allowed a certain return on 

capital employed, based on the ...... ,, . , 

return on a number of State i °I 

bonds plus a 3 per cent risk 


Holland's controversial plans 
Tor “ excess " profit sharing 
have undergone many modifica- 
tions since they were first 
announced by the previous 
Government. They have come 
in for strong criticism from 
dll sectors of Dutch business 
as well as from foreign com- 
panies operating In Holland. 

The scheme as now envisaged 
will give a greater part of 
•* excess ” profits to the 
individual worker in profit- 
making companies at the 
expense of the largely union- 
controlled collective] fund. 

the existing treaties limiting 
both offensive and defensive 
strategic weapons. . 

Mr. Gromyko said, however, 
that there is an " unscrupulous " 
attempt being made to question 
: the Soviet Union’s readiness to 
abide by is commitments with 
, the aim of impeding the con- 
j tinuing strategic arms talks and 
; harming Soviet-American rela- 
tions as a whole. 

He also criticised those who 
“invented" a ‘‘Soviet threat." 
He said that Western representa- 
tives admit privately that there 
is a parity of forces between the 
two world systems but resorted 
to a "deception of peoples” 
when they speak publicly. 


A test of imagination 



ONE OF the more bizarre off-course and plummeted back in Scarcely a day passes in which could be launched with a range 
chapters in the brief history of earth to crash in a tlned-up river the USSR and Exst Germany are of 5.000 io 6.000 kms. an assertion 
space technology is slowly un- bed. not attacking OTRAG as part of which Tew would find easy -to 

folding in central Africa, where x^e camera shifted to the a p,ot they aUe ® e ^ been swallow. 

the activities of a West German aSton i s bed President Mobutu and patched by the West German Srua „ wonder, though however, 
entrepreneur are causing obvious then t0 OTRAG’s Herr Kayser, Government and its arms that West Germany’s Chancellor 
concern in the USSR and East w ho spoke of a malfunction in Industry to circumvent restric- Helmut Schmidt ran into trouble 
Germany. The entrepreneur has jj, e guidance system but added tl0 ° s on West German military over OTRAG during his visit late 
set up a huge rocket lest range ^bat further launchings would development by the Ust month to Zambia. At a news 

in the south of Zaire, and p i a ce later this year. Since A _F re c5 1 tu t ' TfiL Uailed ^inference in Lusaka Herr through would bring the total to 

declared his intention of provid- tbeni 0T RAG representatives in States and South Af ric a are Schmidt said propaganda from DM2 lrn Bv comparison the 
l"® , e ^ ap „ way Lubumbashi are reported as say- East European centres had cou- Eumpean Ariane rocket uses four 

of launching itself into space ing that greater part of the involved One recent article in cocted ^ jinks between OTRAG e n<nnes that cost DM‘>m 

His activities have inspired the East German Press mam- and ^ Bo nn Gov-rnmenL The engines wal C0Sl 

tained that at the OTRAG site in Wc3t Q en nan leader added that The fuel used at the Shaba test 

Parties call new talks in Romi 
as polling remains deadlocked 








ROME. July 6. 


THE ITALIAN electoral college general, and the former Premier alists, Sig Antonio Giolitti. one 
failed at its 12th attempt 'this and currently acting President of Italy's two members of the 
morning to elect a new President of the republic, Sig. Amintore EEC Commission in Brussels. ,j. 
of the republic, and a further Panfani. The Communists continue tn 

round of voting scheduled for *1*^ party leaders at a meet- back their own Sig. Giorgio ^ 
this evening was postponed to in Rome last night failed to Amendola, although they know ^ fl 
allow party leaders to resume a aKre ement on a single *» e . has no senous prospect of j. t 

collegial meeting in an attempt candidate, the meeting being being elected, and they fear a j lQ 
to reach agreement on a single adjourned at the request of the possible Christian P«m°crat- 
candidate. So cialists and it is this meet- Socialist deal which, conceivably, t 

The ruling Christian .Demo- in g which was scheduled to could undermine the Present ^ - 
crats, whose mmonty admmistrar relume ia Ter tonight delicate governing alliance and j. 

tion is sustained in Parliament _. * k , the Communists awn place in - 

by the Communists, Socialists, suspension of toe ballot tbe ruling majority. Equally, toe 

and two of the smaller parties, Panned onginalJy for this after- socialists suspect a possible 7® 
have finally produced a shortlist n ®° B coal £ reflect toe boredom private alliance between the ,* n 
of four non43bristian Democrat 0 ^ mo ? t Parliamentarians with Christian Democrats and the 
candidates whom they might y 1131 thl f 10 Communists. 

support for toe Presidency, while J® a Despite extensive television J* 

still not excluding one of their coverage of successive ballots. ^ 

own top leaders for the position- J e „ a n d n e ” J^ a or perhaps because of it, toe 

The four are: Sig. Ugo La ^ ch signs are that most Italians are 

Malfa. the veteran leader of the or . s ^° us c f n ^ ldates getting bored with the whole 
Republican Party: Sig. Paolo wm ® nrer l “ e race - process, and the newspapers 

Rossi, bead of the Italian Con- The principal parties continue increasingly are asking why 

stitutional Court: Sig. Giuliano to operate at a mainly tactical Italy cannot elect its President 
Vassalli. a member of the level for example toe Christian by universal suffrage. 

Socialists' central committee. Democrats' apparent acceptance Meanwhile, in Turin this 

and Sig. Aido Bozzi. president of of La Malfa being balanced by morning Red Brigades terrorists 
the small Liberal Party. the known opposition to him claimed responsibility for toe 

In reserve, as it were, for a from the Socialists. Equally, shooting in the legs of Sig. Aldo ^ 
possibly direct partisan Christian the Christian Democratic Party Ravaioli, president of the local 
Democrat campaign for -toe has let it be known privately Small Industries Association. * 
Presidency are Sig. - Giulio that it is opposed to toe man This followed within 24 hours a ! - 
Minister, Sig. Benigno who is believed to be the most similar attack in Milan on Sig. , n : 
Zaccagnini, toe Christian Demo- serious candidate in a list of six Gavino Manca, a senior execu- 
crats' reformist secretary- names advanced by the Soci- live in the Pirelli group. 

■ — ■ — ■ ■ - - o. 

.... ..t. 








i a ' 

bid to cool 
fish row 

By Philip Rawstorne 

LUXEMBOtfRG, July 6. 
THE EEC Commission today 

intriguing but quite different 
explanation on each side of the OTRAG’s rocket test 

The drama began four years r <D*£® 1U Shaba province 
ago when Herr Lutz Kayser, an jg fjjg object Of 
aeronautical engineer from Stutt- . .. 0 , 

gart, set up his Orbital Transport HU relenting bOViet and 

und Raketen AG ( OTRAG j. pnpf CprniZll rritiri^in 
After searching for a suitable site Jiasr uermail CHUCIsm 

near the equator in four African and has Caused trouble 
countries he reached an agree- - 

ment with President Mobutu of for CnaUCeilOr aCUmiaL 

Zaire whleb was le ]ea<l lo the Most experts find the 

Shaba, cruise missiles as well as j n order to limit the damage range is described as the same 
medium-range U.S. missiles had vnhieb had been dune he had chemicals — nitric acid and heat- 
been tested with the approval of con i ac ted President Mobutu. in S °H— ' “ we used during the 

the Government in Washington, a^jng him to keep an eve on war" by one of toe rocket 

thus making clear the military OTRAG President Mobutu had scientists who worked on toe VI 
nature of ihe operation The a<isIJre d' him that OTRAG was Il w cheap he says, 

article said this also explained fo i| OWing no m iii !arv goals. Yt, ‘t “not very efficient" 

South .\fncas great interest ... % _ * . . a- 1,-, ■, milii-irv thrpat 

... . , . , ^ _ . . West German officials have in A -- i f llJ a .^! llJ *T 1 , r , 

In July of last year two Soviet f act visited the uTPAG site in P n sed by OTRAG s rockets, the 

satellites. Cosmos 922 and 932. Shaba and report 1 ha Ithey found scientists say they are forced 
were tracked as having passed a We5t \; en nans from the t0 a ' zrt?e Wlt h Herr Kayser, who 
nver the rocket range in Shaba, companv. a great man v local resi- W* they have one-tenth toe 
In August an American Big Bird dgntg ifvine in corrugated iron accuracy of military rockets, 
satellite also crossed over the hu!s and children everywhere Reacting to the suggestion that 
OTRAG base. Both the Soviet Windscreen wipi-r motors were ' Vest Germany ban exports to 
and American satellites, however, among ibe most advanced pieces lh,? Shaba ie«st site of the parts 

current controversy. A 100,000 

sq km rocket test and launch worries exaggerated. 

site was carved out of Shaba 

province and leased to OTRAG — — — — . . ^ 

to the year 2000. The testing equipment has been sent back lo f 13 / nave been more interested 0 f equipment the-, found among OTRAG needs, the rocket special- 

area, nearlv half the size of West West Germany for inspection. in taking a closer look at South narts that were strewn about. I5,s noIC Herr Kayser can 
Germ an v. is accessible only from », Africa's alleged nuclear test site , get the "windscreen motors 

v-^u = ,,cr ' he ““>■>" Herr in ,he Kllah3r ‘ Desert ' who p™Sr 

virtually OTRAG s extra-tern- Kayser sa jd the 1,150 share- The unrelenting Soviet and say there is absolutely no rovstery pa ' 3S ' . 

tonal domain. holders in OTRAG had more East German attacks against as to v. hat Herr Kayser is build- clut ’ M 1 what OTEUVG is 

Reports of occasional launch- confidence than ever in the OTRAG and its " neo-colooiaiist " Ing hut they do wonder why he l, P , ! h nia >' be found jn the 
ings have filtered back to West abilities of his company to contract with Zaire are echoed is doing iL They reject his claim motives of its shareholders, who 
Germany, but until recently out- achieve its goal. This is described in toe Press of a number of that he is constructing low-cost b&ve in ' es \™ 100m in the 
siders never witnessed a rocket as attaining “series production” African countries, especially rockets using the building-block company. West German officials 
lifting off the plateau west of by 1981 of cheap launch vehicles Tanzania and Zambia, which system and explain that for the sa J doctors, lawyers and dentists 
Lake Tanganyika. On June 5, assembled from kits of parts, adjoin the lest area, and Angola. DmlOOm, which he says he has are ^ ra “ in ,n * e £° cs 1 that 
however. President Mobutu capable of lifting satellites for w-hich is only 200 kms away, spent so far. he has “not for every loss of DM 1,000 they 
permitted West German tele- reconnaissance, earth resource Radio Tanzania is quoted by toe achieved more than a high- make in OTRAG they are ab e 
vision to film a launching at surveillance.. communications. East German Communist Party altitude research rocket which to deduct DM -,-00 from taxable 
which he was also present The etc- into orbit for one-fifth of the newspaper Neucs Deutschland as would be considerably cheaper." fi^ins made elsewhere. This is 

next evening on millions of West cost of U S. launch vehicles, saying the largest recket launch- The West German rocket ap pa r en tl y^ = the 

German TV 
long rocket 

brilliant colour as It veered countries such as re. wnere intercontinental rockets rocket engines and plans ... ... . .. 

bunched rockets in production by 1981. 

reason Herr 

screens a 4 metre- These would be especially attrac- ing pads in the Western world experts ?av Kerr Kavser is power- Kayser anticipates little trouble 

could be seen in tive to large Third World arc being installed by OTRAG. ing hi* rockets with Tour parallel getting the DM 3<um-400m he 

lour as it veered countries such as Zaire. where intercontinental rockets rocket engines and plans lo use says he will need in order to get 


mmmuys Mm mum 


Jnthis weeKs FLIGHT— our annual illustrated survey of more than 100 airforces, 
with strengths, types of aircraft used and (whenever possible) the bases from which 
they operate. The survey, which extends to Third World and Vtersa w Pact forces, is 
the most comprehensive of its Kind in the world, and will be a valuable reference for 

months to come. 

hundreds of ihcrti 
together 10 lift a 1-iofl payload “These people would rather 
into orbit, a scheme which they invest their money in a bogus 
say is full of technical problems, company than let us get the 
One rocket scivnust. says Herr smallest part of it." says a Ger- 
Ka>ser. will need don engines for man tax official. He indicates 
the first sla-.'e. coding DM3.000 that the authorities in the state 
a piece. Valve* und windscreen of Hesse where OTRAG is regis- 
molors tu open and close the . tered are trying to nail the wide- 
valvcs and allow feel to pass ranging company for lax evasion. 

tried to cool the row over 
Britain's unilateral fishery pro- 
tection measures. 

Mr. Henk Vredeiing, the Social 
Affairs Commissioner,’ told toe 
European Parliament that the 
measures were little different 
from those which the Commis- 
sion itself was proposing. 

He regretted that Britain had 
taken unilateral action and hoped 
that the affair would not develop 
into a battle for political pres- 

The Commission had asked 
the British Government for full 
information and toe issues 
would be discussed by the 
Council of Ministers on July 24. 
“ There is reasonable hope of a 
solution.” he said. “ We are only 
a half-inch apart." 

Mr. Mark Hughes, Labour MP 
for Durham, in a report from 
the Parliament's Agricultural 
Committee, said that scientific 
evidence clearly showed that 
without a ban on herring fishing 
off toe West of Scotland stocks 
would soon he wiped out. Com- 
mission investigations had also 
shown that whiting and haddock 
stocks were being endangered by 
industrial fishing for Norwegian 


But Danish MPs angrily 
attacked toe British moves. Mr. 

I. Christensen said that the UK 
measures would cost Denmark 
almost £6m this year and the 
eventual loss could rise to around 
£38m a year. 

“Our developing regions are 
going to be very badly hit,” he 
said. "1 do not think that Den- 
mark can wait for the Community 
to formulate a common fisheries 
policy. We are going to have to 
take toe law into our own hands 
just as the UK has done.” 

Mr. E. Andersen said toe 
British moves had been political 
and bad nothing to do with fish 

Mr, Finn Gundelach, the EEC 
Commissioner for Agriculture 
and Fisheries, is to visit the 
Shetland Islands shortly to 
meet local fishermen to discuss 
their problems. His visit was 
announced after ho met a dele- 
gation of Shetland fishermen 






















_ Every day at 230pm PficO Jet Femes’ 
Jetfoil departs from the heart ofLondon and 
skims across the sea at 50mph to Zeebrugge. 

" It’s fast It’s smooth. It’s sensational 

There’s simply nothihs 

else like it at sea. 

P&O Jet Ferries 1 











Belgian parties finalise pact 

BRUSSELS. July 6. 

THE BELGIAN Government 
today moved nearer a solution of 
ihe country's l^aauase problems 
which contributed tri Tast month's 
five-day Go'-ernnient crisis. 

The So.;iai Christian' and 
Sol - ' 

crisis last month when Mr. Leo as the Dutch-speaking minority 
Tmdemans. the Prime Minis ter. of Brussels itself, 
tendered his resignation. He The negotiations were bogged 
withdrew it alter a timetable down for some time on the 
was agreed to push through mechanism of the planned 
parliament simultaneously the seven-member Brussels execu- 

5 '-hrisuan auu devolution bill and another on tive. The Dutch-speaking lobby 

■-j jr .' rV‘ ,ne * n aan P— economic austerity measures. was insisting on giving each 
i-^^n id Thc devolution law envisages member some kind of veto right 

..I n.K.H (in a L " a cnlntinn u-jc 

i'ho'Mr.e'it n ..A" involution ,he establishment of three , A solution was found by 
the^ mad- a£ r 1977 di recti y-clec led regional deciding that a member of the 

e“a**ra ^ Apf asremhhes. executive could block decisions 

' . ^j Q-5t oF t h e haggling of the only if a majority of bis own 

Tne pavt pry. ,des for a seini- past few days has centred on group supported him in the 
.ederai yy stem f nr French-speak- the problems of bilingual assembly. 

^ ulTor. ia. Dutih-speakin.; Brussels, it was finally agreed Reuter 
F.anders and biimaual Brussels, that the French-speaking 
Do! ■* • ■ ~ 

'.U.lSUiU liirtL i ll - r rcfivH-speafciDg MMvm puMMcd Hallv r>wn •s.'.*" 

' '3 •:i-.[i:.>nu,'nttng the minority living around Brussels »»«« «ni jwiiaw*. l - j - . ^uwipuon 

agreeuieoi csj s c-j a Government should enjoy toe same protection wSuMaSi'aiNm 

the end of if all 

Getting to a business 1 
appointment at the other end 
of the country or somewhere 
in Europe can be a tiring; 
frustrating and irritating hassle. 
And ax the end of it all you 
have one or more top executives 
who have not only wasted . . 
valuable hours in transit but are 
also in a far from ideal condition 
to negotiate and take decisions 
vital to the company's 1 utore. 

* Tima is money 
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and more companies are .- - 
adopting is" the use of a corporate. 
aircraft, - and the choice of. many 
is the Beechcraft Super King 
"Air 200 C (Convertible)— a fine 
twin turbo-prop, felly 
pressurised aircraft. with the 
facility, of either ! 2 saetar 
' 'comfortable commuter” or 

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fly into small airfields as wall* ■■■ 

as International terminals. Iris 
economical to acquire and 
operate, and probably the finest 
aircraft. In its class. 

It you would like to get to 
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of applying one of today's most 
valuable business tools to your 

Eagto Aircraft Sorvica* Laf 

Loamdn Antiurt Warlord Marta WD2 7BY 

■Jo) 100273) reel I lotas 261502 








i. • 




i : 


Financial Times Friday July 7 197S 


[ guatemajlaV 
J BatwniU r 


l "' 1 > 

n. salvacor 

in border 

By Joseph Mann in Guatemala 

Riven subtle indications that 
it is adopting a less belligerent 
attitude in its long-standing 
dispute with neighbouring 
Belize, formerly British 

Last July, tensions between the 

. two Central American states 
reached a critical point when 
Guatemalan army units made 
preparations to invade Belize, 
i- a small Commonwealth 
member located on the Carib- 

- bean coast of Central 
America. The Guatemalan 
Government, however, backed 
down after the UK moved 

• troops and Harrier jump-jets 
to Belize and made dear that 
any aperession from Guate- 
mala would be met with force. 

Since then, talks have been held 
between representatives of the 
I'K and Guatemala and ten- 
sions have been eased some- 
what. Two thousand British 
troops are still po.sled in 
Belize as a deterrent to 

Up until recently Guatemala— 
with tint inhabitants and an 
army oi around 15.000 — has 
demon.-! rak-il In Me restraint 
in pressing its territorial 
v'ami- against Belize, 
country with a population of 
some HU.OflO and a small 
volunteer guard. The Govern- 
ni-ni here claims that all of 
Bdi/e belongs to Guatemala 
ami local maps dearly show 
the former British colony as 
Min ply another part of Guate- 
malan lorn lory. 

Uvor the past week, however, 
Guatemalan leaders have given 
indications that although they 
arc not by any means abandon- 
:n;j their claims to Belize, at 
lea«i tour approach to the dis- 
pute ha- - become less 

In hi-, ui.iucuratiun speech 
recently Guatemala’s new 
I'K-idcMt. General Fernando 
Lucas Garcia, stated: "We will 
nut hack down in the defence 
hi iiiir legitimate territorial 
right above all with respect 
to Bdi-e.’’ lie went on to t»uy, 
though. ” we will also assume 
civilised attitudes in order tu 
achieve a peaceful and 
negotiated solution, taking in 
emi si derat ion the interests of 
Belizeans . . . (and) without 
acting behind the back or the 
Guatemalan people ..." 

The President's statement on 
Belize was seen as a departure 
from the harsb rhetoric com 
moil to the previous Govern- 
ment. and may signal a signifi 
cant change in altitude. Pnliti- 
cai analysts here described 
Genera) Lucas's declaration as 
*■ hvlptul” and "a civilised 
approach to the Belize prob- 
lem " 

Guatemalan newspapers yester- 
day enuiusiaslically asserted 
Slut a resolution uf the Belize 
question was imminent follow- 
ing a recent meeting in Miami 
between Mr. Ted Rowlands, 
Munster or Slate at tin* Foreign 
Ullicc. ami Guatemala's new 
Vice-President. Sr. Francisco 
Villapr.ui Kramer. However, 
tin* Government domed that 
any re-solution was in the offing, 
and analysts hero said the 
informal talks were held in 
order that Mr. Rowlands and 
ineittmng Guatemalan officials 
might have a chance to meet. 

Tin* Miami meeting also allowed 
British and Guatemalan repre- 
sentatives to discuss the 
*’ memorandum of understand- 
ing " drawn up on June - at 
.1 meeting iu New York 
between Dr David Owen, the 
British Foreign Secretary, Mr. 
Geurgo Price, Prime Minister 
uf Belize, and Mr. Dean Lindo. 
head of the opposition in 
Bi-h/O. The New York docu- 
ment Elated that both "the 
Gmeruuiiml of Belize and the 
tii'pu.sitinn will be represented 
al any future talks nr negotia- 
tions about the Anglo- 
G’l.itvinahm ilKpuli* between 
Jtn- British and Guatemalan 
Governments." The nwinoran- 
diiin also --aid that the Belizean :ie*j would “ put the issue 
i>F the Anglo-Guaiemalan 
dispute above party politics 
and treat the search for a 
subitum as a national nbjec- 
tin*." Any final agreement 
would he "put in the people of 
Belize in a referendum. _ 
Aiihoueh Bolise has hern wag 
for independence since l-w*- 
the chief obstacle to achieving 
this status has ^en the 
di.-putr with Guatemala. Both 
«hr UK and Belize are now 
reluctant tu mm* towards full 
independence until the 
,if armed aggression from 
i.iiatcuiala i'* disaipaled. Belize 
ili'priiiis almost completely un 
the l‘K fnr defence against any 
Gu.itema'itn military venture. 

ijuate»i);i!:t h.i< .-ven its inter- 
utli«nal ssppnrt in the W<m 
.Tf!il Wv»!id virtually disjpi’tsir 
«!.. ’ the past few years as 
inure ’ and snore running* 
atlir.r.od Belize's right to] on. 

Confusion over sp ending 
by ‘cautions’ consumers 


-NEW YORK, July 6. 

.a u - - „ - itt u 0D . ly 1 P er cent - the past months: $4.07ba in 

lighted today by a report from _ At the same time, though, the March and $3.72bn in April the 
the New York Conference Board, . ar “ notes - disposable personal two biggest monthly increases 
the business research organisa- ££' Hti-SIl “ B P P , er . ? ent - cver - 

tion, which shows that inflation hinher SU?” * s reflected in a The strength of consumer 
has . ni-iH.. shnnnorc _ hnc I a * e °* . Savin 2 s - which demand could be one reason why 
“ d< SL . 5,b °PP ers ver > been averaging 6 per cent the U.S. economy is showing 
cautious. This contrasts sharply Jh’s year against 4.7 per cent some strength at the moment, the 
with the recent findings of the year - Retail outlets, the Michigan centre concluded, 
equally respected Michigan Sur- „ s . ays > received less than 53 These conflicting reports make 
vey Research Centre that “Buv- P5 r 9f nt °f a “ spendable income life difficult for economists who 
now-beforc-prices-rise ” attitudes a first Jl a E °* tois year hold that consumer spending 

are at a record level. against over 54 per cent a year can be an important if not 

According to the Conference u- decisive factor in pulUng the 

Board, retail sales durin<* the c ^ ntrast * the Michigan economy forward. It is generally 

first half of this year were tm 1522 ? h fl ™ ed that consumers held that 

about 7 per cent on the same htoh C ipv n ^ at;0 j 10 CDn ^ T ? ue at out of the wj-ib recession, so 
period last vear But inflation ».*«! eVe J s ’ ^d a re stocking up their intentions at this moment 

g j ZIXT. .M *ta» tta.w«».or 

accounted for an estim at ph fi nVr g" W Ma . wniie U2cy as wnen me recovery is stlU in 
teu lor an estimated 6 per evidence, the report cited the doubt need to be well defined. 

SEC backs accountancy moves 


NEW YORK, July 6. 

E SECURITIES and Exchange Accountants began aggressively designed to include accountancy 
commission (SEC), the U.S. to move towards establishing firms carrying ont audits of 
Government agency charged with new' self-regulatory procedures. publicly quoted companies 
supervising the securities T^ s , “i ans Hut ft is hifihly registered with the SEC. 
markets, has given carefully un,Ike , ! - v that 1116 SEC would, at The SEC report is critical of 
Qualified aonrovat nf thJ C , 0 „c *> early a stage, have given them the fact that membership of the 

ss ssr £-«sus 

ns self-regulatory procedures. SS fij ff JSg SS?*«2 "ffafS^^JSSSK 
In a 1.300 word report on the systems are deficient in some about a central feature of the 
??™ic n *l peC e a ii^ pre P a re d ft » r aspects. ^ self-regulatory system, the peer 

Congress, the SEC says that it Through the 1970s, starting review arrangement under 
has not concluded “ at the with criticisms of auditing firms which a firm which has SEC- 
present time, that comprehensive stemming from company failures registered companies as its 
Government regulation would be and frauds but latterly as a result clients would have to have its 
a superior means of ensuring of the corporate bribery dis- working systems audited by out- 
that accountants discharge their closures, the auditing profession side suitors, 
responsibilities. has been under attack. The SEC is critical of the fact 

But it makes it clear that it In order to try to make it more that the peer review system is 
is not wholly satisfied with the responsive to the public in the being conducted privately and as 
profession’s efforts to improve past year, a public oversight Mr. Harold Williams, the SEC 
self • regulation. Accountants, board has been set up and the chairman, put it “now stands 

however, point out that it is only profession divided into a public perilously close to being reduced 

a year since the American practice section and a private to a self-serving effort behind 

Institute of Certified Public practice section, with the former closed doors.” 

IMF grants 
$28.1 m credit 
to Vietnam 

By David Buchan 

VIETNAM has been given a 
S2S.ini (SDRs22.5m) credit from 
tbe International Monetary 
Fund (IMF) to cover essential 
foodgrain imports. The Viet- 
namese sovernmen t promised 
the IMF that it will try to step 
up agricultural production and 
exports and curb monetary 

Vietnam’s two previous draw- 
ings from -the Fund last >ear 
and in 1976, totalling 
SDRs46.5m. have not had such 
strings attached. But the latest 
loan is the country’s first IMF 
credit drawing, and as such has 
a certain degree of con 
ditinnulity lied tu it.” Fund 
officials viirt. 

The Fund comments that 
Vietnam has made “ major pro- 
gress '* in reconstructing its 
ecnnnjnv ’since it heeamo an IMF 
member in 19T5. But bad 
weather last year led to food 
shortages and put a considerable 
strain on the country’s balance 
of payments in both 1977 and 
the first half of this year. 

Further food imports are ex- 
expected to continue to strain 
Vietnamese hard currency 
reserves in the coming year. 
Repayment of IMF credit 
tranches is normally within 
three to five years. 

IBM considers 

ARMONK. July :»■ 
Machine Corporation i!BM» said 
that a study is being conducted 
to look at how the company can 
best serve its customers in the 
countries where it operates. The 
study focuses on whether giving 
greater self-sufficinecy to its 
business units would accomplish 
this objective. 

Among the changes to oe 
studied is the establishment of 
the general business group as a 
worldwide subsidiary, wholly 
owned by IBM. 

The study will take several 
months, and will include the U-J>- 
and 21 other countries. 


Liberals win 
in Montreal 

By Robert Gibbens 

MONTREAL, July 6. 
THE QUEBEC Liberals have 
w on tbe by-election in the 
constituency of Notre Dame de 
Grace in West-end Montreal, 
increasing their majority by 
20 per cent over that of 
November. 1976. 

After the result was 
announced, Mr. Claude Ryan, 
the Quebec Liberal leader, 
called on the tnWineial 
Premier, M. Rene Levesque, 
to bold a referendum this 
autumn on whether the pro- 
vince should seek to leave the 
Canadian federation, and to 
hold a general election next 

The Liberal candidate, Mr. 
Reed Scowan. received 62 per 
cent of the vole in a 60 per 
ccni turn-out. A bilingual 
former businessman, he sold 
his paper-converting business 
to the Bowater Group nearly a 
decade ago, and more recently 
was head of the Federal Anti- 
Inflation Board. The campaign 
was fought largely ou the 
language issue and the Gov- 
ernment’s French - Language 

Hie Liberals regard the 
result as a vindication of their 
recent choice of Mr. Ryan as 
provincial leader. Mr. Ryan 
declared that the Language 
Charter would be modified by 
a Liberal government to allow 
Canadians moving to Quebec 
from other provinces freedom 
to choose the language used iu 
education of their children. He 
promised to ease the roles pr 
the charter, which require all 
outdoor signs to be in French 

Mr. David Deyong, an inde- 
pendent. came second in the 
by-eleetion. which was in a 
constituency embracing the 
industrial and predominantly 
francophone Ville St Pierre. 
The candidate of the ruling 
Parti Quebecois was third. 

Jamaica to 
receive aid 
from Cuba 


By Canute James 

KINGSTON. July 6. 
THE CUBAN and Jamaican 
Governments have concluded a 
technical and economic co- 
operation agreement which will 
give Jamaica assistance valued 
at S35m over the next year. 

Cuba will provide Jamaica 
with six technical and physical 
education institutions — with 
equipment material and 
expertise — assist in improving 
the Kingston water supply, 
double the number of Cuban 
doctors working here to 40, and 
provide 300 scholarships for 
Jamaicans to study low-cost 
construction in Cuba. 

In return, Jamaica will help 
Cuba in the development of 
tourism and in the training of 
Cubans in tourist skills, provide 
information on agricultural 
technology (particularly new 
methods of irrigation) and assist 
tbe Cuban sugar industry in 
action to ward off cane smut 

Tbe agreements were negoti- 
ated by the joint Cuba-Jamaica 
mixed commission which was 
established in 1975. and which 
is also looking at possibilities of 
trade between the neighbouring 

Toronto group gains control 
of Argus: Mistrial declared in 
IBM anti-trust case; Common- 
wealth Oil regoranisation — 
Page 26 

Iran oil talks 

The fourth ro.und of talks 
between Iran and representatives 
of the Western oil consortium 
which operates the Iranian oil 
industries and markets most of 
Iran’s oil are progressing ** saris- 
factorilyr acording to the 
National Iranian Oil Company, 
AD-DJ reports. But the discus- 
sions are likely to take tonser 
than reflected earlier. The talks 
with representatives of British 
Petroleum. Exxon. French Petro- 
leum. Soya! Dutch and seven 
American independents started on 

Bangladesh aid 

Bangladesh i« likely to receive 
£150m as aid from Saudi Arabia, 
reports our correspondent in 
Dacca. A Bangladesh delegation 
is goine to Riyadh to ask the 
Saudi Government to provide aid 
for the troubled economy. Bangla- 
desh is reported to have requested 
the Saudi authorities lor £600m 
in aid and grants. 

S. Koreans 
Park as 

President Park Chung-Hee of 
South Korea was re-elected yester- 
day for another six-year term in 
an uncontested ballot, Reuter 
reports from SeouL The former 

Army general — tbe only candidate 

—received all but one of tbe 2.578 
votes cast by a 'Presidential elec- 
toral college, called the National 
Conference for Unification. 

President Park, 60. who has 
already steered South Korea 
through 17 turbulent years, 
needed only a simple majority for 
re-election. One vote was invalid 
and five delegates were absent 

The main opposition, tbe New 
Democratic Party, refused to 
endorse a candidate because the 
party said it would be meaning- 
less to do so. 

Mr. Park seized power in 196L 
After two years of rule by his 
military junta, he was elected 
civilian President and was re- 
elected in 1967 and 1971. 

New nation 

The Solomon Islands became an 
independent nation last night, 
after 85 years of British rule, 
Reuter reports from Honiara. Mr. 
Peter Kenflorea, the 35-year-old 
Prime Minister, hopes British aid 
of £26rn over the next four years 
will help the new country meet 
its early problems. But his first 
task may be to m aintain unity in 
a country that stretches across an 
Island chain of mountains and 
small coral atolls that snakes 
through 870 miles of the Coral 

Aircraft in danger 

Congestion at Tokyo’s controver- 
sial new Narita international air- 
port has caused near misses 
between aircraft since its opening 
six weeks ago .according to air 
traffic controllers. Reuter reports. 
In a poll conducted by a trade 
union, nearly 70 per cent of con 
(rollers at the airport said they 
worked under intense pressure 
coping with traffic from two 
nearby airports. Ten of the 250 
controllers said they had witnessed 
□ear misses. 

Soweto release 

Lekgau Mathabathe, a leading 
figure in the African township of 
Soweto, has been freed after nine 
months’ detention without trial, 
Reuter reports from Johannes- 
burg. Mr. Mathabathe was a mem- 
ber of the unofficial “Group of 
Ten” which took over the troubled 
township's political leadership 
after the collapse of its recognised 
black authority last year. 

Rhodesia race laws 

The two black parties represented 
in Rhodesia's transitional Govern- 
ment yesterday attacked an 
executive Council plan for a com- 
mittee to examine ways of end- 
ing racial discrimination, Reuter 
report's from Salisbury. ' The 
United African National Council 
of Bishop Abel Muzorewa accused 
the coalition of delays and de- 
manded the immediate scrapping 
of all race laws. The Zimbabwe 
African National Union of tbe 
Rev. Ndabaningi Silhole said it 
was extraordinary that after four 
months in power the transitional 
Government only now was setting 
up a committee to look into 

Indonesia denial 

The Indonesian Government has 
denied rumours that it would 
revalue the Rupiah upwards in 
the next few days, Reuter reports 
from Jakarta. “There will be 
no immediate change in the 
Rupiah's value,” Mr. Ali Wardana, 
tbe Finance Minister, said after 
talks with President Suharto. 

Cuba force cut 

Cuba has cut its troop force in 
Ethiopia by about 25 per cent to 
between 12,000 and 13,000, accord- 
ing to diplomats in Khartoum, 
Reuler reports. The U.S. Govern- 
ment estimated that between 
16.000 and 17,000 Cuban troops 
were sent to Ethiopia to help the 
Addis Ababa Government drive 
the Somali army from the dis- 
puted Ogaden Desert last March. 

Uganda prices up 

The- Uganda Government has 
officially imposed staggering new 
prices oa everyday commodity 
goods. John Worrell reports from 
Nairobi. The new prices were 
announced in the Government- 
controlled newspaper Voice of 
Uganda. CapL Noah Mohammed, 
the Commerce Minister, said the 
near prices “would provide 
services to tbe people, finance the 
action programme and meet the 
hiith cost of production in 
industry. The prices are similar 
to those on tbe black market, 
which has been flourishing in 
Uganda for years. 

Iran-Australia uranium 
deal likely this month 


TEHRAN, July 6. 

AUSTRALLA AND Iran are option, and earlier this week tbe Judging by the discussions to 

expected to sign a nuclear safe- way was cleared for the initial- date. Iran is thought likely to 

Sards Dact on the suddIv of ling of the draft agreement, pay in cash, rather than request 

urSium P ore by the eudTof tMa following the visit to Tehran of supplier credits or oil barter 

“ T?e Agreement a seniorWlian trade official. 

four years of interrupted negotia- An Iranian concession on re- exDort M,fttract ° 

tions. processing broke the deadlock p afalle i with' the Iran talks. 

Final contracts on the supply encountered in the May talks. di scllss i 0 ns have also been coo- 
of 15,000 tons of uranium to Iran Although the Atomic Energy ^ uctet j with its second largest 
could follow the safeguards pact Organisation of Iran (AEOIj i says eus toraer. Japan, on a -safe- 
almost automatically. Deliveries a political decision not to gu ar( j s pac t. it s signature is 
are likely to be over a five-year purchase a reprocessing plant expected shortly after the 
period, commencing in 1980. has been taken, Iran is known to Ionian agreement. 

Tn nnv raci» An «rtraii» dr>P«t nnt wan - to retain the option of Fresb obstacles have raean- 
JitEn tn movm S into the fast breeder while beJd up s , gn ature of a 

SSSmnlum^ntU CJ ? e as 50011 M i l wo f d ' bilateral nuclear non-prolifera- 

“S- 1 S nuf *S»Mnent on the subject, tion treaty between Iran and 

*n* e dispute with Australia the United States at virtually the 
centred on Iran’s insistence that last moment. The precise inter- 
Xre the deposits S Canberra spell out tbe terms pretation of a “most favoured 

where the deposits occur. under which it would agree to nation ” clause covering tbe 

In the past two months the Iranian reprocessing. The dead- transfer of nuclear technology 
pace of - negotiations between lock was apparently broken when to Iran is thought to be respon- 
Australia and Iran has hotted up. Iran accepted a postponement of sible. After over two years of 
In May and June Iranian delega- the issue, provided it was pro- negotiations, the agreement was 
tions discussed outstanding prob- lected by a “ most favoured to have been initialled in Tehran 
lems over a future reprocessing nation ” clause. towards the end of last month. 


Economic action needed 

WHATEVER THE immediate 
cause of General Ignatius 
Acbeampong’s resignation as 
Ghana's Head of State on Wed- 
nesday. the country's deep 
political divisions and severe 
economic problems almost cer- 
tainly lie at the heart of this un- 
expected turn of events. 

A Herculean task faces 
Ghana’s new leader. Lieut Gen. 
Frederick Akuffo. a Sandhurst- 
trained career soldier with a 
reputation for taking tough, 
decisive action. Strong and un- 
popular measures are likely to be 
necessary to put the country 
back on the road to economic 
stability, while Gen. Akuffo has 
to find some way of defusing the 


According to the Government, 
just over 50 per cent of Ghanaians 
who voted in the referendum — 
and under half the electorate 
did— supported Gen. Acheam- 
pong's scheme. But this has by 
no means ended the controversy. 

The poll was badly tarnished 
by allegations of vote rigging 
and the Government did not help 
its public image when 
immediately after the poll it 
banned the three organisations 
which had campaigned most 
vigorously against it and then 
detained over 30 prominent 
people associated with the “ vote 
no ” movement 
There are still several stages 
Union Government is supposed t0 be passed before *’ Union 

ma3or , . Political tensions to ~be T means of resoWng'tbe Government"’ conies' into effect 

repeated political upheaval that J “!y n , exl y ear - Hie first being 
pl s for a has plagued Ghana since indepen- to® drawing up of a new constitu- 

, v _ dence in 1957. The last major £? n h >’ * special committee. 

TTiat Ghana s ruling Supreme change was in 1972 when a blood- T ?, ere 18 therefore still consider- 
Military Council is aware of the military coud overthrew the able room for Gen - Akuffo to 
huge task before it was hinted at civitiT atoiiniltration^f Dr modify his predecessor’s scheme 
j? toe terse announcement of K ofl Busia and’ brought Gen’ t0 ta J v ' e , acc0 “ n r t ° f toe wide- 
Gen. Acbeampong’s departure. AcheamDone to nnwer spread dissatisfaction. 

Tfa ® Head of. State, it said, had Amid persistent calls from the Intimately bound up with 

resigned “to ensure the unity sophisticated DrofSio naleSe poetical unrest is the severe 
and stability of the country” jophistic^ profe«nonal elite p ^ ht of ^ e c 0n0rayi which is 

In tbe, absence of any fuller demrocracy Gem Acheampon^ a Jccting the standard of living 

explanation, it is being assumed proposed “Union Governm^n?" of eveTy Ghana ciuzen - For over 

in London that Gen. Acfaeampong St first a rathir uJSSm? Idea two years now. inflation has been 

did not relinquish power volun- which ScSired ffih as In 10X1111113 a V? ore 50 >** cen * 

tarily but was. forced to step 2 J yea f- There are suggestions 

down by other members of the !®5slast ^ear^S fSS j! ^ 11 1S D0 , w U P to toe 100 

Supreme Military Council, con- ISid ?l y wiutt form 11 P® r cent mark or even higher, 
cemed at the groundswelL of . xahe ‘. . . .. . There are persistent shortages of 

popular feeling against the Major - points rn the comm is- basic commodities such as sugar 
administration. - slon 5 report, which- was accepted and soap. 

If this is the case the first tack b , y the Government, were that Although Genera] Achearapong 
of the ?ew SeSip woJ d there sh ould be no political took over Government at a diffi- 
hltve beeS To enSe that there ^ CS i* , but cu,x time a , nd wa * toen faced 

was no backlash from within the nalI on-wide elections for a single witii several years of drought 
army and changes in some top P^menE Separate and the huge 1973-74 oil price 

military positions in the past 48 ®l£Ctiops would be held for an rise, his tiovernmenl never 
hours suggest that Gen. Akuffo executive President solved the underlying malaise of 

faces no threat Contrary to - what appeared to toe Ghanaian economy. 

A central question now is J 1 ® Gen - Acheampong’s original Central to this is the fact that 
whether the new leadership will Jdea> toe commission advised Ghana has never succeeded in 
show' any substantive change of tfa at there should be no active sufficiently diversifying away 
political tack and the answer to participation of the armed forces from its dependence on cocoa as 
this is unlikely to emerge for * n Government. a foreign exchange earner, pro- 

some time. Gen. Aeheampong Si °ce then, however, doubts viding over 60 per cent of export 
may -have gone, but the Supreme have persisted that the military earnings. On top of this, cocoa 
Military Council is still in power leadership genuinely intends to production in Ghana, the world's 
and, given its close' association relinquish power. Gen. Acfaeam- major supplier, has been falling 
with his political plans, it would P°ng himself advocated a con- steadily over the years. Total 
be both embarrassing and dlffl - tinning military role in Govern- production this season is forecast 
cult for it to backtrack com- tnent and there bad been at a dismally low 278,000 tonnes 
pletely from them, should it wish persistent speculation that he — the smallest output since 195S 
to do so. would stand as President. and less than half the peak pro- 

Nor has there been any sug- Opponents of the administra- duction of 566.000 tonnes in 
gestion yet that Gen. Akuffo tion, including the professional 1964-65. • 

intends altering Gen. Acbeam- elite, students and a wide range The hope must be that Len. 
pong's plans Cor a new “Union of former politicians, therefore Akuffo can get Ghana firmly 
Government ” constitution, which campaigned strongly against back on the path to economic 
has been the subject of strong “ Union Government ” when this stability, so as not to bequeath 
political controversy in Ghana was put to a referendum last to the next Government a legacy 
ever since be mooted tbe idea in March, calling instead for a which could undermine its stand- 
2970 return to full civilian rule. ing from the beginning. 

Janata Minister in protest resignation 

NEW DELHI. July 6. 

THE DEPUTY leader of the ing to take the party's parliamen- Desai but the immediate provo* 
ruling Janata party in Parlia- tary wing into his confidence cation was provided by his state- 
ment, Mr. Sbyam Nandam before sacking Mr. Singh from mem last week that Mrs. Indira 
Mishra, quit bis post today in the cabinet Gandhi, toe former Prime 

protest over tbe dismissal last He toJd journalists that Mr. Minister, should be arrested and 
weekend of Mr. Cbaran Singh, Desai’s charge against Mr. Singh tried by a special court for 
the Home Minister. lacked not only substance but charges arising from her emer- 

Mr. Mishra, an ardent also plausibility. gency rule, 

supporter of the displaced The 75-year-old former home Four junior ministers also re- 
minister. accused Mr. Morarji minister was fired because of his signed after Mr. Singh s dis- 
Desai, the Prime Minister, of fail- growing differences wlto Mr. missal Reuter 




BRAZIL'S MORE traditional 
businessmen warn gloomily ot 
the dancers of socialism, com- 
munism or chaos if the Govern- 
ment loosens its grip over poli- 
tical life and the economy. But 
new cosmopolitan generation 
businessmen is now moving 
the Lead: and they not only 
welcome President Ernesto 
Geiscl’s gradual liberalisation of 
the regime, but call tor more 
rapid movement l u wards dtino- 

Cl This process has been high- 
]i..hied by the signing ibis week 
by eight prominent businessmen 
—according to a poll carried out 
last vear. the eight most pro“»- 
nem’in the country— of a docu- 
ment calling for full democracy 
and immediate action \o re , me ° y 
Brazil's “profound social m- 
eaualities." The document also 
S oit the reforms they sec as 
necessary for the economy, m- 
StfSS financial reforms, ration- 

Elion of public .JJPMjJS 
better control of public 
prises, and more controls on 
foreign investment. j 

Given Brazil's traditions of 
paternalistic control, patronage, 
and sometimes lethargy, it i* JJJ 
surprising that «dtomalgg 
fear not only political but 
economic liberalisation. They 
haveto adapt to free wage bar- 

-Sing: to not being protected 

from toe possible cnnscqucnces 

o l s 

Call for reform in Brazilian business 

prospect of corruption being in- 
vestigated, and punished and to 
having to cope with social ten- 

The new generation of 
businessmen, however, have 
their eyes much more on Brazil’s 
growing international import- 
ance. They do not fear competi- 
tion. and are interested in long- 
term and risk investments 
terra and risk investments, 
rather than concentrating on 
investments providing quick 
returns, as the traditionalists 
do. Their growing importance 
in Brazilian business has 
been conspicuous in tbe 
handling of the recent metal- 
workers strike in the country’s 
most prosperous, heavily indus- 
trialised, and independent- 
minded area, Sao Paulo state. 
Both unions and Government 
also earned credit in the dispute, 
the latter refraining from 
repressive intervention, despite 
tbe fact that strikes remain 
illegal in Brazil. 

The strikes, which were 
disciplined and meticulously- 
organised. were purely in sup- 
port of wage claims, and had no 
political undertones. The first 
companies affected were foreign 
concerns like Ford and Volks- 
wagen, and these set the lone 
for the general response. Their 
managements, used to dealing 

elsewhere with their workers 
face-to-face, listened to the 
claims, and, recognising their 
justice, granted them. The 
claims were for wage rises of 
10 to 15 per cent above those 
provided for by the Govern- 
ment's wage adjustment 
formula. Although in theory this 
should keep purchasing power 

repression, or arbitration. Mean- 
while, the strike laid the ghost of 
a return either to the turbulence 
of 196S. or the excessive wage 
claims of 1963, used as an excuse 
by ultra-conservatives for per- 
petuating an authoritarian 

Tbe attitudes of this Dew 
generation of managers are 


constant, in fact it fails fo keep 
wages apace with inflation. 

When the strike spread to 
Brazilian companies, there were 
sporadic cries for forceful 
Government intervention, or at 
least Government guidance. But 
the majority of Brazilian 
managers, like their foreign 
counterparts, granted the 
requested rises. The Govern- 
ment, in turn, has said tbe effect 
of the rises must not be passed 
on to prices. The strike thus 
marked a watershed: while the 
unions showed they had learned 
how to make strong claims with- 
out political agitation or 
demagogy, the manager showed 
they could cope with the situa- 
tion without running to the 
Government for directives, police 

given detailed expression in the 
document signed this week, 
whose tone, while quite familiar 
in any country where the voice 
of business in economic decision- 
making is accustomed to be 
beard, is new for Brazil. Its 
signatories include the chairman 
of large- heavy industrial com- 
panies hke Bardeila, Villares, 
and Metal LeveL 

The document contains a 
powerful plea- f or democratisa- 
tion. “ We are convinced." the 
signatories say. “that only one 
regime permits fnli airing of 
interests and opinion with 
enough flexibility to absorb ten- 
sions without turning them into 
undesirable class conflicts— a 
democratic regime. 

“We believe that free enter- 

prise -and the market economy 
are feasible and durable in 
Brazil, as long as we build insti- 
tutions that protect citizens’ 
rights and guarantee freedom.” 
It also calls for less State control: 
“ return of control to society, 
not control of society by the 

While recognising that in the 
past economic development has 
co-existed with profound social 
inequalities. the document 
says that these h ave becom e 
“ critical," threatening long-term 
social stability, and u immediate 
solutions" are needed. It calls 
for “fair wages" and “legiti- 
mate bargaining between man- 
agement associations and trade 
unions" which must be “free." 

The signatories call for 
increased. Investment to deal 
with the “ glaring shortcomings " 
in health, education, sanitation, 
■bousing, transport and the pro- 
tection of the environment. It 
also calls for more equitable 
income-tax. together with pro- 
gressive capital gains tax, the 
recycling of the public debt-and 
more efficient use of public 
money. Social spending, it-says, 
could revive the economy, and 
create the new jobs required by 
population growth. 

The document calls for a 
number of measures to 
strengthen private enterprise in 

Brazil, notably the encourage- 
ment of investment, particularly 
long-term, the encouragement of 
technological development, the 
bringing of tbe public sector 
under effective control, and toe 
regulation of foreign cam ponies. 

Us criticisms of the Brazilian 
financial sector are sbarp. The 
private financial sector, it says, 
channels finance to investments 
providing a quick return, or to 
unproductive investments, and is 
incapable of taking necessary 
risks. Meanwhile, public financial 
institutions are inflexible. In 
consequence, there is a shortage 
of funds for long-term invest- 
ment creating a need for foreign 
financing, and thus large scale 
foreign indebtedness. 

Brazil’s heavy foreign 
indebtedness -has had a number 
of unfortunate effects on the 
economy, the signatories of the 
document maintain. Fresh 
foreign loans are needed, so that 
the Government can repay in- 
terest or " principal on 
earlier ones. It has led to higher 
interest rates than otherwise 
necessary, pushing up companies 
costs, and fuelling inflation. 
Meanwhile, sizeable devaluations 
are prevented, because of toe 
effect they would have on com- 
panies In debt abroad. Thus 
exports are penalised. 

Catting for dear policies on 

technological development, the 
document places special empba- 
sis on the development of new 
energy sources “ respecting 
Brazil’s natural and human 
resources.” Large-scale techno- 
logical homogeneity, it says, calls 
for a long-term Government pur- 
chasing policy, with state-run 
enterprises subordinated to over- 
all industrial policy. 

The document also calls for 
“ selective regulation of the 
influx of foreign capital” in the 
interests of ensuring that foreign 
investment brings technological 
benefits to the country. It calls 
for “ precise ground rules " 
governing the influx of risk 
capital “that are not a question 
of restrictions but of lasting 
principles.” The signatories also 
maintain that policies such as 
they suggest call for u active 
participation of businessmen in 
preparing them." 

Five years ago. such a docu- 
ment would have been impos- 
sible in Brazil. Shortcomings 
were simply not admitted, so 
much so that directives from the 
Government censors specifically 
banned “discussion of negative 
aspects of tbe economy." 'While 
calls for better living standards, 
and less state control, came 
merely from intellectuals, 
students, or the Church, it was 
not difficult for the Government 
to label them “left-wing” or 
even ” subversive." Now that the 
advocates of democracy are also 
determined believers in the free 
enterprise system , a new 
response must dearly be found, 


Financial’ Times' Friday July' X I9W 



BP overtakes ICI and Ford 


ns* ° * m P ortan ce of British Aerospace, which bus This is the sixth year in which account, but the figures also 

worth sea oil to the balance of produced accounts for the year the Financial Times has pub- exclude other forms of overseas 

payments, it 13 appropriate that ending December 31. 1977. jished its list of leading income. Thus Piikington, 92nd 

British Petroleum should now British Shipbuilders would also exporters. 3t is confined to on the list, received income From 

emerge as the nation’s largest be high on the list, hut its finan- manufacturing companies and royalties, dividends etc., amouni- 
Ih 1977 BP exported cial year ends in March and a is based on figures for direct ing to £49.2m. Similarly Bank 



on Renault 

By Our Own Correspondent 
LISBON. July 6 

Plans finalised for 
helicopter venture 

Japan to 
start oil 

TOKYO, July 6. 

formerly . Japan " Petroleum 
Development Corp.. said it will 

£t.077bn worth of oil products full 12-month figure for 1977 is exports of manufactured goods. Xerox reported' exports of £U?m I v^GOTLATrnN* for th«» FFr lbn £ AVE «#.«??». ^n. i^ifn^sunnlv hold a tender .on July IB to buy 

and flllm of chemicals, com- not available; in the nine months as published in annual reports or and oilier overseas income of Renault invf>«tnu»nt in Pnrtueal £ Mllsc, j. estafali^ing . a AerospaLale will ifli aily pP J 2.50m .tonnes of Middle Bast 

pared with £500m and £113m ending March 31. 1978 British obtained direct from companies. £56.5m. have ' mowed a forward with Franco-Braziban 

"J*' 1 L" Except where outerwiee eteted. Second, there ere ohe or two ale ,o SJoff parrS SSSSi "SSStci” Sowing an 

aehi«v 0 ? non-oil Side Ford amounting to 'UAa. the figures relate to the financial cases where subsidiaries of agreement/ Portugal’s Ministry initial outnut of 200 EranuSS 

achieved a bjg increase m direct As usual, there were several year which ended in 1977. This the same parent are shown 0 f Industry and Technology iUrf tn 0U Sma° hcSeonwi? is 

exports last year but just failed companies fractionally below can produce some oddities. For separately. Lf Esso Petroleum announced. at Itaiuha in 

to catch ICI. British Ley land the 100th place. These included example. Ever Ready, whose and Esso Chemicals had been _ Mi ~\ ,, « n , 0 „„ nv . pr « l£S £ 1979 

slipped into fourth place, a George Cohen BOO Group, Rank, financial year runs to end- combined, they would have The Slinistry said inter^overn- Minas Geras A 9 

situation which the new manage- Polaroid. Every Ready. ’West- February, reported- exports of achieved 27th place in the list. s t ^f dy F 0U P“ **f e C °°I J=®, , in ^n l hv the 

b e spoils land. Vickers and Marks and £41.9m in 1976/77 and just failed « U* three subsidies of .their ‘“^tigatums _but (S3.5mj be shared y the 

lyaliies. dividends etc., amount- r uur wwn '-•> rres P onaenr by DIANA SMITH RIO DE JANEIRO. July B. [formerly . Japan’ Petroleum 

g to £49.2m. Similarly Rank LISBON. Juiv 6 „ . ^ .. ... ’ i Development Corp.. said it will 

f- , h ' in BraziI ,iC °The * ** 

Second, there arc one or two the signing in Paris of a partial Heiibras project, involving an. technology (without payment, of tankers. . - 

ses where subsidiaries of agreement, Portugal's Ministry initial output of 200 Ecnreuiis royalties! so that, in the second ■ This represents half the 5m 

parapt are shown of Industry and Technology 'JJ d 30 La ma helicopters, is y^r of p roduction fl980> the tonnes of oiL worth between 

S T£»‘ Chemical's had been announced - scheduled to start at Itajuba in Brazilian-made content will be S400m and SfiOOru which it plans 

mbSK C S5 would” tav! The Ministry said intergovern- Minas Gerais state in 1979. 27 per cent, and in the fifth year, to import under the Govern- 

hiCTed 27th Place in the list, mental study groups were con- The initial capity of Cr 62h 65 per cent - meat’s emergency import pro- 

ihe three subsidies of tinning their investigations but (S3.5ni) will *>e shared by the balance Sports oTlS**® 10 ® » ***** Ja P a0S lrade 

t .. . ... , m nn* ...... uitiic nprur cta^ envemimint in .oroer LU .1-. . crrmlns 

to change In terms of net Spencer. to qualify for inclusion; in the General Motors were put d j d to “° t *“> f thii JSf".*? oelitl* 'the BraS components and exports of the:SOJP lus - 

exports (that is. exports minus It should be borne in mind year tD February 1978 its exports together (Vauvhail. General ° S ^ nhnrnnranhv comuanv aircraft, Aerospatiale is com-} The oil 

»"P°«s . fi L remains ahead of that a company's exports, amounted to £53.5m, which would Motors Limited and Genera! month, was on schedule. serial P r™pirn P rfn SuffltPri^r milled to ensuring that, initially, tender will 

both ICI and Ford. especially in capital goods, may have qualified for SIst place. Motors Scotland). their total Last September Renaull ‘AS* f£Z 25 per cent of the dutpnt is ( Culf ports 

In the vest i*f the list notable fluctuate erratically from year As in previous years, a number would have been £263m. announced plans to build a new «nil *naJFuiimvn*m ' ’exported, rising eventually to SO. corporation 

raad * by Emi (45th to year because of the timing of qualifications need to be made Finally, it is almost impossible engine factory with a capacity in «nt> to compii w ut per cent. . [chartering 

™ M l f,P ,a ££ , ;, JoIlD Brown (68th 0 f contract-completions. Davy about the list. First, the figures in a list of this kind to avoid years, time of 300.000 units. S h Tnidin^ in new • The Brazilian air force is From Japan 

(45 per cent), tne ur^uiaa Aerospatiale is com-i The oil bought through the 

A e ^L. P r™ S i^ P S« stninl 22 milled to ensuring that, initially,. tender will be for shipment from 

e I fcj — ' Vr iiMVA—bv w. avu ^ H|| ^ IkVU* J no IU JCUk 0| A UUIIIUC1 — — — — 

rf ov.KTf* raa “ e . by EMI (45th to year because of the timing of qualifications need to be made Finally, it Is almost impossible 

tni a S , ii 0 “ D ®rown (66th of contract completions. Davy about the list. First, the figures in a list of this kind tn avoid 

’■ J ”® 1 'come Foundation International, for instance, do not give a complete picture some errors and omissions. It is 

10 S5tb ) and Weir (95th to reported exports of £65m in of a company's contribution to hoped that these will be brought 

eagerly 1 

7flt A b >- 1975. £25in in 1976 and £lllra 

A newcomer to the list is in 1977. 


Previous year's ranking is given in brackets 

Last September Renaull AJSSStata Sif'* P^r cent of the .dulpnt !■; Gulf ports in September, the 

announced plans to build a new cent) and Aerospaiiaie pe^.. rising eventually to SO. corporation said. A tender for 

engine factory with a capacity in at£n roquirinf SSSuB cent. chartering 10 idle supertankers 

ten years time of 300.000 units. ^Sislatzon requiring -Brazilian . ; is From Japanese shipowners to be 

The investment, eagerly SSSfre* S'teSfted to?uSta» We of the used for carry ids and stockpiling 

encouraged by the Socialist led of SB 98m 3SS fheavSty) add the crude oil will be held shortly 

new^bJand iTthe Sr^st to'S be shared on the same basis. - ■ Etureuils (passenger transport) after July IS. u added, 
of ronfideniS' in "pocrSaS Since Brazil has UntjI now bn- But. an Aerospatiale spokesman The Japan Shipowners Assoc ia- 

economic future iSice the 1974 P 0|,ted aiJ iLs 180 helicopters, the | n Rio de Janeiro stressed that tioz, said it is discussing detailed 
rPvnS n IU Ure s,oc * “ e 1974 new venture will represent a the civilian market will he a vital terms a f chartering with the 



1 (4) Brit. Petroleum 1,188 

2 (2) ICI 936 

3 (3) Ford 894 

4 O) British Leyland 854 

5 (5) British Steel 623 

6 { — ) British Aerospace 536 

7 (6) GEC 524 

8 (16) Royal Dutch Shell 440 

9 (8) Unilever 429 

10 (10) Courtauid 405 

11 (7) Massey-Ferguson 369 

12 (9) Hawker Siddeley 295 

13 (13) Rolls-Royce 285 

14 (12) IBM 264 

15 (15) Distillers 245 

16 (19) BICC 213 

17 (17) Yauxhall 195 

18 ( 14) Inco Europe 183 

19 (24) Chrysler UK 176 

20 (21) GKN 175 

21 (20) Philips 157 

22 (27) BAT Industries 154 

23 ( 23) Tube Investments 148 

24 (12) Dunlop Holdings 141 

25 (28) Lucas T40 

26 (29) Caterpillar 139 

27 (45) EMI 129 

28 (22) Conoco 122 

29 (37) Rank Xerox 117 

30 (34) Ciba Geigy 116 

31 (26) Texaco 112-0 

32 (33) Glaxo 111.7 

33 ( — ) Davy Intnl. Ill 

34 (31 ) Johnson Matthey 110 





35 (35) Thorn 



36 (32) STC 



37 ( — ) Nthn. Eng. Ind. 


1 38 ( 48) Plesser 



39 (44) Turner & Newall 



40 (43) Albright & Wilson 



41 (50) Racal 

91 Jt 


42 (52) Intnl. Harvester 



43 (47) RTZ 



44 (54) Eng. China Clays 



45 (30) Tate & Lyle 



46 (18)<Esso Petroleum 



47 ( 42) 1MI 



48 (40) Mobil 



49 (55) Kodak 



50 (46) ICL 



51 (38) Michelin 



52 ( 61 ) Babcock & Wilcox 



53 ( 66) John Brown 



54 (39) Burmah 



55 (75) Wellcome Fijdtn. 



56 (5l) Cummins 


67 JJ 

57 ( 70) Delta Metal 



58 (73) D. Brown Tractors 



59 ( 58) Reed Intnl. 



60 (56) Associated Octel 



61 (4l) Simon Engineering 



62 (60) Monsanto 



63 (67) S. Pearson 



64 (36) Stone Platt 



65 (53) BSR 



66 (64) Acrow 



67 ( 68) Rothmans Intnl. 



68 (71) De La Rue 







69 (78) Beecham 



70 (88) Alcan UK 



71 (57) Gulf Oil 

64 JO 


72 (69) Fisons 



73 (65) Seagram 



74 (74) Coats Patons 



75 (59) Booker McConnell 



76 (95) Weir 



77 (SO) BOC Inter natnl. 



78 (83) Du Pont 



79 (81 ) Tootal 



80 ( 84) Grand Metropltn. 



81 (79) ]. C. Bamford 



82 (85) Go van Shipbuilders 



83 (63) Esso Chemical 



84 (94) Imperial Group 



85 (76) Decca 



86 (77) British Aluminium 



87 ( — ) Rowntree Mack'tosh 49.9 


88 ( — ) Cadbury Schweppes 49,1 


89 (99) Illingworth Morris 



90 ( 96) Arthur Guinness 


36.1 | 

91 ( — ) Ass. Port. Cement 



92 ( — ) Pilkington 



93 (87) Sears Holdings 


94 (82) Molins 



95 (86) Singer 


414) . 

96 (91) Associated Eng. 


39.6 j 

97 (98) Gestctner 



98 (90) Rolls-Royce Motors 



99 ( — ) Metal Box 



100( — ) Burroughs Machines 432) 

* Unaudited, t Calendar year, t Financial ! 

year ending March 31. 1977. 6 13-month ! 

period, f Year ending January 31, 1978 

I revolution new venture Win 1 a Lae Civ: 

Meanwhile, industry sources ^9 r foreign. exchange saving. ; ouUet. 

are optimistic about the future ; — * 

1 of the motor industry in spite of — - _ 

rising product prices, and the TT t fkAViri*Cir k r Td'V 
{most expensive petrol in Europe. a Ll/lllluCl 1U 
t They say Portugal’s pending T 

1 membership of the Common u 

corporation. A tender for the 
remaining 2.50m tonnes will 
probably be held next month. 

U.S. contract for Embraer Reuter 

LOS ANGELESi July 6. : m ' 

AERO-INDUSTRIES, a closely-- area airports. Silver State air- f 5)1*‘ llTlDOFl^ 
ield companj' that owns several lines which shnttles passengers 

lommuter airlines, has bought a between Las Vegas and the /-% 

iozen lS-seat EMB110 planes Grand Canyon ' and Trans- nyi .nvr 

: rom Embraer S-A. of Brazil for Mountain Airlines which flies Hi# U 7 / \J 

frnm TlatlVAr tO VarifUIK tekt * V 

iunrai ua U9HCUIUIJI ntui LUUIUIULCI djiiiim, ub.’ „ MEinEEu — - ■ -o — — 1 —— n A/Vf 

55J high local content. dozen lS-seat EMB110 planes Grand Canyon ' and Tranff- ifn -rlV 

56.4 A new law governing import from Embraer S-A. of Brazil for Mountain Airlines which flies 1*1# U 7 / %J 

51.6 quotas, which were fixed in 1976. $12m. from Denver to various ski * ** 

60S is’hWfiJ^bout ole pSenriawJ a n^chie^smShlS SSf thS'-^^fA - Brazil ^Embrae!- 8 SALES of ira P° rted ^ in Japan 

s “tries 

TOKYO, July 6. 

.fiE- advertising te been P a red wUh 4.367 to Stay" 

picking up in the past 
months because assembled t 


At least one executive believes 

5*2 the EMB110. He predicted thS ‘F paa Automobile Importer 

?ied ^ more than 100 of the commuter ^ ff T. I Association said, 

imndrt planes, valued at more than -5®® .1,'^ T f in t The June sales bring the 

import S100mi wiIl be imported into the §“ b 5 e J pl £jS commuter^ air 1 [cumolaUve total for the first six 

believes us - Ihe — ° f 1979 - . ^"currem^ liy°“lin^ j Jgntt. UtkSj-r «* 

r locally Mr. Terry said that the first made by Fairchild Industries ; P ef 

d grow dozen planes will be used by Swearingen -Aviation . unit or . ^ c?r? 

business thr^p Apr n-Inri ns tries suhsidi- twin Otter nanes made hv De I .-r . i u carS| 

out of the increasing business three Aero-Industries suhsidi- twin Otter planes made T)y De 
confidence now showing itself in aries — Pacific Seaboard Airlines, Havilland Aircraft: of Canada 
Portugal. I which flies among Los Angeles- AP-DJ 

U.S.-Soviet imports may rise 


MOSCOW. July 6 

THE VALUE of U.S. exports to 1977. . Soviet trade increased 12 per 

the Soviet Union remained U.S. commercial sources, cent during the first quarter of 
virtually unchanged during the however, said that substantial 197S because of a 244 per cent: 

Britain. France and Italy. 

Aided by a fall . in retail 
foreign car prices dne to the yea 
appreciation against the dollar 
and duty-free imports from last 
March, imported car sales are 
likely to top this year's target 
of 45.000, compared with 41,600 
sold in 1977. it added, 



re made later this year. of only S59.3ra during the first 
The Soviets have so for bought quarter of last year. 

Foreign survey 
by Sumitomo 

The headline “Survey indi- 


agricultural exports cancelling 1978, compared to only 6m bullion by the Soviets, one of wpdnesriiv’s «iirinn of th* 
out a S86.6m increase in tonnes for October 1976 {i>’ the largest Soviet gold sales to Financial was rnarcm-atB 

agricultural exports and leaving September 1977. Sales ‘ are ’the U.S. in recent years. iMmoied foreten SaaSSSt or 

the total value of US exports at expected to reach 15ra tonnes by The total value of U.S.-Soviet ® rft _ 

S593.6m. .01 per cent less than September and continue through trade during the first quarter was mfrario^wherea*; the stnrv was 
the $599. lm worth of exports the rest of 1973. $733m compared to S65g.4m P °renSt nf thtf finding e 

recorded for the first quarter of The overall volume of U.S.- during &e first quarter of 1977. J U nrey conducted by Sumitomo- 

r - ■ ' which .showed foreign disatisfae- 

tion over trading with Japan. 

Swedish car sales drop sharply 




Company shuts 
after 130 years 


Societe Nationale poor la Recherche, 
la Production, le Transport, 
la Transformation et la 
Commercialisation des Hydrocarbures 

U.S. 6 32,000,000 

7 year Floating Rate Loan 
guaranteed by 

Banque Exterieure d’Algerie 

This financing was arranged by 


as Managers 

«nd provided by 










SALES OF new cars in Sweden units, according to the Swedish market share. The Japanese iJv yc*tJC5> 

during the first six months of Association of Motor Manu- share has dropped by only a very 

this year showed a dramatic drop fact urers and Traders. small margin to 8.S per cent, J, L. ORMEROD BROTHERS, of 

of over 30 per cent from 143.000 The great upswing in buying Volvo's share has moved down- Haslingden, one of Lancashire’s 

units in the first half of 1977 iu the 1977 first halE was pri- wards *o 22.5 per cent in the last surviving cotton warp sizing 
to 98.000 in the same period this manly activated by an first half of this year, from 23-4 companies, will cease production 

year. June this year was one of impending increase in the per cent in the same period in next Thursday after more than 

to 98.000 in the same period this manly activated by an first half of this year, from 23-4 companies, will cease production 
year. June this year was one of impending increase in the per cent in the same period in next Thursday after more than 
the worst on record with sales at value added tax in the second 1977; while Saab'a share -has in- 130 years. Ten workers will lose 
17.900 units compared with half. creased from 11.3 per cent to their jobs. 

20.700 a year ago. The market is not expected to 13.3 per cent. Volkswagen’s 

Car imports in the first half see much of an increase in buy- market share .has followed the Although the company has 
or the year amounted to 72,467 ing during the second half of general pattern downwards from plenty of orders it is unable to 
units compared with a total in this year. Some manufacturers 13.3 per cent in the first half of meet the cost of installing a new 
ihe first half of 1977 of 93.500 have held on grimly to their 1977 to' iO.l per cent this year, boiler plant 

Iran to buy shins Blockade closes Austria 

" ** SALZBURG, July 6. 

BY ANDREW. WHITLEY TEHRAN, July 6. AUSTRIAN Chancellor, The industry leaders made 

Herr Bruno Krelsky, who their appeal after the Finance 

THE IRANO-HIND Shipping Over 460.000 tons of cargo was ar ”^JES£, SSnif 

Company is to purchase seven or carried last year, mostly cement, meet blockaded Austrian horded, agreed to provide aid if other 

eight bulk ore carriers within sugar, steel billets, jute and tea. T^nf.r* 0 end C0 S?,! rl i« wlrtlr/ 6 * 175 ? ■ taX 5 S 

the next five years, according to As with most carriers to the Gulf, * orr 7 dnvers protest > - But in Western Austria, the 

TEHRAN, July 6. 

ils vice-chairman. Admiral the most serious problem is that ,Jr L 

Kishan Dev. A decision will be of return cargoes. Only 5 per V 1 ? situation began to ease as wno repons from the Tyrol that 

taken on initial needs, and on cent of return sailings are not J?P v £ r ? a ^ an ^ orJe d Attempts to most of the drivers involved were 

whether or not to buy new or made in ballast bIocfc Menial routes in response foreign and unlikely in heed 

second-hand within the next six QiftM 1Q - R v, l ° «*-caiI from haulage .industry appeals from Austrian business 

njonth* , ,. nce 13,6 lDdl a-Iran trade has chiefs to end the protest leaders. Reuter 

declined, and with it the . 

The vessels will be needed to pany's fortunes. The profits so 
transport an eventual 7.5m tons fur ? re . attributed to the limited . 

of iron ore a year from India's specialised scope of its work, and M~ 

Kudremukh deposits to Iran and tbc political backing of the two 
its fasr growing steel industry, parent countries. 

The Iranian-financed project However, the trend is awav 

L? due to come on stream ia from exclusive dependence on um 

September 1930, initially export- this route to other destinations an W MW 

mg lm tons of ore. the Arab side of the Gulf, and •• LLfjf 

Although primarily set up in ?° p 5 r . . . ■ 

relation to the Kudremukh pro- “ rB .° VMAAi 1 

jecL the shipping company. Ias L “ l0ntb ,he fflf ll f 

jointly owned by the two rf* r Si a . new run 10 ■ ■ IV/wW 

I countries' state lines, has become Momhas a. m. Kenya. 

the largest carrier between the Following the withdrawal of , •. jf&Fl 

Indian subcontinent and Iran. Bank Lines' operations in the 
the Admiral said. Currently 40 western part of the Indian Ocean. 

per cent of trade from the cast Irano-Hind feels itself well placed • • ^RhU. 

coast of India to Iran is carried to develop cross trade between 
by Irano-Hind. East Africa and the Gulf region. 

..... , . n , . It also hopes to move into Soutb- 

In some parts of the country, protest appeared to be growing, 
the situation began to ease as with reports from the Tyrol that 



r. -. 7 J'. i l 'i. i ne company omtts four general 

Tehran said the shaping line has carso ships at present, with a 
earned profits from «ts inception WXal tonnage of 40.000 dwt. It 

ih rtf hfl 0:irs i a ' 0 ' In c ° nup ‘if? w . uh also charters where necessarv 
he heavy Nti man* sh'PP'^'-J Admiral Kishan Dev has 
; n *1 ?*' ov * r . lh t «***"* indicated that he will be lookm- 
int-u»r.n_. a?, a result of the f nr gpcond-hand ore carriers in 

husmess dc ' preisl0n m Lhe the 50.000 to 60.000 ton range 

once Government consultations 
In these three years the com- and u report on the progress of 
pany has made a profit of SI.6111. Kudremukh have been com- 
most oC that coming in 1976. plcted- 

Korean orders decline 

SOUTH KOREAN shipyards global slump in shipbuilding 
received S116ni of foreign ship- reports AP-DJ from Seoul. 
building orders fnr 19 ships dur- The orders included container 
in’ the first half of this year, ships, general freighters and 
according to the Commerce and fishing boats. Tonnage was not 
Industry Ministry. given. 

The dollar amount of orders Ministry officials were not cer- 
was down sharply from S3I0in tain if Korea would attain it? 
of a year earlier and olso was ship export target of S770m this 
ihe lowest first half figure in lhe year in view of this bleak pros- 
P-isi three jtars. rcfleciiny liw peob 


New cars/road tests, 
maintenance checks, 
by Stuart Marshall - every 

Advertisement rate: - 

£14.00 per single column centimetre. 

Contact Simon Hicks crt the 
Financial Times, Bracken House, 

10 Cannon Street, London £C4P 4BY 
Tel: 01-248 5145 



WeVenot knockingthe idea of company cars 

We a re, though, suggesti ng that it can be a waste of money to buy them, 
and a much better idea to lease them. 

To strengthen our case still further we'll use the Audi 100 as an example. 

First, there's the benefit to your cash flow 

You need pay only three months leasing rental in advance: £765 for 
an Audi 100LS Automatic. That is, 35% less than the deposit on a normal H.P 
scheme And, of course, much lessthan outright purchase. 

In other words, you're releasingmoney to invest in your company which 
would otherwise be tied up in your company cars. 

Second, there's the benefittoyourtax bill. 

You can setthe entire cost of leasingthecaragainst your profits liableto 
corporation tax If you're making enough profit, that can add up to about ' 
£3,000 over the two yea r I ease peri od. 

Th i rd, there a re the benefits of the new Aud i 100 itself. 

The Audi 100LS can be cheaper to service than any of its seven major 
competitor^ And, for the last four years, an r • Z 

Audi hascomefirstorsecond in what is f ^ 

company car between this and the new Audi 100. 

You no longer have to choose 
between this and the new Audi 100. 

I am interested in leasing. Pleasesend me details of the car(s) I have ticked. 

Audi 80 □ Audi 80 Estate □ Audi 100 □ Audi 100 AvantD 

^l arr P Position Company 

Address- - - 1 

, Cut out and send the coupon to: Audi Leasing Volkswagen (GB) Ltd., Volkswagen House, Brighton 

' Road, Purley Surrey Telephone 01-6684100. 


Financial Times Friday July 7 1978 

Labour seeks return 
of big-city powers 

Budget defeat 
rebates wait 


Lessons of the train fire 



PLANS io return certain powers powers on the grounds that the authorities would stand to lose 
for planning, social services and new authorities wore too remote most by the changes, described 


THE DEATHS of 11 sleeping ear 
passengers on board the 9.30 pm 
Penzance-to-Paddmgton train 
were the first rail deaths by fire 
since 1930. 

On June S that year an express 

education in the major cities from the people they served. them as meaning “the end of TAX REBATES consequent on ■week, so !t wil! be three months j passenger train from Euston to 
which lost them under the 1974 A Cabinet committee set up by local government as we have Tory amendments to the Finance at least before the revised Tables Glasgow caught fire. Five people 

Conservative local government the Prime Minister earlier this known it and a further move Bill will not be paid until incorporating them are sent out. j died in circumstances that have 

reorganisation were unveiled by year to study possible changes is towards the bureaucratic stage November, when an estimated The °5 per cent band has I never been completely explained, 

the Labour Party yesterday. almost certain to back the Labour and the weakening uf £300m wil! be injected into the multiplied the number of pa-’cs but are known to have bad a 
Labour’s national executive Party proposals. These had democracy." economy. 0 f ^nies by a factor of 10. bearing on sleeping-car and other 

committee has endorsed a policy initially been resisted by Mr. The specific changes that The delay is caused by the whereas 'last year 38 were carriage design since, 

paper outlining the immediate David Enoals Social Services Labour proposes should lie made large number of tax tables to reriu ired. this year the number The sleeping cars in the 

short-term changes to restore Secretary, and Mrs. Shirley immediately are for responsi- he printed and circulated before will be 400. Taunton disaster yesterday are IS 

wi "i: ,n, l P J E, !? cat i 0 H Sec I ,B !F; "“"y <° r s “ ial P laI " X f ™s book Of tables has a print years old on average. Mr. Peter 

mon» far-reaching plans for on the ^.rounds of the potential ning, highways, traffic manage- . T . he amendmuits reduce the order of and mu3t be Mm .Tory MP for Devon West 

increased regional government, disruption to services But both ment, libraries, consumer pro- {*■{« »‘e « distributed to more than lm said last night he believed the 

The proposals would affect all the^e Ministers are believed to tection. aud some others to be ,„_ ce R5’ a ?r „, a - employers. The inland Revenue Western Region had most of 

cities with populations of more h , ave persuaded to support transferred to authorities with C7nnnt« ro nnn .tun -ho sa l' s ,l cannot complete this BR's second-hand engines and 
than 100.000 which were not the party S proposals. populations of more than 100.000 j;™™ uiin ine operat j on un{ jj November 9. carriages. Many were “ cast-off " 

given metropolitan status in the The proposals are due to be w ho want them and are able to sm * 01 when the changes will come into from other regions, he said. 

1974 reorganisation. Leading the debated at the Labour Party con- carry th eni out- rJWc; from ihe increase io *%?*- ^ . . . Yet even these coaches incor- 

wav are nine major cities, rang- ference in October, but are B ut only the “Big Nine ** ** _,f S Z The tax rebates dating back to porate changes made to aebnow- 

ing from Bristol io Stoke and almost _ certain to form part of cities should be given ihe ' re S in ,h.> middi^ Apnl ®- du « > for repayment on lodgc the advance in materials 

with a combined total population Labour a manifesto for the next opportunity to have responsi- vvv ILip fnVIhLr .-.-Vum or afle T }°rember 9. are science, and tighter construction 
or more ihan 2.3m. followed by general election. A Government bi i it y again for education. These ? .Text week^heca use ? es^’edto total about £30nm. regulations f r0 m the Department 

a furlher 22 cities such as statement On the changes i* dtie* are Bristol. Hull. Nottlng- A manned man with nn child- of Transport since 1950. 

Ipswich and Norwich with expected before the Parliamen- ham . Leicester. Southampton ™ £!r re "°" Z ‘t “ .*?<*- J"! 1 rece,v i e But no passenger rail cars, for 

11 m 

But no passenger rail cars, for 

authorities. The cities, mainly authority associations which are out in the immediate future. . - % . . „ . ; — - aeanocK 

traditional Labour strongholds. Conservative controlled. because of the disruption su , T ^ e lnc f eJs n ' n 14 weeks srace the new band was nd 

have campaigned vigorously The Association of County soon after the 1974 reorganisa- eve .L - pC i rS 2T! l sallo** ances introduced. After that, weekly There w 



since then for the return of their Councils. 

member tion. 

Unions given chance Winter air 
to save Lucas jobs KJJSd 

could be in introduced without reduction in taxes will be £1.30l There were no witnesses to 
new tables, since it was purely Increased personal allowances say .. e ftre . s *f j A 

a question of adjusting indivi- came into effect rapidly after the co, 7! n l u, i!! lcatlon 5°.^* h . a “. 

duals' codings. Budget, in the fifth week of the p , u ‘ ed “f 006 victims in 

The 25 per cent rate required tax year, so the rebates were second coach only la seconds 
new tables, which were begun correspondingly small. before a blast or hot gases 

in April and will be ready next Total rchate in the middle of exploded into the compartment, 
week- May was about £50nu with £2.6Q killing the five in it and stop- 

The Government accepted the going to most married couples P ,Q £ tbe tjajn - 

Tory amendments only this and £1.30 io single people. 


Rescue work after the lire. 



LUCAS INDUSTRIES, the years ago to devise an aitema- for a big expansion in its pack- 

largest aircraft components tive corporate strategy as the age tour holidays this winter, 

manufacturer outside the U.S.. UK aerospace industry con- following an SO per cent rise 

has agreed to shelve plans to traded. over last vear in its sales for 

close down three factories in the Nine members of the combine the current summer. 

North unul a 14-man working have been elected to the work- Mr. John Holding, general j 
part? of trade unionists has had ing party, and its conclusions manager, tours, said yesterdav I 

Forklift merger 
boosts investment 


It is now recognised that ihe gency would not yield in ihe 

nVinotirprl slow-smouldering, low coinbus- same pressure, as passenger 

uisuum-cu | lon properties of the materials can testify. Doors at the ends of 

The fire started under a seat in sleeping compartments and sleeping cars are locked by the 
two compartments away from the fact that these arc generally allendanl. a practice condemned 
where the victims were found, locked and shuttered at night 111 years ago by a rail insjn c!i>r. 
It had smouldered unnoticed far reduce substantially the chances BR said replacing old stuck 
nearly an hour, giving off fumes, of smoke being detected frunt was a problem. It Lad regarded 
g3ses and eventually a slow, hot outside- its first priority as replacement 

explosion. The lesson of Beattock. where 0 r engines, but there were srill 

British Rail reacted to the the fire smouldered for nearly an 3,000 diesel units which should 

deaths by removing all wooden hour before gutting two carriages, have been replaced long ago. 

partitions in rail cars. Low- have been learnt only in part. These would probably lake 
inflammability glassfibre was British Hail said last night precedence over replacing the 

a chance to come up with alter- are expected to be influenced by that he attributed this success tol-rrrvpp u »c w n * i r„i used far all future insulation and that It was almost impossible. lS-year-old sleeping cars, in view 

native proposals. the comhine plan. Until now. ^ring the public the right 1 coaches were made, with all- and certainly impracticable, to of the railway's limited 

The factories. one jn Lucas has been unable to deal JESS at the right price. ° SSiehS »"d plate. enforce . n f smoking regulations resources , 

Liverpool and two in Bradford, directly w,th the combine ~ We p i an tn develop our share affe? the P mere5 of Lans"n» ducted from profits 5 an extra- F»mie-relardcnt materials were in sleeping ears. When Ihe “Mark 2’ sleeping 

were to l.c shut bv 19S0. with be P au ^ tradifonal company- of the hoJiday husiness this Bacall and Hen lev FoSfift oi-dtaary ™enS SM 000 pS” l,sed Tor and panels. Passengers are requested not cars are introduced they are 

the loss of 2.000 jobs, as part of un '°" negotiating procedures winter bv continuing our compe- £hic h produced he W^est the Sneer Bom CroSp in 3nd - carbnn d,oxld f *** to use rad i-,. record-players or certain to have on-board smoke 

ration a lisa tion and retrench- w «u |d have been breached. titive pricing policy and by the JJJSlft P fSs manufacturing settlement of the legal acUon extinguishers were instaUed at otherwise annoy other pa*«n- detecto^ The^. ; lU . hcui-j 

nient scheme. “We question the logic of the IntrodJction" of a number of i Jroun in Wertern Europe. breiSt some years So again”" th " end nf a eac J| ? SL pm * c ?? b - L er, ‘ *£? JS5. PfUZ - 3 E& J 0 *'* wi 

Lucas has offered the work'nc Lucas' moves, and we hope to attractive innovations." ! -phis indication that the mer- Henley for an alleged patent . There is a> not other provision the compartment, the blankets, advanced devices capable of div 

.S -« tta-ML- .These include a new o f Lj been smooth, ,v com- WrtoUnL ‘ . P . M2S? SSTSLV S JiSS ‘WSf'JJ* ^ 

Those should be ready by the lhat niarkets for mechanical fuel The Celebration Holidays will For the year to the end of 1977. 

cnnreaerai inn. uictuauiMi "Min .UUIIU. ntn uwuuiiwuim w oi Ul dUU IIU.IIII icapcviucy III IUC J tot »IUtU CUUTU m I ,L. n .. « DP • J , L, - rr.. j 

The move will lead in closer A Government offer of help to this winter include Crete, m the previous year when the April 1978. Kaye’s turnover in- f materfSi l * ^ dnnr'rrnm^h^Mid 0 ^ Ivin’reriiinlv mT^kc h?.; hS 
contaci between the company Lucas last month would still Tunisia. Morocco and Venice. Henley results were not in- creased to more than £100m, but | ,nflamraable tnatenals. door from the inside m an craer- will ter tain Iv make this clear, 

and the Lucas Aerospace shop have led to the loss of about while there will be a bigger eluded. the company is not yet willing to 

stewards' combine, set up six 1,000 jobs at the three factories, choice of holidays to Israel. The impact on Kaye's retained give any details of profit figures. 


ectricity charges too 

City’s new 
meets today 

French dock makes 



ormolu bronze and Vernis Martin 
musical clock, supported on the 
back of a rhinoceros, sold for ao 
auction record of £32.000 at 

A HlifiE quest lonmark over the have thought appropriate. relevance of inflation accounting SSEB has failed to bring into By Margaret Reid bac * of a rhinoceros, sold for an 

pricing policies of the national- For political reasons the in the nationalised industries, account the other side of the auction record of £32.000 at 

Ned industries was raised by the report does not talk in such The SSEB like other inflation equation— the benefit THE COUNCIL for the Securities Christie's yesterday. It was 
Price Commission yesterday. terms, but all the indications are nationalised 'industries. has l 5 e electricity board itself gets industry, the City's new self- bought by Partridge Fine Art in 




A HlifiE quest lonmark over the have thought appropriate. relevance of inflation accounting SSEB has failed to bring into By Margaret Reid b ac * a rhinoceros, sold for an BY ANTONY THORNCROFT NEARLY 1.000 conslrm uon 

pricing policies of the national- For political reasons the in the nationalised industries, account the other side of the auction record of £32.000 at workers at the Monsanto group’s 

Ned industries was raised by the report does not talk in such The SSEB. like other inflation equation — the benefit THE COUNCIL for the Securities Christie's yesterday. It was — ■ - , ■ Seal Sands plant on Teessirie 

Price Commi<<s|on yesterday. terms, but all the indications are nationalised 'industries. has the electricity board itself gets industry, the Citv's new self- boueht bv Partridge Fine Art in ™ - , walked out yesterday afternoon 

Picking the small South of that the Price Commission Ls well tackled the problem by charging through the reducUon ui the real resulatory watchdog body set a sale of French furniture and f *5! P «o a ili y in 3 Sa ^ ^ after another chemical leak of 
Scot l;md Electricity Board aware of the little bombshell it 40 per cent more depreciation in value of its debt obligations, or J ™ the taSries which tELSH Wh A ICh A t ^ ed £89 ’ 578 ’ , , on . acrylonitrile, at the site. 

(SSEB i for its study, the com- has dropped on the nationalised working out the costs it is borrowings. S!l«19 S oTo eS P re vTou s r ec o rd° Vnra After a meeting with shop 

ior us si nay. me com- nas aroppeo on me nauonausea working out the costs it is uunwings. 'r . “ , , . . . ~ cjiamo Provinuc mrnrH tnr , Jr . 1 4fi er a meeting with shnn 

mission has concluded lhat industries, and the electricity required by law to recover in full If both aspects of the matter highest ethical standards in tne lo " s f( advertising cheap family rail ' * Uo said th e alarm d?d 

present accounting policies are industry in particular. fro mi ts cons urn ers-so breaking had been taken into accont, the securities markets is to hold its French clock at auction wa* ticket* to Monte Carlo sold for Sound toe Mon^nton.ana'e 

s ... .. . .. . .... ____ Mm mice inn ence Hi*™ second raeetina today. U4.UUU. £1.250 to an anonymous British nin suuna, me Aionsanto nunage- 

p resent accounting policies are industry in particular. from its consumers — so breaking h a “ been taken into accont, the securities maraeis. is iu nuiu 11s .„.^ 

nui appropriate for setting Officially, the line is that this even, taking one year with Pric * Commission says there second raeetm* today. ■ ' ~ ‘.""'7 ment gave an undertaking io 

privo. report is meant lo be a contribu- another. would have been no need to The council, chaired by Mr. An anonymous purchaser paid coUector at Phillips sale of art - inslal ® separate alann system 

K iW IHi-all.v. till' commission lion to the debate over setting This method was not of its own SSKrirfSi P " “ Patri,?k QC ; a ‘t a<linB T to.L flnf jp noovean and deco. “ , he pl ',^™ d e .f™ 

nur iini-ent the basis on oueratina tar^eis for the nublic- k,,» h ‘ n depreciation. commercial hamster who is quetiy bureau cabinet by P. «— *- ™ 1 =* 

soki&wSk 3SS.~ iiSsSSS Sis £4* S S'nSsS-J 

sn*»« s ■%.” n; seas* sbS asissas 

Hir.uich ihe additiun of 40 per moment in the SSEB. and else- i ng the SSEBs estimated costs The Price Comm isrion does Th e topics being examined by figures flora and Ceres. 

i’i’ui extra depreciation has had where, is not appropriate for of generating electricity from not stop there. It lists a number the sub-committees are: new Newhaus, the German dealer. 

At Bonhams. European pic- that all the men return to work 
res totalled £96.595. with 10 per this morning, 
nt unsold. A Hunting Scene. There has been trouble over 
cribed H. Barra ud. sold for safety standards at ihe U.S. 
■300; Pont Aberglasyn— North group’s plant for three weeks. 

1319m in 1976-77 to £387 m 

11 i.iiu<i.ito mat iiil- .W1.D3 anaMcis. ijvuv.uuco uia L coae. rfpht financed it is the sunoliers moV io hriard dnnrc mmintort with nil* : v tf fi/ 4 group s plant for mree weeks. 

efffrif. l.. recognise in nation what is being done at the Ttas had the effect of increas- nf the debt which have Tost out 1 Ml 1& ’ uiet^l fiaures of Flora and Ceres 1 Wa,es b >' John Glovcr fetched Building workers have claimed 

’branch ihe addition of 40 per moment in the SSEB. and else- ing the SSEBs estimated costs ° The Price Corn mission 5 does Th e tn P ic - s hein S examined by .. eS ora an , es ‘ £2.600: and 9ffaichfei<oiu Children that on bevera! occasions they 

i cni extra depreciation has had where, is not appropriate for 0 f generating electricity from not stop there. It lists a number ^e sub-committees are: new Newhaus the German dealer, by Charles Hiiol £2,500. Furni- high levels of acrylonitrile. They 

the I ‘ir ecu Iir increasing costs pricing purposes. £319m in 1976-77 lo £387m In of other examples of accounting issue Practice: the conduct of paid £12.000 for a Louis .TV tulip- ture aded £47.680 with a top were exposed to dangerouslv 

i' 1 ’be South of Scotland con- To find the right basis for 1977-78, an increase of 4 per cent, treatment which have or could, investment advisers: insider wood and mareuetiy bureau de price of £2.100 for a Regency sav that alarm systems have 

sumcr liv 4 percent in 19- i-7S. pricing in the electricity This method, comments the affect electricity' prices to vary- dealing and directore' interests: aame by .BVKB (Bernard van rosewood sofa table. failed to sound during leaks of it. 

Thu mcan-i Hint those electri- industry will need considerable Price Commission, "is arbitrary ing degrees. disclosure of commissions; and KisenDurgnLona an anonymous Pictures from the estate of the Li the UK the permitted level 

city consumers have been further study, in the SSEB and and is related neither to expected For a start, it seems that the l |c c°sed dealers and others con- '* late Anthonv Morris Clark, aud of acrylonitrile in air is 20 parts 

charged mmc £17m more for the Government, the report replacement cost of the assets SSEB has been depreciating its ducting securities business nut- J“*>P W0 ^ manjueoy sfierd- fQr t jj e of American P® r million, 

their electricity in the past year states. nor to realistic assets lives." assets far more quickly than s,de 030 Stock Exchange. taire, also Dy iusenour a n. Academv, Rome sold at yesterday's incident when 

riiy consumers have been further study, in the SSEB and and is related neither to expe 
charged some £17in more for the Government, the report replacement cost of the as 
their electricity in the past year states. nor to realistic assets lives.” 

I tain;, also by RLsenburgh. 


In yesterday's incident when 

than ihe commission seems to Central to the issue is the What it is saying is that the their actual lives — something Today’s meeting is in the An illustration to the Bhagvata Christie's for £91,847. Mr. Clark, a safety valve blew, the level is 

which is said to be widespread council chamber of the Stock Purana. showing Brahma asking a distinguished American art said to have risen to 60. Two 

r - ■ - - ■ throughout British industry — in Exchange, since the Council for Krishna for forgiveness, c. 1730, historian and museum director, men were given medical treai- 

another effort to take some the Securities Industry has no sold for £4200 in Christie's sale died in Rome last November, ment. Both were later reported 
R M H \ account of inflation. premises yet.. of Indian miniatures yesterday, aged 53. fit 

H m O _ _____ _ B Br I For example, conventional 

Help yourself... 

Gas is clean, controllable, / :?:f ; - ' ■ 

versatile and economical— j ifff f 

the ideal domestic fuel. /* . V 

Tlwts why nearly 14 B&i 

million customers have / , • I 

chosen gas to heat their / . Jk ■ 

homes and cook their / .. ; 

meals. / . .. W (|j\ 

But like all fuels it / , .,y . . . 

should be used wisely. / " r • I 

We have a booklet that t pV-- ;! * ' 
can help you. 

Among many important items it covckT^^^^^ 
■ What to do if you suspect a gas leak. 

“ The laws on gas safety. 
h How to have your appliances properly installed 
and regularly serviced. 

H Help for the disabled. 

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

I of Indian miniatures yesterday, aged 53. 

power stations are written off 
over 25 years, whereas they have 
an actual life of 35 years. 
i Again, the SSEB does not 
capitalise interest on assets in 
the course of construction; as 
, with accelerated depreciation. 


this amounts to charging presenf A BRILLIANTLY’ sustained dis- The first set was replete with — Nastasc, to reach the semi-finals 

consumers for part uf later con- P' a y of calculated aggression wonderful tennis. No angles wer-e for the first time, kept Borg nn 

sumers’ consumption. swept the talented Vitas left unexplored, master-stroke 8 SlftarlES court for two hours and ten 

The Price Commission quotes Geruiaitis off the court 9—7, was countered with master- M minutes. 

SSEB estimates that the effect of 6 — 2. 6—1 and lifted Jimmy stroke, and for 67 minutes the JOHN BARRETT At ( first he could not live with 

capitalising interest on the next Connors to the final of the Centre Court crowd roared its ??!? ?_ 

nuclear power station at Torn ess men's singles at Wimbledon appreciation. — — — — ?' as _J?^- I ° . , „ 

\ A 10 i £ er ce r l > esteida y- ' From the first bail Connors Jfiti*** brave smash, but he was JSraniaS * aStoSl Bo&* se" p m 

reduction in costa and hence in As predicted by the seeding leapt into action like o grey- beaten eventually. lhe s ixth game. Borg, wiih those 

nnHnri » ruIfi me constru cuon committee, the men’s single final hound coming out of its trap. If Geruiaitis was demoralised familiar, devastating whiplash 

.t, ^ . ! at Wimbledon tomorrow will be Striking some incredible service by the setback he showed no drives, pocketed the first set after 

Nastasc, to reach the semi-finals 
for the first time, kept Borg on 
court foe two hours and ten 

At first he could not live with 
Borg's pace. His opening serve 
was lost to 15 and although he 
fought his way tu 15—40 and an 

Portion - ih nine* J « itiiiihitowu ‘viuw. * wc OLtlMCiy 3VU 1C IIU.I CUJ IJiC Service Vf avuidWA lie ailUWYQ DO fvvnvw v uic 

IS- e5C J r ?-;a repeat of last year’s epic, returns, he broke Geruiaitis in sign, breaking back to 7—7. but 33 minutes of play. 

__J- -| f t . - . “ -“-av ICIUU13, llti MIUPC 'jciuiai III aigu, UJV IU f 1, out w - 

tts irrmficaMrmThat St mavrM hs feaCur 4 n .? th0 defending cham- the opening game and twice had jd« as quickly the quicksilver By then Okker was learning tn 

worthwhile ^ flnanei- li'i? »« hfiiw R' 0 "’ Ej >rn . Bor % against Jimmy a point for a 3—0 lead before the Connors counter-punched his way mo vc at Borg's pace, to score with 

sophisticated^ “new nower S-rEi? Connors; ttie European artist 23-year-old New Yorker managed to an 8—/ lead and this time so me spectacular volleys, those 

W Thi<Temer*Ps frnm the agai . n!,t the Ainencan J u S3er- to avert the threat. there was no comeback. Geru- deft drops for which he is 

that the c?st of new p^wef ^ ^ v . Having achieved that, s a ved one set-point with a renowned and some fierce drive 

stations vrith all Jhe tafest ^ rg attempting his Geruiaitis did even better hv Heavily top-spun forehand from volleys hit with top spin. 

technology “pears 2* HefiS his "SSSfSaMn' break j n S - back in the s ^^h game ^TelStX'sS wheohehia However ' he cou,d win onl >' 

greater than the indexed cost of bettvin^to iZ 5 nd o h ° id l?? serve 2° ahead forehand too Iooe ° " * one P° int in ^ third ? ame nl 

existing plants. Lc “SiSVn-iSt 4—31 At ^ sta 3 e Connors was f0 ^ na - , g ' the second set as another serve 

South of Scotland Electricity ^bhsh him wlf as Hie world s p a y ing the penalty for being a . ° was “P tUTed ' Bor fl was begin- 

Board — Price increases in the time record orer the Swede hut nrtl f. over-ambibous and in the Jj*. nlnff to outtt 'it W« on the 
supply of electricity : HMSO. n nr t ifac won fnnrnf thlir'nort ten tb game he saved a set-point ! " third and seventh gomes pass fng shots, so that it became 
House of Commons Paper 535. n ^ b s meKines of their past w j, en a service return by of se J. to 5—2 increasingly difficult for Okker 

S0p. % e 1 - c , Geruiaitis hit the top of the net “ an . d to ft» lt “ I 1 *? next ^ e ' to maintaiB the pressure. The 

In yesterdays semi-finals, ant j f 0 n back. Connors promptly jjovms .like ^Shtnmg on to a Dutchman saved two set points 

Dvinlti-An £ p®J| n 5 rs d i , ^iiVv.j^ n lan ^ - y sus * capitalised on his luck, winning GflrukuLs drop-shot and flicking on jjj s 6erve j n thg n j n th game. 

Brighton terry t A l F ° ed / t l a,c ?if2 d ®? ?ress i on “ that = ame with a sfaot which l *w for „ a * , . nner * t but Hie champion held to tave to 

A NEW high-speed ferry ser.iee mJ “ vlSfcw^J™. ^7^3: St ? ck ta|,<- a " d l ° PI,led over ' °D^lSidlfs *beg™ cll ” b ““ se “ nd Se ‘- , . , 

■ ni . .... ' Tho ilth nnm n th. ruH - uuuuie-iduus uc b“ u . 11 RorfY KiirPMil In 5 I in 1 in 

inese nave ueen oraereu at a b— I, e — i, o — *. ai5 a** 1 * 1 urcaK point, con- ,u_ Tyr ew Yorker thumoed his . a41 ‘" “ 

cost of £i4m by a new company, Connors took a fraction over tailed more breathtaking shots rac j- et on t0 ti, e ^rf in an^er S 1111168, but 11 was a tl - vin3 
.fellink Ferries, operating out of two hours to complete the esecu- t ^ ian many matches have pro- The nest three games felT lo k ck ' 

Brighton Marina. The company tion— but in the early stages it d *iced at this Wimbledon. Connors at a cost of two points Borg served confidently and 
is an offshoot of Jetlink Services, seemed that the match might last Three times Connors got to and the match was as good as powerfully for the match. At liu.* 

Dublin. Formed last year to all day and reach the heights break-point, and three times he over. end it was clear that tbe two best 

exploit the Jetfcul. attained last year in that squandered the chance by strik- Tom Okker, who had put out players in the tournamcnr would 

AH finance has been raised memorable semi-final between ing erratic backhands. Another the fourth seed. Guillermo Vilas, meet again with so much this 

privately. Geruiaitis and Bjorn Borg. break point was saved by Geru- and the ninth favourite, Die time at stake for both. 

& n 

Si .*• 



*5* ; 
Nv ; 



s --=3 

•v:. r»-. 
r 'v • 


Financial Times Friday July 7 197S 

Homes Organisation 

due to be wound up 


tiik homes 

. . . , OrsanisaUun, time in ruiirt and in preparing £ioo to £200 *o you can work 

m inch conducted a five-year fight cases that I have not been able out how maSw cases are 
U> end .solicitors monopoly nf t„ R iv« some aspects of the bust- involved * S 

umvejanemg k due lo be ness the attention they should Mr. Geoffrey Grant, secretary of 
Vkound up next week. have, Mr. Watson said. the South East London Law 

The company, winch dial- ”1 intend to stav in this busi- Society, commented: “Any per- 
tongni the Law Sucicly m nvs — it is possible to close one Son wh o pays a deposit to an 
attempting tn spread d«*-it-> our- company and start another agent is entitled to withdraw it 

seif convey an vine, is to hold a .. v . 'i, at any time prior to exchange or 

creditors’ mooting im Tuesday. ’ 11 ** 5°ins to lose contracts. The position after 

M, w **,«.. tSkT 2JE? 5 ■SEES? TSSfJtJSS 1 * 

l know of two people who 


of the i I tunes Organisation, said deposits will go forward as part 

yesierdaj that no-one who had uf their purchase price. I iu, ve each Daid £100 deDD , it to 
loQRCd deiNMUh with tb.- com- auarantee that they will all get Homes The*SI licit or? have asked 

r»Sf. «‘«r. W if they are hZSS? ™ «ST l£SftS 

-Thr main rn»dihvr< will h.. rt..mi«4 .7 :5 .7 7 . .. - numes w return me deposits out 

dSS.r’Hi? r “S 8 * 4 - 5 5 

rmattd «-\emie. \ lsIi rdjy he There is nothing for anyone of the vendors’ solicitors. 

then wrote 
to return the 
neither case has it 

Housing improvement 
maintained in 



THE MORE encouraging picture April. Public-sector homes com- 
jn Jiouse-buildinp was maintained pleted rose from 10.400 to 11 500 
Id Hay. according to Government while 12.400 private homes were 
figures yesterday. finished, a marginal 200 increase. 

The Department of the Q Details of a big increase in 
Environment said that total co-operative housing activity 
housing starts in the month over the last year wore announ- 
re ached 24.900, slightly down oil red vesterdav bv the Co-operative 
the April figure nr 25.400. Housing Agcnc'v. 

. The number oF public-sect nr The agency, part of the Hous- 
h times on which work began m jn« Corporation, says there are 
May n arlii'tl 11.200 against 10.700 ]fii groups actively pursuing 

in the pivviniib month, while a co-operative ownerships and 
siert was m ult: on 13.700 in tlic management of their housing, an 

cheque plan 
may cause 
Visa row 

By Michael Blanden 

AN ARGUMENT could develop 
within the Visa International 
credit card organisation over 
plans to introduce a new world- 
wide travellers’ cheque under 
the Visa banner. 

The plan was announced 
yesterday hy Visa, which in- 
cludes Barclaycard in the UK. 
Visa bus sent invitations to 
a ! thousands of financial institu- 

pnvate srcior. increase of 56 per cent on , 

In the. March-May period total year ago. In addition. 17 local j linns in 47 countries. They are 
start* tn housing wore a jut cent authorities and 31 housing i heing asked to join so-called 
up *n the previous quarter and associations are assisting the “charter groups." which would 
] per ccsit higher than ui that dcvelnpineni of co-operative make final decisions leading to 
pcr'nd I i-t }*\ir. housing, cither on their own! the introduction next year of a 

rul'lie-cctor starts in the latest estates n r else by helping! \. P isa travellers’ cheque, 
qu.irler >li.<wi.'.l a 2 p«'r cent drop groups to develop their own The move would bring 
from the pm unis three months schemes. ' members into direct competition 

,md were 12 per cent down on a So fur, however, only eight I with leading groups such as 
M'.ir i*;:rli'*r. housing co-operatives have I American Express. It comes 

St.irt -. in Hie private sector managed to accommodate all] after the recent announcement 

More information 

from Treasury 
forecasts sought 


AN ATTEMPT will be made in However, Dr. Bray feels that 
Lbe Commons next week to the full spirit of his earlier move 
require the Treasury to publish to open up the whole Whitehall 
much more information about its forecasting process has not been 
forecasts of the economy. implemented, as like-for-iike 

Dr. Jeremy Bray. Labour MP comparisons cannot be made, 
for Motherwell, has tabled an The latest proposal is intended 
amendment for consideration to remedy this position by. for 
during next week’s report stage example, insisting that exchange 
of the Finance Bili. rate and interest rate assump 

The aim is to require the tions shaI1 be ful b’ specified. 
Government both to publish A similar amendment was 
fuller short-term forecasts of its proposed last year but was not 
own. including projections of un- called for debate by tbe Speaker, 
employment, and to make much The fate of the proposal this vear 
more background data available ,- s still in the balance and will 
to outsiders using the Treasury's p e decided on Tuesday, 
computerised model of the The attitude of ihe major 
economy. parties is not yet clear, thoug 

This would permit proper and the original industry Act amend 
fair comparisons tn be made ment was backed hy the Cnnser- 
between the forecasts on alter- vatives and rebel Tribune Group 
native assumptions prepared Labour MPs against the Govern 
by economic consultants and ment. 

academics and the projections IF the amendment is passed 
published by the Government. the Treasury will be required 
The amendment could prove to publish detailed economic 
embarrassing for the Treasury, projections three times a year, 
which has so far responded rather than twice, and these 
cautiously to moves for greater would look two years ahead 
opeoness about its forecasts, rather than IS months, 
notably those initiated by Dr. The tables would also be more 
Bray himself in a successful detailed and reflect both 
amendment to the Industry Act, current and constant price basis. 
1975. A problem at present is that 

This Act forced tbe Treasury outsiders have to work out 
to publish forecasts twice a year, large number of variables as 
not just annually, to include basic data before even starting 
inflation projections, and to allow to carry our the formal forecast 
outsiders to use the formal Dr. Bray’s amendment will 
Whitehall model of the economy, ensure th3t those forecasts which 
A number of economic con- the Treasury publishes are 
sultants have been publishing sufficient detail to permit reason- 
such forecasts regularly. able comparability. 

heiv.f.-n March am! the end of i heir members in co-operatively 
M :> v.-.-iv In ;.vr ivni up un Hiu owned housing and a further 25 
I-r.-i-.-Hn-: quarter and 12 per are able lo house some of their 
u-nt up < ,, i ih.< i pmnd last vear. members. Overall, groups report 
cm ru!ii:-V;i»nf. 2'LHOO homes a total membership oF more 
•.■.i"..: ir-ii!*nid !»> commclnri in than S.400. double the number 
Hi.- :iii':h5i again-: l *22.600 in of a year ago. 

Fair Trading purge 

on ‘rogue garages 


y \WTJONS AGAINST car had credit licences refused. 

.v vl.-r.* who ticnd th- law an- What the office is now propos- 

.-hi,-.- applied mure >1 nelly by inc. however, is to enforce that .... „ 

nffi.'i: .<f Fan Trading after jil:nmi*tratjw ai-tiun much more , no board agreement had been' 
.. . : r v,; •« .if the lndustrv. .ivjn-SMvely. Professor Gordon • made for anything more than a; 

„jiiro hi I ends p- pursue Hurne. the Director-General of j feasibility study on ihe issuing* 

hy the rival Mastercharge 
■ Tcanisation, which includes 
Access as an affiliate in the UK. 
of plans to issue a new dollar 
iiavellers’ cheque. 

Conflicts could arise, however, 
between those banks such as 
Barclays, which already issue 
t heir own travellers' cheques, 
and other members of the Visa 
organisation which could benefit 
significantly from the oppor- 
tunity’ to offer cheques under 
the Visa name. 

Mr. Dee Hock, Vist president 
said from California yesterday 
that 'the programme had been 
approved by the Visa Board, 
which includes representatives 
from leading countries, including 
Barclays for the L T K. 

However. Barclays said that 
its own understanding was that 

Support for chemical 
planning committees 


A CONTROVERSLAL- scheme for It is understood that there 
setting up joint planning and was also disagreement over 
development committees through- whether nr not non-trades 
out the chemical industry has unionists should be allowed to 
been accepted by employers and sit on the committees as work- 
trade unionists. force representatives. 

The scheme has been the ^ "P°n's recommendations 
subject of protracted and some- a !" e O 01 . binding on individual 
times hostile discussion for two c j 1 .?, ra ca C01, . , J )a " ies a0 ? lbere 1S 
years, but ibis week the man- f n l _ a P° s ' lb ility that one or 
power sub-committee of the tw T °. niayd to ignore them. 
Chemical Industry Economic ^ rCS ?“£ tiv “ ^ SLSSL 

Development Committee reached Ih ,' . J0, ni t -_t C0 7“ ,t f l hS 

agreement on a report calling JjJSSpi ^ 
for the eslablishment of joiat S gnn?o 8 

nlanl-level commiuees industrial strategy. Some say 

plant* level committees. they would even be prepared to 

The report and its accompany- call for Government sanctions 
ing statement have already bern against any company which 
accepted by the full economic refused to implement the 
development committee. report's proposals. 

i-.«l.i,,;ts .icainst ih-aliTj. nioiv Fair Trading, is convinced that 
• •• :% than in tin- past and a significant minority of dealers 

: . \pivu-d in L-cinrcutratc tis is cnnsislenlly cheating the 

.nil-:: ill that area in the next 1 'iibiw. 

!■-.. in«<nilii. Such i 1 carages. he said yosler- 

\,?i,»n wiil he la ken against day, ” butch*’ repairs, sell un- 
| i-r.M>rem olTmders nn two roadworthy cars, use tricks to 
tiviit-i. The ufficc can withheld, discuise serious Taults and turn 
s.isiTinl or revoke Consumer back , milometers to give false 
credit Art licences, which are readings. 

•be ha-os fur airanging hire “ These unsavoury Grins repr^ 

purcliaM . tt can also demand sent a minority of the trade and 
a -mi ranees of pond behaviour, yet cause a substantial majority 
;iii ihe >.iiK-iiun of euui’l action nf the ear complaints notified to 
i) t)i»- promise u> broken. my office.’’ Complaints against 

!:»:h .sanctums haie been used dealers amounted tn almost 
I ii- f,. re. \ on ut 27 dealers have fifl.UOO in 1977. of which about 
:.i-cn forced to give assurances two-thirds were reckoned to be 
i -. the past l*.\u years and 10 have against used-ear businesses. 

Pyramids cancellation 
may cost Lloyd’s $9m. 


\ I.tlMl’S of Lundnti might 
tare ,i rlaim of SBni t£4.Sm) 
,i living frnm the cancellation 
uf arl> Hut months ago nf the 
v'.iHliii P.M-amids Oasis project. 
I-:*: Mil’s largest tilanin-d tourist 
. 1 , 

In (i Saudi Arabian princes. 
Viwai bin AImIi-I Am/ and bis 
linn be r Fa war. IhiiIi main 
imjiiiI* par (id pa IMS in the prj»- 
n>ci coDipany, Southern Pacific 
I'l-opc rtb-s, hold “political 
i isks ” cm it at Lloyd’s on the 
vrbcinc. That insures them for 
the physical I ,,5 - s **f tb*‘ 
insured properly by confisca- 
tion in- expropriation. 

The Pyramids Oasis tourist 
ri-videntis! irsurl, near the 
pyidinitl of Myeeriiius :n », 



was being built by 
Egyptian Development 
pai’ty. a joint-venture concern 
in which the Egyptian Govern- 
ment. through the Egyptian 

of travellers’ cheques 

Unit trusts 
by Far East 

By Adrienne Gleeson 

BECAUSE OF the strength of tbe 
Far Eastern markets this year. 

NEDO chief’s plea 
for continuity 


A STRONG PLEA for the industry is essential.” said Mr 
Government’s industrial strategy Chandler in a bid to ward off 
to be continued without interrup- any risk that a future Conserva- 
tion through the coming genera] tive Government might stop the 
election campaign was issued yes- strategy's work, 
terday by Mr. Geoffrey Chandler, He said there was a danger 
the new director gpneraj of the that the strategy "could become 
National Economic Development involved in the electoral battle 
Office- which will shortly surround us.' 

The office is resnonsible for Tn rccent l’ ears Governments 
unit trust* ‘invested In "that 'part j ! n ? strategy’s sector bad “ own to blame for shifting 
of the world dominate the per-! working parties covering 40 areas and inconsistent industrial 
?onnance labic? for re«nt of industry. Yesterday, in his policies when they should 
months 1 first speech since he took on his hare been setting the necessary 

| now job, Mr. Chandler set out s-able conditions for industrial 
Figures published tins week by ^ both to confound critics of the g.-ow.h and a reverse of the 
the magazine Planned Savings i exercise and to allay fears that country’s decline. 

show that eight of tbe 10 top 
performing funds in the first half 
of this year have been substan- 
tially invested in the Far East. 

The best performance has been 
Gartmore Far Eastern, the! 

by . . . 

value of units ijn the runners-up, i management basses and union Hutched by appropriate 
creased by 56*7 per cent since (bosses ordain affairs for their fr-'»m ;thin industry it: 

General Organi>atin»« for .Hambro Pacific, and GT Japan 
Tnumm and Hotel**. heW 40 
per cent partielpallun. The 
rr*d was held by Snuriiern 
Pari tie Properties t Middle 

East), a subsidiary of 
Hung Kong-based company 

Son! hern Pacific Properties. 

The project was halted when 
the Got eminent decided that 
the Giza pyramids should be 
kept free of tourism and pro- 
served as historic monuments.. 
So . far about $7m has been 
spent on developing the areas 

Aston Martin Lagonda 
in profit by £395,000 

.. *. .! ip- a "l-Jiiiinth period since the; Over the longer term, hov.-j 

T 111; M*V» * iiiiri.ifi.' ti*-" ■ lW|1 \ortii American -ever, it i> the income funds that i 

ih.* fuM. .,-e -I Vs,on fiVinessim-n. Mr. Fetor Sprague j have put up the most impressive! 

some form of “corporate state’’ But the industrial strategy 
was involved. -,v.,rk had shown that stable 

He told a scientific instrument Government policies alone would 
manufacturers’ lunch in London nn: t-ause industrial perform- 
that a corporate state system “in an -' e t« change. “The appro- 
which Govemmeot bosses, pr:ste framew-ork must be 

_ __ __ itself if 

the beginning of the year. The I own ends at the expense of the '.*•'<• arc really to reverse The 
value of units in the - runners up, I ordinary citizen would be trvnd."' said Mr. Chandler. 

M and G/Far Eastern^ Allied (repugnant indeed.” Prnrre« would be slow and 

i He believed there was "no ,?er - v,as ? r5sk lhal “P eo P ,e 

and General, has increased by | foimdalion - for fears that the ^ x ';” *°niethins that by 

about half. I industrial strategy involved such il an ^o„ cannot hrin^ 

Over the saint- period the I a development because it did o ram jne results. . 

British stock market has been in j not absolve Governments, f In ‘ ’ .jf ni ,4 t0 4 l uf rC>a f^ , , C ? P i ni 

' managements and unions from l<* ae db °“ t i he industrial 

carrviog out their traditional s rai'--.- • the Department of 

ro ]es. Indu.-s-.ry yesterday started 

the doldrums, with the FT All- 
Share index virtually unchanged, 
and the Industrial Ordinary Index 
down by 3-3 per cent. 


Most unit trusts have, however, 
comfortably outperformed the in- 
dices in the first sL\ months of 
this year. Only 33 of the 357 
trusts monitored did less well 
than the FT Industrial Ordinary 
Index. Almost a third of those 
were high-income funds, whose 
freedom 'of manoeuvre at a time; 
Of dull nr sluggish markets is 
severely restricted by their in- 1 
come requirements. • 


A tripartite style of Institution m?nib!y supplement 
was not a partisan issue and had w-.-efc!” magazine. Trade and 
been long established. “Its Industry, dealing with derelop- 
application has been sharpened m^nts. This month’s feature 
by the approach to an industrial reports that the industrial 
strategy and is proving a truck? sector of industry eon- 
technique for tackling our tributed some £230m fat 1975 
problems which v.*e cannot afford prices* to Britain's balance of 
lo jeopardise. Continuity for payments from 1970-75. 

New sea safety laws 
agreed by 72 nations 


■»l ;:!!!!. L'lk: ii* *n- 1 

. . i ( iwii >cjrv 
.-IV* -lav i'rotit '-i- 

*:s. r .,uiHi 

Tiirtwivrr "f th- 

i c.r group. ;mi j M ri ucurgc Mimleii. 

Huuit* an tik* f.ietury prndun-a ’w 

jperfumiance in capital terms. In- j the LAST major gap in inter- and ihe speed with which they 
■come funds hold four of tue national marine S2fetj legislation s’r.iiiiid be introduced. 

suanf an The factory prncucr* mv lunos ««« -i national marine szfetj legislation sr.miiu •»? introduce 

>var of mndeN and the new Lagonda- jlO places for .^151! was closed yesterday’ when dele- Th^ problem was 

Announcing the result-- last! six years. Almost all the j ga tes from 72 nations agreed the b;. .Mr. Stanley 

uht. Mr. Alan Curtis, nianaeing f funds have outperformed the m J text &f a new coni-ention laying Ur. der- Secretary for Trade, when 
rcclur. said il was back in full I Industrial Index over one-, seven-: jj e standards for he opened the conference and 

as recognised 
Clinton Davis, 

rniiipuny. mi 

f min'»i > g .J I- <-.|H IT w:\< DUCK* amia i iiiuusLi iai iuul-.v 

al J T4S:;i.‘ : n'TdP producliun and financially stable. I acd 10-year terms. 

Rising sales boost wine trade hopes 


the training and certification of warned delegates not to set 
ships’ crews. standards so high that some 

Although the regulations enn- naaons would not be able to 
tained in the latest Inter- meet them. He called for 
Governmental Marine Consults- “strong and worthwhile rules 
live Organisation convention fall which are acceptable to all." 
short of those already in opera- While there has been no clear 
tion in many Western nations, div.sion of view between The 
international agreement on mini- developed and emerging nations. 


,... ir x , in u Hilo circulation in *l ,r “ ’ tn his Budget estimates the : gates have signed the can ven- v.-hen a move by the Dutch to 
-}m .v f '!■•»* tit • '|‘ u r pjimpan-d With ■ x * nnI Chancellor was looking for a 16 1 tion. speed U P ratification was 

A-‘:J« " n •« !»;*■• . ri „.L ,,'L . ' :. nr .. onpulaliun ff 55m per cent increase in wine salesi The only significant area of defeated- The conventions ean 

‘-(•MT-a'ive:- iiu!iti. n» , , b ’- . little but it uivfis a this financial year. The traders ! disagreement between delegate* take in f, re than IS »’-*> *, .... nnurird hnliouo Rnmplhinp unrtpr 10 ner 1 Ihrniiphour MnFpn>r 


to niMfly SHtn 

six years to 

' of the upward believe something under 10 per' throughout the conference was come tf 110 operation because of 

""»nd j*i the niitrkei,’' Mr. cent is more likely. j over ihe range of the regulations delays > r * member slates signing. 


Abolition of piecework 

at Westland 


UNIONS are expected to agree 
lo the scrapping of piecework 
which Westland Aircraft blames 
for jeopardising the future of its 
helicopter manufacturing busi- 

Senior shop stewards at the 
company’s Yeovil helicopter 
subsidiary decided to recom- 
mend n new pay offer geared to 
the abolition of piecework, 
following eight hours of negoti- 
ations in London. 

The new offer, which union 
officials believe is a considerable 
improvement on the company’s 
previous position will be put to 
a meeting of all shop stewards 
aod to the company’s 2,000 
manual workers. 

It does, however, appear to 
involve some reduction in aver- 
age earnings and a greater 
degree of uncertainty on wage 

Shop stewards warned yester- 
day, that the wrangle over the 
piecework system had seriously 
worsened management work- 
force relations which the unions 
say is one of the major problems 

facing the company. 

Westland, which told stewards 
that it was cm the point of send- 
ing out formal dismissal notices 
to the workforce, maintains that 
the piece-work system has become 
too costly to operate in terms 
of earnings and had affected the 
morale of white collar staff by 
seriously eroding differentials. 

Its response* had been to pro- 
pose a change in the way wages 
were based which would have 
resulted in a inn in average 
earnings from Ifl7 to about £S4. 
Improvements in holiday entitle- 
ment, sick pay anti pension pro- 
visions were included. 

More talks 
in Press 


pay dispute 

By Our Labour Staff 

AN emergency meeting of 
representatives of the National 
Union of Journalists will take 
place today oyer a pay dispute 
which has been disrupting distri- 
bution of news from the Press 
Association for two weeks. 

The meeting of the National 
Newspapers and News Agencies 
Industrial Council ot the NUJ 
will take place as talks are 
resumed between management 
and representatives of 240 PA 
journalists in an attempt to find 
a settlement to the dispute. 

Sanctions involving a “with- 
drawal of goodwill and flexibi- 
lity” are continuing to affect in 
particular PA sports coverage to 
newspapers, radio and. television 
throughout the country- 
Tbe journalists intensified 
their action Iasi Friday in sup- 
port of a claim for pay parity 
with other Fleet Street 

The management has pre- 
viously rejected their demand as 
being in breach of tbe Govern- 
ment’s pay guidelines but has 
offered a 10 per cent increase 
and consideration of a produc- 
tivity deal. 

9 Forty journalists employed 
by Tridant Group printers in 
South London voted yesterday 
to continue their strike over the 
relaunching of the Richmond 
Herald weekly newspaper as a 
free <;heet. 

Members of Ihe NU.J 
employed on the Surrey Cornel 
and the Middlesex Chronicle as 
well as the Herald have agreed 
in the change to free distribu- 
tion but are fighting to preserve 
the paper's editorial content. 

They are demanding that the 
original complement of eight 
journalists should be maintained 
but management has insisted on 
maximum of five with the 
remainder deployed to other 
newspapers in the group to con- 
tinue training. 

Telephones row hits 


telephone exchanges were hit 
the Post Office engineers’ 
dispute yesterday when 1.400 
staff staged a 24-hoar strike. 

Engineers at the exchanges 
walked out when 18 colleagues 
were sent home for refusing 
to connect new lines to Saudi 
Arabia as pari of the Post 
Office Enginering Union’s cam- 
paign for a shorter working 

The Post Office said that the 
walk-out caused some con- 
gestion on lines to the U.S. and 

The engineers will return lo 
work today, but men at the 
Edgware international 

exchange arc threatening lo 
end shift working until the 18 

arc reinstated. This would 
pruhalilv cause further dis- 

Another 1.500 engineers in 
the Kingston area of London 
slopped work fur the day yes- 
terday when a colleague was 
sent home for refusing to con- 
ned un outside broadcast line 
to Sundown Park racecourse. 

UMier union members in 
Liverpool stopped work in 
support of colleagues disciplined 
for refusing to work normally. 

Action has been staged by 
the union in support ot Its 
claim since last Noi ember, hut 
was stepped up this week. 

On Tuesday. 30.0(10 
engineers in London are 
staging a half-day strike and 

Print union orders new 

inquiry into finances 


Benefit offices 

strike ‘may 
cause hardship’ 

By Our Labour Staff 

•'■1R ALBERT BOOTH. Employ- 
ment Secretary, said yesterday 
that be could not guarantee- that 
some benefit claimants would not 
suffer hardship during tbe strike 
planned for next week by the 
Civil and Public Services Asso- 
ciation in selected benefit offices. 

The strike has been called in 
some of the offices involved in 
pilot scheme to pay benefits 
fortnightly rather than weekly, a 
system the union opposes. 

In a written Parliamentary 
asnwer. Mr. Booth said that the 
union had rejected his request 
for co-operation in malting 
arrangements to minimise the 
risk of hardship to claimants. • 

MEMBERS OF the print union 
NATSOPA were toid yesterday 
that delegates to its conference 
last month had not been pre- 
ared to accept the union’s 
alance sheet and financial 
statements in their present form. 

Leaders of NATSOPA. the 
National Society of Operative 
Printers. Graphical and Media 
Personnel, have undertaken to 
reca II the con feren re when a 
solicitor’s report on financial 
matters is complete. 

in the conference report pub- 
lished in the NATSOPA journal 
yesterday members are told that 
conference delegates had 
instructed the executive to 
appoint a Fresh, independent 
firm nf chartered aceuumanis lo 
conduct a complete audit and 
prepare another balance sheet 
and financial statement in full 
and detailed form. 

The delegates are demanding 
details of all investments, 
item isa tion of all properties 
owned or leased by the union, 
tables of income and expenditure 
of its Rottingdean Memorial 
Home accounts, and a table of 

Delegates have also called for 
separate reports giving details 
nf sales of investments and pro- 
perties over the last ten years, 
“ including an assessment as 
full as can be made of those 
sales or dealings that were car- 
ried out outside of the normal 
society procedures:’’ Swiss bank 
accounts or any other similar 
investments: all companies set 
up through Ihe union or hy any 
officers in I heir own authority, 
whether they be dissolved nr 
current companies:” and details 
of purchase of Krugerrands, 
gold sovereigns or medallions. 

Member* arc told that once 
these steps have been completed 
the conference will consider any 
indemnities that may have been 
granted by the union's execu- 
tive. It will also consider, sub- 
ject to advice, whether “any 
person should be dealt with 
under our rules or through civil 
action in respect of the adminis- 
tration of our funds or proper- 

Bakers’ dispute may end 


TALKS IN Glasgow today seem 
likely end a two months’ dis- 
pute between 6,000 Scottish 
bakers and their employers 
which has caused weekend bread 

The talks were arranged after 
the two main bread groups. 
Allied Bakeries and Ranks Hovis 
McDougall, abandoned the stand 
taken by the Scottish Bakers 
Federation against a productivity 
deal sought by the Vnon uf Shop. 
Distributive and Allied Workers’ 
baking section. 

The union's national commit- 
tee has agreed lo impose an 
official overtime ban ihroughoui 
Scotland from July after a 

ballot or members indicated over- 
whelming support for industrial 

Bakers at the three main 
Glasgow* and Ayr bakeries have 
been operating an unofficial 
overtime ban since May. 

However, Mr. Alex Mackie, 
the union's national officer, said 
yesterday that he did not see any 
problem in reaching a settlement 
today with the major employers. 

They arc likely to agree to com 
solidate £4 of an existing £fi pay 
supplement into the haker.i' 
wages su that they can benefit 
mure from increased overtime 
which has become necessary 
since Spillers pulled out of bread 


Desperate Initiative 


NEW MOVES will be made today 
lo resolve the two strikes which 
have halted ali Chrysler car 
assembly and made more than 
.000 workers idle. 

At Linwuod. Scotland, where 
550 painters are oo strike over 
rest periods, the Advisory. Con- 
ciliation and Arbitration Service 
will bring both sides together 
Loday in an effort to break the 

The dispute arose out of man- 
agement efforts lo improve the 
plant’s productivity. Production 
of the Avenger and Sunbeam, 
models has been baited for more 
than a week. 

Leaders of the 350 Coventry 
toolmakers, who walked out in 
pursuit of improved differentials, 
will meet Government Ministers 
in London today. 

They will make a joint 
approach with management to 
see whether a way ean be found 
tn meet their demands within the 
listing 10 per cent pay guide- 

toolm asters could put their case 
direct to Mr. Eric Yjj'ley, the 
Industry Secretary, and Mr. 
Albert Booth, the* Employment 

However, to get an early nieul- 
ing ihe deputation will see. Ihe 
Ministers or Slate al the two 
departments. Mr. Abn Williams 
and Mr. Harold Walker. 

It is difficult to sec huv.* an 
exception can be made for 
Chrysler toolmakers without 
encouraging many more “ special 

must abide- by Government pay 
policy if it is to receive its 
allocation of State finance. 

The Minister seems likely to 
tell Mr. Dyffv and the company 
that the toolmakers' question is 
purely a domestic matter. 

In trim case, the lc-ncth of the 
dispute will depend upon 
whether the rank-and-file tool- 
makers arc prepared lu continue 
the fight. There are murmurs of 
unresT among strikers who fee! 
they cannot take on the Govern- 

This initiative follows eight 
hours of talks with the company 
led by Jlr. Terry Duffy, president- 
elect of the Amalgamated Union 
of Engineering Workers. 

Mr. Duffy had hoped that, the 

However, Mr. Duffy argues 
that the company should be 
allowed to honour a commit- 
ment to the toolmakers in July 
1974 that their differentials 
would not be eroded. He main- 
tains that the undertaking 
pre-dates any subsequent pay 
regulations, and notes that tbe 
Chrysler men have pursued the 
issue through the official union 
and company machinery. 

Chrysler is sympathetic to the 
toolmakers' claim, hut in any 
meeting with Ministers is likely 
to point out that rhe skilled men 
cannot be dealt with in isolation. 

The company would be equally 
sympathetic to other groups of 
workers who have suffered 
through pay restraint. Chrysler 

Efforts will be made by 
management and union officials 
to find a form of words that will 
enable the toolmakers to return 
to work sr. that their case can 
be dealt with in the next round 
of pay negoiations. 

Any concessions made to the 
toolmakers at this stage would 
undoubtedly lead to claims from 
other groups or worker*. Chrysler 
has travelled this path before. 

Against such a background it 
will obviously be difficult to meet 
she aspirations of the toolmakers 
and retain harmony within the 
plant. But Chrysler is conscious 
that it must increase produc- 
tivity and ensure continuity of 
output f>’> rtie company to* be- 
come viable. 

The original offer linked to the 
scrapping of piece-work involved 
a basic rate of £71. » £10 supple- 
ment and £3.5t> for productivity. 

The new offer which would run 
from October involves a new Hut 
me of i'SS on which overtime 

and shift payment- will be 
based. Up to a further 10 per 
cent on basic rales could be 
added il - product inn targets are 
met. Average earnings would be 
about £94. 

The cmiipany has always main- 
tained thai the rising wage bill 

at Yen vil lias not been matched 
by increased productivity. At the 
centre of the problem was a 
Ministry r.f Defence contract to 
pruduco Lynx helicopters for the 
French and British forces. The 
ronlraet cmLamed fixed elements 
which have been overtaken by 

the staff and officers’ super- 
annuation fund. 



Samuel plan stalled 

a critical round in the battle for 
SL Albans town centre. 

At a committee meeting lasting 
until 1.45 am on Thursday morn- 
ing, St Albans City and District 
Council recognised fierce local 
opposition to Samuel's. £15m 
redevelopment proposals for the 
central Chequer Street site. The 
committee deferred a . decision on 
the plan until the end of July, 
and agreed to look again at the 
four other development proposals 
now on hand. 

The Samuel scheme, financed 
by Standard Life, was to have 
been finally sanctioned at Wed- 
nesday night's meeting. But local 
opposition to the 266,000 
square foot shopping develop- 
ment — focused by the Chequfer 
Street Action Group which 
organised a mass protest outside 
the Council's offices during the 
meeting — 'has forced the Council 
to think again. 

In a statement issued after the 
meeting John Jeffrey, the District 
Secretary, met criticisms of 
Samuel's plan to use the Birming- 
ham builders Bryant Holdings by 
requiring the developer to 
arrange a two-tier tendering 
procedure for the construction 
“ should the work proceed.” 

Mr. Jeffrey also told the wait- 
ing crowd that, “in view of dis- 
quiet about the size of the scheme 
and in the light of certain other 
outline proposals before them” 
the working party proposed that 
the -Council appoint an outside 
consultant recommended by the 

Department of. toe. Environment; 
“to carry out a check on the 
scheme with. particular regard to 
its overall size." 

The working party also asked 
Samuel to mount public exhibi- 
tions of its scheme, and (to give 
1 he public the- opportunity, “ to 
comment constructively " on the 

Rather more depresvmgly for 
Samuel, Mr. Jeffrey also said 
that the working party was. to 
ask Council officers, “to look 
into ways of assessing the alter- 
native sche m fes,” and to report, 
on these by, toe next full Coun- 
cil meeting July 26. 

The four other schemes before 
the couDcti include a project put 
forward by the SL ATbans Civic 
Society, which would preserve 
bufldiogs in the Chequer Street 

area and significantly reduce the 
amount of new topping space to 
be buSL 

45aiasbu*y fas approached the 
Council, saying .that at is keen involved an any central 
urea ' development, But the 
group has not yet -submitted 
plans for any. specific alternative 

Fine Fare, has also' come for- 
ward with ideas for a redevelop- 
ment scheme. And Tesco, which 
views Samuel’s ' plans as, “old 

fashioned,” and too large not to 

have a serious effect upon exist- 
ing smaller shops in the town, 
has drawn up plans fof a 200,000 
square foot scheme which it sob- department store along with a Samuel’s idea for additional shop 
mitted to the council, in May. 600 space carpark. Like the other units. 

Tesoo's scheme allows for one alternative plans; Tesco wonld Hillier Parker May and 
of its own stores and up to retain most of the existing Row den. the St. Albans Council’s 
100.000 square foot for another centre buildings, and ditch property consultants for the past 

« (characters) storey toe equivalent 

rather embbrisgins. position,- by M|*>. B|*l6f ■ aliec t* oI 

the council's latest mo*. Hillier WB A4 piper, 

Parker has faced very vocal' local THREE surveying firms have An early fruit of Dtfs system 
criticism of its advice on the joined the rush to toe United is & report on toe industrial 
Samuel scheme in recent weeks. States in recent weeks. ..Keith, property .suarkex to East Anglia, 
And it now has to accept the Cardaie Groves has- novr joined -Total available space has 
Council’s decision to ga» in a Jones Lang Wootton as a British increased fey 31 per cent to 
DoE recommended consultant to representative 4n downtown, Los 156 m sq. ft since Hay 1978, 
give a second opinion on the, Angeles. The- firm has taken with A ftErtoer.lS7.000 sq. ft. 
scheme. ■ over . the Brentwood- based under- construction, 83 per cent 

The Chequer Street Action realtors Brisban and Associates, of completed and vacant space 
Group is delighted that the «»«■ *■* ^so made ite first & modem. Lettings or sales in 
council has decided not to. move westwgds hy Jtmntog. an that period took 344,400 aq. ft 
“ bulldoze ” the Samuel sdieme-»»>ctotioniudto the Chltewcf fina off toe mariwt 
through. But its opposition to the of MCKey. and Poagua IqCm a real The computer fas also 
plan has not stopped. estate firm in b u siness in the city chattered out JDJ’s monthly 

Mr Victor Goodhew MR for St l«»-.»athar farther - South review of office floorspace in May- 
ur. victor uubuuswi 01. n - m( .1... rau« __ j r *1^., 

AlhaV iT piSi ioT a toH Richard Klis «nd St Janes this week, 

to open another U.S. ^ flares confirm toe con- 

pubtic enquiry on the scheme. «! and -toe figures confirm me 

Sid his representations to Peter fife mthat mdro thc flrm oiug^shness of the 


Sfarft toe ^ »*» «» « kit to toe summer months. Office 
- - (sboashGu property •* ,li - 

tary, resulted in toe unusual 
public statement earlier titia role. 

Week when toe Minister nbted 

manage- available rose by 10 per 
cent da the mouth to July 1st to 
338,640 sq. ft to 110 units, 78.734 

local Opposition, but made it cn MANV wirrvnvinfr firms now sq. ft. of which is air condition ed 
, 1 a,. ♦*«* om aIaMcIm* nn rt* _MArrjc surveying arms now Lettings to the month 

Chequer Street protestors besiege St Albans town hall on 
Wednesday night. 

dear that any decision on the JSfSStoBrtoai tt *P**- L '-- - 

development was the respites!- dipped by 7 per cent to 46.283 

bihty of the local authority, fexrs iettins “*? ,or 
St Albans Councillor Ml c ha d mid . the glorified adding , Tww _ nn a 

Noar recently failed in his mscMum w»d by most Unas. 
attempt to get an extraOrdixOTj^^Tjonas is toe latest *nh 
audit carried out on toe CkHmdf^.jo^oitt the very narrow -inner Ita CJW 

But he has now taken his com-rdrcS- of full computer owners. ^°to to Hewlett Padaari 

plaints about toe way to are no full time system to recent weeks J its 

toe Samuel scheme came to, be men on staff— Jones first compute r ru ns of avmwhle 

the Council’s principle develop-' T„ny Wootton’s far larger ICL space show sq. ft. of vacant 
meat plan to toe local govern- svatem requires a six man team offices in toe EC 1 to 4 postal 
... sywwa it| ^ well 35 9 districts at toe end of June. 

ment ombudsman. 


to look after 

forecasts a 16- per cent -increase 

in manufacturing investment in 
Scotland in ' 1578. But in his 
latest report oh' Scotland’s indus- 
trial property market, published 
this week, the professor's team 
in the Planning Economic Indus- 
trial Development Advisers 
group warns that Scottish busi- 
nesses have- been pessimistic 
about toe future level of invest- 
ment in buildings, preferring to 
invest in “capital-deepening" 
areas, such as labour saving new 
plant and machinery. 

The Advisers’ report provides 
the base for Edinburgh agents 
Kenneth Ryden and Partners’ 
July review of Scottish property. 

Scottish growth 

and- although Professor MacKay’s 
comments ou. local : industry's 
reluctance to move to new build- 
ings sounds a warning note about 
long term letting demand, the 
review shows an active industrial 
market with most private develop- 
ments aimed at warehouse users 
in the fast expanding distribution 
trades, and toe hulk of new 
industrial schemes coming under 
the wing of Government or local 
authority agencies led by toe 
Scottish Development Agency, 
the New Town Authorities, and 
Regional Authorities. 

In toe first review to incor- 
porate public as well as private 
developments Ryden shows that 
there is 266,500 sq ft of industrial 
space under construction or 
standing empty in- the Lothian 
region with a farther 665,000 
sq ft that could readily ■ be 
developed. Lothian rents range 
from £1.50 to £L75 a sq ft. 

In Strathclyde there is now 
2.1m sq ft of empty space at 
asking rents ranging around £L20 
a sq ft and toe comparable 
figures for toe Grampian region 
Including Aberdeen are 403,000 

sq ft at up to £2 a sq ft. the peak 
rent being asked at Slough 
Estates, Dyee, Wellheads estate. 
Tayside has 128,000 sq ft vacant 
in toe £ 1.20 to £1.35 range and 
there is 230,400 sq ft available In 
the Fife Region at similar rents. 

Looking at toe office market, 
Ryden’s figures suggest an annual 
letting rate of 250,000 sq ft a. 
year in Edinburgh, despite toe 
absence of Government demand. 
Against that the firm calculates 
that there -is 894,000 sq ft of 
available offices in the city, 
640,000 sq ft of which is now 
standing completed and empty. 
The creation of a Scottish 
Assembly could generate new 
demand for larger units, but in 

. iTi.tiir ryn tTri in r n nl r nnrt with its Around sq. ft of offices came 

the meantime letting agents are fSLS®5SL?.*/£lS5i Access onto toe marker to the month. 

me meantime reran* agents are Hewlett Packard Access onto me marxex in toe rnonm, 

tending to subdividing building, SSfg £££& balanced fey a letting figure of 

BeS 5-SftSfc 1 2JK SSSTS -bytes’ just over Jm sq. ft 

Ryden doubts' if there will be 
any rental growth in toe city in 
the next, two years^f 

The firm is more? enthusiastic;— — 

about the Glasgow Office market, — ; 

where a space shortage is forcing North Essex 
rents upwards. Now that toe 

East Anglia— vacant industrial space 


tx?s — raw 




62£00 sq ft Lomond House to Suffolk 498JU* WSPIW 

George Square has been taken by. (46)*^^ 337 , 736 .- 663,68*^ 

a sq ft^toere are few mzable ; - ^ . . * ; (gg)?..: 

units t?n toe market, and Ryden__- ? — 0»:H7 

erpeQts CSty centre rents. to pull 1 '^ OTAIj *.*• ' - TfiSlfi* j. 

off thejr ’ 7 current £4 a sq. 1 L 1X1 

- 5*339 





plateau -this year. 

*MtmMr oi wUU. 



W for Industry 


10.000 sq. ft. 



New Warehouse/Factory development 
To requirements to 300,000 sq. ft. 
Phase I — Units From 2,750 sq. ft. 



Ground floor Commercial Premises 
6.000 sq. ft. 



Attractive single storey warehouse 
14.000 sq. ft. ** 



Single storey factory 
5.000 sq. ft 


10750 sq. ft 


Warehouse (under construction) 
18.300 sq. ft. 



New warehouse unit 
24,000 sq. ft. 


King & Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 


Modern factories, warehouses and sites at 



500 sq ft 
1,250 sqft 
2,500 sqft 
5,000 sqft 
10,000 sq ft, 

7 . 











* t.if :\'i -rnri’.i ■■ it (1 t'.'U it 

* 2 v«‘:irs vm-. IV 1 .- 1 .* may apoK 

*' Kx> km I < >!ll 111 Li »T l I ;I >IV- 

* N t -w T o «. v $1 h <> 1 : - i n y a \- tilahi i it y 

* Ma\ntK:r)'. <> n;K-fa , i'..n/a>>i-i.:.' •. }.•• 

C’.vinhran rn < , 1 y ■ -a- 

A.. iiar.- - • Man Smith. (.‘I :! . < 1 ‘u •*> < ,'*a :i: !.• 1 n. D-. . : »n - i‘. : 

- -t*r' r*-. ( a (-.v r - \:'4 >.\J. T>-; < 1 ( >77 " . 

Business comes to life in Cwmbran.- Garden City of Wales 


20,000 SQ. FT 

To be let as a whole 
or in smaller units 

Debenham Tewson 
& Chinnocks 

01-236 1520. 

get into 
with the right 

One of the best cfistritxdion centres in the South 
West where the company you will keep will be 
Wboi worths. BOCTranshield, Nat West Bank, GEC 
Osram. CS A Modes, and many other famous names 
on the existing Patchway Trading Estate. 

Your connections are guaranteed, being situated 
only three quarters of a mile from the Bristol City 
boundary and dose to the M4 end M5 motorway 


AU units are constructed to a high specification 
'with 22 fL eaves height, 7001b per square foot floor 
loading, 1 6ft x 20 ft. steel sliding doors and ancillary 
offices. Further information, from the joint agents. 

A Development by 

J.T. Baylis&Co. Ltd. 


Trading Estate Bristol 

Warehouse Units 18,800/50,000 sq. ft. 

Langley Slater & Co. DOWIS 

6 Conduit SU.ondonW1R9TG.Tol; 01 -499SS07 70 Jermyn St. London SWlY CPE. Tel: 01-930 1090 

High Yield 


Town Centre, Chertsey 

Producing; £3,175 p. a. ex 
Reversions in 1979 

PRICE £25,000 


56/62 WU:on Road. London SW1 V 1 Du 

in association- 

with UBM 

Pension Trust Ud. 

. . De y’e.-L qd n i e n 1 C o r o 

0FHCESfTES !/J, »’ 




sq. ft Superb Prestige Air-Conffitioiied 
Offices ou eNtire floor 

s|. ft Entire Modern First Floor Offices 
Lifts sod Central Heating 


Henry Davis &. Company 

Charteraf Surveyors . : 

■1 61 New Bond Street London WTY 9LG 
Tel 61 -499 22D “ 

If you are looking 
for Industrial 
Proper in this 

area . . C 7 




.»■ y 

*V y 


speak to the people who 
know their market 
on 01-930 9731 ^ 

9 Wood Street, Cheapside, EC2V7AB 01-606 3055 

Gresham St. 



Self-contaiiied offices 
/ To Let 

on top floor of modern building 
iy approximately3^00 Sq.Ft. 

Chartered Surveyors 

■°l 1, 


fsr - 



‘^jdfrariiser prepared to agree terms now for completion in 

flntlirnn . ' • - ' 

details to Box T.4911, Financial limes, 10, Cannon -Street. 
BG«>4BY. - - 




•Fiten cM -Tlmgs THflav truly - 7 -1978 

On the instructions of Barclays Bank Ltd 


Prime City Centre Freehold 


! ^ -J± 

TTinli ranfc Market Street, Manchester, when 

A vTUl5 the pedestrian, bridge over Cor- 

e n poration Street which links the 

irom small two projects is completed. 

U The five office blocks 0 f the 

fpTlQnfc Market Place centre are now 

LC2Idill3 completed. National . Employers 

RICHARD UPTON, managing M"-"? 1 first ma i? r 
director and half owner of the *? , 5! development which was 
private development and trading started o> T _ and C s subsidiary 
group Ashvilie Properties. " al S“^J"t, Dl * h Tie 5«US lDSUrer 
to turn away inquiries from small Jf* CohdJ^Tiilf ^wSt f? uare 
I firms adding up to hundreds of jjj '2?^ House : 

thousands of sq ft of industrial J 8 kiac H Mend nf 

g,2 s '^ r ii SSSJ^bJ^ptrtaT." 

zzsrsA ram *■"» 

assist smaller firms by providing ^^iL^nniw 6 Ath i h- > 
industrial accommodation in fa T 

units in the 5.000 sq ft range. “*^ 8^500 snuarp^o^L^ 
Funds are less interested in the Pith? 
significantly higher rents obtain- i2 Q rintnch Hrm M s ?ii ar ®. 
able on smaller units than in the “Al 

additional management prob- SSff 1 . JuaiWont to ' dip* V n£f 
lews. And although there are “ Ford 

advanced factor/ “nursery units*' SnSSaS^SJ r*™ i 
built by Government bodies in ill fSSI32& £ 5il!!lTSt“to 
the development areas, and a few *?? _f__ n M ’ :!*? feet ,n 

local authorities have stepped in ,S"“ 97 ’i!? SquaT 5 

between smaller tenants and 1 H0U5e o “ d 

institutional bead leaseholders =*22 **“.*” feet ,- n Royce 
to provide a solid covenant for *££?“ *! car P arkj ng space 
small factory developments. Mr. ^SSTfeS? 1 for every 2,000 
Upton doubts if these schemes sq I^„5„ tr ... 
even scratch tbe surface of th J b 1 e m as ®", t f; “ d agents for 
demand for such units in the * hc flt 1 “ *? of shopping 

^outh East in *" e adjoining Arndale Centre 

*" As a developer trader. Ashvilie ? e „^ k : ct P Street develop- 

itself has to follow the fashions £ ie “L* Hl JL ler ? ark : e 5 , May an . d 
of institutional demand, and so , R ° wde £ a, £J?SL}' ct tak,n S re r n, f 
ihcre are no immediate plans for ^PL,,*! 1 .? , m 00 ’? 00 sq Y are ^ cc * 
a rash of Ashvilie funded small Arwtale office tower there which 
factory developments. JS dae Rll f °!. completion by next 

Back in its mainstream busi- y ? a Lj?HitsI« hc ^ ? s ,' sn L nf thc f u ly 
I ness, the group has just pre-let al L c n 0 o n ^° n , ed h J nc S *Kg e “« X 
and forward sold its 27 acre asl ^ ( ? ™ nt / a r ahead of tbe £3.25 
120.000 sq ft warehouse scheme a * q “ ar * " ot ff » r ! , he , s P a rtan 
at Runcorn. Cheshire by the M56 J” w ° f ^ ct,m P leted officc 
Motorway. Allied Breweries Pen- blocKs. 
sion Trust, advised by Debenham • 

TetVoon and Chinnocks, has paid FIERCE institutional competition 
around £1.5ra for the warehous- for prime industrial and 6bop 
ing. which will be occupied L>y investments in the £im to £lm 
Butlers Warehousing Distribution range is forcing funds to look- 
on completion in October 1979. again at the secondary office 
Leonard Green acted for Ashvilie, market. 

Mason Owen and Partners are In Leeds. M. and G. Trust 
and sole agents for the site. (Assurance > has just paid 
where another 40,000 sq ft of £690.000 for the 14,000 square foot 
speculative units will be com- Vicar Lane House in Templar 
j pleted by next spring available Street, by an S0.000 square foot 
at around £1.30 a square font, shop and office project whose 
The site also has planning per- Stonegatr group recently won the 
] mission for another 250,000 sq ft development role The deal will 
| nf industrial space. show M. and C». an initial yield 

! • of. over 8 per.. cent. And Keith 

j SMITH MELZACK has proved Cardale. Groves, whn introduced 
| the rental strength of the smaller the offices In the fund, /eel that 
tenant this week by letting one with well cuveoanted property 
iof the remaining vacant units of this sort still on the market, 

I on the privately owned Penfold institutions are hound to come 
j Works estate at Imperial Way, around to the view that forward 
• Watford, for £3 a sq ft. The funding speculative warehouse 
! 100,000-sq-ft industrial estate was schemes on 7 per cent yields is 
(acquired from British Steel four unrealistic. Simon Houlston and 
(years ago, and after refurbish- Partners acted for Vicar Lane's 
! ment work the private developer private vendor, 
now has 18 occupied units rented Another, unnamed, pension 
on minimum 15-year leases with ■f n . Ild client of KC.G; will get an 
three yearly reviews at rents initial yield of over 7 per cent 
rising from £2 a sq ft to the £3 00 * ts *600.000-plus purchase of 
achieved on a 3,000-sq-ft unit this a new office and shop scheme at 
week. Two 4.500-sq-ft units are 1^-16 Lower Marsh at the rear 
left, at £3 a sq ft, and both are of Waforlon Station. SEl.i 
now under offer. Hammond Phillips Partnership! 

• acted for the developer vendor. I 

\ **'> 

\V i 


Pawn OapyrieM ffmw J 

All Enquiries for the Whole or Part 
To the Sole Agents 


the North East 

Sanderson Touirnend 

By Order of Wokingham District Council 



99 year lease 

28 acres woodland grounds with 
1 10,000 sq. ft. existing buildings 


1 Research and Development 

2 Leisure - Sports Centre 

3 Healtn Clinic - Nursing Home 

.X Gilbert 



15.000 Sq. Ft. 

Alternative!/. Sice to Construct Same 


Details, ref. J.A.K.. to: 

Chartered Surveyors 
75. Grcsvenor Street, 

London. W1X 0JB 
01-499 0404 

Rale: £14 per 
single column .centimetre 
For further details contact 
Diane Steward 1)1-248 5284 

94,369 sq. ft. of Only 30 minutes by train 

air-conditioned offices from Central London, 

available for immediate Extensive car parking, 



Chartered Surveyors 

103 Mount Street London WJY 6 AS TV. 01-433 6040 



A rare opportunity to acquire a 
offering a blend of 1200 sq. ft. 
of offices and a flat above, with 
4 rooms, kitchen & bathroom. 


48, Curzon Street, 
London, W.l. 

01-499 3121 

' lopments at Market Place and 



s» 1 . 

Tel: (04852) 70071 

Ois whe 

Hilliex* Parker 

Slay A 

Tel: 01-529 7565 

Newcastle uponTpe 

Superb City Centre 
Club or Restaurant 
premises with 
car parking. 

Unique opportunity to acquire a 
freehold property in the centre of 
Newcastle upon Tyne. Immediate 
occupation, (with office premises if 
required) in Renaissance style 
building with basement car parking. 

Also available on lease. 

I'VVfiV or telephone' 

F. J Hiitt'liuiF- F.R.I C.S . Managing Direcior, 
Winurw House. Pometond Road, 
Newcastle i»wn Tyne NE5 3 DP. 

7 e?ft'phont\‘ (0632 i S66SJ 1. 


City of London EC4 


*T«o a*. U» *F«« ^ 

• ■JSOOftssJiwalvuaodsW *Load,ng B.,v 

#Atti acbvc entrance Iwil 

* Weil iiL open pLm . uci* ^ MUI *■ 



20,000 sq.ft. 

To Let in whole or in part 

★ Adjacent aR. Station 
*£■ 63 Car Parking Spaces 

★ Double Glazing 

★ 25 mins Central London 

★ 2 Passenger Lifts 

★ Fully carpeted 

★ Good local amenities 
Joint Sole Agents 

0 clive lewis r ~hrf — l HALES 
©partners |_j^_ 

On the instructions of Highfield Timber & Mouldings Ltd. 


17,000 sq.ft. 


site 1.2 acres 

vacant possession 

99 year ground lease from 25. U.196S 



-■ . (unless sold previously) 

k§ T 

avlor & Co 

i • «d 

Chartered Surveyors v - 

Commercial Department 

17 Duke Street. Chelmsford. Essex. Tel. 0245-55561 

1 6 Stratton Street 
London WiX jt'D 
ot-499 loot 

6 o Gloucester Place 
London 'S' iH 4ET 

Anthony Lipton & Co 

1 38 Curzon Stmt, W1 Y 6 AL Telephone: 01-491 2700 







Basemcru, Ground & 3 Upper Floors 

25 ? 00Osq. ft approx. 


St. Martins Property Corporation Ltd. 

Adelniilo I louse. Loudon Bridge 
London KC4R PUT Ol- 626 .‘Mil 

Hillier Parker 

May Jfc Ri 

77 fIi-ii‘ivenorStrt*L*t;T.oiidon.W'l A 2BT 
OI-H2P Tfilili 


3c- Tom worth — a growing and prosperous centre, designated on * 
i overspill town for Greater Birmingham. 

-Jf- Ample skilled labour available locally. 

-3f Growing housing stock of oil price levels. 

^•R -Jr Road access to site and all main services included in price 

£35,000 PER ACRE ffiffiHOlD 

Sites from ; j acre upwards. 


Cromwell Road, 

6,100 Sq.Ft. of Offices 
-(- 5 vacant Flats 

Freehold For Sale 

tbeStertOllS Chartered Surveyors 

S.fs.NLV% iVS.s :*OLi 

01-491 2763 





75 Grosvenor Street London W1X 0 JB. 
01-499 0404 Telex 8812560 
and in the City ufLondon-Ken-sin^on-H^ dePark 
Little Venice* Chelsea 






★ APPROX. 120,000 SQ. FT. WITH SOME 





or Joint Agents: 

Wcallicrall Hollis & Gale, 

King Street. Leeds. Telephone: 442966 

church street! 

Tel. 465671’.’-.; 

Established: 1&97 




Prime site for 
Warehouse Development 


Excellent location close to Southern Bye-Pass linking A.10, 
A. 17 and A.47 trunk roads. Local industrial areas and Docks 
within easy reach. 


Details from: Charles Hawkins 8t Sons. Bank Chambers, 

Tuesday Market Place. King’s Lynn, Norfolk 
(Tel. No. 64451 - 7 lines) Ref: DHW 

Senior Investment Stinger 

London, c. £10,000 + substantial bonus + car 

Our clients are a large, well known west end firm of investment sales for existing clients. Prospects for 
Chartered Surveyors and Estate Agents with a -national advancement are excellent in this voung active team. Aged 
commercial practice. The surveyor will take broad ideally 28-40 and probably* R.I.C.S. or equivalent, 
responsibility for the sourcing and purchase of commercial candidates must be currently active in commercial 

investment property and will undertake investment with a broad experience in commercial property. 

G.E Forester, Ref: 18152/FT 

. Male or female candidates should telephone in confidence for a Personal History Form to: 
a LONDON: 01 -734 6852, Sutherland House, 5J6 Argyll Street, It 7f 6EZ. 


— m 


A LUHUUI'1. Uf/Jf 

Executive Select it mb msukants 


Financial Times Friday July 7 1978 


. 26 King Street 
B London W.C.2. 


A new development constructed behind 
original mid Victorian renaissance style 
elevation in the heart of fashionable . 

Covent Garden with excellent communications 
to the City and West End. 

Prestige Office Building 

To Let 

approx. 10,800'sq. ft. 
with, modem amenities 



Kj.'vJv'i-jL.'. . , 



ten times more 

Lords Scots election Dividend control 



Enquiries about industrial 
and commercial expansion in 
Clwyd have increased 10 fold 
over the last two years. Why? 
Because with its full Develops 
4 merit Area status, its large, 
multtekilled workforce, prox- 
imity, to major markets and 
national/interna tipnat comm- 
unications networks, this pro- 
gressive Welsh county dom- 
inates the regional' develop- 
ment scene. The news in 
Clwyd is about sales.' not 
strikes — and it's a great place, 
to live' too. 

Talk to us about the low- 
cost sites, the factories and the . 
extensive financial aid avail- 
able to incoming industries— 

well make you a deal you 

can’t refuse. 

Contact Wayne & Morgan, 
County Industrial Officer, 
Clwyd- County Council, Shire 
HaD. Mold (tel. Mold 2121) 
for free colour brochure.- 

proposal defeated 




IN A FREE voteUthe House cf spokesman 

THE .QUESTION Of Whether control. i 

there- -will be an. Extension of “The Government Is running 

dividend controls alter tfie.-end out of time on this very crucial 

on devolution, their goal of independence." 

Commons ..last night rejected by endorsed many, of the arguments Mr. George Reid (SNP, Sirl-. fSgT 1 JSf X be issue ’' he said. 

LtS^LorSp^S r S r atSe Sscwd by the ^lerriment Foot told -him that Mr. 

the additional member system of But be carefully reflected the thte party had consistently sup- ^ ~ ----- -- - dcmbt dividends are one 

proportional representation. views of Mrs. Margaret Thatcher, ported electoral reform. ^ ^ SU bject of the matters that will be 

The first of ti^* 239 abxend- ^position ^ A newwmer to the^debates on wuTprotablFcoSTe up m pSrt discussed.’ 

Donald h # *V. 

i have 
what I have 


Fully Refurbished • OppositeStation 
Entire Self Contained Floor 


1 Buckingham Palace Road, 
London SW1W0QD 



Select residential position. Detachvd 
family bouse 3/4 reception rooms, 
kitchtn constrvannr. Principle bed. 
room with en suite bathroom, 3-4 
further bad room ■. bathroom. Garage 
and parking spice. Gas central heat- 
ing. Secluded gardens, about j acre 
with part-time gardner and domestic 
help currently employed. To be let 
furnished For one year (possibly 
longer) from mid August. 

Rent £250 per calendar month includ- 
ing rares. 

Bor T.4914, Financial Time i, 

10. Cannon Street. EC4P 4BY. 


meats made by toe Lords to the sxng that he wan not advocating the Scotland Bill, Mr. Donald ", the Govern- Mr. WhUelaw. pressed him to 
Scotland Bfll^ wfficfc sought to proportional, muttiMon for Dewar (Lab., Garscaddon) - Sert wfilbfKg dutiM tte say whether there would be a 

replace the tradf^p^l first past elections to the Westminster victor In the recent by-election SSSteiwiS S^F wSmiS statement to the Commons on 

the post method Of -election by Parliament. which gave the first conflr- ?o m Shteh rani the subject before Parliament 

proportional - representation was Mr. Pym contended that mation at the polls of a falling out at the end of Julv rises for the summer recess at 

defeated by 363 *§tes to 155. different, considerations applied off -in support for the SNP — «!' 1 “ . p . m _ the end of the month or tlie 

' Leading opponents of the Bill, «ise of the Scottish announced that he would vote v^terhavp Aced rontS^l beginning of August. 

eluding Mr Tam DalveU (Lab Assembly. with some reluctance against the !K5 ElJ*£ eSSSS' But Mr. Foot replied: 

West Lothian), on this* occasion Unlike Westaunster, where the additional member system W ~L C as™ ory nothing to add to wha 

chose to accept theadrice of the tw0 mai * parties dominated, the favoured by the Lords. ' p Af! d , g e “ t ^gg. said on the subject" 

Government and joined Ministers * 1 * w set-up - in Edinburgh^ was But be saw dangers in.a. voting .JEKf^flSGovL e ntSin- Uater during business ques- 
in voting agafost the Lords likely to produc ethree ^parties of system which was likely to pro- JgLvJJ mdivSiff”* tlons, Mr. John Blffen (Con 

amendment near^ eqnal size duce a fragmentation ol the end on Oswestry) returned to the matter. 

With proportional repre-. poimcal parties . , SeGo^SmSt He wanted to know whether the 
Maioritv ' sentatl0D situatum in which One peer had estimated that ftraTf™S5- House should understand from 

J J t one party was able to obtain a on th e basis of voting in 1874 in them the earlier exchanges that divl- 

In urging this course, Mr. John majority of seats wth a minority Scotland, the additional member ySteiSa? when Mr Foot dend controls would definitely be 

Smith, Pnvy Council Office or votes, and implement a pro- system would have produced an -JJJ? 1 JJFjgt the prime Minister discussed with the CBL 

Minister, recalled That on three gramme with which the majority Assembly with 58 Labour mem- fSJent S °I the Semen confer- If this was the case, then he 

earlier occasions the Cam ons had of the electorate did not agree, bees. 36 Tories, 45 SNP and II 1086111 ai ine 

decided agaianst the use of pro- would not arise. Liberals, 

portional representation for the There was a danger, he 
.election of a devolved Assembly, argued, that with the first past Rmnilf 
But he acknowledge that toe the post system, the Scottish 

Lords amendment embodying Nationalists would secure a Mr. Dewar suggested that such The *nd ,1 TIJC.*"he " Mr Foot retorted that this wa« 

ss rsiz m v ority , of -ss on a ws* « a ^ ™ pSfuorS-tJs ao ra rS«rr to wh^ 

had been approved by a clear vote and use their position m Assembly which was unworkable 2i:““ - 

majority of peerk. the Scottish Assembly to embark and ungovernable. mem 

Nevertheless, said Mr. Smith, on a course directed towards its When Mr. Malcolm Rifhind 
the Government's - recommend a- objective of separation from the (Cob Egnjlands) suggested that 
tion was that fnfr- amendment rest of the United Kingdom. the fing vpast’ the > post system 
should not be accepted. “ The SNP has not advocated a -might l&nf to exactly the same 

Although he abstained when UDL But it would be entitled to result, Mr. Dewar commented, 
the vote was taken, Mr. Francis use that -Assembly majority to amid laughter, “ We would have 
Pym, the chief Conservative try to take Scotland towards to live with it” 

ence Mr. William Whitelaw, thought it would have been more 

Deputy Conservative leader, courteous for the Government to 
returned to the subject again, have informed the Commons that 
. Mr. Whitelaw suggested rtipt-stieh -discussions were to take 
when the Prime Minister next place. 


what the Government decided by the Commons or by 
intends to do about dividend the CBL 

• -Z -Y . 


Immediate me ipprax. 8,000 14 . ft. 
lit floor Warehouse. 6 monthly' 
contract on 8 year (eue. 

£130 PER WEEK 

01-749 9131 

Rees to implement 
police pay report 





Colmore Row 


14,200 SQ. FT. 

New Self-Contained 
Building-Ready 1980 

£UIHer Parker 

M«T » HwJ» 

01-629 7666 

021-236 8477 



Residential Development Site 
0.64 ACRES 


Situaled within 100 yards of St. John’s Wood Station and 
close to Regent's Park. Lord's Cricket Ground and only 
two miles from Oxford Circus. 

Planning consent granted for a residential development 
of 131* rooms in a 7-storey block of flats with semi-basement 
car park. 


11th AUGUST 1978 

Conditions of sale and brochure applv: 

5/6. Staple tnn. 

WtHowcross I 

Hoi bom, 

Willowcross & Co. wcnNqu 

Chartered Sury-vyor-. Tpl 01-242 4321 



8,100 sq- ft. 


only 92p per sq. ft. 
Details to: — 


Chartered Surveyors 
01-493 6141 

north LONDON — Small coraMct Ware- 
house unit Excellent loadlna and nark- 
ing. Freehold. 01-959 Z781. 


THE GOVERNMENT has from Hr. Patrick Mayhew 
accepted in full' the Edmund- Royal Tunbridge Wells) that the 
Davies recommendations for increase in resignations was a 
increases in police pay and will sign of lack of confidence m the 
Implement them in stages start- Government among policemen, 
ing from September 1. Mr. “I have talked with many 
Merlyn Rees. Home Secretary, policemen recently," said Mr. 
told the Commons yesterday. Rees, “ and they are getting fed 

He emphasised that the report g* 

[would be implemented in full, np 

subject to phasing.” poputist^poltoK. ^ 

Although he produced a copy stechford) urged Mr. Rees to 
of the document and waved it implement the committee's find- 
before MPs, he would not say ings as early as possible “and 
at this stage what the recom- not wait for Treasury approval.” 
meudations were. - ; But Mr. Rees told him: “There 

A full statement ^would be is no question of Treasury 
made to Parliament ywhen the approvaL Z -have told the House 
report was published, he I will accept it" 
promised. . ; • The Isabour Government has 

“The problem is deeper than been responsible for more 
just pay. It Is vitally important lawlessness and dishonesty than 
that the reports vp ‘are having practically any other government, 
done are not/only on pay. but Mr. Iran Lawrence (C, Burton) 
also the negotiatmg machinery claimed in the Commons yester- 
and the iole Of the Police day. 

Federation” « Only one in three crimes were 

Mr. Rees told, MPs police man- reported, and of those reported 
power pi England and Wales in only one in five resulted in a 
May this year was 107.875, a fall prosecution and half the people 
[ of 1,4(53 from the previous year, who pleaded not guilty were 
But he rejected an accusation acquitted. 

Missiles at 
MPs halt 

Liberalpays doors 
on sleepier locked 

hurling packets — apparently 

AN MP who. uses the steeper door out of the train is locked 
train .to the West Country other than where the attendant 
claimed in the Commons yester- is.” 

day that doors were locked and Mr, Rodgers replied: “I would 
windows rarely opened. not wish ... to comment on the 

Truro’s Liberal MP, Mr. David details of present practices 
Penhaligon, made his allegations because of. what seems to me 
after Transport Secretary Mr. to be some conflict of view. 
William Rodgers confirmed that “But, in view of the fact these 
ga public inquiry would be held .continue to be used 

demonstrators .into yesterday’s Taunton rail fire up to and including the inquiry, 
-apparently, of Jr in which.ll people died. ^ will take steps accordingly. 

horse dung— at MPs brought 
the Commons to “a standstill: 
briefly yesterday. 

The House was suspem 
for 20 minutes as doork 
cleared up the mess after 
man and woman in the pub 
gallery had hurled several 
the parcels at the MPs be! 

They were hustled from 
Chamber, shouting slo 
against treatment of 
prisoners in Long Kesh 
against the presence of Brit 
troops in Northern Ireland. 

MPs scattered under the 

i Mr; Rodgers, "who announced. Shadow Transport 

‘that British Rail’s internal Secretary Mr. Nonaan Fowler 
: investigation into the tragedy had al *° asked about the possible 
: would be published, indicated to !*“"•» IliJSS? 1 *!! 

the Cornish MP that if these f 

practices existed, he woiflff not f^ b „i 0 p *! s l?! ers t0 get out m 

wait for the result of thetjpnibe 
but take steps to act. 

the case of fire. 

He also wanted to know about 
in. -B-si smoke detection precautions 

currently being taken: 

Mr. Rodgers replied: “I fully 
understand these matters are 
complicated. Even today, there 
has been some conflict of 

said it was their policy that 
sleeper train doors were left 

Mr. Penhaligon said it seemed 

that several of his constituents evidence in public comment- 
had been killed in the acteMenL “Rather than saying anything 
ie used the train virtually every which might in any way mislead 
. • . ' ' , MPs or prejudice the inquiry, I 

„ . Alt the doore are Jwked would rather leave it as it 

(Lab. Bolsover) on-the- tteaKt ' between carriages, eveixt^gle stands.” 

shower of missiles, the^firsf of 
which hit BEr. Dennis Skinnei* 





Lord Marples 

He dashed for shelter in 
doorway to the. ChambJV as 
other packets burst amopg the 
seats. . - / 

Chaos reigned for/several 
seconds as attendants tried to 
bundle the |Wo demonstrators 
from the- gallery, t 

Mr. Tar /Dalyelf (Lab, West 
Lotirian) who had been speak- 
ing on /a point of order 
connects) with the Scotland 
Bill, als6 ducked to avoid the 

Afte/ a few seconds, he 

Wales Bill blow 
for Government 

Started speakjtag again, but the 

was suspended shortly 



Supermarket and lock up (hop for nlc 
-Leasehold 70 yean unexplrtd. 

Adjoining Town Centre redevelopment 
Overall frontage to principal shopping 
■treat 41 ft Oin. TenJ ground floor 
■pace 6.850 square feet. First Floor 
2.62S square feat. ‘ Rear service 
access. Further detail! from : — 


Chartered Surveyors, 
Hunton House, Salop Street, 

Tel: 26989 & 771541 

LORD MARPLES of Wallasey, man and went to a Manchester 
one of the most colourful of council school before winning a. 
post-war politicians, died in a scholarship to Stretford Grammar 
Monte Carlo hospital yesterday. School. 

aged 70. He had been in poor He became a trainee accountant 
health since moving -to Monaco with Price Waterhouse in 
three years ago. - * London, and “ moonlighted ,r as 

As Mr; Ernest Marples. MP for a bqolae at London Greyhound 
Wallasey for 30 years, he'reached stadiums, 
the height of his political career " e „ thnvea financially and 
in the five years he was Minister so^aliy. entered Parliament in 
oF Transport from 1959 to 1964. 1945. and helped to found the 
. . Marples Ridgeway construction 

With great energy and -enthu- company 
Isiasm, he launched a number of i n the early 1950s, he was 

| innovations including parking Harold McMillan's parliamentary 

first sign of the trouble 
when one of the demon- 
slxators,- sitting near the back 
corner of the gallery, shouted: 
“ What about the conditions of 
the prisoners?” 

f Almost immediately, the first 
'packet was hurled Into the 

THE WALES BILL continued itsthe Assembly, it could go to the 
troubled passage through the Secretary of State. 

Xords yesterday with a. heavy Tories continued their mauling 
Government defeat by 29 Votes of the Bill when, by a majority 
during the report stage. . of four. Peers agreed to give 

Voting was 96 to 67 to hack a the Welsh Secretary power to 
move enabling the Welsh ’Secre- intervene to protect listed build- 
tary of State to intervene. In airy ings in Wales. Voting was 87 
dispute between water -authorities to S3. 

and toe devolved Assembly.. From the Tory front bench, 
Lozd Middleton said that in the Baroness Files insisted that 
past water in Wales had been as people interested in protecting 
inflammable as -nil in Scotland, a building or monument of his- 
He told peers that difficulty torical importance to Wales 
would arise where a Welsh water should have - the right to be 
authority lay partly in England, heard. 

In this case, the part in England., Under her proposal, the See- 
would be the responsibility oi rotary of State would be able to 
the Secretary of State and toe hold a public inquiry at which 
part in Wales would be the res- the various parties could make 
possibility of the Assembly. This peuresentations. 
would lead to confusion. ~ * • It would also enable the Sec- 

For the Government, Baroness retary of State to intervene on 


Building 11,800 sq. ft. 
Freehold £225,000 

Rwre CoatMt ;^. } 

N* CFW BtMfiB'SSi.lito; 


Monday: Private Members 

meters, yellow lines and police private Secretary and was par- Motions until 7 pm. Afterwards Stedman said she found the pro- grounds of the national interest 
powers to tow cars away that ticuiarly proud that toe Tory debate on the 1979 Preliminary posal objectionable." “ The fact that a Welsh 

made him deeply unpopular pledge to build 300,000 homes a Draft Community Budget Then It would provide a formal Assembly is being set un does 

among motorists. “ Marples must year was fulfilled. Adoption (Scotland) Bill (Lords), means under . which a water not deny the rUtot of the British 

go " stickers appeared every- Later, he went from the the National Health Service authority could go over the head to take an interest in toe 

where. ■ Ministry of Pensions to become (Scotland) Bill (Lords) and the of the Assembly and this could affairs - of Wales, especially in 

But despite abuse, be was Paymaster General and finally, to Interpretion Bill (Lords), Con- well lead to conflict. matters of heritage." 

highly regarded as a Minister the controversial post of Minister solidation Measures. For the Opposition Lord Elton. . Lad v Stedman said the Gov- 

and Party politician. 'He was of Transport, where he guided Tuesday Wednesday and said it was in no way meant to .eminent was sympathetic to the 

among the first Tories from! a toe expansion of toe country’s Thursday : Completion of incite an appeal. Interests the Tone* were trying 

working class background la motorway programme. remaining stages of the Finance It merely meant that if toe to protect But their proposals 

reach toe top. { In 1976, he was made a life Bill. - authority felt something bad were “ both unnecessary and 

He was son of a socialist foqe- peer on leaving the Commons Friday : Private Members' Bills, been done which was unfair by ineffective.” - - - 


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FREEHOUD C45 JDO. Have*. Middx.. Shop 
with ancillary offices above or can bo 
md as maisonette. Vaunt Possession. 
Close to multiples. Owner 13. Green 
Walk, N.W.4. 01-203 3253. 

m £VFAJR- W.J. One of the lew remain lira 
traditional houses, excellent position. 
S> ?15.T''? t Ay-5 rouni L * nfl 4 “Poor floors. 

SB -, ft ,n process of reno- 
vation. 72 vrs. lease. £275.000. Write 
Box T.4913. Financial Tlirres. T 6 . Cj” 

non Street. EC4P 48V. 

professional BODY with high grade 
suv end accommodation outside London. 
40 minutes liuin Waterloo, o tiers ollic* 
55555 , J J w J, or MFvices to other profes- 
sional bodies or to trade or slmliiar 
SgftnqmL Principals^ Pirn, vite iS 
total confidence to Box T.4912. Financial 
Times. 10. Cannon Street. EC4.P 4BY. 


Labour 1 man favoured as Penistone MP 


right in Peni- 
A majority of over 15,000, he 


64/6/8 CAMDEN HIGH ST n 

Plus other Freehold Lots IncJ. block 
of Flats it 8/10 Frejnil Garden*. 
Hampstead. Auction of F/hold invest- 
ment* offorini excellent capita] growth 
situations. July 17th 1978 at London 
Auction Mart. 


14. Roger Sc., WC1 01-405 358! 



+■ 6 acres of land 
-* 200,000 «l- ft- ®f usable space 
J L buildings for multiple use 
(office, manufacturing, storage) 

-/c good traffic connection 
.expansion possible 
★ parking for 289 cars 
ic available at short notice 

Enquiries to Box T.i033, Financial Times, 
10, Cannon Street, EC4P 4SY 



PRICE £25,000 


56-B2 Wilton Rad. 
London. S.W.l. 
Telephone: 01-834 8454 

FARNHAM— -freehold taret-storer office 
budding with uoo sq. rt- oiflcet let to 
££!:!L 3 jp*v 0ffer * invitee 
Z™* £ , 9 £ soo ;„ Further details from 
Harding ft Co.. 40 Wc beet Street. Lon- 
OM WW 8LN. Tel: OlSvaBS”^ 
Freehold « nop Investment for sale pre- 
Mi. reverjlon 1978. 
£55.00 D. AbbIv full deUite Strutt ft 
Parker. Tel. 01-G29 7Z82. 

“YOU KNOW. -I started off as Callaghan Loyalist, distinctly the ’30s in. the small town. Today, successes in local elections. .. . . MP,” he said. “It’s a bloody notH 

an errand boy at 14 with Foxes uncomfortable when asked about it is toe loss of 300 foundry In Chapeltown and ' High sense.” 

back' in 1941. I was getting weighty economic issues, hut working jobs In the local factory Green, on the edge of Sheffield, i]n. e Torv candidate Mr Ian 

12/3d a week. I’d cycle in at only too happy to talk about his t)f David Browm Unemployment ■ they have real strongholds. n 0 hkin. reckons that he too will 

nine,' mash up tea for the beloved mining area. Indeed, In the town might jump- as a Chadwick is standing again for reaD the benefit of the Liberal 

sn have to cycle McKay is sponsored hy the result from around the national the seat. He is (metaphorically) in the nninion noils There 

z — ■*- National Union of Mineworkers. average of 6 per cent to around in the Cyril Smith mould — down js «*b e ®eneral feelin« that 

back to his home where held Not on the original per cent ■ to earth- and no friend of the ° Taai 

forgotten hts Rlasses” recolleiis shortlist McKay was drafted at g . , „ ’ tSe country’s Lib-Lab pact ”' 

Mr. Al en McKay. r e tf^^^nct^^^-winger main concern ^ 13 Of .the traditional Xiberal A majority of over io.uuu, ne 

He is Labours candidate and, . th e constituency over ^ swings in next Tburs- hobby horses, community potitics argues, is unnaturally large and 

barring an electoral earthquake. Mr n avid Bit inke ft wai tn w& day ' s by-election. From Labour i s one he likes to ride, and if the most recent national 

the next MP for Penistone. : . ^ s to win M Conservat i ve and a bove all. Penistone seems well suited. voting trends hold good in toe 

Foxes meant Samuel Foxes at L ““ “oimuduwu. - from Liberal to Labour or Con- Local issues do figure strongly constituency, thus it will prove 

Stocksbndge, a firm now lost to In the end. McKay was picked servative. beside , the inevitable- national on liiursday. 

SLiVS?— ymS K» ? f the -^ ' Brftl* vrith just one vote to spare, and F ^ Prime Minister, the pre-occupation with prices and Dobkin, a 30-year-old Leeds 
Stee 1 Corporation’s special steels to his initial astonishment, rt raifiht three-horse race will jobs. . solicitor, was described by Mr. 

division, but one of the corpora- ^° und himself on the doorstep of -provide a vital cine to the Subsistence in the coal work- Heath as energetic, but not 

“° n . s l ew Plants to keep its Westminster. .. . national mood as he prepares to “S' areas is of great concern, abrasive; 

neaa above water last year. » take hiB final dedgion on whether whiI e 0Ql y ^ week the Govern- He probably leans a little to 

That reminiscence has its -Beauty to call an October election. ment announced plans to go the left of the Tory party. The 

point. It illustrates perfectly toe r,. ■_» ^ . . .. ... ct _„, ■ . ahead -with the long-needed £40m issues where he - believes he's 

switch in the Penistone Labour mSSSu! 0116 ^ai!l rUtlWe,t wilP vfJ tiJi St0( * sbr!< fef by-pass—to squeals scoring are sales of council 

Party's favours to a local man. d, f 1 J 4 ^ q , uare “if JtSiPnov 2 f outra ^ e f rom Conservatives at houses! and law and order. 

The 51-year-old McKay codld n . daJes of b blatant- electoral bribery.” . Dobkin' is also .deeply upset 

not be more deeply rooted ?in 'LgSg'SL ** 6y nrnviHe that his Labour opponent won’t 

h Yorkshire soil. Born . in p ^ d d heaps ' of his party’s collapse. HaoSiv Complacency face him In a direct debate and 

the constituency, he went on to . Coal, steel .and fanning are in ? or !L SJJtJ ^ . . , . . . . claims that Thursday might pro- 
work at toe local colliery Elsecar lts Wood. But far from being a ' t “ e 501116 sgos 11 Not, suriJrifiingly, Chadwick dace “another Ashfield.” 

as a “ trammer." putting tubs of homogendns single entity, it is a “ ' accuses his opponents of mlsrnan- Th a t, to put it mildly, is 

coal into the cage. string of separate communities. The 22 per cent of the vote agement and complacency in an nnfik plV Mr. Steel -has declared 

Today, he 'is assistant man- H?. lted Main!y b ? ^eir York- achieved by Mr. David Chadwick, area they have so long 'ruled.' that Penistone is a two-horse race 
power officer with the Coal" siuren6ss - 

the Liberal candidate in October, “Hoyland (the" original mining j n which the Conservatives were 

Board and sent* 7= ^ onl y *ra“igration anyone f974, is less than some of the area) is a disgrace for Labour, non-runners. 

worries about there - **— ' J - - - ■ 

secretan' ta th P furmsf mp tiw worries about there is from impressive totals, they achieved The place is wide open for com- The truth Is that what really 

late John Mendelson^ “ nearby Lancashire. “That’s why m the South that year. m unity politics.” . ; matters is not only who comes 

~ ... the sheep have guns,” someone But one suspects that the The other point he makes second. Liberals or Tories, but 

ne coma not be more differeat joked. Northern Liberal, with his strong forcefully is the sheer futility of also how. 

trom nis predecessor. Instead The industrial folk memory is non-conformist streak, is of holding the poll so close to a October 1974 by-election result: 

Pi-iw «* f'Shly intel- long and tinged with a resigned sterner stuff than his fly-by-night likely election— even though the Mendeteon. J. (Lab) 27.146; 
.tribunlte, there is a helplessness. southern counterpart consequent apathy could help the Horris, j G . (Conj 12,011; 



HiIS5nn? Pen '?“ rt !i J? ^ as freuble at Camel Laird The, Liberals have something Liberals. Chadtmck, D. (Lib) 10,900. 

countauor, . a down-the-line which produced, a. ensis hack in to. build on with, toeir recent "We’re going to. have a 14-day .majority. 25^35. 

i. . . 

, i 


Financial Times Friday July 7 1978 


The evidence so far submitted to the Wilson Committee indicates clearly that 
lack of finance is not a major cause of industry’s low level of investment. The funds 
are there — what seems lacking is any real conviction about economic recovery. 

Please reply, enclosing cheque for amount required. 

This invitation is open to anybody running 

We’re ready to invest £5,000, £50,000, £r million, 
£2 million or even more. 

\Wre willing to provide it in equity finance, 
loan finance or a combination of both. 

And were able to give you between seven and 
twenty years to pay us back. 

All without the strings you might expect. 

We wont put up the interest rate at any time 
during the agreed period. 

\\e wont appoint one of our staff to your board. 

And we wont play any games like trying to 
persuade you to sell out so we can make a killing. 

NojWe’ie not a charitable institution. 

We’re thelhdustrial and Commercial finance 
Corporation: ICFC to our friends. 

We were set up in 1945 by the Clearing Banks 

and the Bankof England specifically to help smaller 

To date, we’ve invested over£550million in more 
than 4,500 companies. £58 million is currently invested 
in 720 companies who wanted equity finance. 

Where has all the money gone? 

To extend factories and renew plant/Io finance 
sales at home and abroad. And to help our customers 
increase their share capital base and prepare for CTT. 

In other words, the money has gone to keep 
Britain’s smaller businesses alive and kicking. 

If you could use a little help running your busi- 
ness, have a chat with someone at your local ICFC office. 

"We like to thinkthat ICFC is not only the 
smaller business’s biggest source of long- term money, 
but also your biggest source of moral support. 

The smaller business’s biggest source 
of long-term money. 



Financial Timest Fridas 5 uly 719.7S- 

. The anthers attempted to ex- toebanks to continue to borrow 
tract the views of managers on short and lend even longer, 
external fond raising. ' me re- A submission by the U-S. 

. ■ ^0 . ^ • -d salts -were very demoralising banks operating in Britain, 

I 1 A_ "I J __ -I _ ^ for anybody wanting to set up which have benefited from, and 

I Jprrmnn PYnpptpn to m 1 1 p, fc pn & 

-A- an investment proposal iihdn- In analysis of the borrower's 

doing for lade of mods o^be- oredit- worthiness. Such lending 
cause of the 'toms iod confli- demands that the banker 

THE COMPANY sector has commercial ‘ companies moved London Business School also in. manufacturing spending and increase its bank borrowing by —but rise by less than £3bn in lions tewed <® the kndingfrf analyse a company's .ahjjjty to 

been in c relatively strong out of financial: deficit during project a slowdown in the rate of 6 to 8 per. cent for the around £3bn, as it did last year. 1979- ■ ■ them.- . ; ... 

position in the past year, the second hSlf of last year, of growth of profits in the next distribution and services sector, Phillip s and Drew has been- The bank leading figures What- really VfOBied W ‘ , company s 

Liquidity has been at a his- This. is usually defined as their few years, which is even more both in volume terms. more pessimistic about. 1979 far uo not provide a dear guide, m anage rs wa s the ^lad^ or vaflifc. . 

torically high level and profits net acquisition of financial marked when North Sea opera- The recent Bank of Enclarid when It suggests a significant The quarterly analysis by tne certainty, ofdemand In the vk. . I^ng-term finance divides into 

have recovered strongly from assets, namely what is left over -tions are deducted. Quarterly bulletin concluded deficit could materialise for non- Bank ° f England shows _an economy.” The other CW- long-term bond 4ssuea and equity 

1975-76. But the period of after paying taxes, dividends,' . The CBI has "warned .that these^-trends that “the North Sea '<ompanies as stock underiymg^ rise to stralnts on investment included aoence. Olie Wilson Committee 

revival may have finished since and financing canitai unless them is a verv marked . atihrMarinn mpmaw and . as advkpces to UJv. resiaenis fuflatiun. the." -l£txfstshc& . a£J MiiilnnM tenanted - irarv. "little 

revival may have finished since and financing capital investment unless there is a very marked' r^niDanv sector's 
there are already signs al a and the increase in stocks. After fall in the rate of pay inflation, y, nfi 4tinn -is lik^v ti 
change in trade, with a squeeze a deficit of £1.94bn in the first there is little chance . of real „ 

financial appreciation increases and as 

weaken investment to starts and Hand 

inflation, ffier'.^rirfstahcft- . cif" evidence generated - very, little 

- the heat on the subject of long-term 
teat finance— possibly because of the 
,'Ttes. current, lade -Of demand for 
oCen-'such money. The committee 

on real profitability and rising half of the year, theve was a profitability even returning to ^ n ra dP nmflt numnn*! This- projects* deficit of £Z.5bn next “"te as “ P™* 0 : 0 * and - -highly sH^Ied labour,' Wrd. current lads -Of demand for 

calls for finance as the surplus of £l86m in the second last year's level by 1979. If so. mav j, ave , Jiip invest- year. ' If North Sea activities quarter. Lending to manufat> the* lack of management anCete-' such money. The committee 

economy picks up. six months. However, the ear- cash flow and in consequence m Tl t ^ ig7 « ^ weli are excluded, the brokers turers wjs small - managements i were. found featcoipbrate treasurers 

The financial position of her deficit was sufficient to industrial confidence will con- depress it in 1979 ' estimate the corporate sector total— with advances to ri^■/filIs 0 me , in their 'praise ; of ‘ were unwilling-' to borrow at two- 

industrial and commercial com- produced a deficit for the year tinue to remain at a low ebb. £ itv i nalv _ t J * ^ been deficit will, decline from £L2bn ^sector and servit^ City ” nor Were they figure rates. of .Interest, first be- 

panies improved last year. This as a whole of £1.76bn. compared This would quickly serve to in their vieW PhMins I® 51 year to balance in 1978 bat accounting for mu ch of toe . entice). Nearly evfeiy oompahy cause of the fingering hope that 

tended to be masked by a with deficits of £599m and worsen, the outlook- for output ^ diirew for 'Jwole h2 jump to a deficit of £2.4bn in t0 inflation and interest rates 

relatively small rise in pub- £1.03bn in the previous two .investment and employment'' ^ finan- 197ft : ' - bearing bank as and would come down, leaving the 

lisbed profits with gross trading years. V However, published profits of P * deficit of industrial and Brokers Wood Mackenzie, in ^ nndo ?f. te 55 *?* J^^L^^^^Vwen required— even .Ttfhen borrower stranded, and second 

profits of industrial and com- The rise in North Sea tril pro- individual . companies could ^ 4 hn contrast project only a small ■■^&£§£!$ &Wty was tight . . > because high : interest rates im- 

mercial companies before stock duction has made a huge differ- improve durmg the coming f400m ms y ^^r inIy ^ a jf° net financial ” The medium-sired -companies ply a. high hritwl negative cash 

appreciation up by 131 per cent ence to the improvement in su i ce 016 conventianally f ^ deficit this year to about £ 1 . 5 bn were more or less unanimous in flow before capital projects be- 

in 1977 compared with the pre- overa u profits. WMle overall ***** ,/tock 3 mErtSTtaSSL The TSLPZL** 1 - that the avaxlabUity of gin to yield their return, 

vious year. However, gross proftts net <* stock appreciation appreciation^ whi(± could be "““*2 StaLhlS todustiy's to borrow on **&&?}*; „ ftXSfiSin Government sources The committee also found that 

The committee also found that 

Economics Correspondent 

Wilson team opens 
City doors 

made little difference to their there was fiscal discrimination 
investment plans, although they against industrial loan stocks in 
would naturally take what was favour rif gilt-edged securities, 
going. On the cither hand Nevertheless the strongest im* 
evidence from -the - Bank of pr®ssI6n left by the committee's 
England showed now sensitive findings on long-term finance 
companies can be to changes m was how little talk there was of 
Government poUcy In a written Ending out"-the process 
submission to the Conumttee hereby the Government sup- 
the Bank provided a detufed posedly usurps all avaUable 
list of companies that had post- i ong . {eriI1 mone „ 

A very large amount o£ the 
projects because of imcmt^ln- evidence has been bound 

ties over Government policy. 

up with equity finance. 

trading profits after adjusting —"by nearly 39 p^cent the A«oSSgly ftTSSer. teS Snk “taEn^hST will rise PeterRiddell Sto Httte difference to their there w^ST ^cSZktion 

"Si3 by 6 nearly £ ^ ^ ^ ^ ^ ^ SSf3»J»5S »955^JSS£ 

P ^k , ^ Sea odl and gae activities. T^ eU nSyS?fi?SSal posi- •• ^ ■ 0 « L*e oth « Nevertheless the strongest im- 

domestic° e output was” slu^ish W of indu^ has, at S ' ‘ ' ^ v ^ 

with a rise in a real Gross Profitably Wears to have until recently, remained TT 7 »-| . companies- can be to changes in Httle tJfk SSe w^Sf 

Domestic Product of little more been tolled, me latest pnm- toothy The amount required % % / | ^ f /\n C 1 Government policy. In a written -^wSTne tor^e o^I 

than 1 per cent, and in spite of **«“* *" the first three fer stodv appreciation con- %/%/ 1 1 C Tl I t"*^|Trj { 1 |||“ | 1 \ submission to the Committee wtoreto the Go^SSnent^ 

an erosion in profits from months of thi s year s uggest that turned to dedMm to the first WW XJ_OV-/ - L - L IvCiill Vl/VlllJ the Bank provided a detailed 

overseas and from exporting as gross trading profits of aid corn- quarter. The first quarter T ’ -dL list of companies that had post- SS22L U b 

a result of the rise in sterling, panies net of stock appreciation liquidity survey by the Depart- . - — " pon ed or cancelled capital “f ~7™ n r 

The reason for the improve- have risen only fractionally meat of Industry showed that m ^ projects because of uncertain- ^ 

ment is that real profitability since late last summer, amd may for 228 large companies current ' A J ties aver Government policy, 

improved in the domestic have dropped slightly when assets were 132 per cent of ■ “f |T 7 /■ A A 1*0 The Bank maintains contacts fnf 

market. Companies took adjustments are made fer North current iMbidiiZies. This was a %. y I I \f l 1 l # l J I with some 1500 companies In fhl 

advantage both of the easing Sea operations. higher ratio than at the previous V/l IV ViWX ^ to orere™ 

SLblv m !f imSf n S™d The CBI has estimated that. P««kiziJi»te 1972 «jd eariy 1973. ^ \ fc WuSTTltaSMtar SSri ' JS3& TT52 

the rate of pay increases and inclutlin g North Sea operations, w ® x ? ! m t a yeaw it. has been able to keep survey. In the province of Ihe 

of the relaxation of the 'Price P«- tax replacement cost t f^ r .^ atlon r ^ THE WILSON Committee will tod, or Bias constBaaned WUsoa Committee made a ar. tally of cancelled mresfenent larger company the evidence 

Code to increase profit margins. rat ® of retu ™ - or in ^ ustrial in he mentioned many times in the investment - '■ definite contribution to tax plans and to pm-pomt the focused attention upon the 

The decline in the rate of ant ^ coroniercial companies was materials in the correct anti- , th!c is T _ - inn __ breaks for amaitl businessmen ‘^underlying causes. It found; for investing institutions — princi- 

inflation meant that a smaller ^ 1 - the v ?f r t SSw The because .the Committee's activi- fingera^toSwmds °°wfcere She to - ^ estaMdsihanent of HaraLd 'te^ e ' ^ pally the insurance and pension 

amount of extra cash had to be “ 0th f T , i resu ® s hav^.hf 611 tiies have generated an astonish- Rritieh industmai nntese is sun- Lexer’s inquaiy into small com- Investment grants to. tax funds— and the way they now 

ass, iv^foraTu" “ ^0^^1977 ^ » kxw iss sesel ' ss * market 

{he amoZ re requi?e S dT'fedu2 STTtoT'SoSt ^ £££ Wgh^imJ^TStatofndS Some of the City's mort reticent Sd p^b^^mplified, a W 40 810934 “■ SS^SSn^SSi' ot ^ « vestins 

.the early 1960s. _ After The level of physical stocks “ ‘S? ^ ^P 0 ?^ . .projects.. _ ... . . . 

THE WILSON Committee will tod. 

Bias constrained Wilson Oomnrittee made a ar- 

The Bank maintains contacts . problem of equity finance for 
with some 1,500 companies -in small companies— one of the 
order to preserve its own “feel" committee’s adopted causes— is 
for industry. So in the last few discussed elsewhere in this 
years it. has been able to keep survey. In the province of ihe 
a-. tally of cancelled investment larger company the evidence 

s t« ' nAintinv inn nr mnro oreajcs tor smaiM ousinessmea uuuwjius * uuuu , mvesnag insaruDons — princi- 

i- fingers toSs where the ^ ** of Harold^ j^a^ ^t^ smt^-f^ pally the insurance and pension 

1- British industrirfmatoiseissjm- Lever’s uiquaiy into small com- funds— and the way they now 

from £l.48bn in the first three in . tbe f® 1 *, } 9eo& - . 4f. ter The . level . of Physical stocks 


findings in the final report 

cyde of SW.'SS du t n“ 5,» e »on«h£ “ “ S5fc in “ •— StabT-wS* -W«- OnM. « SdST in rte 

the course of last year as welL The CBr suggests that real the faU in sterling in March) decade. to a sufficient reham.” prepared by a group of if industrial investment, ft lias m * *** *• ” “*»“ “JJ 

The large and partly involun- profitability, excluding North and in earnings will increase Th e mam “message” of the members. The Survey of also provoked interesting dis- e °“_ &£'. Sll 22 ^555 

tan- increase in the level of Sea operations, will fall back the amount needed to finance ^ stage <* the Ctemnittee’s vestment Attitudes and Finrf cussion of the ways in which *® 1 w J*S5 0 °{J lie 1 ? tl L S?5! 

Sa-raA progress and ega* during this year to below stock appreciation. inquiry, w(hd<A deatt tritii toe 3^ *** of Medium^iz^ Compa^ they provide and long.; ^ 

finished goods during the first 4 per cent in response to rising Meanwhile, investment is also financing of lndtwtiy and trade, JJfL? showed what ie3l] * niofavatt^term finance. The evidence has “Jf J® “P® tb ®"^ 

half of toe year was part? labour, and import costs, the rising, though somewhat is toat it is a fitidy small SZZSi ******** ^ “pWal hSpointed up the increasiM use ftou^d the m^agera of these 

reversed from toe summer additional national insurance erratically. The latest Depart- minority wtaidi befttoves that toe vestment of' British managers, ^eing ma(fe» x fiy indusfey of- “ or J h i 

onwards. surcharge on employers and ment of Industry investment way British financial indatotions Thc authors found -feat a%edium-term loans. Between 

The turnround was sufficient weak international .demand. intentions survey .points to operate has deprive^ British **fensivezttim<le was pre- *73 and 1977 such Iwns in- |“Jj^ n “ ana «®“ e n n ^ v Shou f Jf 

to ensure that industrial and The lat§s$ forecasts from -the increases of 10 to 13 per cent industry offimds itshouid have v ®lent The first pnonty was creased theur share o^the loan • - nt i indnstwS 

■ -- ■ - ' ■ -^ acceptable breast beating. The “above all to preserve the snb- portfolios of the London qleaiv directofl- • > into industry/ 

I result was very much in tune stanee of the business and its ing banks froin 27 per cent to These are some of the questions 
with .toe emerging sentiment management and workrorce." over 40 per cent This increase °. n which the Wilson Committee 
that “ small is beautiful" and This meant •’ not /unduly led the- banks fe suggest that ®ay ultimately have to form a 
with mildly contradictory hope jeopardising the bus&iess by if was '‘ .time the • Bank of judgment 
that little industrial acorns will major expansion— Especially England pxpvided a refinancing' XT . , , , 

yield mighty oaks. So toe with borrowed -money; facility for Sqch loaps— to altaw ■ XNlCllOiflS L-OlChestCr 

Help for smaller firms 

IT IS now nearly a year since to please some senior Tory poli- will be prematurely scared off audited accounts murt also be 
political interest in the plight tieikns such as Sir Keith the idea of trying to work out prepared, including an analysis 
of small businesses began to Joseph. how to. approach a financial of. profits broken down into 

quicken and led quite rapidly to But while little progress has institution. Aj^ even those who divisions or profit lines for a 
toe Prime Minister appointing made with this guarantee make an initial approach may five-year period where the 
Mr. Harold Lever, Chancellor of ] 0an SC h eme> a significant he deterred by ' the mass of concern Is old enough. 

iSS? S- i IzST attempt to plug what is known questions requiring detailed The final two subjects In the 
prnmnir/IlntiSS in fhi« area" M the lufonuatton gap about analysas and information that Ugt are fairly detailed trading 
q?nre S rh^n ^Mr Trf*vpr hn«i institutional finance has been follow. and cash-flow .pfoioctiohs for at 

charmed evervone he- has met m ® de J 7 te Bank of England “Before making an approach least three, years ahead, and a 

of whatever uolitical colour aud ^e City Communications to any .bardc or lnvaStiiig institu- brief account of accounting, 

or business interest— and he Centre - ^ existence of the gap tion, an applicant wiH be management information and 
has induced the Chancellor of wa i noted by ** Bolton Com “ expected to be clear about three budgetary control systems. The 
toe Exchequer and the Cabinet nu ? e ® °n small Anna in 1972, things: the amount of finance Bmd* acknowledgte' /toat this 
to introduce two financial pack- “ d has aJso ,? r e f n discussed by required and the period fer ^ teay appear “fontodable 
pages aimed at helping small the current Wilson Committee which ft is needed: the purpose and points out that financial 
companies. As a result, the on financial institutions. for wMch. toe.:fibiasce ls being advisors <an help and toat, iu 

things that can most easily and Now this new publication, sought: and toe financial' .posi- practice, in^btotions 

cheaply be done have been “Money for Business,”* should tion and prospects of the buti- Jjiferpret their requirements 
done. Some tax reforms have help to fill the gap, while at the ness.” Says the booklet fleshly- - .i-" C - 

been introduced, statutory form same time underlining many of . ^The booklet aiso . sets down 

filling has been reduced. Gov- the complexities Involved far a tj'nrf»#*Q cfc /_ V .' - six possible lijnftationg that any 

.ernment help for export and small firm turning to toe institu- A I ;• . V .- institution deci.ding. to . lend or 

general business innovations turns. Hailed as a major innova- •* it points out that nurch Wili. invest may. make: .These affect 
has increased, a small firms era- tion by the Bank, it sets out depend on the type of -finance the amount of money -borrow- 
ployment subsidy has been ex- dearly . how finance can be being sought— fearing ind 'hire ®We, ' w ■ further, charges on 
tended, and special help in obtained. It Is arranged in three purchase deals need less ^back- "fe® - hiisin ess’s - . ateets, the 
rural areas and inner cities is parts. The first provides general up ihftetetion th^ longer-tbnn amotoit -iff : the;- directors' re- 
being developed. guidance: about business finance arrangements. - Short term and nmneratibh, -.access' to informa- 

c , — how a firm’s financial needs welttecured lenders' tend to '■* Md about biiriness progress, 

LlCneWlft can be assessed, the question of require less information S§ohV appoinitteut by the inves- 

introducing new equity capital, a W r: business and ^ tor of a Board director, and the 
But little has been done the issues involved in borrow- than a lonra^iwm right'jo, be consulted 

fiirectiy to push more .finance ing in the. riAt .way for^ fecial ^^^dlencfer or ? aTtequife aboutcertai^.^terd. develop- 
into small businesses and one needs, and hew a , company SI «»* 3 ments er transactions.^ 


jn °Tf y ‘ < ^ S ^? t ! investigation of financial atfd, s et fibw by the. Bank and other 
guarantee scheme for bank section describes hr more detail Q^er brosuects Bitf pven thp'^ity.interests. as has been said, 
loans to sman bnmnewesH^ where cato can be ‘found, while d£lv^ to^try to plug the information 

stall being examined by the Roll th» third farms » AW*rtnr%r nt snorreawerm lenaer is iuce|y to ■'".'** * * 

>?• , '«*** r t, ,r 

■; V--T& ; - •••. ; :rb 

— r * • ■ 

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your ambitions, come to the Long-Term Credit Bank. 

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You'll find our staff 1 of international financial experts 

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Ht»d Office: Otcmachi, Tokvo, Japan T«H: 21 1-01 1 1 Telex: J2430S Nbw York Branch: 140 Broadway, New York. N.Y. 10005, U.S.A. 
T *l 1 07-11 70 Telev: 425722 London Branch: 3 Lombard Street, London EC3V 9AH, U.K. Tel: 023-9511 Telex: 885305 
Los Angeles Agenc y: 707 Wllshire Boulevard. Los Angeles, California 90017. U.S.A. Tel: 488-1 766 Telex: 673558 

Amsterdam, Sydney, Sao Paulo, Singapore, Frankfurt, Peris, Hong Kong, Brussels 

still being examined by the Roll the third forms a directory of ^ can about toe avriTabmty of 

Committee on finance for in- the institutions that can. provide crecHble cato flow fo r q:- t> u * at the same time 

dustry against a background of finance cast? ftr at lwJst a -finance. But at the same ume 

a mixture «rf Government seep- some of this may prove to .. The. booklet then, sets out a n^roose to^atttTuustratea the 

cism and opposition.. -The De- ^ somewhat heavy for a gm-aii _basic-'. points of ~, mn i ejc ;HeB of business life 

partment of- Indurt^ and the Z£2S vtonisSEl SaJtoe owner of a^S 

Treasury are specially worried exnertise hut thp Rant Hnoc be asked for. - The first is the 

that the introduction of such a that the booklet is not rea ® on wb 7 fee money is needed v> 1 ? B j!f B H?nt^n^ 

scheme, aimed, at inducing moMMd to oust th, flnSnSi investment or a 110,1 ^ the i “' it “ tioM - 

banks Jo lend to small and emer- adViir from a job seasonal trading peak;- to reduce Mr. Lever often talks about 

gent businesses that cannot it should jlso h^ remomhorWi hard-core short-term borrowing, how the “Aunt Maud or Uncle 

prove their track record, or- by companies fw not or to enlarge the company's George or the local garage pro- 
positive viability, may simply ew _ merchant bant and base - Next the amount prietor with cash to spare are 

mean that the banks pass their fin- otia i institution HctPd in 6f required and the fee Weal initial backers for 

potential bad debts on to the JK Section iT o^erSSrio^s^ in form vi * llch ix « desired, small firms. Unfortunately the 

Exchequer. SdtSSli eJ255?SJ2 including an outline of security country's tax system has put 

Advocates of the idea, how- eoncern * arp fn available and of existing credit most of them out of the mar- 

ever. point to the success of SJ arrangements, will be wanted. keL The financial institutions 

similar measures in the U.S. S^rSl® jS&ASt *™ y 52“! Thirdly, the firm’s history aiid that the. Bank's booklet sug- 
and W. Germany. There is also a business activities must be gests may now be the new 

some political interest because “rjr 2 JJ& described, including an outline sources of finance wiH 

launching such a scheme, linked tft n “ 1 ° 'J' UUng of the number of employees and -dearly be somewhat more 

maybe with the creation of a ^ . turnover is different areas.- - demanding on the next genera- 

small business bureau, would .t*v parT , #v ™ e ,“ 7 ,.“ Then information about the tion of entrepreneurs than these 

be a significant gesture for this wrnai some of the people at the maill products made and essentially retiring relatives and 
Government to make in the " an * ® re te~ 15 “ e one markets served will be required friends, 
run-up to a general election, devoted to hew a small firm (or pj uj . details of thei company's *Money for Business. Bank of 
On the other hand, such an other concern see k ing buildings, plant, machinery. England ond Citp GornTiminica- 
idea may not appeal to a future fi naiw aal backing) should pre- There must also be a list of t^ons Centre, London, EC 2 . Price 
Conservative Administration be? P®^ ite c® 6 ®' This is because directors and senior manage- 

cause it would involve too much there is a feeli n g in the City ment, with their qualifications, John Elliott 

State intervention in industry feat many small businessmen age, and experience. Pull . Industrial Editor 

' -N - 
V,< V . 

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Financial Times. Friday. July 7 1978 


Euromarket borrowings 

AFTER THE lean years of the As part of this policy, Britain technique first popularised in they produce a source of long- names. The blame has' been 

mid-1970s for British corporate this April raised money in the the early 1970s. term dollar finance at a time of laid at various doors, including 

borrowers in (he international New York market for the first Currency exchanges are re- climbing US interest rates. For the operations of sophisticated 
capital markets, 1977 started time, with a two-tranche $350m garded by some banks as a valid a non-dollar bank entering into banks and institutions allegedly 
with new promise. The market- bond in the name of the alternative for corporations and a variety of foreign currency determined to make a short- 
place overseas at one time Treasury. Both leading U.S. others to bank borrowings. Euro- lending commitments, this is an term profit in the new instru- 

□ ppeared to have fully accepted rating agencies awarded it market loans, Eurobonds or important feature. meats rather than engage in 

British public and private sector tripIe-A rating. equity-related borrowings. The The important date in the an >’ permanent investment, 

corporate “ names.” and British i n 1977 the incursion of technique, for instance, can in- Eurobond market • for UK Certainly, by this spring it 
borrowers in all raised nearly British borrowers into the volve the provision of dollars borrowers, however, was last was dear that last-minute 
S2bn in ihe form of inter- medium-term syndicated bank by a U.S. company to its UK November, which saw the attempts to salvage something 
national bond issues over the l oan market— where $2bn was counterpart in exchange for re-introduction of issues in from the collapse of the Euro- 
course of the year. raised— was overshadowed by sterling over a typical five to sterling . sterling sector, such as a - new 

^sx&sv'&ss. as asraars jtm asssra: 

s sweats ££33355 ^ 

recovery in the value of sterling interest cost.. change risk, interest differen- *?“*• 

—has not been entirely fulfilled. This year the medium-term tials and default resulted in° a^Srta^»r S ™£ 

market — with international For the participating com- r ® saJted in a spectacular rush 
This year «o far the inter- banks sti ]| flush with funds— parties, the system offers the J companies to raise funds in 
naCnnal market has made a h 3s se e n come significant pri- advantage of an off-balance 'hr new market 
nui‘ b more realistu; assessment vat ,s uk borrowings and less sheet transaction, elimination of For the corporate treasurer 

of Eri : r-h corporate risk. In 0 fli C j a j activity. Shell Petroleum currency exposure and the th e advantages were dear, 

ill'.- City, ih^ arguments 
>*il! he heard over w 

ryiir-iilered 10 have been among j n t j ie Euromarkets. Shell took currency. comparable to yields on gilt- w- 0 „h!.nn 0 rate 

the major misjudements of the advantage of the highly liquid Returning to more conven- edged (and at a time when the 

pa-i 12 months the launch of condition* prevailing in the tional capital sources, UK debate still continued about the drtt 

many Eu roster! ing issues by Euromarkets to raise this new private borrowers did start availability of domestic funds ® < Jhinh 

facility partly to refinance an tapping the Eurobond market oyer^ long-term tenors because ,, ianc at . j ow 

obtain little joy in considering 
such issues for a possible source 
of capital borrowings. 

Nevertheless, the past IS 
months have thrown up some 
useful opportunities, even if 
only to allow some consolidation 
of foreign borrowings. Sterling’s 

In official activity. Shefl Petroleum currency exposure and the the . tnt - lon normw-mss arenm* a 

‘L s can raised SSQOm in May, marking ability to use domestic borrow- Companies were able to raise “ a »ow wroe 

rhat «s tile i ar g,. S t ever corporate credit ing strength to generate foreign sterling funds at rates roughly 5 ® J , t advantage of 

among -, n tho p,, rnm arkei* shmi tnnfc nirrpnpv. comparable to yields on silt- tompanies to take aa\anta 0 ff oi 

abaorpl ive capacity. 

Most prime British com- Strategic 


full extent of the 

which can arise on such borrow- 
ings has just been demonstrated 
by the grisly details emerging 
on the Greater London Council’s 
Sw.Fr. 200m seven-year loan 

U"K companies at " unrealistic " facility partly to refinance an tapping the Eurobond market over long-term tenors because _ . . 9t i nu , 

‘-rm* in the bond market, with- listing S400m loan which was again in 1977 in dollars and the Government still dominated fVo^rtf mVcw 

0,11 ™ Pd f0r ,he markct ' s arranged in 1974. ' other currencies with ICI. °* H°me capital iSd m2 

Beech am and Babcock last marKeisj. ... . .. . n.r.. 

summer issuing convertible Within weeks, four issues ^g a f e]v ^ “lowest interest 

panics, of course, should still . bonds after a four-year lulL But were made for between £10m rates available internationally 

have little trouhle in tapping Another opera bon which must this .particular sector then and £25m on maturities of were invariably those offered on 

the international bund and bank ^ ave caught the eye of corpor- remained devoid of any new between seven and 12 years and g W j SS francs, Deutschemarks 

credit markets for funds. But ate treasurers of acquisition- issues until the recent Boots yields of up to 10* per cent and other ^rons currencies, 

many international investors lnxn ^ rampames- was the announcement of a 830m Overseas investors were also 

quickly became disillusioned *500m medium-term loan raised convertible to finance its courted by the new issues at 

with British corporate borrowers by B ?„ C International to finance expansion in the US. first It had been widely ex- 

who launched ill-fated Euro- »*» «» P er « ot o^mership bid For UK borrowers,, the other p ec ted that European investors Th 

sterling issues over the past ? r Al ™ lnc h of fK . the UB.. sections of . Eurobond wou]d be eager to purchase ‘“‘L 

six months or so. demonstrating how this parficu- market, straight issues and hieh-coupon bonds in a cur- «change-rate-I inked 

tar market can prove such a floating rate notes fFRNs) have renev that mipht smnrpni*tp “ ,h, *' h arl '“ > n " B 
Nevertheless, it has to be strategic source of funds when recently proved to be the p re- thanks tn the benefits nf isim-rh 

admitted that the improved large amounts must be serve of British banks. D6nelltS « North 

international credit standing of mobilised quickly for takeover Borrowers include National ‘ 

Britain in the past two years or other purposes. Westminster, with a $225 m two- . Despite further prestigious 

has allowed great strides to be However, in advancing such part operation, while Midland lssues from the European In- arranged in October, 1973. The 

made in the marketing and exceptionally large sums, the Bank is currently offering vestmeo * Bank and Finance for GLC and the London boroughs 

re>tructurin$ of the UK’s participating banks are obvi- SlOOni 15-year floating rate Industry, the whole project are calculated to be likely ‘o 

foreign debt by the Treasury ousiy keen to deal with the note. turned sour. Most of the more lose £25m-£30m as a result of 

and other public sector best corporate names. This latter “Bullet" issue, recent issues, such as the SI dm the fall in the value of sterling 

borrowers. Britain has pursued Apart from currency loans, with no amortisation features, Gestepier bond and Whit- against the 'franc since the 
with great success its official the Euromarket bank can offer features an average life which is bread’s £15m issue (both priced borrowing enmmen red. 

policy of repaying ahead of some subsidiary but neverthe- considered to make it the at 1°°' are now quoted at Unlike virtually all other pub- 

sriiedule high-cost foreign debt less attractive propositions to longest maturity for any Euro- around 90 or below; in the lie-sector medium-term borrow- 

a* well as certain International the smaller company. For dollar bond issue so far, includ- market - ings in foreign currencies in 

Monetary Fund drawings, while instance, one of the fast growing ing fixed-rate or floating-rate. Without doubt this debacle recent years, this loan was made 
also seeking long-term finance international markets centres FRNs, geared to interbank marked a major setback to the without Treasury insurance 
in order to smooth our the peak around currency exchanges or rates have particular appeal to reintroduction of both . sterling cover against exchange losses, 

profile of debt maturities which swaps — an extension of the banks in the present inter- to the bond market as well as At the time it was made the 

occurs in the eariy-19S0s. "back-to-back” company loan national credit climate, as high-quality l[K corporate Sw.Fr. 200m was worth some 

““ ' — — - — 1 £27m. Since then the rate of 

Swiss francs to the pound has 
fallen from 7.3 to 3.45, meaning 
that if the loan were to be repaid 
today then the GLC and 
boroughs would have to find 

The lower interest rate on t«he 
loan — 7;. per cent compared 
to the 12 per cent which would 
have been payable on a com 
parable sterling loan— has prob- 
ably brought down the nominal 
loss on the Inan. which is repay- 
able in 1980. to between £25m 
and £30m. 

But by now the fall in the 
value of sterling against the 
Swiss franc means that the GLC 
and the boroughs are losing 
money on the interest payments 
ton com pared with what they 
would have paid if they had 
borrowed alerting. 



THIS YEAR the Government as the temporary employment TJte sheer multiplicity of pro- 
has set aside no less than £3bn subsidy. grammes adds a lurcher com- 

to support industry and employ- There is a counter-cyclical plication. It is hand enough 
raent in one way or another, dement, too, in many of the assessing the effects of nnn 
This is a large sura by any mea- s. S ■ assistance schemes. This particular scheme in iaolaLnn. 
sure. It is about 7 per cent is most obvious in the case of for ira one can really say what 
of total Government spending the accelerated projects would have happened jf the 
and about 5 per cent of all scheme and,' its successor, the scheme had not been launched, 
public expenditure. selective investment scheme.' It harder s tiU when each prn- 

If one were to judge from Both were designed to bring gramme is surrounded by a host 
the annual public expenditure on . l ‘? ve f i ^ nei V : projects which ^ o[fo ers which may diminish 
White Papers, this year’s figure otherwise nave been de- ^ discriminatory value »»r 

is in real terms about the same „ n b n e j; i f ii e ltp 0 n £ 0 which may have displacement 

or somewhat less than in earlier or wen not taken place at all. effects _ 

years. But appearance can be But- sector schemes like the - ^ oufllct flir 

deceptive. Since 1972, when the ferrous and non-ferrous foundry i*?*^*. “ 

Heath administration's Industry schemes and the machine tool 

Act was passed, a number of industry scheme could also be regional policy. To some extern 
S,ange“havT«ken plnce wLS regarded as having been mrt- 

make comparisons difficult. VQted at. least m part by aWhUr of s.8 assistance throiiLh- 
Investment «rants are nn counter-cyclical considerations. »u the country reduces the per- 
n^/nr- Modernisation and expansion forence si town to the assisted 

longer being paid (or almost), here WC|Uld nol on i y crea te em- areas, even though a substantial 

Iff ployment now but might also part of s.S aid has gone to the 
help to alleviate bottlenecks assisted areas (including ahout 

half all accelerated project 
and selective investment 
schemes) and even though the 

they were replaced by 
depreciation allowances which 

restraint policies in the nation- _ __ _ 

„r e d need Influenced and 

to compensate the state boards Other factors have influenced 1C * a 7° com P Ieme / , ‘ 

for the losses they incurred. The the size or shape of the Govern- tar ^ ■ Moreover, because of the 
aerospace and shipbuilding ment’s industrial support pro- Jf” s f‘?5'g. til i e contr ®! s 
industries have been national- grammes. It now has an ^t rial development in the ftUd- 
ised. which means that the cost industrial strategy'. The selective lands and South-East are being 
of certain forms of assistance investment scheme and many operated in a very relaxed man- 
to those two sectors have been industrial sector schemes can ner. 

transferred tn another part of be traced, it is said, to the dis- ha « be ? n n . ,adc flf 

the White Paper The Govern- cusstous and studies that have the efficac>- of regional policy 
ment has boueht and sold shares taken P Iacc under lhe S eneric (showing, among other things, 
in ^British Petroleum heading of industrial strategy, that up to 1975 at least the 

Cban n ec have been made in The National Enterprise assisted areas had been attract - 

the wav filed rate export Board has been set »P- and *» lns a sleadl,y ^creasing share 

cr^dtaand to build ships have the Scottish and Welsh of the total quantum of new 

in lh?UK iS“fln.n«d.wilh Development Agpppics. The munu^ctunng investmept in 

the rociiit that the i-nmnieririal Government s budget for these the UK). • 
banks are camrinc a farmer lhr * e agencies is now running But not all questions need 
shie This 'reduces the imme- « around £4 00m a year, time to be answered. For cx- 
diate Dublic e^enditi re cost of Together with the abolition of ample, if the Deportment of 
thr.™ S ««[ the regional employment pro- Industry has a nile-of-tltumb 
the cost of subsidisin' 1 ship- JT,ium ' thc establishment of (but unpublished) limit to the 
h?dMin* fnH .vnnrr these organisations has helped cost per job for regional selec- 

intprecfratpc d po 1 credlt to give an ewn more selective tive assistance (s.7) why should 

rest axes. emphasis to industrial and there not also be one (puh- 

The same goes for the pro- regional policies. Indeed, the lished) for the regional de- 
gressive switch towards interest emphasis is even stronger than velopment grant, as is applied 
relief grants and away from soft expenditure figures imply, to the equivalent grants in 
loans in the selective assistance given the growing preference some other countries (such as 
programmes provided under s. f or interest relief grants in France) ? 

7 (reeinnal assistance) and p ] ace „f loans in s.7 and s.8 Does it matter if. according to 
s. 8 (industrial sector assist- schemes. one sample survey, the employ- 


ance) nf the Industry Act. The 

Another change, which has ment achieved by 



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N M Y0*L*A Wte S,n SM ™. F , M «, 1 a!«^^^ 

™U"dIv l Vn : 2t i ™ r dT dlffcrnt Perhaps been ratter less widely granted 7 resional 
ot tne ciay is not nmen a me rent. ... . . . . gradual assistance comes to only about 

but the. Governments initial two-thirds of the total forecast 

outlay is very much lower smtx „ awa > in - government sup- aranred-' 

because the banks are providing P° rt J or innovation and techno- ^s inevitable 

the loan and the Evcheauer tog>‘ from the excessive concert- J^epucism is inevitable. 

th“ ^tion upon the aerospace and 

to reduce the interest rate. The nuclear sectors, which was so *Vofocts aid^d ^der Jim 
public expenditure cost is marked a. feature of the 1950^^^ 

lower but not the subsidy cost jn^ MMj. 1 i schemes would nor 

If one makes the appropriate broader approach. The change h taken nlace or whiuli 
allowances for all these factors, *s nnt only relative but also wouId liave been ^3^ i 3ter . 
then one finds a very different absolute. Government support fiut can one be t ^ rtojn? 

picture. In broad terms. Gov- for industrial research and when govenunents have mo ncv 
emment support for industry development generally, both l0 ^ away will always 
and employment has doubled in within inithistry and universities ^ j n dustrialits who try to find 
the six years since the 1972 and in the Government's own ways of t^ng advantage of ir. 
Industry Act was passed. research establishments, has jf the trend towards interest 
Part of this increase can of more or less doubled in real relief grants means that finance 

course be attributed to counter- terms (to around £S0m a year) C an be raised from the normal 

cyclical measures. In total, since 1972. private sector institutions, is a 

Government spending on era- ^ ques tfl 0 n this growing subsidy necessary? 
ployment services, industrial profusion ^ support schemes Scepticism is also desirable. 

training, job saving and job inevitably raises is what There is a case of industrial 

creation programmes has trebled t ^ h-vingv Thjs subsidies to soften the social 

in irS"qSfi» JSZPiTs ^ «■ •» ^ « 

on £lbn this year. The real answrGr6d Pa oii v or nuicklv change that might take place 

cost of the employment service soheLes apaTfrora too slowly because market 

has more than doubled (to of the sonenies. apart rrora working elTec- 

about £I80m a year), the cost t^poTary ex^ioyment sub- eSb B D t 

of industrial training has more Sld y- ^eatoon pro- on j x - 

than quadrupled (to over gramme and other counter- J extent, and- for as 

£400m), and some £240m is cur- unemployment measures are 1 needed, 

rently being spent on counter- designed to produce results over ® 1 

T I T-l ■'V'e, wu “ « 

JOnn JLVanS I unemployment programmes such a fairly prolonged period. 

Colin Jones 

Government support 

THE RESTORATION of com- be broadened. Investment both industry. National Loans Fund' borrowing 

mercial pricing policies, the for replacement and in new pro- It is true that it is not always In medium term maturities, the 
imposition of cash limits as a jects would in future have to easy to assess the cost of a non- White Paper offers no 
short-term instrument of satisfy a certain required rate commercial decision. The cost flexibility- 

budgetary control over each of return. of keeping upon a loss-making It is often said that Govern- 

nationalised industry’s external There will be performance P lent or ordering a power meats act as merchant banker 

financing requirement, and the criteria as well as financial tar- station before it is necessary to the nationalised industries, 
promises in the recent White gets, and these are to be given *° do s 0 order to save men’s But the National Loans Fund 
Paper to put government/ greater prominence in annual I° bs k more readily assessable shows none of the skill, 
nationalised industry relations reports. tbaj1 a “° re generalised type versatility, or enterprise that a 

on a more regularised* footing -- !. . of intervention, such as on the merchant hank displays in de- 

have given the State-owned J}? 1 a ”f° a 5i* level or structure of an vising different packages to 
sector of industry the semblance , 10 . create . 2 clearer industiy^s prices. Bui if the match the requirements of tl»?ir 

of better order. distinction between the respec- responsibilities of government clients. The arrangements made 

The changes mav not en far “ ve responsibilities of govern- an d industry are tb be made for financing the nationalised in- 

en™5h 5h? ^ite 'papert d “ St ^ es “« <>«>«■»> 

Dromise mav not materialise SSr tDUs , a ee^er madpimary t be industry’s management is to the Government s convenience. 

The soured rela^onshtos of STe [ ram ® work ' ^“ething which be fairly judged, then the cost not the industries’, 
me sourea reianonsnips or ute has been sorely needed for a of -the intervention ought to be 

very 3 <>ns Ume. The changes separately accounted for rather Wi<1ar 
^ and aii^ysed in the are 0 f course only relative, and than • subsumed (and therefore iUCl 

3 niSto uLe?o “7, ^ ^-2 Paper ’ s Wdden) ' m ** financial target The point has a wider signi- 

But dLmroved ItooSfwe S ndertak i ngs “* wn ?? n w “■ Similarly, the White Paper ficance. So long as even 

5 bott SSeaSrofSe LfW 1- ? , tte offered 0nly a ^ mod€St coa ; ^ tional ised industoies that sell 

ri-ht lSies corporate plan a central place, cession in the area of capital their wares in a wholly com- 

Threo nr th*. pinnule in ^ or 6X8 15 not quite the financing. One can see why the petltive market are nut 

White pipe? cSuld hwe cofr 2E S ret^H«Sf h f °f ' Gn , ver ? men f on^etting ^nnitted to raiJ their finance 

P° mt of relations between de- only those industries which are from the marke * fas British 

S2 in fSSftS «Sl»“ E!™~L“ d .. b fl? rd :J° V “™ e ° t which o perate in Petroleum, which io 51 per cent 

111 UJe corporate programmes will still be sub- a competitive environment, and owned hv ’the *"finvMnment 

the e^runaonn of mitted annually, and industries which are especially subject to does) th en cannot reallv 
steategic opuons in the context wilI ^ be expected to “con- cyclical fluctuations in trading Se sairi tn KSn^n i 
of the plan and of the major sldt » sponsoring departments conditions have an element of {Ljy comoeUtive^nvironmen! 
long-term policy reviews that on cer tai Q major investment public dividend capital. The Th _ y onJsures are * not all- 
occasionally undertaken, proposals, such as new power provision of what is tantamount n prvasive 
S ouJd ^ ve J. place “ stations, steelworks, aerospace to equity eapital in the nationa- p c* , on ; thi , remains so 

the relationship between eadi project* and other large Used sector could be too easy J? STSttor 

nationalised industry and its individual schemes. an option. But it does mean faSd bv other 

sponsoring department. saridlina the admittedlv ““P* 11 ? 011 . . J °K ou, v 

ySJSfJXrJLSl Sparingly 3? iZShiSi 

Mt* J3 dSior" t °Io SS “L ,P "*d W One “ca^o sec why the 

other national considerations daringly. There will continue Government insists upon deny- ™* in 2 an 

should override the commercial t0 be many issues, the White ing the industries access to the “nrire s e rto r ?s mer-^d under a 
judgment of the men they have p ap er states, on which the market for their long-term s . e "JJ “J5 ir h f. 

appointed to run the industry, industries and the Gov- finance and requires them to 
then they would do so by issuing eminent will reach agree- channel their needs through the 

direction for which Pari i a- me nt without the issue of a National -Loan Fund (apart Sterial Men-mHon Ouito 
mentary approval would be specific direction. When one from overseas borrowing for ““if,"" 
required and the estimated cost i S issued, compensation to cover which government approval is JL-*,.,.** i„F« m7 ara?Lr! >r o,m CI ho 
of implementing the direction the extra cost of the interven- needed and which in any case “ ll *rv enllon Wl]1 

would be published. tion wiU be paid only “where helps the Government to finance f0rxn of monopoly 

Thirdly, the White Paper appropriate.” And each its overall borrowing require- cu.m. „r nsr w r. 
indicated that the basis upon industry’s financial target will ment). But apart from offering iVa{,0Rfliwcrt 

which the performance of each take into account any sectoral the industries the concession of ina!W * nes » weuu 
industry would be judged would or social objectives set for that being able to take part of their Colin Jones 


Financial Times Friday July 7 1978 



New venture 


there is 

a growing t 0 dy 0 f venture. 

in tha in.- , _ , -7-— A recent example of ICFC, has detected some decline 

Minisiriuf ,l . s Hambro Life Assurance, ia the number of propositions 

s that many of the announced a little while ago handled these days and attri- 
country s economic problems that ll 15 t0 *>*£* develop- butes it perhaps to a lack of 
are attributable to industry's n3e ®5 a micro writer — a willingness among people to 

preoccupation with invp n »i«« P°cket- sized “typewriter” — risk launching into business, to- 

sta rsrJS %*“" “ “'assjffji “• 
S."rVwa: £saaSpa SiSs 

rather than forever seeking {*■**« - « company being set up one u working on a very long 
new ones to replace them I°£™ mo J e “anafacture the time-scale. Losses always have 
before it is necessary to do so , W1 L 3130 help to be borne initially and “you 

a much better industrial’ ant L 0th . ex ,* reas - may have to wait half a genera- 

P\“= e W0U,d * “ en S 

Surii <<. an argument would * JT 1 , ar _ COl ““ " ave . important minority of investments having 
probably find little support - pllC3tl0ns for storing, retriev- actually made a profit, with a 
among- Britain's army 0 f and communicating infonna- fair number of failures among 
inventors who are trying to li? 1 °L whl / I L are Vlta i, t0 the .remainder. Many , are still 
find the necessary financial * unnms ™ e i*® 1 expanding gently moving along with the 
support to turn their inven- assurance company. But it has possibility of success, 
tions into a commercial realiiv been m ade clear that the invest- . .. . , 

For it is this venture cVnirai ment does not slsnify Hambrn Against this background, and 
which can lead to more n ro d„^ Life ' s entr * inXo *** W0Tld 0[ W, , th pressure for tax 

a™*®- CS ~ capita investment. -^apd IjJWjr =*« 

however much mnney'mV'bi Highlight 

S°l n FS^|£ 

capital. By “real” n ne is trifc *5? investment highUgbt one of instore h ^ 

ing essentially about medium 1116 P roblemfi associated with 1 ma *. De a . ore ‘ 
and long-term funds for starting ventu re capital investment. It An interesting point made by 
up companies and businesses 45 hot only high-risk, but as most Gresham Trust is that backing 
rather than funds for develon- institution5 also feel has tradi- smali to medium-sized com- 
ment of a new product or tional, y been the case, it is pan ie*— let alone start-ups-^is 
process within a firmlv necessar y for the financial becoming very expensive in 
established enterprise. * backer to work closely with his tenns of -the necessary 

in., „ .. ' , investment to provide niana- preparatory and investigative 

a p „f^ ssionthat merchant gerxal skills which are f re- work alone (for example. 

. ■ financ1 ? 1 quently lacking in the inventor accountants' reports prior to 

jnsmunons like pension funds or entrepreneur being backed. making an investment) so that 

Most restitutions feel flat '"“HS"" *. choose the more 
S“«me“, h» s !,"ed n S *» - "eve fte ueceesery “ mVMt m 

as more and more evidence has resourees to maintain such links: 8re * ier - 

been submitted to the Wilson nor Muld they afford to devel °P Another factor influencing in- 
Committce. For they have been and maintain them. Their atti- slitutions has been the poor 
saying reneatedlv that «,*},. tude tends to be that they state of Lhe stock market where 


Shifts in bank lending 

THE SIGNIFICANT recovery business and a vital element in 
in the economy' which has industrial finance which is 
started in the past few months unmatched for its flexibility and 



has been reflected in a marked »“ 1 1 *™T LEASING BY LONDON CLEARING BANK GROUPS* 

upturn in the volume of bank ing proportion has been under- 

lending. So far. this has been taken in form not of short- December 19il 19i2 1973 1974 

mainly concentrated in sectors term overdrafts but of medium- 

outside manufacturing industry, term loans in various forms Individual contracts M 

with personal borrowers and which can now extend up to Consortium contracts 
the distributive trades taking tenyears. Tftfal 

uo increased borrowings nre- The change has been imnor- 

sumably as a result of the taut for the banks themselves. Capital commitments for leasing contracts amounted to £163ra in ^esTIre teclSraUv Vendfo “to 
considerable rises which have It has provided a vehicle December, 1976. * Including subsidiaries not classified as banks. **“««'* 



109 18$ 

11 61 
120 219 







lending to non-personal bor- 
rowers rose from £2.7bn in 1973 
to £6.2bn in 1976. 

At that time, they represen- 
2976 ted over 40 P®* cent of the total 
of the banks’ lending in sterling 
and foreign currency to UK 


residents other than the per- 
136 sons! category. And if the 
672 special loans under export 
finance schemes are included — 

companies, it 
likely that ICFC 

. _ repeatedly that their , 

problem is finding companies in re “ ain forever interested in new issues are 
which to invest not finding the venture capital investment, but Because it is no longer so easy 
cash. Indeed, the Industrial hesitant a »o«t taking the step, ro back a company, help de- 
and Commercial Finance Como- hoping meanwhile for a more velop it and then realise a capital 
rat inn is at present advertising sympathetic political attitude profit by floating the investment 
widely how it currently has a which could lead to tax changes off as a separate public corn- 
record level of investments 111111 would enable them to pany, investing institutions have 

o. , . ,r " sustain any losses more com- hud to become more resigned to 

■ inn nnd n.hff f0rt,M r- '* in S " >" " to Im'MI. 

RhinertouN *Dew°opm?nt and Mr - Eo '™ a ’> * CharterhMM “™ ts - Therefore unless the In- 

toSJCrS probably speaks for many others ^ 

ing their wares hard in recent » : ^ business when he says ch3nc "f f 

months— is much more related his company has “always n “ J 

to development capital rather felt that we would like to have jj 11 * 1 * ^ «.» Vik ^ith ® new 
than venture capital. And the a B° at . venture capital and we » a risk with a new 
real problem is that nor many k «‘P coming bock to it. We venmre. . 

institutions, and certainly not haven't as yet found a way of The outlook therefore seems 

many merchant banks, go in *M' n 5 but if incentives were to be that in terras of true 

for venture capital in a major great enough I think we would venture capital, little real pro- 

on-going way. They may. as like to do it.” gress is going to be made until 

.Tohn Bowman, deputy chairman Technical Development tiie in cenrives, particularly in 

of Charterhouse Develop- Capital, a subsidiary of ICFC. tenn s of tax. are good enough, 
ment. says: “Dip into” the \ , a „ a major commitment io ven- Whether they will have to be as 
market every now and then, but tttre capital, with more than Suud as must institutions lobby 
it is on an extremely piecemeal rion, invested over the past ten for * or whether they will be pre- 
basis. y C nrs and £953.000 lent in the' pared ^ accept some form uf 

Tliorc are also “onc-DfT" year to March. 1978. The group compromise should the Govern- 
investments where an institu- commit ment. however, is even ^ ent decide to help the situa- 
tion with no commitment i»f any greater as ICFC doc< some ven- 11011 remains to be seen, 
sort to this type of risk capital Hire capital investment itself, 
will decide to invest in a new Jon Foulds, a director of 

Nicholas Leslie 

been seen in spending in- the through which they have been 
shops. ‘-able to switch a substantia] 

The rise in lending,' in a <* hard-core over- 
period when the growth of the i endl °8 Previously 

money supply was at levels well enst ®“' . a . nd which effectively 
above the official target rates, provided long-term capital for 
of the main reasons the- borrowers, into a form 

Source: CLCB Statistical Unit. 

overseas residents— the propor- 
tion of term lending was 47 per 

The rapid growth has, how- 
ever, raised the question of 
how much further the banks 
can go. They commented to 


1972 ■ 1973 1974 1975 1976 Wilson: “because of the short- 

term structure of their deposit 
307 402 496 529 540 base, the clearing banks tradi- 

was one of me main reasons December 

for the Government’s decision which is more suitable for the 
to impose new controls. These purp £®®. which it is 

reactivation so-called “ orni ally a ^rather better Mercantile Credit figures are included throughout although the 1ional }y sought to employ their 

roSet restraint on the banks, Merest rate as well as ensuring company did not become a clearing bank subsidiary until 1975. 2S 0S, the 1^ 1 nH^t^ ^nl of ,, 

which had bpen dropped in a steady Sow of repayment * including thn<» nnt ptaBaifipft a« h»nts _j.._ . . 

August last year. The form in 

which even at times of the 

which it has been imposed, squee “ provide3 

with a base going back well 

Iocluding those not classified as banks. 

Source: CLCB Statistical Unit. 

advances were provided in the 
form of overdrafts.” The growth 
of term lending had changed 
the structure of the lending 

i “®” a ! e rt I JJ For the customer,' the advant- industry; it is included in the greater flexibility in organising portfolio. But “ clearly there 
the banking "gures, means that ^ var j ous f orms 0 j quarterly breakdown under the their own books. This in turn mus t be a Imnt beyond which 

the banks wiu have to t^c medium-term lending lie-in “miscellaneous” lending cate- permitted a substantial expan- a clearing bank group cannot 
eve !°‘ r f F their offering a more appro- gory, which showed a rise of 7 sion of medium-term lending to commit resources on a term 
mterest-bearing deposits bapk priatft met h Dd of for per cent in the latest quarter, their customers. ba s ] s. while at the same time 

liZ their financial commitments The London clearing bank evi- These loans are. normaUy for ma.ntaminq an extensive line of 

Ln^iand s li its. than short-term finance can dence-to the Wilson Committee periods of five to seven years, l,n " rawn . t °'' erdra J t . commit ' 

The impact will he felt 0 ff er _ One of the points which recorded that the total assets though recently the banks have mciits^ available to industry and 
mainly, however, among the emerged most clearly from held for leasing by the bank been increasingly prepared to , 

sectors which have a low official evidence to the Wilson groups rose from £92m at the consider terms of up to ten Tbe ban ^ s ouestioned. there- 
priority as borrowers, including committee on the financial end of 1971 to £672m at the years. The terms include a f "**- whether the recent growth 
particularly the personal institutions has been the general end of 1976. And the banks repayment schedule; this can 0 . fenn . lending could be main- 
customers of the banks, recognition of the need in pointed out that “there is prac- be tailored to fit the particular ta,ni ?d in a P er,nd economic 

Industrial customers remain at industry for longer-term funds tically no restriction on the needs of the customer, often expansion when the demand for 

tiie top of the priority list, and support their investment type of asset which can be including, for example, a ove fdraft finance was rising 
if the economic recovery con- programmes. financed by leasing.” moratorium in the early stages ran,d I- v - The path on which the 

tinues it can reasonably be . Th e most important change if the project being financed * >an * t s ** ave embarked cannot 

expected that their demand for Trlpol In the banks, however, has taken has. a development phase during nf ! w b e reversed: they are cum- 

finance will increase. _ The * place in the character of the which it will produce no income rotited to term lending and to 

banks will welcome a rise_ in Overdrafts are ideal for lending they carry out on their to. finance the repayments. the considerable growth of their 
their normal overdraft lending, short-term funding, such as the own account. During much of ? v 7 1 advisory services to 

which has been sluggish for a finance required to support the 1960s they were subject to Vsinsi}llf x industry, which has parily been 

considerable time now; but of raw mate rials and tight credit restrictions and as T associated with it. They may 

they will also continue to finished goods, for seasonal a result had little opportunity -The interest charged, because nee “ t0 l o01c - however, for new 

promote the more specialised finance and for the so-called to promote medium-term lend- of the nature of the banks' own ways . supporting furtuer 

forms of finance, including self-liquidating transaction. But ing. The situation was altered mainly short-term deposit funds. e5tp f ns i°n- . 

medium-term loans, which have the purchase of new equipment with the introduction of the is normally variable. In a few Two mam sue sections nave 

formed a growing proportion 0 r the construction of new policy of Competition and cases, the banks may be pre- . n p,lt forward [nr dealing 

of their lending activities in premises require the support of Credit Control in 1971 and lhe pared to offer fixed rates. But P r °h.em if it ar,se ® 

recent years. longer-term funds which the removal of the old style of for most loans the rates will in thP future: tn' esraQUsnment 

The latest breakdown of bank hanks are increasingly able to credit controls. Even before vary either at regular intervals refinancing facile 'es with the 

lending published by the Bank provide. then, the banks had been carry- in the movements of England, or finnma new 

of England showed that there One particular form in which ing out a modest amount of money market and inter-bank ways f nr 1 | 1e banks themselves 
was an underlying increase of this type of finance is being medium-term lending through rates, or in some cases irregu- 10 ra ' se 1 oncer-term deposits; 

some £1.5bn during the three-, made available, and which is subsidiaries. larly in relation to the banks’ per . ps T ^ iroue ^ 1 toP 4 sue 

month period to mid-May, not immediately obvious from After 1971, they were freed own base rates. floating rate notes. So far. the 

nearly double the rise in the the regular banking figures, is from quantitative credit restric- The growth of this type of !®I ,e J as ® ^ a ’ 

previous ppriod. The actual rise, leasing. The leasing business tions; and at the same time the lending was underlined in the 

before allowing for seasonal done by the banks and their expansion of the wholesale banks’ evidence to Wilson— J “T® iLJllInvnK-P 

influences, was £1.2bn. Wvtiiin subsidiaries has been expanding money markets over the follow- though unfortunately they have 

this total the service mdustties rapidly in. the past few years ing few years gave the banks not taken the figures further JJJJI ,« meclium ' lerm loan 

increased their bomiwing by 9 but ’does not show up directly access to a source of funds than the end of 1976. They Dusiness - 
per cent and the personal sector in the lending to manufacturing which allowed considerably showed that total contractual (Vitch^e! B'andeo 

by 6 per cent Customers mi 

manufacturing industry, even 
after taking account of the drop 
in British Leyland’s borrowing 
-after its rights issue, showed 
an increase. of only 3 per cent 
While the general level of 
lending activity to the banks' 
industrial customers has 
remained relatively low in 
recent months, however, there 
has in the past few years been 
significant change in (he 
character nf- the loans being 
provided. The traditional over- 
draft form of finance remains 
the foundation of the banking 

Leasing and HP options 

INDUSTRY HAS several advantage of capital allowances mally regular payments are The DTTs results are based 
options when buying specific to offset against tax. That Is made to the lessor in the form on a sample return established 
items of capital equipment, but fine but a large proportion of of rental which will cover the at least a decade ago. The FHA 
one method which appears to be industrial companies are paying cost of the item plus an element reckons that iu all oases the 
gamin" increasing acceptance is tittle by way of mainstream cor- of interest charge. The full res- feed back from its members 
leasing Figures from the Equip- poration tax. This position may ponsiblity for maintenance, in- shows that they are doing more 
ment Leasing Association (ELA) change, but for the present surance. etc. falls on the lessee, business than the DTI statistics 
show that in 1977 members pur- some companies have no use for and assuming that regular pay- would suggest, 
chased £675m of new assets for further capital allowances, ments are made in line with the Nevertheless based on these 
leasing to industry. Members of The lessor, perhaps a finance contract the lessor cannot Government figures and inter- 
tho ELA account for about 90 house, will be able to use the sccelerate payments or ter- preting the breakdown into 
per cent of all leasing business capital allowance to set against minat e the lease prematurely, categories from its own mem- 
so the advance of over 50 per his tax bill as he is the legal The operating lease tends to bers— about 90 per cent of the 
cent in new leasing business owner of the equipment The apply where the equipment con- industry— it has come up with 
against 1976 is representative user, or lessee, benefits because cerned has a much longer life, the following results, 
of wiiati s going on in the the lessor will pass on the The lessor who may well be the ln ^77 £2,072m of 

industry- benefit of the tax allowance in manufacturer of the equipment, new business compared with 

But while leasing has caught the form of lower rental charges. Joes not rely solely on the rental f 1,531m in ig76 . of ^ indus . 
the eve, traditional instalment So in a way the lessee js taking payments for hi* profit. trial and commercial accounted 

ert-dit— or hire purchase— has advantage of tax benefits that . for £l,056m (£78lm). The 

not lagged far behind. Figures he would otherwise be unable JL/C2<llltY breakdown does show some sig- 

cnmpiled by the Department or to utilise. .0 * nificant differences with the 

Trade and Industry (DTI) indi- The leading industry has ° f course, with a lease leasing industry where cars only 

caie that new business last year fcecsnfcff unpopular in one ownership at the end of the con- play a relatively minor part, 
increased by 35 per cent to reS pect. Some fringe elements ™t 51111 rests with the lessor New cars for industry and 
C.072m. Of that the Finance 0 f industry have been offer- “““ must in order to preserve commerce accounts fnr fwam 

.... JsttoatiGif 

The major decision to make a 
substantial capital investment must 
ultimately lie with you. 

But it needn’t be a decision you 
have to face alone. 

Houses Association estimates j n g vehicle leasing schemes in tj 1 ® legality of the allowances, in 
that £ 1.056m was represented by an attempt at tax avoidance. A^ .the end^ of the lease the in 

1977 compared with £20lm 

credit to industry, also showing These more Watant operations equipment may be sold — the vehicles amounted to £327m 

a gam of 35 per cent. have come in for a fair amount lessee may get a proportion of <£246m). Industrial plant and 

e n thPSC t W0 forms of finance 0 f scrutiny from the Inland ]J e ***? pnc ! m . the c “ e equipment took third place at 

mmdlY than Revenue. Recently it started of equipment with a long life £245m (£199m). So as in the 

1976, and commercial 

mure rapidly than Revenue. Recently it started ttisamj. so as m the 

SSSS ,' ^.awh.le. SLng ,he fisuros of Harolfl «,,b- pnva.eseo.r, theje i S still a 

»»: P^ Te Ford motor SE Tflis is usaally for a bias for using HP for ^ 

which ^rew nj awui h fairly nominal sum as the lessor though of course the break- 

As both leasing and uistalmeht But car le^mg ac^un s^ ^ basic3lly madg hjs doi ^ for Udi^ to tife Sc 

credit ‘^rniaJly ix-laic tospec^flc ^ than 10per rent ^all^ fit Qn ^ deal . shmfs a significa ^ t bias to ^ 

items of capital MUipniLnt^nc mg ^busmessu^and^e^^ ore Apart from owners hip, the used rather than new cars. 

figures do seem to -d-cate that dt T b io U s events account for of 

industry has been jesting m only a leasing and instalment credit is the maiSSrS^ for md^ 

equipment, but Mother Ms* fieiireln 1977 cart tmggA STKK dtelB £cenl HP 

“ new " equipment or replace- for £57 m 0 F new assets out of a ^ A eomnanv can take IS 

ment is impossible to saj . 

nf , A company can take terms are certain, as against 

™ p taS?' single category “ ntro1 of “ asset wlth0 “ t an - v relying on bank overdraftTfor 
Tbe brges, singly ro P> tap -.j™. to = e^ple.^instal^di. 

Material of - l”**" 8 « we- cash flouTproblem^ A’no™'ai r^memT'Z^a ^ 

iViaieridl machinery where there were h|re purchase contra{a WQuld a 

Though the ELA plays down oV er 9.400 new «J ntrac t* probably require a deposit of. interest and at the end nf 
the pm tS concessions make nearly £M0tn. Computer md ^ 20 p, r ccnt of tte purcha5e of ?he SuhJ 

to thc.r nc« business, las plan- offi „ enaipmem snowed «nth ^ With leasing tbe lessee mem au toraaaMf jLsm to 

be a material factor ^ flC!d 

Uml« a hire purchase loan and then came stops worto lrom fte new ^ 


rhe hnrro^r wtil own the equip- ^ ^ ye ar ELA Nevertheless, a s the figures 

incut at- the cp d ,—Knrr had contracts on show, instalment credit is still --- - pattern of 

XMJWSM rarsasrfsr 

the start. Under a toasm^ron; EXtoL ^ ^ ^ ^onMff etteiS'to '„Xto? r mayT”abtef ” i,iC £ 

SrTorT" ‘'js&ijsr lea! “ sau sruirai ^ a s strss 

The point as »gards tax *s ° I ^J 1 fi ^ ance lease is where the its statistics are the DTI figures 2^ s le jj ,en maullenance CosX£ 
that with an HP agreement the haS posse ssion of a speciflc though this may understale' the le ^ — ^ 

borrower who is operating the ^™ owned by the lessor. Nor- position. Terry Garrett 

^Quiomest is ab*® ... 

At County Bank, you’ll find us 
ready to offer expert advice on how 
best to realise your plans and 
ambitions. And the lending capacity 
to make it all possible. 

Talk to us about your 
requirements, now and for the 
future. We’ll respond with sound 
professional advice and friendly, 
personal involvement. 

Along with the funds, of. course. 

County Bank Limited, 11 Old Broad Street, London EC2N IBB. Telephone: 01-638 6000. 
UK offices in Edinburgh, Birmingham, Leeds and Manchester. 

****{.'.: sjy* — *'J. ..V-Vw 

Financial Times Friday July T, 197S 


Specialised lenders seek custom 

Pension and life fund involvement 

vides larger loans, and JL: . h thn „o hf in able arrangements for strength- companies in this broad C2te- shareholding for a specified ECX is discussing with the Stock down to £3.000 — arc the £50,000." 

Industrial and Commercial i h s ---h famine d av * nfMriv enln S management -could have gory are being studied in the period, probably three-to-five Exchange whether the amounts which ICFC is prepared _ _ n . 

Finance Corporation, a long- 1975 w J u jd be needed ouite been contJu ded. “The problem context of their cash and other years. This provides a measure Exchange's normal £lm limit on to invest Margaret KOld 

established baefcer of smaller ^ However, it has pro- 
* WSS vided useful financing for a 
d f iQ'-fi gl K nd ‘ ECI “““her vE companies, recent 

I*? 5 1,1 by m ? re borrowers having included Wil- 

than 360 insurance companies, Uam CollinS . Record Rj dgway _ . . . ^ . 

Pension and life fund involvement 

resources to supply share capital terms. the rate charged being A V 

to viable companies unable to a roun d 1* P®r cent above the 
raise it on the market; It caters k° n{ ton inter-bank offer rate 

only for those needing equity- f LIBOR). Periods nf borrow- PENSION FUNDS and life needed. Not only did the evi- Life companies will hold a much The financial institutions have with a large margin of cover, when he addressed this year's 
type funds. ]n 3 s “f IlL 1 current assurance companies have for dence presented refute this higher proportion of fixed been extremelv active in the The rise in interest rates put annual conference of the 

In his latest annual statement dml iC-h ^hn^n a many years been one of the char 8 e - ■ It went into great interest stocks to cover their pro pertv market in the past few a stop to this method of finance National Association of Pension 
earlier this week Lord Seebohm, 5£hr increase in borrowin'* I 31310 P rov l ders of mediui ? ^ detail to explain the various monetary liabilities. Neverthe- ^ CTrowin „ involve _ and the institutions perforce Funds. 

chairman of Finance for Indus- fL®!. 1 , r remain* to he %een lQ ng-tenn finance. In the future ways in which pension funds less they will still hold a ' ’ " had to get directly involved But institutions hava 

try. highlighted the rivalry for ” 0 w far the ™e^ edi t squeeze ^ role is ■*“« certain t0 and companies invest their significant proportion of assets ™ nt * a pr °P ert * development ^ „ eqili ty stake . made it ™ er v S Sev « 

suitable business which has * wore bolroTiZ become dotninar,t as pension m equities and property for The long-term nature of pro- Before thc era of hioh interest 7 

been a feature of life for the applications to FF1 S b “ sines . s continues to grow and ma j n point tQ come their growth prospects. perty as an investment fits in rates the ^5^003 “ ere quite ' ery rel uctant to interfere with 

specialised investment institu- CapitaI for j ndustry Pp nSi n^f finds throu e h was ^ funds are investment in ordinary shares ^ with the long-term liabili- t0 raake funds available 2l e TOa "®f e “ e,lt of companies * 

tjons. including the State-owned q “^m t tw?> years old though annutl^as/ flow neither Property speculators can take two forms, direct and ties of pension tunds. Although t0 companies on a fixed interest Thc ^ fi f * € J *? at tiiey are ° ot 

during * 2? .c has b«n fully operational for running %“ Zut £3tm aid °° r m.^P^tors of the stock through the secondary market some funds got Jhfir Augers basis-debentures. unsecured 


months, has likely to accelerate 

market. The investment pattern The general principle in raising burnt severely in the slump in | oa n stock or mortgages. It august bo 
lensions of pension funds and life com- fresh equit}’ capital is that it 1974 and 1975, the majority of fitted in well with the liabilities inhibitions. 

bodies feel no such 
bs. But institutions are 

who are its owners, he added: a Deea ! not far be 

-The clearing banks have financ f ™ We ” n “™ 
steadily increased the length nf cannot r31ie ca P ltal elsewhere - fv . . 
their loans to industry and com- After the traumatic ex- \^U1CI 

not far behind, this figure. 

~ : oy iliC di ia Ul d riKiil* issue. UIC lU^ll mica Ul iuivicsi uia- tssTlrinn .Till. 

term liabilities that are linked Since jbe end of the 1974 bear a tong history of association co Ura ged companies from rais- cora P anle j. tanung with mana e e- 

to inflation since pensions are mar ke£ considerable sums have with development have, acquired ing capitaJ bv means. But ment 311(3 influencing changes 

now universally based on final been raised by this means. The considerable expertise 1 and now ^ institutions in their where they consider neces- 

sftoty. Life companies’ liabili- pension funds and life com- took to the development side evidence to the Wilson Com- sary. But they prefer to do this 


ceeded very sedately, so ‘ far were kepf very quieL " >uud ™th'p1Su a «» uirta e 'QUties. . 

havinct marlp r»n 1 fntir nmpr monorvurc Tvro.f htto rl nniimta . . . r . r J 

sale and leaseback arrangement j t would need interest rates to 

ould be counter-productive. 
Nevertheless, the impression 

of FF1 has, however, had an noioingi, ana tee Has changed this scenario, inflat i on . Li f e companies also usually applies to private com investment 

active year, having invested a Bnttams. possibly for ever. have considerable pensions panies seeking a Stock Ex- 

record £50m^in the 12 months Its circumspect attitude is The financial institutions had business. change quotation but not want- 

to March J97S. double the pre- shown in the analysis by Its to explain to this committee fm,!* mpan . that mg a public issue. Sometimes LUVCl 

vinilK vear's fimirp in smaller .-hairman T.nrft Plnurrlpn with . .. . ... ln,S “Bans ttiat pension ° m . 

debate concerning tiie Tole that had the institutions acted 
the institutions should adopt earlier, some of the troubles 

towards the management of a ? ec ‘ ed I companies 

... “ . like SpUlers. Reed International 

;&ai, n Lord 3 piowden^wiUi Se" P jo„Vo°n “n “g sch ™ S es “ h ™* ( m SZ’ are JJ- 

various ie aspects US in vested 1 " and S^^suLStive^pp^cations funds for iBvestment ^ majority of their funds in assets ^ ** financial institutions. pi . 0 p n e e rty S d evetopment by insti- concerned^ They are collectively minimised or even avoided. But 

lent a peak total amount of considered to date. Apart from had been accused of withhold- that will maintain their value The secondary market, how- tutions is the growing willing the largest shareholders in many this present move towards 

£162m in 1977-78. making those where an investment was in g such funds from industry in real terms, such as .equities ever - 51313 remains the chief ness t0 engage in industrial companies and they are the being constructive when coni- 

£650 m since its formation in made, 17 cases were "declined at a time when money was and direct property holdings, source of equity investment for development At one time largest providers of funds for panies- run- into difficulties is 

1 11 " ' " ’ — -- i the financial institutions. They institutions were very reluctant expansion and development In a bi £ forward from the 

Williams & Glyn’s 

•i .-a . ^ * % • 

have taken over the role of the to participate in development tois era of CQm plete planning, £*2™“ ?!*!!!? 

individual investor in provid- 5 r 2£ ec Sd J S aSTtbSTr^ wm f ° eI ^ toe institulions to hint of tiouhle-^ften 
ing an active secondary market ferred - t tQ bg 0 ^ a m0 rt^g e should play 30 Mtive roIe m before anyone else appreciated 
for equities, without which basis— the advance being a earl >‘ oi development that there was trouble, 
there would not be a flourishing fixed-interest investment with planning by companies. Mr. Lea IT * Cl, >4 

primary market the security on the buildings Murray referred to this aspect EnC jnort 

knows that lending 

Stock Exchange issues 

a sympathetic ear 

at low ebb 

is not enou: 

Running a business is not the easiest of things 
to do these days, but if you choose the rightbanS, 
you will find you have a manager who has the 
necessary time, experience and back-up services 
to give a great deal of help. 

Five ways to more 
profitable business 

At Williams & Glyn's we keep branches to a 
realistic size so that managers have enough time 
to devote to their customers: We know thata 
bank manager needs to understand a business, 
its products and its markets. And that he can 
best find out about them by going to visit the 
business for himself. 

1 Short-term Finance 
Overdrafts can cover seasonal 
fluctuations in revenue and 
expenditure or provide additional 
working capital 

WHILE THE Stock Exchange Barclays eventually came to control systems, involved 2.85m gas fioterest of the already 
remains an important source of the market for funds in June. Ordinary lOp shares at I00p quoted Hunting Gibson empire), 
medium and long-term finance although the method used has each. The track record of the any major success here win be 
the amount of corporate money brought a certain amount of company was short but very a strong indicator. Hive-offs 

raised bas been declining criticism. The deal proposed by dramatic and the current pro- txaddrfioinaJiy have not been 

gradually from the peak figure Barclays is basically a. three- duct range offered just the right greeted with that mjirfi enthu- 
of 1975. Offers for sale have cornered affair which effectively son of prospects. siiasm in the market, 

become a rare event and the means the bank is issuing 2SJ3m Since other high technology These few issues apart there 
the amount raised by rights shares to raise £85 m. The companies already quoted were ^ a growing reJuotance on the 
issues is dropping away sharply, intricate deal involves Barclays on earnings multiples well into pa^. ^ ^moii.i pupate com- 
This trend seems to have purchasing the Investment double figures this issue, where to obtain a pubttc quota- 
accelerated in the current year. Trust Corporation for shares, the prospective p/e was under ti0!ri tbese ^ The cost factor 
although there has been a better underwritten at a discount of ten. looked very attractive. The ig becoming prohibitive while 
sprinkling of offers foT sale. For 104 per cent to the then market success of the issue, however, doe5 ^ 0 g er ^ 

the first six months of 1978 the price, and then to sell on the must have been somewhat em- to ^ femLly-con- 

amount of money raised through portfolio at asset value to a b arrassing for the issuing house, companies it once did. 

rights issues came to around large pension fund for cash. About £24 5m was put up (the ttjj™ ^ nHmnT « of a 

COJCwi nnmnn.f.J ~ tM.I „c .u...; r : iecua W3e 85 iimpc SllheprihpiU. vuawo vuc “ 

. , • » ,» MlAvoD III fT? a. 

The objection __frem ™ior ^ m ssneraIE . rra . 

aver £380ra for the correspond- shareholders in Barclays is that When dealings started in the ^ 

ing period of 1977. The total they are being bypassed while market it was just like old times 

amoint of new money raised by Stiie same time they incur (the height of the new issue J *? 

the issue of marketable securi- SO me equity dilution. Barclays boom in the early 1970’s), and 

ties fur the first six months was i S effectively giving away some the shares touched a premium 

£436.3 m compared with £755.6m f io m to ITC shareholders, being of 46p in initial dealings. The 

in 1977, according to figures the excess share value over the shares have since moved up to comma, was proven an 

compiled by the Midland Bank, amount of cash receivable. l®6p. acute problem. 

The new issue queue at the a straightforward rights issue circumstances it is no 

Bank of England spans a couple would have had to have been ImnrnccivA real . surprise that com- 

of months or so but there are m ade at a bigger discount than panies are not attracted to the 

a number of vacant dates within achieved on this deal. Moreover, Before the Eurotbenn issue market. Indeed there even 

this period— so it looks as if the if Barclays had used the tradi- ga* Holidays came to the seems „ 1 , a trend fo £ 
total for the full vear ic enine tinnoi mnthnd fnr what is aftpr ■ , c- u-isj companies to revert back to 

2 Medium-term Loans 
A more formal arrangement for 
loans from 2-7 years for purchase of 
new plant and equipment; etc. 

In this wav, when finance is needed to meet 
short term needs or develop long term potential, 
he is qualified to give the best possible advice. 

He would know, for instance, if there were ways 
of using existing capital more effectively, or if extra 
money must be found, the most advantageous 
way of borrowing it 

3 Cash Flow Control 
"Williams & Glyn's managers are 
always ready to help with advice. 

IT IS ironic after the recurrent November 19i3, and earned a on the grounds either that they is how you can make such circumstances as possibly suit- of stability for the company. share placings can be made This is how Lord Seebohm 
claims that the City is failing nearly doubled pre-tax profit of had insufficient prospects to changes before you write the able cases for ECI’s investment One of ECI's favourite more flexible. puts the matter: “There was a 

down on its job of funding £22m. justify an investment or that cheque” remarks Mr. Barrett, treatment “In about half of thoughts at the moment is that By no means all its sponsors considerable Increase in tho 

industrial concerns one of the g u { through its Finance ^ P° te ntiai return did not Alan Barrett, the chief these cases " says Lord it should inject new capital into are yet satisfied that there is a demand for ICFC's facilities 

chief problems of the principal Corporation for Industry arm, match the risks involved," executive, • has devoted much Plowden “there are special companies against a placing unique long-term role for ECI during the year ended March 31, 

two institutionally-owned finano w hieh makes its larger loans, The result of this caution is attention to' identifying the factors, for example, a depressed with it of shares priced at a to perform. But they appear to 1978. 1CFC considered over 
ing bodies. Finance for Industry ppj ] en j less last year than in that, at the balance sheet date area In which it can most share price, large family hold- smaller discount than would be be happy to give it a few. years 1.100 serious applications and 

(FFI) and Equity Capital for 1976.77, partly because com- on March 31 1978, the organisa- fruitfully help companies, in ings. lack of dividend cover, necessary to raake a rights to show its paces and prove made offers totalling £89m to 

tiidustry (ECU, has been to pan ies were generally well tion had some £6Jm of invest- some eases by offering funds on which would make recourse to issue say, as little as 6-S per what it can do. 838 small businesses . « . the 

find adequate outlets for their KU ppi;ed with cash. It advanced meats and £34{m of cash and terms more favourable than are The market difficult and cent below the market price. ECI limits it own activities to Corporation’s actual gross 

activities. only £40m- compared with near-cash assets. One of the in- available through alternative approach to ECI more likely.” compared with up to 25 per cent medium-sized or small-to- investment in loans and shares 

The two bodies were set up £66m in the previous year, lubitions on the making of more routes, such as rights issues. When ECI backs a company, for rights issues. This can be medium companies and does not of £5Qm was a record and com- 

by different sectors of the City bringing its total of bigger investments has been the diffi- , It identifies its “catchment it may or may not put a director a controversial method in the claim to be interested in those pares with £26m far the 

community to fill supposed gaps loans since 1973 to £283m. cuity often experienced in ob- area?’ as companies with mar- on the Board, but in any event eyes of other shareholders; on at the bottom of the size league, previous year. In total, advances 
in the flow of finance to nourish taining what are considered ket values of between £lm and it arranges for a special flow of the other hand, in companies That is rather the province of were made to 518 customers, an 

industrial development FFI, TTc./vfjil necessary management shake- £40m, and the size of the equity management information to it. dominated by families unwilling FFI*s Industrial and Com- average investment of £97m. At 

the product of a merger in late UStlul ups. It is believed that up to six stake it would seek as 10-25 per In return for being put in this or unable to stump up large raerciai Finance Corporation the smaller end of the scale, 307 

3973 between Finance Corpora- fap ii-u- more cases would have been cent, with likely investments in preferred position, it agrees not sums of cash for rights Issues, it subsidiary. an d *h e recent FFI customers were advanced 

tion for Industry, which pro- nF jarolr-scaJA tajcen 0Q t0 ECI’s books if suit- the range of £im-£4m. Some 150 to deal in the shares or to sell its may be a welcome arrangement, report shows just how small — amounts of between £5,000 and 

vides larger Joans, and * h , " h ™„ nw thi11 |_ h " t ■ able arrangements for strength- companies in this broad cate- shareholding for a specified ECX is discussing with the Stock down to £5,000 — are the £50,000.” 

Tnrinehq-il 1 02 IIS nlll'-U ill Lilly inuugni, in an : n _ 1 ,1 l * : .. ■ ..WnJ Vvnh-annn tifh&thor tha sinniinte THTr ignpamiuiil 

If you would like a bank that makes the time 
and effort to understand a customer’s business, 
why not talk to your local Williams & Glyn’s 
manager. Or write to:- Marketing Development 
Office, Williams & Glyn’s Bank Ltd., New London 
Bridge House, 25 London Bridge Street London 
SE19SX. - 

4 Instalment credit for new 

Through a subsidiary company, 

St Margaret’s Trust Ltd„ Williams 
& Glyn’s can provide instalment 
credit for the purchase of goods or 


total for the full year is going tionai method, for what is after maria*. Spetiaitisiag in holidays 

to fail well short of the previous a u a relatively small amount, for people aged over 60 tbfi tb f. ir . pnvate status— some&in 
figure. thpn ir wnuld nnr be in such a JL JZ’ ^ which must be giving the Stock 

c - i . , th ea it would not be in such a con^japy couM hardly be pv-ha MiiL^fArrnncpi'n 

The financial sector has been strong position to come back to descr ihed as an operation in a Ex ^ ha ^?® caus ® for 
th. rnncf anK« in thn ritrhte * QB5criDB0 . ^ an operation in a Conditions for raising la 

the most active in the rights the market for a major issue for FaSaSle 3 raL NereSwteH * Conditions for raising long- 

field. contributing nearly half sonie time. TJ25’ term &ced defat in ^ “ arket 

the total in two issues. Midland Anyway, if the deal goes re ™ Ban v " 7 ^ . Inlerest 

B? r* raised £96m re January .hreugh successfully then it 

while Alexander Howden came could encourage others to use the TOlatlle and !* e rates t0 

to the market for £26m in May. thic funding sfhptne for the nen- ® ve 5ie * ,rs P poceda:n S the assue. be offered in the market to 

5 Development Capital 
Williams & Glyn’s can provide 
finance for expanding private and 
public companies. 


The most flexible of the big five banks 

A member of ike National and Commercial Banking Croup and one of the Inter-Alpha Croup of Banka 

to the market for £26m in May. this funding scheme for the pen- £,*7 f™ „ * , , ' be offered m ■ 1 e J?** m 

The Midland Bank issue took S i 0n funds have already shown For a growlih oun^ny a 7.1 n/e ensure success are mrfavoarahle, 
a number of people by surprise, l heir appetite for the investment a t ’ t “ ie °ff er Pnce aE i05p seemed compared with those obtained 
coming less than three years trusts reasonable enougjh end the outside'the market, particularly 

since the last rights issue. For' the newcomer wishing to ro * riK!t ® how « l ^ eochusiaso 1 with the clearing banks. 

While the market at that time come to the market for funds for ^ °« ht sort of newcomer Fairview Estatesraised money 
was expecting a major issue there have been some eneouraa- writ ' h 111116 dffer more than 12 by way oE a rights issue in 
from the banking sector ing signs. Indeed the results to Umes subscribed. In early deal- debenture stock but the response 
Barclays seemed to be the most date" show that the market is 1T> S S tlhe shares went to a pre- was not very encouraging. At 
popular tip. Anyway Midland hungry for new blood if the raiiun of 15p: the current price the time of the announcement 
did have one of the weakest company and the area of opera- « around I43p. the stock was yielding a reason- 

balance sheets in the banking tion offers exciting possibilities. A further pointer to the ab ‘y attractive 13.85 per cent 
sector, while some of the recent Fashionable areas at the strength of the market for new but the rates in the market then 
acquisitions appeared to have moment include oti and gas, issues wild come from the Hunt* w® n t, against the company and 
been made at an excessive mining and high technology, ing Petroleum offer for sade^ , 6 issue was eventually left 
price. The bank made only a Eurotherm proved this point The issue comes from the same P 1 . 6 underwriters. It is 
modest improvement in the is no uncertain fashion. The stable as that for Eurotherm — doubtful whether the market 
dividend but the profits estimate offer for sale in Eurotherm, a Robert Fleming 1 — but since it ^ 866 ac ^°n in this area 

for the previous year was company specialising in temper* is not readily a new -issue (ihe som ® thne. 
slightly better than anticipated, ature controllers and process company is baricadiy the oil and David Wright 

S: ’i * i 
•; ■» '«3 «: r, ,t. 

i-i- V i a Ji 

v -.*> y 

Fhmrclal Times Friday July 7 1978 


The diversification gamble 
that paid off for Ferranti 


FERRANTI’S custom-built 
transformer factory at C-hadder- 
tnn. near Manchester, which in 
1974 took tin? brunt of the 
blame for the group's financial 
collapse— probably unfairly— is 
today bustling with profitable 

Not only have jobs been 
saved when once a gradual 
run-down and closure seemed 
inevitable, but _ Ferranti now has 
9 now mechanical engineering 
subsidiary with products that 
have world leadership m their 
particular, if small, niche of the 
materials handling market. 

Ferranti Engineering Ltd. 
tFEL), as the new entity is 
called, is making straddle car- 
riers: large, £150.000 machines 
which shift containers around 
the docks by moving over them 
on extended “ legs " and clutch- 
ing them to their bellies. 

Nor many modem UK plants 
have the height to- cope with the 
manufacture of . those tall 
machines but the Ferranti fac- 
tory is ideal. 

It was built' in the 19n0<s tn 
make ' large transformers and 
extended during the 1960s at 
the time when the electricity 
supply authorities were promis- 
ing major orders. Included in 
tbe expansion was probably the 
best test centre for transformers 
in Europe. 

The collapse of the trans- 
former market in the UK which 
followed the oil crisis seemed 
to -signal the end for the plant. 
Its transformers were of a high 
.■verification to match the 
CEGB requirements, and this 
made exporting a difficult propo- 
sition. particularly at a lime 
when overseas, markets were tn 
recession and extremely com- 

When -Brace Calveley. now 45 
and managing director of 
Ferranti Engineering, moved to 
the Chadderton plant from 
another part of the croup in 
May 1974 lu? immediate task 
was tn stem the losses. He took 
an approach which is not un- 
common. “ T slammed back on 
overheads and people as much 
as I nuild at the time. We 
t topped making high-voltage test 
equipment where orders came 
sn large lumps. I concentrated 
on net line the debris — fixed 
price contracts taken at very low 
prices — out of the way as 
quickly as. possible. At that time 
of very high ■ inflation every 
delay added to the growing 

losses on those contracts.” 

In September that year the 
Ferranti group’s financial 
collapse became publicly known 
and this added to the " confi- 
dence gap” the plant bad to 
cope with. Says Mr. Calveley: 
" It is nf great credit to the guys 
here that we never ceased 
trading and still took in new 
business.” This was at a time 
when the plant's possible closure 
was the subject of heated debate 
between company, unions and 
government for months on end. 

Industrial relations at the 
plant were still reasonable in 
spile of the piecemeal redundan- 
cies which had been a feature 
of life there for some time and 
the many management changes 
which were taking place. 

Mr. Calveley had to push up 

nothing happens,” maintains 
Mr. Calveley. 

Another answer would have 
been to bring in outside con- 
sultants. “I have nothing 
against consultants but to turn 
your future over to people who 
will work with you for only two 
years is a mistake. It was 
understood that the team we 
formed io do the research 
would make up the nucleus of 
the Ferranti team for the new 
products. This made them com- 
pletely answerable for all their 
recommendations and actions.” 

It was apparent from the out- 
set that, because of the time 
scale. Ferranti needed an 
established product which 
would involve either a licens- 
ing deal or an acquisition. It 
was also clear that manufac- 

After Wednesday s article on Ferranti's general 
financial recovery, Kenneth Gooding looks 
at how the company's Chadderton factory 
successfully moved into container carriers to 
pull itself out of trouble. 

turnover at the plant if it was 
to survive hut in no way did I 
want to get any deeper involved 
in the heavy electrical industry 
and certainly nut in trans- 
formers. - ' 

Fortunately, the factory had 
always heen responsible for its 
own metal fabrication work and 
sn the skills were available on 
wbich to build a mechanical 
engineering business. 

Mr. Calveley formed a small 
team which had as its objective 
the identification of suitable 
products within a year, aud the 
introduction of those products 
to the factory within IS months. 
The aim was for the new pro- 
ducts to be making a financial 
contribution by the 1977-78 
financial year. 

“That was ton short a time- 
scale. Ideally we should have 
given ourselves three years. 
But we just did not have that 
amount of time.” 

However, the team was 
totally devoted to its task: the 
members were not simply 
managers who were working on 
the project part-time. “ My ex- 
perience is that if yuu da it 
that way, with part-tuners, 

ture of the product would have 
to be removed from its existing 
facilities to the Ferranti plant 
— which suggested the chances 
of retaining the existing work- 
force were minimal. 

“We also decided we would 
not try to manage the new busi- 
ness with all our own people 
hut would need the key people 
already with it. We boped that 
by keeping these people we 
could slot the manufacturing 
side into our plant quickly and 
keep the existing marketing 
network and market share 

Mr. Calveley insists: F ‘The 
most important factor we had 
to consider was: Could we sell 
the product? Only then would 
we ask: Can we make it?" 

Ferranti sent one nf the re- 
search team to the U S. to seek 
out American companies which 
mi a lit he willing to sell a UK 
subsidiary. In the event, it did 
M.’tik* on a deal with an 
American group. But it just 
happened that the talks were 
initiated in the UK. 

Clark Equipment, the forklift 
trucks concern, was in the pro- 
cess .of running down its 

materials handling manufactur- 
ing operations in Britain and re- 
vamping the marketing side. One 
part of those operations was the 
manufacture of straddle carriers 
—Clark describes them as “ van 

The attraction for Ferranti 
was that making the carriers was 
a batch and not a volume busi- 
ness; they are made in dozens, 
not hundreds, a year. Also it 
was mainly an assembly opera- 
tion. “which meant we could 
walk before we would have to 
run by first buying-in parts a ad 
only gradually moving down- 
stream to make more oE the 
components ourselves.” 

On the key “ can we sell it? ” 
point, Clark was willing to con- 
tinue marketing the Ferranti- 
made machines through its 
established outlets world-wide 
and the complete Clark van- 
carrier sales team was willing 
to move to Ferranti. 

At this time Ferranti as a over at Chadderton with only a mine the success or failure of docks." That means the develup- 
group was being given financial marginal addition of people, this plant as a whole. But if it raent of handlers for inland 
support by the National Enter- “But we had to accept that we is successful it could be a very container bases, for rail termi- 
prise Board. But for the Clark would be diversifying and would interesting product to have nals, and for the steel and 
deal Mr. Calveley was able o need separate management around. rubber industries, 

get a JCl.ara Department of In- teams, sales teams and design Transformers now account for So there is room for plenty 

dustry three-year loan. “The teams for each product It only one-third of the plant's of organic growth if Ferranti 
money would have been cheaper wouldn't work any other way.” turnover. In spile of the con- Engineering is to establish 
if we had got an ordinary bank At the peak of as a tinning rocky state of the trans- itself as clear world market 

loan— but the Department of spec i a i| se d. transformer opera- former market, the slimmed- leader in container handling. 

Industry was willing to back us Ferranti plant down business is looking good (Its main competition comes 

on a long-shot diversification, employed 1,600 people. Now because, now that the overheads from Peiner of West Germany. 
What bank would have been there ari? 953 ], ut ^at j nc i U ri es are shared with another opera- Nellen of Holland. Mitsubishi 
willing to do that? After all, perhaps 150 who are responsible tion - it can charge prices that and TCM of Japan. Valinet of 
most attempts at diversification for functions once carried out would have been unacceptably Sweden. Belotti or Italy and in 
fail, usually because the com- at corpora te headquarters when low four years ago. the U.S. Drott and Kaygo 

Mr. B. S. Calveley, managing director of Ferranti Engineering, with the 8J0Lvan carrier — the product that 
helped put the financial punch back into his company. 

panics concerned simply do not Ferranti was still a centralised 
have ihe management to cope. o roup 

The transfer of the van 
carrier operations to the Chad- 
derton factory involved a mas- 
sive physical upheaval. The 
transformer operations were 

Turnover was £8m before the 
new business was added and 



Mr. Calveley suggests that its 
acquisition days might not be 
T . , . . , , over. “There are still products 

It was forecast that the plant , n d nr «. in mamriaic i,, n w 
this finacial year it should reach would produce 36 Clark van which interest us and wp 
between £18m and £20m, which carriers last financial year and WO uid be foolish if we sav a 
condensed into half the space {” c _ ! “ d ®* ** K*rritainer it actually achieved 35. This strat egic opportunity now 'and 

thev had previous!? occupied. business - still gave Ferranti Engineering missed it/ » 

That all took place in the early „ In . January last year Ferranti about one-third of the world Ferranti Engineering made 
part of 1977 and by September. Engineering also bought Alpha- market which is taking between a small profit Tagt 

when there was still much re- Acc ° r{5 » an agricultural equip- L.0 and 130 uuits a year. financial year. Reorganisation 
organising to be done, the plant me “t concern. Mr. Calveley There is very little overlap costs will keep profit low for 
was turning out three van niaintains his interest in both between the Clark and the another two years at least and 
carriers a month. an “ agricultural machinery Karritainer carriers. The Mr. Calveley stresses that the 

In April this year, after pro- stemmed from the assumption former go mainly to large job of revitalising the plant is 
longed negotiations. Ferranti that whatever the economic ports and docks while the latter far from over. 

Engineering strengthened its conditions, people keep on ca n be found in smaller docks “ The blokes on the shop 
position in it? chosen new field eating. and terminals. floor worked really hard to 

with the purchase of the Rubery The idea is for Ferranti to Both ranges need updating introduce the new products and 
Owen Karritainer.? operations, use its engineering expertise to and Ferranti has one new djd a magnificent job. They 
In August this year production develop Alpha's embryonic machine due to be lanched in know, though, that we are still 
of Karri con and Karrilift con- coupler and unidrive, a front- August and more in the pipe- not out of the wood. We are 
tainer handlers will be moved end power take-off device which line. Mr. Bill Gundy, general still developing a business and 
from Warrington to the Ferranti fits all standard tractors. “ This manager of the container hand- it will take a lot of hard graft 
plant. is a volume product and repre- ling division, maintains: "We from the workforce as well as 

One aim of the diversification seats a modest investment Its want to get involved in all sorts management to build on what 
programme was to double turn- success or failure will not deter- of container handling— not just we have already achieved." 

Costs that 
go unseen 

THE HIGH failure rate of man- 
agement by objectives scheme? 
has been caused by the lack of 
guidance within many com- 
panies about the selection nf 
primary objectives, itself a re- 
sult of lack of precision in the 
MBO literature. 

This is just one nf the damn- 
ing examples in a newly pub- 
lished review of how mm. 
panics have applied (or mis- 
applied) a wide range nf well- 
known management technique?. 

Entitled “ High Performance 
Management,” and written by 
an engineer with many years of 
experience in industry, it 
ranges across the field ««F per- 
sonnel, finance, production and 
sales, as well as planning and 
general management. Its great 
virtue i» that, unlike most 
management books, it concen- 
trates on thp better use nf estab- 
jlished techniques, rather Ilian 
their replacement by supposedly 
miracle-working now fashion?. 

Eminently readable by the 
nnn-expert. the hnnk neverthe- 
less lends towards over-simplifi- 
cation and sensation in its 
extensive discussion of macro, 
economies. For example, the 
author could surely have ehoMMi 
a less extreme source than the 
Hudson Institute for his warn- 
ing that Britain is railing 
behind its European neighbours 
in the wealth-creating procc-?. 

These drawbacks should n«>t 
detract from the book's value 
as a critical review of the man- 
agement literature of the last 
25 years. 

” Too many companies.” the 
author says. “ are content to 
carry on year after year with a 
return nn capital nf 5 lo 7 per 
cent, which the Inland Revenue 
reduces to a half . . . The fre- 
quent complaints one hear?, 
concerning margins being 
squeezed by rising costs, are 
largely due to the tolerance nf 
conditinns which can be 
removed if managements are 
prepared to take the necessary 

Inadequate costing is a com- 
mon problem, the author 
claims. Companies often add, 
say, 25 per cent to costs in order 
to establish prices for quota- 
tions, yet the annual accounts 
will often show only 5 per cent 
or so profit on turnover, “due 
tn the lack of financial control 
on operations." 

High Performance Manage- 
ment. by Victor Smith. Gee and 
Co. ( Publishers >. 151 Straiid, 
London W C2R 1JJ. Price £3.75. 

Christopher Lorenz 

TeEbNical News 






Machining time cut 

Protection of pipe couplings 

War of the giants 


dimcNsj(>D.i! machining by 
Muiult jiieous adjustment of the 
mat tuning dimensions in ail 
directions is offered hy 
i h.nniUles with its Isocut E20 
nv« , vv>or> work head. It enables 
u— r- of medium sized spark 
■•Mi'-ifii machines lo halve pro- 
■iiicliMii 1 uiies and to make sub- 
si.miMl v.i'iHts on electrodes. 

Faster finish machining of 
r.iMtie? with tapered or parallel 
titles is pes-sible and typical 
iiurliimiig (unes art; one fifth 
ihci-e of conventional EDM tech- 
niques. chav mi lies asserts. 

Finn surface finishes can be 
T*r> >il lived using a normal maxi- 
mum uf two electrodes. In many 
r.i'cs one electrode is adequate. 

A final machined dimension is 
pif% independent of the 

rjciMnide dimension. The form 
produced in the workpiece 

results from the electrode shape 
and its programmed movement. 

Machining of deep blind holes 
ihus can be done without flush- 
ing problems and identical sur- 
face finishes and clearances are 
obtained at the sides and front 
of the electrodes. 

Cavities having parallel sides 
or with positive or negative 
taper can be produced using a 
simple button elertrude. and re- 
entrant cavities and grooves can 
be machined without difficulty. 
At the same time round holes 
can be precision machined with- 
in 5 microns. 

The CharmiHes Tsocut E20 
uorkhead will fit existing 
CharmiHes machines in the 
E420. D2l). D420. DIT ranges as 
well a.? competitive equipment 
of similar size. 

CharmiHes (UK), Gloucester 
(04522) 4832. 


Running a 
hotel by 

FIRST installation Of A com- 
puterised hold management 
s ; . i-.h'in called CHAMPS, designed 
by Marcu! Computer Services. 
b.»- been made at the Pen la Hotel 

!:t I.runiun. 

CHAMPS stands for “eoni- 
T>u;cn?vd hotel accounting and 
man.igi'iiicnl processing system " 
.hi.] iii.ika-s use i.f a .series of soft- 
w 1.0 modules ;hai can be easily 
t.«:lnrcd and later modified by the 
u-.-r tn sm-ei the requirements or 
a particular hotel. Marcol 
emphasises that, unlike many 
liiiti-i r.\ stems there is no question 
ol Use management and staff 
havur*. t»* alter their way of 
wMi kuti* to suit lira machine. 

The Praia installation makes 
use of a pair of Data General 
Eclip'o SMO computers con- 
r.i-ctcd to 15 visual display lor- 
ininalfr installed in the reception 
desks. cashier’s area, accounts 
otlicft ami «be housekeepers 
oflicu. There are also five asso- 

ciated Tally printing terminals. 

As each guest arrives hi.? data 
j.? entered into the store via the 
keyboard on the VDU and the 
display will show a room to meet 
his needs (although if he rejects 
it another will be produced). 
The display can be made to show 
the status of any room at any 

A guest’s bill is automatically 
incremented in the store as his 
stay progresses; at the Penta a 
somewhat unusual feature is the 
coupling of a Tiger telephone 
monitoring system and the drinks 
dispensers in the rooms. Guests 
can make calls from iheir rooms 
without going through the opera- 
tor, or take a drink, and the cost 
is automatically accounted for. 

At check-nut a detailed account 
is available within seconds. 

For management. CHAMPS is 
able to produce various listings 
and analyses. For example, it 
can periodically show the sources 
of business attracted to the hotel, 
or give a breakdown of tbe 
nationality of guests. Other 
details the system will provide 
include an analysis of com mis- 
sions- payable to travel agents, a 
credit limit list of guests and a 
daily accounting of all hotel 

More from Marcol at 60, 
Queens Gardens. London \V2 
[01402 9353). 

WITH THE addition of two more 
Itel AS/5 large computers to the 
machine of this type installed 
and working at UCSL's Burgess 
Hill Data Centre, this large 
Unilever subsidiary has appa- 
rently moved away from large 
IBM machines for the foresee- 
able future. 

It will shortly take delivery of 
the new machines and then have 
some £3m-worth of Itel advanced 
technology units on site carrying 
bureau services wbich must 
operate round the clock. The 
first machine, installed last Sep- 
tember, has had only four hours 
down-time in 3,450 hours' opera- 
tion, which was a major factor 
influencing the decision. 

But a further consideration 
was the availability from Itel 
of a machine equivalent to the 
new large IBM series. 


Replacing existing IBM equip- 
ment. the new A5s for UCSL 
bring the number of Ite! 
machines installed and on order 
for Britain to seven and in 
Europe and the Middle East to 

All these would be installa- 
tions averaging around the £lm 
mark, which spells serious 
inroads on IBM's large machine 
replacement market in Europe. 

In the meantime the Amdahl 
company has disclosed delivery 
of a very large machine to 
Chrysler UK, bringing (he total 
for the UK of these fl.Sm com- 
puters to three and fur Europe 
as a whole to 12, representing a 
total value oF close on £20m. 

Amdahl has moved up 10 17th 
position in the U.S. computer 
league table from 26ih in 1976, 
thanks to an outstanding per- 
formance during fiscal year 19/ (. 


for industry 



; -A .7 

RocjVdey. Staffs, England 1 

Useful heat from waste 

UNPROTECTED mechanical 
couplings for joining under- 
ground water and gas pipes can 
corrode both by natural attack 
stemming from the soil acids, 
and stress corrosion from steel 
bolls m the couplings which, are 
placed under tension to hold the 
coupling faces together. 

Raychem is offering an adapta- 
tion of its radiation cross-linking 
technology to heat-shrinkable 
plastics sleeves which are placed 
around tbe couplings and — by 

heat application — shrunk around 
the components so tightly that 
there can be no ingress of 
moisture over the lifetimes 
stipulated by the UK gas and 
water authorities, among others. 

The sleeves are one-piece, thick 
wall, pre-coated units, the outer 
part being of cross-linked poly- 
ethylene and the inner part a 
thixotropic sealant/resin which is 
also activated by the heat needed 
to shrink the sleeve into place. 
This can be provided with a pro- 
pane or butane torch. 

A stainless steel fastener com- 

pletes the joint, for wbich a life 
expectancy of 50 years is given. 

Application is to spun iron, 
steel, pvc and polyethylene pipes, 
including those pre-coated with a 
protective plastic. Various 
sleeve designs cater for a series 
Of couplings, bolted flange 
assemblies and welded joints and 
application times ran from four 
to 14 minutes depending on pipe 
sizes and coupling _ types. 

Raychem, Chemelex Division, 
operates from George V Place, 
4’ Thames Avenue, Windsor, 
Berks. SL4 IQP. 075 35 56111. 

EXTRACTION of heat from 
exhaust gases for space heating 
is possible with simple compact 
equipment designed by Fuel 
Furnaces, which proposes to give 
it a first public showing at the 
Furnaces. Refractories, Heat 
Treatment and Fuel Economy 
Exhibition in Birmingham from 
September 25 to 29. 

The heat extractor is based on 
a modified version of the Hydro- 
therm hot water boiler made by 
Hamworthy. Fuel Furnace® 
parent company in the Powell 
Duffryn Group. 

Modifications include removal 
of tbe burner and installation of 

ducts and a fan to lake ihe hot 
gases from the equipment to 
which the unit is attached. 

The boiler is used in the 
normal way to provide hot water 
for space heating; it can also be 
connected to a domestic hot 
water supply system through a 
heat exchanger. 

Fuel Furnaces says the com- 
pact unit can be attached to 
many types of furnaces, indus- 
trial boilers and engines, it 
suggests installation in series 
where there are several heat 
sources to be tapped and fluctuat- 
ing demand to be met. 

Fuel Furnaces, Shady Lane. 
Birmingham B44 SEX. 021 360 

elec trical w ire &cable? 


•NO MINIffiOn 


Thousands of t vo^s and sizes in stock for immediate deli very 

LONDON 01-561 StlB ABERDEEN{<m)3235&2 
MANCHESTER 061-872-4915 


Control of 

IT IS claimed by the Department 
of Health that its required 
standards for the central distribu- 
tion of piped medical gases with- 
in British hospitals are probably 
the highest in the world . . . part 
of tbe equipment specified is an 
alarm system to indicate lo 
engineering and medical staff tbe 
status of various gas, vacuum and 
compressed air systems. 

Since the location of the points 
may be scattered throughout the 
hospital, the alarm requirement 
is rather different from normal 
“ high reliability " system — i.e. 

information is to be given from 
the various plants to the system 
and this is to be visually and 
audibly indicated at locations 
possibly many hundreds of 
metres apart. 

Two years’ development and 
extensive co-operation between 
Applied Pneumatics and BOC 
Medishield Pipelines has resulted 
in a new alarm called the 
Mediplex which distributes 
information on a basis using only 
four wires (conventional alarms 
use up to 14 wirest while still 
completely conforming with the 
requirements of the DoH. Main- 
tenance requirements are kept to 
a minimum and extensive use of 
plug-in printed circuit boards 
facilitates “ instant " service if 
required. The system includes a 
communication unit which is said 
to greatly reduce commissioning 
and rouL'se lest times. 

Further from Applied 
Pneumatics, Hertfordshire House, 
Wood Lane. Heme! Hempstead, 
Herts HP2 4SU (0442 47311), 

Beam units 
deep freeze 

from Sacol Controls, Commercial 
Road, Totton, Hants, can with- 
stand temperatures as low as 
minus 40 degrees C, says the 
company which anticipates wide- 
spread use in refrigerated areas 
for controls and security systems. 

The instrument operate on 
pulse modulated infra-red beams 
and are. therefore, unaffected by 
other sources of light. They have 
an operating range of up to 35 
metres. Both receivers and trans- 
mitters are contained In water- 
proof die cast housings with glass 
lenses. Therm os taticallv con- 
trolled heaters protect the oper- 
ating components from the 
effects of low external tempera- 

Wind power discussions 

AT A RECENT meeting held 
at Reading University wbich 
was attended by industrial and 
university representatives, a 
steering committee was set up 
to decide on the objectives of the 
British Wind- Power Engineering 

Aims include the dissemination 
of Information on wind energy 
studies, projects and products 
through publications and meet- 
ings, for the benefit of both 
workers in the field and of the 
general public; the formulation 
of policies on future development 
of wind energy resources; the 
compilation and maintenance of 
a register of wind energy studies 
and projects especially within the 
UK, and lo fosler links with 
similar organisations abroad. 

These topics will be discussed 
at a onewJay seminar at CEGB, 
Sudbury House, 15, Newgate 

Street, London EC1, 0.30 a.m. lo 
5.00 p.m. on July 13. 

Seminar fee is £27 (including 
VAT) and details may be 
obtained from Multi Science, The 
Old Mill, Dorset Place, London 
E15/ 1DJ. (01-534 4SS4). 


Plant will 
go under 
the hammer 

house specialising In the sale of 
industrial equipment from com- 
plete manufacturing plants to 
individual machines and real 
estate has been launched by 
Galerie KoJler AG of Zurich. 

through a new subsidiary com- 
pany, Koller and Steigrad AG. 

The Swiss Machinery Exchange 
is intended to meet a need 
resulting from economic changes 
which have forced manufacturers 
to close down whole factories, 
and from technological develop- 
ment which has made machinery 
redundant long before the end 
of its useful life. 

Sales are to be held regularly 
at ” Embraporl." the inter- 
national warehousing and distri- 
bution centre at Embrach on the 
outskirts of Zurich and. as an 
additional service, the company 
will maintain a property depart- 
ment dealing with valuable real 
estate, particularly in the high- 
est grade of residential property. 

Inquiries to Galerie Koller AG, 
Ramistrasse S. 6001 Zurich, or 
English contact on 0403 69691. 


Walk behind 

AN ELECTRONIC control system 
is featured in a new range nf 
compact electric and battery 
operated “ walk-befaind " floor 
scrubbers marketed by FMC Cor- 
poration's Sweeper Division, 
Zeugbausgasse 9. CH-6301 Zug, 

There are four basic scrubbers 
with cleaning capacity from 1.100 
to 2.400 square metres per hour 
adaptable to customer specifica- 
tion and offering J1 different 
mndel variations. Each incor- 
porates large one-piece glass fibre 
cleaning solution and waste 
water tanks. Tanks are top fill- 
ing and come equipped with a 
flexible hose for easy discharge. 

Mains or battery versions are 
available for most models and 
a single battery charge, says tbe 
company, gives several hours — 
depending on the model — of 
unrestricted operation. Models 
are driven either hy brush 
traction with the operator guid- 
ing the scrubber or by an elec- 
tronically controlled drive unit 
providing direct infinitely vari- 
able gear drive tn the wheels. 

Brushes are worm-pear driven 
and there are no chains, v -hells, 
clutches or other wear items. 

© By agreement between the 
Financial Times and the BBC, 
information ftom The Technical 
Page is available for me by die 
Corporations External Services 
os source material for its over, 
seas broadcasts. 




THE LOCAL anthoriiies have Green wells pointed out at the 
lately been tapping the invest- time, is a discount rate and not 
muni market with a new series the actual yield on bills, which 
-of floating rate issues, but the is signihcantly higher. The 
Bank of England has so far result was that the real spread 
shown no strong inclination to over the ft‘ iU ni which could be 
follow up its initial modest earned on bills was markedly 
experiment with variable rate lower tnan appeared from the 
Government stock. The verdict s P£ r c “ nl ;^ re- . . . 

in the market has been -that the Moreover, the gap between the 
two issues made have been at discount rate and the yield on 
best no more than a qualified bills widen, Oie higher the actual 

success, and the new money- 1evcl of r ?,[ es ‘ 0 . t**® 

rjising technique has fallen well ‘rue margin on the stock s would 
short of the expectations oF Us narrow as^ic^absolute level rose 

main advocates in the City. 

and at 3 certain point f above a 

Tho Bank will no doubt iry “ "."i" .ViC*. Pe iff n .!l 

nossihlv inLrorixjoin- become negative. This ruay have 
po i,> L ^ od c ‘? helped to disturb potential 
1 buyers. 

A further cause of confusion 
Its o-n view il is / lr0se from the 

having made a dscls5on t0 - Bjc rate retT0SI>ec - 


changes in the conditions 
the stock to meet some of the 
criticisms which hare been raised 
in lhe City. 

Though, t> that 
genuine effort 
rate stock it has -hown that the 

.„n lively each 6 months. This 

l ° :. eli ensured that changes in the. level 

, , ...... of interest rates were reflected 

concept has considerable Innila- almost immediately: but it also 
lions. The expcrinient has not made 3W .kward to work out the 
been a failure, but floating bonds re!urn Finally, the critics argue 

are not expected to represent a 
substantial source of Government 
borrowing over tho long term. 

the stneks were too short to be 
attractive to the long-term 
investors among the institutions 
Some of these claimed weak- 
nesses could be partly corrected 
by changing the format Yet the 
scope for alterations within the 
The debate which preceded the parameters which the authorities 
introduction of the floaters last have set themselves is limited. In 
year put the idea forward as an particular, they would almost 
answer tn she Bank’s problems certainly be relucani to adopt 
in getting stock during periods either of the two most obvious 
of uncertainty over future ways of overcoming the problem 
interest rate*. The first £4U0m of the spread— to offer a wider 
issue went quickly, running out margin and thus increase the 
in jinf incr three weeks from cast to the Government, or to 
the dav in Uav. 1077. when it tink the return, like the local 
was first tnade 'available on tap authority issues, to a rate derer- 

tn the market. 

The second issue, also of 
1400m. was put nn stile in July, 
with generally similar terms. Tt 
look until nearly the end of May 
this year before that small 
amount was finally exhausted, 
and in between vh<» Government 

□lined in the private sector. 

No disgrace 

A misunderstanding seems to 
have arisen in the debate about 
ihe floaters with the two sides 

broker had to h U y back a sun- j*,- if ifferent views' of the 
stantial amount of the stoc 

Lj.i, . . j l , . . . purpose which thev should serve. 

wh 'f. h h i d > oed u P _ r 5 n ? 1 u . S ]- v s ?}± The authorities ‘do not see 

The main thing that went 
wrong was that it became 
apparent lhat variable rale 
stocks, lhough more -table than 
fixed rate issues, were not 
Immune to market movements. 

variable rate stocks as a substan- 
tial long-term source of funds 
for Lhe Government, and arc by 
no means convinced that the 
demand exists among the pension 

Their prices have moved fu "*[ »nd Insurance companies 
significantly from their initial which need to match their own 
s;i Je price, and at present stand commitments, 
at a discount: This undermines K^lher. the floaters are seen as 
one «.if the main cases for the ? method of smoothing thefuna- 
llnaiers. that they provide pro tec- ,n? operation. They offer a 
linn for capital in times of rising temporary outlet for funds in 
interest rates. times of uncertainty which may 

The supporters of floaters in attract money which would 
the City, however, argue that the otherwise 50 to the banks, but 
difficulties of the new technique are not a replacement for the 
owed something to the way in predominant fixed-rate funding, 
which the stocks were designed. On this v icw. it is no disgrace 
The fairly modest margin' of t a if the Bank has to buy the floaters 
percentage point which deter- back in times when the investors 
mined the interest rate on the are switching into fixed-rate gilts: 
stocks was linked with lhe rather it provides a justification 
Treasury hill rate. This, as for their existence. 

!k A haven of content 

Financial Times Friday July 7 107S 




EVEN ON A fine day, when the A. G. Graham became general Most of the dredging took just before work began on the 
wind comes .off the North- Sea manager, it handled 1I0 - vessels place in the eight months to the channel and has developed into 
with any force the basin behind whose average cargo size was summer oF 1973 and the first two main divisions : offshore 
the harbour at Montrose whips about 400 tons. For his first supply vessel destined for an oil support and oilfield equipment, 
up into white horses. It gives few years the position did no 1 ri ? “ ed U P a >' ear ,ater - B >' 1110 Consequently, not only do the 
some idea, even if only a fleet- change very much. time work had finished the cost boats ply out to the fields w, “ l 

ing one, of what ft can be like Then a Scandinavian trade in had emerged at between £om what is commonly called the 
100 miles out to sea where the timber, paper and pulp, largely and £6m. rope-soap-and-dope trade, out 

rigs and platforms are placed, destined for mills in Aberdeen, The work first involved dredg- downhole tools are also mauu- 
Montrose has become very Dundee and Fort William — but ing and widening the channel, factored in Montrose, 
much concerned in the past few some also for those on the Then, warehouses, offices and In addition, another P and O 


live in Scotland sn far as unem- The dredging has helped lu 
ployment is concerned. At give Mont ruse a 24-hour 

years with North Sea operations. Thames Estuary and the Bristol other units were put up. Sea subsidiary, Subsea, services its J^^I^hc^v^^fwScot dependence ^ wi ^hfl'^'lides 

Although Aberdeen, some 50 Channel - built up/ Since Oil Services took part of the mini-submarmeson the base and aepenaence on ine uaes 

miles to the north, and Peter- then Montrose EE handled an .space for itself and" the rest it it is not uncommon to see a somewhat under the and rifarniag Br «« 

head made all the running in the increasing amount of car *0 each has leased at various times to couple of these vessels under- * * . ‘ . . 

offshore stakes, Montrose, to- year. = companies such as Pan Ocean going maintenance or repairs at The general port — aU facilities vessels a year use the dock anu 

gether with the other Tayside At that time facilities were fa Marathon subsidiary). Ranger anv one time. are run by a harbour trust-— "J eir . av ^ a ^ c t „. S 

ports of Arbroath and Dundee, concentrated on the north Iwnk Oil. Home Oil. Monsanto. Shell. Some of the highly skilled has also contributed to the “ a *j doubled to S 34 tons. Catth? 

has made a strenuous effort to of the South Esk river Sea Oil Total. Deminex, Otis. Hvdroteeh craftsmen for this work have town's air of prosperity and feedstuns, steel pipe* ann oiiicts 

deal itself in on the lucrative Services saw not only the poten- and Brown and Root. had tu be brought in. since a from employing just a few people are coming in and irac- 

business that is being done with tial of the south bank but also The attraction for many of town of 11.000 hardly has a stir- 15 years ago it now provides t°js _ and caravan* gnmc out in 

the exploration companies. had the financial clout to turn these companies is that while the plus of such labour. But many work for between 120 and 130. addition to tho timber pruduu!* 

Those efforts have been its plans into reality. Irj the last supply boats can use the longer Muntrnse men have returned to Partly this has been a spin-off an u grain, 

successful, thanks in consider- few days of 1972 it started quay, the shorter of the two has the town now that work is avail- from the offshore base: but the On May l. work si arte.! tin 
able measure to steps taken by dredging the channel, throwing some of the largest cranes in able for them. general cargo port has grown in another 330 foot of qu.iy-Mile 

Sea Oil Services, a subsidiary the deposits onto tho south Britain and can be used for Sea Oil Services itself employs importance every year fur the space to provide another deep- 

of the P and O shipping group, bank to create a 40-acre *ite. shipping our particularly heavy around 150 people at any one past ten and has reached the water berth. When this K corn- 

building an offshore, base with two long quays one of pieces of equipment. These can time. With the other tenants, point where it is one of the plctod by the end of the year a 

opposite the original harbour. SOO feet, the other 720 feet — be fabricated or repaired in the the base's labour force is around largest handlers of pulp imports further enlargement of the trade 

Montrose has always had a from which it could develop it? area immediately behind the 400. It is hardly surprising, and grain exports in Britain, using the South Esk is certain, 

small port dealing in general own offshore services and lease quay. therefore, that Montrose should Last year cargo handling No wonder Captain Graham is a 

cargo. .Back in 1964, when Capt. land and buildings to others. Sea Oil Services was formed be among the bappier places to went up by 19 per cent. contented man. 

Fillies premiu 

hands out £30, 


I N TER I A I N ME NT GE 1 1 ) 1 . 

THAT LONG overdue innovation, the scheme. The total value of the first Partem races run at 

the fillies premium scheme, premiums won exceeded £30,000. Salisbury, will be held at a new | thm« 

appears to have got off to a of which the successful owners fixture on Saturday, April 7, the 

satisfactory start. received nearly £25.000. the earliest start to Salisbury's 

In the first three months opera- trainers more than £3.000 and season. OPERA & BALLET 

tion of the Levy Board's fillies ‘he jockeys slightly more than There arc SI evening fixtures coliseum, crotrn cards 01-240 szsa. 
premium scheme, 65-4 per cent £2,000. for 1&“9. two fewer than this p “* r,i " D N U REYEv festival 

of the qualifying races have been The most successful filly under year, and surprisingly, only one »*/**£“: a ;S, ’££ 

the scheme tn date has been day — Monday. Juno lb — without sieeoino emSI. week «iin dutch 

Devon Ditty, who collected a a ‘ afternoon fixtures. national^ ballet^ ^ MU. 

premium of £750 for winning at This afternoon it is Hong Kong e,, erv performance. 



Pontefract, £2,000 io the Hilary day at Sandown. with some varied 
Needier Trophy at Beverley, and and interesting racing in 
£600 by finishing third in the prospect. Two likely-looking 
Group 3 Queen Mary Stakes at winners are Sunday Guest, among 
Royal Ascot Another whose ihe runners for the Hong Kong 


.tSinurctijrOB crwlIL card* B36 6903) 

Tan't at 7.30: Raval Ballet Scnooi pert*. 

Folk and Scottish Dancing Lcs Sylphidcft 

Diversions. BirthdJr Ottering 


Sat. and Wed. no»i at 7.30 : Pelleasat 



Evgs. d. 1 5. Wed. 3.0- Sat. 6.0. 8.4H 

“ This must be the happiest laughter- 
maker in London." D. Tel. " An Irresis- 
tibly enjoyable c*en,ng *' Sunday Times. 


Evenings 7.30. Mai. Sat. 2.30. " Stanley 
Houghton's masterpiece." Times. HINDLE 
WAKES. *' A real And " Guardian. 

c,i; i i „ _ . , j >'uv.-v Mic iuaucis iu> uic nuuc nunc 

in 0 Britain b 5 bred ° d ed connections benefited^ from the Handicap in which he receives 

Meii&aiida. Man. and thur. nest at 7X0 i 
Norma. 65 Amptn" seats avail, (or all 
peris. Irom 10 a.m. on day ol pen. 

intrndiicnri this ve^r a* an s chera e is Argentina Bound who 6 lb from the rather disappoint- GLVNbEsouRNE festal opera. 
inrroaucea mis year as an has a]so won t {j ree p rem , inns . inr , Lucpjjt aE( i Henrv Cecil’s! UnUI 7 w “5 the 1 

nl° P U ^ e tn m h n U v B%i,h r Tnd 0r 5o 0wners of 43 fiUies *“« Mil™ The iSt-naS m «i^TTTiJSr-|S! 

S™S.."dvSS to "“biding c0,,Mted undEr the schemt - S. Paddy nit »bo baa ban' ' ' 

industry the £170 000 scheme transfer to Salishurv of lightly raced because of a split m n in% _ 1W1 

provides' a preraiu^ equivalent the 1.000 Guineas and 2M0 PMUrn last sumrnei : might : be a| Tag...- 

to half the guaranteed prize Guineas trials, formerly run at sound bet to l.ft the Kowloon 
money to go to the winner of Ascot, is the principal innovation Stakes, 
two-year-old fillies races of the 1979 racing fixture list. 


orth £1,000 or more, provided Ascot has given up its first 
that the winning filly was bred April meeting, which has suffered 
and raised in tireat Britain. badly from the weather in recent 
Up to June 30. 49 qualifying years and which this year hud to 
races had been run, 35 of which be transferred to Newmarket at 
were won by fillies eligible under short notice. The Guineas trials. 


2.00 — Speed Bonnie Boat* 
3.05 — Sunday Guest** 

3.40 — Pfpodreamer 
4.10— Celebrated 
4.45— Milsson*** 

Am.. EC1. 037 1673. Until July 22 
Tdn'i. and Tuc*.; Triple Duel (rom 
Grotto. Gallery. 'Sly*. Tomor. m*L . 
Temples. Gulgncri. Triad. Tomor. *»e end 
Thur. next: Triple Duet Irom 
Styx Triad. Mon. ana 


wed next 

Guignol. Stick Figures. SuMe tram 

S anctum. July 31 -Aug. 26 MARCEL 


r 4 

t Indicalcs programme 
in black and white 

BSC 1 

10.50 am 300 Years Service to 
the Crown (as Scotland). 12.55 pm 
Canu'r Plant. U3U Trumpton. 1.45 
News. 1.55 Wimbledon Lawn 
Tennis: Ladies Singles Final and 
Men's Doubles Final. 4.18 Regional the following times:— 

News for Enaiand (except Wales — 1355-130 pm O Dan Y 
London i . 4^0 Play .School. 4.45 Mor. 5.10-5.35 Teliffant. 5.55 
Take HarL 5.10 Tabithn. 535 The Wales Today. 6.15-6.40 Heddiw. 

Snurh-Easi only.*. 
6.15 Wimbledon. 

7.45 The Black and 
MinstreL Show. 

8.30 Sykes. 

9.00 News. 

9.25 Petrocelli. 

10.15 Tonight (London 
East only). 

10.45 Regional News. 

6.35 Crossroads. 

7.00 Winner Takes AU. 

7J0 The Pink Medicine Show. 

8.00 Hawaii Five-O. 

9.00 The Foundation. 

10.00 News. 

10.30 Police 5. 

10.40 Russell Harty. 

11-40 Baretta. 

5.40 .News 
5.53 Xai mn wide 

(London and 

6.40 Join BBC-1 
10.15 Llangollen 
News for Wales. 



v.Vsr H^a'llinos. 1_2S Repan Wales Head- 
lines. L30 Those Wonderful TV Times. 
ZOO Women Only. 505 The Undersea 
Advensures Of Captain Nemo. 5.30 Cross- 
roads. 6.00 Report West. 605 Repon 
Wales. 6 JO Margie -Vnd Me. SJH> The 
Incredible Hulk. 10 J5 Music Makes 
People. 1L05 The- Laic Film: “ Brc Bye 

MTV Cymni Wales— .Vs HTV General 
Service except: L20-L25 pm Pcnawdau 

, Ncwyddion T Dydd. 4J54.45 Camau 

12.40 am Close — vV illiam Blake camamii. 6.00-6J5 Y Dydd. lOJS-LUB 
poem read by James Covle. Outlook. 

AH IB A Redone as London HTV West— As HTV General Service 
Northern Ireland-4.1M.20 pm except at the folloudug Umes?- ^ 


s i.7 ,plr 10-20 am Dreomun The Dog Wonder. 
Wnrlhorv, r„i on j ™ t j*°* er 'Vhll Inker Show. UJ.IB Supply Sewn*, n m The Roger 

Northern Irelpnd. im The Woodbridge Tide urn. L3S pm wiuiiakcr Show Sj 5 Vfodbrldgc T?de 

ts , wi SSS a i i^?LwdK, SaS-Sfi®!? v Bss-arsa 

Today (Birmingham) Points West Music At NIb&i. 8.00 n, e Incredible Rntk. XOJO Ways And 

(Bristol): South Today rSnuth- ATV Means. ILBB Late CalL 1L05 House Of 1 

pmnton): Spotlight South w»st U2t am Friends Of Mao. 10 AS Into Mwto™: " Cornipnon." 

(Plymouth). 10.15-10.45 East Th, -■ Unkoown: Do You Belkve In Ghosts? 

fXonvich) On Camera- Midland* UJS 71,0 Roger Whittaker Show. L2B pm . . , . 

HU. °u!? s ATV New »4esk- 545 Thosn- Wonderful TV am Adremures In Rainbow 

'Birmm<rriaml Hits and Mrs.: Tunes. 6.00 ATV Today 84W Th» Couniry. Ill M Simply Sewing. 11JB Roger 
North (Leeds) Direct Line: North incredible Hulk, iojo The Friday Night whluakcr Show. UJ8 The Woodbndgc 
Eist I Nawcac(lp) Friday North: film; - The Nlghi Strangler.- Dde Mill. 140 pm Southern News. lJOl 

North West i Manchester » Cham- 
pion Bra*s: Sou f h (Southampton) 

Scotland — 9.50 am Paddington 
and the "Old Master." 9.55 
White Jackanory. 10.10 Help! It's the 

Hair Bear Bunch. 10.30 The 
Islanders. 10.50-12.10 pm 300 
Years of Service to the Crown: 
The Queen at the Parade of the 
South- Royal - Scots Draeoon Guards in 

Edinburgh. 5.55-6.15 Reporting 
Scotland. 10.15 The Beechgrove 
10.46 The Late Film: "The Pad Garden. 10.45-10.46 News for Scot- 

I And How To Use It)." land. 

All Regions as RRC-1 except at 

Northern Ireland News. 5.55-6.15 

Scene Around Six. 10.15 King 
Billv. 10.45-10.46 News for 

. 01-036 7611 
i. 3.O. Sal. 4.0. 



Evgs. 7 JO. Mats. Thurs 

or T 1976 B ^77 , a^5 C 197«r 

“■?Sndon ? ATOioln oo^ M 


HAYMARKET. 930 9832. EVflS. BJJO. 
Wed. 2.30. S«t i lJ ■ip 0.00. - 




Directed tty CASPER WKEOE 
” Paul Sconeiu Is at ms best— -could phi 
the Havmarkci lor a rear. I hope It 
does." B. Levin. 6- Timas. 

HER MAJESTT'S. CC. 01-930 6606. 
Evenings fa. OO. Macs. Wed. A sal. 3.00 

Witn Derek' GriHjlhs 
Dirge led D» BURT SHEVfekOVE 
LAaT 3 WEEKS. ENDS July 22nd. 


Mon. w Thor. 9:0. Frl.. Sat. 7.30. 9.30. 

LONDON PALLADIUM. CC. 01-437 7373 

Mon- . Tues. Tnure. and Frt. at 8- . : 
Wed. and Sots, at and 0-SD. 
la a Spectacular Comedy Revue 
. Two extra pettarmances 
Sunday July 16 at s.oa A 8.00. 
Bogle now on hot-line 437 2D55- 

ALBCRY, B36 3878. Credlt Mrfl bkgs. 
836 1971-3 from 8.30 a.m. Party Rates. 
Mon.. Tues.. Weo. and Fr«. #.4S o.m. 
Tnurs. am) Sat. 4.30 and 8-00- 



ABLE TO SEE IT AGAIN." Ely. Mirror. 




1 «i-jn i.f rank offal from iho 
son ill i *> l 

4 Hc.iiin^ js-in.inl vicar abmil 
four iS i 

!) \ nn loud nine fur mm oner 


In \\'i*nt (iirward and l*.*nl 
sv.imr;. tS * 

12 1.':ii',iqi!’it oil ’.Mirker is wilh- 
«mi ro-lraim 1 4—4 • 

i:*. Ghrnni'al innu is more enm- 
I' l e\ i*i1 

15 X.itional omHlem may lo.»e 
vhii.'” iiy the sound of it l4l 

Ifi Lenkinc hard at article in 
I rain (7 1 

2n Supnlj vessel in sea-food iTi 

7 Salary in to a many comes to 
me (61 

S Tolerate tli** finish with a 
flower (6> 

11 Joining group m" soldiers in 
srart of game iTi 

14 Prepared fur ihe (able and 
properly altm-d c7» 

17 Sainl and wwiern member 
hecuine tepid i$i 

15 Pleased to have ihe basis of 
a good fire n's said 1 S 1 

19 Digger bill tint necessarily an 

Australian ibj 

22 Stones giving nuie to com- 
poser (6) 

23 Elderly lady nr man confused 

ALOWYCH. 836 6404. Into. 836 5332. 
rgpertalre. Fully air conditioned 
Tonight- Tomor. 7.30 

-An evening of true theatrical Blare 
S. Timas- With: Strindberg 1 ! TUB DANCE 
OF DEATH (next peri. 13 July)- RSC 
also at THE WAREHOUSE (See under W> 

and at the Piccadilly Theatre In Peter 



ALMOST FREE. 485 6224. tuncirtimea 
One Ok" by Bob Wilson. Tuea.-Sat. 
1-15 am. Suns. 3.00 and 5-0 pm. No 
shows Mon. 

ALMOST FREE. 4B5 6224. Evenings Kurt 
Vonnegult’S ” Plaver Plano ■ LY Jama* 
Saunders. Tues -SaL 8.00 p.m. No shows 
Mons. - 

_____ Those Wonderful TV Times. 2.00 Women 

BORDER only. 5JU Weekend. 5JD Crossroads. 6-00 

ip 70 am Dynomotl— Thi’ Doe Wonder Daj. 6.00 Scone Sooth East, 630 

Renort South: South Wed iPIv- 10.« Simply SeS! UJO PK! Cuckoo wan*. 8JU The incredible Hulk.' 

moir»h) peninsula: West (Bristol) Wbittaker Show. llJS Woj bridge Tide L niSS!? Fdm^-winJi h "° J5 1110 
Public Lire MI1L «■* P 1 " Border Nows. 5J5 The Fnday JUK 

_ Partridge FamUy. 6.00 Look around TYTNE TEES 

BBC 2 El lda , r ’ S' 00 Pi Incredible Hnlk. 18-38 ists am The G.»d Word rollowed by 

„ nn ..... Di .. . , . . pp ” ock Ro ‘ l Show. North East News Headlines. 18J0 Wildlife 

11.00 am Play School I As BBC-1 P°1 |M Snrgeon. l2Jn Border News Cinema. 10.40 Simply Sewing. 13-05 Roger 

4.20 pm). Summary. Wbtttakcr. UJ0 Woodbndce Tide M11L 

4.10 pm Wimbledon Tennis. CHAJNNEL ^ Loo^round. 

I-e? on 2 Headlines. Wh^ ^ ^ t£ 

...70 Westminster Report. *.W Report Ai SiI^ B.5 o TOc BIook IncrwHble Hulk. 10-JO Soonailme. tUJK 

8.1a Tortelier Masterclass. Woman. IIJI Channel Lau- Kews. 10J2 ^ Friday Film: ’-Fooistups In The Fog." 

9.00 M. H. and op: Fivepenny summer of ’ts. iloo tv Movie; McClnud. Bm e p*»w. 

Piece with Mike Hardine. li ‘ ,D ,m News aaa WeaUl,r In ULSTER 

nDAMPlAM u - 30 am LosI Island*. 10.40 Simply 

VJIE/EIilrl A! v Seu-ms. 11.D5 Roger Whiuaker. UJ8 

5.25 am First Thing. lUJO The Bca-A- Woodbridge Tide Mill. 1.23 pm LunchUme. 
combers. UL« Simply Sewing. 11.10 The 403 Ulslcr News Headlines. SJ5 The 
Roger Whluakcr Shaw. 11.15 The Wood- Flint sumes. 6.00 Ulster Television Sews 
bridge Tide Mill. 1J0 pm Grampian News 6.05 Crossroads. 6.33 R^poris. 6.50 Police- 
Headlines. S-1S Cuckoo Walra. 6.00 Gram- SI*. 8JXI The Incredible Hulk, in vf ij, 0 
plan Today. 7JI0 The Emcrralncre: Boxcar AmrusL 1L38 B-dumc. 

9.30 am History Around You. £' n J ,e - , 8 -°° tjw incredible Hulk, iojo WFCTWARD 

q == pi->i n Cgiiinn inM ReflcetJons. 10J5 Grampian Lale Night *1 , ' ” 

».J>3 riam bailini*. 1050 Tne HcadUnes. UAO The Friday Film: "The M-2D «m Evolnuon r»f Lire. 10.40 Simply 
Undersea Adventures of Captain MepWsto Wafiz.” roifowed by road report. u - 05 T6f Whittaker show. 

Nemo. tlOJO The Saint. 11 JO GRANADA woodbndac Tide miu 12-27 P m 

Stationary Ark IMS FelLx the ujs .m sV^s-m c m . 5^$. 

Lai. 1—00 A Handful Of .Songs. u ' <s Ka,hvs i- 20 p * This Is Your Westward Drjr'- and Sports Desk. 1.00 
12.10 pm Pipkins. 12 JO The Belter V*® , Vtw Atnazinx World Of The Biom.; woman. 10.23 Westward Laic 

AMBASSADORS. 01-836 1171. 

Nightlv ac B. 00. Matinees Tues. 2.45. 

Saturday S and B. 


The World Famous Thriller 
Seeing che play again is In act an 
utter and total loy.” Punch. Seat prices 
£2.00 la £4.00. Oimwsr and Too- price 
seat £7.50. 

APOLLO. 01-437 2663. Evenlngi 8.00. 
Mats. Thurs. 3.00. Sat 5.00 and 8.00. 

■’Actor ol the Y**r - Even>no Standard. 
" IS SUPERB." N.o.W. 

■■ Wickedly fanny." Times- 

LYRIC THEATRE. 01-437 36 86. Cn 8.0- 
MU. Thurs. 3.0 5M 5.0 and B.30 
by Eduardo de Fllimxi 

YEARS.” Sunday Tunts. 

MAY FAIR. G29 3036. Ev«. 8. -Sat. 5.30 
and 8 JO. Wed- Mat. at 3. 



MERMAID. 248 7656. Hcssaurant 248 
2835. Evenings 7.30 and 9.1 S. 
A play <cr actors and orchestra bv TOM 
£3 and £2. "NO ONE WHO LOVES 




OLIVIER (Often stage) Ton’i 7 30. Tomor. 
2.4S and 7.30 THE COUNTRY WIFE 
by Wil liam Wycherley. _ 

LYTTELTON ipruscer.ium stagei ■ Ton’t. 
and Tomor. 7.45 PLENTY, a new play 
by David Hare. ^ _ 

COTTE3LOE Uhl all auditorium! : Tan't. 
and Tomor. 8 AMERICAN BUFFALO bv 
□avid Mam el. 

Many excellent cheap sets all 3 theatres 
dav of nert. Car nark. Restaurant 928 
2033. Credit card bkgs. 0283052. 


• ‘j 

SHAFTESBURY. . . CC. 01-B36 6996. 
5iurtnttury Ave-WGZ (High Ho I born cnoj 
From July 1* tor a Special 'Summer 
. Season. A New Production- of 

Sean tor ti-i 

. .16 

Best available seats at £2 .SO hour 
before show from the Box Olfcce. _ 


OI-3B6 ISM. 

Eveninaa 7 JO. UU 2 days. 


‘Its quality fe. undlmlnlsneo." 5. Times. 
-A superlative cast." Punch. 

• Low Price. Easy Forking. 

STRAND. 01-836 2860. Evenings 84)0. 
Mat, Thurs. 3.0. SaL 5.30 . and 8 JO. 




GOOD SEATS £4. 00- £1.00. . 

ST MARTIN'S. CC. 936 1443. Evgi. B.00. 
Matinee Tore. 2.45. SMurdavc 5 -and d. 
26th YEAR. 

TALK Of THE TO WN. ' CC. , 734 , 5031 . 
8.00 Dining. Dancing iflars ODER 7.19). 

9.M Super fi-wue . 

RAZZLE dazzle ■- . 
and at II pJD. . 


THEATRE UPSTAIRS. ' 736 . 2954. 
Prew. Evgs. 7 30. Open*. Wed. n**t as 
7 p.m. Subs eve*. 7.30 c. - . — _• . 

by NlgN Baldwin. ; 

VAUDEVILLE. 836 99B8. CC,: 

Mat Tues- 2 . 

□Inan SHERIDAN. ^Outcte' 


mother • who- 

•’ Re-enter . Agatha witn mother ** 
du« nit hit. Agatha Chri«'c 1* ttalklnu the 
Wert End vet again with another or her 
BendiShly Ingenious m order - mysteries 
Fell* Barker. Evening Nem. 



Book New. 820 47 35-8. 834 


Evenings 7.30. Mata. wed. and Sat. 2A5. 

WAREHOUSE. Donmar . Theatre, Covrnt 
Garden. 836 6808. Royal Shaken* 4 re 
Company. Ton’t, 7.30 David RudUai 
The Sons <rf Light. - ** A triumph." E. 
Standard. All seats £1.00. Student Stand- 
by £1. 

WESTMINSTER- 01-836 0283. 

-MUGGERIDGE'S trenchant humour. 

THORNHILL'S dramatic art.” D. Tel. 
"Intensely human taring dijma." Y Posl 
’'Tremendous impact.” Now. ’» was 

sharply moved." J. C. Trewtn 
Evgs- 7 *5 Mats. Wed. 3.00. Sals. 4.30. 

WHITEHALL. 01-930 6692-7765. 

Evgs B.30. Fri. and Sat- 6 AS an,i 9.00. 
Paul Raymond presenl* the Sensational 
Sex Rowe ol tnc Ccntonr 


OLD VIC. June-Seoi. Season. 
Eileen Atkins as 


"a great performance . " The Times. 
Today 7.30. 

bv Chrirtoph^ Fn^S.J.^0 and 7.30. 

" an outstanding revival.” Tho Times. 
Returns July 10. 

9.30 Wimbledon hichlfchts. 
10.20 The Devil's Crown. 

11.15 Late News on 2. 

11^5-1 1J35 Closedown 1 reading). 


ARTS THEATRE. 01-835 2132. 


HHartous ... see it ” Sundae Times. 
Monday 10 Thursday 8.30. Friday and 
Saturdays at 7.00 and 9.15. 

ASTORIA THEATRE. Charing Cross Road. 
01-734 4291. Mon.-Thurs. B P-m. Frl. 
and Sat. 6.00 and 8-45. (Buffet food 
aval tablet 

heart-thumping," Observer. Seat* a 

£6.00. Hall-hour before show best avail- 
able seals £3.00. Mon.-Thurs. and Fri. 
6 p.m. peri, only 

Lunchtime .Theatre Mon. -Frl. 1.15 p.m. 
1 Not Much Change Irom a Fhr er." 

OPEN AIR. Regent's Park. Tel. 486 2431. 

Evgs. 7-45- Mats. Wed.. Thur. & Sat. 2.30 
Lunchtime Today 1.13 KEMPS JIG 
with Chris Hams. Sun. at 8.00. 

PALACE. CC. 01-437 6834. 

Mon.-Thurs. 8.0. Frl.. A Sal. 6 A BAD. 

bv Tim Rice and Andrew Lloyd Webber 

PHOENIX. 01-836 2294. Evenings 8.15 
Friday and Saturday 6.00 and 8-40 
GARDEN make us laugh." D. Mall. In 
Tha Hit Comedy by ROYCE RYTON. 

HAVE DIED.” Sunday Times. "SHEER 

Twice Nightly 8.00 and 10.00. 
Sundays 6.00 and B OO. 

PAUL RAYMOND presents 


"Takes to unprecedented limits whai la 
permissible on our suw" Erg. New*. 

WYNDHAM'S. 01.838 2038. Credit Card 
Bkgs. 836 1071-3 from 8.30 a.m. Mor- 
Thur. 8. Fri. and sat. 5 1S *i»o 8.30. 
VERY FUNNY.” Evening News 
Mary O'Malley's smash hit comedy 
“ Supreme comedy on sea and religion.' 
□ailv Telegraph. 

LAUGHTER." Guardian. 


01-928 6363. 

Evgs. 7.45 i no Peri. Mon. ncxt.i "A 
rlaroarlna arnrlurrion Sun. Times. 
Young Vic Festival until July 23 Phone 
Box Office for leaflet. 


with leamleadcr (6) 

21 An amount of land contained 24 Brownish purple sisn of 

in .-qua re arenas (4* 

distress (6) 

23 Lecturer uho should give a 27 Some of the words luridly 

correct proof (fi) 

25 Left role in piav during act 

l’S Word for word in a sram- 
iimiical i*i 
29 Initially carried off in casket 

:*n Arrive with iureisn currency 
.it a wcil-known spot (Pi 
31 Number i«f degrees right for 
a fihhcriuan io> 


1 .Support for a builder could 
be a means io an end <S) 

2 Beni hack electric cable in a 
rush <S> 

3 Promise sofi illumination (6) 

3 Open j French note (4) 

6 '-ill lee tin q fur a church ser- 
vice in Gateshead (8) 

sound indi.slinctlv (4) 

No. 3.711 


tw [- f l/v frTi 


a nn 


n b a > 

fangga H "-HB asHHEP 

CAMBRIDGE. B36 6056. Man. to Thurs. 
8.00. Friday. Saturday 5.45 and 8.30. 

Exciting Black African Musical. 
Packed wltt varmtv." Dly. Vrrror. 
Seat prices £2.0D-£5-50. 

Dinner and too-prico seat £8.75. Inc. 

Fanfare. 5.1a Cuckoo Waltz. 
5.45 News. 

6.00 Thames at 5. 

GJkndar <Eiul«y Moor and Rclmtini 
uija 4m Money-i ia-Round. 1D.40 Simply .-linonii. 8.00 Tin- Incredible Hnlk. 10J0 
Sowing. 11-D5 Roger WluKaker. UJO uh \o It's Sviwrn Frongiu. U.OO Spaed- 
Wood b rid a e Tide Mill. 1-20 pm Reporl way. 11.45 The Protectors. 

CHICHESTER. 0243 81312- 

Last 2 Peris. Tonight 4 Tomor. at 7.00 
July 8 at 2.00. July 13 at 7.00 


fSJ Stereophonic broadcast 
VHF Very high Trequency. 

5.03 am ,v» Radio 2. TJ12 Dav-; Le L - 
Tra-.!!i. 9.03 Simon Bales. 1L31 Paul 

Burnell nit.ludlim 12 JO pin Xvu-sbeul. 2.03 s mil hanv nr. i.i-mfu 
T ray SiieJtbnm. «JI Kid Joiwn including , hany ut '-'‘“’ lTd - 
5 JO Svp-sbeal. 7 JO Spam 
Rjdia 2t. 10.03 John Peel 

am Radio 2. reconls 

VHF Radios 1 and 3-5.00 am With 
Radio 2 mcludlnc 1-55 pm Goad Lisionius. 

EDY. 01-930 2570. 

a limited trgwn-nl ci* 1 U July 16 
"An unDvr*U*led tou- d* i-irc# ' S Times. 
Tues. to Sat. ar 8.0. Sun. ai 4.30. No 
peris. Mon. Seats £1.25. £2.25. £2.50. 
£3.00. Latecomer', not admitted 

24 7 m lure iSi. I.OO News. ,8.05 Murillos GniK-n Story Time. SJW PM Re perry. 5 M Enquire 
■ Si. 9.08 News. 9.05 This Wei’k s Gum- u'!:hin. 5J5 Weil her; oruRratume news. 
mwt; Baeb ib«. 9.4S Envltrti Chamh.-r 6J» N-w*. 8JS Golny Place?. 7JW News. 

Urchesira VVInd Enremhl.. .5., 13.40 7.05 The Archers 7J0 Pick Ol The Week 

\oung Arilsis Rociial is.. 1J5 Vole,- anil 'S.. BJO Prorile. 8J0 Any Quctflonrr 9J5 
Lute redial .S'. 12.15 pm L?0C \orUieni l-etler From America. 9J0 Kaleidnscope. 

pjri 1 IS>. LDD 4J9 Weal her. 10.80 The World Ton lulu. I CRITERION. 930 3216. CC. 835' 1071-3. 

10.55 Night- 1 Evas 8_ Sats 5 L 30 L 8.30. Thurs. 3.00. 
laic 13.15 The 

„ , , - - — 11-33 Toduy In 

0 „ ,?■* Music In Leu. Ion in The Parliament. 12.00 Newb. 

Reign Of WLUIara And Mary iji, a.45 t|j c 

'l^Dosk ‘ itouiA *-« Plartll! «S». 1JB bBC Xnnb. rn 10 J8 Week Ending 1S1. 

,SI 32JIB2.D ** ■r. D , ar, J ! 'S'. 1-5S Lanreiice Allix piano cap. U.W A Book AI Bedila 
• redial '*■- lf5 Condom Lambert on Financial World TonlshL U. 

5.30 am with ^■' tfonls ;, ilU3,c J ' n Leu.lon In The Parliameni. 12.00 Newt.. 

Aauio a u... -J "d LiMOniilg! ^ The , , 

2.1C fV:c Mirrars Open House «Si ?s“. V« NcJ*.' 1“ Radio London 

■ cntmtiu.d from Radio 2. 12.M1. 2 JO t fr i,„«. ? , B ^ ifiRm 

Dadd Allan -S'. dJO WKgaanrs’ Walk r™I^' ™ 0^*°!“^ 

"VERY FUNNY." Sun. Tel. 

DRURY LANE. 01-836 0108. Every 

msht 8.00. Matinee Wed. and.saL 1-00 

rare, devastating iavou« aMOnlthlng 
stunner.” Sunday Times. 

PICCADILLY. 437 4506. Credit card bkgs. 
D36 1971-3 8.30 a.m.-B.SQ P.m. 
Evgs. 7.30. Sal. 4.30 and 0. Wed- man. 3 

by Pelrr Nichols 
” Rlnroaring trlumon." S. Express. 
Ev. Sid. Award and SWET Award. 

PRINCE EDWARD. CC. (Formerly Cailnoi 
01-437 6877. MondJv- Friday evgs. 8.00. 
MaL Thur. 3.00. SaL 5.30 and 8.40. 

by Tim Rice and Andrew Lloyd Webber. 
With David Essex. Elaine Paine and Joss 
Ackland. Directed bv Harold Prl er. 
Please note Irom July 22 Sat. Peril, will 
be at 5.00 and 8.40. 

PRINCE OF WALES. CC. 01-930 8681. 
Evgs 8.0. Saturday 5.30 and 8.45. 
Directed by GENE SAKS 

Vaughan Thr Earb - Show (S^ inclnd- Sfg^iJLr^SSS .SFffiii ^ “ " ,ttl 

KJS- hB *** Broadcasting 

- 2GIm and 97.3 VHF J 

12J5 Pklc Murraj's Open House fSi RADIO 4 

DUCHESS. 836 8243. Mon. to Thurs. 
Evenings 8.00. Fri.. Sat. S.I5 and 9.00. 

“ The nudity is stunning.” Dally Tel. 
am Sensational Year. 

5.00 am Morning Music. 6.30 AM: non- ! 

asr&" J-srii- ass — « ss 1 

Cb»mpiaiubip3. inclmjins 2.1 ^ Sporn 5J10 am Mows BriL-rina 6 ’0 farmina r-ju tire mr -1 ? c !?|2j 

?^'i.«^.i? S ^'De« a a cd s% Cre^ ^ LD0 "*** 

Cbar.isPl .Motonng lnforraitltin. 7.D2 Royal Itnvs. 8J5 Yviturdav in Pjrlijmcm 9JM 
Sboh. 7? *S>. inriudins 7 JO Sporfs D"’sk. Nows. 9J55 Local Turin. « u,r 
8.D2 Soil Richardson conducts lhe BBC Nuihlng 'Si. 1C.D3 News, iojk rhc-knoinL 
Radio Orchestra iS<. S.4S Frldaj NUh[ 10 JO Daily Service, loots HoraiM Sion' 
is MUSIC SMB'S.. 9J5 UniiDdL 18^2 UJ» 11.05 Analysis^ aSuSS 

Free spin 10 J3 Lrt a Co Latin «nb Pvie From Everywhere. 12.03 ,\,. W3 ntn D m 
Winslow B.-ooiUan Sound. 11JI2 Bnati You And Yours. 12.27 air Music iSi 12.55 
llaubcw introduces Round Mldnbtb!. in- Weather: prwratnme nravT Sun Tte 

Wmary *' ^ **” ZXSLPuS?** *">*«• 1JS ~~ Da ABimBh nave Riphts?” 

? »! iour f??™ Maia'heaUfr. lndudnK Horno's Your MuibiT WouMn'l Like It 

' 2-03 

_ inter - 

Of A SlrecL 4J5 naUotul (S> 

DUKE OF YORK'S. 01-836 5122, 

Evonlngs 8.00. MaL Wed.. Sat. 3.00. 
Limited Seas«?« must v>p August 26. 
In Julian MiRhell's 
■' Brilliantly witty ... no one should 
mils It." Harold Hobson 'Drama 1. Instant 
credit card reservations. Dinner and 
Too pnee Seats £7.00. 

Capital Radio 

KMnumd 93.8 VHF | 

6.00 bih Pclcr Young's Breakfast Show 
«5i. 9.00 Micharl Aspcl (Si. 12.00 Dasc 
Cash r«i. 3.00 pm Roger Scott 1S1. 7.08 
London Today 'S*. 7J0 Headline Debate 

FORTUNE. 836 22 38 En. 8.0u. Tnurs. 3. 
Sat. 5.00 and tt.OD. 

Muriel Pan low 3% MISS MAH RLE m 
Third Great Year 

_ . n.r, , ... jbliiIi v... MeuL'liealer. inuluilnK Horae’s Your Muibur WouWnT Like 

RADIO 3 4Mm. Stereo & VHF Nc '«- W5 Uautn with Mother, -s.. ij» Mike Allens Late Sbow 1 S 1 . 

*J5 am Weather. 7J» New*. T.0S Over- am News!’ M5 P»nrII*“" — 'As Davidson's London Ltnr in 

GARRICK THEATRE. CC- 01-836 4601. 
E»». 8-0. Mat. Wed. 3-0. Sat. 5.30. 8.30. 
GdiL - NOT TO BE MISSED.*' Time*. 

QUEEN'S THEATRE- CC. 01-754 1166. 

Evgs. 8.0. Wed. 3. DO. Sar. 5.00. 8.30. 

In Alan Bennett's 
Play and Flavors London Critics Award 

6061. Sep. Peris. ALL SEATS BOKBLE. 
It 2001 1 A 5PACE ODYSSEY >Ui 70mm 
01m. Wk. & Sun. 2.25. 7.5S. LatO Show 
Tonight & Sat. 11.05. 

3! B1LIT1& lX>. Wk. A Sun. 2.00. S 35. 
8.35. Late show Sat. 1120. 

Tub-1. 485 2443. Tavunl's ALLON3AN- 
FAN lAA) IBy the director o* PADRE 
PADRONE) 4.45. 6.50. 9.00. 

CLASSIC T. 2 3. 4. Oxford Street iopp. 
Tottenham Court Rd. Tube!. 6 36 0310. 
1- Brute Lee GAME OF DEATH rxi. 
Prgi. 2.00. 4.15. 6.30. 8.45. La'e show 
ii pm. 

2. Waif OfmcVs HERBIE GOES TO 

MONTE CARLO lU). Children half price 
Prom. 1.30. 3 40 5. 55 8.0S. Latr 


3. Alan Bates. John Hurt THE SHOUT 

(AAi. Progs 2 30, 4. 35 6.40. 8 45 

Late show 71 p.m, 

4. ni'Mrd But ' on THE MEDUSA TOUCH 
f Ai Progs. 1.10. 3 35. GOO. S 25. Lai* 
show 10.50 sn. 

RAYMOND REVUEBAR. CC 01-734 1593. 

At 7 p.m.. 9 om.. IT p.m. icoen 5uni.l 



ROYAL COURT, 01-730 1745. Air eond. 
Evenings 8. Sat. 8-30 

Bill Morrison's " Savage farce," F. Tlmte- 

ROYALTY. Credit cards. 01-405 8004. 
Monday-Thurtdav evenings 8.00 Friday 

^311 and 8.45- Saturoays' a.OO a^.BjOO. 

union’s crltka vote BILLY DANIELS in 

Bnt Musical ot-l97-» 

Bookings accepted. Malor credit cams. 
Special iwfueao rates tor. marlnew tfor 
llimred period onfyi. 

SAVOY THEATRE. 01-836 9888- 




TO SEE rr." Gdn. 

Evgs. at 8.0. Frl. and Sat. 5.45 and 8.45. 

Snaiteibunr Ave WC2 iHIgh Holborn end) 
Evgs. at 8.0. JOHN REARDON In 

’■ This musical has everything." 5. Mir. 
Mat. SaL 3.0. All seats £3. £2. £1. 
Credit Care Bookings 836 6597. 

CURXON. Curairfi Street. W 1 499 *7'- 

■Fiihv Air Conditioned Comfort r DER5U 
UZALA 'UI In 70 mm iEnaf.»h sub- 
ririeii A Him by AKIRA KUROSAWA. 
WORK." The Observer. "SPECTACUl AR 
ADVENTURE." Sunday Times. "VERf 
BEAUTIFUL.” The Guardian. “H*y“f- 
ING ADVENTURE " Sunday E»pre«. 
"MASTERPIECE." Evening. News FJm 
daily at 2.00 iaot Sun.i 5 00 and B.OO. 

Richard Bunon. Roger Moore.. 

Hareit. Hardv Kruger in THE wild 
GEESE iAAi Sec. progs. Wk. 1 -00. 4.30. 
8 10. Sun. 3.30. 7.45 Ute shows Weds. 
Thors.. Fns. and Saw. 11 45 pm. SeJl<. 
may be booked in advance 'or 8.10 
prog Mon.- Fri. and all proas. Sat .md 


^ane Fonda, VanesM_ Redgrave m a Fred 

'Inncmann film JULIA lA>. Sep. nrom. 
Dly 2 SO mot Sun 1 5.45. 8.45. Future 
Dh>, 2^5 (not Sun.J 8.00. 9.00. All seats 
bkbia. ar mcatro. 


cloke cNccuhrrcpg of the th-d 
KIND (Ai.- Sep. progs Dly. Doom jam 
1.0S 4 15. 7 4S. Lire shew Fn & Sat. 
Doors cnen 11.15 pm. All v;.t> bknie. 

ODEON MARBLE ARCH. 723 2011.2 
KIND (AI. See progs. Mon.-Fn. Dn«i 
open 2 . 1 s 7.30 saL & sun. Upon ewen 
1 05. 4.15. 7-45. Lite show Fr. A 5»t. 
Doors onen 11 . is p.m ah seats bookable 
In advance except lale shows. 

PRINCE CHARLES. Left. So. 437 8181. 

Sep Pert*. Dly. nnc San i 2.45 e IS. 

9.00. Lt* Show Fri. & sat. n 4a. Saanp 

BkMe, Lic'd. Bar. 

•'nktAi — . . .* 

h‘ : - : 

. “"Financial Times" Friday “July 7 19 78 

Sadler’s Wells 

Gallery and Styx 


wSms lease* u^nd® in d *S ?£,* alte ,[ ed sha Pe were fascina- 
almost avuncular fashion S', . lt L was . a,ra ° s t as ,f 

m amused wilh tricks uf' hch?. u^th^^K 0 ^ 11 ™ 1, wer u- show ' 
inc. anrf «tm “IB M s that there was nolhinq up 



Fassbinder loses his way 


ing. amt surprises i s w,,i, Inere was nothin: 

^•^arsads ? and " 

fi«Tfery. which is a new work m 1 ” wbal ,nay be su PP° se d the 
this year, ho presented a shoot- £? £,£?**■ ° r ll L e evcnin S- ®»x. 
ins gallery in which his dancers 5 i. dl!l !f ! ve 1 ? hape and Puhe 
indulged in name of the hoariest the Nlkolals manner this 
antics of mime — trick walks, ^ V cvident - !t started 

masked heads appearine and , h,ph «nou*ne*s, albeit 
disappearing— hut vet retained 1 ?IL !?■ Ievanc * of 1116 Me to the 
our attention and our goodwill .. lmes franll c and uneasy 
He does this by a cerium inno'- 2£ f ,vl V. es nf lhe cas * escaped me. 
rence. * ' 

v; a viri iii in mno- D„ t . mis. 

disarming 1 h 111 H ri ? r Sl?cll0 ns in which the 
hazard, with his own H. an _ ce _ no more than 

- D ~£ laboured acrobatics. Pilobolus 

evident pleasure in pulling off Ere, ,. acri 
vet another visual hn<<v tasniun. there was a Dali-esque 

incident in which a pink-robed 

ycl another visual hnax. 

What does not come off at all divinity 

was decked 

WpSrn^H* 1 ^ or SQ misc d ‘grill “f aValbmlra? part*- 

second in Wednesday s second with further sections in which 
programme. The opening Triple two boys went into a merrv liSl 
Duet from Grotto showed a dance and a trio of niJn col- 
couple in. . strippcd-to-ihe-buff lapsed against each other with 
leotards going through the maniac grins 
dullest of partnering, paces: but The sum' effect was of 
beside them were two other virtuosity in presentation fail 

«««?“■, e 2 f 5 shro “ ded in a tng to disguise an essential 
multi-coloured stockinette suit vapidity: beneath the glitter of 
hke some . douhle-headcd and light and pattern. thc rc is 
facc-less being. They paralleled nothing, and it seems not in 
exactly the dance movements of apposite that Nikolais is nre- 
Ihe clearly Visible couple — and senicd by the Chimera Pounda- 
ge effects as the fabric stretched tion for Dance. 

Dirk Bogarde and Andrea Ferreol in 1 Despair' 

L m - mini Burr 

joe Zina with jessica Sayre in 1 Styx ' 

St- BarthoIomew-the-Great 

Koenig Ensemble 

Die Festival at St. Barfs 
ntimicd on .Wednesday with 
usic fur piano and/or chamber 
viMJibh’, the fnmicr played 
it the latter conducted by 
it Latham- Koenig. Three new 
■ccs were shepherded by some 
.lanai-ek's hesl septuagenarian 
imc. Wholly engaging though 
■ Janacek works are, they are 
niliar fare now — even ns 
i.vcd by the Koenig Ensemble 
nhercas' the rest of the pr«- 
iinnie consisted Of unknown 
.inline*: that may ba\c cx- 
iiiipiI the thinness of the 
Jienco, .1 large part nf winch 
i sonic professional interest 
the conerrt. 

Devpiir the eccentric desenp- 
n i»r Paul ZioloN .UieHnn^a* 
is first major piano work." it 
re the familiar marks of a’ p re- 
us l exercise : judicious 
ilovment of familiar postwar 
-ices, doubtless held together 
paper hy its serial construc- 
n. evincing an educated taste 
I no specifically personal 
pulse. Mr. Lath am -Koenigs 
sp attach loot it souk* dramatic 
nr. The seven combined 
lenient* ** of Jjrosl.iv Ry bar's 
clemenri ccmrimuilr. also 
solo piano, offered the sorts 
sound that pianists like tn 

make and the kinds of ihinc they 
like to do with their fingers. 
Brief and undemanding, it loo 
hrnefited from Latham- Koenig's 
sharp rhythmic sense and his 
skill wilh colour-contrasts. . 

Colin Matthews' Rainbow 
Studies fr*r piano and five winds 
suggested much more individual 
enterprise. Its flickering scherzo- 
tcxiures. happily conceived for 
the ensemble, are haunted by 
near-tonal harmonies, obiifiue but 
rather potent. The evident musi- 
cal imagination nf all tin? invites 
closer acquaintance: even the 
traditional cut of the melodic 
lines — which really were that — 
had a eertain speaking force. In 
Janacck's .Hindi for wind sextet 
and in his Concertino e\ cry thing 
speaks, nf course, mostly of 
youth and spring ailed ornately 
recalled. Lalham-Knemg and his 
excellent players rendered it all 
most vivdly — almost ton brightly, 
had not the high spirits of the 
music been so infectiously con- 
veyed. Too few shadows in the 
first movement of the Concertino, 
1 though (though the horn Inter- 
jections had the right weight)! 
but the deceptive riches of Mlatu 
were confidently spread out, its 
real gravity duly measured. 


expatriate (Bogarde) living in husband’s mistress and the wife's 

Despair (AA) Screen on the Hill 1930s Berlin who has a weakness lover (Anna Karina and Uili 
Chinese Roulette f\A) for what one might call “voluP- Lommel); the housekeeper and 

Little Bit Ritzv Brixton tar Y schizophrenia." He keeps her son who tend the couple’s 
Th u - w r . . . D imagining that an identical after castle retreat in deepest Fran- 

Tbe Wild Geese (AA; cpo ^ etching him at work, at coma (Brigitte Mtra and Volker 

Leicester Square Theatre play, or in bed (with his plump, Spengler). 

American Hot Wax (A) pretty wife Mile Ferreol). Rather 0° e ill-fated weekend, husband 

Plaza 3 and selected ABCs than fearing these hallucina- ?”<* mistress unwittingly check 
Russian Frtontrire tions. he becomes drawn, almost int0 i * 11 * be same day 

National* Film Th«ntt-» a ddicted to them. When pressure wife lover. The 

National Film Theatre of pre-Nazi times and profes- adulterous twosomes meet, 

” | ~ —— — sional despair (he runs an ailing shocked amusement slowly gives 

English film goers starved of chocolate factory) encourage him way to nervous hostility, and the 
the work of Rainer Werner Fass- to throw up his middle-class life tensions are exacerbated by the 
hinder, and wondering why no and begin anew, he goes out. amval fl f the daughter ^and 
new film from the German boy- finds a seemingly perfect governess. Finally the eight 
prodigy has had a public showing “double" (Klaus LBwitsch) and characters gather w the main 
in London since Foi and His attempts to fake his own death hall ot the castle— a sinister. 

Friends (1975), will be glad to by killing the chosen man. museuai-iifce room in which the 
know that two of Fassbinders The macabre joke is that the KL., (bottles, 

latest films open in London this doubfe foofo J noting like 

week. One is Chinese Roulette. Boearde (exceot to Bozarde) «I y nouSe “ ir » glass 

an allegorical melodrama about 2 d ft L o“y ? of time.* “ 553 „“ SStfSTS? 

P 0 S L' ®LP ermi “? f. uUt - ^ ° ,her and of ruefully comic suspense. Roulette: a truth Same C iSf a S 
is Despair, a Kafka-esque Farce before the police track him down vicious stine in Wlt “ a 

senpted by Tom S.opp ir d. aD d arrest just as bo thinks he Tha« s«n the mm“\co now 
By an odd coincidence, is embarking on a New Life. The and 1 still find it a consummately 
Despair was Press-shown on Mon- joke, alas, is not enough to sus- baffling work. The vened Vi 
day: which, as a collector of tain the whole fiJa. and the cri minations dart back and forth! 
informational bnc-a-brae, I can mixture of Stoppard s wittily con- cryptic references are made in 
tell you was the birthday of both voluted dialogue and Fass- characters' unrevealed nseiV 
Kafka and Tom Stoppard. But if binder's rococo camerawork is so t he pallid faces are nosed hv 
the stars are trying to conjoin over-rich that aesthetic repletion Fassbinder in artful double 
and conspire in Fassbinder's comes well before the end. There silhouette. The tone is tenie 
favour, they have chosen a dour are incidental compensations— watc hful. menacing But what" 
task with these two movies. They notably Dirk Bogardes per- the menace is iri ai ^ of ^ ,“ l d Zhll 
provide all too clear an answer formance complete with Russian prec i se ] V we are supposed to be 
to those wondering why Fass- accent and expressively twitching ^ atchLn g for remains unriMr 
hinders work hos fallen from eyebrow - hot they ere not pSTferm/n eud^eoee IhS ^ 

Favour recently. Although there e "°“R fa 10 turD ^ balance of bo]ic overtones of personal and/ 
are differences in visual style «e film. or collective guilt (the final 

between the two films — Despair * question in the truth game con- 

has the ripe gloss of a well- cems roles played in World 

subsdised international produc- Chinese Roulette begins like War Two; may come through 
tion (it was shot in English and the Fassbinder of old: izitroduc- loud and clear. To an English- 
staTS Dirk Bogarde and Andrea ing us. through that oblique, audience the film looks like the 
Ferreol), Chinese Roulette has tableau-like style familiar since work of an artist who has lost 
the grainy, frugal look of early Petra von Kant, to eight charac- the fresh inspiration of Fear 
Fassbinder — they -are all too ters whose Jives are intimately Eats the Soul or For. and is busy 
alike in dramatic approach: both intertwined- and are about to mining labyrinths of symbolism ' " 

describing tortuous symbolic become more so. There are a In material neither very rich Marched Out' Through Enemy yesteryear, the cinema's ever- slant besiegement of wnuld be 

arabesques around the themes of husband and wife (Alexander nor very tractable. Country (With Machine-Gun and flowing Nostalgia fountain now Presleys or Little Richards 

guill. identity and madness. Ailerson and Margit Carsten- Machete), a/ter the double- offers us American Hot Wax. -stunning his office— but wit is 

Despair, written by Stoppard sen); their crippled daughter * dealing mastermind back in This is the story— suitably gradually edged out by the 

from a story by Vladimir and her mute governess (Andrea The Wild Geese is a 2 i -hour Britain (Stewart Granger) has souped-up and sanitised — of Alan multi-decihel assault nf the 

Nabokov, is the tale of a. Russian Scfaober and .Macha Merit); the adventure film complete* with f aiIe d to give them an airlift out. Freed, the American disc jockey Rock'n'Roll numbers themselves. 

all the trimmings of the old- The Boy's Own heroics let up who coined the term •* Rovk'n' * 

fashioned blockbusters: a sou- ? n, y for sudden i eruptions of Roll" in the 1950s and promoted F „ .. „ fa Eccentric* " 

* venir programme, a musical h roer-fn-aphic vmtenue (spurting the product through countless E v pi.r,,iv« wili no^nV 

overture and wrap-around stereo- blood capsules and vivid impale- radio sessions. He was finally “• l J e ° ti * le “ f 

phonic sound that seems at ment) or for Po-faced message- ushered out of his job by a v F t fJ-hSi hJI/L ntvi it. 

climactic moments to be detonat- P^dling. Into the mouth of the payola scandal, involving the J 1 rh,V l'Ur not nnted fnr 

ms behind one’s ears. It is also. Good African Leader for alleged receipt of bribes to play r e re eicoura-c™ent it "S i 

more notably, the first big com- example, whom it is the com- records on h:s show. But the np^onformists Bi^ t he eccen 

mercial film with an explicitly mandos job to spring from jail film doesnt go into that very h ere are 5 n 

anti-apartheid message. and restore to power, are put a much; except to suggest that livedwnried, nrt thrivrdTn 

Three cheers- for that (and for series of speeches, addressed to Freed was a man as much con- ^,. >,^0071 nnst-Ttevoii imn r?-. vs 

the equally unprecedented fact Hardy Kruger as his Boer mved against as conniving, and J ,hp 19% !mi iii The 

, . , , .. , that it is the first movie ever to escort, in which the hands- that RocknUolI owed him a ..i 1 

Peter Flannery s bleak and given a performance of outstand- . ... n J across-the-race-barripr mess see livin^ and was unerateful to sedSon leaiures work by 

ijHfi. J2P-3.7-LJ5 ia5 °rn"d td w *ht ul » is SSR-SV ungra,eful sss-s, & 

Elsewhere, the film is scarcely movie Press-show was Prota- 
ill- more t * an 3 90-minute jam ses- zanov's Festival nf St. 

Hattered by 

sentimentalise about me appal!- *u a spoi-m uuerrugauua sceue . .. 0 , 1 .,“.' :*■ ur h« rp "“‘J 1 ajs-»»ao#. mair svim mui ouiiuei and Billy 

mg conditions inhabited by un- which fills us in on his benighted KP Richard h BSrtS^ “lffehiS ' ★ are moments of sardonic fun Wilder, shows just how fresh 

fortunate minorities in all our background. 2? • Burton. Richard with the ulcer-prone business of and inventive Russian art was 

1 hi« cities Mr Flannerv's district Mr - Flannery’s dialogue is as ® arns and Roger Moore), and For filmgoers with a still music promotion— Freed wears before the revolutionary summer 
: is *h ul me where an abandoned, raw and flinty as the depressing 111611 an account of How They unslaked thirst for the music of a patient grin through the con- froze into the Marxist winter. 

'trembling weasel of a teenager landscape mightily evoked in^ 

has been joined by a dishevelled Chris Dyers wooden structures! 
trio from the University. . . that seem to shore up the 
Life-lines are not quite cut for theatre s back wail. Visual 
All's brother. Stephen,' has respite is prodded only in a final 
arrived from London and a job fling outing on the sands at South- 
in Housing to investigate the P° rt ' hut even here the tem 
set-up »md rescue his sister; and porary idyll is cut across oj 
the other girt Hazel, has a father defeated banter about research 
in banking who is sending up grants and cuts in university 
regular cheques. The assistance expenditure, 
is despised by Hazel's brother. It is easy to despise the self 
Oily (Charles Wegner), but he destructive idiocy of these Wei 
finds little alternative comfort in fare Stale waifs but harder not 
the disembodied voice at the to_ be moved by their general 
Social Security. Oily's anthro- plight. In all. John Caird'. 
pological parallels with Brazilian relentless and angry RSC produc- 
natives are subsidised by a com- tion celebrates an exceptional 
bination of foolhardy indolence playwriting debut. And there is 
and the looting escapades of Filz a strikingly appropriate sound- 
at the local Tesco's. track provided by Mick Ford and 

Fitz, the scavenging rodent, is Robert Hickson. 


Savage Amusement 


dilapidated Manchester squat David Tb re) fall, here confirming £££ Africa) but onlv half a ing earnestness 

several years from now is an the promise he displayed with 2S for thV film! Ueif iSls ft begrudge the fil 

nn. n n.r/.H,)iU onmnollinn Hull Truck. Ail miihhlee about c .. . . wie aim men. inis is 

Collegiate Theatre 

Triple Bill 


. •— *J 

r ‘It could only have 
come from Asprey’ 

S t ' ;i!'.i’r i>> -■! » .t* 

^.!i -tu,li - i u!«.\ 

165-169 New Fi'n J Sueei. Lon Jon \\ OAR. Tel: 0MP3 

After 15 years the London 
Opera Centre is closing down, to 
be replaced by tbe National 
Opera Studio. On Wednesday 
night the final batch of LOC 
students gave a trible bill at tbe 
Collegiate Theatre — there is 
another performance tonight — 
while on Saturday evening a 
revue, Hale but Farewell, will 
mark the end of an era in British 
operatic training. Over ■(60 
students have passed through the 
Centre since 15)63, and opera 
houses all over the world employ 
singers, producers and con- 
ductors trained at the former 
Roxy cinema down the Commer- 
cial Road. 

The triple bill opens with Ln 
canterina. a comic opera by- 
Haydn that needs much more 
stylish singing and playing if 
it is to seem in the slightest bit 
funny. Diane Fuge works hard, 
but cannot make Gasparina. the 
singer of the title, at all sympa- 
thetic. Bente Marcussen as 
Apollonia. Gasprina's so-called 
mother, has an even harder 
task to give life to a stack 
character. Jillian Mascall Sings 
nicely as Don Ettore. an 
amorous — and presumably rich 
—young ■ suitor, while William 
Pugh, as Don Pelagio, the 
music-teacher who pays lhe 
rent or the ladies’ apartment, 
manages to raise some laughs 
through the sheer energy of his 

Vaughan Williams' Riders to 
die sea. produced with restraint 
by David Ganid in Mark Had- 

don's bleak hut handsome set. is 
much more successful. Susan 
Flannery’ sings with real emo- 
tional power as Maurva, wbile 
Susan Moore as Nora, and'Alison 
Jack as Cathleen, the two 
daughters, also give co evincing 
performances. The Jupiter 
Orchestra, conducted by Peter 
Gellbom. brings the surge of 
the sea to a score that has worn 
very well and grown in stature 
over the years. The final piece, 
an excellent antidote to the 
black depression of Synge's 
tragedy, is Gianni Schicchi, sung 
in the English translation by 
.Percy Pitt. 

William Chappell's production 
can be accused of over-inventive- 
ness. but most of his ideas are 
amusing, and the singers, skil- 
fully directed, lose the self- 
consciousness that often afflicts 
students in comic opera, Luis 
Torres uses a Latin temperament 
to good effect as Schicchi; be 
presses too hard on his voice 
at moments of dramatic climax, 
but does his imitations of Buoso 
with infectious enjoymenL Marie 
McLoughiin sings Lauretta’s plea 
to her beloved father with 
charming simplicity, while Roger 
Jones, as Rinuccio. brings ring- 
ing tone to his apostrophe of 
Florence. Linda Shearer is a 
powerful Zita, while it is a 
pleasure to see and hear John 
Kentish on stage again as Ser 
Amanto the notary. James 
Robertson conducts Puccini's 
quicksilver score with an appro- 
priately effervescent beaL 

Royal Opera compromise 
by Caballe and Bumbry 

Montserrat Caballe and Grace 
Bumbry will share the title role 
in the Royal Opera's forthcoming 
performances of Norma follow- 
ing a misunderstanding over the 
version being used. The revival 
opened last night. 

Miss Caballe and Miss Bumbry, 
who was engaged to sing 
Adalgisa for the first time, 
arrived for rehearsals having 
prepared different versions 
which were difficult to reconcile. 

Both artisis were prepared to 
withdraw, but rather than dis- 
appoint the public It was agreed 

that Miss Cabalid would relin- 
quish the last three per- 
formances in the title role in 
return for Miss Bumbry singing 
Adalgisa in the traditional ver- 
sion for the first three per- 

Josephine Veasey will sing 
Adalgisa in subsequent pex> 
formanoes. There will be a 
refund on tickets for the July 21, 
24 and 27 performances from 
which Miss Caballe has with- 

Ronald Crichton's review will 
appear in all editions on 

New Issue 

These Securities hove been sold outside (he United States of America and Japan. 
This announcement appears as a matter 0 / record on/y. 


[Kabushiki Kaisha ASICSJ 

6th July, 1978 


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Financial Times Friday July 7 197S 


Telegrams: Fmantimo, London PS4. Telex: 886341/2, 883897 
Telephone: Ot-248 8000 

Friday July 7 197S 

THE U.S. appears to have made Originally the hope was that 
a sharp change uf tack in its the Bonn summit would have 
.•strategy for the closing stages little more to do than take note 
of the Tokyo Round of multi- nf a successful outcome of the 
lateral trade negotiations in trade talks. Thirdly, the last 
Geneva. Largely as a result of few days have revealed growing 
American pressure, nest week general dissatisfaction among 
has Iona been designated by the the developing countries over 
industrialised countries ns the the way the talks have been 
moment for concluding the main conducted. and particular 
political phase of the negotia- resentment at the July 15 
non.;, leaving only technicil deadline. 

details to be finalised later in The developing countries feel 
tiie year. Mr. Robert Strauss, they have been excluded from 
President Carter's Special Trade the real negotiations, conducted 
Representative, has consistently behind closed doors by the 
caressed optimism that the U.S.. the EEC and Japan, and 
mid-July deadline can be met. do not see why the indus- 
and earlier this week, Mr. trialisd countries should be 
Alonzo McDonald, the chief allowed to set the pace. They 
l : .S. negotiator in Geneva, was are proles ling. increasingly 
suggesting that an “exciting loudly, that there will be little 
-uperb package” was within f 0 r them in the final package, 
grasp. despite the industrialised 

Awi.nrltur* countries' commitment to take 

"« * special account of their 

Hardly were the words nut interests. Throughout the clos- 
in' Mr. McDonald's mmtih when irjo slase r .i the talks, the 
Mr. Straus*, m Washington, took Carter Administration has 
•i totally different line. There s bown itself much more sensi- 

is. he said nn Wednesday, "little t j ve { | 13n jj s predecessors to the 

chance, if any id reaching developing countries’ point of 
broad agreement by the end uf V j cw 

next week - largely because of The raain factor however, is 

ih? EEC s 1 allure to make undoubtedly U.S. dissatisfac 

MiflieKwiily vciiltou< concessions t j on w j tb tbe contents of the 

Italian style 


of meeting a chaotic pensions — which transformed Italy from foreign investments. increase in the cost of money, 

system which is flagrantly ex- an agricultural-industrial coun- Today Latina has an unem- the general intransigence of 
plaited by politicians by way of try into an industrial-agricul- ployment rate of about 12 per the trade unions, and labour 

patronage and by recipients for tural country and shot it into cent, compared with the official costs increasing by well above 

direct gain. Their total number the top 10 industrialised national average of 7 per cent, the European average, thcr*- 

has grown from under 6ra in Western economies— the aver- In fijay alone the social welfare followed a cun traction in local 

] 960 ""ta close on 14m to-day. age rate of growth of GDP was office had to pay as much as industrial output with obvious 

l The actual labour force is only about 6 per cent. Since the oil 457,536 hours of state-subsidised repercussions for labour. The 

20mA The percentage of GDP crisis, the economy has grown wages for workers temporarily result has been that the state 

expended on multiplicity of pen- by an annual average of 2 per laid tiff by iheir companies, has increasingly been saddled 

«ions has more than doubled in cent. The fundamental ques- Factories have closed. Massey- with the expense of meeting 

the period to 11 per cent tion remains whether this much Ferguson and other inter- rising expectations so as nor in 

ThP nnlirirai narties including lower plateau is now to become national groups with pianTs in disturb tile unstable political 

the Communists who sustain the the norm and. if it is, whether the area are threatenins to lay balance. If the so-called 

n r esen t minority Christian the economy growing at such a off several hundreds of •• histone compromise nr 

Democrat Government of Sig. relatively low pace can manage workers temporarily. ^ The grand alliance nf Hie Com- 
riuiiit Andreotti are all acreed to accommodate the social majority of the unemployed munists and the tradition d 

nr t j lev claim that the strains released by the un- are women and young people, governing parties, is xiill a 

A TEAM from the Inter- in the longer term. The deficit - romp finallv to halt fulfilled expectations aroused in Present employment prospects nebulous concept, in a pruvinn* 

national Monetary Fund last year of the enlarged public ^ lo tbe 1960s and inherent in a are grim. Not one new job has Ilke Latina what ls termed as 

(IMF) is once again in sector came out at Lire20.500bn _ society which has switched from been created in the province a ■ SO cial compromise" is very 

Rome to examine the national (£12.5bn). against a projected J;," , t ' . V D IfS the Densions an agricultural to a largely in- following the introduction of much of a reality, 

accounts, in part to review Lirel6.450bn. with the agreed « deS dustrial base. the youth employment bill last Thig .. social compromise” is 

progress under the Italian letter domestic credit expansion of ' more state handout Alreadv there are demands, year, 

of intent signed in April last UreSO^OObn increasing to Lire ^^^Sg numlJlfof ^ from c6nfindustr, 3 . the em- 

year, but also to open pre- 35/W0bn. dustrlal lame ducks. A mora- Payers’ national organisation, 

lira.nary negotiations for a new Deviations in prospect from tnrium has been placed on local from the trade unions, and from 

Italian standby with the Fund agreed IMF targets for the cur- au . horit y borrowin'* but in the political parties, to "go for 

of $lbn. Parallel talks are rent year are even more alarm- reaiity liabilities are simplv growth." to lean on the replen- 

under way with the European ing. The public sector deficit in . • ^ transfered to the central isbed reserves and on foreign 

Economic Community (EEC) 1978. on the basis of unchanged Irea f urv borrowings in order lo get the 

for a new loan facility of up policies — though another mini- 
to $1.5bn from its members. budget is promised before the 

Mr. Whittnme of the IMF arrived in Rome this week to 
eheck on Italy’s economic performance. 

treasury. - 

, ■ .. economv growing bv more than 

Of course, everyone claims to One sus- 

At the moment Italy has. in «? d * { * said to be run- be against sin forties now Srrer that'uw'mw^ 

Jntpr ning at an annual rate in excess call for cuts in public expendi- f - - - - 

* - ture — but which cuts and m 

un agriculture. His remarks 
followed a comment by Mr. 
Edmund Dell, the British Trade 
Secretary, ihai the July 13 
deadline would be “a lough 

EEC's offer on farm products. 

Washington has consistently 
maintained that it is not trying 
to undermine the principles of 
the Common Agricultural 
Pnlicv. But its negotiators 

Th«?re are a number of pus- mus t' secure greater access for 

V I n ovnl-im f. ■ Mr _ 

Mhle explanations fur Mr. 
Strauss’s apparent vo!ie-[ace. 
He snl! has every interest in 

a wide ranse of American agri- 
cultural exports if they are to 
sell the final deal to Congress. 

preying ahead as fast as pus- p u jj details of the Community’s 
.-.ble m Geneva, given that the lalest oPFer are mit available, 
final details of the new agree- but even Mr . Dell, who put his 
mem will have In be concluded narae t0 it in Brussels, believes 
by the end nf the year if the tbat j t j s not enough to secure 
American Congressional time- agreement, 
tahlo is to he met. But he . " . 

clearly cannot take home an Protectionism 
unacceptable package simply The participants in such a 
for the sake of meeting the marathon round of talks are 
July 15 deadline. There is bound to go in for negotiating 
little point in meeting the Con- gambits as the climax 
gressional deadline if Congress approaches. It would, however, 
is going in reject the final be disastrous if the Tokyo 
package. Round were to founder on EEC 

A second consideration is agricultural protectionism. It 
i he iinrcaving expectation is not that the content of the 
amu-ig -ijuiiaN iff The indust- final package is going to be 
rial Ned .-»umi rics that one nr dramatic. The real importance 
more of Hie mi Man-ling Token of a Tokyo Round success is 
R'-imrl issues may have M be ihai it would demonstrate the 
referred tu ihe >even-nation determination of Governments 
economic summit that will he to resist tbe protectionist forces 
convening in Emm just as the that are growing stronger with 
Geneva deadline expires, every day that passes. 

Finance for 


THE QUESTION of whether quickly become wholly unman- 
elcctricity prices in Scotland ageable. 

should or should not rise bv ^ Ffi ce Commissions 

Ub.n.1 4 per tom i.< no. an Issue 

.... , , , sound, these consequences might 

likely to cause much lost sleep stlll have t0 be faeed . It , s 

in the rest or Great Britain, arguable that excessive revenues 
but the Price Commission, in encourage spendthrift invest- 
examining this question, has rnent. The large overcapacity in 
r.:i>cd a que^uon iff great pub- thij particular industry might 

lie importance. basically, it have been set up less readily 
arcue*. tiiai because of |f , 1(?w borrowing had bec-n 
mlr.ilinn. vu.ffomers nf the required. The excessive cost of 
national 1^:1 industries are recent SSEB plant points the 
being asked not merely to pay same moral, 
enough i*> cover the real j n addition, excessively de- 
ninning expenses of the mantling financial targets may 
naiiunalised industries, but to inhibit worthwhile projects, 
•imply enough (und-s to make Unrealistic accounting practices 
ih'-m in ihe long run elTec- disturt investment decisions, and 
uvoly debt free. the price Commission's report 

The required rate of return does underline the urgent need 
minmcd on public sector itidus- for realistic inflation accounting 
tries um'-r the 1977 Act is thus, jn the public sector, 
in '.he view oT the Price Com- However, the basis suggested 
mi-sin:i. excessive. It argues by the Commission does not 
t S in t a proper application of appear to be realistic. It rests 
infill lion accounting principles on the assumption that because 
would not only allow for the nationalised industries we-e 
risiiie cost of replacing real originally established on a 
assets in a time of inflation but financial basis of long-term lior- 
fur ihe falling real burden or rowing they are now 100 per 
very icing debt. This adjustment, cent geared. This is not so. The 
equivalent to the “gearing process of self-finaneing as a 
adiusiment” in Ihe Hyde guide- result of inflation — probably 
lines on inflation accounting, at the expense of lenders as 
would in the case of the South much as of customers — has 
of Scotland Electricity Board, been going on far a decade, and 
virtually offset the required the current written-down assets 
addition to the depreciation nf these industries greatly 
provision. exceed their honk debt. The 

, - » public as a whole has acquired. 

Highly controversial through depreciated financial 
The idea that the nationalised assets and accumulated sur- 
indii-irie- are overcharging by pluses, a large “equity" interest 
a substantial amount — the in the public sector, and can 
adjustment suggesied by the reasonably require a real return 
Price Commission would reduce on its investment, 
the required revenue for the This analysis suggests that the 
electricity industry aJone by appropriate inflation accounting 
some £2(k>m. and for the whole adjustments will vary widely 
nationalised sector by a far from Industry to industry, 
larger sum — is on the face of according to the structure and 
it attractive: but in fact the age of its debt, it past and cur- 
economic logic behind the argu- rent efficiency, and the average 
ment is highly controversial, interest charged. The basic 
and the financial consequences principle that customers should 
could be frightening. Unless not be required to provide real 
investment programmes were capital under the name of 
themselves cut. any reduction of “breaking even" under mislead- 
revenue justified in this way ing financial rules may be 
would require an equivalent sensible, but only a much fuller 
addition to the public sector analysis of Hie accounts of 
borrowing requirement: unless publicly-owned industries will 
this were offset either by higher >hnw which are indeed in some 
raxes I transferring the burden, sense overcharging, and which 
if* There is one, from customers are still earning a thoroughly 
to taxpayers) or in cuts in inadequate return on asset > for 
other forms of public spending, which the public has inadvert- 
the financing burden could ently and painfully paid. 





On the surface, at least. Mr. 
Alan Whiuome. the Fund's 
European director, and his IMF 
team are finding this week an 
encouraging Italian situation: 
the reserves are again healthy. 
The target agreed with the IMF 
and the EEC to reduce the 
current account deficit last year 
to Lire500bn (just over £310m) 
was overshot with an actual 
surplus of Lire2.0l4bn. The rate 
of inflation is dropping from 
the 19.5 per cent of last year. 
CDP increased in 1977 by 1.8 
per cent, or very dose to the 
2 per cent in the letter iff 
intent Finally, there was some 
good news from the wages 
front, the cost-of-living increase 
for wage indexing purposes 
reaching 13.3 per cent com- 
pared with an IMF target of 
15.7 per cent. 

Current Account 




1974 *75 ’76 

End year figures 


perhaps the key to the ever- 
growing deficits of public and 
local administration. Apart 
from a whole, series of auto- 
matic mechanism such as index- 
ing which continue to send 
labour costs spiralling higher, 
an intricate web of what 
amounts to social handouts 
acts as a colossal drain on 
public expenditure, in Latina, 
as elsewhere, the most blatant 
example is the administration 
of pensions. 

The National Pensions Insti- 
tute, INPS. pay's some 70,000 
pensions a year in a province 
with a total population of just 
about 400,000 people: nf the;?, 
some 70 per cent are repre- 
sented by invalidity' pensions 
which can be drawn after only 
five years of paid-up contribu- 
tions. The contributions them- 
selves,- according to the local 

not surprisingly, are not enthu- ar e generally onu moany INPS head. Sig. Antonio 

•iiasrie The stock exchange termed the fundamental 10 makt matters worse. Cipriani, act as a turther 
constantly being revamped but structural defects of the Italian a (J f distortion to the system. Certain 

with little visible effects so far. economy, the cxvm&M -f^ 1 * h “ len . "lof , he ^tltoe “^ones of people pay mmuie 
Tint evict as a nraetieal deficits of local and state tourist potential of me coastline. annua i contributions yet none 

™hide(McSnlfliri.MrtSn lhc «*«• » f 3n Im1u5t 7 l,as t at ' rac,eii ,abour the less enjoy full beneflis. 

of the Deoole’s exceptionally- accelerated but nneo-ordinated awaj from the farm* and. in Abuses often go unpunished, or 
hU lerel of SSSrSE industrialisation programme - spite of efforts to boost the unnoticed . 
industrv interest rates continue with s^re repercussions nn agricultural sector at this tinx.* local aut hority has 

to be well above the European agriculture— and the explosion of industrial recession, the work- seen its indebtedness increase, 
ave rag^prima^y to encourage unemployment force .s reluctant to go back to Recenf le?islation . however. 

fact. nc« need of new inter- "‘^ar an aanuai rate m excess - tary authorities and Mr. 

national credits The reserves of Lire30,000bn (£18.7bn) or ture— but wmch cuts and in d his 1MF team 

Savebeenamplvrep^shed double the Li re 14. 450 bo agreed which services? Industnal re- a doubUng of the 

since the lire crisis and suh- F “" d , ' “™i »*- Zn, for ve. “ bn“ th“e 5 ® r0 '‘' ,h rate in 1979 could OTW 

ra. Sh S5“‘“; « htovefLJe SjpterioS mUe a^ntent. 

Italy announced this week that Filippo “ransfer" to* ’ the bui ks° Se“ mus 011 lhe cx '" on " e rate ' 

m repay prematurely thp tougboub* rai un» - . . ..... . . .,f the nmhieme 


capital inflows from abroad and Latina was originally ear- Wh . v , rnri „ v r t he t 

to hold what funds already ai;e marked to become the industrial ^hat went wrong, in tne authority indebtedness, together 
tbere belt of the capital servicing . ? laLt i " 1 ° w,t h an overall national spend- 

lueic. _ ^ nrosnu* mdnctmliRnlinn nro- ■ - .nm 

the land. 

has placed a limit on local 

What is evident — and com- 

Rome in much the same way as rII? U thS aI ™ IOn ing cei,infi for 1978 of son,P 

, U1 . . , . .u ■ the northern province of fifanune for the area. Subsi- Lire 13>5 oobn (about £9bn). 

Ho 3 m n J Varese serves Milan. The pro- d jf ?d *^ ed ^ f * cUit ‘ es . But in the eyes of the Mayor 

ties have used monetary and vince offered the ideal l0n . often granted on haphazard of Latinai t0o nsor ous limits 

flsca! policies since tte ml for such a development cnte ^ 3 ' Iftirastruaures and on | oca] authority spending 

crises in I9i4 to redress the During ^e pre-war Fascist £° L ‘ ,a * f cn,L J s > 1 ' l ' e . lrapr '; could have serious social amt 
resulting baiam.e of pa^Tnents d i Clatorsb j Pi tbe drainage uf the hospitals and srhools to meLt hence political repercussions, 
crisis uf a countrj- needing to p ont j ne Marshes was carried the demands of a growing Like other provinces. Latina 
import some fnur-hfths uf its out representing an immense P'-'Pulalion, did no^ keep up with finds j 0 a vicious circle 

energy requirements. Tbe pre- achievement Tht . ni io the tire speed of mdiwtnalisat.un. ca hf oa thc 0De lland Wllh 
occupatinu has been entirely } 196fls the Latina The labyrinths ot bureaucracy. th real need t0 undergo a 
with this objective, and the jon offered cho Jabonri , he the confusion of the ill-defined serious reconslruction of its 
policies have worketi reraarkabJy mark - et of Italy s Iargest citJ .. responsibilities of local pro- entire 

economic base, but cn 

termination to get to grips with well. The payments surplus last Rome togethe f with all the v,n ^ ial - regional and national ^ Qther t0 meet the immed j dU . 

the escalating deficit, itself one " s “ * u “ 

omies is getting better, or so of the major inflationary pres- 

One of Europe's sick econ- the escalating deficit, itself one year will be repeated in the subsidy a^d related benefits of authorities, and the indecisions and prt . ss ing SO ciaI and political 

current year, but at a cost of the fund for ^ in dustrialis- of thc u Pokiieti parties have dema K nds of the area . The 

these figures for final objectives cures in the economy. virtual industrial stagnation. atioo of South> the Cassa exacerbated the problems. The heavy police biod . on ma,,, 

would tend to confirm. But the The public sector deficit is at external constraints remain p er d Mezzogiorno. In a few Matter in particular, according b jg bwa y Home outside the 
Wliittome team is looking rather the core of the Italian economic w ^rh no tangible signs that they yp ars manufacturing industries Christian Democrat 0 [ Latina is a sharp 

deeper, and it is apparent that problem. It is the end product of are being reduced by shifting a too j- rootj particularly in the flavor of Latina. Sig. Antonio reminder of another every- 

the Government and the monet* the mounting deficit of the local greater proporti on of GNP to northern part of the province. C° rona ’ is perhaps at the root da y r ea 1 i ty — rising crime and 

ary authorities have had much authorities, the massive and con- exports and investment Between 1961 and 1971, the present crisis. an escalation of politically- 

less success in controlling inter- tinually rising deficits of the During the 1950s and early population increased by almost With the industrial recession, motivated terrorism. It is a 

mediate objectives along the major state industrial conglom- 1960s, in the period of the so- one-fifth. Subsidised credits of the drying up of subsidised danger facing not only Latina, 

road, with serious implications erates, the explosion in the costs called Italian economic miracle the Cassa attracted sizeable credits alongside the general bu* much of the rest of Italy. 


the London Rubber Exchange, deceased members cannot be how in the early 1970s he like- 
Amalgamated Metal is upset at wound up. So the exchange— if wise fought to stop all U.S. arms 
being offered only this nominal not Amalgamated Metal — sees shipments to the Greek 
value of the share in a capital the reorganisation as a boon to Colonels. 

AH as firm 
as the Rock 

With its London tourist office re-organisation of the Exchange, everyone, 
opening in the Strand this week. The underlying assets of the . 

Gibraltar has added one more share at the Ja$t_ balance sheet 

link to its ties with Britain. But were all of £1,053.85. RGfTIGdy r©Vi©WGd 

these post-Franco days, the Ruck An Amalgamated Metal repre- * 

Brademas and some colleagues 
have just published a book on 
how the Carter Administration 
has been undermining tbe 
efficacy of tbe Congressional 
embargo. He argues that Carter 

is still a lonely and somewhat sentative told me yesterday that Richard Doll, whose 

unwelcome enclave on the he recognised the amount of research established the link . mai - op inh _ ak _ fhp 
Iberian peninsula. ninney involved was nither >>et»«n lung cancer and Senate an^ Hoise of Rcorc 

■•Would more Gibraltarians --U; b-t J« «« a matter nf amoking. js about to start a new jf Pr £ 

favour ™Srab“ e supp„ rt he STS "A- Sr Richard. S*"**' 8 «• * 

*n staffin° the objections at the shareholders professor of medicine at Oxford, 
cklv cited the meeting this morning. would not give details when I 

te in the last The capital reconstruction of me this was 

referendum in favour of the the Exchange has become desir- i« Sha * - b S suDDorter of the embareo was 

Rock staying British, and said able since membership of the f a a S k « m ’ absent and another arrired five 

only a “few more" would vole Rubber Trade Association has ♦ shaU b u makl * g “ 

dwindled. Originally there were statement in a week or a fort- minutes after the vote. 

124 members and the same t -#Wrti . , Pl«ie bad been Jate. 

number of shares in the LJLG. Ir 15 und erstood that the study 

in favour of Spain today. 

The British and the Spanish 


are shortly to establish working B now there* are has do w ‘tii the unproven 

“ “'M Taking root 

learnt yesterday that the only jjjgj, any jnterest in gastr^^erologisL 7 Wi^he Ye^erday Ihad a letter signed 

point «n which all Spaniards ' „ . investigate alternative cures for R ° y Jenlun s making _fun of 

agree is that Gibraltar should , lhey cannot seU their shares han^-overs-> One wonders. **« Common Market. He was 
return to Spain. because, under tbe rules, the ° * jubilant that a firm of Ipswich 

Thi sharc s can only be sold to new ■ — seedsmen is selling a British 

- hi- A, L!ni-h° Vvr! members of the Association— a . , . sprout which is claimed to be 

* J?® __p wnr t!nU rare *P ec,e *- This has led to Islsild activist superior to tbe Brussels variety 

parties' to discuss ^tlieir co m : P rob,eras - ^ estates of ... ... because it has no tendency to 

plaints about Britain's annexing . 

the neutral lerriiorj- established 
by the Treaty of Utrecht in 
1713— nor the "Berlin Wall” the 
British have built. Were these 
demands being dropped. I asked 
one Spanish official yesterday: 

The answer is no. The Spanish 
hope is that circumstances may 
alter and all citizens, left and 
right, achieve their aspirations 
about the Rock. As for the talks 
between thc working parties, 
these 2 re seen in Madrid as “tiny 
acorns from which mighty oaks 
may spring.” 

t Fa/rford 


This week UA Congressman „ 4t , C1 . 

John Brademas has been off L ' *£££! chou“ sa?d 
battling away here to raise con- j en kins gloatingly, 
cern in the future of Cyprus. 

He has been telling MPs that 

The Ipswich firm is 120 years 

Rubber rebound 

Amalgamated Jlela! Corpora- 
tion. which has a market 
capiialisatirin uf just over £20 m, 
is set to have a fight today over 
its one and only £50 share in 


ttic keylles in briDgipg prasspra 1 

llave 10 conI «5 that this Roy 
yesterday he told me that he |,as nothing to do with 

ttought tore was more the h*. commisiion. He is 
interest and sensitivity about director of a scien tific company 
Cyprus here than in almost any in Bristol, 
country in NATO — which, you 
might say, is only fitting in a 
country so involved in the 
island's past. 

As Majority WWp In Con- „ Fish and ^ _ The Great 

fjff 55 ' e he r * rd . ° British Invention” — so pro- 

De k '? oc ^ ( c . Congressional da| me d the packet containing 
leadership, but totally opposed a hand bssue which a reader 

to President Carters attempts received at a barn dance he 
to have the U.S arms embargo attended in Essex. But on the 
on Turkey lifted. He says he back, less prominently, was 
told this to the Turkish Prime printed "Made in Israel.” 
Minister, Bulent Ecevit, in New 
York last month — and that he 
surprised Ecevit by describing 



a complete p roperty 
service to industry and 
commerce throughout 
the United Kingdom 
and Western Europe 



L "jiii>iei3 S.rvovoi'. 

3-4Holbom Circus 
London EC1N2HL 
Tel: 01-353 6851 
Telex: 25916 

a Rir 

\iduers \md perils of Industrial and Cummcnittl 
Property. Rating Surveyors Blunt Si Machinery \iduen. 
Project Xltiniigem huksrment, Finance and Deirlnpmcnt 
Consultants. Fire Loss Assessors. Property Mnnagrrs. 

Financial Times Friday July 7 1978 



The pattern for the 

ANYONE addicted to jigsaw 
<*an only have relished 
>lns week. For it was a week 
when i he political bits and 
pieces began to fall into place, 
sumo of them not quite where 
one might have expected. 

l ,- or a start the Conservatives 
won the employment debate in 
i lie House of Commons on Tues- 
day hands down. But there was 
a victory for the Government 
i«m: Mr. Callaghan and the 
Cabinet accepted the recom- 
mendations of the Boyle Com- 
nmicc on top salaries without 
loo much of an outcry from the 
Labour Left. And then there was 
Mr. Heath, making it up with 
-Mrs. Thatcher. Or was he doing 
any such tiling? 

The debate on employment 
was remarkable in that it had 
Sir Keith Joseph and Mr. James 
Prior speaking almost as one — 
I am told without any previous 
consultation. Sir Keith's was an 
able performance. He moved 
about the floor of the House like 
Puck in Midsummer Night's 
Dream and he gave no hostages 
to fortune. “Monetarism," he 
said, "is not enough.” Can it 
he. he asked in an aside as 
if he genuinely wanted to know, 
“ihat the Government hate the 
creation of individual wealth 
more than they hate unemploy- 
ment?” There was in truth 
nothing to report, save the style 
and the fact that Sir Keith had 
not put his foot in it 

Mr. Prior was more plodding, 
though it was left to him to 
say that the Tories would not 
immediately abolish either the 
Temporary Employment Subsidy 
or the Employment Protection 
Act. Together they were the 
suul of moderation. 

It is true that the Tories can 
rarely have faced such a feeble 
response from the Government 
benches. Mr. Albert Booth, 

the Secretary of State for Em- 
ployment. for example, was 
plainly unable to make head 
or tail of a simple set of statis- 
tics that was handed to him 
during his speech. As for Mr. 
John Golding, the Under- 
secretary who for some reason 
was appointed to wind up, per- 
haps all that needs to be said 
is that afterwards Sir Keith 
went across to console him. 
Clearly the Government can do 
better if it puts up its heavy- 
weights. Yet the fact remains 
that if the Tories simply ham- 
mer away at the 1.4m unem- 
ployment figure and promise 
remedial measures that fall 
short of the wholesale abolition 
of job subsidies, they are on 
very strong ground. It is 
ground that one would expect 
them to try to hold during the 
election campaign. That indeed 
was one of the pieces falling 
into place. 

Meanwhile, however, the 
Government was busy else- 
where. The remarkable fact 
about the meeting of the Parlia- 
mentary Labour Party on Tues- 
day was that the room . was not 
fulL The Cabinet was there in 
strength, but less so the back- 
benchers. And even when there 
was opposition to the Govern- 
ment's decision more or less to 
implement the Boyle recom- 
mendations, much of it was on 
tactical grounds. There were 
suggestions, for instance, that 
the Government had merely 
stored up trouble for itself by 
refusing to act before. There 
were references to the 
absurdity of so much attention 
being given to what would be 
pre-tax increases: there is. 
after all, a considerable differ- 
ence between the £20,000 
awarded and the £2,000 or so 
that would actually be received. 
And there were grumblings 

about the timing, but in 
general this was the revolt that 
didn't take off. The truce in 
the Labour Party that has been 
apparent for almost a year now 
continues to bold. 

That is not to say that there 
is not a certain amount of 
mystification about what is 

happening to the Government’s 
economic policy. One instance 
is the discussions about closer 
European monetary coopera- 
tion. The party has no idea 
here what is going on, but 
again it is a case of the dog 
that did not bark. There has 
been very little sniping at Mr. 
Callaghan for becoming too 
involved in Continental theories 
of economic stability. 

Central question 

Closer to home there is 
mystification about incomes 
policy or, more precisely. Phase 
IV. No -one is quite sure who 
is talking to whom, and 
certainly people seem to say 
different things in private from 
what they say in public. The 
central question, one would 
suppose, is whether Phase 
IV will be accompanied by 
some kind of move towards 
institutionalisation — whether a 
revived Prices and Incomes 
Board, or a Pay Review Board, 
or whatever. After all, the 
point about phased incomes 
policies is that they are 
supposed to lead somewhere — 
if only to something vaguely 
called re-entry. You cannot 
easily go on through Phases 
IV. V and VI with no end in 
sight and no apparent aim, 
except perhaps making it up 
as you go along. 

The point is taken, to be sure, 
by Mr. Len Murray at the TUC- 
The view there is quite simple: 
the TUC will oppose Phase IV, 

just as it opposed Phase ITT, 
but without a great deal of con- 
viction and without a great deal 
in the way of results. At the 
same time, however, the TUC 
would like to know more about 
the Government’s long-term 
thinking. Is there going to be 
institutionalisation, or not? 

It is here that the pre-election 
battle is still taking place. 
The possibilities are becoming 
clearer, bur one cannot be quite 
certain which one will finally 
emerge. For example, the 
Government could come out 
with a White Paper on incomes 
policy so bland as to be broadly 
acceptable to the Tories. In 
that case, although nothing is 
impossible, the unions would 
find it quite difficult to be any 
less co-operative towards a 
Tory Government than towards 
a Labour one. Alternatively, 
the Government might well 
take the initiative and go for 
some kind of institution. One 
theory is that it could do this 
before the end of this month, 
and certainly well before the 
TUG conference at the begin- 
ning of September. The Tories 
would then have to do some 
quick thinking about how to 

And yet whichever way the 
White Paper on income policy 
goes, it may still be that the 
Government has the advantage 
on the rate of inflation. Mr. 
Callaghan has brought it down, 
and he wants to keep it down. 
In an election campaign one 
only has to ask what would 
happen to inflation in the first 
year of a Tory Government to 
realise the Tories’ problems. 
Undoubtedly it would go up 
with the first sign of a relaxa- 
tion of pay policy and a return 
to free (or freer) collective 

It may well be that it will 
have to go up in order to 
stabilise, • or even come down, 
later. There is a respectable 
case for. saying— a la Erhard— 
that -a short-term increase in 
inflation is the necessary price 
for a freeing of controls. 
Indeed that is precisely what 
the French Government, with 
so much German encourage- 
ment, is saying now. But it is 
not yet what the Tories are 
saying, and it is for that reason 
that they remain vulnerable on 
inflation. Mr. Callaghan is try- 
ing to do something, and still 
has a little time left. That is 
one more sian of the pieces 
falling into place. 

.Another is devolution. The 
Scotland and Wales Bills had 
their first reading on almost the 
first day of the present Parlia- 
mentary session: the House of 
Commons will be shot of them 
on almost the last There is 
some talk of a final struggle be- 
tween People and Peers, and 
the Government is ready to sit 
until well into August if neces- 
sary, but it is not very likely. 
The Bills may be still less than 
perfect, but a chapter is over 
and — with the referenda to 
come — no one can seriously say 
that there has been an absence 
of consultation. Again, it all 
looks very different from a year 

Advance billing 

Not least, there has been Mr. 
Heath, one of the most difficult 
bits of the puzzle. One should 
resist the temptation to play 
down his Penistone speech 
entirely. Clearly he himself 
thought that it was important; 
otherwise there would have been 
rather less advance billing. The 
Tory Party thought it important 
too — hence Mrs. Thatcher’s 

prompt statement of welcome. It 
remains, however, to examine 
what he actually said and what 
he had been doing before. 

There had never been any 
question of his leaving the 
party, crossing the floor, join- 
ing the Liberals or the Ulster 
Unionists, taking a job in 
Brussels or Strasbourg, or what- 
ever else has been suggested. 
There was no question either of 
his refusing to campaign in the 
election: some of his speaking 
engagements indeed had been 
agreed long ago and in a sense 
he has been campaigning for 
well over a year. What is new is 
that he has brought himself to 
utter the name of Mrs. Thatcher, 
and to wish her well. Yet his 
most pregnant word might well 
have been “ together.” “To- 
gether.” he said. “ we must fight 
hard to gain the victory we ail 

There can be little doubt to 
my mind that his apparent con- 
version and the publicity it has 
received will help the party in 
the country. The Tory Party 
does not like quarrels, though in 
practice it indulges in them 
much of the time, and Mr. Heath 
has been seen to have made his 
gesture of reconciliation. Yet 
the question of a place for him 
in a Tory Cabinet is as hard as 
ever. It would not be easy to 
make him Chancellor for the 
simple reason that his economic 
views are quite different from 
those of Mrs. Thatcher and her 
closest advisers. 

Even at the Foreign Office 
there would be the risk that he 
would seek to tie Britain more 
closely to Europe than Mrsi 
Thatcher would w’ish. There 
would also be the problem , of 
his operating a government of 
his own through his consider- 
able intelligence network. And 
to be fair, of course, he has not 

Mr. Heath speaking at Penistone on Wednesday evening. 

actually said that he wants a 
job. He remains in reserve for 
the future of the party and. per- 
haps he might add. for the 
future of the country. 

Nevertheless, the Penistone 
speech was one of the pieces 
falling into place. What it all 
reduces to is that the election 
will be fought primarily on the 
economy and that the politicians 
have no more idea than anyone 
else who will win. Only Mr. 

Denis Healey is said to be pre- 
dicting that Mrs. Thatcher will 
“ do a Gnldwater.” The betting 
in the rest of the Cabinet is put 
at a little under six to four on a 
Labour victory. My own view, 
for what it is worth, is that the 
result will depend on the cam- 
paign and that all other calcula- 
tions at this stage are academic. 
Meanwhile, thank God. the cam- 
paign is one week closer. 

Malcolm Rutherford 

Letters to the Editor 

Tomorrow’s top 

~rom Mr. G. Todd 

Control of 

income on which to live, such 
as retired people, are far more 
likely to invest in Gilt-Edged 
securities than in equities. 
Institutional and overseas 

— investment into UK equities is 

Sir,— Mr. J. R. Walker (July 5) necessarily restricted because of 
Khances, on the shakiest of artificially low pay out levels. 

> remises, the argument that Uncertainty as to the level of 
n osi fifth or sixth formers opting dividends which may be paid in* a University course are less the short and medium term 
rurk-nriented than their school- makes corporate planning even 
nates who choose an immediate more difficult We already have 
Mining situation. to live with fluctuating interest 

My own observation of young n lS s ant * , 

imicrgraduaies leads, however, . To sum up, dividend restraint 
:i a different conclusion. Far is yet another symptom of 
ruru avoiding the world of work, thoughtless political, dogma from 
uai.-y of them are making con- wh,c *L n ,° one saAn * and ^ 
•dc ruble sacrifices in pursuing country loses, 
u! i •.■■.‘Menu and more complex Mervvm rrankci 

j-.ocr objectives in a variety of BSR — engineering, law. medi- 1W-*4S Bromley Road, WlO 6hR. 

sue, economics, administration, 
ccmintancy, and su on. 

An increasing proportion of 
University students are com bin- 
nu ad hoc income-earning oppor- 
u nines with their studies-^that 
inking on the double burden F ™. m M . r : nAU ihi» 

C working their wa> through Sir. Maj I sug<,c. t a POj** 1 ® ® 
mversilv compromise on the question ol 

Mr. Walker loads bis argument dividend Itainttoii? during the 
> describing a University six years tiiat this has been m 
"isrse as “five years’ rather force dividend 
a-uai study of (say) history or for most companies been limited 
rnnnmics." Most of the students to a tow 1 of about 65 per cent 
know would describe their (two increases of 5 per cent, one 
i mlies as intensive rather than of 1—5 per cent and three of 
isuaJ. At least, those studies 10 per cent, all compounded), 
him ij he regarded as no less During the same penoa wages 
.i-uj thiin the studies preceding have increased approximately 
ji.-n- A levels. two and a half times. 

15ui surely the most valuable I would suggest, there (ore, 
iiti-mne of" University gradua- that companies should be 
mji, and the mental discipline allowed to increase their divi- 
lui ideally is its product, would dends by more than 10 per cent 
-j in reduce the incidence of the if, hut only if, they did not 
lupiiMl. dishonest and unscicn- thereby increase them to more 
lie thinking. So-called academic than 250 per cent of the 1972 
.tidies — for example, logic, figure. When a 10 per cent in- philosophy, history— can crease would bring them over 250 
;• basic correctives to the slip- per cent of the 1972 figure, as 
u»d. blinkered and shortsighted might happen when they had 
I.- lines which uneducated or been allowed an exceptionally 
., i, '-educated people would — and big increase to help a rights 
n fortunately do — have us i S5ue or fight off. take-over bid, 
■l low. . . they would be limited to a 10 per 

1 am far from proclaiming a cent increase unless they 
.man for graduates, who arc ex- obtained special permission from 
vincly variable in their quality, fbe Treasury. This permission 
ut it is statistically more prob- wau id be granted or refused in 
ble that the best of tomorrow's acc0 rdance with the criteria 
«ji managers will be drawn from already applying, 
lull- ranks, it would therefore Ri C h ar( j Harris, 
r wiser in enlarge and not g. 

iminish the possible field of Harerstocte Hill, A\W.J. 

1U1CC. , . - 

Mr. Walker’s alternative would 
ad tn the creation of a nation T>ri T1 c5rtii 
technicians, and to an indus- i CllMUU 
Ml sector even more starved £ 
tan it is of advanced technology JUQuS 
lid the highest . quality of 

im i nisi raU ve ability. 1 am at From Mr. J. nitincrjora 
in with him, however, to the Sir. — Lex (June 24) said that 

clout ihat he is opposing pay-as-you-go pension schemes 
jdcinic or any other disenmi- could be insulated against demo- 
'iiiuR that would load to graphic effects— the increasing 
ilual'lo human resources, from ratio of pensioners to workers 
b, deter source, remaining un- because of the population <JI&- 
t i'h died, both Tor their own and tribution. As the article was 
.i- the nation's benefit. discussing company pension 

■•urge Todd. schemes two points come up. 

* .sir trrhn Hike Arenat*. Glasgow. The demographic effects on t 

national pension scheme can be 

removed by funding the propor- 
ThniiallflP^S lion of future pensions which 

fl ItUUj-jlll-kCJj would be left uncovered because 

of these effects. The scheme; 
OOl; U14 however, is then subject to some 

vr it yrankel or the effects of inflatl0 ° 

" ■ ™e"™ of .ho - pay-as-you-eojeheme 1. 

vwn. — --- s tbie to remove 

‘•wing reasons: , both inflation and demography, 

dividends are paid largel. company schemes, the 

sion funds and insurance affect is more serious. As today’s 
ipanics whose functions pro- jJj^ botions pa y today’s peo- 
? economic stability and who SSr always be 

nut likely to spender a swns. ^ pay pensions. 

tumor boom. , D all retired personnel. If the 

•me enjoyed by indmduals. an „ becomes less profitable, 
Neularly after tax, is a J'ljj re duce2iis size or becomes hank- 

- Frjriion of the national ^lons for past em- 

Thus an 

basis for pensions. Only national- 
ised industries could avoid this 
danger by having state guaran- 
teed schemes, at the taxpayers' 
expense; private industry must 
stay with funded pensions. 

Of course, this leaves us with 
the huge pension funds which 
are starting to dominate this 
country’s capital markets. With 
their growing financial power, 
these funds are becoming more 
and more attractive as a target 
for nationalisation or some other 
form of state control. Everyone 
with a pensionable job has an 
interest in preventing such con- 
trols but I fear that we will soon 
have them unless everyone, 
especially the fund managers, 
awaken to the danger. The coun- 
try’s capital structure is being 
altered by the increasing amount 
of money tied up in such funds 
and we must learn to live with 
the new situation, but nationali- 
sation is not the method I would 

John Rutherford. 

14, Great Stuart Street, 

Sell some 

From Mrs. J?. Epps 
Sir,— Some of our major 
museums are full of treasures 
which they cannot display for 
lack of space. Now that there is 
such an explosion of prices in 
the art world it would surely be 
common sense to send some of 
these to auction. This would 
not only raise thousands of 
pounds for the museums but 
might give the pension funds and 
the general public the oppor- 
tunity of adding to their 

Mris; Ruth Epps. 

Governor's House. 

New Romney, Kents 

lng corporate environment In 
which the collective exercise of 
discretionary judgment of 
high order of effectiveness, inter 
alia, is a sine qua non of efficient 
corporate decision-making and 
corporate survival. 

Of course, it is possible to 
quantify and specify the basic 
fundamentals of directorial roles 
and to construct qualification 
criteria applicable to them, just 
as it is feasible to research the 
inherent variables of directorial 
environments and relate them to 
the structures and content or 
educational and training pro- 
grammes. But it is necessary 
first to recognise, isolate and 
analyse these essential differ- 
ences in order that a systematic 
approach may be made to the 
perceptive diagnosis of what is 
required to improve corporate 
management and the activities 
and results of its practitioners. 
Victor E. Shute, 

School of Management 
and Business Studies 
Polytechnic Hoe Centre. 

JVotte Street, 




------- rupt. all pensions for past ™ 

v and .Mil.iry hill. ntavees are at risk. Thus an 

.cr cent tax on the top Mice it the company s j do not 
^‘^.ncon^^ho.o^Lnd.vjj ^ ^ .ceeptable 

From the Principal Lecturer 
in Management Studies 
Plymouth Polytechnic 

Sir. — The perennial subject of 
the practice of management and 
the .qualifications of its practi- 
tioners has emerged again in 
your correspondence columns 
but- with tiie novel aspect that the 
discussion has migrated from the 
functional specialisms and 
operational executive levels of 
management to the directorial 
echelons. It appears that some 
of the arguments are obfuscated 
by a failure to define the prob- 
lems in sufficiently precise terms 
to permit a rational approach to 

' The Institute of Directors is 
counselled to set up a qualifica- 
tion programme and to create 
criteria of performance by 
which “directors” may be 
judged in relation to their fit- 
ness for board responsibilities. 
The ’* director " is referred t'o as 
though the term were self-, 
definitive. The “ board of direc- 
tors '* is discussed as though it 
were a specific entity or quanti- 
tative and objective elements. 
“Worker-participation’' is ponti- 
ficated upon — especially by its 
proponents— as though instant 
metamorphosis from a prescrip- 
tive to a discretionary role were 
a natural process of evolution. 
The real world is, of course, 
much more complex. 

A non-executive director of a 
conglomerate group holding com- 
pany may not be realistically 
compared with an executive 
director of, say, an autonomous 
manufacturing company with a 
relatively simple product mix 
destined for a particular limited 
market Boards of directors may 
vary from a virtual rubber 
stamp operation in the form of 
a . dominant/owning chairman 
with sycophantic satellites to an 
amalgam of professionalism 
having the proven ability to cope 
with the most dynamic and test- 

Re-exports of 

From the High Commissioner 
for Guyana. 

Sir,— In his article “ EEC case 
pinpoints clash of principles " 
(June 28) your legal corre- 
spondent twice refers to the 
re-export of the sugar imported 
by the EEC from African. 
Caribbean and Pacific countries 
under the Lome Convention. 

In fact this sugar is not itself 
re-exported but is consumed in 
Europe, almost entirely in the 
UK. The references to re-export 
must therefore be based on the 
statistical concept that exports of 
sugar from Europe should be 
attributed, at least in the first 
place, to Lome imports, 
do not think that such a con- 
cept is appropriate when it is 
remembered that the total quan- 
tity imported under the Lome 
Convention has not increased 
and is Indeed less than that 
previously imported under the 
Commonwealth Sugar Agree- 

Your correspondent is close to 
the truth in bis final sentence 
which refers to sugar being made 
from beet, from cane, and (in 
the form of isoglucose) from 
maize. Ail these three sources 
exist and there is an overall sur- 
plus in Europe: these are facts. 
It is necessary to take care, how- 
ever, to avoid attributing the 
surplus to Lome sugar which is 
the only one of the three which 
has not increased its volume in 
recent years. Also the 
dependence of the people con- 
cerned on sugar production is far 
greater in the Lome countries: 
but that is another matter. 

C, H. Grant. 

Guvana High Commission, 

3. Palace Court. 

Baysiccaer Rood, \V2. 

Too much 

From Mr. .4. -Scott 
Sir.— It seems to be quite all 
right to pay huge sums to 
talented entertainers, but not 
all right to pay the going Euro- 
pean rate for talent to run the 
economy and skill to produce the 
wealth. Jealousy will get us 
nowhere, for it is only such 
people who can raise the general 
standard of living, which is what 
the jealous want 
One gets the impression that 
for some people jealousy is the 
most important thing in politics 
and since we seem to have more 
than most it weighs us down, 
as should be plain for all to see. 
Andrew H. Scott, 

102, Beeches Road, 

Chelmsford, Essex. 


Second and final day of 
European Council summit in 

Session of European Parliament 
ends, Luxembourg (until 
September ID. 

Foreign Ministers Df Organisa- 
tion of African Unity meet in 
Khartoum (until July 15). 

Talks re-start in Geneva on 
International Wheat Agreement. 

National Union of Mineworkers’ 
conference ends, Torquay. 

Greater London Council finance 
and establishment committee 
expected to receive details of 
losses incurred on seven-year loan 
of SwFr 20 Dm following fall in 
value of sterling since 1973. 

Mr. -Kingman Brewster, UE. 
Ambassador to Britain, receives 
honorary degree of Doctor of 

Today’s Events 

Laws at Southampton University. 

Rugby Union annua! meeting, 
London Hilton. W.l, at 5 p.m. 

The.. Cheltenham International 
Festival of Music opens (until 
July IB). 

Honse or Commons: Appropria- 
tion (No. 2) (Northern Ireland) 
Order and Northern Ireland 
(Financial Provisions) Order. 

House of Lords: Wales Bill, 
report stage. 

Personal income, expenditure 
and savings (first-quarter). Gross 
domestic product (first-quarter, 

Final dividends: B. Fertleman: 
Hambros Group; Scottish and 
Universal Investments; Thorn 
Electrical Industries. 

Berkeley Hambro Property. 41. 
Bishopscate, E.C. U. Bradford 
iR.l. Minster House, E.C. 10. 
Buckley's Brewery. Swansea. 

10.45. Minster Assets, ISO. Strand, 
W.C., 12. Scott and Robertson, 
Dundee, 12. UEI, Manchester. 12. 

London Festival Ballet dance 
Sleeping Beauty, Coliseum 

Theatre. W.C.2, 7 3n p.m. 

Royal Ballet School perform 
Folk and Scottish dancing: Los 

•Sylphides; Diversions; and 

Birthday Offering. Covent Garden. 
W.C.2, 7.30 p.m. 


Traditional Irish Music Festival. 
Royal Albert Hall. S.W.7, at 7 

Goldsmiths Choral Union, 
Hiuhgate Choral Society, 

and Philharmonic Orchestra, 
conductor Brian Wright, soloists 
Helen Watts t contralto). Robert 
Tear f tenon and Gwynne Howell 
(bass), perform The Dream of 
Gerontius. Royal Festival Hall, 
SJS.l. at S p.m. 


Cricket: Glamorgan v New 
Zealand. Swansea. Tennis: Wimble- 
don championships. Fencing: 
Commonwealth championships. 

If you’re re-locating or expanding your business we Can make 
it easy for you. 

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Our sole purpose is to attract new industry into areas where 
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as solid long term jobs are being created. 

Read all about it. 

This new booklet details our exceptional 
package of incentives for industry on the move. 

It’s probably the most comprehensive 
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Action Desk on 01-235 1212. 

Or dip the coupon. 

Do it now. Tour competitors are reading 
this advertisement, too. 


. /mi* 

BSC (Industry) Ltd. 

'. . .Ta BSC (Industry) Ltd, PO Box 403, 33 Gr«v«nor Place," 
London SWIX7JG 

; Picase&cndmeEhenewfrcEbooU«“TheIndiisnialOpportunity 
• - of a Lifetime". 






"•* <-■— -.J L. - —■ 


• i*_ y. v. Ljr 

Greene King accelerates to £425m 

King and Sons, the Suffolk-based 
brewing group, expanded from 
£3.6m to £4J5m in the year ended 
April 30. 1978, after being ahead 
from £1.6Sm to II 52m In the first 
six months. 

When reporting on the interim 
figures the directors said that 
demand continued to grow and 
although costs were eroding 
margins they forecast at least the 
same percentage growth of profit 
in the second half. 

Net profits before extraordinary 
items come through at £2.i2m 
as a Inst £I54m and earnings per 
share are stated to be up from 
ir.fip to 20. Gp. 

The net dividend is raised from 
6.5033p to 7.2557p with a final of 
4.57S7p calculated on a 33 per 
cent tax basis — tf ACT stays at 
34 per cent the final will be 
4A104p. Jn the event oF some 
relaxation in dividend control 
being announced prior to the date 
of the AGM it is intended to 
declare out of 1077-78 profits a 
third Interim of 0.7443p. 

1977-78 1976-77 

X r 

(Troop nirmiver 3H^Sj9JiT.T2.ITX.148 

Trading balance — 4.S12.MO 3.SX1.W1 

Dividends and Interest 397.4TS +42.8*3 



Directors romnneralion 
Auditors remuneration 

Interest nald 

Share aasociate 

Pre-tax praBl 


N-i proflt 

Extraordinary items . 


Capital reserve 

Dr be more . reserves ... 

General reserve 

t Profit. 





' Company 



Birmingham • Pallet 



Kinta Kelhs Rubber 

23 ■ 

Blackmail & Conrad 



Lees (John) 



Braid Group 



Legal & General 



Braith waite 



Mansfield Brewery 

22 . 

Burton wood Brewery 



Prudential Assurance 




2 ' 

Scottish & Newcastle 



Colmore Inv. 



Shaw Carpets 


Daily Mail Trust 


8 " 

Smith (David S:) 

24 . 


Edinburgh A Dundee 



Stroud Riley 



gjelc ;• 



Swan Hunter 



Gough Cooper,, 



Thermal Syndicate 



Greene King <?-■ 



Wellman Engrg- 


Indepedent Newspapers 



Wilkis & Mitchell 


would be maintained for the full 

year. * . 

Group tumbver went ahead 
from £653m to £7.46m. The profit 
was struck after depreciation, etc, 
of £152,089 (£161,432).; providing 
for tax of £43,138. (£134, 069) earn- 
ings per 25p share are stated -to 
be up from 5.4p r to 12.79p. ■ 

The dividend, partially 
restored with a final of 1-Op 
making a total of l,5p. compared 
with l.Op. . . 




s.Sin.ns 4r.rii.2M 
717.0:14 549 SS5 

110 MP Sfl.RKl 
17,225 tT.305 

lil.WO I?'.**! 

488 112.S23 

4J52ST1 3,815.981 
3,134.475 1,773.417 
2.1 18. t48 I.XS.5.U 
1M.3T1 370.220 

T4S.T4S U8 70S 
19R.373 370.220 

23.000 25.000 

1 .273.000 1,100,000 

C election 
turnsi in 


Greene King’s continued profits 
growth has been achieved on the 
back of buoyant sales with the 
one-fifth rise in turnover implying 
a volume gain of about 8 per 
rent Demand for cask beer — 
traditional bitter and Abbot Ale 
— was very strong, in particular, 
from the free trade, which took 
more than a third of production. 
Sales of lager and bottled beer 
have improved further while 
wines — cspecally table wines — 
continued to push ahead. Trading 
profit margins have improved in 
the second half, which turned in 
better-than-expecled growth in 
both sales and profits. Prospects 
for the current year are good 
though Greene King could do 
with a drier summer. So the com- 
pany should advance at about the 
same rate of growth as last year 
which mens pre-tax profits around 
the I5m level. The shares ai 257p 
yesterday give a p/e of 1 23. and 
yield 45 per cent, covered 2.8 

INCLUDING A £775 IS contribu- 
tion from Wood Bastow Holdings, 
profits before, tax of Celestiou 
Industries rose, from £1.09xn to 
£1.18m in the year ended April 1. 
197S. i- 

Turnover ro$e from £12 59m to 
£20. Wm with Wood Bastow 
contributing £5. 62m. 

The directors say the WB 
performance was disappointing 
but since acquisition date — 
November 25— better financial 
controls and increased produc- 
tivity have resulted in an 
Improvement which is expected to 
be maintained in the current year. 

Net earnings per share on 
higher capital are shown at 5.09p 
(3.49p> and tbe directors are 
recommending a dividend of O.THp 
per share compared with the 
forecast O.BSp and -0.42Sp in the 
previous year. 

Most of the freehold and long 
leasehold properties of the group 
have been revalued. The result 
is a surplus of £874.128 over book 
value, which has been added to 
reserves without taking into 
account any potential capital 
gains tax liability. 

The gondwill and acquisition 
costs of £614591 which arose as 
the result of the purchase of the 
Wood Bastow Group have been 
written-off against reserves. Wood 
Bastow made a trading loss before 
tax of £511,867 fnr the period 
from .Tulv 3. 1977 to the date of 
acquisition and this is part of the 
goodwill figure, the directors say. 

home demand at Christmas doing 
much of the damage. Almost two- 
thirds of the group's products 
here are sold abroad, either as 
direct UK exports or through 
Celestion's French. German and 
American subsidiaries — the group 
says growth prospects, -particu- 
larly in France; are excellent 
Meanwhile, losses of -moreT than 
£5m from Wood Bastow. which 
went abruptly Into deficit after 
recording pre-tax profits of 

£600.000 in the fuii year before 
takeover, have been taken out of 
reserve. Celestion is cagey about 
the future except to say that a 
recovery is under way. WB*s 
main customer is Marks and 
Soencer accounting for some 
80-85 per cent of Its sales, and 
once the. undisclosed internal 
difficulties are out of the way. 
the group says it is still confident 
that Wood and Bastow’s wide 
range of garments will comple- 
ment existing clothing manufac- 
ture. The shares slipped lip in 
32p and stand on a n/e of 6.1 with 
a .yield of 3} per cent. 

FOR THE ' year aided March 31; 
1978, Mansfield Brewery has pro- 
duced. a profit increase of 
£364,000 to £1,589.000. At halfway 
the rise was £243,-900. 

- Turnover rose iram £14.78m to 
£lS59m. . After . tax £1534,000 
(£1,147,000), net- profit came out 
£1, 589,000, against £1512,000. and 
earnings are shown at 30. 5 p. com- 
pared with 25.3p, pep £1 share. 

The dividend .is stepped up by 
lp to T.5p- net with a final of 

cut back 

to £1.02m 

at Stroud 



Copthall Tilburg bas received 
acceptance from shareholders of 
Magnum Fund, amounting to 
9352 per cent. 

Copthall now intends compul- 
sorily to acquire the remaining 
shares, so the offer will be ex- 
tended until July 12. 

Pre-tax profits at Celestion • In- 
dustries are up 8 per cent on 
turnover 02 per cent ahead, 
although second half profits were 
19 per cent down, -discounting 
Wood B^stow's first time contri- 
bution. -Full year profits from 
the group's loudspeaker side were 
some £85.000 lower with poor 

Stroud Riley Drummond; "the 
worsted suiting . and knitted 
fabrics group, amounted to 
£278,000, taking the total for the 
year ended March 31, 1978, up to 
£479,968. .In 1976-77 the profit 
reached £331,727 which followed 
a depressed £65.000 in the first 
half of that year. 

This result comes close to the 
record £496,000 achieved in 
1973-74 after which profits fell 
away and there was a loss -o£ 
£234.000 in 1975-76. 

When reporting on the first half 
figures the directors said that the 
order book remained satisfactory 
and unless there was a deteriora- 
tion In world trading conditions, 
they hoped that the improvement 

the adverse impact of the severe 
depression in the building 
industry .for Braltbwalte and Co. 
Engineers, in the year to March 
31, 1978. Even so taxable profit 
for the period' fell from £L92m 
to £1.02m after a decline -in the 
first half - to £464,000, against 
£928.011. . - . • - ■ 

The directors also point out 
that, as usual, no account has 
been taken of substantial claims 
not yet agreed on Tong term con- 
tracts. The. profit sharing scheme 
for employees intrdduced during 
the year took £101,989. Turnover 
by the bridge and constructional 
engineering group was down at 
m,79rn (£13.0 lm - ) . 

Tax took £523,000' (£1.01 m) for 
earnings per £1 share of 17.9p 
(33.6p) on capital increased by 
tbe one-For-one .. scrip issue in 
September. A net final dividend 
of 5.76Sp takes the total to 7.74Sp 
(3546p equivalent)-. . 

The directors say the final 
effectively sustains the payment 
on the increased capital and it is 
expected, that this; ^yel can be 

An executive share option 
scheme - and a sav^as-you-eam 
employees' share option, scheme is 
proposed which wepfifi involve 
75 per cent of the presfenL issued 






in every way 



1973 1974 1975 1976 1977 

Harnings Per Share 2.43p 
Issued Share Capital 1 ,493 
(£’ 000 ) 



2.2 3p. 

4-9: P 







In 1977 Central & Sheenvnod Ltd reached new highs 
in sales, pre-tax profits, earnings per share and divi- 
dends - the best in the hisrory of the company. 

Profit before tax and extraordinary items rose by 
41"., to £4-7 10m compared with £'3.344m in 1976. 
Earninps per share before extraordinary items in- 
creased by 2S"„ to 6.32p (1976 - 4.92p). 

Sales, including exports, increased by £llm to £63.8m 
representing a gain of 20"„. 

And as the Chairman in his statement says “Central 
&. Sheerwood is weii set to continue its progress and 
prosperity for die years ahead.” 

In addition the payment to shareholders has been 
increased by the maximum permitted under current 
legislation. If allowed this would have been increased 
more. However shareholders will benefit from the 
proposed scrip issues. 

The balance^ sheer has been strengthened with the 
increase of £2m in net assets and liquidity has been 
significantly improved. 

The Group operates predominately in the held of 
engineering and exports a significant proportion of its 
output throughout the world. 

|Y' WT"' FOR I 'OMMf.Ri JAI Vfc'Hli Lfc? OORIDPATF.MfcKGlR? 4\'P s.i yi : l$|TIO\> 

in-! i. y kkokim:. •rKivDXG.\M'njnLi"Hi\i.;-niOTOi.-RAmk:.i. - TTK.AL 


It' you would like further Information ahour the company, copies of the Annual Report and Accounts are^vaikble from the Company 
Secretary, Central & Sheerwood Limited, 36 Chesham place, London SWlX SHE. 

FlnaiKual'.' , Kmes Friday. July 7 1978 

raise £1.77m 

Cartiers Snperfoods, "the Kent- Cartiers supermarkets offer i 
based supermarket discount range of about 4,000 items; som 
group which has announced its with in-store 

intention to come to the market, butcheries. ... . , .... 

offer for sale . to Brokers to the issue are 5SSer V — 2.5 

is raakmg . mi 
raise £L77m. 

r Anglo-American 
Blackman Sc. Cohrid 

Braid Group tot 

pBnithwalte ;~.y — a 

Barton wood Brewery ■- 

Gelestion tods. -.«■*»? 

Colmore Invs. I* 

D. Bfatl & Gen. Tst 2nd mt, M# 
General Electric- ............ 2JSt 

iw liPWi w«u«,W. Dunam Goodrich*.-; .12 
bakeries ' wungowsh Coupee .*U|- 

pGreene King. .... f-j** 

News ■ -dnL :4.06 

The offer is for 3.21 m ordinary 

and Co. 

shares of 20p— about 25 per cent. 
of equity— at Kp per share. The • Comment 

Ibt "pen "" wiu, the High Street priM waf 

Around 52 Der cent of tire undermining the profits of the; 

ftimitaHvil! be Md-^S Mr iSv . Uh« oI Tesco.aad Samsbury, now 
capnai -wm m or «r. xxw M not to be the best 

5KnJJ *5 to* * food retailer to come 
to toe market. However, Cartier? 
just oyer r per cent by Crossrfriare Superfoods has seen its Profits 

rise from £47,000 to £838,000 over 

toe last five years and is forecast- 
R efn thp tog another 50 per cent increase 
° In the current year. The company' 

^ toarge. The y * eld has five new stores in the, pipe- 
hne, which , will increase ,tbe*§jT- 
Over the past seven years by gg per cent 

Gartiws has shown impressive en ^ 0 f 3973. anff plans to adtfl 
5f 0W ^L- r S2 n3 for around . three stores a - yeaft 

the highly competitive food (totalling 100.000 sq ft) over ^the 
sector.. In 1072 sales were £05m. ]onger f erm _ with ^ ^ of 
growing t° £20.12 mfor the year expansion-profit growth should be 
to end January, 1978. fairly well assnred ■ for the next 

For the current _ year tne couple of years and it Is- the inten- 
dlrectors are forecasting sales of tion that dividends for " 

loralmv enabled WUKins 

around £2R5m and profits of Bn^nriid ^riSd^rm" int^eMe in ^^l^of trSli 

£L25m (to-83m), with a dividend u ne with profits. Although the 
of 2.412p net. Cuxrent sales area group’s net margins have declined 
amounts to 118,000 sq ft and five from 45 per cent to 4.1 -per cent 
new stores will lift this to between 1975 and 1977 they are 

187.000 sq ft by the end of 1979. still noticeably higher than those 
The funds raised by tbe offer of most other supermarkets and 

will be used to finance expansion one of tbe 1978-79 profit assuntfc 
after, this period, which will, be tions is that ibey will rise to 4.4 
at the planned rate of at least per cent this. year. However, the 

50.000 sq ft (net) a year. Cartiers’ big question Is whether they can 

long-term strategy is to eventually be maintained at these levels 
move into- Sussex, Essex, Surrey during a long drawn-out! High 
and South London. Street ' price war? Cartiers’ 

At present Cartiers claims to management believe they are at 
hold the largest market share least as competitive as Tesco. ete^ 
(grocery and food) in- Kent — and can buy as cheaply. Only time 
around 15 per cent will telL Meanwhile, a yield of 

The chairman said that margins, G.5 per cent at the issue price of 
currently around 4 per cent, 55p is comfortably above competi- 
woiild improve as . volume sales tors' yields and should assume the 
increased through new openings, issue of healthy support. 

Convertible pref. from 
Williams & James 

Williams and James (Engineers) was fully subscribed when appli- 
es to raise £660,000 by a-two-for- cation, lists closed yesterday, 
nine convertible preference rights All applications from the public 
issue and a -12-year mortgage loan were allotted in fuJI. About 40 per 
to finance a planned. 20 per cent cent of tbe issue was believed to 
expansion of productive .factory ^ave been taken up by 1 non- 
space. financial institutions. 

The preference rights issue is 
being made, according to 
chairman. Mr. D. R. James, on HUNTING 

offer for sale of 2.7ra 

“ESS? aSr eomSgi 

Finance Corp. It is designed to 

give the L800 shareholders a Sf™** was oversubscribe 
Sgher aveSe yield on their about tl, ree and three quarter 

investment and to strengthen the Jif ' VP® 11 ® 11 . 4^ 

hnmturinv haw h« inmtaiiinir rh« closed yesterday. 

borrowing base by increasing the 
level of shareholders’ funds. 
With a share price that has 

DiviaEims anncrjnch) 



lut.- " 
lpL 1.58 ;- c •••»- 

nil- - 

Carre- Totaf 

sptmding for . 




Aug. 18 
Oct-2" • 
Aug. 25 
Sept 6 




Aug. SO 
Oct 2 
Aug. 11 
Aug. 21 
Aug. 17 




Aug. 26 

Aug. 22 

July 28 
Aug. 30 
Aug. 10 
- - Sept. 7 





joliib X Lees ' 1^55 

Mansfield Brewery 5.W 

.Scottish & Newcastic. ... 2-06 

$>a*M S. Smith ..:2nd tot 1.41 

Stroud Riley L0 

Theinnal Syndicate ■ 

VtoUman Enff. 

-VBlldns & MitcheH •..«.» ; nlt • , , . 

fid by right* add/br icquUntion Issues. J Includes special 
of 0.3S5p. 







1 1.56 

1.91 ' 
3.1 ' 


J ! 

! Wilkidsife MitcheH 
back in the black 

abled Wilkins andJffl 

trade without further 

merit mg _to 

the’ losses. ■ 

now says that although- 

to -turn round from .a iossoi trading operations in the UK 
£521.000 to a pre-tax prtffit of during the second half showed a 
£64 000 to the year to. April- L material improvement over those 
1D7S • -v- for the first six months, overseas 

‘ «« losw were greater than expected. 

There is. howw^toshr no subject to the approval of the 
toto! dividend, so tot n*t Bank of England, Sends Domestic 

U u Applfances. a' wholly-owned sub- 

;share, is the total- for^theryeat^.,. intends to make an offer 

The loss per 25 p Share- Is’shown sew-Tric Holdings for a total 
to have fallen from 9.14p .^133^ of £2501000 cash. 

Ar the interim stake. ansdudhtoE A formal offer . docuzhent will 
a priTaxlSruTl&orr^0& be sent shortly. Net tangible 
to £611,000. Mr. Henry wngh^ Maets of Sew-Tnc at April SO. 
chairman, said that -givfn 1978. amounted to £402,000 after 
reasonable market “conditions in taking into Account loss for the 

the domestic appliance ! divistoru six months to that date of £87,000. 

tbe year-end result . from 
operations should enable, the £ comment 
group to show a small surplus. ■ , ■ ■ . . - - . . 

. . - - _ The new '-form of maintenance 

There has bee? a further contract on- domestic appliances' 
improvement m UK trading jnnee adopte d by^WOkhw -and MIttften 
toe e"d of the flnanctai yeari MJ- in the second half of its 1977/78 
WUkiw f fP ort ?i year enabled it to scrape into the 

for the black for Che first time to two 

current year are t ^-^'9®-.yea rs/ Its UK operations returned 

a reasonable P£°CL a trading profit, albeit only small, 

cont Inui ng d i Eficulties InAuf because of . the strong 
In that event, Mr. Wflktos^adds, -inEprovement in. the machine tool 
the directors hope _to * ip&t- ,*&■■ " sector in the six months to March 
Increased interim dividMu L;..-^ 3 ^ ~ .This improvement in outlook 
The pre-tax resaJ? ; ..waSr ( 'stp5®:-fi >r ' jive machine tool activities also 
after adding E3 &IAW -fax cep^jgnal explains the more than seasonal 
items (nil).. TutKb:' ®auair.- a improvement to revenue in the 
£626,000 prqfi^AdSSfecItom sthe second half. But the Australian 
adoption durtog^thp' ffeStod 'half . operations, despite ' a major 
year of a new .form' of mafeten-' reorganisation, continue to retard 
once contract . by tbe - domestic the group’s recovery. Losses In 
a ppJiance; division. _:.i. . ' Australia in the second half were 

In May, repottlhsL'a £4mord'er greater than anticipated because 
Trom the- Middle East . for Twin- the Wilkins Servis subsidiary did 
tub -. .washing mSEtones, ' Mr. not make the sales that the parent 
WBklns' said: After ' two dis- board had expected. Results in 
appointing y ears,- 4fifth: '.sides of the current year are also being - 
the- business --Arere ' -BealthDy held back by the- Australian prob- 
trading to ' Even the leras. Despite these, the company 

Australian substSlai? company, is predicting an increased Interim 

fluctuated— between 52p and 84p 
this year and only Lfim shares in 
issue it would have taken -an 
ordinary rights issue of at least 
four-for-nine at a heavy discount 
to • raise . the* required equity 

The cumulative redeemable 

t i reference shares- are convertible 
□to ordinary shares on Decern 
ber 31. in any of -the years 1983 
to 198S on the basis of 10 ordinary 
shares for every nine convertible 
preference shares, giving an 
equivalent conversion price of 90p 
for each ordinary share. 

The issue has been underwritten 
by' ICFC and is subject to the 
approval of shareholders, at .an 
extraordinary meeting on July 31. 
The ICFC is also providing i 
£260.000 mortgage 1 loan repayable 
over a period of five years. 

'- In a letter to shareholders .out- 
fining . the- proposal^ Mr. - James 

says that group stiles to the first 
five months or 

the - current year 
are 46 per cent higher than in 
the same period a year ago. Tbe 
value of orders outstanding at 
May 31 was -44 per cent greater 
than at the same time last year. 


Birmingham District Council’s 
£50m Floating Rate Stock 1983-85 

Braid falls 
at interim 

ON TURNOVER of £13 .81m 
against £12.1 1m pre-tax profits of 
Braid Gronp. vehicle distributor, 
etc, declined from £401,382 to 
£339,246 In the six months to 
March 31, 1978. 

Stated earnings per ap share 
are 2.49p (3.0Sp) and the interim 
dividend Is increased from 
0.43'i57p to 0.47582p net at a cost 
of £28,549 (£25,954). Last year's 
total dividend was 1. 37768 p from 
profits of £906,576. 

After tax for the first half of 
H86.000 (£213.000) the net balance 
emerges at £153,246 (£188^82). 


Because of a delay m remit- 
tances from Portugal Sir John 
Colville, chairman of Eucalyptus 
Pulp Mills tells holders that in 
the circumstances the directors 
can do no 'more than forecast , a 
total dividend of A25p for 197T 
which would compare with 5p._It 
Is intended to declare an inter im 
dividend of t.5p as soon as the 
second monthly Instalment from 
Portugal . is received which is 
expected to be by the date of the 
-AGM. A second interim of 2.75p is 
intended to be paid as soon as 
possible after tbe last instalment 
.of toe ■ 1977, dividend has been 
-received early in November. 

to . yesterday’s report on the 
figures is was incorrectly stated 
bat tbe 1977 final dividend was 
-being omitted. 

BrasUvest SJL 

Net asset value as of 
30Lh June, 1978 
per Cr$ Share: €r$29.8S9 

per .Depositary Share: 

per depositary' Share 
(Second Series): ‘ 

per Depositary- Share 
- (Third Series): 

vjsj&s&pMx . 

KU v-,. ... 

... whose losseA -^Were mainly dividend in the current year. At 

Details of the basis of altobm^tolrespoiisible feu^ffie ■group'si'deflcit 47p the shares have, afield, of 
will be announced today. £611.000 at. mid way, wjia start- less than 1 per cant 

UKO international 



World's second largest manufacture 1 - of ophthalmic glass lenses 
and a leading supplier of spectacle frames. 

Chairman Mr. G. C. D'Arcy Bis® reports: .7 . .. . 

Turnover increased from £33>73T,000 ta £39,81 2,00di but included sales by 
/ companies acquired during the y&jr of £4,063,000. - 1 
f Pre-tax profit for the year to fSarch 31, 1978 v^as £3,343,000 compared with 

-. £4,165,000 in the previous year.'. ' - 

# Earnings per share 19.1-p against 24, 9p th previous year. ' 

Final dividend of 5.87p per share is recorjimended, making a total of 8.8p - an 
increase of 10%. 

OPHTHALMIC GROUP. Dem.and-irv all rp^or markets was depressed throughout 
the financial year, and a worldwide recession in demand for ophtiialmic products 
led to pricing restrictions and induced ! tn^rgfins-' . 

CATERING EQUIPMENT GROUP. “Changes in sales mix and labour problems 
in one division limited the increase in profits to £19;000^ Customer enquiries at 
the end of the year were at^rir exceptionaily high level." 

PROSPECTS. There are now indications that world demand and production 
capacity for ophthalmic products are. moving towards abetter balance than has 
prevailed in the past yeaF. 'The group's prodUction base is stronger than most 
of its competitors and a substantial inCt^ase in. profits. may be expected when 
conditions in world ophthalmic markets ; ratum to nbirnaL'' - . : 

Catering equipment . profits iniprtjy6 substantially, if . some of .the .larger 
enquiries are converted IntOif^rWordeis.yj 

. .. - r -;^6.rx:r. > . 1 ' ■ . ' 

Copies of the Report ond Accounts are available from : 

The Secretary, UKO International Limited, Bittacy Hid, London NW7 7 FA/ 

The industrial workwear rental, dry cleaning and textile finishing group. 

I Sales lip 19.6%, - .... 

I Pre-tax profits up 62.5%. ", - .. . . 

i Earnings per share up 71.8%. - . ' : - 

i industrial Services division now accounts foi:54.%"df profits. • 
i Rights Issue of 1 for 5 to raise £2.19 million', 
i Forecast dividend increase by 15%, - 


Financial Highlights (taken from the Annual Report) 

Sales ■ 

• Yeqr ended . 
31st March 1978 . 

- 33,653 ; 

Year ended 


Profit before tax . 

. 3,663 

' 2,254 

Profit after tax - 

l', 688 


Dividends per ordinary shaxe 

-- 4.68 983p 

■■■., 4.24271p 




% r>*. 

• ^ir 5 - 

Eamings per share 


' . 7.8p 

Mr. Gerald Wightman, Chairman and Chief Executive, says of the future; — 

“Sales in the first two months of 1978/79 are on. target and show 
a satisfactory improvement over-the samepeiiod last year; - 

I fully expect that the upward trend of the last several years will 
continue in the current year given no major set backs in the UK 
economy as a whole”. • ' V , .. 


SKETCHLEY- T.TlW^py l7riaH J TTitif’lrloy j Lfricestershira. 





s Financial Times Friday July 7 1978 • 

GEC maintains growth 
and shows £47m jump 

EffM SS P if would now be compared with £142,000. 

harphnWn« L ?!?_ « £Bl<n l S.bbp per share. And if the The net interim dim 

Gough Cooper 
contract loss 

Second half recovery 

m pa red with £142,000. AFFECTED EY a pre-tax loss Of Tlw group s cavity insulation 

The net interim dividend is £301,000, against a 012,000 profit subsidiary has entered into Ucen- 

,.j, 'wiiium uwreake in average leuauueia- - 

ds. a s expected, on July 31. tion of GEC employees over the T) Iwwr 

figures for the year ended same period, the present equiva- II V 

wise scass: y> . 9 , ,j* °r* .» 

sssn.'-ys! Burtonwood 

Jrc-tax balance for the full year plainly demonstrated by a 6.5 contract homSS? untifsSh tract work— which it hoped would 

‘merges at a record £325 Sm_ times dividend cover Tpv more contract nqusrng until such gee it through the sluggish 

.•ompared with £27Mm alter ‘ iw-w iwk-tt Rl*P WA1" V 111110 “ marguls mi P r0Ted - housing cycle— has failed. Prices 

•h owing a rise from 02Llm to tm m A>1 v< TT V-l j Despite these difficulties the have not kept up with costs and 

£J44.Sm In the first half I?’!™ 11 S5,ea s" 5 ! J, prospects for private housing, other activities have not proved 

The profit included interest nnrt Ca'iniai note iniiwm “^5 taxa . b i® earmpgs to plant hire and property invest- substantial enough to offset any 

nvestment income up from w*Mwih “"!!“! zssj 27b 3 £■/ 7,173 against : £674j48a, in the ment are encouraging, he adds, of the setback. Turnover is up 

CJIMm to £36 Bm but «£»* t« unci, deferred! iBfi.s l« ^ cond »** months at Burtonwood For 1878-77 pro fi t was 025m. by nearly three-quarters to almost 

sv £H 3r£s aw 5 ,-"- 31 3? sssmks. ffffst j? sanjs sas 

» 3^«.-J3srs gSfsa™ P ^.„, ^ tumusus 

-w w 1 Ju, y- associates pruHis £i3.7m <osim. £l.olm higher at 0024m. of all group properties, including halved to £28a,000. There was a 

An analysis of total turnover At halftime, when the surplus the Dartford Trading Estate, £413,000 turnround into loss In 

L" ! 11 ? ,, 25S"* compared ™ was 063545 (£624,057) the dLrec- showed a £42m excess over book contract work. The group says 

2.1 n share shows: Po wer engineering £393ra tors said that trade had shown a value. This will be written into that it has been difficult to a rtraet 

5V7S ESSL'&sIk&Jtti h« ^iSrMSWSSSB 

SKKKS srs 1 ^JSSSLTZS. ™ «> &js rsa, . jl-s 

I2S5.000 for Che half year to March 
31. 1678. 



See Lex 

dividend legislation GEC was EiB8m <&***'> and 11 (12) per earnings per 25p share for the the company has been able tadf i5 promised' so may be 

obliged to Sy a policy Sf rent - consumer products £245m year are stated at 162p (14.4 p) Jo purchase .several parcels of could make £6M000 fo? 

dividend restraint Thi^thev sav **&**> and 4 (5) per cent and and the net dividend is stepped land for virtu a Uy. immediate gougnrama m aK e teoo.uuo tor 

^ ^SinJSs SEa si’s £6o r »*?*“> ** 20 ? o p 3 x th ( c 30 35 ?” pennitted 5^*%' * 55 * 5 ; 

situation in the early 1960s and (19) *** rent - 1 * j4Mp (3 095p, ‘ wL no iubuamiFmnSibutSn tive p/e 1S ®' and assum- 

by commitments subsequently See Lex The directors say they have £ r t UD Km tfc* £ « ins a maintained dividend, 112 

assumed through acquisition und continued their policy of “ ' P*2 ““ ' per cent uncovered by prospective 

merger. acquiring sites and premises for J"]deveiopea lana during me gainings. The shares will be 

The establishment of the conversion to licensed bouses. “■?***• , . . vulnerable, 

group’s prosperity in the early « Three such acquisitions are now Hawley plants performed excep- 
tion coincided with the advent of Hirminahatn operating and several others will honaUy wen and continues to 

legislation which gave the Board -Oil III III gll a 111 do so in the present year. ^ resuhs, Hlaplf1T1€|n J2r 

no option but to continue to hold t) II i 1_ J They intend to utilise' available a f d Jf‘ C ' Pow e f Tools 13 Ola.CIi.II I a II (X 

down dividends to a rate appro- Pallet SLU63.U liquid 5 ^ assets in investments of a ^ . . 

pnatc to the former situation. this nature. They have also „ , ^ l IflCC 

Introduced at a time when only _ i g j ' entered into a small number of surpkis of £2a6.000 (£228,000). Due V^UUldU iUM 

by commitments subsequently 
assumed through acquisition and 

The establishment of the 
group’s prosperity in the early 
l97Us coincided with the advent of 
legislation which gave the Board 
no option but to continue to hold 
down dividends to a rate appro- 
priate- to tbe former situation. 
Introduced at a time when only 
inw- dividends bad been paid to 
GEC holders the directors feel 
that dividend, control operated 



Pallet ahead 
at midway 

joint operations for certain of 

rent reviews income from 

their houses with tbe object of P™PW-ty wiH again increase and 

that dividend control" operated As forecast in the last chair- increasing profit" potential one furUier property has been Qf 1,10^,111111 

particularly unfairly against them, men's statement, results of bought, he says. 

However in the present political Birmingham PaDet -. Group. „ Because of the continuing Blackman and Conrad, maker 

and economic circumstances they engineers, for the six months to ASSOCIATES DEALS depressed state of the construe- of children’s and adults’ clothes, 
consider it would be imprudent April 30, show, an; improve- R d pj tinan Hnrst Brown industry, margins for the incurred a pre-tax loss of £163,000 

in try to rectify this injustice in “ent to which both divisions have 10 MO Cement-Roadstone Adders' merchanttng side came ln the year ended January 31. 

too short a period. Even if the contributed. Holdings at Sip for a dis- Pressure but full year J978. against profits of £103,796 

present limitation has already Pre-tax profits for the period cretionary investment client figures are expected to be satis- ]n the previous 16 months. Turn- 

been lifted the directors would advanced from £93,000 to £121,000 Rowe and Pitman Hurst Brown factory over wafi £9^9m (f 1427ml. 

not now recommend a “sudden and the directors report that also sold for a discretionary „ 0n " un ® 30 the group bought . ^ n--. h a if_trj ii.i« qt 

and drastic increase ” in dividend, demand for the group’s products investment client 2,416 Cement Ke »t . Heating Group, contractors ^Tof £204 ooo Snorted 

Mnu’auai- it ic nmnAcari fn n.TJii Parnnwa nut hootimr I'arvtiloHno " Ol *AV»,UUU n aS rCuOricQ 

Blackman & 
Conrad loss 
of £163,000 

Blackman and Conrad, maker 

depressed state of the construe- of children's and adults’ clothes, 

However it is proposed to pay remains steady. Roadstone Holdings ordinary carrying out heating, ventilating ? u i^g d ^rtors said then 

holders something extra. Pro- Hiey expect that profits for the shares at 79p. and plumbing work in the South rtM^oaMtiSctnrl^orSr 

Vided the legal right to do so second half will be similar to those Hill Samuel and Co. purchased East for £500,000. This company's for the wnnd d* 

esisis after July 31 it is proposed now reported. This would give a 50.000 Econa ordinary shares at profits are curxenitly £120,000 a zzz thpv antieinat™? holier 

io pay a bonus of 0.335p per share full year figure of around £342,000 9lp, for their own account year. at y ih e vear end Derier 

out of extra revenue earned on 

additional funds compulsorily ^ U ^nf- 

SSs Thermal down and cuts interim 

^ »nal dividend for Loss per share is 2 02p (0 74p 

]9<i-78 of 2.045p. The abrogate PROFITS BEFORE tax of Thermal managed to break-even during remains depressed by the difficult earnings) and again there is no 
!.« JUST J? .?*. e ° Syndicate dropped sharply from the period. However, with pro- economic conditions worldwide, final dividend. A single interim 

.“-cl h! £551,000 to 002.000 in the first duciion now back to normal a Profit margins have apparently only of 1.375p was paid in the 

V... . e M,ouia ne half year to April SO. 1978. but useful contribution in the second been sacrificed as the company previous period. 

A TURNROUND of over flm 
between the first and second half 
of 1977/78 has been achieved by 
Shaw Carpets. Following the first 
half loss this has given the group 
a pre-tax profit of £899,000 for 
tbe year ended April 30, com- 
pared with a deficit of £229,000. 
When reporting at halftime the 
directors envisaged profitable 
trading in the second half. 

Mr. James Hartley, chairman, 
says that the second half recovery 
was due to real improvements in 
sales and productivity. The 
results were achieved despite 

unusually difficult trading condi- 
tions in both home and export 
markets — UK industry deliveries 
were down by some 6 per cent 
on the previous year. 

Having regard to the improved 
performance and to confidence in 
the future the directors are 
recommending a dividend of 2.5p 
which compares with an interim 
and only payment of 0875P in 
respect of 1976/77. Earnings Der 
lOp share are shown to be up 
from 1.5p to 3itp. 

On prospects ihe chairman says 
that considering the economic 
stagnation which prevails inter- 
nationally and the worldwide over- 
capacity for the production of 
carpets, the outlook at the 
present time for the UK carpet 
industry is not encouraging. 

" However, even in difficult 
times there are individual com- 
panies which prosper. We have 
recently made good progress and 
I am confident that the current 
year will be a rewarding one.” 

ExtPiuaT sales* 25.0» JO. ns 

Trading profit .... 1 972 1.330 

Depreciation 9*9 ISaO 

Jmerpst .. » 347 

Mtllnron costs . — SS? 

Profit before tax MV f229 

Tax 1 1977 recoverable) 337 391 

Net profit 3oJ IK 

Preference div. ... .. W 2* 

Available Ordinary . . ~M 134 

Ordioary dividend .... 318 77 

* Including direct exports, t Loss- 

The chairman says that the 
group's Investment in Miilitron (a 
computer-controlled dye-injection 
machine for colouring and 

patterning carpets) has begun to 
pay off and it will earn a valu- 
able return in the foreseeable 

The sales subsidiaries in 
France and Germany have now 
moved into profit, as predicted. 
Mr. Hartley expects this improve- 
ment to be maintained. 

The chairman points out 
that depreciation comfortably 
exceeded capita! expenditure of 
£349,000 and there was an overall 
cash improvement of 11,240.000. 
There are no plans for 
any significant capital expendi- 
ture, and the aim is io secure a 
further substantial improvement 
in liquidity during tile current 

0 comment 

With the carpet industry stiH 

showing no signs of recovery, 
Shaw has turned in on excellent 
set of second half figures and 
the shares jumped op to 37p. 
Turnover was 38 per vent higher 
and first half losses of £304,000 
have been transformed Into full- 
year profits of £699,000. Shaw’s 
sales rise in the second half— 
nearly all of which represents 
increased volume — was achieved 
at a time when UK carpet 
deliveries were around 5 per cent 
lower. Unlike other companies, 
the big push for volume sales was 
not ai the expense of margins, 
which were 7.3 per cent, compared 
with Homfray's 22 per cent over 
the same period when sales were 
up 16 per cent. Shaw says it 
was able to contain c-usts by using 
more efficient machinery, and 
through a beneficial productivity 
deal made with employees. 
Although conditions in the carpet 
sector wifi continue to be difficult 
until the economy gets under way 
again. Shaw is clearly over the 
hump. The French and Germany 
subsidiaries are back in profit 
and the company should now be 
able to make inroads into rhe 
woven market through the Mlli- 
tron dye-injection process, which 
will reduce costs. While the 
return to rhe divdend list wiH 
put some strain on liquidity, the 
shares are on a p/p of 8.8 and 
Lbe yield is a healthy 11.3 per cent 

Gough Bros 

Mr. Ray Gough, chairman of 
Gough Brothers, told shareholders 
at tbe AGM that sales in the first 
three months of the current year 
had been much better than 
anticipated although the figures 

may be flattering because of the 
mediocre turnover in the same 
period of lust year. 

He said that* integration with 
Ellis and Co. (Richmond) was pro- 
ceeding very well. “ l believe that 
the results for the first half year, 
although distorted by the merger. 

should be satisfactory,” said Mr. 


up 10% 

THE ADVANCE in profils 
expected by Lhe Wellman 
Engineering Corporation for the 
year ended March 31. 197S 
emerges as a 10 per cent rise to 
£1.55m. First hall profits had 
increased from £473.076 io 

Earnings per share before 
extraordinary items are shown at 
B.lHfp (5.74pi and asset value per 
share, lil.lp against 53.5p. A final 
dividend oT 1.246p makes a in:ix- 

mum permitted 2.39(ip compared 
to 2.145 p previously. 

During November 1977. the 
group acquired from Hanson 
Trust certain of the assets and the 
business of British Furnaces. 
Simultaneously a non-trading 
group subsidiary which acquired 
this business changed its name 
to British Furnaces and now 
operates from the offices and 
works at Chesterfield os designers 
and manufacturers or specialised 
industrial furnaces and equip- 





.. 17,M>2.23 19.1-3..175 



.. 1.1KS..«54 






Ini L-ium-n 1 


.. 3M.«rs 


Profit before tax 



TjxjZuiiv 4 


N<-t pram 





.. 5<W.SM 

-41 .009 



13-1 79-1 

* Comprises UK tax rfijJOJ iM14.Kkn: 
Ovi-m-DS iaxi-s 11.424 ifl-VlMi 1 : Dclvnvd 
US 1419.203 reUG.7T9i ku DTR £942 
tlR.922i; Associates overseas tax £34.000 
iC6,iii>. UK tax reduced by £9.224 
<£20.I3iii ovLT-provistons relating to pre- 
vious years. tGoodunll uniicn oir Dong 
premium on acquisition* fln.7S9 
■ U29.R34i and deBrii on currency 
realignment s £6.330 <£9.793 surplus i. 

Independent News, headway 

Kinta Kellas 
Rubber slips 

INCLUDING TIN tributes lower 


i»i ,r,no , kvuuiu ..c ha j f year t 0 April SO. 1B7S. but useful contributfon in the second been sacrificed as the company previous period, 

v?- ffilvSlTL ««4«* Mr - Ji s - PaRet - the chairman half is expected. sought to retain its competitive 

I., expects the second six months to In contrast, the U.K. engineer- edge in the face of stiff overseas 
rfiimalent fuiirc for 1971-72 (the be much better. ins «ubsidhtry, Special Metals competition. The relative strength 

■j'.* before the present controls). He says that despite the fact (Fabrication), had a much of rhe pound has ajso had a Xvlllltt i\.trii<IS!> 

adjusted for the change m the rHat there is no S4ga of any improved half and is expected significant bearing on the UK and 

general economic upturn, he to make further progress during West German results. The U.S. D n LL Q) . olSwxe 

— expects second half profits to the rest, of the year. subsidiary has only managed to J\.UUUvi bHUj 

„ exceed those now reported. How- A< is normal practice, no break-even in a period inter- 

— RAlNk RETURN • IW, Ac oiera* Uignre tri H be nroiiu arising from the sale of rupied by expansion at its Dels- INCLUDING TIN tribures lower 

less than the £l.I3m achieved la.s-1 processes and the construction ware plant and by bad weather at £107.510 against £141,334. pre- 

— .war. rtf associated plant at this stage, conditions early this year which tax profit of Kinta Kellas Robber 

- .. j..- " irSiart - As a measure of prudeik-fcthe Haye. been included in the first disrupted supplies of raw Estates slipped from £496.380 to 

. 'directors are reducing tlig iirteHta half bur tbe .yeaMnd-contnbu- raaierials. UA produenon has £477^98 for the year to March 31. 

' RANiviNGTJEFARTMENT - dividend from 3p to 2p net' per tion wm -not be less than that since resumed while the UK 1978. Turnover was also down 

- - 1 - share costing £106,000 (059,000). hiduded m last years accounts, engineering subsidiary. Special at fl.33m. compared with £1.36m. 

i.M'.fi.iTite e J it Tlie previous final was 3.7p. Metals, is expected to make Stated earnings per lOp share 

! BBSS- 3.27Z.M5 Sales for the half year amounted # comment L u ^ her Though second came out at 4.73p (5.6p)_ and a 

atUtainSmuO 674,880.000+ EW.Tfo, ooo to £5.I7m (W.77m). Tax charge is • COm.nenL half pre-tax profits may be better net final dividend of 2.op lifts 

lim-cw-.- - J 438,«W75[ + SA28SS.42S £67.00Q^, against £37^000. Thermal Syndicate’s highly than those ]ust reported, full the total to 3 ap i252api. 

hxmM&OUw/' j The chairman warned iti specialised business— the marru- year results could be significan’Iy Profit included investment 

Aira 647jK,o«i+ Ts.fiR.W8 Maroh that profits in the first facture . of vitreous silica, a lower than the profits of £1.7m income of 031.198 (£71.449) and 

half would be lower than in 1977. “glass" product used in lighting, in 1976/77. At 97p— down 17d was after charging replanting and 

. - ■» wor j d . w j de depression in the aerospace, domestic heating and yesterday — the shares are replacements expenditure of 

AMCTfc ! * ’■ • croup's highly specialised market scientific equipment industries— capiialisea at £5.1m. 00.04a (Jro.864). 

• iSSS* » RT-T - Vl ‘ 3r - 1 " u 

km *:-*.**. a measure. of prudem-tsTthe ^ 
-,-s-w v* Aajffian —tv j. .- rx-f - -directors are reducing ilip .mienm. ha 
• BANKlNGDEFAftTMENT^ dividend from 3p to 2p net' per P° 

’’ 3.872.445 S^Kf^th^alf year amounted •comment 

f , u. nen on Vn .vn tn FS T7m ffJ T7m\ Tk rhame ic 

Assuffe ■ ' ’ .- group's highly specialised market 

iiV ' vr.'^v^’.'Unvt. ^a^riiir,.1.4RT5fiw088|+3ao l i?5j)Oi is continuing and the immediate 

INCREASED contributions from 
trading subsidiaries of Indepen- 
dent Newspapers led to better 
profits margins and to a 66 per 
cent pre-tax profit advance to 
£l.36rn on turnover 39 per cent 
higher at £!3.06m. 

The turnover rise was due to 
increases in both advertising 
charges and the volume of adver- 
tising sold, the lifting of cover 
charges and circulations of main 
publications and the taking into 
account of Sunday World revenue. 

Half year 
1078 1977 

tnoo oino 

Group turnover 12.060 8.<nn 

Tradlnc proflr 1.54 L 923 

Depreciation I«1 ns 

Profit before tax L3H 8U 

Tax 544 MS 

Ni-r profit Slfl 450 

Minority profits M — 

Available 430 

Interim dlv 303 134 

The directors report that the 
poster company has extended its 

operations in Europe and is 
now examining other investment 
opportunities throughout the 

The net interim dividend is 
lifted from 2.4375p to 4.0625p on 
earnings stated at 9.62p <5.99pt 
per 23p share. Last year’s total 
dividend was R.5p from record 
profit® of £2.09m. 

© comment 

Taxable profits at Independent 
Newspapers topped £2m in ihe last 
full year and with interim profits 
now up 66 per cent the total this 
time could approach £3m. The 
group has a solid IrMh national 
and provincial newspaper core 
which benefited from a' 12 per 
cent growth in advertising 
volume, a 15 per centrals increase 
last November, and even some 
overall circulation improvement 
— this despite average cover 

price rises of 20 per cent com- 
pared with the previous six 
months. Independent, however, is 
nor just about newspapers. Abou-t 
£Jm of the extra profit admittedly 
came from the recently acquired 
Sunday World. The rest of the 
growth, however, has come from 
the highly successful German 
poster group and the Miss London 
magazine (which increased its 
advertising volume by 40 per 
cent). The poster group, where 
Independent bought slightly over 
half the shares for £140.000. is 
heading for profits this year of 
about £’.m. The company plans to 
buy another 32 per cent for 
£200,000 and is expanding opera- 
tions to other countries. Indepen- 
dent is also looking out for more 
venture capital investments allied 
to its existing businesses. At 145p 
the shares stand on a prospective 
p/e of over 6. 

outlook is not promising, he says. 

t ; ' ,-i 1S5.47MO! is jw.700 _j\ s a result of these conditions 

2u;ikui»:+ iomi £^ Icvc ' ° h f C0 K i i SS?h!“ JSS 

.v.ioa I5.5ffl..w— 1.906.4*1 ver T hl S h , particularly from 

t’.Nii I - K8.706- 10.916 countries where sterling has 

|- — remained strong relative to local 

■1^38,199^19+ 31L33E.4&5 currencies, and this has had a 
1 significant bearing on the UK 

ism k i*f i*. ut i him and German trading results. 

j — Early m rhe year, and within 

Li ijui.i ik.. *■ ■ ‘ ihe bounds of competition, 

Imiih-i . F.>50^»a.fw. + iCO.rt'O.ifri mndcst prices incre.ises were 

in i E.J.'fl 1 >liV454 + wi/Miosi obtained for some UK products 

in I'mti.'y ik-|-i. ib.M3.MS— i 451 but those have not been suffi- 
^ ! i cient to offset increases in general 

li.wi.'iuY. ’ lljotwon" - overheads and payroll. 

i nil.--* -.T^s, a s -v>9] +m,bisj?i Weather ronditrons in the U.S., 

in ii.-i mh-hi >i nwi.9bl.843 — io.{i7^.ai coupled with the move to Dela- 
rrrrr--; ware. meant that Thermal 
a.-'fcti.fxo.iK'O + American Fused Quartz Co. only 



(Incorporated in the Republic of South Africa) 

Standard Merchant Bank Limited is authorised to announce 
that in response to the rights offer by Barlow Rand Limited 
of preferred ordinary shares, members or their renouncees 
and holders of options over ordinary shares have subscribed 
for 5.1 5 6.S3P preferred ordinary shares. 

The remaining 237.RR5 preferred ordinary shares represent- 
ing 4.4 p o of the 5.394.529 preferred ordinary shares which 
will be allotted have been subscribed for by the under- 

Certificates in respect of the preferred ordinary shares will 

be posted before or on 21st July. 187S. 

7th July. 1978. 

Standard Merchant 
(vn Bank Limited 

(Rta*— a W flMMBanH 




private property portfolios 

Expanding public company actively seeking invest- 
ments in the United Kingdom. Will purchase 
property companies, retail chains or family trusts 
with property interests. Particular attention paid to 
individual requirements and to taxation implications. 

Enquiries fo; 

Tlie Managing Director 
Town Centre House, The Merrion Centre 
Leeds LS2 SLY 
Tel: Leeds (0532) 459172 
- jin replies ircalcd in strictest confidence 

Results 1978 

Preliminary announcement 

The audited results for the 52 weeks 
were as follows: . 

ended April 30 f 1978 


Operating profit 
Associated companies 
Financial income 
Financial expenses 

Profit before taxation 

Earnings after taxation 
Preference dividend 

Earnings attributable to ordinary 
Ordinary dividends 

Extraordinary item 

Earnings per share 

52 weeks 
April 30, 

52 weeks 
May 1, 

389,549 345,897 

























. 16,869 


- -9-3p 

The annual general meeting will be held in Edinburgh ort Aygust 17, 
1978 at noon. The proposed final dividend will be,paid on. August .22, 
1978 to ordinary shareholders on the register at the close of business 
on July 26, 1978. 

* Profit before taxation £35-4 million. 

Earnings per share 10-0p. 

* Proposed final dividend 2-05912p per share. Total 
dividend &; 40912 p per share, 10% more than 1977. 

* McEwan's. Lager successful in Scotland and now being 
distributed throughout U.K. 

* Improved profits in hotels, and wines and spirits. 

* Investment in wholesale beer, pubs, hotels, and wines 
and spirits £45 million. 

* Del Monte Kitchens Ltd. sold and full provision made 
for sale of Golf St Cyprien S.A. 

Full deferred taxation has not been provided in the tax charge for the year, and the 
previous year has been amended accordingly. This follows the principles in the 
proposed accounting standard EDI 9. if a full provision had been made for deferred 
taxation, the earnings per share would have been 6 a 25pend 6-22p for 1978 and 1 977 

The operating profit includes profit on redemption of debenture capital £183,000 
(1977 £436,000). 

Associated companies include our share of the loss in Del Monte Kitchens Ltd. 
£232,000 (1977 £221,000). This business was sold on June 26, 1978. 

The operating profit includes a loss of £629,000 (1 977 £604,000) by Golf St Cyprien 
SA The extraordinary item is a full provision for the sale of this company on 
October 1, 1978. The sale was announced on July 6. 1978. 

The annual report and accounts will be posted on July 25, 1978. 
Additional copies can be obtained from the Company Secretary, 
Scottish & Newcastle Breweries Limited, Abbey Brewery, 
Holyrood Road, Edinburgh. 


Financial Times Friday July 7 , 1978 

Scottish & Newcastle 
second half fall 

Swan’s cash 

It looks a good year 
for life business 


vmt A slowdown in second half 
l.'ixiiblc earnings from £14.rt2m to 
£13.2Sm Scottish and Newcastle 
Breweries ended the year to 
April ‘JO. 1978. with proiit margin- 
ally ahead at £35.38m against 
EJ.vllm. Though there was a 
4 per cent drop in volume sales 
of »Je and lager during the year, 
group turnover improved by 
£43.?m to £!S9.5m. 


In Scotland, where McEwan's 
lager is doing particularly well, 
both volume and market share 
was increased and the directors 
are confident of achieving further 
growth of ale and lager sales in 
the region. This is confirmed by 
trading so far in tbe current year, 
says Mr. Peter Balfour, the chair- 

The directors also expect an 
advance in profits from managed 
houses and hotels and from 
Wa\ c-rlcy Vinters, he adds. 

Much progress in re-equipping 
the company has been achieved 
and a good .start has been made 
lo major rc-organisalion which, 
the chairman believes, will lead 
to faster progress and higher 
profits. Full benefits of the 
changes will not be felt for 
another IS month* to two years, 
he points our. 

For 3977 7s operating profit 
ivas head lo £3->.21m t £33. 73m). 
The contribution from wholesale 
beer was down from 72.3 per cent 
to fiH5 per cent at £23. him 
t£J4.0iim) and from managed 
public houses down per cent per cent) al£7.1Sm i£7.17m). 
Hotels expanded profit lo £2. 34 in 
i IgtiU.OOO i representing 7.3 per 
cent 1 2.(5 per cent) and wines and 
sniriLs including distilleries lo 
£!.7Dm (£!.:JSm) or 5.2 per cent 
i4.I per cent). Other group activi- 
ties and adjustments produced a 
£ 1 .”■3.000 surplus l £193.000 loss). 

There was also a profit on dis- 
posal or assets or £ 2 oa,ooo 
t £27.000 1 . on redemption of 
debenture capital I1S3.000 
(£436.000 1 and other gains £9, 000 
(IS.00Q loss). 

Tax. after adjustment for the 
treatment cf deferred tax as in 
ED 19. was lower at £6.99m 
t£9.4Jni> leaving earnings per 20p 
share higher at Iflp fbjjpl. If 
full provisinn for deferred tax 
had been made earnings would 
have been fi25p (H.22pl. A net 
final of 2 .0.1912 p liTts the total 
dividend to 3.40912p t3.0Ml2p). 
The directors say that no supple- 
ments rv payment will be made if 
vl»e rate or ACT is reduced from 
54 per cent. 

At year end cash was down at 
£n.23m i£14.SSm) and borrowings 

had almost doubled to £22.71m be in operation jn time for the 

itfLSm) Last year Mr. Balfour Christmas trade. Rv ^ 5 . _ n(i . _ , . „ ~ 

st-ded rhat the directors exnected . . , . . end of October Swan 

10 make capita KMndimre of Mana S ed P“ bI,c ■“““*• n °, w Hiuilcr shareholders should know 
£Wm during 1977-^ SSd Similar ? alled S J con ' sh and Newcastle exactly how much cash they are 

S £« sssjL&-j 

«^»«n,oul c ,o 

£45m have been arranged through 10 tenaacy - 3 **2“, of ■LLom compensaiion 

19 SS and £10m of borrowing The directors are seeking worth S1.66p a share and yester- 
throueh li'SS. Overdrafts facili- opportunities for further hotel day Swan announced that final 
ties total HSm. investment and agreement has details of its capital reconstruc- 

By the end of this year the been reached to purchase tion programme will be Included 

directors will have completed Lowndes Hotel and Cadogan in its next annual report and 

much of ihe relocation of the Hotel in London. The cost, accounts. Judging by last year's 
group " 4 distribution organisation, including the shopping parade at time-table this should be avail- 
made provision for the company's the Lowndes Hotel, is £5-25ra. able in October, 
own larger capability, replaced a steady progress was made both T * ie * ,asio Principles of the 
i.irce part of its stock of casks a t home arid abroad by the reconstruction are already known 
and kegs, and made improvements -roup's wine and spirit company —voluntary liquidation followed 
to many of its public houses and an d a new distribution ware- by 0,0 attribution of the corn- 

hotels. w house has been opened In Leith PensaUon and the surplus cash 

Agreement has been reached to t0 serve the south of Scotland, lnside the business and not re- 
sell Golf SL Cyprien to Societe a nd work is proceeding on further Quired for Swan's remaining 
d ‘Etudes de Participation ei de development at our Leith activities. New shares will be 
Developpemcnt on October 1. 1978. production centre. then issued (on a pro-rata basis) 

During the year this leisure and 



DO A DM MrmMRC NEW LIFE business figures pub- premiums jumping 53 per cent to value nf £ST7.0flQ. .The srnup also 
DUAnD ITIEfcliHWO ikhed by the two giants of the £43m and single premiums by sola other properties for £4u..i)Q0, 

The toBowirut com panics have mused industry. Prudential Assurance nearly 40 per cent to £i2.lm. he says, 

daies of Board medians To the frock and Legal and General Assurance. Annual premiums for insured As reported on June 2S the 
Exchange. Such meetings a« usually indicate that tbis year is going schemes rose from £l9m to -roup turned in taxable revenue 

hrid lor the purposes or cwwM«*i« to be a good one for Uie UK life £2£*.5m and on the managed fund for the March 31 year or £!m 

dividends. Official indications are not assurance industry and that front £}jj m l0 £l3.3m. Mr. R- againat £t.77m and the dividend 

avadMau 4MM mid growth in new business has iw the company's chief execu- is increased to G.337u (5.WKJi»). 

-Ja " t “™ ed “ a stronE ul>Mrd U«?«<.i these S pins coy 0 vcr the next few years the 
on lass years timetable. trend. * -* * " r 

■ * _ mi . i p • ki uiv nvat 1 1 w vitiii.t me 

_ ... . . . finned earlier forecssls of em- directors expect net revenue to 

today In particular, pensions business pioyers improving their pension sTl0U . avera » c annual growrh of 

Finals : — Christy Brothers, b. Fsrtic- has soared as a consequence of schemes, but he considered that more j^an 10 per cent before the 
man. Hamhros. Lemons, awmshand the implementation of the Social there was still room for further n r avcentiomil non-recurrm- 

1 ssst “nr & °ss si* TR^.iT«S5TO 

Holidays. Apnl 6, 197S Ind rv idual life New annual premiums for UK be spending, during the next two 

future dates business has also been buoyant individual business rose to £ 10.7m years, some £700,000 after las 

interims: — over the first six months con-.j,^ £s.3m— contracts associated relief. 

Nell Md Spencer jmr 11 JO with house purchase increasing by M John lJint di rec!or5 

peutiand toduames &«. 11 second half of 1977. 43 renU se[f ^ ro ,,i 0 y ed pen- al „ ™?t £% b/i to eouthmS 

*11 t l | Th « Prudential saw new annual slons business by 40 per cent and £“£25 divfdends by 10 P?r 

Yule Cano July u Premiums _ on ETOUP pensions small scheme executive pension ccn t. though they may not be fully 

Final*:— in scbeD3es by 50 per ce,,t : covered by earning!, in this 

and while business in Tb e company’s unit-linked sub- current year. 


]^s^si!sf er Hoicl ' w - 

Danse investment Trust July id managed funds quadrupled from __j rfi Q ; no ~ 1 *- launch 44 at 1—id pm. • 

real estate . complex near 

Perpignan. France, showed an sakj* 

operating loss of £0.6m for the Operao/W profit 
serond year running. a»soc compaoust 

The total investment has been JJSSfS 
written ofi as an extraordinary Pre-tax profit . .. 
item m this year's accounts. Tax . 

SEPAD will take over the com- PJ® ar . • ••• 
pany free of liabilities and the Mua>m»bt 

group will receive payments of nro. dindrnd? 

FFr Sm (£lm) over the next Exiraoid. d..-hii .. 
four years, and. m addition, a ReiaMKs* 

1S7T-7S ibts- 77 1x1 these remaining activities. 

iaaa saoo Swan's shares yesterday jumped 
2 * 34i>i37 I.lp to 141 p— from Wednesday's 
r.r.c suspension price of I28p. 

I'm aiss Shareholders are already 
- 7S8 ,Vio guaranteed a distribution of 
3S.37S »iu3 8l.66p a share as a result of the 
*•*2; if! compensation payment, but this 
iio still begs the question of how 
27 sm 25 us much extra cash the group can 
9.M1 6.307 realistically afford to make over 

- to shareholders — particularly given 

Danae lovestment Trust July ID managea tunas quaunjpiea irons vp __ __j j.* cinoo itc launch 

Diamond Stylus July M £L6m to £75m. Single premium munen 

luincwTirtb Morris — July 18 pension business rose by Dm to inst _ victooer. 

Trustees Corcw ration July 28 m n_ 

Western Board Mills July IS 

Finally, Albany Life Assurance. 

Wriatuon iy.> July 11 


12.4.U iR.f«) current difficulties at Smiths 

royalty nn the sales turnover of ’ 1 nuiudinz sh j re of lose m Dei Home Ship repairers (North Shields 1 . 

the existing facilities for the next kuchciu es-j.ow i£22I.oooi. 

13 years. 

Del Monte Kitchens has been 
sold lo Boss Foods and cumula- 
tive losses having been written- 
off. A small surplus should arise 
as a result of the sale. 

For beer marketing outside 
Scotland the stoppage at New- 
castle in November resulted in 
not only a loss of sales, but also 
a switch by some customers to 
other suppliers, and lost trade will 
nol be regained either quickly or 

See Lex 




Several hundred jobs may be 

Swan has already said that the 
ship repair business was expected 
to lose il.lm in the year to June 
50. 197S. It is understood that the 
group recently made an unofficial 
approach to British Shipbuilders, 
with a view to selling Smiths, but 
met with no success. 

With no apparent purchaser in 
sight for Smiths — which employs 

David S. 
Smith holds 

However, it is not expected that the U.k linked life subsidiary of 
thi«s level of increase will be seen American General Insurance 
In the second half of the year. Group, reported record figures for 
Companies brought their existing the first slx months. New annual- 
schemes into line with the Act and Lsed premiums doubled to £1 -5m. 
admitted new members, mainly while single premiums amounted 
shopfioor workers, to coincide to £5.Gm compared with £6"m 
with the start of the Act. How- for the whole of 1977. 
ever, pensions business has been 

A DECLINE in taxable earnings 

lifted 10 a new higher level of 
premium income. 

On individual business the Pro 
saw an increase of 44 per cent 
in the UK, in contrast to last year 
when business rose by 14 per cent 

Sec Lex 

Daily Mail 
Tst. rises 
to £2.9m 

in thesecond six inonths from TS SS^nShS 

£702,306 to £633.647. left David S. ver Y active in the house purchase 
Smith. rHaldin'*s) with * market, and the increase came 
maintained full-time total for the pri E! arfly f r”2 changing the field 
year to April 30. 1978, of 1131m, ataffs method «* remuneration 

and General Trust rrnm 
£-j.6i im to £2.89m in the year 10 
March 31, 1978. 

Earnings per 50p share are 
shown to have risen from 17.2p 
to 17.9p and the second interim 
dividend is -8.389 p net making a 
total so far of 12.78 lp. It is also 
Following the December fore- resolved to pay a final of l.lblip. 

John J. Lees 
profit ahead 
to £132,511 

around L000 workers — the group 

M w Including lower capital profit has begun talks with union 

easily in the face of fierce com- on , sa!e s of properties of £37,546 representatives at the yard with 
petition and a growing concentra- against £82,268, taxable profit of a view to cutting back on labour, 

lion on the free trade market by Colmore Investments finished the Meanwhile, the news of Swans 

other brewers, Mr. Balfour says, year to March 31, 1978, down from compensation has sparked off a 
Installation of lager brewing 1235,491 to £190,850. sharp increase in the share prices 

capacity :«t Fountain Brewery is Turnover for the 12 months rose some of the other major 

now complete and the company from £I0.3tm to £13.0Sm and compensation candidates with 

has arranged with Harp Laser to there was a tax charge this time J" s shares nsitic 12p in 170, 

use its Edinburgh brewery for of £59,130. anc * ' arrow ™“US 15p to 273. 

in addition to °Harp^ WaD S Lag6r MoSl* MlLN MAR STERS 

At Tyne brewery a line for cask 2?VS r ' i„^ p I?' Acceptances of the offer for 

racking will be completed in the ^ tal o t !>oq ear , I, - 1 Mf,i per “ op Bhare Miln Marsters by HilJeshog have 
autumn, and plans are in hand are J - aj P t»-«M»i. now been received in respect of 

for the replacement of bottling The company's interests are in 929,872 ordinary shares (90.59 per 
plant in Edinburgh and the motor vehicle distribution and cent). Hiileshog intends to corn- 
second high speed can line will hire purchase. pulsorily acquire the remainder. 

a-, anawfl: «£ir~r-s 

don business was else particularly lo H.larch 31. 11TO Jobn J . £ stnll ™ a 

confectionery maker, has turned **siraini. t-ast yi 

interests in photo-Utho printing i iT st«.a in a £19.374 increase to 1132.5U den “ was 

under dividend 
Last year's total divi- 

direcrors in January. 

Sales by the group, which has buoyant 

^d re c^oS Jra^uS?tir^ rl Sl from sale's up £339,400 to £J.52m. Tax for the 12 months took 

better at £7^6m (£6.63m). fS hJ ylTZual First half profits had'faHen £1^58^.651 afteradjust- 

After tax of £884,226 (£653,992), premium busing doubled to from £60.943 lo £54.009 but "»«t of n28.«0» Ieavtng tiic iwt 

eammgs per 20p share are stated t \ m but single premiums fell off directors said that figure was not Balance at (£1,760,46.-1). 

at ll.Sp (12Jlp) and the net total by 14 per cent to £21, 7m. Pre- materially different from the 

dividend is raised to 2.602p miums on the industrial branch £52.194 earned in the second halt 

(~403op) with a second interim i mpr0 ved by over £lra to £ISm. of the previous year. Trading at 

of 1.4 l-p. Individual business overseas that time led them lo expect full 

77 advanced in both annual and year profits in excess of the 

single premiums, hut group previous year. 

PTe-ux profit -.:;:::::: LW 5 «? ui 7 3 M pension business dropped signlfi- The year’s profit is after non- 

Tax 684.226 &S1992 cantly. trading income nf LIMm against 

Net profit — £21.421 «3.3M Legal and General, tbe lamest £1.07m. but before tax of £60,180 

orf. d^unHuu 144J« ^074 pensions company in the UK, (JE3CJ130). 

Brnuaht forward 1 . 164.331 6 M^si reported a similar situation in The final dh’idend is 1.55p per iTS holders of preferenco atovk in 

carried forward LMI.5W U64.331 group pensions, with new annual iop share raising the total from Ed * l «> ur 8“ Dundee lnvcst- 

ment Trust, to consider proposals 



Edinburgh & 
Dundee Inv. 

British Rail Pension Funds hjve 
now called an EGM of the remuin- 

; I.907SP 10 2.1p. 

Property Hldg. 
& Investment 

DURING THE Mardi 3t. 1D7S. 

for a liquidation of the company. 
Bri trail pen look over EUinburkli 
and Dundee after n fierce defen- 
sive battle, at the end of Inst year. 
It now owns lUO per cent of ihe 
equity, and the bulk of (he (no 

preference share issues. 
Assuming that the proposals in 

year Property Holding and Invest- be put to preference stock holders 
ment Trust continued to sell flats at Ibe on July 2S meet with 
in a buoyant market to the value their approval, they will receive 
of £840.000 and Mr. A. W. John, for their stock the higher of par 
chairman, tells members in ‘.is value and the average market 
annual statement that furlfter price over the six months prior 
substantia] sales arc expected in to winding up. together with 
the 1978-79 year. accrued* dividends. Merchant 

Expected eventual gross pro-, bankers Hill Samuel, who con- 
I ceeds- ttf flats unsold ‘at March SI tinue -tip advise' BrlCrallpen, conV 
are £2.7m compared with a book sider repayment at par value to 



Kingdom of Norway 


8 3 A% Notes Due July 1, 1983 

Interest payable January 1 and July 1 


empty promises 

The facts speak for themselves. 
Since 1953, nearly 300 comt 

Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Feancc SC Smith Incorpor a ted 

Goldman, Sachs 6C Co. 

Lehman Brothers Kuhn Loeb 


since lyw, nearly auu companies relocated in Swindon. Firms 
like British. Leyland, Burnuh CXI, Hambro Life and W. R Smith. 

"With a hundred and one promising alternatives, why Swindon? 
Simply because no other area can match us for location, 
co mm u n ications, facilities and human resources -unique assets 
which can oifer you a speedier, more substantial return on' your 

Factory space, office space and development sites arc 
immediately available. 

O.D.P.s are not required and you'll get LD.C. support. Talk to 
our development team now. With over 25 years' experience behind 
them, they'll move mountains to make your move a 
smooch one. 

For the brochure which is your 
Passport to Pzofit. contact : 

The Ladas tzial Adviser, 

Borough Council, 

Swindon SN1 2\tL 

Tel: 0793 26161 
Telex: 44833 ■ 

Bergen Bank 

Christiania Bank og Kreditkasse 

Salomon Brothers 
Den notske Creditbank 

The First Boston Corporation 

Bly th Eastman Dillon SC Co. 


Smith Barney, Harris Upham 8C Co. 


Daiwa Securities America Inc. Dillon, Read SC Co. Inc. 

Atlantic Capital 


E. F. Hutton SC Company Inc. 

Kidder, Peabody & Co. 

Bache Halsey Stuart Shields 

Incor p orated 

Diesel Burnham Lambert 


Loeb Rhoades, Homblower SC Co. 




Paine, Webber, Jackson SC Curtis 


Dean. Witter Reynolds Inc. 

Arnhold and S. Bleichroedcr, Inc. 

Baer Securities Corporation 
Bayerische Vereinsbank Alex. Brown SC Sons 

Lazard Freres SC Co. 

Warburg Paribas Becker Wiertheim SC Co., Inc* 
Bear, Stearns SC Co. L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. 

ABD Securities Corporation A. E. Ames SC Co. Andresens Bank A/S 

Union Bank of Switzerland (Securities) 


A. E. Ames SC Co. 

Inc or p or ated 

Bank of Tokyo (Holland) N.V. Banque Nationale de Paris Basle Securities Corporation 

Highlights from the circulated statement of the 
Chairman. Mr. J. T. Bremner, for the year ended 
31st January. 1978: 

Kleinwort, Benson 


Moseley, Hallgarten 8C Estabrook Inc. 

A. G. Edwards Sc Sons, Inc. EuroPartners Securities Corporation Robert Fleming 


Kredietbank S.A. Luxembontgeolse Ladenburg, Tbalmann SC Co. Inc* 

Hambros Bank 


The Nj^oSecimtie^ Co* 

Nomura Securities International, Inc* Oppenhrimer SC Co., Inc. Orion Bank Piper, Jaffray Sc Hopwood 

UiwhMl Incorporated 

New Court Securities Corporation 

$ Although sales increased, profits before 
taxation show a decrease compared with 
the previous year. The principal reasons for 
this decrease are the reduction in interest 
received because of the substantial fail in 
interest rates and the continued effect of the 
escalation in overhead costs outwith our 

Scandinavian Securities Corporation J. Henry Schroder Wagg Sc Co* SoGen-Swjss International Cotporation 


Thomson McKinnon Securities Inc* 

Vereins-und Westbank 


Westdeutsche Landesbank 


Stuart Brothers 

Tucker, Anthony 8C R. L. Day, Inc. Union Bank of Norway 

Wood Gundy Incorporated Yamaichi International (America), Inc* 

All of these securities having been sold, this announcement appears as dvtatter of record only , 

$ The profit before taxation amounts to 
£462,604 compared with £583,173 last 
year whilst Corporation Tax reducesthis 
profit by £238,466 which leaves a balance 
after tax of £224,1 38 for the year ended 

# Future Prospects: Since the 
commencement of the current 
year, the increase in Sales has 
been satisfactory. It is to be 
hoped that this will be 
maintained throughout the' 
year and overheads can be 

v 7 „ 

Financial Times Friday July 7 1978 


: — - 

Glossop raises offer 
in tough struggle 

Panel forbids 
Mooloya payment 





M 1 ** urn 
•i'-'id « 

• : - "*nt. 


A. > Hoard 

i-. ioundir 

•Jill "tSc 

ri.nT H 5.. fa i£ * 0f stiff opposition 
10,11 the Wettern family and 
Wrtersxvhich control AS 
no r ake - W * and J - Glossop. the 
.'.U* Mor . ks contractor, has 
Wd up its offer for the ordi- 
* ,,r > snare., of Wettern Brothers 

«nm Wop In 12t,p a share 

M. , ,i°* SO r P is 001 altering the 
irrro of i,s 8311 a share offer for 
3? St0ck and the new bid 
•‘lues U eucni at Just over £!m 
--compared with £l.6m under the 
of the previous offer. 

This offer has beeD strongly 
I'JOLleO by the Wettern familj 
iml yesterday Mr. F. J. Burroughs, 
n.mjging director, said that he 
P 0 reason for the Board 
dunging its view. 

The battle for control has 
»rned increasingly bitter with 

iVJL 1 d " ords being spoken on both 


I In GIossop's latest offer doeu- 
nent. its chairman. Mr. Digby 
r accus ®? the Wettlrn 
or making - impressive 
nm *" S **ut meaningless state- 

..“J 1 * 0 Wettern Board has no 
«4ht to expect loyalty from share- 
holders if it does not give them 

the facts on which to make a 
Judgment," says Mr. BurnelL 

Before the bid Glossop held a 
23 per cent stake in Wettern and 
Mr. Burnell said that it was signifi- 
cant that shareholders represent- 
ing 83 per' cent of the uncom- 
mitted shares — not owned by 
Glossop _ or Wettern — had now 
accepted the bid. 



Unigate has now completed its 
contract with Worldcourt to 
acquire the 33.9 per cent stake 
in the Carding Gnrap ' which 
Um gate does not already own. 

Completion of this, deal leaves 
Umgate with a 96 per cent stake 
id Carding and the offer has now 
gone unconditional. In addition 
UnigatB has acquired -the capital 
of Worldcourt. The total cost of 
the deals was worth around £4. 6m. 


Mr. Roy Hattersley, Secretary of 
State for Prices and Consumer 
Protection, has decided not to re- 

fer the proposed merger between 
William Prym Werke 1"<S ' a ad 
Newey Group to the Monopolies 
and Mergers Commission. 


Acceptances of the offer by 
Johnson Group Cleaners for 
Capital and County Laundries 
have been received in respect of 
7.126,371 ordinary shares (9B3 
per cent), 72,626 5.8 per cent 
cumulative preference shares 
<82.6 per cent), and 95,250 455 
per cent cumulative preference 
shares (78.5 per cent). 

All offers are now unconditional 
and remain open. Johnson intends 
to compulsorily acquire the out- 
standing ordinary shares.' 

Mansell thorpe 

The offer by Centro vincial 
Estates for Mansell Thorpe is now. 
unconditional .acceptances having 
been received in respect of 
2,207,864 ordinary shares. 
Acceptance to the preference 
offer amount to 57400. 

The. Takeover Panel announced 
last night that certain features 
of the flm bid by Mooloya Invest- 
ments for the furniture ' group. 
Customable Manufacturing, con- 
stituted “a serious breach” of 
the Take-over Code. 

-It ordered that a procurement 
fee of £38.625. designed to secure 
the acceptance of certain Custo- 
ms gic shareholders holding 1.4m 
shares out of an issued total of 

545m. should not be paid. It 

also ordered that the bid should 
go ahead but that Mooloya should 
pay another Ip per share in cash. 

raising the cash offer to 21p per 
share. This would raise Mooloya 's 
outlay by £52.000. 

. The Full panel . said that it 
would be issuing a complete 
statement on the matter in due 
coarse. Its ruling apparently in- 
volves Rule 36 of the Take-over 

code which says, in effect, that 
a bidder may not offer special 
terms or Inducements to some 
shareholders in a company being 
bid for if these “special favour- 
able conditions" are not extended 
to all shareholders. 

Grindlay Brandts, the advisors 
to Customagic who sought the 
Panel Ruling, had not had time 
last night to discuss the changed 
terms' with the Customagic board, 
but it was clear that the proposed 

change In the terms had done 
Utte to remove their opposition 
to the offer. 

In its formal offer document 
Mooloya Investments claimed that 
it had secured commitments to 
accept from shareholders holding 
47 per cent of' the Customagic 
equity. It remained unclear last 
night whether the Panel’s order 
that the procurement fee bei 
waived would make any difference 
to this strategic holding. 

. The procurement fee was paid 
to Gras D'eau, a Jersey Con-' 
sultaney Company, to secure the 
transfer of 1.4ra shares from cer- 
tain . Customagic shareholders 
including . four members of the 
Terry family who between them 
control a 26 per cent stake in the 

standall eng. 

Mr. Tbeo. Dengel, who was 
group financial director of Record 
Ridgway. has together with asso- 
ciates, acquired a controlling 
interest in the road breaking tool 
manufacturers and specialist drop 
forgers business of Standall 
Engineering, near Sheffield. 

The business has been trans- 
ferred to a new company Standall 
Tools and Mr. Dengel has been 
appointed managing director. 

Gold Fields opens up 
two new mines 


Howden minority terms rejected 


lilt!; j- 

PL.UMS BY the Bowden Group to 
. buy up the minority of its quoted 
^outh African subsidiary, Howden 
'■i roup of South Africa (Howden 
S A ) were thwarted yesterday. The 
'•clieme of arrangement resolu- 
tions sanctioning the offer failed 
to attract sufficient support. 

Howden Group offered 95 cents 
tt'*h per share for Howden SA. 
valuing the minority holding at 
» round £700.000. The UK parent, 
with 74 per cent of the shares, 
could not vote its shareholding in 
favour of the scheme and needed, 
in order to succeed, a three- 
quarters majority from the out- 
standing holdings voted.. 

The meeting was adjourned 
for three weeks while revision or 
(he terms is contemplated and 
the shares have again been 
Mi^pendod after a deal at 105 

I lowden SA shares were 65 'cents 
before the offer, so that the exit 
premium rejected by share- 
holders was over 45 per cent. But 
the local industrial market has 
moved ahead strongly, and share- 

holders at the meeting suggested 
that a price of around 120 cents 
would be required. 

The local managing director of 
Hill Samuel. Mr. C. Cattleman, 
whose bank advised Howden SA, 
said after the me eting that the 
Howden Group “ would - not be 
held to ransom.” The terms of the 
offer were also supported by 
Coopers and LybrandL 


- Ocean Transport and ' Trading 
has increased its links with 
Bandag Inc. the U.S. retread tyre 
major, with the acquisition of 
Bandag Tyre Company In the UK 
Ocean already has the Bandag 
f~inrhwe in Ireland. 

The group has declined lo re- 
veal the cost of the deal but in- 
dustry sources suggest around 
film. ... - 

Ocean says that acquisition is 
part of its policy to develop its 
transport-related interests- This 

included the acquisition of Trans- 
dash — the Bradford-based group 
with road haulage, and container 
interests in Europe— -last year. 

The group says that Bandag is' 
tiie world’s lareest retread tyre 
business with franchises in over 
90 countries and worldwide sales 
of more than $180m (£96m.). 

Ocean acquired the Bandag 
franchise in Ireland when it took 
over William Cory in November 



Walter Duncan and Goodrfcke's 
offer for Longti Valley Tee has 
been extended until July 19. 
Including shores in the 
acceptances. Walter Duncan 
now owns 65.040 (73.91 per cent) 
ordinary shares. 26,943 (92,91 per. 
cent) "A” preference shares, and 
10.240 UJ3.00 per cent) “B” 
preference shares. 

Prior to the offers. Walter 
Duncan and persons acting in 
concert owned 50-.9- per cent 7 of-, 
the ordinary shares. -- ■ 

Davies and Metcalfe — Zahid 
Industries and Investments of 
Jeddah, Saudi Arabia. has 
acquired 342,500 shares (11.42 per 

I J. Dewhiret- — Confederation 
Life Insurance has acquired a 
beneficial interest in 50.000 9) per 
cent cumulative preference shares. 
Just under 9 -per cent of that class. 

Euro therm International — Mr. 
J. D. Wilkinson, director, sold 

10.000 shares on June 29, and Mr. 
G. A. Wrtheringrton, director, sold 

10.000 shares on June 30. 

Tilbury Contracting — Mr. T. H. 

Bensted, director, sold on behalf 
of his wife and himself, 12.000 
shares, leaving a balance in his 
own name of 750. 

Bambers Stores— Mr. D. Wett- 
reich. a substantial shareholder, 
has purchased a further 70.000 
ordinary shares. Mr. H. Grant, 
director, has purchased a further 
10 . 000 . 

General Accident Fire and Life 
Assurance — Kuwait Investment 
Office has disposed of 90.000 
ordinary shares reducing holding 
to T 2.35m (7.5 per cent). 

HP Bolmer Holdings— Mr. G. B. 
Bulmer. director, has disposed of 
6S.420 shares by the transfer to 
new mis tees. He- is now interested 
in 479.630. 

James Neill Holdings — Trustees 
of Janies Neiir Holdings. Retire- 

ment Benefits Plan have soldi 

175.000 ordinary shares reducing 1 

holding to L208.9S5 (6.74 perl 
cent). 1 

Laporte Industries (Holdings)— 
Kuwait Investment Office has 
sold 25.000 ordinary shares leav- 
ing total holding 2.6m (5.62 per 

Brent Walker— Mr. G. A. Walker, 
director. purchased 100.582 
ordinary shares bringing hold- 
ing to 20.73 per cent Mr. E. D. 
Simons, director, has purchased 

45.000 and Mr. F. E. J. G. 
Bracken bury, director, has pur- 
chased 42,000. 

General Consolidated Invest- 
ment Trust— Pearl Assurance has 
increased interest by a further 

150.000 ordinary shares and now 
holds 1,407,500 ( 7.587 per cent). 

Thomson Organisation — Follow- 
ing changes in the indirect 
interests of following directors, 
their interests are now: Mr. W. M. 
Brown. 90,225 shares. Mr. J. Evans. 
53,658. Sir Denis Hamilton, 84.225. 
and Mr. G. B Parrack, 75,561. 

Wettern Brothers — W. and J. 
Glossop has purchased 10,000 
ordinary shares. 

Loudon Shop Property Trust — 
Mr. A E. He me ns. a director, has 
purchased 10,000. Ordinary shares 
and his wife Mrs. A. E. Hemens, 
has - purchased 7,000 Ordinary 
shares.- j ... 


could have two new gold mines 
producing revenue in North 
America by the middle of next 
year. Production starts at the 
first, in Val d’Or, Quebec, this 
month and may start at the 
second, in Ortiz, New Mexico, by 
May, 1979. 

The development of the mines 
is part of a North American. 

strategy adopted by the group 
three or four years ago when it 
started looking for properties 
which were not parti culariy 
appealing to the. US. majors. The 
exploration thrust was directed at 
precious metals and energy 
minerals in deposits which per- 
mitted quick development 

This strategy has led the group 
into the development of a low 
sulphur coal property in Ten- 
nessee and towards the discovery 
of a silver deposit in Texas which 
Mr. David Lloyd-Jacob. the chair- 
man of Gold Fields Mining Cor- 
poration, yesterday said “was 
looking half way like a mine.” 

Gold Fields Mining Corporation 
is the group’s North American 
mining unit, which shares a hold- 
ing company with Azeon. the steel 
concern, called Gold Fields Ameri- 
can Corporation. But GFMC is 
funded by the London parent 

The Val d'Or property is based 
on the old O'Brien mine whirh 
closed about 20 years ago. A mill 
with a capacity of 400-500 tons of 
ore a day has been installed and 
profits are expected this year 
although their contribution to 
group revenue will not be signi- 

Mr. Lloyd-Jacob said that the 
mine could produce a positive 
rash flow with a bullion price of 
S130 an ounre. He also Indicate 
the possibility of later expansion 
at the operation, explaining that 
GFMC held considerable land in 
the area. 

This land includes about 12 
miles of the Cadillac Break, a 
fault line along which gold is 
thought to occur. GFMC drilling 
has encountered mineralisation 
five miles away from O’Brien. 

The Ortiz deposit is on the top 
of a hill, thus lending itself to 
opencast mining, some 30 miles 
from Santa Fe. Reserves are 
about 7m tons and there could be 
a mine life of eight years. 

At present letting of a .heap 

leaching recovery process is 
under way and if this is success- 
ful output could start next year 
after the capital expenditure of 

Over the next two years 
GFMC capita! expenditure is 
likely to reach $50m (£26.6m), 
Mr. Lloyd-Jacob said, of which 
335m will be spent on the 
Tennessee coal property where 
output will be built up after sales 
contracts have been settled. 

GFMCs exploration budget Is 
r unnin g at an average of $2m a 

year. In recent months the search 
for uranium in the western U.S. 
has been abandoned and con- 
centrated instead around the 
Texan silver property. Work has 
stopped at a Missouri base metals 
prospect, where GFMC holds 49 
per cent of a joint venture with 
Getty owning the remainder. 

Not enough lead and zinc has 
been found in Missouri to justify 
a mine, but the exploration area 
is near a number of active opera- 
tions and a sale could be possible 
when the metals market looks up. 

Cons African goes 
into liquidation 

THE SMALL South African base These were Government Areas, 
metal miner. Consolidated African the old Rand gold mine which 
Mines, which pioneered the export seemed capable of revival but 
of iron ore to Japan and whose proved not to be. and the Trans- 
founder, Mr. Peter Wilhelmi, died Terra group, headed by a former 
last year, has made application to Minister of Economic Affairs, Mr. 
Court for provisional liquidation, Jan Haak. However, neither was 
reports Richard Rolfe from as substantial an operation as 
Johannesburg. Cons African, which had gross 

Its last balance sheet, to June assets of RSra and substantial 
30, 1977. showed long-term debt of unexploited mineral rights. 

R3.5m (£2. 14m) and net current 

liabilities, principally bank bor- 
rowings from Standard Bank, the 
principal creditor, of R3.71U. Since 
then news of the group's position 
has been slow to emerge, as the 
usual quarterly statements have 


Granges, the Swedish minerals 

not been published since Decern- group, has signed a contract to 
ber. but weak iron ore markets look for minerals in an area 
have complicated its cash flow 250 km north east of Medina in 
problems. Saudi Arabia, a Government 

Cons African sold its fluorspar announcement said, 
mine last year and put its asbestos The contract was signed with 
operations on to a care- and- petromin. the Saudi Government 
maintenance basis. This left its agency, but the announcement 
two iron ore mines, near Post- gave no financial details. The 
masberg in the north west Cape, prospecting will be directed 
whicb are now exporting at an towards finding copper and 
annual rate put at 500,000-700,000 precious metals in the A1 Naqra 

tons. and At Safra areas. 

The main shareholder is Union Petromin re senes the right to 
Corporation, with just over 20 enter into a joint venture with 
per cent of the shares, acquired Granges. 

during the early 1970s from Among other groups prospect- 
Selectkm Trust. Both groups were ing for minerals in Saudi Arabia 
attracted by Cons African's large are Consolidated Gold Fields and 
undercharged iron ore deposits Bureau dec Rechercbes Geolo- 
centred on the Gamagara area, giques el Minieres, the French 
The directors of Cons African state agency, 

hold a further 10 per cent. 

Liquidation of mining com- 

panies is comparatively rare in MINING BRIEF 
South Africa and only two others kilunghall tim-Ooipui tor June 
have gone under in recent years. ronnex iM»r romMi. 



A (fU? B 

. n us 

The following are extracts from the 
^ ■ ; Statement delivered by the Governor to 
the Annua/ General Court of 
Proprietors on Wednesday, 5th July, 

J 1978. 

8 Results 


The the Group for the year to 31st 
March, 1978 increased to a level of 
£42, 852, 000. The profit attributable to the 
Capital Stock of the Bank, after allowing 
for taxation and minority interests, 
amounted to £25,520,000. 

It is on encouraging sign of the continued 
improvement in the economy that it was 
not necessary this year to make any special 
provision against advances. The need for 
such a special provision first arose in 1975 
and continued at reducing amounts in 1976 
and 1977. 

a The growth in the profitability of the Bank 

* f\[ ; hci S enabled your Directors to recommend a 

; blj final dividend, net of tax, of lOp per£1 unit 
J V ^ ,,*(1 of Stock, which, together with 5p already 

-■ r. ■“JvJj!' puid makes a total for the year of 15p per £1 
- fc - v ^ 1 unit of Capital Stock of the Bank, as 

^ t r enlarged by the Scrip Issue which took 

V r place last July. During the year the amount 
i /' « ‘ _ of Capital Stock in issue has also been 

increased by a further £1,678,783 as a result 
oi the successful issue of Capital Siockto 
permanent employees of the Bank and its 
^ subsidiaries. 

^ Since the year end. as stockholders will no 

k doubt have read, the Bank has acquired 

. * 1 J w from Northern Foods Limited of Hull, 

. . ; England, the vyhole of the share capital of 

' . British Credit Trust Limited -a hire 

purchase company operating mainly in the 
. north of England and engaging in the 

I V provision of instalment credit in the 
consumer trade. The cost of this 
acquisition, amounting to £11 million, has 
_ r been satisf ied by the issue of £3,410,853 

^ Capital Stock of the Bank which was 

placed in Dublin and London to provide the 
purchase price. British Credit Trust will be a 
useful complement to the instalment credit 
services oi Bank of Ireland Finance {U.K,} 

Limited. . ... 

The Capital Stock issued for this acquisition 

does not rank for the final dividend 
proposed for the year just past but will rank 
for all future dividends. You will be aware 
that (lie Diructors. in accordance with the 
policy of reducing the disparity between the 
interim and final dividends, have 
announced that the interim dividend for the 
current year, in the absence of unforeseen 
circumstances, will be 6.5p perD of 
Capital Stock. 

The Group 

The quality of the results for the present 
year has stemmed from an improved 
A contribution from every constituent part of 

w the Group, in the Bank itself, there has 
been substantial growth In deposit and 
• * current account balances and advances to 

customers in line with the improved 
economic conditions which prevailed 
during the year. There was a very 
satisfactory increase in the Bank's 
contribution to Group profit before taxation 

Bank of Ireland Finance Limited and its 
associated companies actively participated 
in the increased demand for instalment 
credit both in Ireland and in the United 

The Investment Bank of lrtiand Limited, 
which has now become a wholly- owned 
subsidiary of the Bank, was able to avail of 
the lending opportunities presented by 
lower interest rates duringthe year and the 
same situation also helped Chase andBank 
of Ireland (International) Limited. 

Overseas, the Bank was particularly 
pleased to open its first United States 
operating branch. In New York City— on 
5th Avenue— and this office has already 
acquired an excellent flow of business. 

In Britain the Bank's activities were further 
extended by the opening of a new office at 
Cardiff, bringing ourtotal number of 
branches in Britain to sixteen. 

The Bank's wholly-owned subsidiary. 
Property Loan and Investment Company 
Limited, continues to play an important 
part in the range of the Group's services to 
the home financing sectbF. 

The results of the year are a great credit to 
Management and Staff throughout the 
Group and I know that Stockholders will 
join with me in expressing our appreciation 
for what has been achieved. 

Policy and OutlcJok 

Stockholders will know, from my previous 
statement and those of my predecessors, 
of the Bank's keen awareness that what is 
good for Ireland is good fortha Bank. The 
Sank provides a wide range of important 
services to virtually every sector of the 
economy, be it public or private, agricul- 

Consolidatad Profit and toss Account fortha year ended 31st March 1978 

Operating Profit 
Kira Bank 

Additional Provision against Advances 
Profit before Taxation 


Profit after Taxation 

Minority Interests in Subsitinrias 

Profit attributable to Capital Stockholders of tha Bank 

Retained Profit uansfomd to Revanua Rasarvas 

Bantings par £1 of Capital Stock 

Fuflydfluted . • _ 



















B.366 *: 




f i 


Bank iFire 

tural, industrial or service, corporate or 
Individual. Because ii has such a wide 
spectrum of customers 'it cannot but be 
conscious of changing trends in attitudes 
and expectations. It was this which led the 
Bank, some three years ago, to commission 
a series of studies by outside consultants 
into the needs of the economy which 
identified the crucial importance of 
increasing the pace of wealth-generation as 
the means by which current expectations in 
relation to living standards could be 
satisfied, social benefits improved and 
increased investment made possible. 

It is clear that the economic stability of 
society depends on fostering the develop- 
ment of genuinely economic job 
opportunities for the growing workforce. 
Since then, the dominating consideration in 
the minds of the Directors and senior 
management of the Bank, has been to 
evolve policies, services and methods of ft 
operation to meet these needs in the 
economy, without in any way undermining 
the overriding and permanent responsibility 
of a bank to protect the savings of the com- 
munity of which it is the custodian. In this 
quest the Bank may claim to have made 
satisfactory progress during the past year. 

In terms of its profit performance it has 
been able to retain and put to reserves 
sufficient to maintain the prudent relation- 
ship between its capital and reserves and its 
other liabilities. The Bank has also taken, the 
first steps, to which l referred last year, to 
invest directly in new ventures which will 
both add to the amount of wealth 
generated in Ireland and to the number of 
economic jobs in the future. 

I should,- perhaps, stress that there is an 
important difference in kind between equity 
. investment in new ventures and the Bank's 
traditional role as a lender. Equity 
investment of its essence involves a higher 
degree of risk. The Bank, therefore, must 
be quite clearheaded about the distinctions 
between the two and, in hs wish to foster 

and encourage new investment, must do so 
in a manner which does notin anyway 
diminish the quality of its risk judgement— 
the two must be kept quite separate. In 
particular, the Bank must be satisfied that, 
in its programmes for equity investment, it 
moves no faster than is justified by its 
capacity to augment out of profits the total 
of its reserves against which these 
investments would have to be written down, 
if the hopes for them were not realised. 

Our decision to add to the Court of 
Directors a number of senior executives of 
the Group will, we believe, strongly 
reinforce our capacity to identify and 
provide for the financial needs of the 
community. I am delighted, on behalf of 
Stockholders, to welcome our new 

Economic Comment 

1977 was a good year for the economy of 
the Republic of Ireland. National produc- 
tion rose by 5% in volume, an outstanding 
performance by our own and even by EEC 
standards. Inflation abated and the balance 
of payments deficit (at about £120 million) 
remained whhin the previous year's 
manageable limit. A strong uplift in manu- 
facturing output, still fortunately main- 
tained, brought thousands of new jobs in 
this area. The rise of about one-third in 
agricultural incomes greatly strengthened 
the purchasing power of farmers and their 
support, both direct and indirect, for our 
interdependent economy. 

In consequence, there has been a welcome 
and sustained fan in the total number of 
unemployedba the Uve Register, though 
the level remains too high, particularly in 
the younger age strata of our rising 


The fiscal policies introduced in the Budget 
at the beginning of 1977, with their impGcit 
recognition that economic recovery and 
future growth require an environment 

Consolidated Balance Sheet at 31st March 1978 

Capital and Reserves 

Capital Stock 
Capital Reserves 
Revenue Reserves 

Loan Stocks . 

Minority Interests in Subsidiaries 
Deferred Taxation 

Current Liabilities 
Notes in Circulation 
Deposit. Current and Other Accounts 
Current Taxation 

Proposed Final Dividend payable 7th July, 1978 

conducive to enterprise, were helpful in 
these developments. The new Government 
came to power in June, 1977 with a strong 
mandate from the electorate and its expan- 
sionary policies are set to maintain the 
advance of the economy in output and 

Unfortunately, however, doubts have been 
raised as to the attainability of a 7% growth 
this year. It is to be hoped that the 
exposition in the Green Paper of national 
problems and aims and subsequent 
discussions with the major interests, wifi 
lead to co-operation throughout the 
community in ensuring, on the basis of 
better industrial relations, the rapid 
improvement in investment, output and 
productivity, which is needed to create jobs 
for the growing numbers now seeking 

Buoyant external demand for Irish goods 
arid services would, of course, be a 
powerful aid to progress, assuming we 
were competitively geared to it. The 
growth in World trade Is, however, not 
expected to be much, if anything, above 
last year's rate. The prime hope of 
accelerated expansion now centres on the 
outcome of the further consideration, by 
surplus countries attending the Seven 
Nation Bonn Conference this month of the 
possibility of increasing their demand for 

From the point of view of the Bank as well 
as the community we must also hope for an 
end to the undesirable volatility in Interest 
rates presently produced by uncertainty as 
to the policies which may be pursued in the 
major economies of the world. 

In Northern Ireland economic conditions 
were difficult during the year under review. 
However, during August 1977, the 
Secretary of State announced a 
Government programme for the investment 
of £1 ,000 million In Northern Ireland. As a 
result of this programme, the Department 
of Commerce is now able to offer attractive 

financial aid and incentives to industry and, 
as this investment takes place, the 
economy should benefit accordingly. In 
addition, an Economic Council has been 
.established and it is hoped that it will play a 
positive role in shaping the future of 
industry and commerce. One of the first 
tasks facing the Council is the implementa- 
tion of the Quigley Report on the Northern 
Ireland economy. 

The importance of agriculture to the 
economy was reflected in a greatly 
increased commitment by the Bank to that 
sector in the current year. The extent of this 
commitment imposes a responsibility on us 
as a bank to ensure that our role is not just 
to respond to the financial needs of the 
industry but also to help accelerate its 

The Way Ahead 

As I have said, the first objective of the 
economy must be the creation of jobs while 
satisfying, as far as possible, the expecta- 
tions of our people for a rising standard of 
living. Constructive financial services 
supported by adequate resources are 
essential to the achievement of these goals. 
yVith this in mind your Directors look 
forward to a fresh increase in the effective- 
ness of the Bank's operations and to an 
extension of the scope and quality of its 
services to the public. A number of factors 
must contribute to such development, not 

least improved communications with staff 
and customers. 

I believe that by tha recent enlargement of 
the Court of Directors and changes in the 
structure of management, the Bank is well 
equipped to succeed in this task. 

William Finlay, 








Current Assets 



liquid Assets 










Advances to Customers, other 



accounts and balances outstanding 

under hire purchase and other 



Instalment agreements, less provisions 





Items in transit 









Equipment in hands of Lessees 





Bank Premises, other Properties and 















w. r 

7 1978 




win control 

Mistrial declared in IBM r ,rst hatt 

_ mcrease 

$300m anti-trust case from 

of Argus 


NEW YORK, July 6. 


By Diana Smith 


By Robert GiUwre THE judge in the marathon IBM- that it wanted s retrial, but IBM that it had reached deadlock „ 

ipcv TDRHVrn hminKtman Memorex anti-trust case has announced that it would press over both liability and damages, njtADESCQ f Brazilian Discount 

S 3 S 3 S 3 

.“eirM&ct control o£ the fl&£ VZ„SS S 

The case dates back to 1973. motion tor a mistrial on the /«Ani\ Cm fha A ret 

their indirect control of the r“dict hadh^n ftim* 
major holding company Argus a yerQ1 . att Deen futile. 

are not directly comparable 
owing -to a change in the basis 


pames the verdict of the fifst six jurors monoDOllsinT the rentier. 

Mr. Black has confirmed that on the Ust Mem or ex said that com outer industry ^and^aimed ' ■ ww^e u u« « 

his group now holds approxi- either option was acceptable, but SSK That moHm. carried today *«*““ting, but independent 

Sr of tto 70 oS“.e”l.o O ldto 15111 reie?ted U " an ***- w3L?La”»l.f^ tripled re “ lt “ 

comoanv^ llSSlsSm CorooSSra The de ¥ ta »<*»“ of a mistrial, under anti-trust legislation. for the second time. The 11 a ThecSxSarttotS net assets 

SSSPyJ 27* 2?ntnS5£mKS' however, tell left the two com- Last Wednesday, the jury- members said that they had split -t June^SS S5a2m Interests 
^Rarelston intura controls 6* I"®** over what should which retired to consider its 9 to 2 in favour of Memorex, but anfaSKert ban? 

pe? 1 rent of Se vSlng JSck o“f .«■ Meniorex said verdict on June B-announced could make no further progress, ££g£ g StaJSSb!& s&ck- 

Argus Corporation. brokers, property development 

Time buying Leader named for Corco reorganisation 

T 1 A r4 I r NEW YORK, July 6. prises. 

XHIBHU SlOCK THE BOARD of Commonwealth hear the proposal on July 10. Corco can be made a viable had mtal S o r curto^ 

NEW YORK, July 6. Oil Refining Co. (Corco) as With court approval, Mr. economic entity. If this is posi- d '__ iT _ c „ nms 

TIME INCORPORATED offered approved . the selection of Mr. Hardesty will head a new tive, a u corrective action " ^ ^ d - j™ and had 
to purchase up to 2m shares or C. Howard. Hardesty Jr., the corporation, to be based in. phase would begin to help Corco effected a total of ’ SL9bn in 
about 25 per cent of the out- former vice-president of Con- Texas, called Commonwealth prepare a' plan of arrangement various credit oDerations 

standing common stock of tinental Oil Co., to head a Reorganization Co. This com- for presentation to its creditors were t ^ rQ capital 

Inland Container Corporation reorganisation management pany will provide management and the court as soon as CTease _ - ^ half of this 

at $35 per share net. team for the company. assistance and other services to possible. year: first in February— from 

The offer is conditioned upon Corco, which on March 2 filed Corco in two phases. In the Corco also announced that cjfijbn to’ Cr&l3bn ($17&5m) 
the tender of at least 1.6m for protection from its creditors first phase, which is not negotiations were continuing on th _ n in Mav ta r-jei/ ’ 

shares unless waived by Time under Charter 11 of the Federal expected to last longer than separate merger proposals from /«202J5m) throueh bonus share 

Incorporated. Bankruptcy Act, said that the five months, the new company Charter Co., from a group of issn 1 ^ 

Time said the offer will expire bankruptcy court in San will analyse Corco's operations Arab investors led by Mr. Roger 

on July IS unless extended. No Antonio. Texas, must approve and the nature and extent of its Tamm, and from Coastal 

soliciting dealers fees ere pay- the appointment before it problems. It will then submit a -States Gas Corporation, 

able. Reuter becomes final. The court will report on whether it believes AP-DJ 

Optimism at 
CPC Europe 

All set for a return to expansion 



CPC EUROPE, the food-based 
group, in its first review just 
published, commented that both 
tiie industrial and consumer busi- 
nesses of CPC Europe contri 
btrted to 1977*8 improved results 

JUST AT the start of its second the sale in June last year to -production activities, as well as the Esmark group agreed in recovered from^the previous 

century of operations, the former the British group Turner and remaining open to a future principle on the merger of year’s unsa tisfactory level 

stage coach builder, Maremont Newali of SO per cent of its joint - venture arrangement for Pemcor and one of its sab- through, higher utilisation of 

Corporation, is in the process friction, brake and heavy-duty the replacement of new vehicles sidiaries by a share swap on a capacity better recovery of in- 

of entering a new and expansive parts business for $8m cash. market with Europe, possibly price basis of no less than S32. creased raw material costs and 

phase, having sloughed off a At the same time, however, the witt* Germany or the UK. Black has borne the loss of a other favourable short-term fac- 

large part of its former activities, second phase saw aggressive Outside the automotive sector, possible new division philo- tors. Consumer business con- 

The Chicago company has in promotion of the car parts busi- Ordnance business is expected sophically — as well he might tinued its strong record of steady 

recent years concentrated its ness, with sales rising from S50m to generate sales of some SlOOm since the stock appreciation will sales and earnings increases, 

efforts on production of shock to $300ra over the ten-year over a five-year period. The earn his company something like Agencies. ' 

absorbers and exhaust systems, period without acquisitions. U.S. Army, which had awarded S4.4m before tax should Mare- S} . ' , , • 

with smaller hut interesting busi- Maremont now leads the US a former order for M-60 units mant as would seem probable. MCxM; wa rning s XTSC 

ness in the distribution of foreign shock-absorber market, with to Belgium, contracted with accept an Esmark bid for iis Metro-Goldwyn-Mayer the biitk 

car parts, in wholesale ex-ware- sales equal to those of all other Maremont last year for the Pemcor stake. to hoLels concern, lifted third 

house sales and in the making manufacturers taken together, supply of .50-calibre machine - quarter— to May 31— earnings 

of ordnance equipment With and the same position at the guns. These will go into produc- Other OotioilS from 50 cents to 90 cents a share, 

annual sales growth potential of head_ of the national market tlon in the first quarter of next r AP-DJ reports. Net profits came 

10 to 12 per cent in each sector, applies to Its Canadian affiliate year and more than make up for . The non-acquisition of Pemcor to 513.2m against 57.4m from 

the group is in good shape to a °d companies in which it holds the conclusion of a $5m-a-year i* certainly very far from being revenues of $106.9m compared 

meet the targets set by company a stake in other countries. The m- 60 order the end of the world. Maremont with S743m. Profits for the nine 

president and chief executive American market share for At same tim o Black is has been “d still is reviewing months were *305m to $2J2 a 

officer Mr. Richard B. Black of exhausts ha* doubled over the very aware of ^ possibility of other options. It looks as though share against $21 An or $1.42 a 

4 to 5 per cent on turnover and P* 81 ae.cade and the firm con- diversification into new sectors. more ***** on * acquisition will share. Revenue came to $274m 
15 to 17 per cent on equity. tmues to strengthen its position A m0ve of ^ kind since be made in the next 1$ months, compared with $22lfim. The 
The company’s first major divestment programme was one probably before the ond of quarterly dividend is 27.5 cents. 

rather too many flowers in the this house brand business now pemcor, wmcQ maxes steTeo and ^ „ *r?T Tyco Laboratories, which has 

garden. While it brought in the accoutring for 0 about half of Hi ' fi s P eakers «nd is a wholesale of external growth would be r ^, eIlt iy been involved in the 
very valuable Gabriel shock- Mammon tntal SS ahSfrbS distributor of electrical supplies puraned rigorously. _ bid battle for Cutler-Hammer. 

Maremonf’s total shock absorber aistnouior or eiecmcai supplies bid batt j e for Cutler-Hammer, 

absorber •concern ^ in 1962, as and Shawt Vystem turnover and .equipment Srnce Pemcor Exactly what sectors further ^de fourth quaneiv-to May 31 
well as strengthening the • specialises in car loudspeakers, the company plans to enter is not _n et profit* 0 f against 

group’s position as a car parts Traditional sectors ^ r rC . ha l t0 f p « cIal per : - yer . ? ear ’ - *5 0l !S , AP-DJ reports. Sales were 

distributor and introducing it acwuw mission for the initial Maremont include radustnal products. 5 u g btly lower at $44 Jm com- 

to the ordnance business, it also The third stage of the Chicago purchase of 114 per cent of transportation or other fields in pared with S44.4m 
produced a number of assets— group’s latter-day development Pemcar’s capital, the 1971 con- which the firm’s management— 

such as warehousing, textile foresees further growth in tradi- sent decree subjecting Mare- none of whom originates from PamnkpII TWe?nrt 

machinery and the manufacture tional sectors of activity and mont partfei nations in the “car the car parts business — have '-'4MU|iucu aaggiui 

of camshafts and filters — since elsewhere. In the shock absorber parts " field to commission specific skills. In any future Higher second-quarter profits 

pruned away. and exhaust field, Maremont approval for a period of ten acquisitions, candidate firms for *re announced^ by Campbell 

In “Phase two,” lasting from expects to increase its market years. a takeover would probably be Taggart, the wholesale baking 

1967 until 1977, the company share— albeit more gradually The FTC gave the go-ahead in In the $20-$I50m sales bracket, group, AP-DJ reports from 

carried out Its large-scale divest- than in the past — as national April, on which Maremont with some special position on the Dallas. Net earnings were $7.7m. 

ment programme. The thinning- replacement demand rises by an bought the 225.866 shares corresponding market. -Takeg vers or 70 cents a share, against $6.7m 

out process was helped along by estimated overall 9-10 per cent involved at $13 each and began would not necessarily be 'in the or cents a shms. Sales were 

a Federal Trade Commission and 6-S per cent, respectively, to consider further stock pur- U.S.,. though this is: seen as the S205-4m against $178.8m. 

instruction In 1971 that Mare- annually up until 19S1- chases. But the Pemcor share most logical place to Invest, n. . _ . 

mont's chain of 153 jobbing The company is also incress- price then rose rapidly — so' Black M could be enticed to spend FiCetWOOd Enterprise 

stores and 80 per cent of its ing its U.S. new-car supplies (to rapidly that In June. Maremont money” in countries like Ger- Fleetwood Enterprises, the 

warehouses should be disposed the VW “Rabbit" and some terminated discussions with the manv. the UK or Switzerland, for mobile homes group, had earn- 

of. Divestme nts concluded with Ford models) and foreign-based company and three weeks later example. ings of $1.56 a share for the 

[year to April 30 against $1.33 

This imm imp wYy^ t appeals as a matter of record only. 


Societe Nationale pour la Redierche, 
la Production, le Transport, 
la Transformation et la 
Commercialisation des Hydiocarbures 

as borrower 

Banque Exterieure d’Algerie 

as guarantor 

Dfls. 310,700,000 


arranged by 


(affiliated to Algemene Bank Nederland N.VJ 

provided by 





as agent 

COWtd 1 If 


previously. AP-DJ reports.- Net 
profits rose from $15.1m to $17.7 
on sales of $680.4m 

W. T. Grant 

A US. bankruptcy judge, John J 
Galgay, has ruled that about 
32,000 former employees of the 
bankrupt W. T. Grant Company 
should receive full severance pay 
amounting to some $14m, AP-DJ 
reports from New York. - • 


Yen issues 

find problems 

By Our Euromarkets Editor 
The Eurobond market continues 
relatively quiet. The two main 
excitements are the shortage of 
City of Kobe D-Mark bonds and 
the problems of the yen market 
now that currency considerations 
are prompting some investors to 
try to sell. 

The European Coal and Steel 
Community has launched a 
DMTOm twelve year placement 
via Deutsche Bank. The bonds 
have a coupon of 6 per cent and 
an "indicated issue price of 904. 

The City of Kobe bonds closed 
yesterday. \at 1 OOJ- 101 £ after 
being priced earlier in the week 
at 1004, .itself regarded as a sur- 
prisingly high level by the mar- 
ket TTm current price puts the 
yield well out of line with the 
market generally. Part of the 
explanation is that demand 
opened slowly at the beginning 
of the offering period but picked 
up substantially later. In the 
event dealers are unable now 
to. buy bonds at prices consider- 
ably higher than they had sold 
them in advance of the allot- 

Meanwhile there are mounting 
complaints that yen-bonds cannot 
be sold. The reason for the 
development of selling pressure 
is. cigar enough: as Nomura 
Securities put it In its last weekly 
bulletin: “As the yezi has neared 
200 to the U.S. dollar, the scope 
For. an investment in yen for 
currency ' appreciation has 

Attempts to sen are beset by 
technical problems (concerning, 
for. example, delivery) in addi- 
tion,' dealers say, to the lack of a 
two-wav market One dealer said 
yesterday that spreads between 
buying and -selling prices quoted 
in. the market are running as 
wide as five paints in some cases 
— if one could sell at alL 

sales at 


BONN,. July 6. 

WEST .GERMANY’S biggest: 
press and publishing 'group. Axel 
Springer-Verlag, suffered direct 
losses of over DM 40m (around 
$2 Ora) from the bitter dispute in 
the printing industry this sprihg. 
Herr Peter Tamm, general man- 
ager, said in a newsagency inter- 
view today.' 

As . a result A® warned. 
Springer could not now expect to 
do more than, maintain its .3977 

sales performance during 'mis 

year. Last year. Springer raised 
Its profits from DM 374n>,-. to- 
DM 45-5m on a sales volume that 
rose from DM1.43bn to a new 
lever of DMlAttn. V * - ■. 

Herr Tamm confirmed, as; the. 
group’s Interim report "bad 
already suggested, that 'UHThad 
been a “high point" for the in- 
dustry, in qphtrast ' fo, - the 
experience of ~ most-., of West 
German business. PaA 7 of the 

lag which publishers had suffered 
in 1975-76 had -been caught up. 

Advertising sales were up by 
18 per cent to DM 773m —.about 
47 per cent o£ Springer’s total 
turnover. Sales of Bild-Zeitung, 
which now claims the world’s 
highest daily sale of any news- 
paper, rose by about' 300X00 bn 
average to .4.78m. Bild am 
Sonntag, the sister-newspaper 
published on Sundays, gained 
160.000 copies to reach, an average 
circulation of 252m. . 

Herr Tamm also said that Die 
Welt, the M flagship ” paper of the 
Springer group -. and ~for some 
years Its chronlcloss-tnaker, was 
now in a more “stable " financial 

For the future. Springer sees 
the best prospects for growth in 
the field of specialised magazines, 
with a particular emphasis, on 
entertainment and leisure. One 
new title designed with this in 

mind is., to-be. launched In S 
tember, in. the shape of a ma 
zine named “Journal,'’ (hoi 
Springer- has not yet gr 
further details. 

Herr Tamm said that inv 
ment would remain high i 
would continue' to be direc 
towards the modernisation 
capacity.; Ha also warned t 
the industry could not afford 
agree to. the 35 hour work 
week now being -pressed by 
printers* union. ICi-Drtick t 
Papier, in line with unions 
other Industries which are j 
ting this forward as a par 
solution fa unemployment 

Herr Tamm warned that s 
a step wtgold be equivalent to ; 
per cent, -wage Increase. Sho . 
the union try to force it on 
publishers by means of furt 
strike action, printers' jobs wo 
be pint in danger. - 

La Seda losses exceed 


leading fibre producer in Spain’s 
most important textile region, 
finished 1977: with losses of 
Pta 410in (SS^m) against a 
margin a] profit in 1976 of 
Pta 65.5m. The money value of 
La Seda's sales in 1977 increased 
by 11 3 per cent to Pta lL5bn, 
while the rise in volume sold was 
10 per cent 

La Seda's position is by no 
means unique in the textile 
industry. The sector’s principle 
difficulty is its inability to com- 
pensate for depressed demands 
and thin order books at home — 
where consumption fell 11 per 
cent last year — by a concerted 
export drive. 

While the industry has shown 
some signs of picking up in the 
first five months, of this star, 
exporting goods worth nearly 

$70m more than it imported, fhd 
is unlikely to continue in the 
present climate of protection ism 
in its principle markets, the EEC 
and the U.S. In addition, the- 
industry’s export performance 
benefited from . . . left/-'- years 
devaluation of the Peseta, which 
also meant that . companies - were 
paying 14 per cent more in real 
terms for raw material Imparts. 

La Seda, made ctits in its 
operating coals, of 'Pta 340m, 
reducing its-; 4;176 workforce by 
170. but stflHott Pta 237m on the 
exchange rati movement 

The _ generally small- to 

medium-sized and family-owned 
companies that make up this 
atomised industry have tradi- 
tionally generated around two- 
thirds of their finance internally, 
an : untenable, position in an. 
economy us ing, monetarist means 
to. control inflation. 

’ ^ .. BARCELONA, July 6$ 

'r£0n.-=the r one hand,’ des] 
heavy .investment during •: 
past 20 years-the industry , is .< ’ 
labour-intensive and among 
first to feel the repercussions 
Inflation on wage increases; 
the other, the fall in consu 
tlon, - aggravated by the- b 

cost-- of and restrictions nn.cre 
exposes majority of firms' In 
sector . to decapitalisation. 1 
year has' seen an average 
three failures a week in C 
lonla's-tsxtile industry. 


La Seda is big and soi 
enough' 4o have avoided this f 
meeting Us commitments . 
finishing the year with, a c 
flow ofiPta 469m. The industr 
now -. Subject to Governm< 
directed national fsation plans 
a bid. to. reduce capacity, and 
away with .underproductive . 
arehalc: plant 

SNCF plans U.S. issue 


(SNCF) is olanning for tile first 
time to issue commercial >paper 
in the U.S. ‘ : 

A $250m line of credit -Ifr- back 
up the issues is currently being 
arranged on the Euromancef by. 
Credit Lyonnais. The -tftate- 
guaranteed facility offers a Mar- 
gin over inter-baulk rates' bf a 
i per cent for the first five -years 
Of the ■ eight-year mkttlrity -and: 
f for the last three year?:" There 
is the usual commitmjtat fee of 
I per cent '■ / 

French banking sources said 
yesterday that a reported $50m 
proposed loan for Aerospatiale is 
by no means itormnent — although 
this is, '■ under discussion, 
negotiations are still apparently 
in the earlv: stages. 

The/ Chilean electricity auth- 
ority JEmpresa Nadonal de Elec- 
tricic&d (Endesa) is raising $90m 
for -a final maturity of eight 
years from a group headed by 
Citicorp International. There are 
three years grace before repay- 
ments start. 

The margin payable over inter- 
bank rates will on average be 1.7 
per cent hardly different from 
Chile’s last comparable loan 
some months back. There is a 
commitment fee of half a point 

The precise details of .the 
margin are complicated: it varies, 
not on a simple time basis, but 

according to ,when ^dividual 
tranches mature': Tranches to'be 
repaid sooner -will cany a lower 
margin than those to be repaid 
later, with' the : result that several 
different marg in* will be payable 
concurrently. .. 

More precisely, of the eleven 
repayments due semi-annually 
during, the past five years of the 
life of the loani the amounts, due 
■-for repayment on the fitst two 
maturity dates' will cany a 
margin of 14 percent, those due 
for repayment on- .the third, 
fourth and fifth maturity dates 
will carry a margin qf It per 
cent, while tbd remainder will 
carry a margin of .11 per cent. 

The funds are to be. used to 
finance the company’s 1978/79 
investment programme. There is 
no state guarantee.* . 

Citicorp International Group 
has also been awarded a mandate 
to raise SlOOm for Banco Central 
of Uruguay to finance; a hydro- 
electric plant Tenns are not yet 
knowrjL. . 

The" Spanish utility company, 
Fuerzas Hldroeleetricas. del 
Segre, has arranged a $10m loan 
to finance Its share of the 
Spanish nuclear power stations 
Asco DC and Vandellos H. . The 
six-year unsecured loan, offers a 
margin over inter-bank- rates of 
1} per cent. Lead manager is 
Amex Bank. . • . . 

Imnrovenlent in 
BHF results 

Frankfurter - Bank . (BHF) 
recorded improved results in the 
first five months of this year 
compared with -the. same 1977 

The bank gave no- overall 
figures, but said .in 1 its interim 
report that the net surplus on 
interest earnings in' the period to 
May 31 rose by around 10 per 
cent to DH544m • 

This compares with .an esti- 
mated. 9 per cent rise -for. the 
first four months announced at 
the bank's annual meeting in 
May in Berlin. 

Last year, BHF earned a group 
net profit of DM36B3m. down 
from DM39-2m the 'previous year. 

The interim -report said the 
bank's business volume at end- 
May this year riood at DM9^bn, 
up from DMS.86bd at the end- Of 

The parent company’s balance- 
sheet total was DM7-23bn : com- 
pared with DM7.02bn at end- 

Credit volume picked up in 
April after being . • virtually 
unchanged in the .first- quarter, 
thet bank said. 

Business was dampened in the 
early months of 1976 because of 
stagnation in the German 

However, BHF .said, positive 
factors have now spurred 
growth, especially in such 
sectors as public expenditures, 
private consumption -and the 
construction industry. ■ 
Agencies .. . - 

Mixed trend 

at Liebherr 

By Guy Hawtln 


LIEBHERR, the West Germ 
plant and machinery manuf 
hirer,, has had a mixed first hs 
Its report out to-day states tfc 
gales growth has been confined 
its three construction machine 
subsidiaries.' . 

, Tfhe- group has' reaped copsid^ 
able benefit from' this, yea 
upturn in construction activ 
and sales from the sector ha 
risen by 13.3 per cent to DM23E 
In theaero- technology, househi 
equipment, gear technology a 
crane . manufacturing secto 
however, - turnover has fallen 
an overall 7.2 per xent- ■ 

The group's consolidated tn 
over for the first six months 
1978 rose by 13.7 per cent en 
pared-. with the same period 
lari year to DM737m ($359.7c 
For this, the group owes mu 
to its 16 foreign subsidiaries ci 
trolled by'its Swiss holding ctf 
T>any, Schweizer Holding Lxf 
herr International. These p 
dneed a befty.38 per cent grow 
rate during the first half, whi 
brought their combined tuxnoi 
up to DM359m. 

The eight German suhsidlar 


m \l 

on the other hand, reported iiAf 
consolidated turnover decline ' 

2.6 per cent to DM37Sm.— ITijti,. , 
■ ' 1 1 (> 

Swiss purchase - 

^WISS abrasives, manufacturer 
Sla Schweizer Schmirgel-und 
Shleif-Industrie AG, is to acquire 
the Alliance,' . .Ohio, abrasives 
works of Armak Company for 
Slim, writes John Wicks from 
Zurich. The plant, which also 
turns out cap-liners, belongs to 
tbe U.S. Akzona Group, itself a. 
subsid'ary of the Dotch concern 
Akro . NV. 

The Alliance plant, recently 
re-named . Sancap Abrasives 
Incorporated and with what is 
rlaimcd to be the broadest pro- 
duction programme in the world 
in this sector, will co-operate 
with Tyrol It Company, an exist-, 
ing U.S. affiliate of-Sia. Tyrollt 
Is intended to bold a minority 
stake in Sancap. 

Alternatives . 
for international finance 



desbank,' one of South- 
west Germany’s leading 
banks, operates both "a 
representative office and a 
subsidiary in Zurich spe- 
cializing' in non-recourse 
export financing - unique 
fora German bank.'; 
Ourfulfy staffed represent- . 
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for banks ‘and clients' in 
onectf the world’s foremost 
banking and trade finance 

Our whoRy-owned sub- 
sidiary, Fo rtaitie rung und 
Flnahz AG fFZ), provides 
diversified fedlities for in-, 
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nancing.^ forfait) and other 
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To findoiff more about our 
services in Zurich, just 
contact - 

•Frederick Seifert, 




Bahnhofplatz5 • RO.Box2098 -tifl23 Zurich 
• teL 01211 46 00 . 


U^^40, 000,000 Guaranteed floating -Rate Notes 1983 : 
■Notice is hereby given pursuant to Condition 5 of- the Terms 
and Conditions of the above-mentmned Nates that the Rate of 
Interest (as therein .defined) for. the Interest Period (as 
therein defined) from 10th July, 1978 to 10th January. 1979, 
is at the annual rate-of 9| per cent. The Dollar amount' 
to which the holders of Coupon No. 3 will Be entitled on duly 
presenting the same for ..payment, will vbe'XLS.S47.U2 subject 
■to appropriate adjustment thereto (or. the naaklng of- other 
appropriate arrangements of . whatever hamre) which the 1 
-Fiscal Agent may make, without further noticeUn the event of. 
an extension or shortening of the above-mentioned Intm^ri- : 
Period. ; --- f ' 

.-• European Banking company ldots) * 

. _ . .. . '<AgentTMnk) 

7th July, 1978. • . - .i-. • 


■^inandal Times TMay July 7 1878 



-presst "®wssac journals chang 
nger hands for almost $ 18 m 



TSZjPjS* launched the cards. Over 11,000 jobs are at profitable Paris-Turf. 

13 years aon M^? i t J JUS, ° ess stake mdu ding 4,500 workers in The new ownership structure 
K Jo 2k!*® “L”? 1 fcel Fournier, the Vosges region for whom is widely seen as the result of 
L-Aiimw 0Ver the punnu,|B of there axe no obvious alternative efforts by the Presidency to 
bou ![; r ® newspaper group, openings. establish a Giscard-line news- 

interMiB business M. Boussac's Christian Dior paper following the Failure of the 

m MivL d™ textile magnate fashion business should bring in Pro-Government JTnfonne to get 
th» rcel “° USijac> another' FFr 500m, the sources the ground last year, 

■u-hi h newspaper L'Aurore. believe, to which can be added Approaches by a third Marcel, 
« nKs fifUl in readership otter personal assets such as his Marcel Dassault, the aircraft 
.° n S * ranees national dailies, champion race horse Acamas. manufacturer and Gaulllst poli- 
f a,a that M. Fournier was resign- valued at ¥Tr 20m or more, and Jclan, for a takeover of 
ins from Carrefour in order to which the SB-vear-old business- L 'Aurore were unsuccessful, 
take up the chairmanship of a man has said he is prepared to £ spokesman for L’Aurore 
new Press company, Societe sell. 831(1 the new management would 

Franpresse, which will be Thp main nmhlem 1= time “ut interrere wun me papers 

S2!D n i ible for . L ’ Al,r °re and its since every month 1 that Boussac fij™* 1 “““• 
sister horse-racing weekly Paris- continuesYo stavToff SSSEBt 

not interfere with the paper’s 


Swrf lS* lC clear stringent economies 
The sronn.tegeflterwiu, print- Staimo ™ 15m " ,u *“ - 

in' tteRuf d de aI, l5S : e e iie“ 1 ' 5 w J go"' f™nsh^^tota« newspaper is t o' get bach on its 
*? ,»«« beensoM for fwmnger. f ° f .£ e 

^ ai 2? st SlSm), net of Taitti nger champagne family and be an easv task. ^ 
frnli C Tw JI1 ^' Shareholders. apart a Senator for President Giscard Proceeds from the sale fill 
incud ®, d’Estain's Republican Party, who about on e-ten t?of the estimated 
Feffx Pntin and 10 be allowed to defer his FFr 800m financial Sp which the 

Sources clSS* de ?^ on ' . , . Boussac group needHo cover in 

trm.KiL^ eS t t0 - flie . }? ns ' L’Aurore. with a pnnt-run of order to avert bankruptcy. This 

®“ plre beUeve about 300,000, has been suffering includes FFr 120m owed to the 
III 31 “ ” nal attemp t to restructure m creasing losses in the past two government, pins bank and dbt- 
ihe group may still be on the years, largely offset by the more Iona! loans. p 


New company to analyse banks 


A COMPANY to analyse banks as ‘ in analysis of banks in the bank. 

credit risks is currently being set United States. First inter- So far 35-40 institutions have 
up in London. national Bancshares is the subscribed to the service either 

Us mam customers are Loft don-based merchant banking j n whole or in part It is under- 
expected to tie banks and other arm of the Dallas bank of the stood that subscribers include 
depositors in the international same name. some official financial institu- 

money markets. Deposits with - The idea is ultimately to build tions. top multinational corn- 
hanks account for well over half up details of all banks taking panieg (who have so much float- 
the total international lending deposits via the international j ng t0 place ^-by-day that 
business, and amount to several inter-bank markets. So far, files the y are akin to banks in their 
hundred billion dollars. have been prepared on about 150 j mportilnce as depositors on 

The new company, provision- bante rn six countries. outside th e mon markets) and s 0me 
ally called IBCA Banking the U.S. (banks in the U.S. are of the ^ banks. 

Analysis, is planning to provide covered by toe parent company Theae precisely the institu- 
analvsis of a wide range of Keefe Bruyette and Woods). The tions which might have been 
hanks at a fraction of the reports are m three parts: the expected t0 ne | d ^ 5^^ 
amount it would cost any indi- country’s banking system from ]east jn ^ ^ have 

viduai bank. It is being launched toe point of view of depositor more sophisticat( £ investigation 
by Fox-Pitt. Kelton, with 75 per safety; the accountmg systems and -o-i-gj,. teams than IBCA 
cent, and First International employed by banks in each itself 0ne explanation is 

Bancshares with 25 per cent. The country, including explanations ^ t these P< instItnljcras are the 
former fa the London-based in- of .the 1 si gniflcance of mx con- ** SSjSSVSSSUpi 
ternational arm of two U.S. siderations for example to th service, and subscribe to it 
hrokors. one of which. Keefe accounting procedures; . and. 3,%,^ aether addition to their 
Bruyette and Woods, specialises finally, a report on toe individual existinginput adflltl0n t0 meir 

— The reports cost a basic S400- 

SSOO per country plus 530-40 per 
bank within each country. 

The countries available so far 

ftY 10MM wiriec ZURICH. July 6. are the ‘OK France, Germany. 

BY JOHN WICKS JUiy o. the Netljerlsm(Js Italy and 

THE FRENCH mail-order bouse, sidiaries in the retail and mail Canada. The next target area 
La Redoure of Roubaix. will order business in France and in is Latin America, 
recommend an increase in divi- the Belgian and Italian mail Despite toe well-publicised 
dend at the annual meeting for order sector, rese by UR per losses made by Hill Samuel and 
the year ended February 2S from cent in 1977/78 to FFr359bn. others over the collapse of 
FFr 18 TO FFr20 per share after despite the exclusion from group Bank I. D. Herstatt in 1974. 
n fi.7 per cent improvement in totals of Ediclub-Rombaldi. sold awareness of the need for such 
parent company net profits to to the Editions Rombaldi Com- a service is a major hurdle 
FFr 44.3m (SlOm) from pany in mid-1977. - faced. The money 

l-'Fr 41.6m. Consolidated net profits fell by JJ?J*** J* v * SvfliEfiJSl JJ? 

day rpnf in FFr40 7fiiii from J^ars With losses amount- 

Aficr the AGM, La R^doute ppr43 .52m after a rise in the loss to the minutest fraction of 

La Redoute lifts dividend 

CMcorp to Upturn 
set up 


TOKYO, July 6. 



THE RECOVERY IN toe perfor- sidiaries — such as Hitachi per cent of the total turnover, mentation 
mance of Hitachi and its 40 con- Maxell, Hitachi Credit, Hitachi helped by favourable sales of measures, 
solidated subsidiaries carried the Metals, Hitachi Cable and Hitachi electric utility apparatus and in B ecause Q r th* sham wnwi a . 
group to new highs m the year to Plant Engineering and Con- toe electric equipment division. t| Qn <n the van the enmnanv 
March SL Consolidated net profits stxuction, out of II listed sub- In exports, consumer ■ durables offered here nn firm fimn-ntfrnV 
rose 11 per cent to a record sidaries. As a result. Hitachi's and heavy electric equipment profit performance for Thp 
Y.77R5bn ($354m). Net profits in profit gain* on a consolidated generated an exchange loss of current fiscal Year Bv inereasii Ti- 
the previous year, at Y.70.27bn, basis were much larger than the Yl3bn. Of this, half was *v e nrooortion ol' sales nf hivh 
almost , recovered the peak in unconsolidated. absorbed by rationalisation of profit products H?tachTs con- 

loan unit 

By Robert Wood 

I TOKYO, July 6. 

CITICORP, toe parent company fiscal 1973 of Y.72dbn (excluding „ . , .. . material costs, one quarter by soil dated* 

the special sales profits on reat The company shifted ite main raising export priceSi anotlier ^ Y-T rei Hnn 

estate)- stress towards high added value ouar ter hv redupiinnc in the , e , y 10 *H cn 1216 tnuion 

Salw last year were Y.2.38 lines ™ch as i-omputere and §n POrt c05 ts 0 f raw materials teveI oT u, i 5 “ per . c ^5t? nd . net 

trillion (million million) or electronic components, which com pany*s sales Dromotion A profit3 to , to\B0bn plus. 
Y4M» W T per rent' provided, major cooWbeUon ^ e ho “ m eSicappliS^and 

vn . uw — M .v^j. According to Hitachi, toe year rmr^ i,«iw computers increased sales costs i n 1973 a t Y31 66 P P 

It will be Citleorp's second under review was marked by and administration expenses by 

ventnre into the Japanese con- stagnant plant and equipment lov® 8 *™? 13 * electtic power ^ pe r cent. • Our financial staff writes: A 

snmer credit market. It investmeot. in the private sector, cotop^es ana ex panaea uovern- Hitachi’s consolidated struc- more optimistic view of the 

already owns half of First and low consumer spending, SUES' i»^utS U anniSS ture “ often described as a group's prospects in the current 
National Nippon Sbimpan 
(FNNS), a joint venture with 

of New York’s Citibank, win 
become the fourth American 
bank holding company to 
establish a wholly-owned con- 
sumer finance subsidiary In 

Jf FFr 100m. a corresponding * busings year 1978/79. In do n0 en «l of f ° r sa,es - 
issue of convertible bonds of up rhrp ^ months sales As far as potential customers 

;n FFr 100m and the introduc- b 13 pe r cent to outsid e the U.S. are concerned, 

lion of a new programme of pp-yw™ There has also been a major problem is the degree of 
tonre subscription and purchase a ma “ r i;e d improvement in reliance on the old boy network, 
options. Vestro’s business, which w» 23 This 1 is one aspect Of a long- 

consolidated group turnover per cent higher than a year U - slowIy crumblinR. 

3f La Redoute. including sub- before. 




- ^ IP 

sfe jr * 

- The Fortv-Flfith Annual General Meeting of shareholders of 

• Scottish /igricnltural Securities Corporation Umited was held 

- the registered office of toe Corporation 

h, r. Macmillan, Chief General Manager oF the Clydesdale Ban* 
^mhc^dLalrman of toe Corporation, presided and, in moving 
ho adoption of the Report and Accounts, said: 

The Directors have pleasure in presenting the r Report 
oectoer with the audited accounts for the year to 31st Man*, 
97S. The profit of the Corporation, before taxadon, amonnted to 
'565,607 compared with £425.439 for toe year ended Slot Jarclj. 

>ut on this occasion it was not considered necessary to add to tne 
trnvision fund for bad and doubtful debts against a tracer of 
'50 000 in toe previous year. Profit, after taxation, amounted to 
the transfer, of £200,000 to General Resen^ 
rnd provision for the proposed dividend to shareholders or i— 00 . 
lie surplus of £68,616 was carried to Revenue Reserve. 

Turning to toe Balance Sheet, the total of Rwnsgranted i by 
he Corporation shows an increase of approximately £?«)>()«) at a or £13.981,426 after deduction of general provision for Md 
: nd doubtful debts of £150,000. 

The past vear has again been one of reduced activity due, 
n the main, to finance being readily available elsewhere, parfr 
•ularly from toe clearing banks. The average loan granted m the 
ia*r twelve months was £54,000 which compares with £30.000 in 
hi- previous year, reflecting the continued rapid rise m the pnee 
,f acriculiurai land. It may be of interest to mention that of me 
•nrporation’s new lending during the year under review, 59 per 
cat of the total was utilised to increase holdings of agricultural 
and; 13 per cent to carry out improvements; 12 per cent on 
ainilv arrangements; 10 per cent to enable tenants *o Purchase 
heir 'farms; 3 por cent to replace other borrowing; and 3 per cent 
„ applicants entering fanning for the first time. 

In November last year your board decided to reduce the 
■m poration’s lending rate from 14 per cent to 13 per cent, although 
luring the year we have not had an opportunity to issue a deoen- 
ure stock at a rate even equal to the lending rate of 13 per cent 
he Corporation has relied on the shareholding banks for fun ^ 
,ir the entire year and while this has been highly beneficial to 
he Corporation during a period of low interest rates wtthm tob 
lp . nnj banks and largely accounts for the increase in the Corw 
oration’s P^t in the year to 31st March 1978, it is a source 
•f concern rhSt wc are at the moment borrowing short and lending 
ong wito Utile immediate prospect of funding at a favourable 

9lC As vou will notice from the accounts, the Secretary of State 

mo3co n in wn t» msuoo in : w.m 5 

unber repayment will be required in respect of toe year ro 
:ist March, 1978. . , . . 

The Corporation's present financial position is heal^y but 
our boaiti vSv toe future with some concern due to Jbetofficuty 
n obtaining long-lcnu finance at rewsotlMe tenntf inter ® st ™ 
ime is rapidly approaching when existing debenture stocks 
'.'tics of interest couic to maturity. 

In conclusion, on behalf of the board marinued 

ribuie to the staff of toe Corporation for their conti 

indication and enthusiasm. 

formally approved and adopted 

The Report and Accounts were formally ! 
rnd a dividend of 3.5 per cent duly declared. 

difference of approach between 
toe U.S. and Europe. In the 
U.S., great faith has traditionally 
ben placed on analysis of “the 
ti umbers ” (balance-sheet, earn- 
ings records, etc) while in 
Europe — not least because dis- 
closure rules are thin on the 
ground and even the most basic 
“numbers” scarce — it has tradi- 
tionally been name and contacts 
whicb count 

“We will never replace the 
old boy network,” Mr. Robin 
Monro-Davies, managing director 
of IBCA says. 

Japan’s largest credit sales 
finance company, Nippon Shim- 
pan. FNNS lends mainly in 
Tokyo, and has assets of 
YSObn (5450m). 

The new wholly-owned sub- 
sidiary, to be called Citicorp 
Credit, will be based in Nagoya, 
an industrial city some 300 
kilometres west oF Tokyo. Its 
Initial capital will be 5300m. 

Until the arrival of four 
American banks and Japan 
Avco Finance, a subsidiary of 
a major independent U£. eon- 
aimer finance company, 
Japan’s consumer loan market 
was dominated by small money- 
lenders charging as mucb as 
109.5 per cent per year (9 per 
cent per month). All Japanese 
Government agencies were 
reluctant to take on the difficult 
task of regulating them, and 
the Finance Ministry has 
welcomed the arrival of Ameri- 
can competitors, who bave 
already begun to push down 
consumer loan interest rates. 

In addition to small con- 
sumer loans. Citibank's new 
company hopes eventually to 
make housing loans. It will be 
a subsidiary of Citibank 
Custom Credit, the group's 
main consumer finance 
company. It is expected to 
begin operations within a few 

borrowing falls 

A survey by the financial 
dally Nihon Kefcai showed 
long-term borrowings of 821 
Japanese companies fell to 
Y24.S60bn (S123bn) as at 

March 31, from Y25.I00bn a 
year before, Reuter reports 
from Tokyo. The fall reflects 
efforts to restrain capital out- 
lays for plant and equipment, 
curb loans and investments, 
and switch from long-term to 
short-term borrowings. 

- The percentage- of long-term 
borrowings in companies total 
liabilities and net worth 
declined to 19.2 per cent at the 
end -Of fiscal 1977, from 19J9 per 
cent a year before, the survey 
said. Companies short-term 
borrowings increased to 
Y22,720bn at toe end of March 
from Y21^90bn a year 

Sanyo Electric 

toe major Japanese manufac- 
turer of electric appliances, 
increased its profits by 42 per 
cent in toe first half of its 
financial year, to Y5.6lbn 
($37 Am), from Y5-38bn in toe 
same period of the previous 
year. Renter reports from 

The improvement In profits 
took place In spite of a 
decrease in sales, for the six 
months to May 31, of 23 per 
cent to Y257.62bn <$L28bn), 
from Y255.07bn. 

The interim dividend is un- 
changed at Y3. 

while there were increasing “ convoy ” system, if one con- year was given in London by 

difficulties in exports resulting _ ^ecn-icai equipment dni- sojjdated subsidiary suffers set- Mr. Kazuo Kumagi, secretary of 
from the upsurge of toe yen in in business performance. Hitachi, on toe basis of a yen 

toe foreign exchange market and the Hitachi group as a whole exchange rate around 200 to the 

import restrictions imposed in weST™ 6111 aivl51im 1150 aim; to rescue the vessel falling dollar. Sales and net income, he 

various markets. u eu * behind, even if it means slowing said, were expected to rise by 

However, toe company’s con- Despite the impact of toe down the group's speed. Such 7 per cent, and Hitachi was con- 
solidated * performance was higher yen, exports went up by efforts were featured by toe fident of maintaining its profit 
strongly helped by Its sub- 21 per cent to account for 20 Hitachi group's successful irople- margins. 

Huletts cuts its payout again 


HULETTS CORPORATION, toe engineering and timber, made aluminium interests, which have 
second largest sugar producer in relatively minor profits and recently completed an expansion 
South Africa after C. G. Smith property development showed a programme. In part, toe 

Sugar, with 35 per cent of last loss of R0-2m. expected shortfall will reflect toe 

year’s crop, forecasts that earn- As toe other sugar companies ending of investment allowances. 
i? ss v f « V2£« c,1ITe 2?J , year t0 have indicated, the outlook for which have held taxation down 
March 31, 1979 are likely to be sugar this year is poor. Mr. C. J. to the past.' However, Huletts 
below those for the year just Saunders, chairman of Hulett’s, Aluminium is now reckoned to 
ended. Last year, net attribut- observes that “ the South African bave sufficient capacity to cope 

Industry is faced with the with the expected demand until 
R15.9m (SlS.Sm), and distinct prospect that total sales the mid-1980s'. 

v ’ de ° d was proceeds from the 1978-79 sugar With other sugar shares. 

s A c0 , nd 4. ye ^ crop wil1 not be snfficient to Huletts have been a weak spot 

rUD »e« ’eh r0m cen ^ *° *8 cover costs of production and to the generally buoyant 
cents a snare. modest return on capital industrial market and are now 

A breakdown of results shows allowed by the Government 1S5 cents. They yield 15.1 per 
that sugar contributed 70 per unless the domestic price is cent on last year's 2S cents divi- 
cent of last year's operating increased.” Initial indications der^d, but a reduction to about 
income, and aluminium fabrica- are that Huletts will produce 25 cents seems probable for the 
tion — through the listed subsi- 690,000 tons this season out of current year. Net worth of the 
diary Huletts Aluminium — 22 the industry's 2m tons. corporation, which is among the 

percent. Other divisions, such The directors also predict Republic's largest in asset terms, 
as paper-making, transport, lower earnings from toe was 548 cents per share. 

Fraser & Neave jumps by 43% 


FRASER AND NEAVE (F and approval to raise soft drinks Glass (21 per cent). 

N), the largest soft drinks bottler prices in the Republic. However, toe bulk of the earn- 

in Singapore and Malaysia, has The company for the first time ing from associates comes from 
posted a bumper 43 per cent in- equity-accounted associated com- Malayan Breweries which is the 
crease In group post-tax profit to panies in which it has between largest brewery group in Singa- 
SS22.5m (US$1 0.92m) for the 20 and 50 per cent interests. pere and Malaysia and which 
year ended March. 1978. Pre-tax Associates include Malayan recently acquired significant 
profit also rose by 43- per cent to Breweries (40 per cent). Premier stakes in leading breweries to 
SS3Sm. Milk Malaya (50 per cent). New Zealand. 

As a result, F and N has Premier Milk Singapore (50 per Group pre-tax profit excluding 
decided to reward shareholders cent). Beatrice Food Malaya (50 income of associates amounted 
with a higher dividend payment P*r cem), Beatrice Foods Slnga- to SS22.5m. some 51 per cent 
of 16 cents per stock uniL This Pore (50 per cent), and Malaya higher than last year’s SS14.85m. 
makes a total of 22 cents for the 

Hong Kong 
consortium for 
power project 

HONG KONG, July 6. 

A LOCAL consortium, has been 
formed for development of 
Hongkong Electric Company's 
North Point power station site 
in Hong Kong, Hongkong Elec- 
tric bas announced. A full 
announcement is to be made 

The development of the 
460,000 sq ft site, according to 
sources bere. is to be carried 
out as a joint venture between 
Hongkong Electric and a group 
of companies led by Cheung 
Kong Holdings as project 
manager. Cheung Kong, how- 
ever, bas declined to comment. 

* ★ 

The Supreme Court here 
today sanctioned the scheme of 
arrangement for City Hotels to 
become a wholly-owned sub- 
sidiary of Hongkong Land, 
writes Anthony Rowley from 
Hong Kong. 

NatWest opens 
in Melbourne 

By Our Financial Staff 
National Westminster Bank 
oflicially opened its Melbourne 
representative office yesterday. 
Mr. Chris Masters will be in 
charge of the Office. He was pre- 
viously a Joim Representative at 
the Sydney Office. 

year against 18 cents. 

F aod,N attributed toe better 
results to-, higher sales volume, 
which rose by 19.7 per cent to 
S8l5?.7m, and. improved operat- 
ing efficiencies. However, it 
complained that due to price con- 
straints. its bottled soft drinks 
operation in Singapore continued 
to suffer losses. The company 
was obviously referring to its 
unsuccessful attempts, together 
with other sort drinks bottlers 
in Singapore, to secure official 

Union Bank of 
the Middle East 

DUBAI, July 6. 

TOTAL ASSETS of the Union 
Bank of toe Middle East reached 
Db 1.36bn ($350mJ in the bank’s 
first year of operations, to 
March 31. 

Profits came to Dh 20.5m 
(S5JmL after a transfer to 
inner reserves. Of toe profit. 
Db S.lm was transferred to legal 
and general reserves. 





Alcan Australia 85 DC 1889 97 

AMEV Bpc 19S7 95 

Australia Slpc 1992 921 

Australian M. A S. Ucc -92 963 

Barclays Bank SJpc 1992-. 

Bows ter 9*pc 1992 

Can. N. Railway S|pe 1986 
Credit National SiPC 1966 .. 

Denmark Sine IBS! — 

ECS 9 DC 1993 

ECS Sipc 1997 

ETB Blue 1992 











































Ericsson Sine 1999 

Esso 8DC L8S6 NOV 

£& Lakes Paper Sine 19S4 

Haniersler 94po 1992 

BWro Quebec 9pc 1392 ... 

ICI Sipc 1987 

ISE Canada 0*pc U66 ..... 
-Maanman B toed el Bpc 1*2 
Wuwp Fercnson Mnc ’91 

MtcJwltn Mnc I9S8 

Midland Int. Fin. Sjpc TC 
National Coal Bd. 8pc 1BB7 
National Wstmnstr. 9pc ’SB 
Nau. Wrtmastr. 9pc *86 *B' 
tfewfonndtond toe 1989 ... 
Nordic XBY. BUK SJpc 1989 
Nows Korn. Bfc. Sine 1992 

Nomine 84 pc 1989 

Norsk Hydro SJpc 1592 ~ 

Oslo 9nc 1983 

Puts .Automatics toe 1091 
Prcv. Quebec toe 1995 

PWW. Saskatcbwn. Sine f* 

Reed International toe 1087 

RHM 9pc 1992 - 

Selection Trttst SSpc 19S9„. 

Shea IntL Fid. Bine 1990 .. 
Stoo d. EtosklJda toe 199L.. 

SKF toe 1987 

Sweden (KMom) flipc 1987 
United Biscuits toe 1989 ~ 

Volvo 8pc 1397 March .... 


*®tntHa Sine 1954 ........ 

Bell Canada fine 19ST 

Br. Columbia Hrt. tine 'S5 

Cm. Ptc. Sine 1984 — 

Dow Qtefflkal toe USB ™ 

tiK 1982 

ECS SiPC 1969 

EEC 7} pc 1992 ... ..... 

EEC 75 pc 1984 

Enso Gtnzeit Sine 1984 
Cotavsrlten Tjpc 1952 ...... 

Kodntms Bpc 1383 

MlebaUn sine US3 

Montreal urban sac 1981 
New Brunswick Bpc 19M ... 

New Brans, prov. Bloc *83 
New Zealand 81 pc 19SS 
Nordic lav. Bk. 7: pc 1984 

Norm Hydro 7inc 1982 9» 

Norway 7ipc i*a Mi 

Ontario Hydro spe 1*7 „ *s* 

Singer Bine «92 »i 

& of Scot- Elec. Bine 1BS1 971 

Sweden nedotn) 72 pc 1982 Ml 

Swedish State Co. 7lpc ’S3 95J 

Tctnif* Woe 1954 981 

Tmncce 7iK 19S7 May Mi 

Volkswagen 7|pc 1967 SSi 


AIBnS Breweries UHdc *90 97} 

CMco tn lflpc 1993 Mi 

Oowiswlds SlDC USB SSi 

gas 9to0 1989 94 

E18 «p£ 19SS - L1UJ 95 

EXB ItoC UBS — , flU 










. Mi 
































88 } 






Finance for IntL 95pc 1997 891 

Finance for Ind. lOpe 1989 91} 

F i sons 193 pc 1857 954 

Cf sterner Upc 1338 90* 

TMA lflpc 19S8 904 

Rowntrre Iflipc 1998 873 

Sears l«pc IMS »* 

Total Ofl Sipc ISM - 69 


Aslan Dev. Bank Sine 1BS8 96 

BNDE «pc 1966 97 

Canada 4*pc 1963 98 

Den Norsfce KL Bt 6pc ’90 1D0} 
Deutsche Bank 4ipc 1983 .. 93 

ECS 53 pc 1990 Mi 

EIB 5* pc IND Mi 

Elf Aomtaine Sipc 1368 — Mi 

Enratcnn 5}pc 1937 83 

Finland 5ioe 18S6 973 

Forsmarta 5fpc 1990 97* 

Mexico Enc IBS3 96 

Norcem 5Jpc I9S9 99* 

Norway 4Joc 1953 95 

Norway 4inc I9S3 97 

PR Banken 5[pc USB 96 

Prov. Quebec flpe 199B 97 

Ramarnofetl Sipc 1SSS 95 

Spain flne lEvs ft* 

Trondheim 5:nc 1955 93* 

TVO Power Co. Bpc 1988 ... 97 

Venezuela 6pc lflSS 97 

World Bank 5Jpc 1B» 97* 

Bank of Tokyo US4 Stnc - ft* 

BFCE 19S4 Sipc 95} 

BNP 1983 61 ia pc IMi 

BOB Worms 1SS5 9nc «S 

CCP 1955 Blpc 99 

CC4IF 1984 311 is pc 99* 

Creditanstalt 1984 Sine f» 

DG Bank U82 9nc 1D0 

GZB 1381 8I16PC 98* 

tail Westmlnaer X9H 8oc 99* 

Lloyds 1983 SB^dc 1004 

LTCB 1953 Sue 994 

Midland 1957 S9 kpc ... 90* 

NaL Wesmlnstw ■*) 95 ibdc 99i 

OKB 1S53 7! pc 160 

5NCF UBS flinc 9» 

Stand, and ChmL ‘M Sipc 99: 
Vms. and Glyc’s .’Sl 81»PC 99: 

























99 * 








100 } 








Matsusliiia Sloe IBM) 

Mitsui 7*pc 19BD 

J. P. Mnntan 4* pc 1387 ... 

Nabisco 5ipc 1988 — 

Ovens Illinois 4*nc 1987 ._ 
3. C. Penney «pc 1987 „ 

Bevton 4*pc 1837 

Reynolds Metals 5pc 1988... 

Sandrik G!pc 1988 

Sperry Band 4}pc 1987 

Squibb 4ine 1887 

Texaco 41 re 1988 

Tosbiba 6ipc 1092 

Ty Co. ape 1984 

Ty Co. 8: pc 1988 

Union Carbide 4jpc 1932 .. 
Warner Lambert 4!pc 1387 
Warner Lambert 4*nc 1988 
Xerox 5pc 1998 — 










110 } 































Source: Kidder. Peabody SccurttJca. 

This advertisement complies with the requirements of The Council of The Stock Exchange 
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Banco de la Nacion Argentina 

U.S. $30,000,000 

Floating Rate Notes 1 983 

The following have agreed to subscribe or procure subscribers for the above Notes 

European Banking Company Limited 

Bank of America international Limited Banque Nationale de Paris 

Baring Brothers & Co v Limited Dresdner Bank Aktiengesellschaft 

First Boston (Europe) Limited 

Merrill Lynch International & Co. 

Manufacturers Hanover Limited 

The 30.000 Notes of $1,000 each constituting the above Issue have been aa'mitted tothe Official 
List of The Stock Exchange of the United Kingdom and the Republic of Ireland. The interest is 
payable semi-annually in January and July. 

The particulars of the Borrower and of the Notes will be available in the Extel Statistical 
Services Limited and copies may be obtained during normal business hours up to and including 
the 21 st July. 197 S from the Brokers to the Issue 

7th July. 1978 


12 Token house Yard, 
London EC2R7AN. 

Source: Whhe weM Securities. 

Americas Express 4} pc *SJ SI S2* 

AUzbmd 5 pc 198S 924 9i 

Babcock & Wilcox eupc *97 1034 1M4 

Beatrice Foods 4ipe 1992 ... 95i 97 

Beatrice Food* *iPC 1992.., 10S 109» 

Beecbam 6ipr 1962 96 97 

Borden 5 pc 1992 93 ggj 

Broadway Hah? 4*pc 19ST - 75j 77 

Carnation 4 pc 1997 77} 79 

Chevron 5nc isss 121} 123. 

l Dan 4 toe 1997 ... 79 503 

E atl man Kodak 4-D= J9S9 SC S3j 

Economic Labs. 4toc US7 ttj 79 

Firestone 5pc 19SS SO si; 

FOrd 5pc 1938 5H* . SS 

General Elearic disc 1557 7s* SO 

c.ilkne 4*pc 1HS7 74 75* 

Conld 5pc 19S7 1131 liS 

Cuff and Westers to? 58S3 84} SS 

Harris 5pc 1992 ...... rrsj its; 

Bone pvt D fine H5S S4j so 

la 6toc 1992 SSi SSj 

TSA Ope 1937 ft* 97 

Xnc&cape Cpc 1992 1114 H 2j 

ITT 4|pc 1967 774 79 

Jnsco 6pc 1992 119J 12M 

KomatSB TZpc 1996 - 138 139 

3. Bar McDeraa effl 4Jpe W 146} 1464 


These Xo!es -jxre nfhrd amt sold outside Hit United Stales rf America and SuitmlanJ. This adrertbaHT.! appears asanalUr fif resold only. 

June 26, 1973 



(European Company for the Financ in g of Railway Roll in g Stuck) 

Si% Notes Due 1985 

The National Commercial Bank 

Saudi Arabia 

Erst Boston AG 

Arab International Bank (Cairo) 

Banque Arabe et Internationale dTnvestlssement (B.A.I.T.) 
l)BS*Daiwa Securities International 


Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.) 
libyan Arab Foreign Bank 
• National Bank o£ Abu Dhabi 

lYardley Middle East Limited 


Finandal JWy.-'T’ 1978 


Arab International Bank 
Cairo, Egypt. 

Invitation for 


for General Contractors. 

The A. LB. Centers an 
Egyptian Public Law 43 Prqject 
created by Arab International 
Bank. The Projects located near 
the center of Cairo and consists of] 
one 750-room hotel, one 20-story: 
office building and two 32-story 
apartment buMngs all inter- 
connected by a 5-story mixed use 
birild^ The gross area is ap- 
proximately 245,000 square 
meters of reinforced concrete 

The contractors who are 
qualified will be expected to sub- 
mit a firm price tender for the 
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 the installation of 
piling has commenced Structural 
drawings and specifications are 
complete. The remainder of the 
construction documents will be 
completed by mid 1978. 

Prospective general con- 
tractors pre-qualification tender 
must contain the following: 

1 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 lop officers. 

3. Names, titles, experience in 
construction in general and 
experience in the Middle 
East of senior staff who are 
currently in your employ and 
who will be assigned to the 


4. Number and titles 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 

pleted projects and year 

completed. . 

6. Number ofhigh rise bmkfiqgs 
completed worldwide to- 
gether with a brief descrip- 
tion of at least four mqjor 

7. Number and description c£ 
projects of comparable sire 
successfully completed and 
year completed. 

8. List of c&ents fbr whom pre- 
vious projects of similar size 
have been successfully cotn- 

' 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 far the 
concrete structure; 
Pre-qualification tenders will be 
received no later than July 18, 
Iffra by. 

Arab International Bank 
%Mc VK B. Luster 
50 Gomorhia Street 
Cairo, Egypt 
Phone: 935744 
Telex: 9-2079 

Drawings may be reviewed at the 
following places: 

Gerald D. Hines Interests 
2100 Post Oak Tbwer . 

Houston, Texas 77056 

Phone: 713/621-8000 
Telex: 910/881-5468 

Skidmore, Owings&Memfi/ 


22 Hussein Rostom Street 
Dokki, Cairo, Egypt 



Telecommunications Internationales de la Cote d’Ivoire 
1NTELC1 is launching an International invitation to tender 
for the construction of a M Standard A INTELSAT “ aerial at 
the land-based station of AKAKRO. 

Tender documents may be obtained from: Building 1NTELCI- 
CENTER— Avenue Thomasset— ABIDJAN-PLATEAU, against 
a payment of Frs. CFA 80,000 (for two copies). 

Tenders should not be' sent later than SeptemNer 2, 1978 — 
12 a.m. 



vanor Stroot. Os Bona 5 trout. W.l. Tel.: 
493 761 1. Selection ol Sttcen oalnimgs 
MASIEkS. Modigliani. Laser . Braque. 
Mondrian. Ernst. Miro. Klee. Picasso a.o. 
twougii July. 

BLOND PINE ART LTD, 33. Satkvllle 
Street. W.l. 01-437 1230. Bernara 
Menlnskv — Paintings. Gouaches Until 
1 5th July. Weekdays 10-6 o.m Sats. 
10-1 a.m. 

BROWSE A DARBY. 19. Cork St~ wTT. 
Robm_ Philioson — Women Observed. 
Mon.-Fri. 10.00-S.00. Sat, 10 . 00-12 JO. 

CHANDRE GALLERY, 5-6. Cork St.. W.l. 
0Jr734 4626. Exhibiting Paintings bv 
GREGORY FINK. Man.-Frl. 10-S.30. 
Sets. 10 - 1 . 

St. jamoss. w.l. I 8 tn CENTURY 
SCULPTURE Until 7th Jul" Min!;"” 
1 0-5. 

LUMLEY CAZELET. 24. Davies St. W.l. 
01 .499 5038. MATISSE — Drawings 

Prints and illustrated Books. Until 28 


40. A I be marls Street. Piccadilly. W.l. 


Street Lonoon. W.l. 01-499 54B7. 
watercolour, and orlnts. Dally 10.0-64). 
Sats. 1 0 . 0 - 1 2 . 30 . until Jul' 21 . 


G7-70. Chalf Farm 8 d.. N.W .1 Tel: 01- 
DALE FURNITURE. 1 -is July Cele- 
brating bada s 60th Anniversary. Mon.- 
Frl. at 9-30-530. 


Regent street. 73a 05S7. a la 
Three Spectacular 

EVE. 189 

Carte or All-m Menu. T._ 

Floor Shows 10.45. 12A5 and 1.45 and 
music ol johnny Hawkesworth A Friends. 

GARGOYLE. 69 Dean Street. London. W.l. 


Show at Midnight and 1 a.m. 
Mon.-Fri. Closed Saturdays. 01-4 37 6455. 


Commercial and Industrial Property 
Residential Property 

Business & Investment Opportunities, 

Corporation Loans, Production Capacity. 

Businesses for Sale/Wanted 
Education. Motors. Contracts & Tenders, 

Personal, Gardening 
Hotels and Travel 
Book Publishers 

Premium positions available 
(Minimum size 40 column em&) 

£1.50 per single column cm. extra - 
For further details write to: 

ClassiGed Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4P 4BY. 





. cm. 

£ r 
















The war that never ends 

- v Wc British arc a peaceful people. When a war is 
-4 over we like to consign it to the history books -and 
forget it. 

But for some the wars live on. The disabled from 
; both World Ware and from lesser campaigns, now all 
: too easily forgotten: the widows, the orphans and the 
• children - for them their war lives on, cv«y day and 
' all day. 

In manycases, of course, there is help froma 

i pension. But there is a limit to what any Government 
: Department can do. 

This is where Army Benevolence steps in. With 
understanding. With a sense of urgency . . . and with 
practical, financial help. 

To us it is a privilege to help these brave men -and 
women, too. Please will you help us to do more? We 
must not let our soldiers down. 

The Army Benevolent Fund 

for soldiers, ex-soldiers and their families In distress 
Dept. FT, Duke of York’s HQ,' London SW3 4SP 



US$25,000,000 Floating Rate Notes doe 1985 

In accordance with the terms and conditions of the Notes, the 
rate of interest has been fixed at 10}% per annum for the 
interest period running from July 6, 1978 to January 7, 1979. - 
Coupon Amount for each coupon: US$5425, payable on 
• January ft, 1979. £?*’■ ~ 

NACIONAi. finanoera 

U5.S 100,000 .000 
Floating Rice Notes due 
1985 to 1993 

■ In aeeonuncc wttn tea term* ana 
conditions ut the above menuaitM 
Note* cm Interest rate lor im ocriod 
at 6 months from 3th July. 197S. has 
been flxad at 10 L o*r cent va 


SocWt* Anon, me 
As FlK*l Agotit 


6 % Preference Snare TRANSFER BOOKS 
ol the Comoany will ae closed trora the 
2 d tn to tM 31st July. 197B. both dates 

* - By Order of the Bo am. - 


71-78 Victoria Street. 

Wolverhampton. - - 


Aovice has been received tram Tokyo, that 
payment ot a. Cash dividend or Yeiv 3.00 

per share nas been made lor the SI* 

Months period ended 31 (t March.- 1978: 
The dividend will be rnvable In United 

States Dollar* 'exeeot to residents of the 

United Kingdom] and will amount to 
so.0738 per Deoosltorv share before 
□eduction of any Japanese WtthholoiiM 



will receive payment In -.aerllng converted 

at the rate ot exchange ruling on the dav 

ol aresentatlon or tha couoons. 

COUNTRIES who are sublact to deduction 
ot Japanese Withholding Ta« at the 
reduced rate o) kitten per cent, wilt 
receive a net dividend ol 1 O.O 6 Z 8 per 

Depositary share after deduction o> with- 

Holding Ta, amounting to ‘■C.D 110 

Australia. Belgium. Canada .Denmark:. 

- Finland . 1 France. The Federal Republic 
ol Germany. Italy. Malaysia. The Nether- 
lands. New Zealand. Norway. Singapore. 
. Sweden Switzerland. The' United States 
ol America. 



who are subtoct to deduction oi Japanese 

Withholding Tax at the lull rate ot twenty 
per cent will receive a net dividend of 
10.0591 oer Depositary Share, alter deduc 
tion ot Withholding Tax amounting to 

KOREA who are lublect to deduction ot 
Japanese Withholding Tax at the reduced 
rate of twelve per cent will receive a net 
dividend Ol '0.0630 per Depositary Share 

after deduction ol withholding Tax amount' 

mg to 30-0088. 

To obtain payment under deduction ot 

Japanese Withholding Tax at a reduced 

rale, the coupons must be accompanied 

by an affidavit of residence approved by the 

Japanese Ministry of Rkhm- Form of 
anoaril are available at aay of tha offices 

listed below lu Hie absence of jrch affidavit. 

coupons will be paid under deduction of 

withholding Tax at the fell rale el twenty 

PC Ane > ntion it drawn to ttie fact mat the 
aforementioned concession* relating to 
Japanese withholding Ta« apply only to 

toucans presented for payment within b«c 

months ol the record date. i.e.. 31 *t March 
1978. Thereafter, tax wilt be deducted 
at the lull rate oi twenty oer gen* and it 
will be the responsibility ol the owner to 

claim tram the Japanese Ta> Authorities 

my refund to which he is entitled 

RECEIPTS (B.D.R. S) wishing to claim this 
iividend should present. Coupon No. 24 at 
the Office* o* any oi trw following: 

HILL SAMUEL 3 CO. LTD. 45 Beech 
Street. London EC 2 P ZLX > where lodge- 
ment forms are available) - 
HILL SAMUEL & CO. OHG. Fottfach 
174183 Nienenau 49 600D Frankfurt 


„ Coupon T7£foH* due .lor payment on 
ISth July. 1878. aid rate of D.8BP p 
F inancial Securities Fund Unit. Covooi 
Chou Id be presented to the Ravel Bank 

of Scotland LlmReo. Lombard Street Office. 

ftO-Box d’! 63 Lombard Street- ICUKfon 

CCSP 3PE. from whom - listing forme can 

be obtaiMfl. Ccnreom - must be lodged 
by an authorised jtapartaiv and left. twee 
(lava for examination., yi- 


am Main. West Germany 




ilo. Luxem- 


Samto-Anne. Pari* 1. France 
dorf. Srhatowpiatz 12. Federal Republic 

de* Arts 47 <49 1040 Brussels Belgium 

SSTk If C ^yWr^^ioo 

United Kingdom Tax will be deducted 
ram the ococeed* unle** nrcomopnled bv 
in Inland Pwnue Affidavit Ol Noffi 
Residence Couuon* he ore*e"fed 

bv an Authorised Depositary and muw 
be left four dear day* for examination 



OT rings and rattlesnakes, New U.S. 

K vels- Goldsmith Hall. Foster Lino. 

ndon. E.C.2. 5-28Ch July. Mon.-FrL 

10-5. Adm. Free. ■ 

tion ol. Aodemirs Piquet Skrietoi wafclws. 
4-15 July. Mon.-Fri. 9.30 a.m. -5. 30 u m 
Saturday* 9.30 j.m.-l.D0 p.m. Asorev 
S Co.. 165H69. New Bond Street. Lon- 
don. W.l. Tel- 01-493 6T67 


WATCH. THIS SPACE — It you see an ad in 
the press or on potters, cinema or direct 
mall that does not conform to the British 
Code of Advertising Practice let tn know 
and well took Into It- For a copy of 
the code write to us. The Advertising 
Standards Authority Ltd- 15-17 Rfd^ 
mount Street. London WCI* TAW. . 

NO. 803002 of IB7S 
No. 8058X9 of 197R 
No. BBSOS-of 197* 

Chino- nr Dtvtaton Cnmoamd* Conn In 
the- Matt ers of CROFTON JOINERY 
the Halter of The C ompanies Act. 1948 
Petitions for the Winding -ho of tbe above- 
named Companies by Ae ffluh Conn of 
Justice were, on ifefr ttth day of Jane 
1978. p r wpmwl to ihr wiia cottrr by THE 
EXCISE. - of RJbgrs. Beam House. 39-41 
| Mark Lone. London. ECSR-THE. and rtu: 
Hfo said. Petitions are lUrecied to be beard 
before the Court slttinR at ftw Rural 
Courts of Justice. Strand. London. WC2A 
2LL on the 31sr day 'of - July 1975. and 
any eredlror or contribmory of any of 
the said Companies desi r ous to support 
or oppose the maMtrn of an Order on 
any of the said Petitions paas appear a> 
■he time of hearins. hi person or bv his 
Counsel for than purpose: and a copy of 
rhe .Petition will M ;Ynrnistied by the 
nn tie rsl sued to any creditor or ronmbu- 
fory of any of ihe -said Companl'** re- 
qninnp such copy on payment of tin 
resniated charge for ' the unu. 


Kina’s Seam Hook. 

JW1 Mam Larw- .- . . 

- London. 8C3R-7HE, 

Solid lor fgr the PetWonprs- 
N0TE.— Any person wfro tmends lo 
appear on ibe hearing of any of the sa M 
Petitions must verve onl or fend hy post 
to ihe above-named nonce In wrttim of bla 
in/enrlon so ro da The notice must stare 
ihe name and address of die person, or. 
if i firm, the name and address of the 
firm, and must be signed by ihe person 
or Ann. or his or their soticiror rtf anvi 
and most be served, or. if posted, must 
be sent by post hi sufficient rime to 
reach the above-named nor later tban 
four o'clock In the afternoon of the 
28 tb day of July 1078, . 

No 882833 Of 1978 
Chancery Division Companies Court. Tn 
the Matter of AQ UARIUS (GROCERS) 
Matter of The Cornnautar Act. 1948 
Petition for (he Winding an of the above- 
named Company by the High Conn of 
fnsrlce was on the 27th day of Jane 
I9TE. presealed to the nfd Court by 
CTAL SERVICES, of 8 CoHeite Street. 
Northampton NN1 2QP, and thar the said 
Petition is directed to be heard before 
the Court ail t fox a l the Royal Courts 
Of Justlre. Strand. London -WC2A 2LL. 
oo rhe 3l*t day of July 1878. and any 
creditor . or contributory of the said 
Company desirous to support or oppose 
rhe raaktoa of an Order on the said 
Petition may. appear at- the time of 
hegrtog. In person or by tea coonseL for 
that purpose: and a copy of [he Petition 
will be furmsbed by tbe undersigned to 
any creditor or coatrtbmory of the said 
Company retrain n« each copy on payment 
of tbe regulated charge for. the same. 


9 Ca vend fob SouanT \ * 

London WlM 9DD. 

Ref: PB/408S7. Tel: 81-838 4855: 

SoUclion for ihe Petitioner 
NOTE.— Aay person who intends to 
appear on the bearing of tbe said Petition 
must serve on. or send by ' post ' to. the 
above-named notice In writing of his 
intention bo to do. Ihe notice must state 
the name and address of the person, or. 
if a flruLvThe name and address of the 
firm and must he signed by Ihe person 
nr firm, or Us. or their solicitor ftf any) 
and mosi be served, or. if odhted. most-, 
be sent by post in suffictem. time to 
reach the above-named nor later than 
four o'clock In the afternoon of the 
28th day of July 1973 



The Buckinghamshire County Council Issued 

gn 6th JuTy. 197B. £6M Bills, due 5th 
October. . 1978. AoplIcatlOiiS totalled 
£47-1 M ana the entire issue was made 
at 9 Z7-64ths%. 

There .are no other Bills outstanding. 


‘ " 1978. 

>«%. Total 

WJm Bills Issued 3U^ Juig.- jd78._due 

4th October. 191B. 

AppUcatiom £S5m. 
Bills outstanding £0J5m. 



£2-500 ODD Bills issued 5.7.78 maturlni 
10.78 0 9 7 m%. Applications to taller 
618.000 000 and there are £2-500. 00 G 
Bills outstanding. 


Edited by Denys Sutton 

The world’s 

i , 

leading magazine pf 

• -w 

Arts and Antiques 

Published Monthly price £2.00. Annual Subscription £25.00. (Inland) 
Overseas Subscription £28.00. USA & Canada Air assisted .556. 
Apollo Magazine, Bracken. House, 10, Cannon Street. London, 
EC4P 4BY. Tel: 01-248 8000, 

Currency, Money and Gold Markets 

Dollar improves 
and pound firm 



July fl 

The dollar recovered . quite fag at DM 2.0665. compared with, 
sharply fa the foreign exchange DM -2.0555 on Wednesday. It rose 
market yesterday, although there to-SwFr .18400 In terms of the 
seemed to be little reason for Swiss frane, and dosed at 
the impr o ve m ent except a tack ot SwFr LSMa, -. compared with 
news coming from the European SwFr L8176, ‘and improved to 
Community summit meeting in ¥203.25 against tbe yert, before 
Bremen. Tbe U.S. currency’s closing at Y2O3.O0.' compared with 
trade-weighted depreciation since Y2QL50 on Wednesday. • . • 

the Washington Currency Agree- Similar movements were ^own| 
meat, as, calculated by Morgao ligataBt other currencies, with 
Guaranty ofNew York on noon dollar generally finishing slightly 
rates, narrowed to 7.4 per cent below Tts level of the day. 
From 7J& per cent. It touched FFr 4.492u :n terms 

Sterling was also firmer overall, of tie.FwA 
even tbougn tt lost ground ro J. r 

common with other currencies previously, and FFr 4.4400 
against the dollar. The pound’s m "T„ - 

trade-weighted Index, on Bank ot PARIS— Trading was thin and 
England figures, rose to 61.6 from nervous on unconfirmed rumours 
61.4. after standing at 61.5 at noon that President Carter may be near 

to success on fa ls programme to 

reduce U.S. energy consumption. 
The European Council meeting fa 
Bremen also contributed to- un- 
certainty in t he ma rket . The 
dollar rose to ’ FFr 4.4850 “fft ~THte 
close from FFr 4.4450 in the morn- 
ing, after touching a high point 
of FFT 4.4950 Id mid-afternoon. 

FRANKFURT — The dollar rose 
to DM2.0690 against the D-mark 
fa rather . confused trading, with 
the market unable to- suggest a 
reason for the U.S. currency's 
sudden strength. It eased to 
DM2.0658 In late trading, but was 
still firmer than the fixing level 
of DIW2L0603, .'compared with 
DM2.0528 op Wednesday. The 
Bundesbank- did not intervene at 
the fixing, when the dollar's early 
improvement was put down, to 
technical factors and profit taking, 
and 61.4 in early trading. Accord- Most of tbe session was quiet 
'mg to Morgan Guaranty, sterling’s as the -EEC sitmrait meeting con- 
depreciation harrowed to 4L4 per tfaues at Bremen. • 
cent from 41.6 per cent ZURICH— Trading was described 

In general there was a good as quiet, with the dollar stabilis- 
co mme rdal demand for sterling mg. and no sig n of any central 
fa active trading, while there was bank Interv ention, 
probably no intervention in AMSTERDAM— The doDar rose 

favour of the dollar by central to Fl 2.2250 against the guilder in 
banks yesterday. late trading, after being fixed at 

Against the dollar, the pound F! 23130. compared with Fl 22090 
opened at S1.8680-L8690. and previously. 

touched a best level of 8L8715- MOAN— The dollar rows to 

31.8725. The dollar's general rise LS49.75 fa the afternoon, from a 
pushed sterling to a low point fixing level of L847.50. 
of $LS660-1^670, and It closed at TOKYO— In - moderate trading 
SI .8670-1.8680. a faU of 25 points the dollar improved against -the 
on the day. yen, to finish at Y202.20. compared 

Major European currencies and with YZ00.97J on Wednesday. The. 
the Japanese yen all fell quite rise was considered .to be tempo? 
sharply from opening levels. The rary however, and was probably J 
dollar touched DM 2.0690 against caused by demand for the dofairj 
the German D-mark, before clos- from a foreien financial conrera^i 

Ciwadhui I 
Guilder . 
Belgian Ft 
Danish K)< 



Preach Ft, 

Yea- »« • •. 













* 1 

7 : 




4.iS-4.tiU (4.I&; 4-18* 
U46MLH i ML7a>6(uSa 


lBJrf) 111 Jij 

A. 5-i.t 

148. fl WMi 

IvbBl UB8 


B. SS4.40 
8.46 .*4 
IH -364 

5.SB4 S.43A 

, J-.BJ-4.iBi 
*4.4 - 4.80 
748. 0* 

{l.H^ I.IUBi 

10.181 iO.IU 

BJ624 0 . 1-84 
‘ si&i AOl 
27.80 7I.SB 

•fotan rate Is for convertible francs. 

I franc* 6U5JM-T2. 


Do* croon? 

\ pjk. irhreemonihtj { pj*. 

8JB6ft A*, jun; 2^ [1^0 1.4flf^iail 
t>t >4 i .pm | bJ7 #Tj- STgc.|ra> 
28- IS .pm S.tfl Pn c. y™ 
2-4^i* dw p-S^S W-fli *li- 
m Us |d isnl . f.58 7i U |4 pm 
4b-foa .dn j— USStl.b-ffifac. di» 

pa We c. *Ji» 4.J1’ ivlv- 

par 2 lire ilb 0.79 il 4 lut d>« 
i-tJ.ffYiil ■I-.2.07- Si *J ured i» 
i . piii’Jcdlfc pBC-.Si l* c. P® 

Jure |im- Hul 1 

2.W-2.48) .pm 
IP^ «>Mi pm 
2j 1 j upm 

.86 St 1 imfa 

8.4 7.86-7^6 ypmf 7.11 
S.+7 ftc-ak unipm 
8-5t rfj 


n. IS 
— 2J# 

. 7M 



Sz-owotii forward dollar SJ^S.iOc pm. 
U-month 4.99-LS8C pm. 


Jxtr » 





Cutad'Dl* KMJ1 

Guilder Z280022H Z 2X&IZ M 

52ST Rr 5-USS-5.SJ30 SftSXS&kSN 


Port. Eg — ftSJMSAs 


Nrwgn. Kr S-SfSS 

French Ft 4JWMAHS - 4481540938 

si^^r AJX&ASm 

Yen 201.78-303.00 JOJMM* 

Austria Sch — t4.78-I<Jffi 

Swta-FF- ijujwim 

• UA cams per Canadian S. 


On* month 


ThcM BWnfto 



64U4.63c pat 
0.724ASC pm 




2432c um 






2A44U9pf pm 


2,BMJ5Urgdls -241 









2SM.76Y pm 


L8M.«cpa - 





July 6 

S hurling 

US dollar 

Canadian dollar 
Austrian schiUtoS 
Bclslan franc . .. 

DanfsU kroner ... 

DcWacbe Mark .. 

RnDdcr — „ 

French franc U*i£ 

L*" .. — 2?£5 

Nnrweidan kroner ... kTUU 


■ w -UuJi Kroner -S ASOjl 

Swiss franc - 23nxt 

Special European 
Drawing Untt if 
ROMs Account 


i.«M7Q ueni 

284654 U-51H 


..... 7J0B188 

Z jtWfc 












July ft 

Bank of Korean 

(fog toad Curwv 
fadox cbinm'i 


U.S dollar — -.... 
Canadian dollar — . 
Austrian artHUn* _■ 
Betidaft franc .. — . 
ranlaH krone ..—.. 

Ofemache Marie 

Swta franc ..... — ... 


French franc 

lira . ;..... . — — .. 


— 4L4 
- 7^4 
UN -12.4 
234 Jt +19.2 
IB* .40 +I1A 

11442 + 5 J 

24840. +35A 

X84JB +77 .8 
229 JA +17J 
94JB2 - 3 S 

54J8 -4ft2 

US M +44J 

Based on trade welBbted ctunsrs from 
Waxhinxlon asreeawnt December. 1971 
iBank of Eratiand Ind«=l00). 


July G 

.LniiMioa hsu_ 

All+tiU Do! for_ 

('inland ttaikka. 

i’iuII Cruzeim™.. J 33.!iafo4J3 

4 67.409 -t 9.167) 



4Av U 4.41to 


6.39 6.49 

Greece Urorii: 

1 Imi'j Knot Dnilar. 

Iron Klol ...... 

Kuwait pmar fKDl 

Luxeudtonre Franc 


b*u>li AraN* Kiya 

Slngafinre Dollar...! 

auutb African R»n>1 

2,494 1,488 , 

1.6213 1.6313 


794 64 iGB 7B| 

O.uftuO -D.c7C 61 uefohim 
4.117 ju4JbU0| 

17.80 18.34 . 




aS67BO.‘ 696 


1.6177. 1.6o46ia. 0662 0,87 63 



■German v—. 




Nnrmy ; 

Pnrtup«l . 

twitzert«nH„ _ — ! 
Lull off Htaic*.... 


Note* Kate 














Rxto tiwi-ffir triatin* a (re*, ram 


July G 

Ptninl ^terlinp 

U.S. Dnilar 


J*l«nire Tan 

frtdni-h FV»m- . 

&wiH. Fra re- j 

Dutch "SiiiMH 

Uunuln Dollar 

Uaj^Lon Franc 

Fuunii Morlinii 

L.S. Dollar 



l.t 68 

1- . . . 

2.068. _ 

ifL3.2 t 

% ■ 8.388 


1.834 .v 

.. . . 4.168. ■ 


" 1.124 



Deut-che Mark 
Japanese Xeu 1.000 







lOOO. ' 

L . a.m 

p > 22. lu . 

0.887 ' 



41 1.2 



19.74 . 

(-'reach (taac 1U 
Swim Krone 







110.8- . 

t \ ■ 10. 1 


• -4.0®3 J; - 
- 1. 

- - - 4.987 • 

1894.. .. 
'.- 466.7. 





Dutch UuiUler 

1 Italian Lira 1JW 



0. 449 

1. X76 .. 

. QJJ29 
. 2.432 

91.28 . 
238fr : 

*2.0 17 | 

lb.281 J, 

0824 ■' 

J; .2-618 

lUuO. - ^ 

1.321 - 

14.62 '. 

.. 38.28 

hfoipulua Utillar •; 
iri -lan Fioiii- 10) 

1.646' ' 

*. 0.890? "'v 

' -S.CTS^ 

180.8 -- 

' "1.997 I 
\ 13-80 



• i.H&i 

756.9 - 

WV . 

1. ! 
5.461 | 





July 6 j 




U3, Dmiicr" 

Untrti JltlhlM- 

-riVI-n t-'nmv 

W. Unlnaur, 

French fmiH* 

Itannn Lira . 

A.4un 3 

J-tpaao-a Van 

iSbtUt leim • 

7 day* uuricr- 

Mnmli : 1 

lbrec muni hr. 
ms munll^._....| 
i)i»f imr 

10U LUlft ' 
10 1 S 11 

1U3* 107fl 
ii llfo 
1158 13 



.8fo 85* . 

ci-blg • 

. 8 • • 

- 7h)8»r 

8 0k 

8J| a>8 




. 460-470 

1 360 2 »B 

5T B 6I4 

170 2 10 

IS* 2 

- is a 


ase-ft . 

3*8 -)« 

3ft ofo 
. : 3*4;3Ta • 

7»« 8 - 

1010 lOSB 

9ft ®rt' 

- 1U01.30. 

10ft i 1ft 

- - 6*10 . 

- - 10.1 - 
. lOfo.lll* 
12-13 . 

’ 12-13 

13 14 

-. 9J4-Y30 . 

.. 4tt 

3 33* 


The following no ra real rata were auoied lor London dollar certfficatn of deoosii; one month 8,05-8.13 nor eem: three rormtftt 8J0-8.4 0 oer cent: its mandi 

8.70-8 percent: one year 8 90-9.00 per cettL ■■ . ... 

Long-term Eurodollar deposit*: two rear* oer cent; three rears 97 m4*ir oer con: four rear* m-W per eem: ftVB.ycar* 0»w-» u i* pot «ml Rates an 

mm aon-term ,W ra| , a C are call for sterllna. U.S. ifolUrs and Canadian dollars: tw 0 day* - notice tar guilder* and Swiss francs. Aslan rates are dosing rafea In 
Singapore -' * , 

? ^ ^ ” 


. • . ■ ■ . / 

New York rates steady 

Interest rates fa New York 
showed little movement yesterday 
ahead of' U.S. - money supply 
figures and Federal funds opened 
at 7H-7| per cent, hardly changed 
from Wednesday. Treasury bills 
were slxghtiy weaker with 15-week 
bills at 7.06 per cent From 7.08 per 
cent late yesterday and 26-week 
bills at 7.44 per cent against 7.46 
per cent One-year bills eased 
slightly from 7.7S per cent from 
.73 per cent. 

Certificates . of deposit ■ showed 
little change at 7.80 per cent for 
one-month: 7.99 per cent for two- 
month: and 8.13 per cent for 
three-month. Recent upward 
oressnre on interest rates was 
again brought Into focus when the 
Bank of New York raised its 
broker-loan rate from 8} per cent 
to 8J per cent 

Bankers accepted offered rates 
were 7.70 per cent- for 30 days; 
7.85 per cent for 60-days: 7.95 
per cent for 90-days; 8.0 per cent 

for- 120-days; 8.05 per cent for 
150-days; and 8.10 per cent for 
180-days. High grade commercial 
paper wag unchanged. 

PARIS — Money 'market rates 
showed little change although day 
to day funds were easier at 7J 
per cent from 71 per cent pre- 
viously. One-month money 
remained .at 7ft per cent while 
funds for three-months fell . to 
78-7J per cent against 7J-7f per 
cent. Longer periods were un- 
changed. .... 

The French authorities have 
cancelled the arrangement made 
earlier this week concerning the 
revised limit set on interest rates 
For private borrower.* up to the 
end of this year. The rate had 
been set for the six jnontbs to 
December at 22.72 per cent 

BRUSSELS — After Tuesday’s 
firmer trend, deposit. rates, yester- 
day eased back, with call money 
at 54-6i per cent compared with 
5f-6f per cent Longer term rates 

werg-sbfter throughout and -three- 
month- funds - fell to-ftf-G} percent 
from &H»| per cent Six-month 
money eased £0 6J-61 per cent 
from 6}-7 per cent,' and 12-month 
to 7J-74 per cent against 7J-7J 
per cent. 

FRANKFURT — Interbank money 
market rates showed little change 
with ene-montir . money- finning 
slightly- to 3.65 per cent freon S.6 
per - cent while . other rates 
remai ned g enerally steady, 

AMSTERDAM — CaJi money was 
firmer, at 1 4ii4# per cent' from 4f- 
' peT cent abd longer periods 
were ■ unchanged with.- the excep- 
tion of- three-month money, which 
rosertor 4J-54 per cent from 43- 

4J per cent. 

HONG KONGb— O nce again con- 
ditions in the money market were 
tight with call money at 5} per 
cent and overnight business dealt 
at 5ogr.cent 

MANILA : — Philippine money 
market rates- were*- unchanged 
from the previous day's levels.’ 


Free credit supply 

Bank of England Minlminn 
Lending Rate 1 10 per cent 
(since June 8, 1978) 
Conditions. in yesterday’s money 
market were relatively dull and 
the Bank of England was not re- 
quired to give any assistance. 
Preliminary indications pointed 
towards a fairly comfortable 
surplus but once again events 
turned out to be rather patchy 
with some houses paying up to 
94 per cent for secured eafl loans 
at the end. Elsewhere, closing 

balances . were taken between . 

8 per cent and Sf per cent. 

The market was faced with a 
fairly large net take-up of 
Treasury bills and a' sizeable 
excess of revenue transfers to the 
Exchequer over-. Government dis- 
bursements. There was also -the 
repayment of Wednesday’s snail 
overnight loans. On tbe other 
hand, banks brought forward 
balances way above target and 
the number of notes' in circula- 
tion declined. 

lo the interbank market over- 
night loans opened at 9-9i per 

cent and eased- to 8f-9 per cent 
and this level saw: a lot ' of . the 
day's business. - Rates continued 
to ease to 8J-SI pfer tfent'hcfdf'e 
firming to 9-9i per cent. However 
closing balances were taken at 
between -9 per cent and 10 per 

Short term fixed period interest 
rates , showed.' little change and 
Bank of England Minimum bend: 
fag Rate was unchanged at 10 per 
cent.- . 

Bates hi the table below 1 
nominal in come cases. 


July 6 

of depn.i» 





Lusl Autli. 








<tup* v * , i ■ 

.-Belli- *- 

bllw 4 


• frilly .. 




-la.V- notkf- 
f lay- oi 

I lay* notice.. 
On* mnnib... 
igni rnnntli-— 

rhrea man Ui . 

IX month 

Nine month .■ 

(hoc vt«i_ 

T wrv rear ^.... 


J -9T0 

10ft- 10K 

Big -10 

9ti 9 Bb 

1 ftlOlB 



. .938-958 


■ 960-978 




107 a -il 







03*71 0. 
1010 103* 
1U7 8 


9>a v; 



. 8-91* 


.•.'•93b ■; 

. B30 








10ta .. 
lOitf- - 
103 b 


Prune Rate f. 

Fed Funds .u 7.7ifS 

Treasurv BUlB" OWhIiI ;... 7JW 

Tmumry- BI1U Cftweekl 7 M 


EftKOuar Rate 3 

Drertrtghr* 3S 

One month 335 

Three mdnth* 3.7 

Fir BKHtflB LB 


Local authority and Snaara homra seven days' notice. Other* terra days’ fixed. Looser- term local aurhonrr n»rtk*M raw 
nominally three years llJ-UJ par cent- four years lli-134 per rant: five years Ui-IJJ pec cent. • Bank bin rale* m' table are 
train raj rate for prime paper. Buying rates for fonr-monih baoft bills BIS is pet cenli four-month trade bills Uj per cent.. 

APDradnnie selling rates for-ane-montb Treasury bills dik-h per rant: two-month -W-Wa per cent! and 
MH-Bria per cenr. Approximate celling rate for one-mot>t)i bank bills ‘W -per rant:- and . two-month iu» per cent; ■ and 
force- month K3J2-9! par cent. One-month trade bUs 101 per cent: two-month 191 pgr ««: and also three-month 181 par rant . 

Finance House Base Rates (published hr tile Finance House* -Association) >0 par out- from July L 197S. Ocarina Bank 
Deposit Rales <for small stuns' at seven days’ notice! 61-7 bar cm.' -Clearing BamtVam ftiitat 'tor lending" tirBar^eenL-' 
TraMonr. BMfoi -Averaga .laadnt rates of dlaiaranLi J7M per com. 


Gold fell SI} to $182^183, in- 
fluenced by the improvement of 
-the dollar,' and disappointment at 
the result , of the latest auction 
by,, the International Monetary 
Fluid. * - - - • 

.At . the .-IMF gold auction on 
I Wednesday 490,800 ounces ; were 
soW .aF an- average price of; 
SI3AI4. A total of 20^00 ounces 
were awarded under the scheme 
tb allow developing countries to 
buy gold . 'at non-competitive 

J July 6 

■iii'Huxion tn Hm| - . 
urn : 

C , «ifff v ..w...^.^ v .w.jS1i 91-188 

i»l*nlny: 8 “(j 

Unmlna Hxtns_„J.Sl 5.46 
. ,(£*.080- 

Xftmioon ftx1ng>..|SI 2 76 
, - C£f7-852, 

iTIot-I Urirui..^.. J - 
tomeurii'fljfy f 

Kru«wtatvl — <1884 V 04 

Ue> i i n 

_t864i B 64 

UM doverairax : — Sb5j bi 

UoUl Coins 

. internationally 

lirui^nkul . 

•Sew Sovereigns 
.OTh SoMnbpu 

New Smnliiu. 

July 6 


SIB4-1 l **i. 




5 ISO-192 


(£ 2 f 8 - 2 SJ 






3141- 144 


prices, Vbrle- the other 470,000 
ounces were sold at 'prices rang- 
ing from. SI 85 !S7 to . « 185.01. . 

In Party the 121 WIo bar was 
fixed at FFr 28,500 : per kilo 
t$i84fil per ounce) in the after- 
noon, compared with FFr 26,725 
(S 185.55) fa the morning. 

In Frankfurt the .12J kilo bar 
was fixed, at DM- 12,115 -per kilo 
,WS3i37 per. : uunce). -compared 
with DM . 12.155 - (S184JS) pre- 
viously. . ' . : 

Discoam Rate 

DverniBbr i . j 

n« month ' 

Three, mopths . 

Sts . njonihg ...— c 


Call f unranoWimalV- 
Bju* Oiscoont Sate 

7 JOS 



29 - 

Financial Times Friday July 7 1978 

,WftnD A Ga , 


R rffinar y Stans now ofiered lor sale will open it Ifl un. on TYednt*Iay,l2lh Julf. J97S, sai »nrctose at UKh i later time on tha same day as Robert Finning £ Co, limited may debnuoa. 
a SPf ®r cr ror ® jJc * hwinsaluctal thereto ibe documents specified below, has been delivered to the Registrar of' Companies for reeuiratioo. 

nude Uj the Council ofTheStock Exchange for the wbole of the tesoedOr-liriarv Share capital cf Careers Superfoodj Limited t u Lhe Company"} (o be adinittcdlo the Official List. 

T«rl2«f!^r e ^ t ^2 ,ua,Da PMticiiiort Riven in compliance with the Ri^ la uonsoriheCounalofTheSioeJ: Exchange for the purpeae of Rivineinrcir77iation to the pablicwnh regard to the Company. The 
Mris-ES-?! 1 ” ^ collcairejy and individually accept full res pomibi lily for the accuracy of the ipfonn.uion Hivcn and confirm. having nude ail reasonable enquiries, that to the best of their knowledge 

ana ocma there are no Otheriafcts the o rP Mton nr whii-ft m.-ikg Aay njlpngTHhgTwn mi-.l^nilinj . 





V0V£V: . 

(Incorporated -under the Companies Acts 1948 to 1967) 

Offer for Sale 


Robert Fleming & Co. Limited 


3,210,000 Ordinary Shares of 20p each at 55p per Share 

payable in foil on application 

The Ordinary Shares now offered will rank in full for all dividends hereafter declared on the Ordinary Share capital of the Company. 





in 20,000,000 Odinary Shares of 20p each 

Issued or to be 
issued and 
fully paid: 




At the close of business on 24th June, 1 978 the Company had outstanding Bant loans of £1.228.1 1 7 secured on freehold proper! ies and hire purchase 
commitments of £5,699. The Company had at that date cash balances of £80,845. Save as aforesaid at that date the Company had no loan capita! i including 
term loans) outstanding or created but unissued, and bad outstanding no mortgages, charges, or other borrowings or indebtedness in the nature of 
borrowings, including bank overdrafts and liabilities under acceptances, or acceptance credits, hire purchase commitments, guarantees or other material' 
contingent liabilities. 

i f 






Board of Directors 

Burma Buildings, Church Street, Rochester, Kent ME1 2DA 
{Chairman and Managing Director) 


Burma Buildings, Church Street, Rochester, Kent ME1 2DA 
{Deputy Chairman) 

Burma Buildings, Church Street. Rochester, Kent ME1 2DA 
(Deputy Managing Director) 


Burma Buildings, Church Street, RochesterTKent ME! 2DA 

Burma Buddings, Church Street, Rochester, Kent MEI 2D A 

Burma Buildings, Church Street, Rochester, Kent MEI 2DA 

Burma Buildings, Church Street, Rochester, Kent MEI 2DA 

Burma Buildings, Church Street, Rochester, Kent MEI 2DA 

Flat 10, 23 Bunhiii Row, London EC1Y SLP 


Secretary and Registered Office 

Burma Buildings, Church Street, Rochester, Kent MEI 2D A 

Auditors and Reporting Accountants 
Chartered Accountants 

1 Puddle Dock, Bhckfriars, London EC4V 3ED 

To the Company: 
India House, Hawley Street, 
Margate, Kent CT9 1PZ 


To Robert Fleming & Co. Limited: 
Banington House, 

59/67 Gresham Street, 
London ECS V7JA 

. Brokers 


Winchester House, 100 Old Broad Street, 

London EC2P 2HX and The Stock Exchange 

Bankers Receiving Bankers 


Star House, Star Hill, Rochester, (LONDON AND 


New Issues Department, 

2 London Wall Buildings, 
London Wall, London EC2P 2BU 

Regi strar s and Transfer Office 


• Rad broke Hall, Knutsford, Cheshire WAI6 9EU 

Location of Stores 

Existing Stores 

I New Sites 

^Maidstone and Thanet stores 
will replace existing stores 


The following information is derived from the full text of the 
Offer for Sale and accordingly must be read In conjunction 
with that text. 

Trading Record 

Detacher. December, 
J97J J974 

£•000 fOOO 

urn, rtrnti c 





(57 rcceki'l 



. rooo 

Sales /. .. 1.482 





Profit before tax and 
extraordinary items 47 





Sharcholders’funds 65 






NumberofStores at 
year end .. 7 





Selling area (sq. ft.) 28,000 





The four freehold stores already developed and trading were 
valued at £2,510,000 by Donaldson &. Sons. Chartered 
Surveyors, as at 30th May, 1978, revealing a surplus of 
£782,000 over book value, which has now been incorporated 
into the Company's books. 

With five new stores — four'of which will be freehold— due to 
open inlhe 1979/80 financial period the selling area will 
increase to 1 87,000 sq. ft., an increase of 5S per cent. As two 
arc relocations the number of stores will increase to fourteen. 

Forecasts for the 52 weeks ending 27th January, 1979 

Turnover- — approximately £28 .5m 

Profit before taxation and extraordinary items — 

not less than £J.25m 

Dividends per share (inclusive of related tax credit ) 3.6 p 

Earnings per share: 

Based on expected tux charge 9.2p 

Based on a theoretical tax charge of 52 f ' .. 5.0p 

Offer for Sale Statistics 

Offer for Saleprice 55p 

Market capitalisation at the Offer for Sale price .. £7*lm 

Forecast dividend yield 6-5% 

Price earnings multiple: 

Based on expected tax charge 6-0 

Based on a theoretical tax charge of 52% .. 31-0 

The following is a copy of a letter to Robert Fleming & Co. Limited from Mr. L. £ Carrier, Chairman 
and Managing Director of Cartiers Superfoods Limited:—* 

5th July, 1978 

The Directors, 

Robert Fleming & Co. Lunitco. 

Dear Sirs, '' . 

In connection with the Offer for Sale of Ordinary Shares in Cartiers Superfoods Limited 
("Carticcs"), 1 have pleasure in providinsyou with the following mlormauon:— 


Cartiers operates as a food retailer in South East England selling for cash a wide range of 
fresh and frozen foods, dry goods and grocery products. We concentrate ion: providing value for 
money quality and convenience for theshopper and currently operate through eleven outlets with 
a wiling area of 1 18,000 sq. ft. It has been, and remains, our policy to intrease the average size oT, 

° UUtI Each store has a highly distinctive open plan layout with its own butchery department which 
. nrcnarcs fres h meat for immediate sale or for freezing , and subsequent sale from freezer 
cjbineis. Five of the existing stores have in-siorc bakeries which providcarange of freshly baked 
iiods DditSctacn counters, celling amongst other itemsa wide range and cooked meals, 

nn'hcineiniroduccd. In addition to meat and fish a limited range or goods is-sold under Cartiers 
own^dbd— ‘btrtonly when such goods arc of a quality equal to that of brand leaders but are cheaper. 
A wine and spirit merchant has outlets in three stores and agrccnsroccrmiwo. 

BACKGROUND qualified as abutchcr in my home county of Kent, before moving to 

In IWrfat the ageowo^^ . jn ^ butchei y trade. Four years later I returned to 
Devon where I ^jncdmJM^ btSSL. I borrosred £500 to buy a van and with the help of a 
id £?to Ssc ihcfariiities of his buicher’s shop, I built up afioumhing dooMo- 

door butcher's round. 

After a total of Mealy store “openings’*, including six relocations to improved sites and 
three exiensions io existing stores, we now have elev en stores trading. The store at Fax ersham and 
our purpose-built store at Strood — both opened in 1977— alonh increased our selling area by a 
greater amount than the total selling area of the seven stores i fading at the end of 1973. 

During J978 xve are improving our Head Office at Rochester, -increasing both space and 
facilities, in preparation for the next important, stage in our expansion. 


Cartiers has recently secured five more sites which ha vc planning permission for development 
as purpose-built stores. These are at Rainham (Kenij; Maidstone; Thanct; Hampden Park, 
Eastbourne (“Eastbourne”); and Portslade, Brighton ("Brighton"). These, together with the 
planned extension at Folkestone, will increase our selling area by 58 per cent. . 

Rainham. planned to open in January, 1979. will increase our coverage in Kent, whereas 
Maidstone and Thanet are 10 be much larger replacements of existing stores. The openings planned 
in Eastbourne and Brighton, however, represent a terruorui 1 thrust into Sussex with the new possi- 
bilities that. this will bring to our company. These new purpose-built stores arc scheduled to open 
approximately at monthly intervals follow ing the opening at Rainham, with the exception of 
Brighton, which is planned Jo open before Christmas. J 979. 

When all arc open we will have achieved a dramatic increase in average store size from 
19.400 sq. ft. to 24,400 sq.ft, gross. As two are relocations the number of stores will increase from 
eleven io fourteen. A map illustrating the existing stores, together with the new stores planned to be 
trading at the end of J 97y, is scl out elsewhere. 

A table is set out below, categorising the stores in three size groups and contrasting I he eleven 
stores currently trading with the position when the five new stores arc trading by the end of 3979. 

By then the number of small stores trading will be halved, large stores doubled and medium stores 
more titan doubled. 


As there can be considerable delays between finding a. potential site, obtaining the necessary 
planning permissions, completing building work and opening rhe >tore. we arc continuing the 
search to maintain a healthy supply of sites to support a programme of store openings in the 
early 1 950‘s. Several sites are under act ive consideration in South London, Kent and Sussex and the 
search is being extended into Essex and Surrey. 


As our resources have allowed, we have progressively invested in freeholds. Thesucccss of this 
policy is demonstrated by a valuation on an open market value basis carried out by Donaldson & 
Sons. Chartered Surveyors, as at 30rh May, 1978, ofCarticn>’fouiTreehoId stores presently trading. 
These stores at Sidcup, Folkstonc, Favcrsham and Strood were valued at £2,510.000. The surplus 
of £781000 over book value has now been incorporated into ihe Company's books. No allowance 
lias been made for tax on the potential captial gains, due to the expected availability of roll-over 

The value of freehold properties at the last audited balance sheet date, adjusted for the sub- 
sequent revaluation and after deducting prior charges, accounted for more than two-thirds of 
shareholders’ funds. 

The new sites at Maidstone, Thanet, Eastbourne and Brighton will be freehold. A schedule 
of Carticrs'*properties is set out elsewhere. 

mtrkc7 During this period, in order to increasing fm.Tdjfd a 
or this new and pn« g™ 1 - rAk enabled me to provide the increasing number 

limited amount than would otherwise have been possible, and it was 

CARTIERS GROWTH TO ^ ^ „ p starscaI!tal or£5i000 . No 

Cartiers waMihwrporaicd on Sth &P ’ • w this Offer for Sale, the increase in 

further equity capital property revaluations. 

hi, arc capita! rea ul.«l "“;3^ unlant , , 0 join the Board. Celtic opened 

AUhe outset 1 invited TimLetbMQt a wiling area of 5,000 sq- ft.This store was immedi- 
itx first store in October, 19/1 ‘ n ^mansion . Our principal objective was to open outlets in 

ately successful and we were reach of Head Office as quicker as our resources 

the main population centres watiun reasonable reacn 

would aUavi. ; 





West Mailing 
Herne Bay .. 
Folkestone .. 
Thanet.. .. 
Maidstone .. 





December 1979 

Wed Mailing 
Herne Bay .. 






July 1978 

Sidcup .. 








December 1979 

. sq.ft. 

Sidcup 27,000 

Canterbury .. 25.000 

Favcrsham .. .. 23,000 

Rainham (Jan. 1979) 22.000 
•Maidstone (Feb. 1979) 24.000 
¥ Thanet (Spring 1979) 20,000 


July 1978 


Ashford .. .. 41.000 
Strood .. .. .. 56,000 

December 1979 


Ashford .. .. 41,000 
Strood .. .. .. 36,000 

(May 1979) .. 32,000 

Brighton (late 1979) 45,000 





Gross .. 
Selling area .. 
Gross .. .. 
Selling area . 

July. 1978 

December, 1979 



* relocation of existing Store, 






The principal policies which the Directors consider have contributed to the success of 
Cartiers and, taken together, distinguish it uam other food retailer? operating within its region arc 
Ob follows: — ‘ 


Canters' policy is that stores should have their own car parking facilities, wherever possible, 
and be in or near main population centres. As well as expanding into new areas it has been deliber- 
ate policy to expand through increasing the average size of stores either by relocating to a larger 
store in the same area or by extending existing stores. 


The highly distinctive layout provides a particularly attractive atmosphere for shopping, 
with wide aisles Tor easy passage, clear overhead signs and product display units of a height which 
docs not restrict vision of other parts of the store. The substantial storage space ai each store 
minimises inconvenience to shoppers from stock shortages. 


AJI buying is tightly controlled by an experienced team at Mead Office. Decisions are made 
'and acted on rapidly; the keen terms negotiated can be reflected in all stores in a (natter of hours. 
The abet e average storage area at each store and the warehouses at Rochester and Sittmgboume 
(.with a total floor area of 19,000 sq.. ft .) ensure adequate storage space for special bulk purchases. 


Cartiers maintains consistently low prices on all lines, giving customers confidence in the 
value ottered on all purchases. This, feature is strengthened by advertising in local newspapers and 
on Southern Television. 


The Directors have decided to concentrate on providing a wider range of food and groceries 
rather than, diversifying into non-fouds. Thc-range or food and associated products is being 
continually extended with approximately' 4,000 lines now being carried in most stores. Pack sizes 
which are larger than usual arc otfered in many lines. Meat and frozen foods contribute a much 
above average perccn tage of sales. 

Five of the existing outlets have in-storc bakeries which will also be a feature in all the five' 
new stores planned for 1979. 


Cartiers' high standards are maintained by supervisors from Head Office visiting every 
branch several times each. week. 


I am 32 and have been Chairman and Managing Director of Cartiers since its inception. 
Although 1 am involved in all aspects of the business, 1 has e particular icsponsiblity for buying 
policy and the selection of new sites. 

M r. Tim Leigh, F.CA. (aged 40), who has been a Director of Cartiers since its inception, is 
Deputy Chairman and has particular responsibility for strategy and finance. 

Mr. Malcolm Skccls (aged 3 1 ), w no joined Cartiers in 1975, became a Director in 1 976 and 
Deputy Managing Director in March, 1978. He assists me in selecting, planning and opening new 
branches. He is responsible for the purchasing of certain product groups and lor the bakery 

Mrs. Amy Mountford (aged 57) has been with Cartiers since its inception and is Director 
with overall responsibility for central administration. She is also Company Secretary. 

Mr. Raymond Davies (aged 31) joined Cartiers in 1973, became a Director in 1976 and is a 
merchandising specialist. He is responsible for overall supervision of the stores with, a team of six 
supervisors reporting to him. 

Mr. Reginald Culvcrhousc (aged 53), who joined Cartiers in 1973, is the Buying Director 
with special responsibility for meat purchasing and imported foods. 

Mrs. Linda Cartier (aged 29j, my wife, is a Director with responsibility for female personnel 
who account for over half of our full umc employees. Except for a short period site has been with 
Cartiers since 1973. 

Mrs. Madeleine Skccls (aged 24), a merchandising specialist, is Director with responsibility 
for supervising store administration. She joined Cartiers in 1971. 

Mr. Peter hve (aged 61) joined the board on 5th June, 1978 as a non-executive Director. 
Until his retirement at the end ol 1976 he was a Director of Barclays Merchant Bank Limited and in 
that capacity has hail knowledge or Cartiers' affairs since 1975. 

Certain Directors have entered into service contracts with Carriers, details or which are set 
out under the heading “Statutory and General Information”. 

Cartiers has a central management team consisting of all the executive Directors and three 
senior executives. A manager is responsible for the day-to-day running of each store. All store 
managers are thoroughly trained in Cartiers’ methods and have a comprehensive manual for 
reference. In the large and medium sized stores the store manager is assisted by a deputy manager, a 
warehouse manager, a butchery manager and, where applicable, a bakery manager. 

Cartiers has a total of 6 LO employees (of whom 171 are part timej and there is an enthusiastic 
team to provide the basis of future store management. 

Start" relations in Cartiers are good and turnover of established full-time staff is low. This 
has been achieved to a large extent by Cartiers’ policy of promotion, of providing a pleasant 
environment lor stair and of offering competitive remuneration. 


The shares now being offered for sale include 1,280,000 shares being made available by 
existing shareholders. The balance of 1,930,000 shares are new shares which, after deducting the 
expenses of the Olfer for Sale payable by Caruers, will raise approximately £825,000 of additional 
finance for Cartiers. 

Contracts have been signed for the building of the stores at Eastbourne and Thanet and a 
letter of intent has been signed for buiftiing the store at Maidstone. The outstanding capital 
commitments on these stores amount to approximately £1,080,000 and undrawn medium term 
finance of £760,000 isavailable. --«■■■■ » 

It is expected that contracts will be signed later this year Tor the building of the Brighton 
store and the Directors estimate the cost will amount to approximately £950,000. They are 
confident that medium term building finance of approximately £600,000 will be available for 
this project. 

The new capital now being raised will strengthen the net asset position of Cartiers and will 
provide additional funds for the expansion of the business, and in particular for the development of 
thenew sites mentioned above. 

, The Directors are or the opinion that Cartiers’ existing resources and bank overdraft 
facilities, together with the net proceeds of the issue of thenew shares, will be sufficient to provide 
adequate working capital for its present requirements. 


Despite fierce competition in the food retailing sector, Cartiers continued to enjoy sub- 
stantial sales growth in real Leahs during the accounting period ended in January. 1978, while 
maintaining net margin above 4 per cent. Ibis achievement demonstrates the'strength of Cartiers 
and the success of its policies. 

The unaudited management accounts for the fourteen weeks to 6th May, 1978, prepared 
after a full physical stock, take, show that, compared with the same period last year, there has 
been substantial sales growth in real terms and that gross margins have remained steady at the 
same level as in the latest accounting period despite continuing fierce competition. On the bases and 
assumptions set our in “Statutory and General Information", the Directors forecast that, in the 
absence of unforeseen circumstances, profit before taxation and extraordinary items for the 52 
weeks ending 27th January, 1979 will amount to not less than £1.25 -million on a turnover of 
approximately £2S.5 million. 

Continued soles growth in real terms, in particular reflecting a full year's trading for the first 
time at the scores at Strood and Faversham combined with a less than proportionate increase in 
overheads, accounts Tor the increase in net margin to 4,4 per cent. 

The five openings planned for the 1 979/8U accounting period will further increase the average 
size of our stores, and from past experience we would expect these openings to be profitable from 
the outset and to contribute to further growth. 


On (he basis of the forecast of profit for the 52 weeks ending 27th January, 1979, the 
Directors intend to pay an interim dividend of 1.2p (inclusive of related tax credit) in December, 
1978 and to recommend a final dividend of 2.4p (inclusive of related tax credit) for payment in July, 
i 979. Net dividends for the full year will, therefore, assuming a basic rate of tax of 33 per cent., 
amount to 2.4 1 2p. The interim results w ill be announced in November covering the thirty-two week 
period to 9th September and it is intended in future years that interim and final dividends will be 
paid in December and July respectively. 

Under current legislation, which expires on 3 1st July. 1978, Cartiers would not be subject to 
any dividend restrictions in respect of the two years ending 26th January, 19S0. 

As a result of Cartiers' expansion programme, no mainstream corporation tax is likely to be 
payable under current legislation in respect of at least the next two accounting periods. Taxation 
would therefore be limited to advance cocporation tax on dividends paid. Assuming net dividends 
of 2.4 1 2p per share on the Share capital of £2,586,000 the profit before taxation and extraordinary 
items will be appropriated as follows:- 


Profit before taxation 1,250 

Less: Advance corporation tax on the forecast dividends J54 

Profit after taxation .. . . .. 1,096 

Less: Forecast dividends totalling 2.4l2p per share 312 

Profit retained .. • . -- .. .. .. ' 784 

Dividends together with thcTelatcd advance corporation tax will be covered 2.7 times. 
Based on a theoretical tax charge of 52 per cent., dividends -would be covered 1.9 times by profit 
after taxation. The dividends, inclusive of the related tax credit assuming a basic rate of tax of 
33 percent., would represent a dividend yield of 6.5 percent, at the Offer for Sale price of 5Sp. 

The Directors intend that the dividends for the 1979/80 financial period will move in line 
with any increase in profit for that period. 

Directors holding after the Offer for Sale 7,93635 shares in Cartiers, representing 61.4 per 
cent, of the increased Share capital, intend to waive Lhcir entitlement to dividends in respect of 
the current financial period. 

On the basis of the weighted average number of Ordinary Shares which will be in issue 
during the period ending 27th January'. 1979, taking into account the Ordinary Shares now being 
issued, the forecast earnings per share are 9.2p. 

At the Offer for Sale price Cartiers rs valued on a price earnings multiple of 6.0. Applying 
a theoretical tax charge of 52 per cent., the earnings per share would be S.0p and the price earnings 
multiple would be 1 1.0. 


Since Cartiers started in 1971, it has shown that it has been able to anticipate changing 
market conditions in food retailing. Its business policies have proved successful in a period of 
intense competition. With the five new openings planned for 1979 and the further sites under 
consideration, the Directors believe that there is a good future for Carriers. 

Yours Faithfully, 

L.JE. Cartier 


The folia King it a copy of a report which has been received from Peat, Marwick, Mitchell Co., the auditors 
and reporting accountants : — 

The Directors, 1 Puddle Dock, 

^ J ** <■— Blackfriarx, 

London ECJV3PD 

5lh July, 1978 

Ladles and Gentlemen. 

We have examined the audited accounts of Cartiers Superfoods Limited [“Cartiers'*] for the 
periods relevant to this report. These ,-H.cniintS were prepared under the hr-rcncal cost convention. Mjfcject 
to the inclusion of a profession j! valuation of certain land and buildings. We have acted as auditors of 
Cartiers in rcspccL of the Iasi lwo accounting penuds. 

Cartiers aupenoous Limited, 
Burma Buildings, 

Church Street, -> 


Kent Mbl 2DA 

The Directors, 

Robert Fleming & Co, Limited, 
8 Crosby Square. 

London EC3A6AN 


The summarised profit and Toss accounts, s o ur ce and appBcrtionof funds statements and balance 
sheets set out below ate ha^.j on th C audited accounts of Cartiers, alter making such adjustments as wo 
consider appropriate. In pur opinion these summaries, together with the notes thereon, give, under the 
convention stated above, a true and fair view o f tbe profits of Cartiers and of its source and application of 
funds for the pcrfo&Rattej&aad of its state of affairs *i the dates stated.. 

No audited aefioufite of Carriers base been prepared in respect of any period subsequent to 28 th 
January, 1918.' ^ 

Profit and Loss Aeco qnfy y ' 

'■ '5! weeks Sweda 57 watts ' 52 weeks 

Yctftiird ceded ceded coded eriri 

3 1 st December. 38th December. 27th December. 29th Jaunty. UliJeeatry. 

Salts .. 
Cast ef salts 


.. 2 
.. 3 






Profit te/ore Ini lias inrf tdrsanfitmtcin .. 
Twiiu ; ..4 

...4' *7 

Eztrawtftauyitm ” .. 5 

DtVidates . ... .. '..V.. — § 

RaliiMdjrofa. .. 

Adjnsttd uiron|s per Hurt N 

-- ,fl<‘ 

Balance Sheets 

.. 7 










29,1 IB 


- 3.172 





* 136 









"' US 
















0.4 p 



5.4? „ 


J' WstBeeembcr. 31st December. JCri 




: TftkDeumitr. ' 25 th Jateary. -23th Jntery. 
1374 WS 1377 1373 

Fixed mere 
FreehaJd properties.. 

Utsateld properties 
Plant, wjajjwwflt and ailpr 

Hire gmrdia sal! aKTrtiis ,. 
Imsuaeat ia macro U* 

»aMir - . .. 
Currant assets 



Stunt tarn dspasiu.. 

Currant Liabilities 
Creditors .. .. 

Tarawa .. 

Short ura bamniajs 
Proposed dttUui .. 

Mat rermt liabilities 

.. S 

.. IB 
.. 11 


Set taagihlc assets .. 

Hn en« at fag: 
Oidroin share capital 
UulBtnisted profits 





















71 ‘ 







’ 303 











102 ' 



652 ■ 






' - 











93 . 
























' 2.691 
















J 766 

. ; 593 









' (66B) 















■ 100 








416 ■ 



’ 65 


~ 505 


. 1.781 

Source and Application oFFonds Statements 

Aceaeanog Feme trial re 

December. December. December. Jteenf. Jeeaary. 

1373 1374 1375 1377 1373 

Searcsol lauds 

Profit haf ire tau tiro apdntmrijnirf tains 

Depreciation .. 

Loss on salt ofluadiueis •„ .. .. 

PraftssiaaaJ tus treated is uoufftniy ftttu 

Tetsl giantad fraa spantian M . .. 
Funds from ath«rs 
Sail of assets 
Leans .. 

Afflicatiaa sf finds 
Pircbase af fixed assets 
fnvastaeot ii aaapcieUd caspipy 
Lean ropaysentx 


PnrdriK of goodwill .. .. 








bcmss/lteaMnlhstariun capital . 
(bcreaial/docruM to creditors .. .. „ 

Hot (intfBHil/dKiiati in hire ponhoso MBdao .. 

laoaisoindohtoro .. .. 

Increase io slock « .. 

Inav*s«/{dfaiasi]ia liquid funds : 

Cash baftocis .- .T .. 

Short tana bumriags „ .. M ' M 


. 7 




, nj 


















I. 417 

II. 627} 




■ U15J 

Accounting Policies 

1. The principal accounting policies of Cartiers which have been applied in tbe foregoing sum- 
maries consistently throughout the period under review arc:— 

(a) Stocks are valued at the lower af cost and net realisable vaJ uc. 

(b) Depreciation is calculated on cost or valuation on a straight line basis at rates estimated to writedown 
the value of the assets to nil over their expected useful lives. Tbe rates generally used are : — 

Freehold laud and buddings — nil; 

Leasehold properties — equal annual instalments over the period of the lease; 

Plant and equipment — at rates varying from 7 per cent, to 33 j per cent, per annum; and 
Motor-vehicles— 20 per eenL per annum. 

(c) No provision is made for deferred tax, as the Directors expect that no corporation tax will, under 
existing legislation, be payable for at least the next two accounting periods, due to the incidence of 
slock appreciation relief and capital allowances. 

(d) To ibe extent that stores which ore developed on freehold property are financed by specific loans, the 

interest relating to periods prior to the opening of the stores is capitalised. 

Notes oo Profit tutd Loss Accounts 

2. Sales represen i the cash value of goods sold to third parties excluding value added tax. 

3. Cost of sales includes;— 

Atceettieg P triad triad m 


Lmateld pripartiM 

Ran, «Qnipwit wi motif nhidi* • 

lateral Parable! 

Bank lean mi loan repayable in U*a than S yen.. 
QtiiarloiBS .. 

tew riot* rut cajritallred 














roor • 

■ roof 







. 23 














• s 























Directors' emoluments for thcS2 weeks ended 28th January! 1978 were £63,144*. 
Taxation comprises:- . w; 

Accenting Pmeitemio 






Airenct car? oration tar bo fWtMdi paid .. .. .. 

CaipntitBtBxaauttreitRCKrad .. .. .. .. .. 

• • »• 

. row 







Cartiers tins suffered no other charje to corporation tax due to the incidence of stock apprecia- 
tion relief and capital allowances. 

5. Extraordinary items comprise the foUewinc:— 

AamtissPerM tried hr 

. December. 

' 137 J 







Jeeeery '. 

■ 1373 


Goodwill wrfttaoDff .. «. 4 

Lqu an iolM>f properties . .. .. .. .. — 

PtelmraRtl f«u in coqnictiiR with share 
ptiDBistepropirtyplugiiigga^iiiiu n — 















6. The Directors have waived their entitle men L to both dividends declared by Cartiers in respect 

ofthepenods covered b> this report. Details of these dividends are asfollows^— 

Aaesetms Period ceded fe 





Oiritfud fcdareO-LSp per share . . 

— 1 J187p ptnfcare .. 
I tsc; AsioubI waived .. .. 










7. The calculation of adjusted earnings per share Is based on profit after taxation and before 
extraordinary items and on 1 1 ,CKJU,0U0 shares in issue immediately prior to the Offer for Sale. 

Nobs on Balance Sheds 

8 . 

A summary of Cartiers* fixed assets at 28th January, 1978 is as follows:— 












■ -9 

- 179 







FruMd propenies' .. ., 

LearefealdprascriiK .. 

Hnc, oqefpaHtflnd enter eebides 

Properties are stated at cost less depreciation with the exception of a freehold property at 
Rochester which is included on the basis of a professional valuation undertaken in February 3973. Plant, 
equipment and motor vehicles are staled throughout at cost less depreciation. 

9. The investment in associated company represents a loan lo and 49".', of the issued share capital nf 
Direct Refrigeration Service* Limited, a company incorporated in the ILK. Cartiers' share of the profits 
of this company is not matcriaL 

FiriandaT Times Friday Jt# f 19 - 7 S \ 


Kt ' The potential amount of deferred tax at 28th January, 19781s comprised as follow:— ^ J 

Stack appctdattanKiT.. L 
Acte tan tad tapittlaltgaMGU.. 
OtbirtimafldifferwKax.. , .. 

, tess.‘TnatlH|auucaiii*AI|Mifd „ 
MvaKacHpatatiHlnf.,' .. . 


1 1. Short term bo redwings arid loans arc secured by fixed charges and at 28 th January, 1975 comprise 

bankloans repayabltagfoilow:— 

Lombard Haiti CaikaU]feitai^nn|a2btBiTa| Inter eat it 5V'»S*r ,B ™ rt 
Bifdays MeittambakUMiiiE^na/MbEaniis inrerai « 2iM»e«*»«aboM LIBOR 
Hobart Flaaaag k Ch. bearing rttwiitai 2J»i P» aratm awtia ban IW* al Burlap Bank itreletl 

■iivrs&g- ■ ■ 

tea.-Jta»Bnt payable *httfl24lj!ptte .. -• •• . •* •• ■* ■* — V *■ ■ 







11 Movoatenls ulCSL_ 

January* 1978Juv* b^jfefeiiowi, 

8<fiSeptamh*,197l ' 

a l it December. 1172 
29ti March, 1674- 
llih September. 1974 
2Ut March. 1675 

ISIk Datembet, 1375 .. 

SthJm. 1976 |Cane e o | B gt »l4B ifareil 
>th Jttea. 1976 ' 

-| Beta □crekar, 1978 

ordinary khan capital between the date of incorporation and 2Sih 




Sbrtc _ Member ef 
Center. " Stem 
C (fa! tf paid) 



w.fiA r: 






5. DSD 

5. DM 



















• • M 7 ' ■ 


_ 1 1 7 130 tt y 

1U 111 «S5 I.Ufi 2.177 S 

ft a vc been ai 



. 12TO.BM 

i follows:— 






1375 . 


. . 1977 


■ 1373 



■ cm 


. row 




' 5 



' 138* 

. 3ID • 





' 1489} 

. 1100} 







Betanca at beglnung af fiord .. 
Betamad prehu .. - 
Banal siura issued _ 

Balance atend el parrotV'* .. 

14. Capital expenditure authorised and contracted for al2Stb January’, 1978 by Cartiers amounted lo 

£400,000. -j/V 

,' J ; ■ Ybnrs faithful] r, 


'V;^' Chartered Accnununu 


' Beet 7etotbt 33.573 

. Site Ana uvrbtneeaiitteeteatemtme YilatXBlSSJS* 

Stares premUyiredtov •;* 

Baaiana Squirt, fn&aflSbtfTewn Ccml., ■ ■ 

temple StreaLStread (faWCama) 

Nntti Lane, farerciaei {Tn^Xuircj .. ... . 

Sitaa lor fatara stares 

Land at FarUtgb Hdl, Taifl, MtidstoM (Out of Town) 

NortbdDira Read, CbtowriSe. Ttooat (Twin Ceatre J— 

2891273 .. wfc - 

281 +t .. 

Stadaa Head. Par til e d a jft j pB wi (Tnra Ceain) .. 

Brener Anme. tUmfwliitfc, Eacuenrac llaa-a Centre) 

Otfcar preadsas -...vtj&i 
Bema Bnitdinfi, jffi- 
Cbanfe S treat, ReteetteJM office a ad wueboDu] . . 

3 Charts Street, Rulmktiirp&Bjdetmai far siaR an) 

•Open Market Vahttfoa^titatildun 4 San, Chartered Snrvaym. 
included in tta Va&rtte. 

ftilodn caametta bactepUtad m w before 21st Heeaabar.1971. 


-■■V : ' ’ ' 

■JffMftrtjtei Situation 


rm .... 

C«M -. 

.. 0.71 ‘ 


430 ' 

.. 1.89 



.. 1.35 

lit ■ 


.. 0.80 





.. i.n 

. Ill 


U us 



.. 0J3 

... 174 . - - 


.. ' l.K 

273 - 


- . US . 

- • ' 208 ' 







Stares pmutly 

oi Town) /Wry- .. 

tints Bread Oak uHmtrtit«.Caa 1 nt)« 7 fnaa)y, - 
Unit 1 5, Haiae Tfadini Etteb r Ra»viBau. Thanat .. '' 
79,-81 High StuiLWotMaifl^ (Town Centie) - „ 

i4Saawdbn Parade. nhOtaPte, Maiditote (Tawn CeMrof 

' ■■ * & 

GBdbyRaad,Stttinobp«aa|TavmCentn) «' M „ 

.. . -•» U • 

'... .- ta 


/• - 

Mertiniu Strei tjfetn* Bay (Tosra Cantre) .. . . >. 

143 - J •• ' .< •>. to ;‘,ii air 

14S /. .. .. .. N 4 ,i- .. 

147 / .. .. .. .. .. 

Site Are* 








Term el Lease AueelBentel Bakws 

35 pin ban 
24.L7* - 
35 yarn horn 

-25yvmfren - 
1SJJB. . 
24JJ1 fc- 
2LZ.74.isd } 
20AK. i 

18iea%2 laOntis#' 
day* hern 25.2,71 
42 ytarefrom 

7Dro 5yna 
18.299 Sytn 

7,725 7ftsn 

2l,!50 5y«n 

1.358 7 yore 

3,500 I yean 

4TO 5 yens 

2.M0 7ye«s 
(ante 41 
800 ted el 
Imteij t*thfr 
-• ' 21th 





23J-.75" .. 

25 rears from 

12,500 5yaare 
7.750 5yuts 

Site far fatore stare 

Space Unit 1. Shops 1 & Z I- 

Raiakaai Oistria Shopping Centre {Tara Caatn}.. .. .. 

FI and F2. 

Tnnity Trading Ertata.Sittiagbanaa (Tradb| Estate) • • •• 


Park Faro Estate, Folkastaae [TraCag Eshti}— oa Bartel esnit 

1. Arrange neats are in hand far the Lgpst ta be pramnrf- 

2. laast an Untl aii not yet completed. 

3. cwreiit budsjiI rental will increase by £2.®0as front the date of coopfetinB ef cerpart 

4. Scrtifea ta renew. 

5. Held ooder an Agroement for Undsrlaasn wWch nbna taken sp will ru fir 25ye«i hew a data fo be deteneigite at a enmnneing 
rental oIESiroubjinu renew every 5 yeert. 


3 . silvrecapital - -• • ■-■_ 

. On 5th July. 1976. being the dale two yean 
Cartrcrs iu per foods Limited Ohc Company") way 
which 5.0UO.OOO Ordinary Shares hart been issued and 

preceding the dale or this Offer for Sale.4he authorised share capital of 
a> £1.000.000 divided into 10.000.000 Ordinary Shares of I Op each of 
. land nere fully pud up. Since Urn dare chore have been the folio wing 

change* in Lhc authorised and issued share capital of the Company: — 

U) On IbthOciobcr, 197b I.OOO.OOOOrdinary Shares of 1 0p each were allotted credited ns fully paid byway of capitals 
ation of undisUibtued proSut in the proportion of one new Ordinary Shank for every five Ordinary Shar es ptc vtowly ■ 


tii) On ZDOi January, 1978 the authorised share capital of the Company was increased to £2.000.000 hyihc creation of 
10,000,000 Ordinary Share. oi'lOp each and 6,000.000 new Ordinary Shares were allotud credited as folly paid by way of 

ca^ualisa don. of undistributed jfrofil* in the proportion of one sew Ordinary Shave foe cater Ordinary Share previously 

Accordingly, immediately prior to 5»h July, 1976, the authorised share capital of the Company was £2,000.000' 
divided into 20,000,000 Ordinary Shares of I Op each of whkb 1 2.000.000 Ordinary Sbnres were issued and fbUy paid. By 
or pursuant to resohnions passed at an Extraordinary Genehd Meeting of the Compwiy on 3th Jnly, 1 976 to) the share ■ 
capital of the Company re consolidated and divided into 10.000.000 shares of20p eacte(b) the authorised share capital 
»f «he Company was incrtisod to £4.000.000 by the creation of 10,000,000 Ordinary Shares Of 20p each, (cl £1.000, OWJ, 

bang pan of tbcsiun standing to-Hiecitsirt ofiheCorariany'sTejerveii, wascaniulboiand applied in paying np 7.000.000. 
Ordinary Share. oT20p each which were allotted credited as fully paid to tbe Ordinary Shareholders in proportion to 
their holdings and (dj new Articte of Assodatioo were adopted and the Company became a public company. 


The Articlre of Association of tbe Company contain provisions (infer idte) to tbefollowing effect: — 

O Votes of Members ■ _ - 

Subject to any special rights dr restrictions as to voting attached 10 any.sbares by or in accordance with the Articles 
on a show of hands every member, who being an individual h present in person or being u corporation Is present by 
a duly authorised representative, shall bare one vote and on e poll every member who tt present in person or by 
proxy sbull have one vole for every Ordinary Share of which be i» the bolder. 

(6) Director* 

Save as provided in the Articles, a Director shall not vote in respect of any contract or arrangement or any other 
proposal whatsoever in which be bus any material ratexest otherwise than by virtue of ha interests in shares or 
debentures or other securities of, or otherwise in or through, tie Company. A Director shall not be ih tbe ' 

quorum at a meeting in relation to any resolution on which he is debarred from vpUng. 

Where proposals are under consideration concerning the appointment [including Gains or varying the terms '-of ' 
appointment) of two or more Directors to offices or employ menls with the Company or any compa ny in wbL-h tba 
Company is interested. Socttproposats may he divided and considered ia rc&ridn to eaclr Director separately and m 
- weeaehorureDiircic>/s«pn<»iiedlit not debarred from voting os otherwise provided in theArtidreJ Shall ba 
entitled io vote (and be counte d in the quorum) in respect of each resolution ewepc that concerning- bteawn a pp oi n t- 

The provisions of Section 185 of the Companies Act 1948 relating to reiiremeat of Directors on attaining thcageoT 
seventy apply to the Company. . 

A Direcm' is not required ta have a bolding of shares in the Company. - .. 

(Ui) BorTJKing Powers 

Subject as provided in the Articles, tbe Directors may exercise all the poweriaf the Company to borrow money, and* 
to mortgage or charge its ondenaleuig. property and uncalled caplul and to Issue debentures and other securities, 
^betfler outright or as coil at ere I security for any debt. Itabibly or obligation of the Company or of any third party. 
The Directors shall rennet the borrowings of the Company so as lo secure that the aggregate amount forthfUM 
being remaining outMandiuE of all money borrowed oy the Company shall norm any time without the previous 
sanction of an ordinary resolution of the Company exceed an amount equal to four limes the aggregate dm he paid 
up snare cipual or Uie Company 411U it* rocrve%. If Ihe Company ha* any MitoiduirfeN in the future the [indt **ill 
apply io cne acsrc^asi: of lb* twrouUi^a of Ehe Company ucUJ iu &ubgidiiuica on ihc basis of (he ajurcsaio of Lbo . 
paid np share capital of the Cbmpuny and the consolidated reserv ed, 


The Interests of the Directors in the share capUst of the Company Imme diately after the Offer for Safe ns they wB . 
appear in the register maintained undsr the provnaons « the Companies Acu Isave in respect at may shares which may bo ' 
allocated to any of the Diieciacs other than those who ore Venaon under this Offer forSeleiwiUbens follows:— 

_ Ordinary Shares qf DBp each 

LE. Cartier .. ii .. .. .. .. 6,819,067 

T.R^Ltegh .. .. .. .. ... ... .* 662,000* 

M. LSktcb .. .. .. .. .. „ .. .. 85.882 

A. Mountford .. .. .. .. .. 329:648 

K. J. Davies .. .. .. .. .. ---- 89,899 

R.£.Ctzlverliccoo •• ’ .. .. .. .. .. .. .. .. .. .. . . 32^00 . 

L. P. Cartier .. ... .. .. ... ..... .. .. -L . . 36,667 

M. A. Sheets .. .. .. .. ,. 36,632 

P. A. Eve .. „ ; „ • ,, ' „ . .. ... 

"Includes 176^)00 shares in which ^ T.R. Leigh has no beneficial interest. Apart from iireseitoesall 
the above f n tvrcaii arp beneficial. " 

Save as disclosed herein no. Director of the Company has. or ha had. within, two years before the date hereof, nay 
interest Id any assets which haie been, or which urepropored to be. acquired, or dfepotedof by. or leased to the Company 
and no contract or arronoctnent subs iso at the date hereof tn which a Director of the Compuy it materially murested 
idd which Laipubcani in rebuoo to ihc bimDcuoftbc Company. 

CrocdriarsTruu Limited u-til be interested immediately after the Offec for Sale ht 934,000 Ordinary Sham of 20p 
each. Apart from this holding and the holding set out above, the Director* are nor aware of any shareholding which will 
represent more than 5 per cenu of the iwued share capital of the Company, as increased as a result nf the Otter .for Sate 
Mr.N.j. H. Benpett, a partner in Boys & Maufiban who wjji receive a fee in connection with this Offer for Sales 
holds 9 , 167 Shares in the Company. 


>mpany, tiii L. £. C J ri I « r,'C‘ rotafri a rs Trust Limited. R. J. Davies, T. R. Leigh. A, Mountford, W. a. SkreK M. i. 
reels E. W-. seam and a, A. Ta>L>r l“ihe Vendor»"l have together agreed lu sell tn Ruben Fleming at a price of . 
I2.V per share [ ,2gd,000 Ordinary Slum nf20p each nf the Company and Robert Fleming has agreed m purchase 

. of 20p i 

Company, “ - ~ j * ■* - 


such share- and till ( Robert Reining has agreed lo otter lor sale lo the nutrias: at a price of Sip” p^iborV thc j.iio.OM 
Ordinary Shares of 2itp each or the Company which H has so subscribed and purchased. Under I hi* contract Robert 
MemiRpuilI pay underwriirm; cnimriMiim of II per tent. -and a fee to the ’Brokers., the Company-wHI'pay ■ fee to - 
Kubrfl Fleminp'foui of which Robert Fleming will pay it* own legal evpeo*es1 nod the Company will pay nil other 
expenses of or incidental to Uu» Offer for Sale, estimated at W 50,000 mcl wvc of apitul dutytiuicscluaivc of rAf ■ 

Jtnandal Times Friday July 7 1978 


Senior change at 
; Amey Roadstone 

boon apw^rifwi rhf^^* W *V? ^ as Helmut VVfanmer, presently 
AMEY P ^0ADsT0r5F ^ neral manager of Banco do 

TION retains th* Brasd SA. Hamburg Branch, and 

chavman ^u h RS B 2 £ ? epuTy formerly deputy general manager 
deputy crounJ.hiif™? h Ae* 1 *™- of Banco do Brasil SA, London 
ajw“ 7 ^ chlef executive of branch. 

V"r. s company, Consoli- + 

dated Gold Fields, continues i 

chairman. 5 33 Mr. William P. Sutton, vice 

* president, has bee n appointed 

Mr. J Ranke -h-r.™ , head of the CITIBANK national 

'Research amf' *£5 baQ ^ group in the UK. He was 

Esrs&&ts i£ sa 

appointed t0 lhe * ft I TS&T Br “ !KlS 



Mr. Harry Robinson has been 
Cnnihle ia Comrianv ^f appointed, financial director of 

has returned 3 fmi C,ncinnat| . Walter Lawrence Trading. Walter 
absenro and resumS? thl SSiife* Lawrence Retail. Sheffield Steel 
of manaeinc dfScfo^o^PRorTFP products - and Hiram Wild, all 

AM) GAMBLE subsidiaries of the WALTER 
Tyne. rtUSL£ - *®»ctoue u Pon LATVRENCE GROUP. Mr. Robin. 

joined Walter Lawrence 

Following the recent establish- 
ment of the group corporate 

Trading in 1876 as secretary. 


- ----- Mr- David Thom has been 

t ^ vrwI^L 1 wV 12 v3^? ver Sq uar e . appointed general manager 
PnilxAM^ 1 - GRAND METRO- (finance) to the TRUSTTSE 
i^?r I AN has announced the fol- SAVINGS BANKS CENTRAL 
KEH* *PP®“tments: Mr. D. J. BOARD. This appointment com- 
!f2 , J fonner ^ r Joint secre- pletes the reorganisation of the 
1 ? ade secretary. Mr. N. A. divisional structure of the central 
“^“eS-deputy finance management into three main 
k° ■■■ isnut h and areas, banlding operations, under 

hes n5?* position of joint Mr. L. Bake well, personnel, under 
secretaiy. The corporate centre Mr. J. H. Phfllpot, and finance 
.. finance department will be divided under Mr Thorn, 
into three sections, accounts. ★ 

^™2 B ^ d «SS!S 1 ^--, s ^ cc ? u £? a »*■- D^d J- Dibble, who has 

become fee responsibility of Mr. been general sales manager of 
,VT lm * wUl f 1 ** con- DOWTY BOULTON PAUL since 

Mann a 52?J5 r I 'Sf 0, » January 1977, has been appointed 

Mann and Truman Holdings, sales director, 

central planning will be the re- .+ 

sponsibility of Mr. P. B. J. Sargent 
'who joined the. group recently Mr. Donald S. Gri m wood wm be 
from Barclays Bank. The treasury joining "BUCKMASTER AND 
section will continue under the MOORE on July 17 as investment 
control of Mr. P. A. Bernard advisor, to promote its equity and 

_ gilt-edge business in Europe. 

* ★ 

Following the appointment of Mr. David Wild, previously 
Mr. R. W. Phillis as managing director and general manager, 
director of SUN PRINTERS tpart has been appointed managing 
of British Printing Corporation), director of BIBBY AND BARON 
last November, Mr. Alan Pank- CARTONS, part of Low and Bonar 
hurst has taken over from Mr. UK packaging division. Mr. Eddie 
Phillis as personnel director. Mr. Perkins, director’ and commercial 
Pankhurst has been with the com- manager, now also takes over the 
pany for five years as personnel responsibility of general manager, 
and industrial relations manager. * 

Mr. John Orford has joined the Mr. A. D. H. Self, a director of 
company as pre-press director, re- MAY AND BAKER, and general 
porting directly to Mr. Gerald manager of the pharmaceutical 
MowbTty, works director. Mr. division, has retired after 41 
Orford was latterly general years* service. Mr. J. McAinsh 
manager of Worcester Web Offset, takes over as general manager of 
„ _ „ * the pharmaceutical division and 

Mr. R. J. Webster has been has been elected to the Board of 
appointed a director of May and Baker. 


SURANCE BROKERS. Mr . R A. Spence, has beep 


firms lhal Mr. Leonard Kaye has SLJ&i *J5”*EL 
resigned from the Board. Dr. J?*’ 

John Cameron succeeds Mr. Kaye 

as head of the garment division. }l r ‘ s>pencer 33 deputy- 

Dlr. Jose Carlos Madeira Serrano 
has resigned as deputy managing 


■ + 

Mr. William L. Jackson has been 
director of the EUROPEAN appointed president of the North 
BRAZILIAN BANK and will be America region by WILKINSON 
taking up a new position, on loan MATCH and be nil! be based at its 
from Banco do Brasil SA. as U.S. headquarters in Berkeley 
financial director of Siderurgia Heights. New Jersey. Mr. Jackson 
Brasileira SA— SIDERBRAS. Mr. spent 11 years with Chesebrouch- 
Srrrano will be succeeded as Pond’s, and before that worked 
deputy managing director of the for General Foods on the market- 
El>nen?.in Brazilian Bank by Mr. ing side. 



A minefield of confusing forecasts 

IT SEEMS to have become a an Increase in the range of 5 have to rely on producers like 
foregone conclusion in the oil per cent to 10 per cent will be Saudi Arabia opening all their 
industry that the Organisation agreed. flow valves, 

of Petroleum Exporting Coun- . D0ssible 0PEr The International Energy 
tnes will impose at least a JuwLltan issued a ^ 

SFiSJE* "* * ^ nGXt i* growing speculaSn ™j»*w coun- 

six months. oiI industry that a “high level tr,c * ^ hkeIy t0 ** more d * 

It is not that the oil market committee of experts’* set up to °! ,°H by 

is making it easier for the pro- look at the impact of the 1985 ,“*5 ?• prevI0U5l y te«n 
ducers to raise prices. Far from depreciating dollar will recom- ti? J ebrua jy 

it. The general glut of .crude mend an earlier price rise. 2’“ b SJ5? 1 d ™ nd for f* 1 

supplies, caused by the con- _. . . . . from OrEC could nse to be- 

tinuina economic recession. _. Tbe . Paired by tween 42m and 48m barrels a 


(measured in millions of tonnes of oil) 


Dept, of Energy (law growth 

(cent ral case) OECD 2 CIA’ case) 

JJSflSi Sheikh All Khalifa al Sabah. 

energy conservation efforts and f"™. day in 1385. although it was 

the increasing flow of oil from the Kuwaiti Oil Minister, meets thought that the Organisation’s 
new producing areas, looks like m London _next week when it -members would achieve a pro- 
being with us for some time. expected to formulate ways duction level of no more than 
Latest figures show that OPEC's °, f compensating producers for 36m to 38m b/d. This left a 
crude oil production in May the dollar s decline. This decline -demand gap” of 4m to 12m 
was 28.4m barrels a day, some 13 rec ,jP ed *° have cost b/d to be met from other 
2.7m b/d down on the average 0PE p S0IDe 10 pe £ cenl m lts energy sources and couserva* 
for last year and some 4^m purch ffi? B power since Decern- tion measures. 

b/d below the peak production ber> 1° some ways the M Christopher Laidlaw a 

ipvpi of 1077 committee can be seen as a face- jiTT. , • “ 

level of 1977. ^ exercise to bridge the dlrect ° r of B £Jpsh 

According to Sheikh Ahmed gap 0 p EC between those Pc^ 3 ^} 1111 ' mentioned IEA’s 

Assumed economic growth in OECD 

Non-Communist World 





Energy consumption 




Energy supply (exduffing OPEC oil) 




Net oil imports 





Net Communist oil imports 




OPEC off exports 

1339 ' 




OPEC oil consumption 





Residual and increase in stocks 









(or, m million barrels per day) 





* Workshop on Alternative Energy Strategies: Energy Global Prospects 1985-2000 

1 — Central Intelligence Agency report, International Energy Situation, April 1977. 

2— OECD World Energy Outlook, January 1977, reference case. 

3 — Exdudes Australia and New Zealand. 

Source: Deft, of Energy; Energy Commlulon Paper No. 13; 

"International Energy Que rtioni” 

therf 3 ^ currently SSffriS SfSJfSJSSSK preSSS* to conservation efforts will be year 2025 the oU industry might ness rationality and. most of 

an excess of oil 5ASET3 gm** SSfi" '"SSSffi - d S cSSS ““d whereas there is be about three and a half times all, tor enlightoned seltontVreM 

some 3.7m barrels a day - ThS iid ShSfSi in Amsterdam. •” OPEC current a - ood d jal of evidence to its present size, he said— taking m an increasingly dangerous 

exactly twice Britain’s present intentions are not altogether e “ er ^‘ the usual side swipe at oil com- world.” 

rate of oil consumption! __ extraordinarv P OPEC ran- (dear but if 111051 regrettably measures can only be pames like British Petroleum The idea of a new organisa- 

But even Sheikh Yamani, the ? erence earlier than the they were t0 limit supplies to fo ^, be ! ag t0 ° Pessimistic. tion to bridge the gap between 

chief advocate of pricing res- scheduled December 16 meeting 26m ** was recenly sug- improvement more difficult to M uch of the oil that OPEC and the developed oil- 

traint; is finding it difficult to ff h P so wishes gested but then denied, the actueve * Professor Odell foresees being consuming nations is not new. 

withstand the pressure for price problem of adequate avail- Even so, the Petroleum produced lies in unexplored. The UK Energy Department, in 

rises from within OPEC. The ability could hit us much Industry Research Foundation u “ - unex PjP“^ d its recent international energy 

reason is dear. Worldwide Pnif^P TiriPP sooner.” in the U.S. sees no reason why ^-^mentaiy basins in Third paper, called for a new 

inflation and the falling value UUC P UtC BP's view, as presented by there should be a physical short- international institution, prefer- 

of the dollar have been per- 0 PEC recognises however. Mr. Laidlaw, suggests that a 3 a 8 e oil « ^ 15 years. IS ?SJ, y under the a “ apices of ^ 

astently eroding the producers’ that it may have to’ wait untii per cent annual growth rate in unless OPEC deliberately arg ofleB lud . And - t -J ON, to consider energy 
purchasing power. Sheikh the 1980s before it can take oil demand would mean that by restricts output (a possibility ^ • problems on a global basis. 

Yamani has pointed out that the full control of the pricing 1880 consumers would have to that cannot be nJed out in view th0 WQrld W h ere • ^comoanies 0PEC itself bas just estab- 
current price of $12.70 per mechanism again and move retiirn to ^the traditional sources o£ ^ e member d “ Jre . t f have been reticent to expiore bshed a high-powered strategies 
barrel of Arabian light crude— much nearer to restoring its in tbe Middle East for balancing push up prices). OPEC s mflu- either because Q f political' committee which might 

the marker crude oil — is now inet ■niirchasimr nnwor Rv world oil supplies. By 1988 ence might take a knock, how- also encour 

the marker crude oil— is now lost purchasing power.' By world oil supplies. By 1988 ence no T uncertainties or because it also encourage the formation of 

about 1985, the marker crude there could be a theoretical ever * “ the Foundation is wou j d nee(J a mucjj higher oil a bridge between the main oil 

price could conceivably be be- -shortfall of 5m to 10m b/d. thSKS!’ P rice t0 i ustif y novel explora- exporters and consumers. Mr. 

tween $20 and $25 a barrel, a Exxon, in its latest World JJf- J< ^2 “?? ' tion and production technology. Ah Jaidah - Secretary General 

regaining all of tbds lost ground prospect which would rein- Energy Outlook report, foresees r£5v S n ?2r»? «' u!! 1 b ;T of 0PEC ’ said tbe formation of 

e need for a series of a possible disturbance of the ufua- s snare ot worm DU T . the committee might prove to 

rises rather than an balance between supply and snPPbes could fall to 50 'per iQlfir 8PPT1CV be an historic turning point for 

.uuusirwusea nauuns. aou urns — ^ disruptive price re- demand taking place late in the c ®“Ji “ fe J the organisation. “ We can only 

the oil markets, could not stand adjustment as seen in 1973. 1980s. But its report is also As a means of opening np etp«ss our hope and confidence 

it. But OPEC clearly want to However, such a price level revealing for another reason. these new potential oU pro- that the committee will find the 

make a start Paradoxically tins would largely depend on a Exxon concedes that its latest “ It ducin & r ^ions. Professor Odell neceswiy common ground for 

ing encouraged by tightening of oil supplies dur- growth forecasts for oil JJ" “J is advocating tbe establishment “ e ® e ®2, v ® ****** 

sec thp hpen-nnino a t»rn- accepieu 111 icvcul years, is ue- uicuucuo wcic wcu uuwu uu : — ~r „ ' TT rrrr j junction With Dr.- LUIS Val- *»*“»• “ v 

gramme of modest but steadv g* nnin g t0 be challenged more the figures published in 1973. J® the No ^{{ 1 ®**» the /{ K and lenilia, a leading Venezuelan ,ast month’s issues of OPEC 

oricTrises forcibly - Indeed ^ cor Poration’s latest Norway wil aUow oil to run busill essman P?ffesso? OdeJl 

I rLr plrSif rnS Indeed, a minefield of fore- forecast for non-Communist ®bn ost freel y witiiout serious proposes 0PEC and The time is ripe for greater 

re^r>w of inthl casts ^ being laid by a host of world energy demand in 1990 is conservation and depletion J at f ons ^ ^ organisation for co-operation between OPEC and 

, experts and authorities. Much about 9m barrels a day of oil P° licies - Economic Co-operation and P ECD natJons - Doi onl - v t0 

T . nc : - r °T of the information is conflicting lower than the figure published Professor Peter Odell, head Development (OECD) should bre ak down some of the barriers 

npp?" ^ 511611011 * am3m ^ and thus confusing to those in 1975. of the Economic and Social set up a joint agency, funded 11131 . 1 } ave caus ? d unrest and 

urtA-s Geneva meeting last studying the medium-term Lower economic growth and Geography Institute at Erasmus to the tune of S16bn a' year to suspicion on either side but 

month when he gave consumers energy picture. greater energy conservation University. Rotterdam, and meet the trade deficits ’ of most bnportantiy to eliminate 

nonce of a “ small dose ’ for Some people continue to measures are two reasons why adviser to the UK’s Department poorer oil-importing countries some of the “"certainties in the 

‘ " — * ... ~ 41 supply and demand balance. 

Pressure ol Oil: .4 Slraicmr lor 

Economic n enrol: bu Peter OdcU and 

members win certainly press for oil demand within the next de- IEA. Some of the more optimis- could continue" to increase for authors claim their proposal *is 
more and it is quite likely that cade and that consumers will tic forecasters are assuming that almost another 50 years. By the a “ plea for sanity, reasonable- wcie 'spy: £ 3 . 9 S. 1 1 



5. MATERIAL contracts . . . . . 

The folloums contracti, not Vein? contracts entered into in the ordinary course 01 business, nave been entered 
into within 1 wo yean before (hr date hereof ami .ire or niuy be material:-— 
iU Dated -Ki October, 1976 being an A Krcemciu between L. E. Cartier. T. R. Leigh, A. MounlTord. A. A. Taylor, 
J. C. P. Elston, G. G. Philpotr. B. J. T. MeA»oy, R. E. O’Shea, M. E. 5tev art. K. J. Davies. R. E. Cuhxrhouse, 
M. J. Stcch. L. P. Canier. M. A. Skcel- ami CroMtriars Trust Limned whereby Crossfhars Trust Limited 
rurclurtrtl NKI.IWO Qrdinur\ Sharcsur lOpcjch of the Company at a price or 'A ZPc per share. 

(ill Dated 25th February, |1J ~' being an A green ten l between the Company and R- Corbcn & Sou (Maidstone) 
Limited Tor the construction of the Strom! More at a price of £55®.l ?-t. 

(tii) Dated 27llt May. 1977 bang Transfers by Westland Import Limned (in li-rtndationjto the Company whereby tto 
premises at Neirth Lane, Fasersham. w ere transferred to the Company for tlOd.OOO. 

(iv) Dated 5th August. 1977 being a Contract between Bremcrcst Investment Developments Unuted and i he Company 
whereh) 2S1 Northdown Road. Clifion\-ille. Thanet. wav agreed to be sold to t he Com pany Tor £90,000. 

(v) Dated 29|h November. 1977 beinr an Exchange of letters between Barclays Merchant Bank Limited and the 
Company whereby Barclays Merchant Bank Limited agreed to make available a modnun tents loan of £787.000 let 

(vi) Dated* 1 ? Stir January. 1973 being a Transfer by Medway Borough Council to the Company wher eb y the site at 
Temple Sireet.Strood, was transferred to theCompiinvforLp9.dll -- .... 

fvii) Dated 2-Hh bebruary, li7*> being an Agreement lor Underlease between G. E. wauis & Sons Limned and tbe 
Company whereby Space Unit 1 and Shops 1 A 2. Ra mh a m District Shopping Ccrupe, will be leased to the 
Company. . 

fviii) Dated I.tth Nfaich. I97S being a Transfer by Pace! I a Contractors Limited (in liaindaiitHi) to the Company 
w Iwrebv land at Farleiph Hill.Tovil, Maidstone, was transferred to the Company for £12^500. 
lir> Dated i^tli April, 1973 being an Agreement between the Company and R. Cor ben & Son (Maidstone) Limited 
under which the Thanet store is being constructed for £36 7.0u3. 
ti) Dated :0th April, 1978 hang u Transfer by Rht-Mra Limited to the Company whereby the premises at 27J/279 
Nit tlidown Road, CliUon vilte, 7 hancu w ere transferred to the Company lor £55.000. 

(si) Dated 27th April, 1978 being a Transfer by Baycos Investment Company Limited to the Company whereby the 
premises at 2M. 27 1 Noithdow n Road, Chftonvillc. Thanet, were transferred to the Company for £35.000. 

(sii) Dated I7rh May, 1978 being an Agreement between WiJimentBros. Limited and the Company, under which (he 

lUKbaurncttote is to be constructed for JA75LWO. „ . 

[sill) Dated IMh April, 1978 and 17th May. I97S being Exchanges ofieUers between Barel^Mefebant Bank limited 

<») Dated' 2Wh June. I97S bcins a Trama’cr by Harness Properties Limited ’to the Company whereby land at Brassey 

Avenue. Kastboifrne. w.ietransfcrred to tiw Company for £20(^000. . . . . . „ . 

’*vi) Dated 5th July, 197 k being tlie Offer for Sale Contract, referred to in paragraph « above, between tbe Vendors, 
the Directors other than P. A. Eve. tte Company and ^Robert Fkming. ■ .h. n r-. n ..r • T _ , . . 

avii) Dated Jlh Julr, 1978 being a Deed or f ndemnuv between the \ endors other tltaa «o*5Trms Trust Limited, 
Robert Fleming and the Company, relating to tiio ind emni t i es referred to u> paragraph 7 below. 

S. c2n,Slws^en.Ke Agreement dated 20th September. 1976 with the Company app&tting him as Managing 

Director lor the period frum 1 m Januaiv. I97<. to 31st July. 1951 at a salary of £15.000 per anmmt subject to adnnt- 
■nent lv-r increase m the of living \ourrenUy p« annum!. T. R. Leigh ABrecmentdai«t sth 

luiv, jots wuh the Company appointing !um os binanie Director for the period commencing on la April, 1978 and 
tndins vn 3 1st July. 1VM M an annual salary of jE 1 2.90ft.. subject to adjustment ; for unnwj ini Ac msi of bvu^ 
M. J. Skeels Miv A. Mountfonl, R. J. Davies and R. t. Cuherhotise have hemce Agreements dared 5th July. 1978 
anti the Company appointing them as Deputy Managing pireciw. Company Directed 

tnJ Buvins Director respectively for periods of three jears from 29th Januarj. 1973 « a™Ml«Ian« {subject to such 
ih-reavo as sluli be agreed between the relevant Director and the Company) of £9.ud0. L8JW0, £8^00 and £8,000 

e * pet The l ageregnie emoluments of the Directors for tbe current financial period are estimated io amouiii ro approxl- 
■nateU £50.000. The Compan* will shortly enter into arrangements to provide retirement oenefil!. a rvd. life insurance 
.over' for the c vccuuve Directors and ceruin senior caccutives. The Directors do not evpect tbe unual annual cost of 
.iich arrangements to osceed £12,000. 

7,TAN;VTIOiN^^^ jifjn advised that following the completion of this Offer for Sate iho Company win cor ben 

. n respcctof any depkiion of the assets or the Company by reason of capital transfer tax and other uxauon. 


a) Buvri and AumtiplioiD : 

The profit foreravi for the 52 wicks ending 27th January. 1979 is baaed on the muoditw managemeot accounts 
Vr the Jd weeks ended hth May, I97S and on the rollonring princ^ial assumptions for the remotndcrof the period: — 

Id) IhttkKnMw I!roI*ilMrui^Jcl!ievS , ln‘ both the period or 52 weeks ended 28 th January, 1978 and the period 
of HwceksendcdfithMay, 197S will be maintained; 
fiii) Inflation will beat an annual raiei of JO per cent; 

iio No seriouv industrial dispute!, wifi affect the Ccmpanyor us suppliers. ueje-.i* . • . 

In the ppnwn ol the Directors, due to inRanon, the realisable value or freehold buiKungi wtn continue to mcreaw 
n<r the lona-terin and accorvlingly provision for depredation is not appropriate. Therefore the Directors do nor intend 
"oconipls w n hSiattmienl i>f Standard iVccouiUlng Practice No.12, which is elfcaiv-eforallagodolmg periods commeodag 
irtcr 1st idPiiarv. 1975 and requires freehold building to be written off over i heir esttma l« lusoTol lives. On the basis of 
ip cMimatrd dcpreeiable amount ot freehold buildings of npmwtenitchr £2.2 ih.IIiod of depremation of 

:pcr cent, per annum, the dcprr.-iauew charge on freehold buildings for the 52 weeks ending 27th January, 1979 would, 
"n ci'mrhajVrt with this bundard. be £-M,tMXL 

b) ^^ pne ,.j n g arc cppin of letters which have been received by (be Directors of the Company rekilng to the profit 

orecast lor the 52 weeks cflduigi’th Janoary, 1979 j-~ I Puddle Dock. 


London ECAV3PD 
5th Julv. 19tt 

( and C*«nt te mm. 


(I) Save ns disclosed herein: 0) no share or loan capital of the Company h trader option or agreed conditionally oe 
unconditionally to be put under option; (n) no share or loan capital of the Company has, within the two years 
briore the date hereof, beat issued, agreed to be issued or is now proposed to be issued either for cash or other- 
wise; and (iui no commissions, discounts, brokerages or other special terms have bees granted within the said two 
years by the Company in connection with the issue or sale of any pan of its share or loan capital. No material 
issue of shares of the Company father than to shareholders pro rata to earning holdings) will be made within 
one year of the publication hereof without the prior approval or the Company in General Meeting. No issue will 
be made which would effectively aher tbe control of the Company or the nature of its business without tbe prior 
approval of the Company in General Meeting. 





< 6 ) 




Tbe Company is not engaged in and bas not, so far as the Directors are aware, any litigation or claim of material 
importance pending or threatened aginst it. 

RsaL Marwick, Mitchell A Co. have given and have pot withdrawn their written consent to the issue or this 
Offer for Sale with the inchnioa herein of their report and their letter on the profit forecast and the references 
thereto in the forms ami contests in which they are included. 

Robert Fleming has given and has not withdrawn its written consent to tbe issue of this Offer for Sale with tho 
inclusion herein of its letter on the profit forecast and the reference thereto in the form and context in which 
it is included. 

Donaldson St Sons, Chartered Surveyors, have given and hare not withdrawn their written consent to the issue 
of this Offer for Sale wtth the inclusion herein of (he references to their valuation in the forms and contexts is which 
they are included. 

The above-mentioned consents, a statement of (he adjustments made by Peat, Marwick, Mitchell £ Co. in 
arriving at the figures set out in them report and the reasons therefor and copies of tbe material contracts listed 
above were attached .to the copies of this Offer for Sale and the forms of application delivered » the Registrar 
of Companies for regatration. __ 

In the opinion of the Directors no amount Is required to provide for any of the nutters referred to in paragraph 
4 of! he Fourth Schedule to the Companies Act 19<8. 

The Company was incorporated in England under the Companies Act* 1948 to 1967 on 8th September, 1971 
and is regetfered in England No. 1023359; Robert Fleming, registered in England No. 262511, has its registered 
office ar 8 Crosby Square. London EC3A 6AN. 

Copies of tbe following doormans may be inspected at the offices of Linkbten & Paines, Barrington House. 
59/67 Gresham Street. London EC2V 7JA daring usual business hours for a period of 14 days from the date rf 
publication of this Offer for Sale: 

(o) the M emorandum and Articles of Associatio n of tbe Company ; 

(W the audited accounts of the Company for the 57 weeks ended 29th January, 1977 and the 52 weds ended 
2Sth January, 1978; 

(c) the contracts referred to in paragraphs 5 and 6 above; 

id) the report of Feat, Marwick, Mitchell A Co., Chartered Accountants, and the of adjustments 

refereed to above; 

W the valuation of Donaldson iSons. Chartered Surveyors, referred to above; and 

if) the written c on s en ts refereed to abov e. 

5th July, 1978. 


Applications (which must be for a minimum or200 Shares and bmnltSpIn of 100 Staves opto2JK)0 
Shares, in multiples of 500 Shares between 2^)00 and 5.000 Shares, in multiples or 1,000 Shares between 
5,000 and 25,000 Shares and thereafter hi multiples or 5,000 Shares) must be made on tbe Application 
Forms provided and forwarded to Barclays Bank (London and International) limited. New Issues Depart- 
ment, P.O. Box 123, 2 London Wall BniMt t ig s , London Wan, London EC2P 2BU to arrive not taler th»w 
10 aun. on Wednesday, 12th Jnly, 1978. 

Each Application Form must be ac com p an ied by a separate cheque (which must be drawn on a 
bank in and be payable in England. Scotland, Wales, the Channel Islands or the Isle of Man) m respect 
of the ftxD amount payable on application, made pavnbie to- “Barclays Bank (London and International) 
Limited" or tbe shortened form “BALI” and crossed “Not Negotiable”. No applications will be con- 
sidered nnlcss tire above conditions are fulfilled. 

Robot Fleming reserves tire right to present all cheques Tor payment on receipt, to retain Letters oT 
Acceptance and surplus applicant® moneys pending tbe clearance of all cheques, to accept in part onjv or 
to reject or scale down applications and in particular, multiple or suspected multiple applications ‘and 
applications for an undue number of shares. Due completion and delivery of a Form of Application accom- 
panied by a cheque will constitute a representation that tbe cheque will be honoured on first presentation; 
attention is drawn to tbe declaration hi the Form of Application to that effect. 

Preferential consideration will be given in respect of a maximnm of 300,000 Ordinary Shares to' 
applications made by employees of the Company on the special forms provided for the purpose. Such 
applications must be for a minimum of 50 Shares and in multiples of 50 Shares. 

Acceptance of applications will be conditional upon the u hole of the issued share capital of the 
Company being admitted to tbe Official LisL of The Slock Exchange, not later than 21st July,- 1978. 
Moneys paid in respect of applications will be returned if such admission to the Official List has not been 
granted by that date and, in the meanti m e, wifi be retained by Barclays Bank (London and International) 
Limned m a separate account. 

Jf any application is not accepted, the amount paid on a pplication wiJI be returned m full and. if 
any application is accepted for fewer Shares than applied for, the balance of the amount paid on applica- 
tion will be relumed by cheque through the post, in either case without interest and at the applicant s ri sk. 

Letters of Acceptance will be renousceable up to 3 1st August , 1974. The Shares now being offered 
for sale will be registered free of stamp duty and registration fees m the names of the purchasers or 
persons in whose favour Letters of Acceptance have been renounced, provided that, ip the ease of 
renunciation. Letters of Acceptance duly completed in accordance with the instructions continued 
therein are lodged for rcgislrauon on or before 3 1st August, 1975. Share certificates will be despatched 
on 2nd October, 1 978. 




























This Rmn sbonld be fiUfd in and fomrded to Barclays Bank (London and International! Limited. New Issues 
ptpartment. P.O. Box 123, 2 London Will BwiMinrs. Loadon Wall. London EC2P 1BU toecUiw villi ■ cfarqno 
jot lb* full amount payable on application, so as to arrirr- noi laicr than 10 ui. on Wednesday, I2ib July. 1978. 
Cheques, vinca mist be drawn on a bonk in and bepajablc.m Copland. Scotland. Wales, tiw Channel Islands or tho 
j 1 ?”* ** W*bJ® “ “Bardajrx Bank (London and ImenatioDall Limited" or tbr shortened farm 
BALI and be crossed “Not Negotiable*' and are .liable to be presented lor payment on receipt. A separate 
dKgim most accompany cadi application. 

Robert Fleming & Co. Limited 

Offer for Sale 

3,210.000 Ordinary Shares of 20p each at 55p 
per share (payable in full on application) of 




Numbers of shares for nhich 
application is made * 

.Imount »■/ 
cheque enclosed 


★Applications most be 


up to: 

Multiple 3. 

Minimum 200 







above 25.000 


J/We enclose a cheque payable to Barclays Bank (London and International) Limited Tor the above-mt-niioned 
sum, being the amount payable in full on application for the suited number ot the above Ordinary Shares of 
20p each at 55p per share and J.’vc offer to purchase lhal number of shares nnd l/W c agree io accept the 
same or any smaller number in respect of which this application may be accepted upon the terms o! your 
Offer for Saie da led 5tli July, 1978 and subject to the Memorandum am! Articles of Association of the Company. 
I /We request that you send me, us a fully paid renounccuble Leuer of Acceptance in respect of such Ordinary 
Shares, together with a. cheque for any amount overpaid, by post at my, our risk to my /our address iirsi gnen below. 

An appBcanx who is unable to make tiw falloning Declaration should delete it and consult an Authorised Depositary* 
(nr an Approved Agenx in the Republic of lrelandt) throuBfa »*wm lodgement should be effected. 

I/We declare that I a m/we. arc not resident outside the Scheduled Territories! and am .'are not acquiring the 
Ordinary Shares as the nominee!*) of any person!*) resident outside those Territories. 

1/We understand that due completion and delivery of this Form of Application accompanied by a cheque will constitute 
a representation that the cheque will be honoured on first presentation. I/We acknowledge that Letters of Accep- 
tance and cheques for excess application monies are liable to be held pending clearance of applicants' cheques. 






- Forcname(s) (in full) 

- Surname and designation 
(Mr, Mra, Miss or Title) 

■ Address Go full) 


if a full). 

Address (fa full) . 

Surname and designation 
Mrs., Miss or Tale) . 

>irc<;ipn. . . 

:rs Surcrfjeds Limited, 

Vnrr 1 ’ K1 . 001 >3 too 

min'-V letter included 'm the document dated .'iftjmy, iv.a wueo in connection J tne . Wcrfer Sale of L2IP.OOO 
arj'Vh.fresofJdn co^h of the Company. The forecast includes result, shown by unaudited awpi fica cal accounts 

the M cwl'm* fur's# the accounting hw and calculations i arc *«s been properly 
.L '".T ti e" vim! of the u«uuiriioo* awtte ^ the Direnore set-out m the dotnmcTt referred to above and i* 
Ini: .1, a l ^^tcnt v.,h ihcacrtuntingpractices normally adupmd,byri«Con,rg«>- 



S Crosby Square. 
■London EC3 A tA?f 
5lh Joly, I97H 


cn Sui-crtondsLio-Jtcd, 

jf Carlton SupertooiS Unuted. » vi.wirt xtiiehell £ Co the bain nod “ninirirw on «hfch tbs 

Wc haw; CivcusKNi with yoittw m oinl UatrfSdi Ji&\ 1975 addrtsactfloyw^ves ftmPo; 

forecast was / >, . n .i caLutotiotu adopted in arriving at the profit fo r e cas t. 

On"lJ*bB?vej la?"”Sc!ve coiiMi'k- 'h'-'t i.w^^'i't'i^rv-^Ufor which you arc H^^POdsihk) has been made 
luc cars auJ atb-a;.x>ii. y aura fahhfolly. 


.Vp. pf 






fio ! 








j 330 






495 S 






2 ,750 

J 0,000 






1 oo.uoo 


Copies ort his Offer for Sale with Application Forms can bo 
obtained from the following: 

Blanches at: Ashford Ramsgate 

Canterbury Sideup 

Faversham .SitlingbOlirne 

Folkesione Sirood 

Heme Bay Wesi Mailing 


and at the Company's H cad Office. Burma Buildings, 

Church Street, Rochester, KentMgl 2DA 

S Crosby Square, London EC3A 6 AN 

India House, Haw ley Street, Margate, Kent CTB lfZ 

Winchester House, 100 Old Broad Street, London EC2P2HX 

F or mzm e is) 



Surname and designation 
Mrs^ Miss or Title ) . 

Address (m/ctff)- 


Surname md designation 
- (M r- Mrs., Miss or Title) . 

Address i/tt fuff). 

2 London Wall Buildings, London Wall, Tfflidon EC2P2BU 

Branches at: Folkestone 

Roc h est er 

Ramsgate 1 
Broad aaira 

and other principal Branches ofBardays Sank Limited and the Bank of Scotland. 





3 umc 


A corporation should sign under the hand of a duly a nth prised official who should state his represents tim 

W& recript will be issued for the payment on application but an acknowledgement will be forwarded la doe 
coune through the post by fully paid renounceabk Lena- of Acceptance and/or re mm of application moneys 
or fioy cxccq tacrrof. 


• Authorised Depori|arics are listed in the current hsae of the Bank of England's Notice EC! and fudodo 
and Stockbrokers in, and Solicitors practising in, the United Kingdom, the Channel Islands or tho 

Notice EC 10 I (MaS^d^. t **“ R * pul,lie of T**tiuid is defined fa the current Issue of the Bank of England's. 

MBCttaSSSSrfiSBaSSoSfiS.' u ” i “ d a» auan *i ““Us. ti»isi= »r 




















































Financial" limes Frittey 31>iy T 11?TS' 

- ^ fm *t5v> -W~T 


Fresh Wall St. fall partly erased by close 


NEW YORK-dow Jones 

1 INVESTMENT DOLUVR is due today. Savin Business .Machines picked volume matched Wednesdays to ^^0. day werel^ball.SadJ. Bghln, 

PREMIUM Kred Kalksieln. of Elkins Stroud UP \ lo S20 on reporting sharply figure or 400m shares. The Tokyo Shindcnscn to Ya95. TRT. tvau, BaDMCK, bow, 

S2.60 to £1—112'.^ (112}%) Sun lee said 'The intermediate biEftor fourth-quarter and fiscal stock Exchange index was L-S ' 410 311(1 uS?. “cfp^ iYiSai s£fc 

Effective M.RG75-52J«i {53%) rally is now history." adding that year net earning. firmer at 421.04. . .Maniko Y26 to YJ69. » fact 

AS INVESTORS a wailed reports slocks are now “ in the second Kauf man and Broad slipped J Buying interest, revived «n TJ nnjJ IT ftn4J 

on the U.S. money supply and leu of a bear market." to «7i - it said, that it expect* export-orientalcd Electricals. «Ong Mag 

wholesale prices. Wall Street, after However. Robert Ritter. 0 f l,ttl * or financial impact from Vehicles and Camcras on marl-ei i he market advan 

Wednesday's weakness on gloomy L. F. Rothschild Unterberg Tow- ««“•“* ^reeraent with the expectations that the yen will not m extremely acu 

economic news was inclined to bin believes that the recent Federal Trade Commission pro- rise above a Y200 to the dollar iradin? punctuated 

flri fr ow "r vesterdiy hef ore market decline is a “e^cUon in P** Purchasers cxchanRe rate for the time bvma. la kmS. with ini 

"nil lawer jesieroji _ neiuic Texas Oil and Gas Jost It to Matsushita FJwfHr -.rU-anced centred on the ead 

i j,.ly i JnW : Jmy ' •*£!! 

fi r 

' J i»m - 1 Juno ' — '-■ 

> l«» 

Iniiuttrnl...' 60M~ "* ** *'*■* 8,3 '®‘- S' 

stauing n partial recovery. 

a market that is basically up. 

Kaufman and Broad slipped | Buying interest revived in tj,. Rosslgnol and Prenatal, the last- . „■ g7 2 2 : 07.34: 07.00. gr.u sn'.BB 

to S7 i - it said that it expects export-orientaicd Electricals. HOfig KOHg mentioned being marked up by H me Bn d* ; V* , M:U 

“little or no financial impact" from Vehicles and Cameras on market The market advance continued 17 P* r cent. . . Transmit.... gis^£* .ib.oS, 

a consent agreement with the expectations that the yen will not j n extremely active. 1 two-way «c -a' us s« im 9*: too bo I 04.6i : iio.98 

Federal Trade Commission pro- rise above a Y200 to* the dollar tradin? punctuated by profit- Locindus. Ge *'S5P®' briltnw ito-®' 1DS - 8 , 10& ‘ j ; w .i« 

tccting past purchasers- cschange rate for the time bvtna. takin-j. with interest again ff utU v^wii JSrUS: t™hi ; 

Texas Oil and Gas Jost 1} to Matsushita Electric advanced centred on the leaders. son ’ N«weMw«M and BIC. 24.970 23.750 . tun, ia. 100 21. «#: 23.230. - 

lObl.W 41-J 

IH I- C-..V.’. 

. m ! ts.;’s 

i'...VvS« I’-.j.-.ij,! lO.di* 

:*■'>*•* - A-4/O 

Tnnitnjr vnl.‘ 

24.970 25.740- 11.500, t8.100 21.66#! 24,230. - 

was finally unaltered at 

Index managed an improvement 


;rjvru 11141 V4UIICM7 ^VIIHIJUUIOL 

is here have received per- Australia 

Speculation about a handful of 

e ft*' ^^hl nd «nn!l Tfftt stocks featured in an otherwise 
bonds on Wc Hon„ Non, uf C | esjS session yesterday, when 

ttS Minings, where changed, were 
Jk2£?-*h!£%£ tq? forth!? easier for choice but Industrials 

sMisn-'Ws and oi,s disp,i,ye ‘ i a srm bias - 

iv the day's high. Rumours of a fresh take-over 

mg Kong Bank added Gfl offer for Coal and Allied left 
s at HKS19A0 and Hong Kong the shares 20 cents higher at 
1 10 cents at HKS10.SQ. while AS4.30. while Howard Smith, 
S Kong Wharf moved ahead which owns some 30 per cent of 

t iroii'w'Mnji-! -'4 


JnSv .limn -Ji.oi- 

j ! 3*'< ■ 

ilndurfrials, 104.06 I0L07 l04.97.Tnb.b3.Kto.57. lK>.<a i id.?9 

th;n the rapidly expanding money businessman Ghaith Pharaon 
supply will cause the Federal plans to lender for up to 930,000 
Reserve to lumen credit further, shares of UKC at S2I each. 




the former’s issued capital, rose jComnosne 64-42 9< ^ M.ra 95.57 95.40 ioo.S2 
10 cents to AS3.90. 1 

Vfi’er the -mek market close, the Publicker Industries moved Share prices rose over a wide K. Hattnri Y100 to Y1 ”29. Nippon 
Fed reported that the basic >1-1 ahead 1! to S8J — the company front in another active business. Cbemiphar Y8D to Yl-»u. 

Fed reported that the basic >1-1 ahead 11 to 58J — the company tront in anomor acuve ousiness. n , 

monev -unnlv iicure rose STuOm announced that associates of although profit-taking left the Mochida Pharmaceutical \« w a(: - Q ss : 
in the iT test report inu week, while shareholder William Rosenwald market below the day's best. The Y1./00 and Matsushita Reiki YoO . 

tbc br onder M-2 measure jumped held talks with principal stock- Nikkci-Dow Jones Average to Y 1.050. InHnV a 

s .j -j >n ' holders " m exchange ideas on finished 11.79 higher at 5.58SJ3. 



Germany CRA. unsuccessful in its joint! 

Following Wednesday's lech- bid with Howard Smith for Coal I 
nical reaction, stocks improved and Allied eariy this year, shed H n > I -d ,v -.' , « ,,, i * 
across a broad front yesterday in 2 cents to .-V32.46. and in some 
lively trading, the Commerzbank quarters there was -.speculation 
index advancing 4.6 to 794.6. that CRA might make a Fresh I rjungKnvt. u-n-i 
Brokers said the market rise lake-over attempt BHP, unaltered • 

Ivor n^n Miijni 

lie report un June wholesale how io foster the best interests after reaching a post-war high of Telecommunleations >OM»triieti«n Jook b> . surpriset and noted at AS7.22, has also been men Uoned 
res and unemployment figures of the company. o.o94.4b at raid-artemoon. while declined » bO to Y3.000, Japan lbat strong demand developed for as a possible suitor for the Coal 


A'-l-ll l-.l.- 

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Aim r. Iim-.. 
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\inv>. .-l.ill- 

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I 'Him | ^ 7, 2 

Hurt 42 

I iwi f 31'-, 

I u s tlistilir 26 Jn 

Kell Win i°'- 

l'eiit'|ily Intt-i . 2<i-i 

I l L -I llllt Li Its. HI . .. 1SI; 

I iimn. -in I Sim in rl. 25 D 

i'lt'lM pli-.llf -4:.a 

liintia K,|iii|- 45Ji 

J >i~ii.;\ >11.-1111 -W^L 

l1.rt-rrC.-n-u -* Us 

tint, t IWIIli'Hl.... 241.1 


I'n-n-r 431 1 

1 111 pn -III lll'l 

Mrin" liniii-irit- auij 

Lji- 4 I« 1 'l.-ln-r .... 24 I H 

t>s| Aii ti lit- 12 

K«— i tub n I\<i.Ii,i... t>2 

KdUiii 5S*ii 

■I >.>luii> Manx ilin... 29ia 
-I'llinci-n .loliDt.-n bO'j 
-Inluivin Cunt ini. 26 
Jii.i llsnufa.-tur’p 32>a 

K, liar C-rii, 24 Jj 

Kairnri Alum iiii'ii i 30Je 

k'nlM.-r lii.lnstriw 2 

Km-4-i Mwl B3-’'p 

Kav 12 1 fl 

lveimetx4L. 2 2 M 

KeiT M ■-({«- • 414a 

Miliii* WrIu-i.. ..I S3') 

Kinihci-ly CleiL.j 44U 

kt,|.|«n. | 21Ij 

Kmii I 45Jj 

Kni--i-r c-i j 32ig 

fjertv-my Tmus..l 32lpi 

l«n .Mrinsj. J 321" 

Llllt.,- I'l H.K|r,«l...| 2 6«S 

Itevlmi : 471; 

IJenir.M. Mcinl-. JBU 

n.-yrwlits II. J ! 5;uj 

K i'-h'son Murrell.) 23 
Iii >- k m'l I llltrr... 5 lit, 
Ittilini A- Him*. ' 327 a 

471; ; 47 
s-BU I 28 U 
5s>j i S6l« 

\V,m|»unIl i 

IV t |.v 

Xfrfrt J 52 i® 

Ki'val Uuit-h 


liut- Lrljys 

Ityrier >}vnn.... ; 
Sale way S,ijn-...' 
4|. Jin.- Mint-mir. 
st. IfeuisPappr.. 

Zantta .1 16: 

%>nul> Uaillo. ' 14 Is 

I '.^.T rm-- 4* 19S£ I t9«ii 
I'-iliema.'li&pBS- 1-79' t 
L'.s. ■» .lav hi llr., 7.04 - c 


■'■antitFe fia>l» 341; I 

321; j 32i* 

Itl.lli", Htnkilin. iS J? 

.1 III 'i'll n I I III .-I I 

A — Mivl . . 

A.-. 1. . . 

\ M.iir-IH I 'll .... 

K. Ii. A r. I 

hi I'iimi Am. imr 

Klini ‘ 

Kinuivm Klts-Vili-. 
hniui-t liil'i'lyliT- 

hmlmn I 

il r 

I-ISUUL I i rtnip .... ' 

Lilly (t l.t i 

Liu-m Indus' 

hnt-Unretf AJivr’II 
Ij-ut-.-rinr Indus. 
IhHI" Islaiill trill. 

Lmn-maK Utivl,. 


Lin.-liy -llum 

I.'he VuD^si'mi. 

Mm.-M iIIbii ! 

.Mary Ii. H 

Ilu*. H»ti"ver....' 


Mitml ) ii.ii l >11 

Mmiiie II iillnrhl.. 
1li<n-luill Field .... 

32 ia 1 aZJt 

Saul lnt-e»i ' 

■mxiin I nd-.. 

Sl-IiIU/ Bren nic-- 

>C'll IVi|ier • 

ii.fii il \| 

ijcuililx-i Duii. Cap 

AMlihi I'aper..^.; i3 

\«niis.. B«Kie. ! 6.00 

A Itaui Aluminium, 297; 

AlnmnaSLeel ' Mil) 

.Wie-do-. 43 

Hank- 4 M.ruirmi zXi* 
Hank.Van-a >cnfw 2ui: 

Basil.- Ilnsrinrr^-... 4.50 

Hell IVltplK-iw-...' 
Bon V alley lnd.,,. 

2 Ji, i 2 1 >2 

May L»vjii..;liire-! -31® 

t-i'U-n-i * »ii 

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Amu I l.ii H |'|... . 

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i Li .-II,-, III) 

Hi l.-r 1 rs I .-ni-i . 

Infllll.-I- t'.-Hl.... 
His I .nil i:.-kl-iinni 

Is--, l \ H-.i, t-H.. . 


IV-u;ui-i I .-ii - - 1; 
l„-lli!eli, n| Mis i. 
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II- -villi; 

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Hniliill Jin .. . . 


li'i-H Mn-r- 

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Hi- vi Van 

I'lllllknli- . .. . 

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.VU-IIvi-iiimII .... 
\l«; Lluiint'l] I Inn 
lli-liniw Hn ... 

4ea t‘i-niainer. ... 

Seagram J .LI 

'tars Ilnciiuuk... 


.-rlieli ll|i 

Shell 'imus|*iri.,. 


Si u Doll- Car]' 

>ini]ilu.-i(v Pal ... 

rio-tr • 

SmiLh Kline 



-■ •nullii'n iC'al.KI 

--.-ill hern C-> 

si hit. Ah' lies 

*h ml hern I'avilii-. 

the hitherto weak Chemical company, 
shares, BASF gaining DM 1.6Q Ei sew bcre in Coals, Utah eased 
1-90 ant ^ Ho ®scbt 3 cents more to .\53.95, while 
U -'J a -°v- „ Thiess. up 11 cents the previous 

,i, mr n\n.v S n\f e " dajl on hopes lhat il can * aI te 

added DM 4.S0 and BMW DM 2. up some o£ ^ contact business 

whi^ Stores had Neekerman up which th e st rike-boand Utah 

M r f ^ en i ens W oi1 i DM m 2 - S0 mi ?ht not be able to complete 
in Elcctncals. while elsewhere, back 6 eente m a<S 2 Sii 

Deutsche Bank firmed DM 2.50! * cents t0 A8B,B0 - 

Krupp D.M 3 and VESA DM 2 90 ' v,th th® Japanese steel mills 

said to be successfully pursuing 
PatlQ divide and conquer tractics to 

lfllu gain price advantages. Hammers- 

A preponderance of gains icy declined another 10 cents to 

occurred yesterday in inore AS2.10. 

active Lrading. 

Brokers said that inieslors liad ri ano J. 
been encouraged by the apparent \->ail30a 
warming of relations between Shares picked up after an 
French President Giscard initial fresh decline to finish with, 

D'Esiaing and Socialist Party a firm bias on balance after an) Australia'* 

leader Francois Mitterand during active business, partly reflecting |_ , . 
h private meeting on Wednesday o strong recovery in Oil tesues. J a “ 5inBl 1 

ff.Y.S.K. ALT- C0MM0B 

diet’s a *i i /•'ii‘ , » 

. Jin' 4 >li|l«- 


.* i' .ill : lllub 

Pir- i la, 

iii-iit ' Hi-- 

Bl* I huhiIm i 151: 

Unv-uau - 15^i 

Bniio 1 |t2.' 

Ciiiiirr I A liver... 37:? 
'.amil-MT lline».... 14J; 
i.'aiuuIk L vmenl... 105; 
L'HDailii Alt' Lin. 11 

I'an.lmp bk.Limi 28 
■JriuiiIii tmlii.t .. . 201; 

(.'an. I'dvilH.- Ifcl; 

Can Kai-ilit- 1nv..| 19); 
i.-hii. -Mi|H-r Oil... ■ 9 
•.'"riiiijt o'Keete.i 4.05 

U«---iHr Ail K*ln*.l 101; 

nt I he invitation of the Head of The Toronto Composite Index npnmarkv'*' 
Slate. Also boasting sentiment ended 3.6 harder at 1.121.9. while 
.’'3s a lowering or the Call Money Oils and Gas advanced 27.2 to France u»' 
rate from 71 to 7j per cent, a J.42S.3 on index. 

29-months' low. Ashland Oil Canada jumped wenn^F 1 - 

However. Foods were mainly C$3 to C$30— Kaiser Resources, Holland n*< 
weaker, while Mechanicals, Elec- unchanged at CS142. said it plans 

;.«.i*i soi.m jai.ij Spain 

cljifl ' ll.Jt 

' 101.14 i»15 'Wcdc 

ifw . u\tn 

•jf. ■» ’ tfi.-lj 94.00 S\rit2i 

& h ; ,e-2i 

r;.-; fT.3 ' 1 1.2 -ri.o fie 

. I AIM ; (32) 

I.u .4 VU'.ii * 12 . i M.i 

«J| lU&JJ ; liC..'4 tin. 


«) 377.:^ 

91.00 Switrerldu.^v’.--) . >u.4 

y.i i , .v,— .,i-i 
,;?i - r- ii 
.vi-.*5 ..•i.’- 

, . i:i . •'» 

ilu 2i 1 1 17. i>i 
ST.u i »ii.U 

i ti i Conunt-rzo^nK n«.. 10-Vi > i .» Ant-.icr- 
dam. Indnsmai totn. t"'i ll.ios s.-n.- 
tuuH "l. T/'M. 1 1;|| t Milan -.V| - 7 ;;. r.iv.wi 

Ni"v SK 4 / 1 /ns ibistrjii-. Tinn r I9w-. 
<r) ClosnL (•!) Murtrui .-«F, .i' l.’-rr. 

(c> Stnrkliotm lunusinai n;ss. iIiSwim 

tricals and Chemicals finished to buy Ashland Oil’s S3 per cent Hong Kong «’■*» “ T4 -'- n B ni rn™ l„l I in jvi«II a M. - 

mixed. interest in its Ashland Oil Canada . *"* ’ h- ( w • iS«l ‘ ^ 

Gaining over 4 per cent on the subsidiary. 1 ^ 15 ’ ! m THURSDAY'S ACTIVE STOCKS 

?>.iiLtii?niKa[i<'N\, 4Eifl 

Mini, Mmg VMif 


M.iliii t..r|< 


M'llMllto.... ' 


'l-'iuan -l.l* 

40 1ft 

Mr + i.ll.UI . 


.MuqillV Oil 


>IUIIl'rtll.l • 

Vw'l linn- Imre-.. 



Um. I*..,. \ in; . 

lL-illl .1l. L 

I«iii -1 1 11 - I -It- . .. 

Illll.-IH 11. )|>l|... 

Jim iiii;I"Ii Nllili. 

I -ill |.>liull- . . . 

L. •■■ll | il i-ll -«..||,. . 

« H'ln-llllli I'.li .Hi- 
I illi. Is.. 

' tt-Tllll l-.ll . ... 

1 II III I A li-lli.fM.; 

I rtlil'l llM« -> ) . 

• Hli riOUsir I'i a, I . 
I 111 


Unml .is.ll 


■ •aiiueii 

liyii. Aint-i . Ini..' 

I..A.T.V ' 

(iell. l.rtl’lf 

1 vi-11. lit ilium,'-.. 

Ivi-ll. 1%'ti-llll-*.... 

■ u ii. 

liWU-IKI II ill- ; 

12* l 73 
501* 1 50 1 

1 • * r» - a8.Lt 

linn. I 1 , il-. I ill... 

■ ■■-11. 

\at. Illsllller- 21 U 

A»1 sm-viii* lliil. 15Jfl 

ArttiiifUli SUt'l.... 30 

A m -i ituii- 4Hi 

MU 52 

Aft-|.tinii- 1 imp . ... 17:»; 

Atsu Kajilnml Ki. 2 Ha 

Nvu KiluwiiiI 1<cl 33>« 

A m turn M'iIiUm k 14 

Amuhih Hmiv.... lUJ* 

A.L. luUu»in«K... 18 1 a 

*MjmiiLhiiJ Urnii'i- . 26ig 
Mil. ■ nu . 'ii l ii. m iU 38 
■■4,1. Uil In- Hart*. «6ia 

Mtt.i.'ii Uhn. ^29ia 

•MauffCbennwiI-.. HU1« 
s-tvriini> llruc.... lol; 

olu.ieiwker tO?i» 

auii Ch 407ft 

■MiiKt&i mrot 43w 

4yi«i>: .' 30 Jb 

I w.-limi-iiii ... 1 1 Vg 

Itkln.iiix .' uOift 

Iftelvne lOOlp. 

1'vlP'C ; 4ij 


1 19 

O ■limit-... i 27 

lollr. i'jttlllir'I . 271; 

i.'un-uiner lift*.... 17»; 

tn-eiift Ke-ourm; 

C.i-imu : la»; 

Dt'iii L't-iifl 9 

LIpniN.m Hint.-'...' 71 i; 

Ui’in JIiiih' ' 87 

LMne tViiuieiinr e>2 
f Vmi tui> h, Mrilsi,-; 2m 

U'lmiar— (?jj 

Du, — ; 14^ 

r a i'.-oD'L-e An-kei.- 2 1 U 
Kai*l Motor Lan | 74 /g 

iri- al.-er iviiFinalHinc rax. 

scrip and/or Hants issue, fe AfTrr local 

2:1.04 419.ft>:42!.04 

Siai-l . 



! in /' 1 

1 i4 1C, 


"a: kI jrC.17 _ 363.57 

I ,)l i i ' 

1 2t!L.V „ 




Uninn Cariudi- . .. 
: — Occidcnul Fvi ruL-utn 



- 1 

a.v duo 



• n*.i30 rtenum. unless uUirrivtsc stated, taxes. m*i tax tree, n Francs-, indurtlui 
rieicrt oasen on net itivmcnds pins rax. Umlae dlv. p Norn, u Share xolir. ■ Die 

indicit jim D-'-rt- Jatcs tail dost values Hally Alb: 

Common — SA .Vnu-r. Tel. and T. 1 '.•m-.iwu 
and Torantn Tt-xaco •."u.'>'«i 

i-ras 3un n-pnoj unless othermse stared, and yield esrhifle snrdai payment, r Indi Siawlards and Poors — 111 and Torantn Texaco 

Mi Kr IK' .lennm unless atherwise sTatefl. rated dlv o Unolflciai trailing, u Mlnonrv 300-1. fluu. Ihe List named based on l(5i. Suiillit-m . 

s K'rs i n° denom and Bearer shares bniners unlv. u Merger pending, * Ashed * Esdudma bunds. r «o Induarnaif. Rarer .... 

um«tj ,i-fieniift- jtjien. X Yen SO dennm. » Bid. -. rniden. teller. -Assumed ■ «M Iikh.. *• L'tibnes. 40 Finance uud Donncllty 

mlp-"* iHVmnt 
ii <ii«o*riftinn 

5 Price ar rime *r Kr risms. rn Kr dlvMenri. 

» Esdudma bunds. r «o Induarnaif. Rarer 

1 400 I this.. 4>. L'tibties. 40 Finance uud Donnclky 

O'". K Sl.irr 

a Florins. h Sch mines scrip Issue, xa Ex ail. * Interim Knee I >lfi Belxiiin SE 71 '1S/R3. t**i Cnoonhacen Playhay 

^ rireid»nrt utier oendlmt riehrc Increased. 


lieu. I-I. Kh.,-1... 1 2bJfl 

A.iiluIk.V W i.—iern 24'; 

lu ll. 'Iilr ! 25'ft 

iieiu~*-'- 5-a 

lie»lKM 1*4, lllL-.'j 25 1 6 

t.eiiV t*il ! 36l» 

• lllctle 

il. 1.1 lli'l I H. I'....' 
i... I tern li>e.... 

X.irtli Am. ij«* . 
Ailiu.nuie- l*«r 
Mhue-l Airline- 
Mli»n.-i L<anc-ii|> 
'.■•iit>u!«;ni>in.. .. 

: liti-fiiHi I'en-il 
t»uiivi Miulici. .. 

'•An- Mix , ii 

"ini I 

i‘II-uii|.,n|. . . 
i— lift Alri-r.ill... 
lm->- 'IhiimmI i «ii 

• 1 1— i ■ i J I'L. . AY 3Q) 

I In j. 1 ..y!i I 1 . i„. i 

• Ih-.n1,- 

, II”. .I-I* I'l I-I— ■■ 

1 III l.-l 

• IIH-Iiiinn 

t ■<<•-. 'I ll;i,-: -Hi 
, II IINII j- 

I II II- **. I I NS-.. 

• II, llltl-l III;; 

I.irt.ft-n.u 1.65ft 

III. VIIhii IV-Tei, 5>i 

l.ll. A-rtli 1 ii.ii.. 247a 

in evil- >ii- 1 ■ lalj 

■ mil A tt'e»Hfin. 14 

i.uh Oil Bain 

MnlllHirfi-n i b 2 »B 

Hkiiiih .11 iii i ii-.... o23ft 
Hiimiftt.-lili.-Ker..... lb 
Hum, i. in [in..... 545ft 

i neneas 23511 

Hut-ilk Vi-rnin^ 29»* 
t.Wtena IliUOIs.....! .:Oij 

I'm. ill.- tins j 23i< 

Htt-iii'- Li-Utluc. 195a 

I W-vTI' I’l-I mil - 1 1 Ill- 
'll- ta.v 


I'eia* banti-iii ... 
I'fill, lllsl'lll. ... 
feut, nil A Iik-.. 
I'e.SUk L I lilt It--.... 

I I lilts III? 

I line - 1 liirmr 

I imken 


1 irtiii-iiieru* 

I ran-oi 

I unit tin - hi 

Iniu vav luir'n. 

I mil-, W.irl .1 Air. 

I raiders 

t'n Cuatlaeniai .. 

tiimni Yel'wknile. 131, 
tiull UiR'iua’ln.. 473.1 
HnoWer 7 65: 

Hnlliuuei S7'ft 

Hume UH 'A*.... . 41 1« 
Hmiaon Bay 51 n>> 1 > 1, 

Ilui 1 ’"ii Uni 22 

HikImiiiOi' j. tin- 4ai; 

I.AX 19^ 

I auicn 3 S 

lm[«iiHM'il It \ 



A hr, 

All Inn: 1 ersu.-'.'.. 




L’ftt.l ei-Hyi* 

b'HVcr-f erc;n->'k 


0>M tiumini 

jXb'3" 0 '^ iTi,' Ti Aftrtlil tilnM— 333 

475sl 3U2, 3.3 tft,jou I 470 

,2^ -2 2«.0t( 5.6 W.— I 721 

50.|ar-l.6 18.7||7.2 unnnn ! 398 

'oMrtn'fS H U«l XiPton Prinil 543 

289 0 -10 28.12j 4.9 Flint ! 540 

333 14 ' 2.1 A*-'M I L ii» venli 

470 !+l 12 i 1.3 Acn>“ An-irel'a - 

721 '-^27 
398 Ul 8 

319.5 ^0.5 

2-9 Hitai-hi ' 851 

— , Hiintla M-Hurs • S73 

543 1 

540 j + 10 

12 : 1.3 3cn>« Aii-intl'a — . 10.8b 

26 j- 1.7 Allien .'In*. Trrtis. tuiKtlj t2.10 
20.2.5 Au'|» , l hsvNinitiMi 11.30 



Bnii.-.i .In Hm/.ti... ’ £.01 -9JJ1-0.174.4* 

1.5 t7 i 7.3 House F.ftsi '1.230 

77.0 - ' - 

ftrt ' • ■■■• - ■ •— . 1 l . Ill ill ' fak2*T 

Haunter Beit.- £01.581— 0.5 28. 12. 4.7 |ii>Yoluuli) 1.490 


Illlnil': AiH. Ijrt- 
1 lll'l-., I'lirtLlut- 
Khinhi J^s,m|>N- 
Laurl Flu. ft.i-1 1 .. 

I »>.-;> n --a •• 
Uel'ina-.- . 

252 -2 
loUd + 1 

5 7 10 

«•! J,.U. '2.650 is 10 

l/iblnti (.»ik. 'B'. m.O/ 

1.-514 | 26 

I'*n I'rtr.A Ltil.J 215ft t 215, 

1'itn Alu IVi.rri Air| 

Parker HwuutinJ 231 k i 23i2 

Hclll/ H. J i 39Tg ' 39aj I il 

IWft«lT lul.l....' 2 5ft 
Pen. Pii, A L....: iOTj 
Penns J. C £6 

I -11. W ; 46/j 

ANIi t.enturv iS's 

B'.I.U : 2b I* 

t'AlJLO 435ft 

IG1 : 20 

l-niit-it-r ; aS'i 

L hi lover A \ I t6l a 

j| llll'/n Itirasll. 

Maney Per- ii>- "i 


.llis/re<.»>|Hi... . 
Agivo-Ui U i lies... 
Aon-en Liter- 1 ... 
Mint. Tens -un... 
Auiinti- Oil A tiii.. 
■Jrtuu-ooii Peirl'iu 

iSla j 251; 

l«cni-„f l«uk...30S.0«C+2.5 28. 2; 4.6 Kaniwl Elect IV 1.180 + 1' 

Urt—lut-; Bank.... 242 +0.0 28.13! 5.9 K'.irralsu 3a6 r-l 

Utckerii'iT Zemi . 192«c -0.2 B.Sfl 2.5 ms 

;«■■■■ “J “ SSS'SSEIafw .♦* 

da^ I.M..1 132,8.."..... 14.0J; 5.8 \lai, u .l,M* Iinl .: 751 ■+ 1' 

Hrtirnivr 2b7aj-l sIfi.F2, 5.6 \m M ihi»bi Bank..; 278 -1 

H.-e- !••■ 127.9+0.6 18-/3,7.4 ulinuirlMH Heavy 125 +3 

44.3-O.S 4 4.4 Uii.uhiahl tort.., 425 -2 

H'.ricu • 131.0' + 1.0 9.30 d.b Mluui^Co i 323 +1 

KrtH un.! SnU 14a.O -L- 4.5 14.04< 5.1 lliisukcefai 515 ; + 6 

ivui kiit-Ai 516.5» - 1 .0 2 3.44! 5.7 Ninn-ii UenfO 1.530 \ + 3 

Kduilnu. ... ..... - 225x18.12' 4.2 aimwb Sbinpan... 725 | + 3 

hlt.-kuerU.MllW., 90.5 +0.9 — — A w Mccure .... 7B7 1—2 

1.7 Ani|Ml Idnuetini - 

.V'«i»-. Mineral- 

2 _^ \-+>s-. IHilp I'sitT FI 

l.b .tew. Con. ludiisiiie*..... 

1.4 AusT.Ftiumlwuoi) Imesl... 

2.6 A.X.I 

1.0 Aielunw 

O.a Ausi. Uil x tins 

Uaihbmi frech Gold 

4.2 Unit- Metal ln.1 

2.7 Hnn-amviiif C,it<|s>i 

o 7 HmnihJca ||ldu-[rie- .... : Bmii-n 1 mu 1 

t*-*9 ' Ht-»K>i MmciniDl* 

>-•»- Inrrr. UP.. 
rl.10 +0.0- T'P.. . 

ti-** I’m t-l 1 1 

1 1.61 '.+ 0.01 Sm a Finr Ol* ... 

tlAa ; L'liin l*K 

tl.4p Ynl,. I.’i.i Ikse I'l 1 

Md^lereiuiL-... 4,170 +100.35 0.4 l‘-i.ken Hm Pioprieimi....: 
Maisusldla lli'l -.; 751 +16 20 13 1 < H jr.-uili ..... 


tl.4a ... . 


i0.51 -».u 

10. /4 i -t. ' 

11.14 sO.02 

♦ 1.26 • .. 

11. /O i-u.u'/ 

1.38 . . 0.37iM.(il 

2.13 !+ 0.030.08 : i.75 - 

3.34 ^ 0 1)7 0. BU'&.O'J MBEC6C57S& 

3.23 i -0.07«.la’4.02rr^^ 

1.52 ^0.050. Jo 10.52 

2.87 'n 0.04 0.23:8.0 1 

5 35 4.U5 0.254.67 

1.30 -O.U.-iO.tCUJ'-H 

.tiHircc ; U<» a-.- Jau-'irw SE. 

751 +16 

278 -1 
125 1 + 3 

tVllicCofipcr.M.; 2.02 

H«-«, It- I'rti-knnl...: 81 U 

Hnliilm tnii« 173ft 

Hilt- • 351, 

H'Uiet rtt-ii 55 

Hii#ri ' ll>ft 

l|. F |"('i.i|i. \nier! 32'ft 

IVddoihI • L7l|« | 275ft 

Peniiies t'ru- | lUl# 

lVi|ile» tins i i47 3 

Pe|NHt-i>. ; 2 Big 

lblft - ]U5ft 
i47 S . 347 B 
28ig | 28^4 

Liiiiun i.tinimerfri 

billon I'aci tic 

H..H-.1-H Nftl.i-it-l B4J* 

-Ii - 1 | ^ 1 1 _ 



■III' ■■■kl lull ) • | 






Ill ll. 1 1,1 l.'l'l 



•rum "m.iMlf. 

39 1 _• 

591 ; 

•.11,'lltl'r^) l> Mm 



1.::- 1,,.... . 

-'5 , 


•I • 1 •!.* . . 



1 Ii— -, VI . 



•„ -1 I'—l- 


-lr — \ il. <• 1 . 



iim, 1 1 1'li.Ai i.'lin, iK.P.' I 

l.i '. I iiilii-l n»— - ... 

I 'A ! 

I I.-hii.i...: 

Pei kin Kliner...... 


■■ii.-i-i : 

I'li.-ll* Ut-1;t-.... 

I *1 ll Irt-I'-I fill in Lle.1 
I'lilllji Jli-rris.. ..; 

I'll il 1 1 )■-. I Vl i . ,'iii.r alia 

Ininii.l .ne-i : a57g 

268 r. 

Pllftlurf j ASh 

l*it ne\ Lalft 

I'll 111 "II j L21; 

I’lesmev U-l A Dill lb la 

L mm\n | 


• : 5 Mnnii’ai 

I.i> tiyi+uni i 

L i ab>s* ! 

I < Met-. 

I_5 Ttt-biiulucib--' 

L V In.ltisi rie>— — 

' Uttinm Kleci...J 
IVhI— ieeii ■ 

iiki. r' in >' mi-- 

lull. Hm t i—lt-r .. 
lull. II111 .V I. Ih-im. 
Inn. Ilnltn. 


hill. I’n|» r 

111,.. . . ' 

Ini. I.Vi-lilit-r 

Ini. I't-I. .V r-l....' 


|i-«B Kft-I 

II liHi-irutt'-wal 
.Inn HrtU,-r 

I', >1 a r-tl-l 37 "j 

J'l.iniirrij- Lie.-. ... la 1 , 
F’l'i, I ii.lnM Hos.. 251a 
I’nt li-r taani'.it- . 65 lj 

I'nli >erve KIM.: B-l; 

I'm I! nun 32 

Pure % 17 

i/tisl-i-, Hhi- 231; 

I.h I «M VmerK-rtli. 95r, 

Itntllits-u 46' 1 

If ' 26 SB 

lie ....' i2"a 


M'e-leni Amt-i 27*i 
"’estciTi L’lii.m.. ‘ 165n 

'Vert iu-li-.- Kiev; 2 H4 

WVy erlmei 1 »t-r .... 

Win -I 

While i.'nn, J11.I... 





24 Ift 










7? a 


8 ><i 





i3i = 









1:4 Ti 

























17; a 




PNeiti'-lViidenin' fi?l« • obAg 
t'n u. Can. Pel 'in J 3tjft 1321ft 

lAttlUtr ID-, 1 IPrft 

Peotue- Depi > 4.85 J 4.80 

PlH.-eOm-i 1 in.. • j 0.93 
f'lactrtici"i>r|>iiiii al ! 21 1* 
Pt-n er Coronal n 1<- Ig ; Icig 

Prv.v 131; :3w 

i^ueV- ’riur-emi 1.30 1 l.i5 

lian^nUil - alJ e I 31 

llevt lUbh l w i 4 • it. 5 q 

Iim Alenin • 32 I 32 

KlllM. Bk.n! tell. 3'- 3ft . 3klj 
Ituval Tru-i 1714 1 18 1* 

+ f * ! 1SJ6 i 5 * £ [1,840 

97.0. + 3.3 , - 1 • I I mq 

Krill un.! nnu 143.0 +4-.S 14.B4' 5.1 Milsukosfai :: 615 | + 6 

IvrtikiH-'.t 516. 5 sc - l.o 23.44! 5.7 sirir».n Uen +-7 1.530 ! + 30 

Lauibni.... ....... 225x 18.12' 4.2 A Ip ptm Sbinpan... 725 [ + 3 

hjt.-kuerD.MUW., «M +0.9 - - Aisaaa Motor .— 1 7B7 1-2 

kRU 182rt + 5 [18J6,5^ Pioneer' [1,840 |+10 

!',™J , P- - ■ ' » Elecme.-. 249 ;-10 

I JJn-lc.. HU.^U 25 | 4.9 ,ewsui Prefab. ...I 875 -13 

Urn ea I rift 1 1 luO 1.410 1 85 | 8.9 ^tuwido 1.230 + 30 

Limbs n-a 1 1Q3i4+1 [ 9.36| 4.6 w [1.690 —10 

MAA 1 205.0 +1.9; 12 ' 2.9 teia'bu Mariiie | 235 +3 I 

Mhuu.~iiihuu — ,.| 158.3td + 1.6 ;17.l8j 5.5 Lokeda Chemica.i 417 +9 

Melftll-w | 225.5; t- 0.5 I 10 I Z.3 t'DLL. i2.320 

AluucUeuer llut-k, 660 18 | 1.6 fetjin ; 118 ! 

AevkerniHim J 143.5- + 5.0’ — — tokiu llenne I 489 +2 

Preti.-iii" UA 1 lLO 1 120.3+2.01 — rok in Eievt Kt-«'ii 1.110 +10 

Cheiii West. Kiev. 188.8 + J .6 i 25 . 0.7 rokwakayo 1 335 +1 . 

•cLertiia 2*5? fok vo bliuiaura - J 140 +2 

20 1.3 Squill 

10 • 1.8 ■-"riton L'nil^l Bie>id>.... 

12 4.8 C- J. L'r'iin ’. 

13 I 1.5 L>i;.3l).- : 

14 I 2.2 tts-khuiti Lenient 

20 l!6 L tw. GoWfirMs Auei ! 

15 I 0.5 Conlmner (SlJ 1 

12 I 0.8 L’oozine Uiotiiitcr ] 

16 I 1.0 Co*- lain Australia 

48-1.3 LHinkip UuMw til) i 

t7.B2 ... . 

tl.18 .+D.03 

il-«5 iii-rcen u»uk 

1 2.03 -U.t-2 dt-iivciuii'l 

r2.99 +J.01 Il’ic hi (mirk 

1 1 . 2 a ’ if , a'i!i. 

‘1H.1 iTTT’if ui. i 4 

l " 1 " 1 - . e ; 'k :• : ; /-> 

VS r-l 9 [ 9,8 ‘ ; 1— ^ 

83 -el 9 
t*4.5 .... -- 

10b. 5 -0.5 11 
J15 >5 JO 

*r m : 1 ; ‘ 

T3.10 [-0.15 km-ra • 102.5 I t 0.5 • 11 10.8 

i2-'4a • I .Ym-sL Hi iln-kr.j'.j 179 1-1 .12 15.3 

12.46 :-L 2 1 skudaninl I 8a.25j 7 !I0.8 

tl.sO i— il., 8 I ■“ 

13 • 2.4 I EoCOH 

.Vluu.:Ueut-r Ifueh. 

Aevkrtrnmiiu ) 

Preu.-sn; DM LX" 

>.-vplre K'-i.iur,.- • 


■?Len Caiia-iB... . 
Sherrill t«. Miii..- 
’Wvii- O. I« 

9l„r|rt.ll ' 

-leei ui LaiU'iH..- 

;iiK|illtt'k li-Hi.. 
lexrur-r Lhuh Ih .. 
Craii' .Mi .uni «.ijr 



LM. 'irve.lliih- 
IVrtlker Hi rani... 
"'ert, Cart -l'1'i an - 

5.62 < 5.50 
L9ift ! 2b >2 


H I /u.:ke! 

tiiv->teu A.t'i 


» EBA 

ititniik WertBk 

+ S - l 2 *- 12 S’g rok'vo Slntature ..' 140 ; + 2 

I 291.8+2.8. lo | 2^ I'uraf 1 149 +4 

.. . j 248.0 -r 2.5 '2b.6b[ 5.4 JnrcHe M,rtnr.... I 915 ! + B 

30 1.7 KHur^milli 

20 ! 0.8 B-Z. Industries - 

40 , 1.2 Qeu. Property Trust 

11 ■ 2.3 Uamerslev. 

IS : 1.8 H inker — 

30 ! 0.6 ICI Australia.^ j 

11 l.l J endow Industrie* 1 

8 3.6 Jones (DhvhI)...., 1 

12 1.8 Leuunrri Uil ! 

10 3.6 MalKlft LsMloirtimn 1 

10 3.4 M I U Uuldlncs^ | 

tl.35 1-9.1 1 
r0.93 Ml.02 

t2.2s ;+d.oi 
t£-46 ' 

♦ 1.56 j 

T4.10 -0. 1 1 • 

♦0.73 | 

♦2.n-3 ' 

:0.B7 ' 

11.15 I 

tl.18 [+J.0I Kloof 



■Tuly g 

Anglo American Curpn. . 

Charier tronwiiidait-d 

L+ist Drtcfonicin 



Kinross - 

Hustenbure PI a Lnu un 

h»-» |-«- 2 Si. Ruleiu 

....I 116.8 7.a 

! 176.0m. + 1.6' 14 4.1 

121.0 j+2.9 12 : 5.0 

iBk! 290 —2 . 18 1 3.1 
.... i 217.1. + 4.8 1 25 ! 6.0 

20 1 1.1 j Myer bmimrlum 

Source NJdto Securities. Toksa 



llrlg j 191, 

Price ur . Dir.'YM. 
FI*. | — \t, j % 

II trrt'lli Utu !7!g 

111 * j ll'ft 

T Bid. t Allred. 1 Traded. 
1 knw ftincfc 


Buka U‘«rt*mi P hri 


1 l»- 







\j* • 


,|. • 

) 27.50 



FES. 60 




' •- 






1 3:. sO 





1 1, •• 

r 27.50 



, _ 



\ 1./ 


. _ 







» h '. 

1 32.50 

- - 




: 2.1 


\ i;i: 
















1 r 






1 K 










■ ■• * 








1 1 - • 






• - 



F37 50 





11 . ■ 





:i »i 













3i H 


; — 

M. m 

r 160 



_ : 


i,l. 'I 

h 170 








0.80 ' 




I- '.ll 

IT 50 



18.50 , 




1- 160 


15.50 , 



I'l 70 



10 . 



k l.M 

I'l 80 




ii l.M 




4 • 


1 — 

h l.M 








h Ml 

1 J20 


25 . 


I' 140 






. SO 








• 22 




. , 




kl M 

IT 70 

. - 

_ , 




K l.M 



— ’ 



h l.M 








h 1 ll 







k l.M 






\ \ 

1 98.90 































. 1.7C 


FI 20 





V 132.20 


FI 30 













IT 20 




I; ! t 

FI 30 











- . 


~l ~ 



S2 : i>n 

1 \'t 







♦ 122.50 

1 M 

IT 20 


, — 





FI 30 




1 \l 



1 - 




l M 


i — 


1 ~ 


| 1.5C 



•v. I 




• 5b '• 


— ; 


' — 

S8J7 S 


A.B.N. Bank 10 % a Hill Samuel .510 % 

Allied Irish Banks Ltd. 10 C. Hoare & Co flU 96 


K.L.M. >H.kv>! .... 
Ini. Mullen I jl'i... 

AurtnJt-u it'I.IUi 

.Vti.Xeiim.i PI lu, 
A+IOre-l Bki FI.JCi.l 

33.3 + 1.3 
24,5i— 0.2 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 96 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmee. 10 % 

Bank, of Cyprus 10 % 

Bank of N.S.W 10 

Banque Belje Ltd. ... 10 % 

iunque du Rhone 10 % 

Barclays Bank 10 % 

Barnett Chrisrie Ltd.... J1 '.Vi 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

B Brown Shipley 10 % 

Canada Perm't. Trust 10 % 
Capital CiC Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 101% 

■ Charterhouse Japhet... 10 % 

Chouianons 10 % 

C.. £. Coates 11 

Consolidated Credits... 10 ^ 
Co-operative Bank ...^lO •?, 
Corinthian Securities... 10 °T, 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 °f, 

Duncan Lawrie 10 % 

Eagi! Trust 10 % 

English Transcont. ... 11 ^ 
First Xat. Fin. Corpn. 12 T, 
First Nat. Secs. Ltd. ... VJ 

■ Antony Gihhs 10 % 

Grpy hound Guaranty... 10 
Grindlavs Bank tin % 

*■ Guinness Mahon 10 

■ Hambros Bank 10 Ti 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 

Keyser Ullmann 10 96 

Knowsley & Co. Lid.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 

Edward Manson & Co. 111% 

Midland Bank 10 % 

i Samuel Montagu 10 ®6 

I Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Rossminster Ltd 10 % 

Royal Bk. Canada Trust 10 % 
Scblesinger Limited ... 10 % 

E. S. Schwab u«% 

Security Trust Co.Ltd. 11 '«S 

Shenley Trust 11 % 

Standard Chartered ... 10 96 

Trade Dev. Bank 10 9fi 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 «6 
United Bank of Kuwait 10 96 
Wbileaway Laidlaw ... 101% 

Williams & Giyn’s JO - ?, 

Yorkshire Bank 10 9; 

A+ICrei Hk.FI.Al 53.0[— o.3) 21 ! 7.9 
\«ti 11 i-i 61 iFI.50.; 194.31— 1.2(1 23 I 5.7 

Wve«KI.3>i { 152.0-0.41 36 H.7 

l »n Ummeieu — ! 141.0 +0.8 18 5.7 

ftkhraftl i Ft. all. 1 37.2.— 2.6 — — 

Pbuifri, iFI. 26.1 +0.1 i 17 6.5 

ItjnSvh V«n FI.kX.iij flo : \ — - 

FI.50, j 171.4 + J.Z i.VSbt 7.5 

Kofincu if i. 30j„.i Z3l.5> F— — 

Itorenti »)».... 122.9- — 0.1 i *9.3 3.8 
K.t> al Dut<.-bi t'l JiO' 131.5'+ 1.1 ,3a./o 8.1 

July 6 Price 

» Frr. 

F LMr.r 
+ or[Fr>.; 

- M 

Artwl 2.320 

B-ft-Brx Lamb.... 1 1.53S 

Bekcit -1 r 2.02Q Ce men t... .'1,134 

Itockerill 452 

KMbj? 3.250 

-20 i - 1 

-10 72 1 

!ue | 

+ 14 jiao ■ 
M 1 - i 

KieeirriJ^i 6.540 

h'ahrtque Ant 2.685 

(i.U.lua>> bin '2,216 

Gavaert... [1.298 

i—lO |430 1 
+ 25 ; 170 
+ 5 150 

+ 6 6b ; 

InLervum ' 1,766 

+ 15 |143 I 

Ut bulcc— [5.570 

Pan Hukiiuu .2.620 

Petiofimi '3.680 

thajUcu BoiHftue..:£,9S0 
tueGen Boici'iue’ 1.925 
joAui '3.135 

—20 'W.Sbj 
-10 174 
+ 5J |J0n 
—60 140 
+ 10 ;dl5 

tniutioD bie-L 12.535 

GL'H .1 9 IB 

t'n lIiu.ilTM, 724 

Viellie UoDUcoe 1,410 

+ 35 17u 
—2 — 

+ 12 50 

—4 — 

A e« r. ! 

Aiubufara InCuLiiHiinmtl 

AtHi5 Bit+criH'rliiur' itOr ; 

',»aktirtl*!e.„ j 

■All fteudi ! 

l-'CTef bsidonillnu : 

Hujneer UiDowr I 

ICeuiutt ± CVKrmo ! 

H. C. 8leich...^ 

■xoitbloiHt llimui: ■ 

?uarRDft K.«rioraik<D„._...| 

South Vaal . .. . 

+4.UI CTOIU FlfldS s.\ ... 
Union Corporation 

Hand -rOT“ 


ll'.Tl 3d 

I. R) -ok 

h ill —IMG 
b ii + M: 

9. i j Xd 
1 .il) +HJI3 
+0 2i 

T 9-5^ D* Bven. Deferred 

il.2B ' 
rl.70 ' 

'; iS'i 3 i M, - rl Freo Stale G.-duld uu 

; ™-«g Prewdcnt Brand 13 so 

| TA-S5 Pr+rndtot Sieyn 

t^. 85 i suifomoia 4.9: 

; iO-70 1 Wi-lkoui 4.33 

I | Wi-s* Diiefontuin r+.jOxd 

n ; 10.32 -u..-i Wusiern HoWlms,: ♦rttnO 

I 1-O.JG Wwflcrn Dcvp 1I4.UI) 


I 11.30 I-0.1D AECt .. ;.ro 

. Angia-Ainer. Industrial ... 14 » 

Barlow Rand 4.17 

. CNA Invi-Miiienis 1.75 

Priw-'j + rr! U7, .rll.l. ClllTIC lllUlla «.%• 

t'rfc. | — ilr*. | > P'- - B«?rs UI.39 

— ■ — Edcars Consolidaii-d Ini'. . rj.-jn 

746.0 41;! 0.6 Kitmu* Siam. n: no 

lV«nern Mimm: ipO oi-nt» 
IV. -^i won In 

iO.87 ,+O.fll 
♦ 1.S0 ' -0.1)3 


+ J.j7 .1 Ruud Pir. .. 
+0.C1 Freo si al,? Gi-duld 
— . President Brand 

President Sieyn .... 



West Dliefontoin . 

Wusiern Hoklln*::: . 
■AM Wcslern Dvvp .. . 

1-411 — U.l 

fr.i.JD +u 
4 V. 
liM 1 

j 6') xd I 
4 7'J 

— ' li>. j % 

6.9 tknjyitU+N 

7.3 H.".A. beirn..., 


Pnoo I + or I 

Fre. - ' 

B.\A.t<«T»... a06 1 + IS ' 40 j I 7.4 LTA 

iBt+wour. l.a7S 1—8 . 4a 1 4.8 McCarthy Roduay 

L'.G.E. I a*«7 i 1 31.5 9.0 M»^Ba,ik . .. 

c.l.T. A'urtU-1 1.046 —14 .16.31,' 7.3 Baiaars 

L'lebanLaire— 320.5 +5.6 ,' ia 3.7 Pr»'”’n-r Ahllios 

Cub lie, liter.. .. 403 +12 .tl.SJb 2.8 P^'orla C-mcol 

- CrertHCom Fr't-r 122 +0.2 12 9.8 Pr0lpa Oo1aja*s 

CreuioL Loire 71.3' + u .l' — _ Rand Mines Prop, 

Dinner- _... 755 ) + 9 |m ./5 4.4 Bembrairit Croup 

Ft-. Peuviei. 135 si, + 5A '14.10 10.4 ?*- ,tco -••- 

Gen. Occ'dcoL»i+ 186.5 1 8.26| 4.5 Saso HoMinas - 

Tr’-i Vid. Inietai , 36.61-4.6 i 5.7-10.1 C. C. Smith Sugar 

“ i ^ J«+nues Bore' — , 121.g + 4.8, — : — SA crewenes 

— — Z. Ulaiice 183.5) +0.5 :16.#P 9.1 

; L'Orear„ • 785 U-21 [15.37F 8.1 

8 ■ 3.2 ktfiand |1.6UO —2 !dlf.7to: 2.3 

lloi-eatrrlK'l. 50>...| 
I.'ih al Dutch I FIJsO 1 

MevmGrp iFl.arti 137.3— O.z 27 II 4.0 

l'r Aim Pair. UH-.S 128.0' O.b 

l'l„leivr t Fl.sSO;. 121.1 +0.8 +4. ' 7.1 
Vlkinyli+q. 1> UA'h 40.5m— .2 20 ! 
| iVeniiuiMn.-lJaiii.l 400 . + 4 . 33 4.0 

.. VJ b'i Alummiuni ;1.245 ; + 5 

271 So Cil»GMK.V*Fr.h»|1.105 

g,n 0 ° Da Part. t'.-H.; 825 

~ 0 ! S'? Do. He* | 581 ! 

an ■ Une-lii 2,155 — 5 

,« [ i n K'ectrouaii :l.74D +11 

33 | 4.0 Ki „ L-her (Oe-ir-e).; 690 

Rand Mines Prapcruoa 
Rembraiblt Croup 

laTsCTS' / '*’• c. Smlih Sugar 

+ “ — SA Breweries 

1 f SH T,B *'' r and Nal - M ' u *- 

785 U-21 ,15.31' 8.1 Uoisoc 

lUu-oos PLeniis..; 490\<| + 5 

22 I 2.0 “w-heilu --B" ; 1,1W»0 1-2 

; S9.+! B.< 
,32.55: 2.8 

Muol Uetueu^v ‘ 493.21 +6.2 [ 12 . h 2.5 

Securities Rand U.S.SH.C9 
(Discount of 4U.0%) 

a "a M null Urn 

i 7 Parlbnn. ............. 

2k, 1'erhtUPV 


Uo. 1 + 25 )-55 

In 6 --5.925 I I 21 <Fr. lOUl. ,1.430 I •• 21 

. _ i’e Pernol-ltis-ripl..... 

HoffmftnPt Lerts-i 72.500 - 7501350 | o!s PeaswDOlwn... 

.. . ... ■ -- . na POVlBlU 

160.6 T 
164.0 + 
82 - 
247.8 - 
3 70 + 

216.6 +- 

OH rvemiu --u 

lutdln"le--hDiqiie.j 403 +b 
HI llotouie 1 326 -4 

lu.ieioiMiii-eu 134 

UcrniVer if 433 

„ . Do. lti->._ 2.220 

; Pnee | + or , D»r. ; Yld. UerilLuoB.iF. J60 ; 2,575 

Kreeer; - : i | j Ihrcill 3lP(F JUu)]_ 290 

— ' . , i"rT d«ndoa <Frja0i....i3.890 

. 134 ,. i 11 '8.2 UuiIiiKUrtwJ 485 

.Nestle <»'..'.. 1 3!480 )+"io' W-fit 2.5 1 -J h2'Si + 2 '5 • 

DfliiskeHnul, I 122 J« : 12 

Kri'lAsiall Ln I lo5 ! : 12 

KiiuiuiiMnbeu 1284ft — 1 = . 13 

, « — - I -TV-1 '.. 

I [ ach'udier Ut FlOO 1 305 j 

Hi mioricr ; 37u l — l; r 12 

Kor. Pa pir. 7il j — It; j — 

HrindelaNlOl- ' liiift: 

ij.A'Ili’n H.'KrSO'i 2b3 ' ! 

Aunt h'alrel [ 195 : J 

l.l'ieia'irik | 791ft 1 — 14 J 

PrlmUaoN. 129 I ' 

195 : 1 

79 u'-h ; 

129 I ' 

12 9.8 ,uuer CUri. IQWi 360 

J! "? « s-mssBok. F.IWJ.: 375 
12 ( 3.2 Snins iIIeiFr2y3...-4.775 
7 _ j ~ L'nlon Bank —.‘3.030 

11 41 lu * — .-10.6OO 

12 8.2 1 

;*»« f 5!9 5 h e ^ 5 * u ' I 

- | & , kis 

is ft"a +1IW ................. i 

2h i'a rcleiueiMlque..... 
2g o' itionuun Umruii. 

12 3^9 Ll * io,lr I 

—1-3 i 7.6; 9.2 SPAIN V 
.8 —5.2 ! 7-3: 5.0 j u t>- 6 Porti-nu 

9 lo"! 7; ' 2 “i 4,7 Antaiwl 

Ih ! Baiuu Bilbao 

S 1 S3 i S'? Banco Ailaimni U.WII» 242 

FuIpb' « 1 oV. Central 306 

Banvi) Kxivrlor 2M 

14 4.0 
IO 4.3 
10 2.7 

713 MI— 3 1 23.5! 3 .! 
198.9 + 1.1 llb.lbi 7.1 
21.61+0.2 ; - 1 - 

40 Z.l 

ao 3.3 



-t-ivf DIV..YM. 

Fmvinslniak , 1361 a, : 11 

'reph. BareoKlMjn-i 405 

wjenov ; lfltPi -ij 

MunArn of the Acwpilnp Houses 
Cam mi 1 ice. 

| + '«■ !Div. Y,.: 
— I Lire , ^ 

deposits TV- . 1-month deposits 

ADA AblKr-riJi... 212 
MDi tnvrtlBtKrtw 141 
AbfcLl (Kr-501— .. 80 

\tla»CotWuKr&> 125 

Pi lleni'l— 66 

tiOlirfk 118 

r.+IPlr,. .7 198 

-. ellulins ! 9 

liied'luA'U'ikm.; 141 
Ktw+'in "b* ihns 141 

af9 [+J 
141 !+l 

7+1 a j- drjwsus on sums ol i'lO.OM 
auil under 6! c >. up to I25.00U 
and over r; 


Call di-posiis orer It."*) 7',. 
Demand deposits 71 • i. 

J,ilv 4 

i‘i iw . ■(■ ui 


1 5 : t 


340 • 

10 : 2.9 


268 ; — 2 

9i [ 3.3 


58 7.9 

*ein)«nt j 

89 +2 

■»iejT Dal mWr .... 

1SB | + 3 

St 1 4.C 

1 011 M Rift in.-* It 

235 -1 

10 1 4.2 

WIV 97.Mi-0.76' -1- L ! “‘.k-kS Ii 'Ii 

narUisl 1 459 +9 ; - - bnm+.rn-b ihrra- 141 +1 

Fin. ! 1.830.H +3 I 15C b .2 K-aeite -B" ! 300 l 

Uo. Priv 1.5I7v, 1 15^! 9.9 Frtcrni'a 97 '+4 ! 

♦lusMer 121.76' + 3.50; — ■ — Liraiwra iireei..... 63.5+0.5J 

M. l..,. Itaieemeul 11.780; + 9kl ; 600' 5.1 ri,in,|iv»tHiilii'a.. J .343 !+ 1 l 

* ■ | Itrtiauicr 440 i + B — ! — lUntbnu ...J lOu [ 

— — MeiiHjiBiiic*, 33.16J- + 90 1 1.200' 3.6 Mu Otii Dmu-mU 1 

10 ; 2.9 HuutnliMxi ........ 160. 75i + 1.25: — j— Saralvik A.8 260 1— 1 

9a 1 5.3 Olivotti Pnv 9B9Jfl| + 4£0l — ! — 3.K.K. 'B 1 Kro....i 64.5 +0.; 

S.k-F. '8‘ Kro....i 64.5 +0.5 j 4,3 

IoQj 6.9 1 ■'jkaa'i borkitiia...! 153 

-i~ Pirelli Spa 977 + 2 1 80! 8.8 Fandahk 

*2 I -I - 

68 -2 
07 -1 

Kr.50) [ 67.5-0.3 T 6 | 6.8 uaioa Ei^"-' 

Bniio Bilbao 

Banco Ailantico U.miO) 242 

Ban,-,, Central Mb 

15 Q il rt .4 Aft Banw) lixivrior 2 M 

in 'it* *S'« Hanco General 284 

kdTaV ?? 1 o'S 6 aucu Uranaila ISO 

J + - 5 : , b '?; M B-n" lunpnim 2 * 

ika 2-® Banco lnd. Cat. 1 I.OOO 1 172 

B. 1 ml. llrdlterranuo ... 208 

Banco Popular 2°o 

Banco Santander 1^301 ®S 

Bjiiuo Urquuo 'l.ooui . »i 

Banco Vizcaya 239 

Banco Zarasoano 2 M 

Bankunltni - 133 

Banns Andaluna 20S 

Babcock Wilcox 24 

CIC - 82 

Draiados - .... 2 B 2 

Inmotumf M 

E. I. Aragotiesas W- 2 S 

bxoanol.i 5 I»l- I 12 

Expl. Rln Tinw 44 

l-Vuia tl-IUM) 67 

K-nusa H.ihJio 7^ 

Cal. Preciados 18 

(Jrnpfl Veluaqura (4IHM lhS 

Kidrala so 

Ibvrduero ki 

OUlTri 120 

Pjpek'rpa Remuda) 73 

Pei rubber 122 

Peirolep-i MJ 

Samo Papalcrd 5730 

Snan 1 ' 5230 

Sopelisa 124 

Telefonica 87 

Terras Uoaiench 46 

Tnbaccx. .... ; lOfl.TS 

i.iw 7.6 b. 1 ml. airdllerranuo - 

— Banco Popular 

Buiko bonlander 1^30 
Hjiieo Urauuo 1 1. oath 
banco Vucaya ■ •■■■— 
1V Vi., Banco Zar abound .. .• 

■j 4 " Bankunlon 

’ ; * Banns AndaJuna 

c „ ! „„ Babcock Wilcox 

s I c,c 

| 2 p Draimdos 

S 2"3 E. !. Arasoncsas 

+ ■ K«runnl.i Xln." 

7 ; ? , LSsDanolii 3ine 

g* 1 Ex pi. Rln Tmto ... 

■ .!?■ i '7 pcvm n.niMh 

10:4.3 K-nuaj il.OOtn 

J b.3 , +.5 cal. Precisdos 

I 5 ; 4.0 tjrnjH, Veluaqura «400) 

8 ' ■* 7 Hidrula 

i + ! dT 1 Iberduero 

■ _ I _ j iiUrrri 

1 iR l ) 1 1 Pjpt+'raa Remudaj 

1 j Poruhber 

B i d '° Peiralein 

/-.i v o Samo Popalcra 

1 S'.. Siane 


Financial Times Friday July 7 1978 


Friday July 7 1978 

of age 

Today the Solomon Islands emerge from colonial rule and achieve independence from the 
U.K. To achieve any sort of success their existing economic strength will have to over- 
come the problems posed by a scattered archipelago of different languages and cultures. 

By Charles Smith 

Mr. Peter Kenilorea, 
Prime Minister. 

ON A map of the world the head-hunters until Christian a handful of whom are still mid-1960s that it did not wish Mr. Kenilorea nor anyone else Minister, the Speaker and the eventually have to be resolved the first year or two of 

Suloraon Islands appear as a missionaries arrived towards members of today's Legislative and probably could not afford has succeeded in for min g an Deputy Speaker in the Legisla- at a political level and that it independence, however, is 

double row of dots and dashes the end of the last century, and Assembly, inspired their to stay in the Solomons effective political party to date tive Assembly are all Malaitans). could become mixed up with mucb less important than that 

stretching south-eastwards into * lad no iron toa ^ up *° t * me followers with the belief that indefinitely. This realisation does not seem to worry local With independence fast the question of central Govern- of how basic issues are to be 
the Pacific Ocean from th» arr ival ® rst Euro- if British rule were overthrown prompted a change of economic leaders, although some out- approaching and with prospects ment leadership when the next tackled. Apart from the devo- 

eatfern tin r 6 P ea n traders some 80 or 90 and a new order established, policy (gradual substitution of siders see it as a weakness. looming for the withdrawal of elections come round in 1980. lution question, these include 

™ llp 01 Fa Pua New years earlier. “Cargoes" of American project aid for budgetary The biggest issue that will Britain's moderating hand, this At these elections, Mr. Mamaloni the question of how to 

Guinea. As from today these «jjj e British Solomon Islands cigarettes and chocolate would grants with a view to steering confront the Keoilprea cabinet combination of factors (who resigned from the legisla- draft economic development 
dots and dashes become the protectorate, established in appear over the horizon to the economy towards eventual during the first year of indepen- apparently became too much for tive assembly in 1976 after strategy that will meet the fast- 

36lh independent member of 1893, seems to have done little, reward them for their self-sufficiency) and a series of dence, and perhaps for the Westerners— or at least being voted out of the Chief growing demand For jobs with- 

the Commonwealth with the initially, except to claim the perseverance. This message administrative and constitu- considerably longer, is the enabled a handful of their Ministership) will certainly out disrupting the traditional 

Queen as titular head of state islands for the UK and to open w ®s effective enough to put tional changes which gave the two-sided problem of what to do leaders to launch a secessionist attempt a comeback. 

. ^ th . . ° siaie the way for a handful of much of Malaita — which hap- Solomons partial self-govern- about the threatened secession bandwagon, 

ana wnn i a ngnt to apply for adventurers to establish copra P ens to be the most populous ment and then full internal of Western District and the Mr. Kenilorea, whose political C.a.nCllClfltG 
membership of the UN General plantations in the western part island in the archipelago — out- self-government from the early- devolution of central Govern- style stresses imperturbability. 

Assembly. of th e archipelago from the side the bounds of effective 1970s onwards. ment powers. The Western claims that the secessionist Another candidate for power 

The Solomons are nrobablv early-190tis onwards. By the British administrative control The personalities and politi- secessionist movement (if it issue is unreal and that the real will be Mr. Bah Ulufa’alu. a 

-no worse qualified for nation- Second World War, when one during some 15 years between cal movements thrown up really is that, which some question is how much autonomy 28-year-old economics graduate J™ 

hood than mosi of of the miun islands, Guadalcanal, the late-1940s and the early- during the move towards observers doubt) is rooted the West (and other districts) of Papua New Guinea “ 

diminutive beSirlhe Tcene of a 1960s. eventual independence have partly in the traditional will be given when the University, who reactivated the i 

that have pmereerf fmm months pitched battle between It was after the suppression not at any stage looked particu- jealousies and suspicions of the Government's committee on the Solomons trade union movement ““ j" iii 

colonial rule in the cast few the U.S. and Japan, the islands °f Marching Rule (actually a larly impressive. The Solomons major island groups for one establishment of provincial and then used his union base as }®° k * . f JJ ie 

Tw-vr mJ hn Uti.! were still almost as backward corruption of Ma'asina, or first Chief Minister,, Mr. another— enhanced by the fact governments completes its a springboard for entering 10 a, ' ers “> away «r° m tnm 

They may be better were sun aimosi as .nacawara ^ , n Melan ^ iatl) Solomon Mamoloni. was a New that Westerners probably see deliberations in six to 12 politics. Mr. Ulufe'alu claims P"*®* nhmn on 

that the protectorate authori- Zealand-educated former Gov- themselves as culturally and months’ time. The Prime the title of leader of the Australia (as a supplier) and 

ties gave the Solomons its emment administrative officer ethnically superior to some Minister sees a partial transfer opposition in the Assembly. Britain (as an aid donor). But 

first Government-run secondary who quickly won a reputation other groups. A second element of tax-collecting functions and although his immediate tne eventual pattern of relation- 
school (King George VI school as something of a wheeler and in the situation involves the the right to determine followers number only four (the ^ lps . can only be. guessed at 

..... . in Honiara, where many of the dealer and was forced to resign allegedly unfair allocation of constituency boundaries (within bulk of the 38-member House enough it is certain to include 

an!!! country’s present leaders were from office (though only Government funds for public districts) as two main areas of are officially independents). Japan. 

could The most hopeful sign on the 

social structure (based on 
collective ownership and the 
extended family) that is one of 
the islands’ main strengths. 

A still broader set of prob- 

years. . 

qualified than some since there as they had been at the start 
can be little doubt that the the colonial era. 
economy of the islands is 
basically strong, with a rich 
diversity of exploitable natural 
resources. What can be said. 


however, is that the Solomon Solomons in two ways. The educated). Two other conse- temporarily as it turned out) works projects, with the West concession. He does not want A fourth leader who v .. ...« 

islands, as they are today, first was that the Ui. military q uences were establishment after details leaked out of a claiming to contribute the. to give the districts the right to emerge into the political lime- eve of independence is that the 

hardly correspond to most constructed an airstrip and a of i oca ] counc j|g - m Malaita and private deal he had made with biggest portion of tax revenue fix tariffs talthough the West light during the next year or islanders themselves breathe an 

peoples idea of an independent deep-water port on Guadalcanal, ot ij er islands or island groups an American mint for the issue but not receiving the largest is demanding this). The inde- two is the Finance Minister, air of confidence and of 

and the preference shown to of medals to 

nationstate. which made this island the ^ w ^ 

The islands, strung out over natu i; a J administrative centre of Malaita by subsequent British Solomons independence. 

800 miles of ocean, contain afte r,“ ie “J 1 *? administrators in the allocation Mr. Mamoloni's successor. In 


much land M ended. (The U.S. airstrip of 

commemorate public works allocation. pendence constitution rules out Mr. Benedict Kinika, a former enthusiasm for the process of 

A final element involves the the exercise by provincial catechist from a Catholic westernisation that seems to be 

go-getting ’’ behaviour of governments of control over mission school in the eastern coming to the Solomons whether 

projects — office since 1976, is Mr. Peter Malaitans who for many years migration (a crucial issue and Island of San Cristobal, who it likes it or not To what 

enthusiasm for westerni- 
should be understood as 
wanting to own a transistor, 

- — .. . . . . .. *.«. Rule move- Zealand. Mr. Kenilorea’s critics other parts of the Solomons depend). strative ability and political see a movie and have a drink 

Amund 80 different languages Jr®, e , 01 i?® ment did not set the Solomons have described him as obstinate archipelago. Malaitans have Mr. Kenilorea, a schoolmaster skills have begun to attract in an hotel" (as cne local politi- 

are spoken (although pidgin on the 'road to - eventual and lacking in charisma, but tended to take most of the jobs turned administrator, turned attention. cian puts it) and to what extent 

English operates as a kind of " as ™ JzJL a nD j|" independence— if indeed . its two years of rule by the in the new plantation projects politician, does not see himself The odds are that one or it implies a genuine urge for 

Linqua Franca), and stories of ° leaders ever had any dear Kenilorea Cabinet have at least established in the Solomons as engaging in backstairs more of these men will chal- national development is a 


endemic warfare between island ? s Marching Rule on jne no tj on 0 f the meaning of this stabilised politics at the centre during the past five years. They political bargaining with lenge Mr. Kenilorea for the matter of opinion. All that 

communities are still fresh -in ! iIantI 01 i “ a , a ^ ia --•“ 1116 term... What did start the and prepared the ground fora also exercise a preponderant Western leaders to avert leadership after the next can be said with certainty is 

the minds of older people, unmccuaie post-war perunt. ^ independence ball rolling was smooth handover of power from influence in the central secession. The likelihood is, elections. The question of who that the process is no longer 

The Solomon Islanders were The leaders of marching rule, the realisation by Britain in the the British. The fact that neither Government (the Prime however, that the issue will leads the Solomon Islands after reversible. 

Message from The Prime Minister of Solomon Islands 

The Honourable Peter Kenilorea 

Today, Solomon Islands becomes an 
independent nation. We regard the 
achievement of our Independence and 
nationhood with pride, determination 
and respect. Indeed it is a challenge 
we are prepared to meet and we are 
determined to work even harder than 
ever before in order to make our new 
status genuine and stable. In govern- 
ing our affairs we will be working 
within the following guidelines : — 

Sovereignty of government 

Partnership in development 

Determination and hard work 

Leadership with responsibility 

Production before service 

In terms of population we are small 
by world standards, though we are not 
so small in area. We are rifch in 
natural resources, both land and in 
our surrounding seas. Solomon 
Islanders are essentially a rural 
people. Nine out of every ten of us 
live in mostly quite, small villages, 
scattered over several hundred 
islands. We have a rich and diverse 
culture which has helped us maintain 
a strong spirit of pride and indepen- 
dence in our various communities. 
We now face the task of working 
together to build up our united in- 
dependent nation based on the follow- 
ing eight principles : 

(1) Decentralisation of 

(2) Promotion of self-reliance 

(3) Distribution of development, 
geographically and socially 

(4) Localisation of employment 

in the public and private 

(5) Local participation in 
industry and commerce 

(6) Cultural promotion and 

(7) Regional co-operation 

(8) Law and order 

In implementing our National 
Development, decentralisation of 
government has a very high priority. 
We have already devolved consider- 
able responsibilities, powers and 
resources to Local Councils and they 
in turn. to Area Committees. There is 
a growing feeling that we should go 
further in this process of decentralisa- 
tion by setting up Provincial Govern- 
ments in place of local councils. This 
whole question is being examined at 
present^ by a special committee on 
provincial government and, with its 
help, I am confident that we will 
devise a fully decentralised govern- 
ment system which can reflect local 
needs and wishes, while also ensuring 
that we have an effective central 
government in a position to build a 
prosperous and united Solomon 
Islands nation. 

We are now three-quarters of the 
way through our 1975-1979 National 
Development Plan. A recent review 
of this plan showed that progress has 
been encouraging and that major 
strides have been made in achieving 
most of our objectives. Our economy 
is much more diversified than it was 
only ten years ago, when we were 
almost totally dependent on the one 
export crop of copra. Now we have 
four major export crops, fish, timber, 
copra and palm oil, with copra 
accounting for less than a third of 
the total value of exports. We are 
close to self-sufficiency in both beef 
and rice and our food imports are 

less than a fifth of total imports. Over 
the last four years our real income 
per head has been growing at an 
average of three per cent per annum. 
Malaria has been almost eradicated, 
transforming the health of our 
people. There has been an enormous 
increase in the number of pupils in all 
our educational institutions. 

However, while the cash economy 
has been growing fast, we are also 
working to spread the benefits of 
development into the rural areas. 
Copra is still the main source of cash 
incomes for rural households and, 
though most families live at a 
relatively prosperous level on the 
basis of what they grow and make 
for themselves, they still have very 
low cash earnings. 

We are just beginning preparation of 
the next National Development Plan 
for the five year period 1980-19S4. 

The Solomon Islands Government is 
keen to maintain the flow of invest- 
ment into large-scale agricultural, 
forestry, fishing and, if possible, min- 
ing projects. In addition we will be 
looking for investment in manufac- 
turing and service industries. How- 
ever, we will want to balance this with 
a greater effort than has gone so far 
into development of small-holder 
agriculture. The emphasis is likely to 
be on integrated rural development 
programmes, introducing new cash 
crops to small-holders, backed up with 
an expanded agricultural extension 
service, improved credit facilities, 
communications and marketing. 

The successful diversification of the 
Solomon Island economy which has 
taken place in the last ten years has 
been carried out by a partnership 
between foreign investors and the 
government It is the policy of the 
Solomon Islands Government actively 
to encourage foreign investment 
which develops our resources in ways 
that contribute to our own goals and 

For further information write to : — 

needs. We need to create employment 
and to develop skills : we need to 
bring cash incomes to the rural areas 
and we need to spread the benefits of 
development among the mass of the 

In such joint ventures between 
private investors and the government, 
the government contributes land, 
capital or other resources to acquire 
a minority stake in the enterprise, 
placing management firmly in the 
hand of the private investor. All the 
major new investments or expansions 
in progress or planned at the present 
time are on this basis. In this way 
we ensure full government commit- 
ment to the project, as well as pro- 
viding for a share of the benefits to 
come to the people of Solomon 

For many years the development of 
Solomon Islands was held back by our 
inadequate economic infrastructure. 
As an island people, scattered over 
2,000 km of the South Pacific, we have 
a tremendous communications prob- 
lem, requiring considerable invest- 
ment in large harbours and small 
jetties, shipping, roads, airfields, tele- 
communications. In addition we need 
to develop our hydro-electric potential 
to cut down our oil import bill. In 
recent years we have been investing 
heavily to improve our economic 
infrastructure. This we have been 
able to do with the help of aid funds, 
up to now mainly provided by the 
United Kingdom, but increasingly by 
other donors. 

In the last five years our capital 
expenditure has doubled. We have 
now in the pipeline capital projects 
and firm aid commitments which will 
ensure that the present level of spend- 
ing of £8 m a year will more than 
double again in the next two to three 
years. In this period we will greatly 
expand our main port of Honiara, 
build a new international port at 
Noro in the west, completely re-equip 

and modernise both our internal and 
external telecommunications systems, 
re-equip our inter-island shipping 
fleet and connect our main population 
centres by road and construct a large 
number of feeder roads to open up 
areas of agricultural potential. 

All our main trading partners, the 
United Kingdom, the rest of the EEC, 
Australia and Japan, arc committed 
to aid programmes over the next few 
years, in no case at a rate of less than 
£2 m a year. In addition New 
Zealand is providing £0.5 m a year 
and several multilateral sources are 
supplying technical assistance and 
capital aid, by far the most important 
of which is the Asian Development 
Bank though we are also promised 
assistance from the World Bank now 
that we are independent. 

We are pleased that it is our trade 
partners that are providing the bulk 
of our capital aid, because we seek 
trade as much as aid and it is our 
belief that the two go hand in hand. 
The Solomon Islands Government and 
people are determined to build a truly 
independent nation, both politically 
and economically. One of the most 
important of our eight principles is 
self-reliance. We are determined not 
to become dependent on foreign aid. 
We therefore try to ensure that a high 
proportion of our capital aid goes into 
projects which sustain our economic 

Now that the main gaps in our 
infrastructure are within sight of 
feeing filled, we look forward to an 
even greater investment in directly 
productive enterprises that we have 
already achieved. This we see as the 
way to strengthen our already strong 
balance of payments position and to 
ensure that trade grows where aid has 
helped to open the way. For this 
reason we seek foreign investors who 
are looking for profitable oppor- 
tunities to develop our considerable 
resources jointly with us and who 
undprstand and respect our goals and 




A good deal depends on 
the bank you choose 

Since establishing its Honiara branch in 1973, 

The Hongkong and Shanghai Banking Corporation has 
played a significant role in the development of the 
Solomon Islands. 

We provide a broad range of local banking facilities 
as wdl as a direct dependable link to the major 
financial centres of the world. 

The Hongkong Bank Group 

With, over 400 offices in 40 countries 

The Hongkong and Shanghai Banking Corporation 
Head Office: 1 Queen’s Road Central, Hong Kong 
Honiara: Mendana Avenue, Honiara 
Postal address: P.O. Box 12, Honiara 
London: 99 Bishopsgate, London EC2P 2LA 

With 270 offices in the Asia Pacific area 



THE SOLOMON ISLANDS’ growth rate ef around 2 per cent 
economy way -fcmicai 0 f the (in admittedly rough and conjee- 
static colonial^ Pattern, from the wral terms) of the whole 
arrival of the IbitisiL and the economy (including the sub- 
establishment SlFthe British ristence sector where incomes 
Solomon. Islandirartectorate. in are largely a matter of guess- 
the late 19th d&ftdiy until the work). This growth rate, conjee* 
first stirrings b^ftoove towards tural as it is, must be regarded 
independence in- tiJe mid-1960s, as a fairly striking achievement 
In its traditional' form the when set against the back- 
economy consisted of a large ground of a population increase 
subsistence sector in : which food of about 3.4 per cent per year — 
crops were grown by methods one of the highest rates in the 
that had been?; in use for world. 

thousands of years before the Despite the high rate of 
arrival of Europeans,, overlaid growth that seems to have been 
by a small plantation sector and registered during the last few 
a minimum of 'services needed years, and despite the no less 
to cater to -the>\*ieeds of a significant diversification in 
colonial administration. sources of wealth, the Solomons 

Copra exports from the Euro- remains a backward community 
pean and Chineserowned plants- by any normal yardstick. Per 
tions (and from a small number capita income in 1976, at an 
of smallhblde'rs^.'provided the estimated 269 Solomon Island 
bulk of the 'islands’ exports dollars per head, was the 
until the late 1960s. The Budget second lowest in the South 
was balanced wSpi. heavy in- Pacific and less than half that 
fusions of British.-** grants in. of Fiji, one o£ the more 
aid” (which uhttf fi decade or advanced island nations in the 
so ago constituttftt tiie bulk of region. Ownership of the 
UK assistance to -the colony), economy remains predominantly 
Business was— and still largely in the hands of foreign 
is — dominated Vby ' overseas investors (except for the 
interests, with a small Chinese Government) and participation 
community controlling over 90 in the cash sector by Solomon 
per cent of retail $bti wholesale Islanders is still limited. Only a 
trade. _ r - quarter of the working age 

The change ' . from colonial population was actually 
stagnation to the'p^esent uneasy employed In 1976, while only 
but exciting phase v b¥ economic roughly one half of primary 
transformation and development school age children were in 
began in the mi<£1980s when school. 

UK policy towards the smaller The challenge which faces the 
and more dependent colonies Solomons after independence is 
began to shift in the direction to move on from this “ threshold 
of a preparation for eventual position” in economic develop- 
independence. -One aspect of ment without doing too much 
the change was a planned reduc- violence to the traditional social 
tion of animal budgetary sub- Ta i ue s and customs which con- 
ventions combined with a st5tute me ianesian way 4>f 


besides calling for Increased 
local ownership of the economy, 

a reduced rate of population , ... 

growth and the phasing-out ofxand area 11,150 sit miles pcctcd within a: year or so of 

reliance on British budget 

the central Government to 
provincial governments (now 
known as local councils) ex* 

subventions. With roughly, lg ^^mlation 
months left to run, the plait BriO-1973 (est) 
has been a clear success in terms 
of its economic objective. Some - ' „ 

three-quarters of the A$60m. -*xado (1977) 
scheduled for Investment during Imports 
the period had been committed Exaorts 
by late 1977, and there seem to- ; : 
be good prospects that most of ....Imports from wa 
the remainder will have .been 'Exports to UK 
spent before the end of 1979. In: ^ (dollar) 
terms of the reduction . of v,?Tency 
dependence on aid subventions,. : f fi— 

targets are also within sight of 
attainment — British aid . is - 
expected to be exclusively of et 


independence will not 
136 > 8ZS life still more difficult. 

214.000 In their present form, the 
Sl970dni I QcaL * reuncils are responsible 
for a range of strictly local 
issues such as health and edu* 
SI$26JSm. cation, agricultural extension 
SIKJS.Sm services, etc. They could acquire 
fimjhn some tax coHecting rights after 
9*9*010 independence* and there is an 
$I94.4m outside chance that tariff policy 
SI$=A9 might be partially devolved 
from the central Government 
The Finance Ministry, however. 
mhmmi which played a major role in 
guiding the first stages of devo- 
lution up to the local council 

greater readiness to make 

life. These customs and trada- 

or long-term commit- in a nilts h ? i^ involve col- 

r the provision of pro- . 


« !«*ve ownership of tend.' the 

eventual econ^cself^ffici- ^ten. “ 

ency. The change ia British aid g *”** anli g* 

policy towards the Solomons Pertf between relatives winch 

prepared the ground for the name the wantok 

launching in the late 1960s of ( one-talk”) system. One-talk 
series of nature! resource ““ms that anyone who dro{*5 
development projects, indud- ou * the newly develop cash 
ing a fisheries venture, co miner- economy can be sure of being 
rial oil palm production and fed and clothed when he goes 
crushing on the island of back to his village. It also 
Guadalcanal, commercial ■ rice means, in reverse, that those 
(also in Guadalcanal) and log* ^av e entered the cash 
ging in Western District economy can face embarrassing 
The natural resources on hospitality from 
projects are the main reason natives who decide to come 
why the cash sector of the town, 
economy recorded ain average Eco nomjc development during 

real per head growth^of about Hj* pnrTnf^ S!? 

a n an aam 4> -. nr 1 070 the end of the deesde bss been 

nuKS SST. «"«“ ^tbin the frame- 

work of a national development 
plan which „ established a fairly 
rapid economic growth target, 

V — - . , - - r,- rin n .V, 1 UUUI] up IO die IVLIU WUUVII 

project nature by the start SPJ" from th * nMun level, is -clearly not- going to 

the 1980s, with the Solomons' resource projects. allow lts fiscal &uthority 

having achieved self -sufficiency The blueprints which will ^ whittled away without 
in a budgetary sense (and with provide for job and resource putting up :*• struggle, 
several other major contributors ^creation along these lines may . „ 

besides thb UK starting to put prove quite hard to put **0 - . AnotbM ' pro**, Jggf “g 
up funds for project operation for reasons which are VffSwEf wt duriiS 
development,. not *r|ctiy —le One of 

_ .-. - the main problenu Is tost re- dence is the management of the 

Neiltra] source de y. el °P me “ t involves domestic money supply. The 

1 xctlLIdi land alienation, and nearly «H thw banks currently operating 

In terms of population growth ,he Jan< * ! ? ? IS/SSII?*! hi the Solomons (Common- 
the plan has been far less sale- Pe r rent) is held- under a col- wealth Banking Corporation of 
cessfui. There is no sign that lectlve ownership system Which Australia.. Australia and New 
the rate of increases is slowing tran * ?er °. f . ownership Zealand Bank, and Hong Kong 

at present, and the Govern- dually impossible. The ^ shanghai) currently have 
ment, sensitive to accusations of , new P^ects wiU deposits far ih excess of their 

from, its opponents that it has have to involve prolonged nego- lending rote — for the very 
been trying to “reduce the ponu- 11811005 between the Govern- simple reason that in the 
lation,” Is now adopting a ment and ownership groups, “threshold” phase of develop- 
studiously neutral position on which wiU end 011 goes weti) meirt been hard for them 
the issue. The prospect is with the owners becoming share to Jind suitable borrowers. A 

therefore, that the next develop- holders or jo,ot * 1snt ' l,re specific problem is the land 

ment plan, due to. come into Partners in development pro- ownership system which pre- 
operation in 1980, will have to *ects. vents -individuals from being 

be geared to a considerably In order to realise its de- *ble to offer title deeds to 
sharper rate of population velopment blueprint from 1980 property a collateral for 
growth and correspondingly onwards, the Government ' will bank loans, 
faster rise in the demand for also have to work out a viable Because of the difficulty of 
jobs than the current plan. partnership policy between putting fends to use in Japan, 

Officials at the Ministry of it8elf anfl the foreign investors tfcfr two Australian banks have 

Finance estimate that about whose skills and capital will be invested their surplus funds in 
7,500 new jobs will have to be needed. Foreign Dwnership,‘tif .Australia J ahd ‘ one bank 
provided by the mid-1980s in th® economy is an increasingly .Estimates' that some A$lQm 
order to keep up with the de- T sensitive issue, and the Govern- worth of Solomon Islands funds 
mand for employment men t has laid down 8 P 0 ^. hive been shipped out of the 
generated by population growth J° in t venture partnerships be- country in this way. The Gov- 
and by the Increasing flow of ’tween itself and foreign inves- ernmeht is not insisting that the 
young people from the “outer" to rs in future projects;*: ‘• The banks bring the money back 
islands (particularly Malaita) Government stake in such pro^ after Independence, presumably 
into Honiara and north Giiadal- 5ects will be held by a Govern- because it appreciates the 
canal. About 5.000 of tbe« raen t Sharing Owning Agency difficulty of finding an im- 
should materialise, all being whose funds hav£ been sup- .mediate -use for them within 
well, through the implements- tfied from foreign- aid' (indud- the country. The changeover 
tion of a second generation^ in S 8 sizeable .portibn of lrom the Australian dollar to 
major natural resource pro- fe^r >’ ear aid pSckage wosked the new Solomon Islands 
jects. These are ejected to ? ut with Britidn as part >jrf the dollar as the official currency of 
induce commercial , cocoa grow^ independence: settfemeni)'. the new nation, and the prospect 
ing. a second oil palm plama< Foreign investors, ynowever, that, the latter may appreciate 
tion, an expansion of the pre. .still have to he conrinced that aaamst the former, means, bow- 
sent joint , venture with Japah Government - partjmpation . in ever \ that bc 

and “more logging and tinier fufere projects .wilXi not-hamper .nmning an exchange if they _ 

Development Corporation 

Solomon Islands 
Plantations Limited 

The Commonwealth Development Corporation. 
(CDC) andSolomon Islands Plantations Limited 
(SIPL) offer congratulations and best wishes to 
the Government and people of the Solomon 
Islands on: the attarament or Independence. 

CDClooks forward to continued partnership 
and co-operetionin de^lopmentprojectswiiich. 
■will further improve the economic progress of 
the Islands. 

CDC is proud to be associated with tlieGovem- 
ment, the landowners and the people in the 
establishment of that very successful venture, 
Solomon. Islands Plantations. Limited which*, 
through its export of palm oil and kernels, is 
making a substantial and ever-growing contri- 
bution to the country's foreign exchange earnings. 

Apart from the Government itself, SIPL is the 
largest employer of labour in the Solomon fetends. 
Plantation workers and their families are pro- 
vided with good housing, medical, welfare and 
sports amenities, schools and co-operatives- 
There is a training programme in operation so as 
to enable nationals to equip themselves far 
posts of responsibility inthe company. 

CDC is examining means of expanding its 
interests in the Solomon Islands. 

CDC is a development agency which, for 50 
years, has been providing finance, management, 
technical assistance and training to assist the 
economic progress of developingcourriiiesuCDC 
operates on an international basis. Atmid-1978 
it had committed more than £350 million to 
projects in42 countries. 

CDC maintains close relations with national 
governments and locaDyoperating development 

arc directed in such a way as best to promote 
sound economic development of value to the 
host country. 

The Solomon Islands comes within the Pacific 
Islands section (with an office inEji) of CDCs 
East Aria and' Pacific Islands Region, based on 

CDCshead office is inLondan and isasource 
of specialist and technical advicein a variety of 
fields Including agriculture, engineering, pro- 
curement^ housing, taxation, marketing and 1 
in its 30 years of operation, CDC has 
store of knowledge and expertise which it offers 
to all the countries in which it operates. Ithas also 
built up a reputation as the development agency 
which gets things done. 

Head Office: 33 Hill StreetjLondon W1A3AK. 
Regional Office: PO Box 3091, 
OceanBuilding,ColIyerQnay J Singapore 1 
Pacific Islands OfficeiPO Boxlffi, 
Solomon Islands Plantations Limited: 

processing operations 
tern District 'Another 
jobs should materialis 

iifes- thei pnarations. ». They, may do cpntmue lo deposit innds in 
2.500 also have^to be reassiired that Australia. ... 


The seafeh for 

UP TO the mid-1960s, copra was 
virtually the only cash and 
export crop in the Solomon 
Islands. Pre-World- War n its 
cultivation was largely in the 
hands of . foreign-owned 
companies, particularly Levers 
Pacific Plantations, which has 
been in the Solomons since 1905. 

Many of the coconut 
plantations were severely 
damaged during the war and 
were sold to local smallholders, 
who have subsequently 
rehabilitated them ‘ with 
Government Kelp. An increas- 
ingly important part is now 
being played by local small- 
holders. who have supplied more 
than half of the country’s total 
annual copra production for 
export, averaging 26,000 toiri, 
during the last three years. 
Since the early 1970s agricul- 
tural production has been 
substantially diversified by 
large-scale ventures in palm oil 
and rice as well as by the 
expansion of cattle ranching. 

In the current development 
plan the Government continues 
to pursue a two-pronged policy, 
encouraging on the one hand 
the rehabilitation and expansion 
of the traditional export sector, 
mainly copra and to a lesser 
extent cocoa, and on the other 
diversification into new products 
and where possible tbe 
processing of them. The 
Government plans to increase 
the country’s self-sufficiency in 
food, its export earnings and 
local cash incomes, as well as to 
generate more jobs and 
economic growth all round. 
Some encouraging progress has 
been made. Food imports have 
been held down to the low level 
of only 16 per cent of total 
imports, compared with 21. per 
cent in the early 1970s, mainly 
as a result of increased self- 
sufficiency in lice and near 
self-sufficiency in fresh beef and 
fish. Export earnings have been 
running high recently as a 
result of improved world market 
prices, higher copra tonnages, 
but also the success of the 
newer ventures in palm oil, 
timber and fish. 

However, the fact is that the 
bulk of recent developments 
has consisted of a handful of 
fairly sizeable, largely foreign- 
owned ventures, which have 
created 2,500-3,000 new jobs, 
but have left the rest of the 
economy largely untouched- The 
remote rural areas in Malaita, 
Makira and Eastern Islands,, in 
particular* complain of neglect 


Rural cash incomes are still ex- 
tremely low, averaging only 
SI$40 a head, and as low as 
Sl$15 a head in Malaita, where 
in a survey conducted in 1974 
one in four families reported 
having had no cash . income 
during the previous 12 months. 

Unless the major emphasis is 
put on to rural development in 
the next development plan, the 
Solomon Islands will run the 
risk of seriously aggravating the 
existing trend towards a dual 
economy, with a relatively 
wealthy urban and commercial 
agricultural sector contrasting 
sharply with the poverty in the 
rural areas. 

Any improvements in the 
subsistence and smallholder 
sector are held back by the 
almost total absence of modern 
farming knowhow, by lack of 
■transport and marketing facili- 
ties as well as by the difficult 
land tenure problems. Despite 
the important part that copra 
plays as the main source of cash 
income in the rural areas, sub- 
sistence farming, that is the 
shifting cultivation in the forest 
of root crops, using no fertilizer 
and only limited agricultural 
knowledge handed down from 
generation to generation, is the 
main form erf livelihood for 
76 per cent of the population. 
So far the Solomon Islands' 
farmers have very little else to 
sell apart from copra— a little 
cocoa, some chillies and 
turmeric for export and a 
limited amount of fruit and 
vegetables, mainly for the 
Honiara market The policy of 
the Ministry of Agriculture in 
recent years has been to rely on 
subsidy schemes to promote 
increased production of copra, 
cocoa and cattle for beef, and 
relatively little effort, except in 
the case of the cattle develop- 
ment project has been put into 
extension work in the field. The 
main research station, carrying 
out work on improving sub- 
sistence farming and diversify- 
ing into new cash crops, was 
closed down two years ago. 

For all the advances into new 
products, the largest area of 
commercial fanning land is 
likely to remain under coconuts 
for the simple reason that 
although the return from a 
hectare under, say, oil palms Is 
much higher, coconuts are an 
ideal smallholder crop and an 
essential pari of the local diet 
flourishing. on Jioor soil with a 
minimal ..amount' of. cultivation 
and processing and.easy to store 

a the devolution of powers from Doubts about the position 

likely to be taken up by the 
Goverment on specific issues do 
not affect tbe basic point -that 
the Solomons can count oii a 
strong and broadly based 
economy in the foreseeable 
future, The nurth Guadalcanal 
plain, in which Honiara is 
'situated,' represents potentially 
the largest food groiwng area in 
the South Pacific, with , the 
capacity to feed all the other 
food deficient islands in the 
region. The Solomons also has 
a minerals potential in the form 
of bauxite in Rennel Islands, 
copper in Guadalcanal and 
nickel in Santa Isabel, which 
could provide an important 
supplement to agricultural in- 

Charies Smith 

and transport 

Thanks to substantial Govern- 
ment subsidies smallholder 
coconut replantings and new 
plantings have been, somewhat 
above annual targets in recent 
years, although below the 
average for the last decade. 







offer their congratulations 
and good wishes on the 
historic occasion of the 
Independence , 

UK/tiontment-Pacific Islands Service 


Beaufort HoisaT5SfloR3^Swet London £C3A TEA 
7e£ &/-24i r 54S& rete; 884835. 

■ T&Q51-2XS43ZTdacS249L . 

Tat CW-24S720L T&x 7713& 

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^ juMdal-Tiaes-^rMay ^Jniy-7 -J£T8 


■ -Kgr 

A part of the Solomon The company has spent target of 285,000 cubic metres the next century. 
Islands’ fish, timber and around SIS 5.5m since 1973, by ig79. But overall logging Thp ri - nvprv • 
nuneral resources has so far primarily on substantial performance and local d . 19 iQ S . 
been fully assessed and only a freezing and other onshore processing are still a long way ouaJitv y £ ba 
fraction actually exploited. facilities at both Tulagi and a behind the goal of an annual ( W j*han alurain 
The extent of the cummer- second ’ "ewer base at Noro on logging rate of 400,000 cubic - 8 - t v 

dally Joggable timber resources New Georgia, as well as a metres -and a processing] rate of annual dunli 
and the bauxite deposits on “ Mndhand cannery at Tulagi, about 30 per cent by 19.9. With lm tons over , 
RcnneU and Vaghena has been ?P?„ ble of Processing about levers reserves on Kolom- sen t lit 

Known since the late 1960s. but 3 ’ 000 tons of Taw feb a * ear to last only spiimillg _ But the 

information about the variety f®** 2 *? a P 1 *"* ” te of f nother yea ^; ° veraU of technical, ms 
of other minerals that have ^ue^put of about 2,000 tons) > WQB »te will begin to most cruc 

eiiher been found in isolated a ?, d four catcher boats The decUne sharply by the early human problems t 
prospects or are suspected to o2ber ,tba t uiake up the fleet 1980s, unless Levers succeeds ^ whole proje 
occur is very hazy. ^ are chartered. ’ n obtaining the timber rights more questional: 

Information about the size Following a reassessment by for t ^° m «3or new logging areas Minin g's p 

of fisheries resources is Government and Taiyo o£ 1 n? ori 6ii»l explorati 
equally scanty. A British- tile -‘ r joint venture earlier this )? est coas l, of 1116 ! s Jaild of New Tinto Zinc sub 

financed geological mapping year, STL announced a major actually withdrew 

survey is about one third of operational and financial ex- t0 buUd a joint 

the way through the task of Pansion. It intends to set up tbe next few months, national R enne iL 

carrying out t!. file "££ I** SSS S“opS S£ Solomon bauxit 

gical mapping and the offshore Shorttend Islands in the eea ^ * by the in silica, but 

mineral resources still remain Northern Solomon s and intro- ^1^,5 P * phospboru^, organ 

^u£f?n”e de 5 e 0 p^jlye n ti S3S%r Si 

Fisheries Agency now being JJJJ? Thu 1 P er cent of South-East Asia’s from the usual 5 

P *** due course tackle . . ‘ c-m »_ annual log exports of around Mitsui experimen 

{if wSSeSt < SS! tT be^n «» metres. They are proved that Ren 

the region s fisheries resources SStS!? am hv ihso l*ely to remain a relatively produced under 

f0 ™ UlaTe a c P n - SI$ 8 ‘ 5m and SI$ 9m ** 198 °- insignificant — though in load process could stil 
certed n stung and conservation __ terms highly important — timber tive despite the 

especially for the most ShortaffC supplier, both because of the investment By 

important highly migratory ® obvious limits to production technical problem, 

species of tuna. While the . shortage of raw and G f the lower timber quail- have been solved 

whatever resource data the fish, particularly in the large ties and logging yields. With cos t escalation hai 
various studies eventually American canneries, is keeping South-East Asia’s main timber ** Japanese 
come up with, there is no doubt the world market price high — species, the dipterocarp, a smelters severely, 
that the country’s substantial last year it stood on average at mcely shaped, tall, easily work- huge overcapacity 
natural resources will play a SI$ 652 against SI$ 493 the year ab ]e timber,' totally inissin® t0 a powerful 
crucial role in the islands' before — STL will continue to f roIn forests, the Solomon lo bby, are likely ti 
economic development in years export the bulk of its catch in islands are logging species that future expansio 
to come. fresh and frozen form, mostly are Ieft behind in Malaysian J*P“ese aluminii; 

The rapid expansion of the to the American canneries in and Indonesian forests or at and .bence dire 

fisheries sector has been one Samoa. Puerto Rico and the least were left behind until Solomon almoin 2 
of the most spectacular L\S. mainland. In the longer recentiv. Meanwhile Mitsui, 

economic growth points during run. however, depending on a At an annual logging rate of t0 see ^ Projec 
the last five years. Solomon feasibility study to be under- around 400.000 cubic metres it after spending SI? 
Taiyo (STL),* a tuna fishing taken next year, it intends to i s reckoned that by die year h** 11 trying to 
and canning operation, was set huild a second, modern cannery. 2000 the country’s present com- aJu miniu m P rc 
up in 1973 jointly by the big of at least three times the size mercial timber reserves of an would ’ be P T °duc 
Japanese fishing group Taiyo of the Tulagi plant, perhaps at estimated 9m cubic metres will ^ *“ tbe 2 
and the Solomon Islands Noro. have been logged out and in * eres * ed . . 1Q - 

Government which has a 25 The commercial exploitation plantation logging will have to either m 

per cent stake in the venture, of the Solomon Islands’ forests take over. Reafforestation has bau ^teto add as ; 

Since then skipjack catches has been going on for many only been undertaken in earnest , ba 4 xlte W1 . . 

have more than doubled and years. Bnt really large-scale since the mid-1970s. By the ™ nera , composite 

exports increased by 75 per logging only started with Levers end of last year somewhat . 01 a umna ‘ 

cent. After a record of 15.800 Pacific Timbers on Kolom- more than 11,000 hectares had !r en be re_es P orte 

tons in 1976. last year’s catch bangara in 1968. Since then been replanted by the Govern- Japan - 

was down to around 13,000 the annual timber production meat. largely with UK aid. The The latest twist : 

tons, reflecting what seems to has been oscillating somewhere Government is aiming at an saga is the idea oi 
be a two-year fishing cycle between 230,000 ana 270,000 annual replanting target of an alumina plant 
ihrou shout the Pacific. This cubic metres, reaching 260.000 4.000-5,000 hectares, which on a Japanese shipyai 
year The 1976 record should be cubic metres last year. Over the assumption of about half the barge from Jap 
exceeded. While copra still 90 per cent is exported as raw of the total area logged by the South Rennell. Th 
accounted for half of all ex- timber, largely to Japan, but year 2000 going into agricul- pears to have seve 
ports at the beginning of this some also to Europe and Korea, lural use, should be suf6rient to advantages over a 
decade, total fish exports have Last year 238,000 cubic metres build up between 100,000 and largely imported l 
topped the export table in the of logs were exported against 120,000 hectares of forestry remote island of I 
last two years. . the present development' plan’s reserves by the beginning of construction peric 

and extent of minerals . other 

1 » 9 ^ - ' 0 . ^ than bauxite will remain scanty, 

■ . ' § “a f § and even once tbe potential is 

rush, wood and minerals 

phosphate . (on Bellona and 

the next century. much shorter, the likelihood of sought, the price for these ad* Rennell), copper (on Guadal- 

The discovery iu the late 1960s unexpected contingencies and vances would be colossal in togjjgg; 

and early 1970s that the high- the overall cost would be greatly terms of unbalancing the econ* < FI orida M SdsTauS 

quality of bauxite reserves fedured, while the disruption 0 my further than is already hap- OQ j d / on Guadalcanal) are 

(with an alumina content of brought about by a large im- pening with large scale export uneconomic urrmositions at 
47-48 per cent) could sustain ported labour force would be operations. The Government has presflnt WO rld P r^rfeet prices 
an annual alumina output of avoided. made it clear that it Is for these becau5e o£ many 

lm tons over a period of 20 . The go-ahead for the bauxite social and socio-economic rea- impurities and/or the small size 
years sent politicians' heads project would bring tremendous sons that any decision to go of res^es known so far. Of 
spinning. But then a multitude benefits in terms of foreign ex- ahead would be considered ex- the five minerals mentioned, 
of tec hni cal, marketing and, chang e. Government revenue tremely carefully. most of which were prospected 

perhaps most crucial, social and 2nd employment, the latter Mining prospects for other for some major international 
human problems began to make mainly through the growth of minerals are — and will be for a companies in the 1960s, copper 
the whole project more and associated secondary industry number of years— hampered by remains the only one that is 
™ ore . questionably so that and services. But however bard two key factors. First, until the still being prospected. One 
Mitsui Minings partner in the Government tried and how- mapping survey is completed prospector is also looking for 
original explorations, the Rio ever much expert advice it knowledge about the occurrence chromite. The only mineral 
Tinto Zinc subsidiary PAL, 
actually withdrew from the plan 
to build a joint refinery on ^ 

in 501 ^ h Tut e Mi* cisn crops con™^ «<*, ,«* 

phosphorus, organic carbon and 

moisture, requiring a special The country’s single largest Solomon Islands Government very damaging bopper burn. In 

actually being produced is 
about 20 kg or so of alluvial 

Based on the widely-held 
theory that a massive copper 
belt stretches south from 
Bougainville down through the 
island chain, geologists arc 
hopiog that the mapping survey 
and further prospecting else- 
where in the archipelago may- 
hit on some more substantial 
copper deposits and, in 
association with it, other 
minerals similar to the 
Bougainville deposits. As one 
of The Government's geologists 
puts ti in a nutshell: The 
Solomon. Islands' known 
mineral reserves are low, 
largely due to the under- 
developed state of the country- 
But the country’s geological 
make-up promises a very good 

Irene Hawkins 

Cash crops 


moisture, requiring a special The country’s single largest Solomon Islands Government very damaging bopper burn. In 
refining process quite different producer. Levers. which and customary landowners (27 1975 BSA achieved crop yields 
from the usual Bayer method, accounts for about one quarter per cent and 3 per cent of only 2.1 tons of dry. rice per 

Mitsui experiments in Tokyo of (the annual export, production respectively) has just com- hectare on its 451 hectares of 

proved that Rennell alumina employs about 1,000 people, pleted plantings on its 3,335 irrigated land. Last year its 845 
produced under this new h as s0 f ar concentrated on hectares of land on the North hectares yielded 3.2 tons per 
process could still be competi- replanting an annual 243 ha Guadalcanal Plains. It would hectare. By the end of this year 
tive despite tiie initial high a neWt high-yielding Bke to plant up to another further pest _ control and 

investment By the time the hybrid varietv. But under grow- 1,500 hectares in the vicinity, improvements in varieties and 
technical problems appeared to - Government pressure the provided it can negotiate the cultivation methods should have 

“ expected to agree tenure rights. Tbe company has the yield per hectare by 

cost escalation had begun tojmt tQ starting ^ a aew ^ just begU n to study pos- «?itiber 10 cwt though this is 

: to V ^Wnw^tho 2,000 ha copra, cocoa and cattle sible sites for a second palm a lo ng way below the 5-5.5 
in I SSitS£ project in the Russell Islands on oil venture and/or other crops, tons Pf r hecta f e which tiie com- 

* far undeveloped land. Only in particular cocoa, on the Pany bop^ to harvest from 1983 

lohhv are likelv tn nrevpnt anv a &out one-third of Levers’ islands of Kolombangara, onwar ^ s - c °mpany 

future exo^ion 7n 1 th^ 31 ’°°° ha of leasehold land is Malaita and Makira. Tiie exist- st 25 ’°“!? ns 

Japanese alLinium industiy- ^ ^ g ^ IX aVul 

and .hence direct sales 0 f moment. ... ^ Apn \ 19 ‘ , 6 ’ P rD ^uced irrigated area of 2 000 hectares 

Solomon alumina to Japan. Le^rs is also the single 7.044 tons of pahn .oil and jJ** oujuf bom the mUl 
Meanwhile Mitsui, which is keen ^ arge ? grower of cocoa. Last 1.435 tons of kernels last year. y n i n c j ose to 20 000 tons 

to see the project materialise y ear Produced 40 tons under This year’s output is likely to Q 11111 c,ose tQ tons ’ 

after spending SI?2m on it, has coconuts on its estates at be nearer 10.000 tons of oil T)- nni ’ . 
been trying to get other Yandina in the RusseH Islands, and 1.800 Tons of kernels. X 1 OIIUSc 
aluminium producers or where it has recently finished Good initial harvesting yields C |. nrta _ 

would-be producers, particu- planting up 200 hectares of and extraction ratios, which . 1 “® SifdPrlS 

larly in the Middle East, cocoa. Levers is planning a should , improve a good deal * ^ ° hold° ere^ urSe 

interested in buying the second cocoa plantation of over farther from 1980 onwards as fnr a —JLr 01 P r»f ti,p 

mineral, either in the form of 300 hectares on Guadalcanal, older palms mature and newer h - h . . 

bauxite to add as a “sweetener" Smallholders grow about 30 per ones start bearing and the miU HT 4hA _ h , - 

to bauxite with a different cent of the annual harvest (of is more fully utilised, are for bnSbne th at S kee Din ^ 
mineral composition, or in the 164 tons last year). With promising to turn palm oil into i QW _ undermowth P in 

form of alumina, which could most of .the cultivation a highly important export crop. cocomjt plantations The aim 
tiien be reexported as ingots to problems of the past now After a number of unsuccess- was not only to 'replace all 
apan ’ solved and a high world market f u j attempts, started by the U.S. forms of beef imports, but also 

The latest twist in the bauxite pnre, cocoa appears to be a army as early as 1945, to grow develop exports of both frozen 
saga is the idea of constructing good smallholder crop and the dry rice, and subsequent experi- and canned beef to neighbour- 
an alumina plant on a barge in Government is trying to meats with wet paddy rice, a ing markets. Spurred by a 
a Japanese shipyard and towing encourage more small-scale Hawaiian based company, variety of Government sub- 
the barge from Japan to a bay in plantings. Brewers Associates, took over sidies, local smallholders 

South Rennell. This scheme ap- The country's palm oil pro- the operation in the North rushed into buying a small herd 

pears to have several important ducer, Solomon Islands Planta- Guadalcanal Plains in early of cattle, only to find soon 

advantages over a plant built by tions, (SIPL), in which the 1975. Brewers Solomon Asso- afterwards that they often had 

largely imported labour on the British Commonwealth Develop- dates (BSA) seems to have neither sufficient experience in 

remote island of Rennell. The ment Corporation holds 70 per overcome the worst of tiie pest cattle rearing nor adequate pas- 
eonstruction period would be cent in partnership with the problems now by controlling tbe tore, transport or marketing 

outlets available. The rapid' 
expansion of the national herd 
— from 12.000 to 24.600 head 
between 1971 and 1977 — has 
now been checked and annual 
imports of. at one time. 2.000 
head of cattle for breeding pur- 
poses are down to zero. The 
plan for a modem cannery has- 
been dropped because recent 
data have revealed a much 
higher local consumption nf 
fresh meat, both in Honiara 
and in the rurai areas, than 
was assumed originally, and 
this is absorbing the whole of 
the present offtake of 3,300 
head a year. 

In a few years’ time it should 
be possible to can the low- 
quality cuts in small, probably 
second-hand, simple canning 
plants, catering entirely for 
local demand. Unless by this 
means the Solomon Islands 
beef can be canned at roughly 
the same cost as imported beef, 
the rapid growth iu canned 
meat products in recent years 
(to over 500 tons last year) 
will continue, as local eating 
habits are undergoing profound 

In this scaled-down shape 
the cattle industry could fulfil 
a highly useful role in satisfy- 
ing local needs, improving the 
local diet and supplementing 
smallholders’ income, while 
still continuing its brushing 
function on plantations. But 
the generation of foreign ex- 
change earnings will have to 
be left to copra, palm oil, cocoa, 
fisb and timber. 


Message from The Honourable Benedict Kinika M.P 

Minister of Finance 

I have a simple message to the readers of this supplement 
to the Financial Times. Our country of Solomon Islands is 
growing rapidly in economic strength and diversity. If you 
have capital and expertise to employ to our mutual benefit, 
we want to meet you. If you want to buy our exports, or 
sell us what we cannot make ourselves, or teach us to make 
more of our needs for ourselves, get in touch with us. 

We have achieved a lot in the last few years, and we have 
done it with a number of far-sighted and capable commercial 
partners. All the major commercial undertakings in Solo- 
mon Islands — in fisheries, timber, palm oil, rice, coconuts, 
cocoa— are currently planning or are engaged on expansion 
and new investment. This is clear evidence that those who 
have chosen us as their hosts and partners in growth have 
been fairly treated. We need more commercial investment 
in the established fields and in new activities not yet fully 
explored. Mineral development, manufacturing, marine 
services, certain forms of tourism and many service indus- 
tries are waiting for competent energetic investors to come 
in on the ground floor and grow with us. 

Our own Solomon Islands commercial know-how has 
hardly begun to develop. We want to learn the techniques 
and disciplines of management, technology and finance by 
working alongside experienced partners. We want to make 
our fair contribution to our own economic growth and earn 
a fair reward for it We have shown it can be done, with a 

virtual doubling in the size of our cash economy in the past 
five years.- Now as we stand at the doorway of political 
independence, we are looking for the partners to join in the 
sustained economic growth that our nation and our people 
need for the future. Some are already here, well tried and 
in good working harness with us. We need others of equal 

The contribution of the government is to provide a stable 
progressive political and economic environment for viable 
investment We believe we have succeeded and can main- 
tain our success. We have basic principles and guidelines 
for investment, to ensure both viability and benefit to Solo- 
mon Islands. Our people are working well, learning new 
skills and taking on new responsibilities every day. We 
have no illusions about the time needed to learn, but we 
have confidence in our abilities eventually to tackle any- 
thing that comes along. 

The Solomon Islands’ dollar is successfully launched, 
backed by adequate reserves and a favourable balance of 
payments. Our import tariffs are heavily slanted to promote 
development and our export duties take account of the time 
and effort needed to start up profitable new enterprises. Our 
persona] and company income taxes are moderate and we 
have discretion to provide generous tax incentives for invest- 
ments that score high marks in terms of Solomon Islands’ 
development. Our domestic market is expanding rapidly 

For further information write to 

and communications are improving inside Solomon Islands 
around the South and West Pacific. 

Organised labour in Solomon Islands recognises the need 
for economic growth to create more jobs and increased 
incomes all round. Technical training is firmly established, 
with apprenticeship and other courses in the main trades 
needed for development A healthy and highly trainable 
work force is emerging from our schools and university 
graduates are swinging towards commerce and practical 

As Minister of Finance, I survey the commercial and 
economic scene with a great deal of confidence. One reason 
for this is that with the support of parliament we have kept 
government spending under strict control. The public 
service has grown slowly and we have insisted on balancing 
our recurrent budget and putting a small surplus into our 
development programme. We expect to maintain this 
policy, so as to leave room and provide incentives, for sound 
commercial investment. 

With a growing understanding of commercial and econo- 
mic matters, sensible regulations and a readiness to play a 
positive part in investment, Solomon Islands’ Government 
makes a good partner for the right investor and Solomon 
Islands a good location for investment I have no doubt that 
in the next few years our friendly and practical approach 
will ensure the kind of steady economic growth our nation 



Financial Times Friday July 7 167S 



The Development Bank 
provides assistance to both 
local and foreign investors 
for development of: 






Rural areas 

Any other project considered conducive for 
the economic development of the country 

A wide range of assistance is 

Long term Joans 
Competitive interest rates 
Equity participation 
Underwriting issue of securities 
Guaranteeing finance from other sources 
Identification formulation and promotion of 
new project 

Arrangement of joint venture partners 
Technical, managerial and financial 
consultancy services 


Development Bank of Solomon Islands 
PO Box 219 Honiara Solomon Islands 
Telephone 429 or 498 
Cables Devbank Honiara 

Partners in 

Coming into service Iarer this yean, 
the Solomon Islands' satellite earth station 
will give direct access into the global 
telecommunications network. 

Working through the Pacific Ocean 
satellite, the new station will provide 
up-to-date external telecommunications 
facilities of the highest standard, with 
sufficient telephone, telex and telegraph links 
to meet the Islands’ needs for the foreseeable 

This is the first major outcome of the 
recently-signed joint venture agreement 
between Cable & Wireless and the Solomon 
Islands Government to operate and develop 
the Islands' external communications. 

And yet another example of the unique 
capability of Cable & Wireless to plan, design,, 
engineer, install, operate, manage and maintain 
telecommunications systems -of any type, 
anywhere. Either alone, or in partnership.. 

helps the world communicate 

Mercury House. Theobalds Road, London WClX 8RX 
Tel: 01-242 4433. Telex: 23181. 


Mcndana Avo., Honiara. Solomon Islands. 
P.O.Box 114. Cables: “Trade." Telex: HQ 203. 

Wholesalers, Retailers, Shipping and 
Travel Agents, lata Agents, Lloyds agent. 
Insurance agents. Copra Board and Ports 
Authority agents, Shell agents. 

Auto Showrooms, Garages and Workshop. 

Established uver 35 years with 
interests throughout the Solomons 

VPtAC** TWYO LTD c °ngr atlJ r 

_ ,_„Ac on tliol, r- . ' 

Islands on their I n </ e 

FOREIGN TRADE and aid play 
a dominant role in the Solomon 
Islands’ economy, exports 
accounting for some 40 per cent 
of total gross domestic product 
and aid for virtually all the 
Government's capital budget. 

Australia, Britain and Japan 
are not only its main trading 
partners, but also key sources of 
investment and aid funds. 
Australia is still the most 
important supplier of foreign 
goods, although less so than at 
the beginning of this decade, 
when 45 per cent of ail imports 
came from there against only 
32 per cent of the total of 
Sl$25.8ru worth u-f imports last 
year. Both Japan and Singapore 
have strengthened their position 
on tile local market over the 
years, the latter largely as a 
result of substantial fuel 
exports. Sinagpore is now mar- 
ginally more important than 
Britain with a share of just over 

14 per cent in total imports last 

Changes in the archipelago's 
export pattern have been even 
more marked, mainly as a 
result of diversification into fish 
and palm oil in recent years. 
Canneries in American Samoa, 
Puerto Rico and Lhe U.S. main- 
land have become major trading 
partners, accounting for about 

15 per cent of last year's exports 
of SIS29.6m. At the same time 
traditional buyers such as Japan 
and Australia have become 
somewhat less important, while 
the British share has been grow- 
ing again in recent years due to 
canned fish and palm oil 
exports. Sales to Britain are 
likely to gain further in 
importance, and trade with West 
Germany ami some other Euro- 
pean countries should expand 
if canned fish, palm oil and 
copra exports increase as 
expected. Europe may also 
become a more important mar- 
ket for timber. 

For the second year running 
fish and fish products headed 
the export table last year, with 
a share of 28 per cent. Copra 
and timber followed close 
behind as second and third most 
important foreign exchange 

earners. The real star 

performer, however, was palm 
oil whose export share climbed 
to 10 per cent within a mere two 
years of starting to sell abroad. 

The islands also export minor 
quantities of cocoa, some 

marine shells, manufactured 
tobacco and gold. There ought 
to be scope for expanding 


Export successes 

exports of cocoa and specialised 
crops, such as spices, as well as 
processed timber. Exports to 
surrounding Pacific islands are 
still very much in their infancy, 
albeit growing gradually (even 
if one discounts the special case 
of fish exports to American 
Samoa and copra to the 
Caroline Islands). 

Since the 1974-75 import 
explosion and the subsequent 
commodity price collapse, which 
plunged the islands' trade 
balance deep into the red in 
1975. overall trade develop- 
ments have been very 
favourable. Last year's jump in 
exports by almost 50 per cent 
and the ensuing handsome 
visible trade surplus of SISS.Bm 
was largely due to nuivh- 
jm proved commodity prices, 
especially for copra, but also to 
higher export tonnages of copra 
and palm oil. 

This year's exports are likely 
to be boosted by further volume 
growth — especially in fish and 
palm oil — rather than by price 
increases. As a result of iheic 
favourable export developments, 
as well as large aid flows, the 
foreign exchange reserves are 
strong, covering about 5? 
months' imports. Since last 
October the Solomon Islands 
have had their own currency, 
lhe Sulomon Island dollar, at 
par with the Australian dollar, 
which has just been withdrawn 
from circulation. 


In the last four or five years 
substantial foreign investment 
has been undertaken, mainly by 
the throe key trading partners, 
but also by the U.S. Britain's 
stake is by tar the biggest, with 
an estimated SIS15-20m lied up 
in the two Unilever subsidiaries 
engaged in copra and timber, as 
well as in CDC's majority stake 
in the palm oil venture. 
SI$5.5m of Japanese money lias 
gone into the joint fishing ven- 
ture. with at least another 
SI Slim to follow by 1980. The 
big Hawaiian sugar grower. C. 
Brewer Company, has invented 
about SISSni so far in the rive 
project, while Australian money 
has gone into a range of medio in 
to small ventures in logging, 
baking and building. 

The Solomon Islands Govern- 
ment has had time to learn front 
the free-for-all that happened, 
for example, in the Caribbean 
and has laid down firm ground 
rules for foreign investors. The 
1972 joint venture agreement 

Fish and fish products headed the export table Last year. 

with Taiyo embodies its goals 
on local participation (as least 
25 per cent), localisation of 
personnel and general compli- 
ance with national development 
antis, and has become some- 
thing of a prototype for neigh- 
bouring countries' negotiations 
with foreign investors. 

The obvious success with the 
fishing venture and promising 
development in tin* joint palm 
oil company, the rich natural 
resources coupled with the 
presence of a stable govern- 
ment. pursuing a liberal import 
policy and handing out the 
usual carrots to foreign in- 
vestors should help to attract at 
least sume of the SI$60m of 
new foreign investment that the 
Government is hoping for over 
the next five years or so. 
Further major palm oil. fish and 
timber projects as well as beer 
brewing, can and package manu- 
facture and wood processing 
are high on the list of the 
Commercial Investment Com- 
mittee. But without a solution 
to lhe tricky land tenure prob- 
lem it will be difficult to get 
many of these projects off the 

In contrast to its success in 
expanding and localising the 
foreign-financed export sector 
of the economy, the Government 
has been less lucky with the 
local business sector— and this 
despite special financial aud 
business advisory support. 

Tourist sector 

DESPITE periodic efforts from 
the commercial arrd tourist sec- 
tor. the present Government's 
attitude towards -tourism is 
ambivalent. The Tourist 
Authority has been drifting on 
small annual budget with 
limited and vaguely defined 
powers and is anxiously wait- 
ing fur amendments to its 
legislation and some form of 
Government policy for the 
tourist sector. The stagnation in 
die number of tourists (as 
against the increase in the 
number of business visitors as 
well as friends and relatives) 
over the last few years clearly 
reflects the lack of official 
direction, of adequate accom- 
modation and leisure facilities, 
but to some extent also the 
high cost of travel. Most of the 
350 odd beds in Lhe archipelago 
are in Honiara, while several 
mure ur less simple rcsthouses 
on some olher islands cater for 
the odd traveller who is unable 
to stay with friends. 

In The last few years about 
3.000 tourists (and over 4.000 
orher visitors) came to the 
Solomons each year, staving on 
average for six nights. About 

one-ithird of them come from 
Australia. Visitors from other 
Pacific countries, among them 
Japan, are increasing, while 
fewer Americans come to see 
the World War II battlefields 
nuw than at lhe beginning of 
die decade. In addition there 
are a number uf cruise passen- 
gers each year. 

Altogether lhe gross income 
from tourism is estimated to 
amount to something like 
SIS 1.4m a year. At present a 
large parr of this leaves The 
country again in costly imports 
for the tourists’ needs. This 
much reduced net benefit of 
tourism, the undoubted danger 
of upsetting small rural com- 
munities by putting an inter- 
national luxury resort complex 
on their doorstep and the dre3d 
of prostitution — seen as a 
serious problem in other South 
Pacific tourist destinations— 
greatly outweigh hi the minds 
of the Government lhe gains tu 
be made in terms of employ- 
ment and general spin-off on 
other sectors of the economy. 
Anybody who has seen the 
disastrous effects of uncon- 
trolled tourism in a small 
Caribbean island can under- 

stand the Government’s appre- 
hensions. Furthermore, the 
Solomon Islands have plenty of 
other development possibilities. 

If tourism is to be developed, 
a fairly small -scale, specialised 
trade might be encouraged. 
Scuba divers, snorkellers, shell 
collectors and veterans re- 
visiting wartime battlefields all 
should find plenty to do in the 
Solomons. Coming on tlieir own 
or in small groups should not 
cause any great cultural clash 
or local resentment 

The Government could well 
consider building, in conjunc- 
tion with local investors, a chain 
of simple, family-run guest- 
houses constructed in local style 
and as far as possible serving 
local food. Some Caribbean 
hoteliers have been very suc- 
cessful with this type oF accom- 
modation and avoided most of 
The pitfalls of international 
tourism. Aparr from that there 
is scope for another inter- 
national hotel in Honiara itself, 
where post-independence traffic 
and the establishment of the 
Regional Fisheries Agency are 
going to bring more business. 


Although most of the 245 
registered companies at the end 
of 1977 were locally owned 
these accounted for only a frac- 
tion of all capital invested 
There is no shortage of finance 
as such. Honiara's three foreign 
owned, commercial banks — with 
over 20 agencies outsidi 
generally finance trade and 
commerce, although they have 
put money into the rice and 
fishing sector as well as into 
some statutory corporations 
Tile Government development 
bank provides small agricultural 
and industrial loans to local 
inve slurs. At the end of Iasi 
year only a little over 4U per 
cenr of the SIS700.0U0 available 
in funds was taken up. A 
recently setup National Provi 
dent Fund has about Sl$1.5m 
to invest annually. As in other 
small developing countries the 
bottleneck is not finance but 
the lack of local entrepreneurs 
with the right skills and courage 
to break into fields which have 
hitherto been dominated by 
Europeans and Chinese. 

Undoubtedly many potential 
local investors arc also put off 
by the small local market and 
the complications that exporting 
would bring to a business 
novice. The truth of the matter 
is that a good many Solemn 
Islanders regard their job os a 
temporary means of improving 
their livelihood, which is totally 
linked to their share in some 
customary land, to which they 
will return when they have 
made enough money or .when 
things get difficult in Honiara. 

For all these reasons the 
Government is increasingly 
forced into the role of investor, 
for which the .substantial aid 
flows plus the promised British 
independence aid package of 
SIS45m over four years have 
luckily provided it with sizeable 
funds. Practically all public 
capital investment and about 
one eighth of recurrent spend- 
ing have been financed by aid 
last year, in the main by 
SI$S^m from Britain in cash 
(plus an estimated further 
SlSlxuin non-ca&h grants). With 
increasing direct tax revenues 
as well as income from export 
levies, and with the profits 
derived from joint ventures 
with the private sector, the 
Government hopes to eliminate 
the recurrent budget gap by 
1980. But for its major infra- 
structure and agricultural pro- 
jects it must continue to rely 
on outside sources. 

Independence will accelerate 
shifts in bilateral aid, with 
Britain in the long run cutting 
back and Australia, which has 
so far been a minor donor with 
only SI$700,000 last year, gain- 
ing in prominence. Japan is 
starting an aid programme this 
year of SI$2m rising to possibly 
SI$5ra a year over the next 
three years. 

Recent aid agreements with 
the Asian Development Bank 
(ADB) and the European 
Development Fund (EDF) will 
substantially increase the share 
of multilateral aid. which last 
year accounted for only a little 
over 5 per cent of total aid 
receipts of SI$10.5m in cash and 
kind, coming mainly from the 
ADB and the UNDP. The 
ADB will lend over SI$8m 
in the near future for the 
extension of Honiara port, 
the National Fisheries Develop- 
ment Corporation and the cattle 
scheme ion which same aid has 
already been disbursed) and is 
expected to be an important 
donor in the SI$24m hydro- 

SIS10.5m will come from the 
EDF, half of it for a new tele- 
phone exchange in Huniara. A 
World Bank team has been 
looking at likely aid projects 
recently, in particular the 
possibility of a rural develop- 
ment programme. 

Development funds from the 
World Bank's soft window, the 
IDA, would be especially wel- 
come, because over the next few 
years some loan servicing will 
begin tu add to the, at present 
almost negligible, public debt of 
the Solomon islands, which have 
so far received most uf their 
aid in the form nf grants. as well 
as in kind. Thus from now 
onwards there will be a much 
greater onus on the Government 
to put the aid funds it receives 
into projects which will 
generate revenue and foreign 

Irene Hawkins 


-a vital link within 
the Solomons chain 

Keeping pace with the rapid social growth of lhe 
Solomon islands could be daunting to any online. 

Bui with more lhan 300 scheduled flights a month, 
serving twenty-four airports throughout the Solomons, 
we like to feel that we are contributing much to this 


We provide a vital link with near neighbours as well, 
through our three services a week between lhe 
Solomons and Bougainville. Papua New Guinea-, and 
a new weekly flight between Honiara and Santo. New 
Hebrides. Executive charters throughout the South 
Pacific, and an expert Travel Division, are other 
lectures of our comprehensive service. 

Solair - we're al home in the Solomons. 




Finance for joint ventures in projects of major 
strategic importance. 

The Government Shareholding Agency (GSA) 
is set up by statute to make and manage 
the Solomon Island Government’s equity 
investments in joint ventures with commercial 
partners of integrity and repute. 

Existing Investments include Fisheries, Palm 
Oil, Tourism and Transport. 

Proposals In hand include rice, coconut and 
cocoa forestry and ship repairs. 

For further information contact : . 

The Manager Government Shareholding 

PO Box 26 Honiara Solomon Islands 


Cattle Development Authority 

PO Box 525 

Honiara, Solomon IsBands 

Interested in investing 



Contact Commercial investment 
Committee, Ministry of Trade, Industry 
and Labour, PO Box GGG, 10, Honiara. 

For all trade contact in 
the Solomons: 

Trade information Service, Ministry of 
Tradejndustry and Labour, PO Box-GGG, 
10, Honiara. 

Enquiries will be handled in strict, confidence. - - 

Financial Times Friday My 7 1978 

FARMING and r\\\ mvh rials 

* w. 

& V 


fi : - 




sat;.- ’-. 


si c 

\ r - r 

Worid zinc 



THE I»imfflg8SuS ,, I i d 

SJ® "‘ nc Study Group said today 
inat the world zinc market was 
showing signs of recovery. 

Jn a communique released at 
the end of a four-day meeting 
ncre. the group said consump- 
tion was rising faster than pre- 
dicted and was expected to reach 
tonnes this year— a rise of 
>»-5 per cent 

At the same time zinc produc- 
tion was continuing to decline 
ana was unlikely to exceed 42 m 

The Study Group said the 
price decline seemed to have 
oeen halted as producers' stocks 
had fallen in the last few 
months, although they still stood 
a* high levels. 

. 11 described the overall posi- 
tion as "a modest improve- 
ment and said continued strong 
growth in a number of develop- 
ing countries was encouraging. 

The Group said there was a 
consensus at the meeting, 
a u ended by delegates from 31 
producer and consumer 
countries, that producers "should 
continue to exercise caution in 
their production policies” until 
the market was healthier again. 

It was agreed that production 
should remain below con- 
sumption levels until the 
excessive stocks depressing 
world prices were reduced. 

Community farm 
policy reviewed 


leaders today took up the 
problem of the Common Agricul- 
tural Policy (CAP) — agreeing 
that a new move for- its reform 
must be undertaken. A detailed 
discussion of CAP lasting almost 
one boar took place during the 
first session of the European 
Council meeting here, although 
the debate was unexpected. 

The discussion, initiated by 
Italy, was described by one 
participant as the most serious 
to have been held for some years 
on the -fundamental problems 
raised by the policy.- 

The issue is whether the CAP 
can be allowed afly longer to 
take up more than 70 per cent 
of the Community budget The 
topic has become more urgent 
in the context of the new scheme 
for more currency stability jn 
Europe — which itself raises 
questions of economic conver- 
gence and -whether - Community 
resources are being used to best 

The Community leaders clearly 
decided today that resources are 
being squandered. It pointed 
out, for example,, that support 
for the surplus-producing dairy 

sector alone far exceeded the 
sura set aside in the recent pack- 
age to help Mediterranean agri- 
culture as a whole. 

BREMEN. July 6 

Such consideration ore far 
from new. The Germans years 
ago used to press for fundamen- 
tal reform of the CAP, 

Bacon and eggs 
to cost more 

By Richard Mooney 
BACON RASHERS could be up 
to 3p a pound dearer in the 
shops next week as a result of 
first-hand price rises announced 
yesterday.. The Danes have 
raised tbeir price by £35 to a 
record £1,115 a tonne after hold 
mg "it steady for 11 weeks. Irish 
and Ulster prices went up by 
£20 to £1,085 a tonne while FMC, 
Britain's biggest curer. which 
raised its price by £10 at the 
beginning of last month, added 
another £10 to £1.085 a tonne. 

The Danish rise recoups the 
£20 a tonne cot in monetary com- 
pensatory amounts (.MCA) sub- 
sidies resulting from the EEC 
farm price review. 

Some egg prices will also be 
higher next week. The Golden- 
lay marketing consortium is 
raising size four (standard) eggs 
by 3 p a dozen and smaller sizes 
by 4p a dozen. But it said most 
producers will still be losing 
Tp-Sp on each dozen they sell. 

Tough stand on tin prices urged 


Malaysian miners are 
pressuring their Government to 
take a tougher stand on prices at 
the International Tin Council 
meeting in London next week, 
although they are pessimistic 
about an upward revision of 
the present tin price ranges. 

Mr. Rahim Aki. president of 
the Malay Chamber of Mines, 
claimed that Malaysia had always 
adopted a moderate role at ITC 
meetings, leaving the more 
aggressive demands to Bolivia. 

However, he said Malaysian 
miners now feel their Govern- 
ment should take a tougher 
s lance in view of the behaviour 
of the major consuming 

Without mentioning the U.S., 
he said the operations of the 
International Tin Agreement had 
taken a new and undesirable form 
with major consuming nations 
using tbeir votes to veto pro- 
ducer proposals. Under the pre- 
vmus four tin agreements (to 
which (he U.S. was not a party) 
decisions were reached by con- 

Mr. Rahim, who will represent 
Malaysian miners at the London 
meeting, expressed disappoint- 
ment that the economic and price 

review committee of the tin coun- 
cil had failed to recommend a 
new price raDge at last month's 
meeting in Ban^ok. He feared 
□ext week's meeting could lead 
to further polarisation between 
consumers and producers. 

Another point of contention 
was the move by consumer mern- 


bers to revise tin consumption 
forecasts downwards. Producers 
see the move as an attempt to 
justify a “freeze” in the agree- 
ment’s price ranges. They aTgue 
that if forecast consumption is 
lower, there is no justification 
for the U.S. to release 35,000 
tonnes of stockpiled tin. 

Copper leads downturn 

COPPER PRICES led a general ment, it was noted that no 
downturn on the London Metal mention was made of production 
Exchange yesterday. After open- cutbacks. 

ing on an easier note, copper ^ * >eruv * ai3 Mines 

... . „ . „ „„ n > Mi raster that important progress 

h3d b€en made 00 Proposals to 

burins^ restaance ^As a 'result ^ tabilise world Prices was 

m ca! discounted in other quarters. Mr. 

°*^ £8 ‘ 5 l er Sacha Gueronik. executive direc- 
at £686 a tonne. tor 0 f Cipec, said the meeting 

The market was not encouraged had taken no spectacular deci- 
by reports of the Council of sions. but had adopted a more 
Copper Exporting Countries realistic approach to the market. 
(Cipec) in Kinshasa this week. The fall in copper also affected 
Although it was claimed that tin..- which had opened easier 
member countries would present reflecting an overnight decline in 
a united front at the forthcoming Penang. Cash tin eventually 
Geneva meetings of the pro- closed £87.5 lower at £6520 a 
posed international copper agree- tonne. 

Cocoa falls 
early rise 

By Our Commodities Staff 
COCOA PRICES ended sharply 
lower on the London futures 
market yesterday when trade 
and speculative selling 
reversed an earlier rise. 

A report by UN food experts 
that the Ghanaian cocoa crop 
was .suffering from a severe 
drought and virus disease 
pushed up prices soon after 
the opening and September 
reached £1.790 a tonne at one 
stage. The rise was also en- 
couraged by uncertainty about 
the political situation in 
Ghana following the resigna- 
tion of General Ignatius 
Acheampong, the Head of 

But prices fell when it was 
confirmed that rainfall in 
Ghana has recently been above 
normal. The UN report 
appeared to be outdated, 
dealers said. 

The subsequent decline, 
which took September cocoa to 
£1,704 a tonne, down £63.75, at 
the close, was accelerated by 
technical factors. One dealer 
said there was only limited 
selling at ihe bottom of the 
market before the recent rally 
and now it had run out of 
steam selling was heavier than 

Apart from selling by specu- 
lators who bought on the way 
op, there was a good deal of 
trade selling against por- 
chases from producers several 
weeks ago. 

ig S. African 


Fantasies and fears 


maize crop 

By Bernard Simon 
SOUTH AFRICAN maize exports 
could totaJ 35m tonnes and earn 
around R340m in foreign ex- 
change during the 1978-79 
marketing season, according to 
an analysis by the Standard Bank 
of South Africa. 

Despite fears late last year 
that dr)- weather (and later, 
abnormally heavy rains) had 
damaged young maize plant?, the 
bank notes that the 1978 crop, 
now being harvested, will be 
over 10m tonnes and the second 
biggest on record. South 
Africa's all-time record crop, 
totalling ll.lm tonnes, was har- 
vested in 1973-74. 

Large carry-over stocks have 
permitted an early start to this 
year’s export programme, and 19 
cargoes were sold -during May 
for July shipments. But the 
bank notes that, with the free- 
alongside-elevator cost of maize 
exports currently running at 
around R113.50 per tonne (com- 
pared with world prices of below 
R200 per tonne 1. the Maize Board 
is exporting at a substantia! loss. 

This loss has to be subsidised 
out of the Board's stabilisation 
fund, which stood at only R14.7m 
at the beginning of the season , 

CIRCUMSTANCES only allowed 
me to spend one day at the 
Royal Show this week. So 
instead of plodding con- 
scientiously up and down the 
lines of machinery, the cattle 
and the instructional stands. 
1 concentrated on the central 
area. There I was able to 
circulate from one reception to 
another, sampling the entertain- 
ment, a the quality and quantity 
of which made up to a consider- 
able degree for the very di sm al 
weather outside. 

These encounters can provide 
a valuable source of information 
as to the progress of the indus- 
try. For nowhere else Is there 
such an opporunity of meeting so 
many farmers, from so many 
different areas. There was a 
record attendance for the first 
two days, probably because hay- 
making has become practically 
impossible at the moment. 

King Canute 

Not surprisingly Mr. Roy 
Jenkins' dire warning in bis 
opening speech of disaster to the 
Common Agricultural Policy if 
tbe surging flood of milk is 
allowed to continue unchecked, 
was completely unheeded — just 
as tbe waves paid no attention 
to King Canute, a rather more 
practical politician. British 
farmers have been told by their 
leaders that surpluses begin 
across the Channel, and that 
quotas or other restrictions on 
production must apply elsewhere 
than in Britain. 

They believe this fantasy, 
because it suits them and the 
Ministry of Agriculture backed 

them up by reporting, with smug 
satisfaction, another increase in 

in milk production. 

In fact Ministerial optimism 
was unbounded. In between sips 
of Ministerial gin (yes, they have 
jumped on the bandwaggon, too), 
officials categorically forecast yet 
another record harvest. To 
comfort the fearful, they told 
farmers that the incidence of 
disease and pest was at record 
lows, so that spraying was an 
unnecessary and expensive insur- 
ance. To a puzzled fanner like 
myself, with only experience as 
a guide, the present cool damp 
weather is an almost certain 
recipe for disappointing yields, 
particularly of wheat 

Then we bad Mr. Paddy Lane, 
president of the Irish farmers, 
claiming that a Common Market 
sheep regime would do untold 
harm. What he would like to see 
would be a quota of about 20,000 
tonnes of Iamb allowed duty free 
into France, with tbe remainder 
eaten in Britain together with 
New Zealand for the benefit of 
the housewife. 

This uncharacteristic Irish 
tenderness for all things British, 
springs, of course, from the 
realisation than any mass 
invasion of the French Iamb 
market would bring a fall in 
price. This would, of course, 
j n jure tbe advantage Irish 
farmers gain from the free entry 
into the French market they 
gained this year. 

While visiting the show, Mr. 
Brian Talboys. New Zealand's 
Deputy Premier, took still 
another opportunity to attack the 
concept of a Community regime 
for sheep meat. Community 

regimes, he assured us, invariably 
turned out badiy for third 

countries in the end, however 
good tbe intentions expressed at 
their inception. He received as 
usual a polite reception but it is 
about time he realised that 
generally speaking. New Zealand, 
to paraphrase Chamberlain on 
Czechoslovakia is, "a far away 
country of which we know little.” 

It is no longer engraved on 
many English hearts as Queen 
Mary once claimed Calais was on 
hers. Where is Calais now? 

By far the most impressive 
stands at the Show are those of 
the joint stock banks, and other 
respectable moneylenders, who 
are assiduously fighting to lend 
fanners cash. A great change 
from my youth wheD the last 
thing bankers wanted to do was 
to lend mucb money. I did not 
sample any of their hospitality; 
1 fear the Greeks when bearing 

But I did meet one petulant 
customer. He had. he told me. 
bought some extra land on a 
budget discussed with his 
bankers, only to find that interest 
rates have been shooting up. So 
on a strict accounting basis the 
cost of his extra land had gone 
up tbe equivalent of an extra 
£30 per acre per year in a few 
short weeks. Could it get any 
worse ? “ Undoubtedly.” I 

replied. “ as soon as the election 
is over.” 

I found two areas of consider- 
able apprehension. The problems 
of the tractor manufacturers are 
being well publicised, and these 
are spreading to other machines 
as well. It does seem that the 
mass purchases made by farmers. 

in tbe grain and potato booms, 
have vanished. Farmers have 
enough machines to last for sonic 
time, and it has now become so 
dear that alternatives are coming 
to mind. In particular, contract- 
ing services should receive a 
boost These, if extended, while 
using machinery more, would 
need fewer overall units com- 
pared with individual farmers. 

No one in farming is going to 
lose any sleep about lay-offs in 
tractor factories. But there is 
anotber time-bomb ticking away 
which will affect a sizeable 
minority of farmers and traders. 
Since tbe establishment of rights, 
giving the original plant breeder 

a reward for his services, the 
seeds industry bus been booming 
and farmers growing seeds have 
shared in this. 

Saving seed 

Now there arc to many 
varieties on the market, that 
farmers have great difficulty in 
choosing between them. What is 
more it is believed that should 
there be a good harvest, I he 
amount of cereal seed grown 
under contract will exceed 
demand by at least 50 per cent. 

Prices have been pushed up 
substantially. and almost 
certainly farmers will take the 
course of saving more of their 
own seed. To make matters 
worse, the herbage seed stores 
of Europe are reported to he 
bursting with unsold stocks. To 
say that some sections of the 
trade are panicking is no over- 
statement. and heavy discounting 
can be expected. A happy note 
for some of us with seed to buy. 

Hay going from 
bad to worse 

By Robin Reeves 

CARDIFF, July 6. 
THERE IS mounting concern in 
Wales at the state of the bay 
harvest. The Farmers’ Union of 
Wales reported yesterday that 
tbe heavy rain and strong winds 
of the past week have resulted 
in a rapid deterioration of the 
crops. Given tbe pessimistic 
long-range forecast for July, 
anxiety is already being 
expressed about next winter’s 
fodder supplies. 

“Both cut and uncut hay is 
deteriorating fast and we desper- 
ately need a spell of fine weather 
to recover lost ground,’’ the 
FUW said yesterday. 

Welsh fanners making silage, 
on the other hand, are expecting 
good second cuts as a result of 
tbe recent rain. Silage made at 
the beginning of June was 
generally of good quality, 
although yields were light. 

No threat from soya 
to meat industry 


THE MEAT industry has nothing 
to fear from the increased use of 
protein foods made from soya 
and other vegetable sources, says 
a scientific report produced for 
the Common Market Commission. 

Far from stealing markets 
from meat producers, the report 
says, vegetable proteins could 
even help slow the slide in meat 

** To the extent that vegetable 
proteins in admixture with meat 
are able to create products 
widely acceptable to consumers 
and at a cost they are willing 
and able to afford, these new pro- 
ducts may sustain rather than 
diminish meat consumption. 

“ In particular they may make 
possble the effective utilisation of 
the less attractive parts of meat 

animal carcases, including offal.” 
the authors conclude. 

However, they do not foresee 
any rapid expansion in the use 
of novel proteins in Europe, and 
point out that close monitoring 
will be possible to make sure 
there are no “ unexpected conse- 
quences” from increased con- 

As an initial precaution, the 
researchers propose that tbe 
extent of substitution in meat 
products should be limited to 30 
per cent. They also suggest that 
the presence of vegetable protein 
should be clearly indicated in 
the name of tbe product and not 
merely in the list of ingredients. 

Exactly how much soya pro- 
tein is already being consumed 
in the EEC is not konwn. 

American wheat 
cartel opposed 

cultural Secretary', is opposed to 
the establishement of a U.S.- 
Canadian wheat cartel, Mr. Tom 
Sand, assistant to tbe Secretary, 
said here today. 

A group of U.S. and Canadian 
Senators agreed last Friday to set 
up a joint wheat “ task force ” to 
boost the international selling 
price of wheat to at least S4 a 

Mr. Sand said U.S. grain 
marketing methods would make 
such an agreement almost 
impossible since it would have 
to be between about a dozen U.S. 
grain companies and the 
Canadian Wheat Board. 





» Mbeis 

j+- it| ' |i.m. 't-fur 
. — j UrK.itlrn | — 

I) icr TUL'TAT C sharply io noa hr tore .1 recovery on ihe 

DA3C 1UCIAL3 late Kerb saw It dose al £787. Tanwrer 

COPPER— Lost around on The London 21.VT3 tonnes- , . 

.M.-iaJ Evifisnw Forward mclal opened Ajnateaniaicd MeuJ Trades rvpnrrcd Hign Gran «■ | v 

t»i a Steady note at £713 before cawn* JJ. wircbaw iradnl i*il, 1 6560 70l— 70 1 6515 25 -87.5 

ha.-fc TO £712 on the morning Kerb fol- ?. 1 . - 1 ®*- 5*5! » ’Ha * nionths.: 660 < 30-62.3 6473-65 —9a 

In Winn small Selling. In the afternoon. *.— *■ L - _*■ **■* SettUsn'tJ 6570-60'— 70 ■ — ; 


Robust as traded In a CO range above 

11.73*. Rare— 68.97: rest nil fBfl.64: rest England and Wales— Cattle numbers down 

r.d». Barley— 85.58: rest nil iK.53: rest 7.3 per cent., average price 72.3&p p^ecs 

_ nil'. Ohib— 77.41: rest nil <79.40: rest ml». (+0.83>: Sheep pumbers down 3.4 per 

Wednesday's” close for "the ~uiad^sJss7wi" 'Wber than hybrid Tor seeding*— cent, average H3.8p « — 0-l»: Pig numbers _J_ 

DEL reports. a Hi are or loitow-ih rough **-*•' <M-«8r rest nil>. Buckwheat up 2.4 per cent, average 63Jp csamei. 

- ■'in from Wednesday's dose indnS -AH nil! <afl id). Millet— 79.84: rest ml Scotland— Cattle numbers up B.S per cent, 

early shun -covering and profit-taking and ‘ 77.94' rest nib. Crain sorshtnn— ^ 84.27: average 73.03p c— 0.09i: Sheep numbers 
roaster interest around <H*' levs nre\citi—d ftti nil *84.27: rest nH>. down 24.9 per cent, average istjp < —9 < ■ 

any further decline. Valuev at the clov F,our ltv1e 5: Wheat or Mixed Wheal COVENT GARDEN (prices tn sterling 

won? U 3- £20 higher on the day, although and R-c F!onr_i37.07 1 139.86 1. Rye Flour per package except where otherwise 


per lonne unless oibcnrise 

July 6 

+ or ; ilooth 


_ 1 mo 

r £ 

£ 1 1* 


6BS-.5 —6 

6B5.B-6.S — 0.5 

5 ni-til li«.J 

712-.5 - 5 

706-.5 -10 


691.6 —6 




Uavh J 

587.5-3 —6 

681-.5 r-IQ.7 

5 mnjllbv..} 

708 .S - 5.6 

701-.6 -10.7 

&sa —6 

U.S. Siul.j 

-66.3-68 1 

spot July eased Inn her and was ED down. — 134.77 ■ 137.711. 


price caused heavy Commission House Morning: Standard, cash £5.335. 50. «. 


Vc'eniat '• 



forward standard metal down to 16.460. £6.490. Kerb: Standard, three monios -~~ 

Al this level some covering against over- £8.500, £6.495. Afternoon: Standard, three Juiy. 
msfit U.S. physical business promoted a months £6.479, S3. 60. Kerb: Standard, 'Cpiem? 

+ n» * Bn-rae** 
— ■ • — ! Done 

, *J v*i inuK . 1 

,ki run 


stated*— imported produce: Oranges — 

S. African: Navels 4. 00-4. SO: Braalian: 

3-S0-4.40. Lentous — Italian: JOfl/liM's new 

_ „ __ „„ - ^ crop 4.00-4.30: Spania: Trays 1.30-1.50. Co^tt ^a,h W.B*c 1 -9.5 £750 

The market opened £1^60 np reflecting tsrgp boxes 3.50-4.40: S. Ain can: 4-SO-oJO. 3 mon th» do. .io. jC?06 ?S — 10.0 K771.26 

UHNWI— s. Alrtcan: 27/72 3.40-LS0; Cat bode ! £68 1.25 -10.75 £742.5 

U.S. Markets C > 

Coffee weak: 

Free market f-Wi 1.050.40 2 1020-30 

Chicago. Initial long UqndatloD was well 
, absorbed and values continued the upward 

1422 1425— 20.0- 1455-1416 drive encouraged by the steady Chicago 

1356 1357 *13.01 J375- 1645 opening and Jjtc short -covenng at Ihe 

Cains ranged from £LQ0 to H.OO. 

September Cocoa 1699-1769 

I.G. Index Limited M-351 3466. 

29 Lament Road, London S1V10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for tbe smaller investor. 


n.m. ' j + ii 
ORi'-t*. { — 

J .m. ;+ «> 

tWOo-M — 

L 1 £ 

*. ; t 


305.5-4 —2 

3U0.3-l.5-6 25 


413.5-4 -2 

410.3-1 — 5 


304 ; — 2 

U.P. S|,4. 

— 1 - 


Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 

There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfortfor 5CH- people. Full I6mm film 
projection facilities. National Panasonic- 1 /*" colour | 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation . 
system. And luxurious private dining rooms with 
extensive catering facilities. 


All enquiries to: EJ. Dorrer. Cinema Manager, 

The Financial Times, Bracken House, 10 Cannon Street, 
London EC4P 4BY. Tel: 01-248 8000 (ext 670). 


£307.5, three months air. 17.5. l&. ] 

Mj, 17. Kerb: Three months £317, 17.5. 

». 18 A 18. 

JOcnts per poonit. top Drettong spo, 'sjp ads.'kJSp <j£si; Sew. 

nffldaJ dose, t SM per zncuL 

Market Reports 



Inter Commodifies 


Specialists in Fundamental Research 

a To: Inter ComiU4idlB«l**J ...ins 

;t } |ti\ d>> .\% i*nwe. l.undutt EC3N 4 DS 

3 0!*4M 

n PWse tend me vour Market Reports u.r 4 weto If « ai tiiarge 

g and without obligation. 

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Yoreriny. ■+■ or j 

CU»e > — 1 

... Noremiier^., 1218 1282 +52.5 1302-.jr» cli>sv 

in the afternoon affected sentiment at ihr LEAD— Down in sympathy with copper January 1241-1245 -36-5i 1247 1!-3Q reporij 5XW Commodities. 

and nurd forward metal to ease bade and refUfeuns straddling operations— reik March. 1 185-1195 +25.0' 12- 5 1165 

(0 ;4«c at £6.470. Turnover: 1.629 tonnes. In* lead and burins zinc. After opening Nay 2145 1150 +35.0:1160-1145 

at £514 lurwatil metal came back to owe July..—......- 1095 1180 + 15.0 

■round the day's lowest level of £310 oo : 


5,700 tonnes. 



6 month- 

Kicket — 

Free Mancqt icifRl h)l 


10 1 : «b«r mild Aiti— -jlSO.Cu- 1.6 + 1 . 00 ' - 

: Robostas 134.30 Juue it l.DMl^,+0.7i| — 

142.46 <14475.. Aueu-t Ifc.oO-: 8.0.'+ 1.50: - 

VuIeJi+ilrer i76lb.j 

Oliver trey os. 

5 month 

Morelos-. Three months CV4. 12. 

14. Kerb: Cash rsw. three months CJu, 
13-5. IX Afternoon: Three months mt2. 
1X5. IX 11, 16.5, 11. Kerb: Three months 
1310, 10.5. 

ZIN C Bare hr changed despise the weak- 
ness of cupper. Forward metal hardened 
tn £320 on the pro- mark owtos to modest 
fresh buying on further consideration of 
Aaareo's price rise. However, profit- 
taking caused values to ease wtlh forward 
mend dipping to £U&£ prior to rallying 
us £317 on the late Kerb. Turnover: 
MW looses. 

Jaffa: 20 kilos 4.50-4.60. Apples— French: i niontb* dn. do. 

Golden Delicious 20 lb S4's 3J50-3.40. TS'S Gold _Trov ore 

3.40-3.60: W. Australian: Granny Smith lm> 1 Ca»b 1 

Sjio; Tasmanian: Stunner Pippins 8.80. 

Cranny Smith S.GO. Croftons 9.60: 

S. African: Granny Smilh 8.60-8.50. White 
Winter Pearmatu 7.20. S tartan k Delirious 
8.50-92X1. Golden Delicious 8.604.00. Yorks 
9.30-9.60: Chilean: Granny Smith 7.00-7X0: 

New Zealand: Sturmer Pip Dins 163 6.20. 

17a 9—0. Granny Smilh 8.80: Italian: 

Rome Beauty per pound a 18. Golden 
Delirious 0.16-0.17, Jonathans 0.14. 

Peaches— Spanish: Trays 2.30-3.00: 

Italian: 11 trays 2.WM.0D; French L60- 
3.00: Creek: 250-2.80. Nectarines— 

Spanish: 1.30-4.50. Pears— Victorian: 

40 lbs Josephines 13.00, Winter Neli* 11-50. 

Grapes— Israeli: Perlctie 4.00: Cypriot: 

Cardinal 6.00. Plains— Spanish: 5 kilos 
LONDON DAILY PRICE <ra;v sugar: Gavioia 2.40-.T20. San I a Rosa 2.40-3.00. 

£82 0) < EW.Mi a venue ell tor July-August Burbanks L60-2.40'- Italian: Ftoremlas 
shipment White sugar daily price was 20 lbs 3.60. Apricots— Spanish: 5 kflos 
fixed a; £99.60 (£100.00 ». 2.80-3.00. !■■■■■ ImitPMi: Per pound 

Scattered seO-at-marker orders were 0.15. Avocados— Kenyan: Fucne 14'24's 
•sliphttv rnanirit n — weU absorbed at the opening after which 3.0W.40: S. African: Fucnc 3.1W-3.30. 

T n S rvlm H SVc,.V: prices improved somewhat, reports C. Capstaims— Dttlch/French: Per 5 kilos 

Loudon phjsuaJ mark-., lajfc jateces* carmkow. The Uener tone was assisted 3.00. Cherries— Washington: 0JJ0. Ontons Seeds 

by higher New Tor* qoorauons tttcr. and — Canary: 3.30: Israeli: 3.30-3^0: Spanish: 
final prices were around the day's highest, t -50-3.30: Maltese: 3.30. Potato os— Cyprus: bo$abeon 

S.I0: Brittany: 2.40: Jersey: 33 lb 2.S0. 

: tfnerrnnne ! 

Sales - 2.98 f3.053' lo:s of 5 tonnes. Aocui —1120 0 20 4 +1.96 39 

ICO indicaaor prices for July 5 (U.S. U tot*r 6 +2 20 12 *.5 20 03 

cents per pound.: Colombian Mild Lie ■«*in<*r....jni f -IB 5 +O.«0:1 8 5.-17 80 

Arabics* 1S7.00 ( 1ST jflil uowashed rri-ruvry jilt 20-1X5 +O.B >110.5 -18.00 

AriSblroS 26100 1 165.00 1: 

Arahicas 130.C tlaC.OO. 

1 137.53 •. Daflj- average 
ARAB I CAS— Close Hit order buyer, 
svlhr. besintssi— Aug. I64.00-7EL00: 1C3XW- 
W.HI. Oct. 15X00* 50. DO; 155.60 only. Dec. 

!M.tucL»m: nil. Feb. 132.0047.06: mL 
APni 127.0- 32.00: nIL 
nil. Aw. 123.0-10.80: 
lots of 17450 tains. 

£‘>01.25-10.75 C765.5 
>102.625-1.7 IS 1.2.845 
,11301 :-5.2S£315.5 
£510.75 —5.0 '£325.75 

CH.S66 | £2.666 

51.75 ,9 1.90 

1.63 ',-0.055, 24)3 
! 1 I 

Platinum troy ore. £129.5 ; ^...£122 

Ppw Market !£li7.9 —1.75 £133.95 

SI 29 . 0 O *127-42 

aS1.6 . —1.7 1290.55 

1288 9 -19J98.:5 

Tm t'mJi. — (tSe.BZ > — B7JU6.690 

i tuonths 

Sales: 117 (841 lots of 100 tonnes. 

Wuiinun 22aMllofjS13u a6 .rlaBiSo 

June 124.0040. DO; 
tuL Sales: 8 t2> 


£6.462.5 — 8 5.0' 1-6.60 7.5 


Zine rash 

3 months. J 



tocnnui tPbil) S665p 

Grpumlout — £688 

Linaeol Crude Iri. £o45 

Palm Malayan 56OO7 

£807.6 — 0.75' £32 j. lb 
£517.5 —0.76 £357.76 
$a8u-efi0 : .jssO-vthi 

>15.0. S66O 



! '$600 

throughout the day. closing on a qoler 

note. Lewis aad Peat reported a 

, PrtCe ° 531 cents sojne 100 point* above first traded levels, 

a kilo buyer. 





So. I lYest'nlaV*' 
If+j.s . eioo 

Prevusn .' fktrineav 
Close , di'ue 


a. 111. 


'T or; l+llk 
j — Umriici 


| £ , t £ .' AW ’ 54.49-54.80 54 J&.55.2S. 55^ 

+ !‘Ir ! uStbw- 67'l^*il5 w'65-84.7« 94.60-04! 70 B5J6-34JD 2.4D-S.80. Lettnce-Per 12 0.50. Cos 0.70. CoH£sta|3w!^; 

6inuDLb,.J a i8.fa ; +1.67 P17-.8 C-.75 ^ 58.'70 M.M ??' .. future UpL..... 

Tomatoes— Dutch: 3.00-3.10: Cnerneey: 

3.00-3.40: Jersey: 3.00; French: 3.40. 
Carrots— French: Names 36-lb botes 2.60- 
2.70; Italian: 2.00-2.40: Cyprus: 2.00. Beet- 
rwt— Cyprus: 22 lb 1 60. Courpcttcs— 
„ French: Per pound 0^15. Melons— Spanish: 

x, per uiDue Yellow 9/18’s 3.00; Canary: Oeen 6.10's 

Au«. ... 90^.90301 90.10-90.55 S0.5M9.25 3J0: Israeli: Yellow S/14's 4.00. 

... 91.50-91.60 92.45-i0.75 English prod tree: Potatoes— Per 56 fb 


pm. |Ye»tenlpyV 


Bn winra 

Comm, j Clove 

Clove j 


l/cun- j 


Burley EEC . -j 

Hi ,fne Fur4iture-_i£81.5 

lluir I 

French No. i Am x 103 
Wheat | 

Alu. 1 Red 6prlnel 
No. a Hard Wintert 
KnifUab Uiliiog.. 

— 0.251:105.5 

£92.5/1 1+0.6 ^96.75 

lfl.794 — B6.0'Kl.7S4.5 
tU04 -65.75jtl.6o9 

£1.586.6 + 13.0 it 1.705. 5 
fO.<V6t — J.5 j7G.9v: 
54,. ;_nJZ5;57.Z5 l . 

tB9 !— l.o 1 102 

Mdp 1 283 


Sales: 315 i3S2t lorn of 15 tonnes and granulated basis white sonar was £248.85 berries— Per i lb 0.15-0.20. Cauliflowers— 
s i2S. lots of 5 tonnes. tsarnei t ijw ror home trade and p er Lincoln 2.00-2.60. Broad Beans— * Nominal. J Unquoted. ft August. 

Physical closing prices fbnyetsi trere: U49 W) fllaOJI) for export. Per pound 0.B8-6.0S, Peas— Per Mnnd m June-August n Jaly-Sect. p Julv-Auc. 

international Sugar Agneroant: U.S. 0.12-0.13. Cherries— Per pound Black 0.60. g Sept- p August-Sept, x Per ton. 
rents prr pound fob and moved Carib- White 0£6-0£3. Gooseberries— Per pound 
bean pun.. D rices far July 5: Daily 6-66 oiWl.23. Courgettes— Per pound 0£3. (37.Hi. 


LME— Turnover 162 i60» lots of 10.000 LONDON FUTURES I GAFTA1 — The 
ounces. Moruut: Three months 291.2. market opened 2Jp higher on wheat and 
Morning: Cash 281 J: three months 2SSJ9. barley with wheat initully higher on good 
&3. 8.8. 6, S.S, 5.8. S.7. 8.6. Kerb: Three commercial support. But values eased featureless 
months 2SS.8. 5.5, 5.3. 5.4. Altcnooa: durng the session to clou? 10*1 £p lower. 

Three mom bn »S.5 : C.2._ JSi. 6.3, Barley saw wry thin iradag aad closed 

M. 6J. 6.1. SO. 85.3. 5 J. 5.7. 3.8. unchanged io 5p higher on lack of 

Kmt: Three months 285.7, 5.9. 5b. 1. 6 -, support. AcL repons. 

88. 6-1. 86. Machine 30 — — — — — — 

i6.76i: i 5-daor average esr i7.01i 


LONDON— The market was dull 
Bache reports. 

Pena per Into. 

Beetroot— Per 2S lb 2JH). 
lb '2.40-2.68. 


Carrots— Per 28 




1 j 

+ orj L.M.K. -J- or 



— 1 ' P10W5 1 — 

Bov ua. 


! 1 



■Yesteniajr’i + or Ve*:er.'jiy »• ^.or 
M'ntli — cime — 

281-6|. -1.7! 27S.B5p ,-S.K 
Ss88.9p ^06.8i. ;-4.35 

097-iip !-«*.(,! - I .... M 
SJ5.01* i— 0-Ci — i ...... 

U|J. 1 


— j.15 


>,rt'. ; 

Sr. 20 

— -la 

81.50 1-J.L6 

Jbu. j 



84.13 - 



;—ll. 10 

Be. SO -. 

Mai 1 






i'esietr1'yej+ nr 
Clow , — 



Jnir- — 


O t<>r<ei 



Ifo-vm’*’ — 



248 (MO J] 





346.0 48 J) 



— - 




COTTON— Liverpool. No spot or ship- 
ment sales were recorded In Liverpool 
leaving the lotnl for ihe week at 319 tong, 
reports F. W. Taiieraalb. Small opera- 
tions ensued without forward Interest of 
any note. Minor replenishing needs were 
songht In African and South American 



“it! SuSna - 1 wit cs\l wis ^ 

R»r ®trt delivery in the London WHo. n^ThjUmi. Jan. vSuitoS 

warfca ycaienUar at Slip. US cent mMHA Sale,; u: ma. tlSnifor finer «i3on 

N. Indian tea 
output rises 

equivalents of the fixing levels were: spot Barley: Sc?;. ILTO-TSdsfl, Nov. S1_45-S1,70. [he 

R8.IC. down 3.7c: three-month 537A. JaB . K.15-K.2S, Xa«h K.09 only. May t0 higher | 

flfnpn .T fir 1 aiY.mnnfhc U(l HflwTI n On* r,n <A r*^i • .. l.i. _ . 

By Our Own Correspondent 
CALCUTTA, July 6. 

India picked up markedly in May 

Trade opinion 
new reserve levels must lead 

down 3.6c; six-months 549.2c. down 2.9c: £9.46 onfr."s5tsnr lrti" ” ' ^“bocn anractet 01 °° CteM bUrlnS 

SSmrf 1 IHPOlfTE n Whrr - CWR5 No. 1 13) SYDNEY CREA5Y— dose fin order 

aDd per croi Jcly and Aaz. 92 JO Tilbury, buyer, seller, hp«iiw. w Mkron 

tloaed at SK-2SKP tSE-323id. U.S. Dark Nurihefa Spnns Xo. 2 14 per contract— July 334W34J; 335.CKCM.0: 4. 

rnrOA UJ?. 73, Od. S4! 2 7 ^??:* : .»»sj)-36L5; 28. Dec. due to good monsoon rains. Otrt- 

t'UVUA transhipment East CnasL U.S. Hard 3 53,0452.^ +G.B4S3; 13. March 358.^ nnt , n r a 1 ? cey— Ic-IIac 1 

Follow tne a brisk rally on report* of Winter On!, nstjnoied. Ausffaflan wheat 35T.J: a7.P337A: 8. May 3flLfr363J>: P?, 0f KUOS was 1.3m 

nncaolcd. a-c feed wheat unowned.; & JWy 3614- ^OS Up OD the Same month Of 

nB 1 ??**!: 1U - QQ - s«.4; 5. nil: ml. »«. the previous year, the Tea Board 

99.00 , Scpl UH-pO avashipnient East zrLZ.^n.a. SUtikSTEh: 2. Total sales. 68. 3 nnniinr>ori 

coa»L s. African ’ATute Sew. 73JH Liver- “ announced here. 

puoL S. African VeUow EcpL 72^3 Liver- MEAT/ VEGETABLES But taking the first five 

Barley: nr/iuotc-d. SMiTHFiEU^-tPriees a KDre per months of the current year to- 

HGCA— Local iso ex-farm svK prices, pound— Beef: Scotch klBed sides 55.0 to get her Output tOTaUed 70.590m 

other, tnuims wheat-Xoae: Fvcd wheal 59. 0. ’o o to 12.0. fore- kilos or 3.543m kilos less than 

25.10; Feed naan+ro 4^,to ST.0. Eire hlndmanera Vu “iq-tt TL , “ uVt7“ 

Drobims to Ghana, pressure on the near 
wantons poshed prices down sharply, 
repons GUI and Duflu*. 


,Xe4er ley 1 ” 

+ nr | 




July 6 j July b | Mouth m;iu 1’at 

<,38.9 41 ^00.22 [ «49.BD '. >'4" 
1 Bare: Juiy 1, IBK^TOBi 


July 6 

July 6 jilonih ajtL-j Ve*r*y.f 


1459.8 1522.8 1 1543^ 


>: September 18. 1921=100) 




"Jnly | July I Month 1'flM 

6 1 h j aps Ago 


356 45 357.23(559. 14i39l-23 

FWeja41.04 34 l!og!d46ll2i546.71 

(Average 1324-2336=100) 





-ylo t.ioinmqPlB.9iaifl.g ^li?. 5 090-7 






1 December 31, 1931=1001 


<uiy 1740.0 44.0 

*1* .1705.0-05.0 


Jlrtreb... im a-Ea u 

U»y TB4OJM5.0 

Juty 1629.0-55.0 

wit- ;16O5.0-15.O 

-65.5 1916.0-1733. 
-65.V 178005.0 
-5IJ 1*60.5-1683. 
'—45.5 1754.0 1663. 

— S. Umci/.n S03&. VSakre 

bar Joy— S. 79J0. Wh :, J&UV Sl.OO. 

Tbe UK oionutsry eatffinrni tar 3ur 

'—45.0 1705^-1649. wt>ric_hL-*«K5 10 mO decrease 

—36.11 IvBO.O 
— 35.01 - 

70 a M 7&S! foreqSn’erf i c.# h i2 li ^i? eTS tile 1977 figure on the same basis. 
ml£ : ^^T,vy“^*“ ^ However, output during the 
imported froaev: ks pl 53.5 , 0 55 . 0 . present year up to the end of 

Saks: 4JQ3 t2^9Gi tots of 19 tonne?. 
iMwwiml Cocoa Orgaabanoo rL 1 ^. 
cents per pomul)— Daily pnee Jub- 5; 
142.16 (143.041. Indicator prices July C; 
lMay average i3?J7 
average 137.38 (I3G£) 

GRIMSBY FISH— Supply gaud and Oo- 
maad flood. Prices per stone at ship's 

Ic DAILY IMPORT LEVIES— The Mfl lbs 37.0 10 44.0. May Was 5.938m kilos ahead Of side f unprocessed 1; Stolf cod £4 50.0—0: i 

ims EEC levies and ptW Ms are IM-1S0 lbs 3 0 to 48.0, UO-tM Jbs 35.0 to {JlC five monthly average of the CIM,llnBS «-80-nJO, Large haddock £4 50: 

■Jv* for Jut' • in anns of acewms *^0- . , previous Ihrpp v ears medlnm haddock £3.49- 14.60; small bad- 1 

toanr. In outer Cnrrent lory, atns MEAT COMMBSTOI+— ArerAgc fautock previous inree years. dock £2-3D-£!.TO. Wedhim nlalcc £J-O0- 

. Sept, and Oct. aremtenjs noth aarkets os Jnly Output for the first five months Plaice £3jfi.£5.3u. Stanned 

i^uSST; "Sday SSk^ta nd f9Li7i; rest ca“ Damn uK-shccp Per ktesui. *^.^-4.4!; ^ 1976 was 65-5S5m kilos and tsSinio 501 
wteas-iass; a* Kl tiSire; rni; GB-Pits swp per kciw. (same). 54JJ3SUI kilos in 1975. Kete oSSSl 

grains firm 

SEW YORK. July 0. 
PRECIOUS A1ET.\LS i'as«l on whai wns 
considered a dlsappoinung IMF auctltm. 
Copper closed unchanged on mixed irade 
and spcoUaiive activity. Sugar rallied 
on ron».T»-ed Commianon-houBe boylns and 
shnn-CDvering. Cocoa eared under me 
weight or Canumsslon-iiiiiue siofloss awn- 
ing. Coffee once again declined on spvni- 
lanve liquidation fol loin eg a reduction in 
the Brazil offering price. Bache repotis. 

Cocoa— July 1U.'J0 1 1+1.45 1. Si-pi. 107 98 
f 139.70). Dec. 134.60. March 131.50. May 

139.00. July 137.00. St-pi. 134.75. Di-c. 
132j0 wnfemcmis. Sales: 9U. 

Coffee—-' c '■ Coni ract: Julr 147.98- 
I4SJI5 «40.23i. Sept. 134.21 HJS.Sti. Dec. 

124. 50. March 115.60-1 15.75. May 113.09- July 111 25 asl'ed. S-.pi. 109.73. Dec. 
1 07.00-111. DO. Sales: Gfl5 lots. 

Copper— July 50.30 i59_H)i. Aug. 39.00 
(58.701, SeM. &J.20. Dec. 02.00. Jan. CJ.60. 
March 63.60. May 64-60. July 65.60, Srpl. 

60.00. Dec. 6S.U0. JaiL 6S.50. March 63.50. 
May 70.50 sttilemeais. Sales: 7..SOO luiv. 

CdHob — N o. 2: July 56.35.55.C3 iJC.nili. 
Oct. 59..30-59.JS i5aS0>. Dec. 61.3lWl.35. 
March 62.66-63 70. May CI.7P-RJJ10. July 
64.71WS.1X). O1.1. 04.70-63.00, Dec. 64. JO- 
BS. DO. Sales: 5.55u lots. 

•Gold— July 1S2.D0 iLC.aO). Aug. lvi.M 
■ IMJOf. Sept. 1S5.50. UCI. 166.30. Dec. 
169.4D. Feb. 192.40. April 195.50. June 
193.61). Aug. 201.70. Oct. 2IM>D. Pec. 

209.00. Feb. 211 70. April 214.40 se! De- 
ments. Sales: 5.524 Ids. 

tLard— Chicago loose 23. no isatue>. NY 
prime steam 24.75 asked <24.50 traded'. 

t Maize— July 2471-247 < 247i. SepL 2501- 
2505 125031. Doc. 2531-233:. March 261, 
May 2551. July 266. 

§Platirram — July 23S .00-239.611 £239.501, 

Ocl 242^0-244.00 f242.40>. Jan. 243.50- 
245.90. April 240.50. July 252.40-252.60, 
Oct. 2 o5.7O-2m. 90. Jan. 259^0-250.40. Sales: 
1.192 IMS. 

^Silver— July 519.30 1 524.90 1. Aug. 522.30 
(R7.60'. Sept. 526.00. Dec. ii7.50, Jan. 
541.40, March 548^0. May 558.10. July 

366.50. Sept. 575.70. Dec. 5*9.20, Jan. 
593 JD. March 603.10. May 612.50 settle- 
ments. Sales: 7.500 lots. Handy and 
Harman spot bunion 519.26 1524.701. 

Soyabean^Jnly 690-697 tussi. aur. 6S1- 
6S4 tS73! 1 . Sept. 6464145.!. Nor. 6171-019. 
Jan. 6224-623, March 6291. May 632i. 
Jnly 833!. 

ISayabean Meal — July 176.50-176.50 
f 174.101. Anc. 173.S0-l«.m <'173.90 1. Sept. 
174.70. Oct. 171.50. Dec. 169.00-18S_90. Jan. 
I69J0-I09.5O. March I7L20-171.50. May 
171 JO. July 172.50-17250. 

Soyabean Oil— July (25.241. 
Ang. 24.95-24.90 <24.47 <. Sep:. 25.05-24 00. 
OcL 23.00-23.15. D<'C. 22.15-22.20. Jan. 22.00, 
March 21 55-21 .*0. May 21.75. July 21.55. 

Sugar — No. 11: Sept. 0.<>-(.49 i6.S*». 
Od. 6.79 i6.60i. Jan. 7.25-7 .X>. March 
7.5J, May 7.71. July 7.ML7.9J. S.-pt. S.10. 
Oct. S214-S 25. Sales: 1.075 lots. 

TEu— 554.00-568.00 nom. (504.50 uom.i. 
'■Wh»l— July 325-3251 1326!'. Sept. 

328: (333:>. Dec. 335-334:. March 535j- 
3351. May 332-333. July 2). 

WINNIPEG. July 0. tWye-nJuly 102J10 
flOOJO bhh. OcL 102.50 asked f 102 JO bid i. 
Nov. 102.40 bid, Dec. 102.00 asked, May 
101.00 bid. 

ttoais— Jnly 73JM (72J0 bidl. Ocl. 73.30 
bid (7S.OO bid ■. Dec. 7120 bid. 3larch 
73J0. May 73.30 bid. 

jjBurlcy— Jnly 75210 bid fia.10 bldl, 
I^OCL 75.00 <7S.fl0-i3.10L D>.-c. 75.00 bid. 
March 75.50. May 7S.30 asked. 

SFluuectf— July 235JS0 1 230.30 bltJI. 
Ocl 233210 asked 1236^0 bldi. Nov. 240.00 
asked. Dec. 236J0 asked. Mar 243.00 

rrwheat— SCWRS 12.5 per evtn preicln 
ennieni elf Sl Lau-rence 164.47 1 164.34 <. 

,<UI cuus per pound ex-trarehouse 
unless otherwise slated. * ss per troy 
ounce — 100 ounce loss. < Chicago loose 
/s pt-r I"0 Ihs— Dept, of As. prices pre- 
vjoos dux. Prime steam fob. NY bulk 
tank cars, i Cents per 5G 1h bush>-l «■ 
warehouse- 5.000 bushel lots, t 6s per 
troy otare for 50 at units of 98.9 |er 
cent purity delivered NY. * Cents per 
troy ounce ex-w&rettousc. " New ■* B 
contract in Ss a short ton fur bulk lots 
of 100 short tons delivered f.o.b cars 
Chicane. Toledo. St. tABis and Alton. 
” Cents per 69 !b bushel in store. 
“ Cents per 24 lb biuheL Cents twr 
43 lb bushel ex- wart-house. 5? Cents per 
56 lb bushel ex-warehouse, l,o« bushel 
lots. 'Jl sc per tonne. 


Financial Times Friday July 7 1978 


Gilts sustain rally but equities lose initial gains 

GEC dividend statement disappoints— Shipbuildings lively 

Account Dealing Dates 
•First Declara- 
Dralings lions 
Jun.Zti Jul 
Julvld Jul 
July 24 Aug. 

longer funds, ending i higher in uninteresting session. In the early dealings. Eeeehani modest improvement in profits, 2 included '*■ .T 3p, Rjipy 

* /t u °, aFter another smalt trade the were marked against Cope Sports- unaltered at 169 d FIs* where Waflcungton 4 cncaper at iaop ana a+oi» i«« u . 

-tta.JtsnSUe sMWSJf 2ESSS2S ~ Si- 0 ^ S3.“uS? 

remained il *’= r- 


(.'•enuine business 
slow in stock markets yesterday 
but a small interest produced 

recovery in longer-dated Gilt- . - , , „ .. . .... 

Cflwd securities. The move was ■" Traded uptions yesterday, with 
encouraged by yield confide ni- 

** /COICIUOJ, i«aua 

recorded. The GEC active 

Ubuiauu in a i cau itlcU UhliNCt anu'ib •** m«v< nutic II V" “ . • 

left GR Holdings 15 to the good after another quiet session. SUN NOFtllCm IVliJllJlg ITSe 

at 495p. while IC Gas were aL?o awaiting the outcome of bid dls- 

tiunsT fnTurn J based ''on^anahTsts' annual results generated a useful ~ " ~ noteworthy for a rise of 10 to cushions with an unnamed Con- 

views liv.L the au-horhi^ umiid business in GEC which recorded Proceedings in Electricals wore 3S7p. It. and W. Toothill were tinental group. English firmed a 

siron dv Yes si ■inv fi/nher short- IDS deals, while Consolidated Gold dominated by the performance of again favoured in front of today’s penny to 43p. 

term "rise in inlerest rates ahead Fields and Grand Metropolitan CEC which dropped to 2>lp in annual results and put on 3 

of a General Election were also well to the fore, with active trading initially on dtsap- further to 44p. Scotcros, up 2; T nnA :„„ rv n „ 

Cm id it ions appeared’ over-old 99 and ya contracts respectively. poinLraent with the dividend more to 72!p, continued to reded Loading OllS drift 

in i lie sector, a faclor which gave Rates were aenin easier. BP Julv 

the rallying movement added 750 railing 9 lo 76p and ICI July 

Northern Mining featured 
Mining markets with a jump or 
13 to JJ2f» follow inn a revival of 
speculative buying on talk that a 
large line of the share* hud been 
placed in Australia: Northern has 
a 5 per cent stake in the 

impetus, and quotations over- 330 sheddme 5 to 33p. 
came laie-aflvrnnnn sensitivity io 
svl lie near the host wilh rises to H atll hrflS Tally 
i after the official close of busi- „ . 

ness. The shorter maturities also Hambrus. up / at Ifi-p, staged 
moiL-d higher, benefitin': from B P ar ! ,al 

ihotrjhis about the attractions of setback on fears about the out- 
reiiirns just below 12 per cent. ™ nie °\.' hc ^ksten loan talks. 

Seasonal ill.- tractions and l he » h « A™ 

generally uncerlain economic' today. Elsewhere jn the Bankin„ 
continued to *«« or - m:,Jrtr clearers 

political ^mai ion continued to . c, . e ' jr . tr5 were 

inhibit buyers ..if industrial shares inclined harder while, in overseas 
hill the leaders hardened when '«ue 5 . Hongkong «d ShanghsU 
a small technical demand « er = SSt recorded a 

developed in the absence of any fn u sh 1 ,sC . r,r 'LL? ... - 

worthwhile selling until the , Breweries and 

announcement or GEl's pro- featureless *uh " 

'.Iinin-irv sinlum^nt castle easing 1' to «3Jp on dtsap- 

The * remarks regarding the pomtmem with the preliminary 

ssShSi^f-t g. i&sgg 

rs mss. ssa TTJrirssjssA 

S rin ;Snc :, "lK”j^ n s«MII* * wilSn jumped 19 to 

Slickest ion that the National JljjP on . the 

Union of Mine workers should . 12 ”P casf | ^ rom ..I'lf:_ C . ,OSs ? p ’ J!l e 

resist alone, if necessary, any l? Uer " c ' e 
e\ten*ion of the social contract. Elsewhere, 
caused further slight easiness and remained 
many coii-nlucnK of the F.T. 3D- stimulated 
share index returned to over- trading statement, 
nigiir levels. \ n S- ant in; 

Various views arising rrom 2 to 40 p. hut 
Swan I It inter's 

terms at <v used 

After an early flurry of activity. Ashrnn joint venture in Western 
trade in Oils petered out with Australia. 

iubscquem disinterest leaving Nurth West Mining, which in 
Shell i easier at o4op. .Unencan j unc WM granted three large tem- 
mfluences clipped S from British p orar y reserves in the West Kjin- 
Peiroteum at S£!p. Light selling beriv field. a | so amp j n f or 
left OH Exploration U easier at speculative support and closed 5 
E’OSp. but Siebens (UK) hardened higher at 27p. 

4 to 336p. O n the other hand Base -metals 

Simc Darbv featured Overseas tended to drift. 

Traders with a rise of S lo flip A us iralian selling lowered Mount 

on some sizeable buying orders Lydl t. to 24p, while fears that 
Trom London and the Far East Japanese steel nulls will reduce 
Ocean Wilsons hardened 2 to Sap iron -ore imports and demand 
on the chairman's forecast of a lower prices prompted a fall in 
further increase in dividend in Hamers ley oT 10 to 20l)p. 
the current year. Harrisons and A Sl.75 decline in the bullion 
Crosfield rose 12 to 475p on invest- price to S1S2.623 per ounce fpl- 
n?ent demand, but consideration of lowing mild disappointment with 
the full report resulted in a fall the outcome of the latest Inter- 
or 7 to 373 o in Janies Finlay. national Monetary Fund gold auc- 
tion. coupled with a further easing 
Although business remained at jn the securities rand caused a 
a low ebb. Investment Trusts setback in South African Golds, 
were better where changed. Press U.S. selling was reported in the 
comment directed attention to Le after-hours' trade and prices 
V all o net which hardened 2 to 33p closed at the day's lowest, 
for a two-day improvement of 4. Heavyweights fell by up to ■ as 


FlEftl Inlpnftl ....... 

I [bluet nil 1 Drill nary 

Upr|. Hir. Yieiii 

R*mlnga.¥ 'iit't ■tn ,| i | ‘ 
IV'K lUtlo lilt-1 it" ■ 1 

Healing* miirV-il 

Uiimcr lumoier fim . 
Kqnity hargnm* 

"July ii . 

"j.iiv r 


5 r 

July 1 


i'J ; 

Jmiti 1 





~89 62 


. 71.28 



7) 47- 





453. r 


AtO 8 

457 J 




158 4 
















■ 7.49 




. 7.61 


■ 4.19S 






! ! 






441 4 
3 26 
13 93 

- ! 11.94a 11.9381 11.699' 12. 963 1 7^74 

111 am -15J.4. 11 am 4.»#.3. Nui'u 4ii.S. 1 pm 434.1. 

■i am 454.1. 3 nai 4aC.u. 
l lllrst Imtal 01-246 S026. m 

■n.vscJ no 51 per mil tumuralion us. t N'lsi-tj. 

Basis 100 Govt. Sixs. 13/tD-gil. furil InL l» 2 S. Ind. OrJ. L. 1 *. Cnlil 

UUW-& u. 9 55. Acuslly JUIS-tU c. VM4. 



July I July 

iHm. Sen... 

Pixel Ini... 

luj. Or-E... 

UiiM U mi". 


— hai*r 

68.79 i 127.4 
W’l'Sl 1 j9rl jfij 

70.75 ! 150.4 ! 50.63 
ie.m !TJS 1147c W-I.iol 

453.4 • 549.3 49.4 

150.3 442.5 45.5 , spn-uLslivi*.. 

.^■Ii i »2Ct'iVPM.« lO i’ll | li4ai» 


l-Uj li'niji 


140.2 ! 143.1 
140.4 ; 164.8 
44.9 1 55.1 

9S.6 104.2 

146 4 149.9 

150. b i 150.8 
55.0 33 5 

99.3 , 99.9 

nriiion.ili-alii'in candidalc*. Swsin 

. ... . Zandpan 

s compensation luck of demand clipped 3 from News of the agreed nationalisa- afiea “ of next Wcdncsdav\% Carpet shares made the running South African Financials 

early enthusiasm May and Hassell at SRp and 2 tion compensation terms for Swan expected report by the Hoyal in Textiles in the wake of the mirrnred Golds. De Beers fell S 

for bolh Shipbuildings and other from Barratt UevcIopmenLs at 99p. Hunter enlivened interest in the Commission on Gambling. announcement of a substantial to :)S9p — a three-day loss of 

After n further contraction in Shipbuilding sector yesterday. Dowty figured prominently in tracing recovers and on increased around 17 — while Anglu American 

.. . * ‘‘haw which closed 5 and Union Corporation were bolh 

Homfray moved up 4 easier at 322 p and 274p respec- 
nmnerous gains of lively. 

of nence upon balance -nil- m- r — - —v ’ 

Store leaders 


Corporal ions 

almost matched 

the improvements among the altered after a 

were rarely T£o?&£ 

quiet and _Vo S per. 1 ^.recorded gains but Jonas So^dhead easJd 3 to 


July 6 

Week ago 

Month ago j 


Danish A.l per ton 




Briii'h A.l per ion 




Irish Spei'ia! per ion 

i ns.-> 



I'l.-ior A.l per lon^ 





per hs 

12.31 12.62 

12.51 12.62 

rnulish per ewli 




Danish salted per cut* ... 

73.US- 76.72 



X/. per irtnn»- 




Envlish Cheddar trade per 





EGGS' { 

I (onte-nroduve: ll 

Sire 4 



2.50 3.40 

Si/.e • 

4.2o 4.70 


3.60 4.50 

July 6 

Week age 

Momh ago 





Se**Mi'h killed -ides ex- 

KKCF '39.o 

56.0 50.0 

53.0 57.0 

Eire forequarters 

Hj.O :js.O 


30.0. 32.0 

! i_\Mr. 




34.0. 62.0 




50.0 ■ 52.0 

PORK (all weights) 

35.0 44.0 

35.0 44.0 

36.0 44.0 

POULTRV — Broiler chickens 

30 5 39.0 


35.5. 3i.a 

* London Eqy Exchange 

price per 

120 eggs. 

t Delivered. 

1 1 navail.ible. r - For del i very- July 9-1 fi. 

of 13 and 12 respectively, while ■ - 

Laird Group closed 4J dearer at * 

SOp. Vickers were 3 firmer at 
171p. Apart from Tubes, up 4 at 
342p. Engineering majors were 

statement The announcement 
that Manchester Garages and 
Oliver Rix were involved in bid 


rarely altered. Among secondary created a fair amount of 

issues, Williams and James firmed uMcrest: the former closed - 

Noteworthy movements were 
few and far between in Foods, 

Cullen’s Stores attracted renewed substantially reduced earamv. 
speculative interest, the ordinary* 
and “A" ri<iinK 5 and 7 respect- 

Vickers, English Card Clothing, 
For London and Northern. J. Lyons, 
Settle- English Property, UDT. Fluidiire 
men! and Ladbroke. Puts were done in 
Oct- 10 Burton A, Ladbroke Warrants 
Oct. 24 and Grand Metropolitan 

First Last Last 

_ Deal- Deal- Declara- 

iT"to TSIp following the proposed l? arder ®t 3fi ^P f he latter 1? ings .^SS tion 

rights issue in convertible firrner at SlP- Caffyns reflerted July 4 July 1/ Sep. 28 

preference shares. Scattered the caution expressed in the full Julv 18 July 31 OcL 12 
buying interest prompted a gain report with a reaction of 4 to 114p. Aug. I Aug. 14 OcL 25 Nov. 7 Warrants, while doubles were 

of 3 to 78p in British Northrop. Bra»d eased 2f to 38p on the first- For rate indications see end of arraaged in Compton Sons and 

half profits setback and Colmnre .Share Information Service Webb. Lee Cooper. Boyce, 
Investments shed 3 to 35p on the Money was given for the call in Burmah Oil. Westland, Orrae 

Currys. Burmah Oil. Westland. Developments. Vickers and 
Leading Newspapers softened in Coalite and Chemical. Centro- Ladbroke Warrants. A short- 
another meagre trade. Da By Mail vlnclal. Lonrho, Beil way. Energy dated call was transacted io 
ively to the common price of 125p. A eased 2 to 303p following the Services. Status Discount. John Brown. 



The lollowino sccunfic* quoted w the 

Shore Irelorm jtia" »c«cr<Uv 8 rad«MU 

attained new Hi-Jhs J"d LOrrt lar I97S. Culhrle 

NEW IUGHS t71) e.r.c.o. 



BANKS <2> 

HK & Shanghai joteoh >L-> 


Breeden Lime Downing <C. H.) 

Brit. Dredging Wettcrn Bra*. 


Bakers Stores Laa.cs Jnih 

Bamders Ramar Text. 

BcntalU RavbCSL 

roacr Bros. Time Produce 


Cray EIcc. fnc-rdv Scrvs. 

Anderson Slrathclrdu ErtUro 
Clifford iCh.) Mire hell Somers 

FOODS 1)1 
Cullens Do- A 




Assoc. Spravns Imp Cone. Gjs 

Diatom* Invs. Sutcliffe SpcaLmafi 

G.R. iHIdgs.i Swire Pac.hc 

Hutch Whamp 


P lax ton's Manchester Gar. 

Kwlk-Flt Rl, .Ol.vcr) 

Hanger Invs. 


Black ia. and C.« Bnsui Pgjt 


HK Land L<>na Lease 


Allied TrvtUe Seven Inti. 

Carnets Inti. sn.iw ca-mrts _ . . 

MonDort Shiloh Spinners British Funds . 

TRUSTS. *18). Cerpns. Dnm, 


Harrison Malay. Lath 
Kuala Kroons 
MINES «1) 

NEW LOWS (25) 


Can P.tohe do:Dh. 

BANKS til 
HKI Samuel Wan. 


B.irratt De,. Gough Coeoar 

Belt Bios. May Hassell 



Laurence Scott 

All.-n >F.) Baliour Llovd iF. H.) 

Bailey iC. H. I Nmmvan- Tonka 

Bristol Channel Vfhtssoe 

Macerthys Pharm. UKO IMI, 

Thermal Syndicate 



PAPER 11) 

Wadding ton O.i 
„ PROPER7V <1) 

Second City 


Common Bros. Rearoon Smith A 

Hunting Glbjon 

OILS i3> 

CCP North Sea Ciulf Oil 


Alliance Inv. 

Berry Tru.l 
Crescent Japan 
Estate Duties 
G.T. J.ioan 
Investing in Success 
Jardm j.ioan 
Jardinc Secs. 

Le Vallon.;: 

Slme Darbv steel Bros. 

Monts Inv. 

Oulwich Inv. 
hco: 4 Cont. In.. 
Riqhts Jt Issues Cap. 
Tnnunc Inv 
Challenge Corp. 

H»» Par 
N.ooon Frl 5tq. 


Up Down Same 
70 — T 

Foreign Bonds ... . 





... 27b 



Financial and Prop. 

.. LU 












... 12 



Recent Issues 





... 525 

•M 1.454 


■ No. 









marks price ip) 

on day 



HK & Shanghi Bk. 






Swan Hunter 




+ 13 



BATs Defd 






Guthrie Corp. ... 




+ 15 







- 4 



Royal Insurance... 



. 343 

- 4 



Shell Transport ... 




— 7 



Barclay/. Bank ... 

















- 8 



Burmah uil 




— ■ 




25 p 



- 1 



Marks & Spencer 







Midland Bunk ... 




+ 5 







+ 2 



reflecting recover)' hopes, 
J- Lyons hardened 2 to 83p for a 
two-day yain of 5. W. J. Tyke, 
however, reacted o lo 40 p in a 
restricted market on news that 
the Pyke family had sold 3721 per 
cent of the company's equity at 
30p a share. 

Motels and Calerers remained 
out of favour. Warner Holidays 
“A" gave up a penny at 33 p in 
front to todays preliminary 
figures. Against t Iierten 
figures. Against the trend 
Myddlcton gained 7 to 232p on 
small demand. 

Thermal weak 

Miscellaneous Industrial leaders 
closed little altered arter making 
a half-hearted improvement in 

Next to the Buils.Bears 
and Stags 

7000 sq.ft of offices next to the Stock Exchange, 




Chartered Surveyors 

33 King Street, London EC2V SEE Tel: 01-606 4060 


C - "• : V; 


IS Rail Mall. London SW1Y 5NF 13:01-930 9731 





I'll A 1 . 1(1 


: |.ri.-e 

Viii-lii 2 

• liter 





C iin in j 
• ■fler 





.- 7 SO 





fc 25 p 


800 ■ 


. . 


- . 



850 ■ 



. ii 



i 900 






Cum. Cnlnc 

| 140 ■ 



■ 9 


J 4 


14 Op 

Com. Umnn 


l S 

4 . 



Pub. liolri 

1 160 

1 ? 

J 5 

' £4 



175 p 

L,m-. Guki 

( 180 

2 'a 






Court* ii Id* 

. 100 



181 2 


2 U 1 ; 

113 p 


I 110 







! 120 





8*2 ■ 




, 130 



.- 1 - 


6 i» 


17 KC 







1 257 p 


, 240 


1 « 

: 28 



C, EC 

' 260 





i 7 


i 280 






Gran.! Md. ! 100 

3*2 . 


8 ' 

121 ; 


; lOlp 

Gnin>l Met. , 

i no : 





i 0 


ijrand llel. 

' 120 I 




41 + , 

46 1 


330 : 



. 43 


■ 48 

8 , 

362 p 

360 | 

6 i ? 


; 19 


• 27 

5 1 . " 

IV 1 

i 330 1 


7 l t : 


17 ; 


420 j 



212 ■ 


5 | 

I*m .1 Sec*. 

180 i 

2 ? 

; 28 i 


32 • 

- 1 

202 p 

f^iud !».y. 

200 I 

4 !j 


I 1 - 1 ? 1 


i 17 

lyilld Sc—.. 


— ( 

1 4*2 • 

81 + ' 

Murk* A i$|.. 

120 ' 

23 - 

14 . 

28 | 


• 30 

143 P 

Mark* \ S|ij 
MjiHv x 

140 ' 

41 ; 1 

6 1 

11 '; ■ 


I 181 ; 

- 1 

1 HO : 



500 | 


io ; 



_ f 

- 47 |i 

shell : 

550 : 

61 ; • 

JO ; 

26 ; 


• 44 


Ta 4 na« 1 

600 . 




9 ■ 



. £0 

134 . 




If 'in* t i = x 

rn-- =— §?- 

• = J High 


V 4. -ii 


r.i*. sO.b 


o Unuiu'l(,.. 

.'4.a .a.l' 8.0 4.5 

1 jO 

t.e. 3,7 


l-J Kiinilhenn 


<-2.64 3.C 2.4 16.9 


l-.P. ! — 


.ia 'ITwinii- Pn 


;^2.0 2.3 8.9- 7.4 


! <5 ] Hijfli J liiir 


1 «!J I 
J = * ;+• or 





I j* 10 
100|»; K.l*. 
CIUO i F.H. r.i 

l! !C85 
• * F.l*. 

■ ■ ; f.i*. 

: 109 ■ 


C98--, L£5 

128/7 | 
\£JM I 
7/8 ! 

1 16/8 

■ 59 7 . 
!ia e i 
'21.-7 ! 
217 . 

21-7 . 

I 9 

£U)l e 
lu»|. 1 

*i r : 








2$p i All if l Lwilier9» 1‘rei ' 88 p ! 

Ulnuihrl Itani. IMI I 50 U ! 

»« «.*i,v. I4r*— PJ _.i 6 pin 

£10T«iKuC Anglia W«i«r 1% Tlel. Prpf. 1935 L* 10 S« 

lv’l|. [befit- 1 *.- I'm Im.i.intcclL’^licauiiiKiimFrerlOtiP' 

Sf-f igl kitinlmrRl/ li ily -Jt ■ Tai. ICnS-r 1*4*5 99 * 1 ! 

y7>, | fr,r.x TV»Mr i% lt«ii. Frel. [*-5.^ ; 981; f 

C5la Fa-Vnlcc 13^ W, * S5I;* 

0*1' -tH I I'li Jins- Ivi. Pn .1 _... 98|i 

lOfilsM. Miner. I\, lit t‘n-1 108*1-. 

l*>-*|. Im* iiimui l*u- II’’ fid. 10V | ■ 

!Sj|:!«Iiiim)IM. H'^lii.riVar. I.'hIh 1,*^ 1 . JUt." 99»;' 

h 1 .mill! Ihl.qi.Au u* c llv. 1 . l^l ■ 01 , 

d .S'Ulli. ItiiT-iiif ll«-l. lir-„ 9>4 

>'l*i l'\ Mi- * « t-ii 1 ^- 1 :. . l^-i 48t|- 

l« Uh»I Kflil iv*l<r li* IW", l-vh ^4 

+ '4 




: 1 

Is^ue . = I 
Fnwj £3 
p: 1 <£ 

48 | F.P. 

28 | An 
21S | Mi 

141;! Ml 







a r i Riai> 


L.‘w I 


IClliMDC .1+ hi 
1 I’rtw - 

I P- 

Kl\ ■ 
Ai. : 
Ni. j 
95 1 X|i • 
0S . Ni. , 

7/7l 18/fi* bS I t4 |BriKah Tar Pnr»lLCL> . 
18/7' 18l8j JinivSlgiiin l)rr*yLt'T<»>i Kne— - 

— I — jStyiiwi 1 4pm ! Dartnn;iurh lors.... 

— ! — !2i2iini;3Jjiiai'KibWH.-k-Hi.pi^r 

7l7l 1B/8 !(M 93 lUrnheliy 

14lT; 4lB| toilin' I pnvHfnlyi. 

5*7 1 28/7 42a|iuil38(pin[f].viiMn il.A fi.i 

14/7J 4/8 ilpm] tbpm rticli tncemL" 

7/7- 28/7 113 : 102 <kcti tn L -. 

17/7 25/8 ^*|irti liplii jmirki.i l.iii.u[. 

17/7 25;b 2i|iw IPpin !*»•• A. N V.... 

17, *7. 25'fc jaiim ISidii'hci-iiMt.i srvniii^-.. 
17,7 25, 8 15, |... m., A. N V 

54 I 


I 4 14 pm j 

1 21 ; pin 

! 95 !+l 

10pm! ...... 

41 i 

,\ I5iun'— I 

• 2 l;nliil 

! 109 '-!» 

: I9|.p:. 


13|iin. .. . 

Rciiuneiatinn rtary usually Usi flay Mr fl?alint tree ol slump rtiity. r. Fl«iir*-s 
lawn «ii oririiw/isud (Siihgi.;, ■j A-sunied ilivutcnfl a rut yii/W n Forcrasr iiiciflnin 
<iBV«r baswt an ur*r.«j«s ytrti‘4 aurulUnE. r OicideM awl * u-fct b3w4 on nrasi>cc(u& 
nr iMhti Mu-mi '■slmui.-s I6r 19i9 vGrusy r l-ifiurtrb js.nimrn lUnnr, 

lor LOiuvraicm at shares nut now ranking for dlTkiend or ranking only for res/ncred 
iicAkiiik * Flaroi^ linn/ m puhne p>. Penn* unli-s> oth^-m ib..- ni'fivaicd. 1 , Issiutf 
5v lendiT. 1,‘Oili/iTd 10 hakWs of Onlmary snares u* a ■■ nghts." *■ lss>i-->1 
by wd> of caaiiaiisKilon. r* MmUnum lender cnee, |} RemirojocccU IS Issued 
in I'Muiircnon wilh rtforgamsdtjon mnrsi?r or laks-otcr [l,| Inrrwiucnnn. □ issMd 
10 former Pn/fcrencr holders. ■ AJlaimem leiiers tor fully -paid). # FronshBiB) 
or partly -paid aBonnect leunn. •* Wtm warranu. 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 



July 6, 1978 
















Fiftires in parentheses show number of 
stocks per section 














• AlT 
at 34®o/ 

• Net.* 






















Building Materials 1281 























Electricals 115) — — — — 






















Mechanical Enjtineerintt*72>.. 





7 02 






Metals and Metal Formingflfit 





















192 51 


LL Electronics. Radio TV« 15) 























Motors and Distributors i25) _ 





120 74 







































Entertainment, Catering f lTj 











Food Manufacturing |21)., — 










169 92 


Food Retail) nc(15i 























Packaging and Paper(15.i 














11. B9 





ISO % 




Textiles <2S) 













































Chemicals (I9i- - 






273 JO 







Pharmaceulicai Products »7)._ 

























396.6 2 


405.6 1 




Miscellaneous i55i 







197 06 



173 24 










177 64 


























154 S3 



































Hire Pure base (5t 








Insurance (Ufei (10) 


















m 17 


Insurance Brokers 110).-. 











Merchant Banks H4j 







76 99 







47 23 






Miscellaneous i7) 












Investment Trusts >50) .... 












Mining Finance <4) 

97 05 




6 70 


97 71 


97 80 



LHerseas Traders 1 19> 
























British Government 

Under 5 years* 
5-15 years 

Over 15yp are _ 
All stocks 
















jd aitj. 

xd adj. 

to date 







Br. Govt Av. Gross Red. 










T 1 

l^w 5 years - 





Coupons 15 years. 

11 A1 


1 LS2 


25 years 









Coupons 15 years. 





25 years. 





High 5 years 





Coupons 15 years. 




25. years 










TIiiiij., lul^C j 

; i 

MV.I. ! 
July J 

«• f 






Friday , 


[ Tliiiiy. 
i June 



IV’ul. j Tiim. Yinr 

J iiini | .lii'ii; | m*;i> 

JS ; S7 l*|i|inixi 

1 ; 



l V if Id 1 

' '* J 


20-yr. Red. Deb & Loans 1 15 » 


1 13.10 

56 64 



57.31 ' 

57. is] 

57.25 57 25 : 

54 19 


Investment Trust Prcfs. tlo) 



51.62 ' 




51.39 ; 

61.38, 51.38 i 



Coml. and Indl. Prcfs. (20) 



70.34 i 


70.48 j 

70.56 . 

70.69 ; 

70.68 j 70.68 | 


t Rcdcmpllro yield. Highs' and lows record, base dales and values and constituent changes are published In Saturday 
isincs. A new lln of the consutoenu is available from (be Publishers. Die Financial Timas, Bracken House. Cannon Street, 
London, EC4P gBY. pifee I3p. by post 22 p. 

INDic E< 

* FOR s 97f 

Financial Tim es Friffay July T 197? 

INSURANCE, property, 
_i. BONDS 


Abbey Unit TsL, Mgrs. ltd. (a) Garhnore Fnnd Managers * falfg) Perpetual Unit Trust MngnX.V (a)' 

Abbey Life Assurance Co. Lid. 

I 3 SI Paul's l'hu Khvarrl. ECU. 01*. 

E«tuity hund. ... 13* 7 ’ 
Arc jo j 

PrnpM*' Kci .. IQ £ 
Propcn* Jit . 15*7 
SrliH'ii\r Kunrt BBS 
iMw-rXible hund 130 » 

VMnnet Flint! 
rrn* rrnp»nf 

Sri nil I* _ 

Ppii« Srr U f|( N 
rrnji Slim-iccd 
"ii* Kqniiv 
•lYnp h'rf Srr 4 
•Man Yri s* r 4 
VKqillfr Krt Ser 4 
*• «»n» hi! Si>r 4 

G«e"l Fortfelio Life Ins. C. Ud* NPI Pensions Management Ltd. Wff&r-P * 

MS !! U CU , W4 “lS n B Cn T V 3 ™ 1 ^^hBU^NroiW AbbtyCmlu 

■ - PwSlloCaBliQl* Lit U5# oaoJ “* Fund UW 5 354.71 . . I _ Allied Hamb 

' ~ ESZt£ aU ^ " " PrU ** JUlr 3 Nett dBBl “» *»»* ** Hw*ro Hse . Hi 

.... _ Ores aim Lite Ass. Soc. Lid- « 01-588 ani or 1 

• ■ — = Prince or Waits Rd, B'nwuih. IBC 767SS5 „ „ ~ aI n “ ,ns ' C ®* <L.K) Ltd.¥ , 

' ~ ill*. Cash Fund MS 101« . .. 1 _ « »'0«Bd Home. Soul head SS12JS 0702 S2855 

73-80. Gatehouse Rd. Aylesbury 02 
Abbev Capitol. .1313 33 4*03 

Abbey Income . _.B*.2 AO 3 

Abbes Inv. T«l Fd. [35S M ll + 02 

Abbey Cm. Ta |«.o «.q*0Z 

Allied Hambro Group* fa) ig> 

Hambro Hsr . Uutlon. BrftilMOd. BucT. 
0 !-588 2831 or Brentwood 10777) 2114S9 

0208 !W1 £<S.,UvyAxr EC3A8BP. 
Oil 433 iriAjnerlcanTK. ... 279 
j 594 RritishTrt fAcc.i 344 
oa 429 Comioadilr Share. 16a 7 
0 2 4.20 EUralncwneTa _ __ 

(?) For Eaafc Tro*.. 376 
{> High Income Tit. 575 

Income Flind. 714 
1450 Ira Aseocle*. - 13 38 

InU £5,«np< Fd Ol 
mind TacArc.i 

172 8a -in 
25 0 

404 +07 
61.5 +01 
76.1 +0 7 

01-3833531 48 Hon Si, Healey on Thames 


174 4 113 ‘ " ~ I- Kfluily Fund .|»S5 lUftj i” I — 

83 6 ul ■ — G l_ liill FutiH . (1091 114 1 _ bl»BlH.o*F4 . 8».l 

136 3 143 7 " — ni.lnUKund .1184 124 «.. _ TrohnpHiBYFd. ...92 9 

1744 lif b “ “ G LPpiv Fund [966 101 5| .... | _ Estra lnr Fd. *7J 

W7 J ill! ■ - cp0, * h * Sec. Life Ass. Soc. Ltd* SESW 1 -: !jio73 

1315 1385 " — w «ir Bank. Enay.oibTfcanire Berkv MBS-343M J:‘N Edced Fd. ... 1835 

35 7 35 5 Z FlcsiWr Finance | CUM I .... I _ '-“n. Deposit Fd— J94A 

twJ ini ‘ “ Land bank sc ? am 114 Z Norwich Union Ins 

alUUHMi nnemt 1+ Tu«I w G * S Super Fd | £7.804 \ .... [ _ PO Box 4. Nowrfeh NHI 31 

ssnrance Co. Ltd. J nW J lto RoyaI 

Si W 1 - niJT-sa® ^" ,Cxrh 4»ee.E.C3 01-2837107 Proprr+rFuod _.12B3 

I17B 6 ' m „ Property Bond* . (176.9 0*4 . . ( - t,'*** 1 lot Fund .... 150 0 

b?? S3 el 3 Z Hambro Life Assurance Limited f w°Snj- j”?:'i's''' ^ 

Small «: o'* F4 - 87-1 

Tcchnom [TV Fd. .. . 92 9 
Estralnr Fd. .. 87J 
■Mnerlran Fd— ... . 985 

bVnney Krl s, r 4 JlWJ jb [ 

I rti e*. si July 4 Valuation nnrmi 

1463 — 

91-7 -0.9 - 
97 8 -0-3 ' — 
919 -1 1 — 

103 7 -13 — 

112 9 _ 

108 9 — 

1017 +0i — 

Allied 1st J4J.4 

Bnt Inds- Fond .. to* 
Grib ft loc . _ , 35 8 

Elect- ft Ind Oer 325 

Allied Capital [494 

Hambro Fund 1I» 9 1079d+02 

j Hambro Acc.Fd.....|lM6 12Z.71 *0.4 

| Income Foods 

! High Yield Fd.. — TMJ3 73.8 -01 

High Income foj 67 3 +0.1 

AH.&6lnc. IXT.T 40 5 

i latemaUflasl Fundi 

! lateraaii-onal _...12i.4 28 3( . ... 

Paeifie Fund W4.7 50 fl ri)J 

Seen. Of America. .153 0 56. 7 d -0.6 

U. S3. Exempt ♦. . [%g 101^ 

Specialist Foods 

Smaller C».'aFd....[34.9 37%d j 

2nd Smlr. Co's Fd. . 43 4 465 J 

RDcmeryStU 82J MB *0.1 

Met. Min. ft Cdly _ 403 43.3 

Oftrtcai Earting*. H.6 59 5d *0.1 

Expt. Smlr Cos 6 2176 229 4 +03 

678 +0.1 
644 Mil 
383s -MJJ 
34 5 +01 

0 10 FpeftialGp.ijih ... 1 39 1 
269 Piccadilly Unit T. M, 

SS Extra Inromr . 1284 

Small Co’s Fd . 963 

So* Capital Fund . *13 
2g Ini &n\ ft As+efa. 49.7 
?±£ Private Fund' . 33.8 
Aci-umlLr Fund S#9 
JJL TMhndlofirfund . 53 1 

«Z0( -0B| 339 

Men. Ud.v ( alibi -* Ti > ulhBOt Securities (C.LJ Limited King & Shauaa Mgrs. 

.Jontt.llwe -JM,™. PO. Bu\2M.Ft.Helirr Jirrsev u 534 72 3 77 I I'harinc'.'row.Si Heljrr ler«e+ iiKStlTJTl 

law vvaiiKZ CTOUi 4 ; < ip t Xrt.iJrniO' J (1160 120 0) .1 417 Valle? Hm-. St IVler Pur;, i.raw »04S!i 247 

: ^5 , J™ >ie\t rienii nt: date Jnl v IB. I Thomas Slrrci. Iienclas, ’•> V ii*E4iM 

i mat! In? (1180 125.0J +2.01 3.00 lijll Fundi Juris?* |3M 8 95d .. . -> 12 £ 

T «S “22 ,E Ne»l yol. Juu 3) liill Truol 'I o 3! i 1041 106 7 i 3 . j 12( 

.8 363-0 4 450 Australian Selection fund NV . J*' ,! ! J** ' Juprn, ^> * JJ 936| . ...| «.£ 

630 -0-i 
573 -0.; 
296c . 

24 Ec — 0 ; 

Albany Lire Assurance Co. Ltd. 
2> '»ld Burlington Si. w i. m^r 

* Equity Fd Arc I17B 9 B8 21 + 1 31 

j .. .. | __ '-“n- Deposit Fd— Mi 10L7I +0i| - 

7 J ;■ '"I ~ Norwich Union Insurance Group 

\ Z‘.‘ l — **0 Box 4. Nortrteh NHI 3NG. 088J2 

08 2 +1.31 . . 

. till 1451 +11 "»“»• “ uir nssursim a 

•mil Mnir^d^ro 1054 nnS +12 — 70w p,rh Urn?. London. W1 Ot-tOOfKBl 

fithpk" a" 10 im'2 mStJi — im.Dep.. — 123.4 l»0|+0.l|_ 

JMplelny w ' Jgj SSi ill - goutty. 172.9 oar ‘ J 

Enuiii ITn K.J Ace — . UU ™.' 

ixrrt T Prn Xi-r 1738 Salt? — Manaaed Cap ... . 1373 J44J 

■nn Mon iVn Vc 129 " i«9 IdJ “ Uanaged Acc - . 1698 178J 

IntlMnl'nFdVr ini if?? ,1 “ °n!r»as 118 0 134: 

Prop ran a," ma ijii ““ RtUBdEed . ...Z 1233 - OO: 

" ,p k ,n ' r - h97 1 ;ii| z ftEPfSfcJSSm- ■ 1277 iSJi 

A “T ace w faswrer.^ si 

^(ma JUL. Rclcatn. R«igalr4010L Pen. Prop 4ce .._. 261.4 27S: 

■ IP 1 -* 138 91-021 — Pen. Man Cap. 201 6 212J 

PO Box 4. Norwich NHI 3NG. 000122200 

Managed Fund . ..1207.8 21171 +0.6 — 

Equil} Fund 3S1.4 348 8 +0 1 — ' 

Property Fund _ . 128 3 135.0 +01 _ 

Fixed InL Fund .... 150 0 157.9 +1-4 _ 

Deposit Fund 105.8 HU +IU — 

Me Uni: June 15. 208.1 — 

Riully 172.9 

Property 1623 

Managed Cap ... . 1373 
Uauged.Vcc - . 169 S 
nrurseas 118 o 

Gib Edged ..._ 1233 
American Arc ._ . 96.1 
Pen.F l.Dep.L'ap _ 127.7 
Pxd F.f.DejaAcc . 149J 
Pen. Prop. Cap ... HJ2.9 

1820 -04 
179.9 +01 
1*4.8 -02 
1718 -03 
1343 -05 

a.. ...IH3 73.3 -O il 

If S3?! 


I — 126.4 28 31 . ..J 
Rl7 50 fl+oi 

ST-.'IB wla 

| S Gibbs (Aatonyf Unit Tst- Mgs. Ltd. Technology Fund [53 7 57.3 -U. 3 

548 2aBlomfteldSUECTM7NL 01-5084111' 1 ? w:EBS,f iL' a '* 25 SS '-J- 
513 |i)A<7 Income- . 1414 4431 I 840 American Fund. .|238 24M-03 

S3 E£g a 1 Vi ’ • ] ojo Pracl ' cal lnv ** Ca Lr<L ^ IIIW 

*69 Dealing -Tuea. tlWed. 4 ■HBloMMblU?'Sq.WlA2R.\ 0I«3 

Gm*a+n* • - SSXS=m l aa.-- 1 

I'S T7,Loodon Wall, EC2 01-5885620 

]N S'hidr.JuneM..... 038.9 145.51 1 3.93 PT07 inciil Life lay. Co. Lt«L¥ 

Da Acniin Unit 165.9 174.9| ....^ L93 222. B (shops £ si e. E.C.2 01-347 

. >UXl dflllDi; dev Jufv 14 II.U. IMM rnm ml nil 

25? Marker f'pporlunitm. «• u m+h You ns ft 

i'nS t ‘“tbvrait+ 177. Kent s) . 4\rinc^' 

•JH LSJISb-rr* - | SI-S155 |+ft03| - 

i7B N« A«ft Yalur JUlr 6 

44 Bloonubiux- Sq. WC1A2RA 

PrsetlcalJulcS 11593 159 T] . 

Acc lira. Units [2126 22S,8j , ■ 

AMEVMcil-B' ' 1103 17fc: 

-MRVMgn+yVd.. 1«0 110 i 

*MEV Equity F d..W70 1121 

JJJgJ. J^inttnt. 903 W.i 

JME\ Pixip fd. 972 102.1 

'MEI Mjrd p+a Fd. 96 7 161> 

4MLV Mgd Pen -n‘ 97 4 1021 

Flexiplau. -.[96 8 xn.1 

Arrow Life Assurance 

10. Uxbridge Road. W 1+ 

5*1 -Mk Fd Cp tint. 182 9 >7: 

A+mhFdsTlInt.BlB IMt 

P*n Mrd. Fd fiq. [ll54 UBS 

r*n Msd Fd —FI [liu 111] 

110M+01 — 

U2 g -oil — 
9s.a *0.1 _ 

102.3 . . | _ 

Pen. Man. Arc - _ 
Pen Gill Ed g. Cap.. 
Pea Gilt Edg. Are . 
Pen. B.S Cap _ ... . 
Pea B5. Act .. » 

Pen. DA F Cap 

PeaD-AF Ace._. 

Pboeubf Assurance Co. LML SmMUerCa*s«.-.g9.f 

4-5. King William St. EC4P4HR- OIA28BST8 Sx 

gl-hhAm. poo 1 _ SKEftrdiVZSj 

is-aetTj. -.tu «.3 :: J - gESKgantef. 

Prop. Equity £ Life Aks. Cp.? Anderson Unit Tni 

1 IP. Crawford Street. W1H iAS. 01-4S608S7 158 FenchurrliSl- EC3M t 

asasttil ns' rill r "■—“•T.— I" 

Flex Money Bd. — l 1490 l +0JJ — Ansbachcr Unit Mg 
Property Growth Assnr. Co. Ltd.* 1 N ' 0 ^t_ TCV 7JA. n 
L*on House. Croydon. C3t9 1LU Ot -680 0606 Fnnd l 3 ^ 

7= S-hUr. June ...... 138.0 145.51 J 

^ Da Accura Unit 165.9 1W.9| J 

Next dealing d*y July 14 

too Grieveson Management Ca Ltd. 

SflGreshnraSt- EC2P2I1S. 01-MI 

*■“ Barrington July S.. 2008 ZU3t ( 

lAreum I’nlw — U7 6 227 3 ” ‘J 

** Blnj.H-Yd- JnlyO. 1711 lBOffl-LH 

5.12 lAMUBLUnltji. .. 197.6 207.3 -ill 

6.14 Ettdea* July 4- -2D23 211.H . 

Bant of America International SJL ?>. Kenrhiirrh M 
35 BoulriPcd Koval. I.iuemboum till Eutuveu lux. Y 

39 71. I 440 WIdm»*«.l iBrnnie (P -inn lMfSd . I 7 80 l*i»eram-> Inc . 

2S,8| . ■ | 4.40 Pnrm al June 20. NrM >vb. iky July S. t>a. Arciun . . 

. Ltd.* ® n ^ of Lndn. & s. \merica JUd. KsintL Fund 1 

OI.547 five* 40-86. Quern Victoria Si . t5. 4. . UI-03OJ313 KBJapdnlunl. . 

8801 -031 310 Atemadat Kami |Sl ,< 68 — I+Oilj — f s i,wih l-d 
S3 D i 756 ' Net a>»el value Jiime 28. Ni'icl Bermuda 

RBE0>erySl> 182.3 MM +0.S 6.14 CMlePJW*- - 2D2J- 

Jte. MlaiC diy .NJD3 43.3 531 lAecum. L'nitsi. - 7 

Ovaneas Earning* 55.6 59.5d +D.1 4 71 Gractatr Jtui*ao... g9 

E» PL .Smlr. Co’s 6^217 6 229 +0J 524 fAerura. UnjL«>. 976 

LaftBrals. July 5 ..686 

Anderson Unit Trust Managers Ltd. (Arcus. Unitsi ... . 7zi 

*- Probflc Unite .. ..18282 8801 -0-2| 310 AleauaOBt n»nu 5l"*»5 - l 

Ltd. „ High Income |5 b 4 U6.ll .. .7J 756 Nrt a>.ei value June 3 

01-6064433 pnidL Portfeila Magrs, Ltd.* (aHbKci f* Bqor Bruxelles Lambert 

J ^ Hribon.Bam.EClNSNH . oi-wssoal S Mt V! F L^ '“"JS? 

Benia Fund IJ-* 

v (150473177 I < 'harlnc >.'n>w. Si Heli+r ler«e+ itKMITJfTtt 
12001 .( 417 Valle? !»m\ St IVler Pur:, i.rncc tO48!)247n0 

Julv 18. 1 Thiuaao Siren. Doucla^. I »> V ii)624i«5a 

125.0|+2.0| 3.00 iljll Fund ijerve? 1 13 92 8 95«9 .. . 12 00 

+D liill Truxl'l n .1! 1 1041 10573. 1203 

. j ojv Uurrnie>l»JJ 936| . —I 1ZM 

' . * lnll. rmiL srn T+l , 

r»fchl«uncft F,t i Merlins.. 11849 IB Ml I — \ 

_ Klr » ,ln " . . . |185 92 18t.51| ..-.4 - ^ 

Julv - fi . Klein wort Benson Limited 
[national SJL ZM. Kenrhiirrh SI I.V3 0! +1238000 

bourn G D Xunn-Txi lux. K 1,065 -3 3 29 

inN . I 7 80 llnernm-? Inc . 64 2 68 0 ... . 4.C0 

ub. 1 lay Julv 5. Po- An-um .793 BJ 9 . . « OS 

. Jyl KH FarEarfl J. SI'Sll 55 . 121 

oenca wa KBlnaKund ... SIIS1133 +0(U 2.03 

L . Ul -930 2313 KB Japan Fund. . ll'S35 49 07C 

_ 1+0111 — K.B. l' s liwth Fd SUM1.T7 -0 11 0 7b 

meal L SU'iiel Bermuda... Sl'M75 -CO 4 JCJ. 

“ ‘I'nilrmrla iflU' 18 85 19 90 + 0 M)| 854 

ibert 'KB net as Lundnn paying agents only. 

7 7* Lloj'ds Bk. IC.M vrr Mgrs. 

0 -L5 8.10 tTudenilal |12Q3 328.IS +D5J C “ Barclays Unicom Int ,ch Is \ Ltd. f* 11 UwlKi. SL Heller. Jersey OSWrrjei 

" Itt QoiBer Management Ca Ltd.* ,.cJS "el I £ >£ “ Wd ‘ ^^ea&ato J^r 1 

2 1 - 165 TbeSU.BxctUOKC.EC2.NlHP 01-6004177 (Renew Im-ume . 148 3 50 8t. I U2S L > ‘*- 

• u.- ora .som. n- j m ^as. ui+ueos 

— R Silk Prop. Bd™. 1824 J+l b) — 

_ Do. Equity Ed 715 -OiJ — 

_ Flex Money Bd. 149J J +0^ — 

2.93 Quodmnt Geo Fd -199-2 10228 _...J 

2 W QuadraaL Income _|l221 125.9q ..-.j 

427 Relianee Unit Mgrs. Ltd.* - 
Ltd. Reliance Hae. Tunbridge Wells. KL 0892: 

(nersea* Imxmie 
4.98 IlnidoiiarTnud _ 
L27 CuibODd Trust. . 
“Fuhject to le 

(V«U«J 1L* ... 420- 

|UMN39 100 W . 1 800 

■nil wiihbeldmfi taxes 

Property Fund 

Property Fund (AJ 
AEncultnral Fund 
Aarie FuadiAi... 
Abbey Nat. Fund 
Abbey NaL Fd (A) 
investment Fund.. 

0I-4M08S7 158 Feaeh itrchSL BC3M BAA 0280231 Guardian Royal Ex. Unit Mgrs. Ltd. Reliance Hw^. Tunbridge Wells. KL 08B222S7I 

flM — Anderson U T. [48.6 52.5J J A.9 Roval Ewhanre. EC3P3DN. Ol-asaou Opportunity Fd — 164.7 69 2 ....I 5.44 

+“J| - Ansbachcr Unit Mgrat. Co. Lid. waiGoardhlUTsi |86* W .9| +02( 451 fSrtSrlSST^’Ei s» 

ISA M l Noble st_ EC3V7JA. 01-023BS7B. Bendertoo Admlnxtratien* (aMcVg) WlhTtifM ini...irrnirnt k.t 

Ot-6SOOfiK Inc. Monthly Fund .[36611 37tOJ 4 9 JB PW^e^ A^. & Bgyleigh Rm 4 Hurtom ^ 

01-6800608 ' • ' Brentwood Essex. 0277-217238 38-40. Kennedy SuMauehester 0812388521 

— Arbnthno* Securities Ltd. (a)(c) , rr r — +- Ridgefield ini-i'T I9BJ) imm -3.« Z72 

• — — 37. Queen St London KC4R1BY 01-2305281 Cap. Growth tnc — 1417 . 44.41 I 362 Ridgefield Iocome.f918 97-H -aOJ 10.71 

Lloyds International MgmnL SJL 

1 Rur du Khuue. P<> But 179. 121 1 Cd&frth It 
l.lofdllnl l^iowlh 1+7115 SO BBBBi I 1.70. 
UoydsloL lacoaw IxnHJSO mn... 640 

_ r . i Barclays Unicorn lot. (l. O. Maui Ltd. Lloyd* iSl SnM>»v+ ixrmu 
544 1 Thomas SLIVBSlaa. 1.0 U6344fc56 

5 7? Cnirom AusL HsL |53 7 S7S*f +2.1J 160 M « G Group 

S 76 2? ii*'*’ J“"V" lS fc - 170 Three «ra+>*.Tuwer Hill BC3H«flQ 01426 45W 

Do r.rtr Paviric. [S3 D 6771 +0 3) — Atlantic Julv -I . . ISL MU IN I _ 

I — Hearts of Oak Benefit Society n, hb «£'“: Fd iai 

15.n.Tmrt8»eb Place. KC1H9SM 01-387 50*0 InvSSjSi Fd i A,' 

01-7409111 MeaHiofQafc [363 38-6| . J _ Equity Fund. .. 

. -| - Hill Samuel Life Asntr. Ltd.* 

- \ ~ ' NLA Her. AddUeotnbe Rd.. Crey. 01-8884356 Money Fund ca7_ 

Bctra Income Fd«. 

_ Higblnc. Fund 

_ M Accura. Coital 

:S z 

e Property Units . 

Property Series A 

Barclay* Ufe Ass or. Co. Ltd. SSSKSs^a 

!5SSS1? , ’ e b=» «■»». EHSistef- 

Equily " U21 

idh-edeed . 1092 

Property 104 0 

Managed .. . . 106 7 

Konev 9*.7 

Man PensAreunL . 96 9 
Do Initial . 93 8 

riil! EdgPens acc. 95 o 
Do Initial 92 2 

Money Pens. Arc 100.6 

Go Initial . . „.|97.4 

•Current unit value July 7 Pea*. Prop. Arc 

Beehive Life Assnr. Co. Ltd.* Imperial Life Ass. O 

ti. Lombard St .ECS. 01-6231288 Imperial House. Gblldfocd. 

Bit Korac July II 1Z7.67 < l _ GntLFlUBtie30._!7&2 

... . 1 1 Peat FtL June 2B__i*5.0 

Canada Life Assurance Co. Unit lum fi 

7+5 High sc. Potten Hsr. H+rt> PXUr StlfW M**** 4 * 1 1?43 

ZotI Z 

162.6 ... . — 
287.4 .... — 
1694 +01 — 

1 M.B _ 

97 J .. .. _ 

127.0 ... _ 

202.6 . ... — 
96J -0J _ 

+ 0.2 1 — 
I +o a — 

Msnsged Senes C 
Kouey Units 
Money Series 

Pm Managed Cap. 

Pns. MaMacd Arc.. 

Pns. G'taed. Csp_. 

Pns.CUed. Arc 
Pena. Equity Csp 
Pen* Equity Arc 

Penn. Prop. Cap 
Pena. Prop. Arc 
Imperial Life Ass. Ca of Canada 

Actuarial FurnL 
riili^dged Fund 
Gill- Edged FcLlAI 
•Ret Its Annul qr 
* I rained Anntr 
Pro*. Growth Pe n n o n s ft Annuities IAS. 
All Wther Ac Uts 129 7 136.61 ... . 

wall Weather Cap. . 121.9 1283 

Vlnv Fd UU 2349 

Pension Fd. Uts. 130 6 

Conv Pens Fd. — 147.7 

Cnv Pns Cap. lit. 133 0 

Mao. Pens. Fo^ 1433 .. . 

Man. Pena Cap. UL 1317 

Prop Pens. Fc£ .._ 147 1 

PmpJVnsCap.Uti. 1336 .... . 

Bdcg. Soc. Pen. UL 131.7 

Blda-Sor Cap UL- 120.6 

4< Accura. I- nits) 544 

i8J/?i WdnuLl-ta. 154.4 

Pr«lrT++c+ Funil . 23 V 

(Accura. l'nilal___ 37.3 

Capital Fund... ISA 

Commodity Fund . . 60.7 

(Accura. Units! 873 

i ion Wdrxrt.u.i 53 1 

FnvftProp-Fd 167 

Giants Fuad 376 

i Accura Uairnl 442 

Growth Fund. 313 

(Accura Umia’i 403 

Smaller Co’s Fd. — 263 


58.3 +0.1 
58 3 +DJ 


40 2xm 

SI +0.1 

s-s ^ 

1B6 ... . 


476a ... . 

3S.9U +0.1 
43 In +0 1 
283 +03 

H40 Can. Gitrath Arc. ._te2 
«8 Income ft Assets. f?L9 

938 Sigh laeowe Funds 

930 High Income 1591 

72.94 cJbm Extreme— -1546 
1294 sects- Hindi 
— ' Financial ft ITP — .1240 

55 Oil ft Nat. Re* |Z73 

|| ggsr^ , ..--.«7i 

Interoatlonal 338 

2* Wrld-TWlde July 6. |734 
Own— Food* 

fit Australian 'iS 4 

H SaBTzrrr-SS 

Hf North Araer 3B.6 

NAraGrea7u(yH .. 1174 

44.4) I 3 62 RulBeReW Income.[9L0 97.0»! -20| 30 

44« ^oil 3.62 BdWI.(M A«f+f M.i».rnn»» t lot 1*0 Boa4S,lMUKlii*.I O.M USJ428B 

63.21 . .J 812 N.C Equity FUnd. 1165.4 175.9) +0.21 3 08 COl'NT- -June S _|Q512 26651 . . LI 

5753.-1 rt. K-jssaffisas siul ^ 

as v. N.C. Inti Fd. Unr i M2 oai -Lll L77 Bridge Management Ltd. 

S3 -o3 194 F S- ,Ac £i ,?fS po «*• ‘ ; ™ Dd Caiman. Cayman la. 

NC Smllr Coys Fd|1510 160 T\ 464 N'hashUuneJtO _.__l M55M [ J — 

271 Kothschild & Lowndes Afgmt. isO 
*5 SL SwUhlns Lane. Ldu.. BC4 01-6204368 

Jl, I,™. WtafieW ManagooMt Ud. K ‘K? ’ am aIlTl^YJivs .! Sks IS ” 

97.5*3 -C'9 lO.ri Bishopsgite Commodify Ser. Ltd. lAecum L'nlbi 175 4 186 7( +03j ?3.‘ 

1-1 JS 

°* ! 4-^ | li Samuel Montagu Ldu. Agts. 
[ _ 114. Old RroadSl ,E‘"2 ( 

1.97 Apollo Fkl June 30 ISF47 15 51 IS 

+0.00. J»p(e?l JuneSO . SHKUjS U7M 

UTUrp June 28 JI’SUS lira. 

1 IT Jcrsev June 20. [t5 07 5 54. 

f2J.p213 12.71 

01-588 (-456 

1 3 66 
0 75 

CPU. Bex SOU. Hong Kong 

IlVJrsyOsJuaeU .jtl2 13 12.76J .[ - 

Murray. Johnstone flnv. Adviser) 

NipponFd July 5 pl'tua 14124 — 4 037 i*3. Hope Si . Gloutow. Cl 
“•SlOCk Split •Hnn+U FA I *»■»! 

37.5 -0.4 
414 -0.1 
S3 .4 +L2 
413 -0.5 
123 6 -23 
533 -0.6 

x 7S2^3SriraSt dS?g iuii Tst - M «« ecu u«l 

30 BaLb SL. SL I teller. Jersey. 

I Archway Fund [79.4 84^4 -0 2( 64 

Prices at July 8. Nest tub. day July la 

Provincial Life Assurance Co. Ltd. 

. '“** 222. Bishops gate. E.C3. 01-S476Sa 

I 1 Feus. Fd. JuneSaZfo.O TOT! l'"j Prov Matiaiwd Fd.. 1233 11931 — j — st . ^!S^”SLu%3ar 31128 "3 1 - ^ Hf| Z 

tnsmm ^Se=» 'fla= SESEew 11:1 = 

Z'J — Barclays Unicorn Lid. faXg)*(c) 

n_ , Unicom Ho. 252 Romford Bd. E7 01-534 5544 

L-n. Liu- Unicorn America _mj 353 -O.d 136 

01-3476333 Do.Auat.Ace 762 823 L68 

I — Da Aort. Inc. Ido 64ftjd . ... 1.68 

. . J — Do GapitaL. 64-0 693 . . 4 45 

+231 — Da Exempt Tst. 1040 1093+0.1 663 

..Zl — Da Sxtralncome . 27.1 293 . . 663 

_ i — Do Flaanctal 583 63.M +03 538 

.. . 1 — Do 800 .. 714 77.3 ... 684 

Capital Fd 167.9 7171 ... .J 3 < 

incomeFd [70 7 74A| ... .!} 7J 

Price* at June 30. Next dealing July Id. 

Save & Prosper Group ' 
i Great St Helens. London EC3P SEP - 

Cannon Assoraace Lid.* 

Irish Life Assurance Co. Ltd. 

I. Olympic Ky. Wembley HA80NB 01 -90S 8876 ! I. Rnsbcry Square. EC2. 

Equi ty tlnlla.. — .. [0669 — +0021 — Blue Clip. July 1 

Property Units . .. 00.15 — ... _ SklSured Fund 

EuultyBond^Exec EU.U 1163+0.01 — MaJ^T'EiXj 

Prop Botwl 'Exec E15J3 1432 — ProoMod July 1 ' 11800 

Bal Bd.TBxeri'l'ell. E129S U 74 -0.01 - p££Kd Git iRffi 

Deposit Bond . .. . 1113 117.7 — ... 

Equity Acniu. _ 171 _ -1 _ Sing & SbBXMl Ltd. 

Property Atvura. .. £12.73 — .. . — 51 CorobHL ECB. 


2nd Property 104.7 H|j ... _ Oort w f£l 

2nd Managed 963 1019-01 - . , 

2nd Deposit 96 9 102.5 . .. — Langham LI 

SSgfW9ie."ft? Si z 

2ndPrp Pm^'Acc . 1083 1146 . . — , P “ 

2nd Med. PenaiAcc 98.6 1043 -01 — 

2nd IVp.Pcns. Acc 986 1046 . — W1 * p rsp> M,n 

2nd ililf Prns'Arc. C8 7 919 .. — Legal A G« 

LftESlF- • a3 SS •— “ Rn^rood He 

‘ Ci'ni^ue • 1 - aSV R S3?« 

Capital Life Assurance* gX'S&ij ’ 

Cenutm House. Chapel AahlTton 000228511 S AccSn. 

Key Invest Fd I 10131 I... .[ _ Fixed lnitlai._ 

PacriaafccTinv.Fd I 10263 | . . | — Do. Accura 

Id. Prudential Pensions Limited 4> 

01-8288253 Holboni Bars. EC1N2NH. 01-44S9222 

asartt^u “Massfig gf-i.z 

^SodA,iw ; -K w? " z J- SaSSSSksiilB^i utl+ 0.1 siS 

p^M0d.GU?,zB57;7 20«3;..:4 - Reliance Muftial Im 

Sing fc Sbaxaoi Ltd. Tunbridge WnlU. Ke»L oeocazn Do Acrum [M3 72^ +«li 560 

52.Combm.ECL 0141335433 * el ^ 1 »« I - l ~ Baring Brothers & Ca Ltd.* (>Hx) 

Gari.Sec.8d — 111940 125J8I .. J SI. Swi Unas Lane. Loudon. EC4 01-83B43SB StranonT*. [1666 1736) i 4.46 

Langham Life Assarasce Ca Ltd. NC P "* W76 US3« — | _ fla Accura g—Jw ... J d46 

1165 +0.1 
S29 -0 5, 
631 +01 

aatdriesLU. SSuSrCo'sFi.Z £3 - £3 +o3 tsz S’ Rowan Unit Trust Mngt. LttL*ia) VZZZj “TZ ZT^ - 

xaj Z g-f “H N^thJUaS Zl-I S.6 S3^oi lx City Gale HiaFinaburySq.iBC2. 01-808106B IJ15 341 

— FoTri^™ Ua-1- ' » 1 1Z*d' “l NAm.Gr*aJbfcri . .{1174 1&3 -2lS 2J3 American Julv 6 „ |M5 8 97 |„inl Fiif 82 0 W 

- fciiL Fd! SJ 3^ — £| j) 1 M CabotAmer S«J ta 150 4 533J-06J 136 Securiuns JuhrjL- 1640 173 0 4J0 Jeraey Energy TsL . 196 0 143 

— rapj-ir . -u_g uni „ ln c . , ^ .. _ _ ^ High Md June 28 . 5X7 54J3 7.g Unn-sl.STsl.Slu. _ £2 14 Z\ 

- .Archway Unit Tst. Mgs. Ltd.* (a)|c) SfiSffiiiS?' — So 2? | « High let sugTu- 60.97 v 

— 317. High Holbom, WC1V7NL 01-8316233. n», BridshTtuB - . JM4 2 1543) J S3S (Accura UninTZ- «3 1003 Z" 366 V a ,r ‘ i *' S 

-:. .z si II fh Mgnt. xxd. mBE * ggf J 

Z Barclays Unicorn Ltd. feMgmo 21 gj +03 £S SSSSSZS* *3 SSv 


11M....I — Da. As*. Inc. 6a 0 6462.... 1.6S Intel,* (nttgi &ave & nasper oroup Bntterfletd Management 

1103 . J — Do CapitaL 640 . . 4 45 Tr'T. 'T*- . 4. Great St Helens. London EC3P 3SP PO Box 185. Hamilton, u+rmu 

- aSKBSLr: K* ■Si*”: 1 IS !IS«1 

« :1= 1 rs “si if ssssssr- “ s “" ia » «« 

I^t-ssessfI wv$ 

H3= Btesfi SsflBsa==S* J J™ SSMg; , 

DcWidwideTsL-- 48.9 52?|-0 5 zX KJdnwort Benson Unit Managers* Blgh locanm Fluids W ?g.- — 5 

<8K2an TiStoi IS aa.FetKburchSL.EC3. QWESWOO eigbR-Wn. MS W II -0.11 B68 F&SfczZZi: W«54 W 

up. Accura Btj K^*fli| 5J» K.B Unit Pd. Inc .1849 92Jt .. J 509 fecome |4Z6 «J[ +0JJ AO* Fcmdi, DM2188 j? 

1 — ■* Baring Brother* A Ca Ltd.* (mHz) 4K6 UnltPdAe U68 lll3 .. ] 5 09 IX Fuado • Emperor Fund... SUSZ91 3 

Iganent 8a Leadeohall SLJECi 01^082830 P 3 »J - -| UK Bguitj- . ,.f4L7 . 446| +0JJ 533 . ,|JU34 72 4t 

U56i WSifc : -m mi it ™ r£ «»agient J Lti* ^ 3 * jST 

Next sub day July 10. The Stock Ecbanee. EC2N 1HP 01-688 2800 — — — — + S-3) Clive Gill Fd.iCJ i .19 99 lot 

•HopeSLFd. _. I SPS3631 [. .1 — 

. ‘Hurray Fund . ! SL’SIO 71 ] ( — 

1 73J J4 ‘N A V Juno 30. 

Negll S-A. 

J2? 10+ Uuulriard Borsl. l.uxembouri: 

150 NAVJuneZS | JUS10.73 | J — 

12.00 Neglt lid. 

Bank of Bermuda Blitcx. Hamillnn, Fnndx. 
— NAV June 33 |£5.46 _ | «... J — 

Do General - 

Do. Growth Act. 

Da Income Tst. 

•Do. Prf A'djlTsL.. 

Prices at Jane 31 
Do. Reco v ery i> 

CapitaL 1366 

tlSi tel 

Unlv Growtb [67.4 

IniviL STsl— Il'hSIB 53n.....I — NAV June 33 |£5.46 — I „..l — 

lnLHigh IdlTsI JjI'SI 47 L8l[ . .| 9.0 

i tm-. Value June jo. Next deabne July iu Phoenix International 
3 63 Brown Shipley Tst. Ca (Jersey! Lid. p® box si pcier Pon. Gurm-.p?-. 

7-55 p.o. Bo* 583. Sl Heher. Jcrsw-. 05W 74777 -tatar-DoUarKUad. »2J0 £48| | — * 

Sterling Bond Fd. (0606 10.11]... .] 12J0 

Butterfield Management Co. LUL Quest Pond Mngmnt (Jersey! Ltd. 
P.O. Bo* 185. Hamilton. Bermuda. pb Box 1W SL Mclier. Jcrw?? - , 053427-U1 

Buttress Equity |236 1441.. J 194 guwf SUu I- *d.lnL I LI I ..I — 

Buttre** Income— jL 97 Z.04f | 585 J" 1 ”' ! n | I • I — 

Prices Si May li Next sub. das July 10. tjurjt lnll Bd . . [ SLsl l . I — 

Capital International SJL Pr,c " at July s d * u,, °* July «• 

334 37 rue Notre- Dame. Luxemboiug- Richmond Life Ass. Ltd 

Capital InL Fund— .| 5US1736 | J — 48. Alhol Slreet. DouClav I u» 002423914' 

Charterhouse Japhet !?,I!22i? l !."£L T !?!S. L G5SS -JifM -“?( 

tSfl IS 20.FetKburchSL.EC3. 
^ *•" KB Unit Pd. Inc .1849 

: J| = 

— 0 <| 1158. 

Gori.Sw.Bd |11948 12530( .' 4 — St.SwlU,insLane.LondoaBC4 01-8864358 StranonT*. [1666 17341 1 4.46 rgTr UnitTru^rf HinwroLnUtJ n Fundstri 

t n..«t»» n T If. «, , .„ r . r- N C. Prop 11175 12561......] — JJa Accura (2065 2153 ... .J 4.46 L « L Unit Trust Management Ltd.* Europe M6.6 

l -a n gha m Life A mn ranee Ca Ltd. ^ Nexl «ib day Jniy 3. 4 The Stock Ecbange. EC2N IHP 01-588 2800 

Langham Ha Holmbrook DT. NW4. 0 1JD3 5211 Rrnal Insurance Gronp Itl.hmeratr r. n >. ..«!+* LftCInC-FU.. 1134 8 139.8] ... | 7.75 „ — 170 

Langham A' Plan- wt - New HaU Place. U-erpooL 0812274422 B»M»OPFgate Progressive Mgnd- Cq* LftC Inti ft Gen Fd |%9 M9| . . J 232 rrax 

• -I — Royal Shield Fd. -1132.8 1394) I — 8. Bi»hop«erae,E.C2- 01-585 <»» Lawson Secs. Ltd. *(aHc) Sv“££ dltr RH 

I^l‘ A GenerrirtlHlt ArnurJ Ltd. ^e A Prosper Gronp* ^ H || SgTSStiTl Si”?! VTS 

Kinjkxrood Hoime. Kiagwood. Thd worth. 1 ? C , SLI *rj* tl *■ |j fe EC3P 3 EP. 81-554 B8W n^T 7 ^ (S~t Mffl ' ”1 fa* &«iiin_t , nitsi [«3 . 473J j 637 f)n £ty 

Surrey KT2D8EU. Bute b Heath 53456 Ral In*. Fd. U26.6 134.0 -01 

Cash IniRaL 195.4 10fl!5 .. .. I — Property ra.* (153.4 162.41 . ... [ 

Surrey KT208EU 

Cash IniRBl 

Do. Accura 

Charterhouse Magna Gp.* 
l *.*. hequersSq. l U*bndgeU86 INB 
ilmbse Energy ..[36 6 38.6 

itirthse Money.. .. 29.4 3L0 . 

Chrthsr Managed. 37.6 396 

rhrthse Equit?' . 143 36.0 . 

M-cna Bid. Soc ... 1336 

MsRnu Managed .... 150.6 

— Fixed Initial 

— Do. Accura ........ 

lull. Initial 

Dn AcruflL... 

32181 Managed Initial 

_ Do Accura 

_ Pro p erty Initial 

Do Accura . ... 

_ Lrgal ft General (1 

— Exempt Cash IniL I 

121-3 +C_1 — 

123 7 _ 

120.3 +0-5 — 

ED* +0-5 — 
102-2 -<U _ 

jn| +ai Z 

Property FU- 153.4 162* .... — 

■ill! Fd 118.7 125.0 +U — 

Deposit Pdt... ._ 1ZIJ 1296. .. — 

• omp. Pens Fd-T ^ 2613 2UJ ... . — 

EquityPetraFd 178.6 1885 — 

Prop Pens Fd.-._ . 222 2 234.1 . . — 

GUI Pens. Fd 923 97.2 +0.7 — 

Depoi.pBtraFd.r. 1986 1MI +03J — 

■Prices on July A 

(Weekly dealing*. 

Schrader Life Grasp* 

Enterprise House. Portsmouth. <77052772 

B'gatelnt June27_ l725 183.61 . J 284 

(Actum.) June 27 _|1963 ZDZSl ] 204 

Next sub. day 'July LL "July 4. 

Bridge Fond Managen*(B){ei 
Elng William SL.BC4R0AR 01-8234951 

American ft Geo3.. 1248 263 I 245 

Income* (493 5351 .J 669 

Capital lue-t 

Da Ace- 1 

Exempt t 

intern LL lnc.T 


-Growth Fund . . M7 S9.7 298 

rtAccuni UnlLii 60J B.7 . .. 291 

ttGlll and Warrant 363 39.9n . ... 193 

SAaencan Fd. . . 234 261 . .. 038 

«* ttAccumUniUi . ... 245 Z7 2 .... 838 

L« -High Yield 445 504 -L0 U 14 

669 •*( Accwn. Unit*- {624 70.7 -lij 1226 

334 Deal £Mon *Tuea. ttWed. fThura **Fri. 
If* Legal & General Tyndall Fund* 

341 18. Canynge Rond. Bristol. 007232241 

342 Dis June 14 IS7.B 6131 .. . I 536 

Select Intern at (2563 

Select Income .. .[513 

Capital International SJL Pnce* m July S Nest deulinj July 12 

3Ud -43 334 37 rue Nolre-Dame. Luxembourg. Richmond Life Ass. Ltd. 

n '?•* Clpitll InL Fund... | 3US1736 | 4 — 48. Alhol Slrcvt. Doucla*. lull 062423914 

/a.ej....| Lit Charterhouse Japhet ix<Thcsii»TrTru»Lri056 io92t-o.9( - 

r«>ZZZL+r nZT oi Richmond Bond 97 S7Z2 18L3d -0?, 10 95 

55 J] +03] * 764 1. Paternoster Row. EC4 — — S 1 .'** 83 ® 68 l» PtatmumBd 020 9 127JH -Dr _ 

Adlropa — m3L» J29B40.I0 347 Do Gold Bd . .11034 luaa -od - 

69 11 -0.11 B68 JS 1 - S!S S SXn M {« »KaK«M . glU 177 J -0 S| 1258 

4&3l+oil 9.09 gondfcj=ZZ SaT” 15 Rothschild Asset Management iC.I.j 

as « +a tl x ra HbSIno'L " JU5W77 rtjfl 280 p -° B *'*S8- si Julians Cl. tiuenuey 0481 M33I 

wl^+v-ij nil* IsMsteMts Hmrv) LU. U.CX«| Kr June 30 [322 5531. 2 94 

Clira lnvesDnents (Jersey) im. ocjuc.Fd Julya . Il526 1623 731 

tretilS’ti nra Box 320. SL Hriier. Jersey. 053437361. ul'Jntl Fd.t. . .. kl 28 1 36 .. 133 

7nxfina ?'2 Clive Gilt Fd-lCJ 1.1999 la 03) .. .1 1160 O L'.Sml'oKdJnOU. h*5 9 1553 3 25 

7961-0.91 136 ciKeGiHFd.dsyil9.98 1032J . 4 1130 »» C Commodity S>4 6 1431 . 451 

8281 406 CornhUi Ins. (Guernsey) Ltd. , u J?S&*S , jK J^n". A jJ> “t" 
741J . ..J 179 Pft Bo* 197. St Peter rott.-Guenisey fPrices on June 21. Nest dealing JiUi 7. 

75.9aj — 03J 335 Inlnl.Mxn Fd (1640 17851 | — 

Delta Group Royal Trust (CD Fd. Mgt. Ltd. 

Z7D^ -0 7| 234 p.o Box 3012 Nassau Bahamas. PO. Bot 184. Royal Tst Hse^JcrxPT. U53427441 

54.01-03] 766 Delta lirr Julv S K171 IBft+DDll RT.Idl'LFd BUS9JS 97*1 , , 1 3 00 

I Emperor Fund 


933J -0.1] 


J UDO G L'.SmlDh'dJnSU- (145 9 1553 [ 3 25 

11 .03 » C Commodity [134 6 143 1 . 451 

O.C Dir Comdty T |s2611 27 77( J 0 72 

. 'price on June 31) Next ilr.llin£ Julj 31. 
fPrices od June 21. Nest dealing Jub 7. 

Delta Inv July S (Sin XMj+O.Ul) _l 

Deulccher Investment-Trust 

Royal Trust (CII Fd. Mgt. Ltd. 

P O. Bot 194. Royal Tst Hwr„ Jcrser. 1)534 27441 

RT.Idl'LFd. BUS9JS 57*1 . . I 3 00 

RT Int ‘I* 98| 1 331 

Prices al June t5. Nest dealing July U 

Kome [5L2 5*-»l Delta inv J Ill yS......|Sl 71 136]+0j01]-i K- *««• W. ..... ^.BUS9. IS 5 7*1. ) 3 00 

193 ScrfbUs Securities Ltd.* Deutecher Investment-Trust ’ ■’MJ, 1 tfSl^iPwwt draSg Jut ftP 

r| 2 Scotbits 138 0 . 40.« -0JJ 3.96 PostUch 26B5 BlebersasjK S-1B 6000 Frankfnit. 

1116 Sc<*y t u Hd — •• H t-SS Concentre [PK199I zil»l+oiffl _ Save & Prosper International 

Sl6 Serajhare* [553 4 *52 , nt Renienlonds ..}r«M88 nM . Z| — Dealing lo- 

Fri ' iuuI “I 12 Dr *yfus lalerconlinental lav. Fd. 37 Broad SL. SI Heher. Jersey 0534-20501 

^ Wnt at June 28. \«rt *ub darjalp 12 po BtiX N37“. Nasuu. Bahamas. U5. Dnjlm-^rnaalnatrd Fund* 

mi ra ai jimera^rac sun oay J«uy ^ NAV July*— — (WfllB ISlg-OJOJ— l«r F,d. InL-*_ 973rf ... 7.19 

Dealing lo- 

37 Broad Sc. St Helier. Jersey 
1’5 DBHar-droominated Fund* 
lllr F*d. InL‘*._ .(9.18 9 73a 

Msgnu Managed „.| 154.6 l .. .1 — Do Accura 18.4 

City of Westminster Assnr. Co. LUL STSura' 3 '. 1 " 1 !:. ia* 
Rtnpftead House. 6 White hone Road. grort P* - lBlt }9?i 

Croydon CHO U A. 

Weil Prop Fund . 

SSSMr^.ZKi' - S e SS.fI 8,> lBil ISS Si-3 - I — S«d FfeSjw*. 

? jrndmid fund .173 * 77.7 . . — Da.Aceuitv (944 1433]. .] - Managed July*.. 

Money Fund _ -|l2L2 lwj - Legal A General Prop. Fd. Mgrs. Ltd 

FDLXFmd H697 1730 Z lLQueau Victoria Si .EC4N4TP 01-4*8 9678 

pin* »£Sl Cap" 1x171 1233 - XJ«iPrp.W..JuIy3.]965 1417]. .]_ PropeSajSy* 

IViS Sfigd Acc. " fil7 1M1 . . — Neri sub. day Augusl »- BS PndpB July* 

Heir. Mono-Cap W}7 . 49t . . — Life Assnr. Ca of Peonsylvauia 

,VM ESjKrE .B.a si* * 0 J z MM2 Nrar Bond SL-R170RQ. D I AB3 8309 MaPnArcB _ 

Pea* Equity Ac? .So 57 3 +0 1| — LACOPUnlt*.... v.]967 1436( . I — -FSdJnLpeaCaaB 

pJilS™ S*!r_ e | 201?” rt? TsL Mngrs. Ltd. 

City of Westminster Assnr. Soc. Ltd. !!TS jBj&gfh 

Pr«rerty L'mLi |j4 7 57^ I - ^*58 . - Seottfall Wld-W.' Group 

Commercial Union Gronp upiAProp Julye 1240 1306+01 — FO Box oat Edinburgh EHieSBU 

tt Helen* l. UnderebaR ET3. 01-2837500 SI:!? ~ EH 1 JS', 

Iv^IaBMttvCU 1 'I 17 75 t-owl _ ^-'Msn JulyB M3 1K0 -02 — . Inr.CuhJuly 3 97 9 143.: 

tV.Aenult? L-U— 1 17 .T5 ( aoij — Dpi 5 Dept July 6 32X6 128 +0.1| — ExUlAcr June 21 136.4 142. 

Confederation Ufe Insurance Ca London Indemnity- A Gul. lns.Ca Ltd. S f iS 

:*i. Lh»j.ccn Lsne.WCZA IHE. 012^*0882 1B .a». The»B3Sll. m ra* jsmm.. um.i rev 

01-4840888. On AcetuU. 

634 .. .. - 
180,7 . . — 

58.9 -0.1 — 
77 7 — 

1375 . . — 

67.3 *05 — 

Exempt Uugd IniL 1199 

Do Accura 1218 

Exempt P«>p lnll 964 
Do. Accura 9U 

Equ ity June 27 
Equity 2 July*. 
Equity 3 July 4. 
Fixed InL Julv i_ 


Ini. L'L July 4 

g^t^zzBK «:a zj is 613, .rrar scwesin*er mist mngrs. ud. w »i M^USSiz Hggpm ia • - 

__ ^FTu-TWedtThnraPricmJ^wa CAceoralWbo \jU l H-J mi ^ Box 73. SLHehSjeST^ ^3420591 ! J = 

070527733 Britannia Trust Managoneat (a) (g) r+onine AdmlniutrSiM rL aS *2 m* lo^ iff ED.1.C.T |U94 1273] ....J 3J» 1546|...| — 

.' __ 3 London. Wall Buildings, LuodeuWaU s. Duke Se_ Lon don WIMAIP o l+tsft ^»P* u 'tb V Id"'.’. K * 263 *55 Eurobond Holdings N.V. • S^log-^i^iBji+dFjinds 

tod-xouMu t, 3 sir 5*5 “sa -- s asaEssatHrjuia n 

rJSdiiAS Sf SatflTi 1 17 Leo Accum (80 7 849j 1 467 ySZofniaL Kfc 40 4e ‘ " MJD N A\ PS Juoe30„ ,.| Risaa ... Copimod.-*- Il211 127« J ~ 

j;.’! _ roSmftind :“j fag ,._J 2;w JUoydsBk. Unit TsL Mngrs. Ltd.* (a) inc. i(Wa wdiivi."-'. MS mftiSS " "1 ^ F. <c G Herat Ltd. Inv. Advisers SLKiied— |iio.7 lwU+oifug 

.7 12831 ... — ■ 

’ . 49 W . . — 

i 51 0 — 

> SS*i +03 — 

I 57J+0 3] — 

i In new investment 
2014 | . .1 - 

Telr phone 01684 M64 

Firsl Units ... |U36 

rrnperty UniL? [54 7 

«t| llrlen'* 1. UnderehaR EC*. 
VrAn.VUl.liily I .1 53.23 
iv. Annuity L : U._ ( 17.75 

152458 . — 

1248 130 6 +01 — 

126.0 132 7 -09 — 

1538 1619 +1.1 — 

1*53 1530 -03 — 

1216 12811 +0.1] - 

Money Feu. Acc B 
OwseaaA .. 

Scottish Widows* Group j‘-~vs«r*, r«-/ 3U| 4 = 

PO Box B0C. Ed in burgh EHW^U OM4B5MOO British Life Office Ltd.* (al 

3 Lond on Wa ll Buildings London' WalL 9 re.u*c> i^^nmniD 
Loudon SCSI 5QL 01 -638 0478 7)470 f 1 ^5!. Se ' Lon ‘ tan S, , ?“ P ' 

Aauts [69 4 35 V +031 SSI Cm 7 

aSVa=BI “1^ IS 

gasr— s| ** J is 

!S* ’SI - J« gsssff*-— |«g 

Far East 212 25.01 +0.4 389 vfj; SI i 

Financial Sees to 7 65 3x2 +03 4 88 ^?5ccSu M B 

g^d ft General.^. W.4 -03 2.99 ShdSSS^CZ 7*7 

i n ?*rS5ih ran tn'j D» (Aceurai 1090 

lnll Growth US 6ftf-0.2 229 gj 

iESgfrTrS? “ViJ IS SeSuiirDSn. 

North American- za2 303d -03 1.94 , 

PretesnoaaL tsoi 5853ri +0 7 4*9 M * G Gronp* (yMcHvl 

ft-openyShares .. 12B U.Z, Three Qua??. Tnvtr HUL EC3J 

iSfess— g.l Si. — fe*»— ta — ' 

Liuv Energy pL7 341] „Z| 359 i+ccuhl Unilai Ev 9 

TntbL Growth *75 

1 sssergr ' srs WBSfc M 

Jg SrooSSraiZZ: 505 547W —01 iS ' Sft 

Is sasaasr::® is 

5i| Do (Accura. 109.0 3171+03 6.C C;k GnKDtrt^ SI 

Fourth (Bdnc.) 572 615 01 8J5 •- Jt. t-ftn. a* 1B5 

t+j DaiAccurai 1652 70l|...Z B35 J. Henry Schroder W 

329 Uoyd’s_LIfe Unit TsL Mngrs. Ltd. 120. diuaptide. E.C2. 

J32 7380. Caleb ouae Rd. Aylesbury 02065041 Capital J uly 4 101* 

489 ™*G Gronp* (yMcHtl (Accura Uultn. .. 2697 

2.97 Three Qua??. Totter HUL BC3R BBQ 01828 <588 Geaeral JuhrS . _ 804 
951 ■ ilu Croek RrrhjrtP TIMlinra lAreum. UailS) IDO. 7 

Pref. ft GUI Trust... 238 248a .... 2264 

"3 property Shares — 24.8 267 +01 134 

Special SI L Tst 2t7 28.7 2.62 

?S U.K. Grth. Accunr Z1B 236 ... . 528 

gj* UJC.Grth.Dt* [185 19 91 ... .J 528 

us J. Henry 8eliroder Wagg A Ca Ltd.* 
UL 120. Own aside. E.C2. 01-2403434 

Jiv.Phr Merles I 
Inv Ply Senes 2 
(or. Cash July 3 
ExlilAce June 21 

Reliance Hse_ Tunbridge Weds KL 0602 222T1 Oanunodir? 

BL British Life—. (48.1 50 9t-0.ll 5 82 (Accura UuiU).. r ., 

BL Balanced' W5.6 48B...J 5.66 Compound Growth., 

BL Dividend* _ __|4L7 446] J 937 Coni-ersi on Growth 

•Prices July 5. Next dealing July 12. Conversion lac — . 

VFquity k'uiut . .. 
VMsiUged Fund . 
vl-lrhund . ... 

I'tlidl Pen Mugd 
t-ijIigd-MnoJ l*u _ 
riieun Hngd. reu. . 
Kuril . 
Kquitv Pension . 

I to perry FVniwn 

152 6 1601 

177 7 186J 

3754 _ 

726 761 

725 _ 763 

. 199 T 

224 0 

134 4 

Monev Manager - 
M.M Flexible - .. | 
Fixed Interest. 

J53I +0.11 — 

sr a i = 

rixrainirraH. iui ■« 'l l — Solar Maaa fed S 

The London A Manchester Ass. Gp.* S 0 '" Propels 
The Lea*. FolkestoM. KenL . ®» S5B 

- Solar Life Assaranre Limited Mugr* Founder, lXbcs 

— lWUElyPlaee London ECJHBTT 01D4S2PQ5 BSUnUsJune?7_]209.B 

CornbiU Insnrance Co. Ltd 

— The Leas. Folkestone, KrnL 
“ Cap. Growth Rmd.i 221 1 

“ ftFles Exempt Fd. .1 - im. 

“ tEsempt Prop. FdJ 893 

♦Expt Yht TM. FdJ 147' 

Flexible Fund - 111. 

«.*. rnrnWIl. E CJ. 0J-886M10 i» Truxt Fund.— 

Cap Feb June IS . 11235 — I .. | — Property Fund 

Uiri^F4J U ire^z|lM 0 0 171 OI ’’ ■! — J**®® 1 ?' 
Credit A Commerce Insurance Her.. Pension - 

IW.Rowml St .London W1R6FB 014387081 Conv. Dcptmr 
i^i'Mngd.Kd I12L0 13201 .1 — 

Crown Life Assurance Ca Ltd.* Fsmiiyei.86— 

Crown Life Hw, Woking. GU2I IXW^H8a26033 
Uang fl Kuad Aec Mi “JM+ga 7.W KSSSmS 

* mss a tef- a? m 

— I.. | — Property Fund 1 825 ( « 4 — SolsrCasbP 

in J . Z MAG Gronp* Solartott P... 

suras ce ‘ nav, S^L. rB T r J2S5 a,l * 0 , #l *f*“ •“ Alliance Fond MangmL Ltd 

Solar CuhS 
Solar IniL S . ... 
Solar Managed P 
Solar Proper 
Solar Equity 
Solar FxdJut P 
Solar Cash P 
Solar Inti P 

HI *3 


Brown Shipley A Ca Ltd* 

Mugnc Founders IXEC2 014008330 

BSUnUsJaiM*7_|209.0 225.7] — J 5.14 
Dot Are IJ use !7 1 59 6 2*L3| J 534 

See also Stock Exchange Dealings. 

American |4i.9 52.11 -Oi 198 

lAccura L'nibU. — 49 9 53U -03 19S 

Australasian 545 58- Oj . . 179 

(Aceum T.'nita) 55 4 59ffl .. 179 

Comiflodirt 775 8 35{ -05 436 

(Aceum Unit*) K3.4 88.8 -0.6 436 

Compound Growth. 1047 113 3 -03 378 

Conversion Growth 6*4 6451 +01 288 

C outernon loc — 626 667] -0.2 B 66 

Dividend. U33 2218d . 417 

lAccum. L'nila) 2148 330 * -0.1 817 

im Europe June 20 

1 m lAccum Uullki ... . 
ts *PenftCharFdJn20 

Do (Are ’June 27 |J596 
Oceanic TrtUts lal (g 1 

Financial 1331 

General 1B8 

Growth Aceum. _ M40 

Growth Income 

Sl/jb income te.7 

Index ]B4 

Overseas |l48 

Per( oi xn aaee— .— B65 

Recurenr .120.8 

&roipc. June U _ (579 

mamn« European — 4U 513a . ... 

01 1 c77 f Accura L' nilsl 49.2 52* -0 ! 

— ] f “ Extra Yield 817 870 . . 

—i 534 (Aerotn. L'nitsi 3092 116J 

Far Eastern..... 59.4 633 +0< 

43 tAccum L-niui_ 652 694 +0i 

393 Fund oi liu T»U~ b0.9 teSd+O: 

. ... 486 (Aceum. Unitsi 794 Sfl.fl 

.... 4.86 General 1622 176(hi -0J 

.. . 9.76 lAccum Units) 2524 Z73.I -0 : 

361 Enrobond Haldines N.V. * Sirrtlae-deaemlBai+d Funds 

259a *52 RMeaa fhannel Capilalft..|225 0 Z36 91 — 1 9j 265 

305 "■ 970 Cnr * cao Channel IslandsO... 139 4 146 8J-0 3 529 

jnSf ' " jaja NA\ PS Juoe30— ..| SUSB25 ... Commod.— 1211 127« J - 

SwS - F. A C Mgmt Ltd. Inv. Advisers SLHaed— |no.7 H7i|*<u1 ugj 

;g.5 IS F^^^^yem.HMROBA. rntt * mm ^A 9 ’” July a 

"2 w to i i 79 1 i'jT SchIes,n e er International Mngt. Ltd. 

M0n .. . 2264 FMeuty MgmL A Res. (Bda> Ltd. 4L U Mode S l. Sl Holier. Jeney. 0SM 73588. 

?a? H2 p 0 *«« Komilwra- RenemU. S3VAJ m Cl -1] 82A 

“2 1 Fidelity Am. Ara-I 5US2457 J-0291 — SA.O.I SO 82 O BJ -OflD S.I7 

?n« " ' cw Fidelity lirt. Fund ..| SUS2148 | — . Gilt Fit.... 224 22 6 +0 3 1237 

19*..„4 538 Fidelity PacFkl-- SUS4753 I | — lnll. Fd.Jerse? 103 108 +3 3.« 

C A Ca Ltd.* Fidelity WridFd._| SUS1434 1-O.lH — Intnl.Fd Lxmbrg. ... D057 11 13 -003 - 

OuiisZ Fidelity MgmL Research (Jersey) Ltd. l %f 5 t *y JaI *t 1,1 

I5.*s . . 224 Waterloo Hat. Don SL. SL Helier. Jersey. ^ — . 

Ki Ha S 5 ^ 27 ??... 1 n . , , Schroder Life Gronp 

Sft S SerimBtPaeUieCj f*J3 1 1::":! — Bnlen.nseHou<e. Portsmouth. 070527+3- 

Si*" 3 ^ Series D 1 Am Ass. ( £16.9M |-036| — ■ lnlernattenal Fnmh * . 

*255 • First Viking Commodity Trusts 05 mi? ni*5 126. 0 — 

S3 : 229 8^1- George-. SLDouel^ loll SI SJS’’ Z 

1711 4.44 0824 4082. Ldn. Afta. Dunbar ft Co. Ud.. sSJIdlraSSL" IMS 111* Z 

643 . . 3.9b Sl Pall Mall. London SWI73JH O1M0T857 174 9 138? ‘ Z . 

IM.9 538 Fit VifcCm.TsL_.B52 37 7)-l« 230 SinagedZZZZ llfc6 1M.0 _ 

ids only Frt VkJJbl OpTst-fBO K>0d|+li] 180 ^ 

M J li f^ worid rnia u? . fiwaiaszl “ 

Butterfield Bldg, Hamilum. Bermuda. Aslan Fd'5l7n U7S| .. .. 2.93 '• 

rrs Ltd.* iaj N.AVJune.W I 5US183.76 ( | - - 2.- Rjifi ”3 ■■ gOT 

.« oi-aesooo G.T. Management Ltd- Japan Fd Juoe 29.. |WS6* 7.a4 

59 « J J-S "VkHfia !0 Finsbury Cirrus, foudoa ECS. Sentry Assn ranee International Ltd. 

30.71 156 Tel: 01-B S 8I3I TXX: 888100 PI). Box am. Hamillon 5. Bermuda . 

„ ■■■-'_ Anchor •B'^iaits — Bfl3094 llhl+DII3| 236 * S * MKK ' rund — I*®™® L»W( ...| — 

8 55 Eurobond Holdings N.V. 

£52 Handel shade 24. Willemstad, Curacao 
NAVPSJuoe30.„..|R.!S»a ... 

_ F. A C Mgmt Ltd. Inv. Advisers 

2.7* I -2. Laurence Pouctney H111.EC4ROBA. 

431 01-423 4880 

470 Cent. Fd. June 38 — | SUS531 )... .( — 
£ h Fidelity Mgmt A Res. (Bda.) Ltd. 
134 P O Box 4». Hamilum. Bermuda. 

*■“ Fidelity AmAas._| SU52457 1-02*1 — 

5J» Fidelity Int. Fund.. SUS2148 I j — . 

5J> FldelllyPac.Fd. _J 5US4753 I | — 

r Ma Fidelity Wrid Fd SUSX434 1-O.lM — 

D3C4 Fidelity BIgmt Research (Jersey) Ltd. 

224 Waterloo Hae- Don SL. S- Helier. Jersey. 

224 0534 27581 

7.M Series AilniuLi -[ £378 I .1 — 

7.3 Scries B (Facirid...) £323 .{ — 

373 Series D 1 Am Ass. 4 £16.9bd J— 03ft) — ■ 

First Viking Commodity Trusts 
229 8. SL George's St_ Douglas. LoJI 
4.44 0824 4882. Ldn. Agts. Dunbar ft Co. Ltd.. 
3.9b 51 Pall Mall. Ismdoa SWr7 SJH 018807857 

tik ‘Spec Ex. Julv 4 .(2467 ZS43) . 1 3.9b 53. Pall Mall. London SWr7UH 0193 

436 'Recovery July 4.. |l«L3 ^ lit* . ] 538 Fst Vit CmTsL _B5ft 37 7] -1 M 

438 ‘For lax exempt lunds only Ftf VluDM Op Tst .[75 0 80fid( +L0] 

Scottish Editable Fnd. Mgrs. Ltd.* Fleming Japan Fnnd SA- 
S66 28 SL Andrews Sq.. Edinburgh 03 1-568 »J0 1 roe Nolr«+Dsme. Luxembourg 

ft 17 Income Units.... M8.3 51ft J 525 I SUS5502 (. — | 

817 Accura Units _ ...155-1 su| .. ] !5 Free World Fund Ltd. 

333 Dealing day Wedimsday. Burterfirid Bldg, H-milloo. Bermuda. 

8M Sebag Unit Tat Managers Ltd.* (a) NAVjune.10 | 5US1B3.76 | | 

8.58 K)Box51L Bckibry Hm. 60.4 OI-236 5000 G.T. Management Ltd. 

ira Sebag C apita l Fd. .f32S S.8| . J 3.72 Park Hse.. !6 Finsbury Cirrus, lottdoa 

Sebag Income FtL . |293 30.7[ -0.3| 8J56 Tel: 014QB 8131 TLX: 888100 

4 67 Security Selection Ltd. ■ 

5.95 is-ifl, tincola'f Ian Fields. WC2. 01-8318838-9 Anchor Gilt Edge ”|8l« 9^3+0^ 

339 High Income .— 97.6 

428 (Accura L'nils) 164.1 

320 Japan Income 1643 

430 lAccum Units) 1652 

5.94 Uagnum . . 2863 

489 1 -Ac cum Units) 257.6 

Midland . . 116 6 

Lone, peposir 

Family 81-88- 
Gilt Bond 
Internmtnl. Bond* 

Msnp'd hM Inlt 98.1 
K411H1 Fd . 91.1 

Cnii:l> FA Incm. - 971 
I'uuii? Fd (nil . - 969 
fn -pc Mv Fit Aro. 95 6 
Fnip+rti Fd I ik to 956 
rri»P*tr>- m mu 95 1 
lm Tvt Kit \.t 971 

Ini T«l Fd liu-m 97 1 
Inv T>I Fd lull 96 7 
Fn+dlnl Fil Arr 96.1 
Fid int W Iucto 961 
Inter I Fd Atv - 1861 
Inirr't Fd Inrm 1861 
UirtM-i Fd. Act .. 96 0 

Mfinrv Fd Incm. 960 
iiil) Fd. Inrm . fil 

MAC +02 6.7 

103 2 +02 — 
1022 . — 
1022 . .. 50 

101.9 .... — 

1046 . . — 

1006 ... — 
1003 — 

102 2 +04 — 

J429 +1.2 — 
_ -0.7 — 

_ -ai — 
ill t — 

108.7 +L4 — 

143 3 . — 

166.8 +0.1 — 

Rcco+erj-Fd- Bd. 

American Fd 8d 

Japan Fd Bd ‘ 1565 9*J| .. I - 

Prices »■ ‘July i—Jnly 8. *~June 30- 

Merchant Investors Assurance 

( 1224 
*0 3] - _ 

_ Property 

_ Propcrtj- Fmx 

224 EduKy-— ■ 

_ Equity Pens 

424 Money Market ._ 

z AiHaneo House. Horsham 040389141 Canada Life Unit TsL Mngrs. Ltd.* lAccum. l'nitsi 

.2 _ j^.FdJ»LJiiuel4.[a5030 160.M - . | - SdHigh St- Pottere Bar. Herts. P. Bar5112S — Iras 

.. Z - Snn Alliance Linked Ufe Ins. Ltd. Sjfl IZj 791 'Accura Units’ — hwis 

.4 — Sun Alliance House. Horsham 040364141 Do lac Aceum (55 445| . 798 3253*. VniuTZlBB* 

.1 — ^oeSnterertFdr?. 1042 1W7 +0.2 Z CapcI (James) Mngt. Ltd.* Specialised Fun* 

— Pro p erty Fund U»9 114.7 . _ too Old Broad SuECSN 1BO 010880010 Trustee [3402 

International Fd _ 10.8 1146 -02 — r«n.»i jm *7 a! 1 cm 'Accura lulls).— Z7L2 

- DepOriiFuad %■ 1M.9 +01 - inSr.ZZZZS3 I ‘ " 7% Chun bond July 4.. ] 

w 30T “mf^Ftaid — IU84 1142] -01] — ,B g^i on"jiU?^ ’jUf » S^jSSSzZ 

t Sim Ufe of Canada OLKJ Lid. Carliol Unit Fd. Mgrs. Ltd.* (aWc) p«l ExJ ul? 3...._..[l338 

■8889TT1 La.4.Coctap«rSL.^WiVwtH 01.X105400 Mil burn House. Nnrc*Hle-upon-Tyne 21105 Ma nn l i f e Man 

J — JSSjH'HSS^r— I JS-? | _0> | ~ Carliol 166 9 69.i I 420 Sl George < Way. SI 

I ~ "I lSo I " J Z Do Aceum. Uaia. |a02 82. 6| .. ..J 4 2D -CroHih 

Z Krai PuFdZZl 19*4 ( +021 — Do High vieW-. (412 43R . „J 82i Mayflower Mao 

r.6 103.9 -0.2 

dl 1741 -0.3 

43 1750 +0.7 

fig 1766 +0.7 

A3 2210 +06 

76 mi *1.0 

6 6 17BJJ +03 

<42 2941 

2 819a +02 

L6 843 +02 

76 15LBx -02 

4.5 2761 -0.4 

10 1713 -03, 

26 215 G —03 

87? UmlGlfaTK Arc ..Ml 2571 J 230 Anchor luLPd 

871 Unvl Gib TM Inc (ZLO 224ef . ...j 238 Anchor la Jay Tst. 

1% Stewart Unit Tst. Managers Ltd. (a) 

3H 45. CbsrkKtoSii. Edinburgh. 031-2203271 
J 88 tSteuart American Fund 

4 “ Standard U nlta M3.7 ».«->■ L42 

Accura Units Eb.6 73^ -OS _ 

*2 Withdrawal Units .|MJ 5*3 -0.6] — 

5ii ‘Stewart Brito* Capital Fand 

531 Standard Q32.0 MSA | 4.48 

4.26 Accura UnlU...._.RSL2 l 164^ J 4.40 

63 2SJ 

1)9.00 323.44 
HMD 9« 

15.12 1624 

2^6 Singer ft Friedlander Ldn. Agents 
2.77 20. Cannon SL. EC4. 0I-;48!K40 

Dckalonds IDHS62 77 001 .. . I 629 

0J3 TokyuTsL July 3— JUSJ7.00 I .. . 138 

2 158 —0 

1 2901 -0. 


9 1«J .._ 

3 179.1 .... 

8 1412 .. . 

?1lwq Mannlife Management Ltd. 
470 Sl George ' Way. Stevenage. 

4 2D Growth Units. 150.1 . 527J . 

Dealing TFri *We<L 
Son Alliance Fnnd Mngt Ltd. 

031-2203271 SiTo IS Tokyo TsL July 3 SUS37.00 | .. . | 138 

g'l fl»! Stronghold Management Limited 

1-0* 1® G.T Dollar Fd. 5US7.M j 0 70 FO Box 313. SL Heller. Jersey 0534-71400 

— GTPacificPd 5US14.8D |+0J3| 105 . CommodllyTnisl ..(9237 9723) . ..( — . 

Gulmore Invest. Ud. ldn. Ag^ Snrinvest (Jersey) Ltd. (x) 
r»?t..^7r*^ I wlll?l > ‘ > ;^?i ® 1-283 3331 Queens Hse. Don. Rd. SL Helier. J»j 053437348 

ja-ia - • 

om Jap. Index Tst 10257 12811-0 1] — 

tJS Sun Alliance Rse^Ronhain. 0403 
n KpF^TsUune 14JIZLL0 2222) . ...J 
vrEeFsiaily Fd — ^9*3 1M3( <tg 

lRKftPac.U TSL. 
Japan Fd. 

12 Target Tst. Mngrs. Ltd.* (aKg) 

2B V 

366 ) Gartmorr landanl Mngt. Lid. 

{ P O. Box 32. Doc ci xx. loU. 

| Uartmorc InU. Inc.. 121.8 22.4 

Do High Yield — (412 4371 . _j in Mayflower Management Ca LttL iSoAraTumra. 

• Do. Accura Units 613 S3g J 623 lc 18 Gresham St. BC2V 7ftU OldOOBOM Target Gilt Fund 

ruin* ««■» feJr fi. . Income June JD — [107.7 113.* I 813 Target Growth _ 

73""* 3LGre«hamSL.EC2 

ft+d. Target Commodity 

00858101 Targe* Financial 
52.7J - 4 4J6 Target Equ! tv. 

r. |M Tra get Ex July 

3921 -O 

02065041 1 Gartawre IntL Grih|( 

Jap. Index Tst 10257 12BJ| +0 1] — 

TSB Unit Trust Managers (C.I.I Ltd. 
Bagatelle Rd.. 5t Sartuur. Jersey 053473494 

CS24 23S1 1 Jersey Fund 1460 404j . I 496 

| non* Guernsey Fund ..(*6.0 <W.4| . ( A 96 

3 00 Prices on July 5. Next mb. day July 12. 

I'nixn prt Ini 'A' [1593 — J 

Crusader Insurance Co. Ltd. 

iQlfl +otl — Money MkL Pens 

toiiSra *.g SssS ii&i-- - 

1032) +02] B33 DeporilPena. — — 


InU. Equity 

\ in.iila Ilnuw.Tcnvrr Pt..ECT. OI4QB80S1 ™ 1 - 

.itii'rrop July* (70 9 H4( . | — NEL Pensions Ltd. 

B,.. . M!J I J Mtllon Court. Doridofi. Surrey. 

Kagle Star lnsur/BHUand AM. Kei+xEq.Cap . 822 . 

1 TfirrsrlnredfpSL. tti Ol-MH-L Nelcx Eq. Accura .. 1013 1142 -0 

FORir Hid Unit* |S02 sil] +6 2} 629 Neles Money Cap Ul 63.0 . ■ 

Equity ft Law Life Ass. Soc. Ltd.* KlJijothliKi^*?- 4?b so l . 

Lmn+h+mRrtad.Hich Wycombe 0494 33377 Kelrx Glh lac Ace. 486 5L1 

+.quiri Hi 
i-rnpcm id 

r-»»ri! Iniw+st f 
>ii.l Drpiixil Fd. 
Mtvrii Fd - . .. 

11097 11541 +0 11 - ? 

|Sa- illl+lll — 

. [MO* 11*1 +os| — 

« Gth Inc Lap.. H7 b 5? fi ■ \ 

x UUi lac A re. |486 311| 

_ N*l Mad Fd Ohp. .jtt.6 MU • 

— Nel Mxd Fd .Xec. .M.6 5LU .( 

Nevt Sub day July as 
For Stw Court Propmr w* under 
RMhacUld 4ort Manageraeat 

“ Target Life Assurance Ca Ud. 

— . Target Bouse. Gatehouse Rd, Aylexbury. 

— that. Aylesbury (0290/ 594 

— Man. Fund lot (934 9SJ|-07 — 

— Man. Fund Ace H3J 1216-06 — 

— Prop. Fd. Int 187ft 1142 — 

— Prop.Fd.Acc 138.0 — 

Prep. Fd. Inv 104 — 

' Fixed InL Pd. Inc. 99.7 1054 — 

3011 Dm. F d. Acc. loc- 952 1004 . .. — 

— ML Plan Ac P+n . 71.1 772 -1.1 — 

— BeLPtanCap.Pea... 58ft . 63ft -1ft — 

— RrtJlanJRanJVcc... 1242 1307 -li — 

— RraP1anl4an.Cap. 1M.1 120.1 -13 — 

— cat Pea. Ace 12S 6 135.1 — 

— GUtPaaCap. _.f3« 120 3 . — 

Charities Official Invest. Fife 

General June 20. — H 


U9.1 +0.9 
29— +fl.l 

SB . 1 -03 
313 -03 

Income Jane 20 [1324 — I _...J I 

Accum. June 20 — J253 1 — | ... J . 
OUtunnb. Odj 1 available to Reg. Ghana 

— [ — J 670 30.Gre&hareSL.*C33>2EB. 
■= J Mero Gea Ju»a-(182.9 

i Reg. Chenaes. j^,. juiTS HJ73 

Charterhouse Japhet* 

L Patemoalor Row, EGA 01- 

CJ-IotergaCl »ft 2461.... 

Accura Uniu 127.2 29 0I 

Gj Income g.6 34.2 .... 

CJ Euro. Fin 066 5S - - 

Accum Unit*— — (31.0 33.M 

CJ. Fd. Inv Tat [276 29.* .... 

Accura l'plt9__ 1316 33Jl .. . 

Price July 9. Next denliagg July 

J-g Unit Trust Managers Ltd.* (a) 

i 4 553 Snfipsi 

' Tariff lav 

014004555 Tj-O* JulyS 

4 68 TgL bie 

112 Tgt^&srsitx 

~7” 4 j£ Target Tst. Mgrs. IScsUand) (aHh) 
.‘..-j 456 19. Athol Creic+n t. Edln. 1 OSX-SSSCe 

Target Amer-EaglegM 28ftd -0 Jf i 

<»> JSSSSSfisM a 3 J: 

3ft2 Hambro Paeifie Fond Mgmt. Ltd. 
2U0. Con nxo* hi Centro. Hong Koag 

Par East July 8 p2.*l 13 60J .. J — 

Japan Fund. [SU57J7 BU] . ■ 4 — 

360 Hambros iGnenuey) UdJ 
5-® Hambro Fund Mgr*. (C.LI Ltd. 

JJ5 P.O. Box aS.Gttetzuny 0481-BrtR 

Tokyo Pacific Holdings N.V 

luUmli Hanaeeaienl <~o N V . CuracMi. 

NaV per share Juae 30 Sl'SSHI. 
Tokyo Pacific HJdgs. (Seaboard) N-V. 

lnUjais ManaccaKDt L'o N V . Curacao. 

NAV per share June 30 3USCL29 

Tranrintarnational Ufe Ins. Co. Ltd. Prire July a. Nest tieaUnjgJtUyia. Da Accum 

ira 71 Chieftain Trust Managers LUL*<aHg) d^^.'ZZZ: 

si i2o|-d| z sssssffd mStsSS 5 ^ 

Trident Ufe Assurance Co. Ltd.* ® ^ 2M-o^ 4 *2 tv. 

Rauiada House. Glouc