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ANQALTEVLES 



No. 27 , 57 s Wednesday June 7 1 SW **n 5p US' 

•jgj^^eeife-BtnSnrtSS.- 7 

■~'- ! '~-* ^ WtllWC rmces, AU STRIA 5th.' 5; «UauW ft as, ooiHARK SrJ.Si FRANCE Fr.J.O; SERHANT DM2X; ITAtr LMOr NETHERLANDS n.I.D; NORWAY Kr.J.Sr RORTUSAL 6&M; 5RA1N W».«: SWEDEN Kr.335; SWITZERLAND FrJJ; EIRE 15p 


Wednesday June 7 1978 




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FLAKE & 

NODULAR 

IRON 

CASTINGS 


MEEHAISHTE 

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The International Meehamte Metal Co.Ltd. 

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business 


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waver 
on bai 




■ en °f Maihofer, West 

: nat lonafe V Interior.' Minister, 

y^terday, taking 

— i of i;^ J*spaps|bml^ in the 

^Gr, year.- for the kitl- 

■® - Banns -Martin 

’ fair 10 the industxialist. 

••S. ^"actiott- .camee two davs 

a ceouap T^after^^^: Ft&s Democratic Party 
^■o^^‘i t .n! , ^’suffered' a ; severe setback in pro- 
nr f%vin«aj electiMts. Herr Maihofer's 
rn, “ 1 [, ltt&tSB»rttnjes. in,-nffice are felt to 
“ u iaid<? i^have, .contributed' to his partv's 
1 w what wreVer^ah' 'Back Page 
•nsoiidj^ ■> Police' in ■ West Germany have 
tat xh e V^clalmfliS^thejr first success in the 
i>iv e ^hunt' iohr.t&e' gang which freed 
in urban guerrilla from jail ten 
trh-c a <Jays ‘Kiey have seised a 

» DOaltr^year-oId.- man believed linked 

•k's . ■ 

lT£ J^ltafisin 'killing 

i ^tock ^"Three . terrorists, one a women, 
auihom-t^.sh^ <l^<i a jail warder in a 
\o taik * n Italian town of 
r j- )r ' 'VtMtaje. ln Rome, three iroore 
% a&uspectta urban guerrillas were 

y-harged with complicity in the 
kidnapping and murder oT'Sig;’ 
- i; t^ldo Maro, the former Premier, 
^r:.iso;?T3rakJns the number charged to- 
ed medius,--^. 06 - Pa Be 3 • . 

? Ti? ^Troops for Zaire , 

ii-: ihree mwyThe U.S. ; is preparing -to fly 
now have 5 ^oops from- Gabon and- Senegal 
i.~Vfj r hl oi .„ wO‘ join the . Moroccait force ^ent 
^ JVTdefend 2aire"s Shaba province ; 


■ '•S-* a Xaj isit toYi^iSs^td^ 
i--. fisuani. TtPresidenti ^Mobirtn.-r who-- -.-has:. 
t-j up rfCeu^J1he~2?ambiaD Header of 

I'nclari 

:-s ;,r.d ^ fX , 


■I ; ^;t-TT ^- L ' : 

aad the U£ are expected 
• '• * a Al0T - propose a. feye-year ban qn -aR 

r: ’- : - n l lUan Tudear testing -in negotfatuaasr 


P* Schmidt leaves way 

* open for package 

^er 

b m deal on growth 

ires 1 BY JONATHAN CARR: BONN, JUNE 6 

• sterling closed 35 pointe W e st Germany has no immediate plan for further steps to try to boost the 
«p at $1.8240 after favourable economy. Chancellor Helmut Schmidt said to-day. At the same time he left 

market ruction to uk mia-May the door opcn for a decision on new measures this summer, 
hanking figures. The pound’s - • , , .. , '...., 

tradc-weiehted Index Wax BU His remarks, m an interview forge a wider zone of currency that after a dibappomung start, 
ffii n dJ with the West Gerimia news stability in Europe — an idea out- real growth in gross national 

ffnrrLr7 a ir k.T 0U j S c*!*^?* a l? en,: v DPA, strengthened the lined by Herr Schmidt at the product this year might yet total 
u«m was unenanged at per view that Bonn may now he ready Europc.in Council in Copenhagen 3 per cent. 

cent - . • ■■ to. seek more growth as part of a In April. The Government had aimed atj 

_ n package deal with Us main Herr Schmidt's comment on 3.5 per cent, with both Britain 

• talLTS were uasetped alter trading partners. tl.S. support was noted here and the U.S. urging efforts to 

tlie banking figures .became oth k element*; in the deal Vfit3i special interest, in view or achieve even more. 

known. ThtCtovenOTeirt Seemi- wou j d include firm steps by the his nie ? tiD C a it is noted here that the first 

ties Index closed 0.04 up at u.s. t 0 C ut oil imports,^ a pledce Washington with President quarter statistics are open to 
68^3. by Bonn's panners to resist pro- ^ 3 Z^ er ‘._ . correction ami give no wholly 

. .. ; tectiom.st pressures and renewed So far ' Brilam nas shown clear picture. A second round 

• EQUITIES recovered despite efforts ' to counter currency reserve towards the currency of Cabinet discussions on the 

a Jdw volume rf trade- The unrest. scheme, partly on the grounds economy and the 1979 Budget is 

FT 30-Share- Ir&ex^edged higher The whole could be tied up at might beUevcd to have been postponed 

to cTose 3JJ up at 477.7. th e western economic summit 11 155 t ^ rectl,t * gainst from June _1 until the second 

conference here on July 16 and tie d° Ilar - half of July, after the Bonn 

• GOLD closed -SH down, at 17. summit. 

$1811 in Xflddon, after weaken- Herr Schmidt did not directly K£tlGr Tt is eiuphasised that there 

• . - • ~ ■ refer t usuch a deal. But he did would be lmJe point in Bonn 

cite cuergy, protectionism and On the German economy, Herr deciding on supuU-nicntary econo- 

/ .. r'"'.- currency matters— as well as Schmidt stressed Lhat the m, 9 measures now, only to come i 

London • efforts to improve economic co- emphasis should be laid on under pressure at the summit to 

c -,j w operation between the developed medium and long-term strategy do even more. 

(OKI ■rvI^V. and developing world — as major, rather than short-term efforts Should the performance of the 

S inter-related problems to be which provided only an inUa- economy as well as the attitude of 
covered at the summit. lionary boost. Bonn's partners suggest lhat 

In particular, be wished Presi- Ife wanted to wait for -the another economic programme is 

dent Carter success with his statistics on the economy's per- desirable, then hoth tax relief 
energy-saving programme — fomiance in the second quarter and direct investment measures 
stressing that the President bad of the year, believing that these are likely to emerge, 
the power to step in himself would be better than those for The particular aim would be 
if Congress refused to act. the first three months. to help those branches of 

He expected the U.S. would. Dr. Otmar Emminger, Presi- industry and research expected 
make clear at the Bonn summit dent of the Bundesbank, has just to provide the jobs of the futurej 
that it favoured the scheme to given a similar view. He thought Editorial comment. Page 22 

li-llp Inflation should stay in 




London 
Gold Price: 


with tip the long-running Geneva, , t4 k 5 
n .- .non 'ivmsX which'the thr^e Goyerinnenfr 
. X' -) cr,r<-inr?re seeking -to, draw.up a corn pre- 
v treaty.l Page 4 

tondip'n;.;- 

: - r »'-v X m Mr. . Morarjj DesaX" Indian-^ 
J '- ? "X'-.-V; ryMtne 'Mimster, has arived in 
.n«« - .a-itam -bii a threeday -msif. ddr- 


**- , 

r .• ' ;• - 


|l§r 


i'iSvi J “Energy.-. JUerenmng . xux gavecu- 

ihcrwteaiehtY TJerfOEmance -±tr its 14 
•nonths "in' office, he -said-Tndia 
— — — ^aad come oat- of' a. nightoare 
taco the clear- I^jht of. the rule of. 
law. £.jl' 

^lowr^covery v 

lEhincess-TIai^aret is itiakins a 
slow.- recovery from, her- illness 
and her. dphtprs;hay"e . advised her 
to undertake- ®i strictly, limited 
number . of, public engagements 
-^£or_the ■ time being, Kensington 

^*dace«aid ; "TBe 47»?earold prin- 
cess, went, down with.^astro- 
and ; mild hepatitis six 

'^^^P tor&: »o4imore people in Britain 
■.isgS^pare; Tiy frig alone as old-style 
ami ly- ^es-Joosen, according to 
Household Survey. 

■ ^OT H liY oonsr-l^ple - are leaving home 

"jjafflearliPFi:-- mare marriages are 
^Saa&ndikg' jjy'divorce and Old people 
wouM^bnce have- attached 

■ v'^sMthem^elves.-.tp their children’s 

often left to- 
ree ^oceVSociesty today. Page 23 


n piP ffiruphired am." ' achilles tendon 
^hiS7ii@®g:hbme after. an 
i ' -~^** ni j?| n F n TT : aif ■ in Lancashire, 

pf"-. - • ■ ^^has heconifr 'the- first clergyjnan 

' ..i.-n'T in Britain to draw sickness 
?d'.C^S benefit :ifor .tdi Indutrial injury 


fanex&v^t^ a time, 
l.iv--:5^ r ... wedd&gv-njmd six cremation 
11 semces -.in.bn& paonth .alone- 

^ r^> - • ' ”^- r . • v.,"^ 

iiftv: *^7'.'^ rfoifw- 0 -’"-'" • 

r?*™®'?* * - : " • 

Italy 'beat'.Hiuigary 3-1 in their 
a: Ji» World Cup^Grbup One match. 

.« Hundieds-pe; servicemen’s wives 

^ ‘ « i-. H 1 S5^--n mardied^Sib^gh Lbndon. to pro- 
test' husbands’ pay. 

■£S5 , 3 , * fc Bus care^d' over .people sleep- 
r .ing; ohi tt^Jbotjiath in Calcutta, 
'■ff'F *-' 2 ' i* kj&bgiixfihd injuring five* 


i 4 -ii i 

• t -° V JML 1 ; «mtB AWt *uw MUM J 

; ing hr’ retnponse to.^itxfirnier 
dollar. ty&r- ■ ’■ ' 

; ^ \ r ■ V jgi £% • 

• WALL STRJEET^W&is np 
at 872J1 hear, the gclop^. 

• SMEUi • PETBOEEUMtfc>m- 

arranging-. .a :^W)K 

standby- Credit with* ' small 
grbup of Japanese banks, leduy 
the Dai Ichi Kangyo: .Thtf terms 
of the-loah are not known, tt is 
the first- time . that -a Japanese 
bankjias arranged such a large 
loan for the comjrahy. 

• J APANES3S . safles of imported 
cars last- month totalled 4,367. a 
2Q.4 pet- cent increase on sales 
for May '"ls£t year, the Japan 
Automobile Importers’ Associa- 
tion has announced. Page 6 

’’•-iN, A SURPRISE move the 
Goternmen has agred to a Tory 
amendment to the Finance Bill 
udutdi' increases tax relief for 
self-employed, people who spend 
some working time abroad. Back 
and Page 10 

• PRICE RISES on- most cigar- 
ettes produced by Carreras Roth- 
mans have been announced. Back 
Page, News Analysis Page 7 

• BRITISH SHIPBUILDERS has 
unveiled . a series of new ship 
designs and announced a fl4m. 
order for two of them from a 
Greek owner based in. the UK. 
Back Page 

• ENERGY SECRETARY Mr. 
Anthony "Wedgwood Benn has 
rejected the idea of imposing 
a special:, tax. to bring natural 
gas prices into line with those" 
of other fuels. Page 7 

• POST OFFICE engineers 
agreed , to settle within tbe 
Government's. pay guidelines, out 
have demanded an end to wage 
restraint and decided 10 nego- 
tiate a 20 per cent, increase next 
year. Page 10 

• TUC steel committee chairman 
Mr. Bill Sirs is to urge the 
Government to maintain steel 
production in defiance of £<151- 
plans to cut Community output 
in the third quarter of this year 
by more than 2m tonnes. Page -4, 

COMPANIES. 

m STEYR - DAIMLER - PUCH, 

Austria’s/ largest pnvate iadi^ 
trial entity, reported ai7 pet 
•cent sales increase duruu we 
first -quarter of this year, com- 
pared^ with a 8 per cent ® 
the whole of last year. Page 31 

m METAL BOX South Af”^ 
5S.5 per cent owned by Metal Box 
UK. reported an improvement in 
net* operating Income for the year 
M Jtoh 31. This “SR from 
Rl0.9m t0.R13.3m (about £7.8m.h 
Page 33 

• TADIRikN, Israel’s 

SooSomcs. company . ngj » 
net profit last year hy 61.4 per 
cent P to H127.Zm (£3.bm)- Page 
33 


Minister 
calls in 
petrol 
chiefs 


By Elinor Goodman, 

Consumer Affairs Correspondent 

MR. ROY HATTERSLEY, the 
Prices Secretary, has asked to 
see the heads of all the big oil 
companies to discuss the petrol 
price rises which resulted from 
the companies reducing their 
financial support to some 
garages. 

The Minister is clearly wor- 
ried about implications for the 
retail prices index, and wants 
to know more about the reason- 
ing behind the oil companies’ 
latest moves. 

A series of meetings is ex- 
pected to be held over the next 
few days with executives of the 
individual companies. 

The two sides will presumably 
see things differently. While 
Mr. Hattersley would like to 
see petrol price rises kept to a 
minimum, the oil companies 
would eventually like to end 
the forecourt price-cntting war. 

Last week. Esso wrote to 
manv of its dealers telling them 
that'it was withdrawing a large 
part of the support aid which 
has enabled them to cut several 
pence off the scheduled price 
of petrol. 

The move has resulted in 
increases of a penny or two a 
gallon in many garages — parti- 
cularly Jn urban areas where 
price cutting has been most in- 
tense. The other major oil 
companies are fallowing suit. 

Temporary 

The oil companies did not 
give the Price Commission ad- 
vance warning of their action 
because they did not consider 
that a reduction in what they 
regarded as a temporary sup- 
port programme for dealers fell 
within the Commission’s juris- 
diction. . 

Since then, the Commission 
has raised the matter with Esso 


Money supply 
growth rate 
is slower 


BY MICHAEL BLANDEN 

THE GROWTH of the money 
supply slowed down last month, 
the first of the new financial 
year, after the sharply excessive 
figure recorded in April. 

The latest banking figures sug- 
gested that, in the month to 
mid-May, the increase in the. 
sterling money stock on the 
wider definition IM3» was sub- 
stantially lower than the pre- 
vious month’s rise of 2.S per 
cent. 

The growth may still have 
been, however, at or above the 
lop end of the official target 
range for the current year. This 
was fixed in the Budget at an 
increase in sterling M3 of S-12 
per cent subject to adjustment 
after six months. 

This was a si/ght reduction 
from the 9-13 per cent range set 
for the past year to mid-April, 
which in tile event was substan- 
tially exceeded with a growth of 
sterling M3 over the year of 
16j percent. 

The banking figures also indi- 
cated a marked upsurge in bank 
lending, apparently associated 
mainly with the rise in con- 
sumer spending and possibly 
with growing leasing business. 
This increase, coupled with the 
continuing difficulties being ex- 
perienced by the authorities in 
selling gilt-edged stock to fund 
the Government borrowing re- 
quirement, is causing growing 
concern over the expansion of 
domestic credit. 

In his recent letter of intent 
to the ‘ International Monetary 
Fund, Mr. Denis Healey, the 
Chancellor of the Exchequer, 
affirmed his determination to 
keep domestic credit expansion 
within a limit of £6bn in the 
current financial year. 

The figures were not well 
received in the gilt-edged 
market, where, after showing 


rises of up to {, prices were eas- 
ing in (ate dealings last night 
with continued speculation on 
possible further moves to control 
the growth of credit. 

In the money markets, short' 
term interest rates have moved 
up in the last few days, bringint' 
the possibility that the hanks 
will consider adjusting their own 
base lending rates upwards. 

The main pointer to the money 
stock was given by the Bank of 
England figures for the eligible 
liabilities of the banking system. 
These are the main deposit funds 
and a major constituent of 
sterling M3. 

Eligible liabilities increased by 
1.4 per cent to £44.5bn in the 

Editorial comment. Page 22 
Table. Page 27 
Lex. Baek Page 

four weeks to mid-May. This 
compared with a jump oF more 
than 3 per cent in the previous 
month. 

An important factor helping 
to hold down the money supply 
growth was probably "the sub- 
stantial intervention undertaken 
by the Bank of England to 
support sterling during the 
month. 

Yesterday the Bank was again 
thought to have intervened, 
although an a smaller scale than 
on Monday, and in quieter 
exchange markets the pound 
gained 35 points to 31.S240 with 
its trade-weighted index rising 
from 01.1 to 61.3. 

Figures published by the 
London clearing banks showed 
a rather smaller increase of 1 
per cent in their eligible 
liabilities, hut a substantial rise 
i3 lending. 

They reported that their 
sterling advances to the U.S. 

Continued on Back Page 


: -i . BY "PHILIP RAWSTORNE , 

• ; V : 

MR. JAMES CALLAGHAN told 
the: . Commons yesterday that 
Government policies should en- 
sure that the inflation rate never 
returned to double figures. 

The Prime Minister predicted 
that the rate would hover for 
some time between 7 and S per 
cent 

“I would like to see it come 
down but t doubt if that is 
likely," he said. 

: But the Government's fiscal 
-and monetary policies, together 
with some moderation in wage 
settlements, should ensure that 
it was kept under control. 

; ' ** 1 don’t see any reason, if we 
cany out our policies; why it 
should ever get hack to double 
figures, 0 he declared. 

•-NMr. Callaghan told MFs that 
though, an increase in the 
mortgage rate would he regret- 
table, the Government would not 
Intervene in any building 
^societies’ decision. 

;>Alf is important that they 
'maintain their own " balances 
properly." 

:„The Prime Minister's emphasis 
on-keeping inflation within single 
figures reflects his concern that 
Hie • Conservatives should not 
gain' political advantage from 
any small increase in the retail 


price index during a possible 
General Election campaign this 
autumn. 

The. Government expects the 
inflation rate to fall again to 
about 7.5 per cent this month 
and about 7 per cent in July and 
August 

In the autumn the retail price 
index is likely to fluctuate 
between 7 and 8 per cent, say 
Government forecasts. 

Ministers intend, therefore, to 

Parliament, Page 10 
Mortgage rates. Page 7 

reassn re- the voters that an 
inflationary upsurge is unlikely 
to follow any small monthly 
increase in the jndex. They also 
intend to explain folly the 
effects of various influences on 
the index. 

While this action to protect 
the Government’s position in an 
autumn election is being taken, 
Mr. Callaghan has told col- 
leagues that be will not decide 
the date of the General Election 
until August 

The Prime Minister, reported 
to be anxious to avoid suspicion 
of gimmicks or running to the 
country at the first favourable 


moment has said he will take a 
“long coo! look" at the situa-, 
tion from his Sussex farm in the 
summer recess. 

Some of his advisers, though 
few senior Cabinet Ministers, 
are stiil inclined lo hold off 
until the spring of next year. 

Cabinet Ministers are submit- 
ting legislative proposals for 
another Party session, but their 
main calculation centres on 
whether it would be more 
advantageous for the Govern- 
ment ot be forced into an, 
election by defeat on the Queen’s 
Speech, rather than choose an 
October date Itself. 

Apart from the Government's 
showing an the opinion polls, 
three other factors, they believe, 
now pres; Mr. Cailaghan towards 
an autumn General Election. 

These are the Bonn economic 
summit -in July which is expected 
to heighten Mr. Callaghan’s 
prestige: the TUC in ear.ly 
September, which could yield 
some understanding on wage 
moderation; and the referendum 
on Scottish devolution, which a 
majority of the Cabinet would 
like to hold after the election, 
but which cannot be long 
delayed after the end of the 
present session. 


for the time being that there is 
nothing it can do about the 
rises. 

Mr. Hattersley could, how- 
ever. presumably make a sec- 
toral refeneence of all the oil 
companies to the Commission. 

Alternatively, he could, per- 
haps, try to get a voluntary 
assurance from the companies 
abont future price rises as be 
did from the brewers. 

In spile of last week’s reduc- 
tion in dealer support, the oil 
companies will go on contribut- 
ing almost 2p a gallon to some 
dealers’ prices. 


f In New York 


June b I PttTOM 


Spot { SLSIKWWO t SI.;Z2w?G35 
1 month 0.49-0.45 ilia \ G-45J3.58 din 
5 roontbn | 1.60-1. i* dis J 130-1.35 d!> 
12 month* | 6u40-6^Jili* ' B.fiMJIDdii 


BTR move into U.S. 

BY DAVID LASCELLE3 IN NEW YORK AND MARGARET REID IN 
LONDON 

BTR, the British engineering Mr. Eric Norris said in Britain 
group, is buying a 32 per cent last night lhat he would continue 
stake In Worcester Controls Cor- today to have discussions on 
poration, the U.S. valve concern alternatives with a merchant 
which owns Worcester Controls bank. He and his brothers Ken- 
of the UK, and will bid for the neth and Lewis still believe that 
rest of the shares at the same a higher offer could have been 
price, S30 a share. The terms obtained. 

V ( orceater sroup at Last night's announcement 
548m (£J6fm). that BTR had re aclied agTec- 

The offer for full control has ment for the sale to it of tbe 32 
not received the support of the per cent holding — including the 
three British Norris brothers, shares of Mr. Robert McCray 
who own 13 per cent of the and other officials of Worcester 
capital of the U.S. company, of Controls Corporation — followed 
which they are all vice-presi- several days of tense discussions, 
dents, and who run the British The opposition of the Norris 
business, which accounts for family to the projected BTR offer 
more than half the Worcester 

group’s turnover. Continued on Back Page 



BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


LAND SECURITIES Investment 
.Trust’s investment properties in- 
creased in value by £167m last 
year. A sample -valuation of tbe 
world’s largest property company 
reyealcd a 21.6 per cent rise in 
values since March, 1977, enough 
to- push the value of its property 
holdings to £993.Sm. 

/■ -This sample valuation, which 
has not been incorporated into 
the group's accounts, confirms 
the dramatic recovery in pro- 
perty investment values in the 
last year, 

.- Although Knight Frank and 
Rufley, Land Securities' valuer, 
notes an easing of property 
yields since the March year-end. 


yesterday's news provided a mild 
tonic for the property share sec- 
tor. Land Securities' own shares 
rose 2p to 21Sp on news of a 
21 per cent Increase in pre-tax 

Results, Page 25 
Lex, Back Page 


profits to £26.3m and on reaction 
to the revaluation, which wonld 
push net assets per share irom 
225p to 303p. 

Land Securities' revaluations 
have had a powerful influence 
on the property market in the 
past In 1973 a revaluation to 


£1.02Sbn followed that November 
by a further revaluation to 
£1.306bn. marked the peak of 
the property boom. 

One radical departure in Land 
Securities’ 1977-7S results is its 
decision to abandon the practice 
of treating interest paid to 
finance property development as 
an asset and instead to incor- 
porate it as a deduction in the 
profit and loss account 

This decision cut £3Sm from 
the group's post-tax distributable 
profits in the year, and it could 
have wide ranging implications 
for the accounting treatment of 
development .interest charges 
throughout the property sector. 


WADDON HOUSE 

CROYDON 


5,150/10,300 sqft 

OF 

EXCELLENT MODERN 

OFFICES 


CONTENTS OF TODAY’S ISSUE 


TO 
LET 


European news - 2-3 

American news 6 

Overseas news * 

World bade news ® 

- Home news — general ... "-o-a 
— labour ......... 10 

Parliament 


Problems of dividends; 

Mr. Healey maintains 

~ suspense 32 

Soelely Today: 

Never before had tt so _ _ 

good W 

The personality which 
..makes for top managers 32 


-Technical page U 

Management page 12 

Arts page 21 

Leader page - 22 

U.K. Companies 2449 

Mining 26 


FEATURES 

Multinationals and the -New 
Order 32 

Turkey: 

Regilding the Golden 

Horn 2 

W. German moonlighting; 
Black Is profitable ...... 3 


Inti. Companies 30-31-33 

Euromarkets 30-31 

Money and Exchanges 37 

World markets 36 

Farming* raw materials ... 35 
UK. stock market 38 


French machine tools; 

Survival anxieties 3 

China’s foreign policy: 

Fast rising profile 4 

Sudan: A balance of pay- 
ments problem 4 

FT SURVEY 

Greece 14*19 



Appointment* ... — 3a 

toe Bate* ..... £ 

. BM0. See. Rite* ... . 39 

Crrenronl 211 

>irt«ta)mrMuit GtfUte 20 

European Opt*. ...... 30 

FT-Acuurh* Intflce* 38 

Ginfeninfl — 20 


Home Cnwm — 8 

Letters a 

Lex « 

Lam bard 28 

Mon and Mtttarr^. 22 

Radas 20 

Saleroom 8 

share fshrantios ... «Ma 


r»day*s Events — 27 

TV ud Radio - 28 

Unit Tnub ........ — 38 

Weather 02 

INTERIM STATEMENT 
Elion ud Robbins 24 

ANNUAL STATEMENTS 
Cam rex {HJdiu.} ... 29 


Charter Cans. : 

Clo. Cent. 'Reictur. 
Cke. Pla. de Suez ... 

De , l» ftw 

Sabah Timber ... 

Scot. Heritable Trust 
Franete sbaw 


For latest Shore index ' phone 01-245 8026 


AS AWHOLE 
OR 

WOULD DIVIDE 


HiUier Parker 

May & Rowden 


77 Grosvenor Street London WlA 2BT _ 
Telephone: 01-629 7666 

and Ciiyof London, Edinburgh, Paris, Amsterdam* Australia 








EUROPEAN NEWS 


Spain has $76m. current 
account surplus in April 


BY ROBERT GRAHAM 


MADRID, June 6. 


Irish hope 
to reopen 
Ferenka 
factory 


{EEC to open 


BY GUY DE JONQUIERES, COMMON MARKET CORRESTONW^T 


:? ' LUXBB^BGURG,:J 


EEC FOREIGN Ministers agreed Today’s decision by the EEC Foreign Secretary, said today ing on ats fonnal.. ppkiion 
today to open "as soon as prac- Conn til of Ministers applies cniy that. while it was important to Spains application formed 

ticaUv nossible ” formal neeotia- 10 ^ principle of . starring treat each negotiation ^epa*atfil?> ship, yflael v “'" - 

£“ Uy ^ tM r r . , negotiations. The way in:whIS it could, be advantageous . if Jul _ ^ 

tions with Portugal on its th eSe should, be condncte&4-a$ Greece and Portugal were to nublished 

application to become a fall well as proposals by the.Euro- eo*er the EEC at the saina time, h ^ e ~ 

member of the Common Market pean Commission : to J V give since this would minimise .c^s - ^ c 


By Michael Lafferty 


SPAIN’S current account balance year, reserves have increased to some $&5bn by the end of tbe 
of payments achieved a S76m by a monthly average of almost summer. , 

surplus in April. This is the S 2 ™?- K J . This situation is producing an THE IRISH Government hopes 

JLZLut TbJs bad affected the peseta, important reassessment of to make an announcement about 


houan be conducted^- a$ Greece ana rorcus«i_w«^- ^ published next * sprmfc ' 
proposals by .ttijfig enter the -EEC at ^ "3* ^ .SSSSttt 
Commisston aye since this will be caUedoh-ttf^^ 


best monthlv^fieure thiTear and TWs affected the peseta, important reassessment of SSaffffaiSSSSSSft abSS *** ?eL ^°bl SSSSiSE^ ^ ^ whether; to Open. negotiafi^^ 

best monthly figure this >ear and w hich has now recovered some foreign borrowing policy. At the the re-opening of the former mean that the talks will start in (jgcjded. - "But he acknowledged that-xt . In- its - - opinion. 

further evidence that on tne ground since the 22 per cent outset of the year the target for Ferenka steel cord factory in September or October, after the j t jg st jn no t dear hbw long might be difficult to ensure that .guese i^ues^ puhlish^ ^^jj 

external front at least the Gov- devaluation last July. The foreiga borrowing was $3Jbn. Limerick within the next 10 days. Co mmunit y** summer break, the negotiations will last. - and the admission of the . . two weeks'-'- ago, •. •the 1 ' 'Conisiiss&n. 

eminent 's economic measures peseta has regained almost 9 At the time, some foreign ban- This was said in London yester This timing is acceptable to the how the tuning of Pnrbigal’s countries coincided, -and said endorsed - it oh.-pdIifical grouff|| 

are working per cent against the dollar, while kers were beginning to show con- day by Mr. Raphael Burke. Ire- Portuguese Government, which eventual accession to th'e EEC that the EEC should not attempt but ^warned that the'-rcoriritrySf 

-The h,TT,r«..nrf in thp - I1P rent 11 h3S appreciated over 5 per cern that this continued high land's junior Commerce would like to link the start of will relate to that of Greece 1 to foist such an. arrangement oh ewirroHiictot^ 
me turn round in tne current cent against other leading level of foreign borrowing would “!-<•*•« — ._i,u ,l. i — - 1 r. ■■■•* — .. *-t— -«»!»■♦ ® Twfwtiiw nt ■ 

account has been striking. Due- currencies. substantially increase Spain's 


leading level of foreign borrowing would Minister. negotiations with the publication which has been negotiate 

substantially increase Spain's The Government has been of its new medium-term eeo- join for. almost two years.^ 


the applicant countries against- EEe.posed^Txdtn'ber -ofse. 
their will- . -..v_ practical •prpWems; and'..vW^^ 


ing the same month last year a The strong reserve position, foreign debt to some S15bn. and making strenuous efforts to re- nomic programme in the autumn. Dr. David Owen, the U-K* “The Commission- is .also work- have to be bandled^earaTatfy.^ 
S438m deficit was recorded. The combined with tbe continued low create a heavy debt service ratio, start work at the £20m Limerick - /‘.‘'.r:* ' ■ . • y-: - “ ' ' 


S438m deficit was recorded. The combined with tbe continued low create a heavy debt service ratio, start work at the. c?nm Limenca - .-'t 

figures for the first four months level of imports (only 2 per cent Now Spain almost certainly p i ant ever siace ^,6 Dutch 7^ . 

are even more impressive; the «P in Apn J , ’ th « : maintenance of will not need to borrow so much, multinational, unexpectedly f • . - . m ’ ■ 1 

current account deficit was S^m upward trend in export earn- More important, the Government closed down its subsidiary’s ( hOfipaC hQVA 11TI1U t AV£in AT AVIll 

os T>7bn m i same in § s * a ° d Projections for a boom is expected to avail itself of the operations in Limerick at the end V^lldllCCo 114 T C 1111 |UU¥ Ctl U1 vIlU 

oeriod lakt «£■ year L or tounst receipts “I 30 , opportunity to accelerate the re- of last year with a loss of 1.M0 'V T T 

perioa ijsi year. that the current account deficit payment of some high-interest j 0 b s j t wa - ^ biggest indus- • 

Tbe improvement in the cur- for 197S could be below the anti- short-term debts. Meanwhile, t^al shut-down ever experienced ,d_ _ § T n --, L, ^ n ‘ * T7 . , 

rent account has caused a sub- cipated Sl.Sbn, already a down- more as a political gesture, the m Ireland. lfl I J p|T|nQr(JA. wC H PPVIl 

stantial rise in Spain's foreign ward revision of an earlier pro- Government has decided to pro- whiio Ab™ ,. ta 5 n+^inpd that ek/i Vlllft/IU ijCI T |J XJW T-tl' ' 

reserves According to provi- jection. vide a S25m credit to Peru as un ]l n rubles had contributed . . - T - 

steaal figures these reached a Unofficial estimates are that part of a S85m special package to its decisi0 n £ Govern- BY METIN MUNIR - 

record S<-2bo in May, compared the healthy trend In tourist earn- with several Latin American ment claims "that the closure ~ ■ 

with $4.2bn in May, 1977. Ings and continued slack on the countries to assist Peru’s short- aroS e largely from financial MR.' BULENT ECEVIT, the would be revved, he -said 

In the first five months of this import side will push up reserves term liquidity problems. difficulties within Akzo itself. Turkish Prime Minister, returned was “under the impression . 


Lisbon taikes: 
action on ; 
compensation 




ANKARA,’ June 


Central bank starts libel action 


While Akzo uiaintaiocu xnat — — ^ ^ y *** . «y Janmy Bums - - r rr . J ‘ ’ 

union troubles had contributed -. " V ~ 

to its decision, the Irish Govern- BY METIN MUNIR ^ «■ r- % -AMK^Ai’ Jane : 

SSse C lamlv th fn»ii he fiMS MR.' BULENT ECEVIT, the would be revved, be naid-'he asked Congress to revoke the 

difficulties within Akzo itself. Turkish Prime Minister, returned was “under the impression .that hah. His motion was rejected by - ' 

Mr. Burke refused to reveal to Ankara from the U.S. today ^ chances of the embaxgo-bemg tha- Senate Foreign Fixations iwfSfe'S&V :-•■ 

the ideotiy of the foreign com- with the impression that the “5* h + ^ e , proved capsider;- Cmiamittee. ■ ■ • - 

pany which he hopes will «hc •«_“«» 2*5!L<^ s _f v, • SSdjLMj£gSi£&-22,K ' 


BY OUR OWN CORRESPONDENT 


MADRID, June & 


stop-over 


THE BANK of Sp3in has taken matter are now in the hands of demise of Banco de Navarra, 
the unprecedented step of the Chief Public Prosecutor. The articles alleged that the 
instituting legal proceedings according to Bank of Spain Bank of Spain acted outside its 
against a Spanish newspaper for officials. The articles made authority in taking over Banco 
alleged publication of false sweeping allegations against Cantabrico, and made further 
information. The action follows senior bank officials for their serious but unsubstantiated 
publication of a series of articles handling of the collapse of the allegations against certain senior 
in El Impartial, a right-wing small Banco Cantabrico. Banco officials, regarding the incorpora- 

daily founded late last year. Cantabrico collapsed at the end tion of the collapsed bank into a j. v ore 2 n ner cent over “*'****““ — 

All papers concerning the of January in the wake of the specially formed “bank hospital’’ t fi at D . riod th} _ ^_ r , lirn Although he conld not say with 

toat 1118 embarg0 

50 per cent of the equity and the Dew manufacturing 

Stalemate in Poland- Vatican talks week, it was revealed that on A correspondent in Dublin ■ ^ ^ ~M "B ^ 

May 18 the Bank of Spain bad writes: Mr. Desmond O’MaHey, OlTl IfllT 

BY CHRIS BOBINSKI WARSAW. June 6. lodged an action for alleged the Minister for Industry, Com- Vvgf ■ P »B ■ 1 

fraud against Sr. Alfredo- Calle, merce and Energy, confirmed in 
FOUR YEARS after talks This evident lack of progress the former chief executive and Limerick tonight that he hoped 
between the Potish authorities comes despite last autumn's visit main shareholder in Cantabrico. to be in a position to make -an Tj lg 

and the Vatican began, prospects by Polish Leader Mr. Edward Apart from the Bank of announcement about the reopen- ■ f \ I AFl 

for normalisation of relations Gierek to the Vatican, his meet- Spain’s action against El ing of the Ferenka plant within \TV V llld 1 

are still remote. This is the ings with the Polish Primate, Impartial, at least two of the ten days. He told the Financial 

conclusion to be drawn as Vati- Stefan Cardinal Wyszynski, both bank's senior officials are under- 1 Times he was not in a position to 

can diplomat Archbishop Luigi in Warsaw and in Rome, and the stood to have lodged private give any further information. BY MET1N MUNIR 


“ b-e improved colder- “a. 

yesterday for meetings with 300 ab*y of the U.S. arms embargo Turkey was imposed by.theiU^ said summing up his 14 days decided ,-sta^gp 

senior executives from Britain’s against Turkey being lifted. Congress seven months after Me. abroad-. His trip tepk him to. asairmsces tof settle tiie prpBl^- . 

largest companies. “President Carter and the ordered the Ttutohifirmy: Brussels, w here. -be .ctiscussted « 

He also announced that Ire- American^ A dadSs ttalSn arl ^Cyprus In the summer of 1974 NATO and EEC •Jaugeg. *ni 


Last month President' Carfer rnwpy - . 


BY CHRIS BOBINSKI 


WARSAW. June 6. 


Regilding the 
Golden Horn 




Poggj left Warsaw this morning apparent improvement in church- actions for defamation against “Negotiations are still 
after a two-week visit to Poland, state relations which followed. the newspaper. critical stage.** 


BY MET1N MUNIR 



be an- -analysts pf .claIa»r‘W , 'V\ 
Portuguese banks, with a-riew ' 
cafcutating bow mutch as owned . 
by toe Go-eemment^ ‘ . _ 

The procedure is . expeetefl tol 
take several months and ccunpen- - 
siaion will aimost .certainly ; 

made' in tiie ionn^-of. bonds. -• 

^ Settlement tif ' . x ootstaadin| $ ' ' ' 

cl aims was proatised by tii e ^ - 

ahee of' Soiaatists 4mA. CSajstiaai. '■■■■£ 

I Democrats in its programme last 
l January, to reestablish busaness f .. 
■confidence unii 1 attSfe* foxtirai''-- • 
capifaL ;v T : V r.rT^y ? " 



.THE FERRY up the Golden lation of the rity. More than ■ '*"- r ’ 

Horn leaves from the Galata 3m tons of goods a year are, conslderablv lnf . r ._, p 
Bridge in Istanbul every two bandied by the maritime -traffic 001181 rably ncrease **• 


:<-V ::A ; - rr-rJpCHW 

Gommissioiier rebuked ' 


I hours. It is a small white, one- in the estuary, or nearly one 

decked steamer of about 150 tons, third of the whore "traffic w JL JSS 


bniK tn Britain Z „T lain hand i H* thT has promised fttnds for the effy that^tatemsnts-by.tiife EEC Com- 

ar«£5a - 

W aSSSTib. iuiS ^’TioSSSS &.SU p T !ns T e £ t "r 0 T gi $ : * ' 

of the Golden Horn, curving area. % G ? ld “ Spenhegen. ' M. /^Soh jS - 

around the five-mtle-long estuary. Some L7m sguaire,: 'mjties to ^weeSfabcui^d thfe^ -Soviet Uhion^ « ^ 

housed the city’s commerce and around the estuary' httiUte-.-a J; - t ^ es ^ Ig „ Sl i5 s providing -.^ ’deve&ophuc .coiditriSf , :: 

night life as well as the resi- large proportion of flfe' nfemi- IstanbuLdespite the fifiiell, tite vrifh con^ideraWeteKtery aidhot ' , 
dencies of tbe wealthy European, facturing industries, depbttf send haifcs,; •; and-..; the. mud faffing, to .-assist^ their economic.-} : , 

Greek and Jewish merchants. dockyards of Istanbul. ban ^ s - ; ■ -. oet^qpnieBr . ' ':' ^ u ^ 

_ From a pavement display at this activity is Siiperimpo^ ’~r ' V V - V v?^--T • “v 1 
Tafcsim Square hear the new upon a nightmare of urbanist '''•'sf"’- i '■ — . H ' ’ *N v ' r -j ; .V 

Intercontinental Hotel one can tion. Virtually ever? ' “7 '' > 


withBraniffs 


new low fares. 


still buy old postcards of Con- from roads to water atid r ga*' to 
stantinople as it then was, show- sewage is . inadequate., - Tbe 
Ing a Golden Horn with long traffic is among the most emu 
caiques, clean waters, and white- gested to Istanbul/" .which Is 
washed wooden villas. . saying something. Jr 

The banks of the Kagithane In . 1975 the Ministry of 
creek flowing, into’ the Golden Public Works cota missioned 
Horn were the . most popular from Istanbul’s ’ Bosphorus 
Ottoman picnic spot where University a master project for 
cravated clerks wooed heavily rehabilitating the area. A large 
veiled and escorted maidens, group of experts' under Profes- 
Fener, where the Greek Ortho- sor Semih Tezcan worked for 


dor Ecumenical Patriarchate is two years and prepared a com- 
situated. was full of Greek prehensive project. It foresees 
taverns and restaurants. At an expenditure *>f S64m (at 1977 
Balat more than 50.000 Bui- prices) over 12 years for the 
garians lived near their cathe- complete rehabilitation of .the 
dral, St. Stephen of tbe Bulgars. area — “a step towards paying 
Each year on January 7 two our debt to history, the city and 
Bulgarians dived into the cold the country as the 45-year-old 
waters to retrieve a cross thrown professor of engineering put it 
into the Golden Horn in His plan is to move the dock- 
the Orthodox Epiphany cere- yards, industries and depots to 
monies. other parts of Istanbul. 

Pilgrims crowded the court- Professor Tezcan says that 60 
yards of Eyup mosque, the per cent of the 700 businesses 
fourth holiest shrine of Islam, polled in the Horn said that they 
where Mohammed’s* standard would go voluntarily, so - weary 
bearer is buried. The Jewish were htey of the congestion and 
community, which escaped from inefficiency, 
the Spanish inquisition in tbe Under the Tezcan plan $22ux 
15th century, also lived on the would go towards expropriation. 
Golden Horn, Of the rest $X6m would be spent 

Now the rich foreigners and on sewage, $i8m on new roads 
minorities have moved to the and $4m on turning the region 
shores of the Bosphorus, tbe around Eyyup Mosque into a 
narrow waterway running be- park. The proposal is fpr a sec- 
tween the European and Asiatic tion of the estuary to be filled in 
shares of Istanbul. The Golden create grounds for a park: Tbe 
Horn has turned into 3 q open ^3 other Byzantine and Ottoman 
sewer, its environs have been monuments in the area would 
swallowed up by slums and ^ surrounded -with parks and 
industries. places of entertainment. The 

Every year 2m tons of indus- ficneral purpose is to turn tbe 
trial and shipping refuse and golden horn into a major tourist . 
sewage pour into the estuary, attraction, 
and it has long ceased to sustain _N®. sooner had the Ministry of 
fish and in some sections even P^hhc JVorks received the pro- 
plankton. A dolphin which ^ an shelved it 

blundered into the Golden ^ e ro ujjttle hope ffiat it will 
Horn from the Bosphorus aee daylight again. The Golden 


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ppulji y . — Horn from the Bosphorus *f e aeyugm again, me uoraen 

For flight schedules and reserva- recently was drowned. Horn IS only one segment of 

fJnne finelurltnrr cant ccc,’ mvmA'nti I Not only the water in the Istanbul which as a whole Is in 

.Golden Horn is filthy— tbe air ^ need of solutions for its 
above it is three times more Problems of fast population 
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Organisation. biggest and most industrialised. 

Restoring to the Golden Horn ^ch .continues to grow in an 

its ancient charms and func- ta SESS25 4y * P 52S!r a iJSSSild^. 
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Turkish elre. It wfuld make ‘“W 1 raa f 

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In the derelict slums around — ■— — ~ i , 

fiL G0 ?™ n PUMWKO «W,v ««c« Son- 

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EUROPEAN \K 



i French industry told not 
‘ to ‘abuse’ price freedom 

w PARIS, June 6 . 


"toy 

T *55 

***?* 


BY PAY1D CURRY 

t SjiUE JUMGa Government hasnat&ie -«cepfi<^ ample by causing the public at 

pel] of ^ shown the first public signs of cri^s reflating sector) by large to associate price freedom 

on Aanxiety over the likely rise- in October .js. " ' °'~* u ' ' 

n ? nces this year toy warn- 'While ■ wetowmng- c» 


with price rises. 

_ _ move In addition to the new prices 

n n » industry noTto^abSse^'SS gp^ra^v,’" industry ; to« been regime and the recen era ensures 

_«".&teg restored » it 5 S***. U»' «m« gg. £ 2 “.““" “ f 


Terrorists 
in Italy 
kill prison 
officer 


WEST GERMANY’S MOONLIGHTING WORKERS 



EY GUY HAWTIN IN FRANKFURT 


B]r Paul b « , « ome jyN E 6 . 


e f * ' ' - Xrith manufacturing.- to enjoy a Francois Ceyrac, the head of 


M. 

tilie 


_ PoUt& Tbexautjon comes Jn a. letter ?^Si ~ ^ ’ Patmnat, has’ sought the immed- 

Vll.Jke ^ also contained that the iate revaluation of balance sheeis. 

^hon &5“- Mo^ry, to the heads of SSSar in public the doubling of the tax bonus on 

mnb^tbe .three main employers dividends m 100 per cent and 

■ 9 Qis -**f organisations: the PatrohaL the sa ?? OT >t not. «nEiS<liM An Iciidios to 


.it * 4 * 5 snd f tions: the Patrohat, the Paris transport nel- heavier subsidies on lendin. 

dl ei malL business organisation, and not industry to reduce the real cost 

^ EL*? 00 ** 10 ,?- , of , Chambers of offu£amag for French com- 


Connnerce and Industry. 

a * At the same time tho President 
(4jCPt 01 the Competition Commission, 
(until recently the all-powerful 
OH Prices Commission) has. been 
^ told by the Prime Minister, M. 
Raymond Barre, that .the 
resources of the Commission will 
be substantially increased next 
year. 

ISEq^ ^ Following a 1.1 per cent retail 


onJy'taanedtateiy - increase 

for antosw hot »t a' 


ex- panics. 


Police dear out strikers 


^atio, 


•ns 



occ 

BY OUR. 0 !WK COWtCSPOKOBNT 


IX 


PARIS, June 6 . 
holidays for many 


1 percent retail ._ Tfvr poitce and gendarmes summer holidays ior many 
price rise in April and the "JJ*. P 2rfW from thebeavy workers to risk their pay 
certainty that, under the impact ” 2 *-ii£S?^t the. THns plant packets in sympathy action. 

press snap ai • Tha iminnc annear to 


JJ- £>r V* Of Sharply higher public sector £^-'j^ u k * 0 * 0 * company 

:r oi i? ^ tariffs- and industrial ; prices -r* - 

Increases, the monthly indices 

• , *sn 


the 


K«r«mfT mouur The unions appear to he 

Se ’e^^hfeS of this morn- thinking on the same lines. Thuy 

ine L ^e wrapany displayed have doubled their appeals to 
ln g, as xne «^rr iha nniunv to start talking 


joutW. ^ wil1 continue to be bad through- of standing finn the company to start taHuns 

t the summer, many com men- .225* dpmsnda for' sharp in- and have called for little more 

, tators are expecting price tafia- against demands. tor y ■>-'>»«- 

,CL ue -- - 




^ond, tators are expecting price infla- iYAvdzry than symbolic sympathy action 

SR- *- above l0 jwr ceM -a m Jg aa 

,Rn * d *Hs The ■Govwnment is tnrfog.to 100 , the majority SSkere at* Se Jf?aw 

iges. to the rise to^osr grants. ;._at ,^e . ttoe • ^ ffiS Vo the 


^ on The 

SW«sr»55 ssFWS5SJ&r # S?«S 

d^S se . c ^ increase 4 t Ihe bottom <>£ hard core °£ - yc ®2fr^r ^id nanv’will ctII on the police to 

£2?* * the scale) and does n« want to ocrotojUie Jgg £* remove thS 1? th?y P d D not 
t caught ia a pnces-wages engine plant depart voluntarily before 
ira! if companics_and^mo^ Rrnen. were ^ OTTOW > s deadline expires 


1 . 


USt aflep . ... 

1 - 1 spiiai it muyauiu »»»« — »»»«-■ , r _y. 

abl * ^ ^ tfiink ahat they ran .pass on whether ^they -wo^i "Renault' needs to fabe down 

' higher wages in price nses. order to IJW the strike acUon 
65 — - — 


also 


quickly: the 

a Flins plant assembles the newly 



should keep a very careful eye ■ Jiam ^ diMe issue than pay- --- 

^ 6 on tiheir costs in order to toe able ^ iinie sympathy 'action While all three main French 


to keep ,pri« increases^ the -ffSwSa’ES^ miufactorem saw car sales fall 

stoppages at-50W ana :?f L ' , r ^ ^jg ^ quarter. Renault 


! !, °3‘ wnfe. 
«rm of tjjj 


a: 


most modest -level possible. 

He notes that industry had re- Vilii 


.«wm assured him that price JacreaS V ^e Pmewit^mld^Chr^iJJ 


•wised H>£ under a system of total freedom to concededje had 1 *^ molds 1 on" the market 

lUOIiLH / IM 1 .. - u nn t uRinf »f«! OWU 


: ; L? “i St need not ‘be more severe than a FFr.SJKJOa toault wLU not want its wn 

ramnetitor in this sector to suffer 


u WSKan/ under the regime of price control. m|t J Pw> l £ l V'^^Su« competitor in this sector to suner 

hedged to round SoS^ dislocated production so 


-estaOiub ci_ 

d anrasi y. 


The Government ferpledgedto round ww»^ the from _ 

set free the bulk of industriai iincompgttWL«^^™^ the soon after its launch, 
prices (petrol products . is .4 unrest has come 


TERRORISTS shot dead a 
senior prison guard hi the 
northern town of Udine today 
only 24 hours after Rome 
judicial authorities charged six 
people With alleged involve- 
ment In the kidnapping and 
murder of Sig. AW® »Ioro, the 
former Prime Mlmstet. 

Two extreme leu-wm 0 
groups, the Red Brigades and 
the so-called ** -\r med Nuclei 
for Communism” sunultao- 
eously claimed respftn^ihilllj 
for the murder of Uie pnson 
officer, Sig. Antonio Santoro. 

Sic. Santoro was chief e>u* r, j 
at Udine ia». »■*»" , Rl ‘ d 
BriRudes members have been 
held and which has recently 
been involved in a scandal con- 
cerning a drugs racket inside 
Ihe prison. . . 

Meanwhile, Italy s main poli- 
tical parlies are involved in the 
last stages of the campaign fur 
the two referenda promoted ny 
I he small Radical Parly 10 be 
held on Sunday. 

The main parlies 
ing a united from 
Radical proposals 
current public order 
and the law 1-0 
public financing 
parties. 

The Christian 

the Communists arc particu- 
larly keen to see a large turn- 
out on Sunday, when the 
Radical proposals are generally 
expected to be defeated. A 
large turnout would lie re- 
garded by the main parties as 

psychologically important for i world 
the fragile political framework | hajr — 
in which the Communists 
directly support a Christian 
Democrat minority liovern- 
meiit. 

In view of the referenda cam- 
paign, the Prime Minister, Sig. 

Guilio Andreoltl, today post- 
poned a Cabinet meeting 
originally scheduled for 
Friday until next week. The 
Cabinet meeting was expected 
to consider a second pack- 
age of measures to cut the 
public sector deficit to about 
L24.000bn (£15bn) this year. 


TCa t tax man does cot hear of Then? 

WEST , r , EftJfrjSm’aS idea”l •^Tsita-.mrbci. Has n 

SenlSiB Ion tlut Ly: P ”f y^il to 14 SchUn economy." Anybody. wor kias hard all day and thee aUntc tive Rohin Hood runout 



a spending all evening on paper iT> lhc . re j s also a dark side, as 

: bureau- the authorities are swift to pmnt 



the door 
Unusual 
therefore 
solves on 
Christian 

tion campaign exploit: 
national car identity iicrn whicn 
placed a small red “C" and 
i i=U " before and after ihe big. 

I j,o!d “D” f° r Dcui sci: land. 
l However, one of the latest 
I bumper stickers soing the 
rounds is anything but stick. 
Roughly translated. says: “Cut 
out working ‘black’ and cut 
unemployment . 1 

“ Black work ’’ r.r “ Scuwars- 


Anyone who has attempted to get a simple house- 
hold maintenance job done is rapidly disabused 
traditional image of the 
disciplined German worker. 


of the 


out. There is some evidence that 
seems to be it could be contributing to a 
rough craft breakdown in the famous uennan 
means work morality, 
spend Despite the fall in imemploy« 
...ent. there have been regular 
reports that workers have been 
no means eager to return to 
, and have tended to pick 
and choose from the jobs on 
offer. Herr Eberhard von 
K'tieDnheim, chief executive of 
BMW, the large motor manufac- 
turer. has complained on many 
, - occasions that, despite high un- 

orderly, Pinplovment. his company has 
found it hard to recruit skilled 
labour. 

An illustration of this came 
from a chap with whom I used 


nrbeit " is a majn- bnr>e f.f cor.- ; . , hro->d bint that the a workshop, crairs are scuc 

lention even in a country whore j h can he done much faster and S 

the uoemploymen: rate stands at ! nhMn< , P ** schwarz." come under the control 


the uoemployi 
4 per cent— its lo. 


level fur 


far cheaper 


However life' * Sri. varzarbeii certified master^raftsman. 

f0U r years. Sch-Aarwrbcit _»s s> . stei n is an infernal loss-making While thU. to a degree, is a ^"Istmas “and/ nature tiy. asked 

lor lne n^nin* nn. 


unofficial work which is not nuisance to the householder bent guarantee of 


Crafts are strictly to gossip in my old local pub in 
must Frankfurt. He was an amiable 
a rogue, who worked for the large 
local chemical company. _ 1 
bumped into him just beiore 

quatiiy 



trade 0 * association* — but”" still it approached^ and ail efthera have his m^ler-craftsmans certificate, losing that much. J 
nourishes. It is. perhaps, ironical t , llfjtcd long waits and hign QujTfi oflen {hjs works in ihmk how much time iu n - 

that, although u: -■ economic 1>ncoS- but pointed out that Jic / avour a f xhe customer. For for Schwarz, 

miracle has still not expunged j oh cp .,i,i P o done ' schwarz j nstanco . the pri- ale motorist. This indicates that the trade 
grim stories of the :?lao: market SJ „ ncr -nd cheaper. unable to write oil the costs of union arguments that Sclwaiv- 

, cigarette cc'.nmr.y inline- Fr , r th0 n;an working car maintainance. either against arheit costs honest workers their 

> riiatety followed tn - 1 Second .. <( . h .,.., r7 - arc many more rmnnanv or tno tax man. can jobs does nor enjoy enurcl. 

supporL However, 
g lo negate claims 
erode both em- 
s and quality of 

fhi 



There are few men with a skill »5.«i,^V i, 0 The < real' savings comes treatment for financial 


j, advice, employers encourage Schwarz- 

ISSY sasa-rrag ssasaisg 


oner re^' 


■reign 

m/said 7E- 
* by the EEC'; 
Claude Qe« 
cy Li AJrci 
h me Comm 
■ reaon: : 
M, Cheytns. 
rt Sonet Its 
ebpiig roK 
n!« mhtary a. 
i.* ; their eaa 


THE MACHINE TOOL INDUSTRY 

Anxieties about survival 


Z4. IW0Pn lAiawn# «■«»» — ■ a„ 

Hewlett-Packard computeradvances delwenvsws 


BY DAYID CURRY ^AR^ 

THE BIANNUAL mathihe ’tool tiiaii exports, *t bas^ee^'Sru^Ung 1 for months 

ovh i hiHnn-whichtakes plarethls worth: s °?5 and with xedundancies and factory 

ScSfds FrehSh manufactureK; sen ting occupations. 

in thpir nsual state of gloom seek-15 per cent respectively With so many companies 

wynw- rnSmimm. there i.»notjite 

the moment are their faitfr in iiet- gat the> start an orphanage for 

i . iUI , — v^wai\ trtois betas' used in D0 visible means 



provided toy 1 m^order 'hook upf 40 Machine ^toobi beta: 
’ pruviucu rinarter. -RV^rinPi are ai 


order door marauB luv “Zr,T romnared companies -wui do touw* * u « 

per cent over the first quarter, France are antiques = ^parea ^ ^ Renault is only 
P« «nt_ f with Jho to m otaet European * ^pg ime of coccers 


and for -the first 
a small 


the 
concerns to 


SSSTm a. wSta -reSttS: but ««*»» ttejj 


era- S5£? tolef lu^bejred « . 


months Qfjthe ye^r. uonoi ora^ recuperations. t 

Almost Vvery other statistic V^rs- . 1nnI £ one of the it points out that the mdustry 
serves oniy>to^ generate , 'nfdustry which the has traditionally operated °” a 

T_.asr year machine tool produ®" been itching to relatively small stale and that it 


s .s=r»i=™?i- 


tonnes from 85,000 tonnes tne than 350 tion into large groups, 

previous year, a drop of nearly 17 taat, ranging downwards At the beginning of 1976, the 

per cent The value o* PJJ* 1 ®: S^^xrnmtry-s biggest, which, jnmstry of Industry unveiled 
Hi *7 a hap cent down a.t ttojd xnc L hv thp 1 . 1 .. n# itc orand macnine 


tion wa^. 7 j 6 per dent down at ^e^onp conned by the STT^t of tts ^aid machine 
FFr 2.9bn, factories werework- J^Ttenaalt, compnstng too! recovery plans. It aimed. | 

tag on average at 71 per cent of ^^divjsjcm -and a_ clutA by i 98 p f to 


capacity. 


d. S sSS retries. Tjus^- . J- « HUH 


to 


bulk o^e/ectiue Wto doe ^^mem365mta sates - — a^aTTagalust 110.000 

, fall in domestic rconramption torn** ^ substantial ta 1974) vrtth^a faJl- 


j-jcA-yS*^. 


Sp’ort relume fell only 3 P=r lag jear — — -- SSF t5gS of 130.000 tonnes; 

OTtto^U tomiee. an^erportlo . Mcon4 lfrg ,rt Aim for an 
value rose . l.i i per c n mua which vs part of the ^ per cent (fail-back j 

=Mfl%lao a tu^ d 


down 'in *££?£££% ^'(V*SSSM® m f ou 

llvIZLt niece of the This . wes to be achieved by 


. .. 

Hi JT'f 


SfulatFFr^iMbn. Piece .“V^of FFr"21.5m, ., Tbis . was 

Vi SgjJSI ££ > little Higher group made losses of^rr 4 ^ nfrat ii 


and 




~ > ?t' 


COMPAGME CENTRALE 

de beasstbakce 


rnneentrating research 
development on the high techno- 
logy^’ end ‘ of the market, 
promoting the use of numjn- 
Sdly^controlled and adviced 

SffluseiT^nsotiSV 

ef the industrial_strucmre of the 


industry, expansion _of_ produc- 


; ;jvh- 



' (Algerian State-Owned ^Company) 

2 % Boulevard Zirout Youce! 
Algiers 

Telex lALRE 52150 and 52151 


The first balance sheet situation of^ ^ -7^r errnss 



SS Of gross 

premitim income. ... 

These account are reilat^ the 


tion tadHttesVand the inevitable 
drive for export markets. 

Some Process has been made, 
same FFr-lSm was made avail 
SE as devSopment aid last year 

far' SmpaihS to leunch new 
products, while three concenis 
haVe agreed 44 growth contracts 

with' ffi State wh «5*£Je be ZrtalS 
-thPTnfialves to achieve certain 
2SSal and u sales targets in 
return for subsidies. 

-Renault and the machme-tools 
division of the aeroengine poup 
Snecma (a subsidiary^ of the 

State-owned Aerospatiale ) we re 

“tavited ” to present Plans tar 
their own development m the 
machine tools area. 

The Insttt3 gj d 2£[el, 6 which 



A Hewlett-Packard computer helped Midland Roiimakers 
raise quality and contain costs. 


- trading profit amounts toUA 2 4.015,324.47. j ^o^h. also^ g 

smaller companies 


ThC STOSS — o t..- 4ni* 

After levy for rt a ^^^he n DAi?M3^^1U and 
contingency the overall financial 


in a 


profit Of 

^4,777,146.02. 


Balance Sheet : 


assets 


DA 

56,636.37 


5S5S to 

available to -5 spl developing 
opportunities J« aevciopi 6 

priority KtoipteSStK ‘‘The 

SgsrisyAv- 

but in the meanwhile 



Capital expenditure ..«~~rrT 57 , 736 , 604.12 but.in.the 

F^ed assets 248.500.000.00 ^ £&%«**« 

64.411,126.54 SSJyTS^SJ 
' 27,988, 56S.11- 


in 

technical reserves ... ■ -■- 

Securities realisable at short notice. 

or available ; 


ta ™‘^S r ”h&^dwM.ihe»™ 

usually has a less exotic composition. Centrifugal 

theyhaPa Hawletlfackard ^iputer 

to control the process, relatively simple adjustments 
were comp!ex.The rate of change in the new 

,rt ^ k ?HHSS'SSlSSp»o»««. 


(Midland Roiimakers Ltd.are members of the 
Steel Division of Johnson and Firth Erown Limited.) 

Hewlett-Packard produces a range of computers 
and peripherals which go from desk-top models 
through mini-computers to powerful mutthteminrt 
data base and distributed systems-bnnging effective 
computing powerto many different .evejs of need. 
They P share a world-wide support operation with the 
Hewlett-Packard range of over 3,000 measuring 
instruments, of which several product nneeare 
manufactured at our South Queensf erry plant in 
Scotland. 

to doing business, and summarises the expertise /r 




\if : a 
1 


-.sstio' 1 


TOTAL ASSETS . 398,692.935.14 f* -w 

DA -rhe fact that the tworth^ of 

XJABIUTIES 52,003,831.11 ^ 

J comfort M. 1 

to the employees — 86,099,999.59 0 SSwise the machine tool 

term debts 150 230 , 888.86 industry win not catch-up and 

Auorflffe and long term debts, 105*507 179-56 France will no longer be a great 

10 I;f??;w6. 0 2 ^.ht wvn 

Net profit ^692935JL4 Sing^o to tomettS^ SSt 

: /TOTAL UABI OTSS 398,692, 3d ^ JSJfy, deciding what to do. 


fluctuations in a tough environment and still P^py|,. . to aomg push ib»»,«m»u«wuim w ■««>«• «• - ~~ r - 

n rloser dearee of control than before. It gave M idland and resources which we at Hewlett-Packard 

SKSSSSSSSSl / 

S?“^SlSSSS.“ W~rtWkW.mMttBa.1SAB. ■ • 


HEWLETT [hpj PACKARD 



V/innersh, Wokingham, Berks RG11 5AR.Tel; Wokingham 784774. 



A' 









■i 




4 


Financial Times ^Weclnesifoy Tfinje • £ #973; 


OVEIiSEAS NEWS 


Israel sets 
conditions 
for Lebanon 
withdrawal 


By Ihsan Hijazi 

BEIRUT. -luce 6. 
ISRAEL HAS set conditions for 
its withdrawal from the rest of 
southern Lebanon next Tuesday. 
According to reliable sources, the 
Israelis insist on maintaining 
four permanent military outposts 
inside Lebanese territory to 
ensure there will be no infiltra- 
tion into Israel by Palestinian 
guerrillas. 

Tbe sources said Lhe Israeli 
terms were conveyed yesterday 
to Lebanese officials by Lieut.- 
Gen. Ensio Siilasvuo nf Finland 
who is chief co-ordinator of the 
UN peace mission in the Middle 
East. He met Prime Minister Dr. 
Selim A I Hoss. Mr. Fuad Butros 
the Foreign and Defence Minister 
and Major General Victor 
Kboury. the army commander. 

Lebanse officials were reported 
to have declared that ail territory 
In southern Lebanon must come 
under Lebanese sovereignty and 
control and that Israel should 
not obstruct this mission. The 
Lebanese reaction was carried 
back to Jerusalem by General 
Siilasvuo who is expected to 
return here an Saturday. 

The Government has been busy 
making plans for despatching re- 
grouped units of the Lebanese 
army to southern Lebanon to 
assist UN troops there when the 
Israelis pull out. 



Saudi budget foreshadows 
higher level of spending 


BY ANTHONY -McDERMOTT in LONDON AND JAMIE BUCHAN IN JEDDAH 

THE newly-announced Saudi budget surpluses and hence a Ahmed Zaki Yaniani, the Fetrtb 
budget, just approved by the further growth in their foreign leiun Minister, has claimed 
_ _e «*=_. , currency reserves. recently— oil production has so 

Council Ministers, envisages A£ fhe same time SQme doubt far been below the Sin h/d level, 
expenditure of Saudi riyals remains whether Saudi Arabia and a rise in this rate may well 
145bn (£««..4bn> for 197S-79. the w jjj meet its expenditure alio- be governed by Saudi Arabia’s 
first time the figure has exceeded cations and thereby sustain a desire to keep some control over 

the level of SR lllbn budgeted deficit. As bottlenecks in the the size of the global oil glut 

over the past four years, economy have been eliminated — Appropriations indicate that 86 

Revenues are estimated at SR notably in port clearances — per cent of expenditures are 

130bn. of which SR 115.1hn or inflation has fallen to between allocated for development pro- 

88.5 per cent Is. to come from oil. io and 12 per cent a year fcom- jects. but concealed defence 
Even so the expenditure figure pared with over 30 per cent in spending last year totalled con- 
had been cut by SR 15bn from 1975-78 » and the Saudi govern- siderably more* than the SR 33bn 
the original estimates submitted moot has found it easier to esti- recorded ■ for defence and 
by the -Ministry of Finance and mate more accurately its security. This trend undoubtedly 
National Economy. An Assistant expenditure. Thus the surplus will continue this year too. 
Deputy Minister said yesterday this year may well be less than Salaries, wages, allowances, 
that the lower figure had been in previous years. general expenses' and subsidies 

approved both because of doubts In addition, the oil revenue account for the remaining 34 
over the absorptive capacity of is based on an estimated produc- per cent of the total. Appropria- 
te e'.ononiy and the ability of tion level nf 8m barrels, a day tions by sector show clear 
ministries to spend their ailoca- and unchanged oil revenues, emphasis on the expansion of 
tions. This indicates clearly that While tbe latter at present seems education, training, social ser 
Saudi Arabia has no wish to see likely for this year — as Sheikh vices and health care. 


Iranian security head dismissed 


BY ANDREW WHITLEY 


TEHRAN, June 6. 


THE HEAD of Iran's State with the Shah, however. As one comes less than 24 hoars after 
security police, Savak. General Western diplomat put it: ** His yesterday's nationwide “5tay-at- 
Nematollali Nassiri. has been connections with the Shah are home ” strike called by opposi- 
dismissed by the Shah in a move the ones chat matter.*' The two tion groups turned out to be a 
seen here as connected with the men were contemporaries at comparative failure — confirming 
continuing political unrest. military college in. the 1930s. In the belief that the Government 

Today's Foreign Ministry 1953. General Nassiri played a has regained tbe initiative, 
.announcement said the 70-year- key role in the Shah's struggle The strike had been called by 
President Sarkis decided ta _goj 0 id general has been appointed with the then Prime Minister the Union of National Front 
ahead with the plans despite i as Iranian Ambassador to Paki- Mossadegh. Later he was Forces — the revived grouping of 
objections from righi- and left- 1 stan. There he takes over an appointed Iran's Chief of Police. Mossadegh-era politicians — by 


wing factions alike. [important diplomatic post at a 

The Israelis, in another con- 1 sensitive juncture for Iran- 
dition. reportedly said that only ! Pakistan relations. 

UN troops must be posted in the j No reason was given for the 
-security belt" which Israel dismissal of one of the Shah's 
occupies inside Lebanon and closest aides. As head uf Savak. 
which it is supposed to give up; General Nassiri was one of four 
next week. j top military men around the 

it is an eighi-mile-wido strip Shah. He had been head uf an 
extending from the Mediter- 1 organisation 
ranean '.-oast to the foothills oflinio nearly 


Mount Hermon m the east. 

Observers said Israel's pur- 
pose Is two-fold: first, to retain 
a close relationship with the 
Lebanese Christians in the 
enclave next in the Israeli 
border: and second. lo maintain 
the so-called ** good fem-e " with 
Lebanese border villages. 

Datld Lennon writes from Tell!. 
Aviv: Israel is strongly opposed • ' ,,c 
to any move southward by the 
3fi.0u0 Syrian troops stationed in 
Lebanon after the Israeli army’s 
final withdrawal next Tuesday. 

Officials here say Israel has 
not received any communica- 
tion from Damascus about the! 
possible future deployment of 
Syrian troops. However, there 
are reports that Syria has 
spoken to the Lebanese Govern- 
ment and the UN commanders 
about the possibility of moving 
its troops down to the Litani 
River. 


and then head of the Imperial religious leaders and by the 
Guard, before taking up the bazaar community to mark the 
Savak post. fifteenth anniversary of the 1963 

Savak was relieved of its riots, when 86 "people died 
responsibility for handling according to official figures, 
internal dissent where it did not For days the Government had 
involve direct threats to the urged Iranians to ignore tbe 
slate towards the end of last strike call, 
year. But informed sources say Only the bazaar areas actually 
which permeates it may have re-acquired this role paid heed to the calls. Tehran's 
ail corners of in past weeks. Its alleged huge bazaar, which covers a 


Sudan aims 
to reduce 
payments 
deficit 


Sy James Buxton 
recently in Khartoum 


BY RICHARD NATIONS 
VIETNAM WILL permit China 
to send ships to evacuate 
ethnic Chinese resident in 
Vietnam from June 20, a 
Foreign Ministry statement 
released over the Vietnam 
news agency reported today. 

Bet in a stern tone reflect- 
ing the increasingly strained 
relations between the two 
countries, the statement said 
that the exit of the Chinese 
and the entry of Chinese ships 
will only be permitted, at 
points designated by the Viet- 
namese Government, and in 
keeping with “ Vietnamese 
laws and regulations concern- 
ing the entry of foreign ships.” 

This is the first official res- 
ponse from Hanoi since Peking 


' BANGKOK, Jane 6. 

announced its decision early of - international law and prao- 
last week to send ships to Viet- lice, - and Vietnamese 
n am to evacuate ethnic sovereignty.” 

Chinese, known as Hoa. China In spite of the Chinese 
alleges they are the victims of attitude, Hanoi said it was 


an official campaign of *? per- 
secution, maltreatment and 
harassment ™ designed to drive 
them out of Vietnam. China 
also chums that already over 
100,000 Hoa refugees have fled 
across Vietnam’s northern 
border into China’s southern 
provinces over the past few 
weeks. 

The Vietnamese Foreign- 
Ministry statement, however, 
upgraded Peking’s “ uncon- 
s tractive attitude” in refecting 
its calls for negotiations over 
the Boa, and called China’s. 
- unilateral decision to send 
ships to Vietnam” a violation 


willing to allow the Hoa to 
leave Vietnam “if they so 
desire.” But an article in the 
Communist party daily Nfian 
Dan sharpened the accusation 
that the Hoa were victims of a 
'* ill-intentioned rumour cam- 
paign ” supported by Peking 
and designed to stir internal 
unrest v in Vietnam: “ The 
tragi-comedy about the vic- 
timised- Chinese (in Vietnam > 
is put on to serve China’s 
political objectives which have 
nothing to do with the genuine 
aspirations and interests of 
hand reds of thousands of Hao 
and Chinese-born Vietnamese.” 


CHINA’S FOREIGN POLICY 


A fast-rising profile 


BY COUNA MacDOUGALL 


SUDAN IS dicreetiy taking a set THE SIGHT on Western: tele- troops, crossed the border In Vietnam ol one. About 100 non 
of potentially unpopular eeo-| vision screens of Huang Hua, the Heilungkiang -province . and have already fled to Chine Thu 
noraic measures aimed at, Chinese Foreign Minister, «uriv-. harassed focal Chinese^ -has not has brought relations between 
reducing its serious balance- , ing in Zaire on Sunday to greet been- forgotten/ — - - - 0 ueuweeu 


of-payments deficit and catting j President Mobutu, emphasised 
the inflation rate. Senior offi-j most vividly the rapidly .rising 
cials believe that the pro- j profile of Chinese foreign Roiicy. 
gramme lofficially called the jit came only a few days after. 


•: '.Peking flatly ; the two countries to the point 


stabilisation programme but 
referred to in some govem- 


Huang’s blast at the UN Disarma- 
ment Conference against the Rus- 
ment quarters as an austerity j sians, and coincided with jjripor?- ' 
plan! will enable Sudan tojtant European tours of -several 


reach agreement with the In- 
ternational Monetary Fund on 
a stand-by credit and to make 


senior economic delegations from ' 
Peking. 

These events pinpointed the 
a drawing on the IMF Wirte-j main strands in Peking's world 
veen facility which together view, not in themselves new but . 
could total some 8200m. This newly relevant to the West These 
would be followed by a formal are that the Russians are.agrow- 


of some of 


Iranian society for lhe past 14 inefficiency during recent unrest 4-* qua re-mile area and is an 
years. has prompted criticism from the important clement in national 

Diplomatic source? pul for- Shah. After tlie bloody Tabriz trade, was almost completely 


ward a number of plausible 
explanations for the move apart 
from age and health reasons. 
The Shah is known tu have been 
resisting pressure from a hard- 
line group among his advisers 
io lake tougher action against 
opposition, and General 
Nassiri may have been one of 
the hardliners. His departure 


riots in February, tile provincial silent. The hazaars of Mashad, 
head uf Savak was publicly dis- Qom and Tabriz were also partly 
missed. closed. Life in the capital how- 

Gencral Nassain's departure ever was virtually normal. 


BY K. K. SHARMA 


NEW DELHI. June 6. 


in 


could equally be seen as a move 

io conciliate moderate dissi- F ^™. lN „ A t L ™Gj'ng 
dents, especially religious ^ ! 

leaders intensified. When 

rumouRd within lhe' '?■ maJ ' face ■“ rrisis . th . at ™ s is : 


the of lhe Janata Party on the 
suddenly grounds that the present bodies 
intensified. When Prime — the supreme decision-making 
Minister Morarji Desai returns groups of the party — have never 


rescheduling 
Sudan's debts. 

While officially maintaining its 
commitment to development, 
the government braan the 
stabilisation programme early 
this year with cuts in spending 
which have fed to a reduction 
in the rate of increase in the 
money supply. It has also im- 
posed greater control by the 
Ministry of Finance in 
authorising Government pay- 


ing threat to world peace,' iir 
Africa and elsewhere. that 
Europe and the U.S. are insuffi- 
ciently aware of the danger, and . 
that China itself needs friends ■ 
in the West to provide the tech-, 
no logy that will make it a force-, 
to reckon with. - ' 

More important though; they 
show that the Chinese have left 
behind the days when -.they, 
seemed tn believe that foreign, 
policy could be conducted. 



where Peking has already cut 
its aid. 


Mr. 


meats. The stabilisation pro- 1 through the propaganda columns - 


For. years- the Chinese have 
■hen 'warning the West.', particu- 
larly, westenfr Europe, which it 
sees as; the’ cockpit . o! the coining 
^.struggle: bf- tb& imperialist ambi- 
tious of fhe ^bvigt Union. As 
. the growth irf Soviet military 
.' strength .-4a, Europe has become 
more obvious 'to both doves and 
hawfcs; "JSnisdpean leaders have 
been niofef- inclined to listen to 
the sGfiJ^ese. . patiently, if not 
: ralw^SvWith; total -smypathy. This 
' shiff -hai’ chme at a time when 
the. Chinese; art in any case on 
I., ttus hutit^or technology and both 
• EurosSeati 1 and Japanese indus- 
” tries are- eager for new putlets, 
ft' fs-7 only coincidence that 
^ewbi? Chinese officials arrived 
:.-ib Europe wfaeti there was 
already V some . anxiety about 

, ' Soviet intentions as T it has been 

Huang Boa.' China's r .(ibtiotu* « nce Chairman Hua's 

Foreign Minister. . - i a October 1976 that 

” ■ whgn-- us economic plans were 


gramme has now been firmly i of the People's Daily. - Peking rejeeted the Rusfiian expUni.ti'Qn'fi^sea ^king was going 'to 
spelt out to the People s , has taken the first real step, tq- ^ the so]d j ers were bating- a industrial equipment from 
Assembly in the budget as a wards strensthenina itself- and- i7.._ T • , ^ - . - 


- a thinly disguised 

««..i» v threatens to rock his shaky move lo oust the Janata Party 

securUj forces, administration The latesi move was made the president. Mr. Chandra Shekhar, 
and ruling, P a jU- * n p J‘ st day Mr. Desai left When a cull who was nominated to the post. 

.^ ast ,? k, ! i;z: .Party ha s was ?lven | JV ailinv Home Mr. Singh feels Mr, Shekhar is 
lo*! both its wing leaders. Minister Mr. Charan Singb for trying to create trouble For his 
There seems oo question of election nf a new Parliamentary nominees in such key stales as 
Genera! Nassiri having fallen out Board and working committee Uttar Pradesh and Bihar. 


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production, and concentrate on 
breaking economic bottlenecks. 

A key element in the programme 
is pegging tbe next financial 
year’s development allocation 
at Sudanese £202.Sm <S582mt 
— rather less than the actual 
■spending during the current 

. year which ends on June 30 
and which may have reached 
Sudanese £250m (S7lSm). 
Privately, senior officials say 
that no major new develop- 
ment projects will be em- 
barked upon for up to two 
years. 

Largely because of a drive • to 
break a vicious , circle of low 
or zero growth and become a 
major agricultural exporter, 
Sudan has in the past four 
years had a growing balance- 
of-payments deficit and accu- 
mulated a large backlog nf un- 
paid debts. Sudan's deficit on 
combined current aad capital 
accounts was about S55m at 
the end of the nine months to 
March 3i this year. But be- 


Assembly in the budget as a j wards strengthening itself- and- S’*, ‘"’j Ind rtn r c£ib^ii»'iie.'WesL - 

drive to eliminate waste, raise | backing its friends, even if its J™,™' bv mfrtake GW ^. - ' -However, the coincidence has 

friends are only seen aS that w t( ! that j i at ^;« n ^ 'i3VhiLmuch iUDre strategic impor- 

because they oppose the spread k fhe' ^nirfft ^ce to European and Japanese 

of Soviet power. . .o cnt ; “tough, is the _rapitny rjhjn- an( i it has nrnh- 

The Chinese are most unlikely escalating friction- between !J,r v & 0 SS t tha t P ek?n 
to send troops to Zaire, but China and Vietnam, which . for^V St proonin? 

Huang Hua’s trip must mean that .years, has leaned more to Moscow SSSE 

some form of aid is on the 'cards: Than to Peking. There are plenty B?Ssh ' SSS^tf au£2? 
Peking has come out strongly of historical reasons, why-** 
against the Cuban presence^ should squabble,, and relations 

Africa, and the evidence ; of are- exacerbated by the Chlnese rel^vCbefoM 

Soviet trouble-making there only fear that the Russians are fishing. L „ ?i52i 

confirms their worst suspicienfi. in' troubled waters, there as. the most P *iSifr 

The Chinese have been Saying The Chinese, agaiiy according to '“*?* ® J; 

bluntly that Cuba is simply a reports from .Hong: Konfe say^ ^the. .SeAfedvSt to France H 
tool that does the Russians’ *Iirty Russians ertepuraged the .Vietnam' ^ nieJlnn nf arm. 
work for them.' Peking burned mese to stari tr^bie'op Chbia^^®^ 
its fingers backing the losing .sbotWem border. to-^Stracfcatjsa-. ^ 

side.. in Angola and while- tb^tion £fonD- t the notfbera; Jroni^F, ^inn-hvNATO 
Chinese may ' not be anxiovs' ttt' wberfe is- idread^iehvily.. ^Lnl 

repeat that experience, /.their oatgimned w -SavibL forces'. - Timn? JmS5 

sense of urgency in the- present' Not much is" known about the jj aoSVnwIse^Se fact wmalnt 
situation could lead lu some sort si no-Vietnamese- border fighting ^ a ^w a TSiiitarvweataeS if 

•' ;?= the Soviet inlet- a , ,at is ^ ’’“T ^ ^bm.y 

After Angola, the ^o^pet intffl- p i ace( though there is a view sjn _p jt p e kinc extremelv 

nuon in Ethiopia alarmed the ^ ie Chinese began it in the noniAnc in citiiutinnc IiL-n tha 


Chinese further, .and the ear iy spring to distract the 


nervous in situations like the 

” °St e e : U.S. State Depar, 
the Cambodians in iheir border nieat fB 0 pp 0Sed ib thc concept 


fluence to the rebels .in Zaire 
has heightened thfeir anxiety. 


wiBii-u oi iui» year. out or- urur 

cause many imports are not The view of Communist officials : 


paid for and because of delays i reported from Hong Kong — that Since January vumiese the proi 

in servicing loans, this figure I Moscow is trying to disrupt the cussions on strategic aTras_limi- 


of ■' linkage — that is, halting 
Ciunese the process of detente and dis- 


A passers 



in transit throu 



Beirut should 


for this man 



MEA 177 


conceals the true position. 
Sudan is believed to have pay- 
ments now due of between 
$600m and S700m. It is be- 
coming hard for Sudan to pay 
for essential imports: recently 
the oil refinery at Port Sudan 
was closed for “ maintenance." 
At the same time there were 
no crude-nil supplies because 
of payments difficulties. 

Though Sudanese officials point 
out that halance of payments 
problems are an inevitable 
short-term consequence of thc 
developmeni drive. it is 
acknowledged in some Govern- 
ment quarters that tbe high 
spending programme may 
have been allowed to continue 
ton long. Sudan is now 
anxious to demonstrate that 
il is not irresponsible and is 
prepared to take tough 
measures in an effort to 
reach balance of payments 
equilibrium. The measures 
fall short of those proposed 
by the IMF in recent negotia- 
tions. which ended without 
full agreement. But officials 
believe that the IMF will be 
sufficiently impressed by the 
stabilisation programme to 
make credit available and 
that other countries can be 
persuaded to belp. Senior 
Government sources say that, 
once Sudan has -proved it is 
taking matters in hand, it will 
seek a formal rescheduling of 
some of its debts on loans. 

Observers acknowledge that 
financial control in Sudan has 
recently been strengthened 
but point to two major threats 
to the stabilisation pro- 
gramme. The first is thc 
Government's commitment to 
reclassifying public -sector 
salaries on July 1. which will 
amount to an average pay-rise 
of 15 per cent, and is 
expected lo cost the Govern- 
ment about Sudanese I40ni 
tSII5ni) (out of a total 
recurrent budget for the 
coining year of Sudanese 
£597.5m — $1.72bn. This is 
viewed as a political necessity 
to compensate for inflation. 
Officials acknowledge that it 
could itself be inflationary 
and lead to wage claims in the 
private sector, but they hope 
its effect can. be offset by 
spending cuts. 

A second threat is that many 
imports are effectively beyond 
the control of the .Govern- 
ment. since they come in 
under a system designed tn 
uitilise thc foreign-exchange 
earnings of Sudanese working 
abroad. Though these imports 
do not directly affect the 
balance of payments, they can 
have an inflationary effect. 
They also put pressure on 
Government resources and un 
the transport system, and lead 
to demand for more imports 
of fuel and spare parts. 


Western world by cutting off its SWie- from bad to worse.'- Chinese, tation because of Soviet 
sources of raw materia] supply anxiety about developments activities ib other realms-— this 
tn Africa— may be exaggerated i,as faeeD obvious ever view is under pressure because 

but it probably expresses the since Lhe end of . the Vietnam Moscow's intentions in Africa 
worst nightmares of the leaders war. In - tbe past couple of look anything but peaceable. At 
in Peking. months, the Vietnamese have thk present moment, Washington 

Suspicion of Moscow's motives, allegedly been • making life is inore likely than at any time 
always profound in Peking, has miserable for their overseas in the recent ■ past at least to 
had plenty of fuel'recently. The Chinese population,- which rium- listen to Peking's perennial line 
mid-May incident, when Russian hers well, over lm in South that detente is a fraud. 


U.S. prepared to airlift African 
troops to Zaire’s Shaba region 


THE United States is ready to reporters after meeting 


PARIS. June fi. 

Zaire , of Shaba, on Sunday for talks 


start flying Gabonese and Sene- Foreign-Minister Uinba.di Lulete. with President Mobutu, who took 
aalese troops to Zaire's. Shaba he also said yesterday that tech- him 


bn a special trip to Korwezi, 

province, a senior American nical and economic cn-Qpcration the principal copper mining town 
official said to-day. They will between tbe two countries was which bore the brunt of the 
join Moroccan soldiers already developing favourably. insurrection and was occupied 

flown to tbe area in U.S. trans- . “In this regard.” he said, "the for eight days, 
ports to provide a defensive two sides recognised notably After his talks yesterday witn 

screen for the copper-rich region that they had the same common .Foreign Minister umha. tne 

against rebel forces. task: to know how to oppose the Chinese visitor was guest n 

The source said other African threat from outside caused by honour at a dinner given by tbe 

countries might also participate Soviet social imperialism.” Zaire -Government In re “!J,v;? 

in the force, although there were Mr - Huang, who arrived here afterwards, he told bis basis that 
n 0 possible participants from Saturday on a four-day official despite die distance, China woujj 
r nn iic-»i-Bn.i-,irin[T a Fi-in-, ti,« visiL has been outspoken in his hesitate to give its support 


English-speaking Africa. The Wtu**** sKunion and to. Africa;. He '.too said bis visit . 


troops 'a Did 'would' have U enough Cuba*for’thc“' support they 'gave would stimulate lhe strengthen- 
" enougn anenla-based rebels who last mg and development of relations 


rushed to 


e iant U S. Stariifter 
planes will 


supplies for 60 days. 

The troops being 
Zaire in 

transport planes will replace 
French foreign legionnaires now 
being withdrawn. U.S. techni- 
cians were already in Libreville 
Gabon and Dakar, Senegal, to 
prepare the new phase of the air- 
lift. the U.S. official said. 

France flew 600 legion para- 
troops to Shaba province last 
month to rescue Europeans 
trapped by rebels in the copper 


to Angola-based rebels who last ing and development 
month invaded Zaire’s mineral- between China and Zaire. 

Reuter 

Washington doubts: Page 6 


v -u: i 


He flew- to Lubumbashi, capital 


S. Africa permits mixed 
audiences at 26 theatres 




JOHANNESBURG'. June 6. 


by the rebels, who entered the African theatres, 
country from neighbouring 
Angola. 


BY QUENTIN PEEL 

mining centre nf Kolwezi. But PERMITS, to present shows to theatres had io apply for indi- 
hundreds* of J£g 1 both'bfS »««l audiences of all races vidual -permits, 
and European. £ere massacred have been granted lo 26 South re ^ e J iew ev ^J rm yJ ar ^ lI Ucn 

theatres must submit reports on 
The move, announced, by' ‘Mr. the" prey ions, "year’s perform- 
n , . . „ L , . _ . Marais Steyn. Minister of "Corn- ances: They-baVe beep granted 

President Mobutu and Presi- niunity Development, has been . subject to such-' requirements as 
dent i\enneth Ivaunda of welcomed by theatrical promo- a. minimum of TOO performances 
Zambia had two meetings in ters . as a breakthrough in imr a year, 'as well, as seating 
Lubum basn i yesterday in a sur- proving race relations.' They . capacity conditions' and approval 
pnse visit by the Zambian pre- tjope it'will mean that- -more by the local authority. Mr. Steyn 
sumably aimed at patcfaiog up foreign playwrights and must- said four applications had been 
!^Lci rt q « M i7c ( l 1*3“ Ctans will allow their works .to rejected. 

hleirf 0n j 0 3 ! performed in ,Soufh Africa. Opposition, politicians have 

SSKi- E nJSSShi Many of South Africans lead- welcomed the.move. while criti- 
teaSe^ofl^S^ercb^TtjS |n e theatres - inclutfln ^ rising the need lo apply for 

ffiroSffh his te?ri t“ v A rSr ffl JobannesburgL four in Durban .permits. - 

seSnrmemfnTT'the^USa - - '' 

ESHslTteltor tar™ f-.iicn^g. There are. Seychelles ■ warning . 

airbourne withdrawal back to SJJJ^oSS S? '^"prSwl? BwOemS Albert Rene 

preSSSS w^reMMacdM how threatchod to take .tore 

a conference Pretoria, Bloemfontein. Rfmber- measures aeamst anyone- trying 

Chinese Foreign Minister ^ London. stfH. have. hi5 , .Left-wing 

Huang Hua said° China and ni> theatres, with permits.. , .. GoFcrnmenK the Tanaania news 
Zaire had a common task: know- Previously only the Nico assency -Shihata- reporied yester* 
ing how to deal with Soviet Malan Opera in Cape Town was day, Reuter writes from Dar cs . 
imperial ism. Speaking to allowed lo admit all races',. Other Salaam, 


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We produce a range of eight agricultural tractors. And over 70* arc sold abroad.TheyVe helped 

ustG^aworld-wideieputa&onforW^^^vetytotcomnaa ^ve ortrfover ^ of&em . 

T .ast vear alone, we made over 30 , 000 trucks, buse> andtracK) I V Vehicles. 


Lastyear alone, wemadeover ov,uw uuu 

You probably know us better as Leylan 
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nil farh 1 n np- facilities. 












AMERICAN NEWS 


Five-year test ban treaty urged 


BY REGINALD DALE WASHINGTON, June 6. 

BRITAIN and the U.S. are ex- that their nndear deterrents are portant, particularly as there are tested about five of these 
pected to propose a five-year ban still in WMrWng order. the inevitable suspicions among weapons, the role of which would 


... „ un t, 3 . Some defence experts take the Washington hard-liners that the be to shoot down enemy sur- 

on an nuclear 1 -* Cin -=> in __ n ? e ’ . view, for instance, that the last Soviet Unio nwill try to cheaL veillaoce and communications 
tions with the Soviet Union in thrce months of each five years 


- , . _ The Russians have now satellites. 

Geneva this week. They hope to should be set aside for this pur- accep ted a degree of on-slte The U.S. has not conducted 
acvelerate the pace of the Jong- pose, They point out that the monitoring to control the treaty's such tests and the assumption 
running Geneva talks, at which more sophisticated U.S. wea- implementation. But in the last here is that the iwsians have 
the three Governments are seek- P° ns "*?“ }? be tested more analysis, inspectors would still agred to attend the talks in the 

in" 1 LQ .-(include a comoreheasive frequently than those of the only be allowed on Soviet tern- hope of retarding the develop- 

comprehensive Sovie t union. tory wiUl Moscow’s permission, ment of America^ killer satellite 

test oan treaty. a further argument is that The negotiations also still technology. The U.S. could 

Hitherto, the two Western par- the West may be unable to have to complete plans for swiftly overtake the Soviet 
tidpants have held that the monitor small-scale Soviet tests Installation of a network of Union if it pots its mind to it 
treatv should be of unlimited designed either to check rella- seismic monitoring stations. So far the Soviet tests have 
duration The Soviet Union has bllit F of ^^ng systems or to Moscow has agree dto the prm- only been conducted at low orbit, 
aurauon. ipe soviet lmod nas design new oaes Any such clple of such a system, but there and the view here is that the 
offered a three-year moratorium ac n v ity by the U.S., on the other are differences over the number Russian killers are not yet 
on testing. hand, would soon become public of sucb stations required. capable of shooting down a sophl- 

Under the U.S.-British pro- knowledge. Later In the week, Mr. Paul sticated UJ5. satellite. They 

posai. as it now stands, the treaty president Carter still seems Warlike, President Carter’s chief might be effective against 

would run for five years, in to want to ban even such limited arms control negotiator, will he Chinese satellites, however, 

which all testing would be tests on the grounds that the in Helsinki for the opening of Officials also point out that 
banned. Opinion is still divided treaty will have more political negotiations with the Soviet the strategic arms limitatioo 
in Washington, however, as to impact if it is genuinely compre- Union intended to restict the agreement between Washington 
whether nr not limited excep- hensive. It. is stressed here that development and deployment of and Moscow bans the use of such 
(ions should be permitted to this makes tbe treaty’s monitor- killer satellites. weapons against each other's sur- 

al low the participants to check ing provisions even more im- Moscow is thought to have veillaoce satellites. 


Unions and 
NYC agree 
wages pact 


By John Wyles 

NEW YORK, June 


6 . 

AFTER MORE than three 
months of bargaining, New York 
City and its municipal unions 
scrambled in a new pay deal last 
nmht just in time to present a 
united front for today’s Senate 
Banking Committee hearings on 
more federal aid For the city. 

Although there are still 24 
days before the existing contracts 
expire, last night’s agreement 
was vitally needed to convince 
a soepiical Congress that New 
York is worthy of yet more 
Government help to stave off pos- 
sible bankruptcy. 

The Banking Committee hear- 
ings. starting this morning and 
continuing next week, are the 
major hurdle which the Carter 
Administration's proposed aid 
programme has to clear. Senator 
William Proxmire. tbe Commit-, 
tec’s chairman, left no room for 
doubt in his opening statement, 
that he believed the city should 
be left to go it alone. 

The President wants Congress 
to approve $2bn of long-term 
loan guarantees to replace, from 
the end of this month, a pro- 
gramme of “seasonal” short- 
term loans which the city has 
been receiving and successfully 
repaying for the past three years. 

Senator Proxmire feared thar 
long-term loan guarantees would 
sol a “ terrible precedent ’’ which 
would encourage profligate 
spending by other cities. He 
doubted that such guarantees 
would be in the country's long- 
term Interests and argued they 
would "remove the pressure on 
the city and keep it from making 
the tough decisions needed to get 
the city back to a balanced bud- 
get and back into the credit 
markets." 

Mayor Edward Koch told the 
Committee that without federal 
help New York would "stumble 
from crisis lo crisis.’’ He would 
not testify with certainty that 
ihe city will go bankrupt without 
the aid package but argued the 
cost nf not helping New York 
would be greater than what was 
being proposed. 

The Mayor's four-year fiscal 
plan provides for balancing the 
budget by 1082 and capital 
expenditures of S4.5bn. The 
federal Joan guarantees would 
be used to obtain up to $2bn of 
funding from city and state pen- 
sion funds which would be 
augmented by a further Slbn of 
debt which city clearing banks 
and savings institutions have 
agreed to purchase. 

The city hopes most of the 
balance can be obtained from 
the public debt market which 
has been closed to New York for 
the past three years. 

Mayor Koch claims that last 
night's pay deal is within the 
city's means although he has 
conceded more than he wanted. 
The deal covers more than 
200.000 workers who will receive 
S per cent, pay rises during the 
term of the cuntract. Total cost 
of the agreement will be Slbn 
of which $757m will be met from 
city revenues and the balance 
by aid from New York state and 
other sources. 

The pay rises are far lower 
than the general trend of U.S. 
pay deals this year which are 
allowing up to 20 per cent and 
more in improved wages and 
conditions. Over a two-year 
contract the New York agree- 
ment applies to some 97 bargain- 
ing units ranging from teachers 
to dustmen, who will receive 
total increases averaging SI .700- 1 


World shortage of oil unlikely 
before late 1980s, says report 


BY DAVID LASCELLE5 


NEW YORK, June 6. 


ADDING TO the recent series of meet demand in all cases in 1985, the U.S. domestic oil situation, 
confleiting reports about the but only In the two lower cases and forecasts that demand for 
world’s energy prospects, the In 1990. oil will grow by 1.5-3 per cent a 

New York-based Petroleum If demand for oil continues to year up to 1990 compared with 
Industry Research Foundation grow fast, therefore, a world oil 3.7 per cent in 1960-76. This 
predicts today that an extended shortage becomes a possibility In Implies that UJS. oil Imports will 
oil shortage of crisis proportions the late 1980s. when oil prices he 9.4m-12m barrels a day by 
is unlikely before tbe late 19S0s could reach up to double their 1985, and 10m-14.5m by 1990. 
and can be avoided for the rest 1977 levels. In the longer term, the study 

of the century. But the Foundation believes foresees a slowdown in world 

Tbe Foundation, an indepen- that a crunch of this kind is oil demand after 1990. and pre- 
dent body, bases its prediction on unlikely for two reasons. World diets an OPEC production peak 
likely developments in the non- economic growth is not expected of 51m barrels a day. including 
Communist world up to 2,005, to be at a level to sustain sucb a 19m from Saudi Arabia. The 
assuming varying rates of high growth in oil demand, and timing would depend on demand 
growth in oil demand of 3.8 per anyway, improvements in the and the production policies of 
cent, 3 per cent and 2.2 per structure and utilisation of oil the exporting countries, but the 
cent. Its study concludes that will ease the situation. peak would not be reached before 

OPEC output would be able to The study focuses closely ou the mid-1990s. 


Domestic car sales rise 11% 


BY OUR OWN CORRESPONDENT 


NEW YORK, June 6. 

share 


is 


WHILE FOREIGN car sales fell suffering from price disadvan- company’s market 
for the second consecutive tages forced on them by the fall around 29 per cent, 
month th eU.S. car industry fully in the value of the dollar this Cbrysler’s sales were only 3.6 
recovered in May from the year. per cent higher in May, and the 

winter slump. Dealers have now The leading Japanese company’s year-to-date sales have 
sold more domestically produced importers, Toyota and Datsun, fallen 1.9 per cent on last year, 
cars than they did in the first suffered a 19.7 per cent end 25.8 American Motors sales fell 0.6 
five months of last year. per cent decline in sales per cent last month and far the 

But indications that last respectively while VW. the year are 8.3 per cent lower, 
month’s extremely strong selling largest non-Japanese importer At the same time as they were 
rate may not be sustained have was down b * 23 1 V* r ce* 11 - maintaining this buoyant new car 
come from two authoritative British Leyland sales were down market American consumers 
surveys which show declining 24 - 3 PW cent to 5.938 units. were trimming back future buy 
consumer confidence and grow- Tb* ra0Et conspiciously success- ing plans, according to the latest 
ine Desfiimism about the future * uI importer was Renault wbose report on consumer confidence 
oF ihoeconomv This tends to sales more than doubled to 2,440 from the Conference Board, the 
support the view that the car units and are expected to go U.S. leading business research 
sales boom stems nartlv from much higher when arrangements organisation, 
consumers" desire to beat prire m completed for marketing its The Board says its consumer 
increases which are nntieinated B5 small car through American confidence index was 8.5 points 
I 5 TSL vear aollc »P atetl Motors Corporation dealers. lower in May than April while its 
y ’ At 3.88m, year-to-date sales of buying plans index fell back 15 



Domestic 


........ i j ,, - Motors, whose sales total was up during the next six months, com 

„ n , 11 „,h P uI 9 - 7 P er cent in M ®y- has delivered pared to 7.8 per cent in April. 

« c i U r ni i« S e 1-3 per cent more cars this year In its latest survey. Citibank 
.MMiimmn 1 .. -, 14 per and has a market share of that 60 per cent of its 

cent to around 195,500 units. domestically-produced cars of respondents feel tbe economy 
While still capturing a highly around 56 per cent. Ford's sales, will worsen over the next six 
respectable 17 per cent market up 19.3 per cent in May, are 4.9 months and more than half laid 
share, foreign cars are clearly per cent up on last year and the the blame on inflation. 


Labour Bill supporters 
try to end filibuster 


BY DAVID BELL 


WASHINGTON, June 6. 


SUPPORTERS OF the Labour elections and much else, and 

Reform Bill which is now prevent it extending its juris- 

en meshed in a filibuster on the potion , D ** T small businesses. 

floor of the U S Senate are ex- ?* ach of 1116 Opposition to the 

floor of the u s senate are ex ]abour jeform measure which 

pected to begin in earnest j S the cornerstone of organised 

tomorrow to end tbe hold-up to labour’s Congressional efforts 

get the Bill passed. this year, has come from small 

For tbe past 11 days, senators businessmen who want to keep 

■Vin nnnnctf tho Rill urhinh l 


Argentina lifts 
restrictions on 


enhances the standing of unions Later, if the Bill i s still short 
in their battle to win the right of supporters, concessions may 
to negotiate at non-union plants be forthcoming on anotber pro- 
and gives the labour movement vision which lays down that 
other advantages, are still hold- unions organisers should have 
ing up the measure by keeping time, during working hours, to 
up non-stop opposition. lobby for members in a corapanv 

As yet, the Administration does which has actively been cani- 
not believe that it has enough paigning against union member- 
votes to end the filibuster. But it ship. 

plans to take a series of votes One factor in favour of the 
to test its strength in the hope Bill was the unexpected death 
that it will gradually add extra last week of Sen. James Allen of 
support to the point where it Alabama. Mr. Allen was a master 
can end tbe delay. To do this, of the kind of parliamentary’ 
however, it may well be necessary manoeuveriog which is necessary 
to add amendments that satisfy to lie up a Bill iu endless pro- 
moderate opponents of the Bill, cedura! wrangling. Without him 
Tbe first of these is likely to the opponents may have much 
restrict the power of the more difficulty in beating back 
National Labour Relations the challenge from the 
Board, which oversees union Administration. 


news agencies 

By Robert Lindley 

BUENOS AIRES June 6. 
THE ARGENTINE regime has 


repealed two measures which 
curtailed Press freedom and 
which bad been implanted by the 
previous military dictatorship of 
General Alejandro Lanusse in 
1975. Now the only requirement 
for news agencies is that they 
register to operate here ■ 

One of the repealed regula- 
tions prohibited foreign-owned 
news agencies from supplying 
information oo events in Argen 
tino to local subscribers. The 
other, which has not . been 
generally observed by the media 
since the 1976 coup, banned local 
media from reproducing com 
raentaries on Argentina which 
had been published abroad. 

In announcing the repeal of 
the measures, the public infor- 
mation secretary, Rear Admiral 
Oscar Franco. said: “No 
extremism, no totalitarianism 
accepts or tolerates freedom of 
the Press. It is this which is 
showing us what road to take. 


WORLD TRADE 





Iran buys 
five Boeing 
jumbo jets 


By Andrew Whitley • • 

TEHRAN. June 6. 
IRAN AIR has placed firm 
orders for five more Boeing 747 
Jumbo jets. The agreement 
doubles tiie number of 747 air- 
craft tbe Iranian airline will have 
in service, and brings to 22 the 
total sold to Iran, taking into 
account a dozen sold to the 
air force. 

No details ol the financing 
agreements have been released, 
but Iran Air Is likely to be seek- 
ing a combination of supplier 
credits and Euromarket loans. 

Tbe agreement is for four 
747-186B aircraft, capable of 
carrying up to 483 passengers 
and one 747SP. The 747-186B 
will be powered by Pratt and 
Whitney JT9D-7F engines. 

Delivery should start next 
June, and be completed by 
March 1981. Iran Air plans to use 
the new aircraft od Its estab- 
lished routes to the U.S. and od 
a new route to Singapore and 
South-East Asia- - 
Although final purchase agree- 
ments have been signed, Iran 
Air retains an option to cancel 
the fifth aircraft 
In March, Iran Air signed firm 
contracts for six European Air- 
buses. and took out options on 
another three, in a move seen 
at the time as breaking tbe long- 
standing Boeing monopoly of the 
fast growing Iranian market. The 
decision to go back to Boeing 
for long-range aircraft indicates 
that this purchase was an 
exception. 


No decision on 
Romanian deal 


By Michael Donne 


CONTRACT NEGOTIATIONS be- 
tween British Aerospace, the 
nationalised aircraft manufac- 
turer, and Romania, for the pur- 
chase and ultimate manufacture 
in Romania of up to 80 One- 
Eleven jet airliners, worth in all 
more than £300m. are still in 
progress, and a decision is not 
expected for some weeks. 

Suggestions yesterday that the 
deal might be concluded during 
the forthcoming State visit to 
tbe UK of President Ceasuescu 
of Romania in mid-June were 
not confirmed by British Aero- 
space, which stressed that the 
final decision rested with the 
Romanian Government. 

Discussions on the deal have 
been in progress since May, last 
year, when the Romanian Govern 
ment signed a protocol with 
British Aerospace providing for 
tbe manufacture in whole or in 
part of the One-Eleven In Roma- 
nia. subject to contractual agree- 
ment. 






BY YOKO SHIBATA 


• V . TOKYO; June 6.. 
popular from 27- ’its five-month, sales 


JAPANESE SALES of imported European cars . are „ 

cars last month totalled 4,367 because - their ’size suits were .371 vehicles,: tip- &om 197 
vehicles, an increase of 30 A per Japanese roads. Reduced prices Most European icax.imirarten 
cent over May 1977, the Japan helped to increase demand from expect sales 'for 1 - the' whole . qt 
A utomoblle Importers Associa- private buyers, . particularly ttzis yea r win reach an all-time 
tion announced to-day. younger people.. , . • high., ; r • 

. With the removal of a 6.4 per At the same time, ipipozted-car 1 ■' Stuart Alexander -adds: Ley-, 
cent import tariff on cars In distributors have begun to shift land expects to increase sales of 
March and the sharp appreciation from the traditional sales prac- cars to Japan .£rdxn600 last year 
of the yen, Japanese sales 7>£ tice. of . large ’ margins -'.wife^ a -to', nearly X,5ffO’thisryear,. , iD&id. 

Mpc haup nirfcprt nn m ' 1: «« .l „ . *i__ 


; 4!' 1 . 


imported cars have picked up m limited supply to that of narrow ing' ' 400 . TR7s.. ./Yesterday - Hip r->~ ...,t 
recent months with 4JJ46 gales in margins with quick returns. company .confirmed tiudXey&hd,' V" ' ! 
March, up 64 ^ per cent over h ld . sgyehicles in Japan, _ which r is 65 per cent .ff: 

March 1977. and a 25 per cwt Mav S^om the OTeviOTSMav? owmed by Mitsui, and 35 per cept 
JJJS32 “ Aprii - 4,257 two* taking sales fortbe flxfct-flve 

' nshjdes - • months of this, year to - 203 Stun^oypi. ... • - ~ 

accounted for V aMih«s- from eiebt last vear. No - price was disclosed. ■ 


Compact cars accounted ror - hi LT_ from eixhr last year No Price was disclosed. The 
2^23 sales, an increase of 485 Ford UKsold 321 vehicles^ up.^qulsitioii brings thehumber 


ol-- . 


per cent over a year earlier, and ftom ^ ^ German Ford /distributors- In Japah-to ^ 

standard cars accounted, for inched sales Cmortly Fiestas) ' 1& ' * ad number of, branches 
2,044, up by 14.4 .per cent t0 198 vehicles, up from 12 fast to ,.20. .Shlntpyo. be! called ;.. y . 
Compacts were chiefly European May and its five-month sales Nippon Leyland Sales Company. 
cars, .of which sales for the first r ose to 347 from 82. Volkswagen It bas held. a: Leyiland franchise V : - 1 
five months of this year grew gold 1^37 vehicles tn- May, up 'for about 20 years.' ■’ .- 

by 25.8 per cent over the f r0 m 1,005, and in. the; first five Earlier- „tfris .year- -Leyland - 

corresponding . period of 1977, months this year sold 6563 Japan opened a new preideViveiy 
Standard cars, mainly UJS.-made, vehicles, tip from- 5^25. ' Citrodn. inspection centre .^.Yokohama. - 
sold only 2.1 'per cent mdre than in May sold .207. vehicles, up As well as inspection and mpdifi: ) 
in January to May last year; from 29; ow" the 'five mbrnths it cation Ihe j B^OO^uai^oietaa^-.'ij: 

According to the Japan, Auto-: sold 361' vehicles,;. up .from 127. facility serves ■ as 'ar parts "distri-’-" 


mobile Importers* Association, Fiat's May sales ' totalled 91, up biiti on centre. 






fj -‘ 


Thais 


BY RICHARD NATIONS 


Junes.' 




British, Greek 
talks on needs 


By Ian Hargreaves 

ATHENS, June 6. 
BRITAIN has been sounding out 
Olympic Airways, the Greek 
national airline, on its future air- 
craft requirements as part of its 
research on whether to 
collaborate with Europe or the 
U.S. on the next generation of 
civil aircraft. 

Mr. Gerald Kaufman, Industry 
Minister, yesterday completed a 
series of talks here with Mr. 
Mittiades Evert, ihe Greek 
Industry and Energy Minister, 
and Mr. Alexandres Pa pa don - 
gonas, tbe Minister of Communi- 
cations. He also met Mr. 
Nicholas Farmakidis, President 
of Olympic Airways. 

Olympic is, like British Air- 
ways, in the process af deciding 
whether to go with Europe or the 
U.S. in the next stage of Its air- 
craft ordering programme. 


THE U.S. and Thailand have ' On items of apparel the ovecr subject :-fo ^consnkation ’’ once 
announced agreement on a n'eW'all' celling of : 53m square' yards imports. : exceed ' a - feref of •>’" 
textile accord which is reason- equivalent previously agreed 7Q0; dWbaqpare . yard equivalents v 
ably satisfactory to Thai er- upon for 1978 will .be retamed. pfiricategory. / Whiie this. may- - _ ^ " 
porters, given the prevailing.. this year as the base t f or^a. 7 pei: -app^ara; move .towards.' greater ,',^.'1 ... 
protectionist conditions in cent growth rate per- annum, for J-^^fausttiion-.vcif^rTSai 1 ^-import 'Z-z'- .. 
developing economies. the remaining four yeara of the -qttotasyeteeraerB- point out that- 

whit« ^lamnimr^ 'tishter re«!trie. agreement ■ -> . - > ;thea«t .catego ri es cover. 

tinns h on’ iu?h items S kSSS- However. •- the number.- -o£;Hnes qf produhfibn irrelevant to ’ 

m jeans shirS ^id f troSere categones of apparel utJon.vffiich- Tltti meport mmrafacturers: . 

where Thai exportTbaveproven specific import: u “ its ^ Jeett^.How^r- the .Thais appear -Jo . . 

competitive in the U.S. market. ^ - 

the new aereement allows ^ under the old agreement fq fabric; side ; of the agreement.- . c - - 

Seate? e fleximSTSi eD ^ 0 nf ***% .V- 

fabrics the levels of these hmits_. aof. jds,: negotiated . under the pre- 

“ ’ M . iV • ’ their growth rates has been dis-'artmi;. agreement, has been lifted 

Negotiations of the new dosed. But obrereere.commenr^ehtirely. In its - place each : 
textile agreement— due .at the that they will increase restric^ speciflc- category _ oE fabric, is ir^ 
end of this year anyway, when tions on those garments .whetejgubijett to . consultations " ' W"' 1 
the old 1976 accord ran. out — the Thais have already estate -when imports exceed a level of V. . 
were brought forward to coincide Hshed a relatively: ; : strodg lm'sq yds with: the exception of » . 'U 
with the rationalisation of presence in the American maricA.se ven specific categories where 
America's system of textile — mostly in cas ual -wear!' •. '"ihe consultation level will be 
categories which reduces the - All other apparel .Hems- rme. higher.: ' 
classification of items friha 137 ~ 

to 106. • • : L : ,-■..•■..--1 ,• : ... 

Garland criticises ‘big three’ 

to the beginning of 1978 to tie FINANCIAL TIMES REPORTER ' ‘ . ■ ’ 

in with both the alteration of the . • 

UJ5. classification system . 'arid THE EEC, Japan ;end U.S. were pressure ;from . the 

the beginning of the new multi- heavily criticised /Ifr? Mr. Victor industrial .. nations,' 

fibre (MFA), negotiated inter- Garland, the- AustraHan Mnris- .power was- 1 being- ueed^ inereas- - 
nationally last year. Under- the ter for Special Trade negotia- ingly In srdve problems outside; ' 
old 1976 agreement Thailand was tions, last Jnighi;- when hri told the procedures of the General' - 
given an overall level of 216m the Trade PoEcy " Research Agreement on Tariffs and Trade 
square yards of textile -eipbrts Centre uri 1 London these fGATT). . • 

to the U.S.. to be. distributed' In countries^r* resorted to devices - Me.' Garland' will he in . -j" '' 
phases over a threie-year' period: which intone way or priotiber Bmssds to-day, where' Jie ii y 
The new agreement has arctfmvenf. the Accepted set ; of looW ng for a response from the «- 
abolished overall ceilin^ ami ioternatlobal . trading riiles” - -EEC ofl the S prpoosids whii2f : 
items of apparel and fabrics ate • Mr. Gariarid said- that as a Australia 7 left witii the Comm is-' 
dealt with separately. * i -. result " of intense coiripetitive- sion in October last year. 




emerging 

economic 


SHIPPING 


-'V\V' I . 


ws 


Slow/progress on U.S. policy 


BY DAVID BELL 


WASHINGTON, June 6 


LAST WEEK’S’ meeting between dostries axe- very Tnrich-les&xegd: : “ ieaebT.Ltiiaf ' government 
13 Western - nations and the lated.aad the conferences are -agencies vught to have is one 
United Slates, held here in an not considered normally to be a, that is causing increasing tension 

effort to head off a serious con- restraint on tiade.- in relations between advanced 

cnon 10 neaa ou a senous con- Non-U^. shippers have become oountries and not Just over 

frontation over American ship- Readily more irritated by the .shipping. Thfe recent case involv- 
ping policy, made some progress delay that the Maritime' Com- log uraaium. wbich went to the 
but also emphasised the deep mission has taken in ratifying High .Court, is another case in 
differences between the two rides, conference agreements. In some point 
The meeting was held jit the cases R has been as long-as IS ' surnrisirialy - the U.S. 

request of the Consultative Ship- months. In the absence of -such ® 

™ ratification, foreien and nAT.ahln- continues to argue that Jt must 


IT 

1 08 


..•i 


Swedes bid for 
Algerian gas 


Doubts over Cubans and Zaire 


BY DAYID BELL 

WASHINGTON 
occupied 


WASHINGTON. June 6. 

pre- ment in rhe training and equip- involvement with tbe Katangans. 


is much .... 

this week with the pifje of these insurgent forces." had told him that they ended 
bv the Carter Adminis- tv . But . he immediately qualified their contacts with the ‘’rebels" 
attempts oy uie^ar^ u this statement by adding that two years ago. Some Administra- 

t-ration to prove ™ . no intelligence conclusion is tion officials also say that the 

troops were involved in training ever absolutely black or white." quality of some of the CIA infor- 
the Katangan rebels that invaded However, he went on. the “ pre- mation is not altogether reliable 
the Shaba province of Zaire last ponderance of evidence ” could and that much of the actual data 
month. But so far tbe Adminis- only lead “to the kind of conclu- is more “circumstantial” than 
tration has not quite produced sion " that the Administration the Administration is willing to 
the conclusive proof that Sena- has come to. admit. 

tors like George McGovern have The evidence has not been The Administration has, of 
been asking for. and there is a made public but It is understood course, never claimed that Cuban 
lingering feeling in some quar- that it is made up of reports from forces actually crossed the bor- 
ters that there is less *' hard " Katangan prisoners, reports from der into Shaba province. But it 
evidence of Cuban involvement countries bordering Angola, has cited Cuban involvement 
than the Central Intelligence satellite pictures and other tm- with the Katangans as another 
Agency (CIA) and others have disclosed intelligence. The pic- example of Cuban and, there- said that he has no doubt that 
been claiming in recent days, tures assumed extra importance fore. Soviet adventurism in the information establishes 
Admiral Stansfield Turner after Congressman Tip O'Neill, Africa. Cuban participation in the 

f right ). the head of the CIA the Speaker of the House, said Senator McGovern and others invasion at least in the training 
has done nothing to reduce this that they showed that Cuban are arguing that it is nothing of the rebels. However, accord- 
suspieion. In a statement to officers were involved in train- like as dear cut as this and ing ro one source, ihe only photo- 
reporters yesterday after a ing the Katangan forces. But thta the U.S. may be in danger graph that the CIA produced 
secret briefing of members of under questioning, Mr. O'Neill of altering the whole thrust of at one briefing showed a Cuban 




must have been Cuban involve- wb 0 have vehemently denied President Carter has already the Katangan rebels. 


By William Dulfforce 

STOCKHOLM. June 6. 
SWEDE GAS, THE Swedish 
company, is in the final riages 


as 


of negotiating a Kr 20bn contract 
to buy liquefied natural gas from 
Algeria. Swedegas's managing 
director Claes Lindgren hopes to 
have tbe contract signed before 
tbe summer holiday. 

It would cover delivery of 2bn 
cubic metres of gas a year for 
20 years, starting from tbe end 
of 1984 or the beginning of 1985. 
Swedegas is studying whether to 
ship the gas directly to Sweden 
or land it in West Germany for 
transport by pipeline tbrough 
Denmark. 

Sweden has yet to build a gas 
distribution network. Swedegas 
has also been negotiating for 
supplies of Soviet gas to be 
pumped through West Germany. 



Austrians seek 

EEC deficit cut 

By Paul Lcndvai 


VIENNA June fi. 
IN AN attempt to facilitate 
access for Austrian exports to 
the EEC, Foreign Minister Dr. 
Willibald Pahr and Minister of 
Agriculture Guenter Eaiden will 
tomorrow start a three-day visit 
to Brussels. 

The Austrian delegation will 
seek easier access for exports of 
cattle for breeding and of wine 
to tbe Community. They will also 
urge the EEC Commission to 
help to reduce the imbalance in 
trade with Austria, which last 
year reached Scb 73bn f£2.7bn>, 
more than Austria's aggregate 
trade deficit in 1977. 

Meanwhile, figures published 
today Tor the Jauary-April period 
show that tbe visible trade deficit 
compared with the same period, 
last year fell hy $ch 3.4bn to 
Sell 18.7bn. The performance 
was better than expected and was 
due to a 6JJ per cent rise in 


.araS? r S ? E&SSSSS 

actions of the Federal Maritime in Congress to extend the 10- 

Commission, which regulates fluence of the Commission— in. f Th? 

American shipping lines. this case, -in a complex area con- of ^PPing PoJ^y. Tbe 

The dispute has been simmer- cerned witii^reightThte relating “JSSSSli 
ing for a long time and has its —to non-U-S- companies. Under commitments until the review is 
origins In tbe Shipping Act! I of a BiH proposed by Senator ■ completed.- .. .. 

1916, which set up the body that Inouye of. Hawaii and-. Congress- Thus, some of : tbe participants 
later became the Federal Mari- man John Murphy of New York, at- last week's meeting came 
time Commission. The Act also non-U.S. vessels might be banned away somewhat disappointed at 
granted American shipping com- from. U^. ports if their owners the lack of fortiiaj progress ’mad.e-- 
panies immunity from Federal refuse lb- produce certain doctir at. : the • meeting. ■ However, the 
anti-trust action, provided that merits (bat deal with rebating: participants did agree to mwt- 
tbe "conferences" into which That however, is only one area again . Otis- year and inea awhile 
they entered to fix shipping rates where there has been friction, to 'set up. a working group "to. 
were approved by tbe Commis- Others -include such -matters as look into some of the areas that 
sion. pooling, space charter agreements: have been discussed. 

The conferences typically fix and a whole -range of issues that Rates are not the only urea 
cargo and other rates on routes have emerged since the switch of. disagreement between U.S,- 
between countries and would, in- containerisation began In earn- anff iEuropeaxi arid Japanese offi- 
under normal U.S. law, be con- est in the early 1960s. ’ ciala. There is- also a dispute, not 

sidered to be a violation of anti- The - argument about. : the dismissed at the recent' meeting, - 
trust laws. By contrast the Euro- applicability of U.S. law overseas about American pollution con- 
pean and Japanese shipping in- and, about the amount - of trol requirements. - 


Dutch pessimistic about 
likely EEC strategy 


One in ten 
vessels idle 

By Lynton McLain- - 


BY CHARLES BATCHELOR 


THE HAGUE, June: 6 


NEARLY ONE in ten of the 
world's Ships is now idle through-. 



EEC MEMBERS are unlikely to accepted.- by the Ministers: .The bvr ^eaS~ihP^Genera1 : 
reach agreement on a - Com- propdsaiis for, EEC members to. toSsfdn mbzHid. 

munity Shipping policy when monitor the activities of Comecon SSeShw Bn ^ sh Snipping. »w. , 
transport ministers meet in fleets, and to. take jestrfetive ■frSSgt- •_ a worst bit 
Luxembourg on June 12, the measures if .Comecon actiylty-'s. nariorivrtrh ovot- rmirn of ten 
Dutch Shipowners Association too high, Mr. Gro^nendfjk- said. shiol^ndSldli. - ^In^Ndrwav and : 
( KNRV) said today. However, it Possible restrictions: include a tftrd rf 

expects progress to be made quotas or . extra levies ^ on iSdof'-ADrif 1 *!?! 

towards a register of the trading Comecon vessels. ,- - ^torid total uf fiSaS S 

activities of Comecon country- , AU:^ -EEC members rivltb >the ^eteht tabs of sWbDinir lav JdIe- : 
shipping lines, the association’s .exception of Belgium *tav«r : Iegi^ Bri tain the ctiv carlo flew 
chairman. Mr. J. Groenendljk, lation whlch erapowers them S«eat??n id^ 

told a Press conference. take countervailing measures and ronnaee to a total the end of 

Nat -all EEC member countries even the Belgians have'a'draft i.9m dwL over-400XXW 

are in agreement with proposals bill -which could soon- be applied. t0 ^ m 0r g in March. The 
to allocate tonnage on the. basis The shipowners - were, highly worst figure for more than a 


h 

f* 



of past performance, the amount critical of U^. attempts to year, was recorded for >. UK 


of cargo generated by different “ undermine shipping ! con- tankers laid-up. Out of a total. 
countries and the geographic fterences. 1 * ' The conflicr with flic of 4 . 4 m dwt of the British 
situation of each country. The U^. Is caused by .“onesided- and merchanr fleet laid-up tankers 
last category is particularly im- out-dated American shipping accounted for 'over half 2.5m- 

portant for Holland, most -of le&islatidni" tfcb Association said ffwt. - \ 

whose ports are transit ports for in its annual report ~ > " ‘Out’Of ail the ships Idle twenty 

countries further up the RhiBe. Dutch shipowners are "not _dls-. oil- tankers ' and combination 
France and the UK are ex- satisfied " with ' their govern' carriers were used as floating oil 
pected to make new proposals meat’s plan.; to extend speciaiaid storage up to: -June -1. shlp- 
for the distribution of cargoes for two. years. The aad consists brokers- Howard^ Holder said yes-' 
and the subject is likely to come of an ihvesinidTi*. subsidy- of -Iff derday.:'. Tbe total used>.is storage 


up again at the . next Transport per. cebt; on % new. vessels, and;, a.. was Siin dvyt, a. slight increase 
Ministers' meeting in slx months’ speciil < -premium of .55 per cent oa the previous month, ■. Oil com* 


time. - spread over five years. They are. pany bira'Bd tonnage remained 

The Dutch shipowners “hope continuing to press for the Dutch static at 753,000 dwt or five 
and expert '* an EEC Commission Government purchasing; agehey - vessels* Tonnage. owned by Indr*- 
cs ports with a 0.2 per cent fall I report on the problem of Eastern to transport, more cargoes, -pn-jpendeut -companies . Increased- u». 
iu imports. | bloc shipping lines will be Dutch vessels . 2.5m dwt, or 15. vessels. 


■ 1||a, 



















*“t.»AC25: 




r , :> ; "'VT-v • ; • v 

. l9? s 



3une-7 1*78 


EW3 



Mi Champagne 
victory 




^ to French 

the % 




an' 


producers 


l Bjr Kenneth' Gooding 

‘v^ 

** 


Benn rejects special 
Min natural gas 


BY RAY DAFTER, BfERGY CORRESPONDENT 

MR. chase supplies at u i annual I cost and 2S i times higher than in the 

kfv»c Pn+rav Secretary, has of some £lbn less than if it had UK respectively, 
rejected the Sea of imposing a Paid prices related to the cost si r Denis Rookc. chairman of 
22f»U? *&£& priM of or coal and oil. he said ihe British Gos Corporauon had 

1?.*”“, 7iim with After the meeting. Mr. Benn informed the Energy Commission 

i<t .k,* could now sec a about the undertaking s plans tor 
problem. In smoothing the transition to 


FRENCH PRODUCERS yester- 
day .emerged ..victorious from 
. , the eight-year court battle over 
: a J^ u U the--Ti»e - of the word 
1 63 Jr. - champagne.?- --'■■■■ 
and ^ : Sfiowertngs, the . Allied 
&u Sht £; Breweries subsidiary which for 
»Vo. ■( -'many years described Its Baby- 
® !5 c Icsm cham'branit as" a' champagne 
1 tile Perrys agreed that It will not 
f jr >> in Pi . use the description- in- future 
^er of lJ except -for wine made in the 
will C ■ Champagne district of France 
Sale*, - 



Accountants renew attack 
on local authority audits 


natural gas more W Wlth ; 

^ eis tax arpropesed by the way through the problem. In smoothing the transition to 
and^tecmcRy indnstries. many ways normal market forces higher-priced gas, Mr. Benn 
would be "intaicil^'tabQth gas were bringing the prices of fuels a dded. 

corlra^sSdtbe gradual long- more in line with > each other. __ The Gas CorporaUo^was rone- 
term -rationalisation' of fuel “I am trying to look for 
■ HAcr^rrfflv. .after -agreement over a period of til 


BY DAVID FREUD 

HIRE PURS CHASE 


BY DAVID CHURCHILL conlcm? r for our pro 

Sr M **& «*. 

! authorities' standards of ..„#i nmitihii! nffectins 

| accounting was 
i day. 


.. Each uuuil. «—■’ - -.* , - 1 
of practices '""affecting made by a member of CIPFA 

revived >ester_ SSSsStS 

I The annual meeting of the Brian Maynard. TCA presi- di _j pction between the audit 
I Institute of Chartered Accuun- donU yesterday tried to lower nn loca , authority 

— T03e 'iants in England and Wines t h e heat of the row when be told t sand the audit report on 

sh3rP ly in April, a clear indica-: passcd a resolution muting annual meeting that the .. 

lion of increasing consumer con- 


wuuupagiie uiairict- vi rrance 

. . (l* dr champagne Cognac produced 
riand^ 1 in . accordance : with French 
law." : '.'... 


rs. 


ieiv 


ion ana’C 


* Part? 


law. 

This- was the main point to 
emerge from an agreed settle- 
meat reached in the High Court 
yesterday. Showerings and the 
champagne producers will pay 
their own costs, unofficially 
estimated - at more than 
£100,000 each. 


IQ W1U1 CdL'H uurei. ine Villi ^uijjuibhu.. ■- 

tarm rationalisation v*. . . * - u . iiyiflg to look for an gotialing comracts w*tib oil con - 

nrirei he arid yesterday, after agreement over a period of time. panies to hold back the ^.ploiij- \ 

.. l.a wn dis- Thft nmhiAm doesn’t lend itself tation of cheap gas from southern j 

r ** — - not j tt the North Sea fields. t 


of local Solution did not imply criti- e0 ^ d d £ s ^-jb° d ° ciPFA criticism 
who are cisni oE CIPFA. but Mr. Jeremy desC - .{** «- hysterical- 
ihc Char- cripps, the motions proposer, o 1 nis mo 


prices ne 

the -issue 'Jhad. again l»en dls- The problem _ 
cussed by- the Bnerfcy^Cornmis- to diktat.”. It was 
sion. ' - ,n 


nn • . . — . - - interest of anyone in the energy ’ Th id was t hat British Gjs 

ThaConrmtssfQn — * body set industry ,mp *" p{ 

. iVa on hACallW- 


i ne uomnusw«« — « to prejudice one jfncl WUUIU , u „„ „ _. D — . . 

up to advise the Government on because of short-term fluctua- llg slipp iii»s from the more 

enerey policies -r has- found the tions. . „ . .. northeiy— and costly — fields 

fuel-pricing question one of »ts Natural gas, while cheaper than Qver lhc nPX t few years, then 
most difficult Tproblems. . . other fuels at present, would incrpasc r s offtake or southern 
di«Tissed sesterdav. become more expensive in the «j orl h g L , a g as i n thi* 19S0s or 

of long _ term. In contrast, coal J 1 ^ ^ cushion further 


veiled criticisms 

fidencc. , authority auditors ul w*. -... --- _ - r d - ]P Q^on as ~ aysicutui 

The signs wer-j reinforced by! mainly members u 4 the Lha - cripps, the motiuns prop • d . n ** unprecedented attack” 
an equ&t n>e in sales ottered Institute of Public E^nauvc stressed that he « as attack. n 0 lut £ uW . 

2" ir „hin coods. jand Accountancy tCIPrA). tnc Chartered lns.ti.ute. , CIPFA. however, maintains 

- - - . HsCS ! ssSSS 2 S 

coal . nAn. ... Vnln 1 -- r ' e 


SfdSakSg to Pur- man and French coal were five autumn. | wit b the provision; 


let 


Common sense 


K 0K.j fe 

■uliatim* 
J lw 

v h ‘le un 
f^arfc „• 
Thai c 
Point of 
■'legune/- 
on .intie-j 
’ataclurer 
fhais 
nethbr ^ 

the apw, 
ln ? Of 
under £'■ 

■ hss 

15 flzc? , 
''f filin' 
e-0OSUlli> 
•'.eeii j iR 

the eiivsjj 
aw?oriej ^ 
! level ffl 


- M. -Joseph Dargenr, head of 
the champagne industry’s gov- 
erning organisation, - the 
Comile InterprofessJonncl du 
Yin de Champagne, said in 
London after. the hrlef bearing: 

This . is. a .triumph for com- 
mon sense. 1 

“The champ agne trade is 
extremely glad to have 
resolved this dispute, hi this 
way and welcomes the' spirit of 
cooperation which has led t? 
this mutually, agreeable con 

MM ^ " 


ahled 



confirms £ 2 m. plan 
windmill 


seasonally adjusu-b. c...nparcd 
with the provisional osiinu.e o. 
10fi.5 

This was only a siiidu drop i 
on the index fiaurv nf in" re- 
corded jn M^rvn. iNvlf the 
highest since August . W 


Callaghan not to stop 
home loans increase 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 
iTHE PRIME MINISTER 


Extra jobs 
in prospect 
at 


By Our Own Correspondent 

. , ,-b NEW £4 .5m factory for Michell 
t[ Hearings, tlu? Vickers Enginecr- 
- ' - - subsidiary, was formally 


BY DAVID. FtiftlijOCIC, SCIENCE EDITOR 

9 «^SS£SSEff.M "Sf« 


auun«'““- ~ r 
I in ihe hand; 
j ihe beginmna 
The steady 


MIL; JUUJIUHI.'. 

opened by industry Secretary Mr. 
Eric Varley yesterday. 

i mat Ministers accept that if higher j- represents one of the largest 
, rates raic* are likely, ih-.-y should be in du«5irial rebuilding schemes in 

the investors and inIrnd uced without delay in the North East, was completed 

-.will n*e n> abuut 1 per cenuini av0ld We chances «fj slx months ahead of time and 

^ Scm coinciding with ao election | ;iUram . d £1.24in in Government 
campaign later in the year. .grants. 

The 'societies’ receipts nave. vaHev said that Dcpart- 

been sliding as general interest I - - - 


on studies 

ouvtR.'iJir-’u T #fc -^ au ““- c - • 

struct a giant 

■“sS. :irs ■ 155 saa SaisSS^ =£S^-S^tf^r-SiaK w«« ~I S~SS!|S«f glrS 
ss?-, i^sspsysgi?? & sr, s*^-S 2 

- ■"*’ ^ - ,s SSiS»«ss q-g. 


win appiy juiywnLTc »n_ ui- 
world where ihe brand is or 
will be sold. . 


Cigarette 
jobs lost 


* <pooited with v**t»*ft state- Frmrtll ItcporB /ram rts set showed j ’ cenl |B lhc satieties' law 

ffiFffilSf ^SP-Boot- ^ rep]y io wo ryor „ ^ to nu.w. 

- ^..1 imPKtions year fmm the Select Committee^ 


eserves ana uuw y- 

{he taxation inflow of funds- 


By Lynton McLain 

. THE four-vear-old Cigarette Cbm- 
P ponents factory afc Burnley Is to 
C dose in August, ynflv the loss of 
SO jobs, and the company has 
called for 300 voluntary redun- 
v .e jdk dancies at its Jarrow works on 
is. era l^neside. .. 

used as The company, . part «. *ne, 
b!-as 7E Bunzl group, blUNd / «. 

me ta cigarette sales' .and chafes ^ 
lilt- and Tt British tobacco t^tp bajworuse 
with the tax in EEC counttfcs. 

...» Lv Taxing 4be- finished price of- a 

irom purchasing . h?bits,;:^a»d 
J£2l of- Ring-size cigaret e? 

. r?J r m had risen and hit, ; the. smaller 
.. ytir* brands. - •"■• 


- . : in h TWIX .-I 

A'e fundamen^-^ons jjt 

btj£ m ays 

nesses in . -^.TSSSSSght Government has announced addj. 
have tended to collaM^m^gJ tiona i spending of just over £6m. 
now be overcorne, .■atLO^ "to _ . items of expenditure 

extent they wtil mtw£e ,upo n £2.9m for wave- 

the envlronme^. power, seen, in the words of Sir 

Amodera areogenerJ^gJ^ Hermann Bondi, chief scientist 
than the biggest z. at t ^ e Energy Department, as the 

pylons, could, be ar.notaj as a «^^ncrgy ^ the 

helicopter, and potential for the U.K. hut the 

seriously with TV -an«a«i*“U- ^ dimcQ it to tap. 
wave transnusslons . JfeV "•^“S^n.ent is allocating 

The electricity supply t0 £ Ur ther studies 

which is co-operating Connected wtth° a Severn tidal 


Youve 



\ ana 

“•fSKpS TBte- - - >■ -i 


can 


do them sleep through 


NEWS ANALYSIS-CIGARETTE PRICES 

to smoke 


;’.N‘.,70N, J®’ 



your first day in Australia 



isa ■ 


? : ■■■■:■ - ■ 

•- THE caU by ''^WrtoindLiBJjtir. 
f‘' ; managing director uf 
cs uSans ■UK. fof a ^°nsible r 
tn rffiMM ol cdflarxettes 


^Y STUART ALEXANDER 


Bothmans uK,.tor a 
attitude to pricing of dgarrettes vr^is _ 
• • .1 ,^ ickic ■“wheeliajZ/'aiid' dealing, Play* r 

! sounded ironic to some m the . P. . Morr 
tdbacco.tni.de.- = 


market shares 

April 


deRberate attempt to isolate 
BAT’S State Express as a cheap 
■ I ,n anelirp that any 


30J 

283 

28-1 

12.0 

1.0 

02 


BAT’S oiate 

Mav brand and to ensure that any, 
293 attempt by BAT to lift the P r, ce 

25 j) to more normal ievele will be 

2I5 made very difficult if State , 
143 Express is to hang on to its 

1.0 expensively-won consumers _ 

■» e •• Rothmans’ second ploy was .J®i 
tlirh to retailers for support, with | 
- Tallying ! cry of a return to 


tobacco; trane.- a Ta llying ! cry of a 

r Rothmans haf beenr playipBtne Tobacco stride onto the ^^^0 profit levels, 
t numbers-game in ib.etwqyja^in ca guns SDlok i n g and : ^ addition to a myriad of 

which 1 the UK n^ricet has _bccp sc . leaving existing oflers t0 the smoker, the lntro- 

■ coping- With a-pnee war .and a ^ atcb ing the new- duction of new ^ brands-- 

• major change ip. The taxation aj energetic efforts to win including tobacco 

» its en- SU. ftf 


t0 tt has carefully' timed its en- admn-ers weU awarc 0 I the profile u%ng size brands began 
-tries with .selective, price" cuts. _ BAT ^ msLrli . et but P Q dom inate. tobacconists and 

while goading 4 ts bigger wmpe- p ^ - orand loyalties newsagents have bad to cope ^ l jh 

m£i by dropping coupons had - consumers were SlSs of nearly 8m copies of 

andpulUng outof ^.orte.spomur- abana become P nce * national newspapers. 

ship ’To pass un the savings to exnqr^ crNs-confectionei^J tobacco 

the- consumer." . •. J - . . -so' the decision was taken that p - is ts and newsagents— 

,U ?; m 5 per^nL- ^ d-j-j m™ey. -Mb. 


LUUJ V ' . . 

Its price curaaiie. hv““' Tj^T "tfif launch, but even ui*«. to £, at:co manufacturers nave 
sii, A*SeS*f6S!^-S5:aS5^ S& to I0 0jt like a ^»«5, cy ™u IB to sec 

aged the' sfa^nf-RothnmnsKmg ^re ^^^jf vo iume ed g ^ 

Size It has worked hara.on ex. sireaDie jlu these very : X *L „ PT .s a i which owns w. u. 

ports and Tast ygar opened ne sales ^ ac length of time. 0- wills and John P’^yer, 

taSS 


Industrial-Market Research Limited 
. announces three new reports on : 

HOW BRITISH AND GERMAN 
INDUSTRY EXPORTS 


IN UK 
■(£) 


OUTSIDE 
UK (S) 


15JS0 


36.00 


20.00 


48.00 


30.00 


70D0 


* HOW BRIXISH JNDUSTRY 
EXPORTS’ - ' ■ 

•.howgerman INDUSTRY 
EXPORTS'. . ' - 

•HOW BRITISH AND GERMAN 
INDUSTRY EXPORTS’ . 

(a compartive study) 

- F. R- Suntook . 

HiDISTRIMi lilWltd RESEARCH UMITtB 

- ' .17. Buckingham Gate 

.. ’ . London SW1E 6tN 

• .. . Telephone 0l-8?4 ?81* 

Telex 917036 


> ra^ ed “ ction 

in wheeling and dealing. 

jaar jt-w js 

esss m 

its planning is sufficient. 
Ifleible to switch some other prtv 
« s Hora '™ rS and 
Brussels factories. 

But it is thought that ba 1 

purchase. They are easy to big 
at 46p and the avera 5tj g n-riJp 

13p below recommended price 
is a very large one to make up. 
Meantime, they are selling 

^Preliminary, estimates show 
they may have taken over 35 
Sr cent or trade deliveries n 
M3y.— estimates which put 
Imperial's share down to 
per cent— hut the eperience of 
the John Player King Size launch 
in 1976. when. 100 clsare ^! 
were offered for every 200 
bought, has persuaded the indus- 
try to play a waiting game. 

Players' early success was 
difficult to retain and it will be 
no .easier for BAT- 



It's a long flight to Australia. 

When you gst off. the plans, the only 

place you'll want to go is bed, regard- 
less of the time of day. 

Qantas is the only airline with 
special direct flights which get you to 

Australia in the early evening. 

You can go straight to bed at bed- 
time, and sleep off the flight through the 
night. Then get on with your business 

the next day . , , 

In all, Qantas have 10 flights a week 

to Australia. 


The specially timed ones 
leave Heathrow on Mondays, Thursdays, 
and Saturdays at 10.30 and. arrive at 
Melbourne at 18.20, and Sydney at 20.4U, 
the next evening. 

And as soon as you land Y ou can 9° 

straight to bed . 

So the next morning you 11 xeei more 
like a dynamic businessman, and less 
like Rip Van Winkle. " 



We know the best way to Australia. 


s -1. vw n smas travel agent for detaiis, or personal callers at Oantas 


; Cnr Old Bond Street, and Piccadilly, W1X4AQ. TbimBial 01.595 1344. 

,?.W. Qtner offices inBmmnghain, Enstol Manchester and uJasgon. F— civ 



.A 




‘•A 











8 


• idai '■ ^es‘ ; ; 


HOME NEWS 





Engineers’ training ‘blocked 
by unions and employers’ 

BY MICHAEL DIXON, EDUCATION CORRESPONDENT 

ENGINEERING UNIONS and • Blackening the “career image” and successive pay policies, well- sional streams, 
employers were accused yester of manufacturing to the intentioned as they are, seem The most academically able 
day of blocking the advance of country's most able youngsters often to have been enacted with- students would then pursue an 
manufacturing industry by pre- by practices and attitudes which out sufficient regard being paid extended course of four years' 
venting voung engineers’ from restricted pay prospects of pro- to their effects on industrial per- study of engineering, .plus about 
being trained effectively. fessional staff and entangled formance and competitiveness.'’ a year of work in industry either 

u., t m-irfp hv the them for ™uch of their lime in As well as “positive steps” by before entering university or 
FnVineerinn Professors’ Con- activities such as inter-union unions, employers and Govern- during a break after the first or 
S thp maior renresenta- disputes having nothing to do merit to overcome such obstacles second year of their course, 
tive bodv for the 400-plus senior with ensmeering. to recruitment and training, the Students whose main abilities 

academics in university faculties • Discriminating against the professora called for radical were less academic. possibly 
or technology at a London meut- small unions, such as the changes m degree-level engineer- between two-thirds and . free- 
ing to introduce its evidence to United Kingdom Association of tug education. quarters of the total intake, 

the Flnniston Inquiry into the Professional Engineers, desig- Present selection of steudents would take a three-year course 
engineering profession. nated by the Council of Engineer- for degree courses, based on the mainly emphasising practical 

“ if things are to continue as ing Institutions as the unions GCE Advanced-level results, was aspects, 
they are at present.” said Prof, most appropriate for professional unlikely to be a reliable devicefor “We regard both the A and 
Arthur Sbercliff of Warwick members. finding youngsters with the right B groups as professional engi- 

University "we really should be “It’s as daft to wantlo merge abilities for “ high quality " engi- neers, and think that -the three- 
teaching "our students German professional engineers into the neering work as defined by year people would be at least as 
and French and pointing them big unions as it would be to say industry. able and educationally chai- 

in the direction of the Passport that since the Transport . and The production of appropri- lenged as members of other pro- 
Oflice." General Workers' Union is the ateJy skilled engineers through fessions such as accountancy and 

The professors claimed that the biggest in the hospifals it ought the education system was there- the law," said Professor AJex 

unions, abetted to a greater or to take over the British Medical fore far from guaranteed unless Chisholm of Salford University, 

lesser extent by the Engineering Association," Prof. Shercliff the country first developed more chairman of the Engineering Pro- 
Employers' Federation, were added. _ effective measures for identify- lessors’ Conference, 

blocking the production of first- The professors' evidence to the ing students with the qualities “We see the Category A 

class manpower in three main Finniston Inquiry accused the necessary for practical engineer- courses developing mainly in the 
ways: Government of helping to mar ing work. universities. /Cad although some 

O Preventing students from the image of engineering as a Students accepted for engi- Category £ courses would be 

gaining the real shop-floor suitable career for enterprising neering degree studies in future developed there also, we believe 

working experience which is 3Q youngsters. should be divided, preferably at the three-year studies would be 

essential element of uffective “Much of tbe recent social. least a year after starting their largely the province of the 

education. industrial and tax legislation, course, into A and B profes- polytechnics." 


tanker 
‘accident’ 
planned 

Financial Times Reporter 
THE Government is to simulate 
a major oil tanker accident at 
Milford Haven. Dyfed, on Friday. 

A very large crude earner, up 
in 400.000 tons deadweight, will 
simulate a collision with a pas- 
senger ferry. 

Exercise Black watch will test 
contingency plans for coping with 
a major disaster involving air- 
sea rescue and severe oil pollu- 
tion. 

RAF helicopters will rescue 
"survivors " from the ferry after 
it has "sunk." and Royal Navy 
units will carry equipment to the 
disaster area. Local authority 
oil pollution officers will deal 
with beach areas assumed to be 
polluted with oil. 

The contingency plan comes a 
week after navy divers sank the 
Greek tanker Eleni V, which 
was a pollution source for 24 
days after being split by a 
French vessel. 

The Prime Minister has asked 
for a report by July 1 of events 
leading to the sinking. 

New export 
control order 

THE DEPARTMENT of Trade 
has made a new Export of Goods 
friontrol) Order 1378, which will 
come into operation on July 3. 


Hildreth tells Tories to give 
country greater leadership 

by James McDonald 

THE CONSERVATIVE Party than it was during the three-day the relative moderation this 
must “wake up" and give the working week of January 1974. Government appears to be show- 
country greater leadership if it imposed as a result of the ing is only the result of 


was to win the net election, Mr. miners’ strike. 


its precarious Parliamentary 


What worries me most Is that moderation would disappear.’ 

Lord Chancellor greets 
new Patents Courts 


Jan Hildreth, director-general of What the institute wanted from position. Were Labour to be 
the Institute 1 of Directors, said the Conservatives was “ clear returned at a general election 
in London yesterday. thinking and decisive attitudes with a majority over all parties. 

Speaking at a conference of “..‘iS ™ 1 * 1 ° f then th»t semblance of 

Canadian and British business- 
men, he asked for clearer think- 
ing and decisive attitudes on 
crucial issues. “ The British 
public must not be misled by 
the illusion of economic recovery- 
in the run-up to the next 
election. 

“ However much the Prime 
Minister and the Chancellor of LORD El wyn -Jones, the Lord from the Comptroller of Patents 
the Exchequer try to disguise Chancellor, yesterday presided at would now be heard by the 
the situation, the reality is that a ceremony to mark the setting Patent Court which, had full 
the economic future looks very U P of London's new Patents High Court status. The right 
had.” Mr. Hildreth said. Courts. of audience of patent agents and 

“The evidence available from European patent judges. Mr. solicitors would he preserved, he 
our members makes clear that Sam Silkin. QC, the Attorney- “WL 

the current mini-spending spree. General. Mr Peter Archer QC. The judges of the new court, 
both by the public and by the the Solicitor-General, and mem- Mr - Justice Graham and' Mr. 
Government, is obscuring the bers of the Patent Bar and patent Justice Whitford, would., have to 
reality of our economic future. agents attended the cereraonv deal with work of great com- 

“That reality suggests that in T . T .„„ . , ‘ . plexity and would have to inter- 

a few months’ time we are in for pret ths Eur °P ean Patent Con- 

another sharp burst of inflation, if vention. They will have 

while unemployment persists at [ ) . nn " together the changes of tncrea sed jurisdiction, 
levels unprecedented since the *' “r Lord Elwyn-Jones said that the 

war" SfiLL«l?L p , a ??2. r t,0n s ^ m would ensure the en- 

Industrial output. Mr. Hildreth international basis. couragement of inventions and 

added, was running at a The Patent Appeal Tribunal would be of service to industry 
deplorably low level, no higher would disappear and appeals and the country. 


Companies 

face 

sanctions 
charges 

FINANCIAL. TIMES REPORTER 


TWO COMPANIES in the 
Lucas Industries motor com- 
ponents group yesterday faced 
a series of Rhodesian sanction- 
busting charges in Aylesbury 
magistrates’ court. 

Thirteen charges against 
Lucas Service Overseas, the 
export division of the group, 
and CAV, a Lucas subsidiary 
manufa touring diesel and fuel 
injection systems, Involving 
goods worth £134,403, have : 
been brought under section 
50(2) of the Customs and 
Excise Act 1952, and allege 
breach of the Rhodesia United 
Nations Sanctions Order 
(No. 2). 1908. 

The Customs and Excise 
Department applied to commit 
the companies and two com- 
pany officials, for trial at 
Aylesbury Crown Court. 

AH the charges relate to 
events alleged to have taken 
place between February 1975 
and June 1976. Lueas Sendee 
Overseas faces six charges of 
agreeing to supply goods 
destined for Rhodesia without 
an export licence, and seven 
charges of evading the sanc- 
tions. 

There -are two charges 
-against CAV, with Lucas Ser- 
vice Overseas of agreeing to 
supply good worth a total of 
£18,426 to Lucas Service fPty) 
of Johannesburg without an 
export licence. CAV commercial 
manager Mr. John Edmund 
Mauod also faces these two 
charges. 

Mr. Thomas Graham Lock, 
director and general manager 
of Lucas Service Overseas, is 
charged with one offence under 
the Customs and Excise Act. 

At a previous hearing Mr. 
David James West a Lucas 
Service Overseas area manager, 
was committed for trial on four 
similar charges. 

Reporting restrictions at 
yesterday’s hearing were not 
lifted. Committal proceed- 
ings are expected to go ou 
today and tomorrow. 




rising » 
trend in April 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


skle 


WORK STARTED on more new On. the completions . 
houses in April than in any builders managed to .fimsfa 
month . since September, accord- combined total of 22,400 homes 
ing to provisional figures -from during April against 23,800 in 
the Department of the -Environ-- (be month before. Public sector 
mpnt. . . ■ ' completions fell from 12,100 am 

Both the public an*' priest* Man*™ 
housing sectors continued to Tbe 

show- the improvement in work ™ se J£°™ + : 
levels which started earlier in ?P ar ^ ^i2S 
the year. Builders started^worit Fe b ™ ary- A p nl q ua rte , 
on 10,700 public sec Lor- homes completions were idowo -9 < per 

during April agaiDSt &,500-in.the cent on tbe P™? WiJriSn 
previous month, making it the months and 5 percent lower than 

best month for this type of hquso- *.y* ar earlier. . 

building since October. . • , pAnversions 
At the same time, contractors '-Oflverbiuus 
started work on 14,700 homes for The Department also said - yes- 
the private sector against terday that an estimated 25.000 

in March. The April total' .Was homes in England -.were- cou- 
th e highest monthly figure since verted or unproved dunog the 
September. Tbe combined- total first quarter of this year , with 
of 25,300 was the best since last the aid of grant or subsidy. - - 
September’s figure of * 23,200 Comparisons with 1 earlier 
starts.-' periods are not available as the 

Taking the Febrnary-April Department has introduced 
three months total -housing starts changes in reporting practices 
were, according .to the 'Depart- The 12,000 grants to private 
meat, still down 6 per: 'cent on owners in the' first quarter. Were, 
the previous, three months, but however, 24. per cent doWn bn 
2 per cent higher -than in the the high figure for the -last quar- 
same period a year earlier.'. - ter of 1977:. 

‘Over elaborate 9 civil 
engineers criticised 

BY CHRISTOPHER DUNN 


AN AWARD has not been made Many entries in the building 
this year in the civil engineering sector had not shown enough 
sector of the Concrete -Society’s attention to detail affecting- tbe 
design and craftmanship com- way buildings withstood . tbe 
petition because no entry was weather. 

sufficiently outstanding. „ The Concrete Society.’ a discus- 

Mr. Alan Muir Wood,.Ieader of si on group - for architects and 
the four-man judges'. panel, also engineers, had 40 entries this 
said the quality of entries in the year, the 11th in which an-award 

building sector was generally has been made. ' ' ; mvi antvc v 

undistinguished. . The building category of the NORTHERN ntELAND’S firat $ 
The judges criticised . entries in' competition was won' by unlextehr 'Argos - <^te^ue^showroom win' - 
the civil engineering sector for sion to Wadham College. Oxford, 
over-elaboration of .detail and designed by architects, Gillespie 
poor scenic impact, rather than Kidd and Cola. The' 'consulting 
for cost-cutting or poorworkmah- engineers were “Moore Vaughan 
ship though they added .'that Maclean and Partners, and the 
design standards had. risen main contractor was. Johnson 
steadily recently. ' . -7 : ‘ and Bailey of Cambridge. 


scheme 


attack 


BY ERIC SHORT 

THE . NEW - STATE -pension 
scheme, which started in April, 
still does hot meet the pension 
requirements of most .employees,, 
claims Standard Life, the 
Scottish ' life ; assurance and 
pensions' company/ - ; ' : . ■ 

. -;The company . says that 
pensions and . death-in-service 
benefits are now an important 7 
area in employee relations, it 
analyses .the State- .scheme and 
shows that .although tbe scheme 
is a vast linprcrveineht - on its 
predecessor,- It . Still , does -'.little 
more - than - provide inhtiznoa. 
4evel benefits, v 

The areas in which the -State 
structure is - particularly a weak 
are highlighted,- esperidUy lump 
sum payments on death-in-service 
or on retirement! : 

Employers who -have- decided 
to stay -.In-; the: State scheme/ are; 
advised by Standard Life .in & 
booklet , published/, yesterday i to ' ■ 
consider the various.- means In 
which companies -can. • provide' 
benefits additionafrtb those pro- 
vided by the'. State scheme. .. 

The .booklet explains how 
employers can do this in the most * 
tax-efficient jpanner wi thorn 
getting involved.' tti- complex 
administration or. investment . 

Occupation^. Schemes for 
CoutvactaWrt Ewptdpeea. AvaU- 
able free fnmv- Standard Life 
branches. • — 


opens 
in Northern 
Ireland / 


open in ' Bedfast an June/24 
The t- . showroom., -in -. Great": 
Victoria Street.-.' will- receive '- 
three shipments weekly fromfitt' . 
Argos -distribution centre, it. 
Daventry/'and' ah. annual safes 
target of £E5m has been set . ’. " 




en questions 
usinessmen ask 



0 

0 

0 


What are the regulations concerning agents 
who might handle my business in Canada? 

What are the laws regarding the 
expatriation of profits or service fees out 
of Canada? 


Can application to open a company or form 
agencies be made on a federal level, or do 
these have to be applied an a province by 
province basis? 

What are Canada's tax laws, and haw do 
they apply to international companies? 

What government grants are available to 
help set up companies such as in slow 
growth areas? Are such giants available to 
international companies ? 


What is the effect of Canadian customs, 
laws and practices? 


m 

0 What is I 
import li 


the procedure for applying for 
import licences, registration etc? 


HOME CONTRACTS 

Oil meter kits 

KENT INSTRUMENTS (member able for the measurement of field Boeing 7^7, 733* and 747. alrcraf f BROWN-. AND PARTNERS, Dart' \ 

of tlie George Kent Group) has signals • over the complete From British Airways a contract ford-based jnateriala. -handling . o 

two orders for extensions to go frequency range, while wide range to build hundreds', of . .cabin engineers. -This- i&. designed .to 
on platforms in the Thistle and antennas can be supplied : for service trolleys for use on the convey nuts-used for animal'-. 1 
Niolan oilfields to enlarge all mobile or fixed surveillance roles, new - Lockheed 1OH-5O0 TriStar feed— from pelletising machines , 
production metering stations * : aircraft. Bdging has also placed to 1 four bagging stations via 

already supplied by Kent. These TAYLOR WOODROW CONSTRUC- an order tov buUd wing flap 600mm wide: troughed belt- conV , 
are different from their predeces- TION (NORTHERN), or Darling- sections fw- 707, aeroplanes. The vcyore, and a ielt-and-biicket : 
sors, as they will be supplied in ton, has been awarded a JEl.OSm ordera . total ^nearly ^ £2m, elevator, at a fate of BO tonnes/ •' 

“construction kit” form. This is contract by the North/West Water C. Fr Taylor (Holdings) is a "hour. . ; 

because the metering station ex- Authority for the construction of subsidiary or’ BIS.'. • ^ ' 

tensions weigh many tons, one a pumping station' and sewage „ ■ ' '- r * . AFV "PARAMOUNT Crawlev Ls » 

with an area of 30 sq. metres and treatment works ap Mi Horn. Cum- Fourth rtage of toe development *-'■ 

the other, 44. But at the plat- bria. Work has started and will of tfife. Wngiwood Jsquasb Club JL-fflJE vSrttL' SoflO^tJ 

forms they will be installed in be completed in 21 months. has started. It will include eight ^^.HSlflaPfSE.T^SSra for’* 

existing modules and will have to * squash courts with four glass- ^reformers ioi .- • 

pass through access doors about nnnjt.ni tvkr COMPANY Trnv- backed courts, one with aadl^ ncruoe .i-ana ua.., . - - 

2^ metres square. The two orders ^ its flS torium and spectator seating. In _ * ' ! 

are worth over £250.000. rn^nr oVder - for a new addition : there -wiU be fitness; "BRITISH. ..'FURNACES has an 

* pressure filter (UHDE System) weight training, table tennis and .order from Cam Gears to inStalT 

SIRYCON, Twickenham, has been *jT, e £500000 order from Van den committee rooms, changing and a complete continuous heat treat* - 
awarded a contract by Bitmac, Berghs and Jurgens is for nine shower accommodation, car park- ment plant for.tbe case hardening • 
Scunthorpe, to design, supply and g6 square metres stainless steel ing- and landscaping. The work, of commercial, vehicle steering ; 
erect an acid tar decomposition giters to be used in a refinery worth £225.000, on a des ign gear components. j 

plant at its works at Llanwem. expansion prograinme at PurfleeL and -construct basis. by <3. PERCY •!' • 

South Wales. The plant is de- h * TRENTHABL STEIN ATKINSON STORDY, . 

signed for maximum heat re- The .Glasgow firm, REFRACTORY . ... * _ Wombourne, has received a® - 

covery and will provide the full SERVICES, has won two orders. As a further stage in the £14m order from lire Wedhesbuiy Tube. ; 
works stream requirement. Total each worth £lm, from Britain's development of the British Sugar Company, -(member •• of th®-.- 
project value is about £lm, s ^ an d power industries. The Corporation's factory at Cantley, Giynwed Group), for a two toones- . 
including civil works being under- firs*, placed by Davy Ashmore d®* 1 ". Norwich, a new pulp, nut hour - continuous' gas-fired roller 
taken by others. International and the British Sreel bagging and outloading plant is .hearth furnace jo bright anneal „ 

* . __ ^ Corporation, is to rebuild the hot being constructed by W. W. copper tubes.: * 

RACAL (SLOUGH) has a £500.000 blast stoves at the Ravenscraig 
coniract awarded by the Ministry steel plant at Motherwell, and 
of Defence Procurement Execu- install refractory linings in a 
tive. for sophisticated synthesiser- furnace as part of BSCs plan to 
controlled VHF'UHF receiving modernise the plant. The other 
systems designed for radio inter- is from the Central Electricity 
Terence and electromagnetic com- Generating Board with a sub 
patibility measurement or sidiary of the Glasgow Orm 
analysis. Frequency range is Plant Demolition, to demolish a 
:!00 Hz to 1 GHz. although this power station at Bradford, 
may he extended to 2 GHz. * 

Capable of local or remote/ C F. TAYLOR (HOLDINGS) at 
computer control operation, the Wokingham and Hum has 
system has monitoring facilities received several large orders. 
which enable features such as These are for aircraft galley 
panoramic display. X-Y recording equipment for Lufthansa, 
and automatic scanning to be Malaysian Airlines. Cathay PaciQc 
used. Antenna probes are avail- and Avian ca for equipment for 


What existing Canadian labour legislation 
should IJcno w about? 


Are there any professional organisations, 
or chambers of commerce which can help 
supply information? 


Can a large international bank: litre the 
Bank: of Commerce offer local expertise and 
financial resources to help me in setting up 
my business? 


000 


one answer 



jMPMM 




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'Doing Business in Canada 1 - 
the answer to most of your 
questions compiled by the 
bank that knows-Canada 
best Send for a copy today, 
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to: Canadian Imperial Bank 
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Two Meissen vases make 
£4,000 at Sotheby’s 

A PAIR of Meissen hexagonal ($858,000). 

Kakiemon vases, c. 1F2S, sold Tbe top price of £36,464 
for £4,00 Oat Sotheby’s yesterday (S66.000) was paid for Our 
in a Continental pottery and por- Mutual Friend, the Horse by Sir 
celalo sale which totalled Alfred Hunnings. 

£S2,672. A second work by Munniugs. 

A more surprising price was which five were included in 
the £3,400 for a northern Nether- £ e . sale ; *“t « » English 
lands maiolica dish of the early dea ' e f £15£01. It depicted a 
I7th century which had been of a bunt on a white 

estimated at about £500. horse surrounded by a pack of 

A rare Doccia reticulated tea- a pair of George II giltwood 
pot. c. 1750. made £L.700 and a side tables from the mid-lSth 
German saltglazed pewter- 
mounted pilgrim flask of the 
early 17th century doubled its 
estimate at £2,400. 

The Sotheby’s auction of auto- 
graph letters and historic docu- 
ments totalled £40.299. Maggs 
paid £1.300 for 51 letters by " 

Walter de la 'Mare, and Bloch century went to the Florida 
£1.000 for an archive of papers dealer, Weber, at £17,016. and a 
of Sir George Egertoo, the Arctic pair of George in giltwood pier 
explorer. mirrors went to Selin, the New 

Museums and institutions York dealer, at £13,3ff0. 
were among the buyers, the A sales of rare wine conducted 
National Army Museum acquir- by Christie's in Amsterdam on 
ing a mid-17th century military Monday realised £31,673. 
manual for £100; the Imperial Christie's sale of Japanese 
War Museum 500 First World swords, fittings and armour 
War letters by Lt.-CoL George realised £51,591 in London 
Geddes for £250; Shrewsbury yesterday. Faruta, the Japanese 
School,, hte household diaries of dealer, paid £3,800 for a collec- 
the wife of a Victorian headmas- tion of swords and scabbards of 
ter of the sebool for £220; and the late 17th century. 

Queens College, Oxford, two col- In a Phillips’ £52,387 "furniture 
le?e leases, for £40. sale, an 18th-century elm and 

The opening day of Christie's yew Windsor elbow "chair from 
sale of the contents at Ravens- ‘a semi-detached house in South- 
cliff, St. David's. Pennsylvania—- port, Lancs., sold for £500 to a 
the home of the late Charlotte private buyer.' The estimate was 
Dorrance Wright, daughter of £300 but the - family vendors had 
the founder of Campbell Soups — thought it would make “ about 
saw a -tot-d 0 E £474,033 £50." 


SALEROOM 

BY ANTONY THORN CROFT 


AFIJSlANa^TIMES SURVEY 



JUNE 29 1978 


. The Financial Times is proposing to publish 
. a Survey on Accountancy oh Thursday June 

^29i978-.; : % . - v. v / ; .'- 

The main headings of the provisional 
editorial synopsis are set out below. 

INTO 

THE STATE OF Hffi PROFESSION 
\ INFLATION ACCOUNTING 

accounting standards 

THE NEW AUDITING 'STANDARDS 
THE NEW EEC DIRECTIVES 
THE REGULATION PROBLEM 
EDUCATION + TRAINING- - 

~ ^ Fpr -. further information on ^.the editorial 
coatetit 'and details of advertising rates "please 
contact ■ r 

Mike finis, Financial Times, Braekeh House, 

■ : IO, Cannon Street London EC4F’4BY 
TeL 01-248 4S64 or 01-248 8000 - - 


EUROPE’S BUSINESS NEWSPAPER 

The content and publication dates of Surveys in the 
Financial Times, are subject to Change at tbe -discretion 
of the Editor. 











*l«rf‘."sp'sr‘ s s.3 a 4' 



June?' ffls 



it 


ck 


mine 

f20ni 



=>rt 


** more 

SUtJtaj .V . -■ 


UiO 


BY PAUL CHEESEWGHT 


st 


my, 

c. 

-S 

>ye& lA 

£i$ 
■Sr*: 
r0V1 ^ £ 


NEARLY £20jt 3 will be injected 

into their troubled loss-making 
Cleveland potash mine.' at 
Bern! by., north Yorkshire, . this j 
year.-, by Imperial ‘ Chemical [ 
Industries and Charter Consoli- 
dated.. 


Ebbw Vale plan to 



tinplate output 


■Y ROY..HOOSON 


"t, h»f. 

* la, e sti* 
l ®ndard lT 
> h «< 

v ^noui^ 

£ ie * can ; 
Jon.-u I0 ^ 

^teseC • 

\ e *?W 
do this • 

mating 7 

veJ > « 

1 ° f intfcj., 

: 'L Sche* 
Emp[ 0:jf ' 

0,11 Smmin 


So lar about £ioom- has son? 

Into the mine — £4Gxu represent-, 
jng operating Josses and the. rest 
. .id eapital- costs. The mine is still 
producing at only 40 per cent, 
of capacity. 

Plaits for the injection were 
. disclosed yesterday . hy Mr. 
Murray Hofmeyr, chairman of 
Charter. His group's annual 


BRITISH STEEL Corporation 
plans to Invest a further £W6m 
on tinplate production at Efabw 
Vale, South Wales, where a 
£57 m tinplate plant was opened 
yesterday; are believed to he 
regarded sympathetically by 
the . Cabinet. 

v Seeh a development, in an 
area with a 16 per cent unem- 
ploymest rate, wvuUf rat neces- 
sarily- conflict ’ ■ vtib EEC 
restrictions ' on * higher steel 
output A thjplaie development 
at Ebbw Yale would' be classed 


as a " downs! ream " operation 
io improve the quality of raw 
sled production by British 
Steel. 

Mr, Mlrhacl Foot. Lord 
President of tile Council and 
Ml* for Ehbw Vale, said yester- 
day that he believed that the 
f internment and (be corpora- 
tion could be on the “verge" 
of a decision about the future 
expansion of Ebfcw Vole tin- 
plate production. 

Tbe development, opened 
yesterday, will provide an extra 


loo.noo tonnes a year or high- 
quality tinplate for (hi* can- 
ning markets at home and 
overseas. 

British Steel produced l.lm 
tonnes or linpJnlc last year, 
and will raise sales id 1.3m 
tonnes this year. Tinplate is 
proving to be one of tbe few 
growth sectors In the iron and 
steel market. 

The £l06m future investment 
now being discussed Tor Ehhw 
Valr would provide several 
hundred new jobs 


Scandinavia air pact 
talks in August 


BY MICHAEL DONNE, aerospace correspondent 
;■ FURTHER TALKS on a new 


figures show Drovlsim nr «*,»,. • FURTHER TALAS on a new Bn um offered to open all UK 
if. .. . pr ? JSicm i or £?.5m. ; Angio-Scandinavlan air services hup, with intern at innal airports | 

agdinst tbe investment m Cieto- r agreement ' will " be .. -held in to <rhe duled flights from all 


Go-ahead 
for iron 
pipe plant 


land Potash. - 


Financial Times Reporter 

BRITISH STEEL Corporal inn is 
1 /j go ahead with an £ 1 Sm dc 


August, after -the failure of a Scandinavian international air- 

in the vear m last Wawh „ rpu i recent . .meeting • irf Oslo to ports— in effect creating a new 

. _ ' c * ar w, “ ar i c “ > pr ,°‘ I settle outstanding differences on “free trade area" in civil aviation 

auction -was doubled, bat the r suc ^ matters as new air routes between this country and Sean- 


opens 

rthern 

d 


IBELASr, 

A-e 5!:?^ 
on Ju a .- 
■■TOva .a ’ 
reel -.mIi , 
•Us -.■ee'rjj 
: i'Ut5-:-n tgt 
id i rami 

y.r. hj ; ~. 


rms 


D P.tiUSDKi! 
ri : - to 

Th:.- 

— urf-i tor * 

OVIfttfajr? mjc 
ll'.'-il*- -tkMtt 
W 

.. of'-iKk 
a r:.i.-flf*e 


titil.VT. 

:r:j reform: 

r;. i.,.r refc-TC 


'i- 
r KS- 


i* 


TKIYoOX 
. ;!-< nfttK 
TVO WedCfiJ* 

; jr.e7ga«r ^ 
. v; n-, ;o: a g; 

• br»0" 


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78 


tOP'Jr 




•eio**’ 


,'FESS^ 

,TI NO. 

SI? 


nji 
r ute? e 










IS?’ 



.VSP^-^ 




operation- remains 
break-even point. '. - 

Lalterl v - there has 


below the 


been 


and future fares levels. dinuviu that would eliminate 

The Scandinavian' countries lengthy negotiations over indi- 
. gave one year’s notice of ter- virtual air routes. 

. ... . a • m (nation of the existing agree- The Scandinavian negotiators 

deterioration . in industrial rela- j ment iate 'fast. year. Unless u (jj,j n01 aprcpt ih, s proposal, 
tioos at the mine, checking a 'new pact- can,, be settled . by inrgely. it is believed, because 
build-up . in production which December 3L air . services f/ [ r cur$ Scandinavia would 
took place in March and ApriL- between thc .UK and Seandini:viu he swamped 'with UK scheduled 
“There is nothing holding, back i technically must : cease from a j r services, 
the mine ecept getting every i *"®®. 1 ? ■£ \LL.'^ nn i The UK then agreed tn modify 

body to work together." Mr. f ARnongh fhe present discu - .scheme, and discuss some* 
Hofmeyr said. I™ 1 ™ bav<-,been dowjtic UK UlM1|s w th J eapacities available 

This* Britain's only polosh ! Stag? 1> UK on ,hp n ~ *“ WDU,a br 

mme, - represents the 
single investment in 

ffils's a. KSLnGaissr s" ffl’aTsss Jfirfvlsjrzrs 

expecutlpns o.: the | revenueso ^ SSZJSk S 

Scandinavians, hownver. Their •‘ nd Scandinavian countries 
joint airline, Scandinavian Air- P* independent airlines should 
Ines System. (SASL eams £39m 
a year oo scheduled Rights to 


created between the two conn- 
also unacccpt 


largest j market provides gross revenue Th . 

the UK- of ,£3Sm > UK scheduled air- Jjjj- rbli was als 
produc-i lines, primarily British Airways, Tv * . .. . 


up to tbe 
owners. 


Solved 


Early problems Included the 


be eliminated — such as Dan- 
Air's Rights from Newcastle to 


uiuuituu jjinuucu ujeij vmi «u Jiiirvui™ *■- C. 

undulating nature of the potash! the UK. and another S9m from ?! l * L ‘aETiS " niSfJrJS 
mmmm. w>,i/.S oorinrf ir> urt/lfh siulPtoaw nnomtl.vnc S3tld. the Air Anglia nights frOlll 


seam, which varied in width an d 
richness. Tbe: mine. . remains 
gaseous— a blow-out last August 
caused a death — its temperature 
is high, especially -so ~to mine 
workers coming from a com- 
munity with no tradition of 
underground work. 


charter operations. - 
• Total -business worth £SSm 


Edinburgh and Norwich to 


year is at stake, ^d this is 

expanding at about per cent a J® Bergen, and British Cale- 


don jan’s flights from Edinburgh/ 
The UK negotiators at the Newcastle to Copenhagen 
Oslo, meeting - made* ^nne big . This suggestion the UK re- 


w-w meeting 

concessions to the Scandinavians, jected outright. 


„ ' , t j but were disappointed that these It is expected that a meeting 

Many of the technical prop- were pot discussed at-.any. length, will be held b< 


lems have now been, solved. Over 
the past year, wider seams have 
been mined and the ore grade 
has been higher. A driDin'r tech- 
nique which pushes up to .1,000. 
metres' 42bead of the. workings 
has indicated ? the .quality: of ore 
to be found. •• . . * 


More continuous mining 
machines have been .introduced- 
They gouge Into and claw oul 
the rock, reducing the need for 
explosives. . 


In March and April output ex- 
ceeded 60,000 tonnes.. More nor- 
mally the output has been 
around 20,00(1 tonnes a month. ^ 


Prospects of ; bringing back 
production to "the March . aDfl 
April level and then improving 
on .it. are seen : by management 
as depending on an .improvement 
in industrial relations. Negotia- 
tions on pay and an incentive 
scheme are expected- soon. 


before August to 

The .UK, -for example, con- discus*, the question of cheaper 
siilers that It- would fce- Justified air fares between the two areas, 
in asking for separate ' {liscus- The UK’s view is that present 
sions with Denasa rk,' - Norway, rates are too high, and that some 
and Sweden, but has a*eed to reductions should be made with 
negotiate a new bilateru: pact a -view to boosting traffic. No 
with tbe three Scaomfiavian date has been fixed for this fares 
countries together: . / •‘'.meeting- 


Government refunds road tax 


V 


velopnieni for the inanufaclure 
of iarye diameter ductile spun 
iron pipes by Stanion and 
Stavcly, part of the Tubes Divi 
si on. 

The project is due lor comple- 
tion by mid-19Su. and ibe main 
feature will be a new spun iron 
pipe plant at Sunion Works, 
near Nottingham. 

This will cost ahum XJihn, and 
will be backed by a I'iin rtevclop- 
incnl at Stavcly Works, near 
j Chesterfield, to make larcc 
diameter pipe lilting**. The 
scheme will create K*‘a evir.r jobs. 

The new equipment. «n a .site 
alongside ihc ten Ira I meliin 
plant at the Stanton Works, will 
be capable of making 55.000 
tonnes of spun iron pipes a year, 
with a maximum diameter of 
1600mm (over 5 feelj, and Up to 
eight metres long. 

The corporation says that this 
will meet a growing demand in 
the home and export markets, hy 
more than doubling tbe existing 
plant capacity, and widening 
the product range by producing 
pipes of larger diameter and 
longer lengths. 

To support the plant, the 
foundry at the Stavely Works 
will be modernised and upgraded 
to produce the larger fittings re 
quired. 

Finishing and coating plant, 
computer-controlled, will be 
included w the new production 
line. This will -line and coat the 
iron pipes with concrete. 


tO/ 100,000 motorists 


/BY DAVID CHURCHILL 


Meanwhile, labour turnover re* 
mains high. SomA 40 per cent of 
the mine's -employees — now num- 
bering nearIy !L200. have been 
on the payroll r for less than a 
year. Absenteeism has increased 
in recept weeks.: 


. At the same time, potash prices 
have . gone against the operation. 
At around £41 a tonne, they are 
loss than a year ago. while cur- 
rency fluctuations have cut re- 
venue. Few of .the worlds potash 
mines are malting money under 
present "'conditions;-.' .4':- •; .■ 
Mining hews! Page 26. 


GOVERNMENT has re- 
funded about £lm to almost 
O$DO0 motorists who claim they 
were misled into paying too 
much road fund licence at the. 
time of the March. 1977. BudgeL 
Nearly 206.000 people applied 
to the Department of Transport 
-for a form claiming a refund 
and by- the time of the closing 
date last month 167,000 claims 
were submitted. Tbe Department 
! has paid 99,436 claims so far 
and has 3S.OQO to process. 

. Of these about 31.000 are 
believed outside the criteria for 
repayment set by the Depart- 
ment. and 30,010 claims have 
ki ready been rejected. 

The Department has not 
released details of the exact level 
of- refunds, which vary according 


to the type and length of licence 
bought by tbe motorist. The 
figure is believed to be approxi- 
mately £lm so far 
The refunds were offered by 
the Department after criticism 
: by the Parliamentary Ombuds- 
man of ambiguous wording on 
licence reminders sent out for 
cars licensed at the beginning 
Of April, 1977. 

. The reminders said that if tbe 
licence fee was increased in the 
Budget they would have to pay 
the new rate of tax. The licence 
fee was increased from £40 to 
£50. hut this applied only to 
cars licensed after March 30, 
1977. 

.- Three members of the public 
complained to their MP, who told 
the Ombudsman that they hud 


delayed buying a new licence 
because they understood the 
reminder notice to mean that 
they would have to pay the 
higher fee even if they bought 
a licence before the Budget. 

After studying the Ombuds- 
man's report Mr. "William 
Rodgers, the Transport Secre- 
tary. decided that a mistake had 
been made and that it would be 
only fair to offer refunds to 
other motorists who claimed they 
were misled. 

Critics of Mr. Rodgers’ deci- 
sion say that the Government 
has been too generous. It is un- 
likely, they claim. th3t sonic 
100,000 people were misled by 
the wording. 


Baby products 


A new name 
for: new contacts 
in Euro-Banking 


.. Un nouveau nom .V 
pour de nouveaux contacts 
. dans I'Euro-Banking . ,;•• 


Ein rieuer Name 
fur neue Kontakte 
!m Euro-Banking 



Landesbank Rheiniand-Pfalz und Saar 
International S.A. Luxembourg 


' a r Mbdp R4 Luxemboun. Telephone: 475921-1. Telephone Arbilrags: 475481 

S2. route Art,.uage: 1S3<= ^a.aaanux 


concern 


backs charity 


JOHNSON AND JOHNSON, the 
U.S.-owned baby and medical 
products manufacturer, is to 
join forces with the Save the 
Children Fund. Britain's largest 
international children's charity, 
in an eight-week U.K. promotion 
campaign tu raise £20,000 for 
children's vaccinations in the 
Third World. 

Tbe scheme, the high spot in 
a £650 000 summer selling cam- 
paign by Johnson, may net the 
company an extra £lm in sales. 

During the nationwide cam- 
paign, starting on June 12. every 
Johnson baby product will be 
sold at cut-price and marked 
with a special “Save the 
Children £20,000 Appeal" tab. 

For every six tokens sent to 
Johnson, the company will for- 
ward £1, up to a £20,000 limit, 
to the charity. 


OBITUARY 


Sir Ian Lyle 


SIR IAN LYLE, who died sud- 
denly at his home in Somerset 
was chairman of Tate and Lyle 
from 1954 to 1964, then president 
until his retirement this March. 

Sir Ian. 71, who was a great- 
grandson of Abram Lyle, founder 
of the sugar company which 
became Tate and Lyle, joined the 
company in 1931, becoming a 
director four years luler. He 
played an important rob.* in the 
company's successful fight against 
nationalisation between 1949 and 
1951. 

During his time as chairman, 
the company bought a controlling 
interest in the Canada and 
Dominion Sugar Company and 
also widened its interests in the 
UK. Africa and tbe Caribbean. 

From 1948. Sir Ian was active 
in Aims of Industry fnow Aims 
for Freedom and Enterprise) and 
was president Horn 1857 until 
this year. 


fev 


; 


?V 


V- 


:Q" . 


3£! 






5- ? 


Anewfactary 


plus newmachinery 


worth £500,000 


£200.000 


’ .. j £££k v -^-i-}' ■ JiL£' .r’l 


• ' -i 

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Factories and Sites 




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Housing 


In the North East, there is a good 
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10 


TUrandaL Times; We2rfes3ay y3 


PARLIAMENT AND POLITICS 


Caiiaghan Minister relents 


relief for self- 



race 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


error which has now 


BY IVOR OWEN, 


IF THE United States and the 
Soviet Union become embroiled 
in a new arms race, it could be 
“ catastrophic " for both their 
economies, the Prime Minister 
warned in the Commons yester- 
day, when he again underlined 
the importance of securing an 
agreement on the limitation of 
strategic weapons. 

At the same lime, he strongly 
defended the stand be took in 
Washington last week in seeking 
to prevent the U.S. over reacting 
to Russian and Cuban involve- 
ment in Africa. 

Mrs Margaret Thatcher, 
Opposition leader, sharply 
attacked Mr Callaghan for fail- 
ing to support President Carter 
just when it seemed that the 
U.S. was beginning to take the 
lead in developing a more robust 
policy towards Soviet expan- 
sionism in Africa. 

She asserted that by “ playing 
down " the Soviet threat, the 
Prime Minister had indirectly 
encouraged the Russians to 
continue their African 
incursions. 

Mr. Callaghan, who had earlier 
been warmly commended from 
the government benches for 
defusing what Mr. .Alex Lyon 
i Lab.. Yorki termed the 
“hysteria" which had seemed to 
he " developing among Western 
nations over Africa, hit back 
strongly. 

He told Mrs Thatcher "There 
is no question of the United 
States wishing to be directly 
involved in military interven- 
tion in Africa and it is reckless 
for you even to suggest that they 
miuht he.” British and American 
policies on the situation in 
Africa were closely related with 
both Governments fully 
appreciating the nature of the 
Soviet threat and the response 
which had to be made to IL 

Amid Labour cheers, the Prime 
Minister declared: “The Soviet 
Union Knows that this Govern- 
ment is not just aoti-Soviet for 
its own sake We intend to live 
with this country in the world 
and not set up artificial conflict 
with it.” 

Replying to Mr. Lyon, he ex- 
plained that while the nations of 
the West had adopted a clear 
attitude about recent events in 
Africa, no clear policy had yet 
been evolved. "That is some- 
thing which we have to continue 
to work on.” lie said. 

Reaffirming his view 'that it 
was essential not to react to 
events m Africa in the context 
of an exclusively East-West con- 
flict. the Prime Minister main- 
tained that it would be far belter 
for die West to try to help the 
African countries to solve their 
basic problems instead of concen- 
trating on the symptoms. 

But he agreed with Mr. Peter 
Blukcr iC. Blackpool S) that 
there was a dilemma in that fur- 
ther Russian .involvement in 
Africa might deny the West an 
opportunity to deal with the root 
causes. Nevertheless, there must 
be some balance in the argument 
and he was glad that lie had been 
able to interpolate a note of 
sanity. 

The Prime Minister reporting 
to MPs on ihe NATO Council 
meeting in Washington and his 
visit to New York to address the 
UN special session on disarma- 
ment. recalled that he had 
stressed the central importance 
of a Salt il agreement which he 
believed could be obtained. 

But he also spoke of feeling 
impressed and depressed by the 
consequences and possibility of 
another arms race without such 
an agreement. “ That is why I am 
not trying to raise the tempera- 
ture with the Soviet Union or 
anybody else. I am trying to 
lower it.” 

He urged Tnry MPs not to 
strike propaganda attitudes over 
arms spending and declared: *' We 
are living in a powder keg 
situation.'* 


A SURPRISE tax concession for Harold Lever, Chancellor of the people. ■ . 

the self-employed who spent part Duchy of Lancaster, who is in However, the Government haa men pm ngne. 
of the year working overseas was charge of the Government's drive come to the. conclusion that tots mx. rewar - k p 

announced yesterday by Mr. to convince the self-employed was outweighed by the need to front bench Treaenii^ spoke^iTu 

Robert Sheldon, Financial Secre- that the Labour Administration remove the distinction between “ tn ihi 

— *” * * *«■ — the employed and self-employed concession was made to me 


Mr. Peter Rees, one of the Tory 


LABOUR NEWS 




BY OUR LABOUR STAFF 


tary to the Treasury, when the is not hostile to them. 


POST OFFICE engineers agreed settlement we believe meets all 


committee stage of the Finance tn who spend part of their time employed last year, Mr Sheldon yesterday to settle within cthe- our aims and objectives, 

committee stage or tne finance Mr She idon made it plain to W orkIn« abroS. lad said it was too difficult to Governments pay guideline^-- r»But it Is the best we can do 


Bill resumed in the Commons. lhe conmi jttee that the alteration 
The Budget proposals provided lQ the Bill shouJd be seen as 


Mr. Nicholas Ridley (C Ciren- meet the Tory demands for it to but they demanded an end: td under the 
and TswUcK,,™! cniri the be extended to the self-employed, wage restraint and decided to stances.” T1 


present circum- 
Tbe national executive 


?m™"yed re peU“„l , ^mherTpf S’SdS'tt? SKSJKSSl "-ThS ” ‘“tS.® 


partnerships who are resident in J* ^f».!SLTwd as evidence for *** Government's acceptance seemed ra < be arguing tgat increase' next year.. ...... . _ 

1 - - -- will be well received las evidence f thp amendment. But if because self-employed people This is :one of the last unions mediately. 


a 


further wage claim im- 


S', SIS SW3? ,TS jSs smsEEST Si Ministers ■TBS-Sn-S' to. =T=-,=ff?»ltfs|'i355 TVS Si 3$Ers 

efforts of top seii -employe a ana tKair n»i«i4 n runiiiiv. movements, then they had been | nrMpnt Oncnmmpnt <niidAhnA» 


year. 

The Tories had put forward an 
amendment to halve the term to 
30 qualifying days, thus bringing 
the self-employed into line with 
employed persons who 


... This was despite deputy 

„ present Government guideline? general secretary Mr. Ted webo 

on the fiddle. M _ which expire on Jiti? 31. . . - - . telling them: “The Government 

first Mr. 1 Rees complained: a The agreement meads- 1 Van guidelines do not allow for an 

place? . Labour Administration 's never overall 20 per cent. inca^se : immediate pay daim- There .Is 

He said there had been form- He accused the Government of 


to 






cutback 






by roy hodson; 


-V •' - - -tiZr. " V— Y-J&t- 

UK STEEL.' unicna^wtiT flghfrV 
European Comnussion^ jdans tfl ^ 
cut Comdandity^stee^ s '- 


those who contribute so much to fiS* “ Ie "S? ft 

our international involvement in J££; ^ ™le put m 
trade, he declared. z 


in the 


prepared to trust the self- [plus £L2 3 a wec k proddettrily no more money left in the kitty. 

were idable arguments against such a introducing oppressive tax pro- employed. Labour proceeds from if or ^ staff over 18 from' July 'i?' The delegates' demand was 
'■ — “ ■ - • * h “ that the self-l new ^ puts thjrsniiiDi bac i^ d u p by another resolution 


premiss that the self 
are by * definition 
and evaders. We don't 

Sheldon accepted the amendment ployed, who had more freedom don't think this is much of a con- believe i the ^tax system snoma oe 



grade of technical ■ officer! 'id'f carried on a card vote. 

rr-c • :3 «no- m l tha. 


despite the fact that he has 
argued against it in the past on 
the grounds that it would be too 
difficult to administer. 

This means that those self- 
employed who work 30 days 
abroad can. for tax purposes, 
deduct 25 per cent of the profits 
from the trade attributable to th«? 
days worked abroad in the year 
of assessment. 

The concession was greeted 
with a cheer from the Opposi- 
tion, who have been pressing 
for such a move for some years. 
But they saw it as a belated move 
on the Government’s part and 


of movement than employed cession. I look upon it as a tailored with that m view. 


to 


Davies ‘confident 9 on objectives 


I total. knee’s “total opposition 

Mr. Bryan Stanley, wage restraint including a 12- 

| general secretary, told th^J^urtmontb embargo. It instructed 
Office Engineering Union ^confer-' the NEC to negotiate a 20 per 
leuce at Bla&pooi: “ What w.e are -cent wage Increase to be effec- 
putting before you is noY the tive from next August. 


MR. DENZIL DAVIES, Treasury 
Minister of Stale, told the Com- 
mons Iasi night that he is “con- 
fident” that gilts will atrtact the 
funds needed to finance he pub- 
lict secor borrowing requirement 
in line wih the Chancellor's 
monetary objectives. 

He was replying to Mr. Robert 
Cant (Lab. Stoke Cent) who, in 


in the 


were sceptical about the reasons a question tabled for answer be- 
which prompted it fore the House adjourned for the 

The saw it in the hand of Mr. Spring recess, referred to the 


“ stalemate 
market. 

In a further question. Mr. Cant 
asked whether, in order to mod- 
erate the growth of money sup- 
ply, the Chancellor would re- 
introduce the so-called corset 
restriction 

Mr. Davies answered; “The 
growth in bank lending o the 
private sector in recent months 
has been by no means excessive. 


gilt-edged any appropriate weapon o en- 
sure that this and other compo- 
nents of monetary growth are 
kept to he desired trend. 

“The supplementary special 
deposits scheme remains in place 
and reserve the right to reacti- 
vate it if and when necessary. 
If reactivated, the scheme might 
as has been made clear, be based 
on figures for interest-bearing 
eligiblie liabilities some months 


Clash oyer building 

industrj|pay offer 


<y- _ 


BY NfCK GARNETT, LABOUR STAFF, IN DUNOON 


However, I shall be ready to use in arrears. 


Peers agree PR voting 
for Welsh Assembly 


understood, and had grown out But Lord Parry (Lab. i said 
of our own political conditions, there was no evidence that the 
“ There would have to be power- proposed system would lead to 


ful reasons for changing such a an increase in the numbers of MR'. WILLIAM FRICe![ the 


THE HOUSE of Lords yesterday 
wrote into the Wales Bill an 
element of proportional repre- 
sentation for Assembly elec- 
tions despite a Government 

warning of future clashes with 

the Commons. __ 

Peers voted 151 to 66-— a ment saw the strongest reasons tjj e people to involve themselves 

majority of 85— -for an why PR should apply in elections with the Government in support 

"additional member” system for both the Welsh and Scottish of or opposition to its policies," 
which had found backing on all 

Tho WAleh hnriv chruwlri .on rp. 

Lord Davies of Leek (Lab.) 

Bill 


system,’' he said. people voting. 

Lord Harlech said that opinion “The real dilemma of democ- 
boiLi outside and inside Parlaa- ra cy js a question of getting ail 


sides of the House. 

The system provides, on top 
of those elected for individual 
constituencies, an extra. 25 mem- 
bers allocated to bring the 
parties, as nearly as possible, 
into proportion with the votes 
cast 

It had been proposed in the 
names of Lord Kilbrandon, chair- 
man of the Commission on the 
Constitution, Lord Harlech, the 
Tory peer, and Lord Lloyd of 
KlJgerran (L). Lord Houghton 
of Sowerby (Lab) also argued 


devolved assemblies. 2^ sa j d 

The Welsh body shoirid repre- 
sent as nearly as possible, . 

opinion throughout the Princi- said “ iat l h e wales 


DIFFICULTIES FACING the tion to his union’s executive: He 
Transport and General Woffers* is also due to meet UCATT 
Union, which is preparing' strike cials tomorrow at Dunoon to 
action over a pay offer £or -the to resolve the severe difficulties 
building industry worsened, yes- now facing the industry’s joint 
terday. . / - union side. 

The conference of • the With i the present annual agree- 
industry’s biggest union ' the ^ ue 11,11 °ut_on July 25. 
Union of Construction,-'' ; 'jM]ied 

Trades and Technicians, at loggerheads over the offer, the 
Dunoon, overwheii&iagly whole framework of national 

endorsed its negotiators' - accep- negotiating machinery is being 
tance of the offer, affectihg thrown into ^question. . 

800,000 workers, which theTrS. Senior UCATT officials said 
port and General has rejected, yesterday they would want neyv 
At the same ' n-., large Payments to run from the-endnf 
majority of the Transport .and Ju iX: ^ . . „ - * 

General's own regions^. have issue K *f“ a 3130 

decided they are unwilling, to relations between the ■ two 
_ . , take industrial action: Jj'z Only Mr - Hu Sh D.Ajgf 

duemg broadcasting to the Yorkshire, London ancf Liver- tTCATT executive member told 
House of Commons, confessed pool have shown any signs of the conference that the.'Trtnsr 
yesterday that radio coverage militancv. xT: 7 port Workers' tactics were “an 

in its present format was a . Negotiators for the Transport attempt to denigrate UCATT, 
public relations disaster” and General's construction sec- -undermine our position in the 
which could lead to Pariia- tion had recommended .accept- construction industry, and .make 
ment making a monumental ance of the offer last month,. but us look weak apd ineffective.” 


Listeners 
upset by 
aU that 
noise . . : 


By Rupert Cornwell, Lobby Staff 


Minister iu charge of intro- 


Propor- 

should 


pality, including minority groups. ]?f as ® massive reform. 

The proposed system would tl0 ° al representation 
provide, on top of those elected wait - 

for individual constituencies, an Lord Energlyn (Ind-I said he 
additional 25 members who would support the change . “ if 


laughing stock of itself.' the decision was overtumed-by The conference instructed the 

itself Mr. Price remains in favour of regional lay delegates.- - :■/*: executive to wage a militant 


broadcasting. But his public Mr. George Henderson; n'lhe campaign for a 35-hour week and 
misgivings sum up the feelings Transport Workers' nationalsiee- new hourly rates of £2 craftsmen 


would be allocated to bring the only to bring home to the people 

Id turn 


parties as nearly as possible into of Wales that they sh'oul 
proportion with the votes cast- out at the referendum." 

Marking of ballot papers would D. mn „„ c fih-, „ r 
be “ simplicity itself " wit* voters (C nJj d that the changT^dd Ev , ery u Si 3 Ble bad s P°. ken 

Ldotat- mean a mueft f airer representai 1° had reported complaints 


of many MPa of all parties 
that coverage in its present 
shape, concentrating on the 
rowdy, abuse-strewn exchanges 
at Prime Minister’s question 
time, is doing more harm than 
good. 


retary for construction, . is- . ex- and £1.90 for non-craft workers 
pected to report soon on the posfc in the 1979 negotiations. 


marking the one or two 



dates of their choice, and then u 0 n in rhe We .h a- » 
having an additional vote to Uo m WeIsb A ^mbly. It 


f0 ™ of PB 


inevitable. 

But for the Government. Lord 
McCluskey, Scottish Solicitor 
General, warned that there had 
been, and would continue to be, 
massive votes in the Commons 
against additional member 
voting. 

“You may think it is some- 
thing of a waste of time to press 
on in the face of these massive 
votes by the elected House.” he 
said. It could also be construed 
as i mper licence. 

The other system had been 
chosen because it was traditional, 
well known, well tried, perfectly 


“Lard L.oy’d'Sw 1 vr ss fc’sasBrsa,? u b r g *b 

“ first-past-the-post ” system tad mjfke P h£ P 

distorted the whole picture in h f .^ ht v ^ c«ifmH 0 fhI lbut i 0n ' 
Welsh poUtics, with over 50 per JJJ51S Ln° l subniIt u,einsel ves 

cent, of the voters supporting 10 ec on * 


Liberals, Tories, or Plaid Cymru 
but getting well under 50 per 
cent of the seats at Westminster. 

“ There is a real fear in Wales 
that this first elected Assembly 
will be dominated by one party,” 
he said. 

Lord Houghton said that even 
if the first-pa rt-the-post system 
were introduced ioitiaMy. some 
form of PH would take over in 
the end. 


Speaker 
finds ‘no 
sabotage’ 


Tory ‘battle 



THE MYSTERIOUS appearance 
of the names of Royalist' Tory 
MPs on anti-monarchy motions 
on the Commons Order Paper 
was all the result of “simple 
human error.” the Speaker, Mr 
George Thomas, told MPs yester- 
day. 


Mr Thomas, who ordered an 
inquiry following an allegation 
of “probable sabotage” by 
printers of the official ' proceed- 
ings of Parliament, said a new 
checking process should prevent 
a recurrence of the mistakes. 

The charge had heen made by 
Mr Anthony Fell <C. Yarmouth), 


from constituents. "The 
trouble is always the same— 
our' behaviour. Listeners have 
heen appalled at the noise; the 
bellowing, the abuse, the 
baying, the hee-hawing and the 
rest” the junior Minister at 
the Privy Council Ofl5ce 
declared. 

“Throughout the discussions over 
broadcasting, this was a matter 
which concerned us, and I say 
- that as one who in the past 
has done more than bis share 
of the shouting. People simply 
do not understand that the 
Commons is an excitable, 
emotional and noisy place.’ 

The danger now, as Mr. Price 
warned yesterday, is that 
growing disenchantment with 
broadcasting can only 
strengthen the hands of those 
who have always opposed the 
introduction of radio and set 
back further any chance of 
televising proceedings. 

In fact, the first two months of 
regular coverage have divided 
Westminster Into two distinct 
camps: those who want to get 
rid of radio, and those who 
feel that only TV will clear 
up the mystery by allowing 
people to see what they now 
can merely hear. 


vote 



printers 
stay out 


BY PHILIP BASSET, LABOUR STAFF 

WORKERS in a dispute at the 
Bank of England’s note-print- 
ing works at Ldoghton, Essex, 
voted again yesterday to con- 
tinue their strike, which has 
stopped distribution of new 
bank notes. 


Officials of the Advisory Con- 
ciallation and Arbitration 
Service meet management and 
unions today In a second 
attempt to resolve the dispute. 
The first meeting with ACAS 
last week was adjourned after 
a day of talks. 

At a mass meeting at the 
works yesterday the 500 
workers, mainly women, 
threatened to spread the dis- 
pute and picket the Bank of 
England in Threadneedle 
Street if there was no satis- 
factory settlement soon. There 
will be another mass meeting 
on Friday. 

The dispute, over a closed- 
shop claim by the Bank’s note- 
examiners, involves examiners. 


drivers, binders and .other 
groups, all members of the 
Society of Graphical and Allied 
Trades, and all dismissed by 
the Bank for alleged breach of 
contract. . 

Mr. Maurice . Suckling, 
SO GAT' area organiser, told the 
meeting that the Bank bad 
offered concessions, bat -the 
central issue remained un- 
resolved. The Bank would not 
be -specific* he said, on the 
guarantees on de facto SOGAT 
areas the workers wanted. 

The dismissed workers at the 
meeting were told that there 
vioal&_be no problems in re- 
instatement when the dispute 
was -settled. 

The : Bank has a policy of 
“encouraging” membership of 
SOGAT. Its policy on the 
dosed shop is that if there is 
90. per cent, membership is an 
areft^and If guarantees can be' 
given Tor . non-union . members 
iu the area, negotiations for- a 
closed shop can begin. 


who. with some of his Opposition There have also been behind-the- 


THE Prime Minister yesterday 
warned the Tories against 
“drawing up battle plans for 
future industrial conflict.” 

As he clashed with Tory 
Leader. Mrs. Margaret Thatcher, 
when the Commons resumed 
after the spring recess he 
smiled and said: “There seems 
to be an early outbreak nf party 
skirmishing, just as we have got 
back. . . 

As far as the Government’s 
own programme was concerned, 
this, would “ appear in due 
course, and will utterly satisfy 
the nation — I have no doubt 
about that.” 

Mrs, Thatcher was stung into 
an attack dti Labour Party 
■nationalisation proposals after 
criticism of a leaked Tory report 
on unions and State-owned 
industries. 

Mr. Max Madden fLab 
Sowerby) called it a plan for 
"conflict and confrontation in 
our public industries.” 

He addrd. “Mrs. Thatcher 
owes it to the public and workers 
in the public sector to make it 
clear whether she supports' these 
bizarre proposals." 

Mrs. Thatcher challenged Mr. 
Callaghan to say if he supported 
the Labour Party conference call 
to nationalise building, banking. 
Insurance, land and 32 major 
private companies. 

Mr. Callaghan replied: " T have 
no responsibility /or party docu- 
ments,” 


Mr. George Robertson, Labour winner of the Hamilton 
hy-election, with his wife Sandra, and sons Malcolm, aged 
five, and Martin fright) aged three, when he arrived to take 
his seat in the Commons yesterday. 


colleagues, was the victim of two 
mistakes on the Order Paper in 
the week before the Spring 
recess. 

Mr Thomas told the House 
that a “thorough investigation" 
had been carried out The 
mistakes bad not heen made by 
the printers at Her Majesty's 
Stationary Office but in the 
course- of the editorial prepara- 
tion of copy for printing, "i. 

“I am satisfied that, the 
mistakes were in no way. moti- 
vated by malice but were the 
result of simple human error," 
he said. 


scenes moves to try and reduce 
the emphasis on Prime 
Minister's questions. This 
could take the form either of 
carrying them in an edited, 
recorded form, with the worst 
of the noises-off deleted, or of 
transmitting much more of the 
Commons to convince listeners 
that the two 15-minute sessions 
on Tuesdays and Thursdays 


Ford foremen walk out 


HUNDREDS of foremen and incident in the Dagenham body 
supervisors at Ford's Dagenham plant list week when a foreman 
works yesterday walked out to alleges ' he was punched. The 
back a demand for protection hourly-paid employee Involved 
from physical attacks by other was sacked, but reinstated after 
workers. an appeal at which he was 

They are so scared about represented by a union official, 
these attacks that they feel they Some 3,500 production workers 


• * , , ■ , | - X — — ■» ITVX 

are in fact highly unrepresent- 1 must do something .positive to at the v Perkins diesel engine 


in the third quarter ofcthip jear- : ; 
by more .than 2nyt»mtes. 

Mr. Bill Sirs,- chairman- o'f t&A-i!- 
TUC steel committee and\secre^? .- 
tary of the Iron'and' Steel- Trade# *' ;• 

Confederation, . wfll ' . 

Government to - maintain' steel 
production in defiance of tife 
edict. He will " also . .aski It m 
impose unilateral ijapoirt hunting r' 
on . low-priced. .; foreign ' 
imports. i - J 

Sir Charies VIHiers, ‘chainn^ 
of the British Steel^ipoi^tiOBH. :■ 
said yesterday that -he 'see a - ttffi ry- 
EEC proposals for ^cufs in 
production as “inevitable : 
.painful.*" V:- 

British Steel: cotek-be forced" 
to reduce production by.jȴErijl i 
bundred thousand 3cibhes-4p the> ' 
third : qu orter, if -the ‘'''' ' ^ 

upon steel output befi 
by Viscount- Btienhe Dari 
the EEC. Industrial-- -Co 
aouer, are approved By hiafetiow^.’- 
commissio nersaadby ih£Furo^wy 
peas Coal and Steel' Cmpdi'teal^^l/- 

On imports, the TUC SUfd TJgfcV a 
steelmakers .' are • partienlai#-*? > 
worried about tbe- volume- '.of**.'- 
Italian-made " 4te& ; • befog-.' C 
imported. 

Sir Charles and the 'bead s 
other - leading “ BUitJueSn 
parties are . also concerned abouJ'-f.. . 
tiie future of Eurof 
pean a club of steekhakeifei ' 
which was fonqed jnsf over a ;-.) 
year ago to speak for. 
peak steel 'indu9tryr ; Some.ste^^l! 
makers are flouting, the'-rules ^-^.'^ 
Eurofer, which call .far compigte*. * 
cooperation wtttf" the EEC tn r ■ 
measures which are desigried^to^-; 
keep the industry id balance.--’ % 

British Steel, still ' 

rate of £400m a year, has -bee^:. 
doing better business during the^' ' 
last five months under the pite 1 ’’ ' . 
tection of tbe Davigmm plan, bof 
K it is forced to" cut • production^ 
it vriH Jiave to introducers seri®.?..;' 
'of production pauses at a' number 7 ' ' 
of its steel mills. ' : ' f ’ 

• The dispute-crippled Llanvterx vV 0 " 
steel , complex neafc .Newptfri,jJ - 
Gwent; will be 5 hafdown_few?w? ... 
Sunday, with 4^00 workers •“ 


off, unless the blastfnrnace pay -', \ ’ 
row is resolved. • - ' .? V-‘ 




Social workers ; 
to ban ‘life 
or death’ cases • 


SOCIAL - WORKERS in* Soath^j 
wark. London, ate to ban “ Qfe 
or , death ” cases from.: Monday 
and take strike action in support 
of a nay demand. 

Workers - at .eight offices and 
two hospitals' in tbe area would 
refuse to accept new casesfrora 
Monday, "With no exceptions, a 
spokesman for NALGO, the local 
government workers' un-ian. said 
r yesterday. .. . 

,* Life -or. death emergencies 
would be pat in touch with an- 
other agency, such as the police 
No Inquiries from councillors 
would be answered, an overtime 
ban would be -tightened, and the 
action would culminate in a one- 
day strike on June 26. 

NALGO is demanding regrad- 
ing which would raise the mini- 
mum gross pay of a social worker 
from £68 to £83 a. week. It also 
wants a reduction in hours, and 
-paid overtime. 



MPs told to 
boost London 


a tive of what goes on. 


Clash over Government 
attitude to dosed 


MP loses Bill 


35 companies 
on blacklist 


shop 


Closed-SHOP agreements Mr. Ian Gow (C.. -Eastbourne) 

should be operated “ in a flexible added that 42 former BR em- 
and tolerant way.” Mr. Harold ployees, some with more than 
Walker, Employment Minister of 30 years service, had been dis- 


on ‘binding 
over’ powers ; 

AN MP failed yesterday in an 
attempt to prevent magistrates 
having the power to bind, over 
people to keep the peace when 


THIRTY-FIVE firms are on the 
Government’s “blacklist” for 


being in breach of the voluntary 1 badly lilt. 


bring some response,” said Mr plant-ln Peterborough were sent 
Bob McCusker, assistant general home yesterday because of a 
secretary of the Association of strike, by 34 maintenance men 
Scientific, Technical and over a company scheme to bring 
Managerial Staffs, to which most in . subcontractors for some 
of tbe supervisors belong. week-end duties. 

They are expected to stay out ProBneti on of Chrysler Alpine 
until Monday and production of cars restarted after 1,500 shop 
Cortina and Fiesta cars will be floor workers at the Ryton plant. 


incomes policy, Mr. Joel Barnett. I 
Chief Secretary to the Treasury. | 
disclosed in the Commons last | 
night. 


The trouble arose from 


Coventry* .voted to end a 
an does whpt” strike. 


who 


DEMAND ", for, .strotiger- 
Paril amen tary pressure, to pro»; 
mote the interests Ql: the' London., 
area' is-^ made to-day by top 
South-East Regional' CouncQ or. 
theTuc: 

The regional, council sdys.Jft,.. 
its annual report that Mr. Erte" 
Varley, /Industry Secretary; and ; 
his ' junior Ministers frit M*. 
comprehend fully the serionsress 
of : problems facing LondaftV 
and other ' parts of the region: -. 
MPs from the area are accufM. 
with certain exceptions, of failing - 
represent its interests si£» 
dently effectively. 


“In ' the coming year, . the" 


regional council will be wortting 
to . develop . a more, 
Parliamentary .lobby- -on,\«i*V: 
economic problems uf .the Sooth--;' 
East.'- says the v report . 
regional council ti^s. formed - >•;. 
strategic, and economic pTaimia^- 
committee to try to attract mote' - 
Parliamentary and union attend 
tiou to" the strategic nlrimihS.. 
issue. ' V .t 


in the Commons mtesed ^ey had not been charged with companies breaching the 


an offence. 

Seeking permission to intro- 
duce a Bill to change a 617-year 
old Justices of the Peace Act, 
Mr Phillip Whitehead (Lab, 
Derby N) recalled the case of a 


State, said 

yesterday. because they had refused to join 

Replying to Tory attacks over a union, 
the Government's attitude to tihe Conservative employment 
closed shop, Mr. Walker accused spokesman Mr. Barney Hay hoe 
the Opposition of a lack of con- said that the “ continuous weasel 
cern for those worker* denied words ” used by Mr. Walker in 

the right to joint unions. relation to the closed-shop isue Hunt J ’s4hoton’r ^ who * in 

He recommended that they failed to show how his “sup- ^ 
read a speech on Monday by Mr. posed neutrality" differed from courr as a wMness aod 
David Basnett, general secretary that of Pontius Pilate- Such an 
of the GMWU. who i nested thaL attitude destroyed any claim 
the Tory campaign against Che that the Government was con- 
closed shop was naked politicaJ cerned about the indiv-idual 
opportunism. rights of workers. 

This theme was taken up by Mr. Hayhoe said the weekend 
Mr. Robert Kilroy-Stlk iLab.. comments by Mr. Basnett on tbe 
Ormskirki who accused the Tories' closed-shop policy were a 
Tories of "cynical opportunism." "gross and grave raisrepreseoia- 
But Mr. Jonathan Aitken <C., lion.” 

Thanet E-) described the Gov- Mr. Walker said that t-he Con- 
ernenent’s attitude tm the issue servalives* ’* crude -approach " to 

a*- “staggeringly complacenL" the closed shop would inevitably .... .... 

He referred to a former Briti&h lead to the “ disastrous conse-. with offenders but u» deSCtwith 
Rail worker who was taking teis queuces” of the industrial rela- potential breaches nf pead& 
case to the European Court of tions policies they-ihad. pursued The Bill was rejected by * 17 
Human Bights. In 1972. to 94, a majority of 23, 


Mr Barnet also told MPs that| 
the Crown Agents had been 
asked not to place orders with 


‘Revolt’ over import deals 


pay 


policy guidelines when making 
purchases for the Government 
and to take Government policy 


BY PAULINE CLARK, LABOUR STAFF 


BRITAIN'S giant chemical com- 
panies were warned yesterday of 


annual' conference in 
Scarborough -that chemical com- 


into account in the placing of 1 Pani«. wtole expressing support 


contracts on their own behalf. 


subsequently jailed for refusing 
to be bound 'over to .keep the 
peace. 

He did not wish to abolish the 
binding over power. ** wbat the 
Bill seeks to do is remove toe 
power of the magistrate to. con- 
fine or barass thbic whose- con- 
duct is not unlawful but of 
which they may disapprove." 

Mr. Roger Sims (C, Gilisle- 
hurst) said the object jbl-'toe 
1361 Act was not onlv ft-tfeal 


Meriden loan 


payments 

THE MERfDEN Cooperative 
due to resume Interest payments 
on the £4Jra loan provided by 
the Government on June 30, 
1979, Mr. Bob Crycr, Industry 
Under-Secretary, stated in the 
Commons yesterday. 

Unless an alternative pro- 
gramme of payment had been 
negotiated meanwhile, he said, 
the co-operative would .also be 
liable on that date to repay the 
deferred interest, totalling 
£1,047,594. 


their import deals with Eastern 
bloc countries. 

The General and Municipal 
Workers Union accused ICI of 
being among ** industrial 
vandals” jeopardising the long- 
term interests of its workforce 
for short-term gains in recent 
compensation deals with 
COMECON — the East European 
trading bloc. 

Tbe union believes that 
because such deals are based un 
import agreements, British jobs 
stand at risk in the long-term. 
It is to propose giving the issue 
high priority in the newly-formed 
joint trade unions’ chemical 

council. 

Mr. David Warburton, tho 
union's national officer for the 


imported thence, -iu France over 
20 per cenL “ . 

It was estimated that by 1981 
the COMECON : states wo u,d 
become net -exporters of PVC 
. , . . low-density polyethylene and 

Britain 5r * import problems polypropolene. 
were not tiueionly to unfair com- 


for the' industrial strategy, were 
flouting- one major principle, on 
import substitution. 


petition.; cheap prices - arid, 
indiscriminate dumping. “They 
are the result of the deliberate, 
calculated action of major multi- 
national companies. . . 


‘These disciples of free enter- 


In one recent deal,. ICI, Davy 
Fowergas and Kiockner were to 
supply to the Soviet Union two 
methanol plants' with productive 

capacity of - 2>500 tonnes 0 day. 
As part of the deal -Russia would 
export 300,000. tonnes each year 


prise are not a verse now to enter- for ten years to western Europe- 
ing-*nto comprehensive deals "a-h int - 

Crom - pensation trading, whleh meant 

SSS^^HouSd over- 3 30 ^.^.such plants, in 


chemicals industry, said at its per c^rt of synthetic rubber' wai SSttonab H?I hel^d to>u^^ 


N 


A . 











80WETTAfiDTaj£__. 


• QiL TECHNOLOGY r 

s ^IVfaking sure of an 
important pipeline 

5S<fy ' • • • ~ - ■■■■■'■■ ■- 

X-RAY CRAWLERS fur Inc in* high quality panoramic X*ra>s 
. temal inspection of heavy duty and are controlled from ouJskIc 
m 1 15 *i‘i P s P ew ork are to be supplied bv the pipeline by an operator who 
''M ' .6IX International to Saipem SpA uses a weak aamrna radiation 
ti^for - operation on the massive source, sensed by three m-une 
« r f.[ ^pipeline project which will link detectore on the crawler. The 

’ohin^Tunis with southern Italy. operator passes the isotope along 

s, T&® line will cross the Mcditcr- the pip*» the di^ction.of travrl 
i^ranean to Sicily and then pass an d then places iron ih^P PJ al . 

3nd St Ji'uiider the Straits of Messina at the next woWL-to be mspcacd. ■ ; 

V,- 'H '^depths between 1,800 and 2.000' The: crawler motor. is started j 
V ina iriv feet -. The 20 inch pipe will have by the first pass with the isotope -»J 
' walls about 1 inch thick- and oo arriving- in the area of .w 

. % -3 Laying will take place from the Thc radiation, the vehicle stows * 
r; “ '‘O'Casboro 6 lavbap«e™ri imt.nMv dou-n. overshoots sightly and 
1 f«g '-MX will backs Mo di, cart position 

yv ?S- , IS£JS2S . 

s Mei r,SouUnes. X-ray exposure tak« place ten «: - 

. ht The weld inspection operation BIX 

A 'SL^-SLtt InSnuSicw & 


• METALWORKING 

Modernises the simple tools 



•f- 

SB--; 





SOLVES 

YOUR 





minti- ' 

*flVZrm-a- 





_■ hovercraft. Bui .tii 

9 ELtCTKUMI^O nroprilor* and rudde*-* con- TUUn 

y. jnllj in contact vuh the water. 

Stabiliser £^jrr «3 sn foundry 

t* The autostabili?3l!tjn system PROBLEMS 

tor 2 h.i. been lusted on an HM2 ver- 

** „ sion. which can operaiti as a &LVECHURCH • BIRMINGHAM 

hovercraft £* , L“S‘ i .ir,^edVud- «•*"«'>««« 

HUtWVIHA*' .-r,.r« <11 that roll in a motion can Tele* 337125 

ni cpr .WED bv :.lurcur:i hi- damped out at u occurs. 

DIbPL.W t Rotterdam port has four of 1 

Avionics f - l -\ L ^ rjl E ;-: i jn the^e vessels (HM2 Mark 4’sl oo PUMPING 

rj;^acd;,s,d ,nj- z Continuous 

frafe US la «?-■ r;: feed unit 

latter? ri^'.o j > f <rv. e t-.nic cruuo i? ■••h'jwins -in J *- w w 

Derived <rw im f au } omall e lawl-ht camera COMPLEMENTIN'. ITS r,nae r.f 

i-naciple . m B * 1 -.;^; i. cen W hieh operates all the way from high procure, urn Hu*. r-cn- 
l«.v.crm:«rine . craft .t..*e „ h f , n sunlight conditions ph(?ra i pump-. i> :■ new rap ue 

developed wi»J vi, hu al human ' intervention c;i ned PS70 from Bri.i»n 

Mine, a.lthiiugh the tu.apan> *- in lhis jnsunvo fur naval Gurnard Pumps. Kernaa Drive, 

wholly l.S. owned. . mi racists its suitability for sur- Loughborough. Len>. 

The Huvermxrinc » J“ ]l a nee in nun-, enditionj extracted in nil l« » 

very l::r?L- eayacit.- 0k -- * t c i eu H v provides other areas of Dmn p hot ur void -'atcr ..he 
is in an advanced “./ Mo Vl- dam from Marconi p Um ps. s:.js lhe coiiipjny. are 

development. lacs' v ; nn icc Air non Works, particularly suiljble :or u?o .i>* 


ALVECHURCH • BIRMINGHAM 
folephone Reddiich 66414 
Telex 337125 

• PUMPING 

Continuous 
feed unit 


is in an aavaiiii-u “■ " s "' ^ ore da'.a from Marconi p Um ps. iajs me comp. my. ;nr 

development, tack the - A v ; on | C5 , Airnorl Works, particularly suitable :or u?o .i>* 

contP up on to land * n *W >» Rochester ME1 2XX 0023 44400. J feed pump on 5m. ill toiler > 
the characteristic.- u, the .uil Kocncsier machines, and 


cf the characteri; 


The full Rochester ME1 2XX 0023 44400. a feed pump on small ooilcr* 

steam ntisink: machine?, anu 
-- iiThcr situation 5 ivquinnc nicti 

Cimnie current control $J%$7 S 

P ....... - t .on « :.a*. .mtperes. by means of a resistor coM«l_^u^ ^ O.o ^n_ ^ 


“latrlf 6 ** e *Pecbed to last for four to international {Esperanza Group) 

^uisix months and work will begin Dolphin House, Commorce Way, 
cr„j,H , next montil - Leighton Buzzard. Beds., Leigh- 

Uetio'n ■ * BIX Series 2 machines provide ton Buzzard 67206. - 

3Sa niff for most iobs " — - — 1 -*£ w w ~ " 

SV ■— -pipeline. , S IZ *, V W ^ S-j 

- ^r a sr«r^ - 


,5"'^ 


_ Talisman oauioment for the auiomacion of 

«■ is *' »" ml 


hv Niilion.il Semiconductor. In;*: ..^dhion uf a PNT transisior to # ^ d ' fr , r ^,-n‘inuoii-i operation. 

“ s*-«»sss M5J ■■ Lo ^- 

r^e^peLiura ^ . , 

In Scotland 

JJrwn^^iurccs L:i wSt^oic^o" W MANUFACTURER pi :• rongt* nr 

disereiv mrcui-ry in ' E°7 tt . ld( range of FET liqui.lj- meu-ring. nilxmc and 


Sensing rig reactions 


9 CONFERENCE 


t , f j^yis used as a clean Tng pig when Charleroi 27. B .1060 Brussels moveim-nt? uf the machine arc ni,I> ,, Ln"' ‘incremental nunc- signals for the .iu\»liarj rune- - f , V micro-a n: pc, 

“ *“*" are h0,,ed 132 2 538 . ■ ssr X.'pKT&Yf S. “ ;riX: 

Ca r ror ^ will rxu»n.rtu« exactly all «he With siimde urrott^ c.iu-e thL tompicie ^ A CONFERS 

||Sensing rig reactions ^ESS:- bSs 79 

1.^. BE:; pitrr ELECTRONICS of .Woking strip chart reeordin& visual dts- intcriirfic.-ri. lhe dli *P 1 * ,> ' 1 0 ' p ' 1 

i^has been awarded a contract by play unit with prist-out facili- Sri 9 fktlfl 

T :..^r :V Shell Expro for two geotechnical tics, data “ansmiKion kcyboard rnMM|T|MG a TRANSPORT ill LUiiU 

: and meteorological data logging- ,-^nd battery operated radio clock © CO IW PUTIN la ® _ . , . . v 

a - v?jr --- systems to be installed on the Tne core memory ensues that l^ v .«r iJn^SCll BECALbE . 

A aDd Brent c p, “- Currency Hungarians buy onosn 

«Vi£jjc : - The minicomputer-based moranu A back-np. ibane^ _U BUDAPEST FKFV tthe euuiv.t- breakers and a ,,J ’ *"- 1J h d) v.ork demand a cu 

».-. .•«■ r-nm curiam fnmnipip with chanter j • B _ r 1 w r,.um>i i uactor and .< '» 'P n.inui.ji„ . j ^cvc-lopnu 


9 TRANSPORT 

Hungarians buy British 

hrr«akcrs and a pii'.-unint 


in London 

BECAUSE ISlREAS 
rigi.ri'US conditiuns ur.a>*r 


a handling 

Bars safely straightened 


_ . \TP>iT HEALTH ind Safclv infi-ed and nunoed. Lot li 

|Hnn LATEST HLALl . V atcd hv Schrader •■ylimlers. The 

[ilMlll legislation forbids thv ..■■••le -.A'.-s .ibnut 

INCREASINGLY feeding «»f reeling c-juipment 15 SCl . (inds :tnd i,ars of up to 

u »5 u-.d>*r which hcause the whiplash effect or ji iiu . h ( {,:, :i! eier of on.v rv- 

-- • . I. _ h'.c ^.1 i.n.-.lli ..... 1 -... l|..nilll'.(l 


j'is-t* *-.st record measurem.cms oi tw«rp_»uu imui.woo.iib .rV . 

'. shallow pore pressures, deck and tinuoiMly available. ;v- 

cr.3r>- ii caisson movement, short term OfTsh ore Systems Gnmpkt^EMI SUCC6SS> 

v settlement, temperature, wave Electronics offers a. 

.•r,.r..w ( xi E hi Wind sneed and direction, instrumentation service: Jo -tne OWING T Jr 


BUDAPEST FKT 
lent of Budapest 
ha., junt taken i 
vehicles Trom Air 
Wycombe as part 
tract involving tn 


«: v settlement, temperature, wave Electronics offers a complete Bedford KB-7 

V ^-• ■height, wind speed and direction, instrumentation JJ®. FOLLOWING THE successful complete i y i, 

ji.'ij rr : barometric pressure; etc. Auto- offsnore industry ' trial by American Express, in its c | ear s ng s [te v 

a:**!:® matic monitoring of each chan- form de pIoy rnent and immeriioQ Edinburgh an .^_Glasgow^ offices Th(1 British 


wort* 


i > vmvi.)ogue. UigJim «uu 

interface units,, mum-channel /6123: 

‘life / 

t , l Cg 9 INSTRUMENTS. 

K Tested as it moves 


L ra^K^t im e 9 IN THE OFFICE 

Sueeds the 

afterrclo^ of business, each of IJC tUJ 

the cdunt^r-top systems will have * e 

a special-jiirpf.se keyboard with i^nCCQCFP 1 OT 
keys for specific functions and Ui 

for most-us-'d currencies. Each jr 


o aspiiaii., . a t inioenai ---j ueeuraie.i — 

f. This innovation, says the com- August 27 to 31. ior l0 ma chinins. systems. Pneumatic fontrcl 

puny, provides the opportunity in m ,'‘ n «,»« wave*, currents P™r macn va ] v es are all centralised in a 

r. the field of small dte w or kings •* n ' id loart j n g. the statics The machine is said to b d „ oof cabinet and. tne 

M) for real single \onicle operation ana , « , “ am s w of structures, absolutely safe and tamper- {l?oraUir ,. an re ndcr the circuit 

le on road cross in*.--, re-surfacing. ■ oropertlef and proo £ \ prime feature, apart lamper-proof by a lockable 

id and ratine ”1 “ij* 1 *" field’ fnr "mI 1 l*eha vinur soil .*2% from its dectricaUy driven pinch valve. 

as in the emer P e.u> fie Id If _<r r-s. fpundation ensineenns. and dje pUs , ) S that it operates entirely A prototype already m 
clectricitynad .wter authonues^ [ nleraet j cns net ween thee pneumatically, using Schrader nperation at Firth Brown of 

«■ « nt .i° :«« sh s d rri ,„ .. 


repairs, re-sunact- ana «;u 
and reiurn to huse wti 
rubble and spoil imolved. 


.7504221. 


' ' inp and' other ™ovin« machioe mrtera and * ST m DESIGNED FOR i»J» «* 

•» -■• narts to be measured -without module.— T|u m - ,, n „ n:[ f devices to the controlling medium sized office or factory. 

"SSStoJ tR.»«wn. in «mrt. «gw«. g»»> n d 

« «cvr“tV g^-Tsx±r.f^s £H‘s,vsss?^ 

v ’WSSBTS x* 3&A. I nnit. or «* per second ;«».> -™* 0 ' f ’"Sra^ ».! ~j2» t “S,»BS 

' ; tional forces within the roovrag or rwn Lj<K d»wn. compatible discs permits the Crom^ ^ he ‘ forced a5r flow, by 

;; ,'::.,mechamsm . -Sateff 1 - on *1 IodSuial ° Estate] Glouce ter transta of_brancli jwwujntoto c3IT iers are quietly ^pro- 1 

, -accurately sihh HAad. Cheltenham 


mechanism caii ^then 'be Orbit Estate’ Glouce ter transfer of branch accounts : to 'carriers are quietly pro- 

“ accurately estimate^ - on a ^^’i^rhMtenham GL51 SFL. a central system when necessary. d along inside the tube, 

"V l - ' periodic basis. But xh ^machine Road, Chdtenham GlXi er ^ ^ ^ ^n. JSS when a carrier is put into 

-"..J, never required lo stop until 0242 2060b. ?, gend sla tion and its destination 

• : : Ithpn keyed into the stations. 


)id i» 

Londa 


IK?.-. 'JLi.'L 




a send station and its destination 
then keyed into the stations 

“5”«?n«ln direction' 

along the tube depending on the 
location of the earners deslina- 
lion. Cmce the carrier has arrived 
the air flow is switched off auto- 
matically to s»ve power. 

More on 07017 bi3ii. 

9 COMPONENTS 

Moving into 


DOING BUSU 

SNTHEOi 


5c- ■ : -..I'. 


ttk 



plastics 

_ . ■■Num nditlM ADT 





-j. ;/ .- 




mm- ■ 

■-v* ; v* t"'_. * .. v •. 

-ti- •?,*»..* ! . V . • 

wirv. 




WEST PHARM ARUEBER which 
lias for the last ten years speci- 
alised in rubber moulding for the 
pharmacuetical and health rare 
industries, has announced the 
formation of a company in associ- : . . . vy 
ation with the .Tohnsen & 

.Torgensen Group, to manufacture : . cw\| 
injection moulded plastics pro- v . 
ducts for the same industries. > • •. 

More than £Im will be initially .... . 

invested in the company to pro- fc£ 
vide an addiUonat but completely 
independent manufacturing unit 
for customers oE Jonnsen at 
Jorgensen (Plastics) with con- ■ ■ 
centration on developing specia- ' _ 

ifsed items for the health care r-Sssvj 
industry. ? 

More on 01-692 03n. 




-Jlailwswwtui^. 






-.WDkh'i mc MWVUMIIM 






.. . #.™, 


.. . F*hnir*.pfnrinri[istrial I’ustomer specified un 


Whether izaac Walton ever 
fished the Usk matters little - this 
• solitary.angler is only 1 5 minutes 
from central Newport, the 
development area that otters 
excellent communications and tine 
leisure facilities. 

With direct motorway links to 
London, Birmingham and the 

NorttvNewportcommands a 

work force of well over a million 

within a 20 mile radius and is a . 


natural choice for industrial 

eXpa Add f to these benefits the 
wide range of sites and a helpful 
council and it is easy to 
understand why so many leading 
companies have re-located here. 

So follow others' success — 
find out more about Newport by 
contacting the Chief Executive, 
Civic. Centre, Newport, Gwent. 
Tel 0633 65491. 



AVAILABLE from Electronic 
Engineering Services of Penge. 
London, SE2Q, is a keyboard 
svsicni wliicli cun be supplied 
either as a Tully commissioned 
cuMomer specified unit or as 
individual key board components 
which can -he assembled in 
mosaic fashion to suit the 
requirement. 

Maximum height above the. 
circuit board base is 15 mm and 
the keys have a plunger move- 
ment of 4 mm. 

This Rafi RS76 system offers 
six basic key-top styles I coloured 
lump and LED versions avail- 
able) which can be fitted to 
cither conventional gold-plated 
contact switches, or contactless 
Hull effect devices. 

• More on 01-059 4925. 


9 Bu agreement bcttceeii the 

Fimitcial Times and the BBC 
hi/ormoiion from The Technical 
Pape If nroila&Ic for use bu the 
Corporation's Eternal Services 
as source material for its oucr- 
seos broadcasts. 


^ ■ ■ j, . ^ zJBk&ft 

When you're doing business in the Far East, it helps 

to have the right connections. 

It's important, too, to have convenient travel con- 
nections. To arrive fresh enough to ensure a successful 

' ISlt ' Connections like the four S AS express routes with 

9 weekly flights from Copenhagen. 

S AS has a way and a day to suit your timetable. 


ill 






Sl , f L jL-utta. Delhi. Karachi. MauiU A/«S«/"W- ru b^ Bau^koh - mili^ud 

conned W to Hung iCwig. 


JUmifatS 







12 


Financial Times Wednesday June 7 197g 







EDITED BY CHRISTOPHER LORENZ 


After last week’s look at the re-organisation of Babcock and Wilcox, the 
managing director of its boilermaking company, Ron Campbell, 
gives his personal view of the characteristics of a manager 


a manager 
well-known: 
l-i on 


THE QUALITIES 
should have are 
integrity, ability 
with people, elear-sigh ted ness, 
.stamina, persistence, orderli- 
ness. creativity, decisiveness, 
.self-reliance. He should also 
have good knowledge of the 
field in which he is to operate: 
or alternatively the type of 
quick, receptive mind that 
allows him to learn rapidly and 
translate his experience in 
related Held.-' t«< the problems 
of the new one. 

A no i lie r is the ability to 
receive signals from other 
people. First Ilf all this means 
listening to what they say. But 
it also means being receptive 
to all the mher visual signals 
involved in communication 
bjiv.ecvi people — facial expres- 
sions. body movements, etc. 
».'nly by receiving full feedback 
will the manager understand 
how others are likely t 



is not sensible, bearing in mind 
the need for experience at the 
different levels — then some uf 
the teams must have No. Is 
reporting to No. 2s. Points 
where this occurs are potential 
sources of discord, particularly 
if the two individuals are a long 
way apart in the No. 1/No. 2 
scale. 

Nowhere is it more im- 
portant to avoid having a No. 2 
in charge of a team than at the 
top of the management struc- 
ture. It is bad for the health of 
the company or division if that 
is allowed to happen: and bad 
for the health of the manager 
himself. He will tend to collect 
other No. 2s around him to 
avoid the discomfort of having 
to deal with No. Is, who tend 
tu be more prickly individuals 
The. inevitable result is poor 
learn performance. 

I believe that if we could 

..... . mom- measure positions across the 

iu«w i.imeis aie iir.eij respond issues, or who tries i o set puiiey her uf the management team, No. 1/No. 2 spectrum, for a 
in proposed course.? of action. f . n ^ricll.' iugical grounds, for- lacks these qualities, partial- team to register a good perfnr- 
i; is surprising how ufien one getting that the policy has to larly that of self-reliance. I see ruance its average mark would 
comes across uiherwise very be implemented by imperfect the No. 2^ as batteries who run have to be above a certain 
able people who have ;i blind hu:rjn beings. down when things arc difficult figure. This condition can be 

spui m ihi> one art-.i and can Managers who score high and v. ho need lo plug into fulfilled by having a team 
give a quite i.onir-uy impression markine* in all the desirable battery-chargers— the No. Is— to leader who' is very high in the 
in the une intended, when, fur qualities are very race: \\e restore the;r energies. Managers No. 1 scale with a lot of No. 2s 
instance, they are talking lo thereto re have to arrange teams are horn eithor No. Is or No. 2s. as his immediate subordinates, 
rheir stair, because the;.- are nor jo cover weaknesses and utilise N« amount of training will turn but in this situation there is 
aware that some of their words strength; to the full. The one into the other.’ the disadvantage that the heir- 

h;:il been incorrectly inter- nuiiacr with a lot of flair and _ . apparent is not being trained, 

prered. I have been in skua- creativity may well be rather hllJjSSrVipnt There is one other classifica- 

iiim.s where two people have uu method: cal. but harmonious ti,-»n into which 1 would divide 

been talking ar each other and relationships can be set up I have written as though managers: doers and be-ers 

not comiKunicauny— where they which harness the strengths of everym* can lie lilted into one those whose satisfaciions derive 
needed someone lu interpret two people. It doesn't matter esi-yiiiy or shv other. In tael, fr.un achievement of work or of 
what ihey were trying Lo say to tu” nucLi who works for whom -IkL'c nnist b.* cnn:i,umus statu-. The worst possible situ- 
eaeh uther. l n v. ” < 

Another important attribute Tif.o.r.i'l 
is intelficencc. But we need io a do .’-.vy ryqnir-mr-nt if r.ti.v 
differentiate between i nielli- »iicc* ;ji‘u! partnersnin 
gence and cleverness. I ill e Hie V/.u-rc :| rtoe? matter vm> 
definition given in thi Financial w>;!.> f.*.- whom is the .trranve 



wm u.s. 

awards he 



Managers are bom either No. Is or No. 2s 

v/hat are the really important he an extremely useful 


■.ase- as liqv.' a; :h-* ^pc< :i'u:n in this a.s ::i any other aimn fn; No. 1 members nf a 

i.-.inir — hi men qn:kity ami il i? the i.»am i*.ccur.* when ihe leader is 

i - * f r t •- •-* p«i.-ui.ins in the No. 1/ No. 2 and is also a be-er. 
\»». 2 si.:ke wl:«i h ma; ;-rs when This can only lead to the 
o>r.-.dc.nj hi*'-.’ iv" pe..p!e will matrimuni frustration. 

tu* ?il'cr. pbrif. II larly if Looking al the top structure 
Times recently— ihe * faculty uf i-; r.f •• 'uj i cal! No U ao.f the No. I iv t.. be .'•ubserviont „f a company, both chairman 
understanding, ‘ as cr»po«?d to No. l’ ,; m any team. i?v I to tin- ?••". 2. ami managing director ought to 

cleverness which was defined as and No. 2 I mean nor the rela- 15, n .thy put 2 Mo. l und*r a be No. Is. their talents and 
the ability to process inf-emn- live p iMimns they occupy bin g ;• The »>• that there exmerienev should be compie- 

tiun in the manner uf a com- iheir persanalit.es. ar ... nia.'.y teami with a toial tnentary. 

puter. In management it is The No. 1 is the natural management structure, with the RonCampbellisnuinanin<jdirec- 

lnielligence v.e are looking for. leader, with the qualities uf self- same individual occupying tor 0/ Etabrocfe and Wilcox 
Not mi useful is the highly reliance. independence of d fro rent jv-riri.-.m; in different (Operations) which urill have a 
intellectual person who can see thought, ability to gain respect teams. Unless all the No. 2s are coufroUinp interest in the pro- 
al! facets of a problem hut and tu motivate others. The No. to be found at the botinra of posed boiler-making company to 
cither cannot «mn«l bad: to see 2 is the man who, while ho can the overall structure— and that he formed inth Clarke Cl; apmajL 


BY A. H. HERMANN. 


JUDGMENTS IN American Such a judgment, which to an in any. British - newspaper . or The jm»act of .the Goowntiftn 
courts on product liability English lawyer appears far- journal with a regular circula- would not be iinutfid to. British 
claims for compensation may fetched, would be virtually iiu- tion in the U.S. satisfied such exports atone* Under tjie -U.S. 
soon be much more easily en- possible to enforce in the UK -a condition. ' Jones Act. for : «9mnpif&.. vRtta 

forceable against British com- Under Common Law rules an The Convention would there- fttir'JOact iratoaitty'-ior 

panies in British Courts even English court would probably f ore ujgj^g a great impact, parti- 'accidents oa.- vessels at .sea,- a 
if the faulty goods were never question both the jurisdiction cutarly in the' product liability U-S- - court can assume jarisdac- 
sold in the U.S. A draft UK/ of a U.S. court and the applic- It j# 0 uld facilitate the tion whenever the foreign owner 

U.S. convention on civil judg- ability of U.S. law. This pro- enforcement of U.S. judgments <*£ the ship has'a.U.^. afBlrate. 
ments. which has already been vides a certain _ protection ^ cases , W h3cb are now coil- ' Leading , British cran;panies 
initialled, could have a pro- against the impact of American s y| eeei j. go doubtful that litiga-' now: seem to beqtute Maimed 
found effect on British mann- product liability laws at least { j on ig nn t even started. It could about the pro^iosed Conventiion. 
facturers and insurance com- for those without assets in the also benefit UK consumers and With the threat of US. prbduot 
.panies because of the very U.S. But even this protection indirectly British industry, by' liability awa^. il-is ooiy sur- 
strict product liability laws and would be removed by the pro- f orc j n g up safety standards and .prising that they "have not 
high civil awards in American posed UK /U.S. judgments con: thus becoming more competitive reacted sooner.. The explanation 
courts. . ventaon. . . ' ' abroad- . ' of this may be that timtigh' tie 

As the law stands Br ^ sl l fo E l ,m t hlf , trS/TT - On tfie other hand, some of ■draft of :the Convention was 

insutoted "f r^ ie^tf ol Son^n ^SfoSen^f 

^It Muld^appen^lmt ^British- JUT oblige “ uTcou^E “SSf tS 

bmi^h ^secrnid-hand 0 by' ^visiting tofbwrtlhX JfTradJ ^5 

American and taken by him to nised by common law rules. *“>« w£WiW 11 more ^ SW ?' 

the U.S. is then driven into a In the case of a British-made difficult *n obtain liability in- SmctU.S. Lability laws, 
wall killing the driver and car sold second-hand m the UK. suranee cover for British export ^e ^ras Dy Junes, and 

seriously injuring one of the exported to the U.S. and crashed .products than it is ax present ^T- a ^°°°L“ ro ^ ht 

passengers. The injured passen- against aw all 10 years later, at According to a recent report the effect of the- Convention 
ger and the family of the present UK courts would not by Llo> ^ British product could be very, onesided, 

killed dm cr Lould claim that recognise a U.S. judgnient j,ta±>ility underwriters are cur- There is little doubt that all 

the accident was due to a failure against a British manufacturer. uuu au 


xently asking for premium rates aspects of -the proposed C crave n- 
ng gear ana asx ror «u accorain? to tne convention f ' 2 o'-timeS the UK rate tion sboulfl- b Min 
damages in the U.S. court. If the American plaintiff would thnrnn'rt>iv.-^hib thS 1 


of the steering g-ar and ask for But according to the Convention 
the U.S. court. If the 
the British maker of the car only need . to 


Zi, for the products being imported thoroughly while therer.-is' stfl] 

. , .. . .. . . _ ,. Pro™ j at .. tn ? to tiie UJ5. - Because under - the -time to. .revise the draft 

was nnable to prove that the model of vehicle was advertised ^ 
accident was not due to a failure by the British maker in the U.S. Convention 


U3. jurisdiction 

of the steering gear he could be before it. suffered the accident be exter ” ted 1°.®°??! 

held liable and the plaintiffs in the U.S. To establish jurisdic- which were not exported tottt 
could be awarded compensatory tion under Article 10/f of the u s - but wer ® available eise ' 
damages which — going by a Convention such an advertise- where and s ubsequently taJcen 
recent Californian jury award ment would have to be specific- 4® the U.S., .product lia busty 
against the Ford Motor Com- ally directed to the territory of underwriters may well a-ncrease. 
paay — could well be assessed at the U.S. but U.S. coarts could premiums also for products ex- 
around $3£m. possibly hold that advertising ported to other destinations. 


BUSINESS PROBLEMS 


BY OUR LEGAL STAFF 


An author's 
royalties 


m A NV 

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ari 

A 4.£L aw 


PLACE 


And many of the communities they serve are unable to conveniently finance 
needed new hospital construction. We are helping to provide America with qual- 
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Each year we build new hospital facilities for 5-6 communities to replace out- 
dated. inefficient, energy-guzzling, expensive-io-maintain old hospitals. Then we 
operate them as businesses, paying their own way, paying their taxes, providing 
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translated into dollar savings. That's the secret of our suc- 
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rivalries will be reduced by the be able 10 utilise the residual 
amount of ihe foreign tax bill, value of the original equipment? 
Hv.vvver. thij short answer may Is this sort of matter pegotiablt 
be deceptively simple, because - with the leasing company ^or are 
there are almost ceriainly com- there statutory regulations gov-- 
A UK author has royalties this Plating fa dors inthe particular ^nmglbese^ 
vear or o&tiMl f>om a» overseas c!rcuni«tanws of the case you This is % a matter far negotiation 
rnuntrv whirh Tas J oTR are concerned with with the leasing company: You 

arrangement wUh the UK. These the fo reign tax Md he able to lease, wrth an 

rnvaihes are tav.-d in the oier- riiould be converted to ster- opaon lo purchase if you so 
^ lin 2 at the rale ef exchange for desire. It would be wise to' 

^ oO ntT^n (Jhiinh *thc ton the ' !a - v on " hl * h due for ascertain the 'terms .of . .Utter 

rate Is 70 Sci! he fa? Payment. This will almost cer . leasing companies before 
paid overaeas is £15.000. living tainly be different from the approaching your pyyn lessor.- 
£17 000 remitted to the anthor rate I or rates) of exchange used . *_ 

fn UK The author who calculating the gross income No legal rtspoadblllty can be 

2 ets no allowances or lax relief assessable in the UK. so it is accepted by the . financial Time s 
hTthe overseas countr!- has an- «ot simply a matter of compar- for the answers given in these 
other earned income in the UK t"3 the effective rate of tax over- columns All Inquiries will be 
of £10.000 (gross), riving a total seas wlth the niargmal_ rate of onswsred by post as soon as 
gross income of £i0?000. tax chargeable in the UK. possible. 

Would you please tell me what . The S1Z ® lf ? e authors 

relief the author could expect lI j C0 ? e a . n L.'^ e . P° ten !j?* c ®ci- 

to get in respect of the £15,000 jS”irK f n ri h „ v !n» r n 
paid ovorsps*: ic si a fixpri L* K snd ov^rsws) 3r<p63r to 

amount or Is i»‘ a fixed proportion 1“*^ the expense of .profe^ 
of the lotal income? sioaal guidance. 

As you do not disclose the 

name of ihe country’ in question t • 1 ■* i. 

(and since double taxation LiCSSlHS 551201 

ygrcemenls vary from counrry ° “ .■ 

to country l. it i< difficult tn give 1 ha\c several pieces r.f agricul 
ynu a hcloiul answer. Assuniing lural machinery w hich are now in 
that I contrary to the OECD the secondary period uf leasing 
model/ the particular double Tli? agreements say that if I dis 
taxation aareemeru you have in jo»sr of ihe plant I have to remit 
mind does not Iir.ul tiiar the money received back to the 
country's right io levy u.v on leasing company, 
literary royalties (and v:«_- must Is there any way in which 
aisume lhar you studied the might he able io hay fresh 
■greement before writing to us». equipment, say. by means 
then the short answer to your ei' her a lease wilb option to pur- 
• luestiun is that the author’s UK chase or by a- stria^h (forward 
tax bill on the doubly ta;:ed hire purchase agreemenf. and 



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^fn^eialvTimes W ednesday June 7 X978 


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FINANCIAL TIMES 

Wednesday June 7 1978 


.. . /financial Times -/'V .- p 




Political 

strain 


begins 







by David Tonge 


Four years after the fall of the junta, the growing polarisation between left and rij 
that some central problems of Greek politics remain unresolved. The economy needs 
and there is the question of the country’s future relationship with NATO and wij 


right indicates 
ds modernisation, 
vith the EEC. 


I > inihis. favour, to the 'extent that 
■f.f Mr. j’ J’apaMreou, :,who . once 
" > seemed fo . be- ' opening his 
poHcfestowards ;-tbe“cen.tre,now 
" appears to . be waiting' for -die 

■ . centre to eorne to /Win. v* ;/ •/•' . ■ j 

, But- perhaps Just .as, cruciak 
'->= 'is/timt-firti' years youngs? - 
/ " than the ’Prime Mtirister,. who- 
is .71 and whb hasyet .to/estab- ■ - 
lisb an^ heir. : ,'v;7. 

*. "Tire New pemdqraty: party, is- 
very muccfclm. person^, xrreati on - 
; and ft ?is 'qpesthmabte; whether' 
■ :it wobK survive his departure; - 
- Its ,leaii&^-<pexsonaiities - are 
' '' ; ii6w- vJfr,!; -'Evahgelp&” : Averof- ? 

■ ; Tossitsa,- Mr. -tSeorgerHallis ant?. ' 
-a - forceful- -r^wcO&ier ; JtO. ^tbe- . 

■ pirtyii Mr. Constantine? JlitsO— 
v itaMsr: ^ T V ‘y-'rr. ‘ /■ /-'J 


NEXT MONTH will see the 
f-mvrh anniversary of the after- 
noon when the Greek junta 
tailed the self-exiled Constan- 
pne Karamanlis back from 
Paris. But it is an indication 
.7 lost opportunities that even 
n.day the question persists of 
l:nw* stable Is parliamentary 
government in Greece. 

The past four years have seen 
iiie formal abolition of a 
long-discredited monarchy, the 
promulgation of a new consti- 
tution. and two parliamentary 
flections. They have also seen 
she Karania nils governments re- 
establishing the weight of the 
institutions of state such as the 
armed forces. police and 
civil service. Tainted by the 
junta. But this has been 
achieved by protecting these 
institutions from popular de- 
mands for purging and by re- 
directing them tu serve the 
”i*vernir.ents of today, it has 
not been the result of any 
major cleansing from them of 
ihe individuals whose open or 
tacit support buttressed the 
jun;a. 

As a consequence the tradi- 
tion of near-authoritarian rule 
fir«t practised by the Bavarian 
King Otti. who was imposed on 
Greece in 1833 has to some 
e.\l?m been maintained. The 
hnpes of those who resisted the 
that its withdrawal would 
be followed bv a major rebirth 
of Greek life have yet to be 
rvalbcd. Further, the institu- 
tions ha"e kern their spirit of 
di-:!ru*ting and Nocking change 
at just the time when change 
is not only being demanded at 
a nonular level but is also being 
forced on Gro^'c as a side effect 
of i»s impending accession to 
Ui" EEC. 

The Government is thus 
under the pressure of both the 
f'ppr.yitfrin and the expectations 


of Western Europe. Articula- 
tion of these expectations is still 
muffled, in part because of a 
lack of awareness in many 
quarters of how far Greece lags 
behind the Community in the 
social and economic Held, and 
in part because members of the 
EEC h 2 ve become accustomed 
to identify the political fate of 
Mr. Karamanlis with the parlia- 
mentary future of Greece. 

But an increasing understand- 
ing of the situation in Greece 
and a reluctant acceptance in 
EEC circles — if not those of 
NATO — that the socialist leader, 
Mr. Andreas Papandreou, is in 
the last resort a buffer against 
Communism mean that from 
Western Europe too the pres- 
sures on Mr. Karamanlis must 
grow. 

In Greece itself the problem 
is historical in that by the mid- 
1960s the institutionB.which had 
evolved after the defeat of the 
left in the civil wars of the 1940s 
were no longer able to meet 
popular demands for more open 
government Indeed, when the 
junta fell, calls for a purging of 
the state machinery were not 
aimed merely at punishing those 
guilty of arbitrariness during 
the seven-year dictatorship but 
also at ensuring the " demorali- 
sation " of the state machinery. 
And this with two aims: to 
protect Greeks from further 
political abuse by the ultra- 
eonservatives entrenched in the 
state machinery; and to meet 
the calls for more equitable ad- 
ministration. 

In this field the controversy 
still rages. The government 
claims that the army is loyal to 
democracy and a coup is un- 
thinkable: that the police are 
s'ovvlv accepting the legalisation 
of the Communists and Mr. 
Papandrequ’s right to challenge 
Mr. Karamanlis for power: and 


that the mechanism of justice 
and the civil service are back on 
course. 

But the Opposition sees things 
differently. They believe that 
the army is loyal only to the 
right and not to the principles 
of parliamentary rule and popu- 
lar sovereignty. They argue that 
the police often seem to condone 
the growing bunch of right- 
wing militants who have beaten 
up journalists and attacked left- 
wing offices. And they point to 
the results of leaving the whole 
process of purging in the hands 
of an unpurged judiciary. Only 
a handful of the junta’s 
notorious militiary torturers are 
still in prison, while almost alll 
the civilian torturers whose 
activities led to the Colonels 
being forced out of the Council 
of Europe in 1969 escaped 
prison. Most are no longer serv- 
ing in the security forces but 
there is the occasional press re- 
port of a known torturer being 
promoted. 

Also the subject of debate is 
the State's interference in union 
activities, its frequent con- 
frontations with the workers, 
the violent methods used by the 
police, and the delays in carry- 
ing through a number of basic 
reforms. These include grant- 
ing legal equality to women, 
reforming the penal code and 
divorce laws, speeding up per- 
missions for the return from the 
Eastern bloc of the Communist 
refugees from the civil wars and 
lifting the impediments to oppo- 
sition access to the State media. 

Such arguments lie behind 
the growing polarisation of 
Greek political life. But there 
are equally heated arguments 
about foreign policy. Mr. Kara- 
manlis has charted Greece on 
a course of affirming its links 
with the West, in particular 
through accession to the- EEC. 




Mr. Averof/Eossitsa,. whp" has 
' : . been: .Minister, of Defence :since '« - 


T - • ' tiations with the Turks over the - the f all pf the junta^ walks with - “ 
- Aegean on the grounds that it. hii ■:? - 
means bargaining away.Gredce's *?«*»*• - 


means bargaining away. Greece's nght or the',p^rty/- /jfc ‘ 

■sovereign rights and frontiers; BafijJ powerful figure '.whb-- 


Sn ef Ramon : 


and" followed a toogh; ■Hder'fco- faolds.vthe reins -jStf the' ‘'party* 
Cyprus. v; ■“*" oraaidsation, ' has considerable " 


EPrua. ' ' "7. organisation, 'has considerable • 

Today Greek politics / has adpjjhistratiye^abihfy but desr ' 




m # A 

■iCLgml wSb ft. '%&» ... / 

#• A? 


KgBJI^ESJSiSSqM 






become a bitter battle between/pite b4s impecc^.Iet»nservative 
these two. Last November’s cx^CntiEdsthe^ lssome’re^ent. - 
■ elections saw Mr. Kar aTtiaoU s’s/meht within the' jferty: ‘af’spmtf' ’ / 
share of the vote slip from 54.4 t> f : the, -reforins'/lbe- has-intw' - 
to 41.8 per cent and Mr. Papan- duced. ' .7 -Vv 

dreou nearly double his vote As for 
to 25.3 per cent All the indica- fpr Jjfs future w^-l^^ha -^ac^ 
lions are that .in a .wbrid. nf 'cesa.-^^itrrevhrtr® >tha^j5a^lpg^ . 
volatile party loyalties he has e6di^>hiyrvbt|^/e^>^ b^ 

'• continued to gain ground!. Tb& ceeds in . th^- wa^/menibers .iifr' ^ 




1 centre collapsed to a mere- 12 New-Democracy'Vftll still, qnes? v 
per cent of tiie vote , and_/its^,i 5 0 ' n / tbe/^Tel^ility ■ l of ' 

tmJicftmiAnf mtm.noHvr Tunt+Iflc i . 


C-?- 



' raTP,, “ I - ' ■ ■ 


% i? ( 


Sparta^ ' ^ ‘ 





IONIAN SEA Sea of Crate 




'■teSSSt 


u^lrahfiair^. 


100 miles 


f CRETE- V 


It has been a consistent policy 
which he has followed with 
determination and on which he 
has staked his reputation. He 
is also seeking a return to mili- 
tary co-operation with NATO 
from whose military wing 
Greece largely withdrew in 1974 
in tiie wake of the Cyprus 
debacle. 

But on both such policies he 


has been roundly attacked by 
Mr. Papandreou. The socialist 
leader has rallied his natural 
constituency, the smallholders 
who dominate the Greek 
economy, to his call " No to the 
EEC of the multinationals." His 
party. PASOK. has renewed its 
attacks on NATO as a “perma- 
nent threat to world peace" 
and “an aggressive Imperialist 
mechanism " — attacks which 


even in the less demonstratively 
anti-American climate in Greece 
of today strike some chord 
among the many Greeks, who - 
blame the U.S. both' for- fhe 
junta and the Cyprus situation.: 

He has also stressed his 
nationalist credentials, answer- 
ing Mr. Karamanlis’s slogan, 
“Greece belongs to the West"? 
with his own "Greece belongs* 
to the Greeks;” opposed nego-: 


negugiote torce. un . me *. . '. ••= -- - - r . . . •- v * .. 

the National Rally won 6-3~ peri-yxfrftat bftjripttha r W. vftMo : - 1 
cent of the vote and its yantb/be^u3 U enced by;ihe' extent to/ 
has. since been active. Kmr^ai^.ines .to:-'; :- 

the Left tbe . Con tm mt l g t -Pafl‘ty ^mpoise bis. ."choice/ on. bis-^partjH 
of Greece (KKEJ, a pro- wbdi he eitirer tfi IteC^ 

Moscow party , consoli dated - its : £ deserved ■fesf'qpswk tff &fjonS : 
position with 9Ji per cent of the as PreMdeht> H&: dewesf v aflvM^‘ r 
vote. But the limited size ‘of- the sers-s^y tbat'he-iS ^keepi^'bjS? 
industrial proletariati’ where! options : open.; Potentially tife/.V i. 
it enjoys support and- ^ihe .Presidency is a powerful pbst/ - *• 
faet that most of the agnenl- evwi’ thbugh its present invum- 
tural population are anally ^ Constantin^; "Tsateosjv > • 1 
holders, and the party’s. 2 xslb ‘followed Mr. Karainajilisfs'. / 
exclusion from- the State^pparent/ wishes " in pursuing ’• 
ma ch inery — let alone, as; to .a a,;purely formal role and hra^ 
lesser extent is true for S&/b6t even made "'one. state - ■ 

Papandreou, from the "sta^jahxpad! i 

media— mean that talk cdF a . ;• -EquaUy. . important- "for- " the 
Communist danger', is ./'dfar future- wfll jje *;thB .flmlng/qf; " 
fetched. v#---. -ltfr - 

. The municipal dection^'^Ufe adrisers ^y be^iJd^ Ti6t -wisiL ? 

in. : October are impmlzint . In- ter ' Ieave - tho/ train: until il . 
that they will provide .concrete, reaches . -at: ? one /of hia- - 

evidence of whether^ PASpK chosen . statiohs —' bbtainmg 
and the KKE will be able to' Greece's accession to. the EEC/ ' 
sink -their differences— particu- . or resolving the problems. witiF ". 
larly over foreign policy— to the Tui^my over the Aegeap or the 
extent of predating a ^oint Cyprus disptrfel And while these 
challenge to >Mr. . Karamanlis. .. are .proving hard- stations , to 
? At present time .would seem, reach/ tije- Vpn^-di^ant. chal- 
%jbe qd Mf?“Papandrebti^ sade' IbSgp presentfed. by Mr. P-ipah^ • . 
wl that ' thert is a" libadiy'/s^ting dreob . sl<wly ; mounts. - /i : 


















15 


financial 'Weds^&jr. Jinte 7 1978 


GREECE n 



. - - ■J' " 

s " 

*hrl y 

^nir« k • 

n - E « 

■'UB. % 



updating the 



JV' 


9iss 




S& 

ss 


'•SfiS 

us Aw 

J* l ’ t 

lt,ne Sij 




'•vaifej 

l! * «*! 

It* .% 


Party. 


Bet-- * 


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F «* i, 

wnsiafi 

lly ^nt t 

!?*"£ 
»ora 6 rt% 

e >*U 


^is.nv 

,> bis, 

% 
’ if he j 


ONE MONTH ago-there.wasan 
abrupt change among the 
personalities running - ‘Greece's, 
economy, in place- of his man- 
darins from the 1550s whir had 
been ; acting ' ' as ’ economic 
overlords, the Prime Minister, 

. Mr. ' -Constantine- ". Karamanlis, 
brou^rfintiie forceful liberal 
maverick--; Mr. . Constantine 
Mitsotakis, to bead the Ministry- 
of Co-ordination. Av Minister of. 
Finance^ he. .appoiped.. ..Mr. 
Athanassios Kanallopoulosi : : a 
lively ! academic. 7 who used .to 
belong to the political centre. 

By entrusting ’ direction of the 
economy to men. from outside “ 
his own party, Mr. Karamanlis 
was recognising; time heed to 
give It fresh impetus. Growth 
is well' below the rates of 
the late' 1960s. Private manu- 
facturing . investment is - lower, 
in volume - than in 1973; Con- 
sumer prices are rising at 12-13 
per! cent, well above fhe average 
in the OECD: -and the drachma 
has been falling at an annual 
rate of around 14 per cent 
against the currency of Greece's 


member 


, — "sr.t 

1 SUllto 
^ 01 s. 
rnnSj^ 

5 wast^ 


* *** 
be etiis. 
riU toi. 
cc bis 

**« to 

seektlas* 
floscst ajt 
; Repins i. 
ier.*j2ll.T t 

•WCTflj! pi; 

‘‘•'em \& T 
i tine Ts^ 
Karainafe 
in pur® 
role 3 Ne 
ne sisiet 


»sS? 


i.S 


main 'trading, partners.. • 

Mr. Karamanlis himself 
appears to believe - that it is 
not the policies o£the past four 
years which have been proved 
wrong, but their , application. 
For alt the Press tali of an 
“ opening to the centre" there 
are- -doubts about' whether any 
major tx>U cy shift sfeoul d he 
espectod.- The -Ministers lhem- 
scilves tell visitors that their 
priorities ' are" ’“puttmg' the 
house in order”. aft&,;liko lhtir 
predecessors, .tackling' inflation. 

Despile“thelr bact^roands the 
Ministers are preferred by 
■ industrialists to their predeces- 
sors.: 

ThcrespertedAmeusccopo^ic 
weekly Oiftouonukbs Tahi* 
drermos stresses ’.the, problems 
the Ministers would have in 
- introducing : any _<b?i®es and 
also emphasises the role the 
Prime .'Minister- bhnseu has 

played in running the economy. 
It sees three factors, as contri- 
buting ». the difficulties faced 
by previous Mimsters-rthe way 
the Prime Minister's office has 



OF 

HEAD QFFLCE : ATHENS - GREECE 


CONSOLIDATED FINANCIAL STATEMENT 
- AS AT: DEC. 31, 1977. 

(in comparison to balance sheet as at Dec. 31, 1975)7 


| Cash in hand and Banks 
Govt Treasury Bills 
Securities Portfolio ■ 
Loans and Discounts 
premises . 
Furniture-Equipment - 
Other Assets ■' . , - 

Our Branches Accounts. 

i -i . : .*j ; -L's 


Guarantees Issued 
Memo Accounts Assets 
TOTAL ASSETS 


31/12/77 
hi Drs. 


564 605.000 

531.350.000 
67.643.000 

1.306.009.000 

333.134.000 
'i2.K36.000 

.,45.343.000 


2.860:«0.000 

632.164.000 

1.111.773.000 


31/12/76 
In Drs. ; 

251.990000 

127350.000 

'21.258.000 

640.i6i.oq<H 

211:805.000 
- . 7. 61 1-000 
31:227.000 
6 384.000 


'"Net 

[increase 


1-298.386.000 

259:335,000 

471.738.009 


2 029.450000, ' 


+124% 
+315% 
+218% 
-4:104% 
; + -57% 
■'^•'69% 
+^5% 

> 1 ^%) 
' +144% 
+136% 
+127% 


often rejected ministerial pro- 
posals: the international busi- 
ness slowdown: and the way that 
the intonsi* political importance 
given to Greece's entry to the 
EEC has “paralysed everything” 
in the economic field. 

Behind all this is the rough 
legacy that the dictatorship 
bequeathed its successors. Four 
vears have passed since the 
Colonels’ junta fell, but still the 
Greeks are having to pay the 
bills it left behind. 

The economy continues to 
suffer from the downturn it took 
even before the 1973 world oil 
crisis. It has to bear the 
massive millstone of defence 
expenditure needed to handle 
the confrontation with Turkey 
which the junta unleashed. 
Equally, after seven years of 
repression, the workers are 
pressing their demands— -while 
industrialists arc only adapting 
slowly to the change from the 
policed economy of yesterday to 
the mnre open society of today. 

But though the junta period 
contributed to the present acute- 
ness of many of these 'problems, 
it is also true that where the 
structure of the economy ts con- 
cerned the junta only 
exacerbated existing problems. 
Today the impending accession 
of Greece la the EEC makes the 
racing of these problems 
increasingly complicated, crucial 
and overdue. 

This year the authorities 
expect GNP to grow hv 5.4 per 
cent in volume — well below the 
7.6 per cent annual average 
recorded during 1963-73, the 
heady decade of the “ Greek 
economic miracle." 

Last vear growth was held 
back by a decline in agricultural 
oulput and by sluggish growth 
of manufacturing output. The 
Governor of the Central Bank, 
Professor Xenophon Zolotas, 
attributes the mere 2 per cent 
increase in manufacturing out- 
put to a slowdown in the growth 
of exports, following the slow 
growth and “increased protec- 
tionism in Western Europe, 
and to a shift of domestic 
demand towards imported manu- 
facturers. . 


to the EEC. 
is the high 
self-employed 


. ft o£ the KMimmlU Government people are Ijvin? throns^" ’^bn Sroug^ihe ' “cmnw'tt®- 

propo^L of °.Vven U this has „Ken only . The « » f ™ " mittee. Professor Zoio.oe has 

and unpaid few steps to correct ( he scandals merit >s nou ciaporat . 


rm-riri few steps to correct r ne scanuais * 0^111 — - - 

— .v - ' 22 ? of the junta period and to im- updated version of the pl^n for 

family wooers JJJ t ° rove the poor safety and abys- the period 19i&£2. 

5^1971 these totalled nearly 60 tnal polhflim records of Greek Wift planning yet to be 
per cent of total emploj-ment industry. forged as a weapon, the State 

* against around 30 per cent The Government has now contin ues to rely on Its traoi- 
os - - Bill setting out tional tools to guide the 


•achmas each year. ■ eontplained of the banks relax- 

Such an amount would cover in ^ criteria applied in 
almost half of this year's budget j e j ect j n g loans, and credit ex- 
deficit. This deficit, together ion t0 ^he private sector 
with price support and sudsi- aopears t0 5 e running closer to 
dies and the losses of state traa- 2 j. ceQt 2 o per cent 

ing enterprises, was equal last gg official target. 


as against around 30 per cent The Government has now cont inues to rely on its tra 1 1 - _ ng enterpr i seSi was equal last “ et H ag official target, 
in Italy and Spain and be- pre pared a setting out tional tools to ® year to slightly over 6 per cent urinUter 

tween 10 and 20 per cent in reinforced incentives for Indus- economy. 0f ^ GNP, according to the IMF. However, the M te 

the OECD as a whole. try. One of its aims is to spread j s taxation. The 26 per cent deficit lvas as usua i largely responsible f0r ^_ 

Another crucial characteristic j nt justry out ' 
of the Greek economy is the low piraeus area 
share of manufacturing and the t hree-fifths 

... . f .Awkinac li.n AVPira-ll nVttX&I 


share oT mamiiaciunnt; aitu 

high share of services in overall employment is coficentraTLd. 
production. t * 

Manufacturing accounts for PJalJIllDg 

around 20 per cent of GNP. 

which is lower ifhan the share w ^ general, such planning is 
Turkey and significantly lower u ^ a Ter> . car j v S tas*?. The 
than in Portugal. SP a * n ^ L ^ l "7 preidous Karamanlis Govern- 



of 15 years ago- The high im 

cribed by Professor Zolotas as a indicative plan but was inrrncJuct jnn n? such require- the s:ate should be 1 in i a ■ “ tions t h e problems are bein = 

“ permanent feature <d the imme diately deicrhed by the nts nf EEC membership as position to hold back t overcome. One of the chan D e. 


for handling 
to the EEC, Mr. 

is rcianveiy iu.% 7 .™ to buv Treasurj' bills — a v™'=’ w««ew» K °° r l% 0 r ?f S ‘ adaptlS 

levels in the majority of OECD criticised by the IMF not that the praeM 1 Of ^ adapting 

ssM'.’Sias art- r x 

“.. ,o monetary CT,n ^ u e ^^T ts .^ u G i r j 

It^JZ “ .such policies ^ f « 

? e v™] n S changed. He argues that while 

theory some sectors such as agriculture 
In theory tr% nravide coraplica- 


— - - opposition spokesman, iir. man- yAT 

As such it is not necessarily a nis pesmaz«iqlo». Finance Mm- 
weakness but it duos mean that j S ter in l h'* first post-junta 
a large -trade deficit is a strut- government a. • a ‘-olleei-.-m ni 
luraT featnru uf the ucunumy: XeneralitUs wnl. Mile r-rU-vente 

that to expand the t-cunomy as a to the vita! imimdj i.t 

whole it is not tufticien-i 1 1 " 


Worried 


. 31/12/77 
In Drs. - 


Snare Capital 
Reserves 

Provision for depreciation 
of assets 

Deposits - s 

Due to Banks in F.C. ,; 
Margins & Customs Dues 
Cheques & PayrrieriTOrders 
Dividends . Payable j - - 
Other. Liabilities -. . 


Letters of Guarantee 
Memo ‘Accents UaWlities 
TOTAL UABIUTES 
Net profit lor ihe year 


540.650.tjOd 

240.76P.OOO{ 


7j3O0iJOO 
1.630.427.000 
J 18^&7.000j 
... .a2.893.000j 
109^27.000 
43.252.000 
| ' 73J924.00Q_[ 
2.860 920.000 
632.184.000 

_f.111.773.QQa 

A BO4.877.00a 


31/12/76 

Drs. 

-378.576.000 

93.799.000 


3.100.000 

669.998.000 

73.236.000 
24.646^000 

11.196.000 


-43.835.00qJ 


i. 298.386.000 

259.335.000 

471.738.000 


10.271.000 


.Athens, February 23th. 1978 


’. ; p. Dukarls' 
Vice Chairman 


C. Zauzoulas 
General Manager 


HEAD OFFICE: 3 Korai stT.. ABipns 132 
Tel- 3243742 18 lines) - Teior. 4185 
• Cables; KBETABANK' 


In the labour market the 
high degree of self-employment 
in Greece is reflected in the 
way that underemployment 
rather than open , unemploy- 
ment has been the main prob- 
lem.- For their pan the 
authorities have been far 
more worried about the con- 
tinuing rise in prices. 

In the year to January last 
consumer prices rose by 13.4 
per cent according to the ofh- 
dal index, though the real in- 
crease was widely perceived as 
higher. 

Professor Zolotas blames the 
pressure on prices on the 
recent housing boom and on 
the rapid rise in unit labour 
costs; the rate here is running 
at about 20 per cent per year. 
Be adds that' the persistence 
of inflation is to a large extent 
the result of the inflationary 
expectations prevailing in the 
economy. , . 

To tackle "this situation the 
Government has attempted to 
restrain the growth of money 
supply. It has also begun to 
stress that one of the key ele- 
ments' of inflation is the service 
sector, “with its uncontrolled 
possibilities of profit," as the 
Ministry of Co-ordination says. 

Professor Zolotas points to 
the mushrooming numbers of 
middlemen such as import ere 
.and traders who are not listed, 
perhaps even by the tax 
authorities, and who are not 
interested in productive invest- 
ment. he says. It is these, be 
believes, who are largely res- 
ponsible for the “excessive 
' consumption" in boutiques 
and tavernas, let alone the pur- 
chase of consumer durables 
such as cars which have to bo 

imported. , . 

...Behind this problem he 
structural factors bound to- be 
affected by Greece’s accession 


to problems 

stimulate only manufacturing, r, 
ami that marginal expenditure 
has a high import content. As 
one economist 3t the Bank 0 . 

Greece says, “Wlu-n take 
measures tu stimulate our eco- 
nomy. n is the factories of our 
trading partners which benefit." 

Such problems are aggravated 
by the nature of Greek manu- 
facturing units. From the pro- 
ducts angle. Greece is strong 
in textile production and this 
would be a healthy sector but 
for European protectionism. 

But much recent investment, 
particularly by foreigners, has 
been in the field of mineral 
processing or "white S°°^- 
Such plants as Pechiney’s Alu- 
minium de Greet have relatively 
low local value-added and do 
not father ancillary industries. 

Equally, tlie white goods depend 

heavily on foreign technology 
and imports. The import content 
of manufacturing inputs in 
general is relatively high. 

Greece still exhibits the 
classical attributes of a dual 
economy. Alongside the rela- 
tively few large units exists a 
plethora of small workshop 1 ?. 

In 1975, 84.4 per cent of Greek 
manufacturing units employed 
four or fewer people and a.-i 
per “cent between five and nine 
people. 

These small units have long 
been discriminated against 
when it comes to obtaining 
bank finance or offioal licences. 

But they survive. The Govern- 
ment’s view is that their flexi- 
bility will preserve them from 
the chilly winds of unrestricted 
competition after the full dis- 
mantling of tariff barriers. 

This is due in 1984 under the 
existing Treaty of Association, 
with the EEC. 1 

The industrialists themselves 
are becoming increasingly con- 
cerned about the implications of 
entry. A recent study by IOBb, 
the Institute of Economic and 
Industrial Studies, which works 
closely with SEB. the Council 
of Greek Industrialists, stresseo 
that "The free establishment of 
foreign industrial companies in 
Greece is likely to cause severe 
problems of competition for the 
products of certain branches. 

. . Among the branches listed 
are food processing.' chemicals, 
pharmaceuticals and many 
household goods. The study also 
expresses fears about the obliga- 
tory lifting of non-tariff barriers 
to trade. 

Such fears are one of the fac- 
tors which caused overall manu- 
facturing investment to decline 

in 1977 — and still to be showing 
only few signs of recovery. A 
second factor has been the rise 
in labour costs and the erosion 
of profit margins from the very 
hi n h levels to which industrial- 
ists had become accustomed 
during the junta period. Indus- 
trialists have also been com- 
plaining at the “social mania 


Equally, tax evasion is rife, 
particularly ar/on? *>’ s *- r ; 
employed. Ever. :n* present 
Minister of Industry, -dn. 
MU-ire. - T-' - - w form-.T 


position to noia oau* nw-i **■ overcnme . One of the changes 
that it has control over banKs haJ|d ig thp establishment of 
responsible for four-fiftns 01 & forei?n exc hange market m 
commercial banking activity- wh - cll ^ eom mercial banks 
But in practice ihe central |- je able to deal, 
bank can find fi-^-lf at odds 
,...;h hi:rh the Cmv. rumen t and 


David Tonge 


Greece means not only marble, columns 
and amphoras . . . 


OLYMPIC 


Jl. 


We're proud of our past We're proud of our present, tpo. 
Today Greece is exporting over S 2.5 billion c / S oods t ° ° 
countries. That adds up to a good bit of ternto^ - nearly 
200.000 km - 146 times the length of G reec ®- 

in the past, our ideas have always been far-reaching. Our 
ideas today are no exception. We're now manufacturing a 
range of goods from jewelry to cement and our ever- 
expanding industrial growth is putting our c ^ d ^g °^ 
the map. All of this activity means business today m ^ ® e ' 
Come to the Thessaloniki International Trade Fa.r and 
let’s do business. We've got ail it takes for a great inter- 
national business meeting.Two special days (Septembe 1 


and 191 for commercial visitors exclusively. pai ^ lpant * 
from 40 countries. A v,ide selection of pn*m *™th. 

latest in technology w the finest >n ^“'"fthfee^n^ 
location that attracts the best business mmds of three conn 
nents. And a holiday setting that combines the glory of 
limes old with the freshness of a sea brea 2 B. 

wre invited... to see Greece today at the Thessaloniki 
International Trade Fair where Greece means business. And 
the past is ever-present. 


Official Gamer 


SSBrnsaa---. 


, fflSS!StS«.us*«iw»i 

In a way that most people sum up in a word. 

O.K! 





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A B 

The National Airline of Greece. 


36 CannonSlreetSrmi 


















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36 Panepistimiou Street . Athens 143 ■ Greece 
Tel. 3601-011 19. Telex; (21)9278 ERBA GR 


an 



GREECE HAS' always had the neighbour liable to seek external limits of territorial waters. At portant In this respect than the- ■ . . 

problem of Just how forceful adventures to divert attention present. Greece’s territorial islands off its coast .. BASIC STATISTICS 

and independent a foreign from its domestic problems. waters are set at six miles. . The. arguments <m such Areafsquare miles) 50,944 

policy a small, country can While public feelings run MgtL are worried that Greece subjects are highly complex and 0 ,a - 

follow. Since the Second World in goirecnmen t circles too there “jsM extend the limit to twelve perhaps jess important than the ropttiaaan rr s.iim 


War governments have sought grave concern for the future. n ^ es- This would, they. .fsay» imHu-r ii Hrig fears' of : the two ,Br779.2bn 

to answer this question by link- To ^g p^ mp Minister, effectively cut the sea links' be- - putative allies. Turkey is con- per capita.- -■ Dr 8072 

Ing Greece’s fete with that of ^ Birient EcevW, may be the M ^ nur ^ and earned that the Greeks may seek. - 

the West Bat Greece’s partial Turids j 1 poutjcian most likely to 016 r ? st of Turkey. For Giem pge the Islands as a wall to ™le tiare> ^ .. . 

withdrawal torn the mAhtery ^ ^ ^ progress ^ cyp^ this would be, they have told 6lock Jn the Turks. ' It also Impori&^y^ “ . ;P r;22L8ba 

Aug ? st , lUnr dilute towards a settlement, ^ Greeks, a cause f or ww. argues that the dispositions Exports ”: i 7 - “:J)rI3&5bn 

reflected the widespread resent- but ^ Greeks remember him made by. NATO at the height bf y — — 

ment at an aOIaziae winch, in fOT presidillg m ^ A rP n W . '-the cold war-Tuikey being .. ggg™ ; ****? !* 

eyprus, had failed to occupation of 37 per cent of the allocated the Black Sea and Exports to. UK . -gfr LSbp- 

There Is disappointment The Soviet Union, which Is- Greece being allocated much; of Trad«-<IP77> ••;<*- ; >. v 

^a^r^SSs: ££. T^SFi Aegean-need xeco^der- 

r^ pair _ P r f® ce - L«5?. S insufficient to allow President the Aegean, has Itself stressed". For its part. Greece has the Exports to PK - • £as.6m 




with NATO and to institu- *> allow President the Aegean, has itself stressed; 




DoUUcaf links Western reconvening of the intercom- remain open. Asked uJanda s hould ^ ' ‘ ' '" ; J" 

L thrnush membership of numa i talks. And there is a seep- Greek intentions, the Greek surrounded by a zone of exdpr. ^ -r. ,vj. '-.-i' - - 
fh^C^he^ubU^Si ^on ^.^PPWach to the genuinely Minister of Defence,-- ^ ^ Turlddi .. nuhtoy 

. . 1 . .. aaeneved m-ntPNhilinnc fhp Uhianoplftc Awmf - TosftitKa. -econonklC influence, they. WOUld 


economic 


j Spiros Kiprianou to favour a the need for the Aegean to nightmare that, if its outlying 

*v- =_ teYortfin should become -r ■ =" 


t "ss 1 ^ * mp m6 Tarid5ii -Ni®r£ i jii%s ! ^^s : 

prirnTnunist Partv of Greece itself, aerflin brine the two will be respected by ( Greece _ _ . • . rr> ■ Papandreonjs afeo.arenme't'hat . . 


Communist Party of Greece itself, again bring the two 


tafrbMn . - - 


against the stormy background attempt to tackle the dispute 


of Greece’s disputes with Turkey, which now has more potential ft t* 1 ® rame time the Aegean hstanc _ Th e next step is ^ 

_ . J! *V_ X ... _ . ie an international seawair'anri -SUOSrance. me next siep js a .. -s*_ * 


dtrt tne dialogue mey sougoc-iu 

Stirt has yet to become one *;2igStfeSSBSWI#f 


These are at present one of the for conflict, the Aegean. • meetSg in Ankara in July ± Tot . Par£,the <3oyermne|it T 

determining factors in Greek Here the two countries are at ^ - tr^r mrf - 5 between the Secretaries General 13 .ahBadiWtffi^ se&$n& ; 

public iife-and yet the level of odds over air, sea and land- ^ ^ ie ^ ected by Gre ^’ -of ^ two ' 

public information ds not high, albeit only land under the sea. As for the seabed, the Grteks -Ministries perhaps ft™ ' hi gh - a ~ while.the EECGptm ^ - - 

There is not one Greek journal- The continuing quarrel over cite international conventions level to enter into the t o y>h ? fopf H i tssi oner ; j ^ - - r : 

ist based in Ankara and most delimitation of Flight Informs- which stipulate that islands details and too low - to, >Ati A Urgeme nt of v , v . j~ - 

4 of the news reaches Greece tion- Regions means that the generate rights over their cion- political solutions. 1 ; . : talks 1 .? _ 

through official channels. The Aegean remains closed to inter- tinental shelves. The Thfics, Greek proposals ■ for a ^nr ? entiy^ of .tGr&^ .hc^,^ . . 

- picture the newspapers give is national air traffic. Where the basing their arguments-. on Aggression pact has jiist bbm r ^jea^sed by j ■ - ! 

1 consistently one of a troubled, sea is concerned, there is a equity, counter that the . Ana- revived. -• ' 'ii-*; ■ : . , y S/\’t C+s':fC" ’ ^ ".' :: 

backward and impoverished potential problem over the tolian land mass is - moire; im- The U.S. has valuable bases on*^jVlOOVCS'- : ^^ ^ - 

' the Greek mainland and in'par-- - ; -" ‘ <*’’■ J 


the EEC 


ticular on Crete — an island- Government's ? motives - 

A -j • V:\. which potentially controls all ^ ; .as - 

i\ ^e /^v /S /“% - 4 ^ /V sea exits south from the Aegean. T-^^ Jbetief i -that .. 

l\ Till I f 1 IA { IJ 1 T1 ■ - But for NATO and the^ Warsaw Merobershqi: wUl.Aelp .Reserve 

I %. 1/ Ly 1 V / ( 4 , 1 ^ 1 I 1 1 I CL Pact. Turkey is strategically the'^f“ u> ^^^^ 

Cr more important and the more jthis > is - unspoken; 

- . ’ unpredictable. One senior red °®|, chances . amflict 
. assistant to Mr . 1 TTa ramiinTig ,:- Tut^eyr .. As^attdbihere^is 

j Mil X 1 when asked Mf Ureere nu^ a ^ ndenc yto M derestimate.the 

T H 1—4 I— J f cobsider foil owing i^irke^s 

| I It” I 1 . I . - example of gently ^ flirting with have^partitai- 

tllv ■ J m. J y • the USSR, replied:^ ^“But Moscow - larI F for the smail: holders 

• looks on us as a second-rate and sman niahdftcttiring:iuflts 

country.” And the suggestion ^Wfaicb ■ form 1 - the basis ‘Of’ the 
that Greece might follow trr - Greek economy. -j 

DESPITE hurdles to be over- Greece. In fact, the Commis- points largely concern wham Papandreou’s calls ffir a mote^ f "Whae ■ • - negbtiattpns - now 
come with regard to agriculture, sion itself has described Greek EEC regulations shoifld ■ ^non-aligned policy 'is ^ cobiitereii^PP^r^ ^ be ^ -going ..smooihly, 
the Greeks remain confident that agriculture as presenting “a applied by Greece immedBOtely with the questionctf ^HbWmaiiy ! 8 ™? pro-M^l^tMrs ^ stiesB 
by (or at least during 1980) the more serious structural prob- on accession and which should battalions does the Third World concern ... at^ .the way ^ .that 
country will become tire tenth lem than those prevailing in be put into force progressively have ? ” >"■ statements, of .politicals will by 

member of the European Com- any member state.” Farm hold- during the transition period^ ' Tn fnrt iindfir iirr yar amnrii ig^-the-^ mmmi ityfm.lhe acxesslop 
munity. mgs, it noted, which are gener- whdeh the Greeks insist shocid Greece haa. made Mme opehing^ dF^reece are regularly accom- 

The political will of tlie nine ally small, are typically frag- not be tonger -thaai five years. • 'ft tbe.'Afmis ind- has., initiated wanted' by^ gestures ig-sapport 

governments to see a southward mented into unconnected plots: Firfr i and -imineitiete ap^ca-‘^eatexint^co-^eratitnr5n the coiitssf a 

expansion, through the acces- this in turn impedes the adop- tion uf tire principle of -iiree- Baifens.^' 3tn*a belated riespoWe baiance^wjrich lie Com- 

sion of Greece, Spain and Portu- tion of modern technology, ^ ’ f< > r fo'deftnteT^ aisd atrout ^ fo steiRe 'Jtrt- the 

gal, is regarded as having been At s °. these difficulties are exam nie r would disrupt ' "• the send its E^rei^n Minister, iftp. ’anti'Marketeers i.are tea fte look 
stated too unequivocally for aggravated by the absents of Greek paymeats balance/ Thus, George^ ^ BaHis.- ta- Moscow-^the .9Vt ior *ny *ndipation. that the 
there now to be any question of appropriate marketing facilities ^ ddreot 4nvest- first such ” ❖isit ^y : a ^« cc ®f sl0n ”*t° 

turning back on economic m particular, an inaiffici- men ts j>y residents of Greece in Foreign Miliister ». since 'the th^ ^C^p t^jt m 
grounds. But whether, the Greek ently developed network of ^ ^ sCates ^veto Second World War. \ to Turkey. ; • . 

target of completing the sub- cooperatives. £ But its emphasis has been'mi , .fePapan^eotf^^y • «£ . 

stantive negotiations — the hard However, the Athens source ^ ^ ... tackling its problems within tbe Unues to op pose_fifl lor Associate _ 


But its emphasis' has been nn . ^ Papamfee^-^^arty c^- 
wi iT tackling its problems within tbe - timies to o pp q & fifl l qr gjisoqate 
X framework of the UN -- 

r particular of the institutions" of agreement yith th^EEG wh^h 
***? the West The U.S. Adminlstra- je^ates ta groups pf - ^oduc!^ 


is something else. P° sed for 1116 existing “Mediter- • the West The US Adminlstra- jelates ta groups' of - products. 

The Greek timetable, vigor- ranean regions” of the EEC are tion’s attempts to persuade 

ously promoted by Premier to be adopted first so as tofonn gress to repeal itearms enAargo ®®^ 

Constantine Karamanlis during the basis of the EEC position in frmng of Qn ^gy have' not hdped, the 

visits this year to the capitals of the negotiations on expansion - goveramenfa, ^o-west poUcy. : 1 « 0 ^^ t ^'^^^ 

all EEC countries except Ireland. ““J-™*- v 33 .^n ^example ^of a But it ' faafi mide ' a' nrim: 

would have the negotiations old Athens argument that ^dingpoi^a^e question ber df rtepB towa rds .repau-- fcfgendnrarajthdS? 

wrapped up by the end of this ms country’s agncultural pro- whether the product of liquids- - 1ft mititary links wrth '®" 1 ^ 61 ^ 3ayjF ,; 

year. Thus. 1979 could be de- duct ^ “complement” those tion of an asset an Greece NAT0 ; It is seeking the estab- handling ^ ^^EEG affate, 

voted to ratification of the of the EEC is rarely heard these should be regarded as wtooHy or y^ent of a Greek commaind ?*• Geo*# 08 Kiffitogwrgis ^r- 

accession treaty bv the parlia- ^ To ° maQ y °* them are only partly exportable— a sub- ^ j n Larissa or Salonika: ln ^ 

ments of the Nine and of clearl y competitive, especially jeetthat acquires importance in dj re ctly linked to the -NATO .-9^-^ ^.t 11 ® 13 ? elections 

Greece, with futi membership olive 9*1, fresh and processed view of soaring real estate headquarters in Naples, .to seme extent to Teel vre can 

dating from 1980. ■ vegetables and wines. In- values in Greece. wouW paraUel the arrangemeiits 


y 


.l&xe 

O^ifrerr 


While this has not been ruled st ® ad ’ *t is now maintained — However, while at is not between Turkey and the alliaxice j5ut , tb ® debate is not ^yct over, i 

out by the beads of government ^ r| ^ 1 ®°™c support from the envisaged that all points of this which come • into effect - dh fS? d eye y itn-wiucu -• 

with whom the Greek Premier Commission— that the quantities nature can be settled by the end July L The Greeks contain tbe. j EEC_follcnvs. .tbe. heated ; ; - .. .. 

conferred or by the EEC Coni- mv ^ v ® d are ^I a ^ ve ^ unim- CONTINUED ON thatTurkey'isffiibusteringJheir Gteek poIItics. _ 

mission itself— and in Athens fK> £, ta f lt ° n 40 E^C scale. NEXT PAGE attempts to complete such a ;. .v 


mission itself— and in Athens 311 scale - 

the Co-ordination Ministry is »** this certainly does not 
still describing the timetable as uu 41x1 portu S al - 

“ entirely pragmatic "-there is ^ d ^though Greece appears to 


NEXT PAGE 


a persistent area of doubt over 


have won the battle to have its 


the agricultural sector. application dealt with separately 

However, a vital step forward and “ *Je agricultural 

was taken last month when the least tbe EEC will in- 

EEC farm ministers managed to fitably be thinking also of 
reach general agreement on the s f.^ n «*d. Portgual while negoti- 
complex problem of a Mediter- ating Wltfa Greece, 
ranean agricultural policy. m m 

According to a well-informed RarP fl 1 fllfl P - 
Athens snnrre. this shnnM make O O 


iuiij ununaioiiuaamj yM |i * J 1 | uc?a/^auittI|L/t)&U0_J~arra lf\nU m *.r 

appreciates what^ needed by tirotera aatiaAssfcuradort SpAAlMustaWjal - 

* ■- g_ arid. dienes -- and c aji ghw ttwsgfvfca _ __ Assui^mce Co. SAL^and United.- . .:-l 

SI3UCII MiaDIa" UCA-esfflt>ti3fwdlnSaudJA-aWaln1973 Commen^l lnswmrceCo. SAL.'- 
■ m -iiDdeiwritjeall classes of bustneiss tn Sauc9 •" TheUCA organisation ts growing 

me IOC3I Arabia and throughoo! tie MrddEe East .Jfast The head office is irr Jaddab. with V 
■ m UCAaaaa 0 eneratundeiwriBnq. . -branches in Dammart and FByadtvandT . 

eYDfinS if Wftiay aganfc inSaudiArabiotorthe fnsuianca '.^thena are aBsodlaled companies In - 
me ^ .5 BWW " Pod tor the Middle East (iPMEI"--:' • : .Athais. Amman. BeTfut. Hono Kona. - : 


Athens source, this should make ® o 

it possible for the EEC Council If hard bargaining does lie 
to give the Commission a man- ahead, it will occur at a time 
date for the agricultural nego- when Greek agriculture is 
tiations with Greece before far from satisfactory. Output is 
Brussels “closes” for the sum- stated by Bank of Greece Gov- 
mer holidays. Had this not been «rnor Xenophon Zolotas to have 
done, there would have been fallen by 4.9 per cent last year, 
little hope of finishing the following a reduction of 2 per 
negotiations this year. cent in 1976. And while this is 

A two-volume “ communica- attributed mainly to bad 
tion ” on Mediterranean agri- weather, structural problems 
culture from the EEC Commis- are said to have played an in- 
sion to the Council of Ministers, hfblting role, 
dated December 1977 and Janu- A National Bank of Greece 
ary 1978 basically concerns the report, after putting the main 
Mezzogiorno region of Italy blame on the weather, refers 
and Corsica and the Languedoc also to “ difficulties encountered 
and Midi Pyrenees districts of in the effort to restructure 
France, but is inextricably a@ricuJiture ” — tbasicaLfry a matter 
bound up with the problem of of switching to high-yield crops, 
eventual Greek, Spanish and promoting land consolidation, 
Portuguese membership. increasing the size of farm 

Noting that the EEC per and improving tire processing 
capita GNP is 2$ times higher a-mt marketing of agricultural 
than that of the Mezzogiorno, products, 
while the agricultural labour The fcwo reports, taken 

force in Corsica-Languedoc together, Leave little doubt that 

Muii Pyrenees is 50 per cent progress in this direction so fax 
higher than the EEC average, ^ ratSler teas *ban bad been 

2 = 5 ££S? MS 

;-igr — 

A serious imbalance in Medi- in Athens. 


best 


Pod tor the Middle East (lPMET-- ; - . 
ccuTJprt3fr)fftf»AISaodia Jnsiiranca &' • ' 


Athene Amman, Bermt. Hong Kong, - 
London, Luxembourg, Manila, Parte, 


Reinsurance cd SA, FedwatliisbrMoa^' ' : ^^oie, and Hie United States. 


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terranean agriculture. 


The Coordination Mimistry I principal group offices 


Commission says, is illustrated says the negotiations are “on 


by the excessive’ proportion of schedule” and no “dtea^-ee- 


labour involved in this sector, “cats" have arisen, as distinct 


UK! Sums UnJHciCaaiiMrdal Agondu Ltd, 

31 Berkolay Squara.LonMfl W 1 XBOB 

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low labour productivity, the 


number of “ pending 


inadequate size of holdings, pohits ” st ill to be resolved in 
low incomes and significant those sectors, including Customs 
underemployment- union, external relations an<t the 

These strictures could cer- free movement of capitaL 
tainiy be applied equally to Unofficial sources say- tiiese 


SAU« ARABIA 


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is uffiji 

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J^j COXJNTRIESr shipowners better off wltothe Community na-e is equivalent to 39 per 
have relied so .heavily on The —and the sooner, they ioere in cent of Use J”“?i h , 

principle of the freedom of .the- jhe 'more they would *e able Thui growth has considerably 
seas as Greece’s^ bat now the to influence any r policy the strained the -5221“ mL? L 
Greeks too are., reluctantly community might develop. Ministry of Merchant *» ■ 

accepting the real! ty.thaLhcncer The EEC. Commission origin- whose registration PmMsdiux is 

forth they will be ■ subject to ally, rapped. West Germany, cumbersome and training 
iocreastoff limitations both at Belgium and Trance on the whose staff, .like ' * ilit ® 

home and-abroad. ■ ' .-. knuckles for ■ signing the schools tame under mjiiwy 

, iv- ..■■.*'■•■■:• iiNrTAD Liner Code.- But in style discipline, and may sud 
_lnpart thia^ts a consequence Commission denly be switched from acting 

of the present: Shipping crisis, recent years^xne v-v _ harbour masters to repre- 

The efltectspf to are only too hasm^sgd^nly f *^ e ^ g Greece in complex 

evident m: Greece itself, where hreadnng Uie altic es o^ tnc ifl J tlonaI discuss i ons . 

lines ;of. rusting ships lie at Treaty, or ^tonwyjnten - However the age profile oF 

anchor iii the sheltered bays the manfune^^™ anJ jS fioct remains poor, 
near Piraeus. So far the only common transport *°! <7v record distressing. 

Greek owner to.be hit severely '. The danger for the ureeKs -s Janan and Norway all 

is.: Mr. Minos. Colocotron is, but that the EEC P 05 ’^ 011 P" * v,a\*p 73 oer cent nr more of 
one leading owner says that if Code is likely ^ tht-i'r tonnage aged under 10 

freights -do not recover this influenced . by. powerim and no raorc than 3 per 

year other owners could also be Code tendencies wiuun ine ^ yi .ars or more. But 

in trouble. munity'. The Transport Mims- “; occe > he figures a re 43 

The recent market .imprs-ve- ters of th«' per cent and 18 per cent. Worse, 
ment because of ■ grain ship- cuss the Code Within toe • , r l)(jth lfi7g and 197ft ships 
ments could be only temporary, few days.:.. Britain a w.. . und „ r Q ree k n a g accounted for 

k. 1. . -i..., .. „Mfi» nt tko iinge and is sees- . _ .. r .„ n ,M tnn. 


ments could be only temporary, few days.: Britain Jfi : undor Greek flag accounted for _ 

he warns.' At present up to one- critic of thff -Cod e , about 7 per cent of world ton- hi 

tenth of Greek Shipping is laid in g a pargo-allocatlon to -a nafi ^ but wcre responsible for th 

up; - . Attempts by a body of which wi JJ 1 ™J tV . 1 5L^| 0 |,i n * one-fifth of world losses. If w y, 
owners headed by the Presi- effects to trwje with de v => such flg uros are added Greek- sy 

dent of the^-XJnlon of Greek countries. . ' ; r : owned ships such as the Argo pj 

Shipowners, Mr. Anthony _ i, •• Merchant, then in 1976 Greek- f a 

Chandris. to. establish a volun- JyJElOriW owned shipping can claim a 

tary dry cargo lay-up scheme ' ««. not striiung one-half of world 

have so far had JitUe success: While the ^ipowuers ‘ losses b „ }■ 

the Greeks had h.'ped to cn- completely of -one mina, tn Acccssion t0 the EEC will 

operate with Scandinavian and majority vl|W, expre«^i y rt .q U j rc Greece to adopt stricter P 
Hong Bong owners. • . Union of t ^ t K^5vem- safely regulations. Already last 

Greek owners have been par-- a memorandum em . month the Minister of Merchant 

ticularly concerned about how ment to SRiMg. ftjows wem Marine Mr Emmanuel Kefalo- J1 
to preserve their share of berehip «f,the even ai „ jannis announced various. J- 

cargos in a world of increasing though it argues measures to improve matters. v 

flag discrimination over cargo Government^ is cuugjj® . The Minister was hopeful 

allocation. A® specialists in than is y ® that the Memorandum of Under- t 

cross- trading— that is when the Treaty of Rome “J 1 standing signed by eight S 

Srgo is carried m: a ship ters as northern European naUons a 

belonging to neither, the export- coastal amgrtin. inc i uding Britain which pro- 
ing nor importing nation — the it writes, there _is S p amen vides for general surveillame cf J 

Greeks are particnlarly vulner- of an exwlus ocean-going vessels calling at 

able- to the effects "of such pro- to the .fleets the eight would produce gc*od 

posals - « . UNCTAD's Liner Member sUtes." This, follows However ]t s o nly two 

Code. - .. the higher^ wages ;J*M- months sin ce the Minister also 

• This code sets out to establish ships of find- announced a six-month ‘-■*ten- 

the prindpleof 40:40:20. in hopes that the prpWMisoffind- dea dline for ships which 

other words ships- from the ing had fai ied to meet the -lanuaiy ; 

exDorting and • ■ importins solved by bilateral -agfee ents ^ ig78 deadline announced 

Country 8 each staking 40 ; per developjhg four years ago for the installa- 
cent of any cargo generated Such, hopes ^.“ l .'^ tTItinued tion of high-frequency single 

wS ffil, rost i,j& grt ®^ re poIlution „ concern,*. 
SSu^ded-^^ay^Gwek. .ship- Japan and the ^th recent conventions by ue 

assfi^W — he le ^ tab,e it 

— tative Organisation. It is also 

# setting up regional anti-pollu- 

/ tion staliqns to deal with v:,tat 

... has long been a major problem 

- • ) / in Greece, as the tar begr'mmg 

so many Greek beaches bears 

; "" / . witness. Greek owners complain 

. I . that most Greek ports lack 

f .s ' suitable slops receiving stations 

/ but are being warned that by 

I COMMERCIAL BANK g&r.«lS' , £S 

I OP OREECE ESTABLISHED 1907 I 


Net shipping receipts, which - 
include remittances of savings g 
by Greek seamen, totalled 
$972m in 1977 and covered one- 
quarter of the country's trade k 
deficit. However, the OECD has f . 
calculated that in the past the r 
cnninhution of shipping 10 
Greek GNP has been less than 
would have been expected given 
the tonnage of Greek shipping. - 
This point was taken up earlier 
this year by the opposition 
leader. Mr. Andreas Papan- 
dreou. when he told various 
Greek shipowners .that tos 
party’s priority was to boost in- 
visible earnings from shipping 
and noted that in the past these 
“had not grown in proportion 
to the huge growth in our mer- 
chant fleet." 

He also stressed the need to 
1 improve wages and working con- 
‘ dilions afloat, though modified 
' his party's prc-el ecuon stand in 
: that he said there was no ques- 
1 tion of nationalising Greece's 
* smaller shipyards. He was less 
’ precise over his aims for the 
‘ larger yards. 

1 One unusual development in 
the individualistic world of 
1 Greek shipowners has been, 
' pooling of resources by five 
t companies in an eff or t t0 cut 
, costs. The resulting consor- 
: tium. the Hellenic Maritime 
c Consortium, controls over 100 
vessels and has apparently 
,1 received several other applica- 
r . tions for membership. But the 
yards have been going through 
1S a difficult period. 


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In March, the Neorion Ship- 
yards on the island of Syros 
operated by the N. J. Goulan- 
dris group closed its gates and 
laid off more than 1,000 
workers. While the Govern- 
ment seems prepared to reopen 
these yards itself as a last 
resort, it is waiting to see the 
results of the interest shown 
first by the Greek owner 
Polemis, and now by a Dutch 
company and Clydedocks of 
Glasgow. In the meantime j 
three smaller yards m the 
Piraeus area are reported to 
be on the verge of closing. 

Various plans for new 
yards have been shelved. These 
include the $135m yard planned 
by the Karageorgis group in 
the historic Bay of Navarino 
: and the $57m. yard planned by 
i shipowner Captain Nikoalos 
i Papalios in north-west Crete, 
i Both yards had run into strong 
s objections from conservationists 
t worried at the progressive 
- spoiling of Greece's coast 

By a Correspondent 


qy*.'.. 

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, 


ORGANISATION 


An up-to-date banking service 
with the friendly atmosphere 
of traditional Greek hospitality 

Basic Figures as at 30th November 197.7 
(In -Millions) 

Paid up Capita, aad Reserves Drs^.858 (J^, 

Totai AsseS^nd Liabilities >124.553 (S3.440, 

: EORHGi^ EXCHANGE FACILITIES 
■A NETWORK OF BRANCHES THROUGHOUT GREECE 

"correspondents all over, the world 


EEC 


In the vanguard of the country's 
social and economic progress 


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Iv 




■■ ' v Vv • 




I INTINUED FROM PREVIOUS PAGE I 

the year, neither is antici- from a degree 0 f un- 1 

ted that the-y can be pennit Ap rt mong certain pro- | 
i t0 slow the momentum of happm^ QrganisationSi EEclj 
e negotaations. membership is opposed on I 

tAiJs, a Coordination Minis^> geological grounds only by the I 
iclai said— eating paruciUariy “ J|h( f lcil , c socialist Movement I 
itters cotKeroing 5 of M r . Andreas Papa ndreou and I 

Jettons with third counmes— ^ of Wo r jval Greek I 
iuld be left for finalisation dur- Commuilist Parties. Even if 1 
g 4he ratification process, or groupings held the 1 1 

issibly even later. support in the cities that they II 

In the meantime a more ived in last years general I 
rstematic campaign has been electionSi W hen the EEC was 1 1 
unched this year to never a raa in issue, the Govern- I 

te Greeks generaUy. and tne mem would 5^1 w i B a member- I 

irmers in parUcular of the ghip referendum hands down I 

enefits that will foUow EEL p rQvide d the farm vote stayed II 
tembership and. conversely, of so!id _- t hough there is some 
ie dangers that would result anxiety about the EEu II 

rom slaying “outside Europe. Karamanlis has made his I 

: . . , own position crystal clear: the I 

campaign „"e 

In a sense the campaign is ^ Greek people and its 1 
iot strictly necessary, since leadership in the concept of a I 
ilections are not due tor UQiled Europe." II 

toother three years and the GreeC6i he told a farmers 1 1 

government - has more than earlier this year, had I 

mbugb votes to push any acces- a ehoice It could safeguard I 
ion treaty through the present . tg iQterests an d national mde-ll 

Parliament. Dui there have been endeocei an d its 'democratic I 

jersistent reports here that the svstein , through equal 1 participa- II 
government may not fiMlly be tiQn in a faintly of democratic I 
able, to avoid a referendum on European nations moving I! 
Membership. If one had to be slowly but gtea dily in the direc- I 

held, the farm vote would be ^ on 0 j unification. Or it could I 

derisive. r „ follow "a so-called ' indepen- I 

The industrialists, for all the dent > policy that leads to I 

initial difficulties they will face. iso i at ion, economic stagnation I 
are adamant in their support of and incalculable foreign I 
membership; they point out dangers." I 

thaL anyway, tariff barriers are Returning from his latest tour I 

due to be completely dismantled of EEC countries, Mr. 

bv 1984 under the existing Karamanlis declared that there II 
fireece-EEC associarion agree- was nuw “not just hope but 

ment and that to date more or actua i certainty" that iu two 

less coincides with the likely years Greece would 1 be *e 
end of the transitional period. ten{ b member of the eel. 

shloowners are in favour a policy initiated in 1960 with 
J52TSS »t Greece to the association treaty, he said, 
have a weightier voice m W as now nearing its vuidioalion 
deliberations on shipping in full membership. " Unless 
SSSs. and say they are even i ha d been certain that n was 
? JJSvto face - flight " of a ma «er involving the future of 
Greek crews to the fleets of th e nation, I would not have 
other EEC members that would persisted for 18 years ^in this 
probably follow application of course towards Europe. 

SSucipiftt ■ °L 1 meS' By a Correspondent! 


'• \ \ f ’! 






^ mm- 


mm 


training schools. 

The task of the Manpower Employment OrganiMtion 

SSS ?n^th™European 

ECOn i^O's C pu^o S n e ,t in life is to apply tke G U ver™e n ,., 
labour policies and make the best possible use of the 

SS rs SUSS IE. constamme Lascaris 
and Uie Governor of the Manpower Employment Organ- 

ine of the labour force and such training, ia imperative if 
Greeiu to become a useful and productive member of the 
EEC, with skilled workers constantly available to industry. 

training 

MEO undertakes to pay a wage and the social insur- 
ance costs of workers attending 

means that a worker can improve his skills without loss ot 
income. At the same time, MEO can find jobs for trainees 
who. complete its courses through its regions offices he 
vacancies occur This is a most useful service to industrial 
:,™em line, it reduce, uneruploymeut rortne.s 
emigration and provides jndustrj’ with more aki-ltd and 

more productive manpower. . . 

The technical training provided by Hic.0 schools con- 
sists of ordinary and accelerated courses. The ' 
arc attended by youngsters between the age-s of 14 and IS 
and the latter by unskilled and unemployed wnlJm 
between the ages of IS and -15. The ordinary courses take 
from .2 to 4 years accordine in subject and the accelerated 
courses take Erom 71 to 9 months. 

THE SCHOOLS 

Last year 2,490 workers completed the ordinary courses 
and 2,272 the accelerated courses making a total of 4,76-. 


Thprp are 11 centres with 32 schools for ordinary 
ccurS as weU “ l" bSrdln* houses where 2.700 1 .«■ 
9ters receive free board and lodging every year. Another 
?So pSsons S given free board at MEO's board mg 

houses. MEO doctors are in daily attendance and |,o a 

social. workers to assist the youngsters with their problems 
For the accelerated courses there are 7 centres -4 
vocational training schools. 3 post-trammg schools and 45 

tourist trade training schools ^ f hich t ^' e n fn Sl Aren't 
about 5,600 trainees last year. More : than forty diff- re 
trades are taught at MEO's technical schools which turn 
£it sldUed fitters, mechanics, electricians plumbers, 
tallore and cutters, eamstresses. hairdressers. »»the oper*- 
»!« sawvers carpenters, soldsmiths. shipyard workers, 
welders, radio technicians, dental technicians, caterers, etc. 

The courses consist of classroom as well as practical 
instruction which takes place in 

in factories under the supervision oE experienced 
instructors. 

new schools 

MEO's Training Plan calls for the establishment of 
new Combined training centres for 

of adults between the ages of IS and 46 and of youngsters 
bew«n theages of 14 and IS in various Greek towns. 

trade orientation 

Another important aspect of MEO's activities is to 

h b!e SB P Tht S* f pe\f°o”rn!Srhy MEO'I Tcad^ 
Orientation sStt^hich 

request Similar advice is offered to pupjs at state 
schools in cooperation with their teachers. 

insurance a allowances 

MEO hands out unemploivnent allowances to woAers 

fj nd new employment. 

who are out of a job. until m illowance': 

Family allowances are also granted^ a, well as allow^ 

to military resen’ists who are caftz& uv. • earnin 0 

up to a great extent the income they would be earning 

otherwise. 

GREEK WORKERS IN WESTERN ELTROPE 
Greek workers in West Germany. Belgium and 
Holland L assisted by MEO representatives involving 
any problems that might occur in h . 

or in adapting themselves to new cond t ME0 

P a rf T C H by . 6r0U a r nd^ Greek HnmeT The., last make it 
advisory bureaux ana ureeK nmura. Greeb 

possible for emigrant Greek workers to "Ik m Greek 

surroundings and maintain links with the home . 

MEO also takes in 250 children of emigrant Greek 

workers everv year for free vocational training at its 

Xo "and Writes another 1.500 children to Greece for 

summer holidays with all expense ,s paid. 

SOCIAL MISSION 

MEO's work and iTs broader social mission underline 

the SveTnrribution to the country-'s economic prc, 
cress being made by the Government of Mr. Constantine 
Karamanli! and based on sound democrauc principles. 



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Europe^' ve r ^^“'TonnoOO tons ^ rr rodent, 

production^nt e^P^^^^Seractes G ®jjS? ”!fwen as 

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246 Piraeus Street, Athens 310, Greece 
Telephone: 4S13 651 (10 lines) - Cables: EXEMEP ATHENS 
Telex: 213C49 EXEMGR 


As the marketing company for a group of leading Greek manufacturers, 
VIOHALCO-EXPORT, LTD., offers to prospective buyers abroad the Greek 
industrial products summarily listed below. 


Produced in accordance with ruling international specifications and 
high-quality standards, these products are available in an extensive variety 
of forms and types and can be supplied at genuinely attractive terms and 
conditions, to suit a wide range of particular requirements. 


COPPER AND BRASS SEMIS 
— Tubes — Sheets — Rod 

—Bars — Circles — Strip 


ALUMINIUM EXTRUSIONS AND FOIL 
-Extruded shapes for industrial and/or architectural use; 

-Round, square or rectangular cross section tubing; 

-Pipes for irrigation, television antennae and furniture manufacturing; 
-Aluminium foil in rolls: Plain, wax or glue laminated, lacquered or 
coloured, embossed or prelubricated. 


ALUMINIUM SHEET AND WIRE PRODUCTS 
— Hot and cold rolled sheet, strip and coil; 

— Corrugated sheets, circles and slugs; 

— Wire rod for overhead transmission and distribution conductors; 
— Plain and steel reinforced conductors ( ACSR). 


STEEL PRODUCTS 

-Re-bars, plain and de-formed; — Hot rolled strip; 

-Wire rod and wire mesh; — Merchant bars, flats and angles. 


POWER AND TELECOMMUNICATION CABLES 
-Power cables from 250 to 150.000 V for underground, submarine or 
surface installation. Also overhead conductors; 

-Building wires and cables for use by the building industry; 

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frequency, coaxial cables, subscriber connection and combined and 
signalling cables. 


WE ALSO OFFER 

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manufacturing. 


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THIS MONTH Greece embarks 
on a crucial experiment aim- 
ing to replace confrontation by 
consensus in the field of labour 
relations. Following EEC urg- 
ing. the Council for Social and 
Economic Policy is to start 
work. Grouping employers, 
unions, agricultural and pro- 
fessional organisations and rep- 
resentatives of the State, its 
first meeting is to take up the 
problem of inflation. 

The importance of the ex- 
periment comes from the poor 
present state of labour relations 
in Greece. During the 1967-74 
dictatorship strikes were 
banned, but since then the wor- 
kers have been increasingly 
flexing their, muscles. In 1977, 
9.5m man-jhoiirs were lost hn 500 
strikes over wage demands or 
because of accumulated mis- 
trust This year has seen one 
24-hour general strike, 
numerous plant disputes and 
several long-term strikes by 
groups including railwaymen 
and university staff. Frequently 
the police are brought in, with 
clashes often occurring. But 
this year at least the Govern- 
ment has not had the recourse 
which it had last year to- tell- 
ing strikers they had been 
drafted because "of “national 
emergency," and that if they 
continued striking they would 
be subject to military dis- 
cipline: in law Greeks are still 
subject to the junta's general 
mobilisation for Cyprus of 
1974. . 


Concern 


The International Labour 
Organisation (ILO) has 
expressed concern at certain 
aspects of recent Greek labour 
legislation. Its latest mission to 
Greece is known to have been 
disturbed at working conditions, 
particularly in the small units 
which provide the bulk of 
employment in manufacturing; 
at the inadequacy of safety con- 
trols; and at the considerable 
degree of State influence over 
the finances of the labour move- 
ment. 

Critical to this is the .whole 
question of building an 
independent union movement in 
Greece. Long years of con- 
tinuous Government . interven- 
tions in Greek unions have left 
their mark. European unionists 
say that the Greek labour move- 
ment "is today fighting the 
same' battles for" free' "and 


autonomous unions which we 
fought decades ago." 

Such issues take place against 
a background of apparently low 
unemployment The officially 
registered unemployed total a 
mere 2 per cent of the non- 
agricultural labour force. But 
in this sector, as in many others. 
Greek statistics are poor. Last 
year the OECD estimated that 
only about one-third of unem- 
ployment was recorded. Official 
figures exclude many young 
people. Underemployment is a 
major problem. Left-wing 
unionists estimated that the 
unemployed and semi-employed 
total 10 per cent of the labour 
force. 

The National Bank of Greece 
recently received 13,000 applica- 
tions for 480 jobs. The level of 
unemployment appears to have 
been relatively steady in the 
past three years. In part this is 
because the available labour 
force has only been growing 
slowly. There has been a reduc- 
tion in the rate of growth of 
population and an increase in 
the number of young people 
attending school and higher 
education. There has also been 
a steady increase in industrial 
employment; In the year to 
November, 1977, this rose by 42 
per cent These factors, and 
the reduction in the number of 
people migrating to the cities, 
have outweighed the effects of 
the reversal of the migration 
Bow. In the 15 years to 1973 
80O,0OD Greeks, or nearly one- 
quarter of the labour force, 
emigrated abroad. In the past 
three years there has been a 
small net inflow of workers. 

Fears tliat further slow 
growth in Western Europe could 
lead more workers to return are 
largely discounted in Athens. 
Matty of the men who returned 
were over 60. and the OECD 
reports that a large proportion 
of the women who came back 
did not seek work. 

However, a survey in Athens 
last year found that four-fifths 
of the men questioned had 
obtained jobs but that the 
women were often hindered by 
the lack of facilities such as 
creches. The survey also found 
that a half of . those who 
returned to Greece wished to 
re-e migrate. Their complaints 
included conditions of work and 
the lack of full social insurance 
in Greece. 

Unemployment benefits, for 
instance, are limited, and gov- 


ernment retraining prbj^sanaaes -- An unpublished report by 

are criticised by both personal KEPE, the State Centre for taken decides .of gractae ft* 
managers and employees foe Planning and Economic He* them to P® . fd daim. 

iTscateS search, estimates that between even moderate umomsts, • > 

efficiency. r . .1970 and 1976 the hours wo raiq Bat the. result has beenr that 

Each year abe Goventfieiit ^ Industrial units the European ,■ Trades 

concludes a' general agreejneiit; mbre tban ten Confederation .. im^y _ eooto: 

with the GSEE (The Greek 44 - 6 -Per cent to sfdered : refusing to acceptaje;- 


.with the GSEE Cine Greek ™ uie; .■ f .- 

tuc) . on the m J£ r l 


S lowing *>£*£* 

petohiich/u; a : uenkreii treo ^ seem to . underestimate fujjy democratic Hnesaaff i: *•* ' 

partSriy ^ he actu f bard Sme iTtftwi h3S e ^^g;mora:^epe»./: ]C; \ 

number of workers employed in - r . relatively long. The ; 

ssAjnnsn 

not covered by unions. Qnlv i few strong unions, sue* * SE?*-- "■ 

It is through wage poKqy of the balk' employees, » : \ ' 

Straff ** 

plaguing the Greek economy . \as an example of the Stti- *•> ■■ ’ 

However,, the annual Mgbtfla-Ztudes towards reducing the X?*- Papagepr^ou : r desmbef^v. ’ : 
tions have led to serious: ; *3i&' 'working* week prevailing rn bis proolem - ag Irej ng to., shgr" 
frontal on between the Govern- 'official circles, the "KEPE report Government^ interferen ce:' fna g j . -■ T ; . 
meat- and the GSEE. T^e' leader- -Is instructive. It suggests that one , site aa “'P ar ^ J ‘ : ■ i- 


under continuing pressure dram .cal and social problwns mid help ; ' - ' 

the base. . _ - r - workers, in, particular- those on SBSt of .th ese; is. ESA3% : -r 

low income, to make good use -has 1 the hacking _of, -flbb . 

Fominoc ! of their two days off f or munist Party o£ Greee&^-;, :: j : V; v ' 

LaUJUUgo spiritual development, sport, ^ r ^~ rc .'..- ; ^v.V v.'.^ 

In such circumstances the' In-, education, etc." ' . . 1 iTO Oi6IQ - 


a parity- tnmmission similar .to - the . absence of any . ’ .V 
the successful Austrian practice. Inspection mechanism. .Eacfr JJJJ. 

Instead, after the . annual, ranr year between 90 and 12Q people. ^® l . JJ}®- ’ - 

frontatioh, which this year' saw died in factory accidents arid " 

a one-day general so me 45,000 people covered', by 

JMarch, individual unions L»6go- social insurance are- wounded: 4 . 
tiate their owrr incrbases.>> ' The ILO fears that as factOries ^^l lqstan<^, d iaml^^ ^ . 

The Governor of th6 Bank of spread in areas with, no indus- . 

Greece, Professor Xenophon - trial tradition the accident-toll ^ ' . 

Zolotas, says that in the .-period could rise. It is particulariy ^ uons ?wua>./.are • 

January to September 7 • 1977;- concerned at the ' conditions; hi - 4he - -npn^o meia] _ anionstf ■■■-.■: : 
monthly earnings id ihantffais small units which V 

turing plants employing j;mbre the backbone. of Greek industry;-;)*^ ^ :that fina nc in g x) f tiie^Greekv - • . . ^ 
than ten people rose by -ift9.per-' ^ Mr. Nikolaos Eapageo^ou»' ^ ai ^ movemeI1 ^P a:SS ® :i 'fi i ^ l E!f.' r: .^- 


cent and 
retail tra 
cent. A- 
advisers - 
shows th; 
rose 25.3 


s that wages and . Carles y ea r doubled the number of; its': Thi» imViTH^ rSeVfatBrn^ t ^^ L ' L. “T ; 
25.3 per-cent in 197fl-v,and: factory inspectors, but the K-O 'Confederation of Free>;Trades . . 

no. n.mi lap* ,-aov 1 !+'• fnm . tfwm rprt>ntlv ’in niwana-nne 'tTibina.'-'i.vv'. '''''' 


panied by a pronounced'.ifiift Ministry does not yet Jiave tech- priority -to ehcouragihl tiiiionfr ji; : 

In incomes away from jabour >ical safety personnel with th? ^uid employes, to .mate; other . . -• 
and capital to mixed IncdmeS. right qualifications,-: ^though .arrangements such ;as the check' 

The OECD writes that, ■ even there are hopes that a-new_ biU-- off- -xystepi. : _l ; " - '■ 

though the weight d£' ; saiari0 Ibeing prep^ed will help io^ ■ j, C V:- • " 
employment outside agriculture Improve this situation. ‘ ^ r: 

has increased" ffpom -28 " , .unions: led ffr some 400,000 Wop- ■ 
has increased ffm , & r -l-A--. ik'mfHe. Thi ? 


,ubs iucu vssijr iiiue.' it me yciauatcure oi- SUUil prt jo-. nUifintnif Ut KH liinTrir ‘ 


been very high in th* -yeaH- :Greek trades 4miom-:moyement 

until 1973 and the subs^uent- has - be.eu^t>e - weakesVifn ■ ' 


until 1973 and the subse^uenf has ’* 

increases in wages ' bare to parlihinentSy EiiroirerFOrloirr ^^.^^^^ ^i^SS^' 
some pnpnt " rpflpntpd/a ha. .wars itc i-AaifArctitn hoc Won'An^ sympathy .for labour activists; . ; 



industry 


GREEK INDUTRIALISTS be- ticular; inflation, low invest- 
lieve that in the long run. the ments. slow rate of increase of 
country's accession to the Com- exports, low productivity and 
mon Market will be mutually an over-sized public sector, 
beneficial to both Greece and the These prubienis, he said, could 
Community. This view was ex- be successfully tackled if pro- 
pressed by leading representa- per policies were adopted for 
lives of the Federation of Greek expansion of basic productive 
Industries at a recent meeting -‘sectors, promotion of exports, 
of the mixed Greece-EEC Pari i-j increased productivity and 

amentary Committee in improved public services. The 
Salonica. industrialists, he added, were 

The Federation, in particular, aware of their responsibility to 
has sought to allay Community increase productivity and 
fears that the development of undertake, in co-operation with 
certain industrial sectors in Government, the readjust- 
Greece will create competitive ments necessary as a result of 
conditions for similar sectors accession, particularly in regard 
already facing problems in the to modernisation, reduction 
Common Market. For instance, of costs and revision of the 
the Greek textile industry ex- tas structure, 
ports mainly cotton piece goods, # 

made entirely of Greek cotton. FTripraflljpi* i 

As such, it can only be compli- 4I ^ UUU '- 1 I 

mentary, rather than competi- Meanwhile, the new Minister 
tive. to corresponding Com- of Co-ordination, Mr. Consian-i 
munity industries. The Greek tine Mirsotakis. is establishing 
shoe industry, too, represents a friendlier relations with 
small percentage of EEC out- industrialists. One of his pre- 
put; besides, it seeks to cover decessors bad at one time been 
ihe ground among traditional accused by industrialists of 
labour-intensive sectors report- “socialmania." The new 
edly being gradually abandoned Minister has expressed himself 
by developed economies of Wes- in favour of private enterprise 
tern Europe in favour of high- and made it clear that the state 
technology sectors. Similarly, fines not plan to extend Us 
the Greek iron and steer indus- control over the economy. In 
try is relatively very small and fact, he suggested that this con- 
caters to the local market, trol might even be relaxed in 
presenting no serious competi- future in certain fields, such 
tion to the EEC giants. Finally, a* by handing over to" private 
the Greek shipbuilding industry ownership certain industries 
is engaged mainly with ship* now controlled by public 
repairs at present and relies on agencies. 

the country's important- mer- The Bank of Greece annual 
chant marine. As such, it cannot report revealed recently that 
add to the problems already after two years of relatively 
faced by West European ship- rapid recovery. Industrial pro- 
builders; on the contrary, duction (as well as new 
Greek accession, by bringing the investments) slowed down 
Greek merchant navy to. tha appreciably in 19n. Manufac- 
EEC fold, might even be of turing output, in particular, 
benefit to the European ship- grew by only 1.5 per cent, 
building industry in general- compared with 10.6 per cent 
The new president of the in 1976. A decline in output 
Federation of Greek Industries, was mainly noted in industries 
Mr. Dimitris Kyriazis, said in whic b had achieved a remark- 
a speech recently that the able export performance in 
country's rapid-rate develop- previous years, like basic 
ment can only be attained by metallurgy and textiles. .The 
private initiative, amidst- local weakening in foreign demand 
and foreign competition -and believed to have played a 
free market mechanisms. No- |e «H«g role in slowing -down 
centralised, bureaucratic state output growth, 
mechanism, he said, \ s In a The slackening of investment 
position to make the economy activity, which coincided with 
function more profitably than the expiration of previously 
private enterprise. existing legislation governing 

Mr. Kyriaais listed these incentives, led to a wide-scale 
problems facing the economy revision of the entire incentives 
Ln general and industry in par- system earlier this . year, 

CONTINUED on next page 


ujaujiuwu. •_ i\ • 'i“ c 'JWC'iiJ-imruj-iwiu-iUie'-uauour'. - 

Industrialists, hopper, have section of the security police '2 ^-^ amTiIS 
been increasingly disturbed by than on wqrkers’ suppdrt When SriffiS^SSfS»22«ffS : 111 Y 

the post-junta- exigence of the Colonels., came-tfi *ower in : IT 

labour .pressures. ;Apart from 1967 they "closed down over I00 : '?“r j? h ■ . ' - ■ 

being concerned /with wages, unions arrested . 

these pressures have also been leaders; the head of the GSEE ® « S i^JlS Lr tW^nhmir - ” -■* 
directed against . the length of sent them a telegram of, con- Uiese ^ 

the working week and working gratulatidns.: . .... . : ^ - 

conditions. Today ;the Readership appbin- p 

While the EEC is seeking to ted aftef^the collapse of the' 
have the 40-hour week estab- junta Afcmains in power, S ' 

lished as the norm, in Greece appointment confirmed by eleo- tn- ; ; - 

it was only in 1975 that. the. tions;-But the honesty of these 

first steps were taken to reduce electioW, has been . challenged ^ mnffp2t?^rade ' 7 • 

the working week for industrial by both moderate and left-wing’ ? n yJi£L^L 2 h ?™ hPiSid the ' 

employees from 48 to 45 hours: unioolWs, who have filed fie- heljBd tlie - , 

for civil servants the week has quent^complaints to the ILO. - FkT -• : 

long averaged 37.5 .hours. Their- ' complaints cover - : a" i V ^ '.V ' " ' V. * ! ' "D.l*.; . .• . 




SARACAKIS BROTHERS S. A. 


A MEMBER OE-lME SARACAKIS GROUP OF COMPANIES 


ATHENS -GREECE 





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pmcj.wm 

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MAN0FACTURERSI& EXPORTERS OF BOSES^ 
BUS. BODIES, COIVil^ERCI At AND MUNICIPAL 
VEHICLES AND REFWGERATOR TRUCKS. : : 






. .. 


71 LE0F0R0S ATHIHQfLf.O. BOX S2(X}:AfHEHS ; - &B&>- 0 ■ 
CABLES : SARACAL - TELEX ^2I598B PHOKE '::346^ih^ 34^7011 


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• "-*» •- v i- ^ • 


_ =Knaiuaal Times .Wednesday June 7 1978 


GREECE VI 



Vhi ^% 
»**» 
or sTJ 

onists ■ 
0 atcj ‘ 


Oil exploration 




resent 


Jjj **’'/*.♦ * 

*4^ IF EVERYTHING goes well, and extracting ga* from the carry out oil citings in four went of 15 0 ' 4 jjf m a^ 3 
the first 'CrOek: oilwiir start crude deiiyered- tnitfromfour regions where *ere have been and the ($2-44bT]) wiU 
1 gushing: iortii - ’early in 1981. drilling and : production offshore encouraging stuns of oil Drs sim }*■ 

. _ _ . ■ . L ~ • i t - 111 . * Jk Mfin «« ji dflMncitO OM i 


>««Vf guarang- totm .eariy m ism. onumsauu piwi«.»w-v , u. ~ j « ...w. -» ti« "MOm in come from im 

>« SN ?Ifom ) h “ been allocated from external borrowing. 


{S4.36bnj Mr. Evert says solar energy 
that cannot seriously be expected to 
have cover any of Greece’s energy 
from internal and D&eds & the next decade. When 

258 $$£***%&%% atjrsffi s^wsse: r * 'xzxrzvz 

T Ur ^ a d hTSw™ *Sd Marine pipe- budget for the first stage of pcc ung has vastly increased the wouW set a good example by 

£. imports bill; which l«t y^ Ls ^lxmtWlm^ttc^g the drillings. S“i. n“wTcor,omicrify n com- ^SS on tte ™nfno«r Z 

5 reached $n5m. .accounting for will be for the drilling of 23 Prospecting will cover an wb^ch is " “‘jj* { lcast JJjJLjJ He says the plan was 

S^^RSi Sbn'tons. principally located at SSS- because of . iiivuffi; 


us, ^ ^ 


-EandV 


us now. 


If 


Pericles. General of Athens 450 B.C 


Uoion 


. By the time all this happens. of Ptooi and Corfu. Ptolemais in Northern Greece cient international technology 

petroliferous the Wtdstry of lndustry and £}»£ of Vaxoi and go ^ ^ Megalopolis in the Pelo- in thls field as yet. But plans 


dou 
bein; 

7 ' mer ^ 


a *to, 


Prinos,--- the x peurmuerous urc ovuisuy ■ m».. rr~ h»ru,oo« the — „ . . 

basin., in.: the :offflaor«_ area .of Energy '.should', have -g fair idea ■. d ^ western ponnese. But the PPC estimates arc under way for an expert- 

. — Cephaloma and _xne we «« » wiihin 30 years the menl in which the entire needs 

ine -C o village in Crete will he 

The 


the. North ' Aegean sea 


l . UI . AHCc&jr - 

dls- of the amount of oil. w any * n 


Peloponnese, off 


The 


0 PMa<' 


»? 
inic 


ESat? * • 


covered by a foreign consortium other parts of Greece. Mnnese* 1 ^ roast near Katakolon, known reserves will have been o£ a village in Crete 

late In 1973. bad originally held up until the 1, Arab oil-produc- JJJ d ° *** ” od in rectangle used up by the power | stations supp iied by solar energy. The 

out the prospect . of ; self- in £ P “untoies, ,'J iwnM the f 0rra ed by the town S of Pyrgos. it intends to to cover expe riment « !»« of theeffor 

sufficiency in-oEand petroleum increase in the prices of Amalias \ndravida and Kata- the growth in consumption. being made by die Inurnational 

products by the end .of this oiL the Aegean had. remained kolon ’ Uxmke prinos. which En*^ ^f^of aheVnamesoft 

decade. ' Jt .also sparked the virtuaHy ^ an uninteresting pro- is on a cont ra C t sharing basis RparforS the feasibilitj of alternative son 

controversial-... .dispute with position. Over the years the Denison consortium, ivcauvi ^ energy option*, 

neighbouring Turkey over ter- gevenU foreign companies had fiet tine something like 30 per Mr. Miltiades Evert, the preliminary studies have al- 1 



h “» »«, 
rten mote. 

^eparaie £ 

“teWaw* 
aai, 7 Teca^ 
‘ate. Em ^ 

'■>nion? t - . 
‘‘rubber ^ 
a te fay ^ 
•official 
‘it change b; 
•F? o! 
v - ?a«*w Ibc’ 
•be Minubt 
i’y emoDj r? 
GSEE 


Five Tears- and ..many. dril : ing ..... . 

lings- later, it has become . Prinos, whose importance was d j d with RompctroL 


ion"-torm energy needs. 


r* suitable 
^ LS " o.-tivities able 


support 



mates. ‘ This, will cover some easting 
1.25m .tons , of . Greece’s needs Greece., 
in crude oil' and,' at today's 


carry-in g 


miT Peoloakal and geo- international public opposition ’ ered e leciricit>- generatin 
out geological and ge fn ^ energy 0 puon. his P Research so far has been 

oh»*o H with .... . 


physical work' on land in 
eastern and western Greece. 


Ministry is forging ahead with f und( ; d b y the United States 
prices? save the country over - plans for the purchase ol . wdl is supplying 75 per cent 

SlOOm a vear in much-needed v/OVIOUS Meanwhile, the Government Greece s first mielear plant. A of the wlth t he remaining 

foreign exchange now spent on From work tarried out xo far has stepped up efforts to re- fore jn n company will be called 2 _ per cent comin3 f ro m the 
oil imnorts -.- But- it represents u JLw-niTvioiis that the duce the dependence on j n SO on to draw up the speem Gre Jji jjeC The actual construe- 
only a small pa^ of SS^ Imported oil as a major energy cations of the mternational ^ Vlllajc ls expected 

tion of petroleum products ofWnumeraHeTeologi- source. The !f dcr “ f he h sea r"hf 0 rthe to be finsneed .by various inter- 

which is expected to rise from ^ fauits. making exploitation ment Power ^clr Meanwhile, the sea for^the natioaal orgamsauons. 

the present flm tons to -about o£ My 0 il deposits there dififi- controlied Public c lucat 0 m° r in Pt> rreece is being As the time draws closer for 

30m. tons by 1987. • _ cult -if-, nrt. commercially poration (PPC) s based on the uranium .n_ Greece Gree^ to become a full EEC 

Getting the ;oVL out of : the unsound. Recmt ^. gus in ^ Epir u S , 0 n the 


tlic InteniaL- 
»■: Fret; W 
pfKin. 
fys-esi. i. 
riimeni 
• tin* pr;«a; 
;t ciiaied s= 

- i:2*:5: c 
5 !2 

filii « Lies 


Getting the pu out of xne unsouna.^Kec™ Qil fw electricity and the j ng si g US h 

Prinos field and expj^^ it wmbustton twts^bjr increased use of lignite and western corn 

will require 
estimated 
Aegean 
(NAPC), 

the consortium^oi (DEP1. ^w*own‘l£at'the oil percent" of erectrTcity produc- Energy Co'uncUjNEC). 


of Industry and 


California. 

The project, as approved by enmeshed 


the Greek State; 


plotting. .7..-; . a further 54.7 per ceni anu Greece’s accession, in which to 

With the Eastern- Aegean water resources for the remain- The ttiree ™ . j adjust present procedure. The 

irneshed in the Continental ing 12.6 per cut proposal is to free 20 per cen 

.» j.ii-M»iAn ientri . with t»— mo-7 ...vian oiartripif v significant dom p p£ ^g Greek market in each of 


XSSves tbe shelf delineation issne- wth By igs7 , when electricity s J 3 n “ 


and solar energy. 


vf4tp- jnVOlYK 'tile alien. ucmivnwvw — . . uj - * 

tv.***** iSSS?®: a producU» i ^U i h.v. n gr T ,«o P^‘‘~ ^MUppl in «» 


•ar ?o\a 

• im-: Wftic 
■y n p:o!fe2i 
<iid % hut 
:i o':?:-, ffara 
2"y 

od for sppe 
.iclniti?! mi: 
•I kr.ovta ioife 

• liiioa: attc 
rourt ruled ■is. 

Hi 


^%7“tbr^d of^Ch«SM turc^; tts S„V tl S* 1 fmd"' 1 oil “K Ma«donia: are sufficiently ca- 

— srgs n 4 5W ssv-s Mas. 

. _ 4*rt tor n»r punt, unriiino to oreseot estimates, me 


Greece and the Hellenic Isles. 

They re closer than you think. 


of a 


N. J. Michaelson 


rions fot* sep^atios tbe sulphur given Government W* 

i-. .V.' 


>r?erj 
riioe 25 
fv the ea?iP 



have increased to 70.6 per cent, cording to present estimates, tt 
while water resources will cover cost of large-scale use of peat 


114 per cent. The nuclear prohibitive.__In fact a L deal with 


olanh planned to be on stream the Soviet Union to crartnict a 
late in 1987, will cover just 375 MW power plant for the ^- 
1 per. cent. ■ ploitation the neat fell 


ADVERTISEMENT 


For the decade 1978 to 1987. through early in J?™ after + it 


jor*he uecaoe iv.o ™ — tbought m0 re advisable to 

the PPC s tQ “ save the pea t for use as raw 


IN THE E.E.C. 


have I’pf- 

tW-vcrs 

% .r; ? inc the g 

V; 

foiind joffi- 
' fv.’S ‘hsT 5 
. nj:]?r fr 

-MlTd' • 

• r - H0V Jir *—■ 

a’: ‘ifl/ieS'i 5 

‘j -u-.tf 5K^' 


acronym 


new. power stations w - ^ ‘ ial in the petrochemical 

Sast-ff « 

sssa m ss-TA— to 


NEW DEVELOPMENTS 
IN THE 

ELECTRIFICATION OF GREECE 


agrianiurB „ 

With this prospect ir . vtw. OGJ. wmcn« . currently 

A*ricuttu ral -Social ^|! e * °Sures that will have 


for the -os,".-.—- T- _i. e measures tnat wm 

examining all the problems wd all Common Market 

='■ 

SdSSS! or large entrepreneur as is the 

taie in Western Europe. • 



OGA icuna WbCR.wd, in |«U.' 


nsures. farmers. wie. '" k ft M eS s than- 5.000 inhabitants, 
live m sn^l tbwns and vmages of ha W ^ d an 
- OGA -was: established^ 7 % ' a ^ understand it better, 

important “and extensive tuk. hi _or« ^ of oG A there was 
one should realise that y he e |(jeriy were abandoned 

no basic- pnotccnon tor brn,«n- Tb, nl««y 


i CONTINUED FROM PREVIOUS PAGE 


A Broad Expansion Programme 

up to 1987 


rtic. protection ror ^ tneanc unemp | 0 yment 

to their, fate. The enppling of a _f . esJ create d problems 


to toeir.'ia™. n« «• . .. c-, c i^ e55 created proown- 

and tragedy for hi^wd hi* fam jy- SjcKness^ M pay 

of survival and .exploitation *n“ croBS could result m 

for' medTcal expenses. C *? a ‘" “ r.m.dy ah« 

•pC-*J"JXS2 , 2 



- *" those 
.who.live.off the land- ... . 

.. . ... :a«xident, sickness or from b«h families. Some 

■ o) Free medical care “ r ^H «ery Sar at OGA's expense 
• .-270,000 per^ns are tr^ted^e JT 7 ^ againit hail. 

• d) Insurance Tor all c^s wJflio t Greece, the 

. -'-frost, floods and wmdswrms whicn are^ „« 

Mother ’hazards. To .this ™d. , g77j 


ifflougb the relevant legislaUon Maine ind^t^ Prajects at 
-Mil awaits parliamentary present under way in Greece 
stUl awaits e include a ?640m petrochemicals 

-iT order to stimulate the complex being established by 

sfisssv rs Ma, i?Sn- H i e s 

sitiiat'wn- and constitutes ayjgj 'gS£S^~i«*~ » H *gg»- ff^stSl irtpS ment Company (E&VXE). 
dcvslonmnnu iTlgS l”h» eliminated the ^“^of^eTLaoieTt Estimated to take Bee years to 

sssr^s. 

£«« £ SSSASS 3 as 
■S5ta?« i s!!issjs i sa-TgS'^S'Si 

A# ar ^irftHiiption. Alternatively, ammonia 333^00, caustic soda 

SMfelmer SSS 

-X°^v C air shSldera polyvinyl chloride 90 000; pyr|> 
within ten years. _ ^ project have not yet 


The principal factor in the normal course «f the 
country's economic development .so far has oeen 
adequate supply of energy. 

Larne works for the production, transmission ano 
distribution of electrical energy are the exprejsmn ^ 
a strong electrical economy which us base d 1 or i tb< 
growing exploitation of nauonal energj resources. 

The Public Power Corporation, which « «riusive^y 
responsible for electrificanon in 1 has orient ea 

itself towards the construction of hidroe ecmc 
lignite-fired thermoelectric plants ^ specific ^ 

the 1978-1987 energy programme. Today the rt^s 


ten years which should be considered particuiarly satis- 
factory for the Greek electrical economy. 

More specifically, of ,tb.s total production of 40.1*0 

million kwh, 32,930 million k “ h ' fi SR S ^mon kwh nr 
from waterfalls and lignuc and 6,^5 mil hon kv, n 

irWTSnis?™ vr^ nm ^7u^~vd 

pLit°whidi is Expected to go into production in 19b.. 


THE LIGATE DEPOSITS 


b^TK^ed 


5,7o 6 _ MW of "which 3.300 MW are produced by_loe^L 


mu ^ 

source of electrical energy. 


energy sources, Le. lignite and waterfalls. Jbe installed 


pow« of the lignitfr fired and hydroelectric units i. 

to rise to 8,350 mV by 1987 whereas that of 
the oil-fired units will remain unchanged. 


The new lieniu-fired stations will make use of the 
nTrvVtion i! D H P Dasits which have been assessed at 


country’s lignite deposits " mlHton tons are 


13 million assessments 

*> swr; 

^ ™ “ bmi0 " <£31m ’’ 


tie described in effect as 
interest-free loan. 


been 


Pollution 


for crop 




identified. 

Another project co-sponsored 
by ELEVME and the Bauxites 
_ parnasse Mining Company, is 

For *. first «ime..tbe State 

iirtbet/a.iM «gffsr l *s?j£5s i 

Wfi WsflrigS? H "f «A a Tt^% plant on the Gulf of Corinth. 

me „ t effort, to improve the firmer! ><* Uprises: up to 50 per cent lot P‘^ inyest lnother sl00m 

reduction of environment poUu- nKt ^tee years to 

establishment 
and 


ment 

period. - - V QGfiC.s revenues do not accrue 

srswvwas&ji-t'si:.- 


means tnat .vw *' M the -poorer 

^he national income from t do pay a contribution in 

i-e- the farm.PPpulatioq. The farmers «> pay ^ ^ fann 


the- form of a tax oil the wholesale value 


of over the next three years 

tion or increase alumina output by 1 

research “Vm nf ss oer another 100.000 tons a . year, 
laboratories other -industriaa projects an- 

cent for reduction of energy ^ r£cent months in- 

consumption. chlie: a $25an plant by 

Small industries and handi- ^t.tt vme to produce 30,000 tons 


1977: A STEADY RISE IN THE ELECTRICAL 
ECONOMY 

Electrical energy produced by the hydroelectric 
lignite-fired and oil-fired stations Jrting the past yea^ 
amounted to 17,401 miltion kilowatt-hours and exceeuea 
the previous year's production by b.b.c- 

nF thic tntai fieure. 12.086 million kwh. or 69%. were 
produc“ by“&cS“ snd lisnitrfred stations 
wWie 5315 million kwh. or 31%, were covered by oil- 
fired stations. 

This is an important achievement when one con- 
siders that °7 years ago, electric power production _ 
Grwce wi 98% dependent on units fired by imported 
oilTndomy:% dependent on iocol cnerjy souru-es. 

Electrie energy eonsnmpUon in ) ® 77 1 J™ 0 “ 0 “ u t 5f r j'° 
16,057 million kwh, serving 9S.S o o »»*> 
total population. More specifically. ton*umpuun 

amounted to 1.765 kwh per person. 

Of this total consumption. 8,562 million Jswh. or 


3,888 million tons of 
considered exploitable. 

-jrriarrjyasgSaSs 

4 Ai.itinn i nnrt which, at the end oi mis V 


3 - 0M ^rSSuSnr^y in dm order 




with a' total production o£ electrical energy amounUng 
to 28,350 million kwh. 


production or more than was producrf jast jear^by^he 


production or more man t « • together. 

PPC's hydroelectric and lignite-fired stauuns wb« 


THE HYDRODYNAMIC POTENTLAL OF 
RIVERS 


With the construction i ol !fl new 

totalling 1,974 MW, the PPC * J ^ Ahakmon rivers 
phase, of the Avheloos. Arachtbusjind AnaKmon r. c 
and subsequently, the Nwtos. Aoos and Morn os nvera. 


total wu 9 ui«k“““- —v ppf. tutal 

54%, were absorbed by industry whi t — e .*niinl#fl 10 


the -form or » % of 0GA 's revenues- smaU mausme^ ^ ELETVME to produce ou,uuuu«o 

||nraftt ran jnovv j bensflt ftom ^ . (errochI ^ ? out -J»- 


Jt is in dec a renwiwivf*- ~ t-tt - i population, 
million people or about <*£ ^ thM .dSioitWe 

are handled by : . smff of hare^ T “° it rald . possible by 
costs are lust ° ver 2% of r nn cooe efficiently 


"fMWiSS 3 * 


greater tax deductions titan ^oalte, a ?60m plant by tire 
previously If they , are locate q Hellettic xndustiial Development 
in the least KfeSS Bai* (ETBA) to produce 
They can also benefit of greater q£ ^bestos fibres a 


remotest parts of the.country. 


within the guidelines of 


^fW 011 


bank credits witn State lWJOO^tom^ 
guarantee. dons plant by ETBA and tire 

the relocation of skilled labour tion of Greece (CUE), and 
in the less developed areas. The 82.5m antibiotics plapt by 
Incentives include priority hous- ETBA. Finally, the Hellenic 
lug loans after a stay of two Aerospace 
years in these areas, a reloca- (together with LoAheed and 
tion subsidy of up to Drs 30,000, General Electric) a 8150m aero- 
a rent subsidy of Drs 1,500- space industry initially to main- 
Drs 3.500 monthly for up to t^in and repair Hellenic Air 
c v - To improve ano . iitwo ytars^ new housing units ppree anrciaft- 

} that is of partic^ mana w h and transportation facilities for JsJ J Michaelson 

- d) : * ha " a f — IU eMontteL - 


OGA-W» ** ^¥*1275 f uiure. They "art : 

govemmfnc pojky far ihsuranct procedures to.. 

Z\ . To Improve and further simp'ur^ . i n5U red 

haVC inCre4 ” d 


revenues from the sale of electric current amounted to 
$587 million. 

The PPC’s investments in th e energy 5 ®^ 

\Ss and $139.3 million on distribution works. 

Finally the Corporation's fixed assets, after 

depreciation, were calculated at ■ million 1 

total assets in 1977 were more than $2,640.9 mi mo . 


covering 


™SwSSSvS- K 

It should he noted, however. 
has been calculated on the basis o ogical condi- 

conditions. In the event of »erwe ^d produc . 

tions, hydroelectric power could induction by the 
tion with a proportional reduction in proautuon uy 

oil-fired stations. 


the nuclear unit 


fc) Tfr. improve pension? 


b ,^ 


THE EXPLOITATION OF LOCAL ENERGY 
RESOURCES 

Wllh the prospect of covering the .continually 
increasing electrical energy requirements °^ he ^ re ^ 
economy, which from 19 'S to 1987 are exp 
increase at an average annual rate ® a “’ ! he -. ur „ es 
seeking to make the most of national energy resources. 

Thus, the production of the PPC's interconnected 
system is expected to rise from 16.7-9 „ 

X977 .to 40,170 million kwh in 19 Si— a rise of 140. n m 


The prospects envisaged by tire PPCs ^ e Jj 1 ® re J n< f I JJ 
gramme from 197S to 198* ® country's local 

the decade, an *** t fiS£ will have 

energy resources, i.e. lignite ana wa 
been harnessed. f . 

The srobv S' 


country’s energy nouns. «»»-■**»• „ gni) MW 

inclusion in the development pTOj£ a riDe ration in 19S7. 
nuclear-powered unit to come mto lhe 


This unit. Tor which tire PPC 









tonewalling 

i secret 


• ' ' • ' Financial Times Wednesday June-.? 1978 • ; ; 

Sunlight and silver-lea^l plants 


silver leaves, me grouna is every season. They are never silver ptanis' lasie, dui this is sou ta-iacing pi 

Fy B. bone dry; droughts loom and abundant as lie plant is oddly one which I have never lost in to be backed < 

there is none of that wet sticky difficult to propagate: cuttings wet weather. and. go so soon 

clay which so distresses tins token generously in’ mid July T fc e taller stems and finer At a lower 1 

RY *MTMflNY harbis popular class of plants. If I have had the least bad results leaves of Artemisia Arborescens mum Haradjan 

bt an (hunt riAKKia had to lay out a new border or with me, a point confirmed by 

brighten up a small garden, bigger growers, u you see it, ■■■ ' " — — — — — " 

THERE WAS ONCE a cartoon of reasoning is calculated, and I these would he high on my shop- buy it The plant has two - 

a civil servant counting cherry P»ck the word [carefully, to drive pang Hst. phases. Until late June, it is a GARDENS TODAY 

stones- “ This year . In the not ^ oth ® r °? «« act int0 a MI wanted a quick return, I lovely arching chump of grey 

inn rikt-mt future At a time .£r ,!£“£ "*«■ Look WMlW at I® ast a quarter of silver leaves, finely cut like an RnRIN i amp FOV 

too distant future. . . At a time what , t hdS already done to my the space dn sunlight for silver enlarged carrot's ROBIN LANfc. MJA 

lo be announced. . . As soon as sentence construction. Officials leaves. Silver-leaved plants are In July, it bolts into flower, 

conditions return to normal. . - who have to read page after page easily increased and ran mostly showing the trolcal tail stems 

» r . _ . _ .P _ 1 ^ a: _ — nf if rflav afTAr non mnef nan /1 nil . . . • a , . .. 11 _ - 


: tins Is south- facing plants which have weeds and com™ L rw But » may know my fimfUHfc for this" 
r lost in to be backed up as fcey ,j cane, with the hedge s greenery^But a its -hart image® 

and.go so soon in midJuly...,,- with- good old Lvabs E* * ^ 


r«ct fortnight, the bigger home for many Lts-enadesir 
gurttSr whit^flowered seedlings. Once you have lt joi 


ROBIN LANE FOX 


" -■ KrUFhter white-flowered seedlings. Once you fcave lt, y 0Q 

SfhemS^aUed cuiniana. has never lose It TJe . whfte .fbco; 
' bSn^^iiatinS thetop end of listed under Lychnis Mor Jqsu. 
ujgarden Vtoffirs tell me it has is more, ez^t^jAaxoL 

steSng the show at Wlsley :far 

_ - ■ t00 - To some eyes it is an pore refined. Bat J . still -put- the 

“ ordinas ? 0 plant, % ++SS31 


lie was. of course elaborating ofi be planted from pots throughout and drab wfc4te«rey little dots of j have QQW aband 0 ned. However valuable. Its small . leaves sire lS^Uke a small marguerite^. 

the Doctnne of Unripe Time; .pec mining and expen the summer. Some have elegant flower on other members of the , 0 velv they axe just not hardy, toothed at the edges and soft, and the same -big ..daisy a or rough bank among- a 

now probably works in %£> ^f 5 to ** "!”■* *»* s ° rt Womwood family. Cut these off. g*"* wSt^erTbuS: for a like flannel, to the 8 touch. .They over mats '$** 

i of England. That at n^Sfent c1«uS“hS^!SS?*to of ® hapes *** bandhoota as they cannot support them- variety sold as Faith are aslwrtiite to white, a hold Inches high. But sunshine and a « any 

9 ponaeni l il a S nouiing LO HodAiHKa oc fl M rmiu At- uiArt CpIvpc on/1 th An .a-.—. Caw orvl « , » — am n «lw«r rUne hahvAdn JL kwinrr ' ntvf thft best. Ill S63SOZL It 1 866QS C76ZTWBPW - 7* 


and be r 
the Bank 


lca«t would be toe current view Sh the “ S^or^ework «fce. far and K S3K be«u£ it fc SiTS* . di? dST^elTbri ^ outtiiebest in 

! *’ ' vould be toe £ t h the Ue “ eQ ° f t he - k ’ of nature’s very own silversmiths, wide in the first summer rains, tougher. I know two gardens paving or in front of a dryntfe- them. It spreads very freelyjmti ^Jtens. hpore iaie 


from Great George Street Now the point of this com- Do not be deterred. They axe a You are back, then, with another u" and ^n one . it is still bed. The" flowers are tedious and blocks out all weeds, if you^art Evening ^Prinrrose^^lliayb^ yp u 

The bank likes to talk of the plaint is not the merits of the fine background and when fresh dump of leaves tike a thriving after a cold wet winter, the stems can soon become bare it off on a dear, slope. It does ramie irpo pimp, pur ito^eyec 
present impasse in the gilts case, for we.are not told exactly repeated, tjbeir dumps draw a carrot’s and so forth. A group You will be able to buy it 


market as “eyeball to eyeball;-' ^„Vh# «« r - ft «in taJ thS ?*™ en wgeraer. wbw pm "Jr lor B sq . u “™ 

h ir ir thi? ic the naw its officials fought .°Y IlJ}; ^ S J ,1 ‘ ,* s ,® ic® from a bad winter is that I can yard. Wefl trimmed, it is a 

, , , . ’ _ H answers I received, for it I* the ^ Jook over the survivors and splendid companion for clumps 

mu*t be developing an outward duty ° f J . Bank , official o give others . ^ „„ sug _ of ^Sly the easy old 

squint. They are also eyeball a graceful brush-off to im- ^ varieties which might Hybrid Musks which catch no 
to eyeball with the Treasury on pertinent journalists. continue to prove tough in your diseases and h ar dly need to be 

what to do about it. For some Tbe trouble Is simply the way gardens, too. pruned. Perhaps Lambrook 

weeks now tbe Treasury has the whole thing is being done. Among the bigger ones, I am Stiver ought always to be given 


tun vide aner a coia wet wmiw. u yu im •* — z %_ * . - - • ^ 

You will be able to buy it from or browned at the base If you not really root as it spreads/ but lets a v garden «roh 

Hadsnen House Gardens, Castle do not trim them back in April it is very easily multiplied from last wmter.uor tiig-leaa green: 
Cary Somerset, now under the each year. Do not throw the long cuttings- A dry stony spil fingers cap.aa ltto dftdth. Ityou 
sDade of a partner in the old trimmings away, as they will all delights it It is as good a pbnt garden nnder. duress ^ndj want . 
Plans tmen nursery, itself no take root very easily. Perhaps &s the best Periwinkle an a nasty colottr,:tben the lealand ^flower- 


"-U* rsLssrt sftSBaaaasfssssas 

for one new departure or officials— more or less rvi * -■ • -m — -m -u 

another— new secunbes better open disagreements secretly ■ |*vr A nTVlll*QrC I OllflPn QfftH 
fitted to the market, new ways of arrived at What is much more JL J. Y /w ip ill I m ^|_J| g Allll 

selling them, and so on. important, we never will know •/ ** 

the 'issues and the arguments. _ 

Disillusioned rSHrJ Julio Mariner each way 

Outside the charmed — and enr- 

The Treasury is at length rently enraged— circle, really IN ONE of the most open half out, he then made almost 
becoming almost as disillusioned well-informed discussion of im- Derbies of all time, one could enough progress— despite hioder- 
as some of its critics with the portant issues is next to Impos- hardly encourage anyone to have jng bis cause through hanging — 

Grand Old Duke of York. Apart sible. At most, the best-known anything more than a small to peg back Dactylograpber. At 
from Iho embarrassing moment and best-informed outsiders are “interest" in today’s 19Sth the line, he was just a neck 
from the era Darra. sing moment iavjted in t0 discuss their par- renewal of the worlds most adrift of the Secretariate colt, 
when there appears to be no (icular proposals, but they never famous race. However. I shall Thi . tp _ , Ma 

monetary control at all the old see tbe argument whole either, be both surprised and dis- whose S dam Set Free is a half I 


f-rilo'.v is becoming rather costly 
in terms of real pay. Wbat is 
more, officials do not enjoy the 
constant streams of suggestions 
on strategy from his non-com- 


EPSOM 

2.00 — General A tty** 

2^5 — Danish King 
135— Admiral’s Launch*** 
Julio Mariner EW 
4^20— Twice Rich* 

4.50— 1 Tardot 
5 25 — Red Johnnie 


CC — These thaotret accept certain ci e d tt 
cards- W telephone or at the btpf office. 


OPERA & BALLET 


COLISEUM. Credit cards 01-240 5253.^ 
Raservatkxe 01^36 3161. Until Sat: 
Eves. - 7.20. Mats. Today & Sat. et 3 
STUTTGART BALLET : 

Today (maLJ Imtere Not. New MxcMuilan 
Ballot. Sena or the EartJi. Ton't. Innere 
Nof. New MacMiUtan Ballet. Renoietn. 
Tomor.. Frl. & Sat. Ebb Tide. Carmen. 
96 batamy seats always available from 


Monuments 

Secrecy of this routinely 


missioned officers in the broking g rit j sh kind actually encourages 
houses. The time, for once, is " ... 

ripe — os seen from Great George stonewalling, which requires 
Street. rather a lot of courage to do m 


aooointed if an each-way bet . *. Jonnme «£' 

r Sister to tne 1,000 Guineas ana — — 96 bahsny scats always available from 

. .Oaks runner-up of 1963, has had victory after bis superb ride on waA< 2 r «,{fi > 5 « * ^ 

just one, much-needed outing. Hot Grove a year ago. ^ wSdaS 

BAriNr Sent to York for the Mecca Dante l hope and believe Admiral’s sebehuataoe. , • 

1” U Stakes, where be struck me as Launch could just do it for him covent garden. ■ cc. 245 toes 

by DOMINIC WIGAN bein £ .considerably more back- this time. ‘ G * ri,e, ^ ,a T>« ro&l^pIra^.. 

. # . .. . .. T ‘ w . going down by only a length and JrOllCe Ilgllt IV l&s 7 ^u H tSnia ■«"!» 

aa hnfh AHmlru 'c T annoh inn 1 half tn ChirlAu namhtc ” 


reeL r v- „rr Z»Z on both Admlnn Launch and a hilf to Shirley Heights. 

Not so, however, in Thread- P ut>llc “ e , argument were JuUo Mariner gets anyone into I shall be disappointed If Julio cnf*f*Pr firiTlK^ 
iedle Street. For every pro- public, our cncket correspondent difficulties this afternoon. Mariner fails to turn the tables uiumo 


■ THE ROYAL OPERA ’ -r . 
Tcmlflht 81 Mon. next 6.00: 

Trlswo und 'Isolde. Tamar. A Toe. next 
7.30: Fatetaft. Friday 7.30: Rlgotetto. 
Sat. 730: Madania Butterfly. 65 Amptil' 
seats avail. . for .all peris, from TO am 
oa • tfay of .pert. 

THE ROYAL BALLET ' -• 

CHANGE OF PROGRAMME JULY 1978 
. . . . . The Royal Opera House regreu that pro- 

nugistrates tot oram-nc ^ranges’ have bad to JM'mie 

. - jn, 0 . to accommodate recent ptofts lor me 

I Of 3 village I taievKlon companies involved in- the 


needle Street. For every pro- public, our cricket correspondent difficulties this afternoon. Mariner fails to turn the tables UIIUIxjJ 

posal put up by the Treasury, might be needed after all). Th ere are strong grounds for 00 Shirley Heights this afternoon A DECISION by migistrates to ^ _ 

the Bank can generate at least Equally and more important, it avnectine a fine run from each tiid at the same time confirms allow the licensee of a village television commaniet involved m m* 
M sound objections. Impatience encourages second-best solutions, of these fine-looking home-bred superiority over Sexton Blake, pub to serve drinks until mid- * 

is now reaching such a pitch that . . . . miVl _„hc Admiral s Launch has not been night this Saturday while cus- The pwousiy «nnount*m owiormanc» 

Mime senior Treasury officials When notiun can be said pub- p.^ st j u u 0 Mariner. A par- seen * n Public for some time, bis tomers watch a World Cup soccer Ptm r^nme^OT^Tlie* week 
have been indiscreet enough to before D-day, and every- hafldsome fu ,j brother race having been the 2.000 match on television is to be Monday it juIy^wr Schumann 

voice their feelings m fairly thing Is <mraratable after it, m*s- t Oaks winner Juliette Guineas in which he could finish challenged by the police m the piecesithe ftrebirdithe cwcert 

public places, i now know bow takes are likely to turn into pub- M arny this Blakeney colt gave onj y seventh of 19 behind High Court wwmJIU&y il july.- SJ^Stmia • 

they feel, because I managed to Iic monume nts. The argument his owner. Captain Marcos Roland Gardens. The extension for the Star and "wrsday m jul^ ***££»* 

•■et into a friendly argument aJ)0Ut se concerning market- Lem os. the first inkling of the It is difficult to find a reason Garter. Wigston Magna, Leicester- w grg™™ 

V. Itll a Bank official on neutral ... ... ... ,, Hps that n prpat triumnh might for that rtisanTinvntinp pffnrt nn Shire, W3S grante don the ground piftfs ir«iir«i^nrv>himiiaivT?fiTOF- 


v.ith a Bank official on neutral t = ii idea that a great triumph might for that disappointing effort on shire, was grante don the ground piecS* "reoiSS^nrebiroiiDiraT&aE. 

ground the other day I managed sensitive topics won t wlJJ ■ day coine when finishing the Rowley Mile. The only that the World Cup is a “special ^ 

to bounce a few of the popular wash, because the City always ^.QQd in the William Hill plausible excuse which could be occasion, three judges were ‘told * d<?i»v in the return- oi-^xmaf awn- 

nostrums off him in conversation, gets to know that change is in Futurity race. put forward is that tbe 2.000 yesterday. Leicester magistrates bookings ™ 1 fo 

and in a subsequent meeting ^ wind ^ argumen t about There is little doubt in mv Guineas was the first occasion also granted a 45-minute exten- formances will not now open 

jotted down one or two more. He f ^ ad vice to Ministers won’t mind that Julio Mariner would on whicb the West Ilsley colt sion for to-night's Scotland v. tne jbov* per f ormances win a * gMtn.to 

,n turn wrnte dow-n h.s blanket <■>« ™ ™ «"« “ay at Don- bad encountered soft crmtnd. Iran match. S' 

answer: “It is wrong to make wasn wnen omciais can i agree on caSter but for his i ur ^ j n a sur f a ce on which his sire Counsel for Leicestershire ch^ae* and any inconvenience cm*. 






| It i J. W 

: 7 lUih ^i 





mm* 




ai23tB5i333l 



structural changes to meet a the advice. What we need is runnir ; gi A 1<>T , g way behind Brigadier Gerard was never at Police contended yesterday that a glyndebourne festival opera, until 
temporary conjuncjural prob- already well known: hearings at t he leaders until well into the bis most effective. licensee could not create a §^7 ^m^irouk 


loin in the markets." 


which Bank officials will -talk I home straight, be began to make Admiral's Launch has im- “special occasion simply by I Die zaubernott iomdr. a s«. :ar i^o- 

- - - - - •- — — - • *-*-! Don Giovanni. PcmLWa returns only. 


Apart from the question that publicly about poliev, tbe publi- useful progress, only to find his pressed all who have seen him putting a television set in his iSJ o^ v Gi5lifabS2S5£ , L^ff“ s££* 
is begged here— temporary diffi- cat , on afte r a minimal interval of on .^ he , raUs hopele^ work since that set-back. One bar. -0273 .uni). 


uilties ? — and the one that is fh nr ^ a -r blocked with less than three man I know who would not The judges granted the police 1 sadler-s wells - theatre. Rouberr 

evaded — what about structural P°’} !cy minutes— they order these Fur i Qn2S to run. entertain the thought of a leave to appeal against tbe magis- 1 **.. =ci. w wi u«ii . ir^«. 


evaded— what about stmctural Fu ri Qn gs to run. entertain the thought or a leave to appeal against the magis- 

i.banves which are needed for things better m tbe United Switched to the outside of the change in mount is his partner, trates’ decision. The case may be 
their own sake?— this kind of States. 12-runner field, a furione and a Willie Carson, so deserving of a heard to-morrow. 


GONG SAWAN 
Music and dances from Ball. * 
Eves. 7.30. Sacs. Mm. 2.30/ 



fUndiratc.s programme in 
black and white. 


BBC 1 


6.40 am Open University. •.» and Ued^es Cup. Derbyshire v 
Fnr Schools, Colleges. 10.45 You . Middlesex. 3->- Regional News 
and Me. 11-00 For Schools, ^ England (except Lotrfon). 3^55 
Colleges. 11.40 Cricket— Benson Play School (as BBC 2 11.00 am). 


and Hedecs Cun- Derbyshire v 4.20 The All Star Record Breakers. 8.05 Landscapes of England. Dinosaur* ljq channel Nex*. ujj 

Middlesex, 1-10 pm Bagpuss- 5.IS Regional News (except Lon- MO Call My Bluff. -' j£S S'FrSla fotoSd” ^ ^kSUS 

145 News 2.C1 For Schools, don and South-East). Paddington 9.00 News. oy e,w,0Bue - 

Colleges. 2J8 Cricket— Benson (London and South East only). «5 Brensham People GRAMPIAN 

and Hedges Cup: Derbyshire v s *° News. 10.10 Music for a Jubilee with __ ef ^ ^ 

Middlesex 3^3^ Regional News 5 JO World Cup Grandstand: lf B ® C Concert Orchestra. ^ 

for England (except London). 3 J5 Brazil v Spam, and Austria 11 Jo Late News on 2. son Poim- Vewvraam. uji am Reflex 

Play School (as BBC 2 11.00 am). v Sweden (highbghts). 1L35 Cricket — Benson and lions. ii35 Grampian Laie wighi Head- 

7J5 The 1977 Morecambe and Hedges Cup: Derbyshire v hues. 

Wise Christmas Show (BBC Middlesex (highlights). 

prize-winning show). 12.05 am Music at Night. GRANADA alowych. ass saoa into, ass sssz. 

8J0 World Cup Grandstand: BBC-2 Wales only 7.45 pm 1250 pm Thls 15 Yonr R'atu. fl.« royal shakespeare company in 

PII77TF No ^ Scotia"/ v n ,ran - ..?"«* Landscapes of England. 8.10-8,30 wtJl ' s Ncw ■ p * dal - “® Gn,nad * News 

1^0. 0.000 Holland V Peru (high- Heddiw. TIT ., ilstnit Sh*te 3 t«r»rv I have seen any 

licrhttT HIV where for yean." S. Times. With: From 

i'Sam#;. ... t nmmnv 13 June suindberg-s the dance of 

HMd' — g [7 1 |o 0J0 News Headlines- LUHlUUf'l liSO Pin Rrnon Wcm ReadUncs 12-55 DEAkH-RSC SIH* at T>IE WAREHOliTjE 

8 I I r 11.05 Tonight. ^ Rrpon Wales Headlines. «-« Ttio Elecirtc P^ter N^hoi* private' on 

JrHBI __J t 1 11.45 We a tiier /Regional News. 9-30 am Schools Programmes, tii^airc Show. 7.45 Report west, a no parade. 

K All Regions as BBC 1 except at 12-00 Here Comes Mumfie. 12.10 Re ”" ^ a,ns - ? arl ^l A ^ BeIS ' , almost reee. abs 6224 ~ one ^T 7 

cSgsaBi—ai Sa the following times:- Pm Stepping Stones. 12.30 News STSS iS? £*.. 

Win I f| Wales-420 pm Seooby Doo. plus FT index 12 J5 Help! 1.00 i^fc M »^ Mw Sun, 3.00 a s-oo _mi. No gw 

HB | I I 4.40 BilJdowcar. 5.15-5 JO Wales World Cup <8. the Derby, and s.oo-sos Un Tro. 7 . 45 -a^o y DrrkJ. ambassadors. oi-836 1711 . 

fgHBiWWg' BW H Today. 11.45 News and Weather Racmg from Ripon. 4.45 Really htv wm-u htv General Service .Vr-fcc car Git l ton't' anholt 

BSM for Wales. Rosie. ex« P T: 12JU.M pm Report West Head- PATRIC< CAR Pn slE t S™ N OLT 

a roaMl __aa n . Scotland— 5.15-520 pm Scottish 5.15 News. im«. *-ch«J 5 Report west. -nm Thr'iier 

WS 1 I I j New’S. 820-10J0 "World Cup— World Cup 'j 8: Austria v crnTncii "Mn the di*v ae-Mn i, m fact an 

Pal I 1 I I ScoUand v Iran (Scottish com- Sweden. SLOIlIbH utr_er_ami total <fot price,: 

Sl3 M mentary). 11.45 News and Weather 7-45 Coronation Street , ^ . P T . N<ws _ a “ d I°?. d r £ po ”-_ a4S 


Dinosaurs. LJQ Channel Neics. U27 
Channel Late Nora. 12.25 am News and 
weal her In French followed by Epilogue. 


THEATRES V- [MAY FAIR. ' 

IMtAIKU ,. 8 X 10 . Sat. 

ADELPHI THEATRE. CC. 01-*3S 7611.1 WlO. GORDON C 
Evgs. 7 JO. Mat,. Thum. 3.0«.Sats. 4.0. 

IRENE 

THE BEST MUSICAL 
OF 1976. 1977 and. 1 1978 

** LONDON'S BEST NIGHT OUT.'’ 

Sunday Peoofe. 

ALREADY SEEN BY > OVER ONE 
* MILLION HAPPY THEATREGOERS. 

CREDIT CARD BOOKINGS 836 761 1 


ALBERY. 836 3B7B. Party Rates. -Credit 
f D A MDi A M I carri bko,. 836 1971-2 from 130 J.m 

UKAMriAIN | B.so o.m. Mon.. TUe,.. Wod. and FrL 

■ 71 am pim T^iino 17 n f . . 1 ] 7.As p.m. Thun, and Sat. a. 30 and 8.00 

_ a ,r TW ^', 1 tr 0 T Crampinnl ■■ A thousand times welcome is 


News Headlines. MS Grampian Today. 
5JH Polio- Newsroom. UJI am Reflec- 


1L35 Cricket — Benson and turns, ujs Grampian Laie Night Head- 
Hedges Cup: Derbyshire v hoes. 

Middlesex (highlights). 

12.05 am Music at Night. GRANADA 


LIONEL BARTS 

MIRACULOUS MUSICAL." Fin. Times. 
OLIVER . 


with ROY HUDD and JOAN TURNER 
•• CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Dally Mirror. 


F.T. CROSSWORD PUZZLE No. 3.686 


v * ... 1ALOWYCH. 836 6401. Into. B36 5332. 

BBC-2 Wales only 7.45 pm 12 -®° pm 11,18 18 Y0Br toitu. fl.«j royal shakespeare company in 




May 29-jauc 3. 

INTER NATION At SEASON. . ’ 

The Inwmatlonal ■ Turkish Ptaytfs IU 




i News. 820-10 JO World Cup— »■«» World Cup ’’ 
; Scotland v Iran (Scottish com- Sweden, 

'mentary). 1 1.45 News and Weather J-45 Coronation St 
! for Scotland. 8 . 1 5 World Cup "7 

Northern Ireland— 3 23*3.55 pm Iran, includin; 

Northern Ireland News. 5.15-520 Headlines. 

Northern Ireland News. 11.45 l 1 -® 0 FTN News. 

News and Weather for Northern UJO The Sweeney. 

I Ireland. 12J0 am Close: A 


PATRIC-C CARGH.L and TONY ANHOLT 
In SLEUTH 

The World-famous Thriller 
by ANTHONY SHAFFER 


The International- Turkish PtartK tb 
Tbe- TaitM Oobi by Necatf CamalL - A 
musical comedy in EdbUsH based on a 


Seeing the play ae-Hn Is In fact an 
utter and total lav." Punch. Seat Prices: 
£2.00 to £4AO. Dinner and Top- Price 
Seat £7.50. 


musical comedy in English based on a 
Turkish classic. Today at- 2.30 -A 7.30. 
PROSPECT AT THE OLD VIC ~ 

A Yfeek Ot Sundays Jane 11-17. - 


lib Stale Julian Glover. Harold Innocent, 
Derek Jacobi. John Rowe. Primal la Scales.. 
Tlmochr West- Timothy West as Sydney 
Smith In Smith, of Smiths. 

The Grand Tour 

Derek Jacobi as Byron Ip . 

The Lunatic. Tbe Lover & The Poet,’" 


8.15 World Cud ’78- SroflmH v ScoUand Today. 1JB Hello. Good Even-' 

* Iran, including at asn S£ “f? ^ ^ S-22- 


BBC 2 


Iran including at 920 ITN ^ ^ 

Headlines. 

^ SS? SOUTHERN 

bweeney. 12 SO pm Southern News, fl.45 Day by 

1 ZJD am close: A painting by Day. 12 J 0 am Southern News. 
Rembrandt with music by 


Mats. Thors. 3.00. Sat. SOO and 8.00. 
DONALD SINDEN 
Actor of the Year.” Ev. Standard. 

•• IS SUPERB.” N.O.W 
SMUT YOUR EYES AND 


ftckedly funny.” Times. 


8.40 am Open University. 

10 25 Gharbar. 

11.00 Play School. 

1125 Open University. 

L50-2j 40 pm and 320-4.55 Cricket m. 

— Benson and Hedges Cup: A I V at U!9r>?r. S.05 Reports. UJS Living and 'elvis 

Derbyshire V Middlesex. *TV Nowadcsk. A® ATV Growing, u .55 Bedtime. ” Infectious. appeaiii>a. ibot-stomplng and 

plus news Of Other T0das - VVCCTWADT^ heart- » urn WM. " owerwr. 

matches. RORDFR WtalWAKLI Seat prices ST. so- £5.S0. Dinner-teo-pHce 

4.55 Oneri Unhvnlty aim _ * j « * . _ . . uj i pm Cus Honevbun's Birthdays, seat £8 so. Haif-hoar before show any 

it « .Vr OIJ n!- „ . +12 -5® P™ Border News. 4« Look- »a IMwid N»i RMdHwi available too- price tickets £2 50 Mon.- 

1 “j^S5P , Lf , 33 ss ? *** 

riJll adlinCS ' 12 - w P” 1 Channel Lunchtime News and YORKSHIRE I “B.b'd." "FridayT“£acurfiv Sis’ and 'ajo. 


Beethoven. 

All IBA Regions as London 
except at the following times: — 

ANGLIA 

. pm An «*ia News. MS About 
Angha. 22J0 am The Big Question. 


TYNE TEES 

1 . 2 S am Tbe Good Word followed by 
North Eui News Headlines. 1236 pm 
Norrfin Ban New* and Lookaround. 4AS 
Northern Life. 1230 am EoUosuc. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD S 
DIRTY LINEN 

'■ Hiiarlou* ... see ft." Sunday Times. 


Morulav to Thursday 8.30. Friday and 
Saturday at 7.00 and 9.15. 


ULSTER 


ASTORIA THEATRE. Chari no X Rd. (with 
fully licensed Restaurant}. 01-734 4291. 
Nearest tube Tottenham Court Rd Mon.- 


12.90 pm Lunchtime. 435 Lets Loom Tburs. 8.00 o.m. Frl. &Sat. 6.00 A B.45 


at D!5r<?r. 5.05 Reports. 1139 Living and 


Instant credit card booking. 

ELVIS 

Infection*, appealing. Ibot-stomplng and 
hoart-thumpino.*’ Observer. 

, ELVIS 

Seat prices Et.5O-JL5.S0. Dinner-top-price 


ACROSS 6 Notes from riverside record 

i willing to prepare gun for (4, 4) 

1 ehcotin" bird in 6116 inaia (8> 7 Little imp could relish slap 

5 Insulted the sailor who was un ear (S) 


EVENING STANDARD AWARD 


7JS News on 2 Headlines. 


7.45 Bioscope Days. 


What’s On Where. 4-« Valley of the 1230 pm Calendar News. LG Calendar. 


CAMBRIDGE. 03B 6056. Mon. to Thurs. 
8.00. Friday. Saturday - SA5 and 830. 

■PI TOMBI .. . 
Exciting Black African Musical. 

” The ylrts are beautiful, bare and 
bouncing." S. Mirror. 


bouncing," S. Mirror. 

THIRD GREAT YEAR _ 

Dinner and top-price seat £8.75 Ind. 


employed (6) 

g vforaent for foreign currency 
to tick over (4, 4) 

10 Make certain of two points of 
course (6^ . . 


8 Reds meet rough justice in 
Isle of Man (S> 

13 Mr. Callaghan’s supporters go 


CHICHESTER. 02*3 813TZ. 

Tonight & June 8 at 7.00. June 10 
ar 3.00. 

A WOMAN OF NO IMPORTANCE 


RADIO 1 247m Sews. 80S Yonr Midweek Choice, part 1 Story Time. 5.00 PM Reports. 5 . 3 c a woman of no importance 

(S 3 StereoBhnntr hrnjrtrrm <S>. 930 Nows. 935 This Week’s Com. Serendipity. 535 Weather; programme June B at 2 . 00 , June 9 4 10 at 7.00 

530 am STrEET? Schumann iSi. 9.45 Music for news. 630 News. 6.30 Quote . . . Un-( INCONSTANT COUPLE 


... _ . . 1 tan am *. h.h.„ 0 ... noser: acaumann isi. s .05 music mr news, ooxj news. o.so Quote . . . Uo- 

to work on show Of hands } I** organ rs». 1030 The CLirmci ISI. 1135 qvoie iS>. 730 News. 735 The Archers. COMEDY THEATRE. 

Ifi 41 ISSSi JsJTuJi Ib S*h«L Non *^ n Symphony OrrheKru .St. 730 File on 4. 838 Forjhe^Whaies .S». 


THE I NCONSTANT COUPLE 
f THEATRE. ' 01-930 2578 



PRINCE DP WALES.- H1 -5, 


Monday to -Friday at 8 -p.m. 
- - 8t.-B.50 and a.aa. 


LONDON 1 AND BROADWAY'S 
.. COMEDY MUSICAL HITT--: 


r.. r LOVE MY WIFE 
■■■•4WH5S 52? ,N ASKWfTH ■ 
-ALL JUST GOCD CLEAN FUN." 
. • • Oaflv Enmn. . 

CREDIT. CARD - BOOKINGf 


ensaoemeBt Juno 20 toJidv 16 'BEN'S theatre. _CC. ■ 01-734 n be. 

a5S= »Sswn *Fi v ev®*. : * B - 3 °' 

ST: MARK'S GOSPEL _ 1*^1”° NY QUAYLE 


ST: MARK'S GOSPEL 
“An unparaj retod tow de force." S.Tms 


trousers 


Toes, to Sat. at • B.tj. Sun at *30 
Nopfs. Mondays Tickets £1J3 to. £3.01 


U ^r^'the' dissolute have to loaE ^ 8 ) "vhf r.*i~ I H QDn f . ».» News, tua Homo- ParllamenL 1230 News. 

C haBCe me uwaui ^ -I n; » 1 _|._ vnr RBfies 1 ana 2—5 JBQ am With ward Bound (continued*. t&30 Life Lin us: 

escape (5- 5l , 11 011 lako holiday Radio 5. l adling i3S pm Good usteu- Lumw and Conununicaiion. 738 bbc BBC Radio Tjindnn 

1R Keep quiet about ones pro- (8) 8 -^Scmorlnl Serenmle icon- Symphony Orchestra In Yuauslavla, part ItaolO -UOrUlOIl „ 

18 S. to dose business 19 Holy Land pilgrim hidins ffiTWrE^WsiS'-nJ! 1 iJS t 

(4 2, 4) cards in hand l6) With Radio l. 1230-23Z am with Radio 2. In Yugoslavia part 2: Ravel tS> 930 o r Al rl'* ,Uo is at 3 * iP 0 ^' 

22 Parent has part to play in 20 Instrument children have well RADIO 2 LSOOm and VHP BgS’ffiL.iS ^ ai sS2m£%: *2o 

obtaining relief for prisoner _ and truly licked (6) % „ vi, &JSS5f SnfSif SKP'iJS SS look ; sroo. u«en. 730 Biaeic Loodcocrs. 


. _ ward Bound. 26.05 News. 2631 Home- ParllamenL 1230 News, 

and 2— 530 an With ward Bound f continued'. 2630 Lifelines: 


and- RACHEL KEMPSON^— 

;■ I- At AN PEVNFTT-S 
-. 'THE OLD' COUNTRY ■ \ 

- MST PLAY OP THE YEAR - 


i-. 1 -® Listen- Languasc and Communication. 738 BBC REf Poffin TjinHnn 

S cm print Serenade (Si icon- Symphony Orchestra In Yuaoslasla. part «H010 tiOnaOO ■ 

— - ' 2. _ 8.15). 132 Tbe i: Hamilton. Berlins iSt. 830 The Arts 206m and 94-9 VHF 

» Sports DMfc. 2000 worldwide. EJO BBC Symphony Orchestra 5 *, . . RaBfl 

i 02 am With Radio 5. In Vnnnlsrii d,..i .n on . ^ ®- ra - KaOlO _ O-JU HOSD HOOT. 


• Plavs-.and Rlavars london Critics -Award. 
- Directed bv. CLIFFORD WJCtlAMS.. . 


. At 7 pJB-„ 9 tun.-lt p.m. fpt 

.-PAU> P AYMO VO orments 
' .THE- FRWfl VAL OF 
FWOTICA ••• 


'ctTinino reliisf for nritnner anri milv 1 1 rkori 1 ri avraa^av A * r ‘ * “ aboas Pekin* by DavM Chtppi, US Bath van SkS CRITERION. Credit Cards 930 3216. ma »■■■“— — — - 

obtaining reiici tor prisoner ana truly ucKea (o) 530 am News Summary. 532 Ray Festival. 1977 ceDo and piano rediaL part Hr:®!?®; Listen. 7^1 Black Londoners. Eveninns s.o. Sat*, s.so. s.so. Thura. 3.0 tmeatre-- 

(6) , . , 21 J 4 *® 1 down to make Scots Moore with Tic Earbr Shew (SI. Includ- I: Beethoven 1 S 1 . U38 Ralph RJ chard son 1 f~ tD NOW lesl7e pmLUK YEAR 

Oddball determined to take a leader linger (6) Ins S.1S Paase for Thought. 732 Terry reads Blata UJO Bath Festival 1077 part TiSJ. tf^rSESS— MAX OF L ONE “Eiepont good *-™w| 

AMter rriD (5.3) Woami »Si ihMIb 837 Racln* BoDetm 2: Beethoven fS». 2135 News. U30-1L« 01 Comm0B3 - - VBRY FUNNyT” Sun. Tel. - ■■ 'a^Sn S 

drug inp uni.imnv Tn dimtip and 8.45 Pause for TboughL 1*32 Jimmy Tonight Sdmheri Song fSi. Las-uose. As Radio 2. SECOND Hilar(ous year. . r« 

A meeting place in Broad BULU “™ l u ruoua Young lS , pm Waux0am . W(Uk ^ d j « : T --^wnraSrhi.a 

Street (6) No. 3,685 1230 Pete Murray's Open House iSt ,5^2 faJ? < nnl«Si"t^' W ‘ 7 ' D8 *“*■ LOtidOIl BrOadCaStlllff DRURY LANE. 01-836 8 TOO Every "»422LSS!SC , =ri vt 

!>lreeL - -- - InclBdJn* 1.03 Motor Cycling roewa of the TJ# pm ° pca D nl verst ty. 261nt and 97J VHF n, ® ht UdE •— t nYu 


FuUv AWTorrittloncd. Ynti'-may- 
■hd smpVr In the andltOi luni. 


oddball determined to take a 

J drug trip (5. ?) 

24 A meeting place in Broad 
Street (6) 

25 Little boy under IS makes a 
change (3. 5i 

«*c shares of TNT she made up 
<G> 

27 A pest operator tries to lose 
his temper <3. S) 


leader linger (6) 

SOLUTION TO PUZZLE 
No. 3,685 


v c k y runwr, aun. in. 
SECOND HILARIOUS YEAR. 


DOWN 

j Twins given key to E type 
car (6) 

2 Twice upset peculiar expres- 
sion of discontent <6> 

3 Share allowed to get the chop 
(6> 

4 Stop tn recover what's left 
(4, 2, 4) 


BEHnPlECIEinBEi HHB 
s k a o cj - n - n h 

ebdeh snasEaQaan 
0 B h- b -n 

E_n : .0.:D B 0 H 
RHSEHEa EHnn 
B B-0 0 

■ DE3E EHEGEEQ 

EESEE nEE3S5!3e5 
□ n E' C 15:0 fa E3 
SnRBBCEBa E3C3HB0 

S S E a m s □ a 

BBS 


iiinoc , a , — - Xjunuon Droaacasung drury lane. oi-b36 btjw. 

Including 1.02 Motor Cycling roewa of the 7J# pm ° pcn University. and 97 J VHF rW ° ,,t »-00. Mathwe W«l. and Sat 3.00. 

Isle of Man IT Races) and 1.1B Sports n . .mm «uu r or _ a chorus like • 

DcsK. 2 JB David HamOlon's Derby RADIO 4 5.03 a-m. Morning Music. 630 AM: A 

Spedal from Epsom fS» plus news of the i,n„ ««,- -j vtwc- n 0i»-M0P news, inform a don, travel, sport : r— ~ — — - - 

French Open Tennis Champftmships and 4Mm, 330m. 28am and VHF and review. U3fl Brian Hayes Show, duchess. 836 8243. Mon. to Thura. 

the Isle of Man TT Races. 430 Waggoners' 635 am News. 637 Famine Today t - 88 P m Reports, 3.00 George Gain's *** Bln *? 8 rail ! talcutta ! 1 5 antf 9 -°°- 
Walk. 9JB Sports Desk. 438 John Dsnn 635 Up to the Hour. 7.00 News. 730 J O'clock Call. 4h0 LRC Reports (con- '■ The Nudity Is stunning.” Dally Tel. 

iSi including a.43 Sports Desk. 63S Today. 735 U» to ibu Hnnr imnnuraii Hniiesi. 8-00 After Elghr with Ian 8 tH Sensational Year. • 

World Cup Spona Desk. 732 Sine Some- 830 News. 838 Today. i 35 Yesterday curt nst. 930 NighUlne. 130 am Night 

& Pj’H-nwnt 930 News. M! P E U vSfi^ W J2S!t 

Listen rn the Band iS). 835 Semprinl World. 935 Happiness Is .. . 11130 News. ______ JOHN gielgud . . 


W.™r-P«m- - . . . .637 98BK. 
Eni. a JO - Frf-vnd SvL 7.0 . and B.Oi 
*• Elegant, good ‘wmwl enaag1np.-*-Gdn 

Tn£ tL'Jo . 

^ A n#wmi#ile*r. ' . 

• '£ca«(tt .-and. Conrter Tinea. a--. .. 
“Shew smrwa-. In . somKh” D. T«d_‘. 
“LMhs T *"— - J iwh«4 a n»i' » .7-' Times 
■■WELCOME TO THE CLUm- E.N. 


4fh|__ nan nn— m vhvii HIIUnHdUBU. II Bill, jUUll 

4. H2B, •AH) Hi, 28am and VHF and ’ revlov. UJM Brian Haves Show, duchess. 835 6243. Mon. to Thors. 

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dung Simple IS L . 730 Sporu Desk. 733 in Pariiaraent 938 Newi. ,.os The Uvlng 
Listen til the Band iS). 835 Semprinl World- S35 Happlne&s Is uloo News. _. , , _ 

Scnmadc (6. (conunued on VHF>. S38 1035 In Britain Now. U30 Dally Service. Capital Radio 
World Cog Sped air Scotland v Iran plus 1035 Morning SlOTT. U. 0 Q News. n *" ,, 

rSS “ f i?K 0 RH r .n III u C6 ^' S i Wm s « n e ft kW AooealtaB. Somelhlog Appalling. 1 

? > y liew - ^ roducgl 09 AaUaals Talk? 1230 News. 638 am Graham 


SV'YALTY- CWIt CrifS. m-AQ5 TOM. 
K^,^u»-T» w «de» - fim il u B i B.pg. - Friem 
530 8d:B4l. Mwfaw 3.°0 and 8-00 
London rrBIr* vole • _ ■; 
■»ILY IIAMIELS In . ■ . 

- BU*1l.lf«5 «"W'Y ••■'1AR- 
- Tent- Musical «f.197T . 

Bookings - ac cept e d. Malar credit cards. 
Special .nfM m *r+ o^lneci. foe. a 
limited- period onty. 


O ln Julian Mitchell's 

HALF-LIFE 

194m anfl 95 J VHF A national theatre production 

uiiunuvnaiur Brilliantly witty . . . no- oho should 


ioval rwmr. _ 7-10 ms 

lri_.B : 7pmqr. nt V *-■ MO - 
Lull-fa, adwd .WltanR'i* 
l wa<-«tting .bw-«Y Fopa. -. 


THIS oav .AP«C4»»D '/TVOUOHT 
; rl HAU-UriNAVtNO. ' 


raT , -.. a - n * n M«me w. nitron ucea m Do Animals Taljt? 1230 News. 638 am Graham Ocik.-’a Breakfast mtas IL" Harold Hobson itiramai. Instant p rr MM g W ii .l4 li<» Ftyteg BHnd.by 
*“l.?4lni 12.M «CWS. 1232 pm You and Yours. 12^7 The Soam- Show (Si. 9.00 Mlehael Aeoel 1 S 1 2238 o** 1 * “ rt ro*rvattorrv Dinner and . - - 81 h Morrison. - . V 

2 JJ 0 - 2 JE am News Sumqiai7. frlttar Man 1 S 1 . 1235 Weather: pro- Dave Caali fSi. >30 pm Roger Scoll |S>. . V 0O i sAvrtY tfMATRE. I. ' at-83« -88467 

RADIO "4 464m. Stereo & VHF ®i ra 21 e neKn - J - 00 The world ai One. 730 London Today iSi. 730 Adrian fortune. B 3 B 2238. Evs: B.po. Tlmrs. 3. oaeninn J w 1 3.~ -TOM tcwTi in 

} J0 The Archers. Ul Woman's Hoar Love’s Open Line «S». 9.00 Nicky flome’s , S-OQ a.nd,6..P0- vntosE lif* is it a«vjyaY7- . -. 

O4 ^ ion ? Wav « “*» , Including 2.00-2.02 News. 235 Listen with Your Mother Wouldn't Like It rSi. U30 MurUrt ^SS?h¥ CHRlSTl^f^ 

* e 5? c , r - 7 -“ Ne «- 7J5 M«her. 330 Newa. 335 Aftemoon Tony Mian’s Late Show fSt. 230 am mumwr at ™e vicarage - 

Your Midweek Choice, part n.S). 1.00 Theatre (Si. 3J0 Ohoro] Evensong. 4JS Daman Johnson's Night Flight (S). Third Great Year. - fv 5 . 1 tiOT. Frt. anrf Sat. SjoS amFBJiS. 


Onmino June 13T TOM CONTI tn 

- :■ 


. Jflzianciar Hines.. - ; 


• -- •■vnm lUHUK .r-' - - - • ■ ' 

A Wf^T^V^T* v hd8. u?ei! vou i Gannfin Street, EG4P Wf- 

vi «OT, FrLaiwr Sat Sjos jsiur&jrs. 



: s. 

















21 




* v . . 




•“ i . Financial- Tunes 'Wednesday June 7 1978 

Television - 


too 


%--■ 







Dance 


CHRIS DlINKLEY 


Open Air Theatre, Regent’s Park 

A Midsummer Night’s Dream 


» rift, < 


E .Hi 




is a moment in the. of. the other material contained 
Bolshoi Ballet’s version oE.The.in ibe dozen..- programmes 
when Maaha and the gathered together, by Burton 
Prince 'disappear, completely ’under the title Dance Hontii 
behind the ranks of .the. corps .present^ on . -BBC? during 


de hailet. Then, at the .climax of last four weeks. 


I siilf 




a.typical Chaikovsky crescendo, 
they shoot * " * 
the; heads, 
as thoagh carried 
oT almighty 
remain,-- upright 
with their f ~ ' 
the' corps’: 

obvious that; they : have been 



Caen ;iri:».-anriu on un 

b-l.lfl M.‘l 10 iit* jljiJUl 


Ed'.vard!sin hunting 
Convilie's 



■ 


SSE& IS the -|£d Vftuully S dance incom- in the theatre, and a ^ ^ honunre 

<« SS'SKS *l£, .‘V'S;™ 


and self- 


romance 
..strums rmlt-ry. . . 

The ruse*; fade or. Hsrmia s 





dancers ^(presumably four of the America, Gennany ahd Denmark TaMinltfta, 
beefiest " '' 

r -Y«t . 

-'bjefore'.tlie onlooker's brain works 
out: 
pure 

_ stQppingly: 

perform 
stage.. i 
experience 
on a 
Would 

T^SS^SSSSSl^SSrS X. n 5w! -WM, 

BBC TV’s' - Music' and Arts Pro- sane' manner by-John.- Vernon ballet at all, but a mime wun u of the dancers, nu niatnr and the corps n . .ir.^.% .n * - ■ ch^r-Z-s 

fmeL ffSaiff made this and Calm Neats Vnlifce so many incidental music, inustraimg t the - ir expertise and gr0 ups. one ..n ;hc ^rr,-n,.- left Anthon, So..r,- 

, JK* irwnfie outside W. B. Yeats’ pocm ; Its great S^uosliy. With television redu«- and the other on th 



second-best experience available people who arrange outside ». b. ychis V i rtuosl tv. With television ream- and ti 

to tHfcrjnilUonTol.us who have broadcasts tn($ only ; for 7 the arts virtue was i it* ing the quality of the «*!•»• right. 



Lo*'rur.i Burl 


ne^^.tdZMoscdW'Td Who quality fartoo rare on tele, more than that these cr.-mu 

m-majafSses WUl never have a tooT they seem >. to understand vision ^ D eaSf uTp«in« ° r the a,,ral th n ,'i on human viewer m «h.- 

chahbSto that, television -serves, the viewer one at them ijn> L'"*J comes greater suit. However .1 h<. ., n p rcr iat** th.’ v n.. 

The sSircan- be said of .much best when the techniques of. the Month. and simc the strangeness (ljim . ins of F1 em nuns and Viu n ; 0 H vemDn t 10 

Flindt and ihc rest «f the Punish llloV , n s; hi.s 


1“**. awTjr 
■o joair niF i 
MET * WUd 


,H| S MUHtb, 




2660. 

BRITISH 
» i OJtEATU, 
- R MAKET 

tJ-oaViijj 


gSKfflP* 

onoest dm 


WN. ccTtm-, 
'HT tBan 7}k t 
■r>fr Rovih™** 

E. DAZZLE 
1 s.ib. 

BEL PAIUam 
?9ES^cTbT t 
Srt. S Kl 
DuJ.K Ba 

: i£LD 

IS ANNOUUa 
T WHODUWI 

ha chs ant 

»nab»t 

C^.-.Kif 11 ib. 
ir «.i;h tss-c 
io mij.-de 3ian 
. £,»ni«5 Nflt 
ICNiO THEJJE 



5 * ■ . > ■« :<v^. ■*. ;•• •• 


•1 


J y >Sx- 


: ' W"' I 

• '-Vf-.o -*kt *•'/ •*“ 


-1735-5 iw 
ORD JOHH 5 
l HANCOCK 

z:* Lew 

ANNIE 

iS'ia iK ja 6 


vi 7 — • - V : , - - . • 



Ballet seemed to me to matih 
up. for 
the spirit 

Certainly 
aspecLs 
enioved 

But there 
ertrinsed 
itlontli 
” Westei 
Month ... 

not Wrong end of 


r 

delightful 1? 
performance 

extreme as the n;.,se-is:anuci“2 rustic. 

I “ You got !h rt m lees n:ce lfid 
M:,ces the smooth’* he mutter-. , un-Sh.i’Kvs. 

jt’.e 1 an ■ pejn.mlv. tn a cos:.;-' ar ' 1 * n /' j r , e< nothing t»> reiea&v u« — - 

hearing tne ir.ev,unlc J r er0Ilcl5 „, that modern nated with. *td I. y h 

;„ n «r« jis ?r sssrin’s'a.^: . 


ar:i*an 

etlo-.t or Snutr 

•Aithmtl stiml . r ,.,. 

But the; nustn’s 7 f n,r " r ' r ' ' have found in the 

,re 'ihnous:;.* d:?.e ...in . om , n0 ehanicaU assemble 


Rula Lenska and Granville Saxton 

release the beds Bottom in a grotto illumi- 


Hcr 



mouthful but would at least have gallery 


Robert Wilson 


ttjt, Pciio before a black curtain pierced 


his u|.e-i *ia«*evi lions in ue;cnt # but 11 ins 

SS5riSor,w-»Bd th.. is n« ^^;;- un h 7 ! 

just an empty semantu ; J'tj- - through •.-!••. ,lnv. !y from 1 f r f 

Television is uniquely equipped }J m ^st to me ami p. r Royal Court 

tn bring together— ns in c t^pc producin': 

and Aim as well as live relay- P na ";. a ,ft .. 0 ' ,, h . f h ; 

examples of different types and ^P e " m P v ,, , hf . h ;. sl of t lf >; n i 

fffinrsnsn^S-'c-.ni^ 

which JoSf"hi ,l »lipo«i™J ! ’™- Finally JlnnU |«I c!^! , ,t-M Sl-itii on 

ponsive usinn live theatre. e^a'fcfnVl.f ' n.» 

No one could afford to ship th£ . sort t ,f 
into London whole collections of n r3inm es 

African. Greek. American, ana _ roduce d nt.vcuays ay ptay u.- •— • — - - . thouc» ... 

European troupes to demonstrate > ?J; u, u lariy S.-andi- Wllsrtn hot it i* not tnat_ Mr. ^" l ' n . l t, ^ev su rest a man in black cloak, she dons a white 

the different traditions from J avian broad- a*:ina nrgamsa- ; w - ilson has assured me that if seneral abn|!t some - one Swimming ax^s replace 

folk to modern dance, but Ule- tlons marry :nc uui'ic and dance . .. fl „ want to leave for a v. hn. f. ^ nn i al' Savs the siroe thing, penguins. As in the first act. 
vision could obviously send its tft televisions ..v.n electronic : ;* an(l t . on , e back ;a«er you *|>nf are accompanied hy a there is no specific meaning or 

rrews round the world to irollect effct . l5 .making different wri 1 , ; ve im v. set j a n\thtn?. Tne work J J f piano music by development The meaning is 

the material and one day no of rogvami ^. which way ™t . Lk not develop, it ssn.pl>’ ts: taped score n P»jn Mozart *s what you see. The nearest J 
doubt, it will. Dance .lfon lit. how- sall ^ fy ballet purMs. but which i^ liu don’t examine it srnm end Alan .Ji TC „ r \ w hut with have tn it in our recent expert 
ever, was limited to classical ot | P . IK t tl the dilhcul- 1 and -.m more than jou ex- voca. M.l _ ^V.«AMfivA hut onee here is probably the liv in 


Lucinda Childs, the co-director 
io' r » with Mr. Wilson, plays virtually 

i SSSt a 


cored' I ThWit I *» *ree bi ^ «Pomn S ».on 


■nt-n-es •-•u , 'i a ; Ml , line uoenmg IT * ‘ i* llle imoi.'-tance: they piaystaeniquueu...^^.....-.."- 

novadays by Euro-. a P k.y by Us author Rotert phrases hai ‘.S" 0 h S in nchord. Instead of doffing « 


ftashna Hoiiiji and Ashley Pace and the Swan ' 


cn-.ir Tona » 
ZZ. ?:»8! Eite 
■x7 7 ;c Dm is 
LIGHT. Ste* 
AM HE* 
V i’-'.vr. lass: 


Coliseum 


ins 

CEO TO m 

Zi 1:: THMIK. 

-■ Ttei 
;a-. r-.rrnit 

.. .-;:s - Nrt 

Wrt* ! iO Sr-s 


My Brother, My Sisters 

. V • • -■ f : . . '-i. j, " ■ -K,, thi» wn 


worth importing. 

Perhaps next year, if the BBC 
eets its licence fee increase, we 
can have a real Dance Month 
instead of “ Ballet Month. 
Meanwhile, thanks are due to 
Burton-and to BBC 2 for bavin, 
nolhing'tp do with the fiasco now 

" forward " by the symphony and what he supposes monnpoUsing Argentina and all 

impened . lorwara.. y the composers Inner Need, other channels. 


ballet. He;, - 1 ■U..I..V --- 

Bringing us to the second criti- hren s0 ,„ e laughable examples. Iop t „ bottom 

but there ha^e also been a few - " 


accompaniment. 

work of art, change independently 


and George. 
Did 1 enjoy it? Well. I didn't 


It is not one action ^in Beverly Emmons’s plot; ], u *h. cry or flinch. Wa 

ureover. but several. There are action «i h he windows on interested? Absolutely 

e elements in t .that 1 could ,nr j Yn» obscured by ciQ ated. mostly of course by 


S-> £««'• 
,wr3 w 

• rr ;•« .ti an 

■ thrcat 

.r!=- — >.">i n 
<r 

t«e _ c: jre 

• 1, j tE |H »E 

i , l u j-i v- 

vv'« Win 

fir* /s* vi »* 

-e;i, EtA _ 

-Z j-ejme.!-** 


• - . 1 ■ ic inp COinpOaci > 

" -*«5£* i ;?S*itS53SS' of WBrotiier. Wi/ are * Messenger (the contralto » soloist g see ms his model, and 

D?ece would.be ^morethan basest returned for_tte final JJJ pile some ^ grouping, 1 


ESSa'afe-“! 

ntght. - - Its . ritle* ’ i aneua « e . of extraordinary patricc -Monlagnons lnnere did s muc y, for Bruckner or his 

«-£ STJ« « 
-- - ' h “ — 

inhabits a- world obsess«I b> the aoi ^ . - - gcore has not fir e d ^ adagio 0 r Bruckners seventh 


mure 

five 


Was I 
fas- 
the 


discern-— script, d^cor music, to the poinrMrT'wilson second" acL 'observing the varta- 

costume and iiehTina. and they hi nds. . t v Maels cl?a k: tions. I can only recommend it 


are"* almost” independent only ** t p7ue ndTto ^qult^ew theatrical experi- 

clamped together like the layers rin2 inc telephone. en ce: and as such I recommend 


of* a club sandwich. Mr.^Vilson a if to* al^wide-ranging collectors. 


ni a viuu - I'm a email screen various 

& X ‘1®.,^ Wi « »■ — uy 


of 


chair penguins. 


B. A. YOUNG 


wnaoii»:w««»» Sod Schoenbcis score has nor nrcu the adagio 

a^eness pf. death.^But.^ ^ 0B g Rr _ aphar . s imagination 


the ballet. 

CLEMENT CRISP 


"? JK'.S??- 

. - •.-e - s -® K 
• - » m b> 






*A c atmoK 

'ilUib* 


■SStnin 'JgfijfJSSJ: SSSTbSM?" ’tie "two | Festival Hall 

'£■£&£? “« %?Tto Well™ sute. MacMIllan'sIdeas 

S$££Zk:- «.S*S VS* “ 

S%- 

gramme note... ... .. .. ^,., alff Ses-of these extraordinary 
mbpse favors, are, immediately recesses 01 ^ 

Sonnabend had psyche. 


clear. 



5riTv7ded‘ r a' beautiful, brooding For Cragun (whom, in passing, 

to' suggest' moor laniL, i 


Lazar Berman 


setting, to suggest uiu«..«--. 1 must bail again as 

F affiSEwi 

TeTTibles, tbej 


Liszt Sonata ,n the first technique is seen as a 

wSri 


interval it was .UU PO»Sb.e. to performs 


hope for subsequent^ mitigat|on ****£- r3ther , it is , most 


of the impression, the Russian Jj f t ^ e | n sona ta. a tech- 


fW3 d, sS 

had been fairly conciu. ej be evidenced in such things as 
squashed. .„ the lack, in the music of soft 

1 “Efficient" and “ unniagical sensu0 usness and suggestion, of 
were the two epithets that most an y j ona j variety; or in the way 
frequently recurred to chara^ ^ breathtaking adventure of 
tense the plajnng, accompanied ^5^-5 transitions was regularly 
hy such adjectival phrases as d j ltl inched by an inability to 
“technically astounding." None ai p prc . v ia.te and convey the trans- 
o£ these descriptions proved im- f 0rn iaUons of dramatic character, 
pervious to temporary alteration. The Musorgsky cycle went 
In the Liszt Sonata most of all. better, if only because its suc- 
Mr. Berman’s fingers were not cesgion 0 f movements demands 
unfailingly efficient — the nig less of long-term dramatic con- 
barnstorming passages brought a trol 0nc{ , again, there were 
sizeable quota of wrong notes. some remarkably powerful, full- 
T^or was his traversal of the n]en i ed sonorities in the massive 
quieter sections entirely un- movements; “Bydlo" rumbled 
magical: the softly punctuated pasl \ n majestic depth of tone, 
final bars were remarkable for yet how many pianists has one 
their •' bated breath" quality. heart with not a quarter of Mr. 

Overall, however, there could Berman’s physical power and 
be little doubt that, as dexterity, create a gallery- or 
exemplars of technique qua individual and particuiansed 
technique, these are fingers characterisations — spine ■ 
capable of the bravest feats — chilling, 

double octaves solidly beaten as may be? Here, though the 
and shaped. Liszt’s sequence of music was strongly outlined, its 
chords hugely centre was nerveless *«* 
•without strain, a prosaic 


.... HH.r f 


vi i»"S5»’S 


AT 


■— self-pe?petuating fantasy- n Ce without the least 

3 a •the *Brqnt^s' .the Sort From Birgit Kell thert. 

Ci I'*' around the, figure of die brother. a djaractensauon at 

. in*. it like those several macabre ne_-_ passionate vicious 

stories that have come to light once iey ^ wonderfully 

across the years; they become i Lucia Montagnon give« 

vdlved lift. l something sullen, pitiable «d 

develop into a kmd. c ® E fi ^ Tn - en t s oddlv watchful to the rival sister; 
But they .are; nlsojgments girls are no less good- 


a{^on of the -mriJe . Tor .■ sense 0 f chill un 


l?C3 


pvt 


?,i FP r:- VStT: 


r^S! 


to happy mystc^i 1 1 

jsr^Si 

them., passes among _ crtSm return in transparent 

■ SSB to- -nock the besp f .,d«l 


- ;t-£ ; . « he : childrens ; ,on . Birgit . So^rtafinoaT The effects a re prp- 

eldest- and. mosT _ d ^^Stecied foundly disquieting, macabre. 
T-.uGia' Montagnon, hespectaci.ea.xou v . nriuI if Mm Brothi 


t „cu l»JI Mi.WJS 


r .:. -'t 


■i'« ; 




O' ‘ft. 


mwnmsmm 


A ll 




serve - i?gS ^e g- 





ScmmM a*? 1 ” Jn-agein MacMillen's mas 

eveats of the piecoare t he gM °« T« a cho « 0 »rapher able « « 
of love and death, fantasies 01 n i ore the convolutions of toe 
passion .od UlUn*. human psyche in exciting move- 


grandiose 

sonorous 


|nd lusts. ■‘What we see may be 


bet .it also- STS 


A S5lf |ED 


asi^w wr 'sa -srassr s 




capacity for piling on layers of 

Purcell Room 


MAX LOP PERT 


Lure of the East 



and 




at£ s 


-become" her sister. The text iah _ of sung text. 


; f “IJSSfi ^T^Vpermeate olM^ 




HSBSGEB 

histories like these — - 



COLNAGHI 

. ; ... .^n Exhibition of . " 

Paintings by Old Masters 
OPENS TODAY 


• Monday's concert by the group Byron’s Hebrew Melodies in 
railed The Songwriters' Almanac various settings were profitably 
filled the Purcell Room and pro- raided. Yet the increasing 
duced cheers for a miscellany hilarity of the second part, which 
called “The Lure of 'the East" began with French _ orientalism 
in which verse mingled with (Bizet and a stunning virtuoso 
voices and Schubert and number by Samt-Sauns winning 
Schumann lay down with easily— Ravel’s “L Indifferent 
Lehmann (Liza) and Coward, is not much wl j£ ou * orc !/*^a 
The mixture was most in-- and went on through decent 
geniously assembled and care- Englishries to Mad Dogs and 
fully rehearsed. Trouble had Englishmen and a version 
been' taken over the programme attributed to Mrs. Johanna Hog 
I book, so arranged that the of a familiar * Turkish piece, 
rheumlest and most inattentive simply drove the memory of the 
fingers could hardly make it bigger things away, 
rustle in the wrong place— worth Perhaps the readings, though 
mentioning because that is one they were nicely done by the 
of the last things concert singers (Felicity Eptt, Sarah 
oreaoisers usually bother about. Walker as guest artist, Martyn 
ffiS. Mt for the first tipns. Hill deputise for Anthony 

- A “ifc *1* 

3 


Tel:. BMJU IJS* 

Tiiier. 


. Until 7 July 

.1 14. oW Sowl srred. - 

- London. W.L 


_Mon.-Wt 1M 
Sai- JO-1 



for Anthony 

mod MJierae ” U programme Toft Rolfe-Johnson, Richard Jackson) 
nni slishtly doublEul What do and the unquenchable pianist 
such things achieve, except to Graham Johnson, should b 

Se^SiSt V a the point intentionally or un- 

SriV T^mhlage. 

Indudbd 2U3SSI tSSi Hfer s ^ ins effecl 

by Schubert and Schumann on po > ^oKALD^CWCHTON 
Goethe’s ” r ' 0,,1c '* na 


Divan, poems 


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22 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. Tele*: 886341/2, 883897 
Telephone: 81-248 8060 


Wednesday June 7 1978 


Bonn’s price 
for a package 


THERE ARE at least two because some of the stronger 
important elements in the countries, like Germany and 
remarks on German economic Japan, objected to having pre- 
policy made yesterday by Chan- cise targets Imposed on them in 
cell or Helmut Schmidt The the OECD context 
first was his hint that, while the With hindsight, however, it 
Bonn Government had no may seem that the German 
immediate plans for additional government’s objection was 
stimulus for growth, some based Jess on the precise 
measures might be taken later figures proposed by the OECD, 
this summer. The second was than on the belief that this was 
the message, clearly legible the wrong sort of package, and 
between the lines, that addi- that the right sort of package 
tional refiationary measures could only be put together at 
would only be taken by Ger- the Bonn summit meeting in 
many as part of an international Juiy. 
package to which other coun- The right sort of package, 
tries would have to make their according to this interpretation, 
contribution, and that this pack- is one which includes structural 
age should be tied up at the measures to improve and 
international economic s umm it stabilise the international 
in Bonn next month. monetary system. As an Jnduce- 

T „ . ment, the German government 

Inflation may well offer further domestic 

Mr. Dennis Healey, the economic stimulus, and the 
British Chancellor of the report that the Bonn cabinet 
Exchequer has long and re- is postponing its fi n al decisions 
peatedly pressed on the German on the 1979 budget until after 
Government its obligation to the summit is a signal whose 
help the world out of recession significance will not be lost on 
by adopting a faster growth Mr. Healey or Mr. Carter. But 
rale. Germany, the argument the quid pro quo will be a firm 
runs, has low inflation and a undertaking from Washington 
strong balance of payments, and that steps will be taken to curb 
can afford a more expansionary imports and thus reduce the 
approach than countries which, trade deficit, plus a parallel 
like the UK. are still trying to agreement within the European 
bring their inflation rates down. Community on measures to limit 

But it would be a mistake to the fluctuations between the 
suppose that Mr. Schmidt’s re- European currencies, 
marks yesterday are a tribute Commitment 
to the persuasive power of Mr. 

Healey's homilies. The Germans Whether such a package can 
have the best possible reasons really be put together next 
for knowing that their probable month must still be open to 
growth rate this year will be question. Mr. Carter, for one. 
disappointingly low. The offi- ma y not share the German 
cial target set for 1978 was only belief that he can (or should) 

3.5 per cent, but the latest esti- set to curb oil imports on his 
mate by the Bundesbank puts own authority, by-passing Con- 
the probable out-turn at around gress, and he may be unwilling 
3 per cent, while other forecasts to give the kind of commitment 
suggest it may be as low as being sought by the German 

2.5 per cent The Government Government Chancellor 

has ample political incentives Schmidt's proposals for an 
for examining the feasibility of enlarged European currency 
faster economic growth, pro- snake are undergoing careful 
vided it is compatible with other examination by Germany’s Corn- 
economic priorities. munity partners, but it is not 

Recently, the Organisation for clear that they will be in a 
Economic Co-oneration and practicable form by next month. 
Development in Paris proposed let alone that Mr. Callaghan 
a concerted reflationary pro- will wish to expose himself to 
gramme by a number of major attacks by the Labour Party's 
industrialised countries, though Left Wing so soon before an 
with the stronger countries election. For all that, it is clear 
giving their economies a bigger that the German Government- 
boost than the weaker. Most of quite rightly— will not reflate 
the governments were broadly the German economy : just 
in favour of the idea, but the because Mr. Healey says it 
OECD proposal collapsed should. 


The recovery 
in danger 


AGAINST ANY normal finan- figure for domestic credit expan- 
cial background, the backing sion. While monetary growth 
figures announced yesterday may be roughly in line with 
would be thoroughly welcome, policy, it is clear that DCE is 
There has been a sharp rise in far higher than is consistent 
advances, mainly to the ser- with the £6bn target reaffirmed 
vice (including equipment leas- in the last Letter of Intent to 
ing) and personal sectors. This the International Monetai? 
reflects the recovery in demand Fund- 

ffsSffS&s s^ssfjs 

SZST'Z F th ,L earl? to the exclusion of anythfng 

in tn.-nnv.fr- er ’„ rIse else might be misled into think- 
has probably re- , The 0,^^^ wiU 

d ' rapr ”J' ca , sh certainly not contain domestic 

?. r . 1 mot " r credit growth within the target 
maustrj), which has been able ;+ cat itaair 


DIVIDEND CONTROLS 


‘ Financial Times 

BY BARRY RILEY 




suspense 


C URRENT LEGISLATION more likely that companies will about half of affl cases in winch Bat 

to control dividends ex- find political reasons for not special Treasury consent was to win the day. tt always 

pires on July 3L Unless complying. There are also two given to abovenormal increases, seems to oe piausime max 
there is Government action in very large companies. Shell Most of the other instances 

the meantime, companies will Transport and Unilever, which were in recovery slttraitions. restricted, so should dividend 
be able to declare dividends have legal obligations to pay out 
freely for the first time in certain levels : of dividends 


. incomes. Dividend controls 
In recent months dividends have tended t0 be tacked oh as 

nearly six years. The Whitehall line with Internationa] agree- of a final addition to a whole Mek- 


L ta aiready adjusting .to see how ^ rMnlt *•*. fading meMurei , 


perhaps a gn> of 


anti-juflatiOtJ aiy 

me ^angef The 'Treasury ’has their directors could comply m^sure^ ' .. 

been telling inquirers that withve^unt^as opposed to ^^Sr jSJtbta now drn^a to po^Srfta^tost'Joup” oTthe 
according to current legislation statutory, restraint under 14 per cent and it seems g^of S^SJTSSbS to 

.T5, u d rJiH Mor f? v , er the Boards of large, ukely that over the 12 months fight for the rights of share- 
proposed dmd end to be paid successful and cash rich com- to July employee earnings and holders. Some organisations. 
Si ? 1 -?!!..® ? panies like GEC and Hawker company dividends will have such as the Stock Exchange, 

making statements 



The manning of the Treasury Siddeley will be under strong grown at roughly an equal rate. havp been 
section whmh administers div.- pressure t0 * e cur- ftace the S* part of la* year 

from three to two. shares, which nro ovmrtnmatic th,. Mt.n »rinu ..f 





dead - freedo utls ^adeq uately rei 
, fleeted in paces. ^Smito-brq^enF^ 

„ . w - levels-. What is true, howeve^: argae/ -that a., ahaxp - advanc^ 
the impression that many com- there is a small number.-would accompany way i definite-^' 


-- 


Goverament in November 1972. To demonstrate the erogon papy . managemen ts^ . eie. ^ large companies iwhlcfai ‘dwtston j to^Tsfni^ 


whether an attempt wm ™ porary" dividend freeze was of 'the p"ast“few years, 
made to extend the controls for firet iraposed by the Heat h V 

a further period. Government in November 1972. -- — . . ^ *_ “ »e*j i«ec wmiiawm ^yu- 77—^ — . . --r^wirwuitmo. 

In February, Mr. Denis of real income suffered by ambivalent in their attitude. In f oreca stTeiy substantiSL^ey suggesTthat the maifet is.- 

Healey. the Chancellor of the shareholders it is best to trace many cases, companies^ are j^idiend increases, or can be held bacfc by ; thq ; ^ 

Exchequer, stated: “It is too S npr opnf the history of dividends hack to woned that they wll «ot be confidently expected to^dn so. ./best, .soitoe- ldfid- ofc-yohintiw: ' 

early yet to consider whether LCUl early 1972. At that time, divi- alile to keep up in the dividend Fnr shMl Tie- for.:- : 

any legislation on dividends aai 1: m » deeds had been decontrolled for race ti the strong runners are wou]d have .’ d out 4 ^ 5p while at wo^st; some stp.tigiitfer • 


' 

t*"'' ■■ 


might be needed as pan of 


counter-inflation policy when 


ceiling severaTyeusrand sbanld there- no lon * er to be nobbled. 

That standstill lasted only a at a n ° ogB # t W - M P* **' ^ concera of the Sstricted -to " -a 


^hp ta ?haneennr trolled, but first the ill-fated But between early 1972 and wi f th f attend ?f ? t P ufa lie tty, co aid other ^ Anglo-Dutdi; > 

about when the C r tbresbo j d agreements, and then early 1978 dividends per share 1Q terfere with the process, of national, Unilever, should, have 


would make a statement on the m by85^r *SSr£ig a negotiating a further round of. toe5fthT.m55;,/ 

_ _ _ . . . . _ - vrt itflTflYTT nav roct rti mto « . . a ? . 


S t0 soaring earnings amidst around 130 per cent. That lOT l? a S? 1 agreement than it was . ^ 

®f"f. t i J ry ron [? . accelerating inflation. inipUes a fall of dividends in for wap nses, . would ,he a to, and the accumulated - ; - 

merely replied in a written . . ^ oa major feature of its manifesto w. ic now 38n a share gross ; : . .been, .discounted.' th Bome/ extefit / / 

answer: “My Rt Hon. friend In July 1974 Mr. Healey te ™^ *?“ e 20 ^ ^ forthe coming election. ^ ^ . Nereis now 3»p a^share reveise 'S 2 

shall make a statement at the rnispd the ceiling on increases For . comparison, ^ f h Tb® 11 there is BP. whichJrad wfa*i!iM.- by two’ ner^ v ' ' 

anoronriate time.” of dividends to 124 per ceoL But earnings during those six years The fear is that a rash of ^ application, to raise its: 

The City and ‘industry takes even at the time wages were ^ fSSLfe “SSh TWs^^b^&iii 


this casual, low key approach growing by some 20 per cent a ^Presenting a significant real ^ ^g^ ^ ^Pt^ber^nld by the Treasury a yea- ago.'^Thg ttife Wdun 2T 

was at 16 per 8»“- , . . JESX™ I !SL?’SS cpmpanystill intends to _ 


to diudends as something of an year, and inflation was at 16 per 
affront. To the Government, cent. Over the next two years 


It would be wrong to on the climate of pay talks. The 


aspects of incomes policy for trim dividend 
the year ahead remain unde- a maximum 
tided, the position of dividends July 1975. That 
cannot be determined either, applied ever since. 


after providing for stock appre- a decent interval, it is argued, as. a special dmdend -.vmeq- we;; rrrjg/ra, 

elation and replacement cost there need be no awkward removal of dividend restrictions Y fwtoES 

. -T. - . J.V, tflA " ' ' SUCQ 3S 0^0^ Lflilatj 01131*7 gf- 


There are. however, also some ft 'is" i'nstTu'ctive to note that depreciation. It is clear that repert issions on the- labour permits.’ 


limit has 

— — — * **e uv awAWUU nuwru ui uitiusuu mu n«wp , j — - . _ - ........ 

on the ' labour permits.” hl ® her «• 

practical conaideraHoda. At durln* iwVii'ws’aierase dhrtdenda would have come ftout la. weigltmg. up.; t&o These three oMupafles- alone 
though a one-cl.use Bill ex- earoiags of empioyees rose by under pressure tn any Iudel VS, > » contBto.^^SSiwd 

tending dirideud controls could some 59 per cent prices So dmdeods iave ootbee^ ' “oiSTto ^quite, S f out.t He.XSSt 

4i per cent, and di and could ne er ha u. a differe ^ priorities should- H«vU they implement average - divi- jbe i m mediate-, attention . Is 


in theory be put through Par- by 


?, end i? er ^"!3° n .?J, b ^ S u 5!.ff dead t eedom become a reality dend ^ to- be focu^Tw;^ 


2 'i0cnt 

s 


a matter of days, in practice it of the recorded yield on It should be remembered that Aueust l 
would be a controversial the FT-Actuaries All-Share company dividends, even after ° . 

measure. It looks increasingly Index — by only 21 per cent adding back advance corporation 
unlikely that such legislation During the past couple ■ of tax, account for under 3 per A jiatt 

could now be passed, with the years the balance has been cent of personal incomes in the kivTV 

Liberals about to abandon their redressed just a little. Taking UK. In this context the 
pact with the Government 


“ Voluntary ” 
controls 


then by them stives they- wall . scale of any dividend increases: 
push up the AH-Share income Yef the -potential .- for 're-estab-^ 
by 8J per cent On the assump- Hshing ^ proper risk market in ' k - 
' tion that a' significant minority equities wOT be much: more 
V of other companies will also Important - For years; investors 

« rts t uase 

rose slightly less than the 28 trols ; has been to shift the There ^ t0 ^ a stnma dividends up mqre or less. in pany Woidd lead= to ah' above- 

per cent nse in prices, dm- balance in the system taking tiie opportifaity line with inflation, :ltls pdkdble* averege ltibome return. In tiy- 

dends by a little more at 31 per While some companies have if*® __ __ V.* _ _I- 

cent or so. 


base 


to jump through the dividend to predict an increase of . oyer tag to treat dividends on* a par 
as the^woifld°have Ukedfothers ‘^rndow” before |itU *}&*& * ■ 

d^aSear^Th^^n ^obliged todlstri^e ^^be 


Since the end of 1976 divi- “ shut iam." With Inflation of -freedom. S(wne;put the figure politidims- .hayo managed ito 

rising a g dn next at more ioke 30 per/cent ; i conyert eimnary-^iares into a 


The Government could fall rising inappreciably more ttan elJar- year? ‘rndT a^^w/Govran-. This affirega^- fipire . wquid. .pi^ - ' 


already applied to 
Voluntary ” controls 


wages. 

could 


back upon non-statutory guide- ^ statutory maximum rate, thougb-like almost all clear, 
lines of the kind which have a year ^ Q ""** — 

over 16 per cent 
, 1978. But this has 

ktod S of WacklS for** noniom 6 *“**5?“ V*® ^de? to mVintain“the riti tovti last for long. IMWII heimpor- have ^recently st«* mjiket B^the rtwse 

pliers on the lines of recent shareholders to plough back qJ , ^ ^uity bases tant for companies to estabbsfa and have- often been /fafling,iHpplies to-flmr-more.laggaJdly ; 

nav noliev But it would be mone y ^ form Treasury officials have admit- a new base . ahead of any fur- which r scarcely provides -the ^counterparts. For exlsting high 

difficult to make such a policy issues - ted. in evidence submitted to ther period of controls,^ re- right fia<*gnmnd:ftr; dttidend yitiding ^eresfeoulddase-srafle 

s^l Voluntary pay -uidelin^ The MEd t0 **** “ w mAtal Wilson Committee, that menffiering that divi dend s have buoyancy. Unless Profitalflit^of their appeal; - and cpropanife 
have worked up to appoint be- bas been an accepted reason for dividend restrictions have onI y b *f D of Restraint for improves sharply, the dividend will no longer be able to sugar 

cause toe uto^ hinre speciti dividend concessions t eTd ed t o equity three of the last 12 years. rises of 20 per cent and more of 

accepted them it has also been ever since .the controls were im- market less attractive, particu- The nmuber of cwnpanies in will only . represent a one-year are expensive to shareholders -. 

the interests of the cm- posed in roughly their present iarly to private investors, and such a position should not be upward adjustment, with Ihe by. arguing that this-is one of 
plovers to follow suit form in 1973. During 1976 and that this has increased the cost exaggerated. During the past growth. ; rate -sinking back snb- the few ways to get the dlvideBd 

But with dividends it is much 1977 this ruling accounted for of raising new capital. three. years over 750 companies sequenuy.to a mucn-.lpwerleveL up. • 7 : . 




to repay £112m of bank ad- 


it has set itself without taking 


some action. The question is 


I a h f** n f he t if st whit actionV and how soon. 

The rise in the money supply 

cannot be estimated reliably Soma realism 
from the clearing bank figures, 
bunt appears to be at or per- Smce bank lendin * bas accel- 
haps a little above the top end eraled ’ ^ «*** out ““Sht 
of the official target range— appear to be to place restric- 
too high for comfort, but not ^ ons on ^b® banks, and there 
alarmin'* has Indeed been much talk of a 

beSrr “1,“ 

behind this portrait of a reviv- said for imposing so ^ n mi t 
ing economy are not so pretty. on the growth rate of lending 
S ,s 3 skeleton in the cup- ^ liabilities under the sup- 
‘ The , g L° Wth of . the plementary special d^iosit 
money supply has not been scheme, which would guard 
kept in check, as it should be. against any explosive rise in 
by firm official action to hold lending to finance a run on 
the Government deficit with to sterting— a development of 
the limits that can be funded which there is so far no sign, 
without endangering this fortunately. However, any such 
natural reeoveiy of the private limit should be generous, to 
sector. On the contrary, the accommodate the recovery 
borrowing requirement i* in- which has now set in, and the 
appropriately large, and its main measures must tackle the 
funding has scarcely begun. problem at its source — the size 

Cannnt on an o£ ^ borrowing requirement, 

cannot go on and its f, rnf n n g 

As a result of this financial rph- m-. Wi _ lrtail . „ 

Ss Pa SG e » r S™, b rT^ shown some resUsm^friistt^ 

sraJtK ysa 

foreign currency from the fJSjS™ 0 * r Uie 

reserves instead of borrowing , P°bcy- 

institutional savings in the UK. 13 n . ow neet ^ ed M “P 1 ® 

This clearly ««««♦ — — positive action: a nse in excise 


indefinitely: the^borowtog ^ties which will at least 

requirement would virtually ® 0U P tb e revenue losses caused 
exhaust the reserves. W by Opposition amendments to 

the Budget; and a financial ro- 
This sketch of the flow of itiatrve to get funding moving 
funds in the last month shows again. The waiting period has 
rather more clearly what is already lasted too long. Hope 
going wrong than a discussion deferred makes markets sick, 
of official targets; but of course and the necessary medicine 
the failure to fund will be gets nastier with every passing 
reflected in due course in the week. 




MATTERS 


Burmah row back 
on the boil 

Why did Burmah collapse in 


Brian Young, director general smaller. The quality of play is His period there was distin- 
of the LBA, wrote to Stone say- now improving. guished by a major expansion 

that the advertisement Although 


mg 


w a male under- of the office, and of the infor- 

, ... . . graduate can be sure of a full mation it published— sometimes 

..xx., — seeras r ear y designed to in- b(ue for representing his to the embarrassment of the 

1974? The question has still to fl u ® n cs opinion in relation to university in any major sport government of the day. 
be fully answered, but the an industrial controversy ' The (and a half-blue for basketball Moser tells me that he 
Burmah Shareholders Action mA J code forbids partiality m ^ the Ukc)f ^ feminine expects particularly to deal with 
Group is on the warpath again. controversies, though | 5 fgj more murky. My corporate finance for industry. 

The group hopes to start the angrily say that toeir j n qui r ]eg have led to appeals He is also the join the Board of 

public unravelling of the oil lawyers deny the advertisement ^ a ^ j should not “ upset Economist Newspapers .and next 
company’s crisis at Friday’s should he so categorised. people ” — meaning men — in year will become chairman of 
AGM in Glasgow. what certain women dons at the the Economist Intelligence Unit. 

BSAG bas already had one u nwp >- that** older univers * ties M a lal ?* ^ 

major success in the three years Mowe S ■ distinctly touch}- area. It seems la^ of toe mandwi^who 

since it has been formed. Its Amid the higher dramas in the that Sirls can occasionally be ba .. . w . 


persistent campaign in 1975 and world of sport, a spirited event awarded full blues for rowing, the City— following Sir Eric 


|/cismcui IflUJJjajgU iJJ auu »UIJU Ul »UUIl. d ^IIUBU C»CHL - , . n ,, J Q- T>„ a lx u.nin-fneh 

1976 led the company to initiate that took place last weekend if they put enough beef behind Ro« and &r ^nuld _lfacmtosh 
a £600m claim against the Bank went total* unnoticed. This the blades. 

of England. This is for the was the annual women’s cricket Even daring my talk with _* Gnlnneas watinn 

recovery of the BP stock held match between Oxford and Lady Howe I had sensed toe Tn ll(tfrioI1 - rprm its and White, 
by Burmab before the firm’s Cambridge. It was played at seriousness of the underlying h ,,, Perhans. Sir nans 

collapse. Fenner’s and finally ended in a issues. My courage failed 11311 s wss ' re napS ’ air uaus 

The claim 


« Bc.r/ 35 only made ladylike draw. It must be before I daredask whether the of^mputing tSfo^sgS^ 

after BSAG has persuaded toe reported, however, that some Cambridge pace men (pace y 6 ® 

Burmah Board to release docu- plaintive cries have been women? pace persons?) had —— — — — — — — — - » ■ 


ments about the sale of the BP emanating from the pavilion— bowled any maidens, or if the u j t_ 

stock. Now it is pressing for because an Oxbridge girl who girl who was at third man was 1*1 3 TO C11G0SG 

some equally crucial documents wins a place in her university called the third woman. I con- T Action bwip trHsd nrac 

-those relating to the agree- eleven only gets a half-blue, s ider the best prospect for us 

eotsjn 1974 and 1975 between whereas her male counterpart mere chaps is to await the day q uer y- improves” and 


ments 

the Burmah group and the is given a full blue. when all teams become mixed. 

Signal Companies Inc and One of this year's Cambridge It will at least improve toe look ____ «.* d 

SEE. and Chase Manhattan sr 0n waa „ A e? aild f a ath ? r owe Sir 01 1116 outfleli S £ 

BSAG and its bon. Geoffrey, is the Tories’ shadow 

treasurer. Jonathan Stone, Chancellor, which in this con- Fa ml I w tradition s toe an tBre 

question whether some of these text is neither here nor there. iraultlOn 1974 Conservative ^ teafersh^ 

agreements contributed to the What happens to be very much It was not the first time I have z//”L ir 

collapse. Stone claims it is Here and now is that Lady Howe been told “I am doing what ^” ~ rg, 1 _ , PE, . speaR 

improbable that their implica- is deputy chairman of the Equal my father wanted,” but it was T* 7 ? 111 ?- * ■ Reitn ' 

tions were unknown to the Opportunities Commission; she toe first time I had heard it X? j ^. or .three separate 

Government. thinks the moment is nigh when from a man of 56. However, Cabinet appomtinents. 

** We basically represent the such discrimination against the yesterday ‘ Sir Claus Moser " ut wneie ie B<rw«d Heath s 

small shareholders/' Stone told girls should be hit for six. “It explained that in leaving White- 


me. He has bad some problems may take toe universities some hall to join a City bank he was Pr \ or? " ®bj Heath is right out 
in obtaining the support of a time to adjust" she told me. in fact carrying on a family ® Be J* 61 ?®? tt0U Sht 

few of the major institutional “But now that the sexes are tradition— though one inter- ± ^ r )S r w f s Ll ,fy £ ° <1 ! ^ .. 

investors in Burmah: “They becoming numerically more rupted by the Nazis. M lOffyAcSBoa aescwjwttseaas 

think we are trying Id make a equal at Oxford and Cambridge, In the 1930s the Moser family P J° - f ° n _2? e l 5*®^ 

vote of no-confidence, but this this is the right time to air the bank, Fromberg, was absorbed *“ Ats , ptai 18 . a sta ? v 

is not the case.” BSAG in fact subject.” by the Deutsche Bank and toe P 1 ® cheese of ^-constitu ency feei- 

say they have “ much admira- T dared to suggest to Lady Moser family was forced to Ha ^ cheesy, I suggested 

tion ” for the Board's handling Howe that although the girls no leave Germany; they moved to — Cie Conservative Central 

of Burmab’s recovery pro- lon?er go in for under-arm stuff, England in 1936. Now. Sir to ■ countered 

gramme. perhaps they are given half Claus is to become Vice-Chair- W “ 1: 9m “‘ frapes- 

But they have less admiration blues for only bowling half as man of N. M. Rothschild and are j*® 0 **® “j* 111 _3 er ^. ®°°“ 

for the Independent Broadcast- fast as the men. Site did not Sons. stafKtiag witai toe party. Out on 

ing Authority, which has re- call me a male chauv inist , but He was a professor at the a ^ Jn ®» ^° u cou ^ say.” 
jected a radio appeal they raerelv replied that in the old London School of Economics 

wished to make in Scotland last days toe “ catchment area ” for and served for 11 years as head 


week for proxy support Sir girl cricketers had been of the Central Statistical Office. 



i 


•J. 
















23 



. <sr :. ir-;^ • 


| : 7-1378 


SOCIETY TO-DAY 


■ ■*.]&.• • - 




>:' ic-'.'V', 




ve 




never 



it so good 


BKK^i'^djay •« stable was infitflKail ' *^>ue that about a third of the tenants ""jS^sun^d tfhav 


jDXUXisci- -suujsxi • . is siaoie was nusiuacea. r^. aouu ‘- * Ul u,c ~ -- supposed to have 

because' it rtmiiixs'tbmfortabiy there are some eweptlons to in unfurnished, privately-let at lcast in t h C latter! 

welI ofL :lt^(^i^rome .Iess\ this rosy pictiire-^ao ofle could accommodation without such hal f 0 f t he period under study) 
stable the National Health amenities. Many of them will j t j S an extraordinary- picture, 
more fragmexitB^-.J'V-' . Service was actually improving in ail likelihood be families Telephones wore rented by 

These: two : proportions are —but the perhaps, surprising living in conditions that should ^ per ceot of a n households 
not quite.-, the' sttzff pf . .the fact- ijihat irftiie w^wero *Hl not be tolerated. The GHS - n 1970 and 54 per cent m 
analyses to ' 'which, we have telling bae; anoSfcrthat we gives an inkling of who^and jg-g. There is still a strong 
become accustomed, which, have, w^ retda& both^^ popula- where they might b^-the worst dass correlation here, us ets^.- 
mote Ids«yahout doom ,n . som ' °* centres-and where. The pesesion o 


more to sar about doom mZZ ^ - -Bettine on In some C,J * whwc . me pb»b^> 

decay;- ton P*"** ? ra0 “S XTA 1 . 


The Rise in I ” 1 
HOUSEHOLD! 
DURABLES \* 

’/of households with..... 


TV Set- 


Vacuum Gleaner 


«fg (or poilcy-mafcers. S«itsecm s KTSl 5 only n third 

published^ -tbaitf ’in ithe 337 -' The fiianefal, st^^ics may reasonable to hope that this of counc ii and private tenants 

^J 875 pages: of Ibeilatest'. report from .eontradict that, buUJfcSojn* wor.st-off margin is Betting compare(1 wi th 70 per cent of 

the Gehera^Boasedldl^urvey•. ^et,1 - the smaller. In any event, the need ownerK>C cupiers having one in 

Qro It .is'---b'ue&-W a r continuous General.'; Household, .' v Survey is to urge immediate allcvia- ^g-g Yet the growth continues. 

Government;, iM&fcy to ^Which records, telis a oop^emE Story- tion, while acknowledging that , n spitc of the apparently un- 

s 010 ® 15,000 people are asked Take housing.' The. hiBtorie- for the majorU> stop p a bie growth m the sire 0 

each year rather' more than ally high standard .of housing of n°JJStv 8 cood the biUs ’ 

they,; would-be -in a . 'formal „in Britain has bom remarked a tolerable to p j s On the same measure washing 
oomew census:: The . arisw^ boil down upon before 'in "this eolotnh, bur standard. machines arc up from 66 per 


Jggg DM Gwll HauarhoU Survey HU 


80 ,L z±- 

1972 73 


they.;wouIdv^be in a. formalin Britain has * l ° le ™ we 10 p J ** On the same measure washing 

census:: The .'answers, boil down upon before 'in ;this eolnuui, bur standard. machines arc up from 66 per 

^ *hv to— well, stability, with just a the fresh evidence is.. over- Those who are not convinced L-ent u , yj percent of all house- 
*°y flS possible 1 hint ot fragmentation whelming. - In 1971 , spnie 88 per by the measure aecordmg to holds Refrigerators — which 
0 I e *»% in the future. \ ‘ cent of all ^ households; iad Wle bathrooms should study the lJie industry once thought ilic 

the mar 6 a v.nib «r* shower: by table on central heating. R -i,; c h would never take to — 


70 ir . 

t . -J 


Washing Machine 


Telephone 


Refrigerator 


wneifluus. - — , — . . . — . noiua. iuh-b-— ■■ 

cent «f all households; J»d sole bathrooms should study uhj ^ ; n dustry once thou; 


? e ®ai b. V The W iabies la the redort, use of a bath or shower; by table on central heating- British wo uld never lake to— 
fear 1 W a 1976 the figure was up to - 83 per Regarded as a luxury a genera- are up f rom 73 per cent to Ss. 

of v* JESS cent, The^nt of .households lion ^ this. ™mty_was ^ „ nt . ^vacuum leaner 


increase of the share of one- 
person households, from about 
17 per cent to some 21 per cent. 

A part of the change can be 
accounted for by the increase 
of the number of elderly 
widows living alone — a sad 
statistic, but hardly one that 
is likely to shake society. But 
the increase of the number of 
single young people, lone 
parents, and divorcees, is the 
one to watch. Combined with 
the trend to remain childless 
longer, it suggests that in 
future social stability will have 
to be founded on something 
other than the need to care for 
children and on the extended 
family. 

Behind these statistics one 
may postulate that there is an 
increasing number of rootless 
people in our society. The 
number of victims of marital 
break-ups is growing- The feel- 
ing that there is not a lot 
worth preserving may increase 
in consequence: it has happened 


elsewhere. 

, , ^ schemes covered 49 per short-term sickness among chil- Thgt |g a „ lha , on r can say. 

than it would have been pe o e employees in dren. and there was a rise m the Thpre is n0 stron , evidence 
thought possible to tolerate 10 tent ot tun i 61 acUle sickness rate for married that lh i S change in our popula- 


,ught possible tolerate ID ._oi was 6i acU te sickness rate for married that lhis change in our populu- 

15 years ago. They certainly 19 *-, h> t en undcr 45 — but some tion and the habits of many of 

> an indicator of hardship, per cent-although ihere Ji must ^omen ^ haw b ,. C n its members is as yet a siron? 


c-sstos *rsxuz--k£u ™r£T% a rz- z ™ is xh z ™ ™ ^ dent ^ « 

at. rarlanm Wlfh what T( aha acciimM That between cannot be said mat inxs is is that here is tnc The oHS is. however, a counter- - - . Dresen t made in the 


-verse 

gap 


be said that nobodycan "-"her 0 f enough factor to alter the 

the effect of the present made in the numbw o aJ outJook of an cn1ir e 

confusing changeover in the pe««de «bo smoU- Tl1 ^? ” b e nation. But it lias to be acknow- 
state pension scheme. ^ gny change of this 

Some of the results are not t h e y s are at worst kind that is marked enough to 

consistent with the genera! **ra*M*. . m a statistical study a 


The first, : and most 'Temark- room— or 


able part of this story M — r - -j-. nf 

steady growth in overall well- indicator 10 


emark- room — or nave ; no m®:***" A 

Is the at all— then- before using this ArDltrftry 


W “JS ar . B : r . S," ZSZ Tnc cciimentarj’ says »»*,"«» lure. 'Z, man 


Or, take the 


3 iust around. the corner, E . ™ ZlJSTSSw Vta Verv well, it may be objected, households at all income levels. ““ a ^ 

ket’s ri 5 ' " When we Sort, many stoderrts .ffit ircrang housing has improved— but that jL a a v ^„ in c ^ Somehow. ' ' have be^ 

tf'L 1 *®' and use .imagination . to. extras X’X living in i S tmlv part of the story. The managing somen s 


u . j- . « greater strength than many 
only the indicators to snc - al upheavals of lhe past. 

have been re- p n f change has not 

Those suggest 11 }*? a quite that of wartime, but 

i which this stability has in Wstor i Ca i terms been 
shaken are mamlj to hectic al , the same . a 

■11 ^averace*' Brltfsh 2 s . n0 suarantM ° f * 


rs»£ umuaplwci'." “V S JS« «n SSSS. Uon The averse British “ 

, been Again »'.rh.ne eonditions i976 ais ra[j0 down household continued to shrink _ mr omri| 


and use .imaginatioja.: to. exura- — ~ ™otis- are tiring in ^ 0 nlv part of the story. Tnc « 

S': ..dlas-SI baat-^ur-tte =M 's ^t™»S imcmploymeot 


n vear in 1977 and the possibly 
ices, life t still better yea r in 1978 . it condor. 


Housohold Sunv» 1978 . 


* suli Detier year m -wm, *> . . . - ii.-ri*' 

5 issues ait appears that rnueb. of the alarm Such calculatiortf leave 

■iQuiditilt : . — 


r happened, 'and fw “ye- far hiSher Pal ' 


arrange men is. Private name. There 


Joe Rogaly 


d other fej 

inflaDonar. 

*vell as anfe; 

id freedom. 

-e inrlf^hW. n m- ■ '■'■■■ ot tnese iacwn /'appoHvp attitude to the “good minority may »*■« "Siriiaif’i tries or west uerinany, »«.«* House or commons; rww STATISTICS vernampiou. u. o. 

: Management • i ATSagS a —5a JS'ja z en S?VarrLi Jt *\%™ ***** m vrss us Ss& SsnJ% 

lessons ■ . ^Lsau^ -gg. f ^^°on like to tike ■tou^ with him on tax j^^^pgrience gh’e most J ^ 11 s^ff^n^ar ^Antwerp^^or jjSSnd^eSin? 16311 ** ^ ' qS)’ _ cmf S 2 denK?Jsttj 

' From Bfr.-J. C...G- Sioo*^*r : British industrial aiaitilienlent a number of poi . middle managers a “ sensation of n g _ , Amsterdam, or Select Committees: TvationaUsed COMPANY RESULTS Richardsons ^e*ti 

. jid inae .The wheel 'xe-jhvented. t bnn ‘did the P widen ’ The property market after the d life” the more so as v>t" few European industries sub-committee B. Sub- Hanson Trust (half-year). Ermin’s Hotel, SW. 

ualforw • fte^Job^CoIumn R^tttlocfc First World War is not relevant Je «ooa hard eurn ed Dus , se J^- ,V r Lsstheadvan- jecuFuture of electrical supply H ™{wns and Crosfield (full Marlow. 11 . 30 . Smitl 

ss saapiit' . 2g^^qs^^*fej^^se5iM^5is&rAp ,S£I! 

D^anret howthis.is - to.be^doiiehy; I OliCDluU 4 ..*-,T' 1 fil with rising earn- which has been missed is to pose nated lo Sns. venture cap tal) plus ttees Subject: Measures to Great Eastern moi _. . — 

a -Tacessfula obsei^^cnf^remfl^M-^t- +-*■■■■■ cr ' .’ *•/ > .EK^VShSlt to »*hi» wme the question of what moUyajM a V stra te 6 ic location at the cro» , c ° m * 

idlaaite Assessment: Cent nOVC-fy ?&SScom?ouad interest SftWr to roads of the EEC us bonded 

' rmn t. , couple- of days, so tbtt the_ able... Id Vf Uyi \ -J. Jate^hicrease ^ in property values W hich are evidentb warehouse regulations .and 1 me 

! L .. K '. are selected on : t 5 c .. hasis , Vl f^ From Mr Anthony JJEormack. in ^ next five^ years. How- t 0 the country- flexibility of the Ihrtch fiscal ^ , 

d i- working . ability rather -than -witbjroiisiderabie. 6 b^i\d be noted that our rich and giving to the poor , aVVS ^ mi ke its opportunities -« KT <4 § i |_ /w»U-y 

rv;ce alan*?: social acceptability. - * ■ ; ^irf>YJune 3) on ^ of labour have maV have been justified m the - A /I a A 1 * 1(1111 


Stetters to the Editor 


GENERAL 
1 Major .speech 


Today’s Events &,J 


Royal Exchange 
20 . Alderraanbury. 
Haden Carrier. 7 - 12 . 


.viajut -r*. — ■ / , * I 7 C w LL-, A-i. uouvii %,«mi » 

Administration toward Soviet prevent coltisions of no^ous careo ^fc^^rlawf^Sheffleld.^. ^John 


Tnii leSsSKTK 


'tigH&SFl SS3W 

■: S? hope « 6 t-your law wife and me, 

S£ on like to take issue ' 

a number of points. 


an 5 SS. 7 7 " SnS": n. WiS sUv »«.« t . fe 

The property market after the middle m uf £VP the more so as Rotterdam. , • European industries sub-committee B. Sub- Hanson Trust (half-year). Ermin’s Hotel, SW. 1 -- J®y«o. 

SSSSSfgk -U"Jvau ; ^^---sSiJiBS **&* ‘ Ml KiJ^u^Sh^ 

White. Hilton Hotel. W 1 12 . 
wieht Construction. Edmburgn. 


y. e raiinsK 
arj' 5 h«T?s 

iCied gTGVftB? 



V.rSsSt’ •-:•••• "•• ■ : — -Tritons”- North - of Watford. JSguIn* in value. ^Future ’ 

Design m ' Attractions 

?A~ industry: r',: : •• Z&Wn JW s; of Limburg 

e™. ^ Manaaina Director. 


nk is rapidly retuonn. aww-*- ment palici es of the Duxcn w*- 

ue. Future ernment. Moreover, Batista com 

are likely to a n HnnC panies are seldom faced with me 

•utsche Marks AttrRCtlOHS simple choice of 5 . * 

than sterling. _ home or ^lablishing a new base 

Iso but of all T irnKlirg in the Netherlands. The econo- 

ed at auction 01 IjIIIIUUI g mic f ac tors .underlying the alter- 

»ars we have . Manaaina Director, natives have too little in com- 

v equivalents From the namgmu But when a British comr 

te tbe show- Coburg Analysts. in^ decides t0 move into 

died experts. Sir, — It was sad ^ 0 find^your f- ont j Den , K i Europe in order to 
h assets can “Men and Matters column lari S( , cure 3n existing market, or to 

disposed of Thursday I June capture a new one. or to decrease 

over a long the Limburg transport costs, or for any other 

strategy most visit to Manchester as *0 ^.-i f-intere^L, then we hope to 
,p «nu nension ottemot to " switch ’ inveslment - , . the assistance which is 


Making the right 

decisions depends on 
having the right 
connections. 


— -si 23 


m 


, some aotaore-suweMw..^ —r-. : . a *- . “mwarch work. Toe nrsi ai tne couciuaiuu w, 

: Bj^Sih -products.;; are. being .out- _ fc y 8 , , ^ 8 a f!£ ? rn me from some- objective of the visit clearly and d , s mee ting, the chairman, the 

'/XaM cteffied tit perfonnanMi . re- t AA J: n a thp The idea came to me from som c0 n C ; S ely: it was to publicise the » d t of ^ Manchester 

/ liability : and jsale^^peal- •- ’ ; Jj 6 RulD§ lD.6 ode who is nfany existence of the Dutch P r ° vm ^' chamber of Commerce, asked the 

■ ■ •» - 1.1 • - oELImburg (relatively unknown remember thet Mab- 

.' on :'thef diertts -of tiieiT perform more- of • my contemp _ to British businessmen) and the Chester's success was based on 

^ ^ ;gOOa Ilie ICL^ BAT ^; opportunities available there J“« er t s h3t its fuUire would be 

d^Jery- and = Price, ln.b-.gj Mr. J. D. U Smith meat have J*°« a nd Too often British companies, d on and tbatoppor- 

or^r^f th 4 e fariors], D«xg *%x2 i» sorry that Mr. responsibility for famti.es such as those Limburg 

detennlneiluwst and affects ali^ . ^ JAmnPrflnV offered '««« K be . 

Am' lacCADC 1T1 industnal democracy m ^ ^ Manchester's' businessmen, and | 


& -good life 

defiveiy- imd= P.nce. in-b^tne Mr> j_ D> u 


wm 


determine^' ^ - j i » n | ilnmnpraPV offered raw w 

Gentian lessons, in industrial democracy ^ ^ ^ ^ what win in eff „ 

; f „.,‘-|- ru.„ greater efficiency, as fundamental firm workers must a massive augmentation of their advantageous. I believe he 

SSS. * • : • 1 ^ISu^T^E^nomks con^mit- power with the appointment of spoIte no, only for Manchester, 


i &*£*.•*&»* Wgeater efficiency, as fundamental » » J— 

F Sir.-^Ttie- .'^ertive ^i^ermany, at the heart of f^Mts^SreseotStives worker representatives to the 

Jl 1 tive partnefship ^tween manag^ ♦j } i n2S ^ trade unions and owners t 166 - . nt e d bv the workers Boards of our industrial com- 

3 { meat awl Workers in the W Dartner:} bip. Having w un^t be apporoted by tne wor e jes each tradc um on should 

| SSIs^s%sas f£=$£a|^^ 

>'.^L Hhdes no definition -of what- -j* mo J« 5SSr The contrast witir of a century. „ nn ,_,: ttee i a te capital. Otherwise if the 

* Z2&2F f iSS BSBP 8 


And the right connections are.particularly important 
when it comes^o arranging international corporate finance ;md 
foreign exchange. . 

Bank of Tokyo have almost a century of experience m making 

life easierfor the businessman. 

For instance, we have branches and connections spanning the 
length and breadth of five continents. 

And we have a reputation for being one of the world s 
leading specialists in serving the needs of international business. 

Once vou’ve got Bank of Tokyo working with you. 

operating on a worldwide basis canbe a much smoother and more 
profitable business. 


vdse#* 1 


Service to the 
investor 


From Mr. Michael A. Riley. 

Sir — Despite an unprece- 
dentedlv fine, honest service to 
the public over many decades, 
the building societies are under 
firr» from unknowlcdgeabie 


© 


KOF 



London Offices: 2«V24 Moorpate.I^ndonEC2R6DRli , l:'" Jl - ,s 1 -' i 
and 1 Hailuvor Square, London W1R 9RD 

Ibur international connection 


civp study of experience much to say tnax.uie -- . - Tt m o V be argued that tne success. u. .-r- firc f r0 m unknowicogeauie 

I" P“-.'S*'S!.®i-!Sl ,6 ««£ SM.% appointment, of “‘SSL'SJSS «* A W ^ 


i c^ser^ l ST-i*- of .m PbbHc b H* of .«bn ZTSW* «h. City «h. 

I tt^hametet « %:rep^- trade anion “ ' 1 5 vorlter diroctots. oompulso ^- .0 dhould W™ Ww 


sRfV 


C STW '«Mo» the " move- 

B taomMBBW, “CiSy- iewet U-SjW fSYm'LK" 1 " ^ 


matters ' Ot' :z VI tue -“r- j * „_i n nists r firms Wtin 

P °‘E.™ an iSu ? tf tte cootrol of ^ r ^rty (amended in 19TC nndg fte s7 t.0Det e bey eMPerate? H I. tbm considerations, in 

as structure, the The common ownership ot . workers with regard to lack, or appwent lack of a„rre- ^^jent world of constant. 

mmm 


trade a 


safe, unspecuiative home for 


iono nt Mf 

5£S&* 


decision making-competence nt jhe. means 
TC ^fanasement,' participation ^ hution' mA 


P IS^e»Ss°be« ^ o^iteTf the prevailing^P™^^— jy ^ mot inv«ti tilHo » Poif where the small 
Wh/ng compile tothis study : mood to Gen^- de-the law, decisio^ ®ay ncj.be and cannot Hgtor a ^ 


owners of our V^Vr /he dK^ons. full information must woreer in uermc 


UUP UMfl 1 *^’*"*^ » J- 

invested assets behind 


nothing comparable 
in the UK* ’- -.. ■ 


mrwer. during *vera. «^ TonsuUation ^ ^,000. arm ne cannox speculative haven 



man sea m a fA which we mic realities or row. 
enlightened review^A attention' has been an •esse?*^ 
have paid all too . ■ f r fu j] partnersl 


and the productivity ti6a . .. rnnxtitu- -our debates just now: _ * , r- Yiyi D.. OB 


Science and 


^nS5SS_«>J±?' ^ider ^ 5S» to Uto UK 


L. ijm'ied — or under the mat* 
tress ' 1 ^ et Government set 
the economy right and huildlns 
societies will then be seen to be 
paragon? of virtue. 

Michael A- Bjley. 

J04, Murray Avenue, 

Bromley. KenL 







, eS tM 
it 


,k. A n«>i OTofits. 


through . ^profits,. i> 



% 




r. : 


l 




COM PANY NEWS + COMMENT 


DIVIDENDS ANNOUNCED 


Date Ccjire- 
Current of spending 
payment payment div. 
Atkins Brothers 2.42 ' — 2.4 1 


Comet already ahead of last year’s peak 


FOR THE 27 weeks to March.”?. 
1H7S Comet Radiovision Services 
achieved a pre-las profit of 
£4 ,24m. This is £1 15m better than 
the corresponding period and 
£0.27 m above the record Jast lull 


HIGHLIGHTS 


year. 

The directors say that they 
expect the current improved 
trading levels to continue, and 
add that the company is now in 
a position to take hull advantage 
of such an improvement. They 
arc carefully considering other 
areas of profitable expansion and 
continue to regard the future 
with considerable optimism. 

On current trading they state 
that the reduction in the annual 
rate or inflation and the increase 
in disposable incomes has resulted 
in a return of consumer confi- 
dence; Sales have increased sub- 
stantially compared with the 
depressed levels experienced 
during the same period last year. 


Lex discusses the May banking figures which indicate 
further significant growth 'in the money supply. Land 
Securities results are considered with particular reference to 
the 21 per cent increase in property values and the change in 
account! o?. where the company is no longer capitalising 
development interest. And at De la Rue profits are in line 
with expectations thanks to the strong ail-round performance. 
Comet Rudiovistons' interim results look very impressive 
against an industry background of poor durable goods sales, 
while at Wedgwood, final quarter profits show a setback of 
£600.000. Carless Capel's full-year results bear the scars of 
the chemical recession and Scotcros has been hit by a 
combination of difficult trading conditions and some excep- 
tional expenditure. James Finlay's results are a record but 
of more interest Finlay is the first company to commit itself 
tn action once dividend controls are lifted on August 1. 


trial Pressings, will be operating 

by September. 

The group’s Interests include 
pvc foam, spring units, domestic 
appliance industry products, heat- 
ing and ventilation products, and 
partitioning.. 


Jas. Burro ugh 2.9< 

Carless, Cape! 0.55 

Charter Consolidated ... 528 

City of Dublin 1 1 

Comet Radiovfcion ...int 121 

Consolidated Murchison 


July 25 
July 21 
Aug. 18 
Aug. 4 




arge 

S-; restrains Wedgwood^ I 

f’, 8 ®, AN ADVANCE of £620.000 in tax- £S.55m (£&72m) and extraordinary " ; £= \ 
o^-Sle^amings is reported by. items up froin SUjmja. 

IS* wished, 


Craig & Rose 

De La Rue 

Eastern Transvaal 

Elson 4- Robbins int. 


Scotcros 
drops to 
£0.63m 


Hartebeestfontein Gold... 1731 

Jermyn Lnv. Co L59 

TanH Securities lnv. 3.8L 

Parkland Textile Sec. inL 1.82 

Rowton Hotels 3.69 

Scotcros 2.43 

Tongkah Harbour Tin int. 8$ 

Wedgwood 3.98 

Westpool Investment 2.3 

Zand pan Gold 29.5' 


21. S7 

July 3 

19.36 

23.97 

2L46 

6.4t 

- A UR. 2 

S27t 

9.9 

6.52* 

255 - 

Aug. 3 

20 

33 

• 2 a 

1.33 

July 15 

1.21 

- — 

3.13 

LOS 

Aug. 1 

3.11 

6.55 

5.91 

6.43 

A UR. 1 

6.5 

— 

&55 

ITott 

Aug. 3 

70 

250 

.135 

3.59 

- Aug. 4 

1.59 

1.59 

L59 

3.81 

July 19 

3-25 

531 

4J8 ■: 

1.82 

July 19 

1.65 

3.18 

2.87 

3.60 



3.41 

6^1 

561 

2.43 



2.1S 

3-28 

2-9 

8? 

July 27 

12.5 

— 

37-5 

3.98 

- July 20 

3.7 

7.48 

.6.7 

2.3 

July 28 

L65 

3.3 

2 JS5 

29.31J 

Aug. 3 

11.5 

41.5 

22 


Interest charges 


translation of net current ; 

.changed' from, a gain of. 1206.0007. vTr ; 

«o a loss of £380.000, 


— ■ , _ a IUOO Vi -iri 

£781.000 at £245.000. h^ped Jtiie : inc1uding . ^.7flnr. v t£5YSnO^ 


group, but there were -.leans and provis^ms total; capdtM:''^ 
losses of almost £770.000, against employed at year ehil was-up-at-^ 
profits last time topping n 2 4m . r^gj/Un. (£3&35m V and. net* current vXj '-^T -- 
Over the current trading period- assets ;*rere better- at *^£20ilni i." 
directors are predicting a good . (H5.9m>. .Net assets, frame, out- at I - 
year as long as there are no. i95.8p (l&L6p),per share.- .f;: ;<•*£ V’ ■ 
further major upsets in. exchange. •- . / - j. ' '-j-v ■ 
rates and inflation is held down. CO fit ulflilv - jX. ■* 


At the ninMnonth stage when 

prom was up from SJJm -to’ dipped-fom^gm to~£2m -ajiff&f*.. 


!7 vrt>. : 

M Vt > .. 

Year 

1S7T-T8 

197.-T7 

lBTfi-r. 

£(WI 

row 

funn 

fis nsj 

4S.IHI1 

S2.013 

njn 3 

j.me 

3^75 

■j.n.M 

l.«7 

1.S12 

2.1R9 

1.471 

I.oir.- 


\4 

ifi 

MW 

1.437 

1. Dili 


shares. A final payment the same 
as last year's L2661Gp (adjusted! 
is forecast. 


TaT n.flS* l.«7 l.fis 

N-l prnfll =•>» M;] S.0K 

E^rra^rd. debit* ... — *2 „ ™ 

Available -, olu 

Both net assets and liquidity 
improved during the period 
under review and deferred tax 
and stock relief will, when 
implemented. add further 

strength tn the company s 
reserves. A ' summary of the 
balance sheer at March 4 is Riven 
in the following table. 

jl.ir. 4 f-.-h. > AUK. -7 
1073 1977 H77 

I mill mull fiVID 

Fixed assets T.Oi"- 5.4» 6.S5J 

Invi-cimi'illt H-i — “ 


Fixed assets 7.«? 5.4en 6.Sa- 

Invijsiracm* I4S — 

riirrem assets- , 

pi«Wk* n*J1 12 -2 "2? 

pehiors .. ■“*> 

•'ash ai banK SI'S - , - nm 

Ciirreia liahililK-s: _ ... „ 

Trade creiltiors 1H.24R 9-Jsn .. - 

uiher rnedunrs 4.0.71 2.4.H 1.9.T2 


Proi IKlon fur 
warranties ... 
Corpn. lax 


Net t-urri-ni assets S.nft| 4 T4S 4.0 VI 


Share capital 
Reserves .. 


K1 S21 
;.KI.» 4. lie 


5hur.;hliirt.‘ funds 6 79J 4 254 ■M'A‘1 

Dr-M. niainlonan^..- 


irvomr 

Pi-id. laxmlnnT... 
DrM. laxailon* 


1 Iltil> S2H TFT 

7;?0 3J14 a 771 

T.xsn S..-14 s:m 


Includes coninranon rax vf £ « OTSi.nflu 
dv-l'-rnd by mock relief claimed tu 
Auciist "27. 1977. 

First half earnings per 5p share 
are given at ll.7p l7.9p) and the 
interim dividend is effectively 
lifted from l.f»7fi4p to 1.31065p net. 
costing 1 19.207. The interim has 
been waivied in respect of n.53m 


• comment 

At a time when volume sales' of 
durable goods showed a small 
downturn. Comet Rudiovision has 
come up with an impressive set 
nf first hair results. Profits are up 
37 per cent on sales 40 per cent 
higher, reflecting a volume gain 
of around a fifth after stripping 
out the contribution from new 
stores. Comet has been gaining 
market share as a result of its 
competitive pricing' policy but a 
subsidiary reason could be a 
trend towards out-of-town shop- 
ping. where the company gets 
half its trade. Comet's colour TV 
sales have been particularly 
buoyant as a result of static prices 
1 1 here has been overstocking in 
the TV industry) while there has 
been an increasing demand for 
washing machines, refrigerators 
and music centres. The summer 
months are traditionally a dull 
period for Comet but any increase 
in consumer spending will obvi- 
ously be ;• fillip. Profits of around 
£5.:?m i£.'i.9m) now seem likely 
for the full year. Meanwhile the 
balance sheet shows substantially 
higher cash balances of £SJ2in 
<£3.3m] — (his reflects a build-up. 
.-it the expense of stacks, prior 
to the abortive bid for Wigfail. 
The shares, up 6p to a year's high 
of J32p, are on a prospective p/e 
of £».5 i fully taxed) while the 
yeild is almost 3 per cent. 


Elson & 
Robbins 
near £lm. 


WITH SALES 33 per cent, higher 
at £S.69m taxable profit of Elson 
and Robbins rose 23 per cent, 
from £0.76m to £0.94 m in the 
March 31. 1978, half-year. 

And with the growth of sales 
continuing, the directors expect 
to report record sales and profits 
for the full year. Last year profiL 
was a peak II. 74m. 

Mr. Eric R. Keeling, the chair- 
man. says the half-year result was 
brought about by the consolida- 
tion of the previous year's plan- 
ning. 

Pro lit is subject to tax of 
£0.44 m (£0.39mi and is before a 
minority interest of £11,269 (nil) 
in respect of the 49 per cent 
interest in Hufcor f Partitions) 
taken up in October last by 
Henderson Doors. 

Earnings per 23p share are 
given at 7J!3p against 5.54p. and 
the interim dividend is lifted 
from 1.21 p net to lJ51p costing 
£89.166 l £79,860). A l.BISp final 
was paid last year. 

Mr. Keeling says the 400 sq ft 
of assembly and warehouse space 
for its subsidiary. Domestic Jndus- 


AFTER EXCEPTIONAL develop- 
ment expenditure a £360.000 tax- 
able profit of Scotcros felt from 
£1.18m to £0.63m in tbe March 31, 
1978, year on turnover or JEl9.53m 
against £19. 66m. 

Directors point out that there 
was also tbe withdrawal of a. 
£574)00 employment subsidy and 
that interest charges rose from 
£52,000 to £100,000, reflecting 
capital spending in tbe UK of 
£ 1.18m and tbe £l.4m acquisition 
of the Remy companies in France. 

They say that daring the last 
quarter the group entered an 
exceptionally difficult trading 
period with shortening order 
books in some divisions and con- 
sequent pressure- on margins. 

di cations are that this trend 
has now been reversed. 

Much management attention 
was given in the period to group 
development and integration of 
Remy. The growth . of Scotcros 
should therefore be resumed, they 
say. 

A maximum permitted final of 
2.4317p lifts tbe total from 
?»03p to 3.2757p net per 25p 
share. Earnings per share are 
shown down from 9.2p to 5.1p. 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue. T On capital 
Increased by rights and/or acquisition issues. tArter sub-dmsipit 
§ Malaysian cents throughout B South African cents throughout 
j| Gross throughout. • ... 


■at fun-trim e. • - .-• ■ highly, 'vulnerable' j to 

Sate hi f w ,he t y IStof P fiS5mT demand 'the r - ; Sonaf - 1 -ls^ J ‘ - 

w higher at deariyvtiie cM« ^culprit Tfieaame?^ V, ‘ 


Finlay’s peak £15.8m ' ; 1 

" *■ group’s total sales. ... . harily-. affected; . After the: ■ 

ALTHOUGH second half pra-taa «alh~t -tea , Production Jeon® ^. V !5SnS5S^SSE^SrJ!2S^f-7' ; .C 


profits of James Finlay and Co. tions. With tea prices running 


fell slicditly from £9.4m to £8.9m. at peak levels In the early part 


z party were Buoyant “aut : «ne .^,3 ^6e‘>lsbs &st-?ii^ r I1 iarei^Pw 
rt fourth quarter which was 01s- , j^ve -been hit tis tbe seednd halt- VI 
1- appointing, especaaMy when com- faffing from J5.fi ."peE?raiit.'Sw 


115.3m. 

Turnover of this international 
trading and financing group 


estimates. The latest record year. fi»r saJes, they state.; _ '■ - ^the benefit' df^i^es -J . ; : 

i. #.11— _ IPnim.iitrTr* mp 7nTl CTlOFP * JIH* ^\kT dvvl mi/nri/1 *<*■ Rina • —• • • -If *. 


shown to have risen from 54.9 p the decision to reduce its interest total dividend to the maximum helps mask .a. ^eiauction^m^peEat- V'- J -- ; - 
to 81.5a and a second ioterun in the Indian joint venture -com- allowed, 7.48p (5.ip) costing £I.4m tng [profits irom^the rest of.ffifi^-. ; : 


to 6l.5p and a second ioterun in the Indian joint venture -com- flowed, . . ._ . .... .. 

dividend of 1.04515p raises tihe party has resulted in a strong (£lten). ' . business. At 22Ip_ /the •AqrttfS;?’ 

total from 5^07784p to 6.54515p. build up of cash within the group. . With tax down from .to stand on a p/e .of 02 and'yjeld^.^ 

A first interim of 6.454S5p in res- Directors have talked about using £LSm. net profit emerged, at 52 pgr cent., .. 1. S1 V/.,,. 7 Vi‘* ; ' 

pect of 1978 4s declared and in the cash to reduce groan depen- ."f'-'V - \ • -V.vT. .: 

the event of a reduction in the dence on tea for pronto -.and , . .. ..' , r - . -v 4 : ' 

rate or tax the adjustment win be revenue but so for have taken no ^.v’.'VvV,'. - i.;V_ 

paid with the second interim for specific steps. This lack of action tecitp M£WS * . «- • i : . . .x. - 


comment 


Carless Cape! falls £2m 


REFLECTING A downturn in 
industrial activity which has re- 
dueod margins, pre-tax profit of 
Carless Cape! and Leonard Tell 
from £2.95 m to £2.W.m in the 
March 31. 1973. year. 

This is in line with forecasts 
made at halfway when profits 
down from £15 5m to £1.32m were 
reported. Directors now say that 
the grgoup was, however, able to 
maintain its position in markets 
served by the manufacturing and 
operating subsidiaries. 

Turnover for the year was 
ahead from £31. 54m to £32. 56m 
and the result is before tax of 
£0.81 m t£0.77m) and extra- 
ordinary debits' of £30.000 
t£204.00n>. 

Directors say the group is 
strong financially and . has ade- 
quate capacily 10 lake advantage 
or an upturn in activity when it 
occurs. 

It retains an interest in block 
21. 2 in the UK North Sen where 
oil and gas discoveries have 
been made and where a delinea- 
tion well is likely 10 be drilled 
this year. In the tiflh round they 
were granted a licence for block 
33.13. a well rated prospect. 


where they have a 7.5 per cent 
interest. 

They are making encouraging 
progress nn-shore in southern 
England where they expect to 
drill an exploration well this year. 
In addition the results from their 
new oil and gas production and 
exploration ventures in the U.S. 
are proving “very satisfactory." 
There are plans for further expan- 
sion in this area. 

Earnings per lOp share are 
.shown at : T.6p i5.5pj and the final 
dividend of 0.5529p net lifts the 
total for the year from 0.825p to 
0.9214p. Retained profit came out 
at £1.03m (£1.84m). 

Comparative figures have been 
restated following a change in 
accounting policy. No provision 
is now being made for tax ’de- 
ferred by reason nf stock relief. 


comment 


Cariess* results bear the scars of 
the recession in the chemicals 
sector. Second half turnover is 
lower by 5 per cent and after a 
21 point drop in margins to 52 
per cent pre-tax profits are lower 
by a third. The third quarter was 
the worst hit. Profits from the 


new European venture were also 
reduced. In 1976- 1/ the develop- 
ment of selling specialist 
chemicals on the continent pro- 
duced profits in the region of 
nnn.OOU but last year the cost of 
setting up a full sales operation 
overseas cut the profits from this 
venture to a very small figure. 
This year that operation should 
make a belter return while in 
the UK there is some hope that 
solvent prices may rise. Carless 
has 40 per cent of the UK solvents 
market and solvents account For 
around 80 per cent of total profits. 
Meanwhile, the company’s new 
stake in gas production in the 
U.S.— S850.0U0 was invested last 
March— will make a positive con- 
tribution to profits. Overall 
some recovery in profits can be 
expected this year, and longer 
term Carless is relying on its 
newer ventures to establish 
profits growth. At 34p the shares 
look fully valued with a p.'e of 
9.3 and yield of 4 2 per cent but 
the North Sea stake adds some 
speculative spice. 


Exceptional problems coupled 
with difficult trading conditions 
in the final quarter have reduced 
Scotcros' pre-tax profits by about 
47 per cent. In packaging, pro- 
visions of £334.000- have' been 
made for exceptional expenditure 
arising from production troubles 
with a new PVC line at Wilkie 
and Paul. The 65 per cent short- 
fall in earnings from this division 
also reflected problems with can- 
making facilities at Metropolitan 
Canister and the dearth in coffee 
tin orders in the aftermnth of the 
recent jump in coffee prices. The 
food division has slipped margin- 
ally with sales of both farm 
supplies and wines barely main- 
tained at 1978-77. levels. The 
transport division saw a sharp set- 
back but the benefits from a sub- 
stantial contract for defence 
equipment which was received 
towards the year-end should 
ensure some recovery in 1978. 
Moreover, this division has been 
developing its tie-up with Port- 
land Wire and Iron Works of 
Oregon for the manufacture of 
roll-over protection equipment 
Scotcros says most "of the excep- 
tional difficulties have been 
resolved. With the profits of 
newly acquired Remy Gronp to 
be consolidated this year and 
some benefits expected from its 
recent investments, the. group is 
set to stage a strong recovery this 
year with an even chance of 
reaching £1m pre-tax again. At 
fi9n, the shares yield 7.4 per cent 
on a p/e of 13. 


that year. A sub-division of 50p is starting to arouse misgivings 
stock units into 25p units and a among analysts— but ^ maybe 
scrip issue on the basis of one 25p Finlay ig now tbrnkmc of different 
unit for every 50p unit heid is- uses for its cash. Its promise of 
also proposed. a substantia] dividend payment on 

Aueu«tt 1 makes it one of the first 
comnanies to commit itself to 


Yearlings leap to 


. n a n fes" ~to" " com mi t ” " itsei f ” " to Tbe coupon rate on this week's’ C4iinberhauldand KUsyth'DlfluiSVi. '' . 

• comment action the moment the current batch of local authority yearling Council • (£0!Kmj^?nverclyda; A.'' , 

*»•* and'The hM Wc SS?*to To/??/ len 'Sffifct c££Sl } 

KSS.2M “W SS^^SS-S ' Bk** are due “ ; 

The last time the coupon 4ftte>'(£0.25m). ‘ . •- . vV--;:.- 

was above 10 per cent was in . -Wole VaDey JDistxict Cbraetfl&rV 

Citv nf Dublin soars **&**££■ «« 

VrX - Borough Council (£0.5m.); ~ H5na ' jgtie .of Ilf- p u ceptrbohds -dne.-4-'. - - 

' District Council f£0.Sm), Strath-. : :im JUne 4, r 1980 while Rbchford ;, i'-- - “ 

A LEAP of S7.6 per cent in tax- a subsidiary, pretax profit of clytfe Regionai Councfl (Urn), ^District CouhciT •• has placed. K' f - ■. 


City of Dublin soars 


able earnings from £154.000 to Atkins Brothers (Hosiery? in- . London Borough of Wandsworth £025ra bonds, at a . rate t«f lrt W . 

£289 000 was attained by Citv of creased from £509.100 to £631,742 l 4£02m)..Cotswbld District Cpjjmqil per 'cent; due on June S;- IdSXiTlIE”. '.- 

Dublin Bank for the half-year to in the March 31, 1978 year. ■ -<£025m), Inverness -^District it par. . '- . : - - 

March 31. 197S, and the directors Turnover jumped from ..-£8.68nr Council (£0.5m). Newbury District -- Variable rate bonds dated Juried-:,- 
plan to raise £574,000 net from to £1026m. At halfway prtjfit was Council (10.25m),. Noi&amptbi^ L 1983.' have .' be^n ositied hf ^ - 

one-for-four rights issue. doubled to £265.606. . shire County Council. f£0.75m), Havant Bormigh Council" (£0.5m). • 

Mr Thomas Kenny, the chair- Directors say most divisions are Oldham Metropolitan District: "• T :• • f’i • T- : 
man. says that the bank benefited reasonably busy and they are Council (^“>v -‘Bo^ug* rwitn' 

from the stability of interest rates optimistic regarding autnmn trad- Sunderland (£lm>,Xlty ofDundee KluHD ' KtSlJLl- — 

during the period and there was ing despite the generally District Council. t£0y5m),. Renfrew.;. ^ l - 

a buoyant demand for crediL depressed position of textiles District Council' (£lm), Metro-. "Waico:Holdings iinnounces tbat-v 


depressed position of textiles District Council (£lihl Metro . ’WaicorHoldings -announMa that-v 


Lendin* increased by £4m "to worldwide. . -"v.;. polltan Borough of . Sandweii Ordinary-shareholders have taken-'i 

£18m of Which about £Im related After tax of £324228 (£276,188) (£lm). . City of Manchester up ; ffi.7. per .cept. of the- 2^87,75?^_ ;; j ’ - 


Parkland 

Textile 


CE 

for indusf ty and commerce 


Craig & 
Rose 


Whether you're seeking finance forex pansion, 
for plant, equipment, property or a private mortgage, the 
directors of Garfield Marvvin personally investigate 

J \ your proposal. 

1 A letter or phone call will 
^ . receive immediate attention. 


FOR THE year 1977, profits of 
Craig and Rose have risen by 
£24.445 tn £252,483, on a turnover 
ahead £532,953 to £3.327.744. The 
company makes paints and 
varnishes, and acts as wallpaper 
merchants. 

After tax or £119.260 (£122.852 1. 
net profit came out at £133.214 
(£105.186) for earnings of 129.71p 
(lOl.flSp) per £1 share. A 
final dividend of 21.87p is 
recommended, for a total of 
23.07p net, against 2J.46p. 


Garfield 
Marwin Ltd 


For enquiries please ring 
Worthing (0903) 814008. 


Specialist brokers in corporate finance 

Ciiftonviile Hall, Hove, East Sussex, BN3 3RZ 


THE NEW THROGMORTON 
TRUST LTD. 

Capital Loan Stock Valuation — 
6th June, 1978. 

The Nei Asset Value per £] of 
Capital Loan Stock is 164.20p 

Securities valued at middle market 
prices 


WITH TAXABLE earnings better 
at £l-29ni, against in the 

.second half Parkland Textile 
(Holdings), worsted manufac- 
turers, lifted profit for the year 
to March 3, 1978. 27 per cent from 
£ 1,81m to a record £2.31m. 

In November the directors said 
that order books were satisfactory 
but margins were still not as large 
as they should have been to cover 
risks and necessary capital re- 
quirements. They forecast a sur- 
plus in the second six months at 
least equal to the first half per- 
formance. 

Earnings per 25p share Im- 
proved to 23.5p ( I7.39p) and the 
net total dividend is stepped up 
to the maximum permitted 
3.17625p <2 .868 ■ op) with a second 
interim of l.Slop. If the tax rate is 
reduced a payment will be made 
with the next interim to maintain 
the dividend at the maximum. 

The tax charge was £795.050 
(£887,883), comprised entirely of 
deFerred tax relating to stock re- 
lief, and the net balance came 
out at £l.nlm (£l.l3m). 

To the group’s profit its ’wholly 
owned subsidiary Smith Bulmcr 
and Co. contributed a record 
£3S5,568 (£355.343) pre-tax earn- 
ings on sales up from £535m. to 
£5. 7m. 


that this subsidiary wfll soon start 
to yield profits, he says. 

Already the bank's three largest 
shareholders— -117 Holdings (Ire- 
land). W. P. and R. O. Holdings 
and Chain Properties— and the 
directors have indicated their in- 
tention to subscribe for their en- 
titlements in full. 

The bank maintains a high 
liquidity ratio and the proceeds 
of the issue will further enhance 
its ability to grasp growth oppor- 
tunities and to maintain an accep- 
table relationship between share- 
holders' funds and deposits, the 
directors say. 

Tax for the balf-year took 
£127,000 (£67,000) leaving net 

profit at £162.000 (£87,000) and 
earnings per 25p share came out 
higher at 2.25p (L2Ip). The gross 
interim dividend is raised to Ip 
(0.875p) costing £50.000 (£41.000) 
and the directors expect to pay a 
final of 2p. 

Last year a final of 1.75p gross 
was paid from record profit of 
£426,000. 

Retained earnings for the first 
half amounted to £112,000, 
(£46,000). With cash at other banks: 
up Trom £4.79 m to £6.52m and 1 
monies lent at £17.73ra (£ 12.37m) 
net current assets totalled £24.79m 
(£18.83m). 

Arrangements have been made 
with stockbrokers Dudgeon and 
stockbrokers Goodbody and Wil- 
kinson for the underwriting of 
the righto issue of l.Sm ordinary 
shares at 33p and dealing will 
begin (nil paid) today. 


3.673p (3J289p) net per 


Valley District Council (£0.15m), cIose.of busmeBs qn April^S, 1978. 


t it act 


(PyCJofmt • Spring units ■- Products for domestie ajrplicntce industry 
Heating and ventilatingproducts .■ ' Partitioning) ; - 


Comparative results 
(unaudited) 


INTERIM REPORT 


Turnover 

Group profit before taxation 
Less Taxation • 

Group net profit after taxation . 

Attributable to minority shareholders 


Earnings per share 
Interim dividend per share— net ? . 
Interim dividend per share— gross 
Cost of interim dividend 


'Six month; to 

‘31.3.78 : 

•• 

8,894,140 
935,538 
444,703 
490,835 
11,289 
479,566 
7.23p 
. 1.351p 
2.047 p 
89,166 


6facmonttato--V 

' 313.77 - ; 

. 6,540,791 ; 

. 758,976 . 

390,582 ' 

' 388,394 -• 


>".VaarloP . 
■3aajr-\ 

.... 


12335,631:^ 


1,742,801.: 
893i637 
v 849^164 


849,164 


5.54p: 

1.2Tp 

1.86p- 

v 79*860 


Wort:— Corporation Tax has bean charged at the appropriate rates on the profits of the Group . . 


Atkins 

Brothers 


INCLUDING £260.080 received as 
a temporary employment subsidy 
and after charging some £85.000 
From tiie closure of operations of 


Crown House put in some circuits 
at Oman's new sports stadium- 
before it even opened. 


Sta tementby the chairman v Eric B; Keeling . . . ; •/- 

• I am able to report on aii^yearjn wMch. 

planning has brought about satisfactory Ta3jilts : .Wtth; group ^affis.fncreaiedJjy^ 
further 33% and profits by 23%. -i ' . .jw ; . r . . 

• The minority interest referred to in the figures . for the six months ended 31st 

March, 1978 is In respect of the 49% holding in Hufcor (Partitions) Ltd. taken pp by 
Henderson Doons Ltd. on the 1st October, 1977 and’eovered iQ the Adiri’uarHeport for 
1977. . vV .. ‘V p-J sv. ' /£*.'■;. : : 

• I can now confirm that the 40,000 sq.'ft. of assembly and warehouse space for our 
subsidiary Domestic industrial Pressings Ltd. wijt be in operation by September, i ’ 

• As a result of the continued .htpwfh in our sales We expect to be reportirig record 
levels in both sales and profits for the current yean 

• Dividend Warrants will be payable on the 14th July, 1978 to Members registered at; 

the close of business on 23rd June, 1978. . : - 

• - : 6Juns,1978 . 



FRANCIS 

sh«/v 


Francis Shaw 

and Company Limited " 

(Engineers to th e Rubber. Cable Et- Piastres Industries) 





m 



1 i The new Royal Oman Police Sports Stadium at Wataya, in Oman, got its 

Lfl £lm complete electrical and mechanical engineering services less than a year after 

i r installation was begun by Crown House Engineering. 

JjfS Jfek Hence the 'lap of honour' in our picture. 

Crown House are winning similar contracts all over Britain and in the 
rZ. Middle East, Australia and Africa. Outstanding developments here at home with CHE- 

—qwpi installed engineering sei*vices include the NatWest Tower, Brent Cross Shopping Centre 

and the new Jumbo Jet passenger lounges at Heathrow. 

-v Our track record is good in other fields, too. 'Thos.Webb' and 'Edinburgh 

^ — -^^Crystal’ combine to make us the leading British manufacturer 

of finest quality hand cut crystal glass. At Dema Glass, we 

J distribute annually more than. 100 million assorted 

r / T . t ^ \ ^ asses over g° for export.To find out more 

l/*\ 1 1 1 r :l i ^ i ^ ^ about this and other Crown House activities and 

‘ --J 1 -vP 1 - 1 •' achievements contact our Chairman, 

J ) Patrick Edge-Partington at 2 Lygon Place, London 
SW1W 0 JT. Telephone 01-730 9287. a 


EXTRACTS FROM THE STATEMENT OF THE ' 

CHAIRMAN, MR. 3L J, TO£iEY, CJB.E. - . .. - 

Results for the year ‘ 

In the disappointing economic circumstances which prevailed througlioiit 
the year, particularly in our field of internaUonal -investinent, the" results 
can be considered reasonable. Sales of £11,533,670 produced a pre-tax 
profit of £377,062 against the previous year of r £432,36Q. - ‘ 7 .;T-'i ■_ 


Current activity 
The year ended c 



W n J. TY VtJ A.JL CitrpjlUllC \JXT i OV JuU I • M 

Crown House CD 

\bu may not see us, but we’re thera 


The year ended on a low note, with order balances ;jediiced.and : new orders 
difficult to obtain. Our factories will in^ ^the nuMn iie busy until late in this 
calendar year but with new contracts not .yet forthcoming, although still 
under active consideration .we. shall almost, certainly slow down. with 
consequential effects upon our employment levels and. bur performance. _ 
We are still giving great attention to our diversification programme and 
we now have a full- range of .very modern, high- performance machines 
covering the whole extruder farriily. We need a' resurgence of investment 
in the UK and Western Europe to show what these madfines r can do.: ' ’’ 

Future prospects .•• - ■ 

That our problems will continue during this year of 1OT8 is inevitable. We 
are operating in a thoroughly -depressed capital investment chmate in our 
traditional Western world- markets, and -although- business -continues to be 
available from Eastern Europe it is highly - competfeye ^because:- bf low 
activity in all manufacturing nations and -its. profiiability " 1 is'Spmewhat 
illusory. ’-.L]; . . 71 .', 

However, we have a fine, hardworking grbup bf people at^tanc^s Shaw at 
all levels and I am quite sure they will not miss :ahy opportunity necessary; 
to maintain -the factory workrflpw and , to.^fii^e .qi^ pmie; : 

improved profitabflity. i."- ; v . 




■ 






25 


gSM -J 



j: - 

i :- " : 


A | 7 1978 

pre 

^:ali®iiiot®vier £ 


“fie ■>$•• .*• ;:• ■■ 


LANDSIT up 
to £26.3m 


particularly difficult rind* 
ir the Security Express 
improved, but the cash* 


results : oi from 210m to £!5m. Total exports in-transit business had a hard 
rf en^s,»nnK» iBterna tlwiai l ast time.- and overseas sales amounted to time, with margins suffering as 
h f . ?I U ^6m — 78 pear cenr of ^roup turn- the result of intense competition 

b S 1 ? Cord over. -. - and rising costs. 

l ss *'-s ift' H 6.O8114. Capital investment in' land. The Crosfield Electronics divi- 
jj^ v uoi»8[ tnci^ecwta^naif;^ .■ - buildings, , plant and \ equipment sJon pushed turnover up by 60 

nt ™ After in terfi®t^ ofV ■ £770,000 ■ amounted to JHUko.-Thi* was less per cent. 

,' L 3.47m) ; - trading^ profit reached tb * n the m2mexp*oted-at.th£ ^ division has started the 

WfriLfc..* 4 ? 8 *'': •^®^95 b 2S current year SithlL order books 

.r-^ unproved majtwuf 22 percent beca^ of ^Uys & ddivery oi M rtC0J<d lcvels is 

m ■ ou sales down capital equipment ■ -‘rj. _ therefore viewing its immediate 

:°t ^^jS2fim.a^fll0JUtor Htwever after Th e company win continue to prosT>etrt3 ^jti, confidence 
“* ^le^conmlration -from .- FIL is invest in the profits*^ ..enter- w,ts conudenc^ 

b Wv *1 Vrlpped vtxt'of fast year*® figures prise*, to- which it is now enpaged By agreririent with the NIgenan 

•: . xui b.. ban uamarl^fl in Federal VfiHtnrv OnvPfnfflfrT. the 


"4iri,. i-^ippeu wui ui. jaar year-s neures pnsw.wwaKa n « w«a»H _ i: * — ‘..Z~ 

; & increaseiroxn and fitot has been.^anmu*ed in Federal Military Government, the 
nihv g itoojmauid profit: an- ftim ra i 1 m ' the - budget for the eminent year company s stake in the Niqerjan 
Arthur lQnrni.fi Vh‘« tor thfennipOBe, Sir AgtfcUT says- Security Printing and Minting 
^ - Spending on research . and Company is being reduced from 
r.the^Board’s “1, rfS^reidicd 40 per cent to 25 per cent. It Is 


*Fcuf * mflde^ ?hat >S« ‘Ij&jffi.yffi development and dealgn 'rearficd 40 per cent to 25 per cent. It is 

- 1 ? dUnj (£ 1 . 8 rai during -th* year planned that this change will be 

ddtntSZ*?* ?.ii 5 *** the. directors. mtp^ripjpend effected by the introduction of 

fhc ■* n e3tces 5 of £ 3 m in 1978 - 79 . . additional equity by the gpvern- 

h! ’"^V r nTrim^'i mfiirihrirmn i i ' Stocks - at the end of the: year ment without any subscription on 

•I eT1 were 23 per . cent higher at the croup's part. For a number 

■i'l. . hif ' gao-fim. Tbe thajor put’ 'of this 0 f temporary and local reasons 

^Wpmirsl^are^-ft increase .was. Jn .the ‘ graphics this company traded slightly less 

S ; ! ®t Jpkn-a divisio». and arose as a result of profitably In 1077 / 78 . _ ^ 

15 5 *A e ‘‘Vsoniadic- -and social. environinent S^J^narrieu^^ln' ISSe t »w n»w 

"i^JiJSg-S^SISS' 'iKg &£52£%&%IS& *s — = *as ftffi "ss 

Wes?: loo ° r< f l . "" “«■ “ajg] 

P2SXT-.Z iS £2 


n «[ lti ir ODDOrtUldtieS Bithp.r hv nrr^il A“ (UraOM- OI urej ghun; o< aiwcs. 4.001 4.3M «« 

,e L'K^ . Side of the business have had a p„*»x pnih a . ms »jm 2«,«s 

f sidt.itioir or. orgamc- development, to z. -, ,..™7 wh' mass u.isa 

*}**? a^^xtendthe iange-pf the company's *??* y ? a ^. i? «^SS»Uitv The prafif i.!!." is.9«i w.ow 

purensuefc.' ap^ifity inltarchosen fields. volraie and ofprofiubm^^ ^»e To mlI , orittL . s J™ ,?S 

»veatft fto ”t^a^ afcM^ffig« - , '-per vsp- thar. banknote business which accounts amraors. cn-diui 9i= “5M -wo 

i }^SSfiSS^SiS&pSSd ^ ssrsistss ssasr ...- *$s a s 

t chaijp. *-6^1), ^xdudJh^.the. Results of ETL, intifits improvedonitsom B'. u i n nrt ib.«S7 ib.ats io.B7S 

^-duo^'r S7p'mchHlfnEAb^e figures. As standing performance m-ivio/rt • Debits « Esrimnnc Formica iswr- 
rorn k Precast at the 'timely the Novein- in sr^te of the absence tliis time narionai m-aiiis iR«mn aa 5 u S£?^!?ri 


M 221 r, Z*r rights issue the' net total divi- oi any contracts oi T .5, doV io iiu^^Dw ia ana 

P e of lend is ’• stepped:- lip. to ' 9.9p nature. The new plant in Muta n05flM fln>ft . iste ^ r ‘ mn .hr sramc 

^R5l8065p equlvafin't after sub- reached full production. ; . . collection, u-ss a debit of cibs.om an*niw 

Jvidon) 'wfth Al£nai : of 6.4p; If A heavy capital, ^xprauiiture , reduction in boiatna in an asao- 
be tax- rate Is cut. to S3 per cent programme, implemented, at cute. 

: further- payment of 0.098 978 p Thomas De La Rue duriM-™« &ce Le 

«H be paid wilh interim for 1978- year, will be continued during 

979.V .. - -- the current jn ,#. “* __ 

Adjusted in line with the Hyde emphasis on flP 

fuidellnes',' .‘profit for the year obsolescent equipment, m pmi- Hr 

1 Al fii vould have been reduced to cular at the main |dant in Oates-. j 

1 1 1 "T /fi 23.7 n L.'Ibe x tiax charge hi s been head. .•••*-*: j.;--.- 

* v 4 /I/idjusted In acCTrdmce wh ED 19 The division’s .dirrent. tnuer 
d ... m deferred tax.: hook is healthy and margmff are 

“an- Though interest i*- reported as being maintained, largely due to 
nnii r,' lr c , payment in net terms the group product improvements. ' L 
r : rtcceiyed ^OO.OOO interest. At year The UK security/systems 

nc " ‘^m.ifsnd cash resources showed, a net ^de produced a record /p*e«oit. 
ju..C: 1 iSj^acj^se of'flLLISm (219.51m) and partly as the consequence. flf pr°- 
Ul5 *‘Wi r*ota) funds erntdoyed were up rationalisation in : .eecent 

'rom £58.02m to £86^1rhwith loans years4ua d partly ^.because M -parti- 
*1 D - s:ri f' unmounting to $53m (24.01m). cularly heavy business jq -."bond 
and ii979. "• : : prinUng for the Ixmdoo. mJffket. 

'. jr,, -' : - - f ' : a ;■ The rights issued realised .28 7m K ^ j oiat enterprise Jp ^ 

- hihd tbe Initial £Zm payment due fl R Ue Smurfit prbdncad a ^ 

h,v ’ Ukor. tbesale Of the groig^s S O pe r modest profit., and the :dnter- M m W M 

?' sw ‘" ^ tent Interest m FlC wAmertean services flU 

i '- v s re* Cvnamid Co, was received in. April Dasset » its performances. .^78/77 

-• 0:: ““ti -1*1977*. and a further fl^lSm was ^ meetjng worU demia»d_fpr M ft 

■eceived in April .this year. The prp< ] u cts of varidas kinds, ^ M 

ra:e area balance of 2645m «^W here<eived - ^ a cdnp^l® 

>vo between 3979 and 1982.-. Bank -n-^vj^y of ^oins in collaMration 

WJrt M Si.- 

IS RESllf^S^n^fraail l^pr dgt-jf the ^g^^Th^aiOO 

■&£ gsg few 


ON TOTAL income of £W.5m 
against JES9.fi”m taxable l»roiit of , 
Land Securities Investment Trust I 
climbed from 221.3am to £20lm 
in the March 31, 1978 year. , 
Net rents and interest recciv- ] 
able in the period wore WG.8im , 
(243.56m), and interest payaole . 
£20.5im (222.04m). After tax of 
29.77m (2B.Sfim) net income from 
investment properties advanced 
from £l2fi8m to £je.63m. 

After pre-tax outgoings for 
development properties of 27.89m 
(29.57m) and tax relief of £4.lm 
(24.98m), income available for 
distribution was 212.85m com- 
norpd with £12 Mm last vear after 
a I4.Sflm transfer from the caoitai 
reserve. This practice has been 
discontinued with development 
outlines of £3.78m for the year 
written off as incurred. 

An open market valuation on a 
representative sample of proper- 
ties ns at March 31. 1078 revealed 
0 2J.8 per cent rise tn the value 
of properties. although _ the 
valuers pointed out that yields 
eased after March 31. 

Directors sav the segregate 
value of properties owned bv the 
group was £826. 62m with invest- 
ment properties comprisinc 
. r774.08m. Incorporatins these 
vstues net assets amounted to 
£478 57m. which without adjust- 
ment for tax payable in the event 
of future sales, amounts to a fully 
diluted asset value per 50p share 
or 225 p. 

Eamincs- per share based on 
income from investment proper- 
ties is shown at 8 «lp (7.9p» basic 
and 7.84p iR.71p) fully diluted. 
Based in available income earn- 
incs are given at 8.65p basic and 
6^lp diluted. 

A final dividend of 3.SD952p 
takes the total to 5.30952 o net 
against 4JS04p last time. If the 
tax rate is reduced a supplemen- 
tary final will be paid. 

See Lex 


board meetings 

The JnlMwins canip.ui>- Snv- ?i<,»iik*d 
dam, nr bnuril m-L-un.-. l- me m-c/ 
Eschanac. Sadi **&■ 

Ik-IiI Inr me putp*^' -rniri a*v- 

dumb, noidal lndicau-.n^ ar-: nu; avail- 
able wtothLT dividend-, coiwnnfl are 
Interims nr fina Is 

n bciow *ra bail'd i.n !w 

year's wnclable- 

TODAY 

Uiwrlms— Hsu* 00 Tr “: T - MeCrtWiwdale. 
Sierlloc TTOst. linilPd Spring ai-0 Mwl 

w£&Zm!w»*** ,{uw “ r - Eva lc 
dmirlr.i. awl Cre-n-M. Oceana 

DeWliJWUWir InveMm^ni Tnj-i ■ TRe 

iSU" ’ fencer, WeMbrnV Pr-duitr.. 

FUTURE DATES 

Interims— ... ! 

Allied Brewert^ June - 

Blundell- Penn",! 142 * • •••_ • ; ,Wl ' ;T 

CankAeld iKlang 1 Ru^-r E-'a'e Jura l 
K ilimfihan . Rubber 1 Deielapni. nr June .i 

Finals— , 

DPB Industries ■ ■J j ™ -* 

BrlTi-.il Tar Produci j..nc u 

CardlnK firaup • . " 

CliainUvrlaln PWOPs • • ■ . Jur.e .S 

Oinrimmiis _ f 

□ariraoutn Inveshmeni . . June ? 

DUtfninB 'G. n-> i 

Fcrtlcnwn iBJ - ; 

Huance awl Indu-iri.il T-u-: . JjwS 

GF.I IntWMUnnal Jar..- .a 

Lii.cn tWilllim* Builder • 

PlYiU - r. 

wgi ; ,,jnr,? 

woudhead «Jonw» June lo 


BERTRAMS TRIMS 
LOSS TO £74.997 

Despite turnover dippm-4 from 
f] 13m to 20.99m thw loss at 
Bertrams in the April 2. 197$ half 
year was trimmed from 290.50U to 
£74.997. 

Again no interim dividend is to 
be paid. For all last year the 

group loss was 20 24m. Dividend- 

of l.S3p net per 23p -hr. re \\ere 
last paid in 1974-75 v.hen a £0.21m 
profit was achieved. 


jUCOSlOVENSKIAEROJKANSPORr 

(Y ngoslav Airlines) 

U.S. $36,283,477 

Aircraft Financing Loan 

Guaranteed by 
Beogfadska Banka 
Managed ty 

Atnex Bank Iinnted 

United California Bank 

Xndustdal National Bank of Rhode Island 



Provided, among others, 6y 

American Express International Banting CorpOKttion Ame^BmkLimffid 

XewZcaknd Banking Group Limited TteCIereOndTnBtCompmy 

Ohe Colonial Bant and Tmst Company Industrial NaUonal Bant nfRhndo Island 

Rational Bank ofls'orth America 


The Nippon Credit Bank, Ltd. 

Xev I'oiii Branch. 


United California Bank 


and partially gttartiniccd by 

Escort-Import Bank of the United States 

Agent Bank 

American Express International B a n k ing Corporation. 


.tfcrrf.rprff 


TnicsrRii.'Jnnf e ffesa esc s::'Jia cfuaii '«> 





t 


' Lee Cooper to expand/ 

^/flc ifc^ee ac^vitiesu : /k . 


iiiduitrf 


, ipuacss 

Coowir.the. chalman says m.bis JEffig'nj. Coop«Jk 
anuS itotemwt v- • ••• ^ ^ .ISw^SvSfe 1 the manufacturing 

Tfia;dmsfon has entered rorther Bays, /wnu . Jt ^ Q reece 

ffrwSttfSi jS-tSW Of that country 

** ssPasmBs dr jus ****** ^ ^ «» 

'an tions?with furthto 1 licensees have Asjreported. on May 17 P^-t» 
. reached an-advanced «age.and^t proflt 0 f the group rose to £3./in 
£ la iju^rp^.ttose . wifi be .j^^the December 81, 
; --;S!toal^4>m- ^current year:- .'months against the earneu 

■'“S'si M&^Cooper say^ that despite- tn the previous 12 months. 

^n^Jc;^j>)^dh_throu^- . balanee date net current 

SKjSTUt-rBljtrMfc. ^cuirgnt awets were up ;from £34>6m to 

' - ^aa®SEap-Ke “s^r 1 “■* were 

w. dune 


Si 


S * a i 

71 ifll \ l 





\ 1 J 

■ 1 1 

i ll 



^iifWs'rtitmeiii:^ ^dreiilated with the. accounts for the 
T-" -'r. year ended 31st December 1977 the Chairman, 
s .. " Mr. J. McLeod, OJB^. reports: 

fteducediprofit :due ‘.to lower Eastern 
earnings 

activity' " iv'" % '• •• 

M a^Trin m permitted dividend 
Extensi on of U-Kv network ; 

New investment in Malaysia 

SUMIftARY OF RESULTS for year ENDED 
31ST DECEMBER 1977 

Turnover .....: £74.43«74 

Profit iefiare tax j- ■ v:.- -r* V ' ' ' ' 

Profit after: tax . and extraordinary 3JSJM! i 


f.-irih*' . 


Net profit refined - 

Shareholders’ funds - ; f . : ... - • — 

Earmhgs.p»i(^ share; 

Dividend per lOp share, 


£25^82,328 

8.43P 

1.634p 


7 *..ij * . Esgistered Officer 

• J ; w Great Tower Street, London EC3R BAB 

Annutd Generol Meeting — 30th June 1978 


- It is no coincidence that executives at 4o out of 
Britain's top 50 companies carry the American Express 
Company Card*. It is a matter of good business sense . 

Whether travelling on business at home or abroad, 
the Card allows key executives to operate more 
efficiently onyour company’s behalf. 

Worldwide acceptance 

..' . .[^eycansettlebillsatthousandsoffine 

Testaurants, hotels and travel offices around the world, 
simply and in style. 

Unhampered by any specific pre-set spending 
limits, and backed by your company’s own good name, 
executives can hire cars without a deposit, punmase 
airline tickets and even cash personal sterling cheques 
in an emergency. • 

The American Express Company Cardis such a 
sophisticated alternative to cash, with its worldwide 
recognition and acceptance, that executives can even 
meet unplanned expenses, such as last-minute 
changes in travel arrangements or the impromptu 
client lunch. 

Simple expense administration 
This unbeatable flexibility and security for the- 
executive is further enhanced by other tangible 
benefits to the company. ^ 

These include: areductioninthe amount encash 
advances; areductioninthenumber and cost of foreign 
currency conversions; simplification of expenses 


administration for company and executive alike; an 
exclusive choice of billing arrangements, and the 
facility to settle monthly charges with a single cheque. 

The American Express Company Card Plan is 
already helping many top companies and their 
executives. It can help your company just as well. 

Simply write to R. A. Harris, Manager, Company 
Cards, American Express Company, 19 Berners 
Street, London WlP 3DD, or call his office direct on 

01-6378600. 

American Express Cards 

for Companies w Source; ‘The Tim-.'s' 1000-19 • 7. 

' ^ 

To: R.A. Harris, Manage; Company Cards, Amencan 
I Express Company, 19 Berners Street, London WlP 3DD 
I I should like to leam more about American Express Cards for 
Companies. Please contact me at the address below: 

| Name — — 

8 iCAPITALfi F1ZA5E) 

* Position 

.Company — * * 

I Address — 


TeL No ft; 

jneorfvtfaied with limited Pnhili ly in thcU-SA. 4-S.QuwU$y. Haideiit Vlwftesidwt 











26 


■; . _-.V •*£ ii - . f 


Financial Times ^efineaiay Tuie 7 - 1978 , 


I 




MINING NEWS 


Profits rise steadily 

at Charter 



r-- V.^v j 


BY PAUL_CHEESERIGHT 


j^pectatjons: 

liberal dividend policy at'TlaSit 
beestfoutehr Geld, which -is. feef 
of the South African. Ahj^wjrf- 
group, were amply fulfilled -\tfbenf 
yesterday, it ;dedared :a 
175 cents. • _ _. . ; V . ' '•'• -.g. 

This brings, its total dfaraffi 
tion for ' the 1 year- to: ^uhe^ii' 
250 cents, compared with L-isS ' 
-cents in 1976-77., .• _ . -/‘“'S; 


Zandpan, whose mining op&£ '■ 
tion was bought by fiart^. V • 


will be 


CHARTER CONSOLroATED. the follows a restructuring ;.qT the cent. ■ - ^ 

London arm of Anglo American, operation's finances. The surplus on the reaiiauon I972. deciared a final - df ;;-2$s. 

the South African mining finance Hfe . mtt of investments was more than cents, making its -total far .fi» 

bouse vesterdav declared a final T t J • q»o doubled to £5.79rn. on the back of year 4L5 cents, "nearly doubte^t*. 

maximum they may expect under Trading profit -isW; i 553« prices and the unproved m arket , e ^nnated ^profit-tor the Tear? 


maximum they may expect under Trading profit 


current legislation. 


44.908 rss^sa for gold shares. 


R5,4fen, compared- with an 


,, Admin- etc. expenditure 3,-fiX/ 3,874 t.A. uaM r u-en. profit OP R5.4aft»thg Dreviong tmw ■ 

•The final for the year ending Prospecting expenditure ... «n. -.■■'• w ^Tradmf profits, however^ elseWhere' ia -H, B 

» w C4-ME. - Interest nald 4.0® aim CRT! nno Hewn at £±8-Qom RiTertne - -PUL KISewlMXU -m. mB-.groatx 


getting a 


r 



No bank today 
can afford to 
stand still. At 
A P Bank we 
- are taking this 
literally. We’re changing our address. 
As from 12th June you will find us at: 


ij; M^h xL ™?. ‘maSTt 4»„JS 

,3 i fS. ution [ .. f ™ a !S5 Sto°5t M l.^a Industries, ° although the i’tDUP ins its inTeidm dividend. Iri.Iifi} 

f ! W * th "««“■* •“ - ^ S ISISgd five meSOB of p?o fits it paid a totel of 30 cents amS 

11A345P m 1V7Q-T1. i4?pre>fits a^foQ'-sf'ii? from M. K. Refrigeration, a recent 1978 140 cents- .The company^ 

Net profits for the year showed Mtac £J3£? Mas ' acquisition. - been ad verse ly': affected- ^. 

an increase broadly m line with Atn-owtaMc — vsAas'^iajnr The results' did not create -much reduced 'antimony sales. .." : 

expectations, moving up t0 ^*i&%exdtement on th& marketoand-.-Yei^^ 

£28.7m. from f22.59m in the pre- 8,763 '''™. th ^shares finished unchanged on £15. and Consofidated Mufchi^ojj. 

ceding financial year. extraordinary items uju : u^nx . balance at 136p, after 138p. r were 230p: r- 

But the group remains troubled Extraordinary items Sltoi 9.230 ?■■?■. : t. *. W; ■; 

by the weight of extraordinaiy . .2 V. / • --.v 

sss 'ss? ssmgs Offer for Inspiration I 

srftsrMsssrTs 

Botswana RST and the net effect L ijs and C^nadhtodollars TWO ANGLO-AMERICAN - units. ^ally offered ^b.a share^ lmtTe.’- 

nt nMnicinnc . T ! . . rti.-. - “ iS| n.., D.u Mtnh.v anil Cmhlfhlff . inotul H,i«" inulani^.v 


£mo :«5? from M. K. Refrigeration, a recent 1976 140 cents. ,73* company^ *. 
mss -3JJ23 acquisition. - -- been . ^ad verse ly y affected.: ^. ’ . 

aff-JOT Th e results' did not create much reduced antimony sales- : ':v ' 
excitement on the markets, and -- - T YesteI^ay HArt^ie&^^ha^ffi 3^Eett; ■ 
8.ns . ; rs85 the shares .finished unchanged on £15. and Consolidated Murdii^j. 


is.™ ; u^tu balance at 136p, after 138p. 
91J6I. 9^30 


were 23 Op: 


Offer for Inspiration 


of currency provisions. and the additional liabflhy tm a 

This means that ^tead of foreign loan because , of the 
transferring £2.19m to the deDr f;i a ti 0 n of the nouhd 


Hudson Bay Mining and Smelting 1 jected 


inadequate; 




Fo^-S low ^caure“S -ttS- Minorco are making a bid ol 

deprivation of the pound iaiS <**£ **»“-«**- ^ -**_ position if, t^r TOng 


2 1 Great Winchester Street, 
London, EC2N 2HH. 

(Our telephone and telex numbers 
remain unchanged.) 


transierrmg m we depreciation of the pound acainsr *» Ior ,.* ac “ - 

I reserves, as was the case in »he Deutsche mark MhfrlhutmtwT h* Inspiration Consolidated Goj>--: Inspiration & directors duauaidf- 
1976-77, there is a deficit of £4*n. iu e t0 per of the U.S. they do not already yet made .any. recommeadation'tb .j ^ 

I The continued difficulties at r,,, »hpr«» haw hppn «m,h. own, it was announced in. Toronto their shareholders about. -Urelluidv .{J f 

Cleveland Potash, which is run- working to Charter's ad^mteS yesterday. ■. - bay and^Minorco-ofEer.,-; ) 

ning below breakeven point and far as investments are concerned Between them, Hudbay and ■ Thevobject. bf - all .ttaer^entioifl 
at some 40 per cent of capacity, income rose to £21 oSn^Snm Minorco aJready have 40 per cent. ^is; ..an^old^festablish«t XLS^edta: . u t 

has led Charter to provide £7.5m ftsjjSm in 1978-77 helped bv : the the outstanding common stock',- panyr first njcprporaieaTnT31L"13 IlH f 1/ 

against its investment This is payment of a speiaa! interim bv bought in 1973 for $37 a^ share. «>pper. projieyd€« ArizoSliil* 
the first of three elements among Anglo American, where the The C( f 1 T ent b,d * 

the extraordinary items. group’s stake is 6 per ceat and ance of the common stock at,?68nr -.or gold, gjaer aro^seJenfagh. 

The second is a provision of higher dividends from. Anglo A ; • - . Hut^^ia ^cen^^_,qF-_c^pes. 

£6m against the investment in American Investment - TWl The relevant documents . have L operations ,Fh» a fli . ■ . 

Botswana RST, which reflects the which gains a large portfdn of itt been filed with the authorities m - -Caaadai; ;wp3le^ Mmoreo's -. 

operating losses of the Seiebi- revenue from De Beers -Consoli-- Maine and New Jersey, where offl-: interMts btretchm to Africa. 

Pikwe nickel-copper venture, and dated. The Charter stake.xs 10 per Hals.wlli. require at teastJ^pays. I*r ..London J^terdayf^Mmw^' , - 

r ^ to ponder the tender. . . . y .. diares rose sharply to. dose.: a . 

_ .. ...Anaconda, now an Atlantic higher' at' a .-yekrs ^lughlof 19®: 

nrUii/v . Richfield subsidiary, owns 20 per^ ^ in < Tesponse^ ' to! ‘ .ag^esriye -U&- 

Waee riSG lor Wlllt0 cent. Of inspiration. It was origin- baying.' : - “ . - 


W age rise for white 
miners in South Africa 


A WAGE AWARD of 6 per cent spar deposit, 42 km north-west of 
on standard rates has been agreed Rome, from- B. L.- -Hodge, and 


COMPAGNIE F1NANCJERE 
: DE SUEZ . 


by the South African Chamber Partners. The report .takes a 
of Mines and the Council of Min- stage further the attempts to 





In our new offices we will continue 
to provide all our customary services 
backed by the specialised expertise 
and high standards of personal 
attention which have been our 
trademark over the years. 


iog Unions, which represents bring the deposit to production:, of Compagnie Financifere - de is- the- one -Franc? .has .. choseiS 
some 22,000 white mineworkers in Hod „ e coni .i udes that niUmui Suez was held in Paris oh Jlffaiy. detoihds ' '.an increase; 
gold mines and collieries, reports “estimated at nw 23. 1978. The following is 'ar number of ■ sharehoiders ;;and :4a- 

Quentin Ped from Johannesburg. tonn g of metsport are relatively translation of the "statement wider representation of sochd 

W ?n Ch <^?r» rt i nr d r^f lower “ bearing in mind the high made by the Chairman, .Mqijsleiir .groups. • - • . ’ 

quality of the product” With ah Michel Caplain at the Meeting: - -The policy. of.the'Governmebk 
Sri aSd back Sfy rSJ of annuai oUt P ut of 200.00$ -tonnes Since our last Meeting, -^he' and ! would say -also of bushW 
R4n a monrhfor Mav and there are sufficient reserves fbr a atmosphere haa h«xmier>cozi-.concerhs must- ' henceforthVS: 

June, was ^made by a statutory of 16 years.. _ . •' siderably brighter, thanks^jto. the.. actuated by this requirement 

conciliation board after the two Various groups have been look* good sense of the French peoplfr. : Although this Aliange in oin- 
sides bad declared a dispute. iog at Pianciano for 20 years but 1 probably seemed ta--3 r oa .to ppmmmir policy, is a good mov& 

1L falls far short of the union's have tended to lose interest be ratber optimistic last' year in pie nptum in French share pridif- 
o rigid al 17 per cent claim, and is because of problems with the counting on this good sense and -^hich has taken place since tinT ' 
considerably closer to the Cham- beneficiation of the ore. -South- in predicting— always a ; dad- Seitanmy of the year, should - 
beris first 4 four cent offer. land became involved in 1971 and gerous practice— Slat those who be^OTnfinned and -ampUfled. ftS 
The deal represents a consider- has so^ht to appty new tech- j nveste d at prices then current pie shares are still- far from- 
Oiat ^S b fn * the de P offl ^ ; .. . had more chadee of gainingthan being-quoted at prices compar-. : 

ti!e md^v^d inc?^ed^t an ■ 111 s ? ,te of P re ^°“s scepticism losing. v .. ablie to . their, true 'worths and “ 

SZJS": , Today, .the poUHcl honaou.i, their profitably; aid ^ the eh** 


The Annual General Meeting 'Now^amariceteconpmy,^^. 
of Compagni e Financlfcre ; de is- the - one .Franc? . has ‘.'.chosetf 


A P Bank Limited Pr The C ?n1^ were seeking a rise eve^^ D ^df^>“t^^ 

® Hill M which would match the II per. the extremely fine grained ore 1 to wa S l >in which, they^ are -resolved. . . . ■ j -' T ' 

A member of the Norwich Union Insurance Group ing, and make' up for the short- ing nt least 80 pa* cent^ fluorite, stances 9 q favoured the reaped the benefit of the 


i the industry had increased at an 


iinarrpntahlv fast rate in recent ^.n^nirir.r^; ,nr .:r.: T ., ■ --w iouay,.uie pouucai ■ nonzon. is tnetr pronianmiyi ana me siocir 

years ^SSout^ny increase in fl^sheet^S Sen clear , but _the economic . . and mai^et should ouee again stmt 


HpypinnpH nn i sociaU problems remain ,and playing its essential part in the. 

developed^ and proved^on a^pdot evervthf ^ .denends un«n thP hZnin nf our ecmJomv. J 


[NORWICH 

UNION 

MSUBAMCEGaOUPOS 


7 Bishopsgate, 
London EC2N3AB. 


fall last year, when they won an less than 4 per cent siMca.-nnd adoption : -6f : ^ 'liberai policy. : No trends on the Paris stock m^ui 
award of only ar per cent. The less than. 0.S per- ce£f : total votei-cafiching 'measarea indeed especially as in-' 1977> and at^' 
unions also argued that the big sulphur,” states the-' Hodge are necessary- in view of The. begmran^ of 'I978 we 'subSl 
increase in the gold price oyer appraisal . political, and intellectual defeat tiallv increased onr holdings 


Telephone: 01-588 7575. Telex: 888218. M?^dXr‘fi nt u,at 


Hodge are necessary in view of The beguunn^ of lSTS we subSt^ 
political, and intellectual defeat dally increased oar holdings^ 


Chamber could afford a more een- reserves at' Pianciano of Marxism and the fact . thaf no French afodciMEket Securities, 

erotuoffer “ ““ “ g are 7.78m tonnes of ore with an elections are due' in the near The Company's own portfol 


The negotiations represent the » ^ ^5®- ,^bis- dae S-. no t Jnean of stock market investments : 
rst round for the Chamber of boweyer that the choice is easy in Value from 528 million frs 


IVUIIU lUI LUC OUailiWi UX on .1,.^ >_ __ j - I . . J ^ 4U f.ftUTCjiUUi 

Mines, which must now conclude nor that freedom -.of action at 1st January to 610 millij 


deals with some 16.000 white offi- ... . . .. 

1 ciais, and 400,000 black workers. recommends that- the inaction. ; The economic, policy. French portfolio has incres 

Black wages have risen at a faster nnnmg operation should be of - France has : to- be_ expanded by 26% -over 1st January 
rate than white Jn recent years, earned out under contract, but today under difficult inter- by 35% b?er the lowest oil! 
although the difference has not ad{ *s it is imperative that strict national and domestic conditions' ♦!»<» mariroru- 

been great, and the absolute gap -nd expert .control should be m.fernationX Ve ^are ^ 


suitable for opencast mining. should-.now be synonyious^ frana/ at TOtt April aS 

Hnrfoti ronnmmon/?p fli«+ * f Ln I innnHhn * ■ . ■ m~ • «_ > 


has actually increased. 


JxerciK'in orter“to iSS’uS SSf' 0 * 

the requirements relating to ore Sth thi ▼aired in. our balance sheetjj 

blending are consistently met” ^ P™b|™ of adapting to jjrices above thos? on ihe Bounfia 


Furthermore, the market valu 


All oi then securities having been sold, this advertisement appears oa a oi r e co r d only. 


Fluorspar hope 
for Southland 


MINING BRIEFS 

SAINT PIRAN CROUP— ProdocOon 


a adw- wprldi It is not a question ^ jajeh by B20- million frs 

-yiasOy, the price pf our- 
cult rihiapon _lmt of meeting a share: has %bbwn a not 


saint PiRAN .croup — Production of radical changg : due - to ’ the ^ up- imornvpment.- nassine from 1 
tin coDcentraioB tor May: United Kingdom heaval of enerW - “V7 

i tonnes treated S0.TS7) 219 tonnes fro per Jii je«e*Er pncee . and a francs at the beginning, of 


$100,000,000 



Household Finance Corporation 


S U ’ n ^ed MI T G SroiSS ZS intenmtio^^oT of 

sanon and great ffexsoitrty. -of its dScount is still around -50| 

Westpool at peak £0.42m 

On total revenue ahead from Earnings are stated at 3.58p ^y^^qctai structures and. the to shareholders as soon as^ 

£322580 to £594599 Westpool In- (2.7Sp) and a net final dividend ctoef pnorrty now of any' sfbie. i am 'abJe tb lnform -p 

vestment Trust shows taxable of 2JJp lifts the total to 3.3p economic pobey is to strengthen liowever that our consohda| 

revenue up at a peak £424,178, (2j65pl. them. net income before security tia* 

against £323,547. Net asset value Revenue was struck after Ip fact, for mgnjr years, French actions amounts to 400 mill 


8 Vz% Debentures, Series 5 B, due May 15, 1983 


per 25p share improved from expenses and interest amounting firms have been incapable: .of Fnmr* - met qsr million "fe 
131.4P to 146.5P or. on a fully to_£l70,22I (£198,733) and tax took maintaining their own resources persh^ 


diluted 

141.1p. 


J 1-ra.dp ui, un a lutiy iu ana tu iuor Luztuu<umug IBeiT own resources IIWR j>r AR franca nar - ahaW 

basis, from I28.4p to £150.861 (£111.415) leaving a net at a reasonable level for two ^ 

balance of £273^17 (£212,132). reasons:—: the impossibility of ' , ’•* mM 

ro^ininp- » Our 1978 financial year loA 


COMPANY NEWS IN BRIEF 


retaining a sufficient portion of ^Thl^fnt nf 

their, cash flow, because of price 


I BULMER AND LUMb — neiuiis. lor me xn.uuu. coei ui win ■ajuumeni uii.nini Ul. lmc - imMWW U( - me - 5HICK ~ r — ^ -im > 

yp»r ended Aonl 2. 1978. reported on and aennng adjustment £LS&,0fl0. Meetlna. market. ' This was the result- n f .CreaS? their QlStilDUUOns 4jC 

May 19 with chalrrenn-g **rvd-n_« Caxion Hun. SW. Jn!y C at noon. SSSSrt'SffiJhlfite »»-- - . ^ ^ 

3f" D i978 CO r§wmd Dialing and. a. taxation policy dis- to-toei^ulte - 

wi assets Rjjnm couraging to share-holding.- -- ' sidianes in 197E, it is sh£ K 


increasing their capital . because'S^^ 


-Results, for the I47.0D0. cost of sales adjustment 1171.900 1 Of. tbe Weakness Of -.the- Stock irr 


Goldman, Sachs & Co: Dean Witter Reynolds Inc. William Blair & Company 


prospects. Group fixed assets 14.21m 
■ Oa9mt. Net current assets £2. 74m 
i£M6nn— cash £797.431 >£5.256i and over- 
draft nfi irrM^41i. Current cost profit 


HEADLAM SIMS AND COGGINS— 

Results to January 31. 1978, reported 
May 18. Group fixed assets JEOJlnt 


early to. forecast them. As 




Bache Halsey Stuart Shields 

In corpora Lad 

Dillon, Read & Co. Inc. 


The First Boston Corporation 


E. F. Hutton & Company Inc. 


Donaldson, Lufkin & Jenrette 

Securities Corporation 

Kidder, Peabody & Co. 


Lehman Brothers K uhn Loeb 

Inco r porated 

Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fanner Sc Smith Incorporated 

Smith Barney, Harris Upham & Co. War 


Incorporated 


Blyth Eastman Dillon & Co. 

Incorporated 

Drexel Burnham Lambert 

Inco r por ate d 

Lazard Freres & Co. 


KELSEY INDUSTRIES— In results 
H shed profits were given at 1325243 ; 


[Bredfbrdfjme 23. at noon.’ ’ ” KELSEY !NDU5TRIES-In results pnb- price: Controls- airf the^ ^gTOWth qf^ tL 

John crowther group— R esults URhed proflt5 W-CT * k 1 ™ * r £323 - 43 aher shareholding .present, our banks seem tow " 

assets £2,082 icmi net current asset* jrvstem. itismuch more economic tfeos « «f the- preyiom year. W,- , « f 


CDJfitn r£l 
Is no re a 
Meeting. H 

DHAMAI 


HOLDINGS— Accounts 


jermyn investment gompahy— | more tempting for an Investor 


1977 will tie published in July or August. Pre-tax profit £30.985 (£33.081) for Novetn- 1 purchase bonds, OT even to keel) 
Delay due to usual dlfflculty experienced her IS. 1977 year. Tax £16.185 I.H7.643V | eiT,., 


t0 the -property sector,- although^^fl n 
po spectacular developmentBare® Sdn 

v t— U,. Arfrirfr Oils- *4 


Loeb Rhoades, Homblower & Co. 


by most companies In obtaining Uw Earning* per 2Sp share 
necessary InTormatJon from Bangladesh. Dtridend 1J96S1P (same). 


lw "5rasr5. , TC , sffi p 1 jS£ 

SSJ TiSSS -oSSSr «SS “■»= Sfe» nssss a-S “T; XSSSrZSrSL. ' 3 s 


investment 


Incorporated 


Bear, Steams & Co. 

ABD Securities Corporation 


apital Markets Group Paine, Webber, Jackson & Curtis 

Smith Incorporated lueorpmted. 

i & Co. Warburg Paribas Becker Weriheim & Co., Inc. 

Incorporated 

L. F. Rothschild, Unteiberg, Towbin Shearson Hayden Stone laic. 

Advest, Inc. American Securities Corporation A. E. Ames & Co. 

Inc o rpor a ted 

Basle Securities Corporation Bfamt Ellis & Loewi 

Inc or por ate d 

Dominion Securities Inc. A. G. Edwards & Sons. Inc. 


a*uu»re riailm rftSlRrnl Net rarrenr i*».wnii. anraouseg appreannon I Li DBF eeiiC auu, even aner -me. — ' — T~ . . j * j 


Atlantic Capital 

Co r po rati on 

Alex. Brown & Sons 


ration A. E. Ames & Co. 

Inc o rpor a ted 

Bfamt EHis & Loewi 

Incorporated 

A. G. Edwards & Sons, Inc. 


ta tamnMat SnSSS ■JUBwW J^elds of 9 per centto 10 per cent asms today and ourtoteltog :, 

Pali I^ie w nmef ' w^ at «3«nw)-For eight montba to Decemiwr are nbt UQUsual.. •'.• wortii. has “ grown^ sLnce ^ •- 

•eTUt^uSret water Company- = 1 - R l .%^ . It will not be a spiobth passage ; Janumy-by at Jewt 10%-^ . 

Result* already known. Auditors tuvo From the present situation to a - AM- this gives ns reason 3? 

Z^« J Z , »Ciof a« eburgo for ’fun rehSouable one. beUMibK weJiMll te abJ^: ; 

S!Snaw 5 mU“ .55? Slam !5r '? , COT « I , {MW repart* i furuior - The withdrawal bL prftc cbn-y«mtmfie L to imdertake^aiidf| 

renewal and continseocy hind, or ibo raTnnn rfoTs.’.-.wtll require' jnucb T.TeyeF rposs H ri e - -fb ; deveiop-^-to yog 

fc^adednesB' on the part of the satisfaction I. hope— the .^ _ 


iSSJJT ie£Fu!55Z liuSH. ^Sw ? ■»» ft ABU 3®. value of Qjvernroent and different social which, we now . jday « -3» : 

iiabuiucs njim (£D.s7m.. egm called UMrc^ groups, for the consequepces Of .. national . -And v mtemanog .. 

.fin. &ru ,n wnM. h nr. « fl«.5S6. EDO reserves WtU be Increased r IZli J— J -r - -l-J - afrvnnrrik, ■ ■ ■ • . - 


stfsta aaraA 


rowing powers. Meeting. Redbili. Ju 
at 10-Sfl am. 

CiECITTEX CLOTHES— RCMtt* 


totalling &BJ90. 
for SEARS ENGINE ERIN 


I not. be'. wiped out at one 'stroke. 
It is. hot the monthly variations 


The Repdrf and Accounts 


EuroPaifners Securities Corporation 


Robert Fleming 

Incorporated 


Kleinwort, Benson 

bcatpnhd 


Moseley, HaDgarten & Estahrook Inc. Hew Court Securities Corporation Oppenheimer & Co., Inc. 


Piper, Jaffray & Hopwood Wm. E. Pollock & Co., Inc. 

Incorporated 

Stuart Brothers Thomson McKinnon Securities Inc. 
Caisse des Depots et Consignations 


SoGen-Swiss International Corporation 
Tucker, Anthony &R.L Day, Inc. 
PKbanken 


^HiSk AND GENERAL INVEST- ^whIrn^oSHi uct,o ns WOLD. ™torn to ^^freedom the M^eir- ft 

HBNT (sabsldtery of Scotd*b and INGS)— Results 1977 and chairman's -wiTI be. for 'after a period, of . regldeptS ^ 8 *3 

Mercantile lovestmeoti— Results for the rwnarfca on prospects reported on May 6. adjustment the Stnrtc market. e na t I ea ‘O- Claim an .JWI _ 

year ended March 1978. reported Cnmp bd Mrti n.ttn nuin) — rsthpr thauthe ftPVeTTlTTIl’nt Vrin -fiscal" Qf S.SQ'fraUCS. ' - 

May 33. Group Inrestments CJM.S7B orertrefW HJRn ra win'- Wot* ta pro- All efeven resolutions beftlB ' 

iC.096.Bal). value CA43.341 (£2.764.091). ttreas totalled Elm (£3.1mi. Auditor’s UHOertaKe .tO Keep prices ,UI •__ All ClCTen r»om]AOns 

Meeting. Winchester House, EC. June 22. point out that rcaUsatJon of tbe group’s ordw.' as ivthe w>» In Rarmany the Meeting were passed- ■%> ._ 
at noon. book value or the group's investment hi quntxerland - ' • '' '• 

FLIGHT REFUELLING — Results for wurk-ln-prognrsB is depondcat on the can- * *»,__* ■ .. ~ In Fnrtl&lt tmrusbditm of- ® 

thp rear 1977 already known. Indications tiauing avallabilttr of Credit faciUUea Ur. .The change ID. the tor lit Ion _ An iiTiffiLyl tJUmtUOtOtl OJ 


May, 1978 


FLIGHT REFUELLING — Results for wurit-ln-pn*nrss is depondcat on the can- Ui n LT , T5,“ *“* . ' iWJWKih *rmu of ® 

the year 1977 already known, indications Hnum* availnbility of credit facilitiefl. Mr. .The Charitje ID. the taxation «2l JaTIfliral IIBUhOTOB OJ rc; ' 
are that the upward tread In profits win Charles Mitchell (us resigned as choir- rules relating to shaxss should Report and A ccowds 
be maintained in the current rear. Group »da bag been succeeded by nr. v easier, fer^ff }s nnt very costIy obtoinoblc- ldter. in LwdOB l , ~!l -. 

Used assets fl.fifiin r£Ifilml. Net current J- M. G. Andrews. UKllne PWtsmonth, — end - - Wfth~ 2. 'Quo tAvn 'HANQfTg TiF. l.'lNDOCHlNE 

fiS fr’K ^id-ESSa 0 iiS J TRun ,a uHi < DH-nMuits w » «.« S,^ bl S mS S^rS^SSartm^U 

Increase). Meeting Painters Halt EC. SI. 1978. reported May 2fi. UK invest- are subject to OttO definite rate of i 6&G4 BWlOpSOOte, LtmdOW 

J Li5i| 8 ’ GORDON CROUP— Results for net current ft^rn ^ fv*4 > 

1977 and chairman's remartu on ptospccis ifL3Smi. Decrease Id unlnvesied ftrada fflOBIW taxation On their Shares, ana. TO ifte. IflMtW 
reponud do May 19. Group fixed assets 133.690 (£373.0001. Hew Era five-year, loan Up to *t rate of 60 _per ‘cent. If is » XI : 1 BofOd^ X/^., 

7738.000 < £831:900). Net current assets negotiated MaT 1977. As- .at- Keax-eBd- . qirorisfBP ^ : tha» ftnlv-'-onf. -rrt (¥1 

n.'igm ui. 13m) — overdraft)! -£5.731)1 Indosuial and- General Trust held 39 wr uwhA&us'FifiHi. 

intern), current cost losfi before fix cent of ctiully. Meeting. Winchester House. 35-F reWfiHBen ^ a sDaXehOldeBrtn.:Sttez, 

131.000. after additional dcuredation EC. June 28. ai LW pm. . a 50CietG RGOhyme. . NOO: York.-.' N.y. lflOv* - 




la “Mcim aBOnyme.’' ■ 






27 


T iffin- 






igures 

(as table 9 In Bank of England Quarterly Bulletin) 

[eligible liabilities, reserve assets, reserve ratios, 
AND SPECIAL DEPOSITS 


London Clearing Banks’ balances 

as at May 17, 1978 


t Qta| adnstdeSr iXM 

t is^good and should 


Position of Newmap tive for financial and budgetary. 
ie - electric motor, .control could inhibit -"policy | 


i 1— Banks 


Dour,, control could -tnaion- - yuu «p 
»*"•"<* ; ra- decisions and accordingly a dm- Eligible liabilities 
so^dunpg the -current year, sioinal st-ructure was introduced. 

the : Tki, ..Mi. -4uisM*fl tn-'nuiS' u.h. nanKS 


May 17 
197S 
£m 


Tg , ; . siuiiai j , uui:iuic "DD -•• 

^ ' BartJett ^ This, while designed t* main 
lain the profit centre concept 
. Most of the^odps products ^esrt y identifies the . business 
7 growth- - industries ren^d by a number of com- 

. fiuy^ifoo^iout^ the. /world, white its rjanl«- It ts still at w early 

ys< Stu-SJUS & %»dy 

Jj-w- ^ 

* dtaSi8MvJw.addfii says the chairman, 

with ^ As . reported, on --3 
e nr^,*i s-re-tas: urofit.TOSe f. 

-tne bcuqu «nu ibu “«*•■ •** ■■" 

Prudential Assurance Company on 
iis own Twhair and dainduR to 
act far an .. attar 7:*inWdws 

shopW be -vigorously L defended 

"a® Oroufk. Turnover rose by 37 per L^nit^kdy ud^cSoA. . The 

/ s ent to £45, 13m and overseas sales g Ct j 0!t C ] a j^ that iui 'agPMimwrt 

Ses^L *&*%&.'* “St- ■*•«“ .-dSESS jSSSS SB'SK^r 

i.rofit- includes u -contrfljution of t h*. comoanr and TPG 'direst- 
',00^00. resulting. irom theaequi- Sent* fcorarieted - on July 2S. 

ithe outstanding shares 19731 should be rescinded with 
f Dover Engineering. • • r - the consequential retunr by TPG 

Despite considerable expansion 0 f the purchase price ar-389JNXL 
t activity throughout the group a Ust- of the directors and 
: .bas been possible to reduce family share Interests in the group 
jdebtectnoss and strengthen shows that the chaff man and Mr 
_. ; or king capital. . <This ' trend was J.-K. LaUehton had a lotat n»t«est 

snare, maintained in the early part or in 1.127562 ordinary shares. 
afeOTS .by- the sale, of two subsi- The UK remuneration' of tne 
t 'iaries. which further reduced the chairman is -'shown .at £SS.SOO 

, E Htf In.nnlr jjqirranf aomnnt nvanSrafl'C I MS MOV 


2.707 

841 

14106 

6,401 


30’^- h’npdgpa .» utteo 
Ph e per 2Sp share. 

Group: turnover rose by 37 per 

'avakai. 


London clearing banks "iffi 

Scottish clearing banks 

Northern Ireland banks 

Accepting houses •' 

Other 

Overseas banks 

American banks 

Japanese banks 

Other overseas banks 

Consortium banks 

Total eligible liabilities’ 44 ’ 496 


Change on 
month 
£m 


+251 
+ 49 
+ 15 
- 16 
+ 134 


THE TABLES below provide the first 
monthly indication of the trends of bank 
lendln" and deposits, ahead of the more 
comprehensive banking and money 
supply figures published later by the 
Bank of England. Tables 1. 2 and 3 
are prepared by the London clearing 
banks. Tables 1 and 2 cover the business 


of their offices and their subsidiarily 
(excluding Scottish and Northern Ireland 
banks) in England and Wales, the 
Channel Islands and the Isle of Han 
which are listed by the Bank of England 
as falling within the banking sector. 
Table 3 covers the parent banks only. 
In this, li is comparable with the figures 


produced by the Bank of England, which 
show the reserve positions of all the 
banking sectors subject to credit control. 
Minor differences here arise from the 
exclusion from the clearing bank figures 
of Courts. a subsidiary of National 
Westminster but a clearing bank in its 
own right. 



+149 


n 


1 offer. 

aJ ' the at 
‘shed if 
“fried n*‘ 

«***■£ 
5 node* 5 


, , /oriung capuai. --atus irena was J. l\„ lL*U£mon nau a 
* snare, maintained in the early part of in 1.1 27 J202 ordinary shares, 
u hiajtOTS .by the .sale, of two subsi- The UK remuneration' of the 
which further reduced the chairman is - shown .at £SS^oo 
rf , '^►ank.-current account overdrafts' (£33.300) and in addition he was 
n^Wy'. about £2m. - . ■ paid £13,WI .by an overseas, 

. was recognised In 1977 that subsidiary. • - T . ■ - ■ 

8* au P' structure while effee- Meeting, Bristol. July 3 at noon. 

Sabah well placed 
, le t! ifdr expansion 

■ Pliu if LiquTd resources of the Sabefc ability in 1977 was particularly 

2LS TSSwta - spmiire . saa 


Reserve assets 
U.K. banks 

London clearing banks .. 
Scottish clearing banks .. 
Northern Ireland banks 

Accepting houses 

Other 

Overseas banks 

American banks 

Japanese banks 

Other overseas banks .. 
Consortium banks 


3,348 

363 

US 

288 

8S7 


613 

40 

489 

49 


on 


+613 


+ 90 
+ 10 
1 

_ O 

+ 7 


18 
3 

40 

+ 2 


Total reserve assets 


“Srinwer company’ at. tne eira.oi 
‘"'"^lecember 1977 totalled £4.17m eSSer^ — 

K’^hich places the group hi a. good ^ 0 a ^er^eriodS 
Vo .respond, to'opport- ^the UK ^strimti 


cuts 
years - 1977 
low activity 


olv uiv wyr «* — „ anot j tep DerJOU 01 low avovuy 

^ ,3rt *i n y improvement in. trading •■■::••• 

onditions, states Mr. J. McLeod, 

"le chairman. 



^ vuaxi uiuiii 

Since the crid oF 1977. five addi- 
.ons haye been made to. the 
roup. -Although- .individually 
rjl - very “large, together they, 
epresent a usefal extension . ro 


FS Assurance 
launches 


Constitution of total reserve assets 

Balances with Bank of England 

Money at call: 

Discount market 

Other 

Tax reserve certificates 

U.K.. Northern Ireland Treasury Bills ... 
Other bills: 

Local authority 

Commercial 

British Government slocks with one jv.ar 

or less to final maturity 

Other 

ToLaJ reserve assets 


epresent a userul extension ro 1XJLCOUIC. ■ 

ne group's distribution network fs' ASSURANCE, : the Glasgow- 
1 timber and general buildiag based life company, has launched 
t economr, applies. Mr. McLeod, reports a new guaranteed income bond, 
ince has eaat-'other. prospects are under which can .also ^be. used. as. a 
increiia E egfttiation or study, with tbegrowthbond.yleldingotpcc pen 1 . 
ireholdas vmphasis on the mcrchanting net of basic rate .tax. • : - 
dados of Sector..’ At the saane time the.'. The contract takes the faraa of 
‘roup' continues to broaden: the' a single ■ prenuura : endowment 
lie lintmJipply base of existing units. • assurance ~ tertM thre^a^or 

5 a te^nlSs P Md^S3^off«Mot 

J ir 5fea S d from '£9.69in toj £7J)4m ^ 

■ chjBBa th*y in these bonuses at ^e end_of each 


Ratios % 

U.K. banks 

London clearing banks .. 
Scottish clearing banks .. 
Northern Ireland banks 

Accepting bouses 

Other 

Overseas banks 

American banks 

Japanese banks 

Other overseas banks .. 
Consortium banks 


Combined ratio 


NX. — Government stock holdings with more 
than one year but less than 18 months to 

final maturity amounted to 

2 — Finance houses 

Eligible liabilities 

Reserve assets 

Ratio (%) 

■ sp?dai 



WUML 44717 - .. . J.ne 1/iVCMUI um , —j — 

..•JflTitai™ «piwt 

JJ & s ie- Eastern sector - ■ advene J^nteed Scome, or leave them 
pnen innjLcather conditions ' affected .pro- |J“ l JJJ* e<1 ti r I 7^ reby tmstirmg 
r. phceaauction. from the .concession -in Viowth* ' "•-, 

;ur abah. which at .6.7m cubic faet j. ^ ^ 1iroc that the 

r.d amiJjfa-as down by 11 pdr -.cent .. - Log • This U n, fl »ketefi a auaran- 
e tttflairic.es at the . beginning of bond. Previously, it 

it ?ntstfer e .$.? confined hseJF to a guaran- 
*nip na- brief Tally.-ui March and P , crowth plan only. Now. it has 
:.j; SteJM'h. rem^hajne month, ^ n f c 7Tts P Snge offeWrin- 

.S % *figf Bssyar&r" taKTESi 

'.y has rf=-‘ 
neat r»! sh7. 

?iH: 5tods 
c 1977 alt 1 
197$ w del 

id OUT l»2Ej 

,na»« 1 m ® 6 

ny s o-ni?r- 
>> jnveMS 
52? auiiast 
r v 10 415 t 
»h April “ 

o- 10 !u » 126 

r ]*; 

•i.® isstn*' 
v ihe marts 
l,a C h parucSi 
•r balance 
;h0*«:** 

5?) tnflh® - 
. price #fR 
slwwrt 2^ 

\ “ 
bepritfjLf 
fj-.r-CS OS “4 

r 'in 

1S full s rc3f - 

, . ne coa)J 

. U W W- . 

ins'. pj 1 
inicCi r 


6,195 

+ 87 

351 

- 4 

3,339 

+ 37 

216 

- 30 



918 

+ 75 

118 

+ IS 

755 

- 11 

498 

+ 2 

6.195 

+ 87 

13.4 

+ 0.2 

13.4 

+ 0.1 

14.0 

- 0.4 

15.1 

— 

13.7 

- 0.3 

14.8 

-0.1 

15^ 

+ IB 

16 J3 

— 1.5 

19J 

+ 0.1 


— 

£m 

£tn 

328 

+ 315 

341 

+ 16 

35.3 

+ 1.8 

10.4 

— 


TABLE 1. 

aggregate BALANCES 

liabilities 
j Merlins deposits: 

U.K. banfclnS seclor 

UK eifvate sector 

UJL puWIc 

Overseas residents 

Certificates or deposit 

or which: Right 

Time (fnc. CD’s) . 
Foreign currency deposits: 

UJL banklne sector 

Other U^. residents 

Overseas residents 

Certificates or deposit 

1 Total deposits 

Other liabilities* 

TOTAL LIABILITIES 


ASSETS 

Sterling . . , . . _ , 

Cash and balances with Bunk 

or England 

Mnrket loans: 

Discount market 

U.K. banks 

Certificates of deposit 

Local authorities 

Other 


Total 

oituundinv 

£m. In. 

4,462 

26,400 

617 

2,153 

24564 

35JW7 

15.103 

20^94 

2,665 

1,184 
11,018 
1,128 


Chaw m 
mwnb 

£m. 

- 372 
+201 

- 49 

- 3 
t 24 


£m. 


Total 

otiluandlno 

£m. £m. 


Channe on 
month 

£m. . £iu- 


2.141 

5.237 

869 

mus 

uiiL 


16^96 

52^93 

8.786 

61.778 


1.111 


9.SS4 


+ 117 
+ 122 
+ 296 
- 28 


-599 
-321 
- 78 


-508 
1-109 
i- 98 

i-207 


+ 60 
-411 
-173 
- 29 
-120 


Bills: 

Treasury bills 

Other bills 

Special deposits with Bank of 

England 

In leslmenls: 

British Government stocks ... 

Other 

Advances: 

UJL private sector 

U.K. public sector 

Overseas residents 

Other sterling assets* 

Foreign currencies 
Market loans: 

UJv. banks and discount 

market 

Certificates of deposit 

Other 


Bills - 

Advances: 

UJL private sector 
U.K. public sector . 
Overseas residents . 


354 

945 


2J!73 

1.432 


18,227 

159 

3.094 


3.428 

330 

6.388 


2.213 

1.129 

3.126 


-678 


Other foreign currency assets* 
TOTAL ASSETS ... 
Acceptances 


1.298 

652 

3.705 


21.480 
a, 38a 


10,646 

56 


6.4GS 

894 

61.778 

260 


+ 10 
- S3 


+ 10 
+ 10 


+307 
— 52 
+ 79 


-127 
- 1H 
-146 


■143 
■ 11 


- 73 
+ 26 

+ 20 


+ 333 
- 46 


+ 254 


+ 129 
t207 



TABLE 2. INDIVIDUAL GROUPS 
OF BANKS' BALANCES 


LIABILITIES 

Total deposits 

ASSETS 

Cash and balances with Bank of 

England 

Market loans: 

UJL banks and discount market 

Other 

Bills 

Special deposits with Bank of 

England 

British Government stocks 

Advances 


OulsuUJding 

Change 

on 

month 

Outstanding 

Change 

on 

month 

Outstanding 

£ni. 

fill. 

£m. 

£m. 

Ini. 

52,993 

+ 109 

14,463 

+221 

9.830 

1,111 

+ 5 

366 

+ 52 

176 

10^(« 

-225 

2.769 

+ 51 

2.342 

9,725 

-200 

2.579 

— 59 

2,679 

1.354 

- 63 

265 

- 1 

108 

852 

2^73 

+ 26 

257 

+ 3 

118 

+ 10 

510 

+ 4 

437 

27^48 

+ 563 

- 8.063 

+ 104 

4.136 


Change 
Outstanding on 
month 


- G4 

-398 
+ 7 

- 24 

+ 2 
+ 98 


213 - 31 


328 + 53 


1.933 
1,309 
3 GO 

197 

406 

6.G28 


+ 13S 
-119 
— 75 

+ 11 
+ 6 
+ 232 


3.151 

2.656 

2'JS 


- 1 
- 20 
+ 30 


29 

308 

302 

24 


253 + » 
805 + 1 

8.130 +108 


- 4 


- 1 


+ 1 


26 

115 — 

984 + 21 


I TABLE 3. CREDIT CONTROL 
1 INFORMATION 
(Parent banks only) 

Eligible liabilities 

Reserve assets 

Reserve ratio (%1 


24.798 +253 

3,330 + 94 

13.4 + 0.2 


7.570 

1.025 

13.5 


+214 
+ 72 
+ 0.6 


3.581 + 42 

448 -5 

J2J5 .-0.3 


6,170 - 6 

843 - 13 

13.7 - 0.2 


6.H23 - 4 

906 + 41 

13.7 + 0.6 


854 + 7 

IMS - 1 

12.7 - 0.2 






good yea 

Rue 



"After the spectacular advance of 
1976/77 the Board’s confidence 
that the Company, in its new 
cohesive shape with its clear new 
identity, is fully capable of 
sustahdhg and improving upon 
its present soundly based „ 
position is as great as ever. 

Sillllill 


P f> v 


•XrtflP.' 
\7 ; r :.t. y 


eurreney provide us . . . , 

•• De Jjktite goods and sendees pos^ss the 

characteristics, ShVvel ofaft er-gales service 

that De La Rue sells.” 

\ Sii^ Arthur Norman, KBE. DFC, CHAIRMAN. 


Thomas De La Rue f % 

The Banknote business improved on its 

outstanding performance of last year. Order 
book is healthy for the new financial year and 
margins are being maintained. 

De La Rue Crosfield 

The Division moved into profit from a position 
of fairly substantial loss. Prospects for the 
business: highly promising. 

Crosfield Electronics f 

Spectacular progress with turnover up by 60% 
and profits quadrupled. Order book again at 
record level and immediate prospects are 
viewed with confidence. 

Security Express 

In a particularly difficult trading year the 
Division did well to improve on its results. 

Associated Companies 

Current year prospects look good at this stage. 



1978 

1977 


£000 

£000 



Note 1 

Sales: 

UK 

Export 

Overseas 

24,619 

68,369 

17,134 

19,631 

58.149 

12,415 


110,122 

90.195 

Trading profit before interest payable 
Interest payable 

Trading profit 

Percentage on Sales 

Share of profits 

of associated companies 

25,019 

770 

19.0SS 

'888 

24,249 

22.00' 

4,091 

18.200 

20 .Ti 

4.906 

Profit before taxation 

Taxation (Note 2; 

2S.340 

8,379 

23,106 

10.036 

Profit after taxation 

19,961 

356 

13.070 

1S9 

Profit attributable to The De La Rue 
Company Limited, 
before extraordinary items 

19,605 

912 

12.881 

i53S> 


20,517 

12,343 

Dividends 

3,660 

2.268 

Retained earnings 

16,S57 

10,075 

Earnings per Ordinary share 

1 before extraord i nary items 1 

54*P 

36.9p 




luv.in.i:. I- 1 - 
~i!i Ai-ril 10" 


-v'd v. 1 ’ It vll-.-.l Ipjii 


Non- 2.1 r-.' •!■- ««'«»" 

(■nil (•■■I*.* 1 , 1 ". f"] 

f>T,Vi.Mhl>-im 


;«,u rv*! 

,i -...in-vH-.O.- 

1 L<>:n^»r.ili. v 



CJ, * C.I 






S8 



BIDS AND DEALS 


30 thJUNE 19 reREDEMimON 


St. Piran has nearly 
30% of Monk 


(Interessentskabet Midtkraft) 

U.S. $8,000,000 5!% Bonds l979 


Till mining and property 
development group, Saint Piran, 
has acquired a further 180,000 
shares in A. Monk and Co, taking 
its total stake to 3535.000 shares 
or 2955 per cent of Monk’s 
capital Saint Piran can buy only 
a very few further shares without 
triggering a takeover bid under 
the City Takeover Code. 

Saint PIran’s chairman, Mr. 
W. J. Shaw, was not available for 
comment last night but the 
company secretary. Mr. V. E. 
Skinner, said that toe acquisition 
of the additional shares did not 
mean a change in strategy by 
Piran. 

He said that the holding was 
still only an Investment and that 
there was no intention of making 
a bid. 

Monk’s chairman, Mr. W. S. 
Whtttingham, said last night that 
there had been no discussions 
with Piran since the acquisition 
of the latest parceL "They told 
us in January that they weren’t 
going to make a bid," he said, 
“We can’t understand it at alL" 

The Piran buying operation has 
been underway for almost a year. 
When the Interest reached around 
20 per cent earlier this year Piran 
made an unsuccessful bid to have 
a director elected to the Monk 
Board. 


plotely Inadequate and totally 
unacceptable.” 

A detailed statement giving the 
reasons for this conclusion will 
be circulated after the formal 
offer documents have been posted 
on behalf of ‘Redman Keen an. 

Meantime, shareholders are 
strongly advised by their board 
to take no action regarding their 
shareholding and. In particular, 
not to sign any documents sent 
to tbem by or on behalf of Red- 
man Heenan. 


REDEMPTION OF BOIVIDS 






Germans go 
ahead with 
Newey offer 


Notary Public, when-679 bonds for a total of U.S.$67%G0tf ndmiiLal<^t^^^ 
redemption at par on 30th June 1978. . . \ V : : ' V T V? 1 . . ; V 

Thefollowingaretaienpinhersbfiaiohon^arawnj- \ ... 


REDMAN HEENAN 
BID ‘TOTALLY 
UNACCEPTABLE’ 

As expected, the board of 
Spooner Industries has rejected 
the £2 .4m bid from Redman 
Heenan, describing it as v com- 


Wniiam Prym-Werke KG has 
today received irrevocable under- 
takings to accept the proposed 
offer In respect of 457533 ordinary 
shares of Newey Group, represent- 
ing 18.7 per cent of the ordinary 
capital. Accordingly, the pre- 
condition to Prym’s pro pose d offer 
having been satisfied, Prym’s cash 
offer of 65p per share for the 
ordinary- shares of Newey not 
already owned will now proceed, 
subject to the terms and condi 
lions already announced. 

Prym currently owns 608,665 
ordinary' of Newey which, to- 
gether with the 457533 for which 
irrevocable undertakings have 
now. been received, represent 43.5 
per cent of the capital. 

Morgan Grenfell will post the 
formal offer documents to the 
holders as soon as practicable. 












IWFtnBIg 










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MrjTi'iSP 


mK 







Hjtumj 




bKvZZI 


jafco;.^iaSp 






Ry 

l/i 

fifed 

»t$ 

EEm 


'.<M 


E&«xl 

[l;>i 

F!vm 

tv:" 


M. W. Marshall buys 
American company 


M. W. Marshall Investments, 
holding company of leading 
money brokers M. W. Marshall, 
has completed the acquisition of 
Lasser Brothers of New York for 
a share consideration worth some- 
thing over £Llm 

Mr. John Barks hire, chairman 
of Marshall, said yesterday: “We 
believe it makes us the biggest 
broking company in North Amer- 
ica.” The 560,000 shares issued in 
payment for Lasser Brothers re- 
present 23 per- cent of the en- 
larged capital. Shares of Marshall, 
which is not quoted, have ex- 
changed hands in recent years at 
£2 or more each. On this basis, 
the whole company is valued at 
more than£4.9m. 

The advantage of the deal is 
that it gives Marshall a very 


considers this to be “totally 
inadequate." 

The bid comes from Seniorlink, 
a company controlled by Mr. 
Davad M. J. O’Brien, which has 
already acquired more than 
100,000 shares out of the capital 
of 1,041,800 shares of 15p each. 
Advised by Charterhouse Japhet 
the Board of Wood Street Mill 
teUs shareholders to take no 
action pending a further 
announcement. 


Hoechst 



strong presence In the growing 
New York market, not to mention 
an office in San Francisco and the 
justified claim “we never dose.” 
The strengths of Lasser Brothers 
In New York are in Euro- 
currencies and Federal funds. 
Lasser is therefore.® good fit for 
Marshall, said Mr. Barkshire, 
‘which Is strongest on Foreign ex- 
change. 

As the biggest broker resident 
in the UJC, Marshall has for some 
lime been a possible candidate 
for flotation on the Stock Ex- 
change. Mr. Barkshire said yester- 
day: It must be a possibility at 
some time in the future." Prior 
to the acquisition, Electra Invest- 
ment Trust held 19i per cent of 
Marshall. About half the company 
I is owned by directors and staff. 


Payment of Dividend 


NOTICE IS GIVEN to shareholders that following a resolution passed at 
the Annua] General Meeting of shareholders held on 6th June, 1978 a 
dividend for the year ended 31st December, 1977 of 12 % on the nominal 
value of the shares will be paid as from 7th June, 1978 against deliveiy 
of Coupon No. 38 or lodgement of London Deposit Certificates for mark- 
ing Square No. 28. 

The dividend of 12 % will be subject to German Capital Yields tax of 
25%. 

Coupons and London Deposit Certificates may be presented as from 
7th June, 1978 to 

S. G. Warburg & Co. Ltd, Coupon Department 
St Albans House, Goldsmith Street, 

London, EC2P 2DL 

from whom appropriate claim forms can be obtained. 

Coupons will be paid at the rate of exchange ruling on the day of presen- 
tation. 

Payments in respect of London Deposit Certificates will be made at the 
rate of exchange ruling on the day of receipt of dividend on the under- 
lying shares deposited in Germany. 

United Kingdom Income Tax will be deducted at the rate of 19% unless 
claims are accompanied by an affidavit 

German Capital Yields Tax deducted in excess of 15 % is recoverable by 
United Kingdom residents, and the Company's United Kingdom Paying 
Agent will, upon request provide Authorised Depositaries with the ap- 
propriate forms for such recovery. 

Frankfurt am Main, June 1978 


A & W UNIONS 
TALK TODAY . , 

A delegation of chemical 
Industry trade union officials and 
shop stewards from Albright and 
Wilson are holding talks today 
with the Office of Fair Trading to 
voice opposition to the proposed 
takeover bid by Tenneco. 

The Board of Albright and its 
adviser Hill Samuel have already 
said that the £97in cash offer is 
inadequate. 

Mr. Roger Lyons, national 
chemical officer of the Association 
of Scientific Technical and 
Managerial Staffs, one of the 
members of the delegation, called 
yesterday for consultation with 
Albright employees, customers and 
the local communities (where the 
company’s plants are based) 
before the acquisition is allowed 

The takeover of the UK’s second 
largest chemical company would 
be contrary to the Government’s 
industrial strategy, he said. 


WOOD ST. MILL 

Wood Street Mill Cm textile 

waste spinners and manufac- 
turers, of Bury, has been 
informed -that an offer is to be 
made Ox . Us capital. Tfce Board 


OWEN OWEN 

Agreement has been reached in 
principle for the purchase by 
Owen Owen of Suters, which 
operates two department stores at 
Slough and Uxbridge. 

Formal contracts will shortly be 
exchanged, when further details 
will be announced. 


HME goes unconditional 


Hoechst Aktiengesellschaft 


BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 


Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East. These are: 


AUSTRALIA, NEW ZEALAND, INDONESIA, 
THE PHILIPPINES, THAILAND, MALAYSIA, 
SINGAPORE, HONG KONG, JAPAN and 
SOUTH KOREA 


Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks, the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions; merchant banking; 
Investment banking; official and semi-official institutions; export 
finance; the money markets, the capital markets, and a summary of 
all short, medium and long-term sources of funds. 


Limp bound, 340 A4 size pages. ISBN O 902998 17 X 
Price £26.00 in the U.K. $52.00 outside tbe U.K. 


BY JAMES BARTHOLOMEW 

Harrisons and CrosfieW's offer 
for Harrisons Malaysian Estates 
has gone unconditional after 
receipt of an ideal level of 
acceptances. 

H and C had achieved 31.9 per 
cent acceptances at the first 
closing date on Monday after- 
noon. These, added to shares 
already owned by H and C, 
represent 592 per cent of the 
company and further acceptances 
were coming in yesterday. . 

Allowing for, say, a further 
10 per cent or so acceptances 
which might come in before the 
offer is finaUy closed, this level 
suits H and C admirably.. This 
Is because a high proportion of 
the non-acceptors are the Far 
Eastern holders and if HME 
retains a large Malaysian share- 
holding then the company will be 
some way towards satisfying the 
Government's “ Malaysianisation ” 
programme. 

The market in HME shares 
Changed yesterday after tile an- 
nouncement. that the bid was 
unconditional. The non-assented 
HME shares rose to a premium 
over the assented shares of about 
4p. The non-assented shares 
middle price towards the close 
was about 97p and the assented 
about 92p. 

Although several . institutional 
shareholders wanted the offer to 
succeed, some of them still want 
a direct stake in HME as a pure 
plantations company which 
several Far Eastern brokers 
expect to attract a higher rating 
when it moves its residence to 
Malaysia in due course. 

On the other hand, H and _C 
is believed to want a good marein 
over 50 per cent of HME so thBt 
the further inevitable allocation 
of shares to local residents will 
not take away the control It has 
just consolidated. 

It appears that of the -major, 
shareholders, M and G has 
accepted for most of its 3 per 
cent holding, while Oentins High- 
land has not accepted for its 12 
per cent holdinc. Rothschild 
with about 2 per cent Is thoucht 
to have not accepted for the time 
being. 

H and C has decided not to clve 
notice of a final close to the offer 
in 14 days, because it wants to 
sire more fl/ne to the thous-mris 
oF personal investors to eet in 
their acceptances if they wish to. 


in the company of £48,368, and the 
consideration and loan totalling 
£71,768 are payable as to £38,001 
on exchange of contracts 
(received June 5) and the balance 
by two instalments on June 5 
1979 and June 5, 1980. 


BIRMINGHAM AND 
MIDLAND COUNTIES 

Birmingham and Midland 
Counties Trust, has sold its sub- 
sidiary, Lockwood, Blagden and 
Craws haw, to Pilkington Brothers 
for £lm cash. 

Sales of dolomite from Lock 
wood’s to Pilkington's- represents 
the majority of Lockwood's turn 
over. Hie sale to Pilkington’s 
however, will not result in any 
redundancies. 


HILLARDS 

COMPLETES 

Following the preliminary 
announcement made on May 8, it 
is confirmed that Hillards, the 
Leeds-based supermarket group, 
has purchased from Key Markets 
Liniited, a subsidiary of Fitch 
Lovell, the leases, equipment, 
fixtures and fittings of a chain 
of 17 retadd shops in London and 
south-east England, for £ 1.05m in 
cash, plus £1.01m for the stocks, 
These -shops formed the major 
part: of the KD Discount Division 
of Key Markets, and have a total 
selling, area o.f 75,000 sq ft, with 
unite varying in size from 3,000 
to 6,500 sq Bt, In addition to tbe 
17 shops, Hillards acquired from 
Key Markets leasehold warehouse 
accommodation of over 30,000 
sq ft 


WALKER SONS (UK) 

Acceptances of Anglo Indo- 
nesian Corporation's offer for 
Walker Sons and Co. (UK) have 
been received in respect of 
£377.820 ordinary stock (83.96 per 
cent) and £78,965 preference 
stock (54.S6 per cent). 

Both offers are unconditional 
and remain open. 


Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4BY 


Registered in England No. 227590 


W4CE SALE 

Wace Group has sold its 65 per 
cent Interest in Gainsboroogh 
Press to E. T. Heron and Co_ of 
which two ex-directors of Ware 
are directors and have a sub- 
stantial interest. The price was 
£23.400. W.ace bought US stake in 
December 1976 at a cost of 
£16.965. The transaction provides 
for Che repayment of Wace's load 


ASSOCIATES DEALS 

Sellgman Rayner has recently 
bought 7,500 W. Hens hall and 
Sons (Addlestbne) at 25p, 32,500 
at 26p and 50,000 at 25}p on 
behalf of Petford, which now 
owns more than 5 per cent of 
the capital. 

Baring Bros, bought 25,000 
Harrisons Malaysian Estates at 
88p for discretionary investment 
clients. Also 985 Harrisons and 
Crosfield at 487}p for a discre- 
tionary investment client 

Rowe and Pitman, Hurst-Brown 

bought for a -discretionary client 
468 Thomas Tilling at 119p. 

Hoare Govett bought 2.500 
Spooner Industries at 65p on 
behalf of Hambros Bank acting 
for Redman Heenan. . 




1, 

BK' C'J Jr- 





■■I'AlUR 







RsnHy 










. /rl 


■'n' |M 












fry.-:, 

l? m] 
m 


'■ Wjl 

r-t*Tu 




| 


2d! 

[t>W] 
st) 


6690 -7' :*®96 




ski 

Tfti 

rgjjj 


6540 


mt 



^350- ka»iic=i< 


*7838. 7840 


Mness: K.F.C. Bakep r NbtaryPublkv 


after 30th .June 1978 attb.e offices oftkepayingagmfcs rtamedon tiie caupoustn themamiar 


of these bonds when presented fori^emption inust feear the coupon dated 30th June 197% 
otherwise the amount of the missing (»ajtoa will badeducted fipofn Jiha iprifccipal t 
repaid. . • . • ‘ , s - y. v; rV . v- 

Principal Paying Agent: N.M. Rothschild & Sons Limited, NewCourt StSvirithin'sLane, London EC4P4DU. 

r ’ ’* ’ WiJunel978 


This announcement appears as a matter tif record only 


UNITED HOTEL (BAHRAIN) 
COMPANY W.L.L. /'v 


. ' ” ; ' guaranteed by / ^ 

HE. SHEIK KHALIFA BIN HAMAD 

■■V AL-KHALIFA 

PRIME^yKNISTER OF ^AHKAm;- ; ' \ 

• acting on his own behklf v_ - 


FF. 118,740,000 
Fjrehch Export Credit 
t \ Arranged by ' 

Manque wobM 


■■V.ffl&S 2Q^0W^ ^ 

Secured Medium -Term FI oating Rate Lpflon 

• . \ jMana^id% " - - ■ ^ 

BANQTJE WORMS ; - '-/'^NM^B*OF 

The CHARTERED RANK .'v^^Vr-KIJWAirpjftLK.' . 

(O.B.U. Bahrain) - • -- r * - . ABU Dj^EABI 


Abu Dhabi Investment Co. 

The Bank of New. York (London ^ 

Banque Frangaise du Commerce; 
Exterieur 

Banque Natiqnale.de Paris j- 

The Chartered Bank (O^.U.f - 
Bahrain) . • 

Credit Lyonnais 


_Providedi>y-^ ; -y.- v ; : .? - 

.:Al;Sa£ud2;fianiiue' (^iaris); - . : Vr 
> - : Tbe Bank of Nova Scotia". • 
i-"? r > (Babraih)r :■ 


. yrAfriqueOecident^le . 

Banqud.W.orins ; . ^ 

-Credit ^i^CT^iaideFFante ' 
The -GuIC ^hk-fCSG 


The National Bank ofKuwaitS AiK. Soci^G^ngtaie 

Union Bank of the Middle East Ltd: . . Union Mediterraneenne de Banque^ 


. 1 w V. v Ageiit Bank' - -J. ^ 

B^QOE WORMS 

































29 


Times Jane ; 7 1978 



British 
Syphon 
improves 


THE SLACKNESS in d^and for 
tpiCATCONS .are that W7S will accordance will »•' the Hyde option at May 1. UI79. to make cooling 

how -further record results for guidelines is shown -at . £2 57m. the company a wholly owned sub- Syphon Industries nw 

jentraL'and Sheorwood. and MrV after • «MitiDnjrt -r depreciation sldiary. It will make a substan- into 197S ana ■*- wuna ju • 

Aranas Singer, chairman, feels ro.93ra.. cost of sales adjustmem tially Improved contribuuon to to some extern im. 

hat the group is well set to con- £l,33m, less Marina £0«n»- The 1978 profits, he says. activity in ottur pans 

jl 1 Tn-. 1 'JtfiJ mm ltd nrnopaet snri nv/vm,..;... j: .. hua mki. Ttio ^IiIah in I 


of 


, . „ . - . 

projects, including; the walking ii cation of- these figures 
u~jyragline>-will make their first eon- . Meotinz Bvde Park " 
VPihutiniLto erofits. Smatler hm.ii;. - lHe0Hn * nrac ran 


i Vrlbutiflnao profits. Smaller acqui- Juae 2Si t ooon . 
ibons are constantly being con- " 
idered and the- directors would 
. ilso consider a major transaction 

‘ 0a D.toftV honld a suitable opportunity 
Ghji V^xott. 

ait 


a!*) 


Fall in 
dollar hits 
Burrough 


In the year 1977 group pre-tax 
profits expanded from £854m to 
4.71m.' with earnings pec share 
ising from 4.92p to- S-SSp. 

Net tangible assets Increased 
roxri £M5$m to £16.50m. Llqui- 
lity Improved considerably during 

- he year — net short term borrow- . 

^ ngs were reduced from £4,12 m to MAINLY REFLECTING tbe 
to 0.9 7m: v . tkm in the value oMbe uoiiar, 

tgh Despite the problems' of the pre-tax profits of Janiw Bpiroughr 
in?, 5 iritish MotorrCar industry die the Beefeater gin disdUiflE 

»unn Group . offshoot, ' which declined from £322m. to £3.i2m, 
pecialises ' in. the. production of m the year ended February «. 
121 j igh quality nan-ferrous diecast- 1978. ..Turnover Improved u’osn 
made further progress. Its £24.i7m to £2552m. 


■ures. . tne groups propvnj »««■- C- Vi. than in thr- 

t HnteL SW d,vis 't>n to replenish its stock of at a h, Kh*r J c i«- 7 whi-n a dv- 
k Hotel, b.w„ residential nroperty. second half of 10** wn " . “ j 

Current . trading in all group pressed £ Jj- 42m 1 JJ. : ltc Ca fha?‘ this 
divisions is buoyant, with the Mr. Eardlcy tru j. CDntinHe 

exception of the motor supplies improvement ^mnindrr of ihl- 
operaiions. which remain dis- throughout the remainder oi uu 

aP ln > 3n77 pre-tax profit of Scottish year while 

from f054m ^.Tdu^wari^v". Z 

Meeting. Glasgow. June 28 at croup’s' market pcnciratton wa* 


noon. 


J3 

13 

6»S 

TP 


a’i 

% 

1 -.?. 

5»j'> 

iJi 

701 
■*’ L- i 

»sJ'J 

iil'i 

dT.Z 


v.fr, oraestic oil and central heating 
SJj oiler market had a good year 
fter .« thorough reorganisation 
-13t nd made a significant contribu- 
2f.j ion to profit Dawson MMP, the 
'rj3 capital sterilising and catering 
PZ; quipment makers.' was running 


Record at 

Rowton 

Hotels 


increased. . . .. - 

Efforts were aNo made to in- 
crease exports, resulting in a | ... 
per cent increase- in ID.S-lm Hu- 
costs involved were eonsicJcrahl 
and the real benefits will only Ik- 
fclr in the ruture as markets de 
vclnp. Mr. Eardley says. 

Mr. J. Coiill. the mansions 
director, says the expansion of 

the dispense equipment dirisinn 
facilities which began in in.fi 
continued last year with iho 
acquisition of further production 


sport business Is expanding and A second interim dividend of a 

romfses continuous growth for 2 ; 97p is declared taking the total A RECORD pre-tax profit of arca . This Ls due to come on 
■l-Ha ears ahead. up from 3.9p to 429pL Burrough £0 35m against £Q.69xn was <^^01 this year. . . 

17.34 Trianco Redfyre which has a is a public but unquoted concern, achieved by Rowton flotels in The engineering division will 

17--.1 Igniflcant share 'of The solid fuei • 1977 on Turnover ahead from ^50 benefit in the future from 

- — — « ’ — £3 .42m 10 £3.95m. . greatly improved faciiuiir- 

Qp-rtf Hell The result includes non-trading a i t hou«h the local and national 

1JIUIU9U profits largely from investment iS horinge of skilled engineering 

portfolio realisations of £111.402 manpower which continued hr-' 
1-1 AritahlA (£2.R70i. At half-time profit was ycar may limit growth in thv 

up from £0.27m to £0.36m. dirision In the near future. 

7ZT' nmpment makers, was running ' Mr. W. B Harris, the chairman. completion of the revision nf 

t a profit towards the end of the SPPS ^ffTOWtll says that the three London hotels ^steins and the broadening oj 

S33 eai. The chairman says that this - ? CCa O* UT T and the Mill Hotel in Suffolk had the pro duct base as a prelude 10 

TO up is well set to become a The arrangement to buy farmer ?_ further expansion mer- 



23B scord will continue. 
The scope for the 

4391 


services is expanding 


and Si tSm owned. The takes the total from 5.0MOfl33p to 


Jrtber growth is expected- , l^s^ SOfi per cen^ovjied^ fi o 072 ^ p net per 25p share. 


■®i The ime-tax profit'' adjusted- - in croup Intends 

■J5S ; 

-irii 
■3S* 

•Ky 
aJTs 

55>1 

"'•v) 

flS 

¥~ 

r-:- 

e: 

r T5; 


Tl.Vj 



At year end net current assets 
nf the croup were up from £2 t-m 
In £3 (Mm. Industrial and Com- 
mercial Finance Corporaiinn and 
one of its associates is n «utv 
sinntial shareholder with S4'i 1 — 
shams, and is also a major lender 
to the' group. 

SCOTTISH 
NORTHERN 

Scottish Northern Investment 
I Trust has renewed its loan of 
U.S.S 3.5m from Clydesdale Bank 
for three months with effort from 
(June 6. The rates of interest is 
9ft per cent. 


Tki: u r.o: to t e cor^lrutd a c p-Mic o&nir. c»j pr«ir.ct ij Cento cj Iht^rUUz menlioni k re*. 

$60,000,000 

The Royal Bank of Canada 


To be dated June 1, 197S 


914% Debentures 


Prices 100 and accrued interest 


To mature June 1, 1986 


Copies of « oSnrins drcolar m =y bo obtain*) Iron, ? uch of A. -**-d ^ »*' r d “’“ “ my 
lawfully offer ’Jiese stcunDCS m this p. oviocc. 


Wood Gundy Limited 
Merrill Lynch, Royal Securities 

Limited 

GrecRbhields Incorporated 

Richardson Securities of Canada 

Levesque, Ecaubicn Inc. 

Tas*£- d: Associes, 

Liinitee 

Andras, Bartlett, Cayley 
Lid. 

Mend Sc Co. 

Limited 

Bell, Gouinlock & Company, 

Limi ted 


Nesbitt Thomson Securities Limited 


F. H. Deacon, Hodgson 


inc. 


A. E. Ames £ Co. 

limited 

Dominion Securities 

Limited 

Midland Doherty 

Limited. 

Valwyn S tod gcll Cochran Murray 
Limited 

Pemberton Securities 
Limited 

Geoffrion, Robert & Gclinas 
LuL 

Brault, Guy, O’Brien 
Inc. 

Molson, Rousseau & Co. 

Limited 

Odlnnz Brown & T. B. Read 
Lid. 


Scotia Bond Company 
Limited 


Houston Willoughby limited 


Phfield Mackay Ross 
Limited 

Burns Fry Limited 
McLeod Young Weir 

Timilwl 

Equitable Securities 
limited 

Maison Placements Canada 
Inc. 

A. E. Osier, Wills, Bicile 

Limited 

McDemud, Miller & McDennid 

T.lmilpll 

Casgrain & Company 

1 imitpj 

Rene T. Lederc 

* lncorporce 

Bache Halsey Stuart Canada 
Ltd. 


McNeil, Mantha t Inc. 


John Graham & Company 

Limited 


May 1973 


movea to Puerto Rico? 

<PiM^Wcolstlield^astoni^*?^ ln '®^* ,, ^? saIIMma, '^ i ^ l ^‘*‘^ 


: IV 


’ _• .1— 


.1 - : r.i 




pins Lsr-e.-*- 



Manufacturaig In 

Tnerto Rico is nwnnffhning 

In the USA. 

The Commonwealth of fogto 
Rico fa an imegal part of die lJ nited 

Stales. Any prodna xnamnaanred 
in Pnmo BJco canies the stamp 
"Made in USA." which allows it to 
enter the U.S. market without pay- 
ing custom duties or sorchaffs. 

. But it is ino» profitable. •• 

144 of ibe companies listed ni 
the Fortune . 1000 haw moved to 
Puerto Rico- General Electnc, 
Westinghouse, Du Pont^Fom, 

I.B.M., DigitaL Babcock AWBcox. 
R.C A; U A StceL- sretwrfy a few 
of the many companies t hat rc cog- 
nized.ihe advamays of manulao- 
turing m Puerto Riot 

Advantages Eke R$ peopJe.- 
Puerto Rico’s ■work force- --Is 
abundant (one million strong, wtfn 
51 % -under 3S years of age), Skntea 
(average of 1 W yean of schooling) 
and- more productive (return _of 
54,03 on the dollar vju S3,3o for 
Mainland US. workers). Amp 
hourly wage is 53,09 vj. 55,73 fo^ 

Maintaiul UAworkeis. 

Easier. 

The Government of Puerto 
Rico grants newly establishing tn- 
dusuies up 10 100 % tax. exwnpuon 
for periodvbetween 10 and 30 y-ears. 
It also assws hew industn«. with 
the construction or Jcaaqg of .its uir 


!/-*. . 



dustrial buildings. And it facilitates 
repatriation or profits. 

And pleasanter. 

Puerto Rico fa a sunny tropical 
paradise. Cultural; activities are- 
abundant and exciting. Interior 



communkahan networks are fast 
and eflioeni.' And Puerto Rico is 
only 3 1/2 houis by plane from 
New York. 2 1/2 from Miami and 
Tlrom Caracas. 

Manufacturing ui Puerto Rfco 
offers many more advantages. To 
get to known them all, just mail the 
attached coupon. 


. PUERTO 

• a RICO 

I coax vwy vdcziha 

I Puerto Rico Industrial Develop- \ 
I mm! Administration. 

1 Call* NMe: dr Bajhoa.28.3? 

I Madrid-1. Spain. 7*1. 275 49 07 , . 

J D 6000 FRASKFURTJMAIN 
\ Federal RrpuNie of Germany. 

I Zurich- Haus- Pavilion. 

I I won/ m fuid out all rheadvantagn 
| of Investing in Puerto Rico. 





feMemKit 


Name. 


| Cdh ipany 
j .Address 


! 


Product I am interested in mam t- \ 


Ijaciuring in Puerto Rico 


It Is time jou found out aB the advantages of investing in Puerto Rico/O. S. A. 


"Camrex Limited, our marine subsidiary company, 
deserve our warmest congratulations on winning the 
coveted Queen's Award for Export Achievement. 

"The Camrex Group as a whole offers a service 
which spans the world. In order to achieve the Group 
strategy of supplying goods and services at snort 
notice, we have a network of agents to complement 
our subsidiaries and associates— the Camrex name ts 
therefore represented on every Continent.' 1 

Alex G. Cameron , Group Chairman 


r?*.; 






idVidlr^; 


"Reward for efforts in the export field came in, 
April, 1978 when Camrex Limited had the Queen's 
Award for Export Achievement conferred upon them. 

\A/a ara ii ictrflsihlb/ nmurl this is not OOlV 3 



continue to retain ana increase uui ci-uvmw ... 
export markets of the world". 

A. Miller, Chairman, Camrex Limited 


Mr. A Cochrane Duncan, C A, covered the following points in his 
statement to shareholders for 1 977. 

1Q77 Results: The Group Profit before tax for 1 977 f 

ccee 057 /£ 535 1 35). a record for the Group despite the reduction o 

i^sss- 

KaJraSn Caipefs Urnited, acquired during the year. 

Dividend: A final dividend of 0.699p is recommended making a total 
for 1 977 of 1 .349p, the maximum permitted. 

-;C ; Exports: Exports during 1977 amounted to £1 ,727,296 (£1 ,471 ,257). 

scrip Issue: A scrip issue of one new Ordinary Share for eve,y two held 
is recommended. 

exception of the Motor Dw'&onvj/ increase w jth the benefit of a 
. Group Profits should show afurth T ranS -Continental Carpets 

r substanti^!^ncrea^ran^ionfrom^ nng ^ year gnd a|s0 {rom 

Limited which w^itecomeas . ne =, property subsidiary, 
acquisitions. 

,, Registered Office: 1 1 George Square, Glasgow G2 1 DY. 

^ (v 


Financial Highlighi 


Turnover 

Profit before taxation 
Profit after taxation 
Earnings per share 
Net assets per share 


1 


. 1977 
£'000 
24,209 
1,960 
979 
11.51p 
79.96p 


1375 

£'000 

24,522 

1,764 

883 

10.36p 

79.05p 


Ket Assets per Share 


strait 



WWcn 


1S6CB** 


21p 


/a ri 


73 76 1Ef7 


Record Profit Dividends 

In view of the difficult market conditions Following 

experienced during the year the increase in pre- increased by aHtoane^3.ffip (gross B.upl 
taitprofit of £0.2m to £1 -96m is a most CO mnaredwith3.24p (gross4.38p) in ia/b. 

encouraging performance. The profit to sales 

.-.I ! J X- 7 CW K 1 . 


ciiuuuiaa<iia l0 , 

ratio has improved from 7.6% to 8.1 70 • 

Trading 

1 977 is the first year in the history cf the 
company when the results of the Industrial 
activities have exceeded these in the marine 
field; this endorses the policy laid down sorne 
years ago, to expand the business outside the 
shipping and shipbuilding industry. However, 
we have continued to increase our production 
capacity for marine coating overseas and we 
have recently opened a new factory m Brazil 
and taken an interest in a company in tne 
United States. 


increased uy ^ 

compared with 3.24p (gross 4.98p) in 197o. 
Since becoming a public company the group 
has maintained a level of growth sufficient to 

. _j:. ■ j kmm Kaon Inrroscorl 


Liquidity 

There has been a further improvement in 
liquidity with net borrowings of £0.3m at 
1 .1 .77 being transformed into net hinds or 
£1 .3m at 31 .12.77 an inflow of £ 1 . 6 m. In 
addition to the £0.5m generated from trading, 

- n. . - ■ .kn rinflh- ICCIIP Frflffi 


ha* maintained a leve of qrowth sufficient to aoamon to tne r.u.am ^ 

enLTe ^atXidendshave been increased each ‘ £1. 1m was 
year and that rhe asset-backing of the group's this strong 

shares has kept ahead of general inflation. ability to exploit opportunities tor future 

Copies of the report and accoun ts are available expansion * 
from The Secretary, Camrex (Holdings) Limited, TJig FutUE"© 
r.amrex House. Sunderland. . . 


TYr. 


Addressing the Annual General Meeting, held 
in Sunderland on the 6th June, The Chairman 
said: "The continued recession in shipping and 
the bad weather in the early part of the year have 
resulted in the Group profit being well below 
expectations. Half year profits will be less than 
last year. However, it is anticipated that the ^ 
results for the full year should be satisfactory* . 


United States. 

MANUFACTURERS OF SPECIALISED SURFACE COATINGS, WORLDWIDE ANTI-CORROSION ENGINEERS AND CONTRACTORS. 





. - r j' '.•*-.• ■ v- ''•?'■.,-_■• jT- . j - ; . '-;v. -tj. ^ 

• " •; - • '••' x-' v-sj': ■ .:. . = ?;••,'.* vk jvj.V-: iaf j 


30 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


CANADIAN INTERNATIONAL PAPER 


N ; N‘ 


Recovery 
at Campbell 
Industries 


Pharaon bids for stake 


Societe 

Generate 

in Texas petroleum group in Montreal 


BY A SPECIAL CORRESPONDENT TN 'TORONTO' 


BY }OHN WYLES 


NEW York Junes. 


By Our Financial Staff 

SAN DIEGO. June 6. 

IN A SERIES of related an- SAUDI ARABIAN businessman Director. A spokesman for the company 

nouncements, Campbell Indus- Mr Ghaith Pharaon who last A condition of that deal was said today that it did not intend 
tries, a shipbuilding concern b mat i e _ t VndPr offer the general tender offer for 60 to oppose the proposed tender 

— ** *“ K a m lt per cent of the bank’s stock offer, which meets Mr. Pharaon 's 

£ 5? 5 L , cent * £ ke n Which was made last week. condition for proceeding. 

National Bank of Georgia, Is jj r _ pharaon is clearly bent on OKC's shares were suspended 
considering a $10 .5m investment expanding his interests in the from, trading on the New York 
in a Texas petroleum company, sunbelt, for his Houston lawyer. Stock Exchange this morning, 
Mr. Pharaon is a shadowy 37- Mr. Frank van Court, today but its dosing price last night 

— . year-old entrepreneur whose in- announced that the YJ? 3 S18J. The company earn ed 

that it broke even for the year ves tmeats in the last IS months Arabian was considering making SSm fS2J0 per share) in 1977 

" ' a tender offer for a minimum of on sales of 8167.1m. 

500,000 shares of the common According to Mr. van Court, 
stock of OKC Corporation at a Mr. Pharaon also owns 38 per 
price of about S21 a share. This cent of Sam P. Wallace a Dallas 
would give him a 12 per cent mechanical contracting company, 

.. holding in the Dallas-based com- and 20 per cent of Main Bank 

teoded purchaser'of more than pany whose main interest is the in Houston. Mr. Pharaon lives 

half of the 17 per cent stake refining and transport of petro- in Jeddah and, according to 

in the National Bank of Georgia leum, hut which also manufac- other sources, is the son of 

held by Mr. Bert Lance, the tures cement and manages real Bashed, special adviser to King 
President's former Budget estate. Khaled of Saudi Arabia. 


that has been trying to work 
itself out of past financial dif- 
ficulties, said it has restruc- 
tured its bank and trade debt 
and received an increased 
bank credit line. The company 
also said it expects to report 


ended March 31. compared include land in Louisiana and 
with a year-earlier loss of membership of a group which 
S6.9m. took a controlling interest last 

But Campbell also said that be- August in the Main Bank of 
cause of its inability to obtain u ous ton. Since then he 
performance bonding and sub- attracted attention as the in- 
sequent construction financing 


it has had to cancel orders 
placed for it to build 14 tuna 
boats valued at about S70ni. 

Mr. Paul T. Stevens, the presi- 
dent, said that Campbell could 
not obtain the bonding be- 
cause of losses suffered on 
other shipbuilding contracts. 

When Campbell completes three 
other ships currently under 
contract along with two tug 
and supply boats, the company 
and its lenders will he in a 
position to re-evaluate Camp- 
bell’s new ship construction 
programme. “We hope that 
Campbell can then pick up on 
mutually acceptable terms 
some or all of the 14 orders 
we had to cancel." he added. 

Under the terms of the debt re- 
structuring. Cam obeli agreed 
to repay immediately 38 per 
cent of about SSm in trade 
and bank debt whose due date 
had -been extended under an 
agreement worked out in Feb- 
ruary 1977. Compbell said it 
has paid its 184 trade creditors 
Sim and Security Pacific S*njini! t 
National Bank, a unit of 
Security Pacific Corporation 
Sl.fira. It still owes trade 
creditors Sl.7m and the hank 
?3!m. The remaining debt 
will be paid in instalments 
with a final payment of S2J3m 
due on Aoril 15, 19R1. Interest 
will he paid quarterly at the 
rate of prime plus 1.5 per cent 
and the principal amount will 
be secured by Campbell’s fixed 
assets. 


NJ casino off to a flying start 


BY DAVID LAS CE LUES 


NEW YORK, June 6. 


AS IF ANYONE doubted it SlOOm. which had been widely In short, Resorts stands to earn 

would, the first iegal casino in projected for the casino. But a good return on its $50m. 

the U.S. outside the State of the period covered by the report investment, which was only 


the hectic opening made possible by the State of 
when people queued New Jersey's decision to become 
several hours to get in to try the second State after Nevada to 
their luck. There was also the permit casino gambling. 
Memorial Day bank holiday Resorts was so quick off the 
which brought extra business, mark that it will be up to a 
Net “ win " represents the year before any of the compet- 
company’s gross revenues from ing casinos open for business. 
Resorts International, the brand gaming operations before costs Meanwhile, Resorts reported to- 
new facility raked in over S2.6m and tax. But in addition, Resorts day that construction of an 
in the period—81.5m of It from International will have been extension to the casino will be 
slot machines and th erest from making money out of the other finished on June 16, increasing 
and roulette tables. services it provides at the its size by 60 per cent, including 
This“is considerably more than casino, such as catering, accom- space for 410 slot machines and 
the annual revenue of some modation, and car parking. 62 gaming tables. 


Nevada which opened in Atlantic included 
City. New Jersey, ten days ago. week-end 
made a sizable " win " of nearly 
Jjm a day during its first six 
days of operation. 

According to a report to the 
State Casino Control Commis- 
sion by the casino's owner. 


By Robert Gibbens 

MONTREAL, Jane 6. 

THE CANADIAN affiliate of 
Societe Gdndrale, France's 
third largest bank, yesterday 
officially opened its Montreal 
head office and made clear that 
it is stepping closer to becom- 
ing a fully-fledged Can adi a n 
trust bank. This will be pos- 
sible for foreign banking opera- 
tions in under the 

proposed new Bank Act. 
Foreign banks will be able to 
become folly chartered with a 
maximum of five branches in 
Canada. The Canadian affiliate, 
Soddtd Gdnftrale (Canada) Inc, 
plans branches in Toronto, Cal- 
gary, and Vancouver by the 
the year end. 

The company already has a 
leasing company jointly owned 
with the Banque Caaadienne 
Nationaie, Montreal. The 
French bank said that the pros- 
pect of participating In large- 
scale projects such as the 
Alaska Highway Gas Pipeline 
had led it to expand its Canad- 
ian operations. The Canadian 
subsidiary will apply for full 
banking status onee the new 
Bank Act is passed. It is buy- 
ing out BCN’s Interest in the 
leasing company. 

The ibnatfian affiliate now 
has assets or around Canadian 
$100m. In Its expanded opera- 
tion, It will not compete in 
retail banking but will concen- 
trate on offering a full range of 
services to the corporate 
clients, including leasing; loans 
and project financing, with the 
emphasis on mining and 
energy projects. 


LONG REGARDED as ihe nearly change. It has evOT appodnt^ a ylonsly cut bn.-fte nriUh.thnhei^ 
invisible giant ofthe Canadian, director of communacatidns, linn is?: ■-*: . •• 

forest products industry,, .Cana- MUng iwi French Canadian. Itwas s 0 en u.' -classic caso : - 

dian Internationa] Paper, of " The company has ‘ 

Montreal seems to be emerging the idea of going public in ; poration; _\«yen . though* .CIP. hag£ 
from Its self-enforced exile -from Canada and first -discussed the brought ■ -bullous . of dollars' int£ - 
industry activities, en route -to. a jjjea ^ 1971. Taken in the con- Canada,,«speclally Quebec, q&-' ■ 
new identity as a fulMJedged text of the current, .political- wound cwtfd’ ' 

corporate citizen . of Quebec. : seeaiey- tb is gives ^observers . Jots foste r u n less -makes^ som e omi - , • 
CIP has been described as the of. latitude in which to speculate stnxttBye ^^aiwve to * cement 
largest forest products company, about 1 ts new-found* can door. , rdationshfps.-w^ft-the^ Govfer&e,' - 


in the worUL that does not dis- Uxhe company, is going to gb ^W^ 


dose its production figures.^ pu ^evenTfew years 'Itf.r jrW«wnd''w» 

sales volume nr earning The ^ it should be more view; Mr. C. S. Flea token, dpi 

giant subsidiary of International me r ^ . president, talked -abun tworkmV ' 

Paper of New York, the world’s •. : — — ; — — closely- wttb the Goveromeotini 1 ’ 

number one paper company.. is . . ^ ^ developing guideiines on fittest < 

believed to have sales a the The invisible giant of the. 
vicinity of 8750m a year. - - Canadian forest products 


It is not unusual for the Cana- industry is showing a new: 
dian subsidiaries of U-S, corpora- willingness to talk which - 
tioos to keep their figures to could indicate that it is on 
themselves, and sales and earn- r0S 4 to n»»«ng a public 
ings are generally Jumped fn off fa gai* 
with those of the parent , 0tter 1 .... 

CIP has been different, in that 


management ' tiWe“ should- he 
able to work, with Government sc 
that they, know • and essent&Mp * 
approve, "the jplang We - havefdr 
the next year, jBotr. the next five- 
. years, even :IQ year*" . .% . 

He. ' iteu. expressed -hj. 1 . •ip,- i 
optimism -that whatever fcrfp-j Uv u 
-■.< pened politically in Quabee^&e 1 


its officers have not beeapnbHcJy ^j^hie and should develop a set pnjp and-paperindn^ry- wiffs»y 
involved In industry affairs, and of relationships in the invest- healthy and ^ere' vfll:be‘aii 
the company itsmf ow kept me n t community and media.' '. ' industrial enviroument In tvhich 
aloof from the media and Rnan- Ala0 feel that as one . and. aompanles wfflwSt 

the largest employers : in 


a«s -SUs. •* 


dial analysts. 

The Montreal 
Canadian 
that u concern, 
ing on paranoia, 
trust laws, seems 
officials, and this 

SET te c “ idi “ - 

A new willingness to. talk, and : : I tme sa far aa the begbmih^^L- 

to become involved in industry Mst °f several hundred ths. k prqpaiiijg. a proM>ectus'ih l^^ 
affairs — even to comment The Quebec government. of. the According; to" : Canadian ' Pan^r - 
obliquely on the volatile : Quebec day had to come to the- mfllls Analj^t, it-jbaeked out-'either -■ 
political scene — has been. takes rescue, which through -a acronnt ^zmarket cOnditlonSrfn- 
by some observers as the pos-. fortunate series of events, .turned, "parental cbiarfeeL"'’ . /???' - 

sTWe preliminary to a. raw* out to be successful. But why ; : it is still not a closet hook arui 
greater role in the industry, per-' . couldn’t CIP have done iL.if fta Mr. EleanlkeiE confiriMd^K: j 

hanc Mn>n tn d>Uiinir jthflrM Jn fKn ' nnteMa nMim mn1H7 A«>a j . - • — ^ 


haps even to seUing shares 4n file outside group could? And why- is in someways a cojdinuihfreon^ 

Ponailmvi iwmiivinv trt fWa navkUa -aUrajim fimn I of tTLfnolniM. • lu ■ . |j |l* vl 


FASB defends new oil accounting 


Dresdner may 
seek full status 


Canadian company to the pubHe. “choose that time to let iH-feeting : There ic nD polib 

CIP quite Teadily admits that break out into the open, - in - a ^that says ■GIP r wilt^be itvtna&Tsxf 
it has had a “low profile” pos- dispute with former employees .peroenthy IP "aow-andfarever 5 ’-^ ' 
tore and tbat.it is seeking a over ownership of wood pre- morer 


EUROBONDS 


■'-.i . 
Li .. 


NEW YORK, June & 


ASSUMING an uncharacteristi- 
cally aggressive stance, the U.S. 

Financial Accounting Standards 
It currently appears that result? Board (FASB) has made public 
for the year will he approxi- a strong rebuttal to opponents of 
matelv a bn'ak-even situation, its controversial ruling on 
sa'rl Mr. Stevens. Campbell accounting for the costs of 
will make a fourth-quarter loss searching for and developing oil 
of S1.5m to S2m on the tug and gas fields, 
and supply boat contract. For months the FASB. which 
which will he somewhat offset j s the rule-making body for the ruling in favour of the success 
by profits from other opera- accounting profession, has been ful-efforts accounting method 
tions. For the nine months at odds with many small and and held hearings on that sub- 
ended December 3i. Campbell medium-sized oil aDd gas pro- ject during the past three 
reported net income of ducers over its ruling last months. 

$658,000 or 88 cents a share December that the oil industry Under the method, oil and gas 
after an extraordinary credit uniformly adopt the “successful- producers are required to charge 
of S394.000. efforts ” method of accounting dry holes and other exploration 

Campbell Industries common for such costs. The strong costs against current income in 
stock, which u*.<k suspended in opposition is threatening the the year they are incurred. It 
New York at S6.75 on Monday, agency's authority and. in the contrasts with the "full-cost*’ 
re opened at $5.25-85.75 yester- words of ono opponent, its “ pres- method which allows exploration 
day. tige and very survival." outlays to be amortised over the 

AP-DJ Faced with this situation, life of oil and gas reserves. 


FASB officials have released the Many smaller oil and gas 
Board's comment on testimony companies have preferred the 
before the Securities and Ex- full-cost method because their 
change Commission In 12 days exploration costs generally are 
of public bearings on FASB high relative to- their reserves. 
Statement No. 19, “ Financial Thus, for many of them a switch 
Accounting and Reporting by Oil to successful-efforts accounting 
and Gas Producing Companies.” could mean a sharp drop in 
The SEC is considering profits, or even 
whether to endorse the FASB reported losses. 

As a result, the opponents 


assert, they would he prevented 
from raising the capital needed 
for exploration efforts. 

In its 266-page rebuttal, which 
was submitted to the SEC, the 
standards board said that its staff 
had Analysed disclosures about 
the impact of its Statement No. 
19 that were included in the 
financial statements of 294 com- 
panies, as required by the SEC. 
AP-DJ 


By -Our Own Correspondent 
MONTREAL, June 6. 
THE DRESDNER BANK of 
.West Germany expects to 
deeide lu “four weeks" 
whether to remain a represen- 
tative type operation in 
Canada or to apply for full 
banking status under the pro- 
posed new Bank Act in Canada, 
says - Dr. Manfred Meier- 
substantial Prescbany, a managing director 
" of the parent, 

Canada. 

He said Dresdner is eager to 
help finance Canadian resource 
projects including the 
Canadian section of the Alaska 
gas pipeline. 

However, West Germans look 
for a more stable dollar before 
investment flows are stepped 
up. If the bank expands in 
Canada — It has a representa- 
tive office In Toronto — this 
would probably take place in 
the west he added. 


Dollar sector rise continues 


• 


BY MARY CAMPBELL 






-■-'■rfr' 


MONDAY’S pick-up in dollar ticularly on Monday against the but without underwriters fapa^ ; ~ 
bond prices continued apace. Swiss franc. Having closed.-: on from- toe managers). The coupon^ • 
yesterday, with rises of up to Friday at Sw fra L88I(hto. thA will be 8} per cent and the lssttfe 
half a point being/recorded. dollar, the rate dosed yesterday.-price par.’ ^ . • . ’V 

Thus the NatWest issue, tor at Sw frs L9135. : . i: Xftinds Ghfles addfc The private 

example, rose a quarter of a on e new issue--, has.., been placemen! ^ofVSWOm,: : worth ~o£- 

:l4yi 


a point to 97J/8J anq-.^Opterio j or seven years' (traUetX , for.- part- of- the 5350m. -fund raising; 
Hydro also by a half to 97#/8, .. Norske ffldastrlbank under; operation -for Algeria’s national 
While a proportion . of, the Norwegian* state guarantee.' The -oitv- company. . Sonalrach, -find: 
recovery is attributed to profes- issue, for which UBS (Securities> whieb is being . co-ordinated b# 7 
sional short-covering, dealers say is lead manager.: will be sold- Credit Lyonnaise, has Just been 

through a limited selling group signed.. - ■ 



TRW Reports Record Quarter Results 


FIRST QUARTER FINANCIAL HIGHLIGHTS 
(G.S. dollar amounts in millions except per share data) 

1978 1S77 

Sales 

. $ 870.4 

S 776.9 

Pre-Tax Profit 

69.6 

62.2 

Net Eaminqs 

35.8 

31.7 

Earnings Per Share 

Fuily Diluted 

. .98 

.86 

Primary 

1.10 

.96 

Dividends Per Common Share 

.40 

35 

Outstanding Common Stock 

. ?.P,2 1 5.000 

27,665.000 

Shares Used in Computing 

Per Share Amounts 



Fully Diluted 

. 36.686.000 

36.699.000 

Primary 

.28.662,000 

28567,000 



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TEW WON HIGH PRAISE from CLS. military officiais upon 
S 1 V CC ^ S ^ deployment erf the first in a series of Navy Fleet 
oatemte Communication Spacecraft shown here undergoing 

SSiratorie& StS moneofthe company’s U-S- spacecraft 


TRW Inc, a major international 
supplier of high-technology, pro- 
ducts and services, established 
new first quarter highs in sales, 
earnings and earnings per share. 

First quarter sales were CIS 
$870.4 million, a 12% increase over 
1977 first quarter sales of (IS. 
$776.9 million. 

Earnings after taxes reached 
US. $35.8 million, a 12.9% gain 
over 1977 first quarter earnings of 
(J.S $31.7 million. 

Fully diluted earnings per share 
were (1.& $.98 compared with (IS. 
$.86 in the first quarter of 1977. 
Primary earnings per share were 
CIS. $1.10 versus US. $.96 in 1977. 

Each of TRW*s three business 
segments reported sales and 
operating profit gains over the 
year-ago period. TRW’s Car & Truck 
segment sales increased 12.6% 
and operating profits rose 9.6%. 

In Electronics & Space Systems, 
sales and operating profits were 
up 10.5% and 17.3% respectively. 
Industrial & Energy sales increased 
12.9% on a quarter-to-quarter basis, 
while operating profits were 
ahead 27.2%. 

Consistent with TRW*s policy of ‘ 
raising dividends as earnings 
increase, company directors 
increased the quarterly dividend 
on common shares from CIS. $.40 - 
per share to CIS. $.45 per share, 
payable 15 June 1978. This will be . 
the 159th consecutive dividend 
declared on TRW common shares. 

For further information on 
TRWs 1978 first quarter results, 
please write for a copy of our 
quarterly report- 
TRW Europe lnc„ 

25 St James’s Street; 

London SW1A-1HA. 

A COMPANY CALLED 



TRW 


that other factors included-' the 
improvement in the U.S. hon0‘ 
market and the lack of. new 
issues on offer, which* might have 
prompted those buying ponds to 
turn to the secondary market 
Another factor, cited was the 
recovery of the dollar on the 
foreign exchange idarket, par 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


1SSB 


STRAIGHTS 
Alcan Australis 8>pc 

AMEV Spc IB87 

Australia SJpc 1992 

Australian M. Sc S. 9ipc *92 
Barclays Bank Si pc 1992... 

Bonrater 9lpc 1992 

Can. N. Railway Sine 19M 
Credit National SJpc 1998... 

Denmark 9)pc 1984 

ECS 9pe !«W3 

ECS SJpc 1997 


Bid 


Offar 


Ml 

96 

921 

9« 

93| 

971 

m 

9<U 

98* 

99J 

94* 


ElB SJpc 1992 971 


EMI 91 pc 1999 

Ericsson SJpc 19S9 

Esso Spc 1988 Nov. 

Ot. Lakes Paper 8Jpc 1934 

FTamcreley 9*pc 1992 

Hydro Qoeh-C 9pe 1992 ... 

ICI S!pc 1997 

ISE Canada *pc 1998 

Macmillan Btaedel “nc 1982 
Masj vy Persnson Pipe "91 
V'chclln 9Jpc 19S8 . . 

AT i Aland Inf. Fin. SJpc H2 
Nailonal Coal Bd. 8j>: 1987 
.Vaifonal Wsunnstr. 9 pc -gfl 
Nt-v.-ToimdJanrt 9 pc 19S9 . 

XoMIc Inr. Bk. SJpc 198S 
Vorws Knm. Bk. SJpc 1993 

Vorpipc R-'pc 1989 

Norsk Hydro SJpc 1992 ... 

OfIo 9pc 1988 

D orts Anrnoomes 9pc 1991 
“-pv nnehec 8 pc IMS ... 
Prov. SasfcalcJtwn. SJpc "W 
Reed International 9pc 1997 

HHM 9 pc 1992 

Election Trust 8 Joe 1999 .. 
8hand. EnskUda 9pc 1991 .. 

8K!F Kpc 19S7 

Sweden iK'rfom* SJpc 1987 
nulled Blsciin 9nc iflS9 


98* 

93* 

1991 

97} 

99* 

93 

«! 

1031 


97* 

M4 

93* 

97* 

984 

994 

96* 

97 

99 

994 

95 

994 

99 

m 

101 

981 

100 * 

931 

97* 

194* 


FLOATING RATE NDTES- 
Bank of Tokyo 1984 8*pc... 

BFCE 198* 9»pc ..._ 

BNP 1983 SI ]gpc 

BQE Worms 1995 — 

CCF 19S5 8Xpc 

CGMF 1984 SUM PC 


Bid 


Oftar 


994 

994 

ll»» 

99 

99| 

991 


Creditanstalt 1984 3* pc 994 


DG Bank 1982 7 13 is DC 

CZB 1981 81 kpc 

IntT. Westminster 1984- Spc 

Lloyds 1983 915ispc 

LTCB 1993 SPC 

Midland 1987 8 8 kpc _ 

Nat. Westminster Bk. 1990 

OKB 1093 7Jpc - - 

SNCF 198S 8*pc 

Stand, and Cbtrd. *94 Slpc 
Wins, and Giya's *94 Shupc 


1004 

2004 

m 

1001 

994 

991 

994 

9K 

99* 

»: 

99* 


Source: WWre Weld Securities. 


1064 

100 

1004 

991 

991 

1004 

100 

1004 

101 

994 

100 } 

100 

1004 

991 

1004 

9s; 

1004 

100* 


94* 

95* 

CONVERTIBLES 


97* 

99* 

American Express 4fpc TS7 

87* 

1091 

1014 

Attala Dd Bpc 198F 

93 

95* 

96* 

Babcock ft Wilcox Hpc ’37 

1113 

94* 

95 

Beattie ■ Foods 44K 1992... 

98 

993 

100 * 

Beatrice Foods 4lpc 1992... 

108 

9S* 

99 

Beecbam 8Jpc 1992 

96 

97 

971 

Borden Spc 1992 

102 

9A 

90! 

Broadway Hale 41 k 1*87- 

78 

96 

9o; 

Carnation 4pc 1987 — 

77 

85* 

90* 

Chevron 5pc 1988 

135 

S3 

9e; 

Dart 43 k 19S7 

S3 

as 

933 

Eastman Kodak 4Jpc ibps 

86 

93; 

94* 

Economic Labs. 4 Jk 1987 

78 

as 

AS* 

Fur-Stone 3oe 19SB 

92* 

93 

93 

Ford 5 k 1988 - 

m 


944 

104 

994 

110 

97 

103* 

79* 

78* 

136* 

S41 

S7J 

79* 

34 

90 


93* 

SO) 

97* 

92* 

9*i 

98* 


Volvo Spc 1987 March 93* 


94 

91! 

93 

9S* 

93 
99 

94 


Source: Kidder. Peabody Sennlttes. 


EUROPEAN OPTIONS EXCHANGE 


NOTES 

Australia 75 pc 1994 94 

BeD Canada 7ipc 19S7 ... . 95 

Br. Columbia Hyd 71oc *85 93 

Can. Pac 81 pc 1984 97* 

Dow Chemical Spc 1988 ... 9SI 

ECS 7*pc 19S2 931 

F.CS StPC 1983 944 

EEC 7lpC I98C 95* 


EEC 72 pc 1984 
Enso Gmzeit 8*pc 19S4 ... 

Coiaverken 72Dc 1982 

Kockrnns Spc U1S3 

Michelln 84 pc 1883 

Montreal Urban Slpc 1981 
New Brunswick 8 pc 7984 
New Bruns. Prov. SJpc '83 
New Zealand Slpc 1988 ... 
Nordic Inv. Bk. 7Jnc 1984 

Norsk Hydro 7!oc I9S2 

Norway 7*pc 1982 

Ontario Hydro Spc 1987 ... 

Sinner Slpc 1932 1. 

*5. of S«M. Elec. Sine 1991 
Sweden MCrtom) 7iOC 1992 
Swedish State Co. 7!pc 'S3 

Ti-lmejc Wpc 19*t4 

Teimeco 7Tpc 1987 May ... 
ValkswsBcn 73pc 1987 


94* 

98* 

98 

97 

99 
99* 
90* 
99* 
Mt 
94} 

98 
944 
M 
99! 


95* 

98 

991 

92* 

93* 


94T 

93J 

931 

9S 

99 

98 

95* 

98 

95* 

97* 

961 

97 ; 

991 

100 

97 

100 

97 

93* 

90S 

951 

941 

1004 

99* 

as 

Mi 

991 

m 

94* 


STERLING BONDS 
Allied Breweries lOloc DD 

Citicorp lOpc 1993 

Courtai'lds Bfpe 19S9 

ECS 9Spc 1999 

ElB 9Tpc 1988 

STB Mpc 1992 

Finance Tor Fnd. 9?pc 19S7 
Finance for Ind. lOpc 19S9 


87f 

89* 

97* 

93] 

93* 

By 

S3* 

90* 


Flsons 10} pc 1987 93* 


easterner line 10 SS 

IN A 10PC 1988 

Rowntrec lfljpc 1BS8 

Sears Wipe 1958 

Total OU Blpc 1934 


91 

89* 

87* 

SS* 

90* 


m 

90* 

SH 

94! 

94* 

93* 

SflJ 

91* 

94* 

93 

90* 

SSi 

89} 

au 


DM BONDS 

Aslan Dev. Bonk 3*nc 1998 

BNDB 85pc 1938 

Canada 4}pc 1983 

Den Norske Id. Bk. 6 k *90 
Deutsche Bank 41 k 1983... 

ECS 5*k 19M 

RIB SJpc 1999 

Rif Aquitaine 5it>c 1988 ... 
Euraiom 5!ac 1987 

Finland 5IK 1988 

^orsmarlts 5JK 1999 

Merfco 8 pr I9S3 , 

Nnrrem S’k 1989 ......... 

Norway flpc W3 

Nnrway 41 k 1983 
PK Bonken S9 k 1948 ..... 

Prov, Quebec 6 pc 1990 

RatnanmkW Slpc 1988 

Spain 6 pc 1988 

Trondhetm 5*pc 1988 

TVO Power Co. Bjm? 1988 ... 

Venezuela 6 w U 88 

World Bank Spc 1990 — 


90* 

96] 

S3 

99* 

98 

RS4 

95* 

95 
97* 
98 
98 
95* 
100 
88* 
97* 

96 
96* 
95 
95* 

97 
874 
97* 

98 


97* 

97* 

981 

100 

981 

98* 

96 

9SI 

98* 

981 

981 

96* 

1601 

I0O 

98 

981 

97* 

99! 

96* 

.97! 

99* 

98 

881 




tiptidn'4 

vPrli 

Glow 

• 

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'.Cibne; 

ut. 

j-.TdL' 


ATT-..Y 

:*55 

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: a- 

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• 8.-. 

• - : 

®62Sb. 

ATT: . 

860 

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8WL 

•80 

. 5Jb' 



'J7'; 

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sas 

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12 . 

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: 18J^ 

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‘194 

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8. tfnAalr 

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■- 12 - 

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: 376 

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20 

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IBM 

£280 

3JB: 

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74 

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11 

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Send 

830 

6*4 

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. — . 

1254 

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K2S 

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6 


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5b.- 

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fzSi X 

Algeajcno 

P330 

aaao 

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29.00 


28.50 

— ‘ 

M40 

'18.50 

• — > 

21.SO- 


24.50 


.. 

Alijemwe 

F350 

lorn- 

. — • 

12^60- 


17.00 

• — . ^ 

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T360 

6.60 


7.50 

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■10.00 

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WO - 

5^0’ 


6^0'. 


8,00 

. — . 

n4.70- 


F76 

1.60 

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F80 

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2.60 

. — 


kxm 

<KLk£ 

neo 

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33^)0. 

-28X10 

8 

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37.50 

30,00 

7' 

45.00 

50-00 

■ 

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KLM 

piao 

18.60 , 

40- 

26.50 , 

1 

50J30 



KLM. 

piao 

13.00. 

11' 

19.00 

22- 

26.00 

— 


■ BUI 

raoo 

10.00 

40 

14.50 

13 

19.00 

3 


KT.M 



' —i 

.9.50 

•• 6 .. 

1Z-80 

15 

- -‘a 

SalNod 

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10.50 


11-50 

; _ . . 

14.00 

' — 


' Nat Nad 

FllO' 

3.00 

_ 

4.50 

" ' 

6.00 

-5 

•r /. I • 

Nat Nad . 

FI20 

i_sa 

— •' 

2.50.' 

B 

3-30 

: 19- - 

. ' * 

Philips 

T2H.SO 

4.70 

' * 

5.20 

40 

6.20 

* 

PS74Q ; 

FTulips 

fZ-iXiO 

2^0 

168 

3.10 

243 " . 

3.60 

51 — 

h-‘ • 

Philips 

fVJJSO 

0.70 

73 

1.70 

63- 

2.30 

68 

U; ’ 

K JO. Shell 

F120 

2.30 

— 

11.00 

10 . 

13.00 

BUM 

FIBB-V- 

B. D. Nbeil 

P130 

2130 

. 45 • 

S.DO 

39 

. 6.60 

1 

a* - 

B. D. Shell 

F140 

0.30 

— 

L40: 

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15 


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-FllO 

6.00 

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fl BQ 

— 

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F120 

1.00 

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Unilever 

PWO 

OjM 

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Z^U 


1.70 

wZ— 

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■*ui 


r^matadr. 


June 1978 




Corporaciori Venezolana de Fomento 


.' The tj^S. Dollar equivalent of - 

Bjoliyares 250 , 090*060 


Two year- loan_faHfity i 


Orion Bank Limited 


Managed by . 

The Royal Bank pf Canada 


. - Provided by • 

Banco Nadonal de Mexico s 

-BANAMEX- 

The Bank of Nova Scotia Intecnatioiial Limited 
Bank oFScotlancL v . 7 " L 

The Chase ^fimhattan Bank, NJu 

Krcdiclbunk S A.LuxctnbourgeoBe " 1 ' 

The AGtsui Trust fi: BanHngOjmpany Limited ■ --- ' 
; Watfonal Wcstimnstar BaukTxsoup 'r' “ ' ^ ' - 

• - Orion Bank Limited - V '• ' ’ - - - v *'*’ ' • '/ 

. Pierson, Hddruig ^^icrion^Guto^iio} N^V- 
- . Pittsburgh NatrMrai Bapk' > " - : 

.- I Tile Royal BankoF Canada.-. 

Tnrnnm'7^ ftrrttrn'rtw"Rjnlt ' '• 


j, Agent 
Qttwi j fanlr.T 





















BY !«Vltf WflTE V ~ *• ' v: - 


guson reduces 1)0 Bank 

. explains 

mFrance mix-im nv 


Steyr-Daimler-Puch off to 


PARIS. June 6. 


a ?? ir rV^ in J 3 **' .wnipany’s Ferguson's French tumover-in- 

m 8 ^orfcgs to.-Ma^^F^rguKjn s a&atoistrative offices;'. *■ .. eluding machines made else- 

:• The -company said lit tad out where and sold ' through thr 


fi «_• ■ •. 7^ ■ « ttt . v.T... ,rrr.?. , . \ . T!; .■7“'*’ ■* _ «-juu^k jnatuines lil an o else- 

; ^ e '^ ra ^ anjr saidiitiiad put where and sold ' through the 
5 Of? v*$? 9^^ cutbacks for the first six French offshoot— and for about 

ah v ^Chmg lt^te .w^a^i^ure/of-radftuis^pf.lts. current November two-thirds of the production al 
old jHfe' Europe.m^B^j^|»xmcg.- ap, _ to October, fi ri apc M ti jfea^ in the the two French factories 
taat! 853 ® Wp*, of pip**#- «coy?ry. In French-made Massey-Ferguson 

gft* 88 ifcbrjgg.-^ --- •• r •>. > u -.-. that time, its stock .of tractors tractors and harvesters are sold 

#*«, *0 - • - at. Beatmis built, tip to 2,400. • in West Germany, Iialy, Belgium 

8* Over -the-past -titree years, and Holland 

^^^aiflricijtvgfe^qo^ong ^assey-Fergusan’s French: opera- Massey-Ferguson is responsible 
. Sflfl onaorce.W: tractor T>lant at tioa has made- losses totalling for about 65 per cent of French 
*■ Fl^;”uv^a by 201, while .240 jobs,;FFr HMm-t530.5m}: tta turnover exports of tractors and combine 


T- ■ ' • Prospects for a recovery in the 

export market accounts comnany's market this year, 

per cent of . Massey- however, appear remote. 


IVligros $13.5m 


nipJini *t J- 

j ■, v* ,,'i c ' ■ 

rv> !® 8 (urTfo no ' r> aW. • :x 


ZURICH, June 6. 


1 s ®ieiw 

s ^S2 

j theb^ 


_ •-' - 7 1 . ' ,, x ™“ 1 «»e Rueoeni loss. usual 12 per cent, dividend. 

.The -Migxos’Eederatwxii *s,so3e. Meanwhile, j: is reported that Panalpina, which has 112 
aiehttldeEOt thejiank, has, met gross operating .earnings of the branches in 2fi countries, is 


iTn«. ' rv- ~ ir — “r-r. .miuiuss ui auu umhliiks in cju nines, IS 

.Ms loss with a.guara»tee. Misros Swiss transport and forwarding owned 40 per cent by the Ernst 
, ^adja ianfe's increase 4n net “profits to agents concern Panalpina Welt- Coehner Foundation {Zurich). 40 
5*®® outgVFr 7.1m. ^Tast. year -from transportAG rose by 3 per tent to per cent by ihe Dutch group Russ 
“ r wt coBk-wFr -USm came, with' aa ex- SwFr 273m last year, an increase en Co NV and 20 per cent bv the 
3 feet." Mansion- of^ total^assets trom which would have reached 15 per Swiss shipping company 
t a closftjJwFr'l.Shn to $wFr l.GSbn and cent had exchange rates remained Srhwefzerucbe Recderei. 

1 c oo6mw, • A " z *- — 1 — — 

jsattwnJi! • 

^ ^I>|o buy Sims assets Still gloomy 


BY CHARLES BATCHELOR • 


TOLLAND'S largest retail chain, 
be Vroom en Dreesxnann group, 
rill take over a large part of the 
issets of- Sims, retailing -venture 
jAp ointly. -owned by W: H. Smith 
LVij ad Son and.ther. Dutch/ publish- 
ng group, Else&Ier. *-.> 

The privately-owned V and D 
?oup will -take over the leases 
„ . f four Sims, stores in . Amster- 
undarwr^ Utrecht, -Arnhem and Eind- 
'agers). 7ifo owa , ft -will also acquire Sims 
r c - nl ffld tioekr and; take on -ebouf 70 Sims 
taff in similar jobs, in its.- own 
,!fe* -nij r 7 g , tores. .V and D said - it does not 
f S!40m ««*t have .firm., plans for the four 
i vear», rt^^iorgs lt will Tie taking over. It 
5350m J 0 P.es; to complete the deal by 
r AJgeru'i •, : ■ . • 

y. SotEwa Sims Enschede store -will be 

ing covfe a r . .- ■ 

tai*e. b2S3R: ' - - ■•. 


AMSTERDAM, June & - 

integrated into Elsevier's own re- 
tail operation while talks are.con- 
linuing with potential purchasers 
of the stores in Tilburg .and 
Zwolle. Elsevier and w. H. Smith 
last month announced j they 
would end their fiVe-yeaJr ’old 
co-operation in Sims, which sells 
books, records and other leisure 
articles. Sims baa . made losses 
since its fonnation in 1973;:. . 

V and' jy operates 5 S depart- 
ment stories in Holland as well 
as 535 Other Stores, selling -mainly 
clothes and food. In the past year 
It lu»- acquired,; minority; stakes 
in two U-S. stores: groups- Jt ihad 
net proBts of' Fls^m fS27v7m) 
on sales of FlsS.bn - (51 -5Sbn->- in 
the -year ended January 31, 1977. 


BY OUR FINANCIAL STAFF 

LITTLE CHANGE in the under- 
lying trend of weak demand was 
the mam message for Hoechst 
shareholders yesterday at the 
German chemical company’s 
annual genera] meeting. 

.After three months of 1978. 
group sales were slightly ahbad 
with parent company turnover 
6.2 per c?nt lower; after five 
months Hoechst is managing to 
more or less maintain its first- 
quarter position at the group 
level, but the sales downturn at 
the parent has shaded to a de- 
cline of 5.2 per cent. ' 


mix-up over 
CD issue 


By Mary Campbell 

JN clarification of reports about 
-its abortive issue of D-Mark 
denominated certificates i f 
deposit (CDs) in Now York. 
Deutsche Genossenschaftsbank 
(DG Bank) said yesterday that 
the sale of CDs to two purchasers 
in the U.S. resulted from a mis- 
understanding with Salomon 
Brothers, the New York invest- 
ment bank Through whom the I 
planned sale would have taken { 
piuco. ) 

The CDs for which sales had 
been agreed by Salomon were 
withdrawn following an intima- 
tion from the Bundesbank that 
it would not favour the deal. 
Salomon Brothers' understand- 
ing, according to DG Bank, was 
that approval had been obtained 
earlier. 

It seems that it might have! 
formed this view from the Facti 
that Dr. Poehl of the Bundes- 
bank is also on the board of; 
DG Bank. But, DC Bank points 
j out. Dr. Poehl is on the non- 
executive board — which one 
I would not expec: to have been 
: consulted about the prospective 
Issue — rather than on the execu- 
tive board. 

Further, it says. Dr. Poehl is 
not the person in ihu Bundesbank 
with responsibility for such a 
subject. 

DG Bank says that while the 
Bundesbank does not have the 
legal right to forbid the issue, 
of CDs by German banks a broad J 
it would not have considered I 
making the issue against the I 
Bundesbank's wishes. 


at Hoechst 


Rolf Sammet. chairman of the 
management board, told the 
meeting: “We hope the second 1 
half of the year will be at least 
no worse than the first half.'* He 
added, however “Much can hap-' 
pen. and it might not turn out 
that way;" In the five months, 
sales in the U.S.. Japan, and 
Brazil were “ considerably 
higher” for the group. The 
parent company's domestic sales 
fell 2.5 per cent, but exports) 
dropped by 7.6 per cent for the; 
five months. 


BY PAUL LENDVA1 

THE PROSPECT uf satisfactory 
profits tbis year following a sharp 
increase in first quarter sales 
comes from Steyr-Daimler-Pucb. 
the largest private industrial en- 
tity in Austria. 

Sales during the first three 
months of 197S are 17 per cent 
ahead at Sch 2 .7 bn (SlSlm) 
which compares with growth (or 
the whole of last year of 9 per 
cent. The motor manufacturer, 
which is controlled by Creditan- 
stalt Austria’s largest bank, says 
that crowing demand for new 
products suggests that profits 
overall ibis year will again be 
satisfactory. 

The company has recently been 

giving an insight into its over- 
seas ambitions. These include 
joint Lorry ventures in Nigeria, 
Poland and Greece as wdl as tbe 
production of a cross-country 
vehicle together with West 
Germany's Daimler-Benz. At the 
same time Steyr is apparently in 
talks with Lancia of Italy about 
possible assembly project in 
Austria. 

This year the Nigerian plant 
will turn out 1,800 lorries under 
Stcvr licence, while deliveries 
and' licence arrangements agreed 


in 1975 with Poland Involve tbe 
export of 5,000 lorries per annum, 
and are proceeding in accordance 
with original arrangements. How- 
ever, the part of the package 
deal relating to the setting-up of 
a lorry plant in Poland to manu- 
facture under Steyr licence has 
run into ‘’financing difficulties.” 

Dr. Heinrich Treich!. chairman 
uf the supervisory buard and 


chief of Creditanstalt, revealed 
that the Austrian banks arc nut 
in the position at present to 
satisfy the Polish desire fur a 
Sch 2bn credit. 

However, Steyr's connections 
With the U.S. are proceeding 
much more smoothly. Mopeds 
produced by Steyr have a market 
share of 30 per cent in the U.S. 
With an 57 pur cent share of 


exports, Pueh claims to be the 
leading moped exporter in the 
world. 

Earlier this year the company 
unveiled plans for a rights !S*ue 
involving an increase of around 
Sl3m in' group capital. In 1977. 
after lax profits were an eighth 
higher at Sch 92m <SSm) ana the 
dividend went up from an effec- 
tive S per cent to 9 pv-r cent. 


Austrian Airlines boosts traffic 


BY OUR OWN CORRESPONDENT 


AFTER A RECORD performance 
in 1977, Austrian Airlines ( AtfA) 
experienced a further S per cent 
increase in passengers in the first 
quarter of this year to 333.000 
and one Of 23 per cent in turn- 
over of its charter operations. 

The company, which began 
operations only 20 years ago. 
said in its annual report that 
passenger traffic in 2977 was up 
by 7 per cent to 1.4m. The 
average load factor rose by 1.4 
per cent to 50.5 per cent, while 


net profit was up by Sch 9m to 
Sch 34.7m (S2.3za). fnduding a 
carry-forward of Sch 33.Sm, earn- 
ings reach Sch 6S.6m. 

AUA is proposing an 
unchanged dividend of 4 per cent 
and a bonus of 4 per cent (samci. 
The balance sheet total was up 
by Sch 141m to Sch iSSbn. 
Operating revenues from 
scheduled flights were up by 
10.7 per cent lo Sch 1.77bn, 
while income from charter opera- 
tions rose by 15 per cent, and 
from freight by 12.6 per cent. 


Spanish utility raising $148m 


Baloise Holding increases dividend 


BY OUR OWN' CORRESPONDENT 


ZURICH. June 6 


:CHANfi 


Jau. fc 

i.’l'i*- V.'. ? 





; . . U Declaration of Dividenifs— 

. MrnihQ Gompanies -T. . - 

1 f" . ....... _ ; ;■ * 

' • ’Dividends - have beeh declared .payable 'to holders of 
, -ordinary shaies registered" in. the books of the' undermentioned. 

companies, at ,the.H3lose. of .bhsiness on ‘23 June 1978. The 
-dividends are' declared in' life currency df the .Republic of 
South. Africa:-. -^aymepts; froth London will; be made in United 
Kingdom ctirroncy ahd.-the- date for.’ determining, the rate of 
exchange, at which the currency of the Republic will be 

■ converted into United Kingdom currency will be 26 June 19/ S, 
or suoL.btber ,'da.te as set out in this conditions subject to 

■ whi cb ~ ihei .sG vi®?nds. =, a re paid. --These conditions can be 
■inspected at, tto ^registered office' or office of the London 

: Secretaries- of the Companies. - Warrants in - payment of the 
dividends' tyill. be" posted on .pr-abovt 2 August . 1978. The 
-transfer books and registers, of members of the companies 
, ‘Will be ^ to 30 June 1978. both days inclusive. 

'AH companies', mentioned are- incorporated, in the Republic 
’ bf South- Africa. • '•• • 


HKHH 


V NAME * ■...*. oats per- 

1 > , '• ~ Number - . ahari’ 

i -FUnif dividend*— year ■ eatflns . .. 

». Juno »78 > - •; 

' J&wiwu Tnrosviai CmsolMjred . s 

- jUtnes" Ijintied . ■ - 36 J • 

H*rtcb«Btf<mieIn-‘CoI<S Minins - • 

■» Company . - 1 - **» 1,a 

. 'Zandpia^nW MLmnn Company 

u«ued : r..- -. - -nr .. . *■» 

interim dividand— year emlius 
{ 33. -December 1ST* - . 

I fcunsolidatctl Mtiiiclilspm.ii tti mi “ • . . — — — 

L' -Tbe .dmdeDtr "tabVn mio acwtmt.o transfers ijt Jt»3I w J? 

! - 'urnunS sovernmeut loan levies and ihe miusauon or Lbe Rii.GU or-minra 
". Join n*eired to- ftmd- caolUl eRJefldlimei - • • - ^ nn.,, 

2. Tie e«tlauu*d "Drofii^for" Ule. rear Is Rfi 440 .000 l t 97T^ ael R-«6 0W). 
-.Anwont'-aiMorbeit by dividends U ‘ R5-HW 000_ 1 WTTt 1 BSW+MOi. . 

- -J. No oneriai dividend bas been, declared “ for 

;half-yesr Have been, adversely afleeted by aatoantlBlly n*durt-d saipj of 
i ari tUBQ py- concenirales. iu^ravated by delayed shipments due to Wc 
• ■ ; temporary' dosum ot tAe Aaumoay Prodnms made plani 

order of the Boards ' Registered Office: 

■ aNGLO-TRA>3SVaa,L CONSOLIDATED,..' ,'ATiqlovaai;House 
INVESTMENT COMPANY, .LIMITED r 5B Main Street 
Secretanes . Johannesburg 

peir: E. G. D. CORDON London Secretaries: 

il ; : « Angio-Transvaal Trustees Limited, 

295 Regent Street 

6 June 1978 London W1R SST 


SWISS INSURANCE concern 
Baloise Holding i bf Basle, recom- 
’ mends- payment of an increased 
di^cl&ulif 5wFrl4 (12) for the 
business year ended March 31, 
foUowing’ a rise in net profits 
to SwFr7^6m (S3.9m) from 
SwFr6.43m. for the period 
The dividend of The Baloise 
Insurance Company, one. of the 
holding company’s operating 
subsidiaries, is also going up 
from SwFrl2 to SwFrl4 for last 
year, while that of The - Baloise 
Life Insurance Company will 


remain unchanged at SwFr? per 
share. 

. Neuchatet Swiss General In- 
surance Company- and- its life 
assurance affiliate. La Neuchate- 
loisc Cie D’Assurances slir la 
Vie are paying unchanged divi- 
dends of SwFrl4 and SwFrlO 
per share. Premium income rose 
to a gross SwFrl36^m • for the. 
general insurer- and -to 
SwFr61.4m for the life assur- 
ance company last • year, ; with 
net profits reaching SwFr2.2m 
(81. 15m) and SwFr580.00C 
respectively. 


BY FRANCIS GHILES 

FUERZAS Electrics* de Cata- 
lufia, a private Spanish company, 
is raising one of tbe largest loans 
ever by a private company in 
Spain. This loan also includes 
a feature increasingly found in 
loans to certain borrowers — a 
yen tranche. 

The electric utility company is 
raising S14Sm in a throe-tranche 
operation, through a group of 
bunks co-ordinated by Chase 
Manhattan Ltd. A £70m tranche 
will be in the form of a syndi- 
cated loan for eight years with 
a three-year grace period. It will 
carry a split spread of 1 per cent 
for four years rising to IS per 
cent. 

A SlOra tranche will be in the 
form of a fixed-interest (9! per 
cent) seven-year loan with a 
three-year grace period. The 
third tranche is in tbe form of 
a YI6bn fixed-interest rate (7.9 
per cent) ten-year loan, again 
with a three-year grace period. 
The two' fixed-interest rate 
tranches . will be provided by 
Japanese banks with Nippon 
Credit Bank in overall charge of 
Ibis side of the whole operation. 
The loan overall carries no 
guarantee. • 

A series of unguaranteed 
Joans are currently being raised 
by South Korean companies. 
Hankuk Glass Company is rais- 
ing -332m for" eight years on a 
spread of H pe.t cent through 
a group of banks led by Bank 
Of America Asia Ltd. 

Meanwhile Samsung Heavy 
Industries is raising S12m 
through a group of banks led 


by Schroder Wags- Final terms 
have not yet been agreed by 
th« South Korean Ministry or 
Finance. 

Al the same time Samsung 
Electronic Devices Company is 
raising 820m through a group 
of hanks led by Bankers Trust 
Asia. As with tbe previous 
loan, final terms have not yet 
been agreed with the Ministry 
of Finance in Seoul. A &NSm 
seven-year loan for the State 
Algerian oil company, Sonairach 
has just been signed in London; 
the borrower is paying a spread 
of 12 per cent throughout. Six 
banks are jointly leading this 
operation with one of them. 


Citicorp also acting as agent. 

Qatar Steel has just signed a 
SlOOm 10-year loan arranged by 
- a group of banks led by Chase 
Manhattan Ltd. Terms ' include 
a split spread of 2 per cent for 
the first four years rising to i 
per cent for the remaining six 

The 860m 10-year medium- 
term loan to Iceland, ihc largest 
ever loan raised by that country 
in the marJiet has been 
signed. The borrower i 3 paying 
a spread of l per cent uver the 
interbank rate for ibis loan 
which has been arranged by 
Hambros Bank, Canadian 
Imperial Bank of Commerce and 
Mitsui Finance Asia. 


SIR closures to go ahead 


THE SIR chemicals group is 
going ahead with the temporary, 
.closure of some of its petro- 
chemical plants in Sardinia, 
because of lack , of funds to pay 
for supplies, says the company. 

The closures were announced 
last week, but over the weekend 
the Government said it was 
calling on banks to provide 
necessary credit to keep tbe 
plants open pending a decision 
on a national plan for the finan- 
cially troubled chemicals sector. 

So tar, despite tbe Govern- 
ment's appeal. SLR's position 
remains unchanged, and both it 


MILAN, June 0. 

and its affiliate, Rumianca Spa 
are proceeding with the plant 
closures. 

Meetings between Govern- 
ment. industry and unions are 
scheduled this week to discuss 
the chemical industry's prob- 
lems, and SIR hopes a solution 
can soon be found, the company 
added. 

According to the company, 
the closures could cause a chain 
reatlon throughout the Sardinian 
chemical industry, affecting the 
jobs of thousands of workers, as 
other firms supplied, by the SIR 
group are deprived of supplies. 
Reuter 


VIEW A, June 6. 

During ihe Iasi live years, since 
emerging from a period uf 
heavy losses, the company has 
achieved a foreign exchange 
surplus of Sch 1.5hn. The airline 
plans to invest some Sch ll»n 
between 1974 and 1079. 

The enJargemcm of AUA's 
fleet has been followed by more 
frequent flights io Athens. 
Istanbul. Cairo. Salonika and 
Sofia. With iis new office in Cairo, 
AUA now operates 24 offices m 
28 countries. 


KF plans to 
raise capital 

By William Dullforce 

STOCKHOLM, .him 1 6. 
KF, the Swedish consumer co- 
operative association, plans io 
set up a separate holding com- 
pany for its manufacturing com- 
panies and io open ihe way for 
outside capital. The movement 
is not looking for stock exchange 
money, however According to 
managing director Knrl-Erik 
Persson, it hope* to attract 
finance from theh national pen- 
sions fund, the insurance com- 
panies and. if they are eventually 
formed, ihe shareholding funds 
proposed by the Swedish trade 
unions. 

KF operates 21 manufacturing 
companies with 17.000 employees 
and a combined turnover last 
year of SKr 4.2bn iS9I3ni». So 
far. they have been financed 
from the movement’s own re- 
sources. but last year they re- 
turned a combined operating 
income after depreciation of only 
i SKr 2 pi. The decline in profits 
has reduced their equity ha«es 
and raised ihe demand for new- 
capital beyond the resoun.es of 
the consumer cooperative move- 
ment. 

The industrial products are 
i sold mainly to privarc cusi orners 
in Sweden and abroad, only 
about 13 per cent of output 
being marketed through KF's 
nwn outlets. There are about 40 
foreign subsidiaries in the group, 
i and some companies are strongly 
1 export-orientated. 

Among these is Hugin. the 
cash register company, which 
exports 97 per rent of ils out- 
put and has 10 per cent of Lhe 
world market. 



This announcement Is neither an oiler 4j3*6 0 * , ^2^!55j5. 
to sell nor a solicitation of an offer 
to buy these securities. 

The offer is made only by 

the (Danish) prospectus. ffj 3a «** 

THE EAST ASIATIC COMPANY'S 
HOLDING CO., Ltd. 

(bet 0sfasfBtlske Kompagnls Holding- AtoteseJskab) 
Head Office: 2 Hotbergsgade, DK-1099 Copenhagen K 

invite the shareholders to subscribe tor DKr. 35,000.000 
new shares in the Company at a price of DKr. 26.25 per 
share of DKr. 25.- against the surrender of Coupon No.10 
and/or subscription right certificates issued on the basis 
-of registered share certificates. 

The subscription wilt take place from Thursday, 15th 
June to Tuesday, 4th July, 1978, both dates included, 
through DEN DANSKE BANK af 1871 Akfieselskab, 
Emission sard elin gen, 12 Holmens Kanal, DK-1092 Copen- 
hagen K, and Credit Lyonnais, 19 Boulevard des Italians. 
Farts. Both banks will on application send Subscription 
Lists to shareholders. 

FrpnHThursday, -15th June, 1978, the same two banks 
wifi issue scrip or registered share certificates to ex- 
isting shareholders for a bonus issue of DKr. 35,000,000 
shares against the surrender of Coupon No. 9 and/or 
bonus right certificates issued on the basis of registered 
share certificates. 

■ The new shares and the bonus shares rank fully for 
dividend for the financial year 19?& f 79 and subsequent 
years- and shall in all other respects rank pari passu 
with the old shares. 

. The scrip for new shares and bonus shares will later be 
-exchanged for shares according to a separate announce- 
ment 

. The Board of Directors 


The Bank of Tokyo, Ltd. 

Negotiable Floating Rate U.S. Dollar • 
Certificates of Deposit 
Series D-Matmity. date' 

9 December i980 



tlii accordance with the provisions of the Certificates 
;tif Deposit notice is heceby given that Jocthe 
'six month interest period from 7 Jane J 975 
'to 7. December 1 978. the Certificate* will carry an 
hiterest Rate of 8 ^ 40 % per.annam. ~ : - - 
T Agent Bank - . 

‘ The Chase Manhattan Bank, N-A-, . 

\ • London ’ 



The Taiyo Kobe Bank Ltd. 

Negotiable Roaring Rate U.S. Dollar 
Certificates of Deposit ' 

Series C — Maturity date 
9 December 1980 




In accordance with the provisions of the Certificates 
‘bf Deposit notice is hereby given that for the 
six month interest period from 7 June 1978 to 
7 December 197S the Certificates will cany an 
Interest Rate of 8‘ Vu.% per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 
London 


Wholly-owned subsidiaries of 

1 ' » 7* 

Dayton Hudson Corporation 

have sold nine regional shopping centers to 

The Equitable Life Assurance Society 
of the United States 

Brookdafe Shopping Center, Brooklyn Center, Minnesota 
Eastland Shopping Center, Harper Woods, Michigan 
Genesee Valley Shopping Center, Flint, Michigan 
Northland Shopping Center, Southfield, Michigan 
Ridgedale Shopping Center, Minnetonka, Minnesota' 

Rosedale Shopping Center, Roseville, Minnesota . 

Southdale Shopping Center, Edina, Minnesota . 

Southland Shopping Center, Taylor, Michigan • ; 

Westland Shopping Center, Westland, Michigan ■' 


Goldman Sachs Realty Corp. acted as advisor to 
Dayton Hudson Corporation. ■ 


Go{dman, Sachs & Co. 

New York' Boston Chicago Dallas 
Detroit -Houston Los Angeles Memphis 
Philadelphia St. Louis San Francisco 
International subsidiaries: 

London Tokyo Zurich 

May 24. 1978 






The Bowring Building, Tower Place, London EC3P3BE 

Tel. 01-283 3100 Telex: 882191 


A member of The Bowring Group 


FiicaricfaluiSii^s^ 


PREPARATION OF UN REGULATIONS 


BY ARNOLD KRANSDORF 


Multinationals and the New Order 


MULTINATIONAL coinpanies 
arouod the world have been 
under constant pressure for years 
now, ever since changing econo- 
mic and conditions— 

especially in Third World coun- 
tries since the 1960s — have 
prompted the call for a New 
International Economic Order. 

Criticised, investigated and 
progressively constrained, they 
have emerged with a persecution 
complex as rhe whipping hoys 
of governments. Understandably 
they have become defensive- So 
it is easy to understand their 
hostility towards the latest body 
10 take an interest in their 
affairs, the United Nations. The 
UN Commission on Transnational 
Corporations, an inter-govern- 
ntentai subsidiary of the UN 
Economic and Social Council, 
recently met in Vienna. If the 
volume of paperwork to emerge 
is anything to go by. some pro- 
gress has been made towards 
creating a new international 
regulatory framework. 

The Commission does not have 
far to go before recommending 
a Code of Conduct as well as 
action against corrupt practices. 

It has agreed to the establish- 
ment of an inter-governmental 
body to continue the work of a 
group of experts on formulating 
international standards of report- 
ing and accounting. There 
include minimum requirements 
for financial and “social" dis- 
closure in annual report* which 
go beyond current practice even 
nr the U.S. 

The Commission is also prepar- 
ing itself to establish a compre- 
hensive information system on 
multinationals (to include a data- 
bank) whose interests will be 
tailored to the needs of host 
countries. All these preoccupa- 
tions will, in the fullness of lime, 
have a direct effect on the activi- 
ties of multinationals. If agrec- 


mvni is reached, member govern- 
ments of the UN will be asked to 
im piemen t the recommendations, 
possibly through national legisla- 
tion. 

While the multinationals might 
feel besieged, this has apparently 
not affected their growth in 
recent years. According to the 
latest UN study on the subject, 
direct investment by multi- 
nationals in foreign countries 
increased by 80 per cent to 
S2STbn between 1971 and 1976. 

Nearly^ 75 per cent of this 
capital investment is concen- 
trated in developed countries 
and that proportion has been 
growing in recent years. Even 
the remaining one quarter in 
developing nations is increas- 
ingly in the more industrialised 
cmi n tries which, the report 
stales, underlines the limited 
rnle which multinationals have 
played so far in helping the 
grow th of developing countries. 


Benefits 


Against this background, the 
UN is trying to draw up an 
acceptable set of rules for all the 
parlies concerned. Through the 
Economic and Social Council, the 
UN set up the Commission on 
Transnational Corporations in 
1974. A 4S-niember body, it was 
established to promote under- 
standing of the international 
impact of multinationals and Lo 
secure effective international 
arrangements aimed at increas- 
in': the benefits to multinationals 
and helping countries to develop. 

Perhaps the most controversial 
— and important — aspect of the 
Commission's work so far has 
been the progress made towards 
drawing up an international set 
of rlandards for reporting and 
accounting. It is this — and the 
Com mission's interest in bringing 
in minimum disclosure rules for 
bnLh financial and “ social " 


aspects of reporting and account- 
ing— that has incited the wrath 
of multinationals. 

They generally described most 
of the proposals as unnecessary 
and discriminatory. They are 
fighting back through the Inter- 
national Chamber of Commerce 
(ICC) and other lobbying bodies. 
But the Vienna conference 
endorsed the work done so far. 
and then took the process one 
ste p f u rther. 1 1 recom mended 
that a new body, an ad hoc inter- 
governmental group, should con- 
tinue the work in hand. Some 
delegates have privately sug- 
gested that some sort of inter- 
national guidelines could be 
ready for implementation by 

issri. 

This recommendation was not 
received without misgivings. 
Some delegations, particularly 
the U.S. doubted whether a 
new high level subsidiary body 
was necessary bearing in mind 
the great practical difficulties and 
limited progress achieved so far. 

The ICC, in its reply, believed 
it would be unwise to convene 
an inter-governmental working 
group of experts. It would have 
preferred to have seen a more 
evolutionary approach. 

It believed that the UN should 
set rules for corporate disclosure 
only after the development of 
basic accounting standards. The 
ICC recommended that estab- 
lished non-governmental pro- 
fessional bodies, such as the 
International Accounting Stan- 
dards Committee, should be 
urged to continue and accelerate 
their work on the harmonisation 
of accounting standards. 

The ICCs recommendation is, 
meanwhile, a reminder of the 
number of otber bodies now 
homing in on auditing, reporting 
and accounting, including the 
European Economic Community, 
rhe OECD and several national 


governments." Tliev are all mak- 
ing life more difficult for multi- 
nationals, but tbe multiplicity 
and confusion of their efforts 
does not seem likely to deter 
the UN. 

Mr. N. T. Wang, head of the 
Information analysis division of 
the UN Centre on Transnational 
Corporations, said that only poli- 
ticians had the power to make 
changes of the magnitude sug- 
gested. Clearly, then, the UN 
was the only forum suitable for 
dealing with multinationals. The 
new information system to 
gather data about multinationals 
is just as contentious an issue 

for multinationals as that of re- 
porting and accounting. 

As part of its task, this system 
will focus on the collection and 
analysis of policies, laws and 
regulations pertaining to multi- 
nationals. It will analyse the 
role of multinationals in specific 
industries. It will also catalogue 
general and detailed informa- 
tion on a wide range, of subjects 
as well as contracts and agree- 
ments with host countries. 

Again, multinationals have 
cried “ rape,” fearing, among 
other things, that they will be 
forced to ' release confidential 
information and once handed 
over, the information will be 
distorted. 

The ICC says that the only 
valid sources should be the multi- 
nationals' own published material 
and information issued by 
governments or inter-govern- 
mental bodies. 

While welcoming the com- 
mission's view that it would be 
improper to include information 
which the source wishes to keep 
confidential, the ICC considered 
it essential that multinationals 
have dear access to the data 
collected on them. Also, multi- 
nationals should be given tbe 
opportunity to comment on the 
accuracy or reliability of infor- 


mation before -it is released. 

But the Communist-dominated 
World Federation of Trade 
Unions argued id a conference 
paper that the system should be 
treated as a public service, in 
principle accessible without any 
restriction, to the broadest 
possible range of clients, includ- 
ing individuals, organisations and 
institutions. 

However, the Commission did 
not commit itself on the question 
of whether multinationals will be 
allowed lo verify the data col- 
lected on them. It recognised the 
usefulness of wide dissent mation. 
and recommended that the infor- 
mation should also be made 
available to non-governmental 
groups such as tirade unions and 
universities. 


Political 


The Commission then dwelled 
on its efforts to formulate a Code 
of Conduct for the activities of 
multinationals. Among the more 
controversial aspects are prob- 
able declarations od non-inter- 
ference in internal political 
affairs of host countries, 
nationalisation and compensa- 
tion. 

The Commission decided to 
speed up its work in these fields. 
The inter-governmental working 
group looking into the problem 
said it should be able to finalise 
the discussion of tentative formu- 
lations at its next meeting, it 
is now expected that a draft code 
could be ready by the spring of 
1979. 

Also, the conference heard 
from its inter-governmental 
group looking into the problem 
of corrupt practices, particularly 
illicit payments in international 
commercial transactions. A draft 
convention should be finalised 
later this month. 

Certainly all these issues, 
particularly tbe reporting and 


accounting development^ and the 
establishment of a comprehen- 
sive information system, -are 
eventually going to have far- 
reaching effects oh companies. 
The UN Commission of Trans- 
national Corporations has taken 
the bit between its teeth, and it 
is determined to carry out its 
mandate — even if it hurts. . 

Multinationals would _• do well 
to realise that the- UN— ineffec- 
tive as if might appear: at times 
in .the political arena— has . the 
power to influence their lives. 
So far, apart from the conten- 
tious Southern African . issue, 
agreement has been reached by 
concensus on every issue— and it 
seems likely that this pattern 
will continue. 

. However, it would' not be 
unfair to suggest that if multi- 
nationals are being' asked to 

come clean about their activities, 
the UN, for its part, sbould-be 
equally frank. If its proposals 
ccrne to fruition, multinationals 
are going to feel very -exposed 
and vulnerable- 

It will undoubtedly -make 
matters worse if no way is found 
to overcome their concern about 
verification of facts fed into the 
UN’s databank, which could be 
subject to adjustment in order 
to make them comparable. In 
the words of the ICC. “leaving 
it to the sole judgment of the 
Centre (on Transnational Cor- 
porations) whether . to verify 
information imposes ah element 
of arbitrary discretion." and thus 
creates a legal uncertainty... . 

UN officials are known to be 
against giving multinationals the 
right to dispute the validity or 
accuracy of information once it 
has passed to them, arguing that 
it would be administratively im- 
practical. 

The Vienna conference did 
not commit itself on. the Question 
of verification. It might have 
been politic if it had.' 




emois 

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Bowring 
and space 

Our involvement includes 
insurance cover for some 
40communications satellites 
valued at over $1,000,000,000 

Pioneering the insurance of space projects is an outstanding 
example of Bowring leadership. 

We began as long ago as 1965 with the Early Bird programme. We 
have since played a part in developing, planning or placing the 
cover for every insured satellite — pre- launch, launching and 
orbiting risks. 

C.T. Bowring Space Projects Limited, our subsidiary, is organised 
to follow up our spectacular growth in this field by arranging 
insurance for present and future programmes such as (he new 
Space Shuttle and a wide range of commercial, governmental, 
scientific and research projects. 

Once again we have been able to extend [he boundaries of ' 
international broking. 

The reason? We have the skill, the contacts and the unique world- 
wide resources required to handle complex insurance running into 
millions of dollars. 

Moreover, we are members of the Bowring Group whose 
international services include noi only insurance and reinsurance 
broking but also insurance underwriting, credit finance and 
leasing, merchant banking, shipping, trading and engineering. 

Bowring 

Insurance brokers to the world 


centre for tropical and 
lightweight clothes 

Suits suitable for any 'occasion; business -- *. *' 

suits that make journeys a pleasure, leisure" " . 
suits that cake the travail out of travel. 

Ready to wear from about £69.- 

AIREY S WHEELER 

TAHAR9 * SRICIAUm •* . 

129 Regent Street. London W.T. 

Tel:. 734 1 908. ~ - 
Abo: 44 Piccadilly, London, W.l 
8 Sackvrlle St, London W.1; 


PRIMROSE INDUSTRIAL 
HOLDINGS LIMITED 

Anuouacement to Shareholders 

With reference to the announcement oit 5 May 197$ 
that agreement had been reached in principle for th® 
purchase - of. Aloe- Minerals (Proprietary ) Limited, 
subject tb certain coriditions^ precedent, the Board of 
Primrose Announces: that ^withra' the timejaliow^dijili 
the vendors St 'Jni. poi Seea: able To : satisfy itseJ£y$[ 
fall regarding these, conditions: preced^iL . It bsg 
consequently decided .ncit- to proceed; with lhi| 
acquisition. . \/Sy . . ”.i-v . ^4 

On behalf of the Board 'f- : '? .;- " ^ 

A. B. kemp . ■ ... 

Exeeu.Uve-. Ghalrman V z- . 1 i - i- , 

p; J. GEVISSER;'.;. . 

Managing Director' v- . ' $th Time - 





33 



PtNAXClAL AND COMPANY NEWS 



* '.'Tij',/ 


AFRICAN CO MPANIES 


SY RJCHAHO fltOUiE 


moves at Bankorp 



JOHANNESBURG, June 6. 


out of the marketing picture and quent more complete rationalise- 
to continue the cutback of the Hon cannot be excluded. 

tteps to rationaliBe its banking development V began ... two years sprang u^nth'c irate aU Titos! * * * 

Interests. These were swelled a as °' : Credit: Bank was _. „ . Primrose Industrial, the South 

- - ’* The wosnect of a mercer — brickraaker in which 

sugar group. 


Caution at 
Utico over 
recovery 

By Our Financial Staff 



invastoients.^' Bankorp 


"trade yesterday, '’experienced . prob- San tam bank group in competition anthracite 
>6 to lems. With the application of its Trust Bank despite tbe fact Minerals as 


UTTCO, the. tobacco group In 
which BAT is the major share- 
holder, raised pre-tax income for 
the half-year to March 31 by 63 
. . ** .•*.7.7? per cent to R 2.95m ($34m>. 

acquired a controlling j rom jujjiiti in the same period 
abandoned its ^ rhe previous year. Turnover, 
dunng tne CKC i u ^ing excise duty rose by 
acquire j;he p cr cent to R35.7 i$4m) from 

R35.0m. 


producer Aloe 
a diversification 


nazne,*-whi<* never really caught Biot both are In the same stable. m0 ve. a statement recording jjy°ws * o* 11 1T1 0f 

34 en Trf . Cre * l .f on - Tkus with Batikorp's aeqnisi- Bankorp's present plans Involve termination of the negotiations f^per cent to R-8m in Pre-tax 

fi ^iJS_ wU1 J 10a bf -Santambank, ;^ well- putting both groups on. for says that although agreement SSSSJi ,./ 30 “ >ear 1 

.55- jpRLj? ta 5 , *S l . .^BOOm, a known- name. the opportunity example, shared computer radii- had been reached in pneipic. September- in „ . „ 

staff of -1,600 and 80 branches, was tiVka : -ta -drop-- Credit Bank ties, but the possibility of subse- Primrose had not been able. The recovery in e^min^s, 

■ ■ '■ Within the time stipulated by the Vt>co sag. b the rjjuh of ite 

Tsreftn, te TT* * • t* gr . -■ vendors, Rembrandt Group, to J£? con ‘ ef - 

Higher income for Metal Box -sr Hs&jssiJS 

• v. jjTp David Gevisser Indicated almost cooipIfitPd. and it *?xpsCwS 

BY OUR OWN correspondent : ^ .. ;■ JOHANNESBURG, June 6.' today that his group had in- not°v a n n maVmHv 

*' ^METAU BOX South Africa, SW - Sales at Metsl -Box itself the dividend is not as imperilled technical, ^nancial a*nd market* from n^rf ^■‘f»!? 1 .. pr ° vided for 
per cent owned by.MetaJ Box UK. showed marginal growth in value as it looks at first sight by the ing problems involved. The deal, the 1^77 accounts, 
inanpui*. reported an improvement in terms, but fell in .volume terms, low level of earnings cover. expected to cost R2.75rn The Board forecasts, howeves 
inc ^ C| 311snet^peiatiDg recome for the year Reduced fishing quotafi ta south- Meanwhile, Wong Sulong ($3.i6m), would have added 6 that because trading conditions 

‘ ' a share to Primrose’s continue to be d'lhcuit. profits Tor 

earnings. the second half will be lower 

I pjip. -*< ' wj iva .Muuujr, wuen nui at « .»**» o» 2 3) per cent rise in pre-tax Rembrandt acquired Aloe as It considers that the return on 

new subsidiary.^ Metal. Rollings, R0 ; 7m over the year.- This was profits to 6.4m ringgits a move into mining five years funds remains too low— barely 
W la on*, which has been included for nine less than the Rim loss :the group iu.s k 2.7ml -for the year to ago, before it took its big stake sufficient to finance working 

earlier anticipated ‘ and in March, and is paying a final in Fcderale Mynbou. which capital requirements 


iS Airier 
Urgent 



^odur?^ m ^ tlls ' . earlier anticipated and in March 

Uci *Ji; Turnover rose from R156m to ndditii 

R168m C$1 93m) and net operat* South r _,, wlJI tui 

£rom Rl0.9m to change here -is due to' the con- cenL V «ainst 
. ut,{ haa R13-3m. ($15.3m ). After allowing stitutional quirk that WaJvis Bay year before 


^ ,'^ rno ( ^. 1 17ose from R156ra to addition can Bowheoffsetasalnsl ditfifond'afWper wn"* bringing controls the Afrikaner mining provide for growth. 


and to 


' Sen t.atr<+ * or Items, such as reduced tuts been reabsorbed into South 
"S'* net interest paid,, higher prefer- Africa for administrative 
ence dividends following last poses. In tbe^past,'- WaJvis 


Sales rose by 7.5 per cent to 
5*hn ringgits (U.S-S 22m), and 

‘"““"'“H l«l iunn. ui-um-fiaav WVIVJV.aay rho n orrm,„„ c -ilrl th-,f r.-,lnc frmn 

PBraiter.-.yeM's usue;.of convertible pre- operations of South African com^ 
a unn^. nf * fer ?Dce shares and a slightly parties were classified as foreign. 

^i&^higher tax rate, attributable in- and in terms of -South r African rcfiected in Hie profit- 

; SSion. come rose from Rs:2m to R6.5m. law. losses in foreign companies The company's second-half 
Earnings per share - are 0.4 cannot be offset agamsi domestic performance did not match that 
cents up at 25.9 cents but this profits. \V of Ihe Grst-half, maioly, it said 

figure is based on the weighted Fishing problems aside. Metal because of lower sales of pro 
-9^6; fpy average number of ordinary Box should respond . to any ducts with higher profit margins 
ricol&v nr, fshares in issue, ujr from 20Jm to improvement ill'-, the .local and the effects of inflation. 

* • ^ i.i24.9m. The dividend has been economy, with. Its" ‘strong con- Pre-tax profit for the first half 
npria... . maintained-at 22 'cents, putting sumer orientation, while there was 3.55m ringgits. 

B& «rvis*he shares at 260 cents on a yield arc. plans to diversify the Walvis The British parent company 
J ’ routage^Jf 8.6 per cent, at which price. Bay plant away from fishing cans, holds 5 -.4 per cent of tbe shares 
"hey are also -in line with the Dividend policy Tenuins to pay of Mela I Box Malaysia, while 19 

icrirea- 


The th V Total 7or" the ' y ear^to * 18* per Rtoup. General Mining and also For this reason there is again 
- n PP f.„ nl rh® Union Corporation. Having put no interim dividend, and the 
F the “for sale" sign un on Aloe. Board warns that a final divi- 

market sources feel Rembrandt dend (passed last year) should 
will now look for another buyer, not be expected. 


This aavnmcatunt appean as a matter of record ordy. 

US$15,000,000 

iCashan Industries Corporation 

Incorporated in Iran 
Guaranteed b y 

Industrial Credit Bank 


pjrst Boston (Europe) 

Umiled 


Arranged by 

BayeriscBe Vereinsbank 


Provided by 


Baverisclte Vereinsbank International S-A. 
Provincial Bank o£ Canada 
Credit du Xord 


Mercantile Trust Company X.A. 


Banque Bruxelles Lambert S.A. 
Credit Suisse 


Nippon European Bank S A. Swiss Bank Corporation 


Agent Bant: 

Credit Suisse 


conversion terms on last year’s out 85 per vent erf earnings, which P or ct-ni are held by Singapore 
:onvertible preference share have been stated, on aq' LIKO residents and the rest by 


ssue. 


BY WONG SULONG 


cations 

md 


es Limited 

■jn Street. ~%FTER ACHIEVING a record 
)n£C4P*;SY profit of 265m ringgits 
jistereo irE-feJU-S.Sn.3m) before tax last year, 
j 0 . 22753Q ^United PI. 'Stations, the Danish 
aalm oil group -m Malaysia, sees' 
period of uncertainty ahead. in- 
new of increasing competition 
ior palm oil from other fats. 

Unlike Kuala Lumpur-Kepong, 
which sees an " even chance " of 
repeating its record performance 
if last year. United Plantations 
chairman. Mr. W. "O. Grutt. says 
-in bis annual report that -the = 
present high price for palm oil 
was unexpected, and contrary to 
long term bearish conditions. 

The present tight market for 
palm oil in the Malaysian market 
appeared to be temporary be- 
cause of. the decline in output 


hasis since April 1976, so that Malaysians. 

TTf 
It' 


S; ■* -r~ 


due. to the drought, . ;• 
Indications are that tbere will 
be a larger than expec^nf^sur- 
plus of soyabean in .ti%; second 
half' 'or the year, wilbigreater 
.plant fnp by the U.S.'.- Briffll and 
Argentina. Oil from "sunflower, 
groundnut and ; cotton seeds are 
also expected to increase- . - 
. Mr. Grut disclosed that" discus- 
sions are underway for Unitata, 
tbe giant palm oil refiner^ in 


KUALA LUMPUR, June C 

South Perak, tu go public.. 

Unitata is a 50-50 joint venture 
between United Plantations and 
That Oil Mills of Bombay. Pre 
linrinary- results showed Unitata 
making a profit of 11m ringgits 
last year on a turnover of 164m 
ringgits. This does not include 
4.2m ringgits in unfulfilled con 
tracts, some of which arc ex 
pcctcd to 'be' recorded In due 
course. • 



BY OUR OWN CORRESPONDENT KUALA LUMPUR, June 6- 



Write today 
for this . 
fact-fined 
, _, d PLANT 

31 3,11 AND OFFICE 

ithes LOCATION 
DATA BOOK. 


EL£R 

y 

R W.J. 




>ISTK* J| 


hOf*** 


Share 


V 

-,cc. : - ; t 

ir * l * C 

bit' w * 

|L« f« l V « ? ‘ 


The Slate of Maryland. * , Home" 

'joI the .world-seaport of Baltimore, 
'apd Balbrnore-VVashlngton 
Clriterhaiional Alirpdrt. Located 
?. £ wfthirroni& day's rail deffvery - 
'from Battlrndre are -37% pi all: 

U.S. manufacturers,' and'3^2» of 
the. nation's. consumer market- ' 

Three major railroad fines,-"' 

350 highway common carriers; 
and Maryland's excellent highway 
network provide quick access 
to markets, 

Maryland has overnight truck 
access to 31% ert the U.S, 
population, and 34% -of the 
ration's manufacturers. 

Maryland can 'arrange, up fo . 
100% financing ©i land, buildings, 
machinery and equipment at 
low interest rates tor long terths. 

Write or phone today for diir 

brochure and for our assistance. 

George Vari Biisklrk - 
European Director ’ . 

Maryland Department of Economic 1 
and Community Development' 
Shell Building 

BO Rue Ravenstein, Boife 10 
'10QO Brussels, Belgium . 

phone: (02) 512.73.47 • 



SLUE D.4RBY Holdings, which 
recently returned ^fnership of 
the Orchard TuwejK complex m 
Singapore in a d^ffl with Golden 
Ray Realty,, h ^announced that 
It will build a s^cer>storey factory 
on the island? republic for 17m 
.ringgits TCLtfS7mi. 
v" Work, on the project, which 
rV I ii}-‘‘pj5vlde 235,000 sq ft of 
indiiitflai and showroom space, 
just-! ontside the central business 
district, ' will start next month, 
and the building is expected to 
her ftady for occupation within 
21 tiionths. Units of varying size 
are' to be ' offered for sale. 

>The two-acre site was formerly 
occupied "oy Singapore Steam 
Zaund”?; a Slme subsidiary. 

D SIme Darby also announces 


that through a U.S. subsidiary, it 
has agreed conditionally to 
acquire the business and certain 
assets ofc. J.S. Cornell Corpora- 
tion a priyaiely-hold U:s. rubber 
trader based in New Jersey. 

Tbe * net * cost will be 
U.S.S2S2.000. pJus an additional 
amount .10 reflect inventory 
acquired since March . I. In addi 
lion. Sime has agreed lo assume 
certain liabilities. 

Cornell -'has a turnover of 
U.S^25ni."It will, it is said, com- 
plement the group's marketing 
operations in -Kuala Lumpur and 
London and increase, -access to 
the worrd’s largest rubber-coo 
suming market- It will also pro- 
vide a base on which to expand 
Sirne Darby’s U.S. trading in 
other commodities. 


Jardine Matheson deal 


BY ANTHONY ROWLEY 

Jardine.' -Matheson has made a 
further payment of U.5.S35m to 
bring tbe equity bolding in its 
Saudi Arabian associate. Trans- 
port and Trading. Company Inc., 
up from 25 to 40- per cent. 

The Transport and Trading 
group is involved in activities 
such as . car. -sales.- other con- 
sumer-product marketing, and 
transportation. TTI contributed 
6 per cent of Jardine’s earnings 
in JV7T. This latest payment is 
in line with the original agree- 
ment whereby Jardine .would i n- 
crease its stake in TTI as certain 
profit levels were achieved. 

Meanwhile, Jarriijje . Matheson 
and .-"Co. '.(South EaSt_Asia) has 
announced that underwriting has 
been completed in respect of 
some- SS39.18m of Si per cent 
guaranteed unsecured loan stock 
19SS of Jardine Matheson Invest- 
ments (South East Asia), a 
wholly-owned subsidiary. 

As previously stated, it is 
Intended that Ihe loan stock will 


•HONG KONG, June 6. 

be allotted. ..to minority share- 
holders. of' JM(SEA) in con- 
sideration for the cancellation of 
the ordinary shares of JM(SEA) 
which they hold, on the basis of 
SS2.90 nominal of the loan slock 
for each" - cancelled ordinary 
share. " 


Bank Adanim 
plans flotation 

By L. Danret 

TEL AVIV. June 5. 
BANK ADANIM — One of Israel’s 
smaller mortgage banks — reports 
that, its' -after-tax profit for 1977 
rose by 54 per cent to I£5.5m 
(U.S. $320,000). while its balance 
sheet _t ota 1 grew by 42 per cent 
to over I£450m. Earnings per 
share came to 100 per' cent (65 
per cent, in 1976). 

The bank intends to raise 
shortly l£4B50m by a flotation 
of shares and options. 


Nat West 

Registrars Department 

• National Westminster Bank Limited has 
been appointed Registrar of . 

WACE GROUP LIMITED 

AH documents for registration and 
correspondence should in future be sent to: 

National Westminster Bank Limited 
* Registrar’s Department . 

PO Box No 82 

■ ' National Westminster Court 
37 Broad Street 
• Bristol BS997NH. 

Telephone Bristol (STD Code 0272) 

• ■ t ■■ Register enquiries 290711 
Other matters 297144 


All these securities having been sold, this advertisement appears as a matter o/ record only. 

US $75,000,000 

Occidental International Finance N.V. 
8 7 /s,% Guaranteed Notes due 1985 

Unconditionally Guaranteed as to Payment of 
Principal and Interest by 

Occidental Petroleum Corporation 


- • . . \ ■ .. . • . ‘ 

Dean Witter Reynolds International, Inc : A 

Kidder, Peabodv International . 

Limltrd 

Blylh Eastman Dillon & Co. .. 

lanraalHiaal Unit hut ■ > • '• 

Aigemenc Bank Nederland N.V. 

Banque Arabc et Internationale d'lnvestissement (BJl.I.I.) 

Banque Bruxelles Lambert S~i. 

Banque de Paris et des Pays-Bas 

y • KredietbankS-A. Luxembourgeoise 

Swiss Bank Corporation [ Overseas) 

AJ Saudi Banqtie ■ Alahli Bank of Kuwait (KS£.) A.E. Ames & Co. Amex Bank Amsterdam-Rotterdam Bank N.V. 

The Arab and Morgan Grenf ell Finance Company Radio Halsey Smart Shields Banco Commerdale ItaJiana Banco del Gottardo 

Banco Nazionale del Lavoro Bunco della Svizzera ItaUana Banco di Roma Banco di Santo Spirito Banco Urqaijo-Hispano Americano Ltd. 

Banco de Vizcaya SA. Bank Julius Baer international The Bank of Bermuda Bank fiir Gemeimvirtschaft 

Bank GutawiUenKun^Bungener (Overseas) Bank Leu International Ltd. Bank Afees & Hope NV Bankhans Hermann Lampe Kommandilgeselhcbaft 

Banque Generate du Luxembourg SA. Banque do 1’ In do chine etde Suez 

Banque Louis-Dreyfui Banque Rationale de Paris Banque de Neaflize, Schhunberger, Mallet 

Banque Populaire Suisse SA. Luxembourg Banque Pzivde SA. Banque flof/is child 

Banque de 1‘Uaian Eurvpcenne Banque Vemes et Commerdale de Paris Banque Itbrzns 

Bayerische Hypotheken- und Wechsel-Bank Bayerische Landesbank Bayeriscbe Vereinsbank 

Glmulnlc 

Berliner Handels- und Frankfurter Bank Rnrgan Bank SAJC. Caisse des Depots et Consignations 
Compagnie Monegasque de Banque County Bank Credit Commercial de France 

limited 


Banque Frangaise du Commerce Exterieur 
Banque Internationale ft Luxembourg SJ L 
Banque deParis et des Pays-Bas (Suisse) SA. 
Banque de la Societe Financiers Europeenne 
Barclays, Kol & Co. N.V. Baring Brothers & Co, 

Job. Berenberg, Gassier & Co. Bergen Bank 

Cazenove & Co. Christianid Bank 05 Kreditkasse 


Commerzbank 

Mur.fntlLthaU 

Credit Industrie! d’ Alsace et de Lorraine Credit Industrial et Commercial Credit Lyonnais Credit du Nord Credito Ilaliano Dahva Europe N.V. 


Richard Daus Sc Co. Bankiers 

norm alt Ham W. fettnao 


Den Danske Bank 

al IKl AkllaMmb 


Den norske Credit bank 


Dillon, Read Overseas Corporation 

European Arab Bank 

GenossenscbaftBcbeZentretlbank AG 

Goldman Sachs International Carp. 

Hessische Landesbank 
rGirozentrale- 

fardlnc Flemjngb Company 
Kxedietbank (Suisse) SA. 


Dominion Securities 

Um >U 

EuropeanBanking Company 


Dresdner Bank 

Alhurgeieilithaft 


Deutsche Girozentmle 
-Deutsche Kommunalbank- 
Drexel Burnham Lambert Enrogest S.pA. 

Incorporated 


First BostonJ, Europe) 
Antony Gibbs Holdings Ltd. 


First Chicago 

UmHad 


DG BANK 

D r uh r So C—umloMwi; 

EaromobHiare S.pA. 

Caupafaia Eniopta lalmiaobilltm 

Robert Fleming & Co. 


Girozenlrale and Bank der osterreichischen Sparkassen 

AlUcntmolUela/t 

The Gulf Bank KS.C. HambrqsBank Handelsbank in Zurich (Overseas) Limited 


IB J International 

Limited 


Limited 

Hill Samuel St Co. EE. Hatton & Co. N.V. 

Kansnllis-Osake-Pankki Kjfbenhavns Handelsbank 

Kuhn Laeb Lehman Brothers International 


R. Henriqaes jr. Bank 

.AkUtzelsknh 

Institute Bancario San Paolo di Torino 
Kleinwort, Benson Kredieibank N.V. 

LimM 

Kuwait Financial Centre SAJC. 


Laeb Rhoades, Homblower International 

limit* 

Samuel Montagu & Co. 


Kuwait Foreign Hading Contracting & Investment Co. (SAX.) Kuwait International Finance Co. SAJC TCfFCO’ Kuwait International Investment Co.snk. 
Kuwait InvestmentCompany (SAJC) Landesbank Schleswig-BobteinGirozentrale hazard Fibres etde Lloyds Bank International 

Umiffd 

McLeod, Young, Weir International Merrill Lynch International & Co. B. Metzler seel. Sobn & Co. 

Morgan Grenfell & Co. Morgan StaMevIntemational National Bank of Abu Dhabi 

The fhtional Bank of Kuwait SAJC Nederlandsche Middenstandsbank N.V. NederlandseCredielbankN.V. Note Bank 

The Nikko Securities Co^ (Europe) Ltd. Nomara Europe N.V. Norddeulsche Landesbank Nordic Bank Sal.Oopenheimfr.&Cie. 

Clnotaaah tlariM 

Ori onBa nk j}slerrdt±iscbeLdnderbank Paine We bber Jackso n & Curtis Peterbroeck, iwa Cawpenhoul, Hempen S.A. 

Phrson, HeUring & Pierson N.V. PKbanken Fostipankki Prhvtbanken Rothschild Bank AG 

Aatimtikab 

Sanyo Securities America Inc. 

Schroder, Maachmeyer, Hengst & Co, 

Sharjah Group Trust N.V. Scandinaviska EnskUda Banken 

Societe Generate Societe Generate de Banque SA. SocieldGenemleAbaciennede Banque 

Somite SSquanaise de Banque Strauss, TbnabrtB & Go. Sumitomo Finance International 

I (yowajtiorgan Grenfell Trade Developmen t Bank Union Bank of Finland Ltd. 

Verband Schweizerischer Knntonalbanken Verdins- and Wes thank 1. Vonlobel & Co. 

S.G. Warburg & Co. Ltd. 


Salomon Brothers International 

Limit* 

Saudi Arabian Investment Company Inc. 
Sc&weizerische Hypotheken- und Handelsbank 
Societe Rancaire Barclays (Suisse) SA. 

Societe Privet de Gestion FSnanciere 
Svenska Handelsbanken Tokai 


Samoa Bank (Underwriters) 
Scandinavian Bank 

Umltod 


N. A L Rothschild & Sons 

limited 

A.Sarasin &. Cic. 
J. Henry SchroderWagg & Co. 
Smith Barne y, Harri s Upborn & Co. 

Licwpwitorf 


Wardley 

Limit* 


Mdmgeitlteieft 

Westdeutsche Landesbank 
Girozentmle 


Wood Gundy 

Limit* J 


M. M. Warburg-Brinckmann, Wirtz & Go, 
Yamaichi International (Europe) 

United 


June 8,1978 




5S 






■Ftaandi- 3tae*^ 


30th JUNE 1978 REDEMPTION 

PHILIPS INTERNATIONAL FINANCE S.A. 

US. $30,000,000 62 % Loan 1979 


APPOINTMENTS 


REDEMPTION OF BONDS 

Phi l i pi Internationa] Fitianc** S_V announces that for the-redempbion period endin': on 3Ul.li June 1978 it.has.jiu tv-based and cancelled bonds of the above loan for U.S. S64Q.D00 nominal capi tal 

a n The nominal's imom! t* o n>r?n j he drawn for redemption at par on 30th June 1978 to iatisry the Company's current redemption obligation w accordingly U£. S4,&M,0Q0 and the nominal 
amount ol this loan remaining outstanding after 30th June ISD8 will be L'.S. S3.o00.000. 


Barclays rifapwiLjommz&zS!, 
Royal Insurance Board ^ 






DRAWING OF BONDS 

Notice i< accord in “lv hereby given thar a dra winsrorhonds of the r'iov* loan took place on 19th May 1978 attended bv Mr. Keith Francis Croft Baker of tlie firm of John Venn & Sons. Notary 
pul.*] ic. when 4.860 bonds for a tola l of l ; .S. W-fW'-iWO nominal capital were drawn for redemption at par on 30 th J une 1978. 

The following are the numbers of the bonds ilia wm- 


I07H 1677 
1763 1774 


1871 18ft 
2011 2015 


2120 2134 

2258 226n 


25W aw 

a«K 2 T(jU 


2805 2818 

29; *7 


3U72 3073 

3167 3170 


3253 3250 

S5o« 3TBOT 


3117 3118 

3535 3rd I 


r<i?iR 3C7:i 
3780 37i.2 


3M1 3025 

1073 4074 


42-P l 41*17 
4340 4343 


■MW 4191 
4571 4573 


4079 4683 

4805 4HW> 


1928 -lltm 
5w'.l 5*Jt-o 


5171 8152 

5389 527*1 


:*ft0 5391 

5502 5-517 


saw i 5tw> 
iwr; .5966 


8800 rit-OT 

h738 S74R 


0U'-r, ijiwo 

•3948 mu 


962 

970 

979 

ftO 

981 

98:4 

999 

3003 

1004 

1017 

1050 

lUM 

1095 

1152 

1154 

lift 

1135 

1211 

1234 

1259 

3213 

1215 

]24« 

1258 

1267 

1208 

1274 

1277 

1231 

1286 

1300 

1308 

1HU7 

l;w8 

1390 

1391 

1462 

]4(i7 

141-1 

1115 

1126 

1134 

1-I3R • 

1441 

1446 

1452 

1461 

H64 

1465 

1472 

1500 

155*1 

15* 1 

1(i0O 

1.58TT 

Iftfi 

1601 

1611 

1617 

1619 

1022 

1621 

1635 

1637 

1643 

1650 

Ibi'i 

Irtili 

1684 

1687 

1692 

lift) 

36a5 

1702 

1705 

1706 

1708 

1710 

1718 

1722 

1729 

1730 

1732 

ITS 

1740 

178=! 

178-1 

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Mr. A. F. Take, chairman of 
Barclays Bank! has been appointed 
a director of ROYAL INSURANCE 
COMPANY. 

★ 

Mr. Colin Reith has-been 
appointed a non-executtte 
director of WINSTON ESTATES. 

Hr. G. D. Smith, a corporate 
finance director, MIDLAND 
BANK, has been appointed a 
regional director responsible 1 for 
the Leeds- region from September 
1_ He succeeds Mr. D. M. Corbett 
who retiries at the end of Au gust. 
At the same time, Mr. E.‘ D. 
McKay, assistant general manager 
(planning) will replace Mr. It B.' 
Hesketh, who is retiring a s 
regional director, Sheffield region. 

*■ . ! 

The Secretary for Energy has 
appointed four extra members to 
his ADVISORY COUNCIL on 
RESEARCH and DEVELOPMENT. 
They are: Professor Sir' Hugh 
Ford. Dc. Gordon Fryers, 
Professor Sir James Ligh thill and 
Hr. A. M. Muir Wood. Changes 
on the Council are Dr. J.- Birks 
succeeding Mr. M. M. Pennell, who 
has retired from the Council and- 
Dr. A. R. W. Baddeley, in place ot 
Dr. P. J. Agios, who has also 
retired from the Council. V ' 

.* 

Mr. William Walker has been 
appointed a non-executive 
director of WHATLINGS., Mr. 
Walker retired at the end’ of last 
month at a general manager- df! 
the Royal Bank of Scotland. 

+ .. 

Mr. George Savage, secretary 
of the Tayside Health Board, 
Dundee, has been electe d presi- 
dent of the INSTITUTE of ; 
HEALTH SERVICE ADMINIS- 
TRATORS. He succeeds Mr. J. 
Roys, area administrator of- the 
Warwickshire Area Health 
Authority. 

From July 3, Norprint will 
become three separate companies: 
Norprint, NOR Systems and 
Darley Business Forms. These will 
be in the print and packaging, 
division of the NORCROS GROUP. 
Mr. Tony Warren, chief executive, 
of the print and packaging 
division, will be chairman of the 
three concerns. Mr. Peter Jordan 
becomes managing director of 
Norprint, Mr. Maurice Wright, 
managing director of NOR 
Systems, and Mr. . Howard 
Marshall, managing director of 
Darley Business Forms. 

★ 

Mr. FJ1L Osborn is to retire as 
chief executive of NORT HERN - 
ROCK BUILDING SOCIETY at the 
end of this year. He will continue 
as deputy chairman and retain 
membership of the Council of the 
Building Societies Association with 
a special interest in EEC develop- 
ments. At the same time Mr* A. 
Role, secretary and management 
services controller also retires. 





be a part-time members vof 

equal opportunities: 

MISSION. She works m jwodia*^ 
tion at Thames Te4e vision. 


Mr. MhAa^ Rothstein, sales 
.'manager, and Mr.* Stanley j. 
IJawsobt export* manager, have 
-been, appointed to. the, Board of'^f 
JAMES Hi HANDALL AND- SOU ^ij- 

7, Mr.'-R . : V. - Higgins-- -has beat ’-"'. 1 ' 

. appointed ^ by . L ; NORWICH. '-V v 1 
.BREWERY^: as deputy, managing.-. ' •• 
^' .director ta. charge of production, -: 

distribution,- pMsdnoel-and - 

administration.' L" ' .Mr. •. . MJchaeL' b '■! 
Dunthotue has been t made^alea " 
director ■ and 'Mr. ‘ Steven : '^ r - 
O’Gorman,-- deputy sales director ^:' 
The ^>poihtiaents ■; are at Board— ' 
level:/ •. . - 

~ - 


Mr. A. F. Tnke. 


■ Mr, . J2 Ferguson Smith, .. deputy •-? 
managing -director-: < civil) and-i : - ' ' 
c h a irm an - -of > the ? Weybridge^^t"- - 
.Bristol - DivisiQh ■: ^qf:'-BRITiai77>- - - ■' 
; AEROSPACE AIRCRAFT -GROUP,! -i£- 
• ; .has taken of ' responsibility for: 


tratlon). 


controllers 


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general manager and secretary. 
Assistant general managers' will 
be Mr. R. Chapman (London), Mr. 
J. English (finance), Mr. P. C 


W. Martin (mortgage).. - Mr. D. . . 

Urwin (staff) and Mr. A. Waugh BQMAG 1 (GREAT - BRITAIN) V " 
(investment). Controllers are to be ; has appointed Mr. Alex J. : PeiTwr^ . 

Mr. L. F. Brown (data processing) . and Mr. . Stewart ^fL Allen ^ 

Mr. L. P. Finn (assistant secretary joint -managing ■ directors. : Mr. ■= r - 
and educational services), M r. T . Alex .Ferris, _ senior;' formerly '.' 
Littlefair (general administra- . managing dlrectbc, becomes chair- . 

tion), Mr. J. S. Pardon tdevelop-. man. - ' J ^ 

ment), and Mr. R. C. Young . .. *V-- r 1 ^ '-’ •?* ' . fisi'L’i* 

(accounts) ^ >; Mr. H.-.- at T ^bali£ -has'; iKea^ ' 1 

Mr. S. B. Benbow ,h8s' been 'JKommN ® r8C ^? r - -?f' \ fl.{ 

appointed deputy chairman of WOBURN STUpiQSL- . , -j)*-* 

HOSKINS and HORTON, succeed- - 1 , „ 

ing Mr. W. G. A. Russell, who. has i, '. j *“ r :w7i«.i2 . r w“- 
reared as deputy chairman; Dr.'ii ^eSve.^ 1 ^ 

Denis N. Layton has become a - * 

director. Dr. Layton is worits and ' " 

° £ HosWnS ’ * as joint. managing- dlrect^bot. 
subsidiary. remains eHalrman without execu- - 

Mr. T. J. Runyan -has been .. j : 

appointed a director of SAUDI *•■■'. ■ •. 

UNITED COMMERCIAL General Sir- Jack Harman -Is to- .7' 
AGENCIES, the UK representative become Deputy Supreme Allied if! • 
office of the United Commercial Commander In Sirope hi Novem- ' 
Agencies Group of Saudi Arabia.; her to succeed' General Sir, Kuxy-'t' 

.. ^ *, « ,,*-• . Tore who is retiring, states . the 'V - 

Mr. Terence E. Gold mg has Ministry of Defence. General -s 
been appointed chief executive of Harman is- at present Adjutant ' ' - 
the N ATIONAL EXfUBTITON 'General' .‘at-' the^ ; Ministry "df 5 * 
CENTRE. Birmingham^ in snccep.; Defence. .•- ■• *- :.*i;.; 1 

sion to Sir Robert BdOtt . who’ ' - • • . ’ ... *. " -'v': ’. 

took on that additional respon- n _ * j w Vs™** w 
sibility in May last year. .Sir - ^ 4. • 

Robert, recently eJected .presi- ?*a^^gton VTTOI 
dent of Birmingham Chamber 0 f CARRINGTON VIYHJLA: 

Industry and Commerce, remains 4 . 

NEC chairman. Mr^ GoldinE was . PROVINCIAL B U l!LD lN’(S-^ ' 
formerly commercial darMtor of SOCIETY has made, the following'll - 
the ^Earls Court and Olympia appointments from July 1: Mr. A.-7 . 
exhibition centres. , Mason, chief general 'manager;.^ .. 

„ „ 4 ■,* £_ j •■■■ . . Mr- P- Goagh, general manager^*: 

Mr : p / l * r Lcfeh h «Lj*er ' (finance);- Mr7 G. W- Womack, *•• • 

genend manager (administra- . S 

N.Z. FOREST* PRODUCTS based -tiori); -Mr. ; S.. Cameron, general l • ' 
in. London..- He was managing manager (development); Mr. L. .v- 
director of-Turaer and Coates. ; Whiteley, ■ ■assistant ‘general £ ' 

/ * manager (mortgages); ^ and Mr- C.":V. 

The ' Home Secretary, has 2Hiomton, . assistant ■ general i 
appointed'^ SANDRA BROWN to manager (development).’ '4 ,- 


U'TO 1 19*9 32i*<) 1 S*T> 12015 12»H« 32018 12020 VJW 12012 32015 32048 32051 12457 32060 12U61 32061 12U66 12C«3 TJkS 120&-. 12086 3 2115 12126 12i35 


32111 32147 12119 32151 121-54 121'K 121G4 1211*1 12171 12177 121711 12180 321:18 12191 32193 32UT7 32199 J22U5 12211 T2211 12219 12221 12226' 12238 12216 


3225M ]22 >m 32273 liUK J22k? liSi.5 12200 122*** 3229H 12311 12116 12 2U 3232S 12327 323:12 12339 12*16 12350 12351 12351 12370 1237.4 12379 12384 12386 


IJJ.HK 12 tal 12112 12134 12135 12 1511 12160 12173 12483 12481 121ft 12193 12502 12516 12517 12519 12.557 12528 12541 12645 12352 12555 12567 12-569 12583 

32.iH Ji-iif, 12F4W 121**1 12607 12UW 12011 326IS 12622 12635 1265*1 12657 I26GB 12WKI 32678 3>«0 12687 32689 12709 12713 32713 12713 1275-1 12757 32750 

12775 327l>: 12Ki5 32830 32839 12iH0 12841 12818 1285-1 12861 12881' .. 12&i0 12899 12901 129UJ 12913 32&1B 32917 12931 32910 12911 12915 12016 32951 

32942 12CX 12*104 12101 121/71 12*75 12978 I2*HI 12991 12f*!*0 13U03 KIWI 1 oAl 4 1:1006 13013 33017 Ift.CI 13177 13J/7B 13079 13101 13107 13111 3 51 1-7 13122 

13126 15111 1-311;. .1.066 10176 12177 13217 ]:;213 12S22 1:1223 l:J237 I:i2h5 1:1250 13272 13274 3:^78 33283 33289 1.1291 13292 KCW 13295 MS17 13310 l:5» 


COMPANY 

NOTICES 


BETUBllC OF ECUADOR OUTStANDINC 
• EXTERNAL DEBT - 


33126 13111 Mil;. .1.066 10176 M17 


J:.t:i 3 1 KSS 1:1223 1:3237 


i::.Uf. 133a* IJ-CH* l.:Hs: i:.r;4l J-r>:.2 ]S*» um 13301 am l.t*5 ions 10412 33116 33114 12452 LU58 13459 -13469 11431 

J :>IJ ]:ifrl!» 137711 i: 2*7*1 13.T.1 13f4*J KShl 135!*5 136W l-ilMl lo«H 1-1805 i:«U> 33615 33619 13626 13630 MtKl 13.3:1 


]:<*W7 l:m*J 1 37H4 l:T7l*5 i::7'W ]:;71l 13746 112:2 1 1371 11376 H399 1440c* 1 HOI 14409 34416 3 1419 14127 11433 114: f* 34142 

11179 lilHL 145* rl 11503 lfiW 31536 14.=H2 14.719 11550 14359 llftii 1456-5 ' 14567 14568 14570 34580 14597 1I60U 1W06 11611 


33294 1J295 MS17 13319 1:X20 

13|9i i 33197 135*01 335.U 13537 
1062.5 13641 j:*654 1465!* 13661 

31143 1 MU 31418 11W4 11177 

34615 11816 11617 J USD 1467.5 


STANLEY ELECTRIC CO. LTD. 


11679 1 1682 11701 117 IW 11721 34747 11750 1 17 fd 1 17 f .7 14763 11779 MTS! 14301 11805 1 - 180 B 11309 11810 11811 11819 34820 11827 US 23 1183 L 11834 118 : 5*7 

1 IRW 3 4(112 1 13 19 1 !R 5 *l 1 1 K 55 1-1884 3 IKS 11392 1 W 94 34895 14897 J 40 U 3 1 1007 11908 14921 11923 11321 11 KK 11928 149 HI 319 U 5 1 1 !M 8 14 EM 9 3 4950 14 kVi 

3 1“61 llrtifi ll> 3 ! 11977 11 :«I 1 I 981 14963 11386 llf «7 1199 L’ 14995 15001 .15005 35006 15017 15018 35028 15031 l-'tfjl 15035 ]f*K 7 15045 15018 3505*6 Jf 061 

1 -V 465 1 5*17 1 l.VW 15081 I: 50 >* 15033 15102 IS 1 «! 151 X 4 1 S 1 W 15142 . 35161 15607 15612 15 * 72-5 15632 15636 J .5637 15633 15640 15643 15645 35647 15654 15655 

3 f* 6 f *6 1 -W-ii ]i. t «3 JHWl 1.5667 1:673 15631 1.5689 1.5697 15702 15712 15722 35721 1.5727 15729 157 X 9 ] 57 U 15717 157.55 157 R 0 3.5761 15761 35769 15772 Jf .790 

]f *794 1 . 5 MH 2 15813 15834 l.iwfi* 15&44 15815 1.5310 1:650 15 S 59 15361 15072 3 58*77 15 S 63 15873 15880 15881 19011 35312 15924 15015 15.951 15958 15059 359 C 7 

3 . 737 H 3.1971 35071 3.5977 1-5978 ]«i 06 26015 - 1*021 16026 36033 16035 16071 36075 16080 16081 16001 .16090 36100 16103 16106 16113 I 61 J 5 16116 - 16 U 8 16125 

1612*7 16112 lblll 16160 10162 10166 26168 16171 16172 16175 16181 16181 16138 16139 16190 16191 16205 36210 16213 16220 • 16221 16236 JK 210 16247 VOfJ 

3**277 lir.-Vw 362:41 K. 2 W* 16290 3 SJ 1 B 16325 36 M* 363 J 1 1 K 37 1634-1 1«351 1636 :: lkJ 64 16376 16 KO 36102 , ]t 740*7 3 WU 5 36428 36454 16465 16469 16519 - 36528 

305 W 165.11 KWH 16542 1654:4 165 SU 16556 KI 557 365-58 16562 16563 16567 1657 L 36574 16574 1657.5 .16576 26577 16579 165 Ki 36584 26585 36589 36592 

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16723 3 147 III 1 * 474.1 16746 1*4757 107*1 16761 16701 16765 1 C 77 U 16772 16773 1677.5 16777 16778 16786 16787 16789 16790 'l* 57 !iL 16793 16807 16810 16812 36811 

KW 44 i 1**8 !2 1**317 K 4 V>: 16832 1*4884 16890 1689 L 1 «C 0 36921 1 «G 2 16923 16995 16997 16999 17001 37018 1 T 027 I 7 <£ 1 T 17036 17038 17042 17048 17 * 32*0 17064 

17 U 57 17053 171*40 17 CK >4 171*11 17017 37068 17071 17079 17087 17097 17100 17108 17114 17120 17124 3713 :* 17192 37193 371 !*.’ 17201 17216 17224 17225 17239 

17211 172 16 17252 17251 17259 37261 37 JT 1 172 RI 172 S 4 17296 17 :JUU 37:109 17311 1732 W 17322 17325 17.129 37 «} 17344 17546 1735 D 17*60 37375 37377 17495 

17 UW 174417 17111 17417 17120 17143 17461 7716.5 17 kT 7 17172 17175 17132 1713 A 1749 U 17493 17101 177*00 17501 17505 17 *J 7 17 f 08 17.512 17513 17523 37525 


NOTICE TO HOLDERS OF 
EUROPEAN DEPOSITARY RECEIPTS 
f EDRS*') 

evidencing Shares ef Common Stock of 
the above-named Company 
Furtncr to notice ol March 13 . 1978 
THE CHASE MANHATTAN BANK 
N.A., London as Depositary Into mis 
EOR holders that the tree distribution 
to be made on the basis of SO common 
Shares Y 50 each tor every 1 EOR 


36465 16469 16519 -16528 
36.584 26585 36589 36502 


evidencing T 0 O 0 common shares -Y 30 
each held as of record March Si. 1978 


17565 175*17 J75U8 17512 17513 37623 37525 


175:41 175«* 17.751 17555 17.757 37.565 17572 17;«2 176K; 17585 175!rj 17596 17601 17606 37611 17bi*i 17hlE 17619 17626 17623 17611 17633 37650 17651 

17671 17*16*1 171*67 J7hii9 ]7>773 17675 17i-7!l 37686 37692 376K3 17697 17700 17704 3 7714 1771.5 1 7716 1772: 17724 37727 17735 17740 17746 J 7747 J7748 


1775*: 177.53 177if7 17772 17777 


37784 177K9 17790 17794 1779-5 37707 17802 17312 1782U 37324 37826 3732'* 37344 3784-5 17851 J7859 17361 17665 17877 


3 TUTS* ]7(¥5 178:19 17!! 1M ]7!I12 17921 17929 17W2 17011 17937 17944 17945 37946 17947 17013 ITOiiJ 17967 17*.n?,1 17971 17977 


.17]!!-; 17!<!«: j:.'C*X IS *12 1WII2 38020 3«0il IWrj:! J8*t.u 33*02 18*0.5 i:at50 18052 180c-l 33(15.5 16051 3303.5 lftiW 1RIW.5 

1K1 -a ISIrtl 1R10«> 181711 13170 18181 18217 1821!* 1826.5 18268 1828C 30389 3329U 182UI 3100 18297 13i8 


131-1*1 IKyiL IKf.ll UfOl 1102; IK517 18556 18.562 185K1 18564 11563 18571. 18576 1H560 185S3 1&>>* 18589 ICijlKi M602 16623 


18**6:! 1R67H 1»..75 ]R63i 18682 18687 18692 l»Jti I860:'. 13699 18701 38711 13713 18717 18721 187.51 18808 13321 38830 15640 18857 13860 18868 1S895 38806 

1K8-.I7 1C *H. 1690:1 18903 13919 18338 18951 18952 189ft 18958 18962 18961 18966 18978 18980 18981 l«98ii 13095 18397 18998 19001 1 900-5 10010 19019 19021 

lOtts: IH.rj; m-ill 1 !*Am 19055 JOOUtl iy061 Ififirrr 19U8U WWl 3»K{ ISOfrl 19087 19094 190U7 1»IOO 101U l-.m» 19122 19129 J913.5 10147 19148 ‘19153 19162 

39219 19222 30 225 I'cTT JtfiW 3924 i I'Cl-l 39216 19250 KC51 19281 19286 10290 39292 JftSM 10298 393011 Ifilftl 10309 19310 J!CI6 19317 J3320 19322 

3-.«-j:i l!Ui* ir>n«i 19CJ32 1 r «42 If 457 19358 Kcihl 19357 19370 13372 J9373 30J64 39387 19388 3 9339 l*jt»i. lJJsc; ]94W 10HU 19106 19108 19411 19413 13415 

39116 39117 IP IIP 1SM.5D 19457 llMcft 1941*2 ]91i17 19472 1017:1 19174 19478 30482 38486 3 9487 39491 J!M0I 39108 39.500 39501 J&502 39.521 39525 39531 30533 

19.5.JK 1-l-l?.* 1:*.>I I 39546 1*1550 1055*1 19562 19572 19580 -1958?. 13:01 19536 34504 19506 39599 19614 3->jlf. 19618 19619 3f*TJ1 ]!*i24 19625 39639 19642 

10116 l!*i.5'l lit Mi 1P674 l!Ti{y2 3960:4 1MD9 19702 1!*71» 19711 19713 39740 1!J71L 39745 39746 1974!l 19750 39752 1 97.53 3. r r75d 197SJ 19761 19766 19772 39778 

3978! 19791 1!»7W 19R04 IW-iiR 1MJ13 1983) 19822 19325 19827 1!«31 19832 39«M 19336 19838 398KI 1EG4-4 39X17 ]!<«52 3H&55 19066 193tS 19872 19875 19877 

1:*H7:4 1!*8M 1*«K5 19R8T* 1P!Hl2 lHUWI 19904 lfKUK 19918 19921 19926 19927 1WS 3I«3l lfM>5 19960 1996T; 3!07f. 19982 19987 19990 19J97 20000 20002 2»KK 


38721 18751 13808 33321 38839 J3840 


171*79 17930 17961 17962 17989 
18096 I3I0U 38103 38105 18149 
18322 13324 18328 18497 18498 
ias>1 16612 38660 1P661 18663 
18857 13860 18868 18895 38896 


J'J»1 19005 19010 19019 19021 


3! OT5 19983 l!t*H7 


197SJ 1X764 19766 19772 39778 

39066 193tS 19072 19875 19877 

19990 10JT7 20000 20002 20006 


2*irr_'l 21*328 2W«2 1IHW0 20tt r *6 20063 20UI-I 2UU86 20067 2(094 20092 20093 2009T. 20406 2*Jl07 20112 20115 L1U36 2013*1 20142 20H7 33151 20153 20154 


■2*' I- Vi 211162 LMUft 20174 2U222 20221 20225 jriR 202^6 20238 20212 20247 2*3246 20250 2025-1 2025R 2u2f<< 20261 LV553 20201 20266 33270 20279 20282 2COOU 


3«W 2*CCti -jrsja LlLL'l 2032S* 211331 130354 20312 2*«H 20367 3071 2037.7 20377 -JAM 2*Ml39 2MI0 20413 20411 204 IK 20121 20128 2W27 20429 2W3I 20435 


2**1.V1 2ii Iki 2IH01 2JMG1 2*3434 2U40R 2040L 204**4 203X1 20522 2U543 20550 20556 ^>559 20772 2*3579 2*l>%i 20539 2U598 3K99 20608 2061O 20815 20617 2*3620 

LUtL’l 20822 2*1623 20630 21*717 20*ftH 20611 206-12 20M5 20647 20648 2*3655 3B5B 20677 2*1689 20692 20700 207vrJ JjTOI 20709 20716 20734' 20737 20751 20790 

MKT.i 2*rri|*p LUH-ft 20062 20877 20880 JlifPrj:-* 20913 2*^14 2U99U 20991 2«K«4 20995 20916 31002 21012 21040 21049 21052 21053 21061 21065 21067 21072 

21**W* 21**31 21**!**! 21 HU 21117 21120 2113« 211-Jfi 21150 211bl 21171 21181 21186 21191 2119-1 2119*3 212W 2120*3 21210 21213 21211 21217 21219 21224 21227 

21332 21211 2123H 2L2-H •Jli'il “I'JW 21250 2128 L 21268 212711 21271 21281 21284 21235 21288 213*1 212»: 21295 21297 2M03 31304 21005 .21307 21319 21320 


2131 1 21217 21219 21224 21227 
21304 21005 .21307 2U119 21320 


31:^7 21329 i'UU! 2101' 21341 21350 2135 1 21359 21362 21:76 21377 21380 21383 21.CM 2138.1 -21386 21337 21-J90 21392 2I3!« 21402 2H03 21405 21406 

21 1— 21121 21-121 2142!* 21431 21441 21465 21173 21477 21479 211SW 2U«8 2149(1 21492 21491 21496 21515 21521 21523 2152 1 21326 21636 21655 21662 


21**7! 21677 2IK*r2 21601 217.« 21742 2174S 21780 21845 21861 2K69 21075 2188L 21861 21923 21 028 21932 21933 21962 219M 219SG 21998 22003 22006 22010 


-HI 2 220”.7 221(48 23.1ft 22Uft 22u71 22073 iaiT 1 22075 22098 22102 22105 22U« 221 JO 22112 22117 ■ 22139 22142 221-14 22145 22148 22158 22180 22188 22189 


— l-.tf: 2221(1 22206 , 22208 22215 


35 22234 22213 


22258 2J260 -— --Til 22272 


79 222S2 22283 22ftfi '22330 23331 22363 223* AJ 22533 22367 22568 22J72 


—7.H 2.:S« 2238! 2^fib' 22tt! 22305 22413 22127 22434 224-11 22151 22151 * 2215*5 22l7y 22162 22171 22477 22-176 22181 22482 22483 22496 22405 22499 23W 

226lii 22617 2!aCS! 22f«J 22-38 ^5612 22560 210ft 22563 22563 22583 2258ti 22 - c £l c . 225 *iP 22tV>l 22609 2.tj2S 22628 22*129 22631 22636 22658 22640 22546 22677 


22805 22927 23938 2»40 2344 


22**76 2’*EE« 22*.Hi 2*01 2391 25593 25240 2T7ft'. 227W 2271*1 . 22712 2.776 22722 2272-7 22726 2272R 22730 22731 21758 22740 2TT-13 2TTG6 2770 22771 22774 

22754 2270*5 22797 2305 22013 22823 22333 228ft 22836 2aM:: 22346 22849 220-59 22861 22»ft 22871 22888 22893 22KM 22805 22927 22938 22940 2S44 

— -li: 225*5 1 229if 22969 22972 22977 22979 22906 ^2988 23990 23015 23022 23023 23031 23038 23047 2306} 23033 230&5 23099 23101 2=5116 23145 23156 23158 

2=1162 21173 23182 21161 23186 23189 23190 23300 23206 23210 23213 23221 23221 23223 23232 23233 23307 23319 23321 23336 23349 2=53-72 23353 23376 23388 

2ri*7 23 11C J3I1& 23129 23430 2J431 21432 23434 23138 23155 23458 23-159 13467 UJ492 135 1R 33537 25531 23541 2S502 23567 23570 - 23577 23580 23590 

23 : i*l 2359U 2130-1 23601 23604 23640 23642 23631 23051 23663 2366.5 23670 23683 21631 2«36 23C39 23708 23700 21733 23734 23737 21719 23748 23750 23753 

2;7.>1 2.7-ft 23761 23765 2137*77 23778 337IW 23793 2bWM 23809 23812 23316 2*17 23823 21324 23827 23851 23880 23871 ■ 23894 23903 23018 2392J 23923 

23921 2*171 25994 -JJ9P9 240011 24010 24012 2«r27 24029 24046 24052 21059 24060 240e-2 210lH 24065 24073 24069 21103 21131 21138 24138 24156 241&4 24175 

21178 21179 2I1R1 21182 211 Si 24184 21190 *21199 21201 212=W 24222 24257 24258 21260 2426G 21287 24293 24296 21298 21304 21305 21311 21377 21379 213K3 

2111X5 1MSI6 24391 24.-*ci 21-KH 24113 24417 24125 2H27 24L» 24433 24-135 211ft 24439 2415? 24171 24474 . 2117G 21178 24-179 2116-1 24186 21189 2H90 244PI 

21402 21ir*6 21l!*7 21409 215*V* 2 1502 245*M 24510 21517 2452 4 21531 214fJR 21057 21540 215-15 2155c-' 2-1564 21565 21577' 24582 2i:>88 21589 21592 21597 24600 

2460* 2I*.JII 216*16 2-I*4TT 21608 24612 21618 21622 2(627 2R31 24630 2H£» 21652 24660 14668 24CT3 21675 2J677 21078 24»WS 2 1*2*0 2(692 21*215 21097 21t03 

21702 2-17114 21715 2471B 247J* 21737 21739 2475 k 24760 24772 21778 24702 21780 2-1791 21794 24795 243W 240*18 21810 2481-1 21815 21020 24022 2482=3 24326 

2I«L7 21(728 24RS1 2181*1 24847 2186U 21062 218C3 24865 24868 2 W77 248R2 24887 21363 24890 24901 24906 24900 21914 2-1916 2l!*21 21£rJ2 2HC3 24926 2492S 

2MUI 241(43 24 KtC.i 2195f* 24950 24059 21301 211*70 21977 24979 21982 2-1981 21&8K 245*93 25000 25003 25004 2a0*.*5 25006 2 ; 009 ”5011 25019 25(C) 25025 25CE)6 

-■612 fti.15? 250* IT 2.VI7.5 2.52ft 252ft 252-1 L '2-5242 2.5213 25214 2524- * 233.1 -35263 2.5278 25284 2528-5 2-5292 25302 2SH1 2-7322 25323 2fi)25 2-5332 25233 253ft 


each held as of record March 31 . i 97 f 
has now been received In Tokyo. EDR 
holders shoo Id accordingly now tKtserrt 
coopon No. 2 in order to claim the 
above entitlement at either the omce 
o* the Depositary: 

The Chase Manhattan Bank, NA» 

Woolgate House. 

Coleman Street. 

London EC 2 P 2 HD . 
or at the office ol the Depositary's 
Agent: 

Chase Manhattan Bank Luxembourg 

S.A.. 

47 Boulevard Royal. 

Luxembourg. 

The new shares will *»,»***!»“£ .’W 
delivery at the ottca or the Custodian 
Tn TokYO. The Mitsui Bank limited. 
1-2 Yurakucho 1 -Chome. Chlyoda-ku. 
Tokyo or at. the risk and futpense of 
tbc EDR holder at the. office of the 
Depositary or Depositary s agent above. 
EDR holders should submit delivery 
Instructions covering their entitlement 
of new share* to the Depositary or 
Depositarv's agent when presenting 
Coopon No. 2 . 

THE CHASE MANHATTAN 8 ANK. 

N.A. 

London, js Depositary. 


UNION DE BANQUS 
ARA6ES ET FRANCAISES 

U.BA.F. 

US525.000.000 LOAN 1976/1981 


The Council af Foreign Bondholders 
have been authorised Jiy the Government 
ol the Republic or Ecuador, through tbc 
Minister of Finance - and- Public Credit, 
to publish the foilowing- .oRers;— . • . . 
„ . THE. NEW- OFFERS . : “ ‘ 

{juayaoull and Quito Railway - 3 % 
(formerly 5% and 6 “ir Dollar Bonds 
Republic of Ecuador 2 h%- ttormerly 
_ 4 %J Salt -Certffiartes 
Republic of Ecuador 2 h% (formurly 4 %) 
Condores Bonds , 

1 . As from the 2 nd day of July, TgTB." 
the Government of the Republic .of 
Ecuador, shall, on presentation at tf» 
offices ol the respective paving agents 
therefor, redeem all outstanding Guaya- 
quil and Quito Railway 3 %. Ilormerly 
£%•»** | Dollar Borris. all oot- 
standiog Republic of Ecuador 
(formerly 4 %) Salt Cortitates and 
all. outstanding Republic of Ecuador 

. 2 ':% (fomierhr 4 %) Cotidorei Bonds, 
whether or not the *a#ne Shall .have 
been assented to the offers made by 
the 'Government of Uie -Repo bikr ot 
Ecuador and dated 1 st March. 1955 
ftfia " 1955 Offers") at oar: together 
with <a) accrued Interest up to the 
2 nd day of July. 197 B. calculated In 
accordance with- the terms of the 1 BS 5 
Offers, and *b) (Where appropriate} 
compensation In accordance with -the 
terms of the 1935 Offers. . Accord- 
ingly. Interest on all Bands and salt 
Cert (flutes presu med for -redemption in 
accordance with the forms ol the New 
Offers shall tew to accrue on and as 
" from the 2 nd day off July. T 978 . 

2 . After the Sist day of December,. 1980 .' 
only Bonds and Salt CertlKutes which 

boen assented to the 1955 Offers 
prior to the date hereof (hot exclud- 
ll $. t .* 0 | H(S and Salt Certificates 
Which have been drawn -fbr redemption 
fn accordance with terms of the 1955 
offers) staff be efipfbi* tor redemption 
[nsKtonianen wRh - the provisions 
w?or. ... 

3m T?*;, l 955 e onm tax raodrflod fierpbvO 
Shsllternrinate and cease to have affect 
on the 31 st -day -of December, 1980 . 

_ „ . 50 th May. 197 B. 

Cgwncll of Foreign Bondholders 
refer to the above Offers ouHfsbed today 
*nV. recommend Bondholders to accept. . 

dS* V,! ^W^wish^ .- te 

will bo published by the .Paying 


Bondholders are hereby informed that 
the rate of Interest for the sU-monUi 
period starting on June 5 . 1978 and 
ending December 4 . 1978 has been 
fixed at 8 i’i>. s a. 

Coupon No. 5 will therefore be 
payable on December 5 . 1978 . at a 
price Of US 544.797 eaulvaleot to a 
9 *‘i»% interest on US 11 -000 - worked 


The -Fiscal Agent 

CREDIT LYONNAIS-LUXEMBOURG 


Agents In due -course-' ■ ■ 

9 rJ 2 . Cbeawltfc. 

London EC 2 V SAB. 

7th June, 1978.- - 


CROSS LEY BUILDING PRODUCTS 
LIMITED 


file Matter of JTGKE^TYLES UMTreQ;.-; 
aatf in the JfatterL of Companies ;'-i 
Act. IM^- ' 

NOTICE & HEREBY GIVOT, that a 
PeiitJoa; far the Whdlnc no ofthe abowy-^s: 
named Company fey- the High Court 
Justice was <w the 25Dr day of Hay 
1978. presented - to. the saW Court br ; ; 
TNDUSTRIA ENGINEER fRG PRODUCTS'*^ 
LIMITED. ' Efikdate'- Eoadr Urtritten* -» 
Mlddfescc and that the said PeUUon *"?■ 
directed to lw , heard before fhe Court| -' 
sfttitw at tbe.-Roval Conn ^ Justice, 
Strand. London; - .WC3A ; ZLL. on ' tla- 1- 
J«h day of Juna'-J978. and any 'creditor'-^ 
or contrttwtory .of -.the said Company - ' 
desteous 10 support or odpoae the nukiMP^ ' 
of on Older on _tb*» said Potillon raar-^ 
appchT at the Mtu*- of fwarLw In persos y : ■ 
or by. Us. Counsel for that purpose: :.gnd.-..' 
a coot of the Petition wfll be' fnrnfedwf- -' 
by the undersigned 10 any creditor or.-': 
contributory of the saw Company mntirfuB. ' 
such copy on payment ,ol. the regnUd - 
c ha r g e for;, ibe mutkl 
. . ' HOWKLLJONES L PAKTJfEB&V I 
• ,l?a Wknbtadon 'Bridge. "7 •• 

. London. SWM 7NH. .. --.^-2. 

Solicitors for- the Petitioner. : ' • . •.-■= • 
NOTE j— A ny- person., who intends tn-:. 
appear' on the hcailnx of Me said Pciifioft:-^ 
must serve, oo. -or send by- post- to, life-/ 
above-named 'notice : ja ' writing of Sfitv 
-intnuion bo to .do. . The .notice .puui d*»--. r ; 
the name -and address of the person, or, 
tf a Hem the . name -and address iff ' the* - 
flno and -nnat, he signed .Dr tha twsbtJ 
or Jlrrrr. or his or . their soUdfnr (tf BS7L..V 
and. must -be served, or. if ported? 
be sent by. post -In sufBcieni time -:*'4r 
reach the above-nsmed dm laier than'*-.' 
four o'clock In- the- afternoon . of.- 4h>'- --- 
23rd day -of - June 1078. .5 ; - - 5 - -. 


6 PREFER ENCE SHAR^ 

Stare errafer H | 5 lte Y »nS ,E ^WteS j %Yip CARROT LIMITED. 15. Duke 9i- 
members of. the BV, .Cumolatfw Prefer- S.«tf. 1 ,- 1 Bth Century Fr»Ui 

erce Stares of the company WujhecleMS , , Dra I*>I» ’and Scnlotute- 


ence Star« of the cSfewnTiJS ta 
f S°T0 19 th June. 1978 . to 

FrW St' 50 J * 1 ..June, - 1978 ^ far to*, pw. 
Deration ■ **f dludeno wjrranfe. . 


?Tj* w- 


iwtnns -and » 
MOn.-Fri. I C*-5- 


Deration "f dlmdena “warranb. 

*V O rd ff the -Board. .. 

■G. H. M. GIBB. Secretary, . 


PUBLIC 

NOTICES 


UNIVERSITY 

APPOINTMENTS 


2 l‘l HI 241*48 24K5I.I 219.V. 241WJ 24959 21961 2 If *70 21977 24979 2ly^ 

25tH:j 2.5I.L57 2f<lH7 2.VI7.5 2.52ft 2.52ft 2521 L 25242 25213 25214 2524! 1 


Proposed acquisition by 
Lonrho Limited of 
Scottish and Universal 
Investments Limited 


2W 25ft2 25:46:! 2V.(h« 25ft:7 -5397 25390 254UI 25402 2^06 2>408 25-10!* 231 1U 25U2 25413 25425 25435 254=7= 25437 2'rlft 2>142 2*4-17 254-18 25151 25454 


25.7 1 u 2 .V 1 II 2.V-1-4 2?o22 25321 23324 2333-1 263ft 23539 23345 2-5547 275441 25531 


21377 25566 25574 23376 23579 25580 2&MI 23790 23 3T«3 25397 25598 2560U 


25*1011 2y.l7 25621 23621 25629 2rid31 2vnt5 2-5tf« 2.5tSB 25b35 2>SH 2-ftcf 26660 25664 25667 27673 2767.“, 25679 256i*J 2T6&5 23687 25091 250M 25*H 


2 ; m3 2" Til 1 257H.5 257117 25718 257 111 2571 L 25712 25713 23718 27721 25727 25731 25749 25747 25733 25751 2575.5 25759 267tti 25768 25770 25773 25776 25781 

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M750 2*7768 D 577.1 2670U 26781 26788 3J78E* 26803 20W3 26311 20029 20848 26060 26868 28372 26577 26879 21*32 .26001 . 268! *3 265*01 212.* 10 26923 26029 28959 


3747 35753 2575 1 25755 25750 26763 2.7768 25770 25773 25776 25781 


26729 26711 26718 21^.51 1*732 
2*4*0 1 20010 26923 26929 28959 


2i.fi»; 26970 26977 2fflJ87 23B99 27098 27U14 27016 27018 27026 27035 27043 27016 27047 27051 270-'i3 270ft 271I59 270ft 27072 27078 27080 2708-1 27088 


271*97 271ft 27101 27102 2710H 27115 27119 27120 27121 27113 27128 27127 27138 27149 27177 27179 27180 271 ft 27190 27197 27202 27206 27213 27229 27236 


27250 27252 272--1 27256 272JO 27263 27270 272771 27275 27280 27282 27292 27293 27294 27306 27316 27327 27330 J7331 2T:.SJ3 27:M1 ' 27348 27350 27363 27364 

27i^6 27:1*51 27370 27371 2717.“. 2TJ77 2738U 2739.4 27297 27.398 2711*5 274u9 27432 27435 27436 27439 27140 271ft 27162 274«i 27170 27175 27483 27187 27491 

27500 27501 27305 27511 27514 27515 27521 27.531 27.533 27536 27538 27539 2754 L 27547 27551 27557 27567 273ft 27578 27584 2T3&5 27.49U 27598 278U2 27806 


2738H 27331 27:^3 27:141 ' 27:448 27350 27363 27364 


23044 28045 28049 2«X7 


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27699 

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27718 

27720 

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278*17 

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27811 

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27816 

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27836 

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27910 

27915 

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279.55 

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27H80 

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27938 

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28020 

28061 

28065 

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28069 

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28075 

28076 

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282«; 

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28377 

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287-85 

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28027 

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28695 

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28719 

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28769 

28789 

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23818 

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28979 

28982 

28981 

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29011 

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29171 

29176 

291B0 

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29221 

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29235 

29236 

29239 

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2937 L 29872 
. 1‘. C- Bnkiir. N" 


,1 0 r.i rii.. ?! “ &***•’** ofrwiempt ion at rjKronoi-allorrwih.IuTic 197831-1 liv-ciri.-^-.l il.r iMvln-j^nUii.ii.ie-lon ilfe.:o«p*,iv*1n tliomamwi spruirioJ 

Principal Paying Agent: W. M. Rothschild & Sons Limited, New Court, St. Swithin's Lane, London EC4P 4DU. 

7th JinwidTR 



MERGER SITUATION 
INVOLVING . 
LONRHO LIMITED AND 
HOUSE OF FRASER 
LIMITED 


On 12 May Mr Roy Hattersley, 
Secretary of State for Prices 
and Consumer Protection, re- 
ferred to the Monopolies and 
Mergers Commission .for in- 
vestigatipn and report, under 
the provisions of the Fair 
Trading Act, 1973 the 
proposed acquisition by 
Lonrho Limited of Scottish 
and Universal Investments 
Limited, and the consequent 
merger situation involving 
Lonrho- Limited and House of 
Fraser Limited. The Com- 
mission . are required to 
report within six months. 
Any person or organisation 
wishing to give views or in- 
formation should write as 
soon as possible to: 


The Secretary, 
Monopolies and Mergers 
Commission, 

New Court, 

48 Carey Street, 

London 

WC2A2JT 









Cflfminission 
stalls on 
#igineat ban 


Improve or perish, beet growers warned 


BY HULAftr BARNES 


COPENHAGEN, June 6. 


the 3 ?- !t 


'• Mttli EUROPEAN suyar-beet growers From 19$0 cnrn sugar would be and glucose subjected to the sugar, ■ *®jj55J r < -l l i n f 0U r'* e,i " * . But the EEC. they say, should | 

sascuST- 1”« s/et" 3^ raraE SbSsrs5“4£3si 

sun -m 


Cut forecast in 
international 
wool supplies 


rs» htohr'T,v5 w?J -W ,fc ' tiwy 

au ®>t: TterFpejwJ^asited specifically 
e n ' W>r i?b^u^n:ajnports from no n- 
Mr^* Xwqiao^F^Sfflnlries, a re-iruro- 1 
fiaik Adarffoa^qt^ubsidies for plgmeati 
%heWL- -qff.tStt inxarket in private! 


nB «“^R..»*.«5wW must seize the technological 
was- straggling :fdr.-$tnvlvai initiative themselves. 


! ^ r ~ T T TP V. ^r - — .J , oustgr. : . •» larger sugar exporter n 

c ^ c °v J y ;- J9r export “ The T,an*' it ister-litan' von 0 . u ^hi to ban any suaar prodne- L . 
retag s-jp/b e raised back to lasUthinir^.hW^^ai?^^^^ ? 10n from starch. Every kilo or 
yeara_^ ^ueose or glucose expeU quota b 


called for a ban on all imports Countries, such as France, At present, said M.oayre.tne BY 0UR COMMODITIES STAFF 

of sugar into the Common Germany, Denmark and Holland, ACP countries overall im P£^ 

““*« frora ”“* cn,tar Sriif",' lS , “ill,nf,a"™ S' mSbFwSET ^ me from WORLD SUPPLIES of wool avail- permanent Mlablishme.it of the 

renresentaiivo*; of up quota shares, even when, as other ACP countries. i able will be reduced in the forth- floor price to provide a 

Addressing representatives of up h . • . rfri e uo ,, r could i coming 1978-79 season, according continuing base of stabhtv for 

the EEC'S 425000 beet growers ™ ‘ 'i a f auotas'aro no? bemi ? *2 ? I .fSarant sourre offto Mr.Alf Maiden, chairman of growers and users alike. 

hi 1 said the Community should production quo a Arc not being .JFJuel LodueS fn ■ the Australian Wool Corporation, At present, the Government 

join the International Sugar unused. ihemical ana f P 1 reports Reuter. legislates to extend the scheme 

Agreement only on condition M. J® vif,^ m J!f g Tat^Sd Lvl^told 1 In a speech prepared for the each season. Floor price levels 

that allowance should he made annual c °®P e " sa * ,or * f or f ._ un * V ltQS ' °LJ ate 311(1 Ly,e * tolfl international Wool ° Textile for 1978-79 will be announced at 

for the EEC's sugar exporting from beet and 5S£— roof™ «d of .he current season 

TTSl- .0 protecting ,he SS h- *. IS “f- “SE ££2 M 5.? S£ 


• Sttta h^biucosc or glucose expels quota beet fndX VoS imported Lome countries was being » ne^cbemtol ^ 

s ^ ^ sub. rasrrss era ss? £?- ~\s r zs sas a ts: * ai— 

of'^pointsi.tb its. ££2r«f Sfi 9 ! LSsfrv 3 *F d *° an EEC levy, which campaign, financed by 1 per cent 300m of account over the cheaper, easily broken down by Au^raha and other exports w ^ an ^ ralJ ^ has U!, asreed 

Cjt\F^ I ^eaV^>^ %n effectively stopped the expansion tax on sugar sales, to promote P^iecr, according to M. Ca>Te. microbes and acceptable to ... . , - to price its foreign stocks in 

■sponjIfeune'^/And indicated today that moreeffic^t - ^ Production. Output this year EEC sugar consumpuon. which The beet growers ur S ed that environmentalists. This was likely to be a major both H Austr:ll i ari an d U.S. dollars. 

requests ... Is expected to be ahout J1D.D00 has /alien from 10 Jm tonnes in from 1982, when Lome su?ar As oil prices rose there was influence on the market, be said. ^ ^Iaidon said this will allow 

as - - - u He said, that eoni syrap touW tonnes. 1973-74 to 9.2m tonnes in 1977-7S. imports can be reviewed, the an increasing probability of Although prospects presented a fleSbiiin- of 

%.!.!%,? ™ '■ ■ e J ?re ? ch request be expected to capture 58 per The boet growers want the The campaign should include EEC should refuse tu provide alcohol being used to power cars, mixed picture, the AWC believed nnerntion. 

, b an__whlch cent of the U-S. marker by 1990. levy increased, and isoglucose the “medical rehabilitation" of new delivery quotas. he added. the net effect of supply/demand ttu ii c K: n J' this arran-emwit 

>i soanng lmports frcan . -.- ~ ; ~ ■- ■ " .. . interaction would be favourable io h J .-ont i nn Tr. 

0r i^Sast Genstany, js-aimwt certain - • - •• : . ■ " 7 * for wool through most of the AWC has vonunued to 

r to be -ralused. But 4f these -im- ■••.'• 1978-79 season replenish its European stocks. 

Copper cut denied Shai^faU World cotton crop aSS^liS^HS' 

d°» ttie 8ip.' BY JOHN EDWARDS; XOWdODlTIES EDITOR ill COffeC 1 1 she^ Se^tsInUie MiddlfEast. first "tirSe^n 

V-* Ifiv . . _ - AOTTiralinTA lAIXrAV*A/l mv. ,v,o. n\ t-v,,. 


Meanwhile, the Australian 

Wool Corporation has agreed 


Mew rubber ; , 

DnCe pSCt cathodes from - j-Slihero • Peru, mission, 

uter hjj, . . ••_._• • . '•.■■• .. causing delays ehtt- interruptions After ••protracted discussions,” 

iintvS C!,B i rSlK^'nl^nniPn sbwmeats to J&tnxve.'-But-the a compromise scheme has been 

jj-uiNGSi. j^iauutu company was opemtsmg nonnaily worked ouu Certain quantities, 

™ ir. - :. • arid producing- normal not exceeding 10 per cent of the 

'DPOHi MALAYSIA; ^ Jane 6. amount of blister .popper. total EEC quota in each of the 

'.,‘1 ■ ■ - The London eopper market four classes of moials, arc to be 

RUBBER CONSUMING countries had a quiet day yesterday, cios- retained by the Commission for 
* will continue^ negotiations with ins marginally, hjgfrer. Other piecemeal distribution to mem- 
lack Ham* producing'couctries iii November base metal vaiuesr eased sUghtly. her states when justified, 
y SupreSI 1 for an :ag«»ement on inter- Even zinc was lower despite a To qualify for shares of these 
Europe jr/natSonail -price • stabilisation -for quick reaction by NotTh ; Ameri- reserve quotas, member states 
General s|Vnatural-rubber, according to Mr. can producer tty- follow-' the must prove they hove exported 
reurin» ^Paul : :"Leo _ hg,- deputy- Primary increase of 2 cents to 3t eents in nt least 90 per cent of their 
Deienct o Industrie's ' Minister,', reports the UJ5. do meatfc anc :. price original export quofa. 

present i^ileuter. V • ' z * 7- — 

"Mi&Sfr Mafllaysi^iii cost plea 

Carwioq r* further prepara 1 017 meeting to ■ • ' ' *■ ' - „ 

1 die Con be' held in September in Geneva. WONG SULONG." - . KUALA LUMPUR. June 6. 

: V1YELU 

A WnrlH ndhir-il mhhar nwtvTi,*. I Will VCT a win»V U» , Amnn. 


fitter hs. 

m ssr 

5ins toj, 

'sr 1itaie , 

* 


Copper cut denied Sharp fall 

BY JOHN EDWARDS; -^COMMODITIES EDITOR in coffee 

SOUTHERN . T PERU = Copper announced by St. Joe 

Corporation- firmly- - denied Meanwhile, the UK Depart- ITISlrBvGT 
ninwurs yesterday: that %t was ancm of Trade announced yester- 
planning to cut back deliveries day that agreement on the 1978 Bv oirharf Mooncv 
by a force maj cure de c lara ti on, quotas for exports of non- " 

- It confirmed that there was a ferrous scrap meiuls had finally COFFEE PRICES fell sharply 
.thortfall in the usual supplies of been reached with the EEC Com- on the London futures market 


World cotton crop 
estimate lowered 


WASHINGTON, June 6. 


interaction would be favourable ^ ^Kon^eTto 

19/8-79 season. Mr. Malcolm Vawser. general 

In the longer term, one of the manager, marketing, of the 
important factors influencing A WC. said the Corporation's 
wool production is the expansion stockpile at 993.296 farm-equiva- 
of the market for live sheep and j ent t> a ies on June 1. was below 
sheep meats in the Middle East. j ra bales for the first time in 
The Government and the over 3) years. The stockpile 
woolgrowers’ organisation, the peaked at l.SSm bales in 
Australian Wool industry Con- October. 1975. and has declined 
fere nee, will shortly discuss steadily since. 


ZPOEL MALAYSIA; June 6. 


Malaysia tin cost plea 


BY WONG SULONG. 


KUALA LUMPUR. June 6. 


iiaj-i • World natural rubber prodiic- MALAYSIA TOJOAY «qn»ssed His statement underscores the 
* tion rose by 30,000 tonnes to concern - over a -“disturbing suspicion in Malaysia that the 
L BUiLjrfWm,- vtonnes in 1977. figures trend" -among tin constippers to us has done mtire 10 upset< 
made 'j«f*JfSufd-/T3y- the International obstruct any move v for. upward h . <tabllise the tin 

froni M tiRubber. Study Croup show. But revision of 'tin - priced.' ev,en., r ’ L°I U * 

generdi nwconsiimption . rase!, by ..^25.600 though this was necessary to market by its recent actions at 
h, seoeni ittormes to 3;77m tonnes leading to meet rising costs. . . '= rrc meetings and the vagueness 

r. G. K Rea 135,000 tonnes decline in stocks Mr p a (,] Leong the 3^puty over 'ts tin stockpile releases, 
r.jger ifiasto 1.43m tonnes. .. ... ! - Minister of Primary Ii^^feies, Making it clear that Malaysia 

■ C 3 ™ 70 * a Synthetic rubber- production said, since the ; entry- pfe^aew expects the 1TC economic price 
•velopmes. Jtjogg b y 465,000 tonnes to 8.4m constraiing members, particl&fly panel, which meets jn Bangkok 

.^tonnes ■ while - consumption- the U.S!. in the fifth Ihternatamal nesrt Monday, to. recommend a 
- *^}increased to 8.5m from 7.9m in Tfri Agreement. consumes higher Price range. Mr. Leong 

■ «vinJ5 m ^1976. Stocks, at: thg emd .of tended to flex their muscles aM. said, Malaysia strongly felt that 
.c:o?n;eni . D ecem b e j. totailoif : 1.57m tonnes pursue a r confrontation cour» a pnee of 1.500 ringgits per plkul 

against 1.69m a year earlier. with producers. i _ was v necessary 


yesterday as dealers became 
convinced that the immediate 
danger of a serious Brazilian 
frost bad passed. 

The September position 
climbed to £1,980 a tonne al 
one stage but then slumped to 
£1,767 a tonne, £185.5 down on 
the previous close. 

Market sources said the fall 
was mainly due to speculative 
profit-taking encouraged by 
reports of warmer weather in 
Brazil's coffee growing regions. 
Minimum overnight tempera- 
ture iu the north of Parana, 
Brazil's main coffee growing 
area, on Monday night, were 
around 10 degrees centigrade. 

But the market remains very 
nervous about (he possibility 
of frost. The recent scare, 
which boosted prices by over 
300, came much earlier than 
usual and the danger will not 
be completely passed for 
another two months. 

With the memory of the 
1975 frost, which cut Brazil's 
coffee crop by three-quarters 
and pushed bean prices up 
ten-fold, still fresh in dealers’ 
minds any new signs of lower 
temperatures can be expected 
to produce dramatic reactions 
In the market 


WORLD COTTON production National Cotton Council econo- . 

this season is projected at mist, said U.S. cotton production A 

64.2m bales (47S lbs net weight), could total 11.5m to 12.1m bales 
down from 65.2m forecast last in 1973/79. J 

month, but still above the 5S 3m Exports should be reasonably 

produced in 1976/77. the Inter- close to this season's level, and ciwinw 

national Cotton Advisory Com- domestic consumption should BY simon 

mince (ICAC) said here, reports reach between 6.5m and 7m bales. 

Reuter. This could result in a somewhat THE VALUE 


S. African sales up 


JOHANNESBURG. June 6. 


of the South some R9m above earnings the 


Output In China is estimated lower carryover than the 5.4m African wool clip for the 1977-78 previous year, 
at 10m bales, about lm below bales projected for the current marketing season, which ended Despite a lower volume of 
I earlier expectations and the season. last week, was the second highest exports, the decline in the value 

1976-77 harvest. ----- .... 


With this season's domestic on record. 


of the U.S. dollar, to which the 


This reduction is reflected by consumption expected 10 be According to the Wool Board, South African rand is pegged, has 

China's continuing heavy pur- about 6.6m bales, total usage for 680,303 bales weighing 100.1m maintained export earnings from 

chases on international cotton tb e current crop will probably kilogrammes were sold during raw and processed wools at last 

markets. Aggregate Chinese equal ll.9m bales, be added. the season, realising Rl70m, year’s figure of about RlSGra. 

imports could exceed 1.5m bales A feature of the season, accord- 

apainst 625.000 last season. ing to the Wool Board, was the 

The near record world cotton _ •it* high proportion of merino wool 

output this season is expected mmin in Idllfl HNPPC offerings sold at the Board's 

to exceed anticipated consump- I Hill U 111 Idllll UIILCIj auctions. 

lion by about 3.25m bales, thus 0 " *■ Out of 700.0SS bales oo offer, 

increasing stocks as at August 1 av rumempupn parkes 87 per cent were sold. In the 

from the unusually low level of BT CHRiSTurntK MSe q£ karakui wool howeveri an 

20.2m bales a year earlier. the PRICE of farmland in Eng- f£2.873 a hectare) compared with average of only 80 per cent oF 

M 11*? / fO rci I Ian M ovnll knlni- n. M ^ jc. mm l.-nPA r-r.lA I VI 


Big jump in land prices 


BY CHRISTOPHER PARKES 


The Committee said the i and has jumped more than 15 *1.117 an acre (£2.761) in March, the bales on offer were sold. In 

‘crease in world consumption per cent first four months *1** ew L°! ‘\ pnl ,ast v year last al «*<> ns «?jly 1 a third 

> fin dm hale< from in ^er cent tn me bto ,uu * 94392 acres had changed hands of the karakul available was 


centrated principally in Western iu st published by the Ministry four months of 1978 were 25 per Auction prices climbed steadily 
Europe and Japan of Agriculture. Land is now cent lower at 71,000 acres. during most of the season. The 

The USSR is expected to use almost 42 per cent dearer than j n Wales the aV erage price has average price realised for greasy 
about 8.9m bales, 100,000 bales a y ear ago. been falling so far this year. The wools was 167.58 cents per kg, 

above the 1976/77 level, but con- And while prices have risen average value of land sold in about 2 is per kg higher than 

sumption in other East Euro- sharply, the amount of land up the first quarter was £667 an. the I9i6-n average, 

pean countries will generally for sale has diminished equally acre (£1,647 a hectare) compared At 293.91 cents per kg. the 
remain unchanged. -alarmingly. with £687 <£i,69S) in December average price for clean wools was 

In Memphis, Tennessee, mean- During April the average price and £579 (£1,4301 in the first almost 3 per cent above the 

while. Mr. Arlle Bowling, U.S. of land reached £1,163 an acre thre months of 1977. previous season's average. 


-—-COMMODITY MARKET REPORTS 

• N0TICES ”• "* 

COPPER— SHsh«y flrmw on Uif towlori YlM— Kurefcf cltamswOrAller open/ns at 
vjj:p. ’CP tfetai Exchange. ■■Forward’ metal opened ib.bm. forward racial jMsea op lu 16.05, 
• i”T tiower at X772 and foB away to ET67 on the reflecUnc dwmnnnsil'Ttw In ihf Pcnana 
. , .:jre<mar(i«. reflecting the weafcnew' an price, PrafitriakinaPthen pared the price 

r-j-ji ^omes overniabi- In the marnfaiB "rinCT. to K,tt!5 witb ibiN®ackwardaUon narrow- 
1 t aaowe'eer. the price .picked - , up .to CT7* ^ to MS, in tiA anenioon values came 

• J “ iwlns u> market talk of an Imminent under sriUiw pfessuie and fresh proav- 

— « -OTee maleure dedarKUtm by Peru. A takhtg wfth : rortrard standard metal fall- 
i.’r. ’^•'J icnlal of the rumour coupled with a shaky am to rSS5:bcfore recovertne shchity to 

v; • ■ r - on Coma saw the priw ease t» .. cjow ai-jusse on the late kerb. Turnover 

a. i>' ..Tri ,bvt as Uw> laner staged a recqrery. : i,«o iwpiei. 

•i ".e • ia f,-'.jrices hero mnyedup In line wlih loiwanl - • • • -- _ 

d :j - r - V«-n«nl louehlnff fJSff prior to closing n •• *- n >- ,T‘ tn,r 

\ r. ; N E cFitMj . oq ihe lait Kerb. Tornbvcr- "32.715 WN f j Offlew' j — -| DnidBcmlJ — 

sviu-r S.oi -ronnesj •• - ■ «— I ■■ I — .. 


AND PRICES 

to Q30 on the late kerb. Turnover 5.100 
lonned. 

wi.‘ ;-J- orj p-m. j+tor 


£ 

£ 

£ 

522-5 

1+IJ 

321.5-2 

331. b-2 

+1.26 

631.5-2 

322.5 




31-83 


\ r. ”, E E ntVj JTIB .on the late '"kerb. Turnover- -32.715 
•sfcdar -ioifflcs. : . 

>. : i- t 


- r T & a : • ' : [■ t i c, : r *- 

L*i£3Bess wM-wwwi'i-u- 

•• fCi Bwnihe.. T79 SO .+3,85- 

•> 755-5 — 3-& - - 

. , ‘J .-r nthodeaj ' - 1 

; • 5 = 747.P-U -8-ts tbs.*.* *i.n 

.... ' -war, a VIS. 


• -- i: " . 7i £ : . Amalsamaied Metal --Tradins' reported 

■ "iii in i Via- mnntino raih wfrp.bfir!! tTBuBd 


:"-rJ •.ScmUiB H76^ 77.. 79. 735. 75.. 78.5.-80. 
i CepHKtes- three months 1773. Kern; 


Sx.::....1b76 3 70 (—50 ‘6750-70-10 

5. o?«nhs,*635 45 |-S0 6620-S0 , 

'beiUem‘t.1 077J [— 50 < . — 

cSS!?^l67fl *-70 ;-W ! 6740 60 -17.5 
A ninths.* 662>30 i-87-K 6610-20.-a.5 

tSettiem’tJ . e.77- i— « | . — 

tiimire E'J 161706 1 + 2 ; — i 

■Nw York’ ' ■. ■ 

•• Morning: . Standard, cash £6.np. Uire« 
rabmlB «.«0. 10. 2a. 35- »■ “>■ “ w 1 
Grade, cash 18.780. After noon; Slanda™. 
■'ihree months -€6,823. 2D. kerb: Standard, 
three months 35,600. ■ 16,500, SB. 68. jo. “■ 
TP. 7* Jfl. 90, 30. 

LEAD — Fra ctJ on ally easier In uniid 
trading. After. falling, to I3M on the pre- 
market dwIos to light- UouidaHon. fnnvaro 
n ,etal milled to £338- in the alrerwinn 
rings, reflecting Uic upturn -^lo copper. 
However, profit-taking cupped the pnci- 


Morning: Cash ITS, 22.5, 22, three 
months 1330, 80.5. 32, 22.5. 32. 31, 31.5. 
32, 31:3. Cash 1325.5, lhrw month* £332. 
31.5. 32. Afternoon: Three months £03, 
33JI. - 34, 33. 32.6. 32. Kerb. 

ZINC— A shade lower in -aibduvd 
trading. After opening at £339 forward 
metal . rallied to touch 3 day's high of 
£344 hut eased back on ihe lute kerb 
to close al £342. Turnover 3,855 tunned. 

I |+ nr; lt+»T 

ZIXG Official — f Un.iflicta.1 — 


Arablcas 208.50 ttSS.eo': unwashed 
Arahlcas 150.00 (176.00 »; other mild 

Arablcas 1S2.50 1 180.67): Robusus J63-5D 
tlSO.OOi. Daily average 173.00 (168-30. 

ARABICAS were dnll and featureless 
wlrh only six lois trading, Dr ex el Burn- 
ham Lambert renorts. 

Prices </o order haycr. seller, chance, 
business): June 2M,0(M»8-.00, -8.00. 210.08; 
Alig. 192.00-96 00, -TJO. 282.00: Oct. 
180.04-92 -DO, -555. nU: Dec. 180.04*3.00. 
—6.50. tul: Feb. 171.00-77.00. -0.00. 181.30- 
7530: April 174.00-80.80, -3.00. nil: June 
170.00-80.00. —4.50, niL Sales: 6.(6) U»ls 
of 17,250 kilns. 


SUGAR 


GRAINS 


^ G. ; Index-Ifimitefi 0I.-35i 346fr. September Coffee 1760-1774 

-• .'.^srsj La moot Road, Loudon SW 10 8®- • 

J '- “i5«v-' 1- Tax^iee trading ou commodity futures. _ , 

■ 2, The covwtnodlly Jutures market for the smaller, investor. 

" V CLIVE 'INVESTMENTS' LIMITED ; . 

■ i CBlf 1 Royal Exchange Ave„ London EC3V 

Index Guide as at 2Brd May; 1978 (Base 100 at 

i — ^ CJive Fixe d; r Interest, Capital 

-, M , nD - Ciiye Fixed Interest Income xja.ai _ 

-=:-xi " • * ~ 


CjwJj— .^..J flS2.5-2f.5+5.25]iS5.5-4,5~l-!fi 
S42--3 ;4-Z.S| a43 .5 '-IS 

r*Wni i ad5.fi ,+ 5.Bi — 

Pnn.Weidt - I 1 20-31 ! 

MQTWnjr. Cash £533, three manihv £340. 
41.- 40^41, 42 S. 42. 42.5, 4B. 42.75. 42.3. 
Kerb: Tlirec lannihs £342, 42.25, 42.5. 
Ahiirnaojr. Three mnmhs £343, 44. +1- 
43,6. Kerb:. Three monlha CM3. 5. 43 , 42. 

- Ckmu mi nouM. * On previous 
official dose, t 511 per picul. 

SILVER 

Silver was fixed 2.75p an ounce lower 
for spot- duHverr In the London bullion 
market yesterday at 2BL25p. US cent 
equivalents of the tiring level;, were: Sput 
530. lcr: down 4.1c: Uim-momb 539.4c, 
down 3.Be;. ste-morth 543.2c. down 3- 6c: 
and I2 r mumh 5T2.fic, down. 3.0c. The 
metal boetwt at . 292.7-2B3.7p (3.*a|-5S4c» 
and closed at 20D.9-SU.9p <£30-532o. 


LONDON RITUHES (CAFTA*— The 
market opened unchanged. Some specula- 
tive Uquldaiioo of oearbys eased wheal 
values io dose between 35-45 pence lower. 
Barley attracted less trade but hedge sell- 
ina eased the market t« close 15-45 pence 
duwn with no trade ui klarch or May, 
Aell re puns. 

WHEAT • ] . BARLEY 

iVeHtenUy'il + nr IVerApnlay'*] + nr 
M'nrb) elur* J — l ciuw j — . 


rcHt- 

Nuv. 

85.90 

-0.45| 

80.30 

— O.40 

88.30 

1—0.461 

82.95 

—0,46 


93.66 


88^5 

—0.16 

UO.20 

11a V 

96.20 

-0.40 1_ 

90. T 5 _ 


SltVBE 

Bullion j+ nr 

X. 31.11. 

■f- « 

V* T ; 

. fuitnu | — 

uloWJ 


rofiV ae_- 

pnetng 1 




apot. EBl.ZSp -2.7b 291.7,. 
i luoutba., ! 298.75)) -2.7 299.16pU].25 

bmonth»_ 307.05,1 -2.45 — | 

•hniontba. ! 325. lfii> —2.45 — ] 


%*«>*■ 



' . CORAL INDEX: Close 477-482 

INSURANCE BASE RATES 

t Property; Growth . . 

fVanbnigh 'Go.arwteei . — » 

. i anytresv shown undyr Insurance anil- Propeny -Bocd Table. 


Soyabeans f% 

The Ontidok for 1978/79 

Inter Commodities 

Limited 

’ * Speaalists’ in-Fundam ental Research 

To: laler<iommodlifeUd 

- :;4 Lloydb-Avi-nut*, LoilOon flCjA 4I/* 

- Telephone 01.4W 1101 

Hea*es«HJmeyoiir report on Ihe outlook iorSrfyabeans 
in 1978/79 . - ... 


bmontli»_ 307.D5ii -2:46 — j 

■hniontba. ! 325. 15l< —2.45 — 1 

lme— T urnover m iw) lots of h.odo 
(US. Morning: Three months 288, 9^, 
BJ. 8.4. Kerb: Three months 209.2. 0.1, 
09. Afternoon: Three months 288.7, S.S, 
■J9.5. 9J, 0.2, 9.1. Kerb: Three months 
209.3, .8,4;' 9.2. Ml. 9.1. 


Business done; Wheat— Sept. HL25-S5.7a, 
Nov. bS.70-S6.50, Jan. 91.25-WS.90. March 
93.85-93. as. May 06.50-96.05. Sales: 121. 
Barley: Sept. M^S-SO’J. Nov. 83J5-82.6S. 
Jan. 35 95-85.70. March — , May — . 
Sales: 60. 

HGCA — Location os-farm spot prices: 
Peed barley: HumbemMu XS3.40; Clou- 
evster £S3J0. 

Thu UK monetary coefficient for the 
week beginning June 12 la expected to 
remain unchanged. 

IMPORTED— Wheat: CB'RS No. 1 13i 
Her cent. June J97.D0 Tilbury: U.S. Dark 
N nr them Spring No. 2 14 per cent. June 
and July 137.75. Aug. £60.00 transhipment 
East Coaac. 

Main: U.S./Kreneh June X105J5. July 
n05.50, auk. £101.30 transhipment East 
Coast: South African White June-July 
an.50 Class iiw; South African Yellow 
J une-July £91.50 Glasgow. 


LONDON DAILY PRICE iraw sugar) 
£104.00 I £105.00 1 a tonne elf for June- July 
shipment- While sugar daily price was 
fixed at £111.00 (same). 

Prices were contained within a very 
narrow tradlnK range throughout (he day 
but the volume of burinew was not sub- 
stantial. repo rts C. Cxarnlknw. 

sugar r 

l*ivt. Yesten toy’s Pienoui Hunoess 

L'oiutu. Cluuo Clow Done 

Connrj. p 

—I 

a: per tonne 

Aug Ill6.85-6.7tl lM.7u-06.9filtli7.5D-06.26 

lift 'Hi9.ufi.L9. 10 lOO.SO-ihi^a 109.7fi-0a.91 

]>tv. ....l112.Qa-)2.1D11U5-12.SU 112.Sj-11.9d 
■Mnrvlj .112 0.35- 2li.50 120.8C ^.5:?i 12D./&-20.1 0 
JL»y ....! 123.30-25-. 7 0-126.65- 26.75) 124.25-25. 50 

Aiii'.. .126.75- 7.uK«8JS-27.BH27.25 

OcL 1 l23.9fl-fi0.Z5h28.6O-M.501 128.75 

Sales: 1.7M 1 1.638) lots of 50 tonnes. 
IniernatiotM] Sugar Agreement: Prices 
far June 5. L : 5. cents per lb fob and 
stowed Ca ribbon nart— Dally 7.6S t7.73i: 
15-day average 7.35 (7.29t. 

Tate and Lyle ei-rcflnorr price for 
granulaied basis white sugar was £242.40 
(same i a tonne for home trade and 
nM.ou i £165.00 j for export. 

EEC lmnon Levies for deoaiorad and 
non-dcnjiured ugar, effective June 7. in 
units or account per 100 kilns ■ previous 
In brackets,): While 26211 innchansodj; 
raw J14S iSl-'OL 


WOOL FUTURES 

LONDON— Dull and featureless, reports 
Bacho Halsey Stuart. 

Ai’wlmlimi*"iiWurt'«-f. or ffiiMoeas 
Ciressv W,«,tl VI-jso | — Lamio 


7.30-3.00: Belgian: Conference 0.13-0.13: 
Dutch; 0.15. Poaches— Spanish: Standard 
trays 3.50-4.50. Apricots— Spa tush: 3 
kilos 2.SB-3.20. Banns— Jamaican; Per lb 
0.15. Avoccdos— Kenya: Fuene I4;24s 
3.40-3.00: S. African: Fuertu 3X0-4 00. 
Strawberries — Ca h/omun: 0.80-1.00: 

Italian. 1 0.30, Spanta: 0.30-0.35. Cherries 
—French: Per lb O.ftO-O.65: Cypriot: 0.65- 
0.70. Onions— Chilean: Cases 3.0M.80: 
Canary: 2.50-4.00: Dutch: 2.00-2-fiO; Israeli; 
3.30: Texas: 4.30; Egyptian: 3.50: Spanish: 
3.50. Potatoes — Egyptian: 4.60-1 _S0: 

Cypriot: 5.50: Jersey: 55-lb O.iOi; Valen- 
-cli: 4.30-4.60: Majorcan: 5.00; Italian: 
4.40: Brlitaor: 4.50-5 50. Tomatoos— 
Dutch; 3.40-3. SO. Carrots— French: Names 
26-lb boxes 2.60--JA0: Cypriot: 1 SO-lJH). 
Asparagus— Californian: Per ]b O.BO-I.OO: 
Hungarian: fl. 70-0. 75. Beetroot— Cypnol: 
28-lb 5.00. 

English. Pradnce: Potatoes— Per 56-Jb. 
White 'Red 2.30.3.50. Lettuce— Per 12 
1.00-2. 20. Cos 2.20-2. 40. Carrots— Per bag 
il.80-l.4Q. Onfons— Per 3e-lb 2.GO-XOO. 
Rhubarb— Per lb. outdoor 0.05. Cucum- 
bers— Pur. tray I2.‘34s L50-2.50. Mush- 
moms— Pur lb 0 JO-O.JO. Apples— Per lb 
Bnmlvr’d O.IMJO. Tomatoes— Per 12-Ih 
English 3.30-3.50. Greens— Per crate. 
Kent 1.00-120. Caullftowors— Per 12 Lloh 
coin {.20-1.40, Ken: 1.60-2.40. Celery— 
Pur 12.1S 4.0W.S9. Asparagus— Per bundle 
approx. 2-ln t.fifi-l.40. Strawberries— 
Per 1-Db 0.19-0.22. 


COTTON 


PRICE CHANGES 


Price® per tonne unless otherwise 
stated. 


(June 6 +» i llontii 
Mi' — ! Hgll 


Metals 

A u minium ...itGOO L L*680 

fm market (ei*)ls -• 20'S J .'i9S5-000 

L^ippercMb W.U»n«JS799 (+2.5 |£«.-y5.S 
i months rto. do. E779.5 ki,2S£713.7S 

Cash Cathode t753.76!+5.7S'' 6b5.5 

& montbt- do. do. |i!773^6j+3.6 l703.S 

Gold Tfxvp r*.| rl -1.875'- 1.23? 173. 1S5 

Lead Cash iC521.75UO.75 .300 

5 mnnths .............. C531.7il-0.fi ^300-75 

Nickv 72,566 I Z 

Tree Market (uif'b'i >1.00 .i -1-95 

| 2.03 | -2.05 

! 1 ' 

Platinum rmv or.. Cl 22 , J12 J.fi 

Free Mirtet C130.2B'— 0.5 i. 120.5 I 

Ruiubniiver (7dtb., »127-a*| ' 12 * S2 , 

ativer troy m 291.26 < U2.76 _*7B.SSi* | 

j iiKwitliv... ......... 29B.75iJ— 2.7 v8ft.9fi 

Tin Cub j 1.5,750 |+7.6 1-6.605 

i rnooih- tC6.61a i— 2.5 ,J6. 477.5 j 

Wcnlnuii22j'Allkeifl$129-34j 136-40 

Ziuo t »*b '£334 J—I.2S 300 . 

i month- _...jC343.25!— 1.5 , S08.625! 

Producer- l<5SU-6tlB | >M ! fiSil-Mu 


RUBBER 


COCOA 


Prices floet ttaicd" witpiri 3 (lirrotv RUKC 
in quiet 'cbmlltiims, reports GUI and 
Doffna 

~~~ ' •YeateriUiy , *-f- _ «^r i _ liU8tuCMi 
CQCD.V I Cluae' | — | Di-ne 

NnJjfiflrr’t- 1 i 

Jt4y, .'.'1671.0-72.0 , + 7.25.1815.0-61,0 

•jcpr-. .lcB8.0 i8.il 3.u ilt6B.u-2fl.il 

Un: 1b15.fi- 17.0 -4.5l1tW.U S3.fi 

Miwrb.. i|ti0u.0-06.0 -1.5 I |b20.D S9D.t) 

Mav...„ ;l3'5.tWJ8.0 1+ 1.3 ! 16vfl,fi.fi8fi.U 

Juiy..._ 'l375.n-r8.ij 1 — 3,5 !1680.w-67fi.D 

Supt Ifi7u.0-e5.0 * laUD.v-66.0 

"”5bKsV~ i ,4161274767 loisofS" (tmtiesi 
iBtamaUchal Cocoa omaolsatlon tU.S. 
cunts per pdondi— Dally price June 5 
1MJ8 tUlMi. lBdicUOr prices June B: 

] 5-day averogu 136.02 U37.42>; 22-day 
avcntjK 139J50 (140.72.). 

COFFEE 

Robostoa advanced to now hlnhs- shortly 
after 'the opening, but heavy. Ctmunlsalon 
House profli-uklnx uKin provoked a turn 
around.. Drekcl Burnham Lamberr 
reports. After nearly two weeks of in- 
cessant upward movement many traders, 
felt that tho market was due for a 
reaction, especially la view of the varmer 
wcBfhcr in BrazlL Heavy wiling in the 
afternoon, wtth husers fuitdias off aWiei- 
patlne lnwer levels, resulted In losses of 
up tu £288 on ihu day as tho market 
closed just tiff the lows. 


g U.9-H 


ilt * ® 

O-:,. I Addrevt 


TtflepkuHw No . 


r ft i n V T *ttr 89- Dean Street. LAiWton. W.1. 

NFWSTBIPTEASt FLOOWHOW 

THE -GREAT -MtTlSH ]STRIP 


^ UBS NEW STRIPTEASt Ft 

yL UPg ■ THE GREAT MtTIS 

m, 189, RCfleiuSt- IMfCHELLTS Cabs ret "Club, 

j ! 4!? 5Li‘% antf 6. CwimM «rd.- S.W.1. 

,3 W-tirn, ,-rteers. 

'if? 1 . 

5rfV - . 


VctUmlay's | 
L'OFFBB L ' ln>0 . ' ' 
• m |)d tniiiiej 

J.ib 11865- 1870- 
wfjg<wohw:,.| 1765-1768- 
N'ttvcmliur.,.! J70B-t710- 
Jxnuxry-— 1660-1679- 
Ukh?U->-.... 16001-1630 - 

ifsv -j 1606-1633;- 

July. 1610-1620- 


+ nr | BiHnew 
— Dour 


I91.B3110-1660 
I86.fi; 1880-1765 
IB9.0, 1920-1780 
1BB.D 1 1869-1679 
170.D! 178B 1610 
14941756-1600 
120.0 1740 1790 


sutwb (Odd. 
93D ZM2|3. 


Safes: 10.688 (8,ftC> lq« of 5 (iwn«. • 

| ICO Indies tor prices for Jane 5 (U.S. 
i cent - -per pound): Colombian Jlud 


EASIER opening oo the London physical 
market. UlUe interest ihsoughnut the 
day. dosing on n dull note. Lewis and 
Peat reported that the Malay San marker 
was 22S tZJOi coot s a kg [buyer. Junei. 

Xu-1 [Yeat’rdAvlai Pwvtnus Bualnem 
K.S.S | clr>U> I fume tliuie 


July I S7-BW8.00 57.50-SB.4ff - 

Ann- I bs.2it-58.6u 1 58.85 59-101 - 

Jlv-sscfit 58*1-68.60; 50JB-68.2W 58.45-58.40 
Ci,’. i- U,-,-! SO. 20-60.251 60.75 60.8fl| BO.85-6D.OD 
J„n- Mr.! Bl.fi5-m.4dl 61.60-61.38 61.80 
.t:, r Ji,pi b 2.40-D2.45, 1 B2.B&-62-S5' 82 85-69,40 
Jlvat-im Bi.b0-Bfi.65 83.80-64 ^6- 63.70 81.65 
Oft- Dir! 64. 65-54. Od! 66.0665.15; 64.9D-64.7S 
Jau- Mai | b b. 76-68 .00^ 89.20- 08.45j _ _ 

fates: 134 i23Si Inis of 15 UihUcS and 
6 (fit lots of 5 tonnes. 

Physical elostru: prices rbuycrw were: 
Sput jf.25p (S7.!3K July 3«jp 137.01; 
Aug. 87p 1&7.0). 


SOYABEAN MEAL 

The market opened £2 up following 
better (flan expected weekly Inspection 
of U.S. soyabean [fir export, SKW Com- 
modities reports. Op the day prices 
fluctuated within a narrow trading range 
in tfrfn volume, and dosed with gains 

of n3. ■ 

X'ditcMay. + orl Jliutoaii 
Chut j — > { Uuae 

[£|*ert«tiiir 

Jiaie,.-.. 128,01-20.5 +2.15'126.50 S8.20 

AtigtiBi !tS6.8 f-2fi.fi +e.0fl 126 JO- *5.70 

Oitulwr :i26.l)*-i7.fl tl.lfi U7.5D-iS.70 

Deueutlur ....* IZP.60-28.B +0-76 127.50-20.50 

Friinmrt' i 127,84-29. S 1.05, — 

127.00-M.D+fl.DO; — 

Jimp..., • 157.0 -30.5 +2.5tt — 

5 -lies: 9s 1 210) lota o( IDS tonnes. 

VEGETABLE OILS 

LONDON PALM OIL-CluMne: June 
JM.IKK3an.00, July 300.08-330. DO. Aug. 
3D0.D0-330.IHI, SepL 2M 00-330.09. On. 
aa.IHKiCflOfl, Nov. 280.00-313 08. Dec. 580.00. 
3 1 0.0U. Jan. unquoted, Feb. unquoted. 
5 jI«. NIL ... . 


July p29.O-S0.fl - 

Or.iWier 2M.fi-4u.fi 1 — 

Deia:uilfr...|SB.V-40.ll 1 - 

Ihrefa - a45.U-4fl.fi ' — 

filar H45.0-MJJ i 1 - 

July b46.v-48JJ 1 | — 

Out, .her H4f.u-S0JI } — 

December .4240.0-52.0 I I - 

Sales: Nil isaiue) lots of 1.500 Rc. 
SYDNEY CREASY Un order buyer, 
seller, businuis. sales)— Micron Contract: 
July 345.0-S45.5. 2 «LM44- a. 13; Out. 347.4- 

340.0, 347.S-:tlT.0, la: Dec. 3U.l-3at J. 33.1.3- 

351.0. 14: at a roll 355.0-3354. 355J-a54.3. (C: 
iJay 3S7-8-35S.0. 337.BJS7.D. 43: July 3C0.9- 
3Sl.fi, 38LO-::tu.O. M: Oct. M4.0-3W.3. 364J!- 
aa.4. 23: Due. 367.(K3S7Ji. K3.S<JS5.5, 10. 
Tntal sales: -W- 

MEAT/VEGETABLES 

SMITHFIELD • pence per pound)— Beef: 
Scotch killed sides S3.0 to 57.0; Eire bind- 
quarters 6>.u «u 7J.0. formuanurs on.o 
io 34.0. Veal: Dutch tunas and ends 9D.o 
to 9)i.O. Lamb: English small now season 
88 j) to 54.0. niudluia 54.fi to *Lfl: lmponud 
frozen NX PL 31.0 to E.O, PM 30.0 to 51.0. 
Perk: English, under UiO lb J8.0 to 43.0. 
ISO-HD lb 37.9 (if 41C. 130-160 lb 36.U In 
410- 

MEAT COMMISSION-Avcragp faiMOch 
prices at rct>re<«ptatWo iiiarkcis on 
June 4: CB cuole H9.SU) per he. f.w. 
1-1.37), OK JK-ep 144jp per bs. «M. 
d.c.w. t — 14 D>. CB pigs 5a.6p per kg. l.W. 
1-3. St. 

England and Wales: Cattle numbers 
down 28.4 per rent, avenue price 69^6p 
1—2.10): SW*P down 29. S per cent, 
aycrage J44.1P 1 ~ 1L3); Pigs down 29.3 
per cent, average 55.flp t-4.1). 

Scotland: Cattle down 12.8 per cent, 
average 7D.05P 1 — 144): Sheep down 37.9 
Par cent, jt-eraw. 147 jp t+fi.r»; Pigs 
down 12.S per rent, average 634p t-04>. 

COVENT CARDEN (prices In sterUng 
per nadtaae exeeffi where otherwise 
staled!. Imported Produce; Oranges— 
Cypriot: Valencia Lues 15 kilos 3.7D-440; 
Moroccan: 3.39-4.00: California; 3.00-150; 
S. African: Navel* 3.45-4.45: Span la: 
Valencia Laius 3-30-3.60.. Lemons— Italian: 
loaosos new urQp 44ff4flD: Spaula: trays 
23C0S 1.30-l.w: S. African: 98/195 3.D0- 
3.30: Spauta: Large, box IMAM. Gnpe- 
ftull— Cypriot; tu Kilos 2J0-3JM: 20 kilos 
340-4.00; s. African: BVK 3.10*3.951 Jaffa: 
50 kilos 4 iifl-4.39. Apples— French: Golden 
OulidOttS 29-19 S4s 3.5ft.xrB. IXs XRWfiB. 
jumble boxei u.lu4).l?s w. Australian: 
Cranny Smun XaD-».on: Tasmanian: 
Jonathans »-49. Cranny Smiib 8.70: 
Ilallan: Bonn 1 Heanfy. ner fb fl.i". Golden - 
Delicious o.14-ti.iu; S. Africaa. Grnnny 
Sun Hi 8.S0-9 J9- "“It Winter Pnannab 
“50-8.00, StatWn* Dedchras 8 2trt.ro, 
GoUlun Dvhcinus 8.004.40: Chilean: 
Cranny Smith 9.08: New Zealand: Stur- 
mer Plpins 193_B.3I. 1T3 S.50, Granny 
Smith S-fiO-swo- “““■••Per lb. Snanans 
O.IM.Ij. Pears— S. African: Canons. 
Paukhaa’fi TriumpK-^JMJfl. Winter Neils 


COTTON, Liverpool— Spot and shipment 
saKs amaunted in 263 Lonnes. bringing 
the (Dial for the week so (ar to 479 
tonnes, reports F. W. TatteroalL Fair 
trading continued mostly In Amerlcan- 
ijpe varieties. Russian and Turfclsh were 
In request as well as Colombian and 
other Latin American growth. 

JUTE 

DUNDEE JUTE— QuieL Prices e and f 
UK for Sc pi- -Nov. shipment. Btt'B £267. 
BWC 1234. BWD £245. Tossa ETB £26<. 
BTC £235. BTD £34S. Calcutta Bonds 
steady. Quoiauons (nr prompt shtnment. 
10-ouncu 40-inch £9.94. r?-Oonco £7.75 per 
100 yards; June £9-77 and £7.72: July-Sept. 
£6.71 and r7.59. B twills £27.05. 127.75 
and CT.5S for the rescactive shlpmem 
periods. Yarn and doth wry quiet. 


Oils 1 

Coeonut (Phili 15699 

Croiuvfniii <£744 

LidmwiI CnjileiV)..|uB8D 


+ 15.0 »59S 
— S.Q €744 
i^J61 


WJUPCVil VI UM^I MBW ... . . 

Palm filaiayan.— .|d608o —2.0 's670 


Seeds , 

Copra Pbthp...~... S440; —6.0 i?405 

b.,yaiiean (U.d.) 23 Uk- Ufi.75 293 


U.S. may raise 
beef imports 
to steady price 

WASHINGTON, June 6. 
PRESIDENT Jimnty Carter is 
expected to announce soon, 
possibly this week, whether he 
will seek increased U.S. imports 
of beef to dampen rising prices, 
reports AP-Dow Jones. 

Mr. Jody Poweil. Press Secre- 
tary, lold reporters at the White 
House that the President was 
aware of ** very serious economic 
losses " suffered by beef pro- 
ducers in recent years. 

But Mr. Carter was also con- 
cerned about the speed with 
which U.S. beef prices have been 
increasing— they went up a 
record 6 per cent in April — and 
about the volatile “ boom or 
bust ” nature of the cattle 
Industry. 

The President is considering 
a number of- options presented 
to him by economic advisers lale 
last week, including a proposal 
to allow 250m lb more of ham- 
burger meat to be imported this 
year. 

The U.S. Agriculture Depart- 
ment says the average price of 
choice grade becF was a record 
Sl.fiS a pound in May, up from 
$1.36 a year ago. 

But Mr. Bob Bergland, Agricul- 
ture Secretary, favours doing 
nothing for 60 to 90 days to see 
if the beef price increase begins 
to slow down on its own. 


Grama [ 

Uarlui EEC -.. — . — . : 

Hume Futures.. ..'€82.95 

ilrnw ' 

Kr ncii Nd, fi Ani'€105.Z5 

iVLesi. { 

Sr.. I Km atirinu €97 
NoJ Hurl Winter I 
Kn^luh Muilui:.. €104:5 

Coah. 5'htTinK-nc.... €1.752 

Future .Sepl £1.637 

Coffee Future. 

Sept €1.767 

O.'tt* >n 'A' iu-tt-x... 7u^5tfr 

Jtujiier Lll«..__ 57. Sap 

aujsr lltun)...^ ;l. 4 

W\vI1oik d4s hlkt.-.l 20 lp 


—0^45 €80.10 

€ 105. 75 

I 

1+0.75 €93-75 

;:::::::::i€ide 

. + 7.0 |l2.017 
1—3.0 |€1.925 

'-106.51-11-394.5 
r+o.25 70.6.-* 
— . ■ i52.5». 

— 1.0 1 + 102.5 

! 280|i 


'Nominal. I Unquoted, k Aubusl 
w July, j Jim e-July. * Per ton. 


INDICES 

financial times 

"Juiie 5 j June 2 |.\Jmnn « .i,f\ 

25B.7 725g.46 i~241.27_(^637i4~ 
(Base: .July l. iflK=ioui 

REUTERS 

Juuc R ■ iune ~ bjUuntb *uol Ywr7tu 

1517.7 ' 15 I5.4j 1467. 0 1650J 

(Base: Seotember IX 1931=100) 

DOW JONES 

Uow | June ] June filotubl iwu 

j 5 \ S »cr, ii;t. 

■•poi ....!59736 355.Offi362.6BU2g.2Z 

Future [357,74i564.68|548.Qg 590,36 
fAveraxe 19*445-26=788) 

MOODY'S 

Jonai Jime/U.rfttft lu> 

6 I 2 I .... tiP 


i92D.3 l928.8l 906 .0* 0- 4 

* Oer+mher Si. lMIsuvn 


CBISMBY FfSH— Supply good, demand 
fair. PriLi'tf al ship's sldt funprot-L&M-'d 1 
s ^ c ' ir i2.7ftO.30. codliucs 
d.0l)-£3.00; largo haddock gfJftfJ.M- 
mcaltun £j. 00- El. TO. anjiij s.OftCl.M. 
lam- plaice ff.OftlATO. mtxlluni 14.00- 
S4.78. best smaD £3.«-Rw; | ar su skinned 
dosGsb fS-50, medium ISjSD: rock Esh 
ROfttiJM; reds £i«ft£2+o: salthe 1.73- 
£2.40. 


U.S’. Markets t 


Sugar and 
metals ease 

NEW YORK. June S. 

PRECIOUS metals cased un carry-over 
speculative liquidation lolloulb): a 
stronger U.S. dollar. Copper closed 
loirer on Comnussion House liquidation 
followtriK rumours of renewal o( copper 
production m Zaire. Su^sr eas-.-d un 
irade arbiu-JEO seUinq. Co tPcv closed 
limit up ou speculative and local buytiut 
on (cars. of a possible (twi m Brazil. 

Cocoa— July 130.65 <131 ud>. Sepi. 1T7 25 
ilJ5 0 Oi. Due. 723.C0. March 121.33 Mar 
119.65. July 113.35. Sepi. 117.00. Solus. 
IBS lots. 

Coffee— 1 ■■ C " Contract: July 1S3.50- 
IS6.M 1 132.0/ 1. Supi. 173 52 bid '173.52’. 
Dec. lr.'.OO bid. Marrb IB7.50 bid. May 
167.50 bid. July ltci.13. Supr. 150,79 bid. 
Sales. S75 lots. 

Coppor—Juue 63.10 f£3 St )>. July 63.60 
iM.iOi. Aus. M 20. Supi. tH.70, Dec. 66.40. 
Jan. 66.90. Mareb 67.90, May S5.00. July 
69.90. Sf-pl. 70.90. Dec. 72.40. Jan. 72.90, 
Mure ij 73.90. Sales. S.900 lots. 

Cotton— No. 2: July 5S.63-3S.90 t5>.09i. 
OH 81.40 1 60.65 ■. Dee. 62,92-02.39. March 
64.05. May H.60-ft4 SO, July 65.-ja-65.5U. 
Dri. 0X2A-t3. ,s. Suit*. 4,330 bales. 

‘Cold— Jure 1SI.M) 1 152.70 1. July 1S2.W 
ilS3 7D». Aub. 1S4 00. Oct. 1SC:4. Due. 

This edition was printed before 
last night’s American commodity 
prices were available. 

199.60. Feb. 192.40. Apnl 193.30. June 
IBS. SO. AUS. 201.su, Oft. JU4.-.M). Due. 207. KO. 
Feb 210.30. April 213.40. Sales. 413 lul£. 

tLard— Cblcaso loosi- nei available 
i22.7i norm. NY prune steam 24 23 
asked isamc asked'. 

1 Maize— July 264-2iu! <261 1. Supi. 2641 
i2CI‘*. Dee. 267i-267i. March 2737. May 
2767. July 2771. 

fiPlaUuum— July 239. 00-240.00 I243^n>. 

Oct 239.50 -2 41. UP >244.20 1. Jan. 24J.1U. 

242.30. April 24S.4il-J43.6o. July 245.-M- 

24.1.60. nri 247.3ft24T.70. Jan. 24d.Sft250.00. 
Sales. 2.792 lots. 

r Sllvor— June 530.SO iSH.sDi. July S53 W) 
tSSSOOi. Auk. Jsr.tJO. Sept. 541 JO. Dee. 
553 uo. Jan. 557.10, March 365.40, May 
374.00, July 332.90. Sent. 392. W, Dec. 
603.50. Jan. 610 20. March S19.S0. Sales. 
7. (Kw lors. Handy and Harman spor 
bH'Hon- ill 70 < 347.10 1. 

Soya beads— July 705-706* (702i>. Aun. 

Ofl-TOO i»4;i. Sept. 6SJ-SS1. Nov. 63<ft 
<157. Jan. ,/> l-6Gli. March BS7-. May 6691- 
670. July 6b7;. 

I'Soyabcbo Meal— July Iri’JU-lri.flfl 
■ 174.70). Aug ITS (UMTS.30 I1T4.R0I. Scpr. 
irr.50-:rr.w. ocr f76.oo-irfi.5o. Dec. j 74.00- 

174.30. Jan l74jrt.i74.Sfl. March 176.5ft 
177 urt. May 17S.5ftl79.00. July 179.0ft 
ITitiiu. 

Soyabean Oil— July 26 BftJT.On 1 27.33 1. 
\ug. 26 45-26 3U Sept 23. 90-26. M. 

Oci. 23.10-25 13. Due. 24.2lrt4.40. Jan. 24.U> 
24 U>. March 22.90. May il.tlj. July 23 4o- 

23.30. 

Sustar— pfn. 11: Julv 7.3C-7.37 (7.56 1, 
Sepl. 7SI-7S? iT SI', del. 7.5C-T.94. Jan. 
■ilfts.of. March 5T4-S.75, May fi.M-S.9l, 
lull- 9.04. S<-pl. 9.1S-8.21, Oci. 9.^.3D. 
Sales. 2.5S0 Inis. 

TlD—jaft j»w asked 1 518.581 asked). 
"Wheat— July .130-329 t32S! >. Sent. 

351--332 »325:<, Dec. JSftiai. March j3Ts. 
May 33a:, July 32:. 

WINNIPEG. June 2. ttHyc-July lOGJU 
bid riOG.20 btdi. On 105 50 asked ri05.40 
asked 1, Kov. 105.70 bid. Dec. 105.20 bid. 

ttOnts— July S1.20 bid (82.501. On. 
77.70 asked 173.60 bid). Dec, 7S.2D asked. 
March 77.00 asked 

ECEarfcy— July 7S.40 bid 179 30). OcL 
78.30 asked (TS.SO bids. Due. 79.00. March 
7S.no asked. 

SSF’aioecd— July 267.0 1 289.0 bid). OcL 
2M.50 (265 50). Nov. 263.20 asked. Dec. 
161.5 n asked. 

"Wheat— CtVRS W S per cent protein 
conu-m in store S’. Lawrence 166.10 
t 1B4 031. 

All rents per pound ex-warefauiiv? 
unless oihvrvisu stated. * «s per troy 
ounces— 100 uUiftv lots. - Chicago loow; 
"it, pur 100 lbs— Dvpt « r Ac prtivs Prc- 
rwiis day. Prune strum loh. NY hunt 
rank cars. 1 Cunts pur 5<: lb bushel <-*- 
waruhoiiw. (100 bushel lois. & «s ft.T 
irny ounre for 30 pi ttnilS Of <W9 pi r 
Cent purity i/i-Iivcred NY. f. CuWa p'-r 
troy ouike ux-irarchuitM-. II New ” h " 

I euRiract m &s a ■short inn Tor bulk lots 
Of ion short ions delivered f.o.b. cant. 
Chicago. Toledo. Si. Louis and Atinn. 
•* Cuius pur 09 lb bushel in store, 
t Cents pur -’4 Ih bathul f- T Cents per 
48 Jn bushel px-uj rehouse. »S Cunts per 
56 lb bushel ts-w 3 rehouse, l.oou busbol 
lots. 5S6C pur tonne. 


'• • T 



S&S&ai 


r^r ft?** 




WORLD STOCK MARKETS 


Early fresh 9 rise on institutional demand 


INVESTMENT DOLLAR 

PREMIUM \.“‘"VV- — *'.«*o«u return™ on aciive conairiaa!>. vuiuiuc u-uiiu uu e“ •’'"“"OSe ilDISliea 9«> « i, ‘“ fftr -. 1 :— ntA rcattorf K mntc 

S2.60 lo £— 112°o (109%) Apnl 2a. Turnover at l pm shares <2£2mj. at a.480.SO, while volume Increased rauJd [cite no ^ParDcular factor for pob^. cra reacted s cents, to 

Effective ($1.8240) (465%) reached 3S.77m shares against Purepac Laboratories, however, to 290m 'shares from Mondays the improved tone. a«»«' Northern Minim? 

uccuve I5W«U -»iTi TO Mondays comparable figure of slumped 31 to SyS on declaring 210m. despite- continuing trouble at AS&3a. Northern Mining 15-ceiUs« 

V'TH INSTITUT WNS «« 24 . 7!)m . _ p ?h J?*iL? nlaiied mercer with ! Vehicles and Motor Components RenauiL » «L 8 ? *"«*- 


pared with the record first-hour further to 147.42 in extremely of net losses. The Nikkei-Dow buying following R ^™ U fources mS^Sl^iSw? 

turnover of 17.5Sm recorded on active conditions. Volume 3.67m Jones Average finished 5.4S easier yesterday’s session doIIct - ' OA nmted^S cents'*?^ 

April 2a. Turnover at 1 pm shares <2^2mj. at 5AS9.S0, while volume Increased rauld cite no particular factor for pobey. reacted s re 


their buying spree Wall Street 


Closing prices and market before ihe%S of tbTqStST 
reports were not available Airline stocks drew buying 
for this edition. interest. Volume leader Pan 

■ — — — " ■ American were unchanged at 971 

Average, following Monday's J 6 - __ a 220,000-share block was traded 
point advance, was S.S3 higher at a t $7j. 

4 n*t_ _ \TircU All .. 


MONDAY’S ACTIVE 5TOCK5 

C bancs 

Stocks Closing on 
iraded pnra day 
Eastern Airlines ... 389.S00 lit 

Reliance i.ronu ^is-SOO -TM —I 

Dicl'Jl Eoujpmeo'... 311.900 Sit *3 

Polaroid :*90.300 <W>1 +11 

(irumman . .. . -01 +li 

Baltimore C-as & Etc. 3SO.rofl — »} +1 

Poiiibb '79.60H s;: *11 

pm jrsjoo s:i 495 

XeroT . . 7 Co. 600 Mi -Hi 

FJonda Power .. Ci4.<IH> ‘.'it -1 


first quarter net. 


slumped 3 J to on’ declaring 2I0 iil _ Miare s irora « ^piter continuing trouble at 

that its planned merger with a Vehicles and Motor Components RenauiL .. ^ 

company owned by John B. Cole- rose rapidly In the rooming, re- Virtually all sectors, except meats o cents iSinrSw- 

man may he delayed or aborted, fleeting increased domestic sales transports, gamed ground JMJJ. aLhEHHJ* 

Volume leader Syntex rose J in recent months but roost ended Telephones Ericsson, in electrleais. ASlo.GO aim Atherton Antimony 8 
to *30, while Amdahl added li to lower on the day. Toyota Motor going the day's limit up initially, cents tt> 78 cents. - • 

5374 and Resorts International were Y3 off at Y995 Lsura Motor Carrefoirr moved 3 head , 83 to industrial leader BHP wit on -- 
“A" 51 lo $38. Y 8 down at Y289 and Toyo Kogyo FFr 1,625, Bouygra 35 to FJr 841, cents to AS i. 00, whde 

Y10 cheaper at Y451. Peugeot 7.0 to FFr 3i4.9, and had BNS Wales 16 cents higtier 

CjHI&dn Electricals. Cameras and some Homson Brandt 4.9 to FFr 1 & 4 . 9 . at AS6.30. 

other leaders weakened towards , 

Further good progress was th . e close, affected by the uncer- (rftrmany J OnaMl tJSDUTg 

made in active early trading yes- tain outlook an the Tokyo foreign . ih ^ __ p fl -uritix mia chnr»« K v,pd forth pr 

ter day the Toronto Composite exchange market but Sony, on Little activity occurrea Gold shares s»ea. farmer 

rat’Efisr.'S.'ss tsljbt "ss™ sg&assjsi 
» 6=3 ' T0 arens “ ssriaShras r -*f , ifff 
■- sti 0 ?eV° 2 }r,o saaarta «Ti "Stai saar gsnastfWias’iS 

U54.4 on .enter Bullion price, Rafter reports •««+“ ^^ywnov^fn Effi fa""f'Tn7e^° K '" f ^ ^ ° n 
Blue water OU and Gas, which Teikoku OH rose Y 10 to Y415 months of 1978 was down a.2 per Copper issues retreated follow- 


Bluewater OU and Gas, which 


June June 

6 . 2 . 


NEW YORK 


ANm-il I^lr> . ...| 544 
AilrUtbsi'cniph ...: 244 
Aetna Llfc.l Ca«»j 42*; 

Air Hnnlucls £9i* 

Ain.ii ' 5 


PET .Put on } more to S52J resumed at noon after bem„ an(J was ] a ter bid at Y440 with cent compared with a year ago. jng -Kolwezi production rasump- 

after riMflff W on Monday on 'halted from the opemn„. fell 3» n0 before trading was gained DM 120, but other leading t j on ^ rumours of a possible, 

news that 1C Industries has pro- to SIOi—BIuewater said that it has ^ reports that an Chemicals tended easier Peruvian force majeure. 

posed a merger at 554 per Pet no knowledge of any take-over affi |7 ate J5l Development In firmer Steels, Kloeckner- _ - 

Sained 11 to 5261. offer for the company. has discovered an oil field in the Werke added DM2. SwifZCHsmd 

IBM rose 1J to $26 1 }, Walter Gulf of Suez. On the Domestic Bond market 

Kidrie SI to S34i, Schliunberger TokVO _ public issues were irregular with Prices were generally modestly 

11 lo SS5, Boetng $1 to $53} and J Pans gains extending to 50 pfennigs higher on selective demand, send- lad. P/E Kxtio 

Philip Morris 1} to $7H. After an early fresh improve- and losses to 30 pfennigs. The meat being helped by the recov- 

THL AMERICAN SE Market ment. stocks reacted on profit- Shares were often firmer in jugulating Authorities bought, a cry of the dollar. 

Value Index advanced 0.93 taking to close with a majority quiet trading, with Mondays late nominal DM 51.06m of paper Oerlikon-Bnebrle. Saurer Swfss- 

— " , — j (DM 21.1m). air and BBC moved ahead inactive 

! V ,U 3 I tt x/_ dealings, with BBC rising 65. to 


Kidrie £1 to S34i, Schlamberger 
14 to SS5, Boetng $1 to $53} and 
Philip Morris 1} to $71 i. 


After an early fresh improve- 


Paris 


AMERICAN SE Market ment. stocks reacted on profit- 



C'lifUIIII! I.iIBj*... . OB I 5612 

<Jt*C I nl'n'nona ; 5Qig | 49lj 

Crane • 205 b ; SO'a 

Cmvi.er .\m a7ig a65e 

Cirm ii Zeilerlad'- s4 I 3a ig 
Liinimm- Knuim , 40 1« I 39 ^ i 
CurtiH- \Vnclil...| l7is | 171 b 

Dam IiEHj • ^8>s 

Linn Initiieiriee.. 44i>> i 43Ja 

Deere 314 l 30 ■'« 

Uel Mimt^ L63fl | £SSs 

UeJtoiM ; 137 a ! 12 4 

Uemsplv Inter.. 2Si| • 234 
IMroii kilwm... l6lg i 164 
UumionilShiimrh' 47Ag i 264 

UiL-taphone ; la 4 

Lib^lii b>iui|>. 514 1 494 

L)i«ntf.v iWatli -*313 | 414 

IJi.t rr i.'nrpn 47l« 46 

Uiitt CliemlcHl....' 274 i 234 

llruvo 28Va 1 287g 

Dre«>wi “Slj • 44 

Uu Hum 1193s 1164 

I 't mu Iniimlnf-- 3iJ4 • 304 

bni>i>- l‘u-li>-r -3tj ' "424 

JiB'l Ainilio... . Ilia lOrn 
l-d-tnimi K.> Ink . .* - B o6lj 

baion 40 lg ; 40 

K. ii. A l. 47 ; j.7 

Ki hmo Xtl.im 17 4 I 17 

kllnt • 344 I 35 

biiitTM-n kl«..-i riL'| 36 ig i 364 
Kiner>AirFr'ii>li< Z4I* I 23 ij 

binhan I a75* ! 37 7g 

h-JI-I • 5-4 2>g 

bnj-ellmni 234 

kMiuirk : 51 30 1 s 

Kriiyl ’ c2i0 • all* 

E\x-.id ' 474 1 464 

Kiurvhii. I earner* . o47g | 334 
Kc>l. Li^i*. si,' l i»! 3d4 , 374 
FiretUnne 1'ire..,. 134 l3&g 

l»t. .\m. t»«i.ni.] .:84 2» 

rim ' nn .-34 ’ 424 

r'lniiKiie 164 | ^3lg 

rlun-ln H**»i-r... 297® [ 294 

r'limi 8-1 1 37 lg 

i-.M.C 2C3 I 444 

run I Mutur I 497 b 494 

K.irvmi-i .Mrk....| i.14 <2-4 

t'.ivlnn i83a I i7Ta 

r nuibiln llllil.... j 104 1 10I B 
r'twr« i ri Mineral, ! «3 

Frucbiuil 314 4Uj 

HliqlM I n.t- ■ 1168, 11 

«!.A.F I 13 1" I 135s 

iianiteit 434 1 42’a 

Ueii.Ainei.liil... 104 ' 10 

•J.A.l.A ; 3t4 , 28 

Uvil. i.«l»i- 1 16 n I 17 

1.1 en. Uvimiiiio .... 1 631? ■ 61U 

UiHii.kiei.-i 1 nan ( o3ig 

■ leiienii Fran la.... 32ij | 32 

Ijuiii-ih. Mina ■ 30>» . 3U1« 

i>Hiu.*ni. tl>.4ut^...! 824 6 Ug 
lien. Him.. In.... j lei.) ' lea? 
lien. 3 IVUHI...L.;.. 296a 294 

lien. in.. Ki*. 1.4 491-. . i 9«2 

lien. T,v»e : : 274 

i I 6 ij * O 14 

lie-in; in l*anlk-...| <64 1 254 
jHIvIH I lti5 J 166 

biiieue 294 1 484 

..irtimh a, 4 ...i 22 m slug 
n*>mjeir Tnv....| 1/3* I 174 

lirtuW ; 30.4 1 29 4 

lira.'** IV. H i I 31 la 

Hi. AtUn Ha.-TenJ 77 4 I 8 
■in. Clnrth I mu.. I 225 r I 23 


AlcanAliiniiiduiiij £91* 


Ale** 47 

Alley. Ludlnni...; 184 
Allegheny Pr.-w erj 18 lg 
Allied Cli’emi'»l..| 406g 

A llie*1 8tore& 25 

Allis l'lialnieii...| 33 lg 

A MAX ■ 364 

Amcrarta Hev. ... 314 
Amor. .11 rl men...' 134 
Ann.r. Hran.l"....' 504 
Ainer. UivwiiioArr; 5 1 > g 

Aim-r, 1 . an 4 jSr 

Ainer. CTHnanii*r 30S 
A mer. tie*.-. Pi'.w; 22 ia 
Aniei. bxprei*...'. 39 
A mer. 1 1. 32 J j 

Amer. .Me-linu ..' 25 4 
A mer. 1|, iinp...., 5 .'a 

Aiik-t. Nal.Uai..' 43 
Amer. ruanilartl. 467g 

Amer. (il„ii-. 334 

Amer. Tel. 4 Tn. 62'% 

Aiiieiek 3S4 

A.MK 20 ig 

AMI* 43 

Am|«;x 17 

AiiduM Hii-niiiii.' £9 
Anheaiwr bn-eh. <134 

AriiiLii-5L.ee* 1 3 4 

A.S.\ 19 4 

A wmem On : 1 2 4 

Aanni*, 164 

AaltlHiM Oil '• 2b6g 

All. lli.-hlKii.i S3 4 

Amo Ihia Pro.... 33 

A VC 9>= 

AVL■^^ ' 266* 

Av-in Hnalu.-U... 36 

Hull tian Kie. 1 2d4 

Hank Amen .*. ...! 2412 
Baa ken. Tr. K.K.I 264 

Uarker OU 29 

BHSierTravern.il..; 44lg 

BeHin.e Fi»»« 254 

Bt*.-u>uLii.-l.«ni50U 374a 

K-il i Hutreii 20 

Bendu 094 

Ben^uei Cum. -B* 4 4 

Berluehem 01 ee-. 25 
Bia,-K A ti»-ker .. 20 

Bumm 52 4 

Buive Chmh. 1* 301a 

Unrien 30 

U>*r4 Warner 0 I 4 

Branln Ini 14 

Hiioim -A* 144 

Bmiui Mven. 384i 

I'm. Pel. ALili... 15 
Bn.eku ayloa-r .. 34 4 

BrinoiM l. I 64 

Biini'rir Erie • lS-i 

Bu ivVH Wall'll . _ olj 
Bui 1 1 iil>ii hi Mini, 40 

Biimni^b^ ' iSi, 

Lrfni[J"?u N,ii|i... 345a 

imiHduin Phciiil- 16»« 
l mint IIwhIm||iIi..' Usb 

CanM.ni in 28 

CrtlTI.-l i Cenoal 124 
tarter Ha« i« ... 18 jr 

Cmeri'luar 1'ratl-i 18 

CB5> | a55« 

Cemiiete Corpii 43l ; « 
Ceniml s 8.W....' '164 
Ccnainiceil.- I 234 

LVviia Airvrati ■ 324 

Iha^e JUulinimn] 424 
Cbeiniuai UL..NV' 4lJe 
l lie^ehr^h INin-u. *71g 
Uiei-iefv-tem.. ; 32^ 
Cln uau Breiite...- i5 

l Inr-irMIleri- 194 

Clirv-ier... 124 

I'mcranui 4 Sg 

■.m,. Miiik'r»n... 28 Tg 

lnn->r|. : 25 

Ciiii-i «m„- | q1j 4 

1 n> Iiulv.iuik....'. 151 , 

C'i» C.iia ; 444 

I'-'liSle Hami • *2 

ChIiiii Aibinai!.. 12ao 


184 I 184 
184 { 184 


-434 | 414 


1>iiiii»MBitiiiie...i 3Hg 

■f nli naon John »n j 82 

JuLuiMHi Control, 29sg 

JujlXanijtHctur'y 34 6g 

K. Marl C«wv. 26 

kaiwrA iiiiiiiii'in 344 

Km alt inrtimrlo 2 

k&imrMeci 234 

ka.v 134 

keunecali 24lj 

hierr UeGee 49 4 

kuiile Waiter..... a 3 4 

Kimbcrlv Cera .. 474 

Kui-it-ra 24ij 

Kthu 48"j 

nivei lo. 34 A* 

rAsi-e way Trails.. ^46ti 

Ia-i 1 3iii<n>. 36 4 

LiMiy On I ab 5g 

L. i^gr-1 »*n>iH'.... | 33 

Lillv iKIi) 476a 

Lit tun In.ln-l.,..! 206 b 
4“.-khee>1 A in.-r’l I t 5 4 
UmeSur I arts... 204 1 
U'tu: i-ianii Ltd. 19 ' 

Lmil-iamt [*□>'.. ir4lg 

LuIiiIhh 404 

lan l k> Stall eh l47g 

i/fce y’niiir-r'irii 74 1 

Itiu-Mimiii 12 

.line 1 If. H 41 1 


Big 1 68 


iire>h»im>i J la 

la nil i Weatem. .1 14 

la lilt Ol I 23 

tlAlibiiru.il j &7 

Hjiiuii Uiniiu....| ^5 

Hhjiii». fuei-er. ...| 16 

H iina Curpn | i9 

rieiur H. J 5 / 

H ei ib el n I 9 


34 la4 
4lg 144 
3 4 I 23 in 
7 I 04 
5 I a44 
64 1 64 

9 | -65a 

* ; i6?g 

94 1 i9Jfl 


t uliiitihia Iib» I 27o 

I •■liimr.M t>|,.|....l to" 
l.un.liKl. '-.i-iAin. 18’| 
Cumlmstiun hna.- 40 "a 
C> >1111114 uni Ki .. Ibl.j 
l 'aii"» ‘ib b.llti .11 284 
( iiiii'iT ih Oil k'ei «'•; 
t"n> in. .->n 1 ell lie . 42<i 

l* ‘i 11 pul el S-ienea ii 4 

1 . >-iin. [.tie In..,.. 364 

(.■nrae 2 a ii 

lni.MiM>n.5.i. 42lg 

l. "li-.' H k.iik it 5 4 

i»iH>i Nnl.i.im.. 39 
<.'iiIIaUIIiit I'aiAer. ifil 4 


27ij 1 L74 


Heroeir Hiu.-i.air 1 . 1 824 

Hnai.lay Inn. I i84 

d.-nierlBke. ! fiSig 

H.Nieywei I 59 

II.K'vei j ,4 

H«i |..».i>r|,. Ainei -334 
lluii-luii Am. lut | *7S. t 
H 1111 I ( Hli. AtClirn- lli,i 
liiill.ila >k.i-*.>.... , 174 

l.t. iKilia-l I act- iaS in 

( A A | 411;. 

I 1 iiaei x til li’atii 1 . ...I 63 6p 

In in ml Sleei | 401* 

I 'l-'lier. 13 

1 1 ill et-.i-ni l.m-roj B 


Alni, Hjiu.ivhi ... i 37'g I 374 

M-IK.ii 364 I 364 

Mu rat hull Oh 466] j 464 

Marine lil>iiaiui. 137g I lo^i 
iLtrabaii Fieei ... 21a* ] 204 

Alay Uepk. Mure* 1 >5'g 1 ^5i* 

llOA , 554 ! 524 

AluOerninit < 3.4 allg 

M. LV«lllei 1 Uihiv . 1 a44 34 

M linin' U 11 . 1 2 .- 3 * ; <34 

il ■■mi. 1 ex | -<84 1 47 J 4 

Men k < 62 4 i ~9ig 

Mein-. Lim-li 207g 1 20 

M-sii I'etroieum..; i44g [ a4i» 

ill IB ' afilg ; 34 

Until Ml llg* Ml;,; ;6 33lg 

. 11**1 *i- ! c 6 I 664 

U 'n-nnio. 1 -j 2 'r. i 3l&8 

li.ii-aan J.P -.si* 493 b 

a -luruia ' 50 , 47 ig 

Burpbi 01 . -1 ; 404g 

A .blHLi" 241j [ 245^ 

tNak-oCheiiili.il •...> xB>g 1 e 8 
.National Chi 18 j 184 

•NiL Uluril tit 2 

An. aeni. eln.ij I 6 jg 16* 
Ahiiuumi *>i«wi....I o2 aisg 

Ant.Hiiiii- ' h44 1 44 

MH 56 I 044 

‘-erriiiic lm ( -. ..... 19 : 10Yg 

Aen Kiiv-Imii.i Ki.; HHr ! 214 

N«n kiiuuiii.I lei 33 1 4 | 34 4 
AU Da Mu haul.’ 144 . 14 

A ih-h.it Sliaie. ...j l: 4 ! l^lg 
n. U iu.taisiria— . I 94 18>4 

.i.in-t-k-v Mer- rent 1,6 26 

Vatu Ahi.Uh ... 3 53 ; 404 

irn.i -nate~ Hui. , 6 ub | a .64 

.Mhn-rtA Amine*, 31 1 *94 

Alim eel Unit nrj, dig ' 28>4 

.auriuii dlroun. .. 1 lusg 194 

Onadeota He! bn: 944 £44 

Oifilvy .Mat I let ...! o24 ; aWg 

•Mi n ■ BiIiboii i I 14 18 . 

Win - 13 7g | 16 

OrenH9U--lnpai....| a 7 d 

■ went. Conilu- ..1 514 3 OI 4 

Oneu: liiiniHH....I .2.g ulsg 

I'lf.in lian i tsf* n.436 

l'a the La tilling . 1:4 1»4 

14 . Hat ■• * La... 2 6 * i ;._68 

■I'aiiAmW iri • Ait 7lg 7 

Hxrkei Haniiihn. Zzlg 

»‘«aU">l.V I hi iiSij t47g 

I'eu. Hw. A La..., 314 Blig 

Hennv J. C :BI; 084 

Hennuiu ;U7g LDlg 

r'e-<|aa» L*mv 1 4 lo 

Heuplei* liaa ;54 354 

Hppislen 32 lg 31 


llevun 50 49 

Reynold 1 , Alecal*. 334 I 334 

HernoMs K. J 58 ■ 563a 

Ulch'bon Merrell, 264 354 

Rockwell Inter... 33 1 334 

I(nhml tdjuu..... 354 1 364 

Rural imieh I 567s D 6 lg 

m-E 17 17 

Hunt. Loga 1^4 1-S'« 

Uyiier -System. ..J- 23 &2 

sale way Store*... > 414 40 6 b 

St. Joe Miners 4 J a7 J t 274 
St. Kegis Pap*r...| 297g 29a* 

San La Fe lndb.,„.l 37 36 

3am Invert.. ..]■ 6 6 

Saxon Inrts 1 6 'i 64 

achriic Uremng.J 144 149g 

3chlurabergcr | 836g 80 Ag 

DIM ; 203(1 19Sfl 

Boat Paper 164 15*a 

Sconl Mn> I 214 214 

Sne Duoaler. I *f4 Big 

■aeaCcHiiainop- 307 g 1 314 

nea^FBin 2D5g I aa <8 

ieanefli. Li . 1 ! 153fl 154 

Seal- Rnei-iu-k '. *5 Z44 

■SEOCO : 376j 36 lg 

Shell UU a4i« 43 iB 

Mien l'ran-pon ... 404 4 ■* 

Signal 1 45 457g 

aignodeCanv 1 a5 lg 54~g 

aimpik-irr Pm .... 1 Ia 4 13 4 

singer ) 233* 22 i; 

smlDhKnne 764 74 

Soiiiron 1 3ig Zis 

xiUttMvnli ■ 353; 354 

Suutlieni Ua>. Etl 257 r tsl; 

diail itern l>- I 164 163g 

aiiin. Nai. Ue ....: a 7 aB7g 
-mtiiliern Pa. ifi j 33 324 

'XntliemKmiunvi 4a6g 493a 

9 uuuiiau.i .94 484 

■>■«■* uan-harer . t. 6 J; <64 

i(>em Uuien. — ! IBij ls»'a 

fjKSii Kan- m44 334 

1 325g 314 

-•taii-uuii Unuvi-.j 61 ig ^74 

1 hl.U 11 Ua 1 ii 1 .rniH] 434 484 

- 1 * 1 . On Indiana. . Ol4g 307g 
*ut. Un Utno .....! 656 b 63 

•lauil Chemical -j h34 424 

jterniu- Drue.— ' 16 154 

Hu>iet«k*r I c96g 59 

sun Co. j aOSg 406; 

sun i tnan.i I 45 *#44 

syules | 294 287 fl 

L'ecupta.-<'iMr • 111 * 114 

l'ebtrona 1 434 41 4 

reivalvii* • U84 1065* 

le»cs 1 64 ; 64 

I 324 I 321g 

re»«n> i'einaienm: llJ» ! Ill* 

I 341; ! 24fg 

i'esHi«iur aijg i au« 

l«VH- lllbl J||...„. B44 | 614: 
lexaiUli A U'aa.. ^2 i al4 
!'«***« Utllillr* ... 2 '« ‘ Bblj 

I in liiR.'.. v -154 j H44 

liniai Mirror | 29; a , Him 

I'lnaken ..; 3l'» 30’g 

Iran* 48 I 3 3<4 

rranamerloi I 6 J* I 64 

lran*>^> hi- Ie4 

LmiiHUniuii 464 j 36^« 

trail-wav Intr'n «i6«a. U 64 

Irani- Worm An. 214 ! JZa- >a 

travellers a75g . 36.4 

1'ri Oa men lain . 204 ! 195a. 


I ’’“s" “ tv I/ dealings, with BBC rising 65 to 

1 a__ i Hong Kong SwFr LT 20 ahead of rights trading ; 

WviT 45; 47 B The market continued to rise Tinteehur registered were proi 

---I Mg «4 throughout the session in active mnentty firmer in insurance^ 

SSS=:Ja!aS S£S ipere good lo^ Domestic and . .foreign bonds 

I ffisi SS ^ d second-liners meountaiSf were “ arrow ^ 
i/.j.90Dw3ifl6.ss| Vefi* selective buying. The Hang Seng Amcfarffom - 1 

index had its sixth successive AUlSICrOHIIl , * 

* A11(I[1 , 4 ^ra nCe ’ Cl0ShlS was in firm vein, 

CANADA 30 cent, orernight WaU 

Auabi n,p« — | 121 , .5 S SSSft.'S Bnyal Hntch. 

Aiinh» Eaa4 1 4 90 6 12 }® ®®5 l * 0 J?®nd Svrirf a™oag Dutch Internatiohs, gained 

V lean Aluminium. 32Je 31'r Land a Cents IO HHS5.0U an O SWire «, - JZ . rn 00 n rpcnPbfivblir 

Aicomasieei™...! 214 214 Pacific also 5 cents to HX$8.4a, 

inb«rtx» 38^4 394 b while Jardinc Matheson and r ?I UfI 4 n S 

Bank of Montreal S 2 2 is a wheelock Marden were steady Mondays suspension, moved 
Bank Nora Swia 21 21 Elsewhere Hong Kone ^ 5 - 50 on an aunoimcement 

BmIl- Kwoupim.. 34 a'« else where, mmg rvong ieie* RVA-and Adriaan Vnlker that 

Ben Telephone.... 684 5B phone climbed oQ cents to 7, js.Sfr ■ 

Buiv VftJ4v*Inai-.J 2b3« 29 HK$33.00 and Hong Kong Wharf t*»ey will study the possible m- 


CANADA 

AOIBtil Hiper... | l27q 

Arnica Battle | 4.90 


June I Jaba 


arOSTEEAL 


AlRoraiLSieei i 214 214 

Aab«rtx» 384 394 b 

Bank of Montreal 22 2l5g 
Bank Nom S-wis 21 21 

Unsli- Kaiurn,. 3 4 3 4 

Beil Telephone....! 684 58 

Bow ViUievIml-. I 2b4 29 

UFCansrtaL^ 134 I 134 

Braeauj _.j 184 ' lb4« 

linrii-ai : " 4.1 . "4.6 

Caitfin tVawer-..! a74 47 4 

C-aniDim llnm-.J 144 1 14 5g 
i.hiwiJb Ccuneni..; lu->i 1 1 4 
‘.'hiim ihSW Uin..| 10 ig ' It- 4 
l nn Imp Bn k Com >9 1 284 

Chuh<1h I odiier - 19 5f, tl95g 

Ua Fttdfii- ic4 IDh 

Cim. Ha-1tie lav.. 204 ! 2u4« 
Can. Super Oil.... -6 I 5S>£ 

CarUnc-O’Keete.. 4.30 j 4.40 
C*nralr Ai«Moa...[ luig | luig 

ChieitBln...^ | 174 : 174 

Codiidco 4 2c Sg 284 

oonu Haihimu... 284 2 bSg 
Lousumer Gas.... '84 184a 

Cooeka Ueniicn 5.25 5.37 

LUdWlD Kigtr 133; i lo4 

Joun Uevimi 84 8 

Denison Alinei ... 72 704 

Kami Mine»~ B54 : 5 7 4 

Uaime Hems Hum 62 j 614 
uuminmn BnrtEi 1 so j 244« 

LkKiitar 18 Ig | lb 4 

Dupont. 154 15 lg 

r«wnV Sickle. 23 | 264 

Faird Motor Can.. 794 j 794 



8&L2 fiOfl) 




40 cents to FLK$20.40. 

Australia 

AUSTRALIA. — -Very quteJ con- 
ditions prevailed following the 
holiday lengthened week-end, and 
stocks closed mixed overall bur 


tegration 01 some of their 
activities. 

KLAI rose FI 7.50 and Van 
Ommeren FI 2. - 

.- i 

Milan i 

Mixed with a lower bias in thin j 


464. j 364 
*i6«a. 264 


rurkin Elmer _ 244 

HeL i 525 b 

I’h/er | ;4.'-j 

I’niflla, Ikil'jr 24 >4 

I’biiKieipliiH hie, 1 /'• 

HiitlipMumk ! 604 

I'lnllipxf'eaoiriii. 33 5; 

i‘iir;uii\ 384 

t'lluev ’Bono-.... i *44 
I'll I* L. >n 223; 


*44 1 2«-4 
525b 124 


B.\i ! .’. ( 865 87 259 87 U ’' AL,|f| 


li-lllllieillB. ii, , . 

(."■iiiiieuiaiOii... 
(.-■UIIIILlllHi leli;.. 
ki-Mtl-il l.halH 

I.U3l*r I II. Ill- ‘ 


3> 4 1 30 


564 ! 534 


lull. I- Munir*....! 54 

I lilt. UHrvi-ri(-j ..j 36 
lull. Mm Vl.iieni’ 394 
lull. MllHIIi»-,a..l a.3 1 .! 

IlID* I 16^1 ■ 

I nil. I'api-i J 43 

IFli 344 

1 111 . Iiw.-litier I 14lg 

Im. lei. A l"ei....| 314 

liiveul I'h 

lnii h I*. -el | 17ij 

IL' I m.-i nn r ia uiai j 114 
lam Wilier | 31 U 


40 lg 

I'i-li-iuiu: Eier ■ l5 

I'HU I 111 In- trier. I 294 

Hrix.-ier IrBinbK-. . 814 
I'aili iirrve b-eei. : 2*4 

Hiii.mnn ^ 32 

Hurei | la la 

l/imkei IkU 251* 

liapi'l AnicrH.Hu 1 114 

Kiplkaw ' 484 1 47 

III. A a 94 

Rplnil-lu- Sleei... 867* 


14tW [ 404 39. 

JjlUi.eniurvh-i.il 341a 334 

L.A.L. ! <9lg *9 

UAlt««> I c.4 24 lg 

la la I | cv 4 2j 

GUI* ; *1 -21 

l- u 1 level 1 37 374 

uiai-evvi M 1 50*2 5U7g 

1 11 1 - hi Liaiki rp...' 144 144 

union Lori-iiu....! 41 396ft 

iJiiH-n LVimuMivei i5b "aSg 
union Ui* Cat'll ,.| 504 504 

Union HhciIu; I -*b6g [ 4d 

ij II 1 royal /I; 1 J7g 

unireii Braml-..., 87g I 8:>g 

Ub Ltan.>w|i. iln I 32 

UbO.|*um ■ 26 <g . *6 

us ah a: J !&74 | BB 

uv I 29 j 884 

u. lectin- •ingity. I 45S.J ■ 44 4 

i.'V lii-lui.tllev... ' 216 * I Zj?* 
‘ iialiiM Kiivi... . L3i« ' 137, 

tt'*llll«II ; 2 b 5g 1 254 

''Amur- LViirinni.i 43i a t 43 
•Vaniea-Lunben.' 31*, : 3 i-Ir 
■ ‘V-MUf-Mnii'merii. 34."3 j 237 fl 

*7>iih-Farso 27 Ij 26-"n 

We»lerii 36 ■ 351; 

"'iH'-ni A. ,\mei *74 i 28lj 
Hcala-ni I.'iiiuii... 17 17 

*V ,-«i inghic E>(v i 22 lg j 214 


JetuiMr 28J« 281 

Juul l'ei'ivkaiicl 12>g 12s 

Dull Oil CBinkla ,| 2oIfl Ebl 
DUMkersii.i. Uhii.; 8 81 

riiM.iuuer-. I 33ig. f33 

d.iaieUil-A* ' 384 *S7 

riiinicm Un,r Mru 1BI« Itoi 

dumr-o buy 20 IMS 

HimmuOha liHfc; *»2 j 421 

I.A.C ' 19 , 191 

»«I4»« I 3'4lg ! 33» 

«iii(«rui Oil ! ,.185g 19 

Ul-’a . ..| -3U#7« I 203. 

in-mi. 13 '13 

ull«h>i Aal.Uia,. , '.Jt 7g lui. 
■ in' Pine Lm. . *..164 | 15 
(volwr Kemniri.-eh. . 145* lnS, 
laailtl Flu L*up,... ■ bS* i 8*, 

uuhigH' i_om.*b". ,4.a5j , 4.21 
dii'miii'a uineni -'194 ! 187. 
Oa^v Fercuiof. . l'3Jg X3L 
ili-lnlyie.... ...... 2 o 4 | bbl, 

il^ir^ i.in-n | 37Sg | 371, 

UoaulainStaieUr' 3.60 3.71 

.« -ran - *n.u-.. [ 274 I 276] 

TSi; I '"".w hn«u>... lass 151 , 
1HS S- J Ailin. liiwun,,. 3Uj 30 
.\umav >>ii A (in- -24 o2i; 
omfc.HiH .1 He**-'m a.b o.6\ 
Hiwiftc «-u|ii«r 31 2 . 1.0 1.8< 


with leading Minings showing a trading. 

reactionary tendency. Both Olivettis weakened follow- 

A* the market awaited a ing approval, by shareholders of 
decisive move by the .Australian plans for a rights issue. 


NOTES : Overseas prices shown below acd or scrip Issue c Per share. I franca, 
exclude S prernimn. Belgian divide ads 0 Cross, dtv. ■-». h Assumed dividend -after 
are alter wlihholdlnK tax. senp and/or rights Issue.. fcAflcr local 

9 DM50 denom. tmlesB otherwise stated, taxes. ni% lax free, n Francs: i ncl ud in g 
yields based on net dividends plus tax L'mlac dlv. pNom. q Shun spDr. s PIv 
9 PiasJOO denom. nnlcss oiberwtse staled, and yield exclude special payment, t indt- 
Jh KrJDO denom. unless otherwise stared, rated die. n Unofficial trading. plClnontr 
9 FrsJjOO denom. and Bearer shares holders only, w Merger rending. * Asked, 
unless otherwise stated. 1 Yen 50 denom. t Bid. ? Traded, f Seller, r Assumed, 
unless otherwlso staled. 5-Price at Ume xr Ex nahts. xd Ex dividend.' sc Ex 
of- suspension, a Florins, b SchlllJncs. scrip issue. xaEx alL a Inierin)'. since. 
c Cents. . i Dividend alter pending rights Increased. ‘ " 


GERMANY ♦ 















CAPITAL EXPENDITURE 


WORKFORCE (No 


BALANCE SHEET at December 31, 1977 








1. SHARE CAPITAL 

. ..IB 

Z RfElHVtS 

1S2 

1 BOJUSIMEHT 


4. poavems 

m 

i WajALBEHWES 

ai 

6 1W1I3 


Rsnam 

1711 

Suffer* 

M4 

Stum nttdtt 3Dd te^ZBQD UxiC 



75 


zin 

J. C80ST Btfl-ICE 

a 


Head Office: Margareienetmsee70, A- 1051 Vienna/ Austria 

Telex: 1 1832 wabiw a. Telephone (0 22 21 57 95 45 


Boilers 

Steel structures 


General engineering 
Industrial plant 


iltitaa --fiic&Hi 




































































^ . -I., d—' 




S7f 


i^y® -7i^® 


AT 1- ■ ■ . ■ 

nc„ ^ Money and Gold Markets 



THE POUND SPOT 


Juue 6 


' BinW 
‘mw! 
%‘ 


May - " 

*praul 


Clow 


Conditj^DS in * yestfirdav's lh« Wnt Crnnsn hllrii also im- ! 1 - s - * • J : IJ180-l.t2W ;t.f23B l.B2*S 

v oretej-exchangc remained suier proved In dollar tenMM‘ 5 H 2 . 0880 j *' J* 1 ! 1 ®^ *^S33f* 

^itft busm ess at a -generally tow against DM2.KM2£ previously. In , uei s i,n r>i si.; &g.«&5S.7b I Bfi-eo.b9.7Q 

- i^;eye.v Stirapg jjMnea.-/ weaker at New . Vorfc^'-W - -iipon, . Morean j k,.; u • iojoio.si ; iq.so 10.51 

; •'in -terms cff the Guaranis calculation of the|iJ-Ji«rk . | ! J-W-Ji 1 ** I SjfSllaif ia 

5 1 ?« 2 .i 2 : tolto soil. eased. -to alow : 8 'HsiwiwB^o 'hmo -ms.m 

■ : the <3ay of $1,8160: ’ Interven- deprcaalion was uncowtgea at ■ ^ j.sgs-i^ • i.itimm 

* : JWaiSti — '.4 percent. - ^ . . *r«n.Ju-: 7 1 mi-ms , 1 

Frankfort: The dollar fluctuaied h F r . ! n 2 , b.J74.«2 

I ?— . 1 * /flirlu 1 SahH.l.UV i 7 : fl 4 T .1 Aft 


FORWARD AGAINST £ 

une month j* pa. [Thrw month. . Z P». 


0-fi64MSi .Jim' S- IS ij.6| M2r.| d "; M 

D.50a.40c.iimj 2.BB Bi'-V™, S.M 

*wlM pm I M 2“ I Sm 


parea \mxr. 

. - - - '-v” — v — — — >- log arid about DMMB50. — 

v although showed an irading: - ’Rw do&r moved 

Increase in-eUelble liabilities cf between DM 2 . 0 SSO arid PMZ.OB 8 O 1 
SL4 - per-cent .^general market during the day. Trio market was 
■w reaction favourable mainly nervous over the toteearraiB -for 

J Ohct»usG.-of ■ previous fears of a the dollar against -major „ cur- j 

‘ — Threaten Jiiwrease/ .Immediately renejes; particrf*wm^» , rtHSj Jluieli D ay» 


3o'2d t '. vm i Si W-gO « : -i ,r » j km 

3V| \ ii J.L Vin 7.4B ;8-7 I’ 1 1 "" 7 *L 

Hitt ■- ■Ilk > - IB.31 :1QQ-BBQ — 14.49 

Eonw -aTii •-B.M 

,«r.Sliivdi»— 1.14 2&11r.«>ii. “S - !? 

l-Somlio — 2-4S ;i '6M* d “ ~ ” 
lf.jm- 1 -r ! 9-71 IjVfS* •*.!•« ; 
ljiiffpoi loalvt 9.7' jSi.|®4W*tUV I ®— 5 

12. J cnMim \ aTstl at-Sp*!** ‘ *•“ 

)t|.{S( r. pm] 9.89 S'l l's w.JW I 9-M 


Why involve a Canadian 
bank if your bankina _ 
doesn’t involve Canada? 



'su-inumh forward dollar i.io-s.ouc pm. 

12>niuiilh 6.IM.03C ptn. 


THE DOLLAR-SPOT 


cotter.- me announcement, sterling iranc. . wui jC. 

stumped , 10 : S1S250-1^260 
although- this -level was not held* 
the 'pound showed an. iraprgv^ atawed •;* decline 


CIOM 



Paris: The From*, franc snowed 
Uttie change rh Tenaa' - of- the 
dollar and other ; major.-Eu ropean 
currencies after a day: : pf quiet 

thcabsence of 

news the J franc flnlmea 
at FFr 4 . 6 W 2 V aM blithe dollar. 

compared with FFr: V?* 

morninc. H- 

FFr 4.W378 in late btuiBtBs on 
Monday however. - 
SterTlnc cl wed *l 
asain^t FFr 8581 0 hi the ntomlnc. 

and FFr 85» on Monday. - The 

^German: D-mark we* .quoted at 

FFr 25040. eompSWd with 

FFr 2503* early. ; and. FFr 25030 ta.i..n B , i 

nreriously. wh»e the^Swiss Trane j . «u*i»n 

finish'd at FFr 55840. w&M* i £££ ^ j 

FFr 2 3M5 in the 311(3 ulni.ii hlnlif ! 

FFr 2 41 On Monday. ' ’ ' DeiiUrlurmVV 

Zurlrh; The dollar lost around Ouirsiuii-.-.u- 



■4.4MB M 

H.4M4^fc 


2JUWA2W 

L2WS-2J426 


3244-32-75 

52.73-32- TS 


SOlHhH 

S.MUASH 

D-MarL 

z.ana- 2 J»M 

2AW-2AK2 



45J544.K 

Lira 

W.U4UJI 

U2.464U.10 

Nn**n. Kr 

JW«JS-5.«UO 

5.4154-5.4U0 

8>Mit-h Fr 

I.iuw.po 

4A2JO4AU0 


4.U1IMU3W 

4.63404. b350 

Yen 

220J5-22L2S 

2JLQ5-22L2S 

tusmn Svh 


15J5-15J5 

Swl»S Yt 

1,4150-1.4247 

L1245-L92W 

•u.s. 

1 

L-cnu pur CxuadUn s. 


FORWARD AGAINST $ 


pa. | 

-DJ7 1 


D m BH mh p* - nireeniBWbi 
QOMSlcdt* -QJ5 MSOI»cdl« 
tU4Mcm X-QM-WCPm _ 

O^.arc P m ” 2.W 05«Jllc pm ’ ™ 


aasa.nc pm 


4.74 


4JI 2J*-2.«c pm 

2Jt5JJ51iredl( -4A4 9JS-UHr* 81a -4.02 

Qjulswdta -l.« 254240c dk -1-71 

lB54Jypm 4.IQ M-27A Rm 5-®7 

_ 4J0 5.25-3.2PC pm 4-«l 


l.M- 1 -Mc pm 


CURRENCY RATES 


~ Hpociai ; 

i BiP-wiac 

High i a 1. 

June 5 , 


European 
Hail oi 
Aoeount_ 

•ft tuft o 


Ujsh 


5R , - — _ sterling with . tnc. tnree-monui -- h ' - ' Ru rao VXS of a . — . - 

discount against, the doUar nar- mariret in Swtoerhmd were Bl " 1 
k royvtng -^ghtly to^ _1.47c_ ..from bank, and! 

57.6 o,^, 


0.674236 

1.02603 

1.37100 

19.0303 

39.9441 

o.a. 

2.B5112 

2.73203 

5.62303 

1050.16 

1.401 

1.60217 
. 7.9068 
fi.tr 6568 
2.30404 


U.6V055fi 

1.23360 

1.30065 

10.4408 

4U.190S 

Ufa 

2.56717 

2.74986 

5.65919 

lObS.55 

270.509 

6.t4037 

90.5431 

5.69074 

2.37941 


CURRENCY MOVEMENTS 


June 4 


Sank at Mo nan 
England Guaranty 
index changea *> 


Sli.TllTlB 

u.s. tlullur 

Canadian dollar 
Austrian m-hiiting 

B> luun franc 

Danish krone .... 
Dt-ilUt'IIO MarV .. 

Swlxc Irani 

GiUlfrr 

l n-uUt franc . 

Lira 

Yea 


ms 

M.S7 
M.12 
141 JS 
11144 
114.14 

141.40 

179.41 
12131 

9 SM 
54.M 
134 42 


-41.4 

- 54 
- 12.0 
+14.4 
•i 13.0 
+ b.7 
+S43 

- 73.4 
+11.1 

- SJ> 
-4b.O 
+M2 


Bavrd on trade wHpbli-d « ham's from 
I Washlnsinn aarecrarm Drtvmhcr. ls«I 
I IBank of KnpUnd Indes-lOOi. 


£15.7 J +, 
is.i ,is! 


j . Slightly • to 1.47t from bank, and 

3.50c while the 15-moftth ; also h - j e nd«! -^-iiiofeaae the 
aproved tu -6.10c against 8.1 « i c- prMeU re nn the VS .-currency. 
Using Bank of -England To^'o-. The US: -dollar manpeed 
mires the oound s • trade of . Its earlier 


i figures' the pound's trade ^‘"^oup "some’'^ Vf^iw earlier 
r wefchied index rose from Mon- . c iosi n e ai:T 220 Tri a»arnrt 
clay's close of 61.1 to 615. The y ‘ ^ujn^yjjyiUh V2i9.io 
opening; calculation^ was un : l„^d 3 y® lE^ncd it Y2205 
changed at 8IJ;. and at noon ■ , oplilai/nf the Bollar 

. showed an improvement at 6 15. oomc' banks lnwhed tfte: tale : 51 . 60 - 32.10 ; vr.as-w.w irn...— 

,J « r The tl.ri. dollar opened mar- YSo^ai - one -point. [ 66 . 046 - 00.600 3^7037^0 

_1 r ““‘ \ finally firmer hut rumoura of * iSSSa we«S reversed | H..^ k»u K uoii..J ^ n "\ 

w - w ~ ^ wh°£° r imd “hemed P "ter in' the ombosob >^.,..1 


OTHER MARKETS 



c 

Nulcs (Ulft 


\HRra lift* LMH r' l l 59 85- 1.6 147 0.877100.0640 ! Bchpmn .. ... 

P ntanrt " 7.81 7.82 A. 2880 -4.8010 |lHiim*rV 

Finlxnrt Martin 5 {;| 0 , 32 . l o _ ; 17.32-17.60 ,¥***. 



>a?3 Dt^.K.V Puuiul sterling 


■u! w’ r" a L' 2 ?. B»U«r. . 

••■•* U Lain. ^ 


••+ SJIlO 

t 2.089- 


8.408 

4.609 


•2' lilted r - J«j»ne«Ten J.COO 

In-listnainH;.-"' 

'!»> I'nrittf 


0262 

2.475 


■ I 


0.479 

4.515 


106-0 i .. 
1080. 


2.207 

20^1 


Trench- Fimiif 10 
Suns 7'mnc 


1.189 

0.287 


2.169 

0.523 


4JS32^ 

1.09a 


Dtnfli Gulhler 

ImlMD t-ir» 1,000 


0.245 

0.636 


b;- - 0:447 
1.159 . f 


0.933 ’ t' 
2.421 


1'n.v" 


»"■ CnnadUn Dnl!»r 
- Ueljdmt FUhw 100 


. 0.400 
1.676 


0.894 

3.058 


2E68 

6J87 


108.1 

677.2 


4-122 

14.09 


jlm»M Kraoc j 

Dutch GuiWeq 

Itnluin Liia Unwin OidlM-; Franc 

3.4SD 
i 1.913 

4,085 I 
2.240 1 

1674. 

062.7 

2 040 "■ 05 

£il8 | 32.70 

. 0.916 { 

1 8.639 

1.072 j 
10.11 1 

4130 | 

3096. j 

0.535 15.66 

5.048 • 147. b 

! 4.151 

1 I- 

4.850 

1.170 

1872. 

450.9 

1 2.426 70.05 

\ 0.584 ; 17.09 

... 0.854 
i 2.218 

! T 3B5-2 

j 2.596 1000. 

» 0.499 | 14.60 
[ 1.296 1 37.91 

! i 29.25 


It will probably come as no surprise, 
to you that the Royal is Canada s largest 
bank. But, with assets exceeding $35 
billion, we're also the fifth largest bank 
on the North American continent, and 
one of the largest banks in the entire 
world. In fact— through our offices, rep- 
resentatives, subsidiaries, affiliates and 
correspondents— we re involved in bank- 
ing in more than a hundred different 
countries. .. , 

Now size, we grant you, isn t all it 
takes to handle the worldwide needs of 
today’s multi-nationals and governments. 


But with size comes the expertise, the 
experience and the fast decision-making 
that it does take. Not just for basic inter- 
national banking, but for project financ- 
ing, Euro-currencies, import, export deals 
and the entire spectrum of international 
financial transactions. 

. So, if you have the feeling that your 
needs extend beyond your existing bank 
relationships, contact us. The Royal Bank. 
At (01) 606-6633 in London, 266-90-30 in 
Paris or (0600) 726 051 in Frankfurt. Even 
if your international business doesn’t 
involve Canada. And especially if it does. 


Mi THE ROYAL BANK OF CANADA 

One of the weald’s great banks. 


5.851 I 


6.048 


223 -V 
i .35 ..£ 
2 20 

5i5 -Si. 
: 59 -if 

i ;o 


EORO-CURREUCY INTEREST RATES’’ 


I.» 


■Juim* 6 


BtcrllBjf '• 


- CtDtdbV 
•IWlir 


t»hnrv tftriiu'; —i 
7 iteyt until*.- 

M until t 

Tlirefc ni-/ni4i»...l 
6i+ umntlih.— • 
Oop year 


CJ. tWtar ;l>ut 

~x 


r , . . 

JuiWen SwtB. Fmne 


W. fieruiau 
• Murk 


F-mnch Fnuu- ; H»li«n Un. A »i»u V | Yw_ 


-LO-lOlt j -.7-8 . . 7 *-7 * 

lOTgllU . J**'*.' i'TTi? £ 

12-1214 

13Je-12SR ! BUi-Bli • 8*e-o'qt ■ 


^4«-4»a 

4lB-41e 

4SD-47* 

4J ( .5 

5i a -53« 

•5l*-53i 


I'll*. 

l-ll* 

1U-1J8 

lag'-Ha 


3,'. -3,'. 
3,^ -3,S; 

3S83l a 
3ia-3i> 
*H-5l 


10-10 >4 
10-101. 
on-io 

9T a .io 

10SB-I0ia 

10i*-ll 


0.05-0.10 

0-25-0.50 

0.75-1.75 

3.75^.75 

8.25-11.75 

23.50-32.50 


7S*-75i 
7J B -0 
8l«-8>« 
8 is-8 i» 

8;4-8ji 


334-5'. 

2K-3A 
3S8-3-.* 
4-4 is 


nnthk.7....' 12-1214 I , jf 1 ' -5V,.S3. ! . I - 

• Rates are. nominal closing rates. ^ Ttv 10 . . . — — — — 


Swus Iranca. 



.~U- 

S-il* 

S-i: 


INTERNATIONAL MOIfEY MARKET 

Fr ehch ibttfest rates 


GOLD 


Weaker 

tendency 


in 


Gold continued to Jose ground 
Ihc London bullion* market 
yesterday. After the morning fix 
of $181.95, the metal weakened 
mainly in respouse to a firmer 
dollar and with later selling out 


ccording to tne wnrna 

- 4 ff % a c £r?or 

stjk sr s«°« "* «§•* apas?s.- =-? & 

■-? .S2pSJd-^?S5.-..7» t* r ““ t S?nTpiSer 0 1 e P ;™"<.u.n,w» S Sf«S|5 nk “° SUltatl0n 

previously - affalast below two-mouth money market ^^^YOIUC-Treasury bill 

Treasury P bUls and eligible medram month^^cerScaS’ the old rales showed mixed changes. wiUi 

'.-:'.: t rS?«eTecut.l»nhe^ £ e *3S?&£ *2J ? 3 r™ ** iS^ekbUjsnsi^l 0 6-81 per 

g^^-n5ia,su“A sLruraJS « 

» es .- si"bff a? ssta 1 » « 

' ' ”JSSwd-;; «**!!!» Hg ? 3 . 1 ^," 105 e! “ l> «!T 5 uo"tcdat 

It Is ^ectad that the cut will st ^KYO — Bills worth about 7 n T g :_per cent bid, cwwparcd with 

? iiicrea^S ? o n . «r^ Y^S^Save been traded on the ^rp^cenl earner One month Mumini! ,« 1U « 

- * batiks to T6d«tee base rates from capital market at 4J2o certificates *?[ le A ften.i«n«x»n K .... feiei.05 

th. ^7»t. under a . rccendy .uneUfOSed aoJO^ent, wMe (M 


Juue S 1 June 5 


Gxlil Uulliim l> line 

cET! .01QI-1QU 

upcuiQK S1B2-1B23 

liuruinfi flxiuK SIB 1.95 


v^mes despite the recent nse in £~ not| ^' aimed at two-months teU to - ■ 4 } P er 

u.s. interest rates. -' UberSuinfi -^ort-term Japanese from- .7.43 P? 1 ! ce "5» ^ rrom 

Brussels'- Kates on two-month Mberamui^, ratmSbs to .-.37 per cent from 

,i^4« nv+omirv certificates were money ... last 7.tS jser cent. 


.51B21-1B3 

S182MB3 

.S1B2.BQ 

!l£IOOJDZ) 

S18S.05 

1(2100.577} 


Brnscelsi Kates on iwu-mum- — 

BelEian Treasury ^ certificates were scheme 

raised to M per cent. ; froin S.4 per The scheme 


UKMONEY MARKET 

Market uncertain 


(i!38.«7B) 

Oolil Culns , 

&SS2K 

^ iL'IOB- 104, (£104-106) 

1S’, W Sorereijfn* Wjjjj jgf:?”, 

Obi Suvertlgn* 

GdIJ Cuiiu | 

iniwuit tonally . 

Kruatt-nud T'jJSfc 1031 |U£10M-104l) 

IfK 

Old Sorfrrtfln. |gjg»^ 



Whil^coSwcS J9 2mairied to - &SS? Pf 

^^aiSfJes^uRM 3 ^ OT at^eTaVSnfcSnfi'ktocs 
^ ' ^air^iouht ^oT^raas^ bjlls were taken anywhere between 
overan. moid- 



of New York, the afternoon fixing 
showed a further decline to 
S1S1.05. However, with the dollar 

SSRSIT.S5 £T»& 'jsfiiSTS^SS^ftSS 22? 

nnpprtamtv surwonding the raid- direct from tne a\sco Interbank market overnight loans bottom ^ ter an openmg level of 

fibres bJt also the OdbiArm- for Jie re* oi j * r . 0 p ehedat s 5 ^ per cent and cased ^g” is2 , an oU ncc to close at 
Sri iSvitlbUity. oi govern- ™ teliSS® to 7J-8 per cent where they | 18M8I ( t a loss of. SU on the 

i&av&'sJzi r».w - “ 
^ - uaw ' ! 80,d aucti0 " 

ssarTa' - rrr^ sstf ? > 


London monett rates 


MONEY RATES 

NEW YORK 

Prime Bale 


ts 

7.4375 


June 6 
197a 


uvoi tun*4i> — 

2 diyt notlrf- 
7 dayv w 


KIA MlUilw— — 

Nme inontb*. 1 
One .vent ...... 


Sterttnit 

Cflttficmte. 

interbank .rAutbority. 

• •• j. depp«t* 

Local ABlh. 

“ESS* 

lit 

1*5 

“ I 

Company 

Deposit* 

Dbwont 

market 

deport 

Treasury 

Bills* 

• 

'BliUlbla 
Uaoli 
Bflls * 

Treasury BDls ftSweek* 

Fine'Trula Treasnry Bills (O-wcckj ....... — TOP 

Blllse 

GERMANY 

8jS:ri!s 

9rtr®rA - 
9ft**--. 

lOA-igtt 

IQ.VlOsf 

■■sai-.l-sss.- 

|g:?? ] 

10»i.l03« ] 978-10 

SiB-StB 

9SB-9U 

lose 10 

104-101« 

BSi-S 
9i8-9h 
9S8-10 
. 10-iOlj 
lO.VlWt 

lOta-Uia 

— 

8*4 

83< 

9U 

17HS 

8i a -SU 

a^^ie 

ag-8rc 

SBaTsrt 

»|r 

91, -9,7; 
10-104 

— Wscoimt Rue - - ^ , 

— ovcrnlBln : — :•? 

— On* momb *■" 

9ie Three months 

988 Sbc months 

07, 

10 ± 01 ' FRANCE 

— riscoum Rate — 

— Overnichl 


% ~ . ; - . ~ — ..1 jw# 1 notice. 0111“™ _ .. ,-pr nor codi. ■ © BduK Din "Jin in 

tool amhwuiw K S’hin^tsiVii i»^ cen,: f^M" 00111 lrfldi “H* %*£&££ him!' 

nominally, onw yMrt-M*U* per f OT rour-raondi bai* bin 1 J" 16 ,vLraont6 84u-»?S2 per emv. a j^. 

buy Ins rates ‘far prim* W>er-- TrcasuY W9* and iwo-moaUi 81 Pdf eoni. and duw-month 8 is »* 

Appimimawsriuna « gj per «m- .W-moaih Hi per «ol. 

r ccul APProsWMie «Ulw «« ™ rrcw: , wtf .moDih 91 percent- ano i » ft-om June 1, 1#W. cimHm 

c cent Onc-mmih. irate WtaWpe - yinwice Boi»e« a^e RaucTor lendlns 9 per cent. Trowunr 


ClHrtM Rank 
cent- Treasury 


JAPAN 

Discount Rale 

OvcnUsbt 

Three months .■ 
Sti'monihs * 
one year — 


3-5 

X 


3-25 

4 



1.976 

1.977 

Increase 

% 

Capital & Reserves, after distribution of profits 

35.602,1 

37.313,1 

1.711 

4,80 

(Million Pesetas) 

461.557.1 

311.710.2 

■560.909.6 

379.9*4,4 

99.352.5 

68.284,2 

21,53 

21.90 

Investments Portfolio (Million Pesetas) 

Profit Available for Distribution t Million Pesetas) 

Met Dividend per Share (Pesetas) - 

74.982,4 

5.257.4 

3.782.4 
52,1 

79.0t>2,7 

5.520,8 

3.S16.7 

53,3 

4.080,3 

263.4 

34,3 

3,2 

5.44 

5.01 

0,90 

2,30 

(Maximum permitted by hue) 






737 

139.639 

902 

179.631 

39.992 

28.64 


INTERNATIONAL finance 
B anco de Bilbao 
Alcala. 16 -Madrid-14 - Spain 
Tet. 232S607 
Telex: 23381 SB RFI 


PRINCIPAL LONDON BRANCH 
36 New Broad Sired. LON DON EC-2M 1NU 
Tel. 01 638 mi 

Telex: SS6451 BB LONDON-SS6452 BB LONDON 
S8U693 BB LONDON 


PRINCIPAL PARIS BRANCH 
29, avenue de VOpera 


OTHER BRANCHES: 
iowrfoit "Co venl Garden' 1 , 
London "Spital fields", 
London *' Leicester Square", 
London *‘ Knightsbridge ", 
London «Ncw Covent Gardem 
and Southampton. 


international trade 

Banco de Biloao 
Alcala. 16 - Madrid-14 - Spain 
Teh. 221 29 SSI 232 6S 07 j 232 68 20 

Telex: 27616 BB ARB 

27535 BB SEN - 22002 BB SEk 


NEW YORK AGENCY 
General Motors Building 
767 Fifth Avenue - 6th Floor 


; £ = 153. 720 pesetas (30-12-77) 



BILBAO 


'i: - ■ r~ :■ - » 










1*1 


'll 


Dull late trend in Gilt-edged after banking 

Industrial leaders edge higher— Index up 3.2 at 477.7 


FINANCIAL TIMES STOCK INDICES 


"June] 'June 




Account Dealing Dates Securities claimed 

Option attention following 


claimed a good deal of ing the results, but Carless Capel J92p, and Unilever. 520p. both the industry’s prospects. Dana 
ol lowing the results and shed a penny to Mp an the lower closed with gains of 4. while Press Corporation hardened \ to £231. 


’First Declara- Last Account were the most active with S3 profits. .. . comment on the better- than- Wadham Stringer held at 45p 

lealings lions Dealings Day contracts recorded, while Court- In Cinemas. WMtwara expected annual results helped following news of its decision to 


Dealings lions Dealings Day contacts recorded, whde Court- “ mu unll expected annual results helped following news of its decision to 

May IS May 25 May 2G Jun- 7 ?“'f w . e ^ v c ^ n b ^>nd wilh ^ vslon firmed U to -fi,P on small HeUJ ^ lo ^ 5 more to 313p . take on a Vauxhall/Bedford main 

May 30 Jun. 8 Jun. 9 Jun. 20 followed by Shell. 59, and GEC. buym„. wall Street influences were dealership. 

.. ,. dgjiinas m4y lafca ^ ace Behind Wall Street advices, Philips Lamp good %%££££ % a J° h 2 ?rt s *^SS . ft newspapers. Tiom^n closed 

rmm 9 jo a_m. two fa iu i ness days earlier, buyers came again for the invest- philips’ Lamp featured Elec- tive buying fuelled by take-over 7 to the good at 255p in response 

The after-hours' .n.ouhcement "SL S™5» "S S'* !25SL« iS *5J2JSS S g B!" 1 ^ . "S'Si “ .. “ nBd “ t 


the equity leaders which held on r .. l. - 

to initial smali Improvements. * o1 Uow-througl h in 

a ftp i- , Hull and norvnus start, demand for C. D. Bra mall failed 

when prices eased afresh by an ouie’^tr-td^th^SfarM finned 'i^ta 
1 and occasionally more, gilts en- g}“ et • £ I 1 " n 

countered some bear closing and w,th the p,aaDS 

at the official close earlier losses pnce 0 ap - 
were replaced by widespread |~< n T nc „~ oxl „«c n „ 

gains ranging to i. The late rone. COmp. WSHrailCeS up 
'however, was soon affected by a publicity given to a broker’s 
poor reception to the banking bullish yearly review helped Corn- 
figures. posite Insurances to make head- 

By way of contrast, the majority wa y. Royal put on 5 to 362p and 
of the equity leaders closed General Accident added 4 at 21Sp. 
around the day’s besL Scattered Elsewhere, C. E. Heath hardened 
small offerings were easily 3 t 0 270p as did Willis Faber, to 
absorbed by the odd useFul buying 265p. while Pearl put on 4 to 
order and the FT 30-share index 242p. 

sraduaUy edged higher during the ^ publication of the mid- 
course or the d^'_to close with May bankinK slatist ic S failed to 
a gam of 3— at 4<*.«. The volume st i f {he ma j or clearing Banks 

" r t l? de j h ? u * ver ’ left which had traded quietly around 

tf l be desired, official markings overn j s ht levels throughout the 


speculative support 


°f 4- fi 44 showed no change on d \ a tWest closed 2 dearer at 
Mondays and very little on the 272p and ftndland 3 better at 



week-aao 4.575. 33Sp. Reflecting investment cur- 

Elsewhere in the equity sectors. renC y premium infiuences, foreign 
hid speculation was again evident jg Sue g generally made good pro- 


OCT NOV DEC 
1977 


FEB MAR APR MAY 
1978 


•I.a aj,c:ciii<t mum issues generally maoe gooo pro- Stores were looking a little hardened 3 more to 113p. while rise - of 10 to STBd ' in British 

and overseas-based stocks often Rress . Algeraene added 2J points better in the late trade following Pritchard Services ed n ed forward Petmleum while Shell added 7 

made progress in line with a fresh £12R ; and Deutsche gained 1J the final April retail sales figures. „ “ „£*7r***??„* , h e re.nnn2 to Govern- 

advance in the dollar premium. tQ £^41 while Hong Kong and A. G. Stanley rose G to 126p for w 111 f^P 0115 ® to t0 5 " lp “ response to Govern 

Investment Trusts, particularly e ndid 9 up* at 2S0p. a two-5ayrise of II. SeliSwurt *5£ & *} SJr 

iIiitgp vi- it h an Ampnran content- u q <v nil j « 1 .>«_ _ _ merit- A snBuc easier 3t 3*«)p Pxuloit UiP North Ssbs r ultnsr 

lun reenrrted some useful "ains .Still anticipating potential to th “ 4p ahead of the preliminary results. Field. Siebens UK attracted 

interest 0 here hein" enlivened bv benefits, from the Bass Charring- JJJgJJJJ} bCt further couSera- Dc ** Rue rallied on u - l he revi ved speculative interest and 

he Sharp . (verni Lht fmnrovemen't ‘ on deewon to market the com- {““ J! fhe Sterim fi-ireS clipped announcement to finish 6 higher rallied 25 to 3S3p and. similarly, 
on Wall Street- the FTArtuariS pan > s Efthland Que f. n . brand * 3 m£ r V fLm aEtta^Sn NeW- on the d *7 a* 333 p. Grovebell nil Exnloration rose 18 to 256p. 
index fiir thp 1 ' suh-sector sained Macdonald Martiii DlaOnei^s rose 242 „ nss Newsaaenrs con .M. I l ued 34 p. up_ investment dollar premium _in- 


the industry's prospects. Dana 20 to 54 Op. In Financials, 

Corporation hardened i to £23*. renewed speculative interertjeft 

w X m cirinrer hp!H at 4Sn Ix)Ddo11 ^PTPpean 2 up at 29p. 
wadham btrmger held at 45p p and Q D e f erre d dominated 

following news of its decision to proceedings in Shippings; closing 
take on a Vauxhall/Bedford main 3 better at lOOp. after- lOlp, 
dealership. following a good two-way business 

_ „ , . in front of today’s -annual 

If) newspapers, Thomson closed meeting. - - 

7 to the good at 255p in response Higher earnings failed to 
to the chairman’s confident sustain Parkland “A”, which: 
remarks concerning future earn- eased 3 to 78p in quiet' Textiles, 
ings. and News International Nova Jersey, a recent speculate 
found support and rose 5 to 243p. favourtte. Inst a like amount at 
Elsewhere. McCo rquodale put on hut William Reed., edged 

3 to 273 p ahead of today's figures for ward a penny to 90p on the 
and Usher-Walker rose S to 58p chairmans statement^ on future 
on renewed interest in a thin trading. BAT Industries provided 
market. In. contrast, speculative a dull spot in Tobaccos, losing 3 
favourite Mills and Allen shed 10 to 335p on selling following 
to I53p adverse publicity given- to ’the 

jsrtsjri.- jss 

figures from Land Securities • . 

which stood a couple of pence „2?®* h ear lS‘°x* T ? 1 ^ 

higher at 215p before the ment that the bid from Harrisons 

announcement, but immediately ^ Jrw jV®‘ 

cased to 212p on it before rally- wndibonai led to a rise. of « to 
ing to 217p and closing 2 up on ™ 

balance at 21 Jin. Hammer-son “A” tp 

firmed 5 to 580p. while Bradford ^ P „? ead T SU2h^ WS iK^ 1 
and Great Portland Estates added ,, .^! arre ® 

2 apiece to 225p and 302p respec- ^ • , ? ?* 

lively: the last named has results price a ^T anc ^ m 

due next week. MrKay Securities we conee pnce ' 
were marked 15 higher to 22 Op : 

on small interest in a restneted lYUueS 

marker, but recent speculative Features io mining markets 
favourite Property Partnerships were few and far between as busi- 
reacted 4 to HGp on profit-taking, ness remained at a low ebb. Even 
Oils were again neglected but Australians, where trading . has 
Wall. Street advices prompted a been quite hectic recently, were 
rise of 10 to STBo in British subdued as a downturn in ove r- 


I 68.83) 68,79 6S.3IJ .69.90; . ?D.l^ ■,6MB 

da* Inten-fc 70.73. 70.82 ..7L33| 7.1 -TO Tlirf ,71-76 

IndwtmdOrimwy-...- 4717 474:6 475.5| .478, 472:6 <fS& 

Gold llinei I s3 - 9 155l8 } : 1S&1 3^3. 

OnL Div. YksUl..- 8-BS --BBS -5.5a 6.53 . :-t5M^.5;59 

B«niQig».5r , H%ffuUK*jS16' 13 l®.- 32 t®- I7 J 16.4a --ie.4d l6.so| .isjgs’ 

WK gfttio (netj[*tj -8.29 .8^4 ' 8.27) 8.38 ,8.19^ 

Dcoltn^ marked ; 4,644 ' 4,644 4.988 4^31 4.34ri ^£65* 

Equity umow^iB... *. — 55-56 67.36{ 68.53 64.69. 49 jj 46^afi 

baltvaunlm-nMU ■ — 14.388 12.595! L4.374^14,864la8^87t«.^ !l : 

iT~5 T3 an 170., Soon -IliCL" 1 -PB I 

2 om 47S.6. 3 pm 47T.1, 

Latatt imdex O- M Seat, ■ . ‘ ' . V "| 

•Based on 52 per cent. Ltorporaiioa .1 NjfeBJS- i=- 

Basis 100 Govt. Secs-' la/M/26; Fixed Jbl jass.. JnL .OnL. 

. Mine* 13/fc'SS. SE Activity. JoJy-Doc. UM2; . . 


OY^»D| oa.cat D-KEK, 

14.3aa 12.595! L4.374! W.flW 


*74^14,8641:18^871.11.^: 
L4-- 1 poj 4S3...- 


HIGHS AND LOWS 


s^rAcrivfn^; 


L'mupllatMB'l 




lltfl <X Kn ^ t I 1 a • 


forward a penny to 90p on the — “ ” — . . Tm • -- 4 ^ 

chainhan’s ^atement oh future Hlgb ^ _- 8 . ^.?V. *><- 

trading BAT Industries provided _ „ _ 7Bsa 6379 1*7-4 4flja ~*T r v' V- 

a dull spot in Tobaccos, losing 3 Oovt-Som- 1 * 58 68^ 227* 

sswss “• v « if ■ 

ggirettes in third-world coun- lad - 0nL - fjjf IJ’, SSj ^iMJ} f\-. ; 

■Si IML6 uu 

ment that the bid from Han-fsons - — ** 

and Crosfield.had been made. un- . ' . . - ■ 

condirimia 1 te^a s ri^oMto o n consideration of the fdteea ^ n gy.j p H ' 

Estates. Guthrie ctaeajx3^to months* results announced on M l ***l***EF£tt arttet ■$ ' . , r 
S17p ahead of tomorrow’s ormnyl Monday. A good demand for De .'y 1 *' 


70.73 150.4 50.55 bpecufaUiv«i. < ^36.7 K 

l6/6)-. Still AT) <4/liT6) .tSSHT..-- ^71 iw-fe Z^*. 
t33A- «4ft3 . ^48i4 . ^ r-Z£' \t‘ 

Sffi: :?|g /.•*; 

130-3 442.3 43 JS .Specnlrtfelj ■ MX » r * , 

iB;3i -afctvT&i »* u>4iy Tl<mu . ioaSj 


s; 

. - : ■*4l 


Estates. Guthrie 
317p ahead of tc 
results. ELsew 
jumped 12 to 234 
buoyed by the £ 
the coffee price. 


price. wp. . .. dosed 5 to th^.^OOd «=* ^ ? > 

Quiet Mines 10 coopery anporco: advanced hJgfc of lTSp: ; * 

•S^SWfcr’bSSfe’ShS' NEW HIGHS AND LOWS FOft £976 Cv I ? 

SSS3ffirUii ,0 £S^^S rcsuf^SRS^tjug- fiat'-Bsyp^^ i 

been quite hectic recentiy, were Hlnh * and " ■ '^jvCojM*.rpC- 

subdued as a downturn in oyer- NEW BIGHS (151) - ; Whia Wi r^V «■ 


JVEW - 


index for the «uhVror "ained Macdonald Martin DlsUUerlcs rose ^ r NSS Newsagents continued firmly at 34p. up 2 investment doUar premium in- 

^ ner cent .o* 209 vq c r orn " nar ed ^ D^meTprV- * t^lOBp in SSSti,. 2 ^,1 were responsible ^for 


with a rise Of oTner ren to SO. Amalgamated DwtUled Pro- in more to 113p. Reflecting Wall jn Ranger OH which 

"1R71 in the in-Sha?e index * duct5 - hpw ^ ver - ««*? t0 3fip br I' a11 irr ceular pnee move- Street influences, Dover Corpora- added 2 * to £25 and in Koval 
“ lh ln ,ne A l " e before dosing 4 cheaper on ments were the order of lhe day tion rose i to £38} and Vranklin w v,j c h closed a point higher 

Gilt Tally halted balance at 3Sp. Breweries were among lhe Eng ineering ^ leaders Mint gained 50 to S4op. while the at £^g 


idle and little changed. 


after a small trade. Hawker cod- firm 


investment 


Small buying in anticipation of 


known. Sentiment in the earlier oo' 12 'to SlOp on the imminent man Heenans casn oner ot Up cheapened 5 to szp in reaction ™»«« 

rt.,aiin«c M ac -.^ain uncertain but irTctioatinn of >he mnital renreani- per share, while Fiuidr/ve. which to the disappointing annual next . Thursday * results. After 

1h e ^erin- of bea? ?oritions SE Zs A2a“l£t th? trend is currentiy in receipt of a bid results and Wedgwood declined the recent sharp fail on the Tan- 
nrier the recent downwa^ drift ^ burv cSntraciine eas^d B to worth 74p per share from Thomas 11 to 221p for a similar reason, zaman situation Lonrbo eased 

Jushe^th? mark!? To higher »0?7taSJk jSSSSm addSd 2 to Tilling, improved 2} more lo 79 ip. Tl« announcement ^Jt Jwo afresh tc 

levels. By the official close. 175- following news of the acqui- Tate and Lyle, interim figures J' r ri * C .!° d B shareholdings FKi.^wSfsHehflv^asier 

initial losses were more than silion of the U S. company Marion next Thursday, revived with a ^afnr which touched «»e reiiiiu and capital 

recouped and prices were show- Brick, while IhiM Of con- rlse^of 4 to_ 174p in lack-luatre “*»«« SS-VSiJSS J2E2K P 


n-enupea ana prices were snow- diwh. wih» me mi wi«- iw ui •» m *iii* i ■ u.h-iuwg ho rnro »i n dnn o ,»nnv easier 

in? improvements ranging to A tinued growth by lhe chairman Foods. Morgan Edwards con- li p ba ? a J2 af 44n Camrcx shed proposaIs - 

in the short s and to ’ in the later prompted a rise 3 to G4p in W. and tinued to attract specuhtive SwMo WliSt the SSman-q Overseas issues made the 

maturities. The final tone, how- J- Clossop A. Monk closed 3 interest and rose 2 to 37p for a J tb ” p “JJJJ;* an d ^hehy firming in a firm Tnvechnent 

ever, turned distinctly dull and dearer at lOOp on speculative buy- two-day improvement of 8 r elinmr£bed 5 further to Tn,s t se^or on a combination of 

opening quotations were expected m 5 following Saint Piran’s in- Lmfood were also 2 higher, at rennt iuisneu o mruier iu Wq ,j g trec t sn d currency 

.. l. j ..J... prascorl ch»rA ctnk-p hot Johncnn- 140n. fnllnwin? nw« that influonroc lr*n Inwffmrntii rasp 


tn be rowered today creased share stake, but Johnson- 140p, following news that “°‘ p - influeneps. Arm Investments we 

From itfon.la v’c iown«t total co Richards Tiles gave up a similar C> illness Peat had increased its Proceedings in Motors and 4 t0 i42n, while Selected Risk 
far of 2iD contracts the numbers amount to 91p. shareholding, but Associated Distributors were enlivened by Ttirectment. an( i I’-S. Trust 


of deals in London Traded After initial caution. ICI firmed * ri f tisb S'™ ™ arket of "}* strong performance of Heron F U nd. S45n nut on 30 api^e 

Ontions yesterday improved to 4 to 392p and Fisons 3 to S57p. date, eased a penny to fi9p. Motor which jumped lb* to 130p Holm hardened a nnmt to £61 1 


3KD. The 'volume of trade again Elsewhere. Craig and Rose put ori n S t avoy * featured Hotels and in thin trading on a Press sug- as did Rolinco. to £47. Gains of 

lert much to be desired but Land 30 to 450p in a thin trade follow- Caterers, improving 4 to a 1978 gestion that the preliminary around 4 were seen in City and 

— .peak of 8» p as bid hopes revieved. figures expected shortly will be Foreign Investment. 84p, and 

ADTInuc Rowton hardened 2 to 170p on good. Other issues were quietly R-eond Alliance Trust. ISSp. while 

Ur I IUN9 the inecrased profits, while other fu-m despite a gloomy forecast on Channel Islands Capital improved 

F" HEALING DATES in B.ickman ,n d Co.^d, JS^SS Ud’i^i ^ 

First Last Last For Comp ion Sons and Webb, better at I93n. . 

Deal- Deal- Declare- Settle- Lonrbo, UDT. Tricentrol. , LONDON TRADED OPTIONS 

mgs^ mgs lion ment Northern Engineering. Ultramar. Utd. Carriers Wanted 

^“8*?} ?ep. 14 pebenhams. Oxley _ Printing. r nHlIc . r : af u>»drr* I 71- , I 


-iw"ht Sydney and Melbourne' saw 
prices here drift ea^ ex-through- r«e!Si?b®^w * 

out tbe day prior to .a'. modest Americans m> 

rally towards the close r-r ... - CA ?A~ics , m tS) 

Movements were generally ‘ - 

restricted to a few pence either chemiSS ” 

way with fans of ■ areimd ■ 2 B "tfgy.fe£SS»" > f ' 

common to Northern Mining, encimeesingibi 

I03p, BH South. 98p. and Con- ? - , . 

zinc Rlotinto, 230p. industriaij isri 

Among the more speculative IN moto*2s aV 1 ' 

issues, similar losses were seen . newspapers nv 

in Metals Exploration and Faringa . PAre pRopERTY T tx') C — 
at the common price of 35p. while • shipping a* • 

T as min ex dropped 5 to. 70p: • tSttilIsVx* ' - 

On the other hand North Broken trusts oci 

Hill recovered from a dull start ovtRSfl ft?.?^? CKS 

to close unchanged on balance at mines «si 

126p, after 123p, while Peko- NEW LOWS (IQ) 

S'” d sh ^V™ er d lS“ d 

T^ie further weakness in the ■_ 

bullion price, which gave up $L25 Af/1 

more to $181^75 per ounce for a . .7?' 

two-day fail of $4, in- .front of 

today's Internationa ----Monetary Denomina: 

Fund gold auction caused mar- Stock tion. 

ginal losses in South . African BP £1 ,r 

golds. The firmer investment Barclays Bank ... XI 
currency premium, however. Shell Transport.. 25p...: 

cushioned prices to the extent Out BATY Defd. 2^> - 

the Gold Mines-, index ended a GEC — ,-25p ,7- 

mere P.l easier at 133JB. - • Boots 25p 

In Financiais, Chatter. .Con- ICI ^ 

solfdated shrugged off initial dis- Albright & Wilson £5pT 
appointment with the results and Commercial Union 25p. 
closed unchanged, at 138p after P. & O. DefcL-.... £1 

dipping to 133p following the Beecham . / 25p . 

figures. Other Lon don -registered EMI .^.1. ......... 50p. 

Financials closed barely changed. Grand, Met — . 50p 
Sotb African Financials shewed CUS -JL 25p 

Anglo American 4 better, at v 208p RTZ 25p . 


-Midland '10I1K 


'mirn 

Footwear .W 

RiHahf . , 'j ; , g 


BriBhto.i A .-yCr : -r- .^w'_ 

. . - • '• - r -- -ijWwmaKi* ' 


inairstrtals. m 

Financial, ami !Prop;. Tn v *aH .'ft 1 J, 


■ y **? ; -3s •ai’S* 

-Receat fssofat ^ 

Totals r J 


ACTIVE STOCKS > 


DenominafT of -;i .Closing. Change ~ lara.:^ nara . - 
• tion -marks price (p> on d^ : high;>. v War ’ M 


?■-«» ■ 5 * 


876 ‘..+W , .'v‘«r . mP** v - 

,328 U • b 

581 . ; _+ 7 - .-886 : -.-4ft’T ll 

2S5.- - 3-: _-lv 396^: 3^. --^ 


361 - + 278 "-- 2S3- 1 

M&d .--.-k'a. 231- I k 

392 ' .' • + 4 . . • . 396- A ' OBw - uk 
- r • • cc-’- _ 


rr. + 2 ■- 

• :+-3 


: 113 -- -6kr : ^ £ 

• 67T. : *i. 

: 19Q : Mir - * z i 


FT-ACTUARIES SHARE 


-147. ■ -+ 1 :,.: 1911 : 14E"--- sj 

115; ' r— ' : 117} f 
276. - . ?+ 2 -3 312- 256- g- *- 

-3SB.-" 228 - .164 - J; 

■ - - - * ^ "S-i 


• - ; . 

•‘T3 -i 

j *■■ 

. ; ':z:-n r 

r. 


Jun. 20 Jufv 4 Sen 14 Son 28 p nvm R | ir _. h Ar. Miscellaneous Industrial leaders 

f2r’!i* l &&£?z *fs wUj vS^r "-en- ss.r.sxviiTass: 

Money was 0 iven for the call Printing, and Charterhall. penny or so further. Bowater.l 


’Kx’reiM ClneiBj 
Of^Um 1 iinre offer 


: CbMiRi;' 

Vol. [ offer • Vo 1 


These indices are/the joint compilation of the Financial .Times, tbe Instttate of Actuaries v 
/ and the Facidty of Actuaries- . ■ V ' _ v - 


750 135 I 
800 . 84 i 


Charter ConsolidatedLimited 


•167 * — ‘ 873p 

: 130 1 - ; .. 

66 I 1 • 

• 23 : - 1 150p 

• 14 ! — • .. 

31l 2 1 — 1 I74p 

• 20 1» ; 

29 1* ' 10 j 124p 

no • 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


... I Jana. Juno 




3^ 


FINAL DIVIDEND AND CONSOLIDATED PROFIT 
STATEMENT FOR YEAR TO 31 MARCH 1978 


The board oF directors has today resolved to recommend to the annual general 
meeting of members to be held on 19 July 1978 a final dividend of 5.27645p per share 
in respect of lhe year ended 31 March 1978 (1977: 4.75446p per share), payable to 
shareholders registered in the books of the company at the close of business on 23 Juoe 
1978 and to persons presenting coupon no. 26 detached from share warrants to bearer. 
With the interim dividend of 3.025p per share paid on 9 January 1978, the total dividend 
for tbe year and associated tax credit at the current rate or 34/66ths will be 12.57795p 
(1977: 11.4345p) per share, representing tbe maximum distribution which can be made 
under the counter-inflation legislation. Dividend warrants will be posted on or about 
20 July 397S. 


The following unaudited results of the company and its subsidiaries for the year to 
31 March 197S are issued for information in advance of tbe annual report and accounts 
which will be posted to membeis on or about 22 June 1978. 


CONSOLIDATED PROFIT AND LOSS ACCOUNT 
FOR THE YEAR ENDED 31 MARCH 197S 


Income from investments 

Surplus on realizations of investments 
Trading profit 


1978 

£000 

21,054 

5,790 

18,065 


Deduct: 

Administration and technical expenditure 

Prospecting expenditure 

Interest payable less receivable 




Retained profits of associated companies 


Profit before taxation 
Taxation 


Profit after taxation and before extraordinary' items 


Deduct: 

Minority interests 


Attributable to Charter 

Earnings per share 24.26p 11977: l8.40p ) 

Dividends of 8.30145p per share (1977: 7.50446p per share) 


Profit for the year retained before extraordinary items ... 
Deduct: 

Extraordinary items 



57 = - 





1 F.r. 1 - 
lJOf. tM 1 . t B--s 
£98 £10 22,9 

l 1 |.j r.l*. 1 - 

11C37.S5 £10i28i7 
tS9 .£60 Uo<6 

• • F.r. 1!« 

10O|.| - '23i6 

• ■ I h-.r ; — 

• * I F.l*. ■ 7,7 

L'luu r.l*. 12b b 
caavLi.- 1,9 


*W4 | ?.^1||Aiiici. Ini Flu. Iipiiiw <JZ _...|S99J« 

Ilui 107iJ\ 1111 liner i'J.» Idle* tfud Luui. Hrel ;107ijj 

IOI4! BujBamcl 12^ U»sl. 1887 - J 9l«-6 a 

104, IQOu iir>l rt »•«!». i.iiii.. Uni. ^n.l l’n-i I 102 fJ 

101, Uii, Water 7^ ICwJ. Kref. LB85 ; 10U 

«hI, •eix-i'iveiiwi-li i Uni. H-n>. >.*ii Itcl. I** 1 —, 461* — 3, 

101 S» | Liberty & Cn. U.5t l*rf J 99ij 

|<f, ./Is Klll-I l^V-lim. i*n 971]p 

103 IO* rreamo 10J ^ Cum PrcT 105 

. Iuj I 98 iQuu.-k tH. a J-. IO» lit - 100 + l 

101 I 96 IYsj.II l«,Cuv. (Jus. Lil.IdU ] 96 

in . 714 lvn„i W«n l£t IfaKl. ISbR i 7*4 — Is 


Deficit transferred to reserves (1977: surplus! 


(4J29) 


V.l’ ■ i 1 6,6. lul r,| ; lOIi IWs.K* irr 


ALlrSn ARE INDEXI.S73J 


FIXED INTEREST PRICE INDICES 


►/* > N 

kTSiT 


Notes: 

1. Extraordinary items 

(a) In view of continuing difficulties 
resulting in a slow rate of 
development and the consequent 
increase in development costs it 
has been decided to provide 
£7.5 million against the in- 
vestment in Cleveland Potash 
which now stands at £14.6 
million. 

(b> Against the background of 
depressed nickel and copper 
prices and continuing operating 
losses a provision of £6 million 
has been raised against the full 
cost of the investment in 
Botswana RST Limited and BCL 
Limited. 

(c) The net effect of currency 
movements during the year 
gives rise to a deficit of £8.2 
million. 


‘‘RIGHTS” OFFERS 


2. Taxation 

The taxation charge reflects a new 
policy for deferred taxation based 
on the method proposed in Exposure 
Draft 19 issued in 1977 by the United 
Kingdom Accounting Standards Com- 
mittee. Tbe charge for 1977 has been 
restated to reflect this new basis. 

By order of the board 
CHARTER CONSOLIDATED LIMITED 
D. S. Booth 
Secretary 

Registered Office: 

40 Holbom Viaduct, 

Loudon. EC1P 1AJ. 



1 

LmiM. . 




Ktfiniiii . 

1 isff- 1 


i » 

Lmie 


Stuck 

—I 

• : N 

I Hiffti | Liw j 



British Government 


HUu i >11 
3 b I K.H. 


024 
20 p Ml 


70p : Nil 
K5.D& Nil 


7/7U6apuij 
23, b) te 

— |61|»n! 
7f7| SBjun 

2 1(7 28pm 

— | acw 
19/7] 13pm 


-so,6 IUJ 
21/71 L«p 


21/71 l* pro 
^0,6) 410 
9/0 64 

l3;o If 
17.7; 25 L( 


160 pm Breot CbeoiuvU 

4 M uniuii i>n«n K'c-.il 

£ipm t'ann.llBo Imperial Oak..., 
32 pm Centra' Manu<a,-lunnc— . 

23pm IMaoi Perk Inrtt 

17pui Klkialtraotl (iuM Uinia^. 

10:', n FIpeUlr.„_ 

9E Hmnoi .III! . 

9pm Unw.leii (Alcxauderi 

38b>- Kunnttee U.u kmloxlj «..., 

42 >« *u|»» 

|i>* tumei \ 

231* rt 



Registrars: 

Charter Consolidated Services Limited. 
P.0. Box 102, 

Charter House. 

Park Street Ashford. 

Kent, TN24 SEQ. 6 June 1978 


Henvni/iaiimi nan- u^iiany Iasi day lor dealinic Irce or aumo duty, ft figuri-s 
EiaSiV «.. rmsuriiun i*si up jie. o Assumed dlviheiifl anil vield. h RArecan <tiviib*iiii 
t-ovi-i in, ort-i inns war's eamiuaa. rDIndeod »nd yield baxtrd on Drosoeeiux 

u, o/fti-i <iHi. m i ■ •.iriiuli-i tot >919 utSrosx t l-muri-s jsyu mrri 1 lAit’-t '.■—«■ • 

lor mnversiuii oi •Jian-s noi now rankins lor dividend or ranting only for reamcied 
divide nils > Hiiiuiu! unit: to putiliv. vi Pi-ncu unions otherwise indicaied. t issueo 
by tender (I Cut- ml 10 holders of Ordinam shares as a '■ ngbis." Issuitl 

by was ol capnaluuiion. tt Minimum tender price, IS RelntnnhicetL II Issued 


is 20-yr. Red. Deb & Loans (15> 87^14 |tia.99. 67.22 57.27 57.34 : 57.34 - 57.35 

16 Investment Trust Prefs. ( 15 ) as J23 13.55 62.23 62.9 V- : ' sa 3 1 .j sa ja x f a i.ts 


17 Comi. and .Indl. Pref6. (20)4 71.4s 1 is.sej 71^21 71^2 j 7i.ae^ 7L72-1 7LT9 


si : 7o-st^S; 


by was ol capiialuunon. rt MfnJmum lender once. IS Reintroduced. II Issued | t Redemption jrlcM. Highs and lows recariL baw 4 «n end vetoes 2 ntt consthtUHtt ehwnes ara oublistied^ln 

in camieulon wan reorganisation meroer or take-over Ull IntnylucUon. G Issued I issues. A sew IIR or Bin: Cu nUanuio Is available irOro the PnbHybers. the PtnancUI Thniw in-irwn Uanw CiMM 

va runner Prclcrt-nre holders. ■ Alto' ment letters tor fully-paid j. • Pronsmnal j London. ECOP 4 BV. price 13 p, by post 22 k,'.- — • - - 

or partly-paid allotment Jetiera. *■ WUS warrants. 


,w^V>L£a> 















































ICK, PROPERTY. 
BONDS 


AUTHORISED UNIT TRUSTS 


t Co. Ltd. 

p*. ■ Ot-fl 
38.21 +4) ft 
. 3*3 *03 

155.3 *04 

iwi *0 5 

H >.6 


Abhvv Unit Tst.. Mgr'* Ltd. (a) 

r3«u.«rt.Miuj»:Kd.40MU-r 

Ahhri Inv. f't M J ll i. « , M 

iibl*rv W?n. lit .. • !« 4 M 3] *3 1. 3 » 

A Jilt'd Hamtiro GroupV tailKl 


G art more Fund Mana’frb V laug: 

? Wl i- Mtf-v Ai ? m F ‘ „ 1 ‘ ~ • - 
4M i: \m. rtean 3 3-J : - ->« 0 

fM iirti-liT*T.‘V‘ ’ tj?°„ , «•; .- - 

3.51 .. r u rr.ai! rr.. ' -»■ ?- $ - i > 

in.. Wiei -I 4K -,. i, 

.ii.ani'Fiir-' • - • • .... \ 


Pt-rpflual Unit Trust MngmtV «a» 

' i«“ ’ « ? • 5 

PicrariilSv Unit T, l-td.V >.'••■ 

v..ir.ii I is- '••■j • ••' '■ 

i -t.. Ill l'* . ? 


OFFSHORE AND 

ovehseasfunds 


ji. . 

l.lrbuihirof S»*euri:i«*s »u.l.) Limited 

■. 1 3-.-# Ik'^. ••« h^iwr.Jor.. .• MLHTJIT? 

c H I -lkbo UW’_. I «o 


Kins & Shaxson Mfjtrs. 

1 ■ *h jrtra ! '-. SI Krl:rr.Jrr'CV. (OW' WO 
Valiev Hmt .v. Prior Orrtf. “3£2 
I T'iii’u.' iwjirla-. lull 


Gresham Li/e Ais.iibc.JJA. 

3 Prince O t Wale* Rd, B'Mulli. 030= TIBOM 
t.I-ca*hhund-^rti7 lra N - — 

-C.L &onu»fnd^ SSt- m3. . - 

i; LiSlF«lKl„ 10*5 -11331.. .. -- 

v". I, InUFunT-... 1U7-.....12ZM — - 

g LPixy. fu»cl/-n*.i .. maj.... — 


X«r island (as. Co. (U.K.J Md.¥ 

Man Lurid House Soul bond SSt tM:J uTtiJiKTtV 




- -j - — r ■ mnUtlAlaH II m ■- ISM'S 1 - ElWl Kt~- ini' Hill 137 3 m-~m wi 

3*11 +05 j “ K«RalUa.\ld 1015 100 8 , 

§ 8^5 s- gfc^®Ep v -Si-! - isi ihS : 

'.W.I -01 * GLPpoi. Fund- -496.1 .-lOUJ.-I .Aiat-nnwiKd. . . 1123 1US * 

U5A ... . __ Growth gt&ee. EJfe Asa. Soc. Ltd.V iwK-i-iFd. UM U«5 . 

. IS;? Toj ~ 8* BS . 0C»342M ron.^S'tFa J 1H4 * 

' 35.7 +0,3 KlmlUeinjnm*- QJBW 1 . - 1 — 

■ 117.1 +o.i _■ Lifuihai* s»»r 5300 .*Uj --.1 — Norwich Union Insurance G 

C&. rd = JSSSSS^pl !* i 

J <y~. Albany Ufe Assttrasce Co. LbL Guardian BnyU Ecehanjo smv \uA ^ — m mbs * 

: <»^7 »b w wan* fSSS^MSSdi'.- M54 1»'3 4 

*. I?ES^5 r . rd - Ac, =-^-feZ? A m.g.M..| — — p7« t»*i — i — u*p©*n runu. iw.t . 

Arv Hambro life A8*Bi*nc« Undted ¥ tint nay is „”a»* 1- 

. 'H S^&^em.gSs "3 __ TOWPatV i w.iattfMftWr : oi^aBoo3i Pfaoenlx Assurance Co. Ltd. 

▼Prgp.FdjigE, — -Ufli 1 : mil > twim.jw, r»M4 -MLS ■••» i — <LV uihh uniliiatH Ct vrVDalin l 


. ' .... . -imrnninrn . . . lu t iuw ■• 

Growth A Sec. LUe Am. Stic. LfcLV ■•"fejnLr ”£3 • *1 - 

0C»342M J^. FU. 301 3 +0 ll I 

rlfutlftC n.Oo* • i -• - I ^ 

LafuUiMtkSoc*-.- 5*00 *uj --J — Norwich Union Insurance Group 
Ut CT*A 1 *T ““Jj H iO Boa 4, Norvich NR1 aSG. 0WU 2 . 

r. aAS-fiopwr*... £T.» ( 1 - y«naccd Koal BOSS n94j+0 5 - 

Guardian Boyal Exchance Equity ninu... mM .,B40A 35 bs ■* j-t> — 

— ' -- ~ ■ .. — — . — Penminu l>«in#4 llTtl 134 01 .. . — 

13J«+0.2 — 

IW.fi - 


'5wl X 

,lut - 

: }£■! . 



AJfEV Life Auiuaiice Ud.¥ - 
AlmEoe. AlrantU Rdfide.' - m«i eote40UL ■ 


Ksj :::v - 

sog-- — 

raw .._ _ - 

® btt^, . . Arrow Life Asumnice 

fi- r °f|hh a0.U*bridgo BomI.Wjz. 017400111 

a L 3 « . SOfit£B££ffi iS -3 =: 

■JU& sasassat® 

3 u ,^ 0a 1^. Barclays XUe Atsnr. Co. Lid. 
th«‘ lln 3lfc .2S2R£an£orURd^£7. m334a5« 

me si, M 1 Budrahudi'^ .1122 S U«fl 4 _ 


1217$ .. .. — 

33§z: = 

■«=:: ~ 


, 4-5. Rlac WUlliDnSt., BC4B4IIR. 014 

I ” WrtUlhAM |nU 117.81 .. .. I - 

— j ~ Eb'r.Ph.Aw 1 W. ].... — 

“ a'r.PhSjiL ps.i 71.3 \ - 

Prop. Equity & Life Aas. CaV 
1 19. i-rowfort stmt. WIH 2AS. nw 

ft Stilt Pran. Bd. . —I 1711 I. 

Da. Equity ad- ■>. -I 730 I 

HeiMowyth]. | 1477 ] . .. 


_ Inifraulmul FumB ... . 
„ ln>xn)2llui:al ... - 1*6 0 
Srci o[ Ainrnc*— 

« Pacific Fuad l«-Z 

Sorclillai Funds 
Smaller Co.'sFd.-.. 35 2 
ihulh'inlr toafa.- JJJ 

Rocoverj'Mts »7 

Min iiCitir.. 40.4 
cVt-rii-ap tomingi 577 
E+pi.Smlr Cos- *1215.9 


■na+flfl s« Griweson Manasemem Co. Ltd. 

MOd+i: 195 MGrirfisn^k^'-Ds. 01-03 

“ ss spa i -i 
fii 11 «a.'=i? s|:S 

!5 SfejS! mi -3 


L.i-r,>in*;j.i 1 .. 1 _ ■ — , 

C+j.ilie l n:i> -SJi 5*2 Atcjuader Fund- lit i?: . | l — 

Srenaic 1I1Q 5 1 IS * •?. - C. 1 7 »9 S« oi +si sal ue J lq# t 


Hblcs'cnia Vi.. SVS11 Viti 
Sisnit Hvntuida SLS5.M 


0934 =7M1 
J 3120 


— Property Growth Assn r. Co. Ltd.* 
~ low. Uooac.Cnvdan.CIWlLU (iMWlU 


7ni| " Property tuiid 

^ ~ l _ FrnpcnyKuiuUA-. 

jg2 ’ j. _ Aenmliurjl Fund 

Ktof^n-"— I _ Apic. KuntUA-. . 

I " J Z Abb+y Nat KuiHl . 
__ **■ I - ■» AHwvNot Pd iA* . 

Heim«-of <WrB«w<it 56c!e(y fEilSEJllKi'A.- 

IVn.TinwAPlW.raHWI WSTWa rq^ 0 ^ .. 

llwtlriOO >$30 4 3«a . I — Equity Fund IA1„. 

+!| Z Hill Samuel Life .Asswr. L®d-¥ {«S!?fUS.ai. / 


Affir. h'unrti A'. 
Abbry Nat Fund . 
AI-beyNat Pd <A> 
ImrtiRK-ht Fund. . 


* ~ Aodenon Unit Trust Managers UcL ^ 

D.¥ jjaFrothurchStEdUSAA 6=311231 Cua ™'“ 

0>-«S0K>7 AnileraroU.T. 5=41- I 

' j — Ansbacher Unit Mgmt. Co. Ltd. Henderson -Ad 

• 1“ 1 NublrSL.rrSVTJt FremierlTAd"-'! 

, Lid.V * nr Munlhly ► un*l IlfcSO 175 D1 I nW Bn'nUuort.E^*- 

UMMitOti ( Vrhuthnot Seeuritiw Ltd. tauci .SSSSi lie - 

' 37 Utn-t-n SL Unnilnn FX4R 1BV ill _-.Ui V.-flt l w .inmtn Ve'" 

- IMral.K-.imo Id.. |W50 UJO.jl ...I 1132 l^nDieiA^l 

.. . ... 1 [mil Inc Fund ..tfl? ?23l"-‘I 212 !!'*? } oe ?X 1 


Henderson AiixniaisiratiunV laxcit"! Rij se fipid ManaQrrceni LUi. 

Pwrawr 8 K> It 4 rs-i-J. if i : . Va - it 

Bn , nUuoll.&W Jt ' if \ . -^*1 (Ji , 


:? R m 

bo 3 Trt *. 
L °4NS:t t * 

DUS ^ ltl 
S H°ES II. 


and F(1 

STERDai 



rto3 ~ 





39 S -• I — Equity Fund i A j—. 

« rji h Mcmev Fund . 

***• *"**-¥ Moreyhund.Ai. . 

Crqr OL4M43S2 ArtuanuiKnnd . . 
•UUl ... I — l iilt Fund 


•wsa+u 

- 3519} +0J 
100 M *0- 


iiiirumfFmi U9 ll *o J| 

♦R*-nr* Annuity 1817 I I ■ 

OlRBiwd Aim'iy . 1435 I I - 

Prop Growth tarim tt AinaltWc Lid. 
All Wthrr Ac Chi 11289 USbl.. .1 
•All Weather Cap. 122.0 128.3. .. - 


a "”-] — 

...J — 


— *AJI Wraiher Cap. 

— Wlnv Fd Via , 

— Pension M L'U- . 

— . r.oiv Ptm, Fd... 

— t'nv. Pni Cap l : I 

— Man. Ven* FU. _ .. 

— ■ Man. I'ens. rap. Ut. 

— Prop IViu. Vi.. . . 

— Prop Fptw Tap. I’u 

■— Hdffc Soc Pen Cl 

— BldfiTS«*:.t:ap.Ui._ 


|*> hnim I'nit'.' 55 b 
ifW."-- U’drul Its ' 55 0 
Preferen.-1-p-iin.l J5 4 
i icrun. l .mf. }■ » 
i Kintal Futi.l JJO 

Furd So * 
I v-cum I nit.' 81 J 
. to-, u iln» 1 1 ‘ • J9 5 
I in .1 Prop Fd 17 * 
{■UP b. Fund 40 2 

lAi.-ufli l inis* - 
LimoTh fund . M J 
i.NCCIini I nit*' |9 I 
SawUi-M it s Pd *7 5 
I at.crn A Inti. F»l 24 D 


||mi ,lnw^ J, 

Beehive Life Aaaur. Co. Ud.¥ Tnrarftd Oih»d*" Provincial Life Assurance Co. Lid. 

7L Lombard SL.BG&.' - DIW1288 - 71235 =2.Blahop.Eal«.E:Ce 01-2*7 AS! 

Hk. Horse June 1^.1 ' 12178 I 1 _ I mpWla lHwilC. G^htW. _■ _ Vxuv. Manuiwd FJ 1113 2 1193 .. . - 

. L 1 - 1 Crnw UlFd.Jima 24?H7 5-3 \ — Fron Lush Fd-..- 104 5 UOLl ... — 

Canada Life Ainmrocc Co. • Gilt Fund a. 112s W5 *0.3 - 

1« High St.. Potwv. Bor. H«U. P^ar 3112= Mwacod 1Uj --I - SSS^Sd " - . ZZ n* 1033 I. “ 

jagassrsii isb - M - ariSrfc®" S™ = >»? - 

AKonn* Equity Fund “ Prudenlial Pension s Limited* 

Irish Life Assurance C*. Ltd. Hal bam Bara. EC1N2NH. 01-KUB2: 

3. Olympic Wy N Wn*nbhtyHAgOWB OUKttflBTg „ ^ wia; 014B882S3 EquU. Fd. May 17.. .f£2S 07 »SSj I — 


- ur>U"ilrnl L'ts • 188 703} } 51 

= MR^hKFdb! aSa+J 28 

Archway I nit TsL Miw. Ltd.¥ land 
317. limb HoIbnnwWdVTNT. 01 Eil K.W. 

Arehirav Fund . 182 b 87-9J1 .1 5 88 

Pi ices ul June 1. Nott sub. Cj»- Ju-:«t u 

Barclays t'nicorn Ltd. (a)({tJ¥fi') 
l'nicnm llo Ws Horn lord RU.E7. oiV4»H 


I K. Funis r 

V.-4. ^:;rfvV 3- ; I 

,132 l:...wie* "»l‘ "** 

9W liich lowme rand ? t . . 

4 09 Uieh Intutne . . »? ' 

4 U9 "l.iq Kitra I..U - .5s 4 

SkIbp Food* , 

- pi. aacial&lT 1 1 

.f. Nai.Ke’. . -* J 

S»i£> 1 Uh? Inirrnatl***! 

■JS'j I i-.ii.ui . •■- j**? 

Hlal D M 3 34 liiwnia-tflnal -- |L s 

J5i :8i 2ii WrldW.de»iaic4. 7 - - 

50 tO '[ 2 81 ni*rwa» funds 

pqui^u-i .si Au-tljll-n ‘\l l 

2 97 Fiirwwnn • " '‘Si 

4 10 1 ar flaw — ” 

)51 Nnn.dAm-r - |*!.J 


Ju. -j+J- r-UKdir . si 1 

I !•»’ Ir.U iRrtdBC - .|3w 5 
j :«• ; ofManT.4 - 

T7 .1 >U Xp-uMuIuu'..- | 2S d 


- 70 Qu-f i'7vaer SI.H ECB rSO m*a S 4ffi 

4;s! .n 8*0 .Mlar.iu- June-.. 151:7 S3 JE51-3C2J — 

Mil.. 8 7C AUi! Kj. Mj> 3. tti:? :st •• — 

?7(,l 1 4o lio'.dE.. M.i; .-U (*'. -492 .017 ■ — 

I. , .. 125 1 1545 -0 1 7J3 

> Sen Ltd. Sai-mu. . Into ito i| -oil ;3 y 


45 7i -c 3i jm lildS^ieMircni-F !*: "w:! 1 ! ! i: « !Kishop4"ale Conunodity Ser. l.td. i Ntciti'Fm'.-'.' |:ts s ito i| -o j ;3J6 

i\ 6 21 Kolhirhild Asset >iana«eracns iri ! \ - y Ji sw .^'l — Samuel 'lcntapu Ldn. Agts. 

. _ . ... , TJ 1 -!' ■u , rt..i:wl . r* 1 1'V ' >' i £ VSS ;?SS •• r„ l M f.M Prr.j.! . IT .' J 0;.. r -13MR* 

ii Hi ^;-^X.^*ISlS 52 s:-^f^fe 2 r*swi? 3 -^.Ur 11 *$.: ! ill 

sv .rr- 4 17 >; iiV - S ??i :j“ !“ ‘Bridisc Manafierneni Ltd. !UMviV.7 Wp lul o“* 

29 1-- G 144 IJI ‘4-’ ;b? .pn B-rt M«. Grand CjJB.,-.. Cayman Is. injpko^M.oM £1213 12 BsJ .. ‘ - 

nmw I! C. .-.r. rij- • E - 153 ~ .s»- -u.. 4 ±j j i^uh, June S I '."7-5 ^3C | .. -4 — ‘ . 


25 V -r ." 
29 1- - : 


1 57 Kothschild Sc l^ovmd-5 Mem. ia> 


Bax Mu. Ilor." K..-.- 


;• i-.^ u;- t~ 
twTK- ::^3 

u-i *!.« - 


31 ...1 Nippon Fd. Maj tl it' "IS” ' !:«J .. . 1 0.76 

/Ti’-il *■*" Fx Sto-t .-pi:-. 

. - 3 -, 61 Britannia Tst. Mnfirr.i. id) L:d. 

I.TUBatyt.: .St livl.er .V-r.*.-. OSH 737 14 


Apy.ilu P.I -ij; M ■ ;M7 g 5t n - ! J }1 

1 .7 Grp Max .I! J •IS'S 2« 

l!7JerwtfMi> !7 CS 12 Sul .. I 0-5 
117 Jrq.'-'*! 1 -!.'} =4 Ul2 13 12 B21 .. : — 

Murray. Johnstone ilnv. Adviser i 
'i>=S.I!upc M 

'li+peS. Fd .1 5J.;vJ2a | •• ) — 

*.Murrj> t unJ.. ! SI slfl w [ i — 

■SAY llAy Jl. 


?• . Komilto". Bnr-ia. 


fal(gl¥lel ibt Income Trupi . .|**b .'8 5.-. - . j j « 

E7. 01 5.14U44 ‘b.WunjrTP.+l ■ §s^ ?>> -:.' 1 512 

76rf-il0| 107 ib.IBch Vielrtl-L |.5. -0* 

7?s|-!ii !“ lnlel.¥ taMBI 

“'I id Si? “.ChnMopbvrStree- F..^ 


11931 .. . 

nan .. . 

118 9*0. 


. t Pruiiflj Fund — - 95 4 ltULSj . _.3 — 

'— I Equity Fund 97 9 1033} .. ..I — 

— j ” Pud fn! Fund— B5S 1W-3 i — 


Equibr Unitt— : 

RxmgW-Unto— — 


Equity Bond/EScec- 

Flim-BoudZExec 

B»L BdJExndUnit 
DeponUBond.:... 
Kquby AjCCUm. - - 
Property Accuni 


L6 U7J 
l . - 
14»- • — 


ll.FiaaburySiqtaana.acX.' 
. Blwe^ gJuna I— . |7L9~ - ' 

Prop! Mod. June llft/ll . 
Prop. Mod. OeIw- -HB 1 . 
Kins & Sbaxson Ltd. 
-S2.CarabUl.EC3: 


• JB = 

2adEq.Peaa/Acc..WU 1002 — 

Si =■ 

, S|:d =' 

. current valuer June b. 

Capital Life AanmnceB 

ConWnn House. Chapel Anh WToo 000228511 

Keylnwait.F<L 1 10072 I — i — 

PaaomiilcWliifcFd. ■[ 1042* } .-.J,— 

Charter boose Magna Gp-¥ 

18. CbaqwBTBSq^ Xhcbridga UB8 1NE 92181 


ioat| —.4 — Prudential Pensions LUnited* 

Co. Ltd. Hoi bom Bara. EC IN 2NI1 014019222 

0142882S3 Equb.Fci.May 17.. .U2507 ZSSSj I — 

7Sfl . ,,1 430 Fad Int. May 17 .UlB.74 1899} 1 — 

IKS J — Prop F. Me- IT . .[£25.45 2U*J 4 “ 

wn| r'j Z Reliance Mutual 

Tunbridge W+1K hem. 0802 =2271 

- m«3S433 Ht - I Pro P I 1W1 I *-4 - 


I'nicorn Aim-fir J 95 0 jyrf 

Do. Auat. Ac<\ - 717 77 5] 

liO.Au»t Inv -.569 61 S 

Do Caudal. • iA.5 7* **1 - 

nS.F.;™ptTq. .1091 im.|*o: 

LKi I Mm Inramc . 27 9 . 30 .1 . . 

Do Fimmciol 59 4 64 2rt 

Uo 500 72 5 7§4) *0 1 

Do. General S1.2 3^ *fl . 

Do tiimrth Aer - .410 4*1] -8^ 

Dt>. InromeTsl — - J4 5 *J4 +0. 

■DO Prt (Vita- TsL. .137 2 144 J 

Frier* at May a0.,Jc«t »uh 'la 
Do llei-mery ..- 42.5 «.4j 

Uo.Tni-l.w Fund -1112 9 122 0] 


2* Intel. Ini-. Fund - l£3 2 4S 0| | 

8 38 upv Fund Manapcrs Lid. iaugi 

5B? 25.MI»S«-BC3VB.'P 

6 06 Kej FVitTtrrln.FJ. |7§- *'I *p* 

418 Ere Equity fc Geo - ?. - * - 


4 18 Krc Equity fc Geo . 0 

6 04 OK>> ElteilWtd i. |.») 
5 02 Kx-x Inromehund i'iJ 


il+v June he} Fivedlpt-Fd-. |ri * 

5.m . . 5 56 Ker nroaJ I Cu* Fd .94 . 


:.V.| III . u $*. 

S04 itixv. a: M--- -■ m-*- * 

Save i Prosper Group 

0I-2J77VJ3 4 f'i-i-il M. i:«!vr.-fc S. 

1 b I- M ;■! rii yr ■•'! Ylij Fiy. 

1-1 «26 7070. Save L Prosper Securities Llc.¥ 
-0 2, 3 35 Iniemailcnal Fundi _ 

-IS- 472 i .."I'li - ?|3 

648 1TV -SO 26? 

-or 0 23 L Growl f _ s- 4 *•..--2-1 

. .1 Incrraoina lacomr I' jaiS 

* , ' e - fc31 hist 531 57 51 ... .} 


j itZHipa I ikTtsi-” J - sv.wi.. I 4.m ” ■ " 

■1*1 — - - - ’ - J '•.nu.iMDalia.- Ftind..is233 251! 


Brown Shipley T$1. Co. ijcrseyi Ud. inu.p-DaUarFUnd..l3-j3 -Al. 4 
?o Kov333.SLHai.vr Jvr.xj- osJ* ”■•••.. property Growth Overseas Lul. 
Sterling Bor.d F'!.~ |£V.91 4 96} ... ! 12.1C ^ lr,.;hTou.ti.Uii:rilVjr- ,G.b AIM 

Butterfield Manapement Co. Ltd. L a Dollar Fund . I SFS35E9 I ■ ■) — 
[>,-j Bo* ib3. i i.inui.Q-- Bcr- .-.Jj. Slx-rlma F-Jiid. -I ti-377 l ... J 


I Buurew Equity - 

1 h jiue*-'.- 2 rojm- 


7| 1 - 5J- 4.2 » ..-ra. 

1541’ I 648 it: 
airu-'-O. 1 ' 8 23 L Growl I" _ 

lSSoca'^Si * ae ?r m,t * ,!,c * 


Do llvrntrrv J4Z5 hs.™ . ^ in ft^anwiiww - ^ h:si* »* 

Ho.Tnj^.w.kund ..112 9 122 0]««4 S M Kiel nwort Benson U nil >laca45ersV U:f:b lr.ccenr P'uod ■ 

Do Wlriu.tdvlnJ3.M5 546.-1 0 1 5* Vanehlllfb SL. E •" : p .?*. t»c;urr . _ 65 4 

r^'T-.-.-RS 75il*S.j| 4 So Mni® ^ ; i§ 


s t 


57 51 ....i 7 -3 


Winna- 

Bond Fd. Exempt-.BMja M773f ....4 — Rothschild Asset Management 

rimrf Tor Bd" *”^^*1 75 9^^ -■< - SL Swilbiiu Lana. London. EC4 0I4B843SB 

Gori, Sac. Bd. „ .-Bl»2 I2i»q -- ..I N c Mnr 3L Q14 3 121 64 1 - 

Longhorn Life Assurance Co. Ltd. ,\«n Sub. Day June so 

insurance Group 

- New Hall Place. Liverpool. 0S1HT4422 

WupiSp) ilan Fd|7L5 82j] +3fl — Royal Shield Fd — 11334 1412] +0*i — 

Legal & General (Unit As ror.l Ltd , & prosper GroupV 

Klngnmod tome. 4, GLSLHclen t. Lndtv, EC3P SEP 0I4»4 8889 


• KB UnilFd V: 

h.D Fd Lit. T*.‘ 


, 5 05 IrVJxc. 
5C5 . v- x..-h 


7 65 ■ ■ 

2:a ». -y - - 

S-rior Fundji 


. 4S 4 
-77 9 


^saapr-.-.-B! ■man « jKhaw- «j. .s*. ; {?] 

.. .J - Baring Brothers & Co. Ltd.V (aiixl h!b Fd L-iv. Til- '55; s9f ,4,. , ^ E;JI .. zn 

aa L*ndvuhallSUE.c:3 0l6tfi2K23 1. g: C Unit Truyt Management Ltd.V 0,,-rxri, Fundi--. 

si^ituuT.t [167 8 ”5 01 ... I 4 23 ^ sloek Erlunq* I - : .if ui»»*i Jw ■■ i 

, DO.ACCOBL.. .- 208,2 217.0| . .. J 43D iL . Fd . U(1 5 1156 - , 7 65 J-r-n ,?3 2 

L i- Next *ub. djy Juol- u ScKSoWim !%S 910 t | 2 24 ' -■ - - - ■•' 9 

B(fiho{Mgate Progressive Mgmt. Co.¥ Lawson Secs. Ltd. Via.ic. f OH"lt«ilt> • . ,‘7»3 

„ 9 BmhopMale.ECi Ul-r^HiiaiO 630i.-ort:eSLEdirhur.T.E:iauJG 021-2^3411 K-eri* .. 

0512274422 q-caicl’r^" Jun«“6..llD8S 1923tfl-47. 404 tRpu iUtmali -131 421! 6 37 5 >-«t' H6 

1+0-41 — Ac *Ub. -June 0. ..1215 0 7»W-i6 4 04 ji.u-cum Unltt'- |«2 5 *7 4- i 6?7 h, ^.M inimum Fanils 

U'gBie InL Mav 31 .]}73-7 153? "■ Id •r.rou-ihFund .... > ^ Ks*-!-- I 5 35 s-.-ii-.-t Ir.lx-m.H !25s2 

(AecumiUav Jl — 11915 ._ 203 -9i ,1. 1-2* •lAceiun. t nltni - [60. 862--, j T-iJ ^.j t . t i;- C oiie .. . sJJ 


„„ ] tnvel'uT May £. ‘.cvs 'isb”..aj Ju--vs el 
4 15 [Capital Xnternatioaai S..V. 

2M - rjc Notre- Dow, Louny».:i: 

Capital Ir.L Fuad ! SVS17 22 l 1 — 

7 - 3 Charterhouse japhe; 

t. PatMT&Sier ftow.EC* 01-2483989 

S i? xl.i.-pa - JL-tUCW -Ud+Olfl 5S7 

S7i AuSHa. WJI0 - :•! 73 *G 5“ 

--. ..5C»SOa SO w*n l 

4 70 rsSdu. 51 


73B Richmond Life Ass. Ltd. 


48. 4tn.il Stroel. Dixida:. LO M WM 23914 
.ThuSiNurTnist 11*13 3137 -111 — 

B. ehf« . i Uot <1 S7 1179 2 - i ll 11 DO 

rx>. FUbn-jitiEd . jl-^v -3*3 -3^ “ 

rxhi'<ul(IM - . ’-C*-; 1115-05 -- 

D.J Em. 97.CS ad - !lo3.1 171 . -1 . 1 11 04 


EnperAt Fund.-. - ifVjJil 
337 lijpanr.- - [T.'^— 25 



Ctty of Westminster Assnr. Co. Ltd. 

Rlbgrtead Hoone. fl Whitehorse Ttoad^ / 

CnrdonCBOSIA. _ _ 01^848094. 



32s3*56 — 
127.5) +<U — 


BuLlm.Fd 1261 

Property Fd.‘— ™ 13X3 

Gilt Fd. UE2 

Deposit FdT 122.B 

Comp Pens. FdT. 199.0 

EqaltvPeniFd ISIS 

Prop.Bena.Fd* 2180 

r.IJiPeru. Fd 90.0 

Depo&PenaFdT— |90.0 


1335| *0^1 — 

16*3*1.7 - 
i«3 +o!i — 

2093} ... — 

191.fi *1.0 — 


«jj: 337 - H-.-— . . 

1C2.7. -:l! 115 Clive Investments ijer^ol Lin. 

B3 7; *- 7. 0.82 J|, r| jjji S[ Heiicr. Jenu: 13134 .77261. 

is ssasaitt'iW ?a J as 

Ts Sc'-ii! 3 03 Cemhili Ins. (Guernse: i IJd. 

no. Box lffi. SL TVt»r Fori •.-senvaiy 

*•9 3' - 1 4i 2 39 lr.inl. Man. Fd 0 1U 0} I — 

56 7;*C.li 7.«2 Della Groun 


J* 9 Rothschild Asset Management iC.i.l 

5 SI p O.Sux-SS St Julian.. C l Guvrax*-' . MSI 3Sni 
anH o fS. l T ,55 2 53 71.... 2 77 

»■* “ s £a • 1J1 

iW o£*rS’:fel i«7 *ii 

G.C . L-lr C'^mdry t . |Slf B2 27 *6| — 

T36] -Pnct SL' 21 Nett dealinr. June IE 
L100 lITiuc on May — Nv« dcai-aij June .. 

!ro ° Rojal Trust 1CI1 Fd. Mgt- Ltd. 

PO.CoX 1JU. Ro-.alTxl llv?,Jer'ey. C£:tir7441 

nT.lntl.Fd - .AW 9920 5-'M .... | 300 
— R.T Int’l iJjv iFd .91 95ri| .. I 3.21 

Pneci at tla> IS. Nett dca’.-.nc June IS. 


Prices on May 24. 

_ T Weekly deaUncs. 

“ Schroder Life GroupV 

_ Enterprise House, Portsmouth. 


Save & Prosper Interactional 


Dor.l.nc to: 

S7 Broad SL.5>L Hoi ier. Jer.<y 


InlcmuL Gr ■ t_. —16 82 
Far Ewicrit*; ... .C5J7 
North .vmoncani.O 75 
Scpro*-; . ... 113 52 


€ua. z 

01«S1288 
| I R10 


_ • • ■ 7?,« ' — ' Legal & General Prop. Fd- Mgrt. Ud 

~ l ”: El* 7 HtS -STi Z lLQii*raW««»rtA^EMN^ 

i I . ^sgSE 

-* fSJSSSlSS-. ou — Jjfcj — liBe-AfffiurrCo. of Ftamsyhiaflt?.- • 

hirt?c S ? ■tei , 4 SU S 4 <!Ba WT? 

■ Ife li \ PciLE«iotiyC*p. H . 5iB _ -SI-* "^25 T-. _XAOPP_C g i t i ■ , mm jKrn 

rAvlJy Fens. Equit y Acc - 55B, ; ”7. !?? ^ Ltovd* Bh- Unit Tst Map. Ltd. 

HIM * * ».** !***■*■ ■** 

Sg£gnS5Cr.^? ^ _-.j =.: J Jl . E f S"* 1 *! 1 W1 * ,ws- “SE.. _. 

- Commercial Union Group - OpiJ&SfcJMei- ;- J - 

SL Hrien's. L Und^hafl. ra.: - OJ-MITBOO. g&f^^T: g?3 1M2 .. ..[ - 

;:*.*!« VcAnAcUtJuo«53_} 5*58 I _...4 — StsDcaVLJuaol^U- MJ-R 1 — 

.. r Do-AnnultyCU— I 1 “ ^ “ London Indemutty &Gnl. Ius.Co.LUL 

; : } ■■• Confederation life h»ww^. lfraaTimFWbwy.BwttufiSTOii. 

-r: - B| :::: ] : Marlilc Ansurance Lrahed 


I Aeciita 1 May Jl — 1191 5 203.9; 11 M ...vce.ua Unit.' - M2 *2$ » Mnllsctte.. .S J »7;*5.1| ■« Delta Group wcm a. -.a> ». 

Il^eew Nett Mb. day -June ll jJune A ngUra dWg»-> - £ ? IU Scothits Securities LU1 V pm. ^3012. N^a uohatr..^ . Sav^ i Prosner lutcraaUoi 

07 Z Bridge Fund ManagersVfaifcl »AccuaiVnitti_ 24a 27^ J o so £rrthll .. j3 8 3|7 jxiuSpv.Mujr.-w.-l5i.75 * 841 1 — rx-rdinq to-. 

■a; — King Willi.-imSL.EtMR PAR Cl ca 4651 •■HighY.eld,..- «•- T2 fi""!lflM Srui-irtil -.1 Deutscher Investmer.l-Trust 37 Broad SL.SC Hell or. Jer. -ey 

*■» - Amfrlcan Sc Gcn.t . [24.4 253.. . 1« ^ =r7Ved 5 Kub -£ ^chCSBSB.cbant^.r.u-^Fraoklurt. U5. Dollnr^uoml^ Fmris . 

“ SStudlnct" .»-.... 35 J 376.. 326 Legal &: Genera! Tyndall FundV tv vt.t W ."[iasl 173 5; ■ ^ ’r 7 ■fte^niondsZl.Dpilio :i«3*4.'uJ - HttcriwLGr-i.. Z^32 ,733| 

a = lits, 3? #!:■■:: ii S?W. , “ , "sr.' a a* *TT8 ‘IT * %“ : ?~'Z?iT'£ 0 S^w«i-ta«ua i». m. SSSSSis.-WF I 

jniorntl.lnc.t 154 16b. See^ffunSrZ’il: 3 “ll Zl. Il7 801,1 wln S er J rJSt . i*®*"’ Lld * ( > pn Boa 743712. N.vot.. Eanamas. Sapm-; . .. |XJ ^52 M-Jol 

fflvmTSafcB. F^«4 ii.y a. 31 Nutt *ul. o, : -j^ il .*»«*« ^ vjunc ; -- ^SSS^SSTf ^ m 

vtwtsiw Britannia Trurt Management fa) igi ZDukoSL.Loodun^i tJ P. |! 111 “S ZZEAKSl S| 

d Z iSSSETtS?** ^iM’-Utp ?SS2SSsL_- t Ui* 4 62 F . & c . KgmL Ltd. Im. Advlaen ,T1 ^ on z&%£. 

: J - 5S.TT---.r7U 767J ...J 5J4 Uoyda Bk. Unit Tst. Mngrs. Ltd*V (ai f™ C D. . bz W ^ LluPNiec ^ 111 i I K, H u ll EC4RC®A ^ . _ . _ . , 

-J — Capital 513 SSI tS‘? 3?7 Registrars D*pt. C-Tinc by^ca. - l r3 3 31 wi - v 2 ?n «««» , . hcnlesmger International . 

-1 “ Commilnd 56^ T2? 5-S Worthing. West Su r c». 25 3 272> : ' -6 1, 4.29 Cent Fd May 3t_ SLS53 ! I — 4 L Li Muttv* SL. M. Heiier, Jerscj . 

:: = Sag-~B, 'jB IB jg C ffgagf -- IS; •w^i 18 EjBfiBlfc.. 7 . 6 ii *Vot R. .« 

1 ^ib 11 1 mm m i mm . m i» mm. *m j r-3 


OSU-2U691 


19101 .. 6 93 

7331*011 — 

4139-063 — 

4 09 +00* — 

14.75 . .. — 


Assets -fTU 

Capital Aec — 513 

Domestic- — 375 

exempt Ul., 

Extra Income 393 

FarEaH — M.O 

FliuncUl Ser* 633 


= 5 »fiSa=|| & 

:::■ = SSStesn:®. S; 

:::: = «,nezzz|! | 

— New issue — 352 * 


North American— 304 
pmles'lonal - 50R2 

Properly Shares — 133 

Shlfld —.457 

St«!u.i Change 303 

Univ Energy .|3U 


5 40.4U +0.- 

..7 117 fas *0.' 

2 4Z2 .... 

3 216 +0' 

3 fafl.ln 40. 

2 9lAd -1. 

7 B4.7a +0.: 

1 78.7a .... 

9 - 6450 +LI 

B 44 3 +0: 

J 38.0 -0: 

0 828 «0. 

2 37.9 . 

4 52 7iP +0. 


4S9 First (Balncd.1 — 50 J 
6»7 Do (Aecum-J — — 69 1 

9jfc Second 1 Cap.l 519 

334 Do.lACCum.l- 65 J 

453 Third, lncomei— 81 1 
313 Do iAccunU— . — 1U1 

4 08 Fourth rEklnc.) 58 5 

7.00 Bo (Accuuv 6u.b 


7D2 -3.7 
872 -0.1! 
119 « -0 1 
62 9a *0.1 

71 V . ... 


lii.aW.Wrll .».l« .... I-- - ■ - 

24 2!*as '-97 Emson & Dudley TstSlgtJrsy.Ltd. 
310} *0.5 16» p.o fim*S3. SL Helicr. Jerse; 1 . OSWSfiOl 

2s»iUd.: 4$9 M3.C.T -IW3 124 6} ... I 3.00 

3L2uJ ... 5 60 F. & C. SSgmL Ltd. Inv. Advisers 

997 1 -2. Laurence Pounincy HUE EC4ROBA 

3 -’"2 2 51 01-823 ■«» 

27*,i -6 L 4.29 Cent Fd May 3£__| SL‘S523 l I — 

31 !•: 2 450 Fidelity Mgmt. & Res. iBtia.) Ltd. 

Sji _ “' 3 l 12 OB P.«.». Bo* 620. Hamiltcn. Bermuda. ■ 
rsT-o: 2 29 Fidelity Am, ASS.. I Sl'S25.12 | • - — 

-=?? ,.1 IIS K!*!!?Ste t . , 2S Hl " LooJ z 


SIS4497 
St'S 14. h3 


4 08 rmnniMiuv-rt - — ..'Tl 7 m, V K. Grth UI'L .‘19U 20 412; « MOWny "no ro . .1 i i 

i ! ii^T4 h ~f wags & ' 


raeriias-d-nomina^d funds , ,, 

Chanrn* Cup.tal* [23x 2 244 S *03 1 jj* 

Charnel l-!indvj...h-b 0 lSfl-04 505 
■. OTrjnod.Jv'if '. .C266 1SJ4 —. — 

SL Fu*.ed June 1 . .[1194 316.81 .111.90 

Inucs on -June “Mw 31. *"*Juiw 1. 

;W'eeU.v r-caUngs. 

Scnlesinger International Mngt. Ltd* 

4 L L*i Mutti* St*. bt Heiier, Jerscj . 053473SHB. 
SUL 1B5 9Cl *31 8 06 

sioX. ZZ _.to5S 09J *0.C2 4B4 

Gtli Fd 122 1 223a *03 1233 

TnU. Fd Jersey.. ... M9 133 *.' -25 

Jntnl Fd timbre -{03.. 6 V~g *0.V> — 

•Far Eutt Fund 173 t , 90 3 03 

•Nett sub day June 7. 


3A2 72-83. GaiehouseRd , .'*» lexbun 
8 28 Equity Ac.-um .— 1158! 16 

?S M&G GroupV OrHcilil 


52401+02 412 Three 


_ . ijiccum. inn 

+0CT6J} — Scottish Widows’ Group The British Life Office LtdLV ta» Comnwdjiv 

;;;;J Z POBo*0O2,Bd.dni r *hEHie5aU. KJ1-<D5SOOO Bc i, Qnr eH«--TunbndecWelh,Kl Compir.dCi 


2 62 Sc*.- also Stock , Exc 

442 American gi 

465 lAccum. I nils* — ^{§2 6 
233 Australa*li>n ...526 

lAccum. L mb- 536 

I Commodiiv .... 1745 


0705 27738 


56 0 -1 a lb/ tuiwi-j 

v/0 -n ^ 1 B4 i A> cum. i ini' • ;33 0 

L’s :i; :s } 

4 IB •r.ecO*CT'_ .-ia;. ’.Mlfsb 


m 


Properc Fen. Fd -.l - ..gj* . . J ■■;— J — *Prop. Exempt Fd_ 
qPratocvedLln. PoU SU — | «- J- - ^exempt Prop. Fd. 

Cbcmhiir Insurance Co. Ltd- 

32.CDrnhIC.ECa. • c OWB8M10 i nF . Trust Fund 

CmjvFeb-JUy 15_. 1122.0 — EroperiyFnnd — - 


Z The London & Manchester Ass. Gp.¥ 
TbeLe— >Tdlkgtto no . Kcnl . 000057333 

Z Cm^agwthFuod-l mA -.-4 = 


- «.9 tonuuu viw 

. • iiS '.:r 82;CDCnbin.ECn. ' OWB8S410 

; ! % Credit * Commerce Jnsurjmce 

3»3» I * UO. Reg«ttSt>LMdonWlB8ra. Ol-ep-KBJ 

, ; ITiKl^ cacMngtRt^paM «of - 4 — 

; Ii535 ' Crown Life. Assurance Oo* . lid. V 

> ! Crpwn !JtoH«v.Wcjtn*,GU23_l^WOae25C33 

...ill' 1 M*na J dFinHiAc<-.-(101-3 _ S0Mt+R2] — . 


M & G GroupV 


•— Tl'fi® M » n K’d Fund Arc— 
S ■ 4"-f Li Mang'd Fd IttcnL — 
.^'.Itang-dFdlidt.*— 
rU.. , i V Equity FdAcc. — 
l" 4 ’ I -t> Equity Fd. Icon. — 
■■si: I E-' Equity FdlnH.- — 
Prop*rti- FU Acc._ 


3 S$£ = : 



OR SBQ 014B8 4588 



ReljBnre Hse- Tunbrnlgo wciis ; ki -~-i rompoiind <;n.>tlh 105.4 

Pi'5 r V*** ,1 j c jofl J] Ig Conversion '"ro-flh UJ 

BLRnlanccd-.. „^5 9 H SH Conversion Ino .. 627 

BLDIridond’-.... |«2 45.1} . ...J 9 4t« Dividend 1171 

* Price* Juno *. .\*l dcnllng June JL (Accum. Lniti- ... . gI9 

Brown Shipley & Ca U&.H "■ «Ae?i!m*t'nitsi — 

Mccrs; Founders CL. Ed 01^008520 tttra Yield J4.3 

B5 UbjIh J une 5 1217.6 229.11 ) f Acrum ,; nib> .... 112/ 

Do. i Arc.) June 5 - [27L2 28551.. — I 4.80 FarEaislorn M.9 


85 ? L 

1U 3 +0 2 3 67 

659 -10 2 6* 

6b 8 +3 i 8a3 
fljJ-OJ 7 re 


U7i 124 
2219 23 


Ft”: la's v-wdipt fund 4 sw 


2 21 3, s-L "Teorqe'bSt- Dnurias. I.o.M. 

221 DGN4082 Ldin Akiv Punter U Cfl ■. . htd . 

4 14 3^. r*aiJ: .-tall. lARdonbOili SJUt. 0J.9507dj. 
171 Kit V.iU rmTtt... [37 B .1981 . - I ?.» 
514 Fst.VKDhli.ip7M .|79 0 8404-1 

„ Fleming Japan Fund S.A* 


— Snn Alliance Fund MangmL lid. 


niM’^m BS Um la June 5 . —1217.6 

01.24*. 2803 Do.lAre.lJune5 - [27L2 
+0 ” ~ Oceanic Tnuu lai «i 

in a _ Financial ----- 34* 

_n3 General 18 7 

Growth Accum ...— 45.6 

i'j'ii — Gmwlh Inrome 36J 

JSS - ”t*i? 1 "“ d !*_::z.“. » i 

Inj — indcs-" 24.7 

Inj _ Cvereens JOJ 

„ Perfarmajire. - 57 4 

- assc%Mfin:« 


IS 8 +fl= 1 


FarEaslorn 
i Accum l nil* 


+0.2} 4.16 FJradn? lot- Tsw 60.7 

I i m lAveum Uni!*i ... *4 1 

+0ll 4 82 G<-n**ral — — JJ7.7 

+0i) 4B -104? 


; & Co. Ltd.V Fidelity KgmL iicsearcn i.terbe? i **ta. - cr ^ G 

l^fjfs®’ Wgp^H^nwiOUhhM-F.hwri.. SHrar.saNDUse.Pari^Jlh. C70527738 
bei-f -:'c! 2.28 Series Mlttnl.i.. g-JJ | _J “ InienuaJonal Fund" 

«■«:!! 13 j BBiraiSl;) H= »;■ II " = 

Sli 3“ n™ viui»« c«,mn»diiy ttu... ffiaiSSKLitej jj; ’ ■ - ■ 

gf :•• 11128 ^ •• " • 

Hij '. ! i.i.4 i-st.vKbhK'p 7 i-t |?9 □ 84 ocj I i'io J. Henry Schroder Wagg & Co. Ltd. 

a< r,r,v Fleminc Jaaan Fund S.A. jyi.CHeapejde.EC2 + , t b8a-U*o 

Mg«. Ltd.V ™ Te3SJ* J S’viii80.:| SWL ^ ±* ' ■ 
I'll-ASSPiOl Fltnjj.JuncC I 5US4*79 |-0 jJ| — A*ian Fd »ii* 15 Jfl.SK 9* 15**} — 3*0 

“ ss^tssiist as»»k.T.-.KM w _ »b 

"v« Ltd.*! (al NAi'H**! 31 — -I 5US179J5 1 - J — Sentry Assurance International Ltd. 

. ... G.T. Management Ltd. P.O Pox 326. Ilomilian 5. Bermuda 

- . a- _c " 3 31 Park live . 10 Fuiibuiy Circuo, Lordon EC2. Maca*wdrund ISViiTiW 1WJ| .. . | — 


3?T ’ rU1 9% High Income 103 X 1W* 

jt - * iO’ 3 87 lAccum. L nits. ...3678 7.7B 7 -0 

ii|»NIPn 


1 Sun Alliance linked Life Ins. lid. 

040304141 
120.4} +0.6) - 
.07 J +0.3 _ 

ai-fl-.-l - 


IrilgnoL. rvuicj>n*i.n*^v7. * *.“* -* — — av-i.-mu '.*-11 

n. Gen Dirt -1385 40.31 *02 «» lAccum. EniL'. .B547 

i GeoTAccuni.-— 146 5 48fi+«2 4J3 Special - - -H®-> 

.line. DIM. OT 2 35 j| tJj-J 2J| lAccum. Can -I 20213 

i. Inc. .Accum — |43.4 43 7|+0.1 7.75 Specialised Funds 


III Sehag Lilt ^t. Mangers LttLV (a^ 1 "* 

M li ^«£^^" wten SCi 

ill? -S.4 5 73 Secttriiv Selection Lid. Ancnor ° feraw Mj .Ij 4 

jgu ill IS =13 ■• ■ ^ “• \% 

iuo *0 9 3.E Stewart Unit Tst. Manager* lid. ia» i.73 

ZhBl >11 3. 32 4S.CliarlfllloSq . Wmoursll. 3J7I ^ ^dSivlinjS.Hkl?^ 1361 

1789^: ^O.d 6 75 rSie*ait .Vmcrican FuiuS , „ OT BL^ndV^nd. .1 W9g^ +*** ^31 

Wl SS %Effl 5 Fr.pt ftJ.i i 41 GT^wulcFd izl £&% ^ ™ 

»S»o. pi v?t Wishdrawii 1‘iuis [53 6 55 1< I — Gartmore Invest. Ltd. Ldn. Agts. 

Mi 4 In 2 I S "Slewirt Hrillah Capiial Fund . _ * st, Mary Aw. London. EC3. OJ-UK33S3: 


JL Tr»l<?H »xn .vracT.G-m run 

SIS SwiirtiH I'rils. ^ {W b 
Accum I'nitj. . b»5 
5 ?i WithdrowiI 1 n:vv [51 6 

3-Jl .* r *-■!-! 


1,—, GT.AMJ Fd 

ij..i g.t. VcuSswIinjt.. 
G T Rond Fund . . 
! 41 GT. Dc*:l.wF<l .. — 
— .".T PnclIlcFd ..._- 


SVM1 99 

600 25792 i 

IKB22 5 H5 . 
269 0 61 

SU 5124? *002 

SUS7IP 
SCS1276 


Singer & Friediander Lea. Agents 

,?iS ao.CantK.nSL.SV4 0:=<8PM« 

“li; Cn:tilor.d* . _ 1DP2493 26J01 J 6«> 

;52 Tul^oTtL June 2 | 5LS35.P0 | . ■■} 177 

i?s Stronghold Management Limited 
1-73 p >.i. Bax 913 *.Hei»cr.Jer-vy. U3M-V1460 
Co.Tuaaduy Tnui. 197.96 47351 -—I — 


■A 121 Surinvcst i Jersey) Ltd. csi 


— Gartmore Invest. Ltd. Ldn. Agts. 


Quvvnx Hte Pori. IjJ Si Holier. J^y. 05W 27348 
■Vaie.-*c»^IndTrL j£03b -lEI'S-Sal — 
C(.iiPt-rTna .... L1170 31.®9-5P3 — 


Capel (James) Mngt. Ltd-V 

100 Old Broad SI..EC2N IBQ OI-MBOOID 

SSK :.-: jSi . . SI S 3 JB 


'•SaJSIataMacIf- 

;OJi , ^IFid-lnt-Fd-lncm.. ®X 
! Winter LFU Aec — - WJJ 
• : 4 rIotec‘LFid.lacnk- l WE8 
mj tr 3 . > Money Fd. Aec. »S ... 

: : i*i$BSTri£2T= K.- 

: ; 1^- Crown3n.In*.'A -|155.9 


" ' Star Imair/Midland 'Ass; ” ^ 

.7 1 <TE«8le.«MUnlCB-_BLa 517] *02] 5E 

jr : 1 <}R^nity & L#9p Uf* Ass. Soc. L ttLV 

1 loi 1 *" i 4'JUneroham Rood. Hlgb Wycombe . 04»t 33377 

» ■ 55 i^tSSSSk=« v -ffla’'= 

- li. u jp. • - - ~ — — — — 


Jana L —’June 2. 

ioai] Va$ Merchant Investors Assurance 

*£S IS 7 m 0, -T- 

«• S3SSssei-=: ■■ ■ - 

^ g gjKte . Si =: = 

■■■■ = 

” ’ — Managed Pen*.— i»J 

i. Ltd. “ lnd. EquiW- — -- . 

014068031 , f . Mi 

7951 .1 .1 — ‘ NEL Pensions Ltd- 

«r . s 



50.1 
May 2 

For l«ew Conn FTwgrty « 

p*«i— MM iwiMuMe 


:■£ 

■*9 -?£.*: . 

4S 1*5 ‘ 

» rails’ 

is 13 ||: 


. *V 

i^'fi 1 S'* 

V$:p 

■ -i'-* 


base LENDING rates 

o oft' u Eul Samuel , s a *® 

^S'^giaslBfc- ; % 'S 

AmenwSV* B ft $ iiuUB*ong <» atuagnai » '■.o 

Amr oBanx- - - - - - o S' inausiriai ok. oi «wu ^ Vu 

Sfa re &«: | ! 

•SSSSSSl:™"-- ? | ; »' ““ ^ 

BaSSue du Bhohe .r..:. '9i%- ■ aamuei Biomugu » Vu 

Bandays Banfe. 9-% Miaingau orenivit “ ,w 

Barnett Christie Ltd- - *. 9j% ^uuual. yvcauuiijsier u , u 
Bremar Holdings Ltd; 10 % ^ox-wicu Ucneiiu aiuai. a ,v 

BriLBankof Mid-East 9 % t. S>. ixelaoa « Lu. 9 -o 

■sa^isi si 

liines".*..,-.... 9 }%: becurny irust Co. Ltd- ai 


nee Son Life of Canada fU.K.) Ltd. j 

01-8888171 2,3,4. CMlupar SL.SW1TSBU 01-830 MOO 

::•-•]= eSttCr; ffi \zd = 

= m!lm= s» Id = 

— Target Life Assurance Co. Ltd. 

;;• - 

Z bUn-FomUnc— .— |J013 107-9 — 

Mbzl Fund Acc—— 1JW 1232 — 

Prop.Fd.lnc 1062 1125 - 

Prop.Fd.Aec.— *-■ __ 13to — 

• Prop. Fd. In*. iei .0 , ■ •■• - • — 

SU Fixed InL Fd. Inc. lWvl UJL2 . .. — 

_ DAp.Fd.Acc.Tnc_ 985 W ■ - l f — 

— oi - SSS^S:-'wi 31 - 

■■- “ ItoLJnjmMaa-Acc... 1254 1M7 - 

:::■ - SEWSS2i:m: g3 = 

— Gilt Poo. Cap. 1232 irnij . — — 

— TrasBlnlernational Life Ins. Co. lid. 

’ J 2 Uwa Bides- BC4 INV. 01-4036*07 

^f ,r Tuflplnr*»t- F — Ml. 6 l«.lj .J — 

- — %wsa^zm- i|d = 

8S««Bi wd = 

Trident XiTe Assurance Co. Ltd.V 
RemlodA Heoae, Glouceater 0U23OI41 

s 9 % asaa=Bgi S3 :;::: = 


itiM — - Pncoi on Juno *. dealing Juno Si. 
Ltd. Cariiol Unit FtL Mgrs. Ltd,V taJfc) 

01*830 M00 Mtlhurn House. Neu-caoUt-Upan-Tync U1W 

Hr RieUtMiiRI Tfllri JS 

= RifStlTBii-Bi, 9W.JJ IS 

t*j Next deal me dale June 14 

u-tan ChariUes Official InveaL Fd* 

1 10286)5841 77 London WaIL EC 2V 1 DB. 01*588 IBIS 

I — Income May 18 ijl?? “ | I b u 

I — Acrum. May 16 (256 5 — I - I — 

.... I — - *lin»uth. Only available to Kcfi. Chanties. 


30 of— 0 2; 3 81 Ham hro Pacific Fund Mgrr.t. 1 

21185 34 ^ i “ iC ' - sa , Toraul F I’narJ'Zf' 'j|9 5 K5["?- 2110. Coniuupht Centre. Hong Knr.^ 

422 Growth l nils -.524 55 4| . T Jbtl Tlir< . H , E , lull v. . . [37 r «0|-C ; |g FarEfc.tM.il 31. -..BHSU07 Dial 

422 Mayflower .Management Co* Ltd. TrceiOJne. - i-Sgf-f ||S JaFaeFund lu'S69s 733 

?H'W Al n 73 sl 01 Til* ’.jSs !?! -gsj 3« HmhroVSdM^! JcL) 

. fcs?“re--5u-?L ■ 5 “ M--.V.IP ,1*3!; i! 11 ErKT-fr-p.. «« 

30.Gn**hnm«' tC2F2Ea juncT*. !lM7 2i4’:*4»: 4 19 Imnl P.rr.d 5Ush«92 103.171 


84 ul ..... i 4w Mayilower 3ianagemen( uo. fc*ui. TrsetL*.jne. -i6“|-5 *5V‘j;r,! |tr JaFacFund lKsa» 7j=j 

36ri I 8 42 H-lSGrccfiam jr. EC2V 7AL'. 01 ■?*?!!? tSvuILV I* Kurd' 'llSO 120 5| * . '• 3 DO HambrOS (GliernSCVI LtdJ 

53 rt • •— I tG I fleam- v"'?. • "S3V ^73 H ! Ill Tokc! G rowth .'MS jafi-0 2! Hamhro Fund Mgfs IC.I.) Lid. 

U . X JL General Mav -1 -.MB 7351 I 5“ jnU . . - 29“ i5Sl 1U ? 12 PO. Bo* 80. Guernsey Oi* 


NAV per sdiarc May 29. 5t'S490C 

Tekvo Paciiic Hldgs. tSeabcardi N.V. 
Inlioua Mj-.acemcnt N V.. Curoc.m. 

*. A\ per 'hire May S. 3L'K55.72. 


Charterhouse JaphetV 
l.PaicniPsierRow EC4. 

CJ. laicrnol'l 23 5 

Accum. Units Z7 8 

C.J. income 34 o 

CJ.Eura.Fin_ 26 2 

Accum. Units — 30.4 

CJ. Pd. Inv. Tst...— 268 
Accum. Units_.. 8 


30.Gra : hnm«-.tC2P^. tJSSSS ^ iuneT*. !lMT IrtJl+JSi 419 

Arc/i'Vs " Ai'iir’7 238 6 25 3 SI -1 9 4 55 Ttt Frcf -. ■ -|S« 1S.3; " j 1150 

Mere InL June ’ _ . 64.1 68 2 * 0 3i 2 34 br-vrih Fd. . il9 0 20 4i -3.il -3 54 

MSc’ctt'ial'It'i' ' a“l 223.0 * . J« Target Tst. Mgrs. iScotlaadi fai.'b' 

Accum Ul. 'pr27 255 5 266.ll ... 4 42 ie. Ath'*l I'revt^ .r. F«*ii - f*Sl-23irai7 


Mere li 'i*.' 214 1 223 0 ... 

01-2433068 Ac JSm UL, 'pr27 |2555 266.l| ... | 

32S Midland Bank Group 

j" Unit Trust Slanagers LW.V Cal 

. 4J8 Court**. on.! I InuaM, Silver 5 tree!. Head 

I .... Sheffield Sl Slip W 0.4. 


Taisei Airer tl*c!*-|2;2 
Triir ul 7h i« lv .4* j 

Rv:rnXnc**3i>.-F<i . ’59 2 


M3 *0*1 159 PO. Bo* 84. Guernsey 04*1 -MCI 

SJlcUCP. 352 Cl Fund l la ?5» 351 7rf 3 93 

2t4 3:*4». 419 Imnl PrtRd 5Ufil«92 109.17l*f> C-» 

31 •*•.. ; E W lnl Equity SCSlh 95 Ii27j-C2i £M 
15.3. j 1150 lnl. Sv^s. *.V 5l ; Sllfl2 1.11^. fa» 

20 41 -3.il -3 54 Int. s-vci 'B; SUSjXJO LH-yd 250 

, , Pru-at- or. June Nett dealtiic J**«c >•* 

itlaadi whb» ^ Henderson Baring Fund Mgrs* Ltd. 

__ L 1 ? 1 ’ , , ~ PO Bov N4723. N aovou . Bahama.' 

jS.H.n* ifn Japan Fd . -I1VSD1J EM] \ 

_q jq 28 Prices on May 31 Nett dealltic dMc Jure •■ 


tc.i.) L ‘°- Tvndall Crroup 

»« *J iS . , r?‘,l u *SS .?■ “ 7 S 1 * *,T» 


■ Price Ma5"3l" seat denllng June 


•••• MCinciu 

3-g .Conuaodiiv-ic'e-ii - MJ 

_ A82 Do. Accum. . -go 


^ 01^13648 


Equlq^ American-. B74 

UJCSqutty Pund 106 6 

HlAhYirid- 1357 

Gin Edged 11R9 

Hooey 122A 

lm» matiq p>l mm IP2 *9 

FI>CTl-s - rr-- EZ5^ 

Growth Cap JM.o 

Growth Are. 1277 

Pens. Mini d. Cap U30 

Pen*. Mnsd Are.-. 117-2 
Pena. C3d.be p Cap 1019 
PW».Gtd,DcftAcc.. 1MB 

P«w Ppsy. Cup - - 112 J 
Pena. Pa. Are..- . 117-3 

TrdLBond - - J5.1 

•TMt-GJ Bond .. W71 


Co. Ltd. price May"3L *N«t denllng June 7. Growth....'.'. —55 ‘ M a5itob is IT T ‘IT, 

u-W56«7 chieftain Trust Managers Ltd.V(aK*J c^,f l S u . m '. !. - ^3 |0| *o ; 5 |3| 

Z 1 1 No* SL EC2M 4TP. 01^3=^t ^Accum ....-- SE6 +g.4 3g ^ 

...3 — A marie an Pi, 0 / 2 5Sa +0l7 | o« TfeAcnim. - -- 58 5 62 b +0.2 6-31 * Accum Units, i — ;116t 

_J — High Income - — — lj®-7 ■■*■ J Sm5mim5wI . * — •** 52 9d *1J 2«2 Bari. EaiiLMJy-l-|3S.8 

J- Bf t a gw 1 a ftwsfc-B st m ts Ksssfetcigt, 
ssB 5 a= 3 a“-aar» fifeU 3 hx.ja 1 -.t- 

i-L.7 — C ft omo pniifan Fund Managers. Minster Fund Managers Lu * 1 iA«ura utuisi — i«| 

M - SpoTISrt. London SW1X9EJ. 0135 EM. Minrire 71 ° 1-< f 54“ .AreKmfT ZIm 6 

■ "*" _ CoamopoIn.Gth.Fd. 117.9 19.2| — .1 4.75 ^2mtt*lay 3^ -"|9t7 94j| ' . I 5.48 Van Gath -luce <5- W9 6 

•• .WU .-..-.V .... I \rcum. Unit'.' -W 0 


. n.-rs^a* »lu, .-.1 g}>!« J*'}| 

■ ti-runi I nil'- fl •'* - J *;;| 

Ins. '*..••> in -4-' - 1 •*< 

SN'nv St. St Heir v-r. Jrretry ( 

Ti'*KSLJuru! . • ■•*• p ?. -iif 
lAC.-uo Shjro. - '..-jt2i*5 
-.UKT'can Jane 1 U—5 r. u 

1 t.-i-uir. -.svarv .. .. lt.5 8* fa 

JorteiFd .Vn>21 .[i«6 »ij 

i7«on*J Ace I ts ‘ - |?73 9 .25?; 

Gilt Fund M*J 7: - 1-05-4 -P* 4q 

1 -\ccun. Short*}' . ■ l!3o 2 138 El 


CS3J 37331/3 

U I 6 00 


402*; +0_ 

wi lot 11 Transatlantic and Gen. Seres. Co.V 
32.6 +0"-t 335 31-99 Now LonCun Rd. ChalAialord 024^51651 


■» ei Victory Houic Doucl ii. isJe «’ iT 
3,51 Mar-uiedMas IE-.|12S0 1+5-81 I - 

L’ld. IcfuL Mngmnt. iC.l.t Ltd. 

14. M ideas' er Str«H?t. St. Holier. Jersey. 
UJ.3. Fund Ut,’s947« 1(0.05) . . I 816 

Vniled SatC3 Tsi. Sail. Adv. Co. 

14. Rue AJdrinecr. Lu.*rmbours. 


55 0 -0 2 6^ Barbican -lur.ol-. |*6 9 

62 b +0.2 631 lAv-vum Units. 1 — :*J60 

5290 *1 2 2«2 Bari* EmH-MV -1 - 135.8 
563 +13 2.42 Bucicm. June 1 .. . . '7*6 

65 5 +0.1 BJ4 (Accum Uni If-: ;««> 

695 +0.1 834 ColcmoJuce2. .;}2S| 

L093 5.49 lAeeum. >- mw 11518 

109.3] .. 5 49 cumld May 3! ,513 

lalinc June 30. 1 Accum UniUi . . '3i5 


17, Rue Notrv-Daroe, Luxembourg 

ISUS192B 19 97] -Q-TM — 


■rlaulordOMfa&iBSl uusus-ai muieas*er aim. _ -- * 

3551 — international Pacific Inv. Magt. Ltd- UJ.B.Fund UUs997« 

eaiS ■ ■• PO Bo* R237. sa. Dit St, Sydney. A«t. I'mled SatU3 Tsi. Is 

S23 " 4 57 JuvoUn Equity Trt-.tSZ 09 220I-0C1I - J “ 1Jdr(owr . U(M „ 

M« -- i-g J.E.T. Managers (Jersey) Lid. i*s.Tw.iuc.nsif...| susioes 1-027] 092 

?2n S — " cu PO Boy 194. Royal Tst. Hse. JetwrvUTJW =7M1 NcI June 5. 

ija 7 03 Jersey Extral Tst. ]16J.D 173 0} +3- Ci - __ ^ r 1 

5^7] 753 As 01 May 31. Now nib. day June -0. v,. G. Warburg & Co. Ltd. 

566k +03 5B Jar dine Fleming * Co. Lid. 59 GivhamStraer.ECS. ni-nno-iLK 


926 +L7 — 

112.9 +0.7 — 

144.7 ..... — 

125.1 — 

128.9 .... - 

109.0 +12 - 


72.7 -5.4 
531-0 7 

M9| -Cf. 


7 53 As ol May 31. Now cub. day Juno 30. 
5M Jar dine Fleming & Co. Lid. 

? « 4fiih Floor, Connaught Centra. Hoag >*> >r -c 
276 Jjrdmt-EttnT*..! SHK2H0.99 1. j 


S. G. Warburg & Co. LUL 
30 Grvham Street. FC2. 


1M-I 

U43 ... 
187“ 

1121 ... 

11M 

1242 . . 

2 7l l*07 


Jrsy. Ud. 

r 1 J 0534 73741 


. *Cmh vaiiio lor £100 premium. 
T>TtdaU AssuranceiPensiomfiV 


PiKinroriw....- ..iao+1 incnrllj* ll - 169 s 1"5 

E. F. Winchester Fund Mngt. Ud. «,!£* tu, a«» M }]l 

Old Jewry. JiCC .... .L n , n; . I152JJ 15781 | 600 iV.iiiriiiI' I c]f 


3ijKj C 
1 £ 
u3 • > ■ 


5 ; i srate= 

^::: 1 1 •»&a~ » J 

■k yTJS, >: 10 % Trade Dev. Bull J J 

% l! 1 S^ M 

> SgfBK.“i 1 t-'ySSSS^aSS!^ 5 5 

Eagil Trust * ; j J ■ irtw of “ c f c * ;einiaB 

First NaL Fin- Corpn. 11 % "■ ^pogiu co sum of mm" 


in, ranjmee Road. BriMol. 

3- Way June 1 12 

Foiltly Jane 1 If 

Bos4 JtUMl-L- lb 

ProperraJiuwi — 18 

q= Eqnius Sec&I-td. (n) (0 „„„ gjs^fcidBf. Jill rJ 5 S . mi 

SSSSsffil: g := z SSSBTSa. «*gaT!S S&S'C.-tecfflS.'Kl* 

% a = j- s a * mm .fcsasMr ,to “■ 

cTQ{x.flUj awefihiiH Rd, WjrCDCQbC. WS133377 . , ( PCZV fiPtJ nunfS AMD Do Accent. 

VAtibnujh Life Asmrance EwivbL** [66.9 70.fi +oi] 4D9 ag ^K‘ pr ’«> v -'! || 

K^r S '" 1 S ,l ’^ 2 |Sf ™ Frarallngton Onit Hgt Ltd. (h> Igjj lS- .“li Si til ll STeffi 

E^^izr: ^o ^2^-7 - S7. Ireland Yard. EC4B 5DH- 01-it8687l gl 2H tjS tg gSKtllSo? 

E&shcW = «SSBSc=ak Jl :::::: | KSEbc^'-g £^Sw>». g 

sss?S=if sli3= iEBaR=s |g= |s ss^srrft. sSw - 

Vanbrugh Pensions Limited Qo.Aecum. IUL6 iimh) ---I ^ M,n M court. Dortliw. Surrey, SB11 .hrfSB General [451 

4 1*43 Maddox St, Ldn. W1R OLA ■ 01490403 Friends' Provdt. Unit Tr. Mgrs.V Krtsur . Ig4 5^ -h! ‘ »S?6 

B S S iT* mg . sMiaiz .vLS«ss* If 


l An lanuac.Mjv 
JS (Accum I'nile 
CopL.Vaj :ii 


Old Jewry. tCC .... 01 7«V lacomcMav n; . -- 152J* 15781 I 600 , 4,-. urn. i ill- |174« 

«». ! sssffssdn 89 rd ss st§ .■ || rsst ^ 

®«» 4 5-S™- S.^Pr.vidShv.'SSnV nd i -'%t 

**9 =?» swsr?^s'- 5 w, .r-s &%&»:•' m 

Ennius See^Ltd. (D (l) fflRSStfca'zgf* JH “ >S 

*•*«»» JL Tatar V In. Tr. KLV (atfbUO _ >t,y 3L 5» - -.i- ? 


fa 00 Kvvmpi 4pr.! V. 


j t r.t-l'-ir- *-.**, 'Jl 

. . . _ " — T-J. J.irto ill h Fund V.^.57 25£b| 

V5S . j 8 0b Ki-vm?I«-v Japt.n .. . |UL12 • Uj£| . 

;®?T. i *i* Cunt. ,V,m.* 1. Cup. | U33^fa I +t? Cv 

133 =• ' 1 15 

113 j; .. I 7 94 

i5Pb) . ; 7 99 

103 B, . 5H 

123? . 5.80 — : 


I 7S World Wide Rrovlh tfanaRemeM# 

Ida houlyvar.l Itov-*!. Lu.-emh*xire 
v\urMv..dc Ot h — -CG-HBI — 

NOTES 


IjS Priceada no! indude 5 premium, ewepi ■ offered' 

SIS MIUM4 .VM^aHhMqLn i L^I^.SJf^Si'rffer witaS E-i.matod e Todays 


Vanbrngh LUe Aainrance 
41-43 HoddaxSL, Ldn. W1R8LA. ( 

VUnasodhU— — .P-^S-O 1H-J 4 

EquityFd ZM.D 7^2 + 

lrTini Pmut llU 1082 -t 

Ptiod InierttFrL— . I62J Xg.j 

Property FtL™—. JJ0.2 147 A . 

Cue Fund -.{1282 124 ^ 

Vanbrugh Pensions Limited 


MM (aHhUO on ^LiV ^“Ideiiliiifi May Si. ^.Vccum (81 9 

National WestmmsterV(a> Extra Inc Groait-Wl . 

Baws&^rwffw Bss»=ii 




L (a) Extra Ine._ — ST 

01-«86B7I SSSfc;'--"K 

:::::: |g 

j ..—I 581 Universal Fd.tvi' .. 6L2 


70 fa) 4 7 68 Do Accum.— 193 

3ftB *0J 5.05 ” l « I l2=5 1 
46H +10 4 97 lnti*rnn:u>nal.. — - 

387 +0 5 fi'tt Special Sil£ fM7 

72 tc +03 545 TSB Unit Trusts (y) 

bsiril+ZO 2^5 «, _.u*.,- inrif.vpr 


y i.raerea price ociucet an expenttis :: pv+m*' 

— — — « Net ol tax on realised capital pains unlufs iMicawn oj ® ” U J 

li-lj "Ol 623 a Yield Before .kr ^y ra.v I Ev-nubfr-ixo 

4oii".~ joio H" 1 ™" ■ " 1 ' 

46 fi - 

37fi 486 


GuL-rrfev jrass. 8 Suspended- 
-,i:.!ori. 


67.fi ...... 

34.71+10 
3131 +02 


21. Chantry War. Andover. Hants. ^ CC&i B2185 I BUILDING SOCISTY tNTTEEEEST SATES 

ricjlints iu 0^64 62422.1 _ _. _ „ 


rirsi i aiuuwu - jx 

gS^-S:® St- 

IHambros Banlt ......... 8 s seeunna. .. ■ . 


asssjrzS 1 - e 

Propf rTy,.^ |™i «u-»i ■■■■"* , 

Uiianmeed ho ‘im. Bwo Rota 1 mHc. G.T. Unit Managers LULV 

Welfare Insurance Co. LULV . 

The leaf, Fdkestone. KenL 080851383 gTj&p* Inv ....... JW>3 

M oneymo lrar Fd... .1 M J I ■-.- -1 . — _ c T. Inr. Fd. Un 160 4 170 6 

FaratherfuDdf. pjHH'raJertaTba London & G r L - s 4 on IW.l «5 « 

Uanehefter Group. G.T. Japan * Gen- 2re7 291 3 

Windsor Life Assnr. Co. LUL gt im"^nd!Z' uni Ull 

iHish Street. Windiwr. WlmUor 88194 GT Four VdiFd - 533 S6*u; 

8M0™ tS - G. & A. Trust 011*1 


,h. Du. .t'.v'um 

ran Scoui-vh. ... 

■ hi Do. Accum 


- .: 

a - usv 


Lie lav. Plant— —.(682 ’ .722 --0-5 ” 
UUmAaMLGtblB). 20*00 ~ 

Ajnd.GtWbi. «00 - 

art pHfif C25+04 +0.V] — 

" G^rth-llBM uxfi +lfi - 


+0214 26 Far N'eiv CDUrt Rlna Onagers Ltd. 'nln^ttuS"-. . 

+0^ 4 26 see Rothschild Asset Managemeot .»>, Do. Accum no 

Norwich Union Insurance Group (hi Uster BankV 

S“ T 111 6288131 J® | Nv;r.viih.\R13NC War.nCMreir,. Bv a.- « ^r 3 ^ 

■90 +02 3 50 C.rnupTvi.Fu 363 31*1.1 * » , b -uM .-1c, r tiru" l** -1*5 403. *DI 5*6 

iSnS ■'S-t PMrl Tru ,‘ ,t Unit Trust Account & Mgiat. Ltd. 

1706 ;0., 7.W 252 H.Cl, Holl-nra. *tfi 01-40+ |tH ^ ^ ^ ^ . R 9 u:*Sa«9l 

«13 +6.7 in JSS^PSE^'lwS 29 4 :8i 4 92 JT.ar.HM- Fund -;I520 lMOj -|«*f 

139 5 4.00 . 31 5 33 9 6 74 ItU-lerGril-.Hvd \ 3gfi . .... 4|6 

121.3 +2-0 200 SjjlSfuTu .- 3S.3 SI.Oic+Ol 505 »o Abbibi ;M0 353) . t 43o 

SOJttf) LJO f4ccum LiniL-' - «- 7 . 4921 *0?) 506 Wieler Growth Fuad 

Pelican Unit" Admin. Ltd. (gHx) >cirKUilliamSi.EC4r>f*AR , 01*6234351 
(027712273® Sl Fountain M * Mai'ctieiler 0fi|.238M«:. income l'ni*.v |793 509' ...} «36 

MJ«d+02| ABl Felican LniU 1 8 *- 3 B9JJ +0 JJ 5.03 Accum. Unsta- — |M.O 35.8; + 4.35 


43 31+3 31 380 
61.1' -Oil 380 
63 5c tO 1 7.29 
66 2 +0 1 7 29 


SlEESEISS! 


b. Rayletfih Ud., Brentwood 
iG.iA. .-1322 


IM Peari '--i 

S.M 1 


Si!- “ RS1K, 


(0183 8212) 

Gn'rnwich HlRh Road, 

□r.- ntrieh. SfclU S.NL. 

•Derrovil Rate a .25, Sh.ife An oilfli' 7 5 , l1 - 
Suh'pn. £hareb fi-TTi. Term Slur •-• . vr ' 
, 1 , ait*it*. share rale. •! vn. 1' SC"'-" 
slur, r.iiv. lni'.-f.-st paid iju irir‘1' 1,11 
slur-, u-mt slianci. Monthly linufli'-' 
shan: 5WT». 


L6S83B eSLDOiiWS 

(SI-995 B521) 

P 17 I ,rt‘ ui+il K'.'jJ, 
Lti.'du.'i ‘‘*"4 '■■■ 


ri. Dr.* :t Hat-' '* 
t?ui> pu Sh tr«' « 


'.arounis 3 75. 









































































































































































EwMd .. .. 

Qllel 14] 3 ZlFifu forge 

Finlay Pfcc .'p 


A Sterling denominated securities which include lavertmene 
■I'-llar premium. 

* "Tap” Stwk. 

■ Highs ami Lew* marked thiu have been adjuiled to allow 
lor richti ifwcs lor car.h. 
t imenm since increased or resumed 
t Interim since reduced, passed or deferredL 
tt T Ax-free to non-residents on application. 

* Vi cure? or report awaited 

rt L'nUsicd security. 

* Price oi lime ol suspension. 

9 Indicated dividend alter pend inf scrip and 'or rights issue: 

cener relates to previous dividend qt iorecast- 
•» Free of Stamp Out). 

* .'terror b:d or rvorgatusauaa in progress, 
f Not rom parable 

* Some i men m- reduced (inol and or reduced earning* 
indicated 

j Forecast dividend, cover on earnings updated by latert 
Interim staiem-.-nt 

j Cover allows lor conversion ot share* not now ranking lor 
dividends or ranking only for iMndoi dividend 

* Cover does not allow tor share;. which ran? also rank Inr 
dividend at a future dale. No P E ratio usually provided. 

V Excluding a Dnol dividend declaration. 

* F.efional price. 

II No par value 

a Tax free, b Fi cures based on prospectus or other oliicial 
estimate e Cents, d Dividend rate paid or payable on pan 
ol capital . cover based on dividend on full capital, 
a Redemption yield. 1 Flat yield- K Assumed dividend and 
yield h Assumed dividend and yield alter scrip issue, 
j Payment (rani capital source* k Kenya, m Interim higher 
than’ previous total, n Richts issue pending q Euminga 
bared on preliminary Iicurer r Australian currency, 
s Dividend and > ivltl exclude a special payment. t Indicated 
dividend' cover reiaie* to previous dividend. P;E ratio based 
an laiev.1 annual c.irmng- u Forecast dividend: cover hosed 
en pre-ion* year s earnings. v Tax free up to 30p in the £. 
w Yield allow?, for currency clause. > Dividend and yield 
bar-v-d on merger terms, r Dividend and yield include a 
special payment: Cover dot; not apply to special payment. 
A Net dividend and yield. D Preference dividend passed or 
deferred l* Canadian D Cover anil P.Eroiio exclude pro! its 
of L K. neMetaec subsidiaries. E Issue price. K Dividend 
and vicJd hared on prospectus or ether officml estimate* lor 
IUTT.'tS. G A f. turned dividend and yield after pending scrip 
anchor right* i‘tvi'.'. II Divtrien-i and yield hi..cd nn 
prospectus or other official emanates lor 1 37 ft- 77. K Figure* 
based ft P prospcviUi- or oiher eluvial olinulr< for 19T&. 
M Dividend and yield h.i*ed on prospect ui. or oihcr official 
estimaieilor 1S7S. N Dividend and vie Id based on prosper! us 
or oihcr official osli males for 1STU r Dividend and yield 
based «»n prorpetiu.; or oilier ollio.il e-aimair* for J9T7 
q f.roix T Figures upturned. I- No xignificam i.'orperation 
Tax payrhlc. Z Divniend total to dale Vt Yield based on 
assumpuoa Treasury Bill Rate stays unchanged until malunty 
of stock. 

Abhrci'ittons' alexdiv idend trex scrip issue; irex ns his; tt ex 

all: ii i'.* capital distribution. 


** Recent Issues ** ami •• Rights " Page 3$ 


Thlc ^nice is available to every Company dealt in on 
VHofii Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following i< a selection of London quota tion-'nf shares 
previously listed only in regional markem Prices of Irish 
issues, most of which are not officially listed in London, 
ore as quoied on the Irish oxchanur. , . 

Shell Relrshmt 52 I 

Albany Inv -Op 23 .... Sindolli.Wm. 1 .. | 85 | 

Ash Spinning 45 .... 

Bertam 22 .. .. 

Bdr.vtr Em Sop 2f>8 . . IRISH 

(’lover '.'roll ■ 23 IRINH . 

CraiG&RowS.l 450 -30 Com S^-SOTfi. £891,-11* 

Dyson 'R- A.t A 37 Alliance Cu.- .... 75 1+2 

Ellis & McHdy « . Arnolf. ... 34b 


CraiB^hip LI— 154 -r4 

Hia>on: Brow 82 
I 0 K Stm LI 150 
Holt'Jav -ISp 
.Vifcn.'ji-M-ntifn Sf 
Peari ft-' H 158 . 

Ptacl ■ 20 . 

Sheffield Brick **5rt -1 


CamtlliPJ .’. .. *2 

Clondalkin ...... 98 

Concrete Prtvle . 135 
Ik-ilon t Hldgs • 41 

Ins Corp 148 

In>V Ropes — ... 130 

Jacob 6S 

Sunbeam . ... 33 

T.M.'j 170 

Umciarc 90 


OPTIONS 

3-month Call Rates 


•obv-H- Is 
A. Brew - 

A. P. Cement ... 

B. S.R 

Babcock 
Barclay.-: Rank. 

Beech am . . . 
Boots Drue . 
Bownlcrs . - 
B A T.. 

British n.vy^cn 
Brown i.l i. ...... 

Burton ’A' 

Cadlmrys 

Counnuldi .. 

Debvnh:<mf 

Distillers 

DUnlop 

Eagle Star 

EMI 

•Ion Auciacm 
Con. Elwiric 
tilaxu 

virand Mel. ... 

i l' S. V 

Jujriiion 

.:.k.n ■ 

Hawker Sidd 
1 louse of Vntwr 


1CI 

bti “Imps" — 

irf IC.l 

9 lnvoresk.— 

11 Kl'A 

25 LaUbroJw... 
35 l-ogul 4s Lien. . 
15 LexScr-ice _ 
lb Ucvdi Bank... 

24 ■'Leifs' 

b London Rnck. 
20 Lonrho . . . 

12 Lucas Inris . 
5 UonsiJi.. . 

10 "Mains 

8 .WrkS. A: Spnrr 
15 Midland Bunk 

7 S.E.! 

]1 Nat.tfwl.RM6 

14 Do. Warrants 
17 1'4»PM 

15 Bleifoy 

40 B.H M. . . 

9 Ranks irg 'A'. 
20 Rood lntril. ... 

IS Spiders 

22 Tosco — 

20 Tliorn .... 

12 Trust Houses.. 


20 Tube Invest.. 30 

6 Vntlever 35 

20 l?id. Drapery.. 7 1 ! 
8 Vickers. la 

3 IVoolworths-.. 5 

17 _ 

14 Property 

7 BriLluind J 1 * 

“ rap. Count iw 

* E.P.- 5 

g lnlreuropoan 4 

jj_ Land :’ecj> 16 

MBPl - 12 

*0 Peachey 8 

SarniiOl flops 9' 
Town & City ... l'i 

y 

10 Bm Rdroleiun. 45 
g Bunnuh t.nl. . . 5 
n i.'hunerhull .... 3 
1 Shell. 28 

18 I'itmmur 20 

| 2 Mines 

4 Charter Cuns..l 12 
^2 Cons. Cold .... .j 14 

15 RioT.Zinc — 1 15 


A selection of Opnoiiv truded is civen on Lie 
London Stock Exchange Repon pace 











































































































































































42 


D.I.Y.TOOLS 

Cintride-a member of the Neepsend Gioup.Sheffieid 


FINANCIAL TIMES 


$_ The Best Bfast Cleaners 

^ in the World 


Wednesday June 7 1978 


West German Tax relief 1 EUBOPEAN PARL,A " E " T 

w e S t merman for ^ Qwen demands 
Minister quits em pi 0 yed decision on 

„ , vi i who work MPs’ salaries 


THE LEX COLUMN 

Gilt-edged await 
an initiative 


BY JONATHAN CARR 

HERR WERNER MAIHOFER, 
the West German interior 
minister, resigned to-day — taking 
responsibility for errors in the 
hunt last year for the indus- 
trialist Dr. Hanns-Martin 
Sehieyer, and the terrorists who 
kidnapped and subsequently 
murdered him. 

Herr Maihofer's action comes 
two days after a severe setback 
for his liberal Free Democratic 
Party in provincial elections, a 
blow to which Herr Maihofer’s 
accumulated misfortunes in office 
are felt to have contributed. 

Chancellor Helmut Schmidt 
to-day praised Herr Maihofer for 
his fairness, humanity, and for 
taking responsibility in a matter 
where others were involved in 
error, too. A report, released last 
week-end, on the hunt for Dr. 
Sch lever, criticised by implication 
not only Herr Maihofer but also 
a provincial Interior Minister and 
the Federal Criminal Bureau. 

However. Herr Maihofer. aged 
59. has been steadily losing 
support both within his own 
party and in its partner in the 
Federal Coalition Government, 
the Social Democrats. 

Ten Left-wing members of the 
SPD recently called on him to 
step down because members of 
the Federal Border Protection 
Force, which comes under his 
responsibility, had been taking 
the names of those at airports 
found in possession of "Left- 
wing " literature. 

A year earlier Herr Maihofer 
was also at the centre of a row 
involving the bugging of the 


BONN. June 6. 

home of an atomic scientist 
suspected of having contact with 
terrorists. ‘ 

These affairs have eroded the 
widespread respect in which he 
was held when he took over the 
Interior Ministry in May. 1974. 

He is the third Minister in 
West German history to resign 
the Interior Ministry job — 
widely regarded as one of the 
most backbreaking, and heart- 
breaking, in Bonn. Its responsi- 
bilities range from sport and 
environmental protection to 
nuclear reactor safety and the 
war oq terrorism. 

Distinction 

Her Maihofer, earlier a law 
professor at the universities of 
Saarbruecken and Bielefeld, was 
long seen as a father of modern 
German liberalism. He provided 
much of the intellectual distinc- 
tion in a programme giving the 
FDP a clear identity instead of 
a somewhat vague outline as 
coalition partner for Social or 
Christian Democrats. 

As Minister for Special Tasks 
in the cabinet of the former 
Chancellor, Herr Willy Brandt 
he also played a key role in the 
search for coalition compromise 
on worker co-determination in 
German industry. 

No successor to Herr Maihofer 
has so far been named. As a 
small party, collecting only 7.9 
per cent of the vote at the last 
general election, the FDP has 
distinct problems in finding new 
Cabinet-quality personnel. 


abroad 


BY GUY DE JONQUIERES. COMMON MARKET CORRESPONDENT 

LUXEMBOURG, June 6. 


Rothmans increases 
cigarette prices 

EY STUART ALEXANDER. INDUSTRIAL STAFF 


By John Hunt. Parlimentary 

Correspondent 

THE GOVERNMENT last night 
agreed *o a Conservative 
amendment to the Finance Bill 
increasing tax relief for self- 
employed people who spent part 
of their time working abroad. 

The Budget proposed that self- 
employed who work overseas for 
at least 60 days in the year can, 
for tax purposes, deduct 25 per 
cent of the profits from the trade 
attributable to the number of 
days worked abroad in the year 
of assessment 

As a result of last night's 
surprise move in the Finance 
Bill committee, the qualifying 
period is te be halved. This 
brings the self-employed into 
line with employed people who 
were given a similar 30-day con- 
cession in last year’s Finance 
Bill. 

The Government concession 
was seen as another example of 
the in fiuence of Mr. Harold 
Lever. Chancellor of the Duchy 
of Lancaster, in his campaign to 
persuade the self-employed that 
the Labour Government is not 
hostile to them. 

Announcing the concession, 
Mr. Robert Sheldon, Financial 
Secretary to the Treasury, told 
the committee: “ This will be 
well received as evidence of our 
intentions concerning the efforts 
of the self-employed and those 
who contribute so much to our 
international involvement da 
trade.” 

Parliament. Page 10 


DR. DAVID OWEN, the Foreign 
Secretary, called today for an 
early decision the EEC Council 
of Ministers on the level of 
salaries to be paid to members 
of the future directly-elected 
European Parliament 

He suggested that the issue 
should be tackled in earnest 
when Foreign ' Ministers of the 
Nine meet later this summer to 
confirm the date for the first 
set of direct elections, provision- 
ally scheduled to take place 
between June 7-10 next year. 

Allowances 

Dr. Owen coupled his demand 
with a strong warning that there 
was no question of fixing Euro- 
pean MPs’ salaries at a level 
near the top end uf the range 
of salaries paid to members of 
national parliaments of the Nine. 

German MPs are the best paid 
in the EEC. receiving a basic 
salary of DMS4.000 (about 


£21.000) a year, plus office and 
staff allowances. British MPs 
are close to the bottom of the 
list, earning a basic salary of 
£6,270 a year, with an allowance 
of £2.534 if they represent an 
out-of-London constituency, and 
a secretarial allowance of up 
to £3,687. 

Dr. Owen warned that any 
move to fix European MPs’ 
salaries mnch above the national 
level in Britain would cause 
resentment in Westminster and 
could unleash strong wage 
inflation pressures throughout 
the UK public sector. 

He favoured paying European 
MPs a salary close to the British 
level and topping this up with 
allowances to cover their living 
and working expenses outside the 
UK They should pay tax to the 
British Government. unlike 
British citizens employed by the 
European Commission, who are 
taxed at a modest rate by the 
EEC. 


Continued from Page 1 

BTR move into U.S: 


emerged on Sunday evening. 

BTR said last, night that the 
agreement it had reached was 
not conditional on the outcome 
of its planned offer for the rest 
of the shares. It is. however, 
subject to certain technical con- 
ditions. 

The Lf-S. directors will recom- 
mend formal acceptance of the 
BTR offer to a board meeting 
tomorrow, but the final outcome 
of the take-over is still in the 
balance. 


BTR neds little more than 18 
per cent more to gain a control- 
ling holding. 

The Worcester group, whose 
chief products are ball valves 
and associated pneumatic and 
electric activators for the 
chemical and oil process, paper 
and other industries, had sales 
in the year 1976-77 of S51m, from 
which there were earnings of 
$2.9m; in the following six 
months, to February 1978, sales 
were at the higher rate of 530m. 


PRICE INCREASES on most 
cigarettes produced by Carreras 
Rothmans, which now claims 
more than 14 per cent of the 
UK market were announced 
yesterday. 

The move comes as British- 
American Tobacco is offerir#, 
heavy discounts on its State 
Express 555 brand in its efforts 
to break into the UK market 

State Express can be bought 
for as -Little as 43p for 20 com- 
pared with the recommended 
retail price of 55p. 

Many other king size brands 
are also available at reduced 
prices though the other major 
companies. Imperial Tobacco's 
\V\D. & H.O. Wills and John 
Player, and Gall ah er, are being 
less active during the BAT 
lau n c h . 

Rothmans is to put Ip a pack 
immediately onto Piccadilly 
King Size and Dunhill King Size, 
though at 54p and 53p they will 
still be cheaper than the recom- 
mended price of most competi- 
tors. 

Increases of 2p a pack will 
follow in July on most other 


Rothmans brands, except Roth- 
mans King Size and Consulate 
No 2, which went up in March. 

The move was described by 
Mr. Kirkland Blair, managing 
director of Carreras Rothmans, 
as essential for more realistic 
profit margins and a step towards 
less “wheeling and dealing" in 
the tobacco trade. 

“Most brands in the market 
place are underpriced, mainly 
because manufacturers have been 
frightened to make price 
increases in such a competitive 
market," said Mr. Blair. 

“ We now look to other manu- 
facturers to follow our lead in 
providing a more realistic level 
of prices, a reduction in the 
wheeling and dealing which 
takes place at the moment and 
significantly increased trade 
margins," he said. 

No commitments were made 
by the other manufacturers 
yesterday but Galiaher, which 
makes Benson and Hedges and 
Silk Cut said it bad always been 
against price-cutting. Imperial 
said it would he happy to see 
the market settle down. 

News Analysis Page 7 


Moser leaving Whitehall 
for new career in City 


Continued from Page l 

Money supply 

private sector rose by £307m, in lending showed that over the last 
a period when a sizeable fall three months. lending to manu- 
would be expected on seasonal factoring industry rose by only 
pounds. this Indicated a & SgXSfX 

stanual underlying rise. £427m with sharp rises in retail 

Most uf the increase was in the and other distribution. The 
non-manufacturing sectors. The personal sector also borrowed 
banks’ quarterly breakdown of £215m more. 


BY PETER RIDDELL 

SIR CLAUS MOSER, director 
of the Central Statistical Office, 
is to leave Whitehall for the 
City later this year, four years 
before he was due to retire. 

He will become vice-chair- 
man of N. M. Rothschild and 
Sods, the merchant bask, and 
a director of the Economist 
newspaper. 

Sir Claus. 56, is the latest in 
a lengthening iist of senior 
civil servants who have gone 
into banking, either after the 
Whitehall retirement age or 
in their mld-50s. The most 
recent examples have been Sir 
Ronald Macintosh, former 
director of the National Econo- 
mic Development Office, to 
Warburgs; and Sir Derek 
Mitchell of the Treasury to 
Guinness Mahon. 

Unlike Sir Derek, Sir Claus 
is leaving on good terms with 
the Prime Minister and the 
Government. He commented 
yesterday that he was moving 
while still young enough for a 
new career and to avoid 
“ running out or steam ” in his 
present position. 

Sir Claus has headed both 








Sir Clans Moser 

the Central Statistical Office 
and the Government statistical 
Office for the past 11 years, 
and is widely credited with the 
key role in expanding their 
activities and the range of their 
publications. 

He was approached about 
both his new posts a few 
months ago by Mr. Evelyn de 
Rothschild, wlio is both a vice- 
chairman of the bank and 
chairman of Lhe Economist. 


Sir Claus said he had always 
believed it was desirable for 
public servants to move into 
the private sector. At Roths- 
childs he is likely to be 
particularly involved with the 
corporate finance side, while 
at the Economist he will 
become chairman of the Econo- 
mist Intelligence Unit in suc- 
cession to Mr. Ian Trafford. 

Sir Clans will retain bis close 
involvement with the musical 
world, notably as chairman, as 
for the last four years, of the 
board of the Royal Opera 
House, Covent Garden. 

He will be succeeded on 
August 1 at the Central Statis- 
tical Office by Mr. A. J. Bore- 
ham, at 52, present deputy 
director. The head of the CSO, 
which is within the Cabinet 
Office, is a Second Permanent 
Secretary. 

N. M. Rothschild announced 
yesterday that Mr. Ivor Ken- 
uington, a director who was 
closely concerned with the 
resene of Slater Walker, bad 
been appointed a vice-chairman 
of the bank. 

Men and Matters Page 22 


The eligible liabilities of t!he 
banking sector rose, roughiy-as 
the market has been expecting, 
by some 1.4 per cent: in the 
May banking month. There is, 
moreover, strong evidence that 
the recently more buoyant trend 
of bank ■Lending to -the. private 
sector has been texended, wtoh 
a rise of £307m an starting 
advances by the clearing banks, 
in a month which, seasonably, 
would be expected to show a 
f alL 

As always, at is dangerous.to 
draw a direct paxaAled between 
the dearers and the banking 
sector as a whole, for ofiten the 
non-dearers show a quite differ- 
ent pattern while money 
market factors also piay an im- 
portant role (this moitih, for 
ins tanc e, the cleavers’ holdings 
of commercial bills, an alterna- 
tive form of lending, felt back). 
But it seems likely -that the 
money supply, on the sterling 
M3 measure, wilil show a rise 
at least of the order of 1 per 
cent, compared with an offload 
target equivalent to 0.8 per cent 
And this will happen despite 
the impact of the substantial 
support for sterling towards the 
end of calendar April, im- 
plying a Jorge element of 
external finance in banking May. 
Hardly any gilt-edged have been 
sold in -recent . weeks, and 
domestic credit expansion Is 
bound to be running ait on ex- 
cessively high rale. 

The figures will confirm the 
gilt-edged market in the view 
that some initiative will have 
to be taken by the authorities 
to get the funding programme 
under way again. There is 
much talk of the reimposition of 
the banking “corset” which 
would at least give the City 
the impression that the mone- 
tary targets are being 1 taken 
seriously. There is an increas- 
ing build-up of institutional 
liquidity which on the right 
signal would be moved -heavily 
into the taps at around' current 
yield levels. Conversely, if 
there is no official reaction the 
gilt-edged market . will take 
another turn for the worse. 

Why the City has taken the 
corset so close to its heart is, 
however, a bit of a mystery. It 
is a largely cosmetic device 
designed to make the figures 
look better, but it appears that 
the gilt-edged market is merely 
opting for the best it can 
realistically hope for in the pre- 
sent political climate. Quite 
apart from the electioneering 
aspects of current economic 
management, the Treasury will 
be unwilling to embark upon 


now because it has enough dpt 

Index rose 3.2 to 477.7 hts to stand it. In Other wor* 

, it may go back; to the old 

at some future time if ^ 
Jiff DlUViUP CUTTHR sensible accounting metw 

t £bn. UR. BftltfuHn OCUIUh have not bee nagreed for * 

46i : j perty companies in the me a 

liabilities 4 incidentally; the 

44 - f — j pany is easing’ in the chan, 

J fl over two years. For 1978 , d 

42 - f- j| velopment Interest g^es 

J ■J below • the line# next year 

40 - r ’"“fl will be pre-tax. 

. v‘ / 1 At 215p the shares lookfaii 

38 ” / " valued at a lower than aveia 

_ ' . f ‘| discount— 29 per cent on |j 

30* i March valuationr-whfle t 

H yield Is in line with the a 
34 r — ? tor at 3.7 per cent. 

32 1976 1977 1978 De La Rue 

The momentum of 

any major changes in budgetary j^ie’s profits growth has slow 
strategy ahead of the next set dowQ in the second half 
of official economic forecasts 1977 . 73 — a period which ft 
due nest month. hi gome exceptionally profits' 

This leaves the authorities in contracts 12 months earlier. I 
a position to argue that it would the year’s outcome is still up 
be wrong to impose a corset on best hopes at £2S.3m. pro 
private sector credit mereley to against a con^ arable £23j 
solve a purely technical crisis and progress of a similar on 
of institutional confidence. The is in view this year, 
only way. this kind of impasse Two-fifths of the group’s si 
can be resolved -is for some and half its profits now ca 
common ground to be estab- from banknotes, where De 
lished on how the monetary Hue claims to control aroi 
pressures will develop through three-quarters of an avails 
the year. This is not going to be international market wo 
easily achieved, but if it can be roughly £60m. Profitability 
shown that .the economy is vary from year to year dept 
growing faster than anticipated Jug on .the timing of contra 
at the time of the Budget,, the but the underlying tre 
Government might just have appear- attractive — volt 
political room for givHig the in- growth of perhaps 10 per c 
stitutions a little of what they ® year— and heavy innvestir 
wanL - ... in new capacity is under w. 

’ .Elsewhere the Crnsl 

Tsmd ^/*nrifKK businesses are at last justif) 

.Lana securities their acquisition four years 

Land Securities’ annual pro- especially on the graphics ( 
perty revaluations are eagerly where profits have quadrat 
awaited .in the property sector, to £2.5m. De La Rue bas : 

So yesterday’s news that the stantiaily widened its rang* 
company’s propertied had ap- products for the colour prin 
predated by no less than 21.6 industry, and sees this a 
per cent in the year to end growth area. 

March— giving it a portfolio • . The overall return on cap 
valued at almost . £lhn— wiil is around a third before bate, 
have come as a welcome relief, and would have been higher j 
The other feature of yester- for last autumn’s rights isa 
day's preliminary statement Questions about the need-T*' 
which may send a slight shiver that funding are reinforced'" 
through the sector is. Land the news that spending is b% 
Securities’ decision to abandon comfortably covered by « 
the practice of capitalising.de- flow, .and that the group. ^ 
velopment interest and other has net tasb of £18m andy 
expenses through .a transfer long-term gearing. ■. - ; -:'l. 

from capital reserve. (This is Yet the shares have. » 
one of the more popular recovered all the lost grain 
methods by which- property and rose another 6 p to -S 
companies succeed in gettiog yesterday. The yield of _ 
tax relief on these develop- cent is well covered by‘4S 
ment charges). Land Securities historic cost and Hyde^ 
makes no secret of the fact that earnings, but the shares, ri 
it is only leayiug development need a little time to consbfiOj 
interest in the p and i account their recent strength. 


Land Securities 


Reap the benefit 
of Luncfoeon\fouchers 

and the incentive they create 

As over 32,000 other responsible ; 
employers tbrougboutthe DKhave 
also found 


British Shiphi 
order for two 


win £14m 


new vessels 


U-K. TODAY 

RATHER CLOUDY, bright early 
in E., some rain spreading from 

tv. 

Loudon, S.E., E. Anglia 
'Bright at first, rain in places 
later. Max. 190 (66F1. 

Cent S. England, Midlands, 
Channel Is. 

Cloudy, rain, sunny intervals. 
Max. ISC 164F). 

S.W, England, S. Wales 
Cloudy, rain or drizzle, fog 
patches. Max. ISC l64F>. 


BUSINESS CENTRES 


AJcxndiis. 

Am Bid m. 

Athens 

Ban rata 

Bdimt 

Belfast 

Bolcrada 

Berlin 

ErmKhm. 

Br1'»Ol 

Brussels 

Budapest 

B. Atres 

Cairo 

Cardiff 

Chi.-si.sQ 

Cologne 

Cnpnnasn. 

Delhi 

Dublin 

Edinburgh 

Frankfort 

I'l’fiPVJ 
r, la scow 
Helsinki 
H. Kotik 
Jo'burs 
Lisbon 

Acndoa 


Y'day 

midday 

“C “F 

SS 77 Luxemb'K 
F H !3 Madrid 
S 27 SI Mancbsir. 
S 34 93 Melbourne 
S 24 73 Milan 
C Id 61 Montreal 
C. 25 70 Moscow 
S 57 81 Munich 
F 19 66 Nc-n castle 
C 1« 61 New York 
R 21 73 Oslo 
C 24 73 Parts 
•S to 51 ! Perth 
S 2S 82 1 PrAKiie 
1 : 17 S3 Reykjavik 
S 2.7 76 1 Rio Ho J ‘o 
S 27 SI Rome 
S 24 77. 1st nu a pore 

5 JO ito 1 Stockholm 
R 13 MlStrashrc. 

C 17 Srdiuv 
S 2S y. 1 Tehran 
!• 24 73 Tel Avia 
C 13 53 Tobro 
S 23 7.1 Taranto 
C 29 S4 Vuiiiia 
S 24 74 j Warsaw 
F 19 « Zuriiiti 
C 20 GSl 


Y'dwr 
midday 
«C ”F 
r 25 77 
F 22 72 
C 17 63 
R 11 52 
S 27 81 
S 15 59 
S 16 61 
S 26 79 
F 18 64 

S 20 67 
F 21 70 
c id en 
C is S9 

S 25 77 
C 7 45 
C 24 74 
K 24 ,5 
r 29 S2 

s rs 64 
V 2S S2 
R 15 59 
S 27 HU 
S 24 7i 

c » n 

S 19 « 
S 24 73 
C 22 72 
S 24 73 


N.W., N.E., Cent. N. En gland, 
N. Wales. Lakes, I. of Man. 
Cloudy, occasional rain, hill fog. 
Max. 17C (63Fj, 

Borders, Edinburgh, Dundee, 
Aberdeen. S.W. Scotland, 
Glasgow, Cent. Higslands, 
Moray Firth 

Rain. Brighter later. Hill fog. 
Max. 16C I61FI. 

NJL, iN.W. Scotland, Argyll, 

V Ireland 

Rain, brighter later. Max. 15C 
(59F) 

Orkney, Shetland 
Dry at first, rain later. Max. 
I3C C55F). 

Outlook: Rain, sunny intervals, 
cooler. 

The pollen count was 21, 
higher t h an on Monday but still 
low. 


BY IAN HARGREAVES 

BRITISH SHIPBUILDERS today 
unveiled a series of new standard 
ship designs by announcing a 
£14m order for two of them. 

The contracts, from an un- 
named Greek owner based in the 
UK, are for two SD18 multi- 
purpose cargo ships which will 
be built at the Austin and 
Pickers gill shipyard, Sunder- 
land, for delivery in the mid- 
1980s. 

Tbe design is a slightly larger 
version of the bighiy successful 
SD14. the 100th of which will be 
launched on Wearside in the 
next few weeks. An 18.000 dead- 
weight ton vessel, it has a rela- 
tively shallow draft capable of 
serving the Canadian St. Law- 
rence Seaway trade. 

The new order is the first won 
by Austin and Pickersgill since 
it became part of the State- 
I owned British Shipbuilders a 
year ago. It extends the yard's 
order book to late 1979. 


HOLIDAY resorts 


Y'day 
midday 
T "F 

Ajaccio S 2", 77 
Alders C 25 77 
Biarritz C 17 e 
Blackpool S 17 a 
Bardoaur R IT c:i 


Boulogne C I.". 39 
CsSBftlDca. C 21 70 
Cape Town S M 78 
Corru H '.'.I 77 
Dubrovnik S li 71 
Faro S 21 70 
Florence s a sr; 


Funchal 

Gibraltar 


V 2t* 63 
1 =1 7U 


Guernsey n u 53 
Iaaslirui.k C 2S 82 
Invnrm-ss K 13 k 
I sle or Mao C 14 57 
raanbol S ?J 73 

F— Fur. S— Sunny. 


Jersey 
Las Pirns. 

I Locarno 
I Liuor 
I Majorca 
1 Malasa 
Malta 
Nairobi 
Naples 
|XI« 

1 Nicosia 
[Oporto 
. Rhodes 
Salzburg 
! Tansler 
Tenerife 
Tunia 
I Valencia 
Ventre 
c — Cloudy. 


Y'day 

midday 

„ c -p 

R 15 58 
S 24 75 
S 24 73 
S It 83 
C 24 73 
S Sd 79 
S 26 79 
S 23 73 
S 23 73 
S :a n 
S 25 T9 
F lfl 66 j 
S IE 79 
C 27 SI I 
G 20 «9l 
C 20 63; 
S 30 SS 
F 24 73 
F 24 76 
K— Ham. 


Backing 


It is also the first major ship 
order booked by British Sb ip- 
builders without subsidy support 
: from the Government's £65m 
shipbuilding intervention fund. 

This gives backing to the often 
repeated claim of Mr. Derek 
Kimber. Austin and Pickersgill’s 
chief executive ; that because of 
bis yard's highly automated 
series production techniques, it 
is still able to compete On price 
with its International rivals. 

The contract price for the ships 
is. however, unlikely to include 
much, if any, margin for profit 
An attractive credit package 


will no doubt he arranged for 
the Greek owner, but British 
Shipbuilders’ officials stressed 
that this would be within the 
terras laid down by the Organisa- 
tion for Economic Co-operation 
and Development. 

Mr. John Parker, head of 
marketing with British Ship- 
builders. said that recent 
improvements in the grain 
markets had improved con- 
fidence among shipowners and 
consequently lifted tbe level of 
inquiry for new .ships. 

“ 1 am certain that wc have 
produced these new ship designs 
at just tile right time. In the 
next 111 months, the Greek ship- 
owners will again start to order 
ships." he said. 

The other new designs 
unveiled yesterday are an SD9, 

9.000 deadweight ton multi- 
purpose cargo vessel, also from 
Austin and PickersgiJl, a mark 
two version of the Clyde 19 
cargo liner front Govan, and a 

265.000 cubic font refrigerated 
cargo ship from Smith’s dock of 
Middlesbrough. 

M r. G erald Kaufman, the UK 
Industry Minister who is in 
Athens For the Posidonia Ship- 
ping Exhibition and for talks 
with iho Greek Government, also 
announced an agreement yester- 
day which he claims will help 

Britain to bell ships to the 
Greeks. 

He said that Mr. Emmanuel 
Kcfaloyannis. the Minister of 
Merchant Marine, bad agreed 
that in future the Greek Govern- 
ment would pass to Britain early 
market intelligence Of the Greek 


PIRAEUS, June 6. 

merchant fleet’s new building re- 
quirements. 

It is unlikely that this will have 
dramatic results as Greek owners 
are renowned for their resistance 
to disclosing information to the 
authorities, but Mr. Kaufman 
said the arrangement would have 
special value when Greek State 
agencies, such as tbe National 
Railway, came to order new 
ferries. 



Application 


Mr. Kaufman reaffirmed the 
Government’s intention of giving 
maximum support for British 
Shipbuilders’ marketing efforts 
through the intervention fund. 
He said that at present there was 
only one application on his desk 
for a slice of the £7m remaining 
in -tbe fund and that this was 
from a British owner. 

This is thought to refer to an 
order for ferries placed with 
Harland and Wolff. 

• Mr. Antony Chao dr is, presi- 
dent of the Union of Greek Ship- 
owners, today renewed his attack 
upon the decision by tbe London 
insurance market to place a 
heavier weighting on hulls of 
more than 15 years. 

This measure, effective next 
month, will particularly affect 
the Greeks because tbe age pro- 
file of their fleet is much older 
than the average. According to 
last year’s figures. 57 per cent of 
Greek registered ships were aged 
over 10 years and 18 per cent 
over 20 years. 

World Shipping News Page 6 


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