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Thursday June 8 1978 


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drift 


Russia must pick 
path of detente 

or conflict— Carter 


BY DAVID BELL; WASHINGTON, June 7 


Dividend 
controls 
may be 

retained 

By Richard Evans, Lobby Editor 


Sharp tall in 

first-quarter 
UK surplus 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 

the surplus or me D.K:; ns&y. •? ■ »*="!■ * TJ1 "’ 


and some senior Minis- i{SS, “?T Wio^on to .1* ^ 5 /7loa«e r K refood'-'.! 
lew are wntof sirooeb; for bounces on both eisib:. and i* "g”* ' tfie ..... „ , 


GILTS jyere more settled on 


'■oiiQu ; ■ s - . : •; .-..••Is 2. . •-. ^ r-v — .... 

■q vf. s to v« L- ‘ i hopes . for- a renewal of the 

fundins pre- 


die snramme. The Government prepared to meet either choice.” 

J»*5? *** M? ■» Shaking before a crowd of ~ ~ 

^ flle ; The'Tdhyo A 69 ' 20 ’ 17,000 at Annapolis Navy College . QNUS ON U.S. SAYS MOSCOW 

fli "fW «» S’JSKSgt o? "orLfusion ’ ‘ 3 U w A SWIFT response In M «Hllel- » ' 


' ~t to £ “tremely quiet trading. The b \S. policy and at the some time u t carter's speech. Tass. the 

„ dlu anottJ2o^4e^S&A»ta on th^-traSns FT- 30-Share Index eased 2.8 to to produce an effective synthesis ” . . , ,, a „ eDcy 

;>= Hue tilt mechamsm. 474.9. of the differing views of his 


.^pxl lilt mechanism, 474.9. 


M -' per pon/aldi have* been perfected by . , 

fittebR^. . . ■ ■ • STERLlNC. cJosed 10 points rc . cen[ KMks som Illcse . pcorclul coox.s«ncc Ions . M»- 

3 iAn4^ i'««mm lTivP5tment oro- doHIT at SL8230 after light nu ta»jlv Dr. Zbigniew Brzezinski. “But cvidenlly the choice has 

’ i ' Be ^me fbr^lhe 1 new tradin S- The; pound’s trade- , he Xaiion Security Adviser, still noi hrra made in Uashlng- 

mo»nentuiT, ^>^ovex"threfi veats" British weighted index drifted to- 61JS have utlhed in strong terms toil s rulmg circles. 

■rohf, ^^vf^Tii^lrSd^eoulM' a '‘eo m (61.3) and the dpUar’s depreeia- about a deterioration in UAj However, Tass balanced the 
in the .^^itment in-^principle" for the tibn narrowed U > 5.3 (5.4) per Soviet relations and have accused ' — — — 




senior advisers. 

In recenL weeks some of these. 


said that Russia had chosen 
peaceful co-existence long ago. 


criticism to some extent by 
noting that the President had 
stressed the impurtauce or 
detente and the SAJ.T discus- 
sions. 

It also atoided taking issue 
with Mr. farter on human 
rights and cimcvnlrau-d «m re- 
jecting his anal>*i» un Soviet 
policy in Africa. 


■ _ - ... muiudicu wiv* 1 — *1““ * — leareu. anu uuriir *<• 

formal coniacis wilt a f D age surplus o£ £l.Sbo last year net sur pi us on soniccs com- 
leaders on the next stage of pay aQd £1 ggtin 1Q t hc last three pared with lajJt year 

negotiations. cnnnrt months of 1977. Receipts from tourism held up. 

Bui there is little support Thc chaQE , e between the two is 3nd [h c . re yrere higher earnings 

among senior >11 msters for the rh „ - e5U n of: 

_ I ra.- ..rni.i'lllinn l ’ ,C 1 . 


from commodity dealing, in- 


widespread City expectation A «924ra deterioration in the surance and civil aviation. 


after next month. 


* C0 ^^M£i| Warning 3aae settlement rate was 

Sadat told Egyptian S180.70 ($M2^>f 
fifth? of • INVESTMENT dollar,: pre- 

• |f *»> rrr.fi, fSStefS wTpJSfSwS mium rose to 113 ^112) per cent, 

ufiBjla:- ! solved the Palestinian U 

to coDtnjroblem.- Egypt will send Zaire CQSJ : f-: — : — r— — 

I’.tarierj of a iavy artillery to join the 
itiona 1 Bur./ier- African force to defend 

v iyi~ p^aaba province. Page 3 - - 1 J 

^S^lcotland draw . : P" JL|y/-“ 

J:c uncerWcotland drew. 1-1 with Iran in jbT.,-.;. ' 

2'm-in. disappointing World Gup Jtiatch IT ' • 

• o’ D-hsnc liTf^ch left- them a poor, chance 40 % - a l-i : t~ I 

—a « •s’nenr “ 5« U P I ? ur ' r “- 

i... a«p « here Holland and -Peru drew 1 f k ' 

a »0. Austria in Group Three go A ■/ DAT T AR 

W tirough. to the next; round by 

3™ y leafing SwedTeh r I-6. while Brazil *»rn PREPHUM 
.■•iUh/j^jar^d Spaia : played a goalless II I (Eff dSKwe 

i: j:; 5 ; » - 5 - • ; . r .,y ' . ^ 19 7 8 ;. Rate®;;. 

>-n I’c ^ Jw Mi Mf Apr Maf -j* : 

■■\y n;i*iriey Heights ,{S-I) by ■ . • • 

;. rt!wn^reville : Starkey;- w^n.the' Epsom showing an effective rate of 

C- -M .Of:-; cJerby by a head, denying top ^gs <4 8j> per cent. 

! ; r ; >1 jockey Tffinfe. Shoemaker on ■ * • . • A __ 

, ^rtewaiiim SoUnd C25-l>.u^n on © WALL STREET dosed L59 


liiLked in strung terms ton's ruling circles.*’ jcrtUig.ms ana.js., un , ]atIO 

a deterioration in U.S.- However, Tas* balanced the policy in Arrua. ! whc( 

relations and have accused — — — * “ 1 mini 

ssaar — ™ „»r.5 Kasyvas; » 

S® s£i «■« S-Sr-UsS" i r 

cold war wmen migm s hnow that “ Our long-term objective musi ; 11 

in effective end to the hoc us e a b e io convince mo Soviet Union; sU?r 


Any continuation of divi- balance*, 
dend controls would need legis- m 


mainly imports, and invisible in t h e monthly trade n--ures 


while there was r.n upward re- 


dend controls would need legis- © An £g35 m decline in tne capital vision to the deficit to vi.-iMe 
lation and it is not clear atrcount surplus, chiefly as a trade in the first three rmmihs 
whether Mr. Callaghan s ( result 0 f muC h smaller increases 0 f ig7S. 

minority government could get i than j Q 1977 j n overseas holdinss The result is that current 


detente is too important and the if the two nations were “ to lead « el f J" wi , 
consequences of not gettinR an international society into a more i_ s _i re( j a d 
agreement ton serious to sacrifice stable and hopeful f u, “ re - or P e , se wher 

it unless relations get much He did not want the Soviet- or So e ^ c “ m 
worse. In recent days Dr. US. relationship 10 stiffer ", and us and ^ 
Brze2inski has seemed to get 1 do not believe ®*r. Brezhnev inp ^- ltah - iei 
the better of this debate. desires it either— and thiys why ]^ dc , rsland 

But the President adopted a it is time for us to speak franLly fonts™, 
softer tone today, although his and face the problem squarely. Continw 

Implications for SALT II, Page 20 • Parliament, Page 10 


everything would depend on i i3 j pacL previously stated, 

the minority parties. Thjs shown bv t ; ie detailed Favourable revisions have 

The assumption at Wcstmin- j bal2nce-of-pa>Tnents figures pub- ensured that the current account 

sler is that the Liberals would i nshed bv the Central Statistical for last year is estimated i« have 

probably support Goi eminent oiRce vesterday. been in surplus by £Jft>m. 

legislation if a further under- For the first time these figures rather than in deficit V«y £35ni 
standing with thc unions on conta j n a separate estimate of The capita account figures f -r 
pay seemed likely. the large contribution of the the first quarter reflect the 

A major conflict can be ex- N , orth Sea 0 n an d gas pro- lower demand for sterling in the 


Continued on Back Page 


Barclays plans to close 
130 of its branches 


BY MICHAEL BLANDEN 


. BARCLAYS bank is te however radical ^ssment essential; t0 ^^u^«SSS 

-j .i ;;!:-w% er ]tfan (4 0 -iO wus third/Baeing, , ■ •. ' 130 branches over the next the detailed plans were received The closures are expeaea to unions on pay 

. , ■ . O HONG KOltG’s, Hang Seng mate Important quite well bc jrnamJy «»cm '“deration before a possible 

i flsaia * nag!:*- • . .. . index ended 5.50 IiOints up at Ranees at another 480. Mr. Eddie Gale, general sec- branihes ^ and hUDOra es. autumn election campaign. The 

••* *«o«teynan jailod • ™ e . ^ rnmniMta. Wfa2*«-2K«£rSSa SSobSSSJ* SuT Aw -!!-!^“±rla. d JS 


continucu. . Increasing production despite with inflows of nearly ii.O” m 

The most powerful argu weather, coupled with 1977. Purchases of silt-edged 

rnent muauMi _in a jh^^P ° Qported seryic £ offsBt a stack a , so fell back sharply in 

tvi g&Z'SsfiEi “war niissr ~ 
f SS*& riKSSs,;S-£ 7 « 

SS ‘^Ttatwl fibres Ul.lt . 

towards retention of controls decline in. the seasons Hy ^eflec^ the - ejdi of th 1- -J 
—thc Prime Minister is he- adjusted invisible surplus from e nt cur- 

lieved to he moving in this £441m to £269m between the tb « “ f t “f ^ Vitnc- 
direction— as the need for final quarter of 1977 and the ! first eesonSva 11 Street, 

wage restraint becomes more 0 f W7S. This can be entirely uve share pnecs on u a a 
urgent. Pressure for relaxation attributed to an increase or jame ra»«. « 

appears ‘ at present to come 

from the Treasury. . . 

Mr. Callaghan is determined - , 


Table Page 


including some duplications re- 


U) UUIU UVU ViJJFvv%g — “ — — " . ... m I 

Mr. Leif Mills, general **- "SJS £?? Aj L^fX 0 ' 


tbs; For six months by the W |. n9n ciirnlllQ of A be ® groupS UK netWDTk 0 new managerial jobs created and cover some special situations. 

,-.f ■lanagistrates. . Edward ■ JaUfUl 3UipiU3 3,000 offices. promotion prospects enhanced, including some duplications re- 

‘ ?1 ack, '41;T4htinem ployed -jotagr. *_ _ (D'iCKri The closures are expected to Bpn( ,rai sec . maioing from the acquisition of 

■ SS,yX«?r!&”™«ip s £ *; SSMt 1 '57® of mun 

, a Swsssuw® S£Ss j-s? ~a Suites sun 

s» ^&6&SS£*S tsasuVGS SSbtss ‘«w as»t 55 SS hs ■a.-sas-J? 


Back Fage 


P & O may have made 
loss in first 4 months 

BY MARGARET REID 

P & O. Britain’s largest shippine profits this year than the £43m 
'toud mav have made a loss in earned before tax in 19.7. rie 
the first four months of this year added that the resu.ts for the 
|as it grappled with the increas- first four months of L7S had 

. inglmpact of tee world shipping be g rd P i5chcape v.a, „« pre- 


Pwiio “* At yesterday's annual meetina. S!n 

Inchi^i^ t^d^»ebo?dem* that 

o.4-*-o.43 ills the position had deteriorated continued on Back Page 
i-w-i.M >Mh further since he wrote his recent 

e.40-r-f0uiK statement foreshadowins lower Lex oam r 3. 


bl.:3A0.cI«0 

0.52-J.^.li- 

l.SM.U.|i« 

fi.oc^.eo.ii* 


nejrt r :far*fe;'years. 


mem ployed. 


: exports to the Community, unless The proposals a rousedconsidej ^jKoberthaie. regarded os betiig higher than 

i tileeal price-cutting hy European ab j 0 concern among staff general meager. ^ needed by the character of the 

compartiflB is halted. Back Page representatives when the possiWe business, wUl effectively be 


eats 


h5VS 


s^'-saws ssejmi ^ ss-rgs^-a ssw 

. MAY was another buoyant SSments have made a -ere News . 

.riSMS death? of the man ^i'e month for UK car sales, but m- . . . — 

California votes lor tax i 

iad beep macried by baba and ^ r ^ y Motor - s car plants, in a , 

- bia to end the shop floor Viulen . LOS J 

L: - ^ iu„ oa 4- •• dispute at the company s Dagen- BY jureK MARTIN 

Papsflv^tn.reax A ham works. Page -10 adviccr to 


News Analysis Page G 


iad beep niacried by 


California votes for tax cuts 


BY JUREK MARTIN 


LOS ANGELES. June 7. 


Good constructive advice 
is vital for 

industrial development 


**&!§ 


5apwJv'*nr . • *. ham works, rage -xu . _niipptine adviser to former California 

^/^'hirnwde clear teat - g lied its powers, in a CALIFORNIANS -y^rday no^onger^be^conyx g- proposal> Govern0 r Ronald Reagan pulled 

ector&f«hO-''eacry7 , i a * union recognition issue wh^lmuigly appr ov e d bUpe known aq Proposition 13, was off a stunning upset b> defeating 

inder Ttalj^S -new abortion law t ly unlawfully, unfairly m- personal P£ ope ^' . . passed bv a two-to-one majority, the venerable incumbent Senator 

,J 53 L. 

S-lSHrS 

: - ;j fell by 3 per cent compared with ^ without raising other election. It over JTr. Ed^.^^u^ 

aSSBSSs 15 "- • ^5333 ZB-mZZ 

■ e nun (HtMoKfllPQ Slectibh ? to a Republican Conservative Governor Brown's once glitter- 

.has ordered 15.000 CO MPAnlES , chaHebBe n jn November, must in cipal architects of ins political future very much In 

worms : from tee U,s to COMBINED sales of afflliatea t ^ ne3 f r three weeks tnake pub- had "i n New tee balance. His^ popularity 

rtihhish disposal. . nn nv,r9tP . croups beaded oy tn compensate to savour yesterday in « r_i,i en recently, and one poll 


>uc^ 

-To:^ 


TO?WS5r*« « ■ *gg£r&£ K &^ rating system— that the state will 

MTest Berliner was jailed for 1^ ^ Qge j asr y ear by 7.3 per cent to 

£“*3™ f2jr» 48bn n coni 

ffSSS,?-* “ •ST A .W«»^™« r em ^ news | 

“ Hunt, who E3S.4m to R54.5m (about > - W oriO trade news .- 5 

jiduslrlanst Wiiuam " V * - Ln year to March 31. rage -o Borne news— general ... fr7-8 

lied in March, agea • . —labour >9 

.. — —Parliament ... 10 


Get it from 
Mr Square Footage 


CONTENTS OF TO-DAY'S ISSUE 


Technical page 8 

Marketing Scene 17 

Arts page 19 

Leader page 20 

UK Companies 2254-25 


Inti. Companies and Euro- 
markets 26-28 

Money and Exchanges 35 

World Markets 34 

Farming, nrar materials ... 33 




Mining 


24 ' UK stock market 36 


4AP 


• CHIEF PRICE CHANGES YESTERDAY 

&*f ffi 4 gsr " ,1 ■ u 

td J .. 

* *n ^ rqsv + 3 Doom f on tem -J? . 3 

rreas. XlSpc ^ --"S*} - + $ Hartebcest. + 28 

, 0 ***. Eicheq- 12pc 98 + is Libanon + u 

jAssd. Book + - Randfontcin 

Brown and Jackson.- ^ J l0 Tinto-Zinc + s 

sfSSsr-^gliT sss* 0 ^.— 

^ / Sp <J W. e£ ind J.l ^ + J, ■ F AUS _ s 

yHarrisons & Crosfield 4ra . Carless Capel „ 41 

Holdings S t 17 HM» *«nd Job g _ J- 


FEATURES 


SALT and detente after 
Carter’s speech 20 

Economic Viewpoint: 

Reflections from the 
Loop 21 


Business and the Courts: 
U.S. anti-trust law 18 

Shortage of craftsmen hi 
West Germany 2 

Ro manian living conditions 2 


Rhodesia: Peace prospect 

pdds lengthen 3 

Mexico’s oil rich economy: 

Long-term stability 4 

E.T. REPORT 

Architecture 32 


nil, pum*»K..- nnn J- 17 HighqHte r- - ‘ njin _ K 

yMcCorquodale + is . Land Securities - • 999 - h* 

Throgmrtn. Cap- 1» + « . pand o Dfd. ^ 

.Reed Intnl. — yS j. 4 Siebens Oil (U^5 — 3 g .> - n 

J Spooner lads. - — 2 « + s ' Northern. Mining — 

Tunnel Cement B ... ■*** ^ a . — — — • 


309 — 


ANtfiHmenu ... ... » 

AM^inuntnu M«s, »J5 

an*lw» Advw- 2 

Crm sw o rrf “ 

ScSmurdc Indicators 31 

GmArtahiBKdt Guide U 

Ewnpcw Opts. « 

Jebf Column 12 


LcUcrs & 

Uck — « 

Lomberd J* 

Mae and MMiors ... » 

Racing “ 


TV and Radio — U 
Unit Trass — ” 

WeaUwr « 

Base Lending Rates 37 

ANNUAL STATEMENTS 


SUS: 38.39 Allas rioctrlc = 


To-day's EvoDU ... 


Cater Ryder — 


clement dance Kdg. 
Continental Union ... 
Harrisons & CrosflcM 
jacksne Group 

james MeJ|l 

pan Held Ing 

Ricnardmr W' garth 


It's all part of the Knight frank & Rtitley service 


Kr 

i+R 


20 Hanover Square London W1R 0AH 
Telephone 01-629 8171 Telex 265384 


For latest Share Index ’phone 01-246 8026 





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fftaSnciai ’ TiiOBS ■ 


EUROPEAN NEWS 



French cut 1.3% 
from economic 
growth forecast 


BY DAVID CURRY 

FORECASTS for French eco- 
nomic performance made during 
the preparation of the 19TS 
Budget last autumn have now 
been revised to bring them into 
line with the more modest ex- 
pectations expressed over recent 
months. 

The National Accounts Com- 
mission is due this week to 
examine official Government 
forecasts, and is expected to 
paint a much more sober picture 
than the estimates of nine 
months ago. The Commission’s 
arithmetic reflects, in fact, the 
point of view that Ministers 
have been expressing since the 
election. 

The main change is the official 
clipping of the forecast for 
economic growth (GDP) from 
4.5 per cent to 341 per cent The 
new estimate for the January- 
December overall price rise is 
11 per cent. It has never been 
clear what the Government's ex- 
pectations have been since it 
sets itself a guideline for price 
increases (6.5 per cent in 1977) 
which is not a real forecast 

Its decision to push up public 
sector tariffs this year to reduce 
the burden of subsidies to State- 
owned enterprises has produced 
a completely new equation. The 
price increase translates into a 
growth in the national wage bill 
of some 12-12.5 per cent, assum- 
ing that the Government can 
keep wage rises broadly in line 
with the increase in the cost of 
living. 

The level of consumer expendi- 
ture depends to some extent on 
the increase in real wages, and, 


PARIS. Jane 7. 

from evidence that the public 
is drawing on its savings to 
maintain spending, the Commis- 
sion is inclined to put the likely 
growth in household expenditure 
at 3.S per cent which is close to 
the original estimate. 

The original estimates of 
balance of payments per- 
formance are also, on the whole, 
sustained. The commission is 
counting cm a 6.6 per cent volume 
growth in exports of goods and 
services, around 1.5 per cent 
below the September, 1977, 
figures but it has also revised 
the import figure down from 7.1 
to 6.S per cent Since the trend 
of French trade Is fairly strongly 
towards surplus, this indicates 
that France could end the year 
in the black. 

The fact that the trend of pay 
moots was positive could, of 
course, increase the pressure on 
the Government later in the year 
to relax wages control to try to 
stimulate economic growth to 
take some pressure off employ- 
ment. It would be argued that 
the balance of payments per- 
mitted some room to manoeuvre 
before tbe franc necessarily 
came under pressure. 

Industrial investment is likely 
to be just over 3 per cent, 
according to the commission, 
which is what everybody else 
has been saying recently. The 
official statistics institute has just 
published a survey of business 
□pinion putting likely industrial 
investment at exactly 3 per cent 
up over the year, with a rather 
stronger performance in the 
capital goods sector. 


Militant Renault strikers 
defy court order to leave 


BY OUR OWN CORRESPONDENT 


PARIS. June 7. 


SEVERAL HUNDRED militant 
young workers were still occupy- 
ing the Renault plant at Cleon 
near Rouen today, ignoring a 
court order to clear the factory 
which came dnto effect Lhis morn- 
ing. 

Tim company appeared to be 
making no move to call in police 
to remove the strikers. It insisted 
it hat it would not resume -nego- 
tiations on grading and classifica- 
tion which are at the centre of 
the dispute until -the strike was 
called off. 

Tlie company’s decision to hold 
its fire probably stems from a 
desire not to present the badly- 
split official trade union move- 
ment with a challenge it would 
And difficult to refuse. The Com- 
auunisi-leri CGT has been anxious 
tu start sympathy action in other 
Renault plants and is trying, with- 
out much conviction, lo project 
the strike as the beginning of a 
wave of revolt against the 
Government’s economic policies. 

The CFDT. aware that the 
strikers represent a small minor- 
ity of the workforce, and that 
strikes arc normally unpopular 


close to the holiday period, has 
proposed a minimum of symbolic 
sympathy action. It does not be- 
lieve tltat its troops are ready to 
tight a big battle with the com- 
pany and -the Government. 

The company also wants to 
avoid the danger of a violent 
ejection of the strikers by police. 
It brought in police to clear 
strikers From its Flins plant, near 
Paris yesterday, but most of the 
men there were immigrants and 
they left without trouble. The 
young militants at Cleon might be 
less inhibited and a fight could 
provide the spark which has been 
lacking for sympathy action. 

Socialists and Communists in 
Parliament have used the strike 
lo attack the Government but in- 
fluential Gauilists have been 
calling for negotiation and the 
company will want -to display a 
conciliatory political image. 

The Cleon strike is baiting the 
daily output of 3.900 engines and 
6,000 gearboxes, but it is less 
damaging than -the stoppage at 
Flios where some 1.700 units of 
the Renault 18 and Renault 5 are 
assembled daily. 



Giscard on Corsica visit 


BY OUR OWN CORRESPONDENT 


PARIS, June 7. 


A CLOSELY-GUARDED Presi- 
dent Valery Giscard d'Estaing 
arrived today on a three-day 
visit to Corsica — his first since 
taking office three years ago — 
bearing promises of fresh 
measures to improve the lot of 
tbe island s 230.000 people. 

The bomb blasts which have 
become daily events in Corsica 
continued last night Four 
bombs went off in Bastiu. includ- 
ing ooe at tbe consultancy of 
Dr. Edmond Simeoni, an 
autonomist leader, who has 
described the presidential visit 
as “ purpnseless." Seventeen 
people held in custody on tbe 
island in connection with the 
1 ■!,. •’ration Front of 
Corsica CFLNC) have beeD trans- 
ferred to Paris. Seven others 
have been detained on the main- 
land. 

in a radio interview yesterday. 
President Giscard said he would 
announce “ a large number nf 
measures ” in Ajaccio on Thurs- 
day afternoon. An “economic 
charter" issued three years ago. 
envisaging development of moun- 
tain areas, employment measures, 
industrial finance and improve- 
ments in tourist facilities and 
transport has failed to satisfy a 
large number of Corsicans. 


On bis last visit, while cam- 
paigning for the Presidency in 
1974, M. Giscard promised “ a 
France which includes Corsica, 
but also a France which under- 
stands Corsica." 

The President will also discuss 
the problem of security on the 
island. 

In the March general electioo. 
the four members returned by 
Corsica's two departements were 
all from tbe Gauilist RPR party, 
whose leader, SI. Jacques Chirac, 
recently made a much-publicised 
visit to the island. 

The moves against the FLNC 
were rflieially said to be uncon- 
nected with M. Giscard’s trip. 
The front, formed two years ago. 
claimed responsibility for de- 
stroying an Air France Boeing 
707 in 1976. and bombing a tele- 
vision relay station last year. 

M. Giscard will take advan- 
tage of bis visit to review the 
Foreign Legion paratroopers who 
are returning to Corsica from 
their operation in southern Zaire. 
One reinforced company is stay- 
ing in the mining town of 
Kolwezi. 

A Legion training unit was 
withdrawn fmm the Corsican 
mountain citadel of Corte in t9T6, 
after an inciA?nt involving the 
death of two peasants. 


Herr Gerhart Baum. 

New Bonn 
Interior 
Minister 
is named _ 

By Jonathan Carr 

BONN, June 7. 

THE WEST GERMAN Govern- 
ment faces a tough Parliamen- 
tary-debate on terrorism and 
internal security tomorrow, 
still unclear who will be defend- 
ing its record from tbe Interior 
Ministry. 

Herr Werner Maibofer re- 
signed yesterday as Interior 
MJaisier and It was decided late 
last night that Herr Gerbart 
Baum, bis Parliamentary State 
Secretary, would replace him. 

But Herr Baum has not so far 
been sworn in. Neither be nor 
Herr Maihofcr took part In 
today’s Cabinet session, and so 
far Herr Baum's main areas of 
concern have been in social, 
media and environmental 
policy. 

It i$ therefore not certain 
that he will be able to step in 
at short notice on the terrorism 
issue. Tbe opposition is ex- 
pected lo redouble its criticism 
of the Government an the basis 
of a report released last week- 
end which uncovers errors 
made during the bunt last year 
for tbe industrialist. Dr. Hanns- 
Martin Schley or, and his ter- 
rorist captors. 

This report was tbe immed- 
iate cause of Herr Maihofer’s 
resignation. But be was also 
blamed by colleagues in con- 
nection With the disastrous 
showing of his Liberal Free 
Democratic Party (FDP) in 
provincial elections last Sun- 
day. 

Herr Baum, who became 
State Secretary in 1974. is also 
a member of the FDP and is 
generally held to be to the 
party’s left-wing. Born in 
Dresden In 1932, he is a lawyer 
by training. 

He was not the party leader- 
ship's first choice for the 
Ministerial job — but others to 
whom the office was proposed 
turned it down. A suggestion 
of a Ministerial swap between 
the FDP and their coalition 
partners in Bonn, the Social 
Democrats, also came to 
nothing. 


OECD REPORT ON IRELAND 


Output expected to increase 



BY DAVTO WHITE 

HIGHER GROWTH, an Improve- 


PAKIS, June 7 * 

Tbe report also warns that the closely to ensure they comply of 1977. after 20.6 pet cent V? 


tUUnsn ViKUWTH an improve- luc report aiso Tzaras uj«l lub uuaejjr to emiuc u-icj ui xoit, chon Id 

mem in purchasing newer lower success of Irish economic policy with the pact and do not add ex- the last quarter of late, s uuu,u 
,„ n vpjir depends on keeping down the cessively to costs. r <•: improve further. . 

Inflation and another ~ood y r rate pay rises OECD foresees no quick The real disposable income or 

for exports 3re forecast to ine wa g fi agreement cannot be solution to Ireland’s continuing the Irish should rise by a suo- 
tatest report on Ireland by the viewed with equanimity.” it says high level of unemployment It stantial 8 per cent, which wui 
Organisation for Economic referring to the Government’s also expresses concern about the boost the level of both consump- 
Co-operation and Development latest 15-month wage pact Exchequer's borrowing needs, tion and savings. 

(OECD), Tbe agreement provides for an which are likely to equal 13 per Exports are expected to 

But the organisation has dire increase io non-farming wages of cent of gross national. product increase by 10.5 per ecu*. 
warnings To make firstly on 7 per cent ibis year. But OECD this year. • volume slightly down from ‘ 

Ireland’s current external deficit, warns that with carryover effects On the positive side, real year's exceptional gtmm oxAM 
which looks like rising sharply from last year, wage drift and an growth In output is expected .to per cent. The organisation 
from last year's £120m. A much increase in the workforce, the increase to 6 per cent- from last describes the slowdown as a 
bigger shortfall, it says, would total wage bill is likely to rise by year’s 5 per cent. Inflation, reversion to trend, and warns 
mean “the entire growth strategy 18 per cent. It says the Govern- which slowed down to an, annual of a probable 12.5 per cent 
would require review." ment should monitor wages rate of 10R per cent by the end . increase in imports. 


Promise of £196m for Canaries 


BY ROBERT GRAHAM 


MADRID, June-7. 


SPAIN'S CABINET bastion movement, and thus the ment is generated mainly by -the 
approved an investment package package appears to be designed service sector which accounts for 
or Pta 28 6bn for the to brin « home the Spanish 62 per cent of the islands .GDP. 

01 rta JS.wm wr me Qature q[ ^ CaTiaries . Despite the depressed state of 

Canary Islands and has aeciaea A Government statement said the Canaries' economy, the 
to submit to Parliament that despite Spain's current essential motivation for- the 
recently-announced plans to site economic problems it had been measures is seen as political. 
Spain's main naval base in the decided to go ahead with a pro- Although the Government 
islands gramme of public investment appears confident ' that ' it can 


This is the largest single p r j mar iiy a t improving the the violence of Basque 
regional investment approved overall infrastructure, roads, separatism, it is far more, sensi- 
for some time. It underlines ports, housing, power and water tive to the inherent dangers of 
Government concern to prop up supply, and educational facilities, increased support 'for separatism, 
the stagnant economy of the it i s D ut clear whether the cost in the Canaries. 

Canaries and tn prevent 0 f tDe new naval base first MFAIAC enjoys limited sup' 
separatism from gaining ground announced in April js included port in the islands but- it' is 
there. in the Pta28.6bn package. supported internationally .by 

The Government appears The Canaries are reckoned to Algeria and Libya. Algeria, in 
almost obsessed by moves within have a per capita income 15 per particular, is using MPAIAC as 
the Organisation of .African cent below the national average, a means of putting diplomatic 
Unity (OAU) to recognise the Unemployment is high and pressure on Spain over th* 
Canaries Liberation Movement, affects more than 12 per cent of future of the former colony of 
MPAIAC, as an African libera- the active population. Employ. Spanish Sahara. 

Catalan lock-out plan backed 


The investments will be aimed ride out the problems posed’ by 


BY DAVID GARDNER 


BARCELONA. June ,7. 


EMPLOYERS from the Valles lise minimum trade union free- Fomento had criticised -SEFES 
rp-rinn nf Barcelona orovince doins will make industry Marxist, for “ slamming the door an all 

thus taken a further step possibility of dialogue ” - and 
have joined their colleagues in j owar< j s supplanting the Fomento SEFES called for a boycott -of 
SEFES. the federation which de Trabajo Nacionat the oldest the CEOE poll. SEFES repre- 
represents employers from the ant j best-known Catalan em- sents only 10 per cent of those 
key Catalan industrial area of players' organisation. entitled to vote, but ’ the 

the Baix Lolbregat in its decision Growing support for SEFES’s Fomento’s new president . was 
to impose a 24-hour lock-out for loug h stand was evident in last elected by less than 50 per, cent 
each day lost through industrial v . ce k S elections in tbe Fomento, of the 400 electors, 
action. »fter the accession of its former TTie lockout move comes, after 

Radical employers who believe president to the chairmanship of last mouth's mass strike and 
that Government plans to forma- the CEOE— the Spanish CBI. demonstrations in -Barcelona 

province centred on the metal, 

textile and construction indus- 

Diamond concession talks s ijSMM 

BY OUR OWN CORRESPONDENT region. With the support of em- 

ZURICH June 7. pfoyers from the Vailes.-an*rea 

, , . dominated by toe textile land 

THE IMMINENT establishment from Switzerland. Germany and chemlcal industry, wbereairthe 
of a Liechtenstein-bas->(] consor- Austria on the question of invest- VaJ;)t Li 0 b regat j S a -contr^for 
tium to take over a diamond con- “J®* 11 nStlr^of the"/ a the meta ' 1 indu ^ tTy ’ SEFES 1 'can 
in tb. Central African &V ,UU £ Ke'made toto 
Empire has been forecast by country next month by potential has to pJpSariw l?s 

Liechtenstein company lawyer, investors. approach to industrial relations 

Dr. Werner Walser. This follows Emperor Bokassa is said by Dr. in the rest of Spain. ; 
a private visit to the Principality walser to be interested in the After an llth-bour settlement 
by Emperor Bokassa i at the end development of extensive dia- of yearly wage negotiations in 
of last month on Dr. waisers mon< j deposits in the country, as the metal sector last week, 
invitation. well as the exploitation of SEFES faces a- major test .to- 

During the emperor's visit uranium reserves and support morrow, when a 72-hour stoppage 
intensive talks” were held in for hunting, tourism and agricui- begins in the hotel and res- 
taur 


the presence of industrialists ture. 


faurant industry. 


Switzerland 
foreign 
assets rise 

By John Wicks 

ZURICH. Jane 7. 
SWITZERLAND'S total foreign 
assets rose by some 5.9 per 
cent to an estimated 
SwFr 324 .5 bn last year, accord- 
ing to calculations by the 
Union Bank of Switzerland. 

’ This compares with a rise of 
7.4 per cent in tbe bank’s 
figure for foreign liabilities to 
SwFr 153-lbn. The net assets 
of Switzerland abroad Urns 
amount to about SwFr 17Llbn. 

Tbe importance of Switzer- 
land as a financial centre Is 
mirrored in the large volume 
of short-term foreign positions. 
Short-term Foreign assets are 
reckoned by Union Bank to 
have expanded by 19 per cent 
to SwFr 85.61m in 1977. 
Corresponding liabilities de- 
creasing slightly.' by L4 per 
cent, to SwFr56.5ba. 

The short-term assets are 
made np primarily of bank 
holdings, but also include 
Government assets of 
SwFrl.9bn and a surplus of 
fiduciary assets over fiduciary 
liabilities of SwFr 7.6bn for 
tbe year. 

Total Swiss holdings of 
foreign securities are put at 
some SwFr l2L9bn at tbe end 
of last year, . or the biggest 
single asset item. The growth 
rate of 6 A per cent is, 'how- 
ever, below that of 15 per cent 
booked fur 1976. 

AVhile foreign bond issues In 
Swiss francs, medium-term 
notes (private placements) and 
Eurohnnds subscribed by Swiss 
rose last year, there was a fail 
In value of foreign shares held 
bv Swiss interests; due to. the 
marked appreciation of the 
Swiss franc. ■ 

Several charged with 
Moscow tube bombing 

MOSCOW, June 7. 
SOVIET security police have 
arrested; several people on 
charges- of causing an 
explosion op a Moscow tube 
early last year,' Tass news 
agency reported today. 

Reuter 


■t-.w; 


German i 

■ •_ /-v* 

market 
for UK 

s kills 4 

By Guy Hawtin in Frankfort. T 

IT IS perhaps paradoxical . «** 
the West German construct 
industry should be - short 35 
skilled craftsmen at the - ‘ 


LIVING CONDITIONS IN ROMANIA 





ees from the rush for growth 

BY PAUL LENDVAI, RECENTLY IN ROMANIA 

ON THE day President Nieolae Romanian police have been a very long way to go before it as the series of floods in the 
Ceausescu of Romania left for relatively lenient with some can catch up even with the neigh- 1970s and the devastating earth- 
an official visit to the United passport-seekers. Others in the bouring Communist countries, let quake of March, 1977. But it is 
States in April. 13 men and past have had to spend several alone with the West So hard also the price which has been 
women gathered on the Plata months hard labour, working on currency is made available paid for the country’s all-out 
Victoriei in front of the Govern- the new Danube-Black Sea canal, primarily for imports of drive for industrialisation, 
ment building in the heart of before receiving their coveted machinery and equipment, 

Bucharest. Three of them un- brown documents. But almost all rather than for travel. * mce . «r. c.eausescu cook 

folded a transparent: “President of the 45 brown passport holders Perhaps nothing in Romania is ^^atoSn?! 

Ceausescu travels to America, who left for Austria during more stTikiQg tban the contrast fncomTlms risen fro£i ?43 Sr 
Why can t we: tbc.firet five months of this year between President Ceausescu’s 

Rounded up immediately fy basically- n Foreign policy successes and ir] 196 ^ M d to“ an all-time 

the militia, the young people, ordinary Komanuns seewng a war ]d-wide reputation on the one k of 34 1 oer cent in 1971-75 

mainly waiters,, told the police new start m life. j hand, and the internal political « th£ at 

that they had written to complain ^ phenomenon of whdt a economic, and psychological |pjm t0 19g0 
to Radio Free Europe fRFE) the Western observer calls “passjport situation on the other. ^ tratlon on investment will be 
U.S.-financed radio station in dissidents ” emerged last year the statist lea! victories and toe m:rin , airiMl . They also said that 
Munich which broadcasts in East a f ter Mr. Paul Goina. a dissident higher than originally expected thfi latest measu f^ intended to 
European languages to toe Voice novelist circulated a btonan increase of reel gear output to demand and give 

of America, and to the Washing- rights petition which rereived the current 1976^0 five-year plan, f Dr Tratan)riieJ 

ton Post. They were released international publicity. After a the returning visitor is struck by not tbe .principles of but ; optimists hope that recent 

?J ler a Ji 0l r p ' ^ b ? U Ih' j DuriQS brief period of detention/hp £as “ “ democratic centralism” and sharp'.criticiaru of bureaucracy 
the next few day_s> their cases allowed to leave for Franci But p«s ' as. * ar 1 central planning. -"We do not and centralism wilt open a new 

^, er f n R „°RFp an A lan a ' Austria alone grants quickjentry Uvl °- lhe range and the quality k ab P ut decentralisation,'’ he phase. -He has also P expressed 

guage broadcasts on RFE. As a permits for holders of stateless - - - - ■ ~- 

result of the publicity, within passports. The French have only 

six weeks the “waiters’ group'* done so with a handful of cele- fim. rpfiiroinp- visitor is 
obtained so-called “brown pass- bra ted intellectuals or artists. * lie returning Visitor la 

ports” that is exit permits for Between July and December 1977 Struck by a CUllOUS 
people considered stateless. Quality Of efcUlgeleSSIieSS 

many Romanians reach Austria as far as the Standard . 
after crossing illegally bdth the * Ilvinff and thp mm 
Romanian-^ ugoslav ana the °i uving, ana me range 



President Nieolae Ceausescu. 


added meaningfully. 



GESERM1 



Asacuiazioni Generali S.p.A. 


NEW SERVICE FOR “SPACE INDUSTRIES” 

Assictirazioni Generali, leading Italian insurance Company, and liead of 
an important group of Companies -which, operate in more than 30 dif- 
ferent countries, has gained, over the past years, considerable experience 
in the field of space risks insurance, both nalionul and international. 

In order to provide qualified assistance for industries connected with 
space activities and help to solve the problem of. capacity arising out of 
ever increasing exposures foreseen lor the future, Generali has now set 
up, within its Aviation Department in Trieste (e/o Generali Head Office 
Piazza Dura degJI Abruzzi, 2 - Italia *■ telex n. 46190 Generali), a neiv 
■“service” which is run by a -staff of experts and qualified engineers, 

Tbls service will operate in close cooperation with the Company’s Lon- 
don (telex 887469 Genali G) and New York (telex 232494 Geny Ur) 
Branches and the vast international network of the Generali Group. 


his willingness to do something 
_ . tangible about the complaints of 

it is difficult to judge how Far national ~ minorities. After 
living standards will be affected hayitig received Professor Lajos 
by the recent steep rise of fares Takhcs, ’ vice-president of tbe 
for public transport, railway, Hungarian National Council, in 
nver and. sea and air travel, as. early Uarch, he gave instructions 
well as of the tariffs fora variety to= prepare a thorough report 
of services and of • prices for about tbe education in Hun- 
coffee, pepper and olives. It is garian in 36 counties where most 
officially claimed ; that despite of the 1.7m Hungarians tive. He 
the latest increases average real also promised to revise tbe post- 
in comes during 1976-80 will rise lag of Hungarian graduates to 
by 32 per cent as against tbe far-away places and the posting 
originally expected 20 per cent. 0 f officials and experts to toe 

- --- — . . The papers keep on. publishing Hungarian or German areas who 

or anotiler J puDliased. of gQQ^ j n shop windows are charts and drawings about the do - no ^ ^ la osuage of the 
Ethnic Germans and Jeps are rtncernec j. nrn(«»t*Ni miucmV i~;«.™ .. mmonttes. 


Yugoslav-Austrian borderf- Last and quality of goods in 

SS£ B i n a Sa refD n Were the shop windows are 

Ordinary nomaniaqs have COHCerned- 
realised that they may gft i pass- 
port only if their cases bre in 
one 


special cases. Under, 
meets with the West 


range- 

Serman 


projected two-stage increase of 
During a 780-mile tour of the earnings which will start on. 
country, I saw practically no j un e 1, bene ating over JL.5ra 


~~ ■ : . ■ ■ — •. r**r\ tuumry, i aaw priiv-Likaii; u« june j., nenen nnp over 15m ■ -Th® s i t nation i □ Transylvania 

between ^ meat and very Uttle fruit indeed employees. Blinere in the Ji™ T 8 ™ 0 ??’ 5 he Germans want to 
® tb ” ,c German JriU be Jn shops 0r oa tt, e markets. Valley, who protested with a !^ fl ' tee *i. fiui,8anins wait* 
leave ann “a^f According to the annual statist!- stoppage involving 30,000 people lD ?-»‘ for to their 

the next five years. Tbeaumber ca , handbook Tor 1977. Romanian ,5? summer Sort . It. js 

nrf Q1 K ra, l^i« r fn Mav meat production per head was by pensions are cfearly privlleeed thoughtful Romanian 

aad about-MP to May far lowest in Eastern Europe. ^w K e i?^onlSJ wa|e shou!d *at a 

rt 9 R<H fmm * rib i-; newootoursi of national passions 


this year. 


, totalling 36 kilos as against 46 r j se j n stages from 2.618 lei — , 

The Jews also profit from the in Bulgaria and 64 in Hungary. in I97g t0 3 990 ^ end f Yioulff harm not only the 

tod relations betwedb', .Israel Meat and also fruit are exported, the'five-vear nlan Ujaiorny and the minority: but 

.J it. . _ raetern -Kill nlr- n *n fhn ITict J ^ " •ricfl ttlP V&m . • 


good 

and Romania, the only. E astern to the West, but also to the East 
bloc country which maintains tn finance primarily Imports of 
diplomatic relations with Israel, machinery. 

There are officially only some with average earnings of 
27.000. but according,© Israeli about 2,000 lei a month, reJa- 
estimates just nver 44JOOO Jews tivrjly few people can afford to 
are still left in Rnmyila out of buy a Dacia 1300 car (produced 
a community of 42S.00O after under a Renault licence) at 
World War U ( leaving aside 70,000 lei. A black-and-white TV 
Bessarabia and Bukovia). Some se t costs 3.600 lei, a washing 
2.000 Jews emigrated -" lQ machine about 2.500. a refrigera- 

and 1.450 in 1977. tor 1.500 and a vacuum cleaner 

Except for Ethnic Germans, between 800 to 1,200 lei. 

Jews and some Romanis* 1 ® terms of the consumer 

close famllv ties in tbe U.S., durables its citizens can buy. 
ordinary Romanians can hardly Romania lags far behind even 
travel at ail to the West Thoupb Bulgaria and Hungary, let alone 
Industrial output between 1966-76 Chechoslovakia and East Ger- 
was rising at an annual rate o£ many. Tn assessing this perform- 
12.3 per cent, Romania stiU aflcc one musl reca11 sucb fact ors 


Austerity, law ■ and 


also .toe very foundation’s -if, 
order Romania s foreign policy which 


time as being in the throes of % 
deepest post-war recession 
ever, the demand for 
far outstrips toe domestic soja^' 
and building concerns Jarri^anrf. 
small are increasingly recrUlw 
foreigners. ... .7/^. 

One reason for this & A* 
rapid overseas expansion of ^ 
Federal Republic’s major cSt 
stniction concerns. In.leaa than 
a decade, under the piesadrSr 
the recession, they/ have "trisjp 
formed themselves from entm^'' 
domestically orientated ..twa/r- 
lions to interiiatiopal cons^^r 
tion giants, largely cdncentrajl® 
on the newly-rich OPEC maAri?- 
particulariy in the Middle 
Britain has already becan^v 
major recruitment centre -for tiu? 
West German industry. 
ingly, British craftsmen— 

Jarly bricklayers, carpeatets ai&' 
shutterers — are being recrq^ 1 
to fill the gaps both W-rtba 
domestic market and abroad;, 
Exactly how many . Brltigfi. 
craftsmen arc employed by Ger- 
man construction cnmpanW ^ 
hard tn detMmJne. ..West GeroMt 
official statistics, already a'yeat 
out of date, do not provide as 
indus try-by-industry breakdewa' 
of the number of Britons recii. 
tered for employment here. Bbt 
figures for mid-1977 supplied % 
the Federal Labour Bureau^ 
Nuremberg show tbat--san»' 
187.151 foreigners were ,&& 
nloyed in the industry on Juan 
30 of that year. How many til 
the 26^47 Britans pavms soot! 
insurance in West German, at 
that time work for the constrad 
tion industry is im possible .?tr 
sav. -,-j- 

Mr. Geoffrey FeHler. a Brrtisk 
international emnloymem ci)ii 
suitant based in Frankfi 
points out that toe vast bulk 
the foreigners are guest-work 
employed primarily as unskil! 
labour. 

Mr. FehJcr, who advises W 
German building concerns 
recruitment, also points out tl 
official West German statist 
give no indication of bow ma 
British craftsmen are recruit 
for projects overseas bccau 
such people are not register 
for employment in the Fcdei 
Republic. 

“In view of the size of co| 
tracts that tbe German ennstr u 
tion companies are Jandin, 
particularly in the Middle Eas 
and the general availability 1 
skilled labour, their recruitme? 
in Britain must be very high, 
he says. Figures could also b 
distorted by toe Tact that $om 
British labour, employed b 
small local construction firms i 
the Federal Republic itself, ha 
not bothered to register with th 
authorities. 

Britain is seen as an importar 
source of skills because its built 
ing trade qualifications arc : 
least equal to those in th 
Federal- Republic, according t 
Mr. Fehler. Some companic 
claim that British bulidin 
workers have a highe 
intelligence level than their We 
German counterparts. 

“ This is a hard claim to so) 
stantiate,” he says. “Howeve: 
West Germany is to a degrt 
suffering from the same problei 
experienced by the Swedes, i 
that people prefer wbite-colU 
jobs and, if possible, avoid eve 
skilled manual trades.” 

But in spite of West Germany 
enthusiasm for British craftsmei 
their experience with them is b 
no means always happy. Ther 
is ofter a very high turnover i 
British staff and many do « 
even complete the first month 1 
their contract 
One of the difficulties is Ua 
recruitment of building cruft 
men is still far from vw 
organised, according to ® 
Fehler. It is largely handled b 
small recruitment agencies, cm 
centra ted in a few Brltte 
industrial centres, with a h«T 
concentration in London. 

Many of the agencies do nc 
have large enough recruitnrei 
networks, nor do they aWW 
have the facilities to check 
prehensively the qualifications^ 
the work records of the men tb* 
send out 

But one of the main reason 
for the high turnover is-.® 
culture shock experienced 11 
relatively little-travelled, ® 
sophisticated men . during toci 
first few weeks working fe. 
foreign -country. “ Working cw 
ditions' here are usually 
good and living, conditio® 
though not luxurious, are rea® 01 
ably comfortable. The tneo. 
housed either in a moo^ 
pension or a company hos^ 
Costs are very moderate," 535 
3£r. Fehler. ... 

41 The drawback is that 
the men are physically 
looked after, little is done i* 
their mental welfhre. Thera ^ 
always problems with bomfrsw 
ness and there are-lots of bits® 
about foreign food, the hurt* 
crac>\ the forms that have to ” 
filled in and tbe problems^ 
working in a country where tn* 
don’t speak the language." 


remain the underlying principles has resisted foreign domination w}* 1 ?** 

of President CeausesgUs rul e, and'^ned world-wide respect 


uiMcriffiion 

"‘ n ’ 


The comfortable way 
to hurry to Vi enna 

With Austrian Airlines renowned in-flight service.Thev h»vp in 
conveniently timed flights a week to Vienna, 4 to SaJzbursanrSoviL™ 
experience of fly mg to Eastern European capitals. ye ars 

— TheWfest-East ctynm-rn^ 



50/51 ConduKSUWt, 
■jamddn WiWNB 
01-433 _ 
58RwalEMh«W^. 
Atadeft ester M27P;\ 
061403 HP.-*-- 






war again’ 
e snubbed 


Ha *tin ; 


CAIRO. June 7. • 

“RESIDENT ANW&ft -SADAT role attempts^ xeach a Palestinian question, ^ 

aas said Egypt will «0' to war rwaoS agreement jptd was at the Mr. Sadat also said he would 

toain if Tcvnal «iAAc : vtniv. mduvruifl JCSPOnSttf tO-fCClMRS QOt £LCCCpt the pfCSWW Of liny 

itibaia S&ypt over what Israelis in a proposed UN peace- 
^failure to keeping force in the strategic 


tgain if Isarael.dbep not- respond sam 
m t peace rin?*e?— by far" bis of * 

^rtrongest-.’ sttfemeitft" since 'the 
beginning: of. .direct, peace talks 


is 

rhan^ begi nnin g.' of-direct. peace talks rea 

: seven nronJhS'Hgo. . . g u ; 

shauS 411 &dat told onlTs of Egypt's be : 
raftsm 3 Second army, which led the canal the 
ein? T„ en , at tossing in the -1973 October Israe 
iJ,. n they 'would have to ° com- tu be 

w * a r tfW 31 * 1 ® battle of liberation if fiitut 
• ! r c .u DlJ faT * becomes imperative as a result Mr, 
*ps th 6(J 'iyf Xsraers failure to understand yestei 
■If Cl3 ntehf^ be 3 P |rit behind: the (peace) mwsij 
‘ nc ^easi n JfenlL!at.ive. ,, , ; • territ 

«jil Until recently, Mr; Sadat- has integj 
eason f, repeatedly said , the 1973 war order 
Jrseas trf M oul d be the last against Israel. Octob 
fcepuhhrPH The EGiTtian leader, speaking Biit 

concern tfn-Ismalli yesterday during .a still c 

. undei- ki :our of the. canal area, added: peace f 

• '*“1 IJJft „ *• *UlTa 1»d nr>rvTVn«<ni4 * 


Japanese 
protest 
at Soviet 


‘war games’ 


After nearly 100 days of the internal agreement TONY HAWKLXS assesses the chances of success. 



.W* uiv «uugu.> pcutcii 

ssion ".v** to" We are Prepared to give Israel peace i 

hem«fli 1 and securin', hut not -r -* 

“t-mseh-Q. 


allv 


fvangle 1 inch of our land 
^niaij Direct political and military 


ts ^ rnaij Qnji l :alks between! Egypt .and' Israel brought 
•i.:,.- • co*!aave been' stalled for almost five in Amei 
- •■.♦■rich (jp^nonths. Mr. Sadat reiterated “Today. 

- JQ the jj^yeErterd ay they would not resume of enmi 
1 bis u)w. ari ™mtil Israel. changed its stand. is alt o-^ — 
<?ruiunf.n t Egypt wants self-determination five," he mid. 
ruian indno ' Palestinians on the West - Mr. Sadgg; 
itish craft™/ Bank and Gaza Strip and removal any chan 
cklive rs Israeli settlements -and air* overasei 

rs— are 'i.r^elds . in Egypt’s occupied Sinai would ha 
th* cyn- ^ Desert. Israel rejects - both pte.tely fi 

• mark™ demands. - - some Pale: 

y how- 80,1 * Mr. Sadat clearly wanted to Egypt coul 
a arc nm I ? 3D - reassure the army of its central plan that 

^ternine. 

•Satistics, aiS 
do not IS 

-W-iufiusiry 5 ........ 

luiuber of BriS BY tHSAN HIJAZI • 

• enip.iovroq.. f 

[or in id-l 977 *A POLITICAL- row is raginR-here Ration- of t 
krai Labour i&s the Government goes ahead Palestinian < 
ere shots ,-Vith plans to despatch units of 102 the. ©» 
foreigner “the Lebanese array to southern plans for The » 
in >he iniiins^Lebanon. when the Israelis 'pull Right- and_ 
tat veariw 'iut of the are a. next Tuesday. have, for dlff< 

‘47 Brills The “Lebanese Front,” a jvcied t°,- 


as ^ — — — g- c — — _ ^ — — — — — — 

pa»cg nwtttures. port of Sharm el Sheikh at the 
> Sadat’s waridng should entrance of the Aqaba Gulf. 

■as a : long-term ; threat as He added he was prepared to 
tsry bafineerw heavlly in sign an international agreement 
’ favour and is unlikely guaranteeing Uie freedom of mivi- 
d in thf immediate gation in the Aqaba Gulf. 

After the withdrawal, Egy.pt, he 
5*dattold*te troops said, was prepared to accept a 
r^lf. thfre -'is' any demilitarised zone, a 'limited 
at threate n* Pg '^gVPtl^ f<jrces zone, a UN peace-keeping 
“ or force and early warning stations. 

I sbaH sou the Reuter 

-Vto WML-SS l did in David Lennon adds from Jcru- 
-• salem: Israel today described 
made ‘If idiear^ he was President Sadat’s warning that he 
mined to-' seeking a may opt for war tf .the peace 
SSl and ^ said his talks failed make progress as 
Lative hwi^ot failed. He “an obstacle to peace." But a 
Lowledaed peace could senior official in Jerusalem said 
in six or sevon months, the Egyptian leader’s declaration 
-his peace moves had would not affect Israel’s stance in 
out V drastic change the negotiations. 

's Middle East policy. Such declarations explicitly corv- 
merica is not in a state tradict previous Egyptian unde^ 
with the Arabs. This takings, the official said. He noted 
^ thanks to tihe initia- the clause in the 1975 Sinai 
agreement in which “the parlies 
save no indication of undertake not to resort to the 
in Egypt's position threat or use of force against 
lent He said Israel each other.” 
to withdraw com- The Israeli Government has 
Sinaf and despite been restrained in its reaction to 
“^vitai Deration." recent statements by President 
jaot accept . a. peace Sadat in an attempt to denion- 
1 1(2 not solve the strate moderation. 


Russian Marines and para- 
troopers have swarmed outo 
an island claimed by Japan 
during military exercises in 
the northern Pacific. Japanese 
Defence Agency officials said 
yesterday, Reuter reports from 
Tokyo. They said they belieted 
1.000 Soviet troops Had been 
practising air and amphibious 
assaults on tbe island of 
Etorof a in tlic Kurils chjun for 
several days. Etorofu is one 
of Tour islands in the Kurile 
chan claimed by Japan but 
occupied by Russia since the 
end or the Second World War. 

Japan bad already protested 
against the Soviet war games 
saving they would violate inter- 
national law- and endanger 
Japanese fishing boats in the 
area. Officials said they had re- . 
ceived information that troops 
had been manoeuvring on the 
island since about May JO. 
They said the troops were be- 
lieved to be making amphibious 
assaults from four 2 , 500 -ton 
class landing ships. 


Row to Lebanto over guerrillas 


BEIRUT, June 7 . 


ienfs 


ID 
I* wo 

ius.tr 


iD W^r^oalition of~ Christian rirftt-wln5. Ctonioim. lMdj 
For .inactions and poUtiraHcaSrs has bLf. 

dry u in-issued a strongly-worded state- 

ripmandinp an immediate. ordered to mov 


r.ssuea a smmgiy-wuroeu . . 

ment demanding _ an - immediate J 


i-y»lxrev , banning of “/alette. ^"1 
e.-nr.l 0 ^TiUas and declaring aH Covern- ■ 

ha-c-i Jn rjaent agreements .with , the ■ 5.5 ^ the 

Mcneri ar? ^llPLO) null and void. ■ ..tiah-MosIesn baisu 
prmsnir at » The left-wing and pro-Syrian preSen t structure, 
press accused the Front of christian-dominati 
^hlcr. v.b4 mJeliberate escalation of tension presence i n the 
1 buildup bold up the projected Israeli scales in favour 
nen; auo%inie Withdrawal from the ^border area, ^g, they said. 

West G«fiua f President Elias Sarkis today ' No date has been 
1 ind:cati -5 of wheaded a meeting by the Cabinet patching army units 
cr ,i;.n* D a» -^t which measures: for sending area. „ - ^ ■ 

: jH C t;';; ei ^r"^he army to the south were dis- About 2.000 troi 
-L.i , .. 4 ' Sussed. Mr. Sarkis reached . an the armoured.Litam 

^ :, r L ^gSem e nt on the matter vdth standing- by^-a.t cam. 

H.v.-.j...*tncl|^ Hafez Assad of. Syria Bekaa valleyMn east 

1 fc - ■ . t .*• * juT_ — A#w4- rtllNtlhl 


to ensure accept any conditions on the 
m- regard- withdrawal of Israeli troops from 
■military the ar ea, it said today, 
r A UNTF 1 L spokesman was com- 

"•wimr -groups men ting on reports that Israel 
reasons# ob- wants 10 main lain military obser- 
plans. Mr. vation posts in the south after 
jf the'i Right- the final evacuation, scheduled 
>r*i Party, in- for next Tuesday, 
thb army is “ There can be no question of 
its. suppry and conditions. We will respect only 
V must be the will of the legitimate 
- guerrilla authority which is the Lebanese 
Left-wing Government," the spokesman 
ry .should be said. 

»,a Chris- Lebanese newspapers reported 
. ."in their yesterday that a list of Israeli 
troops are demands had been conveyed to 
? and their Lebanese leaders by General 
i will tip Ensio Siilasvuo. commander 01 
“the Right UN forces in the Middle East. 

The spokesman said there were 
id for dis- still some armed men behind UN 
iff border lines and occasional attempts by 
others to infiltrate the area, 
forming However this was no longer a 
ide are serious difficulty and the situa- 
? in the lion was now under control, 
ibanon He said about 5,000 UN troops 
were now deployed in the south, 
d.the force was expected to be 
iie fnii ctwmrrth of 6.000 by 'the 


SAVAK chief 
appointed 

The Shah or Iran yesler- 
day appointed I.f.-Gen. Nasser 
Moghadam, his bead of military 
tmelliccncv. as the uew head 
of SAVAK. Iran’s secret police. 
He replaced Gen. N cm a toll ah 
Nassiri, who wxs appoinied 
ambassador to Pakistan after 
14 years as SAVAK’s chief, our 
Foreign Staff writes. 

General Mofihadam, under 
his previous appointment, also 
handled counter-espionage. In 
addition he was head of a 
shadowy and little-known 
“ special intelligence " bureau, 
and special adjutaul to the 
Shah. 


Belgian withdrawal 

Belgium announced yesterday 
it would progressively with- 
draw its paratroops from Zaire 
as soldiers from African conn- 
tries take over from them. 
Reuter reports from Brussels. 
Belgium still has 600 troops in 
Zaire. 


Australian immigration 

Australia yesterday an- 
nounced new immigration rules 
to attract 210.000 people, 
especially businessmen, m the 
next three years. Renter 
reports from Canberra. Mr. 
Michael Mackellar, the Immi- 
gration Minister, lold the 
House of Representatives the 
rules, which introduce a points 
system, aimed to attract people 
who could make a positive con- 
tribution to economic, social or 


TOWARDS THE end of the first 
100 days of Rhodesia's irons:- 
lional Government, it is evident 
that the odds are lengthening 
against, th*-* internal agreement 
signed on March :: by Mr. Ian 
Smith and the ibre domestic 
nationalist leaders. Three months 
a j>n, jt seemed tha* despite Wes- 
tern mistrust of Mr. Smith anil 
the hostility of much 0; black 
Africa apd tke Gommunist bloc. 

"it was iusr poibioie. given a 
generous measure of good for- 
tune, that the internal agreement 
misfit provide The basis for a 
'reasonably peaceful transition to 
I black government 1?. Rhodesia. 

Today, that prospect looks 
! increasingly re mole, mainly 

because, to dale a! leust, the 
■ multiracial interim Government 
has failed to defus-e the escalat- 
ing guctrilla war it now engulfs 
rural areas tfcr>.ughoui the 

country." Furthenriire. the lan- 

silional government s failure to 
arrive at a ceasefire hjs not been 
offset by the kind of urgent and 
dvnamie doniesn.; pultey pro- 
gramme necessary to derive 
maxlraum impatt from its nrst 
100 days in office. 

From the ou;s«v. the critics — 
both at home and .1 broad — have 
said that the Salisbury agree- 
ment falls short necau-e it will 
fail t° cr, d ’-he 51 -year-old 
rruerrilla war. This criticism 
springs from the fjcr thar the 
\komo-Mugai>o Palnotn: Front 
alliance excluded itself from the 
internal talk.s — pariiy a: least 
because it fear, piMSig genuinely 
free elections arid with Soviet. 
Cuban and oibvr Comm until 
assistance, ha^ promised to dis- 
credit the Saiis bur. government 
and to disrupt the "one-man one- 
vole elections it plans to hold in 
December. 

On the evidence of recent 
weeks, the tide i> running the 
FF’s way. Sir.*-*.- ;he transitional 
government publicly appealed 
for a ‘cease fire :V.o weeks ago. the 
tempo of the »»jr — 10 the extent 
I that this, can be •-•jng#-d from the 
casualty figure.- — nas. if anything, 
increased. So far this year more 
I than 1 .S 00 pvcple'have died in 
ihe war and at present the 
casualties aie running at 100 a 
week. This •■ompares with an 
average of in:- ihree people a 
week in the first five years of 
hostilities. 

Of course, the PF was expected 
to step up its var effort during 
the 10-monlh transitional period 
and to that extent the intensi- 
fication of the war can hardly 
be described as surprising. But 
the credibility oF the transitional 
administration and of the Rev. 
Ndabanbgl Si t hole, .in particu- 
lar, has been dented to the extent 
the three black domestic politi- 
cal leaders do not appear to 
exert much influence upon the 
“hoys and -’iris in the bush.” 
the "ueprilU 1 * 

Mr. Sithcie’s credibility is at 
manv times in 


recent weeks he has forecast a 
rundown of the war, arpui-g 
that manv of the ZANLA gueml- 
operating sn the eastern half 
of the country, are loyal to him 
and not to Mr. Mugabe or 
General Tongogara ta Mozam- 
bique. This week Mr. Si thole 
again promised a marked de- 


cent in the first four months 
of this year, compared with 
the same period last year. 
Th3t this should be ■ happening 

at a time of a widen log guerrilla 
war. falling employment and real 
incomes, and on the eve of the 
handover to black rule is some- 
thing of a surprise. 


PTS 



Rhodesia’* internal leaders: top. Chief Chirau and Bishop 
Muzorcua; below, Mr. Smith and Rev. Sithule. 


escalation o: the war within the 
next six to eight weeks. But ne 
was raying Lae same as long us a 
month ag<«. 

The importance of the cease- 
fire cannot be exaggerated. 
Without a sign. dean 1 reduction 
of hostilities it v-iil not be pos- 
sible to hold elections m 
December, let alone elections 
that might pas? muster in a 
hostile world as " free and fair. 
So long as the guerrillas believe 
that they have the upper hand 
in the war and that white deter- 
mination is being eroded they 
have every incentive to pile on 
Lhe pressure, and increasingly 
less reason to attend an all-party 
conference at which “free and 
fair elections ’’ could ne dis- 
cussed. Hence Mr. Xbomo s 
somewhat bombastic assertion 
this week that he will return^ 
Rhodesia only as “a fighter. 

The ceasefire is critical also 
because of its implications for 
the whites in Rhodesia. In the 
past nine months the rate or 
net white emigration from Rho- 
desia has slackened draraati- 
callv, falling nearly 40 per 


It appears to reflect a willing- 
ness to “wait and see" bow the 
interim government works and 
what prospects there will be for 
a white minority in Zimbabwe. 
But if the war doe* not start to 
slacken soon, then the emigra- 
tion figures are likely to rise 
again sharply. There are very 
few whites indeed who are will- 
ins to risk tbeir lives for a black 
government, especially one which 
does not resort to conscription 
for young blacks into the 
security forces as well as whites. 

The nearer v.e get to 
Zimbabwe Day on December 31 . 
the greater will be the reluc- 
tance of the whites to be called 
up to fight the war. It is bard 
indeed to see how the present 
call-up system can be maintained 
after January 1 . 1979 .. This point 
has not eluded the PF which, 
in its calculations, must be con- 
sidering the possibility of a 
marked reduction of the effici- 
ency of the Rhodesian military 
machine at the end of this year. 

If the transition«il govern- 
ment’s ceasefire performance has 
been a disappointment, so too 



has its failure to make greater 
headway in the realm of domes- 
tic policies. The credit side of 
the balance sheet shows the 
release of more than 700 of some 
900 political detainees, an end 
to executions of convicted 
terrorists, the appointment of an 
all-party multiracial commission 
to draft a detailed constitution 
and recently the decision to hold 
elections via the proportional 
representation "party list" 
system. 

But in The realm of racial dis- 
crimination, there has as yet 
been no movement, and far from 
accepting the urgency of the 
situation Mr. Ian Smith and some 
of his top ministers persist in 
clinging to their claim that the 
bulk oE the racial legislation in 
Rhodesia today is designed to 
protect the blacks and dis- 
criminate against whites, 
coloureds and Asians. 

Very little has been done to 
sell the agreement at home or 
abroad. Here the black ministers 
are more at fault than the 
whites, showing a marked reluc- 
tance to venture out inio the 
rural areas and tell the people 
what has been achieved. Indeed, 
some of the black ministers arc 
devoting more time and energy 
to reassuring the whites than the 
much more urgent task of secur- 
ing black support 

Above all. there i? very little 
visible evidence of change. The 
transitional government has yet 
to announce a single measure 
that seeks positively io rcdre« 
the balance in favour of the 
countrv’s 6 : .tn blacks. It may be. 
that after 100 days, this is too 
harsh a criticism and that more 
time is necessary. 

On the legislative front, the 
moment of truth will come later 
this month when parliament re- 
assembles for the budget ses- 
sion. If there is no major legis- 
lation then to remove discrimina- 
tion in urban areas and if the 
budget in July is framed, as in 
the past — with white interests 
paramount — then Bishop Muzu- 
rewa. will come under intense- 
pressure from his supporters to 
pull out uF the coalition 
It i? still too early tu say that 
the internal settlement has 
failed. It has certainly got off 
jo a shaky, hesitant and un- 
promising start. But a tougher 
line by she West against Russian- 
Cuban adventures in Africa, a 
possible Tory victory in British 
elections this year, further 
deterioration in the Zambian 
economy, more friction within 
the Patriotic Front alliance— ail 
of these are possibilities that 
could after all smooth the way 
ahead for Salisbury. Above all. 
the internal agreement’s strongest 
card is that there will be a black 
government in Salisbury in 
Januarv. This is a timetable that 
Dr. Owen and Mr. Vance cannot 
hope to mutch through their all 
party conference. 


CataistoDoverbySEALlNK. 

Atwodayspendingspree. 


LennyandLana Giickman 
: Brooklyn N.Y 
Afourweek BR1TRA1L PASS 


TheTamarafamily 

StayedatGLENEAGLESand 

KYLE OF L0CHALSH HOTELS.. 


WillheimSIootweg 

Brussels 

FliesSEASPEEDto Britain 
on business. 


Eachyear, an ever increasing 
number of people tom abroaduse 
our rail services. 

Andformany of them, that 
means more than just trains. 

Lastyear2,700,000 tourists 
travelled on Sealink car ferries and 
another 500,000 onSeaspeed 
Hovercraft. 

Oncehere, foreign visitors 
eager to explore the country can 
take advantage of our national rail 

network. 

Tenpercentof Inter-City’s 

passengers in.1977 camefrom 
overseas. 

BritishTransportHotels, 
from thestately Gleneagles to the 
humbleststationhostelry also 
cateredfor arecordnumber of 
tourists last year. 

All told, BritishRaiTs earnings 
from tourism in 1977 amounted to 
21mi]]ion pounds. 

Asizeablecontributionto 
railway revenue, and to the. 
invisible earnings of the nation. 



The backbone of the nation. 


■s 


i % . -iiV-T 
r> p k-i.' 


v- 










A 


1fi900e9009QOaC9009Q00909G£992* 0 *G066$S3999999* 


:o 


INVITATION TO 


n 


AUCTION OF 
DRILLING 
PLATFORM 


o 


Cl 


A 


« 


O 


! RAUMA-REPOLA OY 
SET, US THE BELOW 
MENTIONED 
OBJECT BY 
AUCTION 




o 


Cl 


A 


8 


O 


S TIME AND PLACE 

June 27, 1978 at 1.30 p.m. 
Rauma-Repola Oy. Mantyluoto 
Works. Conference Room, Pori, 
Finland. 


8 


§ OBJECT 

Ocean Ranger-type semi- 
submersible oil drilling platform, 
builders yard 12, to be ready 
constructed according to the 
technical specification of 
construction contract signed with 
Feamley et Eger on April 4, 1974 
considering the changes later agreed 
on. Further, the equipment 
furnished by buyer for the platform, g 
will also be sold. 


8 NOTE 

Construction of the.platform can be 
changed, for example, into 
maintenance platform, if separately g 
agreed on. 


THE PRESENT STATE 
OF READINESS 
OF THE OBJECT 


8 


Two launched pontoons . which are 
mainly outfitted 60 per cent of 
columns are completed, 40 per cent g 
of trusses and braces are completed 
and manufacture of deck section 
has been started. 


8 DELIVERY TIME 


« 

o 

O 

o 

A 

A 

O 

o 

o 

o 

o 

<1 

A 

o 

<1 

« 

o 

A 

A 


February. 1980, provided that buyer 
will deliver the lacking equipment 
furnished by buyer and 
corresponding technical information 
according to the construction 
schedule. 


s TERMS OF PAYMENT 

11.5 million U.S. dollars in cash 
For the resting part a bank 
guarantee is required. The Finnish 
Export Credit Ltd. might grant an 8 
export credit according to its rules, g 


OTHER TERMS 

Separate bids have to be made of g 
the construction itself, and of the 
equipment furnished by buyer. 

— Rauma-Repola Oy reserves the 
right to accept or reject the bids 
within three days. 

— More information about the 
construction, terms of auction and 
conditions of credit are given by 
general manager Tauno 
Matomaki or project manager 
Leo Varjonen. 


o 

(I 

<1 

41 

41 

41 

O 

41 

41 

4* 

« 

A 

41 

41 

o 

41 

41 

O 

41 


RAUMA-REPOLA OY 
Mantyluoto Works 
28880 Pori 88 

Telephone: 939-443433 
Telex: 26196 RRMTO SF 

in Pori, May 26, 1978. 

RAUMA-REPOLA OY 


esooesscsssooQOQQQsooseeofieossseeeQQoeooesssc^ 


AMERICAN NEWS 


Riaaneiali Times TKursday 'June' $ .197$ . ^ 

•. • . •yi.yur 







“SAVE THE American Dream," 
read the hat bands and the 
ha oners in the Btltmore Hotel 
here on Tuesday night And 
when Ur. Howard Jarvis, a 
perennial Californian conserva- 
tive gadfly who, at the age of 75, 
hud just been instrumental in 
cutting State revenues by S7bn 
at one fell swoop, appeared to 
take his bows he was greeted 
by his solidly white midle-age 

home-ownln 1 ; audience as a . . , „ _ ,, 

maeiciJin whose nest trick would spending on P u ^'^ser- 

be t Q cut mortgage rates with a fost^wenue!* 1 *** * 




vote may 
by property owners and taxpayers 


nn^'1>otralMd;<r^ r * : 


him a scant 
the dour Mr> Younger. 
iTbe <fcey to the -November' 
resuh~one which the rest' 6[ 


the nation will watch with 
interest Tor many reasons-*-mav ulfll 
weU be exactly how Mr. Brown ' alP 

Oplementa tfaf* Aiit. 1,.- » 


BY JUREK MARTIN IN LOS ANGELES 


rw'^ch of his h«uivy jowls. 


Mr. Jerry Brown, the young 


Special circumstances, includ- 


^te goVerne? wiese political 

SMB. ^SSJtnXSi 


has been charged with the diffi- 


“' 3S ,ndis - 

-The people have action is dif- 


re-election. 



by property taxes " Tf there was fot . usses QQ a articular tax 

irony in Jerry ■..*£* (property), whereas elsewhere 

successful apostle of _tiie P°|’ tl cs ^ t, ave \, eeT1 to curb 

°L red J uc f d local government spending 

ordered .by his constituents to g onera Hy by tying it to the rise 
practise what he has preached, in slale p ersona | income or out- 
nohody chose to allude to il m it. i n enmo on state 



irnptementsthe spending cuts-ie' , 
must “haw carry out; There is 
the chance yesterday’s •" 
result will be challenged, and •’ 
delayed:" or concejfcvaWy over. 
turned, in the- law courts, but 

SftHH Goldwater to Ronald Reagan - the governor, is not referring to. ' . 
• have found out, it does not win this possibility.. He.:has some 
many elections. ' room for manoeuvre; the state' 

_ ' __ has an estimated $5bn budgetary 

a- spasw-a^' 

unn not- in the event. J,e4p ons .~ 1, 6/00 .*“ . iTO 


initiative was not. in the event, m. 

the sine qua non - of success JFSSFZL. XLJ* 


nir must db this by the start of 

the primary elections ^ ntA -. when local 


S£S' SSSble to the e RepubS £*»•» » ■ twfoM i." 

S*Si« Primary' by the s 




voting - showed him unable to doomsday predictions of ti& : 
break out of his conservative consequences , for... nmnsctpaL . 
southern Californian straitjacket finances of- paswge of the tax';, 
and he ‘lost. initiative. Now he is promising . 

_ , ' ' ... . “sAnsHiUFft'' fanpndtrtp mete t»a*- 

Two of the ocher candidates 


spending .'cuts— and : 

Were probably - , 

" . op^sK to the initiative. But * !t C W? 

the winner, middle-of-the-road 1 

put. in addition, some 20 state Governor Jerry Brown (left) must now make subs&ut^ : v-guSied •3flw^-iow*a^SS: -ffLckin g.v ^ 



of a national taxpavers’ revolt, sored by Republicans “who see tax social equity is questionable. The It is also true, special' factors servatives. .. ... Above all It will be n««ihi- 

with implications that go Far cutting and lower Government last thing that President Carter in California not withstanding. The November, election, -b* -JJJJ l.J? 

beyond the nroblems now con- spending as potent electoral can risk at present is an explosion that this remains essentially a tween Mr. Brown .. and' 

frontinc Jem’ Brown. issues this year and in 19S0. In growth, with all its. inflationary movement of the . conservative Younger may turn out to be ewmwmrcs prweMion} to see . 

It must be said from the outset The Carter Administration consequences white properti'-owner^. ;' Thje more instroctive, however^. _In ^ 

But the circumstantial evi- crowd, at the Blltmore Hotellagt the first place it wilLdetBnmne. . rea cB -to u^. 


IlidAiUfi, XI JtOl an** 'Uiv ' " — . . 4 WS..II 

you will ra tepn vers in London ft* "budget deflcifsoTs to combat federal and local politics and fare freeloaders and ch6aters/’ tian was that be wqitid obliteftte California,- often ^ the ieader of ' 

ordering’ the GLC to cut the inflation, but has been obliged to economics is not yet conclusive, but not to see police andfire£err any Republican opponent, and the nation, finds it cannot abide 1 V 

rates substantially to abide by a pare its own tax reduction pack- It is. for exaraole. by no means vices cut. It is a familiar refrain use that victory to launch him- cuts oil public services, then the'; 

strict formula limiting future age for the same reason. It can clear that the movement, which which strikes some chords- but as self into the national political rest of . the- ' .'coimby wHT 

increases and in effect ordain- haidlv support the Congressional is largely parochial at present, conservative leaders fronrBarry stratosphere. Now, the polls give undoubtedly take note. 


Bill aims 
to tighten 
controls on 
U.S. banks 


Carter considers further 
cuts in stimulus package 


BY DAVID BELL 


WASHINGTON, Jtme 7. 


By David Lascelles 

NEW YORK. June 7 
ACTING IN the wake of the 
Bert Lance affair, a House 
banking sub-committee has 
approved a BUI which aims to* 
tighten regulatory control over 
the- U.S. commercial and 
savings banking industry. 

-Bat parts of -the Bill have 
been denounced by the 
American Banking Association 
(ABA) as unnecessary and 
anticompetitive, and it is not 
dear at this stage whether 
the Bill in its present form 
will ever become law. 

The most controversial pari 
of the Mil. called Title IS, was 
the subject of a separate vote 
yesterday, 'and ft only just 
scraped through on a tie. 

This section would limit the 
activities of bank holding 
companies to those “ directly 
related'' to banking and of 
benefit to society. At the 
moment <the regulations are 
more loosely worded, referring 
only to ** closely related " 
activities. 

The Bill would also give the 
Fed the power to set the 
number of outside directors 
on bank boards, and establish 
capita] requirements Tor all 
the subsidiaries of a bank j further, 
holding company, even I bust*, 
that are not members or the 
Fed. Other parts of this 
section would restrict the 
freedom of banks to deal in 
insurance and acquire, other 
banking assets. 

However, although the ABA 
has bitterly opposed Title 13, 
it has voiced general support 
for the rest of the Bill, which 
has already been dubbed M lhe 
Safe Banking Act." 

Hie main features are: 

The extension to non- 
national banks of the rale tbat 
a bank cannot lend more than 
10 per cent oF its capital 
account to insiders, including 
af&Hated companies; 

Loans by banks to insiders 
of other banks witb which (hey 
have a correspondent relation- 
ship should be at u non-p refer- 
ential terms 

Commercial banks should re- 
port annually the total amount 
of their loans to major stock- 
holders and executive officers; 

The strengthening of the fed- 
eral banking authorities’ power 
to remove banking officers who 
engage in M unsound and un- 
safe " practices, to order bank 
bolding companies to divest 
themselves of a subsidiary 
bank if the holding company's 
non-banking subsidiaries are 
endangering the bank; 

Individuals wanting to buy 
commercial or savings banks 
would have to notify the regu- 
latory agencies 60 days in ad- 
vance 

The Bill is due to go before 
the House Banking .Committee 
later this month. In the mean- 
time it is certain to be the 
subject of intense lobbying, 
and it is possible that it will 
In the end emerge In a milder 
form. 


THE CARTER Administration is that results may. be about right, rates higher, and. jpos^y. pre- 
now seriously considering In any event there is no cipitate a recession. -"Such an 
making a further cm in the doubt lb at the current preoccu- outcome in the middle of the 
proposed multi-billion dollar pation of the American people 1980 election year is exactly 
economic stimulus programme and of the Administration is" in- what the Administration. fears. 
because of mounting concern nation, and it is popularly per- • Meanwhile the Administration 
about inflation. :• ’ ceived now that the size of fbe' has taken its anti-inflation cara- 

Tbe S24bn tax. cut originally federal deficit has a. direct' Jnt .jrafgh a stage further. Mr. 
proposed has already been cut pact on the rate of Inflation. Michael BlumenthaL the ,XKS. 
once to some SlSbn which would .- Furthermore the -Admintetra- Treasury Secretary, has written 
result ‘in a federal deficit for-tion is well aware that if it- -to some 200 heads of banks, 
the fiscal year 1979. beginning ignored Mr. Miller's advice the brokerage houses and insurance 
this .October, of some SS3bn. chances are that the Fed would companies asking themto follow 
But Mr, William Millvr. the move still jurther to tighten the lead of several large cpm- 
ebairtnan of the Federal Re- credit and this would of itself pan'* 5 - including General Motors 
serve, and others are now economy down. and American Telephone land 

aryuing that t)w\s .deficit must The belief of some officials is T^ eg F a i^ ^ , controlling » the 

1 Some U Mimas' - within the st>ea 10 be > * he easier Mr MiHer . p r .7 RtHmentfi.il asked, the 
Administration say that the chairinen to help the adminfsti-a- 

President has -riven the Treasury rales a utt,c ' He has a,rea “> tion reach Us goal of “reducing 
^d the Office of Management ^*^d that in the ^ economy-wide average in- 

and the Budget permission to .^ease m total f ompensauon ^by 


Caution on investment 


BY OUR OWN CORRESPONDENT 


NEW YORK, June 7. 


Colombian poll 

‘victor’ 

challenged 

BOGOTA, June 7. 


A POLITICAL storm in 
Colombia today threatened to 
overshadow Liberal Party 
candidate Julio Cesar Turbay 
Ayala's victory In last Sunday’s 
presidential elections. 

Conservative Belisario 

Betancur. trailing by nearly 
87,000 votes with only a few 
thousand votes still to be 
counted, challenged the 
authenticity of the results 
Issued by the national registry. 

With 97 per cent of the votes 
counted last night, the national 
registry gave Mr. Turbav 
Ayala 2,303,031 votes, against 
2,216,67a voles for Mr . 
Betancur. 

Reuter 


Budeet Dcrmission to absence of more fiscal restraint crease in total compensation " 
try to find wavs to cut spending Jb* Fed ma >' feel ^ at u wil u 1 " Ie »st a percentage point 
by between $3bn and Sfibn. There have do alLeroative but to push year, 
is a suggestion that the further 
cut will be approved before next 
month’s economic summit in 
Bunn, as a gesture of U.S. deter- 
mination to reduce inflation. 

It is likely that rather than 

ihe* ° U sti m u fu” 1 ^ r ogrem m e° ° the BUSINESSMEN in the U.S. have lower than the actual rate 
Administration will simply drop been sufficiently encouraged The last survey taken by the 
Its attempt to persuade Congress by tne strong rebound rn the Department, in March, pointed 
not to pare tli 0 programme U-S. economy since March to. to. a^totai spending, this jear oF 
But it is recognised significantly increase their SISO.'rbn. an inflation-adjusted 
that further cuts in the budget modest spending plans increase of 5.5 per cent. The 

could have serious political con- The latest Commerce Depart- most recent-study reveals a slight 
sequences among some of the nient survey of business spend- increase in projections to 
groups that hove traditionally plans confirms that the real S151.1bn, which would be a real 
favoured the Democratic party, growth in capital investment this increase of 5:9 per cent 
At the same time there remains year will fall well short of the In gross terms, the- latest 
some concern that too sharp a 7 to S per cent that the Carter figure is _1 1.2 per cent more than 
reduction in the stimulus pro- Administration had hoped Tor. the 9135.8hn spent last year 
gramme could prove counter- The survey taken in April and which, after adjustment, was a 
productive at the end of this May. finds that after addicting real increase of 7 per cent aver 
year and early next when there for inflation spending should he spending in the previous year, 
may be a slowdown in economic just under 6 per cent higher The Commerce Department's 
growth. The Administration ex- than last year. However, this figures would appear to confirm 
pens tend io think that the projected real increase is ba<ed the general expectation of a sig- 
economv will actually do a “soft on a 5.3 per cent inflation rate, nificant slowdown in U.S. econo- 
landing" later this year and which many economists expect mlc growth in the second half 
that the 4 per cent growth rale to be between 1 and 2 per cent of this year. 


Alaska oil 
line price 
cuts call 


By John Wyles. 

NE IV. YORK J two 7= 
THE SUPREME COURT ias. 
dealt a serious:; setback, to .the 
eight oil companies which dwa. 
.the trans-Alaska pipeline. , They 
have been .resisting, an Inter- 
state Commerce Commission 
(ICC) ruling^ that * they .imigst 
lower their -.Charges -fbc\ trans- 
porting' oil through the pipeline. 

The Suprftne.. Court,. justices- 
have upheld' a -lower court dis- 
missal of 'the- company's com- 
plaints lhdt r -the ICC-, exceeded 
its powers; in .suspending their 
rates for seven .months from last 
June and proposing . interim ; 
charges; it would accept, . . - 

The b’fl [companies 1 were .trying 


Poll pleases 
Canada’s C; 
Liberals 


r. 


By. Victor Mackie 


: OTTAWA, June 7. • 

CANADIAN Liberals, elated over 
the latest Gallup Poll which- 
. .showed their party once again - 

.'"m'dVe 'popular than the PtW •• 

" gpessfve Conservatives, were 
- speculating today tbat> thiil-J - 

•lamviM- mnniuienim _ IT » 


would encourage: Mr. - Pierre giijj Ui 


to. unravel same obscunties in 

me* 


judgement' thlsf : jrioniihg. 
Last' October; .the court . issued 
a slay of execution of the ICC 
order which., in' .effect allowed 
the oR .companies to charge the 
rates they' desired until the sus- 
pension>expired on. January 28. 

The ICC did '.not. schedule 
lower rates for the.peripd since 


January 28 t and "so the oil com; 
; nave' .continued to~charge 


panles 

between S6.C8 andSfl.44-a barrel 
The/court slso.'saidr (hat : the 
companies. might' have to refand 
some, of the .charges- if a;Fcderai 
Energy Regulatory/ Commission 
investigation' found they . were! 
excessive. But it did no&niakej 
clear whether the reFbnds ’^oaid 
have to' cover the' entire perfod 
since last October or merely the 
term of its suspension order to 
January 28. , . *- 
The oil companies, which 
include BP, Exxon, Mobil ami 
Atlantic Richfield, have argued 
that -they fixed their charges in 
accordance witb an established 
ICG formula which aimed-td"flx ; 
a fair rate oF return on _th«r 
investment They claimed , that 
the ICG’s suspension powers did 
not relate to new services and 
that the ICC had not given 'theta 
a hearing on the rate structure.-} 


Trudeau,. Che' Rime Minister, 
to call 'fab postponed election 
• . in the autumn^ / ./yjp 
Hie poll' showed -the Liberals 
...with .48- per cent of popular; • 
.support, me Progressive Cobj. 

• /servatives with 39 per cent;.; 

; the New Democratic Party M ' 

’ per cent, and others 3 per cebtif 
Thisnompareswith an April pdff 
which • showe'tf =' the Ijberalsr 
wivh-^l per cent; the Progress ; 

- stye. Conservatives with 41 per .. 
cent, the NDP 14 per cent, and 
others 4 per cent. - - 

The tuadecideds in April. were 34 " 

. per cent but in the latest poll, 
.token in May, showed theor 
r dotvn to 27 per cehL The drop *. ' • 
occurred in all regions. 

The Conservatives, while dis- 


- appointed, that . they had: 
slipped, were pleased that the 


- poll result would persuade Me 
- -Trudeau, . to continue as leader' • . 

• 'Of the Liberal Party. After the.; : 
Gallup'Poll in April pressures' . 
were building within his party “. . 
-for a leadership convention!.. 
..•.Those pressures will now-; 

abate. . . .. 

The Tories would rather run in v 
the ne?rt election against a,—- 
Liberal Party led by Mr.- „ 


vlved Liberal Party under 'MljjjiQ 
new leader such as Mr. John ^* ' a 
. Turner, the former Ffnanca. fcT 4- 
r Minister who q.uit the Tnideau. . 

* Cabinet. ..... ; 

The Tories were also taking - • 

• solace from the fact that, they 
.have slipped into second place." 

They would prefer to en Mi • 

; the campaign as underdo#* ' 

: r rather than in. the lead or even. ; 

/tied with the Liberals. . 


MEXICO’S OIL-RICH ECONOMY 




Looking for long-term stability 




'-.=K 


BY STEWART FLEMING RECENTLY IN MEXICO CITY 


At an international banking discoveries into aless roasain^' ' 

in(ivflnca last fn W«vii>n.. noKriAPtiVA ' ?- ' '?■* 


MEXICO has within 18 rdonths tion in the Mexican economic squeezed economic gro .... 

moved from the verge of financial situation is primarily flnanciaL to the 2-3 per cent, level in real conference last .week-iii M«ico- persi*ctive. . . . 

crisis to being a developing The deeper question is whether, terms in 1976 and. 1977 and in- City, Sr- David Ibarra,-.: the - Even', jf .the economy. retU£w> 

country to which international given the formidable social and flation from 30 per cent to an Finance Minister, predicted oil; to its 1960s growth track . 

bankers are eager to advance demographic strains it is suffer- estimated 15 per -cent this year. and. -gas production of ,21nv pea: cantor more a year, ho w gtor : - 

new funds. } ing, the country can find a path In the process, he accepted barrels a day. by. 1980, two years the industrlailring sertorW^ 

A measure of that tramfforma- to stable long-term development, strict- limits on the. growth of earlier than previpus.estimatos. new Jiivestinent weighted towa^ 

tion is the enthusiasm pf the In December 1976 the idea foreign external, debt which the It.js assumed .that about half capital intensive indus.try a^^:. - 

international banking community Mexico might be in the IMF demanded of no more than 1,6 exported to bring m .the population? This year 
for a new multi-million! dollar relatively comfortable position of S3bn in 2977 and 1978. These $8bn annually of foreiaa young people are .JooktoS: :- 
loan to the country’s ' export about its. long-term changes alone would have re- sxenange^ earain^^^MttdM S. jobs in-'^n economy expert#^?? . ■ 

bank. Banco " r "“ 

Comercio Exterior. 

originally mooted it was thought economic upneavais it was tao-tneirienaiBg limns, to tne point w» ;«w. «rsa« c,ven witn^rapia .progres 

that banks might be refdy to |be indusadal^ctor, _ihe : faij ?*i:. wL 



advance S250m. NowJ with 
syndication complete, qankers 
working on the deal estimate 
that S750m could be subscribed 
at a rate of only l percentage 
point over LIBOR. Anfi there 
are suggestions that wfaen the 
next Mexican state borrower 


advanced jo .Mtrpli*um --techno- faces formidable problems -^. . 
logy— Femes bos an enviable grating the large peasant W*; 
reputation— and is. -milting: force Inio an industrial wM'. 

rapid progress in Re develop- Tielr migration to .Mexictr ^.- 
nifetlt .of petrochemical related ^ j'm ' phenomenil expsasp 1 ' 
todMtw And' 1 ^ expawlonjif afe n 6t reassuring. iodjcatotS&i' 

En#li hBSifr . carriHl -- int Dirt lira - ,-i- - vZ : 


Thanks to its oil Mexico is now- popular wftfi commercial hanks 
anxious to lend their excess money. But rapid expansion of 
capital intensive sectors of the economy Is no solution to the 
social problems facing the country. 

1 rteitberiatiie tovere.maid 

comes “to 7hr m arket it' will”be *?«■ A* President Luis Echever- where It has madtrthem eager generation. i 

cheaply!* ^ ~~ ITS ''iSfteiCh, . ?piu! . 

, ■" Phr. the *»p* to ,end foYc W 

in Mexico reflects the banks own devaluation of the peso for 22 acquired leases. But its reserves 


the 


problems feeing, tile 50 per cgnt -of 

embarrassment of riches— too yea^Tn~Augustr _ ' had never be&o fully exploited 2JSS ; look 

much money to lend and too few in the previous four years, ili- Mysteriously, even as he was oflT 

good creditworthy borrowers at conceived economic . policies taking office President Ldpez ’JSSF^SldS^ S^BBm faSS to 


their doors. But there has also which coincided with the inter- Portillo was able to announce n 

been a transformation in the national economic upheavals fol- that the national oil company, SS 1 S 

immediate outlook for the Mexi- lowing the 2973 oil crisis, bad Pemex, had raised its estimated 

; dss- forced Mexico into the finincial reserves from 6bn barrels to T,* 5 ^ ^ 


can economy. Mexico has 


covered that it is sitting on the markets - on an unprecedented ilbn. an Increase which put ^,„ a 

'■ * -- - - for one of tne worlds largest aware of . the . formidable; -P* 


Its external debt bad them on a par with the Alaskan 


biggest proved oil reserves in the scale. 

western hemisphere. tripled to almost S20bD_ and North Slope. 

along with Brazil, it had become Now the Pemex 


urban concentrations. Some eBti- lems ahead. - 

«l*s nrzstssr- zssrzz * 


who 


* - ° bttely jj0 av jiy indebted to U.S. comnier- validated, are proved reserves of ihdustnalisatfon .of. some set 

two years sw^ere cial banks lBbn barrels-^quivaJent to the ^ • ° f ^ e anti'to acoele 


0! 


itwrien^hp-pim 01 ” of F ^ Sr^^Echeverrla's successor, Brltisb North Sea — and probable <rf <IcviAopnO^^ . 

Mexico to become one of tiie most j os ^ Ldpez Portillo reserves of at least a further J5S,°. Iatl0n . rise to 30m- will, not lead. to so£dfll-*nd..pobW , . 

heavily indebted of the develop* qu i c kixr and to many observers 31bn barrels. A more uncertain #?:•_. , .cal .ienslojas...The -n^ 

tng countries, observers are nhanrlnn^rl hk «>stimatp. the oil comnanv hac 











un e? 


a§| Ipr^rX:.-.. 

^n^cral , niiie& ThursSa^ Jdtie 8 1975 



• 

iLrL - MlW Y. 

Jfe«* 

; ^V" 

18WS 

carnf^nr 
\ U^' 

v$f. 

br j s Ja * ^ . .. .. . •.. _ 

"jj >* BY MARGARET VAN HATTEH ■ y _ 

feh *£. Y! CTGR GARLANlVAvstra* ■ But tb« message from ‘Brussels 

; Uj e gnl. an aiJmster lor Special. Trade is lhat'tfhe Australians have no 
ox r(v % ^presentation, cad ""expect a *&*»«.■£« to accept tfie Com- 
*s bv.v.% Ion-committal, “like k or i Qran mission vague indicatioa that 
«?n * reply ir he tries 10 win «> a «s&M may be made. The 

ist h-W .ssurarwes-of specific trade con- c onwnl«Um. appears adamam 
*-r iZ ,ri ii^ssibas from the European Com tbat « lateral talks nonspecific 

coniL fusion during two days of talks "“Sf* ** -■»*•. no 

? su,w *0 : h -t open here tomorrow commitments undertaken and no 

Aus tra ,«, *££&?"•■ 





oipe n ^^ f* 1 ™ competition 0 n. third Mr. Malcolm Fraser,. Australian 
°‘- e heavily Prime Sinister, of retaliation 

: v D *iir-; UD ^ ltils 5 d ' J ®SC exports such as against ®3C exports that talks 
*«*_ dairy products. Were postponed until June. 

sSVf Mediterranean partners 

I . bring hr 1 ■ • 

tnm? “U- 


S 10 


J n 

■j 


lioz 


*>H U. 


in textile control talks 

BY RHYS DAVID, TEXTILES CORRESPONDENT 


,c * Prated™:®*: Commission has been o£ the global ceilings on imports 
Host nnr3' ,^ d lo “ c " Jn a new round of . laid down tar the BBC for cotton 
. Wlt b tour Mediterranean yarn and synthetic cloth. 


5d 


Britain ha 


h i} Z~^' sassociates to lighten up informal 
•es: understandings on -textile Ira- sions to fo: 

• t--,- If Imports, after British objections to similar dem 
r fv - v M‘ t .a proposed new deal with Porta- associates, w 
«n3‘. ■‘ A6 «t w, ‘ . links with . 

* !l csajj At the Council of Ministers’ asked to sign 
Vf 5 enif t5i mopting this week Britain is menu, and th 
coijniJ^tiderstood . to have raised would also set 

-cTtoti.oIv ttc 



feared that conces- 
would lead to 
from the other 
because of their 
EEC were not 
lal MFA agree- 
MFA signatories 

, .. Mllir - . -- Jc revised ajjree- 

* lj! -e noif J strongly its concern over a Coro- wents. Britain is understood to 
mission proposal that would have have emphasise®. the importance 
.allowed Portugal to increase its it attaches to the global ceilings, 
imports of two products — cotton .. The Commissibn has the diffi- 
and synthetic cloth — both cult task of go mg back to the 
rtieh arc among key textiles associates and jtryrag to add 
under strict, control in some authority -m their under- 
recent GATT multi-fibre standings .wjthi^e.' EEC. In 
| q arrangement (MFA). several cases, ^however, : . the 

m\Xd \ Brita * D has. insisted .instead understandings .'-xe with the 
J that any deal must be .negotiated industry or wi ^Chambers of 
* as part of an overall strengthen- Commerce an*- not with 

PrJIsC ing °* *e agreements with Governments T| • ‘ 
w A Greece, Spain, Portugal and Tur- If the Comroh&ton can offer 

key to ensure proper observation bener terms, ^-incorporatmg 
of EEC limits. tighter provisional for present a- 

The strong British- line follows tion to the neji CoiineU of 


BRUSSELS, June 7, 

Mr. Fraser’s suggestion in 
Aprii that EEC exports of brandy 
and cheese might he curbed and 
EEC companies excluded from 
Australian transport and de- 
fence contracts provoked a strong 
diplomatic protest from Sir Roy 
Denman. EEC External Affairs 
Director. The Australians have 
since dropped all talk of retalia- 
tion. 

Current indications are that 
the Australians may he prepared 
to be moderate pending progress 
in Geneva, But the strength of 
public opinion in Australia, 
where the negotiations have be- 
come a national issue, puts Mr. 
Garland in an awkward position, 
which has not been helped by 
aggressive statements from bis 
Prime Minister. 

The toughness of the EEC 
stand, which has yet to be tested, 
appears based on the conviction 
that the Australians arc power- 
less in the short term, in the 
long term, the EEC recognises 
the need to settle agricultural 
differences and preserve rela- 
tions if it wants preferential 
access to. Australia's raw 
materials and energy. 

Possibly the most Mr. Garland 
can hope for this week is an 
unwritten indication of what con- 
cessions may be offered in 
Geneva. The Commission's 
negotiating mandate is llexiblc 
and talks at the EEC Foreign 
Ministers council in Luxembourg 
late last night showed divisions 
within the Community over con- 
cessions to offer. 


India plans 
to buy 
more steel 

By K. K. Sharma 

NEW DELHI. June 7. 
THE INDIAN Government has 
decided to import Sin tonnes 
of steel in the next live years, 
of which L2m ionucs are to 
be ordered immediately to 
meet local shortages, mainly in 
structural*. 

At the same time, the 
Government ha.- decided to 
establish a blast furnace at 
Vishkpaiflafli In Andhra Stale, 
to produce pig iron for export 

10 Russia. The Initial capacity 
of the blast furnace will be 
lm tonnes to be raised later 
to 3m tonnes. Eventually, the 
project will become a full steel 
plant 

India’s plans for steel exports 
remain uuaffecled and commit- 
ments already made — e.-peci- 
ally of billets to Iran, shipment 
of which has been delayed— 
will be honoured. 

• The Govemmenl-ifwnrd Bu- 
rner Lawric group of vonipanics- 
h3s won a Ks 40.5m contract 
from the Abu Dbnhi National 

011 Company fur part of a hiliv 
oil blending complex. The 
group will liUital pipelines, 
pumps, valves, blenders and 
electronic controls. When the 
blending process is completed, 
the group will provide con- 
tinuous filling facilities for 
packages of various sizes. 

Balmer Lawric has just 
completed a Rs 14m container 
plant for Calax in Duhai and 
has been awarded a similar 
contract by the Abu Dhabi 
National <IH Company. 


Trade terms ‘harder 



| BY DAVID HOUSEGQ 

| THE TERMS nf tr;de have 
{moved utorc iharr-iy against 
{japan in revert 1 y.-jrc than 
1 against either the l:.S. or the 
j EEC according U. new .--.jiistiis 
; collected by if"-* L’nucl Nations 
‘Conference *>n Trade and 
j Development < U XCT \ Li ■ , 

! The UNCTAD -e.*retar:al 
• offers no explanation for the 
i phenomenon, alilum:.'-: ihe re^on 
j would seem t fl h -- •< — -nL in j? i»jn 
! nf the severer impart on J..p;:n 
. — which Imports vuiual!^ its 
j fuel— of the i nere . 7 ; y.l 
; prtets and Japan*- oi.'e>-»s n 
1 holding down the lirn-e- oi :i£ 
j exports. 

1 Usin.U 1970 U-* 'hi. year, 

[the UNCTAD indv:. record- an 
•almost 30 per cent : in ihi? 
[terms of trade aaans: J.iyon by 
1 1076— the last year ( u - v.nioh 
] figures arc aiailuh-c. For the 
United States there v.i* a deeline 
of 11 points in th..- index and 
] eight points fur th..- EEC. 

I By contra -t 'uai-.- nil 
! .^porters had .> ihree- 

, fold improve;ne :i i m :n>->u- tyr:n.- 
; fif trade by 1076. Oi'ie;- J.*v»- ! op- 
: ing countries «utTervi .1 Jecbne 
I similar to the U.S .irJ Europe — 
I though there 11 a*. pr-ibaiiiy been 
,j further wursi-n:n -4 i - i their 
terms of trade then w.rh 

the downward tr- r .d m primary 
[commodity prie,-,. tfarde*t hit 
among the _de -. >.• ! r - 1 n ; eour.trtex 
jon the 1970 were :!ie 

small group of Asian 

countries elas-itb - 1 :a-t *ro-.v- 
.ing exporters uf rr.ar.ufar'.gred 
j goods. 

i The terms of «r.dex re- 

jlates the nnn v.-|«- exports 
1 in dollar terms unit value 


of imports. A more revealing 
■jointer as to which nations have 
successfully managed their trade 
accounts since the oil crisis 
emerges from the UNCTAD in- 
dex that records the purchasing 
power of a nation’s exports. 

From this it emerges, nut sur- 
prisingly, that the slrongest per- 
: tinners since the oil crisis nave 
been Japan and the fast growing 
exporters uf manufactured pro- 
ducts. The purchasing power uf 
European exports has grown 
more than that of the U-S. The 
sharpest declines were recorded 
by the poorest countries — reileel- 
ms their inability to match the 
increase in oil prices and of im- 
ported Western machinery* by a 
correspond ins growth in their 
exports. 

Thus, while the index has 
climbed 22 points m the 1970-78 
period for all non-oil developing 
countries, it has registered a de- 
cline of l 4 ' points for those with 
a per capita GNP in 1975 of 
under S300 and of 16 points as 
well for the 29 least developed 
nation;. 

The UNCTAD secretariat has 
l»t-en closely involved in the pre- 
paration of background statisti- 
cal material for negotiations be- 
tween industrialised and de- 
veloping nations over North/ 
South issues. Some of the mat- 
erial has been criw-cised by west- 
ern officials as loo supportive of 
ihe views of developing nations. 

Amongst other information in- 
cluded in the handbook are 
analyse* of the financial flows to 
developing countries from OPEC 
and OECD members and tables 
on trade barriers and preferences 
facing developing countries in 
mdukinalised markets. 


[PURCHASING POWER 
OF EXPORTS . _ 

VA1UE JKCSX CF tXPORTS 
DEFLATED BY UNIT WfJE 
I OF IKPQHI5 13713 = ICO 




50. 


1973 71 *72 '73 74 '75 '76 


TERMS OF TRADE 

UNIT VALUE PfflEA OF EXPORTS DIVIDED RV 
UNIT VALUE INDEX OF IViPORTE 
J37D=1D5 



1 

\ s 

■ I ■ • 1 


200 


1100 


197D '71 


’74 


— "• U. S. Major Oil E xpew-ter s 

EEC “= O t her Developing Count? ies 

Japan Fast Growing Exporters of Manufactures 


Using trade figure- 
UNCTAD sho'.Va that 
countries faced high 
tariff barriers in Jap 
either the U.S. nr I 
Japan the average 1 . 
on all products a raw. 
per cent as against ‘j 
in the US. and O'* ■> 
Europe. Fnr man'.tfac 


: for 1974, 
developing 
■:r average 
an than in 
11 rope. For 
riff barrier 
rited lo 4.:? 
T uer cent 
•;r cent in 
tired goods 


tariffs were h.ghest in file U.S. 
at S.3 per cent :»a against 5.7 T'cr 
cent in Japan and 3.6 per cent 
in the EEC. 

Hundhouh of 1 nierMsUonul 
Trade omi Dece.'i'pjriont -S:n- 
ll.ttii’.'t. Supplement I.OT7. 
I.WCT.lP Geneva end liic l iiilcd 
Vu I ion s .W.T York. 1 . 07 s. 



Mac* ,> 



t-’iifl up v/ould have resulted in a breach offered to Portugat’J 

, ' r '*7*>frrtjir« ; Ui. 

*oday ija • ' ; • ■ * * 

•■ivj'irLve . 

•*' a,- 


j Harland and Wolff n^tr 
agreement with M4N| 


MivUcd ihf hr 

F'r HARLAN D AND WOLFF, . the come to the negotiation.' The 
- Min > p^r; Slate-controlled Belfast shipyard, labour force there has ffflen by 
t is nearing the completion of its 340 to . the present 729^smce 
-7: i oiaw* 3 negotiations with MAN, the West March last year. - 
r - *:'u <3 ijjf. German marine, engine- builders The decline in the shipraH 
’•vm -2 ih? l- based at Augsburg, for setting ing orders for the yard and-; a I 
■: .rn; !?.?K?upa joint-venture company.-- concurrent drop in mirinel 
? i 1 - - wK* The deal wiU involve the roanu- engine wort has plagued Ha rlana 

• ’ 1 ; f ' '■ i' ff n factitre of 3 jnedium-speed Wolff . sinco la sf year. 

marine diesel engine. The final further ycdupdanciafi are' 
a <,= :i A--' e signing of the agreement is not expected the enqfie WQita 
expected until at least next week, within^the/ne.jrt two/nonths to 
•-i u^t-MAN will, make an announce- bring fte labour Tojfee down to 

^'.-Juient on Monday, ' • , _ „ 

-• ..1 j.;-« . . - .. . ^ _ Adrian Ttfcks adds from Bonn: 

r. * -• ts un .dersrooa that the a Wesr German consortium 

... . t marine engine will be roanu- compose? of Maschinenfabrik 
' 2 -factured at Harland and Wolff’s Augsbuag -a Nttmberg (MAN) 
" 1 ; : i,-/.i'*ffis»’® IUl| 8 engine works in Belfast a nd Sidnens'has won a DM 54m 
-T.' is. r. where it trill ensure the ton- order /or irrigation equipment 
r- ' .'• r tmued employment, of the work- from sigeria. The German com- 
*’m“i. force. In the medium term. panic# will supply six pump ing 

inn V- Government Ministers • In statims, with a total of 37 
■V::,-. 'i>x Northern Ireland are pinning pumps, to t. be Chad Basin | 
7. ' is. Their hopes for the future- .oE-the Reg$n*s irrigation system. 

engine works on a successful out- MApT capital spending; Page 25 

y.ts:" 

•: .. .l'.'- jr* 2 . 

V- ; *3 

*. .. 


In most o 

expor 



ew 




r ; pit * 1 *• 


Iran jiqiiid gais doubts 


fiiM 


Sr. 


BY ANDREW- WHITLEY 

. tiu {■ IRAN’S ONIiY operating scheme 
1 ■•.• •• to export' liquefied gas- has come 
to a halt? following the decisio 
' ' r: ' ‘'*-*L* to temporarily close tranocean- 
r. a Franco^Trimian' -company tran 

.Pltf * - — 


liqu^ed petroleum g 



: [J# 
V3i« 


TEHRAN. June 7. 

r an - outdated agreement with 
:e National Iranian oil company. 
The official reason for putting 
Iranoceaa on ice is. therefore, 
the lack of cargo at present But 
poor financial projections and 
competing demands from the oil 
secondary recovery programme 
appear to have played a large 
part as well. 

Iranocean — owned 50:50 by 
Gazocean of France and Iran's I 


portin_ 

(LPG): 

The worFtfs largest LPG ear- 
ner, the 70,000 .cabio metre Rafei, 
launched -in.December, 1976. at a 

cost of S50m, is to be laid Ujf to gazocean ot J? ranee ana irans 
France. According to /the ^ate owned National Petrocbemi- 
Englisb-language Kayh^ Inter- ca j company — was set up three 
national, plans to -seil_ the? Ran ygjj.. ago with high hopes, but 
and liquidate Iranocean ^ ^ became dear that it was 
altogether have been .shelved ^noing into difficulties. No new 
afler shipowners refused to bid ju-^prs- were placed -for LPG car- 
for the vessel. - . -rfers'. and the R'azi itself is 

Iran's ambitious, plans to reported to have made only one 
become a major exporter of ass a- commercial voyage— transporting 
dated and . non -associated g3S Saudi Arabian and Kuwaiti LPG. 
A three- year, del ay in setting up Kayhaa International reports 
the giant lran/Japao petrochetm- the company as having debts to 
i-a tt& cal complex in southern . Iran, French banks totalling nearly 
which will produce LPG as-a. by- S30m. Most hopes now appear to 
.--..j,; 1 '. product, has combined with the- be pinned on the French Govern- 
,7" -_;p fact that most of the country’s ment agreeing to a moratorium 
P associated gas is currently taken on the loan for the construction 
■' ' by the "Western oil consortium of the Razl. The first repayment 

.,riW :r operating here, under the terms’ instalment ts due shortly. 


f/i:: 


BilC” 

s 




Call to adopt ‘Afrodollar 5 \f Ui OMiM ie 

BY JOHN WORRALL NAIROBI, June 7. ^ 


BY JOHN WORRALL NAIROBI. June 7. 

■ , r jss AFRICA SHOULD adopt its own Mr. Braitfcwaite . pointed out 
i"- 0 ■* . ,+ vcnJon of the’ Eurodollar or the that many people were offering 
Asiadoilar to avoid the infla- assistance to Afncan insurance 
*-r .«: ■ tionurv influences of the U.S, men, hut “the experience we are 
1 ^“'7' * dollar and sterlinc. says Mr. gaining -from doing our own 
3 Jj;r itf T A. BraithwailP thine ourselves must be consul i* 

1 ' brokers T. A. S 
Lagos, Nigeria, 
n? i'. -j! Mr. Braitbwail 


Building on strength. 

Vidacrs limited Vickers House MUJbank London SW1P4KA 


: ;v- * 

■.,,ic * 


P l '“‘ 1 dollar ana sterling, saya »r. gaiuuig uwu ““*“5 «—■ - 

T A Braithwaite of insurance thing ourselves must be consoii- 
- brokers T. A. Brkithwaite of dated so that when we deal wiUi 
r ,: ‘ " ' igos Nigeria. the developed world and their 

c «■>* Mr ’ Braitbwaite, who is a large markets we should be sure 

7 rf? Nigerian, was addressing the we are obtaining as full an 
. f*,; > African Insurance Conference in advantage as possible. 
f ; Nairobi yesterday. He said, “W e On remsunrooe, Mr. Braith- 
■d 5-V should insist that our reinsur- waite said examination of the 
ani-c treaties are settled in this- exchange of reinsurances be; 
n# currency which would cross tween developed and developing 
■ tW international boundaries without country would show a net out- 
v iiuJtuation, so that each market flow, of premiums from the 
> can stay with its own inflation.” developing countnes. 

’ ^ 
r • 

'SI 


Optimism over Geneva 

^ ■ nrml/ , 'PnM T.iH 


' -Jli 
1 ■" : 

Vin? :: 


:-C ’'<■ 

. 

vJ -r! 

0 

fk 


:V't 

ts 


BY DAYH3 BEU. 

THE BASIC political questions 
in’ the current Totind of Geneva 
trade talks will probably be 
resolved by the middle of next 
month, Mr. Robert Strauss, the 
U.S. President’s chief trade 

negotiator, told reporters today. 

But he added -that the U.S. 
is still not happy with the atti- 
tudes of the EEC and some 
developing countries on agn cul- 
ture and that Japanese agneul- 


WASHLNGTON, June 7. 
ture was presenting difficulties 
-over subsidies. 

Mr. Strauss said: “On balance, 
we are pleased with where we 
are,” He expected that an 
agreement would be presented to 
Congress in mid-January. 

He said negotiators were 
making significant progress on 
subsidies and countervailing 
duties, but did not indicate whatj 
tha t would mean in practice. 


FurifagicfapoaficB riant IM mo t imiuA fcawMfe Please write to address i&own. 


Last year.the Roneo Vickers Group achieved its best ever record of export sales, 
selling office equipment and systems right round the world. 

Even more important than this was that our biggest successes were 
achieved in wliat are traditionally known as ‘tough markets'. 

In the highly competitive European markets, for exa mple, we’ve 
become one of the world’s major suppliers of franking machines 
and other mailroom equipment. Postal franking machines are 
amongst the most complex of all office equipment to market and 
are often subject to exacting local Post Office regulations 
Hie fact that we've made our biggest single sales increase 
in West Germany- where standards are very demanding - 
shows how well we’ve met this challenge. 

- Office furniture of all types, duplicators, automatic 
stencil cutters, and complete mailroom systems that 
do almost everything except write the letters, have 
increased our share of world-wide office equipment 
business. And it’s to meet the demand for products 
and skills like these that we are currently building 
anew £4 million factory for the Roneo Vickers 
Group at Romford. 

- Roneo Vickers is just one of the six operating 
groups of Vickers which cover OQshore 
Engineering, Howson-Algraphy printing plates and 
supplies, and Engineering in the UK.' Australia and 
Canada. However diverse their products, all these 
groups have one thing in common — they are building 
on strength to win even bigger sales successes tomorrow. 


ftiv- t«" 

UiV. - 




I 


HOME NEWS 







Car industry fails to 

meet higher demand 


BY TERRY DODSWORTW, MOTOR INDUSTRY CORRESPONDENT 


MAY was another buoyant 
month for UK car sales, with 
Ford leading comfortably. Im- 
ports, however, rose from 42 per 
cent a year ago to 46.2 per cent. 

The high imports figure shows 
that the British industry failed 
to capitalise on the general im- 
provement in sales. The UK 
companies saw their combined 
sales drop from 7L6QQ units a 
year ago to 68,000, though over- 
all registrations rose from 
123.500 to 131.000 units. 

British Leyland's per- 
formance was disappointing 
again, with registrations declin- 
ing from 32,000 cars a year ago 
to 29,000. though sales of the 
Bover and Jaguar lines improved. 


Chrysler’s registrations rose 
from 7.301 a year ago to 9,175. 
and Vauxhall’s from 11.672 to 
11,836. but 3,472 of these were 
imported Cavaliers brought in 
from the group's associate plant 
on the Continent 

Among the ' importers, the 
Japanese market share dropped 
sltebily from 10.6 per cent in 
May 1977 to 10.4 per cent this 
year. 

Their overall sales Tose 
slightly, from 13,103 to 13.647. 
Toyota. Honda and Colt improved 
■their registrations, while those 
of Mazda and Datsun fell back 
slightly— Dateun's from 7,787 a 
year ago to 7,554. 

On the five-month figure. 


Japanese car sales ore still well 
above last year’s (83,300 against 
55,000 a year ago> and the mar- 
ket share is well up (from .9.1 
per cent to 115 per cent). 

But the industry expects that 
shipments from Japan will con- 
tinue to decline in the next few 
weeks following the agreement 
between the British and 
Japanese Governments on firm 
limitations. 

The Ford Cortina continues to 
be Britain’s most popular car, 
followed by tbe same company’s 
Escort model. Ford sold 14,419 
Cortinas last month, and 10,005 
Escorts, with the Morris Marina 
coming third, with 5,955 registra- 
tions. 


UK CAR REGISTRATIONS 


Ford* 

British Ley land* 
Vauxhall* 


1978 

35,429 

28,983 

11,834 

9,175 


May 


5 months 


26.98 

22.07 

9.01 

4.99 


1977 

32.940 

31.986 

11,472 

7,301 


26.49 

25.90 

9.45 

5.91 


1978 

201,173 

173,840 

59*893 

49,034 


/a 

2732 

23.61 

8.13 

6.66 


ended May 
1977 
162,178 
149,983 
57,484 
35,023 


% 

26.96 

24.93 

956 

552 


Total Britiih 

68.067 

51.83 

71395 

57.98 

391,673 

53.19 

341330 

56.79 

Datsun 

7,554 

5.75 

7,757 

639 

49,631 

6.74 

32394 

5.47 

VW/Audi 

5,723 

436 

3365 

2.73 

26,406 

359 

20,815 

3.46 


5,670 

4.32 

3,924 

3.18 

30392 

430 

27,250 

453 

Renault 

4,757 

J.62 

5.452 

4.42 

31,707 

431 

26365 

4.42 

Total importsf 

63J264 

48.17 

51.891 

42.02 

344.656 

4631 

259,924 

4331 

Grand total 

131^31 

100.00 

123,486 

100.00 

736329 

10030 

601354 

100.00 


■ Indudn can from companies' Continental associates which are not indudod in the total UK figure, 
t Includes Imports from all sources, mdudlng cats from Cootmentri associates of UK companies. 


TUC urges tougher line on EEC 


BY MICHAEL CASSELL 


THE TOC yesterday called on 
the Government to use the UK's 
position as a major energy pro- 
ducer as a bargaining counter in 
the formulation of EEC policies. 

The call came at a meeting of 
the National Economic Develop- 
ment Council, which was largely 
devoted to examining energy, 
policy. Trades union representa- 
tives stressed that Britain, 
because of its prominence as a 
primary energy producer, was in 
a very strong position to in- 
fluence a wide range of decisions 
made by the EEC. 

Although it was not specifically 
mentioned by them, the unions 
want changes in the Common 
Agricultural Policy, for example, 
and believe that this is one area 
in twhich the UK's ‘’muscle 
power” could be employed. 

But Mr. Anthony Wedgwood 
Benn. Energy Secretary, re- 
minded them that the world had 
an excess capacity of fuel supplies 
and uhat the UK's ability to use 


its strong position as a bargain- 
ing point was fairly restricted. 

Earlier. Mr. Benn had told the 
meeting that the UK's prospects 
for sel (-sufficiency in energy 
represented a “ potential 
strength.” Energy investment 
was running at £3$bn a year, and 
although the country still faced 
an energy problem, H was not a 
crisis and the situation should 
not be dramatised. 

Energy policy options, Mr. 
Benn said, would be kept open 
as part of a flexible approach to 
the subject, a view welcomed by 
both trades union and manage- 
ment representatives at yester- 
day's meeting. • • 

In response to concern about 
a steady flow of work for the 
energy-producing and related 
industry, Mr. (Benn said that he 
Lot ended to open 50 blocks a 
year for North Sea exploration, 
in line with previously stated 
policy to announce small and 


regular rounds to ensure a 
steady depiction of reserves. 

Apart from discussing' the 
Green Paper on energy policy 
published earlier this year, tbe 
council also examined a docu- 
ment, drawn up by tbe National 
Economic Development Office on 
its implications for industry. 
Tbe paper underlined the fact 
that tbe UK now has the highest 
energy consumption per dollar 
of gross domestic product of any 
country in the Western world. It 
said that while energy savings 
had. until now been confined to 
small, specific improvements, 
major and difficult. decisions in- 
volving heavy capital expendi- 
ture now had to Ibe made. 

Tbe council also discussed 
another paper on overseas in- 
vestment The TUC called for 
more case studies on the subject 
■and it seems likely that the Gnv- 


BB : order 

is vit al 

test for 



BY lAbr HARGREAVES 


BRITISH Shipbuilders' recently 
proclaimed policy of diversifica- 
tion into work for the offshore 
oil industry faces a crucial test 
in the next few weeks over 
British Petroleum's decision on 
whether to. place a £50 m order 
with the corporation. 

The battle for the order, for 
an emergency- -support vessel.. to 
serve in. BP*s Forties Field.- has 
been narrowed from an initial 
seven yards#. Scptt Lithgow of 
Port . Glasgow,' a ’ British Ship- 
builders company, and Harland 
and Wolff, the Belfast group, 
also. stateAwned but not part of 
jthe corporation..- .. 

If Scott wins the order, some 
of the steelwork will he d° ae a * 
the nearby Govan yard. 

Fin a], prices for the contract 
will be quoted in the next few 
days. BP is expected to announce 
a decision .by. August 

Scott Lithgow is pinning great 
hopes .on winning the order, 
needed to fill berth space to be 
made empty when the final sec- 
tion of a Niarchos supertanker 
is launched next spring. 

Tbe Clydeside company has 
assumed lead-yard status no off- 
shore matters within British 
Shipbuilders- because of its 
experience In building other 
types of oil exploration craft. 

Scott Lithgow has never built 
a serai -submersible structure of 
the type being 'specified by BP. 
but it has some experience of 
platform' design.' 


BY ROY HODSON 

IRON AND steel-making will 
cease at tbe Shelton Works of 
British Steel Corporation. Stoke- 
on-Trent, on June 23, when the 
works annual. holiday starts. 

British Steel estimates that it 
will save £12m a year by stop- 
ping the high-cost production at 
the plant 

Angry words were exchanged 
at British Steel headquarters yes- 
terday when the corporation ex- 
plained its intentions to the TUC 
Steel Committee. 

Union leaders accused .the cor- 
poration of presenting the 
closure of the plant as a fait 
accompli. 

All previous _ British Steel 
works closures in the last few 
months, part of a crash pro- 
gramme for the corporation to 
restore itself to financial via- 
bility, have been carried oat after 
full agreement with the unions. 

Mr. Bill Sirs, chairman of the 
TUC Steel Committee, and 
general secretary of the Iron 
and Steel Trades Confederation, 
left the meeting after an hour 


Emergency 


To be - able to build the emer- 
gency 'and - maintenance vessel. 
Scott's main Kingston yard 
would. have ’tSj; Jg* strengthened 
at a cost of £3to. ' 

Harland and - Wolff, on the 
other hand, could build the 
vessel using existing facilities 
and this may confer a slight 
price advantage on the Belfast 
yard.' 

Harland also has the advan- 
tage of having built one of the 
very few British-built semi- 
submersibles, the Sea quest more 
than 10 years' ago. • 

Delivery dates; also crucial to 
BP,, are thought to be about 
three years, f dr. -both builders. 

Between 10 and -12 emergency 
support and maintenance vessels 
are expected to- be ordered for 
the North Sea in the next few 
years. Shell’ is already talking 
to British yards about a similar 
vessel. Scotf Lithgow and 


High costs bring Shelton 
steelmaking to an end • 


saying that there would be an on compensation and redundancy 
early special meeting at the TUC payments, so that tbe plant can 
to discuss Shelton. be officially declared closed. ■ 

Workers there lobbied the TUC Iron- arid steel-making at Sbel- 
rep resen ta lives. and 7 again fan is one casualty of theiriter- 

pressed their case for the. old .national steel recession. ‘“/.The 
steel-making plant to be replaced works has suffered in particular 
by a new electric-arc furnace, -rfrom measures against: steel im- 
After June 23 the 1,50(1 wor- ports Into America;' 
kers making iron and steel at Tb e UjS. trigger-price \defeia- 
Shelton will be employed on give moves against Imported steel 
other work. have made it impossible for the 

The shopfloor men will receive high-cost Shelton .' steel to cosar 
guaranteed weekly payments, in- pete in that market. - !■ 

eluding shift rates of more ; than ^ estimated saving Of £t2m 

90 per cent of present earnings. a year by cloang thl pitot is 
. The 600 workers at .Shelton based on an annual production 
rolling mill will not be affected, of 164000 tons. : 

BSC intends that this part of the ' _ " ' - . : 

plant, which is modern, shall _The Shelton Works —Action 
remain in production. Committee claims that its plant 

workers are kept lo employment S %LrT ; after 

after ateePmaklns ceases ttere.- «™» r fosre of BK oVeSeS' 
The corporation hopes that expenses, for. shies forces and 
negotiations can be completed other services, had been taken 
quickly with the unions to agree into account. :i-" 



to invest 

-■ _■»*** «- ■ ■* . ’i, 

in 


“ ^Y JOHN LLOYD 

the _ Failure; of camnirm. . 

Market: TSi^rgy LVsmt* * to 
agxee last -week on a plan fa E 
subsidising coal .. :was. blaniefl 
yesterday on_ .Me.- Anthony 
Wedgwood Bbim, Secretary - 
. Statfcfpr. Energy. • . _ . j-_ ■■ v -- =v 
■- Speakfafr .at ~a_ conference 
coal, orgamaed-hy the CCnsem* 
rive . Party in Nottingham.- Mr 1 
Tom- JSng, ;the Shadow Entrst- 
Spokesman,, said , it , was! ■-**«[ 
another -expensive consequence 

°£ Vtoftl lack of gDod^n ‘ 
.-earned by the secretary of Stain 
acotmg ohr European partnezs}? . 
-. He -indicated partial agreement 
with.'.- J&v - 

/reader in Geography, at Univer- 
sity College, London^ who chal- 
lenged the present .rate of expa*.. 
SPn In. . coals prodactioli: Mr 
Maimers : argued-tbatdemandtn 
the electricity, . ipdurtry ‘ 

NCB.S biggest.customer-wouuL- 

fall. leaving: atetd-inkrket in to* - 
mhH 9S0s-pf<aroun d.80(n tozuifts: 
55m tonnes less- than-ihe NCR 
forecast,"' . ,-i.- . .. u ■ ' 


NEWS ANALYSIS— BARCLAY’S - BRANCHES 


The route to rationalisation 


- ' Mi 


BY MICHAEL. ELAN DEN 


THE DECISION by Barclays 
Bank to close some 130 branches 
and sub-branches and reorganise 
a further 480 follows a lengthy 
appraisal of the bank’s network 
over a period of at least IS 
months. 

The result, after consultations 
with .the bank's regional and 
local officers and with staff repre- 
sentatives, looks rather less 
drastic than appeared possible 
when the plans first emerged 
last November. Tbe number of 
closures planned is relatively 
small in relation to the group’s 
UK network of some 3,000 offices. 
It will be phased over a fairly 
long period of 12 years, and will 
be offset by the bank's normal 
programme of new branch open- 
ings. which, recently, has been 
running at 20 to 30 a year. 

Nevertheless, the changes will 
involve around a fifth of the 
group’s domestic network, and 
the decision is a further sign of 
tbe new thinking which Is taking 
place in tbe banks about the 
proper structure of branches. 

Branches are still the major 
source of the banks' deposit 
funds, essential to support their 
lending activities, and their main 
point of contact with the public. 


is tiie past few years which have 
brought increasing pressure, on 
the banks. It has become, dear 
that in the years immediately 
after the second world war and 
up to the early 1960s the branch 
networks became overblown in 
relation to present requirements. 


Pressure 


The situation began to change' 
with the big banking mergers of 
the late 1960s and with :the dis- 
closure of ' true .profits. Tbe 
mergers, for those - -banks in- 
volved, required quite extensive 
rationalisation partly to sort out 
duplication. 

Disclosure of true profits high- 
lighted the Importance^ .to the 
banks of profitability rather than 
sheer size. Coupled with the 
rapid expansion of the - services- 
being offered by the banks to 
include activities snch as instal- 
ment credit, leasing and advisory 
services, the changes ' brought 
growing pressure to make better 
use of capital investment » . 

The issue came to a head, "with 
tbe sharp inflationary pressure 
of the past few years. JThis 
increased enormously the ' casts of 
running r the branches Cand 
particularly of providing ;the 


basic . money . transmission entimsiasm &rto the 'race to bH-’ 
services which are the foundation the biggest-ig terms of branch", 
of the banking business. • • • spread. Midland has ahead* ' 

The effect of inflation has been lmdemken a number of expeH* • 
to make the funds -attracted ments. Which It intends to 
through the branches look less extend, with a form of satellite . 
and less cheap; the current banking. . . J ; . •• •> 

account balances, though interest v * • 'mV 

free, are reckoned to cost at least .- V ■ - ■. 
the equivalent of ? to 8 per cent V ‘ _ MOO&QF' 1 ' : ' 
in overheads. . 7 . - . - • v • ' ' M-r 

At the same time the inereas- • , - . - 
log sophistication ^ large taS ' 

depositors and the banks’ grow- r*”—™ 5 

ing reliance on the wholesale 

■ 3 “ ttftSXA » 

■ This increasing . burten .was; w JSt ^In - 
tolerable as long as high interest ^ terms ^ 

rates enabled-the banks ethLPtetwJlty- .. ... 1--^ - 

substantial profits - froirf--thc -J ts other move Involves bafli.. 
endowment effect of the 'Wideff ter up a - total: fit 190 larger- 
ing margin over the fixed -ebst' of : biratich6s .10' proyide the. mort' - 
current account funds,. /.Bst; the complex serttees requiredin to^' 
sharp drop in rates laStyear, as main industrial ahd eommeraal - . 
well as maiqng life, difficult in_ centres ~ by - tbe-' corporate cn* ' 
competing rvwitb the buUding turners, . while. downgredu^-:* 
societies, underlined- the need for gnbtiier ^ tt a more limited - - 
making more > effectwe use: «>f range of services, for personal : 
branches. ■».**•. . customers mainly- m the resides-^ . 

^ Among - the hadksi -NatWtet, tiaiareas-^^Ihe service, the bank . 
because-oTfis history; Is probably . plansi.wift.be; helped by its pA-- 
jhss immediately concerned with gramme" of ^ ^nstsffiug Barclay- 
the problem, white Lloyds never-bank dispensers outside strategk — 
entered - with quite . the same branches. , 



from the Greater London Council 


computer. 


House hunting is always a 
headache, but the Greater 
London Council has a bit 


than most Its Housing S< 
involves allocating council 
houses and flats as fairiv as pos- 
sible amongst thousands or 


its out a letter inviticg the ' 
lily to visit the suggested ■ 
location. Following it keeps 

track of whether or not the . 
suggestion was acceptedlfit . : . 
wasn’t, family and flat go back to 
be matched again. _ _ 'STT . 
Sometimes two families 
each 


of allocations they can deal with 


eefcing help aie ideal for 
others’ houses. The comp 


uteris 




as well as others whose ^ 
families, illness^ change of wort 
or adaptation problems oblige 
them to move . The connal 
currently receives about 1500 
requests a week for uzgent accom- 
modation. 

The fiefc that the council 
can cope^ is largely due to an 


suggestion for a mutual exchange. 
The GLC says the number 


Dnstnevc 

• has doubled thanks to this 
system. And since the computer 
provides a more scientific 

■ matching process, there is now a 

• higher-acceptance rate of the 
allocations made. 

Plans are in hand to extend 
the system for lettings enquiries 
to ten more districts. And just 
recently, the system won the 
British Computer Society^ 
award for the UK system of the 
“Greatest beiefit to Society^ 


IBM counter system, installed 


in 1974. Housed at the GLCs 
headquarters in Central London, 
the computer is connected by^ 
Post Grace lines to terminals in 
8 district offices. Into the com- 
puter are fed details and personal 
needs of families seeking re- 
locatibaThis data is stored by 



location policy and each 
family's situation, the computer 
helps establish a priority order: It 
then Searches through its data on 
all the bouses and flats available, 
matching families’ requirements 
to property characteristics in 
accordance with the priority 
schcm&The computer even 
hdi 
to 



Antwerp is one of the 
busiest ports m Einope i 'When 


foe Antwerp coimril acquired an 
* irt be< 


IBM compute^ the port became 
one of the system’s mainareas 


The computer is used for 
the entire port administration. 
This includes the cqritrpl of 18 
■warehouses containing equip- . 
ment and spare parts needed to 



keep the port in operation. The 
computer produces invoices for 


IBM in Europe 
is 90,000 Europeans. 


There are over 90,000 IBM ~ 
employees in Europe. They woric 
at 7 research and development 
laboratories, 7 scientific centres 
(which are usually associated 


IBM employees benefit 
from our full employment prac- 
tice: when skill or woik load 
requirements change, employees 
are retrained so they can move 
to different sectors of our busi- 
ness. All IBM employees in 
Europe are salaried... and ah share 


with local universities), 14 manu- 
facturihg'plants, 26 support 
centreSj Over 150 computer cen- 
tres and over 300 sales locations, 
throughout Europe. 


urope 

excellent benefits plans. This 


iis plans, bnis 

advertisement, TBM Reports” is 
designed to help you better 
tand how the products 


uni 


and services these employees 
tfoduce are used in the United 
lorn and throughout Europe. 


produc 

Kingdc 


; xriria tngbirieET^ " 

calddares the salaries^tkres and 
pensions of all councii workers, ; 
ahbut^l2^p0 people. 1 Itcorriputes 
, tiie hrivafopenskms of over ; ‘ ' ' 



situation.' It does^he entire 

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Financial Tones Reporter 

MOST PEOPLE ia Britain feel 
tliai they Jare too highly taxed, 
according to the Jane issue .of 
Money. Whidi? the consumer 
magazine. 

Bnt Britain ranks' near the 
middle .of the inteisatiooBl tax 
league table. -;•••- 

Out of a surrey of 1.500 people. 
Money Which? found that 68 per 
cent thought they were paying 
too much tax. .. . 

-One reason may "fee = that a 
growing proportion of uses 
comes from income tax. This 
is more unpopular- and ' more 
"painfully risible"' than- some 
other taxes, says the magazine, 
which calculates that 47 per cent 
of the UK tax yield copies from 
income tax— rtwice as much as. in 
France and Italy. 

Britain's high marginal, tax 
rates also hit the very rich and 
the very poor far harder than 
elsewhere in the world. 


BY HAUL TAYLOR 

SOPHISTICATED . TANKER 
navigation, equipment . including 
automatic warning devices, repre- 
sents avowing threat to tanker 
safety n it is used to replace 
1 rather than sup plutheht human 
[checks, mi. Commons committee 
j was tol<£ yesterday. : . 

; The .Warning,. ‘ delivered to 
MPs im^stigatina. tanker safety, 
came frflm Captain Ralf May* 
bourn, operational manager for 
British Petroleum tankers and 
presidentelect, of the Royal 
institute *f Navigation. • - 
Caplauc Maybourri. said 'tech- 
nology si&uld be used “iateili- 
gently ” "Aut warned against 
assuming j4hat technology could 
“ superset co.mpetcnr . man- 
power." fJavigfltion equipment 
should ok used as it was 
designed. % an aid to navigation, 
I and not a nhstixuie for effective 
manning, health 
1 The Ro-.^ Institute of Naviga- 
I tion also infcj the committee that 


it is cnnccrnci with a decline in 
manning standards on vessels. 
Captain A. N. Cockrell, a senior 
navigation lecturer, said he was 
" v*»r>- concerned " about ihe 
standards or manning on super- 
tankers. 

He hian>»d the worsening situa- 
tion on automation and a lack of 
skilled personnel. International 
safely organisations recommend 
that there should be at least one 
seaman and one navigation officer 
on watch .it ail limes. 

Rut Captain Cockroft said K* 
knew «*f two accidents in the 
Gulf when there had been one 

or even iid crew mem hen- on 

xvaieh during the "vital minutes 
before the incident." 

The Commons committee also 
heard evidence from Rear 
Admiral David Huslani. Hydro- 
graph? r of the Royal Navy. Ho 
told the MPs that in 1974 unly "4 
per cent of British coastal waters 
iiad been surveyed to modern 
standards, but this figure had now 


been increased to 2$ per cent, lie ] 
warned that it would be 72 years. . 
at present purvey rates, before | 
ihp job was finished. 

He blamed the delay in up-j 
dating charts, many of which | 
dale from I9UD. on poor weather | 
last year, and the fact that new 
sidi>Kt-au sonar equipment is so 
effective that more wrecks have 
been discovered and these take 
time to examine and chart. 

Rear Admiral Haslam said he 
still had ton few ships, and 
trained personnel. 

Mr. Cotin Humphreys, assis- 
tant under secretary of Naval 
.staff at the Ministry of Defence, 
told the cuinniitlee that the 
annual running costs of liic 
survey fleet were £10.5m and 
that it wnulti probably cost £50m 
and take up to three years to 
}»rinq the fleet up to its required 
strength. „ , 

• The annual report of the 
Hyd rug ra filter's division is due 
to" be published this week. 


Surplus cut to £173m 


Paying dearly 


Many companies may- pay ton 
much for gas. electricity and tele- 
phone -services. Mr. Graham 
c ‘o the r.- Pusey. general manager nf 

0 f?nnw. National Utility Service, claimed 
Aland : yesterday. He said reports of 

1 numaEiV huge errors in commercial -users' 
:'r, l01 j electricity bills were"* the tip of 

ufora,^ the iceberg." • - . 

Lorrv licence olea - 

fftflott New ^wnsinaf resrulsTions for 
tUUtal the road haulage industry to pro- 
tect road hauliers while main- 
Alike. I*. taininjL . customer choice,, has 
■tfvp* been called for by the National 
>‘.r rev ax Freight Corporation in evidence 

■••i ;o z aiie to the Foster Committee which 
c-.Ti The ut investigating- the ^-licensing 
»C Ml,- system. 

■-r.ii.ti ic Trailer sales " 

:itfr;.naliaK a 50 per cent rise in refrigerated 
articulated trailer safes oven -the 
next four years was forecast ye«- 
.-.r uJ'tfirdav by Mr. John Peck sales 
.- )T L V director of York Trail «*r. when he 
launched the York. Fridge tnasrer. 

i!r.- TSfn^ftr V«>k rwT7*e 

• i^a y par's intensive investigation 
a»-bv British Nuclear; Fuels- has 
.-•:r ;.v:- :k ic.f ailed.. to discover the source nf 
•n..vy ite sihe leak of radioactive water 
T--: 'iss* '’-from a Windscafe concrete siin 
; i.- ivdSircontainiue the outercasings of 

• r i i : in V spent atomic- . ;fdel elements. 


J THE COMBINED surplus on the 
UK current a#d capital accounts 
j narrowed sharply,' during. ' the 
'first three uiuSihs of this year 
| to £173m. erippared with a 
1 quarterly avci&c of £I-Sbn 
! during 1977. $<Tbis .'reficiied 


adverse mover 
I accounLs. 

, The fixst-quar® 
(iished by the Cflijj 
J Office yesterdays 
I revisions to' the 1 


its on both 

• figures; pub- 
eral Statistical 
•also include 
irlier monthly 


estimates of the current account 
with a £54m larger visible deficit 
and ,i £31 m smaller invisible 
surplus 

Tlii? result is a first-quarter 
current art-nun ( deficit ««f B05 iii, 
rather than £220m. as first esti- 
maU-iJ. 

Huh ever, there have been 
favourable revisions to earlier 
fiyuri-s and the current account 
last year now turns out In have 
been in surplus by flfiSm, rather 
than by £35m 'In deficit. 


yi ■ 




-3,510 -1.612 
+2^51 “1,777 
‘ 859 


-3.129 
■ + 360 


i • 'i;' 

[ Current account . ^ 

. Visible balance > 

I Invisible balance f 
j CURRENT BALANCE 

- ■ £- -■ 

Current balance 
Investment and orher 
capital transaction; 

Balancing item ^ 

BALANCE FOR OFFICIAL /- * 

FINANCING 7 3(428 ~ 7(36 1 

^ifflcial Financing - ■■■■■ 

Net transactions with: • • 

IMF • . - -r- *-« *3 

; Other monetary '-^.= ? ; M 
authorities - r*,-*.' - ^ 

Foreign currency borrowing!:- - ■ 
by HM Gover nm ent* — 

by public. sector. under,. .g-2._ • • 
exchange cover scheme 

Official reserves r J 1 '-= - 

a. 


BALANCE OF PAYMENTS 

£m 1977 1978 

- •1976 1 977 3rd qtr. 4th qtr. Istqtr. 

. i Seasonally adjusted 


54 + 45 - 574 

483 -i 441 -'-269 

-r 165 H- 537 + 486 - 305 

- < Not seasonally adjusted 

- 859 t 165 -i- 531 + 508 -416 


4357 -f 1,103 
2.839 H- 974 


H-7^255 
+ 169 


-r 33 
+556 


+ 871 


-2,608 +1.932 +173 


214 — — 


287 


+46 


Monetary 

controls 

‘unreliable’ 


BY DAVID FREUD 

MONEY supply largcls arc an 
inadequate measure, in theni- 
selvt-s, of the UK's financial 
stability and the range of controls 
possessed by the authorities are 
insufficient to achieve them, says 
Phillips and Drew. City brokers. 

A responsible monetary policy 
should not he aimed solely at 
achieving :i prowtli target in a 
financial statistic, bul towards 
stabilising financial conditions. 

The firm argues that authori- 
ties have no means uf exercising 
any degree or precise control 
over domestic credit expension 
fDCE) or the growth in sterling 
M3. 

Boih measures depend on the 
volume of purchases of public 
sector debt by non-bank private 
investors. 

The practical difficulties of 
regulating these purchases " have 
clearly been so great as to make 
this weapon of monetary control 
highly unreliable." 

The firm says that to gain 
control of M3 and DCE the 
authorities would have to reform 
the financial system extensively, 
possibly introducing a tender 
system of selling gilt-edged 


Petrol 

price 

fears 

allayed 

By Elinor Goodman, 

Consumer Affairs Correspondent 

MR. ROY HATTERSLEY, the 
Prices Secretary, has appar- 
ently accepted oil company 
arguments . that ihe recent 
reduction in dealer support 
would have only very small 
impact 00 the price of petrol. 

After hts meetings with oil 
company leaders yesterday, the 
two sides seemed to have 
agreed that the whole issue 
has been blown out of propor- 
tion. ^ „ 

The recent changes m the 
amount of money which the 

oil companies give to garages 
under competitive pressure, 
were little more than routine. 

Mr. Hattersley had asked 10 
see the oil companies after 
reports that Iasi week's reduc- 
tion iu dealer support would 
cause price rises u! 2p more 
a gallon- Yesterday he saw 
Esso and BP and Lod3y he will 
be seeing Shell. 

Yesterday Esso produced 
figures showing that in a 
normal month they made 
several hundred changes to the 
amount of money ghen lo j 
Individual ganittes facing tough . 
local competition. 

It is this money which . 
enables petrol stations to cut j 
their prices. Both companies I 
argued that it was standard 
practice to alter this amount, 
depending on the local com- 
petitive situation. 

First order for 
new platform 
company 

By Kevin Done 

REDPATH De Groot Caledonian, 
the newly-formed oil platform 
construction group, has won its 
first order since tuning over the 
Redpath Dorman Long yard at 
Methil, Fife. 

It has been awarded the £2m 
contract to build a wellhead 
platform for Shdl/Esso's North 
Sea Fulmar Field. There was 
strong competition from yards 
in the UK. Holland and France. 

Mr- Jaap Spoelstra. chief 
executive of I»GC. said the piai- 
iForra should provide continuity 
j of work for the 650 employees 
at the yard until the end of 
1978. 


Building output 
drops by 3% 
in first quarter 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 



THE VALUE of construction 
output in the first three months 
of this year fell by 3 per cent 
from the level in the previous 
quarter, said official statistics 
yesterday. 

I The Department of the 
Environment stated that value of 
1 contracts carried out m the 

• January - March period, in 
! constant price terms, was up ■? 
i per cent on the same period a 
■year ago. 

; Contractors carried out work 
; worth £3.45bn in the firs: three 
! months of 197S again.-*, a current 
1 price total for the previous 
I quarter of £3.5-bn and of tJ.OSbn 
. ia the first three months uf 19. t. 

> New work uutput in the public 

* housing sector m the fir?t quarter 
j of this year was 9 per cent lower 
: than in the preceding three 
j months and down 7 per cent on a 
I year earlier. New private housing 
l was down 3 per cent on the 
I previous three months but 
| showed a 10 per cent rise on 
i January-March 1977. 

’ The Department estimate that 
J eons: ruction in the puhkc sector, 
j excluding housing, showed j 9 
1 per cent faii from the last 
: qujrtcr of J977 and o; «> per rent 
i from the same period :i :-ear ago. 
! New private industrial output 
I was 11 per cent sower in January- 
i March I97S than in the preceding 


quarter and 2 per cent down on 
a year earlier. New private com- 
mercial output was uown by 5 
per cent on the previous quarter 
hut up 5 per cent od January- 
March 1977. 

The value of repair and main- 
tenance work in thv housing 
sector carried out by contractors 
was tip 4 per cent :n the first i 
quarter when compared with the : 
previous three month- and IS per ; 
cent better than a \t_ar before- • 

The provisional ■.■ciniate °f i 
the number of employees in ! 
work in April in the industry . 
showed no change o:. January.] 
U was 4 per cent higher than a : 
year before. : 

Jobs release ! 

applicants 
‘have doubled’ 

THE NUMBER of people taking 
up the job release scheme had 
more than doubled since it was 
extended throughout me country. 
Mr. John Golding. Parliamentary 
Under-Secretary State. 

Employment, said ycs-lerday. 

Latest figures sb>>v.'cd that 
1^6,347 people had taken advan- 
tage of the scheme. Mr. Golding 
told Mr. Max Madden. Labour MP 
for Sower by. 


By John Brennan, 

Property Correspondent 

AN iTSSin sale of 20 properties 
to the Hambro Property Funds 
takes Town and City Properties' 
total sales in the p.ist four years 
over the 1310m mark. 

The i'laOm Hambro Property 
Funds have bought the Reming- 
ton House offices at Kuiborn 
Viaduct. Princes House and 

Princes Arcade in Pia-adtH; . the 

Wurk^op shopping centre and a 
number ut sui.iiler office and 
industrial properties front T and 
C‘s subsidiary Cemrai and 
| District Properties. 

I The funds acquired one of ihe 
most highly reversionary nroner- 
tses on a yield of less than 1 per 
cent. But the average equated 
yield on the purchase is more 
lhan r.i per cent, and a number 
of the properties are due for sub- 
stantial rent reviews ia the next 
few years. 

1 1 a in o r u . v. : i i eh ye a t e r d a y 

repo r led :• 7.8 per cent average 
ncl annua! increase in unit prices 
since its creation in 197i. also 
! revealed a i'10;n iaduitru! pro- 
per tv develoument proarainnie 
involving 500.000 sq ft of space. 
350,000 sq it of which is pre-let. 


Bingham fetches 



A WORLD record price for an 
American painung. S9SO.UO0 
(£535,520). was paid ror George 
Caleb Bingham's The Jolly Flat- 
hoatraen. No. 2, at Sotheby s, Los 
Angeles, on Tuesday. 

Tb previous highest was tne 
£1S0,000 paid in London ip June. 
1976 for James Peale's Washing- 
ton and the Generals at \ork- 

Tov/n. _. „ 

The Jolly Fiatboatmeo No. -- 
painted about 1S4S, is one of 
three of the same subject pro- 
duced by Bingham, arguably tne 
greatest of the Frontier artists. 

Bidding lasted five minutes and 
the painting was sold by tele- 
phone to Hirsehel and Adler Gal- 
leries. New York. 

At Sotheby's, London, yester- 
day. a sale of modern British 
drawings, paintings and sculpture 
totalled £247,890. The top 


arice was £20,000 for Philip Wil- 
son Steer's The Ermine Sea. sold 
Hi the Fox Gallery. London. The 
price was a world auction record 
for the artist and £5,000 above 
estimate. 


SALEROOM 

BY JOHN FALDING 


Boulogne Sands by the same 
artist went for £13.500 to Browse 
and Darby, London. Sickerts 
L'Ennui was sold for £13,000, 
and Montague Dawson's Sunnsc 
at Sea’ for £6.000 to MacMillan s 
of Canada, below the estimate of 
£ 8 . 000 -£ 12 , 000 . 


There was disappointment 
that Dame Barbara Hep worth's 
Trophy Flight, a polished bronze 
on a wooden base, failed to reach 
its reserve. A price between 
£7.000 and £9.000 had been 
expected. 

Three nils by Rafael Duran 
Camps far exceeded estimates 
in the £40 to £60 range at Bon- 
ham's. Knighlsb rulge. A view 
or a Mediterranean fishing port 
fetched £400. and two still lries 
went for £360 and £440 respec- 
tively. Top price nf £1.100 was 
paid for Edward Seago's waicr- 
i.olour Autumn on the Upper 
Thames. 

An extremely rare Saxon 
wheelock superimposed load gun 
1 16601 was sold for £11.000 at 
Christie's sale of antique arms 
and armour which totalled 
£107.765. 


•.«;»!« b« 


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■- v . . 


IBM Reports. 



school staff have 


■ * . i ' 1 ■ ^ " "'v #.* "* 1 1. . y 3t v v "' ■" • 'y**' 

V-.:!' -. v 'i ?. -. ,' x " ' *"!&' ' ' -!■*': . 
& . ";X : v.; m 


<r _ TirciMffof" The chanee came about calculating of fees, the billing and 

ZSSXt a*W»ffi S »filI»ut m d 

^|»ti)s|DdiiScW(iien. IBM Datacentre deals with the sendm a ample attendance 

content with the new system. 
Parents pay to the municipality 
through die post, so their rela- 
mp with n 


tionship with nursery stall is 
happily tree of money problems. 
The staff themselves say they are 
more relaxed and have more 
time for the children, who in 
their turn get more and better 
care. The system also gives the 
municipality a clearer picture of 
expenses and attendance at the 
nurseries. 

In. other words, grown-ups 
and children alike benefit from 
having a computer system take 
care ot'as much as possible of , 
the nursery administration. 



IBM UK and the f 



A new computerized water 
resource system in Luxembourg 
helped significantly in 197 6’s 
severe summer drought The 
system, was able to help plan a 
daily supply of 82,000 nri, using 
surface water from the Esch-sur- 
Sure dam instead of Luxem- 
bourg’s traditional underground 
source. This allowed the region 
to cope with the extra demands 
the wells couldn’t meet. 

The IBM computer controls 
water feeding from the dam to 


the treatment stations, the five 
treatment phases, punming tp the 
receiving reservoir, and distribu- 
tion of the water, which provides 

over half of Luxembourg’s dally 
needs.llt also has built-in alarms 
to control reservoir levels and 
water quality. It keeps day to day 
data on consumption in different 
areas and produces graphs to 

•illustrate these, 

Luxembourg’s Water Re- 
sources Management say the 
system means that they can now 
answer the differing demands of 
every area with water of eonsis- 
rpnftv hieh Quality. 


IBM UK is growing. And 
so are its headquarters. Opened 
in. 1976 at North Harbour, 
Portsmouth, these occupy a 12> 
acre site on land reclaimed from 
the sea by IBM as a major part 
of die Portsmouth Harbour 
reclamation scheme. Already a 
second major office building is 
planned which will double the 
space available. 

North Harbour is just one 
lple of IBM's rapidly expand- 
iii- investment in Britain.Tnere 
'have been large extensions to 
die manufacturing plant at 
Greenock, Scotland, and to die 
development laboratory at 
Hursley, near Winchester. The 
first phase of a new marketing 
centre at Warwick has been 
completed, and the second phase 
is well under wav. Work has 
begun on extensions to the 
manufacturing plant at Havant 
in Hampshire. And a technical 
centre is under development at 
Greenford Green in West 
London. . , 

Since 1951, IBM United 
Kingdom has grown from one • 
office with less than 100 em- 
Dlovees. to an employer of over 


14,000 people, nearly all ot whom 
are British. Their activities have 
introduced new technology' pid 
associated skills into the Unitea 
Kingdom. Among die 4S loca- 
tions they work at is die largest 
IBM development laboratory 
outside the United States. 

In 1977, IBM UK’s tax pro- 
vision was 53 million pounds. 
Profit after tax was 57 million 
pounds, and capital investment 
was 89 million pounds. 

IBM is working in die . 
United Kingdom to provide data 



offer commerce, industry and 
government new, more effective 
ways to iriaease their produc- 


tivity. 










Power supply chiefs 


News 


Financial Tunes 


The big new 
-name In . .. 
engineering 


EDITED BY ARTHUR BENNETT AND TED SCHQETERS 


* MATERIALS 


for oppose Benn plans Keeps heat from 


BY ROY HODSON 

IE power generation and electricity supply industry on The need was for a proeure- 


n flnosiiHBrom* i he. power generation ana electricity su ri ~. , , , - . .. 

IS "ETa §6 gig \r £t~sm B electrical equipment industry key questions. ment plan to be provided by the 

’O' ■*•*.*/ yesterday spoke out against the Mr A . K . Edwards, chief l °P management of the central 

proposed reshaping of the elec- executive of BEAM A, said the electricity undertaking so that 
By Our Belfast Correspondent tricity supply industry in Eng- use 0[ suc h powers by ministers 1116 ; manufacturing industry 

THE (Itiodvear Tvre and Rubber laDd and . w “ Jes 35 outlined in cou | d lead to capricious changes p,an ahead - 

Companv is io establish a ?3m * recent GoTer »“>ent White t^g wrought in the industry. Tbe manafacturers are also 
resTaich a id deSopmfot ceoUe Pa P cr ‘ „ „ C1 t Comlanies felt the Benn recom- objecting to the White Paper 

at its plant in Ulster all ' party Commons Select raendat ions would cause in- proposal that the new corpora- 

Tho p ‘ * sl . er ' . Committee on nationalised in- stability in the industry which tion should have powers to 

-ran^irfpH'hv dustries which is considering the w 0u id have an adverse affect manufacture power plant and 

rand^D^nartmom iS r5rnmeree future 0f H th li Cl M Ctri ? t T* ^ p P ,y upon the companies supplying appliances. Such manufacturing 
.."A "fPVJ ’l®? 1 , n . ,e . r _ c * industry heard Mr. J. D. John- eouiomenu heavy nowers invested in a state 


By Our Belfast Correspondent 


leaking away 


uS uVi O C ?S'?o □ rL n - l Ti ech n d o I ocY son ’ ? ha , ,nn- j? 5*. Brit r ish poww equipment 1 and electricity- industry, said Mr7 Johnson, would 


cal research, is expected to 
come operational next year. 


Mr. Wcsti Kanscn. chairman were 


hirers” Association f BEAM A), hold appliances, 
say that lus member companies 


electrical industry. It would 


at Ins member companies . . manufacturers weaken the export capabilities 

unanimous in preferring Although the manmac ur ^ ^ Britlsh Mmpanics wh ich 
csent mananement system are d,ainst ministerial pa r* 9 rate 


sMuan- ioui idciiuj. uuijaj-.ars The manufacturers are aiarmea 

present aO-sirong research team Lhout the powers Mr Benn pro- city supply and that it should be ment by a centralised eiecinciiy 
at Craigavon. Smiles from Bel- S2S Sve to himself Snd on the lines of the central elec- body would be Captive to the 
fast. would be doubled as a J ^ lure Energy Secretaries to tncity corporation proposed in British [ industry, the committee 


result. 

Tbe centre will form part of 
the company’s world-wide re- 
search and development organi- 
sation. Research will concentrate 
nn conveyor belting, power trans- 
mission belting, hose and pack- 
age film. 

Mr. Hansen said: "The centre 
will greatly expand tbe com- 
pany's capacity io develop new 
industrial and film products for 
international ’markets which 
Goodyear predicts will more 
th?n double in tbe next decade.” 

The expansion would ensure 
“a bright future " for the Ulster 
plant hy providing the techno- 
logy which would "help the pro- 
du^is manufactured there to re- 
main competitive. 

The announcement is a con- 


direct the management of the the White Paper. 


STUDIES of the insulation per- 
formance of rigid carbon and 
graphite felts carried out earlier 
this year on high temperature 
vacuum furnace and inert gas 
furnace installations have shown 
that these materials have pro- 
perties in several instances much 
superior to metallic shields, such 
as those made of molybdenum. 

Insulation of the carbon type 
is custom-made in plain plate, 
curved plate and tube form. 
Thicknesses run from 10 to 50mm 
and the material is seif-support- 
ing and easy to clean. 

Uniform bulk density is 0.13 
gram per cubic centimetre with a 
special grade at 0.16 gram. 

This felting material has nn 
tendency to scatter during gas 
evacuation or its release' into the 
furnace even at high rates. 
Repeated thermal cycling will 


not crack the felt material which 
is free from other forms of 
degradation due to beat shock. 

Albright and Wilson, which is 
the supplier, says that costs com- 
pared with molybdenum arc con- 
siderably less and that the thick- 
ness of rigid felt required to 
achieve satisfactory insulation 
can frequently be smaller than 
with other insulating materials. 

Cost savings of up to 75 per 
cent in electric power use have 
been achieved by some, users of 
the felts. 

Apart from the rigid materials, 
flexible carbon and . graphite 
insulation felts are available as 
are graphite and carbon papers 
with interesting properties in the 
energy saving area. " ■ 

Further details from Albright 
and Wilson. 1 Koightsbridge 
Green, London SWTX 7QD Tele- 
phone 01-589 6393. 


« METALWORKING 

Heavy cuts 
kept cool 

COMBINING THE performance 
of a high quality synthetic base 
including extreme pressure 
agents and the cooling properties 
of soluble synthetic fluids, a 
synthetic soluble cutting fluid , 
has been shown in independent 
tests to have a performance con- 
siderably better than Wgn 
extreme' pressure soluble oils and 
four times superior to that of 
ordinary soluble oils. 

Ultracut-S can be used for 
many metal cutting operations, 
such as tapping, drilling, milling, 
turning and boring. . It also per- 
forms well on grinding and. in. 
many applications can replace 
neat, cutting mineral oils. Since 
it is a clear fluid. It gives a good 
view of tool and workpiece, and Is 
particularly ■ useful for close 
tolerance grinding operations. 
Anti-wear additives have been 
incorporated into the formulation 
to reduce friction, increase tool 
life, enable heavier. -cuts .to’ be 
taken and improve surface finish. 

During extensive tests, using 
Ultracut-S on the- turning of 
Nimonic bolts at .130 rpm, with a 
0.011 inch feed on a Dean Smith 
and -Grace lathe, a considerable 
increase in tool life was experi- 


4 


New council planned Building 
t© advise on takeover 

future airport needs pian 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT J attacked 


E- JS’JTSSSMi? ,iY n p"o. I w MICHAEL DONNE. AEROSPACE CORRESPONDENT QM-Op IT 0Q 

du-'.s manufactured there to re- ] A NEAV \irports Policy ment of a military airfield, or 
main competitive. j Advisor* Council is expected to construction of a new airport. 

The announcement is a con- . . p m t0 d j SCUSS and Considering the time it would By Michael Caneli, Building 

shtorahle honst for Goodyear in r _ e on future lone-terra air- take to decide on these matters Correspondent 
Ulster. It is at. present reducing ** sirateav in the UK for and implement them, tbe studies narts 

its l.TPfi-fitrong labour force by | 1990s should begin without delay. WANS F0R nationalising para 

nrarlcts’ 00 bf “ W ° f ! The council is expected to in- This would be the task of tte g**™*™* 0 * E^onoi 

Mr. Don Concannnn. the elude representatives of the &(|<I ted b y the Airports public ownership, intervention 

Minister of State responsible for British Airports Authont . Al T*y lor |t v last year. and control" at all levels of the 

industrial affairs, said tbe an- tourist and travel trade orgMi- „ • D . eased see ^ industry. Sir Maurice Laing, 

nhimpomnni n riiitstinriinD sotion, interested local aiitbo- P nh.innin nr.Tnhn fjino and Son. 


greater. 


rlKNOFORESrEXPORT 

EXPORTS : 

• Period and modern furniture 

• Occasional furniture 
8 Chairs 

• Wooden containers 

• Sport wooden articles 

8 Prefabricated wooden cottages 

• Wooden door and window frames 

• PAL (wooden particle boards), various 
assortments and finishings 

9 ROMP AN ( hardboards with one or two smooth 
sides ) 

9 EM ARON ( enamelled hardboards) 

• MELARQM (melamine-coated hardboards) 

8 MELADTjR (decorative multi-layer paper) 

° Beech plyuoud for indoor and outdoor use 

• Beech blockboard 
° Beech veneer 

• Softwood timber: beech and oakwood timber 

• Butts and round beams 

• Various species of pulp wood 

• Pile and kiln charcoal 
® Tannin 

• Oak parquetry (conventional and lameUated), 
beech parquetry I conventional) 

• Various assortments of writing and printing paper 
° Various assortments of packing paper 

° Textile and paper pulp 

9 Stationery (sacks, bags, envelopes) 

° Crystal parchment paper 

• Imitation parchment paper 

® Duplex. Triplex, Prespan and Glazed cardboards 
8 Egg trays 


Commission 
to look at 
Belvoir plan 

By Paul Taylor 


Common* rxoccted to conclude negm -h.k u..» l>od z e <s is now taking piace with Campaign Against Building In- 

rasrarch agreements with at least Mr. Aorroan Payne, chain nan llkelihood , ha t the council dust^ .Vationai Nation (CABIN t. 

1J 0,b ^— - S2SS ?w^ work ,n Ju ”"" Mr - sfe r ere — 

Lakes project a» S SSf by Ubour Pirty 

‘disastrous’ SS?«V 'SsLSTJSSSSi ZX X JZVZ&XJZ'TZ 

Sd be needed to ensure another Sm passensers a year placed before the party’s 

THE NATIONAL TRUST yester- adequate facilities for London bringing Heathrow s capacity to Jast annuaJ conference, they 

day hit out at the North-West and the South-East in the late • 3Bra - would fundamentally alter the 

Water Authority’s proposals for i9S0s. Inouiries existing structure of the con- 

raising tiie level of Ennerdnle in Th c White Paper on Airports _/• struction industry and its 

the Like District by four feet to policy, published earlier this But. as already reported, associated trades; and profes- 

supply water to West Cumbria, vear. had stressed that, -after further developments at Latwlck S | on s, he claimed. . 

The move would be visually developing a fourth Heathrow lo boost its capacity from i6m ^ ^ party had its 

" disastrous ’’ and that the terminal and perhaps develop- passengers a year to -am, and wa _ WUU ]d be outright 

1590.00ft die water authority pro- in S Gahvlck to take 25m pas- -"JSiw! nationalisation of .the larger 

posed io spend on landscaping sengers a year, there were three ^TLi v Kf.H construction companies, expan- 

“woii'd do little to ameliorate options. These were: a major a year, arc likelj to ne o locked sioQ Qf ingflacjeQt direct labour 

f,r Sins tSes into 

XT no othor additional ter- ‘‘i'S i 

minal capacity could be avail- Nahonaltsalion (CABIN). 

able in the South-East before “Neatly theexpansionofa 
m W t mss&si 19S6. the nt-ed for Terminal protected Public sector on this 

m m Four at Heathrow became even couid on r l - v 

^ ^ treater the expense of existing mdepen- 

^ ™ ^ ^ j • dent companies. 

K B g~\ • . “Any companies not inline- 

h m Commission dlalely caught up by the public 

Hj ^ p j ownership proposals would be. 

® A viavH Innk at anything but independent. 

ts L a xv/xyxv .“They would be required to 

Belvoir plan hoard, draw their ° employees. 

n _ . _ . from a second, negotiate their 

K3U iay ° r jobs with a third, carrythem out 

HiAiUltloZ THE PUBLIC controversy over under contract conditions laid 

National Coal Board expansion an f 

• Period and modern furniture plans, particularly in the Vale of tolallv nationalised ^ateriaS 

• Occasional furniture Belvoir. Leicestershire, is likely sector." 

o Chftirs t& be one of tbe first issues given Companies who remained 

1 . an airing in the recently formed “ independent ’’ would find them- 

Wouuen containers Commission on Energy and the 5C l ves struggling in a situation 

• Sport wooden articles Environment. !S h# SJ! cy X ero c,,nf ™ nted . b x 

. . day-to-day Govern meat control 

I 9 Prefabricated wooden cottages The Commission was set Up in and Interference 

• Wooden door and window frames "'twin'eJ^U^ »d iS 

• PAL. (wooden particle boards), various envimnmenulteu . over Issues , a ™ r ^ '' 

assortments and finishings like Belvoir and Wludocale. t0 thB state-con trolled com- 

• ROMPAN ( hardboards with one or two smooth : ' e ? r S m !* 1 pi/lr St Qh^i panics. _ 

clrl^i m 8 at which Mr. Peter Shore, “it is impossible tn avoid tbe 

1 , .. , , K , , Secretary of Stale for the Em conclusion that this is yet 

9 EM ARON (enamelled hardboards) vironment said its objectives! another move in the continuing 

• MELAROM (melamine-coated hardboards) 

8 MELADTjR (decorative multi-layer paper) the environment." a cbntroMed society." f 5 

° Ee'X-h plywood for indoor and outdoor use After the meeting Sir Brian The’ anti-nationalisation cam- 

® Rw>rh l-ilVirL-hri'irH Flowers, chairman of the Com- paign gets under way next wdek 

DL_^I1 uiiilnuuauu mission, said it would look at the and the combined efforts of the 

9 Beech veneer “ longer term environmental mi- construction industry will be 

8 Softwood timber: beech and oakwood timber I iS pIie ? fc t0 tellin{ i p “)'. ,c 

uon, including conversion to how the proposals for State 
BllttS and l ound beams other Fuels. ! control would affect them. > 

9 Various species of pulp wood — | — 

° Pile and kiln charcoal J) HOME CONTRACTS 

8 Oak parquetry (conventional and lamellated), 1H SoOfl/Uld I 

beech parquetry (conventional) a** ^vvuaiiu , 

9 Various assortments of writing and printing paper wight construction, Fai- awarded an iss.ooo contract to 

t - T. kirk, has won contracts totalling BRITISH OXYGEN Tor the sppply 

\ ill lulls assultments Of packing paper over I4m. Contracts for housing of aviation oxygen to six injtaUa- 

° Textile and paper pulp have been awarded by the Scot- tions in the ‘u.K. until May 30 

a c-. . , , „ Ush special Housing Association next year. ; 

S tat ninety (sacks, bags, envelopes) f 0r 43 houses at Bo'ness town * 

• C 1 '.''** 31 psi chment paper centre software architects has 

• Imitation parchment paper f 0r 243 houses at Girdle Ton. cl „^,T, h 

• Duplex. Triplex, Prespan and Glazed cardboards T'lommS 

8 Egg trays centre for Motherwell District a '^ ne Jlfi'rn.' 

Council (£165.0001 and will T ana fSTiri 

demolish redundant jetty mono- !I?I?L maUo " fo r London 

liths at Grangemouth Docks lor !? *, l 5L ^,miI^l■ e^Lhant£, Brendeis 

the Forth Ports Authority 
(£210,000). * 

* Stone and Webster Engineering 
Thomson Regional Newspaners is installing a computer costing 
has placed an order with INTER- £260.000 . supplied by HARRIS 
NATIONAL COMPUTERS for data SYSTEMS. Slough. There will be 
entry equipment and application 10 visual display units with full 
programs to streamline the adver- editing and local screen storage, 
tlsement and circulation account- and the system wilt provide inter- 
ing work at five of its regional active terminal processing, batch 
publishing centres. Total value, processing, and remote batch pro- 
including programming by I CL cessing, all concurrently. 

Dataskil, is about £200,000. It will also be possible to link 

it to Stone and Webster's" Boston. 
MASSON’ SCOTT TilRlSSELL M "* 6m C0 “ pLJUr « n ire- - 
ENGINEERING. the paper a- 

finishing equipment subsidiary 

of Molins, has £600,000 of Seven shipsets of hydraulic 
orders for machinery from five control and position indication 

U.K. paper and board com- equipment for ballast and bilge 

TFHWftPfinpg'rFYPOPT [i® nles - J 111 * , n,c, “SS_ a , fur ’ valves comprise an order from 

1 bHNOFORESTEXPURT ther order for HIST'S latest Swan Hunter Shipbuilders fon 

BUCHAREST— ROMANIA design, the Autotorque winder, behalf of Govan Shipbuilders and 

S KU»1A£N1A f rom thc East Lancashire Paper Smiths Dock Compare) received 

4. Piata Rosctti Company. It is usea for rewind- by HYDRAULICS AND PNEU- 

Telephone: 16.04.00; 214-30.02 ~ fE&^JSSg^ com 3 

Telex: 113S2; H7W; 11362; 31363 S P Jf° ,about 70 

* bulk carriers being built for thc 

- ■ The Lmted -States Air Force has Polish Steamship Company. 



NORTHERN B^fflffl®WDUS7»£S 


C LA R K £ CHAP r v * A 
•H EYRGLLE PA R S O H c 


enced. Previously, using various 
types of soluble oiL all eight 
sides of the throw-away cutters 
had to be used to produce ode 
bolt with a " two-foot ‘ . thread 
length..- When - Ultracut-S was 
tested at ^ a dilution of 1:40, it was 
found, that each edge.- of tbe 
cutter couia. produce two com- 
plete -bolts.' giving a production, 
rate of 16 bolts per. tool The 
cost of tooting was therefore 
reduced from .£2:50 to . 15p per 

. Rocdl, Swtihington, ' Leed* 
LS26-SBS. .0532 862 26L 

Saturn 

power 

extended 

BIGGE^ST.cb-ordin'ate measuring 
'machine developed .and built by 
Ferranti — the .Saturn— -has had 
its capabilities very considerably 
-extended. 

Its measuring, range has been 
raised to 5,000 x 2,DQ0 x 1,500 mm 
from 2,000 -x.'l^BO x 1.000 nun 
originally. The.priniary design 
.was a. three-axis machine with 
axis accuracies of- ±0.03 mm. 
improved .titter to ±002. 

■ Fourth. . and fifth rota tional 
axes .are optional and resolution 
is 0.002 mm or a tenth of a thou. 

^ The .measuring machine uses 
ereetronic probes -to provide 
optimum speed - and repeat- 
ability. All .axes are .power* 
driven^.- 

-■■.. Alf processing packages pro- 
vided by the company are avail- 
able Am Baturn. either for appli- 
cation through ;a calculator or 
through a computer. 

Satimi can thus be operated 
-itf . many : modes froirr xtep by- 
step -manual to fully: an toma ted 
five-axis control.. . 

Ferranti, industrial Products 
Department, Thorny bank Trad- 
ing Estate; Dalkeith’. Midlothian 
EH22 2NG. 031-663 2821, 

©COMPONENTS 


This mixmg machine is among new plant installed 
by Lloyds Industries of New Addington, Surrey, 
for thc production of vehicle body fillers and house- 
hold repair products. The machine was built by 
Beken Engineering ot Ripple Road, Barking, Essex 
(01-592 2227) and is designed to handle batches of 
800 lb. The products are mixed under vacuum in 


the machine to minimise, entramitfent ot ait .which 
could lead to pin boles after' the. -materials- 
had been applied and rubbed down; Mixing action 
is derived from two intermcshlng' rotors, the con-..’ 
figuration of which and small differcnce ih^ speed _ 
create the required kneading of the.mater'rals 'tO ; 
produce a smooth mix. _ - 


© COMPUTERS 

Moves in 
printer 


static random access memory. 


difficult decisions 


provision Tor up to 4 kbytes of regarding the. purchase ^ -of newer 
read only memory- a 32-liae equipment because ’. they ' bav& 
digital input/ output port and a substantial investment in ‘soft-, 
communications interface. All ware and -in-place networks, 
this is on a board measuring The role of new participants— 
71 e fM inches. suppliers of terminal systems, 



TEHNOFORESTEXPORT 
BUCHAREST— ROMANIA 
4. Piata Rosctti 
Telephone: 16.04.00; 214-30.02 
Telex: 113S2; 11763; 11362; 31363 


AN AGREEMENT whereby 
Facit Data Products, the inter- 
national computer peripheral 
division of Facit. has acquired 
a 3d per cent share in Daiaroy.il. 
the U S. manufacturer nf matrix 
printers, means that Facil will 
he sole representative in Europe 
for Dataroyal's IPS 7000 series 
which will be designated the 
Facit 4530 range. 

The range will be available in 
three models all nf which 
operate at 160 characters per 
second, print in variable sizes, 
feature user available Processing 
ociwer and incorporate a key- 
board display station. 

More on 01-437 62SS. 

More punch 
from micros 

THE MARCH of the micros con- 
tinues unchecked with Intel 
formally launching its 16-bit 
machine under the label "SOSS” 
and Data General offering a 
single board 16-bit MBC/1 pro- 
duct with minicomputer capabili- 
ties. 

For the S0S6. Intel claims a 
tenfold increase in performance 
but has - taken care that 
development tools for previous 
machines are not obsoleted. Thc 
same applies to other software 
evolved for the SUSOA and the 
8085 micros. 

Intel's own manufacturing 
technique has permitted the 
29.000 transistor processor tr» be 
contained within a chip only 
225 mils square, which is 
expected to lead to low costs as 
production experience grows; 
Internal operation rates can be 
is fast as 125 nanoseconds, 
which means the new units will 
calculate between seven and 12 
times faster than a system based 
on an SOSOA. .And since there 
is an enhanced instruction set. 
programs will be 10 to 25 per 
cent shorter. 

Intel on 01W5 771431. 

Data General’s new board 
includes a Micronova cumputer. 


this is on a board measuring The role of new participants— 
71 e fM inches. suppliers of terminal systems, 

The 'company offers the unit value-added networks. and 
for application in data entry remote computing services-— is 
source units, where its power another critical issue in the nls 
can be used to take the load off tributed system network market 
a central machine; point-uf-saic For example, the planned start 
n«c: inventory control systems: up of 'satellite-based comma oica 
Meteorological and air pollution tions services. such as tiiat prn 
monitoring and general control posed by the Satellite Business 


purposes, among others. Systems -. Corporation- (SBS) will 

Further on 01-578 9231. have; a . ma jog impact on the 

economics of distributed net- 
works. The Arthur D. Little 
stu dy also points out that SBS 

Networks in has ^ p° tenLiai f ° r changing 

x ma\j su ^ way networks are used 

• 1 a • because It would make a broad- 

quick time 

COMPETITION IS heating up in lack of a single standard for 
the distributed system network network protocols, and ihe evolv- 
market which Arthur D. Little Ing roie of service vendors are 
predicts will reach S5bn in 1983. additional. forces influencing the 
A newly completed impact ser- direction of the distributed, pro- 
vices study assesses ’ this major cessing network marketplace, 
computer development area, Mr. Zimbel concludes that tbe 
whose main competitors cut incompatibility of network pro- 
across the traditional par tic i- toco Is might create an. oppor- 
pants in thc U.S. computer tunlty for common - carriers 'io 
industry to include remote com- take a significant portion ot the 
puting service firms, terminal market- '••• 
systems suppliers, and com muni- More • from ADL, 25 Acorn" 

cations common carriers as well. Par k, Cambridge, Mass, 02140. 
Norman S. Zimbel. the- Arthur u.S' ' 

D. Little data processing industry ' " , 

expert who directed the impact • • . 

study, predicts that distributed A PACKAGING 
system networks will have a "" 

significant long-term fropact on TfV * 11 

the effective use of data process- XvOOE* 02IIS 

Advances in technotogy have ~ _ - - !'• 

accelerated evolution of \STT55 TEUPfl 
distributed system products, Mr. ▼» .!. 1.U 

Zimbel points out. by sub- w 

stantially improving cost-benefit TBlOCTlf* FIAT 
ratios and enhancing . the 

capability of distributed net- a MACHINE has. been developed 
works over a broad priec ran^e. by a Dutch company-for packing- 
The- decline in hardware costs has t j,c root *alls of trees, shrubs, 
brought about the gradual roses and other, plants. In Clastic 
evolution of fail soft or nc t, - . ' _ . : 

redundant systems which meet Only one person is required to 
tbe user’s need for dependability operate the machine which can 
and very high availability. pack between 150 and 250 items 

Chief among the market forces per hour, depending on the type 1 
are the users themselves. Tech- of plant, shape of .the roots and 
nologlcal advances will continue type of soil. • • 
ro appear with even greater The machine is supotied for a 
frequency and to make possible range o.f root ball diameters— 
system network capabilities from 12 to J0 cm, 18 to23 cm and 
which were either too expensive 24 to' 30 cm. 
or totally impossible a few years More Information from Amlac 
ago. According to the Arthur d. BV.. .. Veerdijk 57, Wormer. 
Little study, however, many users Holland. 




FIRST ..COMMERCIAL appli- 
cation for ribbon woven from 
-'flu. Font's “ C-rofon ” optical 
fibre' is in the Federal German 
automotive industry. Tbe 
ribbon- illuminates .part . of the 
dashboard display of - a small 
-car; made, i by - a . major man u- 
t atffurhr. 

'.-The ^Ughtihg system far the 
healer-ventilator ' panel was 
made by' Kromberg and 
Schubert Kabelwerke, thc first 
European company to he 
-equipped to fahricate com- 
ponents and systems using the 
-ribhbh. 

-. M Cnofon’ f ■ optical fibres are 
made ’With a core of transparent 
polymetbyl methaerylate (PMM) 
.‘which: is surrounded by a 
sheath of another plastic ol 
lower refractive index. Due to 
total - Internal., reflection, light 
-which impinges on one end of 
-siich a fibre -travels inside it. 
around bcDds and even through 
. knots, to emerge as “ useful 
Tight" at. the other end. 

Such fibres can be woven in In 
tough, flexible ribbons. To give 
the ' ribbon added tensile 
strength, the " Crofon ’’ fibres 
alternate - with-’ synthetic yarns 
io the warp; thc cross- thread, 
or weft is' a synthetic yarn. 
.These -ribbons can be bent, 
folded, twisted and knotted and 
Jah conduct a broad, flat beam 
of L . light into . " inaccessible “ 
lwsttious. . 

- : Light can be made to “leak" 
from selected areas along tbe 
length of thc ribbon by a process 
which intentionally damages the 
outer plastic sheaths of the 
individual fibres, but leaves tbe 
cores intact. 

The amount nf light from 
“glow areas" created by Ibis 
process could be expected to 
decrease along the length of the 
ribbon as the distance from the. 
light source increases. The pro- 
cess is therefore programmed 
to . compensate for this 
phenomenon, so that tbe light 
Output per unit of surface is - 
about the same along the whole 
length of ribbon. 

The ribbon with the “ g) D¥L 
areas ” is embedded In a shallow 
plastic channel lined witb re- 
flective material, to Increase tbe 
intensity of the emerging liphi-. 

Du Pont 18 Breams Buildings, 
Fetter Lane; London EC4A 7HT. 
OL-242 9044. - 

Choice of 
battery 


TlEI.IABn.ITy. : SAFETY and - 
high ; performance arc promised •• 
In a range of battery con- 
nectors from Cableform of . 
Romiley, Stockport, wbo 
specialises in the design and 
manufacture 'of electric vehicle--; 
control-- systems, and components ; 
foe the • electric traction'; 
industry. .V 

Called, .'the 2300, the battery } 
connectors are said to be hailt ' 
to . the latest European FE» - 
standards. 'Tbe ' casings » r ® 
single piece mouldings made of 
high strength material which J®.' 
acid - ;and fire ; reslfifant. The ; 
voltage ..coding should ensure- . 
that only the correct. system w 
battery combination can K-.: 
connected, and the appropriate 
voltage is numericaHy displayed 
ATI live parts are -: protected - 
against accidental contact win * 
person . or .the . introduction 01 
foreign bodies. . - 

There is a choice o' .WJ* i 
models with main contact ratings , 
of 3 60 or 320 amperes and U P 
to two auxiliary contacts, raw® 
at 20 amperes.. 

More on 061-430 2248. ' - 


^ rN 



'j 






tLf/il • 





mi 


t* 


WM. 




w»w»S 


FOMENTS 

ng in 


■ .n HI 

Oil - ? u! 

»w*' - 

4-$r\' 

i W 


. *» 
•i'- 1 


Seeing your business grow bigger gives 
your NatWest bank manager a lot of personal 

Qof'i ctq r|i nty 

Its one of the ways he can see the results 

of his knowledge, training and skill. 

That’s why he’s itching to help you. 
With the right kind of loan, for instance. 
A bigger business, sooner or later, will 
needbigger or improved premises. . 

He can arrange a NatWest Business 




Development Loan to talcs care of that mng-tetn: 
financial requirements are no problem e.mer .as 
NatWest own a Merchant Bank, County name. 

_-md short-term money ; 

based on your debtors can be 
arranged through Credit Factor- 
ing International. If your business - 
could do with some financial in- 
spiration, ask your local NatWest 
bank manager. He’d like that. 

° - _ - r-iVU 

l V ft UvCj 
C ’if 5 ^ e 






rcfim-n'CLZP.oi-ir.s 









10 


Financial Tinies Thursday 3nsfc 


PARLIAMENT AND POL 



Owen sees improved chance J52J 

(■nltc for fewer 

Scots MPs 


Rhodesia 


BY IVOR OWEN, PARLIAMENTARY STAFF 


A CAUTIOUS indication that 
there are improving prospects 
for securing agreement on the 
staging of a new round-table 
conference on Rhodesia, with 
participation by the Patriotic 
Front, as well as by the parties 
to the internal settlement, was 
■given by Dr. David Owen, 
Foreign Secretary, in the Com- 
mons last night. 

He told • the House: “ I 
believe that the atmosphere in 
that country and around it is 
coming close to recognition 
that there has got to be nego- 
tiation by all parties." 

Dr. Owen, opening a two-day 
debate on foreign affairs, 
rejected the suggestion emanat- 
ing from Salisbury, earlier this 
week, that Britain should become 
an observer within the interim 
Government established by Mr. 
Ian Smith, and the black African 
leaders associated with the 
internal settlement 

He stressed that the way to an 
acceptable solution to the long- 
standing Rhodesia problem lay 
in persistence, not abandoning 
principles, not embracing the 
internal settlement and "not by 
attending meetings" of the 
interim Government. 

Dr. Owen, like the Prime 
Minister 24 hours earlier, under- 
lined the serious implications of 
the recent events in Zaire and 
suggested that the danger of an 
East-West condict in Africa 
could best be averted by 
arra ngements being devised 
which enabled tbe problems of 
Africa to be tackled by the 
African nations themselves. 

He highlighted the importance 
of next week’s meeting in 
Brussels when representatives of 


leading Western nations and of 
the IMF win discuss President 
Mobutu's plan for restoring 
Zaire's economy. 

Dr. Owen told Mr. Robert 
Hughes (Lab., Aberdeen N). who 
deplored " the corrupt regime " 
in Zaire: “ This is one of tbe 
greatest problem that we face. 
We have to lave with the 
Government that is there." 

For this reason, he said, it was 
vital that the support which the 
West provided for Zaire should 
be made contingent on the 
carrying through of a programme 
which could be effectively 
monitored to make certain that 
the finance provided was used 
for the purposes for which it 
had been allocated. 

"The central objective is to 
support Zaire," the Foreign 
Secretary emphasised. 

Mr. John Davies, Conservative 
spokesman on foreign affairs, 
accused the Prime Minister of 


adopting an attitude to the prob- 
lems posed by the events in 
Zaire reminiscent of the days 
of appeasement in the 1930s. To 
recognise the dangers surround- 
ing the West, as Mrs. Margaret 
Thatcher, the Opposition leader, 
had done, was not an act of 
provocation. 

Mr. Davies also suggested that 
the European Community should 
seek to negotiate guarantees for 
Europeans in Africa, Ibrough the 
Lom6 Convention. 

African states could be given 
guarantees against exploitation 
or external domination in return 
for assurances about the protec- 
tion of European lives and pro- 
perty, he said. 

Many of the 30.000 Belgians 
employed in Africa were now 
leaving the continent and unless 
urgent action were taken there 
would be little prospect of them 
or other Europeans returning. A 
composite approach to the prob- 


lems was needed that would pro- 
vide more than a- “fire fighting" 
force. 

Replying to Dr. Owen, who 
said that any proposal to use the 
Lome negotiations for such pur 
poses would be strongly opposed 
by other EEC members. Mr. 
Davies said: “ There has been a 
substantial change of mind in the 
last three or four weeks." 

The proposal, he insisted, 
offered mutual benefits that wert 
likely to be acceptable. A “fire- 
fighting ” force, in his view, 
ought to be formed within the 
framework of discussions 
between the EEC and the African 
signatories to the Lome conven- 
tion. 

“Whether the force should be 
formed entirely from Africans or 
Europeans, or from both. I do 
not know. But wc should try to 
make Europe and Africa combine 
for their mutual advantage,” be 
declared. 


Call for Soviet arms reduction 


RUSSIA WAS urged by Dr. 
Owen to make a more positive 
response to the West on disarma- 
ment by agreeing to cut back on 
conventional weapons. 

He caused some surprise 
among MPs by suggesting that 
the military establishment in 
Moscow is preventing Mr. 
Brezhnev extending to the con- 
ventional field the- co-operation 
being shown in avoiding a 
further escalation in nuclear 
weapons. 

Dr. Owen complained of the 


“ non-progress ” in the talks on 
mutually balanced force reduc- 
tions and pointed to the increas- 
ing build-up of Soviet conven- 
tional weapons, particularly 
tanks. 

New efforts were needed to 
try to achieve balanced arms 
control measures which secured 
a reduction both of arms, 
budgets, number of men and the 
quantity of weapons. But he 
believed that the centra] issue 
was the need for the Soviet 
leadership to get to grips with 
its own military. 


Dr. Owen re affir med the 
Government's r commitment to 
using detente to secure a greater 
observance of human rights in 
the Soviet Union but admitted 
that the West had probably been 
too optimistic in assessing the 
prospects for securing tangible 
results. 

“ I don’t believe that the 
Western democracies should 
shift one inch from their com- 
mitment on human rights." he 
declared amid cheers from both 
sides of tiie House. 


Tories fail to limit retrospective 


powers on tax avoidance 


BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


I.V A PROLONGED battle fought 
out in tbe Commons Finance Bill 
committee in the early hours of 
yesterday. the Conservatives 
narrowly failed to defeat the 
Government's proposals to intro- 
duce retrospective legislation 
against tax avoidance. 

But, as a result of a tied vote 
on the controversial Clause 26, 
the Opposition now has the 
opportunity to return to the fray 
when the Bill returns to the 
floor of the House. 

The clause annuls an artificial 
avoidance scheme under which 
a person enters into a partner- 
ship with a company to incur a 
loss through dealing in com- 
modity futures. What has parti- 
cularly angered the Tories and 
the other minority parties is that 
the proposal is backdated more 
than two years to apply to such 
schemes entered into since April 
6. 1976. 

Yesterday, it provoked a fierce 
all-night debate starting at 1.30 
am and ending three hours later. 
During the exchanges, some MPs 
slipped out to snatch a few 
minutes’ sleep on the benches in 
the committee corridor. 

The Conservatives concentrated 
their efforts on trying to limit 
the' backdating to November 25, 
1977. the date when Treasury 
Ministers first warned that legis- 
lation might be introduced 
against these particular schemes. 

Some Tory backbenchers had, 
however, put down an amend- 
ment stipulating that the clause 
should only take effect from 
April II last, the date on which 
it was announced in the Budget. 


They failed to press this 
amendment but It was then 
moved by Mr. Enoch Powell 
(Ulster Unionist. Down S.) who 
had made an impressive speech 
during the debate warning of the 
grave constitutional dangers of 
retrospection. 

Tbe amendment was easily 
defeated by a Government 
majority of six (14-81. Mr. 
Powell and Mr. John Pardoe. 
Liberal economic spokesman, 
supported the amendment, but 
were backed by only six Con- 
servatives. 

The amendment favouring the 
November date, backed by the 
Tory’ front bench, was then 
defeated by a margin of two 
(14-12). All the Tories present 
supported it but Mr. Powell and 
Mr. Pardoe abstai ned because 
they felt it would still have 
allowed a dangerous degree of 
retrospection. 

This was followed by a tied 
vote of 14-14 when the Govern- 
ment tried to get the clause 
accepted as part of the Bill. The 
Government motion was carried 
only when Mr. Victor Goodhew, 
chairman of the committee, 
followed tradition and cast his 
vote in its favour. 

The tie means that the clause 
can be debated again on report 
stage in the Commons — an 
opportunity which the Tories 
intend not to miss. 

Opening the Opposition attack, 
Mr. Tim Renton <C. Mid Sussex) 
warned that the legislation 
could open a floodgate with 
retrospections being used in 
other fields. He thought that ail 
it would do would be to push tax 
avoidance schemes underground. 


Mr. Powell condemned the 
proposals as “ an exceptionally 
grave and novel use of retro- 
spection." The citizen was being 
told “ You had better took out " 
and that the Government and 
Treasury would strike back 
retrospectively at schemes of 
which they did not approve. 

Air. Peter Rees, an Opposition 
Treasury spokesman, said that 
tax avoidance was a symptom and 
consequence of the punitive 
rates of income tax under a 
Labour Government. 

“ These provisions aim to 
terrorise, to create uncertainty 
and restrain people in the future 
from embarking on schemes of 
this kind," he complained. "I 
find it totally repugnant and 
entirely destructive of civilised 
life in this country." 

For the Government, Mr Joel 
Barn ell. Chief Secretary to the 
Treasury, maintained that the 
clause did not pose a threat to 
liberty, merely a threat to the 
small number of people using 
the scheme. “ Retrospection in 
this case is not of itself un- 
constitutional nor an affront to 


the House or the rule of law," he 
said. 

It was only by going back to 
1976 that the Government could 
slop such schemes. If it just 
went hack to November last year, 
when the first warning was given, 
the schemes would be able to 
continue and the tax avoidance 
industry would be delighted. 

By introducing the clause, the 
Government was warning the 
avoidance industry that there 
was no future in trying to sell 
such schemes. 

Mr. Pardoe asked why the 

Government was not prepared to 
challenge tiie matter in the 

courts rather than by retro- 

speed re legislation. 

Mr. Barnett told him: “ ’There 
is a risk that the schemes may 
be found by toe courts to be 
perfectly legitimate and the tax 
lost to the Revenue.” 

Mr. Pardoe said that Mr. 

Barnett had failed to make out 
his case. “The rule of daw 
requires that the citizen knows 
what the law is. If you depart 
from that principle, the rule of 
law ceases to be a reality." 


TORY AND Independent peers 
/ailed in an attempt yesterday 
to reduce the number of Scottish 
MPs at Westminster after the 
first Assembly has been elected 
in Scotland. 

An amendment to the Scotland 
Bill during the Lords report 
stage was defeated by 105 to 61, 
Government majority 44. 

Its supporters wanted the 
number of Westminster seats 
reduced from tbe current 71. 
Various alternative figures were 
suggested between 57 and 63. 

Lord Mooson (Ind) said that 
if the number of Westminster 
MPs was reduced, it would give 
Scotland and England parity in 
population terms. 

West Country constituencies in 
England were very much under- 
represented compared with 
similar areas in and around the 
Scottish border. 

Lord Harmer-Nicholls (C) said 
that the reason for Scotland's 
over-representation was that its 
population bad not grown at the 
same rate as England's. 

“Now is the time to avoid 
future conflict by letting it be 
seen that Scotland, in return for 
tbe major powers they are 
getting under the devolution 
Bill, recognises this unfairness," 
be said. 

The Earl of Onslow said there 
would be an English reaction to 
any over-representation and 
extra privilege for Scotland. It 
could endanger tbe whole union, 
which was something too special 
and good to be put at risk. 

Lord Wigg (Lab) said the 
whole Bill was utterly wrong in 
principle. It would place stresses 
and strains on tbe unity of the 
British people, which could 
arouse an English nationalism 
unknown since the 17th century. 

Opposing the amendment, the 
Earl of Perth (ind) said peers 
were being asked to pick a num- 
ber of MPs “ out of a bat.” Surely 
this was the business of a 
Speaker’s - Conference and not 
peers. 

Opposition spokesman. Earl 
Ferrers, said the difficulty was 
that peers were being asked to 
set a limit “ It is difficult to 
put a precise or right figure upon 
the representation. It is right to 
take advice." 

Lord McCIusfcy. Solicitor 
General for Scotland, said “the 
Government does not accept that 
devolution carries with if a neces- 
sary and inevitable reduction in 
representation at Westminster. 

“That has been made clear 
since the Government first pub- 
lished proposals in 1974." 

Matters essential to the unity 
of the United Kingdom such as 
the economy, defence, inter- 
national affairs and trade and 
industry, would remain the sole 
responsibility of Parliament on 
devolution. 

There could be no good argu- 
ment for reduction in the essen- 
tial representation of Scottish 
people at Westminster as long as 
this was the case. 

The inherent sovereignty to 
Parliament itself to legislate on 
all matters, including those to 
be devolved, had to be main- 
tained. If tbe proposal were 
approved it would be an unwar- 
rantable trespass on the part of 
the House of Lords. 


Concession to self-employed 


Poll powers 
defeat 


A FURTHER concession to the 
seif-employed was made by the 
Government on the Finance Bill 
in the early hours of yesterday. 

A clause in the Bill allows 
people setting up a trade to 

offset a current tax loss against 
income earned before they 

started their business. The 

intention is to help those want- 

ing to start up a new business. 


Mr Graham Page (C. Crosby), 
urged that this should be 
extended to those in professions 
and vocations. Mr Joel Barnett, 
Chief Secretary' to the Treasury, 
agreed to the principle of the; 


Conservative suggestion and 


said that the Government would 
be introducing amendments to 
put it into effect. 


THE GOVERNMENT was 
defeated in the Lords on a Tory 
proposal that the Scottish 
Secretary of State should get 
Parliamentary approval for 
changing the date of elections to 
the Scottish Assembly. 

Voting was 90 to 60, a majority 
against the Government of 30. 


Callaghan inflation claim challenged 


BY RUPERT CORNWELL LOBBY STAFF 


SENIOR CONSERVATIVES last 
night launched a powerful 
counter-attack on the Prime 
Minister, accusing him of blatant 
deceit by promising the Com- 
mons this week that there was 
no reason why inflation should 
ever return to double figures. 

The rejoinders, which came 
both from Sir Geoffrey Howe, 
shadow Chancellor, and Mr. 
Peter Walker, a senior Cabinet 
Minister under Mr. Heath, indi- 
cate that the Tories see hopes of 
elevating the Prime Minister's 


remarks to the same category as 
Mr. Healey's now notorious 
affirmation shortly before (he 
October 1974 election, that infla- 
tion bad dropped to S.4 per cent. 

Sir Geoffrey declared that the 
prediction was “outrageously 
misleading" and at odds with 
responsible economic forecasts. 

“It does not even take into 
account tbe fact that inflation in 
the past three months has been 
on tbe Healey basis at the rata 
of 10.5 per cent a year. 

“The approach of a general 
election bas stripped Mr. 


Callaghan of his mask of decency 
far sooner than even his most 
apprehensive supporters might 
have feared." he said. 

Mr. Walker charged the Prime 
Minister with “deliberate deceit." 

The Government White Paper 
on incomes policy last summer 
had argued that if earnings in 
the current round increased by 
more than 10 per cent, Britain 
would be back to doubles digit 
inflation. "We now know that 
earnings have gone up by 14 per 
cent, thus guaranteeing double 
figure inflation in the months 


ahead.” the former Ministi 
declared. 

The aggressive Cnnservati’ 
line reflects a growing coovictii 
within the party that Labour 
now be on the point of losing 
the economic initiative. 

The Tories believe that wfth 
the mortgage rate poised to (n- 


Tory MP 
loses 

unions Bill 


crease at least by 1 per cent I 


the near future, other interest 


rates may also have to climb 
the Government strives to regAin 
its control of the money supply 
and boost the sale of gilt-ed, 
stock to fund its deficit. 


ed 


Plaid Cymru chairman 
warns on 40% vote 


Bus fares ‘higher than 
cost of car travel’ 


I 


BY ROBIN REEVES, WELSH CORRESPONDENT 


I 

injer- 


A WARNING that the 40 per 
cent threshold in the Welsh and 
Scottish devolution referenda 
could seriously undermine the 
cause of Parliamentary demo- 
cracy has been given by Dr. 
Eurfyl ap Gwilym, chairman of 
Plaid Cymru. 

Dr. ap Gwilym told a meeting 
in Merthyr Tydfil, at which he 
was adopted as Plaid's prospec- 
tive Parliamentary candidate for 
the constituency, that if a maj- 
ority of votes cast in the Welsh 
referendum favoured the assem- 
bly, then it should be established. 
“Parliament is playing not only 


a cynical game, but a dangerous 
one in rigging tbe referendum,” 
he declared. 

If a majority voted for the 
assembly, but it was not estab- 
lished because of the 40 per cent 
rule, there would be years of bit- 
terness in Wales. 

Plaid Cymru, said Dr. ap 
Gwilym, had always pursued its 
aims by constitutional means and 
would continue to do so. Those 
responsible for introducing 
“ banana republic ” versions of 
democracy were guilty of seri- 
ously undermining the cause of 
Parliamentary democracy, he 
argued. 


Coach safety studied 


THE GOVERNMENT is consider- 
ing ways of improving the safety 
of motor coaches, including new 
regulations on roof strengths and 
braking sj steins. Mr. John Qoram 
Transport Under Secretary told 
the Commons yesterday. 


Mr. Gwilym Roberts (Lab 
Cannock) had called for speedy 
action to bring in more regula- 
tions following a series of tragic 
coach accidents in recent years. 
Mr. Horam agreed and said the 
Government was acting as fast 
as possible. 


MR. WILLIAM RODGERS. Trans- Mr. David Cronch (C, Ca 

port Secretary, was urged by MPs bury i accused British Rail! of 
in the Commons yesterday to boasting of its great success is a 
undertake studies of the effect on cost of several hundred thousand 
public transport of both higher pounds a year in advertising, 
and lower fares. “ What use is ibis to those "coni- 

Mr. Dennis Canavan ■ (Lab. pclled to travel by BR and suf- 
Stirlingshire W) said that the far its growing inefficiency?” he 
latest 15 per cent increase in asked. 

Scottish bus fares meant that in He was supported bv Mr. Ken- 
some cases it was more expensive ueth Lewis (C, Rutland and 
to travel by bus than by car. The Stamford) who insisted that the 
increase had caused a loss of pas- more complicated the special 
sengers which in turn would lead offers tbe more the coil in adver- 
to cuts in tbe service or higher Using. 

fares. Mr. Rodgers replied that 

Mr. Canavan urged the Govern- British Rails' efficiency was im- 
ment to take action to slop the proving. “ I sec no reason why 
vicious circle which was crippling BR should not bring to the atten- 
PUblic transport in various parts tion of its passengers the facili- 
or the country. ties it offers." 

Mr. Rodgers stressed that Advertising high speed trains 
effort was needed to ensure that had been a great success. They 
the fare increases to which wc were now carrying 30 per cent 
had become accustomed should more passeners than the previous 
not become the pattern. He was services. 

not planning any study of tbe Mr. Eric He ITcr « Lab. Walton) 
effect of higher fares. called for free public transport 

On lower fares. Mr. Rodgers in certain urban areas to reduce 
said that where British Rail had tbe number of people using cars, 
been able to experiment with Mr. Rodgers said he was in fav- 
special fares these had proved our of such experiment* as long 
very popular and had earned as people were prepared lo cover 
additional revenue. the loss uf revenue. 


TORY MP Mr. Nicholas Ridley 

(Cirencester and Tewkesbury) 
was yesterday described in tbe 
Commons as a “ % union-bashcr 
wanting to nobble the trade uoion 
horse." 

Mr. RidJey. who had tried to 
bring in a Bill setting up a dis- 
ciplinary committee to investigate 
allegations of misconduct by 
union officials, was said by Mr. 
David Stoddart (Lab, Swindon) 
to have "a fanatical obsession" 
with the trade union movement. 

Mr. Stoddart added: “ Such a 
Bill hits at the very rights of 
workers and seeks to establish 
State control of the unions. 

" Mr. Ridley has little know- 
ledge of ihe trade uoiou move- 
ment. What he doesn’t understand 
he hits. He is a political Luddite." 

Mr. Ridley said he believed 
trade unions played a very’ im- 
portant part in society. He denied 
recent suggestions that he be- 
lieved in confrontation with the 
unions and described Press re- 
ports as " misguided.” 

The Bill was rejected by 159 
votes to 95, a majority of 64. 


Views invited 


on industrial 


democracy 


ORGANISATIONS and indivi- 
duals wishing to comment on the 
Government's proposals on 
industrial democracy should 
make their views known as 
quickly as possible and. in any 
event, before the end of 
September. 

This timetable was given by 
Mr. Edoiund Dell. Trade Secre- 
tary, in the Commons yesterday. 

when he recalled that the 
recently published White Paper 
indicated certain Issues on which 
decisions remained to be taken 
in the light nf further consulta- 
tions and representations. 


LABOUR NEWS 



Engineers contest 


ACAS ruling 


BY ALAN PIKE, LABOUR CORRESPONDENT 


THE ADVISORY, Conciliation 
and Arbitration Service bad 
applied its powers “wrongly, un- 
lawfully, unfairly and indeed 
perversely," to decide a trade 
union recognition issue, the High 
Court heard yesterday. 

The United Kingdom Associa- 
tion of Professional En gine ers, 
is asking .the Court to declare 
void an ACAS recognition 
decision against it at APE-AIlen, 
a Bedford engineering firm. 

In its report, ACAS derided 
that recognition of UKAPE 
would disrupt existing bargain- 
ing arrangements. 

Mr. Bernard Marder. QC, for 
UKAPE, told Mr. Justice M ay 
that while the case ostensibly in- 
volved APE- Allen the issue was 
of wider significance. 

The heart of the case was the 
right of union members to be 
represented in negotiations by 
the union of their choice, and 
whether ACAS had " the right 
to ride roughshod — as we say 
it has ridden roughshod — over 
the clearly expressed wishes^ of a 
group of workers." 

It was clear that if the policy 
reasons given in tbe ACAS 
report on APE-AIIen were 


applied generally in other case s , 
UKAPE would have no hope of 
bring recommended for negotiat- 
ing rights anywhere. 

UKAPE, said Mr. Marder, had 
about 5.000 members and was 
not affiliated to the TUC or any 


port for UKAPE among the sta- 
ll wished to represent and 35 


political party. Full membership 
was confined to chartered 


confined to eba 
engineers, graduate engineers 
and other professional engineers 
with equivalent levels of respon- 
sibility. 


Bargaining 


It had a 100 -strong rite group 
at APE-Allen and had been seek- 
ing collective bargaining rights 
there since at least 1970. • 

- The company had consistently 
and primarily supported Ihe 
policy of the Engineering 
Employers’ Federation which 
was, in effect, to refuse to bar- 
gain with organisations 'which 
were not members of the . Con- 
federation of Shipbuilding and 
Engineering Unions. It could, 
not, therefore, recognise UKAPE. 

In 1976, tbe union applied to 
ACAS under the Employment 
Protection Act recognition pro- 
cedures and last year ACLA5 sent 
out a questionnaire' to all - techni- 
cal staff at the Bedford plant 


the employers’ group. 
When the 


Ford stewards meet 
to try to end 
violence dispute 


BY NICK GARNETT. LABOUR STAFF 


A MEETING of senior shop 
stewards representing foremen 
at Ford Motor’s car plants will 
try to cud the “shop floor 
violence ” dispute at Dagen- 
ham. 

Today's meeting was called 
by the Association of Scientific, 
Technical and Managerial 
Staffs. 

The dispute has affected 
Cortina and Fiesta production 
at Dagenham, where the plant’s 
1.000 foremen and supervisors ‘ 
have aU stopped work. 

The foremen are prepared to 
stay out until at least the her- 
ginning of next week and there 
have been threats of sympa- 
thetic action by supervisors at 
other Ford plants. 

These include compnter -staff - 
at the company's War ley head- 
quarters and at its components 
factory at Daventry. 

The 25,000 hourly-paid, work- 
force at Dagenham has been 
working today bnt the absence 
or foremen has hindered pro- 
duction. 

Mr. Bob McCusker. ASTHS 
assistant general secretary, 
said yesterday that the onion’s 


Ford national advfsoty com- 
mittee was meeting, this morn- 
ing to try to solve the dispute: 

He believed that the Issues 
raised by the dispute could not 
be solved by industrial action 
and would have Ip be settled 
at plant l.eveL He expected to 
speak to company, officials, 
today. 

The dispute- arose after 
allegations that-* worker who 
had had his pay stopped Tot 
being absent from work, had 
assaulted a foreman. 

The man was dismissed bnt 
reinstated after an inquiry.. 
The foremen then went on 
strike. 

Union officials say, however, 
that the dispute highlights a 
general problem of. violence 
between workers and super- 
visors. 

■ Shop stewards and manage- 
ment yesterday bitterly criti- 
cised what they believed were 
sensationalist press reports In 
some newspapers earlier thi 
week about the ctipute, par- 
ticularly over the number- of 
incidents of violence and the 
alleged influence of racialism. 


Duffy calls 
on Ley land 
toolmakers 
to drop 


strike plan 


By Arthur Smith 


Furnacemen in talks 


at Llanwern to-day 


BY ROBIN REEYES, WELSH CORRESPONDENT 


BLASTFU RNACEMEN at British 
Steel Corporation’s Llanwern 
steelworks meet this morning to 
discuss a possible end to the dis- 
pute now threatening to cause 
mass lay-offs at the plant from 
Monday. 

Strong pressure is evidently 
being exerted behind tbe scenes 
by other unions — the men in- 
volved are all members of tbe 
National Union of Blastfurnace- 
men — for an end to the stoppage, 
which has halted all iron and 
steel production at the plant for 
more than a week. 

The management has warned 
that mass lay-offs of up to 6,000 
men will become inevitable from 
Monday unless work is resumed. 
Only white-collar staff, safety 


personnel and coke oven opera- 
tives will continue working. 

The stoppage began when the 
corporation shut the. No. 3 fur- 
nace and laid off 100 blast 
furnacemen on the grounds that 
a work-to-rule was making the 
5,000-toris-a-day furnace— the 

biggest working in the UK — im- 
possible to operate. 

The men claimed to have been 
locked out and, as a result 
another 400 blastfnmacemen 
walked out in sympathy, halting 
all raw iron and steel output. 

The finishing end of the workB, 
which normally produces 40,000 
tonnes of steel a week, has kept 
going to date on accumulated 
stories, hut these are now rapidly 
approaching exhaustion. 


At . the ■ meeting Mr. . Duffy 
reported to the stewards on pro- 
gress in the joint negotiating 
committee working out a new 
Ley land pay structure, including 
a common settlement date of 
November r, and parity for all 
Leyland plants by November 
next year. 

' He said the stewards bad 
urged him -to seek some improve- 
pnenfs and they wanted to see 
speedier progress. 

. -Mr.. Duffy said he was asking 
the toolmakers to call off their 
strike because continued produc- 
tion was a prerequisite for 
achieving a fair and equitable 
wage throughout Leyland. 

Interrupted production would 
enable critics of Leyland Cars 
outside the group to say that 
once again Leyland was at 
collision point. 

“I am asking for unity," said 
Mr. Duffy. 


Tighter rules for jobs 
search and transfer aid 


BY OUR LABOUR STAFF 


GOVERNMENT MEASURES to 
increase labour mobility and cut 
unemployment are lo be 
tightened. 

Eligibility for the employment 
transfer scheme and the job 
search scheme will be restricted, 
and the nucleus labour force 
scheme will be scrapped. 

From July 17, applications 
for aid under the Manpower 
Services Commission's employ- 
ment transfer scheme will have 
to be made before a person starts 
work In a new area. 

From January 1 next year, 
students who have qualified in 
tbe past six months will not be 
eligible for assistance. 

The scheme provides financial 
help to the unemployed or those 
threatened with redundancy to 
move to take up a job. 


A Manpower Services Commis- 
sion review of the scheme has 
shown that about 70 per cent of 
those who received aid would 
have moved anyway, and that 25 
per cent move back within a com- 
paratively short time. 

From July 17, the grants will 
no longer be paid in a lump sum 
but In two six-month stages. 

The job search scheme.' under 
which people looking for work 
can claim travelling expenses for 
Interviews, will be changed from 
July 17. Payments will then be 
considered only if the application 
is made before the journey.. 

The nucleus labour force 
scheme, which aided companies 
moving to high unemployment 
areas by helping workers In . a 
temporary transfer, will be with, 
drawn’ from July 17 because it 
was used so infrequently. . 


Nurses seek ‘special 
treatment’ overpay 


BRITAIN'S NURSES— many of 
whom now take home less pay 
than cleaners and porters In 
hospitals — yesterday demanded 
special treatment from the 
Government. 

The delegates at the Royal 
College or Nursing’s congress In 
Harrogate called for a deal 
similar to those already given 
to doctors, dentists, university 
teachers and firemen and 
police. 

They also rebuffed a Govern- 


ment warning earlier this week 
that a . pay deal ’ following a 
report on top nurses’ salaries, 
due out this autumn, .would not 
be backdated and would have 
to be negotiated within any pay 
policy in force. . 

Negotiations on the report — 
which affects tbe fop 2,000 of 
the -. 350.000 nurses— should be 
“unfettered and free" os the 
award 'has- been owing since 
April, 1975. 


Parity moves 


Peace move at 


Bank printing 
works fails 


By Our Labour Staff 



This showed 79 per cent sup- 


per cent support— greater than 
for any other union — among the 
wider group.. 

ACAS subsequently produced 
a report which made no recom- 
mendation for. recognition of 
UKAPE. Then, said Mr. Marder, 


something “somewhat curious” 


happened and the ACAS council 
approved a final report subject 
to further amendment involving 


final report, was 

issued, it contained an amend- 
ment arising ;from correspon- 
dence between ACAS and tiie 
employers’ group - which toe 
union did ndt know about This, 
he said, involved a. denial of 
natural justice. 

Mr. ' Marder submitted that 
ACAS was exercising quasi- 
judicial powers and that these 
were subject to the supervision 
of the courts. 

“The reasons must be intel- 
ligible and the- reasons in this 
case are not intelligible. The 
decision and reasons for It must 
make sense dh the evidence. 
A CAS*s decision does not make 
sense' on - toe evidence which it 
had before it.*' 


KJ 


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MR. TERRY DUFFY, president- 
elect of the Amalgamated Union 
of Engineering Workers, yester- 
day urged Leyland toolmakers 
planning a one-day strike on 
Mbnday to stay at Wdrk. 

Mr. Duffy, toe union's Mid- 
lands executive member, was 
addressing a meeting of 50 
senior . AUEW shop, stewards 
from. aH Leyland car plants In 
Birmin gham . He said later: 
"My plea was received warmly 
and I am '. optimistic that many 
toolmakers will be at work next 
Monday.’* 

Absent from the meeting was 
Mr. Roy Fraser, leader of toe 
unofficial toolroom committee 
which organised the strike to 
press a claim for separate nego- 
tiating rights. He bad been 
invited, but said he had other 
commitments. 

An all-out strike by the tool- 
makers last year on the same 
issue brought a -serious threat 
to LCyland Cars. The toolroom 
men=. say they may take more 
industrial - - action if their 
demands are not met 


•... 


- 

■sCX 


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TALKS BETWEEN print union . 
and Bank of England officials at. 
the Advisory. Conciliation and 
Arbitration Service yesterday 
failed to produce a formula lo 
end the dispute at the bank's note’ 
printing works in Essex. 

Local talks are expected today : 
and a mass meeting of workers - 
has been called for tomorrow. 

The dispute Involves the qaes- . 
tion of a closed shop for note 
examiners and complaints that 
management has been replacing 
members of the - Society of " 
Graphical and AUied Trades by 
non-anion workers. More. than '- 
500 examiners, drivers, binders 
and other SOGAT members have 
been dismissed and note printing 
and distribution has been halted... 


I 


_• j > 


Hjc-i . 


Union declares 


war on Lump 


THE . 300,000 strong . building 
workers union yesterday declared 
war oh The Lump— the system of . 
labour-only sub-contracting in the 
industry. 

Delegates at .the Union of Con- ‘- t 
struction. Allied Trades . ana - 
Technicians conference . t® { 
Dunoon called oh toe executive - 
to formulate a policy of outright „• 
opposition to. the system whi™;*', 

it was claimed, had . brongW “^mafc^-« 

practices and corruption." -- 
They also called' on 
tive to oppose exemption ' 

cates tor tax ; purposes **“*2 
granted to sub-cositraCtorarhy W® • 
Inland Revenue, - . ' r 








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F calls 
-yland 
naken 

op 
e plan 


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ose-daj 
ay at viort j 
the uoitin'i r : 
‘-ive mercbei' 
i _ meeting if 
W sho? <&. 
••land C3r plan? 

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I 


HOW THE CITROEN CX REDUCES 






S ■>■ ® !: 


;e move 1 
k prints 
ks fails 

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<m.A l ? 

"'rSV^'" 


However great die attention a car 
designer devotes tclsafety in a car’s make- 
up, all is to little ava^ if no account is taken 
of the single most Anportant factor that 
affects safety in a fist moving car: the 
driver. 1 

Driver ability is a variable which can 
be maintained or dim^ushed by how a car 
performs, either in heavy traffic on short 
trips or over long distances at high speeds. 
Both conditions prodr^e their own parti- 
cular kinds of stress. # 

Reduction of stress on drivers has 
long since been a prime consideration for 
Citroen designers. The riguUis abundantly 
apparent in the elegant bu| practical design 
of the CX. It is an extremiely comfortable 
car to drive. | 

VARI POWER STEERING. 

Citroen’sVariPower steering is finger- 
light for, parking and powe^tums to a 
straight line position immediately the 

steering wheel is released^ \ 

The steering /grays progressively 
firmer as speed increases so that the driver 
always remains incomplete control. 

Noise build/up at high speeds is an- 
other major contributor to stress on long 
journeys. In the jCitroen CX it presents no 

problem.-/ / 

LESS NOISE, MORE HUSH. 

Aerodynfeunic styling reduces wind 
noise by allowing the wind to sweep over, 
under and around the car^ and a high level 
of sound insulation farther ensures the 
quietness ofthe CX by reducing road noise. 

A selection of the 16 models in the CX range 

BHP Top Speed Price 


Model • , 

CX2000 

CX 2000 Super 

CX 2400 Super (5 speed) 

CX 2400 Pallas (5 speed) 

CX 2400 Pallas Injection (C-matic) 
CX 2400 GTi (5 speed Injection) 
CX 2400 Safari Estate 
CX 2500 Diesel Safari Estate 
CX 2400 Familiale 

CX Prestige Injection (C-matic) - 


102 109 mph 

102 109 mph 

115 112 mph 

115 1 12 mph 

128 112 mph 

128 118 mph 

115 109 mph 

75 90 mph 

115 109 mph 

128 112 mph 


£4775.94 
£4999.41 
£5590.26 
1 £6157.71 
£6796.53 
- £6776.64 
£5742.36 
£6072.30 
£5847.66 
£8899.02 




■ on 

c-r- . ", t it -■ 

.V 


Seats axe designed to help eliminate 
long distance driving fatigue.They hug as 
if moulded to the shape ofyour body, never 
causing you to shift around to reach a more 
comfortable position. 

Their design gives excellent oack 
and leg support, a benefit that is best 
appreciated at the end of a long journey. 
Driver and passengers arrive relaxed with- 




m 


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im 


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III ustrated: CX HUU0 Super^4y9y.4 1 . 


out experiencing any desire to indulge in a 
series of limb stretching exercises. 

COMFORT AND SAFETY. 

Citroen’s hydropneumatic suspen- 
sion is unsurpassed for comfort in any car 
at any price. The ride in a CX is uncom- 
monly smooth with the unique hydropneu- 
matic system absorbing any unexpected 
road shocks. 

What may be less well known per- 
haps is the almost incredible safety aspect 
of hydropneumatic suspension. If youhad 
a blowout on the motorway, the suspen- 
sion would automatically adjust to hold 
the car level so you continue to travel on 

course in safety. 

YOURS FOR UNDER £5,000. 

With all this you might expect the 
CX to be very expensive. But for just 
£4775.94 you could own a CX 2000.The 
range extends up to the luxurious, longer 


CITROEN ^ CX 


wheelbase CX Prestige Injection C-matic 
at £8899.02 and offers a choice of engines 
(carburettor or fuel injection) and manual 
or C-matic transmission. All CX models 
have recommended service intervals of 
10,000 miles and a 12 months’ unlimited 
mileage guarantee.The suspension is guar- 
anteed for 2 years (max: 65,000 miles). 

Prices include car tax, VAT and 
inertia reel seat belts but exclude number 
plates. Delivery charge £68.04 (inc. VAT). 
Prices are correct at time of going to press. 

Please enquire about our Personal 
Export, H.M. Forces and Diplomatic 
schemes and Preferential Finance scheme. 
Check the Yellow Pages for the name and 
address of your nearest dealer. Citroen 
Cars Ltd., Mill Street, Slough SL2 5DE. 
Telephone: Slough 23808. 
OTROB^^CX.AWORLDOFCDMFOKI 






Fmanciaf Tiines - 






yet for reviving UK innovation 


BY MICHAEL DIXON 


THE VERY successful electric 
razor produced by Philips was 
designed, I am told, by two pro- 
fessors of engineering on the 
Continent. How many of the 
United Kingdom’s 400-plus 
engineering professors could 
show similar competence in the 
crucial design aspects of 
engineering? 

I put the question this week 
to one of the 400, Professor 
Michael French of Lancaster 
University. He and five other 
members of the Engineering 
Professors’ Conference had just 
been explaining their plans for 
producing, at long last, the 
kinds of young technologist 
needed to revive our economic 
prospects by regenerating the 
innovative powers of industry- 

He bristled with thought for 
■halF a minute before answering. 
Then, west, he said, if I -had 
asked the same question three 
or four years ago, he would have 
replied -that, of the 4 00, per- 
haps one and a half could 
rightly claim to be professors 
of engineering ries:sn. But to- 
day, he believed that even chose 
had disappeared from the UK 
educational scene. 

“Ye gods, it doth amaze me.” 
said Shakespeare's Cassius. And 
l agree with him. 

Even so, the hole in our uni- 
versities where design ought to 
be, emphasises the fundamental 
point made in the professors' 


proposals, which have now been 
sent to the Finniston Inquiry 

into the engineering profession. 

{ And any readers who imagine 
that the outcome of tins inquiry 
does -nor concern them, bad 
better think again in view of tbe 
evidence that (his country’s 
break-out from worsening eco- 
nomic stagnation and unemploy- 
ment and -the totalitarian threat 
■that these imply, depends on a 
rebirth of toctbnalogacai innova- 
tion.) 

“ An important disparity may 
exist,” the professors' plan says, 
“ between the meaning of 1 high 
quality ’ as used by industry to 
describe its demand for high 
callibre engineers and title same 
term's meaning as measured by 
purely academic criteria.” 

Here, of course, a churlish 
person might criticise our tech- 
nological professors for saying 
that the disparity only “may” 
exist, when the absence of 
proven engineering designers 
from their own ranks surely 
makes it glaringly obvious that 
die disparity does exist. 

But the plan more than atones 
for this shilly-shallying by pro- 
viding a rare, if not unique, 
exception to the educational 
profession's rule that should 
academic criteria fail to coincide 
with any other kinds, then it is 
the other criteria which are 
wrong. 

“This possible ambiguity 


must be resolved and any pos- 
sible confusion eliminated,” tbe 
plan says. “If this is not done 
satisfactorily (educational) re- 
form may still not produce the 
types of engineer required. 

"Industry is concerned as 
much with personal qualities 
such as determination, leader- 
ship, articulateness, drive and 
creative ability, as it is with 
intellectual ability. This is 
especially evident in tbe very 
testing conditions of production 
management . . . 


Actual needs 


“The characteristics required 
in engineers of high quality for 
the various types of engineering 
work (including senior manage- 
ment) should be carefully 
defined so that the possibility 
of confusion about tbe actual 
needs of industry is removed. 

“ Research should be con- 
ducted into skill, motivation and 
aptitude testing as an aid to 
selecting engineering students 
of high quality." 

No. reader, you are not 
dreaming. The UK’s major 
body representing university 
professors of engineering really 
is saying that we must hence- 
forth first find out what sort of 
people industrial resurgence 
requires, and then devise an 
educational process capable of 
identifying and developing 
them. 

This — which might be called 


a practical engineering approach 
— differs from specifications for 
meeting the same requirement 
issued by professional institu- 
tions in the field. Those I have 
read have all indulged in 
academic sycophancy by assum- 
ing in one way or another that 
in needing better quality profes- 
sional engineers, industry must 
mean engineers with higher- 
level qualifications judged by 
purely academic criteria which, 
by the way, tend to screen out 
people with several of the 
attributes listed by the profes- 
sors as personal qualities. 

Given appropriate criteria for 
identifying the right student 
raw material, the professoriate 
adds, the most suitable 
engineer-producing process 
would be broadly as follows. 

Preferably a year or more 
after starting their degree 
studies the students would be 
divided into two streams, which 
the plan terms Category A and 
Category B. • 

A minority of the students— 
say, a quarter to a third — 
whose abilities seemed most 
suited to high-grade academic 
work would then complete four 
years of full-time study, plus 
about a year of working in an 
engineering industry either 
before starting higher educa- 
tion or during breaks in the 
first two years of the course. 
These would be the A-type pro- 
fessional engineers. 


The majority would take the 
B train which, although also 
requiring additional working 
experience, would require only 
three years of full-time study 
— which, of course, is no more 
than is prescribed for bachelor- 
level graduation in the bulk of 
UK courses and subjects. The 
later stages of tbe Bs’ degree 
studies would be directed 
towards tbe practical skills of 
engineering work. 

Now, to my mind, by produc- 
ing this outline specification 
the engineering professors have 
done more than enough to 
deserve an extra bottle of stout 
on their birthdays at the 
expense of the public purse 


Rare talent 


The plain would be sufficient 
evidence that, whatever their 
lack of proven ability in 
engineering design, they have a 
startlingly rare talent for educa- 
tional design— 41 it were hot for 
one point 

IVhy tbe Dickens risk spoiling 
such a promising project by call- 
ing tbe four-year students 
“ A’s ” and the three-year people 
“ B’s " ? What enterprising 
youngster, regardless of the 
work most suited to his or her 
particular ability, is going to opt 
for a B in preference to an A? 

The regeneration of our 
industry's innovative power 


depends on Our having appro- 
priately skilled people both in 
the more theoretical and in the 
more practical aspects of 
engineering. - Each kind of work 
is dependent on the other, and 
there can be no sensible way of 
reckoning either as better or 
worse. They are just broadly 
different. . 

So to be fair as well as wise, 
the professors surely now need 
to stop describing the two 
categories by symbols which 
imply any better-and-worse 
ranking, and instead distinguish 
the two by adjectives which 
convey a fairly accurate idea of 
the kinds of work involved. 

The best suggestions I can 
think of at the moment are 
"projective” engineers for the 
four-year variety, and “ produc- 
tive ” ' engineers for the three- 
year folk. Sadly, that combina- 
tion risks the . mistaken 
inference that only the more 
practical ■" category provides 
results which are of tangible 
value. 

But, as every journalist 
knows, the task of finding; pre- 
cisely the right word can often 
be beyond a single mincL'-$6 if 
any reader can contribute 
better suggestions, I will gladly 
pass them on to the Engineer- 
ing Professors’ Conference so 
that if can make its vety^good 
plan into an excellent one.". _ 






Senior Auditor ~ Europe 


Mid 20’s 

London Base, £8500 plus bonus 


1,1 

\'L-| 

.Wt| 

m 


This is an opportunity to loin one of the world's 
largest and most successful corporations in the music, 
entertainment, publishing and consumer goods industries. 
It arises through promotion to a group companv. As 
a member of this growing European Audit team, 
the accountant will perform financial audits 
and evaluations of accounting and 


operational systems and procedures. Overseas 
travel can be expected and company benefits are 
excellent. Candidates in their mid twenties and qualified 
accountants, must have audit or general accounting 
experience, ideally with some knowledge of 
royalty or copyright. Some proficiency in 
at least one foreign language is essential. 


G.F. Forester , ; Ref: 781 55, 'FT 

Male or female candidates should telephone in confidence fora Persona! History Form to: 
LONDON: 01-734 6852, Sutherland House, 5/ 6 Argyll Street, W7E 6EZ. 








«fil® 


Executive Selection Consultants 

BIRMINGHAM, CARDIFF, GLASGOW, LEEDS, LONDON, MANCHESTER. NEWCASTLE and SHEFFIELD. 


AMERICAN EXPRESS 
INTERNATIONAL BANKING GROUP 


Am ex Bank Ltd, London based Merchant Bank of American 
Express International Banking Group, is seeking an 


ECONOMIST/ECONOMETRICIAN 


to join its Economics team in London 

The position wifi involve preparation of detailed economic forecasts 
oF major industrial economies (emphasis on Europe} using 
computer facilities with an on-line data bank and econometric 
models. The successful candidate w ill have a sound theoretical 
grounding in economics, and be able to prepare and present 
concise economic reports for management. 

A competitive salary will be offered. 

Candidates should write, in confidence with details at qualifi cations 
and experience to: 


Mr. A. J. Reynolds, 
AMEX BANK LIMITED, 
120 Moorgate, 

London, EC2P 2JY. 





n branches 


*Organisiation, auditing, 
accounting 


We are looking for highly qualified 
staff for demanding positions in the 
field of business management and 
organisation at our offices in major 
international banking centres. 

Candidates, either male or female, 
should have a practical back g round or 
a trainin g in economics , have a good 
knowledge of general banking practice 
and already hold responsible positions 
in one of the above administrative 
sectors. 


Besides high professional ability, 
fluency in German and knowledge of 
another foreign language - French, 
Spanish or Portuguese - are required. 
We also consider flexibility, determi- 
nation and mobility to be important 
personal prerequisites. 

Before assuming a position of 
responsibility abroad successful 
candidates wiii undergo a period of 
systematic training at our German 
branches. 

If you have been consistently 
furthering your professional develop- 
ment up to now - especially with a view 


to working internationally - we invite 
your application. 

Please write enclosing a curriculum 
vitae in tabular form, photograph, 
copies of certificates and details of 
your salary wishes and the earliest date 
you could take up employment to 
position no. AMN 6791, Austin Knight 
Ltd, London W1A IDS. Applications are 
forwarded to the client concerned 
therefore companies in which you are 
not interested should be listed in a 
covering letter to the position number 
supervisor. 


Rind 



A7Tugor 3 kigkfy 
of Stockbrokers is ram 
suhstantied and successful 
Management area. They Horn a 
top calibre ex£cutxve,probabfy c 
potential to advance rapidly in this area. - ' , 

This is an opporpmi&fyr dn ambitious Senior 
Fund Manager v^w^Mwdpt^dtethance to 
seaae a leading position in thein tportcmtPricaic ~ 
Clients Sector. Ckatdiddt^.mxatluwefirsiHass ... 
experienoeywkkk includes themterna tiotial market, 
and possess the drmcjlaxr and vriU to stuxeedin 
managing and developing tke departments further ■ 
successful growth. 

Ourdientttpartaada^en&usiai xstictoappomt 
the right person for ikkbnportantsemorposidan, . 
envisaging excellent career scope m the sharL,medmm. 
and long term, pidudingpartnerdvpprgspeOs.' ; • 
Salary, which isflexibleandfor negotiatum, 
ziMbeatast4fici£ntipttttiartw 
person selected. Excellent benefits are also attached 
including 7im-<07itrifrutory pension and car. ■ - •'••••■ 
Please write, in the first instance, zoidi briefbut 
condsedetaihofcareertodate,indicad7Jganyfb7ns 
in zohidiyou are not interested, to: Mark Soutkzoood, 




Souffmood i 

47 Victoria Street,LandonSWiH OEQ 



Cape! & Co. 


. ELE,(rmcAL]^cmom€S ai ^ auyst ; a 


We are looking for ari experienced Electrical/ 
Electronics Analyst, as a result ; of internal 
promotion. ■ , ’ . ; . 


The successful applicant will be joining one of the 
leading specialist teams ^covering .this sector and 
will be expected to take equal responsibility- with 
our other senior -analysis, either immediately or 
within a short period, T r V-’ - ; 


Remuneration will be according to ability and 
experience/ but for a suitably ‘experienced 
analyst £10,000 can be considered a minimum 
figure for. the first year. 


Applications, giving- details of career "to date, 
should be sent to: ■ -.• 


: . D. Schul (fen, V'. ' ' 

James Capel & Co. 

V Winchester House, . 
100 Old Broad Street, 
Loudon EC2N 1BQ. „ 






i DfRECTQR 

FINANCE &A 083 NiSTRATIDN. : 


London Area 


A successful U.S. company is establishing its Euro- 
pean headquarters in the London area, and is 
seeking a dynamic Director of Finance and 
Administration. - 

If you have a recognised management record with 
an international company or accountancy firm, or 
have moved from accountancy into an inter- 
national role within industry, we are offering a 
responsible and challenging position. 

This Director will develop and implement written 
financial policy procedures, establish and maintain 
a forecasting system, and set up commercial and 
distribution systems by workfng'with dealers and 
branch offices throughout Europe. In addition, this 
executive will develop and implement administra- 
tive and financial control systems and will inter- 
face with parent company finance, asr'wefl as make 
financial policy apuraisals, reports and audits'. 

The potential candidate should have a firm under- - 
standing, of international cash management, col- 
lection procedures, pay roll, and corporate taxes, 
as weli as a well-rounded background ip all areas 
of corporate accounting. We are looking for an 
experienced top manager, capable of self-motiva- 
tion as well as motivating others. . We'- need d . 
practical, mature, confident individual with an 
outgoing personality. A . basic knowledge, of 
German or French is desirable. 

Qualified applicants should send a resume Includ- 
ing salary history hr confidence to: . Sox F.1022, 
financial Timer, 10, Cannon Street, EC4P 4BY, 



>ank Environment 

c. £6,000 


Probably the country's most rapidty 
developing clearing bank— with 64 branches 
and a planned development programme, we 
are now looking for a dynamic and 
knowledgeable young man or women, holding 
a good honours degree in an eoonomics- 
retareti subject, with a statistical basis, and 
a supplementary qualification in Business 
Techniques or Management Sciences 
to join our piannng team. 

You will be expected to take major 
responsibility for a small team involved fn 
supporting the Bank's top management in its 
overall strategy. The main duties will mefuda 
correlating and coordinating data and other 
support material as o basis far divisional. 


depar t mental and branch planning and 
preparing plans for prese n t ati on to top 
management and the Board. 

In addition to tha attracti ve salary tharg 
are the normal clearing bank benafits. 

Please write with full details to> 

R J. Gorvfn, Personnel Manager, 
Co-operative Balk Limited. P.O. Box 107, 
New Century House, Manchester, M60 4EP. 


CO-OPERATIVE 

BANK 


A well known Capital Equipment manufacturer on the South Coast 
a member of a major Public Group, is appointing a 


FINANCE DIRECTOR 
c. £ 12,000 


The Group is known for its business and engineering expertise and is look- 
ing for a qualified accountant who can show a background of progressive 
achievement, probably obtained with niajor companies with a reputation 
for their procedures and controls. A substantial part of training and exper- 
ience in these companies should have been gained In a manufacturing 
environment. 

Responsibilities will embrace the total financial and secretarial functions of 
the company; it is a key appointment and the status and operating environ- 
ment will reflect this. A car will be provided. 

Please send full details, mentioning reference PF, to: 

Christopher Gold 

Executive Dynamics 

Managamanc Search & Selection Consuttancs 

23a High Street, Hemel Hempstead; Herts. 

This vacancy Is open to male and female applicants. No details will be passed to our client 
witho ut prior permission. 


Internal Auditor- 


c£1^000 


-Our client is an international organisation with a multkrriflion 
pound himovet 

Reporting to Boardlevel, the person appointed will be - 
responsible for the systems and operational audit functions! 




. Applications are invited from accountants withal least fh» :: - . 
years’ post qualification experience in modem auditing techniques 
both. within and outside the profession. 

Theabifity to conduct business In two European languages in . 
adeftbon to English ijis necessary in thepast which will provide' 
frequent opportunities for traveL Career prospects are good in 
this growing organisation which offers a valuable range of fringe . 
benefits in addition to thesalary -.=>?• 

The location of the post can be a matter tor discussion. 

'• ' Please write with concise career information to 
Malcolm CampbelL • • 1 ■ _ 



Mann Judd 

Consultants 


55 New Oxford Street; 

London vvOAiftC 






tsar 











RVJM lit 


itiks 

OEQ 



uiiiuirM 



■ — (Gurtf) — — 

FOREIGN EXCHANGE 
ADVISOR |;^ 

West End of London. ■”• ’%• :*v • * 

The Treasury Oep tn nwn t of Gulf Ofl Corporation harm : ' ,; 
importam vacancy fcr;a Foreigrv Bcchange Adnisor • 

European Headquarters in London, The Advisor win be#wt-'..-\ : 
of a team responsible fora recently introduced progwnrnfc. -,<■ 
of active management of Guffs foreign exchange . . 

action and' translation dxposumc. ‘Within this team tb8i‘_ , 
person appointed w£B pbjr a central rale in devetoping a nip.: /; 
implementing foreign exchange hedgtag strategy, as weflgfe;; 
advising operating depart m ents on tft&r foreign exchanger- 
problems. ... .... ..& ■ • 

Candidates should ba graduaus or professonsfli' \ 

in a financial discrpfim and possess good analytical and **jv ’ 
corntnuniemive abilities. An In-depth knowledge of foreign -i- 

exchange markets gained in either a Banking emironment ,'.~ i 
ora muttinational Company is osserttial. ’ . ^ 

Gulf, .as a major intermtiorpj p&Compfny, offers exceltenr . t 

salaries and conditions of ' eniploynnn: and fhst class *• 

• opportunities for career development. . j" / 

1 If you would tiko to be axnwfered for tida'Hppdmnwnr,/ 
please write, giving brief details of age, ^education, top 
history and present sab ry tot~ - f. r i 

Mr.ttiLThonipsofl, • /. . / 

Guff Oil Company -BastsmHefiispSmm f 
Gulf House.. 4 ■ ■ -J- — 

2, Portnran Street, ' -f • ' ' ' 

London. W1H0AN. / 

Applications w3t be Jwmiiat jtww arid to complete 
.... S’- y. Ui'-Gofrfufcnca. f 


One of the oldes^tyinerchazit haxxks is 
to their INTE3WAL 


sxtion arises from 


moving a n d dynamic 







A fast developing national baak,Twsed in Paris, 
invites applications for twa senior executive posts: 

Director Treasury Management 

Principal responsibilities includes— . 

" —Direction of foreign exchange operations, including swaps, 
in ail currencies; . ; / 

— Supervision of money market .trading; 

.—Maintenance 1 of key relationships . J,l ^J 0U ? te S^rinP 
correspondent banks, and other institutions, requiri g 

overseas travel. 

Director International Banking 

principal responsibilities include;— . 

c^n? un of • short and medium term loans in an 

"Currencies and participation in international syndications. 

‘ — Negotiation of export credits- involves major exporters- 
and. local banks; . . . 

•-Ongoing development of relationships with foreign 
correspondent banks. • 

Qualified applicants will taiff L«"™1 experience and 

^^fSSSSSsSSSSs 

®ss33jBSsasessafi?B- 


Controller 

Finance and Administration 

FortfcfiUK subsidiary of an Internationa] organisation, a major force on the 
continent, manuf artnrj ng Tna rl cnti ngfimall business compilers and 
providu^ a wide range or customer services. 

ThfiprimaiytaakistoiB-oisanisei^UKccimpanj^ . 


thencxtdecadfi.Xhiswill entail the introduction of modem control system^ 
; theprovision of financial advice andwork of a commercial and 
general managementnatuns. 

Theiequirement is for a qualified accountant, sldlledixt business 
administration, who isaccustomed toa fast movingenvironment and tight 
• repoitan^dcadtoes.EaperiemejepfromputerapplicationsisjjCfcessaiyind ’ 
■” :Et 


I wll I PHMim rt 


H 4 y W ■ U* 1 


Remhneiationr not less than £10,000, plus car and othaben^ts. 
Age: mid 30's. Location: West: London. 

Please write in confidence to FJFHall'tReF. 138F). 


Thomson McLintock Associates 70Finsbury pavement London EC 2 A isx 



r/n lu uciiior Director 

City . £10,000+ 

. Major Banking Group 

Our Client is a-welMcnown Merchant Bank which offers a wide range of 
banking services to clients throughout the U.K. and on the Continent 

Current expansion plans have created the need for a young banker to assist 
the Deputy Chief Executive on a wide variety of corporate finance projects, 
which will include the idenfff leaf Jon and development of new business 
opportunities foe the g roup. ■ 

Candidates, aged 25-32, should have 3 degree or professional qualification 
and will have spent at least two years in the corporate finance or lending 
department of a merchant or international bank. Fluency in French is 
essential and the successful applicant will possess strong communicative 
skills as well as qualities of initiative and self-motivation. 

In addition to a most competitive salary, this position carries an attractive 
range of benefits which includes company car, mortgage assistanceand free 
lunches. 

Contact A. J. Tucker MA, AIB, in confidence 
on 01-248 3812. 


60 -Cheaps-idc- London EC^y^^pruine: 01 ~ 2 Vs£ 3 R 12 - 3 / 4 /:> 




Accountant 





In only 7 yuJio, Hambro Life Ikis. tsidblished itself as one of the market leaders in the 
Life Assurance anti Pensions held. Currently our assets exceed £550 million and v, tf 
have over 350.000 policyholders. 

This success can he .nrributed io a number of factors, not least being the Comrosr/s 
policy pf cominuolly assessing efficiency and perlormance. Our Accounts Dc-partmanr 
plays an important part in this process. We are now looking l.or an import anr -'-.emoer 
of this loam. 

Project Accountant - £7000 —£7500 

Our Management Accounts Dt-pjituurm provide; a iv-anagemom information 
reporting, budgeting and lorcecnsiing am vice v.ithm tiiu Company. It is also ■■ . :!.ed 
in developir.q iinw man.igeriivrt ideas, deluded linjncul analysis and other 
work ranging from the decision to buy or iL-nt io i-.aludling the expanse conii:;. ution 
of each of our products. 

The incteasing number and compfcxity of projects means that the technical capaaity 
oF the area must he expanded. We require a qualified accountant (preferably a 
graduate) with the inrt/onve and maturity to complete complex project worf v.-ch a 
high degree o! independence. The project accountant uuill be technically comp-: tent 
and a good communicator at all levels. About 2 years' relevant posfduairfrcar.on 
experience is preferred. 

This job offers a definite career step into a progressive company which gives e-cellent 
employment benefits {non -contributory pension scheme, free life assurance, tree 
BUPA. L.V.'s, subsidised restaurant). Generous relocation assistance to rural Wiltshire 
is available. 


Ring Lie Gibney on Swindon 27312 or write to her at: 





. Hambra Life House, Station Road, Swindon SN1 1 EL 


SH X ■•X 


f AMERlOSWl 
Bexrress 


MANAGER 
FINANCIAL DEVELOPMENT 

BRIGHTON, SUSSEX . 

c £9,0D0+mortgage subsidy • Overseas travel -• 


Due to continued expansion, our client, American Express Card Divisien.now see 1 -: an 
accountant fora new position relating to the developmentor Card Divisions operavons 
throughout Europe, Middle East and Africa. ' ' ■ *. 'T U • . 

The position will cover close involvement in major financial projects and oVerall-re sponsi- 
bility for the co-ordination of other projects being undertaken by small spec alist 
teams. 

Applicants (age 27-37) must be qualified accountants, preferably with a degree, who 
can demonstrate a good track record in a commercial/industrial environment including 
supervisory/rrianagernent responsibilities, knowledge of computerised accounting 
systems, large company procedures and financial project work would be a part.cular 
advantage and some exposure to European business operations is essential. A second 
language would be an asset. 

The successful applicant is likely to be a "self-starter" with a mature attitude anc good 
communication skills. 

This company -offers excellent worfiing conditions, .and benefits include generous 
mortgage subsidy, re-location, assistance* .non-contributory pension, life assurance 
and medical aid schemes, etc. . . ■ 

4‘ 

Interested applicants should telephone orwrite. in the first instance, to David L Sattin, 
who will be pleased to call of meet you outside normal business hours should this be 
more suitable. 





c. £10,000 


This senior post represents.lhe.exdfing 
opporturfly io Muenceihecfirecfcnancf 
prdfitebilltyof. a compact subsidiary ofa major 
German engineering company. Successful 
marketing of a top quality range of machine 
tools aridspecialistaxT^^ 

£Kjmlniis1ralk>a dnd service specia&sts has 


accountant who enjoys a significant degree of 
peisonaiinvolvement inihe many aspects ofa 
company’s operations. Prevtousexpwfence of 
the implementation of new systemafe 
essential fortte toy position andaknoyviedge 
of the German language and aammerciai 
operatk)nswGuW,behelpluI- 


pcodueed anexcetarecoid.cfprafitab^ ...Asalaiy ofc. £10,000 will be negotiate 


recent years. 

Stemming from recent business' development 
the company now wishes to strengthen the 
senior management team by appointinga 
financial speoalist capable of deputising fortoei 
Managing Director within 2 years. 


together with assistance with relocation to 
base near Surrey/Sussex border. 

PA Personnel Services Ref:AA58f6444lFT 
Initial interviews are conductedby PA 
Consultants. No details are divulged to 
clients without prior permission. P/ease 


Respctoilfly vwfl cover all financial matters of send brief career details or write for an 


the company with a particular emphasis on 
management accounts and budgeting the 
. introduction and development of financial 
controls and a major capital building project 
Aged around 30, he/she will be a qualified 


application form, quoting the reference 
numbar on bath your letter and envelope, 
and advise us if you have recently made any 
other applications to PA Personnel 
Services* ■ 


FA Personnel Services 

Hyde Pork House, 60a Kmghlsbridge, London 5W1X 7LE Tel: 01 -235 6060 Telex: 27874 



Banking 

Business. Development 

A major internaiional bank. wishes. td strengthen its Corpora re 
FinaneeGroup basedin Birmingham ^Theappoinred candidate 
will be responsible for the marketing of the bank’s wide range 
ot financial facilities and services to a group of industrial 
organisations in the Midlands and North of England, providing 
advice., monitoring performance, etc. There are good prospec is 
of advancement. 

Candidates aged between 27 and 35 may be graduates or pro- 
fessionally qualified but must have credit or investment 
appraisal experience gained in a bank or finance institution. 

Salary negotiable from £ 10,000 plus profit sharing, non- 
contributory pension, BUPA., subsidised mortgage. 

Please write - ih; confidence —to J.’tf. Ward refc B.41 341 . • 

Tkr -,v > : w •■p.r, v «.v« vJ 



jafB^nassfciEa Management Consultants 
Management Selection Limited 
1 7 Stratton Street London W1 X 6D B 



Instrumentation' 


The Instrument Division of this quoted British 
joompany is a significant growth area within the 
^ group. It comprises several profitable 
T -qompanies, with overseas subsidiaries, which 
jbeiweeo them offer iratji/menis'forindusfry 
and the fife sciences: utilising' electronic, ' 7. 
mechanical and chemical analysis techniques. 
The managers of these operating units will 
report to the Divisional Chief Executive who will 
plan, coordinate and control the development 
of these businesses by organic growth and by 
acquisition, from a base in the South East 
Previous unequivocal success as a general 
manager. Ideally in a high technology 
emironment, with a wide business . ...... 


c. £17,500 + 


background (possibly from consultancy) are 
key requirements. Capability of promotion to 
the main board at some future date suggests 
aniage iri the late 30's — mid 40's range. Base 
. remuneration.at'lhe level indicated plus an 
./element related to performance. 

PA Personnel Services Ref : GM26;6449;FT 
The identity of candidates will not be 
revealed to our clients without prior 
permission given during a confidential 
discussion. Please send brief career details, 
quoting reference number to the address 
" below, oryurita for an application form, and 
advise us if you have recently made any 
..other applications . 


PA Personnel Services 

-Hyde Park House, 60a Knightsbridgc, London SWt.\ 7LE. Tel; 01-235 WJbO Telex: 27874 




A member cl PAJmerrKH'onaf 





A member of M int&natfom! 


I CRED|T ANALYST ' £ aeg 

Our client, an internationa) bank with a recently established branch in 
London, seeks a Credit Analyst of the highest calibre. Candidates should 
have a minimum. of 2 years experience in an international bank and have 
successfully completed a formal course of credit training with an American 
bank. A good working knowledge'of at least one European language would 
be a definite asset 

In view of the, considerable importance attached to this position an above 
average salary' Would- be negotiated,'- offering considerable inducement to 
the right candidate. - . Con wet David Grove 

NEW ISSUES MANAGER ■ : * £7,00(M-‘ 

A Manager is required to run the New Issues Department of a merchant bank 
subsidiary. ... _ ^ 

Applicants should have Ijad- mpijagerial experience 'of handling Rights, 
Capitalisations, and Takeovers in fcfBusy office of a bank, broker or registrar; 
have worked with computerised office systems; and have the ability to 
organise and motivater-staff effettfeely. 

This challenging ' job; : 'demanding ' fijqh professiohal' standards, offers 
considerablfr iridependence iand "variety arid the p'ppdttunity to deal with a 
wide range ;of clients. . Contact ; Roy Webb or Kenneih Anderson 

MONEY BROKERS • “ " £4,000 -£10,000-h 

The following vacancies, with prominent firms of Money Brokers, are among 
those we can currently offer in this field 

1. Experienced Foreign Exchange Deposit Broker with knowledge of French 

and German - £1 o,000-r 

2. Trainee Foreign Exchange Broker with fluent French - £4.000+ 

3. Experienced Local Authority Brokers or Dealers. - salaries negotiable 

.c Contact: Mike Pope 


ITOlli'htips^ati- LuiKlui) IXiM 4LX* 01-62 iii6(v 7/5i y 


















Finan cial Times ** 





Unicom Industries Limited : Diamond Products Division 

Financial Controller 

International Role - Basingstoke Based 

The Diamond Products Division of Unicorn Industries Limited is a world leader 
in industrial diamond tool manufacture. From its Basingstoke Headquarters, it 
offers management services to 25 companies in twelve countries. 

As a result of steady growth, this post has been createdfor a qualified accou ntant 
with at least 5 years' post-qualification experience, responsible to the Inter- 
national Finance Director, it involves; dealing with the potential probiems of 
accounting controls in small companies; providing a consultancy service to 
operating companies on accounting systems, staffing levels, hardware and 
accounting for inflation; helping management to interpret financial and other 
operating reports and to evaluate market opportunities. Extensive travel in 
Western Europe is required. 

An attractive salary reflecting the im portance ofthe post will be offered tog ether 
with the usual large company benefits. 

Please send your application, together with c.v„to: l. L Roderick, International 
Financial Director, Unicorn Industries DPD Limited, Lister Road, Basingstoke, 
Hampshire. 

This appointment is open to men and women. 


Whitsun Foundation 


THE WHITSUN FOUNDATION 
invites applications from suitably 
qualified persons for appointments 
at senior executive level. 

The Whitsun Foundation is a 
non-profit development agency 
funded by private capital from 
local sources. Inaugurated in 
1975-it has been involved in a 
process of national deveiopment 
programming, involving poHcy 
analysis, project identification and 
project preparation to the stage 
of complete feasibility and analysis. 
The work of the Foundation . 
has been undertaken explicitly in 
anticipation of development 
priorities under a recognised 
majority rule government, and the 
emphasis has been on developing 
the basis for projects to be 


funded by external aid agencies. 
Whitsun offers an exciting 
opportunity for a range of 
specialists to collaborate with a 
new Zimbabwe government in its 
future progr amm e of development. 

Applicants should have 
substantial applied experience in’ 
one or more of the following 
fields. 

Development Economics and 
Planning 

Agricultural and Rural 
^Development 
Urban Planning 
Manpower Planning 
Development Finance 
The Foundation offers highly 
competitive salaries, negotiable in 
accordance with qualifications and 
experience. 


Applications with particulars, including references, should be addressed to: 
The Director, P-O. Box 8274, Causeway, Salisbury, Rhodesia. 

Candidates responding to this advertisement are advised to make contact with the 
Foreign Office before making a commitment to employment in Rhodesia 




Gulfl 


INTERNATIONAL 

AUDITORS 

London Based with Starting salaries negotiable 

overseas travel up to £8,500 per annaiti 

The internal Audit Department of Gulf Oil Corporation has a number of vacancies for 
Accountants who are seeking an interesting career development move. Based at Gulf's 
European headquarters in the West End of London the people appointed will work as part 
of a team which provides -audit coverage far Gulfs exploration, production, refining and 
marketing operations in several countries. 

Candidates should be qualified or part-qualified Accountants, possess good communicative 
abilities and be prepared to spend approximately 50% of their time away from headquarters. 

Computer Auditor 

One of the vacant positions is in the Computer Audit team and for this appointment a 
special interest in computer audit work is essential. This job will entaH the monitoring of the 
integrated Data Processing network throughout Europe using the latest database 
technology. 

Gulf, as a major international 03 Company, offers first class conditioneof employment and 
generous overseas allowances. Career opportunities within Gdff are excellent; particularly 
for people with accountancy quaBficatkma who can demonstrate a record of achievement. 

If you would like to be considered for one of these appointments, please write giving brief 
details of age, education, job history and present salary to:— 

Mr. M. J. Thompson, 

Gulf OR Company - Eastern Hemisphere. 

Gulf House, 

2. Portman Street, 

London, W1H0AH. 

Applications w&be handled promptly and in complete confidence. 


MERCHANT BANKING 


S. G. Warburg & Co. Ltd. 


Outcorporate finance business continues to grow and we 
1 are seeking young executives with the potential to make a 
significant contribution to our business. 


Successful applicants are likely to be aged between 24 and 
30, w ho have obtained a professional qualification in law or 
accountancy, or a business school degree. It will be an 
advantage, particularly so far as older applicants are 
concerned, if they have also acquired some post qualification 
experience relevant to our corporate finance business. 


Applications, enclosing a concise curriculum vitae, should 
be sent in confidence to: 

- G.E.J. Wood S. G. Warburg & Co. Ltd, 

30 Gresham Street, London EC2P 2EB. 


----- 










m?k 

i oggg 


f-r; 


FINANCIAL CONTROLLER 

London WCI £9,000 + Car 

Directorship potential offered to ambitious Chartered Accountant 
with major publishing house, turnover c. £40m; responsible to 
Managing Director for all accounting functions, strong financial 
control and business management 

CORPORATE AUDITORS 

Brussels base £8,000 NET 

Worldwide travel and non-routine assignments will appeal to young 
single Chartered Accountants- wishi a g to accumulate capital 
and become involved with high level acquisitions, investigations and 
cash management 

FINANCIAL CONTROLLER 

Kent c. £8,000 

An experienced qualified accountant (under 40) is sought by 
fast-expanding manufacturing group. Responsible to Managing 
Director for ail U.K. and European accounting functions, planning; 
and computerisation programmes. 


European Tax Manager 

f mm $30,000 


A major company in the data processing industry wishes to recruit someone 
/m to co-ordinate the management of its tax affairs in Europe. This is a new 
Tj L appointment. 

Responsibility wiD be to the director of international tax for creative tax 
pla nning , for appraising the tax implications of proposed corporate action, for 
identifying tax trends, for negotiating with the revenue and for analysing 
foreign tax data to be submitted for incorporation into the Uni ted States Federal 
return. He— or she —will brief counsel in litigious matters. 

The specification calls for a legal revenue or accounting training supplemented 
by not less than fouryears at senior level in practice or in European industry or 
commerce. Preference will be given to those bi lingual in En glish and French. 

Age probably in tke thirties. Compensation will he tailored to location 
(London/Pans/Swifeerland) with a salary negotiable from US $30,000 plus 
appropriate benefit#. 


TlSfr 




Telephone or write in confidence to 
Accountancy Personnel Senior 
Appointments, 

4142, London Wall, London 

EC2M 5TB 

01-588-5105 


Please write in confidence for an 
application form and a job description to 
David Prosser, Executive Selection 
Division, Southwark Towers, 

32 London Bridge^Street, London SE1 9SY, 
quoting MCS/3696. 




nee 

/aterhouse 

'Associates 


& ^ J* ^ ^ £ J* ^ j? ^ 






Financial Controller 

Bucks/Berks Border £8,000+ car 

We are seeking a qualified Accountant. 27-40, ACA, ACCA or ACMA, having 
experience in the day to day control of an accounts department and the timely 
production of monthly management and annual accounts including consolidation 
of results for overseas subsidiaries' and reporting 1 upon manufacturing costs, 
ideally for an engineering company. 

Reporting to the Financial Director/Secretary, you will be expected to quickly 
assume responsibility for the entire finance function heading a department nearly 
fifty strong, operating mechanised and sophisticated computer based systems. 
You will have the opportunity of instituting further routines and reports as are 
necessary for more effective management control and profitable operation as well 
as involvement in Company Secretarial activities. A practical, down to earth 
approach is required as well as the ability to communicate at ail levels. 

The Company is the £2Qm autonomous subsidiary of a major public group and 
employs 1400 in the manufacture of precision engineering products sold 
world wide- Involvement with overseas subsidiaries will afford the opportunity of 
foreign travel and there are prospects of promotion within the UK or overseas. 
Please write briefly or telephone for an application form, quoting refs 445. 

Mauagemeiitl^^iiiid 

Rectuiimani Seleciton & Advertising Consultants 
York House Chertsey Street Guildford Surrey 

GUILDFORD (0483) 64857 


© 




BANKING 

OPPORTUNITIES 

MIDDLE EAST 

As executive selection consultants, we advise a number of international 
banking and finan cial organisations in various countries of the Middle East 
on a‘ range of appointments, including loan officers, project managers and 
corporate marketing officers. 

We are currently handli n g assignments in all of these categories carry- 
ing salaries from $35,000 to $70,000 tax free, plus air-conditioned housing, 
free utilities, generous home and local leave, and other substantial fringe 
benefits including, in most instances, Company car/car allowance and 
contribution to school fees. 

If you have good lending and/or marketing experience and would like 
to know more, pfease telephone (01-437 6141/6037) or write to Alan Ashley. 

tt : : : :;ta Paul R. Ray International 

5 3 E Z I ‘ Executive Selection 

-1-1. 1 IJ ' 25 Old Burlington Street 
London W.l. - 


• « • #+. -• * 

_ — ' T_ # 




' •• • • to ja 7 , 50 r* : 

Herts. 

An expansionist ptivafe^oup wiffi : 

riunDvcr forecast over SlQm, tectonng*i£- • 
™ Suturing specialised wall covenngs.has • 

SStcdSpo^tboth to develop the existing „ 

control and reporting systems, and to pro-, . 

Sue the wider finance andplanning fonctions • 
appropriate to a potential.qtioted «>mpany. 

The new FD will have as^uficantmfhjeace, 
on the commercial management of thfcgcoup. ^ 

Candidates nrast he qtaEfied acto^a^. ■ * 
probably aged 3S45 whose past expe^enbe. . • 
in manufacturing and commercial tayixoij- • 
mpnts clearly demonstrates theu> achieve- ; m 
mini Ind expert^ ■; *ot L** . to . * 

txmtrollership rotej bat on -treasury j-aystMa^-. 1 » 

Sd Sanning matters, THe growthpotential- - ^ 
which has already attracted institutional 
investors provides the , dearest gdaiant^ ^*' 

of personal growth. ■. */.- .; y ' •. >7- * 

For a fuller job description: wat^-to,Joia 
Courtis & Partners Ltd., Selection Coh^t- ' 
ants,78 WgnioieStreet, London, VaH9BQ^£^ . 

demonstrating your relevance briefly . : 

explicitly, quot ing refe rence 701 3?pT. 

■ is on equal oppmrtettHy sppo B^meax t ^:- . v . . 


nd Economist 



COMPANY ACCOUNTANT 


c£ 6,000 -JSr.Bncks:r; 

We are an expanding private ibinpMy engaged ln^ 
the design and manufacture : <#Vjne*fical in-’ 
strumentatioa', 7 7wRh ^ es.ia blisliecj Iv^drld-wic 
markets. • " • 7. . 7, -l \ . 7'-> 7 - v 

We are seeking an accountant with, commercial^ 
experience to supervise and deyelop our financial 
and inanagement accou nt i n g functions.- - : '• . ; 

Ideally qualified, candidates xnust_ have practical 
business acumen with tile ability, drive ana 
enthusiasm td make a positive contribution to Ihe' 
efficient operation of tHe company.. . 

Salary negotiable according' td qualificatiqns and 
experience. Assistance, with relocation Senses' 
will be given. ..*• . .. • * - : t'i . 

Please write to: * - ‘V - . • *-7 

• - The Secretary . 7. ' 

: . VITALOGKAPH.IJBinTED ,v 
■ - ■ Maids Moreton House 

Buckingham MK18 1SW . v.^:7 ,v; 

Telephone: Buckingham ( 02 802) 36917 " , 


Company 

Accountant 




MicTSussex to £7,tXS> 


A rapidly expanding fashion company dose to -Haywards- He&A^ 
turnover £6 million per annum, seeks a qualified Adcountaiir 
preferably aged 25^40 (ACA or ACCA or A5CA) wrifi.coflimeK 
ciaf experience. The -appointee' will be superyiring. a . 
managemenr accounting team supported . bjr. a . staffj- qf TOr 
Applicant must have the ability to -meet- very strict , reporting 
dates and be budget .conscious, ■. A .computer^ is 'in the process 
of -.installation. Membership of a ."first ;cfafi 1 [h6frtbr»tribii«Diy'! 
pension scheme Ts. offered txagether wrtfi^BUPA benefits. • 

Write encrosing curriculum vitae to Bqx : A.fe37fr. T 

• Financial Times. 10, Cannon Streec.' BC4P 4BY :l~ 


ROWE & PITMAN, HURST^BROWN 

who have a wide-spread overseas business are 
looking for a young mair/woman to work in the 
foreign department to help with settlements 4 
-and; dealing. The ideal person will have badTj 
experience in a Stock Exchange firixi;' banMtSI 
similar institution.- - 7 . .. .7 7 .-7 Cf ' 

Good salary and profit-sharing bonus, V ~v. 

.Telephone 606 1066, Staff Department, for; - 
appointment . 


RECRUITMENT CCMSBULTApnK 

• • ' "/ £7,000-£10,000 ' K" -^1 

We ,s?tik to appoint an; experienced person with. knowled&>&£ 
and contacts in the BanJdng/Finan ce sectors. Aa’cxpett wi 
is now seeking ^ more independent role and who needs .to 
aciiidve hitter goals, both financiaily and in Job 'satirfiied«V ' 
will find that we speak the .same language. 

f Telephone DAVID WHITE oir 01-405 5269 
DAVID 'VnnTG ASSOCIATES XTD^ - 
? M, Klngsway, London - - - 


DMst: Re-IiMonee 


Lloyds; fijoken require a Non 
Marine. Reinsurance Director 
agetfl.tratween 30-40 years who 
is;, fully experienced in the 
negotiation and placement of all 
classes of;Treaty and. Facultative 
' v. Reinsurance. 

'Far -farther details please apply 
Ifn strictest confidence to 
Sox fi-6379. Financial Times, 

■ id. Cannon Street, EG4P 4RY 


Research i> 
Foreign Exchange: 

CbndCtaffiraedlty in London Is < 

Ing Its research department «*d 
to ree rvi r . *' -aw first 

special i,* ip foreito- axchu " 

cants. ae«d .prbtiaMy.'.Ini 
wwets, nnrkii/ JjSoh: 










L5 


» cj* 


parts® 11 


SLX 




11 "■ it i^ : 

:s* 

:s itp- 

*.£•2 


vSSt 

P^A 

L, .j. Aj 
«•■*■ , ; !T ^ / 

"s-steS! 

vf-sSK 

g?^ 

gsr, 

:4T '■ 



RECRUITMENT ADVERTISING 


ii London ECS IVT 1MH 
T e!: Q1-5SS 35SS or OV5BS 3576 
Telex f\fo.SS737«q. . . : t 


CJRa 


Merchant BaiBv PRIVATE CLIENTS 

Our client, an acceptuig hOuse^s one ofifaemai'or forces in the investment 
scene. They regard private clients as sgrowth aiesyand are currently seeking to 
strengthen their growing department appointing an additional manager. 

- r - . You will be aged 26/34, possibly&ea graduate, hut mnre important be 
someone who combines an analy tical tinning with flair Tor pori Inli.i management. 
Minimum experience level with a srockapkei/investmenl hou*c/bank — lour years. 

Your responsibOitv will cover all wpcs of investment and you will be 
supported by sophisticated computer ais other, systems. Considerable personal 
responsibility and client contact is inyedv® and further promotion prospects arc good. 

An exceptionally generous remun&iion package will include an above 
average salary, a bonus-level in line with Stack Exchange practice, a-,. ;:.tctl moi icagc, 
non-contributory pension etc. ' v|-. 

Fall details please to Colin Barry atweii.on Shirley and B.ury i Management 
Consultants), 17 Holywell Row, London 0E2A4JB. Tel: 01-247 ft 274. 


Consultants), 17 Holywell Row, London 

Ov€ 


tonShirley 

randBarry 


I JOB I 
HUNTING? 

OVER £5,000 
UNDER £25.000 
OVER 27 
UNDER 57 

H'yoCtoantliece.wfl 
nro 90% eortjin wo CJn 
help you get a tenor job 
qu ickur. Wo .jih not un 
ogoncy but Eutope‘5 imst 
expsrjoncad etteuUvoaiul 
professional co>eor 
courcdlors. so telephone* 
us now tor more information 
utsaur our services. 

Percy 0UTTS & Co . 

1 01-8392271 I 

MO Grand Buildi no 7, 11 

Trafalgar Squam. WC3. n 


Montagu, Loebl, Stanley & Co. 

South East Asia Department 

Due to further expansion we are looking for : — 

an enthusiast for South East Asia who would like to combine 
investment analysis into plantation and tin shares with the 
opportunity to develop our connections with the East. 

Attractive terms offered, negotiable according to attributes. 

Please reply in confidence to : 

Colin Priestman. 

Montagu, Loebl, Stanley & Co. 

31 Sun Street, 

London EC2. 



Projects 

Accountant 

c. £7,500 London Wl. 

A particularly successful international pub- 
lishing croup seeks to strengthen the manage- 
ment team of its UK subsidiary’. This new 
post carries responsibility to the financial 
director lor non-routine work including 
control systems review, cost reduction 
exercises, management audits, profit im- 
provement studies, project analysis, O & M, 
aqd occasional “trouble-shooting”. 

Candidates should be chartered (or certified) 
accountants aged 25-29 with first class 
training and about two years post qualifi- 
cation experience in public practice. They 
can expect a relevant and sympathetic 
transiiion to a commercial, profit-oriented 
environment. 

For a fuller job description write to John 
Courtis & Partners Ltd., Selection consultants, 
78 Wigmore Street, London WIH 9DQ., 
demonstrating your relevance briefly but 
explicitly, quoting reference 7012/FT. This 
is an equal opportunity appointment. . 




."•j * f. 


/ Accountant 
Development & Planning 

London c. £6,300 + car 

i?uet to priuabttoa thi/ challenging opportunity has arisen; in the Head Office of a 
major-Division of k leading food group. Candidates should- be qualified 
’ accountants, aged oyjir 25, with experience of a large professional firm and/or an 
industrial group. - Responsible to the Development and Planning Manager, the 
appointee will be involved in the strategic and financial planning of the Division 
including the evaluation of' investment projects> proposed acquisitions, corporate 
plans and marketing activities. Commercial awareness and the ability to influence 
and communicate with people at all levels are essential qualities for this position 
which is regarded as providing experience for a more senior appointment in the 
. Division. . The appointment offers opportunities for travel to subsidiary companies 
. throughout the UJK. ' • • 

• applications to MiM Marion Williams: 

Reginald Welsh GT Partners Limited: 

-■ T •- ■ .V\ . V •; . Accountancy & Executive ItecmitmentConsidta ini* ' _ 

■ 123/4 Newgate Street, London EC1A 7AA Tel: 01-600 is3S < 


-Asa result of continued growth,, we now have a further 

'.. vacancy for a male or female Lorn Administration Clerk, in 

. - . their mid 20s* to join our esphndirig Loan Administration 
Department. ... 

THAN If you have previous loan experience, ideally gamed with a 

w/W.v • ..-...-vat Ma'Chantor American bank, then we would like to hear from 

AIW^INISTRA salary will be paidand there are excellent fringe 

PlSssMwrite enclosing a detailed c.v. to:- Chris Taylor, 
r-JSUOO ■- ' Personnel Office-, Saudi International Bank, 99 Bishopsgate, 

UAUJWW London EC2M STB. 


BRANCH AUDITOR 

Age 3040 £7,500+ 

A leading International Bank with a substantial 
presence in London seeks lu appoint a Senior Banker 
with an extended and detailed knowledge of all aspects 
of Internal Audit procedures. 

This is a new appointment, and the successful Candidate 
will report directly to the Head Office, with complete 
responsibility for the London Branch. 

In addition to the obvious technical skills ' required, 
personal qualities of decisiveness and authority, and 
the ability to communicate at top level are of paramount 
importance. Salary is negotiable, and benefits are highly 
competitive. 

To discuss Otis position, in complete confidence, please 
telephone Rod Jordan. 


BANKING PERSONNEL. 

41/42 London WoO- London £C2- Telephone: ON- 3SB07ST 


AL-RWKAL-S^LJraAl-Ab\MI LIMITED 


YOUNG ACCOUNTANT 

Required by an expanding publishing company 
based in the Oxford area. This is an interesting 
post for a young person who wishes.- to expand 
his/her career in financial management. Respon- 
sibilities include production of monthly accounts, 
budgeting, statutory accounts, supervision of 
accounting procedures and ad hoc': 'financial 
projects. 

Applicants should be mid-twenties and have varied 
financial experience in industry and/or commerce, 
be able to demonstrate personal advancement and 
increasing responsibility in their careers and have 
an ability to achieve results ’ in a busy working 
environment. 

It is expected that applicants will be either 
recently qualified or a finalist A.C.CA, A.CJLA, 
A.C.1.5. Knowledge of or experience in publishing 
and data processing would, be an advantage. 

Good salary and conditions are offered to the 
successful candidate. Please apply confidentially 
in writing to: — 

D. M. PHILLIPS 
Financial Controller - 
Phaidon Press Ltd Uttlcgate House 
St. Ebbe’s Street Oxford • • 


MTBtfuk'JUJbrr 
CLERK- ' 

iwty qualified Accountant for 

3 ' Bank to assist Senior' 
idhor, French an advantage-. 
•» 25-30 Salary £6JJ00 P-»- : 

SENIOR CLERK FOR 
CASHIERS DEPARTMENT 
r EC1 Bankl Responsible - 
sition with varied, clerical and 
. administrative duties. 

22-30 Salary £LOOO px 
L1C BANKING 

appointments; 

, , 28M95S: ■ 


; A Vaeanejr -exists for a fully 
Qualified and Experienced 
SALES ENGINEER 
to jdii 1 mill oW-*«abli*!ie*l London 

I company ojwasinj ‘ n dfe ftnalneanng 
ind mwallartkal Som» a*-" 4 ** 

wi«nii>a writ bt_ r«ulrri awl a 
knowledge of German wouW w» f" 

I UML We are' looking tor a Kir- 
j tarter able w negodaie iM eonclude 
hiiiiMU tran*a«ion. 5vce»**ful per - 
fotmaflce eoaW lead to 
; AppJiculoiw. flying details of 
KchnkaJ education, eaperlencei 
•ncei and salary <«l“lred abovW w 

addrened co:— 

Bat AJ3BT. Fimckd Tlmei. 

■ 10, CdiHion Street. K** 4 **.^ 
AH nfte/lcmlBW will he ackrwwMgoa 


FIRST-CLASS 

OPPORTUNITIES 

available to qualified- students 
.‘arid experienced accounting 
personnel.- 

Contact Alec Moore on 
01-628 2691 


DRAKE 

/^COUNTING 


CREDIT ANALVST wiin eimw 6 moiun« 
-mow fence or pood loat». aamin.nock- 

E jund. lor furBwr training with U S. 

nkm. EKdieitt salary plus v* ua J 
-ttinoe beneftra. Ref, SSl. Uoyff 
. Chapmen Associates t Banking DlvUlonl. 
/ 499 77SI. 



ASSISTANT ACCOUNTANT 

Required by City Commodity Brokers near 
Fenchurch Street Qualified person preferred with 
experience in the profession gained, after, qualifi- 
cations. Company have ICL 2904, .but Computer 
experience not essential: Salary £7,000 p.a. + 
annual bonus. 

Please write Box A.6378, Financial Times, 

10, Cannon Street, EC4P 4BY. . 



CROUP ACCOUNTANT 

Cambridgeshire. c.£8500+Car 

The Company — A long established service company with plans to further a 


Responsibilities — Will include controlling the prod u c ti on oi the group financial 
accounts, the agreement oi budgets and pi epat a Lon of management information, and 
the further development of computer based systems. 

Candidate Specification — Self motiva ted Accountants probably aged around 30 who 
have experience in commerce/industiy where they have successfully controlled a large 
stab function. They should have broad technical knowledge, experience of £D? systems 
and have the ability to communicate effectively at all levels. 

The candidate appointed will report to the Financial Controller and successful 
performance will lead to opportunities for career advancement. 

For snore detailed information concerning *bl«t appointment and a personal history 
form, contact Nigel V. Smith. A.C JL or Peter Dawson quoting reference No. 2169 

Corr¥nerri3i/indLBtriai Division 
Douglas Uambias Associates Ltd. 

Accountancy & Management Rmuitiseot Consultants, 

410. Strand, Loudon WC2R0NS. Tel; 01-836 5501 
121, St. Vincent Street, Glasgow G2 5HW. TeJ 04 1 -226 3101 
3, Coates Place, Edinburgh EH3 7AA. Tel: 03 1 -225 7744 




Rowe & Pitman, Hurst-Brown 

Members of The StoeR Exchange 


require a young salesman in their London office to join a team 
servicing European institutions. Applicants should have some 
experience of both the. U.K. and U.S. markets. A knowledge of 
at least one European language would be an advantage. 

We are offering an attractive remuneration of salary and profit 
sharing bonus depending upon qualifications and experience, 
with non-contributory pension scheme incorporating good life 
cover. 

Applications fichich. are welcomed from men am? women ) with full c.v. to: 

P. N. Smith Esq„ 

Messrs. Rowe A- Pitman, Hurst-Brown, 

1st Floor, City-Gate House, 39-43 Flusbnry Square London EC2A 1JA. 



Recruitment 

A Professional Service 

Lloyd Chapman Associates are pleased to announce the formation 
of a Banking Recruitment Division. 

The Division,underthe management of Yvonne Emmerson-Fisb, 
is structured to provide a professionalrecrui tment consultancy service 
to the Banking world. 

Enquiries are invited from Banking organisations with current or 
future recruitment needs, and from candidates seeking advice on. 
career opportunities. 

In the first instance please telephone or write to 
Yvonne Emmerson-Fish. y 


Lloyd Chapman 
Associates 

123 , New Bond Street, London WTY OHR 01-4997761 


A Major U.K. Investment Bank seeking to «fepwd its already substantial 
dealing; operations requires two 

Eurocurrency 

Traders 

The more senior position is for someone who has been dealing (or a minimum 0^5 years 
including experience of the dollar CD or FRN markets. Experience in the foreigu 
Exchange marketwouid be an advantage. 

The other position requires someone \vi di at least 2 years’ dealing experience. Some 
knowledge oi’ihe dollar CD, FR>f or Eurobond markers would be an advantage. 


Realistic salaries for both positions would be paid depending on age and experience and o / 

the usual Banking tinge benefits arc available. Both pori uons ofier excellent scope lor 


advancement- 

Please write with full details, quoting ref FT/i5a,listiug any companies to' 
whom you do not wish >vhj r application forwarded, to Peter Pluliips, 

Riley AdvertisiagLtd^ Old Court House, 

Old Court Place, Kensingtoia, London W3 4 PD. < 

A xnetober of the Rex Stewart Group V/ 

















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^■ 9^^55435 

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“I was as delighted as FGA when they won a DADA silver 
award for the Arthur Mullard commercial for Dry Reserve, part- „ 
icularly because the 1978 films now in production are even better. 








jouajnady^.-wor 


yaasfv ta&asoti&mtj 


“Wnentne 
FGA to say that it is die 
slimmer I’ve seen since 

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Co^gi Car S^ks 
xoderawi Their share of 

nsuitt tusincnasui from L2 to ....... .. ■■_i,. Lll . A . Bm f 

pw cent in iuat uftler thrae ye*rs: . . And ttaontin: range 

^ Whea^aKourtpeoffcrairax. tasbmcf pk*ijp>tha*s«D 6 uf«v 

vTXill undWl why. lon^ dhp^ 

Ai VO inchrt frwi hrnnei » 

Ix^iheOwni Junior Is easy handling thetwapahionk finding “■» n ® • 
even tot the me^«MJced maulrfcrus. 

Oer new cctaffiul packaging .Buoy year w bring mil a new 


ButabearraHK 


Stacskj 4 ?k 1 Hwrh Torinrf.Tbe Jamer 
Bend Look.’.' 


And 20 <*her 
raw models. 

At ooIy39p 
they Ve perfect 
for today 5 economy. ■ 

Of coursed* engine- 


„ £* f ■ — ;••" 



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“What I want from an agency is strong, singleminded, visits 
advertising. That’s what I’m getting from FGA? 

Fuchaid Hall .Sales and Marketing Director; The Mettoy Company Ltd. 





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“The continuing success of this unusually distinctive lager 
is due in no small way to its outstanding advertising. 


“The advertising produced by FGA for Chewits ha§been a 
significant factor in the success of the brand oyer the last tyrby^ts 

*D ■■■ ;-• • -y •; ■. . u' • ; ' 

Ted DixCMi-MaikeiingDirector, Cavenliam Caafe&ibneryXt<L " '. ” vy;’; " 


... . -•'■ \-& m ' r x'y ;—•••■■ '^•Kr^jsjr' '!*i , vr" 


1 Ti 


Motr-znd more people say oicy ^ 

fwosc dut wiD'cne day he rhar own, yet man^ , 
ofthcmiuK. 

' ‘ Why? "■ ‘ . ' 

^ai. one rei-xi k that they think ebey 
don't cam isMUph rc> qualify for 3 mrooga gc. • ; . 
Thev may also had tfur they won r tv 

it 4 cioa 0 «drhcnionthlyrEpjv 7 ni 3 HS. ' v 

Then then: an: tht«rwlK'pjt pud by tfw 

iliji or ltmi by the bout; who chink they caa 
gdah«imcl&m. T - ■•* 

And dtc bebeftfut you n«d to save, a . 
hrese suns fcf a'deposic pw> many people off 
But tott^J it all there% the undcivaridabk: 
iSdmp that buvTny a houscisn't at J 1 ample, 
bur a a« 1 lpficuod and audy business evolving 
sdseions andt estate ageots. - 
. ' . ! Nonecifdua'neodhimic. 

■' s . Ar Wimpcy we really wanrto hdpyou 

buy thehouas we buikl .. 

YbuU hnd plenty vou'em afford at the 
. lotasurti Part Btec.'Bndgw^ter aswell as . 
all die advice you need 

John ftkbh. ihcHwsdeut Hnwbuying 
Advisee will answer any questions \wj may . 
have and ex p lain die* whole fions bf buying , 
altouseaa simply as pqssibfc. v- 

What's more; hc'B fidp with a mortgage. . 
• He steady auatiged many mortgages for 


.YjSf f i- ; K£} f f > 5 i 

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startw^.^-.— ..... 

catfyitf mp* motctSao ¥««-;«nt 
Andyob^hms 

' IfflMjaofe' ftaik j&Baa^'wgpti^ie: Atfc ** 
Bridgjwceg-Weiibqog Badgwg^TOaff 


^^kpi^wbctvyDuatcw^^ttaipcjf^ 


•-Mauatnns Director, Holstcn Distributors Ltd. 

J ij 


“We inherited FGA/Kenyon & Eckhardt when they took 
over CPV, and frankly I was a bit apprehensive; Now I think we’re 
getting the best work we’ve ever hadT - .; ■ ^ •/, 

David Eaton .GencrdMonager'l^des) 3 Geo.Wiinpey & Co. LtcL- : .-■ 


h’Sil 



























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,-. JfoaneiaJ'TiraeS: Tfeursday Jane 8* 1978- 



g Scene 







Iff?*: 


up 
to a new 


_ i 



IN THE daysi when companies 
used to took . to advertising 
agencies tittr- ■,■ ■■ comprehensive 
marketingad^cerand the a gen 



advertising: 

put glamour into 



mm 



ONE OF the farts of life for an 


Poor storage and handling costs industry around flObn a year, 
which is partly why Dexion launched a £250,000 advertising 
campaign in September. TERRY GRIM WARD reports 



eto 

he 

ncT 


i«A 

l_iii iumf 1**" — - — p- t""-' 1 ' 

i -*-• — *■ n-iMmuf niti 

"TTT.n 1. •'■«» tiM m rKA n. A* 

|M . — h i*** ^ 

r.tii —tf-s rfmi* 

l III! wWH J «n «t«' M«*l— » o* «»*i 

.-.hi — - - "t — *“ * — ■ ihw 

mi ml Iwn0**« 

»rrrv»,.. — aimau r*f 


m y n | . mi p.h» — Mft'i ib* t—*t 

a «iwei o« f **;**• «»~* n 


Lilli c* 

£« k T - •* mWBTM. Am t'a A 

J|L y,-« **->*« - piAhaV-i* mwAln^tlu 


N 


cies could ■aff&xFtpoff er a wide i adverdsing agency confronted 
range of services, cast-t?'! 11 ? ^ j 1 ?* 1 . tD ♦S v ?J?~T n c ^h 

'w^u^btVS 3^“.^ 
that m a [fating;, in consequent!, jndus- 
TV. commercial or a Press ad- trial advert istng is very often 
vertising .campaign the most i the waaViand of the comm unit a- 
appropriate:’ and-* appealing j lions business; 
actors werp^rmployed. Now one j On the other hand, certain 
of the very few remaining cast-) product:;! - categories . have the 
ing directors,- -Allan Foenander advantage of consistently high 

or J: Walter Thompson is leav-i natural -interest. For example. 

ing to set tip his own compaflyJ lhe Ga,l *>P Omnibns shows eon- 
F.J. Associates; • Jt jslstem3y"; high norms , on car 

hS' Sf “ “ ?• CWI, 2 e ' tr ial products,- as . you can 
hensjve filing- system. His- imagine, }come at the bottom nf 
Ene ® or y fpr,. faces ensured' Uiati men's interest levels. , 

JWT a«iyferosing : ' was charac-i To overcome this interest 
teiuseo by 'distinctive' and yet (defect, consumer agencies when 
unfamiliar actors. He is [faced with this problem in- 
quitting to meet the demand for! variably attack it by treating the 
his services from feature film ! 'company in question os £ it were 
and TV producers. He will.}.* consume? product. They find 

JWT who Will not replace Jinn. ; attracting Client ion, so that 
In his 1- .years at JWT, ; Reckiti's industrial . .campaign 
Foenander has worked with 'talks about 'the state of factory 
some outstanding film directors.! lavatories in- the genre of the 
including Lindsay Anderson,* bigtes of ih£. World, Colt talks 
Karel Reisz, John Schleismger,;*” 011 * healing and ventilation 
Joe Lowv Peter Yatet ‘Viefe b *' desenmng the impact of 

3d a s?“jssr,' - ^ 

Donner. They, have all made l The name riL the game is to 
commercials for JWT. imake whatever you are selling 

1 - 1 a bigger issue 'than it is, in the 

AFTER months of rumours! minds ** »° ur I ’ ol "” ,al 


launch in 1972.' and into Geers! age of your diem's very stun- block in management thinking, wild your ad«*-ns>inv is >-m aim With * Cll [ a p t teen 

Gross. Four agencies were short! ning steam shovel. .The effect B?oadlv managcinenfs atutufle for the whole Ur;,i and no. th, much *. 

listed— JWT Geers Gross ■■ of such a technique is' to- gener- is as follows: Materials hand- hull - » inn ulario i- mended to 

Saalchi & Saatrhi and pr R ’ ‘ ate 3 ,eveI of interest in. and ling does noi make anything, it The rvasun for till- »•* I ui the nrt P°P ; wider level of 
SaaUhi and FCBr— j therefore a feasibility for, the only moves things and therefore urge! audience f*«r industrial cr f“*® /, ' rl lt - imnact 

but the Gecr^. Gross presentation! companies in ooesiiofl--: which it is nut productive." Since it products Is alwa>-. much Aider mierest a ■ • t - n - . •' . 

won the day. The annual budget r “Svothenrise simply -cturid not doesn't -produce M . anything ih ; ,n >ou think. Even pcopiv ■ who J?.. ^ B nard 

has been around fffOO.OOO, butf a tt a i n ’ - ■ .'.t. .. tangible, it didn’t really exist haven't a specific ir-poiiMhilily inid-manaf.ui.cni.tj t 

• FISON^hTw.tottd W A r««5S£| ^ biS R r J Vo a J P ,7“Vre,rmc of Sc 

to handle ils corporate adyerus-lf^^ ^^l- 'g.^.^^;, what w ai, ‘read in those early neverllieless. have an Impact on 

ing- The account was previously. }iavc a chanc^to put sonic marketing textbooks. Don't use the decision became .n ..any ot th c equivu- 

with Vernons. The new business a pa per ^-,-Tbe . screen a riilc on your target group. Use cases they are jlfccie.l b> the n«j u 

pushes TBWA to 1978 billings Jgg, „n geite redlimterest a shotgun. Don't gd for a narrow decision. This is : especially true ™ % r 

of £7.2m. . i In Dexion's ca^Ihis was target group when you are oh- uf advertising which is aimed at 

• i* - d- AM .i; N .i t? nin NT a 1 nlnnA Ymi uinnsiumftont JPVOl. “ ® 


- lv ^ IB |Jfn I l> elm dNMiV1>TMlnW> 

LHA- 

bmuMmwmK m, 

tlhn^lu ■ — 1 . wn , i .eihe b-rtc 

— »"■« 

MMM 1 " h*a»«. 

haWm i ■ ■ma’’ ■ 

•^omssw 

Wt-B betp all ««n erne 4 Out «k. 



50 per cent of the 

*f.£iu. . • j in uexioDs cassv-.iiu®. wijwi ■'■•- — ,, average company ’< profits." 

a THIS year’s big .iceercamj especial ‘'L^MmeriiS^andlh,- "re ™i"' 'after 0 ',! mmh'wlder "‘rTm M«r your annunenl. This was the third odv-ertiw- 
launch by Lintas for client | or ..® f , called lareet than is at first apparent exelustvely io r»ip level manage- ment in the can: pa un. The first 

Wall's Ice-Cream.- is aimed •tjSSSS and mS?riS?haiidling simply hecause even for special- mem thinking, those arguments two concentrated on esu .li „ 


a much wider though:— namely . 
that contrary :o popular opinion - 
it was not strikes That were! 
holding up British tndus:i7 hut 
poor storage and materials har.dl- _ 
ing technology The advertise- 
ment pointed out '.ha: only one j 
hour in 1.000 was wasted by 
strikes, whereas one hour m six 
1 -, wasted by poor storage and . 
materials handling " Ts this 
reallv v.hai ss holding up British , 
Industry '* “ Thc average worker _ 
costs his company more tnan loe ; 
average striker" \ 

In using this type of argument : 
wo are making a conscious effort i 
io make storage and materia. s • 
handling a tr.nre commercsaHy ! 
glamorous subject than n cur-; 
rcnily is. 

Most senior managers can hold' 
an intelligent eon’.vrsatiun on, 
marke-nng. 7 «rod action, research j 
fir i-virsi tyj'i * lic.v. ro'.v under-, 
stand the r.iana-'emeni s-.-:enee of ; 
iioraae ar.d handling, because- 
few -ee :t :»■? a :i:jn3ge:nCJ!t > 
science T<> *-<• th*- c-vnpan y’? • 
expert -hi iioraJe and nar.-iling 
has nut I ■■■eii in-.- :uo?l nlmou-e: 
(■atn u:i the ■■::l , ili r, n ladder 
m mosi cv.iipame-. TP. 5 cain-i 
paign :s starling m make the 
subject more aerepiable to- 
management. It s? jiving :t the 
l udos >>f a ne» Miojcd »n 
viie way that cash slow became , 
very UK in the cariy l&TOs. 

The •■tfeet- -.‘f savn a campaign 
are mei.ial-ly ex-rriu-n-.ed m the ! 
mtdiutn term. L-tr. Do - .; on has. 
had some very en.ou raging re- 
a 1 . 1 ion*, from :« v.-de variety 
Industrie*. To unto, oxer !, w 
directors of companies have con- 
la. led Dexion ngkice for an 
appraisal **f ihcir si v rage and 
material* handling. If only 5 nor 
cent, of those iruiuir.es result in 1 
contracts the ■.-.ill have 

proven m bo to it effective for; 
the company. ! 

Such bonetiti only scenic how 
c\i?r when a eompar.y has the; 
eciurage to say sonieihin? t-omro-; 
veriial tn public i.v.'dhi and tben i 
lo back ii with sub* lanital funds.- 
It is in this way. ’oo. that com-; 
panics become recognised as« 
leaders in their industries, with; 
all the benefits that ibis accords! 
them in terms of the City. I 
recruit ment and of course j 
customers. ; 

Term Grimicnra h managing . 
director o/ Euro Advertising. 


Building that 
winning image 

Thc small, 15 -stronjr, creative 
croup at Selfridges, which 
generates all Selfridges 
advertising In-house, has Just 
collected five top awards at the 
annual Retail Advertising Con- 
ference in Chicago- llte award- 
winners cover practically the 
whole range of work done in 
Oxford Street, from a hard- 
selling cut price campaign for 
the main store to tasty image- 
building work for Miss 
Selfridge. 

Selfridges' total advertising 
budget this year is £2.5m. 

According to Bill James who 
heads the Selfridges creative 
team: ** Retail advertising is 
orien considered to he the 
rough, poor relation in the 
profession, but there's nothing 
rough about these adi ertise- 
mcnls. In fact, we were com- 
plimented by the Americans 

for proving that you don’t have 
to shout to he heard.” 


Promoting the art 
of good sponsorship 


and Anglia. 


Success for Welsh seaside campaign 


the teenage adult market and 
is called “ Snofrute a lemon 
sorbet, rippled . with raspberry 
sauce. 

The product is being launched 
in test -markets covering one- 
third of the- country, with a 

sssss. ^ s is skis sst?iK.' , F«r! ra 

•” southern ' and gg&sjasssf" an a8es aSd y .™S“ K™ 


ALTHOUGH indti-try spends 
culliri:i:vely le>? than i'lm. a year 
uit spuiiaoring tiic arts, scarcely 
a day soes by wirii iut another 
company coninbuung a little 
bit more. .-Vs an indication of 
how serious it i- '.ill becoming 
a new PR company has been 
formed t<’ offer spi-.iaii« advice 
iu potenual .-j'.'riiors and 
reel pi cn I*. 

Ca Ik-d Markeun -.• and rite Am 
it combines the experience uf 
Carl Byoir, one <•! the largest 
interational PR ^ panics, and 
Nielsen-SedgwicK. which in- 
cludes ainuiva it- directors 
Atostair Sedgwick, long lime 
bead of PR at Gill* tie. and such 
artistic luminaries a : the pianist 
Nina MU kina ami the writer 
Elizabeth Jane Howard. Market- 
ing and the Arts amis to ensure 
that there is smiie natural 
affinity between a company and 
its supported artistic group, and 
to avoid the “chairman’s pel" 
kind of help which is still quite 
common. It can also undertake 
the sifting process— Lloyds Bank 
receives over TOO requests for 
aid a year but helps only three 
on average. 

At the launch of the company 


three* happy sponsors con- 
tributed case histories — ITT, 
which keeps it cheap and local, 
like gelling an students 
to decorate with a mural its 
new offices in the town: Lloyds 
Bank, which spends £100.000 a 
year on the arts a quarter yo- 
jtiy t'« the National Youth 
Orchestra which it claims gets '.t 
access to every school in the 
country: and Booker McConnel 
which* for a very reasonable 
£13.U00 nr so. including £10.000 
in prize money supports the big- 
gest book priie in the country 
and pulls in the publicity. 

What most aid for the arts 
lacks is imagination— ton many 
companies commit substantial 
sums underwriting the big pres- 
tige events like London opera. 
Taunton Cider is following a 
much more popular path with 
its £20.000 investment m encour- 
aging art colleges. For the next 
four weeks the 1S.000 passengers 
a clay using the Victoria Line at 
London’s Green Park station 
will see on the escalators posters 
depicting "An Image of Rural 
Britain ” rather than underwear 
ads. 

Antony Thomcroft 


THE IMAGE of WciSf’ seaside 
resorts has received a wtost as a 

SfoifoSSiTe&tto West, into the results or the ijyjuirics. a record. h^v/S'enVa^erv Van sea so £ 

year by the Wales Tfflanst wtB's most expensive campaign. The campaign v as pr« in pted hate .uffer.d - ^ 

Board. This is the main pwnfi The 5 number of respondents by concern at the viatic tiaic or indeed- _The Brjard s «n 

of follow-up .research wtao.^onsidered resorts in Wales biumm unjhe [J,' ^ lh e J^Shi Promotions in 


* 


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Wrfld 
Idlife Fund 

ogilvy , 

BENSONS? 
MATHER 
LIMITED 

WATNEYS 



' s S^S^' Istnud^ 


Marketing, Design, lustration 

U -13 Broad Court 
LcndonWC 2 B 5 QQ 
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The Wales Tnuris*. Board Is; 
planning a big follow-up cam-’ 
paign later this year. A 
campaign beginning in December 
to promote Wales* as an off- 
season holiday destination will 
include a budgeted £120.000 
worth of TV advertising and 
£255.000 for nation:;! Press. The 
TV ads will be seen in Yorkshire, 
the North West, the West Mid- 
lands and the South East-— four . 
of the most important markets 
for Welsh holidays. Tourists Jast 
year spent an estimated £350m 
"in Wales. 


Robin Reeves 


Wiggins plays its aces 


WIGGINS TEAPE. the paper 
company, only sertoudy diversi- 
fied into the toy trade in 
January last year hut it is 
quickly becoming a force to be 
reckoned with. This week it 
has launched a new range of 
card games. Sporting Aces and 
The Muppet Show, which should 
help boost its first year sales of 
over £1.5m. 

Rnth games maintain a 


Wiggins Teape tradition of 
concentrating on merchandising 
characters. Two of its greatest 
successes have been with the 
Snoopy rapjie and the new 
Fonzie doll. 

The other main specialisation 
has been boxed games. In 1P78 
eight new games are appearing, 
with the emphasis on Samurai. 
Shing Shang, Obession and 
lnnervision. 




The Hotirserie 
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Joseph laysen our 
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This way you'll be 
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01-4865844 


Top media director quits 
to go independent 


YET ANOTHER top advertising 
agency has lost its media 
director. Hard on the heels of 
Roger Bowes leaving McCann 
Erickson for Fleet Street, and 
Mike Yershon departing from 
Collett Dickenson Pearce to set 
up as a media consultant, comes 
news that John Ayling is 
quitting Kirkwoods. 

Like Yershun, Ayling is going 
independent, and joining the 
growing band of media buying 
operations. However, instead 
of just advice he expects to 
provide the full agency media 
service, with a buying as well 
as a planning service for 
advertisers. 

Ayling believes that jhe 
financial crisis of the narly 70s, 
which led to a cutback in 


recruitment and training by 
advertising agencies. has 

created a shortage of talent. 
Many of the bright young men 
went into the.- marketing 

companies 'which increasingly 
v.ill look to advertising 

specialists for creative work and 
f.ir media advice while handling 
their overall marketing strategy 
in-house. Ayling believes that 
the time is right for packaged 
"nods companies to follow the 
independent -route, and he 
intends to recruit other top 
agency media men as partners. 
Ronnie Kirkwood, who has long 
been alive to' the' challenge from 
Die- independent media shops, 
hopes to use Ayling’s experience 
as a consultant while he looks 
around outside for a new media- 
director. 


V rW* ..ViiW-.v. 'I- V2.3E 



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’aci^Rat er. J-io- ri n r-e ;<,ec t ‘ i : !v 8 .-.- ld ; • . 

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Asharq AJ-Awsat's lively editorial coverage ot political ana _ 
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Widest distribution in the Middle East . f l Factfile mformaticn on the Middle East . 
International Newspaper of the Arabs. 


Please send me up to date information or.: 

r | Ashanr Al-Awsai - The International Newspaper o£ 

r ~ 1 the Arabs. 


The face which your company presents to the world may not be quite 
as handsome as the one you see in the boardroom. 

It's a fact. . , j 

And it makes corporate advertising, communicating your attitudes and 
philosophies to everyone from the Government down, very important indeed. 
Southern, with its high count of opinion -forming ABCls, is the idea! area in which to 
lay the foundations of a favourable corporate identity. Recent surveys show th ° 
companies who run corporate campaigns on Southern gam a significant advantage 

in awareness, recognition and beneficial attitudes. . , , P 

That too is afact. If you're interested in a corporate facelift, call the number 
below. We ll be happy to show you our Corporate Identity presentation. 


SOUTHERN^TELEVISION 


The Princes Room Jif for Kings. 



- I'odtod-oway in the Tower are some of- ^ by^only the finest wines and 

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.• an tMi H0Ra.^&7=‘ < JT* 


acco^pd ; n'^y by only the finest wines and 



■ 







is 

LOMBARD 



3Y PETER RIDDELL 


OfvE OF the main objections to not voJuntary. Most of these cozn- 
tiie type of incomes policies panies want the pay limit 

-P « V„ K <■ p-f» rS“w C luld 0 ^e r ,?^r5°p!r 

: cats has been the way in which rea f limit Most of the companies 
industry’s dependence on Gov- would prefer any statutory policy 
eminent has increased. There tn be more flexible within these 
ius been an ironic ambivalence limits. Smaller companies in 
company attitudes. Whitehall particular seek more flexibility 


... restore differentials while 

nas wen blamed for loo much * mplovers of 1,000 or more 

interference and excessively high wor k c -‘rs typically prefer a 
tn::es. while in -the same breath greater flexibility in terms of a 
businessmen have increasingly company's overall payroll, 
looked u* Government to hold The sn ag is that a desire for 
lii/'VD the rate of inflation, to ease jj statutory policy with a specific 
their liquidity problems and to limit is incompatible with a 
•-tbbilise sterling. Ministers have preference for flexibility. This 
orecious iittie actual control over bas been the main failure of the 

?«• ,hc :rr“ ns eus& 

dependence has resulted in a to be an average figure around 
v.eakening of liie independent W hj C h settlements would cluster, 
resolve of businesmen them- instead, 10 per cent, has become 
selves. a pretty rigid norm, and no one 

has yet found a way in which 
a specific pay guideline can be 
'ET’trfwaikSEBfxr combined with flexibility— 

iT though Mr. Healey would no 

doubt gratefuly receive any 
This is illustrated by industry's suggestions, 
cilcmma over a continuation of There is als0 a more funda . 

-hV -, .-.o' Hi Lrf ?hor? h h e mental incompatibility. Many of 

thc engineering companies are 
i/'.-on j i^copnition of tbc uarnu^- *rr An »:,.Aiii rnnam 

ms impact on the labour market . t^tvTe.i r ^ha ttVol^fnr 

4 ,vL „r ,i.:ii,h ment to ngiit their battles for 

orders i.redured bv the erosion 01601 b - v havin * aa overall statu- 
wuh no lory policy, while simultaneously 

s;s js«sL 1 5s , is"i e “r uo “ 

p:iy norm. The squeeze on differ- f°r themselves. In the same way 
annul* may not have been as e f u ? r °i 5 year, large sections 
l.'.rgu as allied, but it has clearly industry- sought a lower 
been h major reason for the ster ^ D S exchange rate in order to 
shonage nf skilled staff which is accommodate the increase in its 


BUSINESS AND THE COURTS 


Financial Times Thursday June &1S75? 

U.S.ANTI-TRUSTLAW 






Peeping behind the free enterprise 



QUITE APART from any effects The 1890 Sherman Act 
on actual business practices, unlawful every, combination in stock 


BY PROFESSOR DAVID MARTIN 

made ment which passed on voting ing stock, if it is held, for the Securities and Exchange 


on actual business practices, unlawful every combination m m me. suosm.ancs u, mvesuuuui . changes in policy. Yet they ara 

U.S anti-trust statutes have a the form of trust or otherwise. *?rs o£ votl ?e m :*f That proviso has never been ^ most recent ^ch studies p f the - loiS-hSd 

V _ . . * th- a holding company. In 1912, tested in litigation, but .it has _ eondu cted by the. late EEL* f hp 


the. subsidiaries to “investment purposes oniy ” Commission. may faff _ t{ ^_ en £® d ^'. .to?- 


definite infl uence on the flow Of The statute was aimed at trusts t u__,r nrp <nm - on nr mnre CO n«irtnn a pT Pn + - • -. 5uot ,i '- , ' iu «»• mac 

information about business, whic* were combinations of QiJ com * pan i es had identical amount of Inter-corporate stock- s ® oator **«* A rwunts uSerenmnd 

Enth the letter of the law and voting stockholders. What has holding, particularly by bank chairmanship of the Accounts underground by the Sherman . 


. . keeping alive the • long-held 

were conducted by the. late sHgpicjnn of. the populists that 


nil LU U1C ICUCl U1 LUC «UU r ,, iiuue Oiuuuiumnii. "UBI UU1U1UK. IMl ucLUdl UJ “OUA - _ , _ , . _ A-rfTSmrf A rrt 

the American ideology of fo^Sie^ various 5 by^a happened to these holdings since trust departments and large and R £ ports . Antt-Trnst Act. 


the Government Operations j t should not be forgotten 


enterpria, capitalism require a "boart 'that^ecU^y^ Vim- {X^* 0 £ n0t 1 ml “ ° £ ----- Committee. His staff released either that .similar 

far greater degree of de- plished centralisation of control At various times. Congress *>, io ^, r „ nnnrt mi v. n „ 


centralisation and independence of whole industries. Soon after Whether the many legally has investigated such inter- 


of business enterprises than may the enactment of that Federal separate corporations 


early this year a report on tions have given rise to legsla. 
;i,STJv ownership ™ting stock in a tion-albeit, with some time lag. 

connections to try ascertai^ 0 f over a hundred large After the Industrial Commission 



proceeding is therefore strictly £ *5SSTto«i •» -- 1898 fte o, “Jjjtid mT^mSie 5 SSSSaSSSISK 


limited. holding companies. Whether 0o ° s * mission made the first such a political issue at any time;. Trade' Commission. Act- were 

Unlike most other anti-trust such a holding company was cause ff the fact of combination . , A ., n _.._ •_ . :s 


an^W^e^^ticeTSSSt MoM* SngTf iT^de JubKqute dfwle^ ‘ study. . m 1911 the Pujo Com- ir the U.& . bailee' of trade pa^ed. After the- .Temporary 

tiin US. law P includes pro- “ otherwise M in the prohibition consequences may result. The mittee of the House of Repre- defimts should result *n substai^ ^ttoo^^on^c^Committee 

visions for felony prosecutions of combinations "in the form problem is made somewhat more sentatives studied “The Money tially increased ownership of mvesngaaons. . ^ j*Uer- 

and private suits for damages in of trust or otherwise” was complex by the previsions of the Trusts ” and built the basis for U.S;- corporate securities by KeraaTOr Anti-Merger Act was 

addition to government action to eventually answered in the Clayton Anti-trust Act of 1914, the 1914 Clayton Act. In 1937 powerful economic interests enaci^d.. • . . 

remedy unlawful business struc- affirmative in 1911 when the which prohibited, in Section 8. the Nati'inal Resources Planning outside the country, populist .- The U.s. economy is not as 

tures and practices. Prudence Supreme Court ordered the d is- interlocking directorates be- Committee reported on inter- concerns about absentee owner- decentralised as .it appears, Mr 

requires that business managers solution of the Standard Oil tween competing companies and, locking directors and identified ship that have always been j s ihe ■ traditional ideology of 

control the flow of information Company of New Jersey that in Section 7, intercorporate eight dominant financial Interest strongest in the south and west competition as dead as it soine- 

to give the public the appear- had been created from the stockholding that may substan- groups. In, 1941 the Temporary could spread to the eastern sea-, times seems to be. _ 

that individual mmnanips standard Gil Trust. Fpw neoDle tially lessen competition. National Economic Committee board as welL Senator Metcalfs rww \TnrH~-4* v. 


ance that individual companies Standard Gil Trust Few people tially lessen competition, lvauonai rfcnnonnc i.wnmiuee ooara as weiL oenator «sibus David Martin is Professor of 

have the maximum indepen- seem to be aware of the fact Section 7 contains a proviso further supported the interest studies, along with the late Busina® Economics and Public- 

dence of action and are not however, that the dissolution that allows one corporation to group thesis with stockholding Senator Philip Hart's Anti-trust Policy at Indiana . University’ a 

subject to outside control. was accomplished by an arrange- own another corporation's vot- information from the files of Sub-Committee hearings on an Sckoot of Business 


Shirley Heights snatches 
memorable Derby win 


7i <v./ increasingly mentioned in 
Mirvejs of business opinion. On 
ibis vi-'-.v. accepted by the larger 
vuiupanUs and the CBl, there 
yhould he a return to greater 
'iexibiilty and independent 


costs resulting from ioflation. 


gaming 

But if industry really wants to 


;.=rcintns between companies en j oy the rewards and freedoms 
and trade unions. 


it seeks — for example, from price 
. A* x sonie 0,T V e - b0 ^„ ve . r ; controls — then it will have to 


tiiure is still a strong group in ^ .. , 

industry which, both privately a ?«?t » be associated responsi- 
^nd openly, favours a continua- bilities. This means that indi- 
t:on of pay controls. On this vidual companies will have to 
\ i<. w, it is necessary to have a stand up to wage claims, which 
rorm^il Government policy with w0 uld be met or resisted accord- 

sar , .h""ssd':,sji-5i5!i;'»« «» ; ai 

von. Th'sc two strands of position or prospects of the 
Thi'twiil are often mixed together, company. This would also in- 
'• iiich sometimes produces self- volve removing the protection of 


uintr.idiciury views. This is an 0V eralJ limit enforced by 

.K. !#ri ?LSJi Government or the cushion of on 
_ r ;J » numoenng companies , .. , 

v-reughrau the UK which has accommodating exchange rate 
i.-en carried out by the Man- policy. This does not necessarily 
power i.rganisation. remove the need for tripartite 

The survey shows that just discussion about the overall 
ov:-r half the companies favour framework of pay policy — not 
;s return to free collective bar- ] east to ensure some correlation 

fer n wi«- H?of o phas r e™ou; «“ 

pidicj should bo introduced, and sec °J rs - Rut ike actual bargain 
iiire?-rniarters of this group say Ing should be carried out by 
any poiicy should be mandatory, employers. In- botit sectors. 


SHIRLEY HEIGHTS landed a any winner since P&idium in 1961 For the forecast, backers may 
memorable Derby at Epsom yes- — began to get into top gear, be best advised to overlook Crow 
terday. Threading his way through — little more than two leagtns 

Aniri from the fact that it beaten horses, Shirley Heights behind Balmerino in the “Arc” 

»KK£ Sbfi TW'Ms? ss 

e h S re b «e2o5 ore S- f— « V- & n = U r P,gEOttS 

satisfaction was ti 0 ; a htc h v Whatever his fate m the big 

Shirley Heights, owned by Piopott ousht to be able 

jX^T’anf^to^Lord " look^g 

for *tii e 1 se ason’s° last 1 class ic^ the Prince Ti,i ^ n ' Penj3y 


conqueror 

mount 


race, further 
gained by the 


fact that the 


RACING 


Blessing and Elland Road. 


BY DOMINIC WIGAN 


winner gave 


St. Leger. _ , . ^ 

Turning to today's Epsom pro- The beautifully- bred Penny 
gramme. I have no hesitation in Blessing, a brown filly by So 
— — — going for Balmerino in today’s Blessed out of Pennycuick, 
annthpr tremendous Coronation Cup. I believe he is half sister to Mummy’s Pet Arch 
, . „ .. , the best middle-distance Sculptor, and Parsimony, did 

MIM performer in Europe well to run Soneorello to o 

Only a tew days ago the eTn? a. Ne’w^Sn"" er^rtu I 

National Stud-based stalUon— a p5l last mnnth She strikes me as 

stake tn whom all taxpayers of f n P “uji « ri ^ the afternoon's best bet in the 

have— enjoyed another notable J,® tp T[nsM Ph fef t him h with R far fur,0T1 ? s Acorn Stakes, 
triumph when his son. Acamas. ““ tc S, l "*2 n * ef L “ ® t h P \h n rt 
overcame all sorts of problems too much to do m the short 
to win the French Derby. Longchamp straight, has made 

As was the case with Acamas, ^ appearances this -term. 

Shirley Heights’ task looked A respectable three and a h?lF 
almost insurmountable as they lengths fourth behind Trillion 
raced down the hill to Tatten- In that French course s Prix 
ham Corner. Ganay on his seasonal debut. 

It was oniy well into the home Balmerino came good in no un- 
straight that Shirley Heights— certain terms at Goodwood last 
coming from further behind than month. 


SELECTIONS 

EPSOM 

2.00 — Prince Titian 
2.35— Penuy Blessing*** 
3.1 o — Balme ri no** 

3.40— Elland Road 
4.15 — Charlottes Choice 
4.50 — Port Royal* 


*3 




T indicates programme in 
biack ami white. 


(As BBC 2 11.00 am). 420 Sinbad 
and the Sultan of the Seas told 
n _ by Paul Jone.s. 4^0 Beads and 

SBC 1 Tails. 4A5 Laff-a-Lyrapics. 5.05 

C.i'.i-7.5." am Open University. B,ue Peter * 5,35 Roobarb. 

S -h- -Is » ...lenr- I JSC* pm 5A0 News. 


■ .ii The Move. IJSO Chigley. 1.45 
?'ev.s. 2.00 You and Me. 3.53 
heuional News for England 
ieicept London). 3.55 Play Scbooi. 


555 Nationwide (London 
South-East only). 

620 Nationwide. 

7.00 World Cup Report. 


and 


F.7. CROSSWORD PUZZLE No. 3,687 


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26 


(29 


7JU) Tomorrow's World. 'LONDON GRAMPIAN 

7.55 Top Of the Pops. ...... ..«.K am Finn Thlrns. 12.E pm Cnni- 

830 Rosie. 9.30 am Schools programmes. «* ^3» ^BranSil 

9.00 Party PoliticaT Broadcast u.40 Kimba. «■«) Gammon and ^5 Vr and un. vus am 

by the Conservative Party. Spinach. 12J.0 pm Stepping Rafl.nions, 12JO Grampian Late Nisht 
9.10 News. Stones. 18 JO News plus FT -index, headlines. 

9J5 I, Claudius (BBC prize- 12.5^ Help! 100 World. Cup 78 GRANADA 

winning artists and shows). and ,- Epsom ’Racing. 350 The ™ pm -mis 

11.15 Tonight . Sullivans. 4J!O.Little House on the Y . nr R1{;hL 5.10 . wnats New? sos 

11.55 Weaiher/Begional News ; prairie. 5.15 World Cup 78. 5.45 owsroads. s.oo Granada Repo ns. 6 jo 
... _ . _ DD n , of News Whai'S On. 7J5 Eramcrdole Farm. 

All Regions as BBC 1 except at IN® s- . 17 am wuai U10 Papers Say. 

5.00 Thames at 6. irr\/ 

6^0 Crossroads. D „ . 

715 Oh No. IPs Selwyn u.« am Brtiy Doop &» pm Repw 

4& svnryreirt headline. 12JS Report Wales heart- 

rrogglll. , I fines. 3 JO women Only. 4^3 Children 

7A5 Best Sellers (continuing 1PiH ^ -n,,, Fimisiones. sjo cross 

the story from Sunday mads. 6.00 Report West. SJ2 Report 
June 4). " - 7J5 Mr. and Mrs. 


the following times: 

Wales— 150-1.45 pm Mr. Benn. 
4.45 Crystal Tipps and Alistair. 
4.50-5.05 Y Uewod a Mlstar 
Mosiyn. 5^5-6J!0 Wales Today. 
11J5 News and Weather for 
Wales. 


9.30 This Week. 


MTV Cymru /Wales— AS HTV Genera] 


• 5^sa=5»*« P» « e P a o a 10^0 Pa*rty”Klitioai Broadcast 


ing Scotland. 11.56 a News _^and by the Conservative Party, osiw' seren mb." W«a v Dydd. 


ACROSS 

I Seal causes pain in court (61 
4 South coast resort has direc- 
tion in good French (S) 

10 i.i*.*t on in a month with a 
ruler (7 j 

It Went quickly after an un- 
punctual start and restored 
the papal slate (7) 

12 The responsibility we clearly 
have to b“ar (4) 

Dalmatian dessert f7,3) 


7 “I am — — of tears and 
laughter” (Swinburne) (5) 

S In infancy, none is without 
silver (6) 

9 Money tokens — you have no 
chance if you've had them 
(5) 

14 Birch Linda for ruining my 
bright idea (5-5) 

17 How to serve lobster — you 
need a month for it (9) 


15 Aircraft comes in before the 18 Spirit in stirred tea— think 
rovalist exile (6) about It (8) 

IS Hieroglyphic keystone (7) 19 Feature a good man in bed 

20 In one’ way quite an old in Kent (S) 

relic (7) 22 City district hide-out — that 

21 You'll find me round the takes the cake (6) 
river— there is no trick in it a3 Mistakes that can catch you 

24 Get your Fur— it's cold in the 35 particulars show it on the 


Communist country (10) 


river (5) 


2«! Poet has an order for a re- 37 Doct0 r goes about in the 


tired artist (4) 

£S Master return- to Heather in 
the country (7) 

21) Approval from Archbishop in 
Die hack stalls (7j 
33 Precipitate action she dared 
to modify (4.4) 

31 Did without the spring colour 
(6l 

DOWN 

1 Comparatively vulgar and no 

scholar (S) 

3 The military commander must 
he quite an old man (9) 

3 A river found in the Bronx 
area (4) 

5 What a recital — keep it in 
i.V- family (S) 

fi Cri)|rM>;*d* profit to include 
(He Russian (S,2) 


morning with an umbrella (4) 


Solution to Puzzle No. 3.686 


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gosaaEsssE -; ■ . 
HCEK-E H-^EjS- 0 
QClEa39?-15QaGaBraEi 
a-. a ci 

^03SnOH0B 
a c - a m e 
B soGaaan 


Weather for Scotland. 11.58- 
1253 am Bonn Comhraidh. 

Northern Ireland — 3^3-3.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Aroond Six. 11.55 News and 
Weather for Northern Ireland. 

England — 5.55-6.20 pm Look 
East (Norwich): Look North 
(Leeds. Manchester, Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol); South 
Today (Southampton); Spotlight 
South West (Plymouth). 

BBC 2 

6.45-7.55 am Open University. 
11,00 Play School 
465 Open University. 

7.00 News on 2 Headlines. 

7.05 The Engineers. 

7.30 Newsday. 

8.05 Gardeners' World. 

8.30 In Deepest Britain.- 

9.00 Party Political Broadcast 
hy the Conservative Party. 

9JL0 Midweek Cinema: Carousel 
starring Gordon MacRae 
and Shirley Jones. 

11.15 The Sky at Night. 

11.35 Late News on 2 
1L45-12.00 Music at Night with 
Mabel Mercer, part 1. 


10 W NeWS, HTV Wcsl— As HTV nprwrnl Service 

10.40 “Heller Skelter" (part 2 of W< “ 

this film will be Shown spon w 

during London Weekend SCOTTISH 

Television’s time on Friday 3250 pm News and Road Report. 5J5 
June 91 • The Bubbles. 5.» Crossroads. pJ» 

1255 am What The Papers Say. Jg“ u^c'afl GarWK * 

12.40 Close: A painting, by ^ aB1 

Rembrandt wilb music by SOLITHERN 

Beethoven. ' ” UL5e pm Soulhern Nows. DVIK»- 

... ■„ - j__:roult ihc Diip WnBdcr. 44S The MW 

All DBA Regions as London . laJiinds . S4 5 Bl >ur boop. s^n Crosse 
except at the following times:— . roads. &.» Day by Day. 6^5 unheraty 


'Oi.i/fc’nse. 7J5 EiJJJnrrdale 
12 JS am Southern News Extra. 


Farm. 

ANGLIA rf rpri 

12.55 pm Anglia News. <L3) Roctci, TYNE TEES* 

Robin Hood. «A5 Emnwrdalc Farm.. qJS am jj, e Good Word followed hv 
fcJJO Abow Anglia. US .\rena. Korth East Ncws headUm-s. i2Jfl North 

Enterprise. VUS am The Living Word. Eas] Newrs an d LnoVanrond. 6.00 

Northern Life. 7-13 Emnwrtale Farm. 


A TV 

12-50 pa ATV Newsdest. 4-20 M.OOti 
Leagues Under the Sea. 6.00 ATV Today. 
135 Emrncrdale Farm. 


BORDER 

12JD pm Border News, 0J0 Code R 
U0 Look around Thursday M0 The 
Fliniaiones. 74S Eramordale Farm- 
tiiS am Border News Summary- 


1225 am 


1230 am EpUoKue. 

ULSTER 

lag pm Lun.il Imp. 428 Ulster News 
headlines. 6.00 R"part3. W0 Happy 
Pays. 725 Emmordale Farm. 

Bedtime. 

WESTWARD 

1U7 pm suppy. 1227 pm Cus Honey- 
bun's Birthday 12S0 Westward News 
headlines. 6-CO Wosrward Diary. 705 
Mr. and Mrs. HUB Westward Late News. 


THANIVFI 

1248 pm Channel Lunchtime News and 12J0 am Faith for Ule. 

Wbat's On Where. 6J» Cham^,N^s. YORKSHIRE 

BBC 2 Wales only — 7.05-7.30 pm JjJJ, , vS?S lt u , s*\ Uj8 M CbBimel Late S250 pm Calendar Newra. 

Heddiw, topical magazine. 11.45- prewK. 2229 am News and Weather in ^Emley _Mooi^ and Belmont ediuonst. J5 
12.10 am The Engineers. French- 


Emmerdale Farm. 


Dorian Choir part 2 iSi. tuw Mahler SerondlpiUr. SM Wcathert programine 

-"“-FS SS'srs 

gg-w, ‘js- M< ari,. , 'W3E sssa-?Tu: , '..t“ gvsa 

P,a , S1 . VLMVB «< A, X on* *™* g* ft 0 ?S*T« nj.^S.5 W 

VHF Radios 1 and 2— SJM am i With W3rt (cantlnued-. t6J0 LlTcMncs: tnnni. 1208 News. 

Radios, including IJB pot Good _L«en- nt , wider V/nrid 7.38 BBC Welsh _ - , 

hw- “^0 With Radio L 120^202 pm s Aphony Orchestra pan 1 : Jones. BBC- Radio London 
With Radio 2 Mozart tS). 8-15 The Man.-iseiial Crtsts snfim and 94ff \HF 

1,500m and VHF SJH am As RadloT^^Bo^ 


RADIO 2 


News Hummai f*- «*« A Sf«iSI! U, S„ rt SE5Lt« 1'S 2D6 LraHom?' 6?W 


Look. Stop. Listen. 7 JO BlaHt Londoners. 
8.30 Soul 73. 10.03 Laic Nluhi London. 

isuikiii a auiuueu aunx <o>. ._ 0 „j,. n fiuutimi 

Radio 3 VHF only — 6.00-7JXI am, 545- Ques ^"?l! 


Time from me Rouse or Coromoas. 
■"lose: As Radio 2. 


US 


- xrmr London Broadcasting: 

434m. 330m, 2R.im and VTTF _ nH t. 


261 m and 97.3 VHF 
5.00 am MomlnB Music. 6-00 AM: non- 


Moore is. with The Early Show. Includ- £•« S«ws for Evening by IbMk 
inn US Pause for Thowtht. 1J2 Terry 7°]1- J*' ^JS U-*- 

Woean iSi Includin*! 8-27 Radnc Bulletin. UJB Ttwichl s Schnbert SoriK iSl. 

245 Pause for Thought and 4 JO Cricket— nadlu 3 VHF only— 4.0 
The Benson and Hedges Cup (seral-flnal 7J0 pm Open University, 
draw*. 10.02 Colin Berry 'SI. 1215 pm n i « 

WaBROners 1 Waft. 12» Pete Morray's KAtilU *4 
Open House tS> bxloding l -«5 Sooru 

Desk. 230 David Ramilton rs> IncImilnK 625 am News. 6-17 Farming Today. 

Racing from Epsom and 245 and 3.45 6J5 Up io the Hour Including news head- . ^ 

Sports Desk. 4J0 wuuoncn' Walk. US lines, weather, papers, sport, and Prayer stop news, Information, travel, sport and 
Sports Desk. <L5B John Dunn (S' includ- for the Pay. 7 M News. 7 JO Todav. review. 10.00 Brian Hayes Show. 200 pm 
hw: 5.45 Sports Desk and 6 JB Cross- 7_M up to the Hour >contInucdl. 8 J 0 O LBC Reports. 200 Gcor« Gale’s 
Channel McoHO! information. 6 JJ World News. 8-10 Today. 835 VifUerday in R oVloeft Call a . 00 LBC Reports (eon- 
Cm Sports Desk. 74*2 Country Club ts> Parliament. 4410 News. 04*5 ■pi»se You tinneai. 8 JM After Elnht with Ian GU- 
tocludfng 7J0 Sports Desk. 9J2 Folk- Have Loved. Z04J0 Nous. Ifl.05 From 'k*. q -W Nwh-linr v"h Brrn .IWs 
weave (Si. 9J55 Sports Desk. 18.02 Our Own Cormro undent in JO DalW 100 am Nlcht Extra with Adrian Scott. 
Wit's End. lflJO Star Sound Extra. 1282 Service. 10.45 Mornlnc Story. 1200 
Brian Matthew Introduces Hound Mid- N<*wr. n.os Down Vnur Way vimt^ 
nloht. Inelndlne 1200 News. 200-203 am Epsom Rarocouroe. H-45 rinsed World 
News Summary. of Lor/>. 1 2Jm Ne >vv. 12.92 n-rt Yon and 

RADIO 4mm, Sfwrtrn & V7TP Vows. 1237 Many A si in. 1255 Weather: 

KALI1U J wiui, fl isi™«Tnr rtrnenmme news. 280 The World at One. 

; Medium Wave only 230 The Arrtwrs. 14B Woman’s Moor. 

4t55 am Weather. 7.W News. 74B Inriudina 2.08203 News 2« Listen 
Overture (S'. B4» News. 84B Mothiuk With Moiher. 3-80 News 3J0 OuewJwis 

Concert (Si. 44» News. 84B This Week's to the Prime Minister ■■ live from the Home's Your Mothor Wouldn't Lika (( 
Cotuposer Schumaon IS). MS New Howe of Commons. 335 Wildlife. 4J0 «Si. 118* Tony Mvait's Late show «Ri. 

e ? 5 ,S 'a aj £. Jjrt tie Mania Precisely 180 am Daucan Johnson's Night FUsht 

In Short (talk). U35 Mew Zealand 4J5 story Time. 588 pm R L .ports. 5.40 ts». 


Capital Radio 

lMm and 95.8 \TIF 

480 am Graham Oi-ne'e Rm.-ik/vst Show 
'Sl 000 Mir’l.nl A?p»'I <S> 1200 Davr 

Caah (S'. 3.00 pm Rover Scon <S». 7418 
Lord Gcorsc- Brawn’s Capital rommenr- 
ary fS<. 730 London Today (St- 7.30 
Adrian Lovc’j, 0*vn L(B>- (S' 580 Nicky 


I M F. RTAI N M F N T G L I DI 


CC — These theatres accept certain credit 
cards by telephone or at the box. office. 


THEATRES 


OPERA & BALLET 

COLISEUM. Credit taros 01-240- 5250 
Reservations 01-836 3161. Until. 5aL: 
Eves. 7.50. Mat. Sat. at 3. 

STUTTGART BALLET 
Ton’L Tomor. & SaL Ebb Tide. Carmen 
96 balcony seats- always available, from 


LONDON FESTIVAL BALLET. 13 
16: Les Svlohides. Greening mow prodn. 
Scheherazade. 


charge credit cards 836 8903'. 

THE ROYAL'OPEKA 


7.3C: Rlgolerto. Sat. 7-30: Madams 
Butterfly. Mon next BJOQ: Tristan and 
Isolde. 65 Amphi" seats avail lor all parts 
From io am an flay ol perl. 

THE ROYAL BALLET 
CHANGE OF PROGRAMME JULY 1978 
The Royal Opera House regrets that pro- 


to accommodate recent . plans tor ■ the 
television companies Involved '■ In the 
transmission to the United States ot the 
programme on July 22 nd. 

The nreviousiy announced performances 


have had to be altered and the revised 
July 17 Is as 


programme fur the week ot 
follows-' 

MONDAY 17 JULY: FOUR SCHUMANN 
PIECES (THE FIREBIRDITHE -CONCERT 
TUESDAY 18 JULY: NORMA 
WEDNESDAY 19 JULY: ANASTASIA 
THURSDAY 20 JULY: ANASTASIA 
FRIDAY 21 JULY: NORMA 
SATURDAY 22 JULY: TV Performance 
i mat I nee and everlngi FOUR SCHUMANN 
PIECES (replaces Firebird: DIVERTISSE- 
MENTS/ ELITE SYNCOPATIONS. 
Unfortunately these Changes have caused 
a delay in the return ot postal appli- 
cations and PERSONAL . TELEPHONE 
BOOKINGS FOR JULY BALLET PER 
FORMANCES WILL NOT .NOW OPENT 
UNTIL JULY 1. Priority allocation fur 
(he above performances will be given to 
postal applications . already received. The 
Roral Opera Mouse greatly, regrets these 
changes and any Inconvenience cadged 


GLYNDE BOURNE FESTIVAL OPERA. 
Until Aug. 7 with the London Phil- 
harmonic Orchwra. Tonight, Sat •* Wed. 
nevt at 5-30: Don Giovanni. ■ Tomorrow 
3 5un. at 5.30" Ola Zaefawrflote- Possible 


returns only Bn office Givndeboume 
-Cw<V E. Su»ev (0273 6124111. 


ADLER'S WELLS THEATRE, -Rosebery 
Ave.. E.C.1. 837 1672. Until .17 June. 
GONG SAWAN 
Music and dances from Ball, 
i. 7.30. Sats. Mats. 2.30 


Eves. 


THEATRES 

& DELPHI THEATRE. CC 01-836 7611 
Evgs. 7.30. Mats. Thurs. 3.O. Sals. 4.0 

IRENE 

THE BEST MUSICAL 
OF 1976. 1977 and 1978 
IRENE 

LONDON'S BEST NIGHT OUT.” 

. ”• _ Sunday Peopre. 

ALREADY SEEN BY OVER ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARO BOOKINGS 836 7611 


AtBERY 836 3878 Party Rate*. Credit 
card bkgs. 836 1971-2 from 8.30 a m.- 
8.30 wn. Mon.. Toe.. Wed. and Frl. 
7 45 p.m. Thurs. and Sat. 4.30 and 8.00 
-A THOUSAND TIMES WELCOME IS 

MIRACULOUS NHJS ICAlT"* Fin. Times. 
OLIVER 

"'J-'kiSSXrJPHP 0 JOAN TURNER. 
->.°N 5,DER YOURSELF LUCKY TO BE 
ABLE TO SEE JT AGAIN. ’• Dally Mirror 


ALDWYCH. 836 6404. Into. BSE 5332 
J*«Bre fully air condHlrwed. ROYAL 
SHAKESPEARE COMPANY In repertoire 
To nt. 7.30 COR I OL AN US. ■■ Till 

strangest dearest and most consistent 
Shakespeare f have seen anvwh»re fo 
veari.” 5 . Time*. Wirfi; From 13 Junt 
Strlndbern's THE DANCE OF DEATH 
RSC alto at THE WAREHOUSE -w 
under w I and at The PWariiUv ThcaN-A 
H Peter Nichols's PRIVATES on 
PARADE 


ALMOST FREE. 485 6224 One 08 " 
bv Bob Wilson. Tues.-Sat I T 5 o.m. 
Suns. 3.00 A S.00 p.m. No show Mons. 


AMBASSADORS. 01-836 J7Jf. 

_ NjRhtty at a 00. Mat. Wed. 2.4a. 
PATRICK CARGILL and TONY ANHOLT 
In SLEUTH 

The Wortd-ramous Thriller 
.. „ , by ANTHONY SHAFFER 
Seeing the May agam is m tact an 
utter and toBl loy.” Punch. Seat Prices; 
£2.00 to £4.40 Dinner and Too- Price 
Seat £7.50. 


APOLLO. 01-437 2663. Evenings 8 . 0 J. 
Mat*. Thurs. 3.00. Sat. 5.00 and 8.00, 
DONALD SINDE.N 
Actor ot the Year.” Ev Standard. 

- IS SUPERB." N.O.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 

WlrVMI, li.nnii V 1 n 


■■ Wickedly funny , 11 Times. 


ARTS THEATRE. 01-836 2132 

TOM STOPPARD'S 
DIRTY LiNEN 
Hilarious . . . see 1L” Sunday Times. 
Monoav to Thursday 8.30. Tndav and 
Saturday at 7.00 and S.r5. 


*. s T. OR . ,a THEATRE. ChannB * Rd '(witn 
luliv licensed Restaurant!. 01-734 4291. 
Nearest rube Tottenham Court Rd. Mo>i.- 
Tnurs. 8.00 P.m. Frl. A Sat. 6.00 & 8.45 
Instant credit cant booking. 

ELVIS 

Infectious, appealing, loot-stomplna ana 
nejrt-diumptng." Observer. 

ELVIS 

Seat prices £l.50-£S.SO. □Inner-top-price 
seal £8.50 Half. hour bn tore snow any 
available top-pnce tickets £2.50 Man.- 
Thurs. and Frl. 6.00 p-m. perform oolv. 
BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


CAMBRIDGE. 836 6056. Mon. to Thurs. 
8.00. Friday. Saturday 5.45 and 8.3a 
H»l TOMB t 

Evening Black ArrKan Musical. 

The girls are beautiful, bare and 
bouncing.” S. Mirror. 

THIRD GREAT YEAR 
Dinner and top-price seat £8.75 Inci 


CHICHESTER. 0243 81312 

Today at 2 . 00 . June 9 & 10 at 7.00. 
_ THE INCONSTANT COUPLE 
Tonight at 7.00. June 10 at 2.00. 

A WOMAN OF NO IMPORTANCE 


COMEDY THEATRE. 


01-930. 2578 


Fora Ltd. engagement Juno ZO to Juiy IS 


ALEC McCOWEN'i 
ST. MARK-5 GOSPEL 
_An unparalleled tour de force." S.Tms. 
Tue*. to Sat. at 6 . 00 . Sun. at 4.30. 
No ata. Monday* Tickets £C5 to £3.00 


COMEDY. 01-930 2578. Evenings 8.0. 
MaL Thurs. 3.0. Sat. 5-30 4 8.30. 
MOIRA LISTER. TONY BRITTON 
Margaret COURTENEY. Dermal WALSH 
THE HIT COMEDY THRILLER 
. MURDER AMONG FRIENDS 
Blackmail, armed robbery, double WiriP 
and murder.” Times, "a good deal ot 
tun. Evenings News. 


CRITERION. Ordlr Cards. 93a 2218. 


Evening* 8 . 0 . Sals. 5-30. 8-30 Thurs. 3.0 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
in SIX OF ONE 
"VERY FUNNY Sun. TeL 
SECOND HILARIOUS YEAR, 


DRURY LANE. 01-836 8108. Every 
night 8 00 . Matrnce Wed, BIX* Sat, 3.00. 
A CHORUS LINE 

rare devastating. Joyous Utmcshlng 
stunner.” Sunday Tlmes- 

DUCHESS. '836 8243 ' Mon; to Thurs. 
Evenings 8 00 Frl.. Sal G.tS and 9.00 


OH! CALCUTTA'. 

” The Nud ' rv u sainnln^'* Daily Tel. 


rear. 


Bih Sensational 

DUKE OF YORK'S^ ' 'dl-836 SI 2"a‘. 

Evening] 8. 00 Mat Wed.. Sat- 3.00. 
JOHN GIELGUD 


in Julian Mltched's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Brilliantly witty ... no one snouht 
miss it." Harold Hobson (Drama). Instant 
credit Mid reservation*. □ inner and 

iop- price seal jrr.oa. 


FORTUNE: ^ 16 2238. £w. JLOO. 7hurj. 3.. 


5.00 and B.OO. 

Muriel Pavlow as MISS MARPLES In 
AGATHA CHRISTIE’S 
MURDER AT THE VICARAGE 
Third Great Year. . 


GARRICK THEATRE. CC -01-836 6404. 
Evs. 8.0. Mai. Wed. 3.0. Sat S.30, 8.30. 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
in HAROLD PINTER’S- ; . 

THE HOMECOMING 

"BRILLIANT — A TAUT- AND EXCEL- 
LENTLY ACTED PRODUCTION,’--. D Tel. 
"AN INEXHAUSTIBLY -RICH WORK.” 
Gdn. "NOT TO BE . MI5S6D," - Times. 

GLOBE THEATRE. 01-437 1592, 

Evs. B.’15. Wed. 3.0, Sat S.O. ' Bag. 
PAUL EDDINGTON. JULIA McKENZlE 
BENJAMIN WHITROW In 

ALAN . AYCKBOURN’S New Comedy 
TEN TIMES' TABLE 

"This must be the happiest laughter- 
maker In London.” Qj Tel. "Atr irresist- 
ibly enjoyable cvemofi,”. Sdndv Ttatffil 

GREENWICH THEATRE 7 "858 '77 S5 

Evenings 7.30. Mats. Sats. 2 30 

THE ACHURCH LETTERS 

A play fay Don Taylor 
" Sura Keitel man Is. superb as Acburch 
. . . Julian Curry Is a splendid Shaw.” FT. 
From June 13 THE GOLDEN CRADLE. 
P]aya bv Yea is Synge and Lady Gregory. 

HAYMARKET. 930 S632 

Evs. 8 . Wed. 2.30. Sat. 4.30. 8 . 
INGKID BERGMAN . 
WENDY7HILLER 

DEREK -DORIS FRANCIS 

GODFREY HARE CUKA ’ 

WATERS OF THE MOON 

Must dcfinitciy dose July 1. Box office 
now open tor our new production. Pn. 
July 4 and S at d.O. Opens July 6 at 7.0 
PAUL SCOFIELD. 

HARRY ANDREWS 

ELEANOR • • TREVOR 

BRON PEACOCK 

and IRENE KANDL in 
. - - ’• A FAMILY 

HER MAJESTY'S CC 01.930 6606. 
Evenings 3.00. Mats- Wed. A Sat. 3.00. 
BRUCE FORSYTH 

In LESLIE BRICUSSE and 
ANTHONY NEWLEVS 
. TRAVELLING music show 
• nth Derek Griffiths ■ 
Directed -by • BURT SHEVELOVE 
' It Is packed la bursting point with 
the personality ar.d sneer energy ot Bruce 
Forsyth.” Sun. -Express. ” The audience 
cheered.”- Sunday Telegraph. 

KING'S ROAD THEATRE. 352 7488. 

Mon. to Thurs 9.0. Frl.. Sat. 7.30. 9.30. 
TOE ROCKY HORROR SHOW 

NOW IN ITS 5th ROCKING YEAR 

THE GREAT ROCK 'N' ROLL MUSICAL 

LONDON PALLADIUM.- CC 01-437 7373. 
Mon.. Tues- Thurs. and Frl. ait B. Wed. 
and Sals, at 6.10 and 6.50. 

THE TWO RONNIES 

In a Spectacular Comedy Revue 

ALSO SPECIAL SUNDAY PERF5. 
Sundays June 25 and July 16 at 5 & 8 . 
Special Booking Hotline 01-437 20S5. 

LYRIC THEATRE, CC. 01-437 3686. 

Ev. 8 . 0 . Mat Thurs. 3.0- Sal. 5.0 & 8.30 
JOAN PLOWRIGHT 

COLIN BLAKELY 

FILUMENA 

MAY FAIR. CC. 629 3036. 

Evgs. ’8.00. Sat. 5.30 and 8.45 Lst- 2 
WkJS. GORDON CHATEH" BrlHartt." E.N. 
in THE ELOCUTION OF 
BENJAMIN FRANKLIN 
bv Steve J. Spears. 

"compassionate, funny, fiercely eloquent 
play.” Gdn. ’'Hilarious.” E Sid. "Wickedly 
amusing. E. News. "Spellbinding.'' OK 

MERMAID. 248 7656. Restaurant 248 
2835. Wed. to Sat. 8.30. Mau. Wed.. 
Fri. and Sat. at 5.4S. Last week. 
TOM CONTI. JANE ASHER 

WHOSE LIFE 18 IT ANYWAY 
Transfer to Savoy June 13 

Alec McCowen'S 

ST. MARK'S GOSPEL 
iSun. at 7.30 P-m. all Mata sold) 

Pre*. June 13. Opens June 14. 

. Subs. 7 JO and 9.15. 

EVERY GOOD BOY DESERVES FAVOUR 
A Piece for Acton and Orchestra 
by TOM STOPPARD & ANDRE PREVIN 
Seats £4. £3. £ 2 . 

NATIONAL THEATRE. 928 Z252. 

OLIVIER (open Stage): Today 2 AS (red or 
mau A 7.30 MACBETH. -Tomor 7 (note 
early start' Brand. 

LYTTELTON iproscnnium stage): Ton't & 
Tomor .7 AS PLENTY a new ploy fay David 
Hare. _ . 

COTTESLOE i&mall auditorium i: Ton’t 8 
LOST WORLDS by Wilson John Haire. 
Tomor B Don Juan Comes Bach From The 
War. 

Many excellent cheap seals all 3 theatres 
day pi pert. Car park. Restaurant 928 
2033. Credit card bkgs. 928 3052. Air 
Coadltfonipg. 

OLD VIC 928.7616. 

Msv-Z9June 3. 

INTERNATIONAL SEASON. 

The International Turkish Players In 
The Tank (sit aogs fay Necatl Ctfmaif. A 
musical comedy in English- based, on- a 
Turkish classic. Today at 2.30 & 7.39. 
PROSPECT AT THE OLD VIC 

A Woefc OT Sundays June 11-17. 

Isla Blafr. -Julian Glover Harold Innocent 
Derek Jacobi. John Rowe. Prunella Scales. 
Timothy West Timothy West as Sydney 
Smith in Smith a* Smiths. 

The Grand Tour _ 

Derek Jacobi as Bvron In 

The Lunatic. Th* Loser A . The Poot. 

OPEN AIR. Regent" S Park. Tef. 486 2431 . 

A MIDSUMMER MIGHTS DREAM _ 
Evgs. 7.45. Mats. Wed., Thors. & 5at 
230 vritb HULA LENSKA. IAIN TALBOT 
ELIZABETH ESTENSEN. DAVID 

WESTON. HELEN . WEIR. ANTHONY 
SHARP. 

PHOENIX. 01-636 2294.. Evenings 8.1 5. 
Friday and Saturday BOO and 8.40. 

’’ TIM - . BROOKE ■ TAYLOR.- . GRAEME 
GARDEN makes us laugh." 0. Mall, in 
THE UNVARNISHED TRUTH 

The Hit Comedy bv royCE RYTON 
'■ LAUGH. WHY 1 THOUGHT 1 WOULD 
HAVE DIED." -Sunday Times.. “SHEER 
DELIGHT." E. Standard. "GLORIOUS ' 

CONTINUOUS LAUGHTER.” Times- 

PICCADILLY. 4J7 4506. Credit Card Wen. 
636 V071-3— 8 30 a-m.-6.30 p.m. . 
Ev«L 7.30. Sat. 4.30 & 8 . Wed. mats. 3.0 
Roval Shakespeare. Company In 

TOE OUTRAGEOUS ADULT -COMEDY 
by Peter NlchoU 

PRIVATES ON PARADE 
“ RIPraArtjrg triumph." S. Express 

BEST COMEDY Of THE YEAR 

Ev. Srd. Award and S.W.E.T. Award. 
.FULLY AIR-CONDITIONED . 


.. THEATRES 

REGENT THEATRE. . 


637.9683. 


EVSKS^8.3D. Frl. and SaL • 7-0 aiid 3J>. 


rU. good humoured engaging." Gda. . 

' . A:' NttW Musical. J - •- 

“Caustic and Comic" Times, 
“Show scores In songs .' 1 D. TeL 
Linda Thorsen . . .. » reretaHoo.” -Tlmeo. 
".WEI-COME TO THE CLUB,” EJM. 


ROYALTY, (trad)t Cards. 01-405 8004. 
Monday. Tbursduv event ngs : 8.0 V. Friday 
5-3D^and-B^5. Saturdays -3.00 and 8.00. 
. . LondoB critic; vdte 
BILLY DANIELS : in 


- BUBBLING ‘BROWN SUGAR 
Ideal Of 1 977 


Best Musical 
’Bookings accepted:- Motor cradR cards. 
Special reduced rata lor moHnees lor a 
-. - limited period only. 


ROYAL COURT.- 730 1745. Tonight A 
Tomor at 7 A 930 LadDda C h lids. Robert 
Wilson In I WAS SITTING ON MY PATIO 
VTHIS GUY APPEARED I THOUGHT I 
WAS Hau.ucina.tno. Previews from 14 
June -Flying Blind by Bill Morrison. 


SAVOY THEATRE. 01-636 6868 . 

Opening June 13. - TOM CONTI In - 
WHOSE LIFE 15 IT ANYWAY? 
with JANE ASHER 

*’ A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT." Gdti. 

Evs. al 8.0. Frl. and SdL S.4S -and 8.45. 


SHAFTESBURY. CC. -836 6596. 
Shaftesbury Ave WC 2 (High Hotown ead) 
Evs. at 8.00. Mat. Toes, and Sat. 3.00. 
JOHN REARDON and JOAN DIENER m 
KISMET 

."-A SMASH HIT. THIS MUSICAL HAS 
EVERYTHING,'’ S. Mirror. 

CREDIT -CARD BOOKINGS 836 6597. 


PRINCE EDWARD. CC. 01-437 6877. 
Red. price p're*s. June tz. 13 and 20 at 
8 . 0 . - June 17 5.30 and 8,30. -. Opens 


IT A 


PRINCE OF WALES. CC. Ol -930 8681. 
Monday to Friday m 8 p.m. Saturdays 
at 5.30 and. 8.45. 

LONDON AND BROADWAY'S 
. COMEDY MUSICAL HIT 
l LOVE MY WIFE 
warn™ ROBIN A5KWITH 
" ALL JUST GOOD CLEAN FUN,- ‘ 

_ Dally Express. 

CREDIT- CARD BOOK TUGS 


930 ■ 0847. 


QUEEN'S - THEATRE: CC. 01.734 im 
Evgs. 8 J».^.Wed._ _3.ap. SiL^SO . 8 -30. 


FAITH- BROOK. 


ANTHONY ^gUAYLE 


‘AEL. ALDRIDGE 




In ALAN 

THE OLD- COUNTRY 

BEST PLAY OF THE YEAR - 
Plays and Players L onoon Critics Avrern 
CLIFFORD WILLIAMS, . 


Directed by 


AT 7 Rjn, 


- EBAR CC . 

yn« 9 p.m— 7 1 p.m. (open Sims j 
PAUL RAYMOND presets 




1CA 

. Fully ;ir-conditloned 
,* 1 ST SENSATIONAL YEAR 


SHAW THEATRE. 01-388 1394. 

Prove. Tomorrow and Sat- 7 JO. ALL 
SEATS £1. Opens June 12 at 7.00. 
Subs. Ewi. 733 

I'M TALKING ABOUT JERUSALEM 
by ARNOLD WESKER 


STRAND. 01-836 2660- Evenings 8.00. 
Mat. Thurs. 3.00. Saturdays 5 JO A 8 30. 
NO SEX PLEASE— 

WE RE BRITISH 
- THE WORLD’S GREATEST 
LAUGHTER MAKER 
GOOD SEATS £4 00-£1.50. 


ST. MARTIN'S CC. 836 1443. Evs. B.OO. 
Matinee Tues. 2.45. Saturdays 5 and 8. 
agatha Christie's 

THE MOUSETRAP 
WORLD'S LONGEST RUN 
26th YEAR 


TALK OF THE TOWN. CC 734 5051. 
8.00. Dining. Dancing (Bars open 7.15 l 
9.30 Super Revue 
KAXZLE DAZZLE 

and at II p.m. 

- LOS MALES DEL PARAGUAY 


VAUDEVILLE. 836 9088. CC Eys. 8.0D. 


Mai. 

Olneh 


Tues. 2.45. Sat. 5 and I 
SHERIDAN. Oulcie GRAY 


Eleanor 5UMMERF1ELD. James GROUT 
A MURDER’S ANNOUNCED 


... U-™u vi »B!fS? ,T 

'■Re-enter Agatha with another who* 
dunnlt hit. Agatha Christie Is stalking the 
West. End yet again with another 
rnfoui 


fiendishly 

frit 

AIR. 


.murder raysteries.’* 


f .mb Barker Evening' News. - 
—-CONDITIONED THEATRE 


VICTORIA PALACE. 

Book nDw 828_473S-6. 834 1317. 
5TRATFORD ^OHNS 


EV5. 


London Loves 1 
, __ ANNIE 
7J0. Mate. Wed. and Sal. 2.45. 


WAREHOUSE. . . Don mar Theatre. Covent 
Garden. 836 6808. Royal Shakespeare 
Company.. TONIGHT 7.00 David Rudkin's 
THE SONS OF LIGHT. "Sheer poetic 
energy. Guardian. Alt seats £i.&o. 
Ajv. bugs. Aldwych. Student Standfiy fl. 


WE5TMIN5TER. 01-834 0283. 

„8v MU^^I° a™ THORNHILL 

. . /renwiidom impact. ” Now. 

Eyy -A5. Mat. Weds. 3.30. Sat 4J0.- 


01-930 6692-7765. 

Sat. 6745 and 9.u£- 

Raymond presents the Sensational 


WHITEHALL. 

I«*. 8-30. Frt. and Sat 

Paul Raymond presents 

B 5 Century 
DESP THROAT 
due to dverwhenmna public damand 
• season extended. 


WINDMILL THEATRE. CC 01-437 531 2v 
Twice Nightly 8-00 and 10.00 - ' 

_ Sundays 6-DO and 8.00. 

PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
... v MODERN ERA - -’. - 

Takes to unprecedenied limits what R-- 
permisslble on our stage." Erg. News. 
3rd GREAT YEAR 


WYNDHAM-S. 01-836 S02B. Credit Card— 
S k S" _ a36 »3 07, i 2 8.30 IJB. tO.-;.. 

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Evening' 


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supreme cmnrdv on sex and religiafl. 
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Prew from Juno is. Eves. 7A5. ■**, 
Jot son’s . BARTHOLOMEW PAUL . f 


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_ . — show -1 3 -P.m- •W»rt4»- • , . 

Baanv. Julie Cnn sue SHAMPOO W. ^ - 

S.1S. 8.1 S. Law rflow tl.TJlS*-i.-, 


L 


Part a DO. 




PAR DOM MON AFFAIRE (X>. 
sub-tHleO Poms, at 160 (not -S r 
J.ss. 6.10 and 8.30. LAST 7 DAYS* : * 

Fuffy atr eonthHoned comfort. . __ ; . v 



OOEON, LeKefterCauare. 

CLOSE ENCOUNTEK 
■ . THIRD .KIND w 

Sen- progs, rdly. Doors- oo«n 1JS. 4>1 


930 611t*'")l\ 
OF THE . ... S. 


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oocon. Marble A rrft . TZT 
THE artSY rah 


_ f «iab.fi ! A *.- u 

SetL-.twoos. MonJsatf^lJ^a ? 

r-. V..v 


Sw.-3.3Q- ?.sp. Late.aho^a ^ ff^. 


TT.45 p.m, AR‘sott»-‘W«>l». 
pert.- Moo.SAt. 



j* 


3?8- . ■ • V 

Uy ■'■ b-: : 


; •5%satwI4 : Ti m es Thursday June'Vl978 

Sadler' s Wells V 


ft 



Gong is - an ensemble of 


BaWiu^ii lhM ,hf reedsli " 


Record Review' 


The Pearl Fishers 


Sawan vinmiep we have sometimes seen ! 

J£"“ Jte dj ?^ict -from Which in tn e past, but iheit costumes 


•7 troupe ourrenUy at tbetyei Is *** 3S raafinifleeni as ever, and a 
originates, The .^iatorest for' tho d r?S°P appears (two-manned ami ■ 
Western observer Tics I siioboi wnh ^okautalm andj 

««.+• .: . va * 1 suppose, trembl/mf: »nlH nmvortt <» ho.:.. 


by RONALD CRICHTON 


dflvier' 


Macbeth 


bv B. A. YOUNG 


notnnhr fn ■ suppose. treinblenit gold flower*) as be-», 7 ~T ’ — secure in the 

mUsit a £i n th? e flfpfc?^ Ql,r tbe suiliau as anythin* from 7he Ei “ r - V ca p **h* urs de perles. the dramatic 
hands af-tSi # .Posing Maaic Hounddboui -. 

SWAte!? 1 - hut in Very wisely each in 


.*3 


thef*« n f^r^^V^ s - " UI m Very wisely eathiiwu is intro-! ?°-TJ™ ris and men ante " wnen 

able ^ff • - g . robp suit- duted With a short explacatinn—l 0[ch./Pretre. 2 records in box. stealthily approaches 

ponent* •5 SCp °?*- 11 * r the -programme is uncwninurm-a- ! EMI SLS 5113. Cassette TO a guilty nocturnal rei 

SX*?.?.# * .aation-hvart Could tlv/sSmt wirformST iWh i 5113. £7.95. Unfortunately for any si 


this island d n '7»,T‘ , ^' , ' 0 ~ , ' CouJd t5vc WWU. performers, though: 

GongSaimn SS,!* !?« L *. . C0 P‘°us:« notes about Ite msiru- 1 Donizetti, La favojila. Coxsoilo, sln S c .f- Reynaldo H= 

novel in the way^of ,! S men5S ~^ n<1 1 learned- that wc- 1 Coirubas. Pavarotti, Bacquior. JP,*®! a , ten ^ r 
“ - -*f. vL d S ! ZSSLm'2*. 2JSL2**' ChuurovyChor. »d own »f 


secure in the lyrical, strong in spruce ensemble and makes the 1 

.music. He is least most of Donizetti's v. y; . (fur 

Goirubas, Vanin, Sarabia. satisfying In the off-stage ** De example in *he Alfonso- Leonora 

Soyer/Paris Opera Cho. and moo aniie” when Nadir is duet on side three i of const ru-.-i- 

Leila for ing a Sind of instrumental cage 

render-cons. round the vocal lines It is 
Unfortunately for any subsequent pleasant for a 'hanye io bean 
Reynaldo Hahn, who Cossotto (as Luunorai pr.d 

had only a Ghiaurov (as Baidavsare. the 

. made a now Father Superior) in roles with' 

. erackly recording of which they are run undi-rsiand- 
with piano, but his ably over-familiar Though both 
(aided in this case, m» resort at moment; to routine 
mixed Jewish and loudness they give fresh, mel!- 

Xheeone-n)TVnf''hr^,. lv J Jl ! ear r' no -mcaW lUmMMHM.for any- N . _ .... .... . vvn«ueiiui-Spanish ancestry) formed staging as weli 

wts ;, vnnw^ ‘ 31C ^* ..hemh^ led in. Jby. one. orepaferi to seek the rewards! ‘ t ‘ a U as * Stignani, enabled this genial musician to Pavarotti nn di-e ■<. « 

seerastolive inside ofthe^SdhS hibppeaAi, Rossi-Leincai/CIior. give, in a primitive recording h ir h Yy af C niov a hu? VnV S- 

bis.-golden.cage. The - dancers are T 7^oft««rcW» a " d Orch, of La Scala/Serafln. studio, an account or the song quality n hi lone - 

’ • 'c52!f#Sik^. , 5 a ** a *• % SSffi « « -iSklTw 

t-Msvftte TG 5115. £8.95. operatic singers Of any period as a noV ice nf il:e order «>r St. 

could equal. James of Compo»i L -iu i s .mother - 

Zurga is suns by the Mexican m3ne r. The role of King Alfonso 


«<] 
3 35 itl ! 



IES 


■Jj L 


UB 

! it leal. 


wcu. 


a« Sjio 

ftn ^ 


Y* lU am « 

'5 r muinot? 
oA om,. 


a , aa!^ 


tom 8 ^? 

W” 

^ u «*t 
Sai Sis am 



Bizet's Les Pfchetrrs de pcrics. 


«™“> aaiemo smM. . {£Xn Viv' c - 'mu^ -- S,r r ;^;^ 

vet urnnm _ .. ... . . 1 


,.j ’ l i " — uuiiili mu kiaiai/iu, a »uoaun, 

in An' b ‘ g1 ‘. ,y Promising, artist whom we fnr the pro te 3 n lak-m, r.f Cnbrie! 


1 in the first class with hi« r'nV«M»> ir\r r i,w,u V for the proiean lak-tUa r 

* ■ C . . w f?' shall presumably, m the wake B ac ouicr — strange .-av 

;Yc1 it is a lovely and lovnb » «r i: Da ^7 1 . . . . 


i « St?** sras rsM 


opera high in ihe second rank u Seals, be allowed eventually shouJd hl . l0lll _ ... 'i'.- “T” 
io spite of inequalities and * »,.•■»:. tone snouio ns lomp.-ucd .Ofing. 


fustian story, h never div t0 hMr al C ° V -- C - d - Lt '- a 3 leading French ro.e in ItaibnT 

appeared from lhe roper! orv 

even when French opera was 
w'idclj* neglected. Of course the 

tenor and soprano anas, udmir- , . . \orma is a ere.-ii? r opera and 

i»ble examples of Bizet's melodic * s **eana Lotrubas. as ever _charm- j},i s reissue of ;)ir famous 1951 


Book Reviews are on 
Page 31 


Piero de Palma gr.e< u n exem- 
plary cOTipriinuri.) pcrf»>rmjn*.e 
as Gasparo. 




Dorothy Turin and Albert Finney 


LCi fiJ" d Burt 


olved altogether — does not sort unlike the provincial Lady Mac- 

K( . J . r ..n-icr * ; . , - - ery Vfe!1 wUi ‘ lise of ,he duff, effectively played by Dinah 

who are also modest record Thc H,sh Fnc5t Nountbad is lhe later calls* version when - Theatre s new Macoczh -*:tn the unadorned acting circle. There biaob with a very smalt but arti- 
] cotlecinrs. must have earlv I? ken b >' t3c fehable Roger the voice was a I read-- N^innin-*' R,,yal Shakespeare's. No: only seem to be two minds at work, eulate little bey. 

i memories of. say. Roeatchewskv s W r * V? c petfonnance as a t0 lose • 

(Singing Nadir's Romance “ Je ^' l \ h n l *? e Pans J^pcra f 3 b U lous K . 

jcruis entendre encore." Vallin S ,< SvJ4If p/Se**!? declamation 

‘singing Lena’s Cavatina "Com mo £ ^ answcr 

I auTn-ftiih dans la nuil sombre." " S ^K_ f f ,b ‘ possess both. . 

or Gigli and Dc Luca superb in c " se ” lblc which *nmelimes Mrtv recording 

j “-A«« fond duo temple saint." SffbTSSPSS^ S " ftn ’ 

There arc in the composer’s 




CC. utfe 
l ‘»f» Htant 
Tuti iod S»L ^ 
JOAN DBiJ. 

tHis musicals 

j Mirra. 

OKIKKS3J S 


■ A dancer from £ong Sawan in North. Bali 

Wigmore Halt 


Stuart Burrow 



soon forget 

, , - — 1 - Donizetti's La favoriia was as r£|L a J?,!] 

ijrica I. pastoral manner, with much a favourite with (he 19th unorus 
some of Gounod s sweetness but century public 
.a strong vein of Bizet's own Leonora d‘ ~ 

| particular, plangent Mediter- Aifonso XI u. 
i ™ (,Jn qiialiiy. which was adapt- did noi persist i 
! ab ‘ c without great difficulty lo us i on g r • - 
; Ihe . CeylMiiiue selling — they pertes. but 
! remind (his reviewer of Edward was partly 

^?he JenuV^and^'TmioTernando ” le “h«e in comin " ,J - r ^ IC -o 'he ; ‘"The 'two* main d\n*MT.M arc Muff way wtUi it suffers in com- hearu 

the exotuism is only skin-deep, turned up almost as often as l " ' u .i h 5,i«« ^ quick iy recorded, in- parwon with Lie clear, musical 

What one forgets unul one bears t h c bis numbers Trom Les phcno ^l! n ^ . 1 L<i,l3 ? t ?. rc stead of ihe RSCs filleted text, speaking of Room Bailey’s 

the whole opera again is that pecheum *- r --* r - •* recommended 

much of the score is energetic. v,-as a 
even violent, the two moods jarcel 
setting one another off very out oi 
effectively. This is an "authentic" signifin 

.version, with Bizet's original oven In ineiriL'icnt iransiatinn •vv* ~ .v ■ .muuiriuu > auu^> mu: 

j ending in the place of (be alter- f 0r W hi«-h thp Italian censors 2. r .. th ® ” nl, . lcn j “'Teneri Sail. . Muldowney's music hero, on this awkward stage to avoid 

j native by Benjamin Godard wer e partly to blame is "ood T hIS * t ,nd 0 on,? romantic harmonies for three losing a word. A series of Friday evenin 

which for so long usurped it. enough to make 'wavering do ? s n . ot he, . a ‘‘ mArt ‘ l! J an 3 ntr f *' r . female voice*!, is most unwttch- Verse-speaking fmm another jazz cruises on the River Thames 

There is also the first version Donizettians (who miss the full- tw ’ ,c £. , . n onreviae. In the Jft51 like, though it may he appro age comes from Dorothy Tulin's w being launched on June 23 

SL.IK “ n0r - ba p ton * duet~a h ,ooded genius and humanity » hc Mike Westbrook Brass 

i«Tn bl ! °.H Vtrdi - the . all-conquering lyri 



Jazz on the 
Thames 


. O'-is: E 
os bk ?a» c 
Me 12 a r: 


60 UT j»UW9 
- W£S*=B 


$*5 swidVil 
(urSi-* 5 JJ 43 
>UAS£— 


TOutist 

S MAKS# 
ii QQ.fl.S0. 


3 ;i Hit. EaK 
. SJ-.LT)J*1 S «S’ 
CMBlSTlVS 
•usd RAP 
:r:.3-:sT bon 

I :-*t 


vrt. CC 

-.5 -64T (w!‘ 
i- 50.J! 

DAZZLS 

lit*-. 

ti. PARACUAJ 


To hear, this mellow.- well- his pianist 
nourished voice in tig Wigmore Strauss’s ‘ 

Hall was a real’ pleasure, and. for the climax 
to! increase there was. in Tws-.X”;! fZ*"" 

re ?' t3 i iifrpiaced fyingly on top ot tne liner j 

or carelessly _runed sound all A slightly ...schoolmasjfrliriess 
evenme. Mr.-Banowtit-k tenor in ^ p i al f 0rni manne/ v-ith a 
of obvious taste and; musician- re ii ance oit/hand-to-h Jrt poses, 
ship—t he notes are not only well was diminfth'cd in-«e second 
schooled.., but turned., with an ^ f . wbiST Mr. Bt/rows gave 
evident sense- of their -natural cnZ u e ] y f -his nay five tongues. 
lyncaJ shape 3nd character. Coramunirntion wsb freer in the 
The nearest taste -came Jo three P^tfen-arrSnged English 
hcing sullied, and that only folk serfs, and at ils freest in 
slightly, was «r lhe fraurc selcc- three' lib nne* fa pity neither 
tion that croscQ ; the first nalE: programme nor singer gave any 
“ Nell" .and especially "Lydia ” -jndicaflon, io the uncom prehen d- 
were moistened by a touch., of j n g Englishmen who comprised 
affectionately , lingering sweet- most jtof the audience, of their 
ness in the. tone that led, these mcamng). The sincere and open 
deceptive miniatures in the feeing with which Roger Quit- 
direeiion of senriinentaiity. teriysix To Julia songs were de- 
(Even early FaurC requires, and ]jv#ed almost contrived to calm 


into a waltz as unsuitable 
anything in Verdi's Due Foscari 
Though the soprano Leila 
unreliable, over-susceptible 
priestess of Brahma, has plenty 



colourful clothing 


Embarkation is from West- 
Tier promptly at 7.45 
return at 11. Tickets, sold 
ad van re. rest £3.75 
... . ..... Jazz Centre Society 

by sumptuous table and is in com- and 100 Club members. £3i. 



rewards, a certain cool distanc- otyf listener's pricking cvnielsm. | pr ? d H. < f tion of * ria .- M Do ° BasiJio's aria 


GuSI hall School of Music 



'lie Marriage of 
Figaro 


by ELIZABETH FORBES 


|nff in the style.) In. afae Beet- tlrfugh by the end nf the three 
noveri and 5tr.aussJ>ong&. on the offcores. .“ The Mountains nf My 
other hand, ‘ while 1- the’ ‘singer's dbme." "My lovely Celia.” and 
*3ngue and manner remained f{ hear you calling." it •«< a 
resolutely oii, the surface oL thc Jfear thing. Still, the small, 
words.. - his ■unencumbered’ lyrical i’smi-bearted audience lapped it 
style was disarming and refresh- jrall up, 
ing. 'AJthough . Mr . Burrows aadJ 


MAX LOPPERT 


f 


WNO newproductions 


Welsh jv'ajlpnal opera, Ii^tg Lisbon and Elekfra and A Child 
associated.- with, successful per- of our Time to- Wiesbaden, 
fornta'tic'es of 20 th century wrf'ks. There will be 15 operas 


s Mamape of Figaro at also included, gives less pleasure, 
the Guildhall is quite properly that is not the fault of Terence 
dominated by the students sing- Ncwcombe. who tackles' it 
ing Susanna and Figaro. Mar- bravely: the piece really is a bit 
garet Perry, whose attractively boring. 

coloured vitf.ee leads the en- Michael Lynch (Dr. Bartoio). 
semblcs with splendid firmness. Paul Leonard (Antonio), Robert 
displays more than a hint of Crowe (Don Curzioi and Robins 
steel in her manner and «s Redgard (Barbarina) all fill their 
obviously used v> setting her roles more than adequately, 
own way. William Shimell, Dennis Maunder produces with 
calmer and -more placid in out- a sure hand: he knows exactly 
ward appearance and behaviour, the right amount of movement 
also reveals a purposeful and an <j 0 f business to give his 
tenacious will when necessary. s -, n ger s so that they can concern 
and possesses a sturdy baritone lra te on the music but never 


is now attempting the same revel receiving lfil performances in 18 t f0 match. Poor Count f ce j embarrassingly unoccupied 

of achievement within the- ‘sun- theatres, and. the total in Wales i ";™ a ”Y a elegantly sung by jfargaret Matthews* adaptable 


ouu. IIIC lutai l*. - «• . n - . - - , • mius-iM ninnut-ij >'111)11 HIM- 

da rd. repertory. - will rise front 80 this season to | A ‘ exaDtIcr Garden apart from «ci is extremely won lit hv John 

New " productions announced 92. j one or (wo moments when he Roffev. who provides a nice fire- 

for 1&7S-79 place such established ' The company is enjoying its | *““ )w s. emotion io unsteady his work disnlav at the end. as 
• ~ - “ ‘‘ Tone— is defeated almost from „ a rlier fromised by the Count 


works- as Madam Butterftn, The third year . of financial stability, j ™ ne “*» ueteated almost rrnin 
Magic Flute and La. traviata HasuJts of 1977-7S were within j we start, and what is more he 


Magic . ... .. 

alongside The’Waferopnwtos Cose, I per cent, of the £2m budget, 
(he second. Janacek co-production a record audience of 152.000 was 
with Scottish Opera, r and . The attracted: and overall aticn- 
Tuw of the -Screw, the latest in dances rose by 6 per coni, to 
WNO's Britten, cycle., 78 per cent. 

The sixth new production will For several weeks, in Binning- 


knaws it. 


Vi lent Tauskv conducts. Th 
acoustics of the new theatre in 
A .really young Jooking and ihe Barbican are nor of the 
sounding Countess is one of the kindest, bur Mr. Tausky balanros 
several advantages of a student voices and orchesira skiifuliv 
performance of Figaro: enough io camouflage that fart 
vcromque- Diestchy, in appear- There is a second cast and 


he sin" Offenbach 'double hilt ham. Cardiff, Bristol and Oxford. I ance not unlike thc Mona Lisa, further performances on Thur? 

tailored for the -Welsh university the company played to capacity ! can turn naturally trom tears to day and Friday, 

theatres. The company. is also houses.' laughter within a few bun. Her j m, nM t c nn ; A i.. 

seeking to fulfil'jts conuniTments El 'sabeth Sndcrstrom will star [beautiful phrasing illuminates JLOnaon L-DOrai oOCtety 

to the Principaiity.by mounting ' in The Nakmpoulo* Case and j the^. wusic. , As Cherublno^ Linda flppnittfmprit 


:iNSMAS ^ 
-.|Bt -A' 


t¥E •» 


a tour -of ‘-An- evening - with Rita Hunter will t3ke the title 
Puccini ” for smaller venues. role. in TurandoL but the season 

Grand Opera seasons will bo ^ notable . for the increasing 
given in Cardiff. Birmingham, number of resident sincere 
Bristol, Swansea. Liverpool, appearing as soloists. Traviata 

Oxford and Southampton; The will be entirely home-grown, with 
company will also visit' Glasgow Suzanne Murphy as Violetta, 
and ■will - take Bill» Budd and John T releaven as Alfrcdn and 
The- Midsummer Marrtofje. to Terence Sharpe as Giorgio. 


McLeod also has the obvious 


been 


benefit of extreme youth. Her J’'” 10 " . ha 5 . , 

chubby adolescent siglis and appointed principal conductor of 
mopes for love very eonvlnc- the London Choral Society from 
tafily, and she sings the pace’s September J979- Mr. Rattle, who 
hong with feeling, Anne-Marie ** -4, is assistant conductor of 
Owens brings a rich voice and a tne BBC Scottish Symphony 
, decided personality to Marcel* Orchestra and associate con- 
! lina, so that it is a pleasure to ductor of the Royal Liverpool 


2 ; 


JOHN FALDING [ hear her usually omitted fourth- Philharmonic Orchestra. 




< 

■■c 

■ v '- 4 - c-- ' ii 


v:K £ f [b 

?€**•'* **! & 

..... v .jfSSjS 

$ 


— r - 

v*-* 1 . 


tet 

** r 3» : ' 

.• 

'**'* ; 

MX 


l ri 




- • v- v # lS f 

va?? !a* 


H?-' 




•a-. 


EMHART : 

dividend 

INCREASED 
SECOND TIME IN 
SEVEN MONTHS. 


O June quartertyf common 
.ffividehd at 50c/9hare. 


□ 1 1% risefor.six month 

period, . - 


C39% increase over a year 
. ago. - 


□ Continues 5-year payout 
uptrend: -r 133% since 
1974. 


For more information, write 
V.P. Finance. P-O. Box2730, 
Hartford, CT 061 01 


EMHART 


Christ Church, Spitalfields 


Academy of Ancient Music 


by NICHOLAS KENYON 


How fist worthwhile causes musical centre, and that it is some tightening in the voice- 
can be advanced -when there is worth restoring it to its former a beca use the rest of the 


both enthusiasm and orqanisa- * p ^^ Ur ' waa 


ensemble was distinguished by 
i .uuir "»« an encouraging <>. relaxed unise 
Don to support them! It was only t ur fl-but on Monday for an 
two years ago that a group of us ^tractive tittle chamber concert J ohn Turner chirruped happily 
huddled- together in the vast, by Christopher Hogwood’s through a Vivaldi recorder con- 
bare, untidy nave of Hawksmoor’s Academy of Ancient Music. The certo (and. on a sopranmo 
English baroque basilica at programme appeared to have instrument, the encore by Arne); 
^nitalfields listening to its been designed to juxtapose late Anthony . Plecth brought con- 
marveHous'aroustfc-s come alive. 37 th- and early 18 th-century siderable passion to a Geminiani 
and civing support to the forma- music, much of which might well cello sonata: while Catherine 
fj 0 n of the Friends of Christ have been beard at the original Mackintosh and Monica Huggett 
Church Already the Friends' Academy’s concerts. Judith co-ordinated precisely some 
active ’ committee, with the Nelson sang the popular Contdm tricky figurations in trio sonatas 
suemort Of patrons trustees aud cantata by Pepusch, who helped by Handel. Vivaldi and Purcell, 
architectural advisers have found the Academy in 1710: and The acoustic swept the violin 
fiisnaied to ' make the church a couple of arias from Arise ide sound towards us beautifully, 
inhabitable And as KonaJd by Steffani who • became the and helped to project the clarity 
■f‘firiphTon ' reported earlier, organisation's President in Of Mr. Hogwood’s mid-lSlh- 
there are concerts of early music absentia in 1724. She sang century harpsichord; but the 
a?i this week, aimed at proving brightly, with a firm focus that cello boomed, which upset the 
work as a was achieved at the expense oE balance shshtly. 


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FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Fioantimo, London PS4. TrffK 8 86341/2, 883837 
Telephone: 01-248 8000 


Thursday June 8 1978 



nger re 


Reasonable 

unreason 


BY REGINALD DALE IN WASHINGTON > ; j 

S IX WEEKS AGO, Mr. human rights' both in Congress are tie most difficult, and the to have been deployed, accord- tantinentel t {2 P ^ ll !?hSe 11 

Cyrus Vance, the UA and toe rountry* large. few two most difficult of all are ing to the latest US. mtelU- it to reach it* iV * . ; 

Secretary of State came politicians want to stand up and restrictions on the introduction gence assessments. sign at the moment tnat 

back f^Tm^oiow rea^nably be S on toe SALT of new missiles and the Soviet When these fourth-generation Mo«o£s >235ta 

confident that a new strategic issue for the time being— and Backfire bomber. The Soviet missiles are ful£ deployeiL ire^wonSS^a^Sin 

arms limitation agreement certainly not before November’s proposal rejected by Washing- defence .experts he ™ thari an issue Substance. But^ 

(SALT H) could be concluded mid-term elections. Quite apart ton last week would have bad the Soviet Union would be able an : ,ss “* u wireeniSt 

at a summit meeting between from political difficulties, it will the effect of preventing further to eliminate the en _5 re ^^J" on the letaL Katus of SSSStaf^^ -SS?' 4 ? 

President Carter and President take a considerable time to pre- testing and development of the strong American «Mnn : ^ 

Brezhnev some time in July. In pare and publish the final text American MX mobile missile, Am J* |ite aflos iin fix* A prob- .E2E: 


PROPOSITION 13 seems at the tax structure, violently. Pro- good, that the U.S. is nego- Officials close to the negoua- missiles now appn 
moment likely to share the gressive taxregimes which were tiating in good faith and that tlons here say they still do not flight testing stage, 
memorable vaeueness of Catch designed to mulct the very rich Salt II is of fundamental import- rule out an agreement at a would be 

a-, . , 50 . . f - now affect the skilled craftsman, ance to both super powers. CarterBrezhnev summit pos- , . b '_ n ^.p 

22 in the world of popular At th , ame tj-.. other tares . . , . . . si hlv in Hawaii Thev a^ee that acce ? 1 a Dan on tne »•>»••» -««- -gurvivaoiiny. . . . puotiess weapon mat can we uespiie au , utese- problems - 

resentment. There will be a stably the fixed revenue duties u A grea f ^ ha , S . chan ®?’ there is no deadUne to° provide development of all new missfies Many people in the Adminis- launched from ground, sea or thfe - Admbiisfratkm • Temai^^ 
thousand people with a vague SfSSe * **££ "SBtaSS however, m the past sue weeks. ^^™* ne a to JosTdve SretvJr^tS^at i to ^ ^ - with c^ttonaL, that w&ii 

idea ol what the, attack-over. eroded. There ha, still beeS incentive to conclude the talks. j^“ r tta5SU“ e'w" £ « to tadd theMC.toft on nuclear tre>W 

taxation in the new example, enough net fiscal drag to offer But they point out that it only u restrictions were 

bureaucratic rule-making in the politicians an annual endow- rfr &fcn. /. : requires a last burst of political full peiiod ^p to 19j 
old— for everv one who knows meD * of nail S real revenues r i ■? determination by bo-tb sides to ton would iike eaci 

what they actually say. This which gave them the oppor- ■■ *-.• rt ’“ — -- 

popular perception is right, tunity to spend more whUe 


uun-urio hnAG iu me nnssues now appnnauag me — ° ~ - . . . • . • ' , • ' .r : — ---- — ■ 

tlons here say they still do not «{„»*+ testine staee in « iSX - would would move Further negotiations are also are being used . for .recpo&ds/ 

rule out an agreement at a ® * . ' - . around different launching needed on America’s Cnrise.-sance; : reftteUuig or as.heaW 

Carter^rezhhev^summit pos- The U.S. would be prepared ^ sites, ensuring much greater missile, the. relatively cheap. Ixtitoers.- .;y . v 
si hlv in Hawaii Thpv fl «rree that accept a ban on the testing and “survivability.” . . . pilotless weapon that can be ' Bespite all these- prohlems - 

there is no deadhn/ to* provide development of all new missdes Many people in the Adminis- launched from ground, sea or the AdmkijstratKra ' rrawto 
Washington with a positive the Penod covered by the tration would much prefer not air, with conventioiiaL 'or .cdiifident- that wfaen the -f^f, 
incentive to rJImS.Hp the talks three '5’ ear protocol that is to have to build the MX, both on nuclear warheads. Range limits- treaty is published- it ; wiH 4^,- 


limited to one new 


ZS L»«T,V ton would like each side to oe mohUe base. But they are not these ranges should be-caleu- 

^7 text likely to persuade either lated. There is^ ^ also disagree- 1Mwfe : ^ maiority 

aireadv to The problem is, what constitutes congress or the military that ment over when the three yeairs wilf ^ ofl^ the bmdS 

a * r ? D !? t nIS a new^ missile? The U.S. does the missile is unnecessary as begin, with the U.S. argtnhg President has yet : fa'cE^S " 
substance on around 95 ^ per long as the Russians do nothing that the protocol’s lifef -begaa^there is a surpiiiririg desee-nf 

to lessen the threat to’ the last October, when SALT I-i'qptinnamrin^-tiig - arr that 1 
Minuteman force, the U.S.’s expired, and Moseow insisting' a’fightvhe' will nltlmat^y ^ 
only land-based strategic system • ‘ - 


apart from 54 ageing' Titans. 
Only if Moscow went much 
further than is likely in 
restricting its missile develop- 
ment would the alternative 
policy of modernising the 
Minuteman force become 
politically realistic. Indeed, if 
President Carter is to sell a 


:-’r '■ v substance on around 95 per long as the Rnssians do nothing 

: _ S • ;• ^ • cent of the issues at stake. - - - 

their elected representatives, is Qe — IQr exau ^Pic, now many ui tl— v ' ■■ ■" j Subject to minor adjustments. It 
in detail a piece of political the Labour know-nothings who Backfire bomber is now agreed that the overall 

slapstick, just as Catch 22 is faave prevented the Chancellor number of inter-continental 

fictional slapstick. They stick ^om urrying out hw P ro “^®® A few days ago. Washington felt ballistic missaes, submarine- 

jn the mind because they to rationalise the higher rates j. {Q re j ect out 0 £ launched ballistic missiles and 

express important underlying tilese Ses has hand a surprise Jast-minute hea Yy bombers on each side will 

mHh!. 2£^!|T d?ubte3 « Soviet proposal to ban the de limited to 2^50. Thore id a 

firc( . « ni’n-saupakine ” exercise development of all new ballistic sub-hnut of L320 for the com- 

Self-rehance .q 7 P^ eeneral sense “tissiles between now and 1985 bined total of heavy bombers Minuteman torce Decome 

The popular revolt against i hat ‘thp svstem is hurdensome — a proposal that the American f 1 * 1 missiles carrying multiple ** CnUse miui,e politically realistic. Indeed, ff 

high taxation is rapidly becom- . unfair is widespread as side considered at least no independent warheads (MIRVs), President Carter is to sell a 

ing general in the developed n n iiHeians of all parties ' are better, and probably worse. 'than with the proviso that MIRVs not dispute that the MX is new. SALT II agreement to Congress, 

countries. Not only in bpeirmin" to understand. Moscow’s earlier negotiating roust be limited to 1,300. Inside The Soviet Union, on the other he will have to be in a -position 

California, where ironically the s ° position. the 1,320 suh-Mmits, there are hand, argues that most of its to assure the Senate tbat'tt-does 

revolt is against what is already inric Meanwhile, a number of fac- no restrictions on the number fifth generation missiles are not not prevent the MX going ahead 

an expenditure-cutting adminis- _ tors have conspired to make it of heavy bombers. But the new, but simply improved ver- — precisely the option that 

tration. but io many other Our wise guardians in White- increasingly unlikely that any Americans have accepted that s ions of fourth generation Moscow is now trying totdose. 
American states, in Scandinavia, hall, observing the administra- Qew agreement will be sent to any aircraft carrying Cruise miss iles such as the SS17, SS18 ' Equally, President Carter wHl 

where the tax revolt has brought tlve chaos and legal in-fightmg t ^ e sUinm ti for ratification until missiles will have to count as a and SS19, that are currently have to secure acceptable assur- 

down entrenched Socialist which is likely to result from ear iy next year. Against a back- heavy bomber. being deployed. The smaller ances from Moscow that tbe 

governments; and perhaps in the California vote, may well be |r f0uad of growing hostility to Not surprisingly, however, SSI 6 mobile miss ile, though medium-range Backfire bomber 

the UK. thanking their foresight that gQvjgj. policies on Africa and those issues still outstanding developed, does not yet seem is not to be given - inter* 

There are two basic reasons the British constitution offers 
for this. The first is a kind of voters no opportunity to pass 

Catch 22 of social spending: irrational and ill-drafted pro- irw . g| 

the more effectively social pro- posals of this kind. However, || gL-. wwTr^ -m ■■■ tt ' /v / /n /v «a 

grames eliminate extremes of they do have the opportunity to Ta H f-fi/l P 

deprivation, the Jess pressing elect irrational and irrespon- J§|_ t t &4L M CAS. 

seems the need to spend large sible governments. So far we 

sums in this way. Large welfare have heard rhetoric from both ...... 

spending is not seen as appro- the main parties about tax-cut- BY DAVID BEL L IN WASHINGTON 

priate in countries where the ting: but there is very little sign 

general standard of living has of the fundamental reappraisal X TERY EARLY in the welcome it), hut the chief of between different parts of the posals. . . • 

advanced out of recognition, of public spending that will be \/ .rooming, as the Presi- them is the President himself. U.S.-Soviet relationship. Tbe cautious side ; ‘of : Mr. 

and today’s definition of needed if the tax burden is to ▼ dent’s Press Secretary was Mr. Carter came to power better Since be took office, events Carter is bolstered by Mi: Cyrus 


S#~ 


war for Carter’s ear 



BY DAVID BELL IN WASHINGTON 


.V- 




.... 


general standard of living has of the fundamental reappraisal TERY EARLY in the welcome it), hut the chief of between different parts of the posals. 

advanced out of recognition, of public spending that will be %/ rooming, as the Presi- them is the President himself. U.S.-Soviet relationship. Tbe cautious side /pf : Mr. 

and today’s definition of needed if the tax burden is to ▼ dent’s Press Secretary was Mr. Carter came to power better Since be took office, events Carter is bolstered by Mi: Cyrus 

“poverty” includes an entitle- be lightened in a rational and briefing reporters in advance of read about foreign policy than have forced him to reassess tills Vance, the Secretary of State* 

ment to things which were orderly way. Mr. Carter s speech on U.S.- ®3ny of his predecessors. His view. The Russians have proved and by Dr. Harold Brown the 

regarded as middle class The State authorities in Cali- Soviet relations yesterday. Dr. grasp of the vital statistics of far more complicated, obdurate. Defence Secretary. Both. are. 
luxuries only a generation ago. fomia have now been thrown in Zbigniew Brzezinslti, the countries at early press confer- and canny than he seemed to worried by Soviet activities' hut 

The liberal conscience may at the deep end. which is not National Security Adviser, was ences and even during the pre- expect Cuban and Soviet in- both also value dete nte, are 

argue that the richer a society, necessarily the worst way to espied behind a column, just out election debates was impressive, volvement in Africa presented confident of American; strength • 

the more lavishly it should learn to swim. The signs of ^ sight, listening intently. For He was not * however, “ street- an unexpected problem and and urge the President to resjst 

assist its unfortunates: for the revolt here are so far less raany pe(V ple in Washington wise ” as the Americans would Zaire was the final straw. “ To the temptation to respond with 

taxpayer in the street, the dramatic— a few upsets in local nothin® could more neatly sym- P ut He had. bo first-hand put it bluntly the President empty gestures. UN Ambas- President T Carter ^ving his speedi-on lLS.-Soviet relations 
Jarrow marcher who com- government, and the growth of bolise tihe fart that the oast 10 e^rience of dealing with the feels that he has been screwed sador Andrew .Young continues ".-v.r.ir yesterday., \ .. ’ 

manded his grandfather’s sym- tax evasion as a national sport. d h seemed to batons to Soviet Union, or with Mr. by the Russians; that they have to urge the Administration apt jwv »' I 

pathy now appears as a welfare In the longer run. the warning R«*rin.cbi Th*» Menahem Begin’s Israel, or with not kept their part of the to throw away a year of success, a recognition of ,facts. . .^I^oblems..: Indeed: tine; ; - - 

scrounger. In this light it is is clear: if -the responsible ^ Herr Helmut . Schmidt’s bargain.” said one senior official “ by reacting to theshad(w ^P^. t ro.^s,^t^ce-iS:. : ^t-to 3 u^^^athM'te^I-.'=-; 

not a paradox that rich societies parties will not devise sen- jj* 2L a t ^ l Germany. The temptation to this week. Mr. Carter signalled rather than the substance* of toe _admJSdon ^another lesson : do^ rati^r than by^ ^wtatthaa 

should swing back towards sibie ways to give expression r^ p cl ? eP «c\n hnrtip Precise too much, to propose as much yesterday morning—” a what is going on there.” . bard learnt) that the matang of b^n said-about it, Adtni^F; 

“primitive” notions of self- to strong popular feeling , they Brte^oski success m^tite batiJe f<J0 sudden and too [preaching, competition without restraint Yesterday’s speech clearly foreigi policy _is £0 longer only tratioms record abroad is.hor V 

reliance, but a natural develop- may be driven out by less res- for President s *ar. and of c ij aQ g es — at home and abroad — and without shared rules will reflects both sides of Mr. Carter a roattCT for the Pftsident. Mr. bad oae. - ■ . : > 

ment. ponsible but more responsive a new hard Brzezinski line that proved irresistible. escalate into graver tensions,” and in It there emerges once Garter, by allowing- somemlng What Mr. Carter needs^^:. .. 

The whole process has been populists. The Californian 1128 now moved 10 ^ e ceQtre of i Q a Y ery real sense — and be said. again a theory of linkage that °f a vacuum te^dev el dp antL not Mayagxiex, said one .aide^jnyay 

immensely accelerated by in- method could then seem rela- lbe stR ge. like no President, perhaps, since Yet OV€r Africa (and much tries to accommodate both preventing; debate, may_have reference to President -Forks', : 

flation, which has distorted the tively orderly and sane. The reality is much less Harrv' Truinan— for Mr. Carter else) the side of Jimmy Carter views. In essence, the President made it, worse. But po5f-Water- r dramatic resene of tne erw ^ t:-, - 

slraightfon-.'ard. However attrac- the 18 mont h s has been a that now wants to hit back (the said that the U.S. would meet gate Washington isso suspicious- a US. stop off the coastof C^'; 
tlve it might be— and notwith- eri 6d of • on-the-job training. Brzezinslti side, perhaps) is bal- Soviet competition head on. but of the executive, a\frasfc : wi& so bodiar-a rescue which g* tit' 

-m standing yesterday’s speech ^ 0W here has this been more anced by the side that realises that the Russians must ask them- many powerful- lobbies and conr, sagging popularity a sudpenlflt 

which is supposed to clarify the true t jj an in h is approach to that tbe continent is too com- selves if that is wbat they want, taining so many people-willing But the‘ MayagueZ incideiit - ‘ 

L/ji 1 81 Ww BjS| 1IM 9 (Ill situation— the odds remain that the Russians The new President plex to be reduced to a cold And they must remember that to leak confidential documents, actually cost -40 lives and was. u 

w T MT O w there will be no “ single voice ” was wiJ1 j n g t0 glve ftem the war chessboard. And Mr. Carter “in a democratic society where that even .- the most single-; later-seen to be^oveiTOctityLl ‘ 

that speaks far U.S. foreign benefit of the doubt, ' to believe is by no means the only 'Western public opinion is an integral minded of Presidents Would ' jbe- Mr. Catter. however t^mjrtedi - ' 

J .T ffl .1 A ¥ policy and that threading a way that there was, as Mr. Brzezinski ‘leader to be uncertain quite factor in tbe shaping and imple- having problems. . t. will ; probably^, contiaue ^t^. ., ' - 

IN Bl 6 CT £S£X B through the confusion that puts it, a code of detente that how to respond. In the event, mentation of foreign policy, we There are those here who eschew this kind of approach- . • 

H A M jjLvVl results wiH continue to be both sides would adhere to, and for all Dr. Brzezmski’s rhetoric, recognise that tensions, sharp argue that the absence of such As. one commentator pot 

rather difficult. that the Russians would not the U.S. has actually played disputes or threats to peace will a “ single mind ” Is a good thing, morning. ” Mr. Carter ^ixtipfw- 

\ C\ SE ran he arminri in Tnininivion ha« pvidonrp cbnu-. There are a whole range of mind bis human rights criticisms rather a modest role in Zaire complicate the quest for an They argue that if the verbalring througha min field." So»&r.-.. 

favour of the nlanwhiS togvSdesnread nriJe * curtils bv reason s for this (and many in because he told them that there and continues to be very wary (arms) agreement That is not signals have been -confusing so ripne ofthe mines havaarito^. : , 

Viscount Etienne D^vtgnon. [ thS SedpiXrers and mereSfnte Washington, with reservations, was no " linkage ” in his mind about French peace force pro- a matter of our preference, but have , been-nnd so ; are-the blown up. .... * - , a 

EEC Industry Commissioner, in France and West Germany — — 

brought into operation at the as well as in Italy. 

attempt to restore some stability Initiative f^fl HI* MATTERS 

to the community s steel mar- The Commission has already 

kets. In essence, the Davignon jmDOsed fines on four Bresciani . . , _ . . . 

plan was simple. It aimed to producers and on Usinor, one of Oily games Jte ®° ab ? u a t H brinsin f ii controh 

?“ t ™ideT“««deM IJltsS In Wales the MfcVUJti* JPP ^ *** 7™ 

M M SLJWJLSS i iMfwi s-"— - ^ 

5tf *S£ ‘Sa-Jt — a-ff SrJSrA Swiss joker ' BBS 


MAHERS 


when the tests are completed. 
He suggests that since tbe 
church where they were 
interred no longer exists they 
should be removed to West- 
minster. 


against price-| news ^at only one week after 


share of imports hr means of cutting by both Community steel sucrossfullv " concluding *’4 It does not pay to joke with tfie 
penal tariffs while voluntary traders and importers. It has davs 0 f“ c ] 0S p ,-ombat with the Swe des. Last Friday a 37-year* 

restraints were negotiated with also undertaken to oversee the tanker the Fleni V thev are to pl d Swiss businessman, Walter 

,h Thrn1,n 0 m^v C h, S ? I ’ P , i m a r rfc»rt of h \ new s , ales deal with a raock "disaster Elvcdis, tried tn du so at Stock- 

The plan mai have smacked through which sales of all tomorrow holm's Arlanda Airport Yes- 

nf cartelisation on a Community BrescianJ steel are now to be Exercise Blackwatcfa i<; the terday he was fined £380 for 
scale at the expense of Europe s handled. The danger in all this, cod * for a simulated' colli- hi * P It was. one has to 

S j on which if it haopeoed admit, a clumsy joke. Before 

porters. But it could be ji^ti- sion could be dragged into ^ ould the Elenl Vs tar passing through anti-terrorist 
hed if it provided a breathing taking more and more measures seem a raere t oa the la , controls he put his keys in his 

space for steel makers to close of a bureaucratic nature in an ^ this the of a ve _. j arRe attache case. When a detection 

down their excess capacity and attempt to cajole wayward com- orude 0 jj tanker of 400.000 dwt device showed metal. Elvedis 

improve their international com- pames into line. But there are HiU be played bv the Shell said it was a bomb. The 

petitiveness. several factors which might still tan j- er Halia — a" 19.480 dwt device's conveyor belt was 

Co-operation Tt of ail. that f ^erweight. The Halia is to stopped, .the area around it 


ni canensatmn on a utmmunny Brescianj steel are now to be Exercise Blackwatcb i«; the terday he was fined l 

handled The danger in all this, code name for a simulated colli- his pains. It was, one 

consumers and steel-using ex- 0 f course, is that the Commis- ^ which if it hanpeaed admit, a clumsy joke, 

porters. But it could be justi- sion could be dragged into ®,i* Ji nassine threueh anH- 


Tail twister 

fjHsfdSuL^ “ Gilts have continued their re- 

& coveiy” was an unexpected 
tfwjezzr? St I notice I received yesterday. 

Given the sluggish state of the 
Sg Fffi ar I looked again, to find 

the notice came from an equally 
Jp unexpected quarter, the Depart 
ment of Agriculture and 
m Fisheries for Scotland. 

• m WWjMjS 'Hie notice in fact proved to 

fifi he the results of a sample pig 

census. A gilt turns out to be a 

4 . . . . , . w young sow and the trade talks of 

think hes beating oat •« in^ig gfits " for pregnant ones 


Co-operation featherweight. The Halia is to stopped, the area around it ^ \ M * young sow and the trade talks of 

P It is possible, first of ail, that rain a pa$senecr ferry. This is evacuated, a bomb disposal unit I think hes beating oat ** in-pig gilts ” for pregnant ones 

For a while it appeared that a few exemplary fines might to sink without trace — which called in and the flight to Copen- ‘Cigarettes can seriously and * maiden gilts ’’ for the still 

the measures might be working, serve as a deterrent. Secondly, w jll not be hard since, merci- hagen sealed off while each da mage your health P” innocent Just to add to the con- 

Community steel prices °^ e .^° unt f. los ™ lght t0 fully, the passenger ferr>' is passenger’s luggage was re- yj enry v died of dysentery at fusion, the census was carried 

hardened, production began to retaliate if the Davignon i njaginary . examined. Elvedis vainly pro- Vi n c 7 n ; es Castie in l422 seven out on April I. 

recover, and voluntary import measures fail to hold. The ^ draraatic SC e na rio is to tested that he had been joking 

limits were negotiated with a Japanese are said to be already be played out at Milford Haven, but yesterday he was found * t ^ at /Snwurt ^ fiinenti 

number of third countries. But threatening to abrogate their with thc beaches the n to be guilty of “ creating false alarm ” “ft Annident Dmnfl 


the key to the success of the impmt ^stiaint agreement if I wmbed'for'^W^d oil a crime under Sweden’s new but^a 1 ' AGCWont Prone 

Davignon plan lay in the volun- pnee^rutting continues, and the tion bv IocJd county oil poHu . anti-terrorism laws. SAS say conwmporary enronwer, Tt ^ Q high life we diarists 

tary co-operation of the Com- Americans might imnose a bu n n^-r- thov nnw Mncid^ns sninv r.nguerran ue monscreiei, i a _j 


tary co-operation of the Com- Americans might impose a tion 0 ffi ce rs. The DoT reassures they are now considering suing “ e sometimes lead. On Tuesday I 

mumty’s own steel producers higher trigger price on EEC me that no oil will be spiUed. Elvedis for damages as a result JL® ilJSLnrSl went to attend the Foreign Press 

and it is evident that this has imports if too much of the in- Like their real-life brethren, of their flight being delayed. ^5,^/7 AhW nf Association’s lunch for the 

been all too often lacking. creased Community -steel output simuJated oil disasters are Individual passengers too seem ™^rdy ADoeyot bamiMaur lndian p^e Minister. Mr. 

Production has risen to levels is being exported there, as organised at least twice a year, to have this, option open to ."SlU Morarji Desai-and found on 

considerably greater than those some reports suggest. Finally, officials have simulated a them, so perhaps the “joke” chronicles m toe National the pavement outside the recep- 

recommended by the Commis- there is the risk which Mr. massive leak from the North has a happy ending for some- Library in Paris stated that the t ion a £1 note which no one else 

sion. particularly since the res- Edmund Dell, the British Trade Sea oil pipe landfall at Tees- body. rest ***** ““ s bo °f was ^ wished to claim. That seemed in 

traints on imports started to Secretary, mentioned earlier in side. Shetlanders too have had “P 411(1 &° Ued so ** ™ separate tone for gavoy and yester- 

take effect. In thc second the week of unilateral action by to put up with simulated nil flesh and bone. The remains da y equally good fortune 

quarter alone, steel output is Individual EEC members. This Q n their a nce-un threatened wer e embalmed, sealed in a lead appeared to await me in . ^ 

expected to exceed the Com- is the only alternative to Com- crofts. The East Anglians have HoUSIflg Hal co £ n ani ? shlpped “ England. shape & a champagne lunch 

mission's preferred figure by munity-wide measures, and no- 0 r course played the game for 0 Tfa e Abbey was destroyed in promised by the auctioneers 

about 4m tons or roughly 12 one would benefit from the com- real, and a DoT official blandly The singer Tony Bennett left the 18th century but in what Bonham’s. 

per cent. And there has been a partmentalisation of the EEC told me that they might stage his heart in San Francisco, is now a park in the Paris They were launching an 

good deal of price cutting steel market a simulated disaster there, com- Henry V left bis in France. And suburbs M. Fleury found a lead « elegant travelling unit ” which 

below the Commission’s mini- In the long run. however, the meriting: ** After ail. we do have M - Michel Fleury, Director of drum. would take the expertise of Bnn- 

mum prices. only effective cure lies in re- the whole coast to play with." Ancient Sites Tor the Paris He is convinced that the ham’s to M the heart of the nrn- 

The steel industry in this structuring the steel industry. Since it is only two weeks Region, believes he has found it, macabre relic is King Henry’s vinces visi ting shows, game fairs 

country has been particularly This Is the justification for any since Kuwait Oil Tanker's but does not know what to do. and presumes toe original burial ^ other events.” But when I 

concerned at the growth of stabilisation programme. But it 267.000 dwt A1 Faiha was veer- He says he called the British was made io some haste because arrived the launch had been 

imports of cheap steel from the is a task wherein toe initiative ing around the Channel in a Embassy in Paris but that his of the August' heat. The drum postponed. A motorway accident 

small independent steel com- lies more with governments and way reminiscent of the worst discovery was greeted with cold is now being stored at —35 j,ad occurred during the final 

panies in Brescia in North Italy companies than the Commission fears in the book “Supertanker." indifference: “I might have been degrees centigrade in the test drive, 

following their acceptance of and. sb far. it has been proceed- you might say thc DoT is wise talking about the sausage trade Cochin Hospital in Paris where 

quotas on shipments to France ing all loo slowly or, in some to prepare us. It would be from Lyons for all the interest tests will be made. But M. 

ami vkcst Germany,. But the countries, not at alL pleasant to see them equally they showed.” Fleury^ problem is what to do 


pleasant to see them equally they showed.' 










?8 







21 ’ 






ECONOMIC VIEWPOINT 




^T, 

.^it 


Reflections from the 






0?s 


a ■ 
Part, 


«*£ 


as 


i Ca « 2- 
1 

A 




- ha *W 

f3 ^ J 
r S*« 



OF the amusing aspects of 
a term ^at the University of 
, Cfamagp (spent in ' fact it -the 
LaW-Schoal)- is-to discover for 
: . just- how - ludicrous are 

soffle of ^fie popular: ideas held 
i ?V-* he .- 1 UK"-. iabput Chicago 
economics Jvdguig by some of 

received from 
LOOdOn. some Britons think that 
Professor Milioh, Prledman is 
pe^pukUy .in . - charge of -aU- 
ecohomic teaching and research 
vets aJl newcomers for doctrinal 
- pw?ity,jmd spends aU the time 
da : ritual incantations about the 
money ; arpply, 

professor 

-of Btighsh background was re- 
minded of the London School ef 
Economics in the 1930s, wtreo ft 
was,. popularly believed that the 
institution . was identical with 
HarpM s La ski and ' largely 
devpted to.. lessons in Com- 

munism. 

., .Impossible though it is to get 
ptogfle-to believe this. Professor. 
Friedman Tetired from his 
Cmragp, chair last year Of 
: 6pdrse,:he is more active than ; 
ev%,. "hut he how lives amid 
the; Scenic splendours of San. 
.F^naspo .and operates profes- 
sitraaHy from the Hoover Iostitu- 
. Stanford. i' ' ' 

^* .centi:e 'of.ijBtferest’ in the 1 







George <Stigler, the university’s 
leading" senior economist, is 
scathing about those who lecture 
governments on. supposed 
•' mistakes'.'’ 

The prevailing assumption - is 
that actors, in political, as well 
as ecogQmic markets, tend to 
be e$d(tat; or. thqr ; 'woaid not 
survive.' if the British Parlia- 
ment Insists on marginal tax 
rates of 85 per cent and 98 per 
cent, or'^f the U.S." V Administra- 
tion reloads to a supposed 
energy;, shortage by Effectively 
subsidising dli. it. is still likely 
to-be' aefag rationally. The 
analyst 'should discover which 
interest' -groups - are being 
furthere^by-such policies and 
the role 6} these groujps in. the 
domlaantjwlitical coalition. - 


Broad questions 


great de*4 of research going 
on in Chicago into broad ques- 
tions of zn^useampmics. But 
the emphasis la nor on current 
policy. On ^e one hand, effort 
is being dented, to developing 
’‘rational expects- 
indHog il -with 


economic world -of Chicago is 
now very much microeconomics 



-r&hich covers not only the 
traditional analysis of the in- 
dustry and the firm, but is 
applied to law.family behaviour, 
racial- dlscriinination - and much 
eu^r* besides.' 

;.The -emphasis is. on Intel- 
lecriial rigour, not policy, posi- 
tion- ■ There is a sense in which 
Chicago; economics .is - indeed 
conservative.. But it is one sum- 
tfflarisedr •- by the slogan: 
** Hitherto economists have tried 
to ;change the world; our task 
is to. understand it” Professor 


the theory 
tioiu’* 'and 
business cy 
the other 
history of th" 
Is being re-c. 

This is ve 
the most 
Important 
monetarist do 
market econo 


tar. On 
the - actual 
Ireat Depression 
ned. 

sensible, For 
strove rsial- and 
(position 1 of 
ine'isthat a 
is - reasonably 


self^stabiJising »; the absence 
of monetary shows- It is, there- 
fore, crucial . determine 
whether the Wmfld Depression 
of the 1980s rea^ .was^Iue to 
a U.S. ri ii2etaiy> collapse, and 
to discover why;tinempI6yment 
remained so higfii th ybe. later 
1930s when money 

supply was stabfc;or rising- 
’. Of course, in'.a trip , which 
covered Washhogton, :;'' New 


York, St. Louis, California, 
Eastern Tennessee and Ontario 
as well as Chicago after 
seminar hours, I came across 
a £oo<J deal of policy dis- 
cussion. And 1 am afraid it was 
un even more depressingly left- 
right lines than such discussions 
m Englaad—except that the 
terms “ liberal ” and “ conserva- 
tive ” are used instead. When 
I explained to one young 
lady ihat you did not have to 
be a conservative to oppose 
wage and price controls, she 
retorted that in her bonk a con- 
servative was defined as some- 
one hostile to Government 
economic intervention. No 
amount of social liberalism or 
past opposition to the Vietnam 
war could help one escape 
this absurd classification. 

The perverse influence of 
labels works the other way 
round. Many advocates of a mar- 
ket economy seem to feel that 
they have to be “right wing" 
on other matters too. There is 
a knee-jerk conservatism as 
well as a knee-jerk liberalism. 
This is evident for instance in 
the tendency of people who are 
in favour of the death penalty 
on supposedly deterrent 
grounds to oppose gun-control 
laws as well. Economists who 
favour de-regulating oil prices 
feel that they have to vjc 
with each other in mocking 
President Carter's Middle 
Eastern and African policies, 
as well as his conduct of the 
SALT talks. 


It suggests that you can curb 
inflation by having more un- 
employment. In America, on the 
other hand, the Phillips curve 
is regarded as an East Coast 
liberal doctrine which asserts 
ihat you can get fuller employ- 
ment by tolerating more infla- 
tion. On both sides of the 
Atlantic it is still heresy to sug- 
gest that the existence and 
nature of the tradeoff should 
be decided by -evidence and 
logic ralhcr than by partisan 
loyalty. 

On the factual aspect there 
does seem to be a difference 
between the U.S. and Britain. 
In the U.S. the old rules still 
apply and a pronounced short- 
term Phillips tradeoff still 
exists. High budget deficits and 
an acceleration of monetary 
growth have produced the 
classic result of a vigorous 
expansion in America's output 
and employment achieved at 
the expense of a sharply 
rising inflation rate. In the UK. 
which is much more dependent 
on international financial move- 
ments, monetary acceleration 
now leads almost immediately to 
a fail in sterling and a drop in 
financial asset values with little 
if any transitional stimulus to 
output — anti sometimes even a 
contractionary effect. 


Natural rate 


Sometimes, however, an idea 
which lias one political label on 
this side of the Atlantic has 
an opposite one In the UJ5. 
Take, for instance, the idea of 
a tradeoff between inflation and 
unemployment, enshrined in 
the once popular Phillips curve. 
In the UK it is regarded as a- 
hideously reactionary notion, as 


It was on these grounds that 
I told Americans that the UK 
was mast unlikely to launch on 
another inflationary binge of 
the 196 7-75 variety, irrespective 
of the party in power. On the 
other hand, the U.S. was catch- 
ing the English sickness — a 
message which delighted U.S. 
business audiences. The Ameri- 
can position reminded me irre- 
sistibly of Britain m 1971-72. 
This was the last time in recent 


history that a British Govern- 
ment was able to engineer a 
boatu by pumping more money 
into the system. 

In contrast to their Whitehall 
opposite numbers, the more 
high-powered economists In the 
Carter Administration and in 
think-tanks such a* Brookings 

acknowledge the logic i*f Pruf. 
Friedman's so-called natural 
rate of unemployment. That is 
they accept intellectually the 
futility °f boosting demand to 
the point where wacex and price 
rises begin to accei crate: jobs 
gained at the expense nf more 
inflation are temporary and will 
be lost in an inevitable subse- 
quent recession. 

Indeed the iniere-ting thing 
is that Washington-type econo- 
mists make more use- of the 
" natural rate " idea in their 
actual policy advice than do the 
monetarists who invented it. 
The latter treat it chiefly as a 
forensic device to demonstrate 

that ihelr recommended mone- 
tary policies do cot involve any 
.ultimate sacrifice of employ- 
ment. Washing ton-type econo- 
mists on the other nano are in- 
clined to fine-tune ;h<? economy 
because the present 6 per cent 
unemployment rale <4 to 5 per 
cr-nt on British definition) is 
above the narursl rate emerg- 
ing from their models. The 
economy they believe can There- 
fore be boosted further without 
inflationary risk. Hence the 
Administration's campaign for 
a tax cut without an expendi- 
ture cut in fiscal 197S-79. 

How do these fine-tuning 
advisers reconcile their beliefs 
with the facts of increasing 
inflation? The;, can always take 
refuge in ** special factors " — at 
the moment rising food prices. 
But their real argument is that 
the target unemployment level 
of 4 to 5 per cent need nor 


involve accelerating inflation, if 
only wages and prices could 
follow some incomes policy 
norm. Indeed, a member of the 
Council of Economic Advvsers 
was willing to admit after a few 
tomato juices that whai he 
really meant was wage restraint, 
and that price restraint had 
been thrown in mainly for 
public relations reasons. 

There is much wishful Think- 
ing in ail this. -The ability of 
real world pay controls to raise 
sustainable employment levels 
is pure supposition and not 
supported by comparative iaier- 
naiional studies. It is akin in 
saying: "Assume that the 
natural rate is lower than :l is.” 


: * m * ■ " 

Sit**:**' 
« 

rll 





r- iS. v"*' -, XM - 

Wm. 


Optimism 


Part of the Chicago 


.1 ...... :i .I'.Vi.Wla 

Loop: the Elevated Railway. 


Unfortunately, one can all too 
easily score points at the ex- 
pense of Carter economic poli- 
cies tif such exist*. A more 
embarrassing question for me 
is whether the circumscribed 
optimism 1 expressed in the U.S. 
abour the British economy can 
withstand my return to London 
amidst news of rising budget 
deficits, accelerating monetary 
growth and falling sterling? 
The analyse I gave in the U.S. 
depended heavily on the 
immediately adverse impact of 
inflationary policies on the 
sterling rate. Bui this salutary 
brake only works if the British 
authorities are indeed alarmed 
by a fail in the pound on foreign 
exchanges. 

What really went wrong this 
year was that the British 
Government, with the support 
of all too many outside econo- 
mists, came to the conclusion 
that sterling had risen too high 
last winter when it reached 66.5 
per cent on a trade-weighted 
basis. If the authorities did not 
engineer the drop this spring 


lo 61.5 per cent, they certainly 
welcomed it. Subsequently, 
they have pursued monetary 
and other policies to validate 
that fall. 

Thus it is nciihcr straight 
electioneering, nor even tech- 
nical mis-mana genic nt of the 
gilt-edged market, ihat is at the 
root of our difficult ic"-. It is the 
obstinate determination of the 
U.K. economic establishment to 
impose its own pessimistic 
belief*, about the effects of wage- 
movements on the exchange 
market. 


In i he very restrained words 
of the Morgan Grenfell May 
Economic Review: - The danger 
with this policy is that it largely 
ignores the puiMhiUty that 
companies are influenced in 
their wage bargaining by 
expectations as to official 
exchange rate management. In 
practice most companies operat- 
ing in international markets, 
whose wage policies are crucial 
to their own competitiveness, 
pay just as much attention to 


official exchange rate policy as 
the officials pay to wage 
bargaining trends." 

The dip m the British infla- 
tion rate to 7 per cent— or 
below- the t : S. level — will mm 
out to be temporary, aithouch 
with wij-er policies m need not 
have been so. Medium-term 
policy t> now coo red to s’, abi Su- 
ing the inflation rate at >ay lu 
to 12 per cent. Any stable rate 
of inflation better than an 
accelerating or wildly u Heel" a Ml 
one: and the ser..*-iti\ ny *«f 
governments to downward a-. 
well as upward HMVemetits m 
sterling outside the pianticd 
Tramlines should engine that 
inflation does not take mf again 
to 20 nr 3u per vc-ni levels. 
But w-har lhe Briti-h economic- 
establishment has thrown av ay 
has been the eh sine* 1 :<* move 
down permanently and rela- 
tivelj painlessly ; t , ;?n inflation 
rate well into single figures. 
Plus va change. . . . 


Samuel Erittan 


Education in 






"Letters to the Editor 


engineering 


new courses is iL..*i^ea?tiil>low flow basis when interest rates are productivity has grown at an 
and denigration (rfSiboje who as volatile as they have been? average rate of 2.14 per cent for 
3i&ve -worked, to Tfi^elbp. the As a result of this, those involved the period 1955-76, but has in- 

— mnpt ,nnm„Vi An nmMam rrp.'Hirl frftm 1 9k OPT r.*n! . in 


existing engineerin 
.-all universities and 
.'have, graduated ; 
There -Js. a dear in 


From felPrb-Vicc^honcellbr, 

U&wersity of Bradford. . ;• . uuere is a clear i 

Sirr^puring the last year, eon- Government be— 
siderable attention has been ^ of lower calibre th 
drawn to the importance for the ventures, which ha 

fnfimi nmtn&nhr nf jwnntynf , . - . r- ' - » 


in must approach the problem creased from 1.98 per cent, in 

j-who defensively which, in itself, is 1955-65 to 2.17 per cent in the 
-them, bound to limit the degree oF latter sub-period. At 3.09 per 
that competitiveness since there are cent, the overall growth rate of 
atto no prizes for being wrong, productivity in the manufactur- 
"new Perhaps, having recognised the Ing sector is higher than for the 


new x-ciuaysi, Having ivuu^uiacu uic o — — -o™ — — 7— - 

pard to need for stability in one aspect total economy, with sub-period 
fok of industry the authorities growth rising from 2.73 per cent 

IKS'- an ..... . . ... a. _ 4«1 A aaa* in 1 Q£A-7R A 


nict relate 


u>amu lu u» venToTes, wnicn navoc-isei 10 “eea 

future prosperity, ot the country enrol their ^ ^ first studS^-/-" of iu U uau. y ^ „ui«„i UC . o-, -- ; - . 

of "a strong engineering pro- . -while, any develop might consider a similar to 3.^4 per cent in i960- ib. A 
fession -andr in consequence, of nroved eneineerine coi^ms Is to appro; 


« auuug wiguittuuc -w- . vvniie any develop msnrot ^ lm- Kuuaiucc u. * r— -7—* , . ■ — — 

fession andr in- consequence, of pr0 ved Engineering cot&si* is to approach to the exchange rate faster growth in the latter period 
an effective system of engineer- he welcomed it is vital this and by doing so, try to eliminate * s also evident in the distributive 
inn udiu^tinTi. should be " " -Vi J -.nnihor mainr a p*«a nf un- and services sector, where overall 


.\d. it 15 a 
• trirat haia: 
n by wtet 
it. the Ate 
abroad uir 


ing education. . - should be achieved ^hout y^t another major area of un- ^dsemwssecior where overall 

An initiative -was , taken -by the t0 toe standard of' grist- certainty for the main exporting glj^ent a and ^WerToJte 

University. Grants Committee ui. ^g course? «'*••>»* «««* industries. P er cent P- a .-* * inQ 1116 “ u " Pknoas 


per cent p.a 

have growth rales of 1.92 per 
cent and 2.40 per cent xespec- 

posed m ctffbm'iSd 'oifSTa S“Te° y ST¥' |K“bSst a^S VTacra^MiirVsU. ‘^■result, ot farthor work I 

additional finance for their sup- ^d e ^ ^Tncmuragefi ?o \S * \tutions W in order to, veriry earned out. ^ tend ' to SUPP0« ^ 

port. It was envisaged by the Wy The n7w couraeSr One is this on e> simply required to view that increased investment 

w oi™ would ^en tempW to aSyJhethS this examine \a wide variety ot is^ot 

* any statistics \ranging 


UGC that these courses cvcu t 

involve a component, of manage- j atest 


meat education in addition to JSiSancl^’oii Me""part ""of balance of payments 

Afirrjfinsninty WAIllfl « . W r 


engineering subjects and would 5 t u d eil ts/to raster on ...» - t 

also include some experience .in. “specialr courses in preference 


_ ’-IB, 

of employment 


hjso luuiuue ,l speciaLf courses in preference 

Industry, in consequence .being ^ established proven ones, and 2®- Kmgsteod Rood, button, 
lour years in total duration. This whether the companies who Surrey. 


invitation - placed some uni- pmvidlng finance for the 


versities, including my own, 


mng nnance ior me — . .. ■■ e ■ 

- -.*■ . Engineering Scholar- Ihp rPW3mS Ot 

an embarrassing position by ships in agreement with the 1 uc lc,Tai U3 Ul 

apparently ignwlng the four-year decis * n w restrict them for the nrAilllptivitv 
integrated sandwich courses in tim^fbeing to the new courses. 

various fields of engmeeruig It irfcertainjy to be hoped that from Ms. Bufh Kosmin. 
which had been in opera tion lor the/ Government will not con- Sir;— Your Editorial of June 1 
many years. This was surprmmg tinhe to ignore established entitled “ The rewards of pro 
= s - n *»“ ses an( j ^ a t jt vju seek to ductivity” discusses .the impor 


from the termining labour productivity, al- 
to the level though its importance is far from 
negligable. In fact the per- 
centage of growth in productivity 
attributable only to increased 
investment is approximately 40 
per cent for the total economy, 
35 per cent for the manufactur- 
ing sector and 53 per cent for 
the distributive and services 
sector. Higher productivity will 
therefore have to rely on factors 
such as improved efficiency and 
increasing labour mobility and 
training as well as higher invest- 
ment per worker. 


in view of their miccess aS judged r , 

by the readiness_ of industry to JjSTelop ~a~ national policy on tint" "and interesting work R.^Kosmin. 
recruit the graduates, Cjoapm* 1 efeineering education embracing emanating from the Department London Business School, 
with the readuiess 01 tne ^jg^ng strengths. The country of. Employment on output, em- s wser place NWl. 

graduates to enter industry. aannot afford the luxury of ployment and productivity trends ' 

Statistics have.- shown a much 4 eve j 0 p] n e new facilities at the over the period 1950-1973. It may 
higher proportion of the gradu- ot which have be of interest to supplement 

~.a._ - MMiHAf-mtlae ■•/maVaflttirT'. r « » A. 41 «aca, Anrlkn rw- «nith cnnln nf tKo 


higher proportion of the gradu-i^nsg of ^oge which have be of interest to supplement n 

ates fWim tutiverntles opefating^yg^y j, een created or of these findings with some of the ^UriCul aCCilUOl 
integrated sandwich courses.- hurting a premium on inventing results of my doctoral icsearcb 
entering- manufacturing in£ J* ew courses in preference to being carried out at the London horrOrS 
dustry than’ do. the graduate of improviIl g existing ones. Business School. , * * , 

other universities. Most of these Hanson, 


0 


uiuci . , J.", can Hanson, 

proven courses- included sup- um VerS jty of Bradford, 
st anti al ^components of manage- Bradford, West Yorkshire, 
ment education' and • some - 

appeared to meet precisely the . .. 

aims laid down by the UGC . CraliHirio - 11 fl 
This university therefore dpUlLUlg Up 
resisted the temptgtion to invent „ n i n _ 

a new course at short notice Ln |||6 r^iCS 
an attempt to obtain a share of 


In -addition to considering the From Mr. T. G. Hmcorth 
Total Economy. I have created Sir, — The conclusion by 

a disaggregated sectoral break- Barclays Bank that there is no 
down based on the 3968 Standard satisfactory way of overcoming 
Industrial Classification, which the administrative difficulties 
consists of the manufacturing, created for their customers if 
the distributive and services and they paid interest on current 
the public sectors. The statistics accounts comes as a great relief, 
which follow seem broadly in i had lain awake at nights worn- 
line with the more disaggregated ing abuut these difficulties, and 
1 „„ Department of Employment in trying to find means of over- 
inn b t*4&aTi L tq nlit 


depreciation ** inflation " would 
have us. believe that all the 
goods in our economic universe 
have suddenly decided to rise 
for reasons peculiar to them- 
selves, while one item — money — 
is stable. This is an attempt 
to take our attention away from 
the main cau.se of currency 
depreciation— the issuing of too 
much money. .No wonder politi- 
cians and bureaucrats hate gold 
so much. Unlike fiat paper 
money and bookkeeping entries, 
gold cannot be printed or 
expanded- at the stroke of a 
pen. 

Officials who sell their coun- 
try's gold are afraid of gold. The 
fact that gold is. under attack, 
says that gold is\a winner. It 
is only a matter tof time. The 
Americans protest ton much 
against gold. Why. did the U.S. 
close the gold window in 1971? 
That was an excellent opportu- 
nity to get rid of the entire U.S. 
gold hoard down to the last 
glittering bar. The U.S. Treasury 
and Pentagon don't want to face 
the prospect of only being left 
with paper and bookkeeping 
entries as so-called “ assets." 
Gold is not an IOU. Gold cannot 
be created at will and at low 
cost. Paper or gold; in the end 
which will there be more of? 

In ancient China a law was 
passed prohibiting paper money 
furever and for aU time, long 
before paper money was dis- 
covered in Europe. Of course 
it failed. The highways of his- 
tory are littered with countless 
paper currencies that became 
worthless whereas only gold 
travels from one century to the 
next. Platinum, silver and 
diamonds are not money in any 
shape or form, but that is 
another story. 

Carlos Gundi aga. 

Vikinpopafan 42, 

2 16 IS ■tfafrno. Sweden. 


Taxation on 


redundancy 


Dions 


only hew ventures were 




ired that correspuuaeui* , . L- At o ui P u v were per cem iur my trur rent ai-coun 

*pioeted clever move behind this, ai the totai ecQa0 my, 2.05 per cent considerate banker, 

uxuv nc'. future elections, removing tne for manufacturing sector, o ne of the more horrifying 

With one expen rates woaia be a vote catcher, in- and 2 .g3 per cent for the distri- prospects of a nationalised bank- 

ence Seeriited erasing the rates a ™te ]oser butive and services sector. It is inB industry is that a bank could 

sector of operating mtesrawa Dissecting the rates and hand- interesting to note that the insist on paying interest on 
sandwch courses was ^° re i‘ ing them to the individual fac- corresponding output figures for a customer's current account 
The decision .°_ f lions, who then will s f. nd . the sub-period 1955-65 were 2.78 aga jnst his will, while prevent- 

some concern smee Vaere is an the t0 us. will eliminate per cent. 2.9S per cent and 3.M ing hill i either moving or spend- 

impli cation that , <:ri SPf er ~“ the rates as such (vote catcher! ^ ceni respectively, while the , n „ :♦ 

courses not d^iguatea as increase the charges con- ] a t e r sub-period 3966-76 exhibited -r^G. Haworth. 

special *’ are of lower caitore, ^ dera biy which will not oo a dramatic fall with sectoral out- »' HC i fl 'r House, Friezley Lane, 
a suggestion which many woum After all. bow many put growth rates of 1.82 per cent, crqnbroofc, Kent, 

strongly dispute.- . • - people realise their bill for news- i,is per cent and 2.66 per cent 

A second and apparentiy uwe- paoers j s £75.100 per year? respectively. , s T*/r ^ 

pendent initiative was taken by standing charges- of £4-5 for xh e employment statistics Jy|0rC Qlll£GIlC6 
the DBS in establishing a funa Horary, rat catcher, road men’ show significant movement be- 

to provide National Engineering ders , departments, with. say. na tween the sectors. In 1055. the wnilifl nP^lTI 
Scholarships, each to a value; of j or p 0 }i ce and f20 for education, manufacturing sector accounted tt vuiu e**-*^» 

£500 per annuin tax free and out; a uthoritv then adds on his f 0r approximately 56 per cent of From Mr. Leslie Beamc. 
side a nr meaiia ; tesL percentage charge against the the total employed labour force. Sir,— I enclose a suggestion 

The scholarships were to be value of your. house (his esti- but its share dropped steadily to which as an cx-banker has always 
inintlv financed by the Govern- nj Ht e), and before you know it, approximately 43 per cent in been my opinion that the public 
ment ’and industry and were , in-i the rates, which would now have 1976, a drop in share of 13 per are rather on the lazy side, 

tended to encourage more high- a finefer name, have increased cent. .Over the same period the Now with a modest limit of 

paiibrtstudents to read engineer' 500 per eenL ' . distributive and services sector £50 falways in credit) set by 

in “• a laudable aim. In reply- to H aV e no fear, the Water gained a 7 per cent share, com* most banks for a free account 

9 “‘auestion lit the -House of Authority fiddle is only the start, mencloc with 33 per cent in f row charge there is nothing to 

Commons on -January 17,' l978, s. Coker.. ' i955 and .represcntmg AO^pe^ sTop a customer opening a 


COlUJEtUCS Oil . . . 

Mr. G. Oakes ^Minister of State; 5; Grreriibcmks, Wtimwflfwt, 
F Education and . Science) _ said Kent; 

'categoricallyr . These scholar- 
i-ships will fie ienabje not only on 
those courses (i.e, tbe four-year 
■■ special "' courses I : jhey wti be 
arable- for- -a wide . range of 
engineering courses. 


Search for 


- 7 r . . „ stability * — „ oucc i 

totaliy^t variance with From Mr. Leslie J. Kent. over the period 3655-76 were 3B1 aCC0unt . 

This-isi _tota*J3 5 . ;*£ ii e ri ,bv ' Sir.— At long last by. reverting per cent, 2.75 per cent and 4.i0 L es ji L , b 

i? recent statement .issue y 1 lhc , . j econnD)> .. 


cent of the total employed labour deposit account for any balance 
force in 1976, while the public 0V er £50. He wuuld earn interest 
sector share also rose by 6 per at li}C fl0 j ng ra lc but would have 
cent from 31 per c.ent in 1955 to l0 wor k f or his interest by way 
IT per cent in 3976. 0 f calculating bis current 

The average annual growth account needs in advance and 
rates of .Gross Domestic Fixed giving the requisite withdrawal 
Capital Formation (investment) not j cc from deposit to current 

ntidr tha nApinrl lWFIi 7 fi 1 ajprt* .1 SI * 


a c^r — At long oy. revem ptrr mci tvni uiiu 7,iv Lecise Beaine. 

IK nw^and^rewried^^ the to a' similar type -of MLR as the per cent for the total econniny 13 mhin crescent, Mishin, 
l h - C Times ot May 23, old Bank rate, the Bank of. the manufartunngscctor^d PQrltycluni Glamorgan. 

F v- a S c t? 1 *J. “ The schblaiships England has recognised the fact th e; dutnbutive and servtces 
which states. . T ? e SL a™ .“ Institutions sectors respeatn 


-which States; “^e scho^mps ^^nstimtions'" sector respeotivoly. but these 

are being limited this ye ar m w mch arc not figures mask 3 dramatic decline 

students on tb f. ne . w _ u^ttT the short term during the later period, lhe 


tudeuts on tb ? “J* ^ concerned^ ^ vrith the short term during the later period. The 

(“enriched”) engmeenng courses conrerned^ Uons associated correspoudtng sectoral growth 
which have been set up in unanciai raoi-ino rates f nr the sub-nenod 1955-65 


and ?S SS ^,n f c.no, tom* 

jo n suss Wn on thit existence w Jier-iiiaffniis dot cent 035 per cent 22 nd 4.0— Sir,— 1 h3\c resd \frith interest 

tS scholarships will be tenable b J o^ula related^ J?LR. How VMpectiveJy for the all the recent letters regarding 

for other .courses in . ?L- a )Mger term contract or period 1966-76 

»2£Sf S Sv ;»i«t be discounted on a cash- . Fo, ,.b e toUl 


uiuua luavue'” — ‘ C r .. . Tnceut 

f am referring rates for the sub-penod J955-65 
industry whose are S.95 per cent, 4.9S per cent 


The true value 
of gold 



be tenable cult by ewatift ow^na ^ ^ resiMM!tively for the all the recent letters regarding 
for other coufses in the futurej of the formigi xelated M^ or period 1966-76. L gold as money, 

this dedslbu' to couple the»- for oan; longer^^^^ nn a ca^. . For the total economy, labour Those who 
the moment exclusively with the. project 


call currency 


From Mr. B. J. P. Edwards 

Sir, — The recent announcement 
that the iax threshold on redun- 
dancy payments is to be in- 
creased from £5,000 to £10,000 
raises the question of the date 
from which such change should 
be effective. 

Tbuse employees made redun- 
dant duriDS the tax year 1977-7S 
have, of course, bad any pay- 
ment in excess of £5.000 taxed 
through the PAYE system, unless 
entitled to a higher tax-free 
payment under the rules govern- 
ing the standard capital superan- 
nuation benefit However, many 
of those who had tax deducted 
throuE-h the PAYE system will 
nevertheless be entitled to 
reclaim part or all of the tax 
paid as & result of the “top 
slicing " provisions applicable to 
lump sum redundancy payments. 

These somewhat complicated 
and time-evnsuming '’top slicing" 

calculations are done subsequent 

to the tax year in which pay- 
ments are made,* i.e„ for pay- 
ments made in the tax year 
1977-7S the work will fall in this 
tax year. As the Inland Revenue 
are already overworked and 
understaffed, and as it is 
admitted that the yield is 
insignificant in revenue terms, 
it seems sensible that this work 
should be eliminated and (he tax 
threshold of.-ftO.OOQ applied to 
redundancy payments made in 
the 1977-7$ tar year. 

This would have the additional 
advantage of eliminating anomo- 
iies as between individuals — 
often in the same company— who 
were made redundant cither 
shortly before- April 6, 197S. or 
shortly after that date, and who 
find themselves suddenly facing 
very different tax liabilities on 
their redundancy payments. 

B. J. P- Edwards. 

33, Taylors Ride, 

Planiaiiuii Road, , 
Leighton Buzzard, Beds. 


GENERAL 


U.S.-Soviet talks on banning 
hunter killer satellites, Helsinki, 


Today’s Events 


Mr. Malcolm Fraser. Prime 
Minister of Australia, continues 
visit to UK. 

Mr. Huang Hua. China's Foreign 
Minister, begins three-day official 
visit to The Hague. 

Austrian Foreign Minister and 
Agriculture Minister in Brussels 
for talks on exports to EEC. 

President Valery Giscard 
d'Estaing of France on visit to 
Corsica. 

Last day of UK visit by Mr. 
Morarji Desai, Indian Prime 
Minister. 

Sir Keith Joseph, MP. speaks on 
•* Equality and Inequality" at 


London School of Economics, 
Houghton Street, WC2. 5 pm. 

Lord Mayor of London presides 
at Court of Common Council. 
Guildhall. 

PARLIMENTARV BL SLVESS 
House of Commons: Foreign 
affairs debate. 

House of Lords: .Scotland Bill, 
report stage. Co-operative Deve- 
lopment Agency Bill, committee 
stage. 

OFFICIAL STATISTICS 
Vehicle production (May— pro- 
visional). 

COMPANY RESULTS 
Grand Metropolitan thalf-yenr). 
Guthrie Corporation tfull year). 
600 Group (full year). 


COMPANY .MEETINGS 
BovLhorpe. Craulcy. 12. F-r.ti-rh 
Vending ltulu>tn,-> Mnrflen, 
10.30. A. F Eultit!. P..if!;-n£. Z. 
Ellis and Goldstein. Barrington 
Hou>e. EC. 12. Feb International. 
Manchester. lO.r.vi. i.lic-ves, Brown's 
Hotel, V.'. 12. Glvnv.ed. Birming- 
ham. 3. Hove r;ne ram Group. 
Nottingham. 12. LK inUmurial 
Investments. 12.7. Kennin-glon 
Road. SE, 12. Leslie and Godwin, 
Great Eastern Hotel. EC, 12. 
London and Proving al rosier. 
Mayfair Hoiel. IV’. 12. (ieorre 
M'impey. Royal Gardt-n Hotel. \\\ 
12 . 

SPORT 

Cricket; Ireland v Pakistan. 
Dublin. Boxing: European Junior 
Championships, Dublin. 



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•e 

Wherever you have overseas business, von need a bank that's really part of 
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head Office. lOCJcmcnls Lane, London EC4N 7 ab 


Assi-ii eicecd J.T.GWJ million 


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^inlngSr Times :Th?irsday June' 8 li78 - ~ y ^ 


22 


COMPANY NEWS + COMMENT 


Harrisons and Crosfield steady at £23m 


DIVIDENDS ANNOUNCED 


Current 


Date 
. of 


\FTER A DROP in the second 
half from 112.63m to £lfl.79m. 
pre-tax profit of Harrisons and 
Crosfield ended 19"7 little 
changed at £23.35m againsl 
£23.17m previously. 

Turnover for the year, yvas .well 
ahead from 1528m to £5TUm, and 
the slowdown in the final half 
was forecast at midway. 


£2 1.72m with the logging, timber, 
glass etc., contribution down from 
fB.eSm to £7 .04m. However, 
investment income rose £lm to 


to £1.15m. 

The investment income covers 
dividend payments from 

Malaya lam Plantations (Hold- 
ings). Harcros Investment Trust 


INDEX TO COMPANY H1BHLIGHTS 



Company 

Page 

Col. Company 

Page 

Col. 

Anderson's Rubber 

IS 

3 Henderson (P. C.) 

25 

1 

Banker's Inv. 

24 

8 Henderson (J. & W.) 

24 

6 

Burgess (Fredk.) 

22 

* 8 Lloyds Life 

25 

2 


25 

5 McCorquodale 

22 

3 


22 

S Orion Insurance 

25 

4 

Feedex 

22 

5 RKT Group 

22 

22 

3 

5~ 

Grindleys Stoke 
Hambros Life 

22 

24 

5 Times Veneer 

25~ 

3 

4 

Hanson Trust 

Harrisons & Crosfield 

25 

22 

1 Westbrick Products 

25 

2 


Andersons Rubber 

Archimedes Trust ...tot 
Rankers' Investment 
Euffelsfontem Gold ...... 

Clydesdale Collieries- ...... 

Eva Inds 

r W47 2 Griqualand Exploration 
After a minority loss at . int 

(profit £872) the attributable fmr- HAnsots Trust inL 

plus came out Harr j son5 & Crosfield 

(£243,324). 


payment! payment 
0.95 


_ ..Corre- Total 
spending' Cor 


2j- 

1.05 

i m 

■Q r ! 

2.9 

24^ 

3.03 

17.4f 

4227 


First-half 
progress by 
Utd. Spring 


J. & W. Henderson ...... 

McCorquodale a-^o 

McMullen & Sons inL 0.;a 

Oceana Devpt 

Standard Fireworks 

Sterling Trust- 

Stiirontein Gold ... 

Sniiirie Clothes .... 

“Times” - "Veneer 
Trans-Natal Coal 

United Spring 

West brick Prod nets 
West Rand Consd. ...inL 


Aug. 14 
Aug. 31 
Aug. 4 
Aug. 25 


Aug. 25 
July 20 


July 31 


div. 

lJB 

D.S 

90 . - 
7 1 
22 

24 

2.75 

7.46* 

1.S& 

4.3 


year 

1.55 

2.55 
170 . 

15- 
4 X 


21.78t 

857 


111 

0.42 

July 19 

0.42 

0.42 


5 

Oct. 2 

4.5 

5 . 


2.2 

Aug.'l 

1.7 . 

' — 

.int. 

Ifift . 
L5 

Aug.' 4 

11 

\3S 

us-. 


Oil • 

July 20 

0J9 

0.41 


10U! 

Aug. 25 

10 - 

18) 

.int 

0.55 

July 21. 

0.5 

— 

1 ' 

— • 

1.9 

L.5 

.inL 

7 V? 

Aug. 4 

3 

— . 


' /Total 
last- 

7l 'i 
-3.15 

2.3 

- 130. 

"32. ' 

” 3.64 

'•52 

6i9 

11.51* 

9.29$ 

1424 

.0.42 

,-4.5 ; 

5.3 
22 - 

• L25. 
-028 
17. 

. .1.45 
2.92 
13 



ing 


WITH SALES ahead ar Divl i B nds shown pence per share net except where otherwise stated. 

h _ - r — — — f On -.capital 


4 United Spr^ a, aii? a stt , er Group ‘Equivalent after allowing tor scrip tn rw1 ..„ 

" expandtfd P from ° I2TS.OOO to increased by rights and/or t Increase 1 reduce 

£676.000 for the hair year to disparity. 5 For 15 months. S South African cents. 

March 31, 197S. 


Mr. D. Westwood, the chair- 


and Harrisons Malaysian Estates. HorT i sons Malavston Estates so 
which since the year-end have here is no rea '] surprise jn the 
become subsidiaries of H and C. prc |, m , n ary figures which show a 
Profit is be Tore tax of £10.39m £ om j na i l per cent iroprovernenl 
(in.GSm) based on ED 19, and Qn | ast y ear Sabah Timber has 
minority interest down from 3 ] refl dy reported a £2.7m drop in 
£2.3m to £l.H7m. There were pro g l!> — limber production fell by 
also extraordinary losses totalling J L - en t an d the UK building 

£0.39m (£2.14m profits) com- re ^' esii \ on has bit demand here. 


RKT group 
climbs at 
six months 


prising exchange lasses on net How ' evor- the shortfall was made REP0RTING taxable earnings profits cootritaned by the group s 

& •KkSfZZ*™ ^ » ‘stj.vzs i? ssss. 


man. says first-half results are 
most 'encouraging and he is 
confident that this trend will con- 
tinue and culminate in a satisfac- 
tory final result 
For all rhe previous year, a -tax- 
able proBLt - of £765.000 was 

achieved. ■ nDcpfrp a much ...... ...... — — 

The spring division continued Lusariir. « contr i b uti 0 n from Stockfis are fulfiUing .expectations, 

to -improve on iLs performance P R Stockfis (Manchester), The directors point out that due 

notwithstanding the reduced «. ^ OG discr ' ncieB in a to the temporary increase, to .the 

'■ ' sJbsidla^f Eva industries has value of sterling as agam^the 


Eva well up despite 
discrepancies at Stockfis 


lower than as the other subsidiaries/* of 


surplus on properly sales. 

Earnings per fl share 
shown ahead from 49A‘p_to 50. 

A final dividend of 17.4p lift 
the total to 21. 78p net compared .-hanting profits, 
with 
include 


11.3076 l«t time, which jsi an u ” mrn in ' world trade and inc;rease d rents and lower interest ™ e i induSiIylthE chairman adds. t 5 1 e' , 'dir«ro?s stato. 

fallowing toe Jedie^n mACT CuTd^.ble^pU itsTofita the company 31. ex^’oTdtaa^items an'd“exVhVnge 


appreciably individual company budgets 

in it ate. not unacceptable to the Eva Board 

Eor the seven months/since the Earnings per 23p share .before 


The increase 
consent. 


has Treasury 


higher in the ci^rcnt year but the recovered Trora non*^ wfrh l °its the ^ Imerirn. "dividend is raised 1*978, "stockfis” 'rontributed only fosses - "came through .at 21.6p 
a'^uiMtionpf J?_..* J! f^° n Lfui«^ 00 i , 2? 1 ?rn«H h by fwm 0.5p toAsop neMast years £49.000. The directors point out J^inst 20.4p. The dividend, is 


Tiirnovrr 

Oocra Ling Mirplus 
Mcrxhanung. wm»» . 
Manufacture. pnoivssln* 
Timber, building mmls. 
Financial iransacunns 
Investment inwime ... 

Assot-Mir* 

tmcr<'Si nayahh? ... 

Profit before Lax 

Ta» 

.Vet profit .. 

To minorities 

Pref. divirfepd* .... . .... 
Fgrraordiiiarr .. . . 

E‘xchanc<’ drfii-it? 

Si»rr.Hi» on prop 
Atinboiable Ord. . .. 

nn). dividends 

Ttorainert .. 

* ProfiL • Surplus, 
asu'ts. 


final was 0-952p. • that shortly after the acquisition bein’™" increased from 3.64p 

After tax of £365.000 i£lo2,OOOi. Qf stocKUs. a 60 per cent, owned 4.gp net, with a final of 2.9p. 


to 


* b.-.i 
7.IM-. 1 

:*i7 
1 9*1 
I.Uj 
1.4ft’ 


R9S 
Kl 
BS9 
1.1 fix 


tow low the**biisi'iiessj and make "compart- hquidity' position improved 
ftTO.ow s^s.of^ sons with earlier years difficult, selected property sales. _ 

si-7» M-5S.AI 473 p the shares yield 6H per The company is now replacmc extra OTdlnarv debit last time A pnt 'ral”and Sherwood offshooL 
"* J “,M7 ‘ !,i - h,1 - v a ^ ove lhc a ' crage ,lH Mm rl *mSum°ie™^loi!n n f!^ of n6.000 an ddivid ends, retained ser i ous discrepancies concerning 

9 445 Tor overseas traders. Rn^vs Merehant Bank reoa?- profit for the period emerged as stock an d other items in a ^ 1R . - . „ 

Barclays Merthant Bank ep y f o ^ 2 ,000 (£61,000). principal subsidiary came to light, in spite of the Stockfis shortfall 

They sav that these dis- and lower export margins, Eva 
rommpnt crcpancies not only cast doubt ' industries has managed to turn in 

«— ;~i, ,r „r W,;sn nomnareri " , on the accuracy of the Stockfis a creditable performance. Fufi 

first half ° r . Given what are still extremely aroup accounts of earlier years year profits are almost a quarter 

""' h • .JS? ‘‘S', ™nditi<m s in the steel g ™ p to K ™ n tliat its profi i for Jnoher. thooks mainly to < bette. 

and earnings per lop share are stockho ],jing industry. Untied thg yfiar August 31.' 1977. UK sales of specialist tools (torque 

Spring has done remarkably well fe]1 significantly short of the fore- wrenches, etc.) for t be automotive 


2J.J47 23. 1M 

. 10 en Sl.iiTTi 

l"9.v cr 4f0 
. l.W 2JT».« 
12ft 
"90 
1.041 
IKI 

... Jft.774 
.. 4.n«i ?.*a 

s.nno m fiM 
On not L-urrvnt 


ISO 

141 

■1.412 

:j9 

W.21C 


Grindley 
of Stoke 
recovers 


able over ten years. 

After tax of £165.524 (£153.642) 
there was a net profit for the 


stated at 1026p. 

M mor it lex took XoB.ine (£43.372) ^ increase pre-tax profits by 143 cast ^rca de ° at^ the" lime - of ' l he industry and" improved exports 

Lwr Dg |«-e| Un Sf 133*6 5I7 lU (teB l ier cent.fo. a foure only IS9.000 a Jq Uisit i on . This reduced level of plantation hoes and machetes. 

51 im ! 1 f 0,6 behind last year's 12-month total o p proflt in subsidiair con- mainly to Africa and Indonesia. 

What is more rucil of the cePne d continued after August 31. .Also, Eva has expanded-, market 


, . FROM 

A balance-sheet summary shows 


TURNOVER up from 
to £11. lm Grindley of 


£80.168). 

As known the company, which 
has interests in knitwear 
facture. textile 
domestic appliance 


hrake units from .British^ .Kau 


fixed asseLs at £29.P»m i£2524mi, ^ oUl! (Ceramics) achieved a turn- and nraDcnv inwmment, has the market, a trend started a bou I in this ma , ler . . ---- - T , .-.- Tho 

associated companies at £4.41 m round from a £378,023 loss in Ihe P an P 0 (rer for (he 24.3 per a - vear ago and which involved At the tj me or t h e acquisiUon Advanced P»ssen^r Trai^-.The 

l£3.3Rm). traile investments (in- n monl i ia l0 December °* ,n ' ,c n,da — ,v, “ »-•«■<•*« ' 

eluding Harcros. Malayalam and lo _ ft iij m - pre-tax 
HVfE) of £ 13.98m (£fl.47m) and ‘ 

net current assets ahead from !£ h c "™ P «?h4idiarv 
nr jom m Pte 3m Clough, is a suosiniary 

£3 /.49m 10 £3S3ni Industries. The result 

A geographical analysis of depreciation 


profit shows the UK share 49 per (£]i4 3gi) '‘interest down to half year, 
cent (4«i. Asia 26 per cent f3t>. £04.ss'i from £297.164. a £1.762 tors plan 
North America 6 per cent (8). ( £iss.lll) shortfall on a claim 



As a 


,, c .w»,ej 3 VI 7«*> i n ma b- a special Siven t fte nacKgrouna ui th P otherStockfid companies has should enable a rwVery 

nthori. r^-SK-.*7.nj™ isssirsi^s.^^s £Hp%“S nIss StIKjw’sFS , ssf 'taflSa 

a minority credit of total ot ‘ I0M 6m les dramatically than elsewhere. j h h backinp of lhe total 90 p. the shares are op a/JV?e-or 

" fr Th/dl?ictor^ aho ^ stale that the Holidays Tall in the second half JgJ of the Eva group, the 4 on a low tax charge. whife. the 

- - a, 1 i-hoie te progressing but despite this the group should will prove a useful yield is 8.3 per cent-BtvJdend 

already forecast profils of £3 m M P tass and again there 15.no ^f actori!y . make aboiu^ / h or t addition to the group, particularly cover is 4 .d tunes, 


• comment 

Harrisons and 


Crosfield 


Tax takes 
there was a 

1 1.20S iri^SS debit). Earnings per 
had share are shown at 71p against a 


its 


This advertisement appears as a matter of record only. 



CITY OF EDINBURGH 
DISTRICT COUNCIL 
ISSUE OF 

£25,000,000 City of Edinburgh 
District Council 

Variable Rate Redeemable Stock 1983 

Price of Issue £100 per cent. 

Subscribers for the Stock have been procured by 

R. Nivison & Co. 

25 Austin Friars 
London, EC2N 2JB 

June 8. 1978 


10p share 
(7.41p). 


Sumrie Clothes higher 


McCorquodale up £0.5m HI 
to £2.3m at halfway 


and gas 


„ . _ sniprests of source are basically related la the 

THE OTL an . d ^nadian domestic market, 

three contpantes wnthjn tb g Crude oil is purchased, mainly 
ing Croup ZK beUW “JgSc at the well-head, for resala 
and partly g *® throughout Canada- Since 1975. 

through month, .the Alberta Petroleum Afar ke ting 

shares at S5p each ne^ . Hunt- Commission has stepped in as 

Mr: 

bSSg Sg°itd other 

pany called Hunting r services- amounted to 

Services. _ m -^ndi- £380.000 in 1977, oil and gas 

Hunting Pe i^ 1 !^ m aC n V fL r ™"he exploration chipped in £3^000, 
tionally agreed to heating oil distribution £82,000 

relevant subadiartes o^ttmi a nd oil brokiiig. dropped into the i 

son and HH Ja esc^^ “J. red by m. 000 .after a Joss on sate 
7^7fi.000 ordinary 25p shares ana j y .-^nd additional ' 
125m deferred shares to the new ^ prec ^ tioil ' of £248.BOO/ 
company. . Vu. nffprpd The offer for sale is -being 

Of the 2 . m by handled by Robert- Fleming-th e ! 

to the come under same house that handled . the 

Gib. son. which has come u no ^ highly successful Eurothenn issue , 
considerable strains du P d brokers are de Zoeie and 

lnras In its shipping business. Last ....... 

May Gibson reported a loss ere Dga]ers - m the market fast 

£3 -9m for 1977 compmvd vntb a nigfat were talking in terms of a 
profit of £3Jm the ' gooc i response to the offer and a 

The balance of l.*® ^ premium of perhaps 10p when ! 

new and ^^to dealings «tart. t^ugfa with the 1 

company. This w«i oe usxu 1 RCtual offer date some weeks ! 
h nance expansion w thew«* away they were only making 
drilling and oilfield^ services ana tentaTlve predictions. . 
heating od distnbuDon.- • subject to sha^ebo^der5 , meet- 

The chairman, Mr. ^"“37 i on Jun ^ 30, approving the 
Clive Hunting, mud the prospectus :■ will be 

that the 1 ^ ^ a ’Published on Ju3y 3. 

on and gas Industries a^a separata h . . See Lex - 

identity bad been planned at leaa 
two years ago and was not "a 
direct consequence of the finan- 
cial problems facing Giteoiu 
However, the disposal a obviously 
timely and if thus had not gone 
through some oth ®r 

most likely have had -to bo sold. Broofte T ooj Engliieerliig fHoM- 
•_ . . V i. . togs) has made arrangements m 

Capital Spill . . ^ . raise £570,009 by way of. a' rights 
Under the terms of the deal issue. - ' . „ . ‘ „ 

h An will receive 2.62m ordinary stockbrokers E. B. Savory Mil In 
shares giving It 24-3 per cent of -announced yesterday Bfteraoon 
toe Muity in Hunting Petroteum. -that it had completed Ahe .sub- 
The?etuset5lt wtll be disposing unrierwriong for the proposed 
nf amount to £658,000 from issue. Full details will he- pub- 
whichlpre-tax profits of I391JMJ0 Hshed- today, -along with Brooke's 
were e£med in 1977. - intermi hgures 4p. the end of 

Gibson will hold. 30 per cent March. 
of the equity in the new company Brooke's record has; been [ar 
Sfter italm share disposal-2An from impressive. In the last fen 
"StaJre shares and 730,000 de- yeare It has produced pre-lai 
f^ed^In terms of assets Gibson profits only three- hmes.Jta the 
win be handtog -over £2i24m while year ended September 1977. pre- 
m-ofits were £lAm pre-tax in 1977. tax profits amounted to £161,700 
P The ■ nrivate rompany. ^Hunting- (I544H)0) :and" the .Company paid : 
Holdings will end up with . 20.8 its first dividend-emounting to 
per cent of Hunting Petroleum. to- Ip per share—sinco 1988. ... 
eluding l.75m 'ordinary -shares' ana. The rights' issue, win include a ; 
0-5ra deferred'. -*''- : r , -. dividend forwast of , 3.75p per 

The offer w-fD put 24:9 per. txnt share for the current year. The 
of the capital'- 'in-' the., hands-of. -new shares will not -rank for the- 
outside holders. . ^ - interim payment 

HaiU Gibson and -HH have all See Lex • - . 

indicated that .(hey regard the. : - ' 

holdings as long-term investments . 
and will not he disposing of any 


Brooke Tool 


Fredk. H. 


Sales for the first hair were Taking a line through the interim 

e > 

imP and yield S per cent. — <c^ * 

AFTER AN £82,000 turnround to in sales of gram handimg .ana 
£53 000 profit at halfway, storage systems. 

Clothes ended the. April Future prospects for pig pro 
8 year with taxable profit duction and marketing arc 
ahead from £03,000 to £203,000. "more encouraging.’' and Mr. 
Turnover rose from £3.9m to williams believes that a more 
£4 4im. sympathetic understanding of pig 

, - _ Profit was st nick arter bank producers-' problems, by Govern 

aincr curt inns of its busi- £lTTm to £1.66m. before minority ; ntcrest 0 I £21,000 (£60.000) and ment and industry will lead to 
SS 1 "toowtoc Sdy improvement interests of £9.000 *-■*»•"{ w* whJect to tax of £114.000 more stable condirions. 

SSax Profit of ^McCorquodale extraordmary losses of £-39.000 (£52 . 0 00). L , . . For 1077 as a whole group pre- 

Kd 0.. lumped from 1.1.73m m „. m , „ rin c|. . •» nrofim.fell from ,£927.563 to 

£2^7m in 

h, T^novcr for the porlod «, up J- JS.J'SSSK. “.'S?, ".IS !P?r u K!!l..?.K JSgTSSSS'gS Tho chllrmn ay, that (roup 


jumped from II. 73m to isaw „ nrin J. Directors say me nr*«..u »» tax profits fell from £927.59.7 to 

in Urn Horch 31. 1979. d tory'imtuVn.^a’nd wltilo’i’ wouid’he , CCA proBt io shown a. 

Turnover for rhe period nj£ h^.ume^nSa, *S!f, % « >* ■— -- — 

from £23i6m to £2 <. 19m before forciKn Currency liabilities at J k - 
a 11.86m l£l.Sm) share of Mafch 31 ; exchan?e rates . , 


imprudent 

they believe * h ® y will nolivy continues to be to expand 

taking in re-or-arnsation w l ^ agricultural industry. 

associate sales. ‘Earnings' per share before [."pa^y. 1 Thi^fs expected ) 0 a nd . this wrU be uliTpofen^ 

Mr A. McCorquodale. he extraordinary imies are shown at hand-in-hand wlth [? a P i w 0 r d JS L& ^fnrestoiente. 

chairman, says that as the 32. 42 p (24.67p). . increasing demand for t,al o£ es,snn - ,nvesimen “' 

benefits or the recent The interim dividend is up merr h;<nriisc. 

men t actions begin to work Jhe ii from 4.g p j 0 3.7Sp net per £1 ^j VK jend is 


in tial 

together with a vigorous pursuii 
lined from ° r P 0<,sibl « acquisition which 

way through to "profits, the Board share. " A 9.7p linn I %vas paid last *^r "5,t sS r u,d ‘iSTSEEiJ?* consol,dale 

faces the future with confidence. yPsir r r0 m record, profits or 1 Tpproval has been group structure, 

less investment £3.03m. 


After tax. 
grants or £603.000 (£46.1.000) net 
profit of the printing and 
staiionery group was up from 


Treasury approval 
obtained for the 20 per cent ruse. 


comment 


Continental 
Union Ihist 
Company Limited 

Total Assets at 31st March 1978: £29.4 million. 


•mi me Sl “ Williams, chairman, who secs the 

virtually unchan-ed rps(I , ts a< - a positive indication 
thN a>.n. btni in i^u nf Ihe cn m inpiinu improvement in 


CXM-ll'vVMS D.l-.'f-. 


r*o;-Bii*r 

/ion piir .M“J 


F«'jn. i il j 


Oit'-.h.al', 


Distribution of investments by sector 


UKSbA'i 



0’ , i*r 


\ 


fiat trading enndilions In the 
second half and toe size of the 
order book i*« v 
from six month 

March Falconer began to increase pjl . - et „rns.'' Second hair-vear 
ihe volume nr work and tots ' Rt befpre tax were a record 
increase has continued While ‘ - nR 

Sp re SSn5^JS.STJ."- “5,17^; 

dend toe yield is S3 per cent. were a new record. n.irii..ularl> 


Gross Dividends per 
Ordinary Share (Indexed) 


303 


245. 


202 


ioo r 


120 


L75p 


19b? 


2JQp 


1973 


3.54p 


i970 


4,34(1 


5.30P 


1977 


I97S 


North AmwiM 
_.'.fa'a 


Emi'I-o 

0.9*. 


O 


!*•.' A in- 


Ortiei 



Financial Times Actuaries 
All-Share Index 


336 


100 


1968 


1973 


IIS 


127 r 


147 


1976 


1977 


1978 


Net Assets per 
Ordinary 5hare (Indexed) 


174 


100 


£7!-:p I 


1968 


147 

150 

159 

152 ‘■•'.’p 

159p_ 

] !2S-vp 

i 

I3lp 


1973 

1976 

1977 

1978 



t\ A member of theTouche, Remnant Management Group 

>,) Total funds under Group Management exceed £700 million. 

T / Copies or the Report and Accounts can be obtained from Continental Union Trust 
Company Limited, Winchester House, 77 London Wall, London EC2N IBH. 


Further 

expansion 


The year-end balance sheet is 
stronger— overdrafts have been 
cut from 10 72m to £0^nm. 


shares within the nextrli months. .- 

Hunting Petroleum -, will be * 
treated as an. associate by HAIL 
anrl Gibson In the future. . 

The pro forma profit record for 
the companies that^re. coming _ _ 

together to- make up the -new FOR 1977 Fredk-. BU Burgess 
company is erratic. The five-year reports an advance in pre-tax 
break-down shows trading profits profits from £2J2lm to £3.4m. 
or £L6Bm in 137& In 1974 they This indudes a full confribu- 
were inflated by the effects of . from .. Bamfortfs. which 
the oil crisis >nd leapt to £2.6Soi, a. Subsidiary during the 

only to drop' back, to Jn.6am the yeari . 15 months to 

fottpwlng year, to iB76 r/,P re “ t ® ' December 21, 1977. 
were down W .. Sales mweased by over £28m, 

result of a- £o8a.OOO provision ^ £33^ 0 f w .hicb £10.3m was 
against Gibsons interest m the group as constituted 

W a scan a companies In Canada. gJ; - thp banning- D r the year. 
This wstfc the result «f restrictive - profit of £5.7im 

policies on crude oil : exports to ^ With^ £3.07m,_ with-, 
the U.b.. • depreciation requiring . £D53m j 

M e • ■-.* . - -:l£0J9ni| and ‘ liiterest /ZlMm . . 

£2.4m- forecast . - . ifo-esm). .} 

Last year, profits bounced back Since ihe .jrew end, the group 
to £2m and the group is forecast- has raised £2-wn by an issue of 
tng £2.4m pre-tax for the .current . Participating Preference .Shares to 
year. "--After a. *43 riper, cent, tax certain institutions? 
charge and minority interests - of 
£390,000 earnings per share -of 
9.8p are indicated. 

The directors are forecasting 
total dividends of 4.65p net -per 
share, which would be covered 
nearly 2.4 times. The . Tolly 
diluted p/e . is 8.68p /--on the 
placing price. . - - - 

In 1977, around GO per cent of 
profits originated in Canada, 
where the group Is active in- thH 
marketing and distributing of 
crude " oil. .Profits from this- 


on 


Umilrd 
52 Combat EC3 5PO ? 

7-GUc' a«ed Pociwio MwaoWi««- ’ 
Service tmJex-7.lfc.7S- .- - - 
Portfolio I Income Offer . J7J* 

‘ ’ _ . . ‘IZolf 

Portfolio II Cwhal Offw' •_ : 


DlcCnrquodalc's first-half perfor- 
mance is the result of a combina- 
tion of domestic and overseas 
improvements. ,\i home higher 
productivity was achieved from 
new equipment, the benefits of * T 
previous rationalisations worked nV 0 PQCX 

their way through lo profits and J 

there was a slight increase in Ail divisions'"! Feedex — anima. 
market share in most of the f Pec |^ agricultural engineering, 
market areas. Overseas toe looses pi„ production, and farm supplies 
from the United States Falconer —showed increased market pene 
group were lower Ihun last year tra I ion in 1977. with group lurn- 
and the associate companies in OVPr up j,v 35 per cent. 

Brazil continued to improve Rut Most the pr „nr on this in- 

rhe group as a creased turnover came in the 

second half, points out Mr. John 
who secs the 


THE ENGINEERING, SHIPREPAIRING 
AND STOCKHOLDING GROUP 

RICHARDSONS < r - w> 
WESTGARTH ^ 
a solid base for the future 

# Group profit achieved for 1977 was £2m ( 1976— £ 2.37m). 
Bui for nationalisation of marine engine business, 19 n 
results would have been a new record. 

-5K- Compensation negotiations barely started, meanwhile 
. minor payment on account-£650,000-received. 

3K- Notwithstanding this, capital expenditure exceeded £lxn, 
much of it relating to North Sea and other energy 
industry activities. 

* Dividends totalling 4.5344p per share arc maximum 
permitted. 

^ For 1978 most subsidiaries have encouraging forecasts 
but much depends on improvement of performance at 
the shiprepairing and steel processing companies. 

Copies of the full Report and Accounts can bf <*f>tai»cd 
from 77 ic Secretary. Richardsons , H'i ntgartJl & Co- Cta. r 
r.O. Box 2, Walt send, Tyne «t H car. 


Atias Electric 
and General Trust 
Limited. 

Tbtal assets at 31st March 1978-£98.5 milhofl 


C.UHljIlaOCMl'. 


Cijnr-tFTW 

Durables 

641. 


Oyrjuntr 
Hont*iPJt4e; 
17 4% 


Fount ulS 
27 £V 


uttert Fbced Waed 
uyvi o9fc - 










Tn 

of^estments by sector 



o 

JO 



F.TA All Share Index 




.136 . 

ue 

127 

147 

100 

-2053 

issr.6. 

: 164.6 

176^: 

139.4 



1968 

1973 

1976 

• 1977 

1978'. 


Net Assets per Ordinary Share 


141 

147' 

156 

132 - 
. J9R>.‘ 

100 

■fflfcjjt: 

N64P- 



,43Wp 

1968 

.0973. 



•jggj 


ETA. All Share Dividend Index - - 


216 . 




164 ' 

... __ . 



130 




100 





196S 


1976 

197=7 

1978' 

... ■ 

1 



275 

300 

Retail Pnce Index 

.1918 



236 

.17^3:. 


.141 

' 15P.6 


- : 

100 

■w- 


=■ •-•••• • 


63.9 

1968 


. 1976 

: 1977 



Gross Dividend per Share . 


100 


.‘.tlTjtf. 

IS6S‘ 



. 171 . 

20S_ 
>2 *&■. , 

120 


-v " lrf < . 

C . - 1 



‘1973.:' 

1976: 

. -i sp- • 




■n& 


Price perShare at 31st March 


147' 


100 


l9$8 


120 


. 12 3 -C 
ct46£^t’ i 


, '-107- j 

: 

i .tWJ 




h A member of the Touche, Renmant 

r) Total funds under Group management exceed v . - . : i 

The Accounts can be obtained fromThe Secretary. 

Winchester House, 77 London Wall, London JEC2N iBH. Xt.’i 








mans , MSBBL 





SSIilSl 




wmrnmmm 


*•' ^ ^ Sjf wTu i ■ .*■ 


v.r •l-ss 
r#w -. > •»••* 





: .' :-■ r t££ 












.' ;• '-p-'s^v 

„ •<•« * -■■Ar^Vr 


JgRB&V 


■ ': ;| ; : ; : ; 

>£:■■■<'*' . ' 'Y, ->f&y 


SSrAAti^fo-, 


k.\ £ 




L. . - 

■ ^ - .-■ , ^ ^ ^ »V ■ ■ ■ ■' • I.,V 


1§M 

'jA 


rpdk. H. fc 

dvanvt in i- 
!ilm sollft. 
* a full E- : 
Bjm/c*rd* r 
Mary drs. 
« 15 met 
IStTT. 

w?i5 by rcr. 

which £WS 
roup a. ; wnr- 
iin'j t'( rt? ’&• 


;h GM 


! .ini by a ^ 

Preference 



&*-Y 


.■**** 4 :^.- *-**.:: 


& 






■'■• '■■ 1 MBS L f , ., - 

:'i A t - '■■ ■■ 





a 


neat problem. 


wn 


Capita' 0**J 


rsonvou 




If you make products that involve metal, and if 
that metal fails under the conditions it is subjected to, the 
answer may be nearer than you think Witch your wife 
using a stainless steel saucepan and let your mind go 
to work 

That pan has to cope with fierce heat and sudden 
temperature changes. It gets scraped and scratched by 
spoons, forks and knives. It gets a thorough scouring 
every time its washed up. 

And it stands up to the lotThats why Prestige make 
their handsome saucepans from BSC stainless steel. 

Partly for its gleaming good looks . . . but 
HMHfefej^^^rnainly for its long life of absolute 
^^*|^H^H|B^^hygiene where food 

preparation is con- 
cemed. (Prestige also 
guarantee every piece 
- forten years!) 

So if you are involved in designing with steel or 
aluminium, brass, or copper, think again about stainless. 

Of course, it can cost more initially And by 
increasing the materials content, you push up your price. 
But don’t dismiss stainless until you’ve done your sums 
right through, because often you’ll find two things. 

The longer life of the product makes the added cost 
worthwhile. 

And you gain the two extra selling points of higher 
quality and cheaper maintenance. 

Yes, think again about stainless. Find out the current 
facts about our range of thirty different types. And 
remember, our back-up service is always at your service, 
particularly in matching the performance of our steels to 
your exact needs. 

Wite to MikeWhitecross, BSC StainlessMarketing, 
PO Box 150, Sheffield S9 lTQ. 




IvVlV 1 
k"-. w. 


The cost of corrosion The Hoar Report* 
estimates Britain’s losses from corrosion as costing us a 
horrifying three-and-a-half thousand million pounds. 

Much of this loss is preventable. Stainless steel is the 
supreme example of an existing material that 
must be used more fully for its superb 
resistance to corrosion. 

And British Steel has already invested Yv\\\ 
£130 million in plant to double our capacity to 
supply it 

*"A Survey of Corrosion and Protection in the UKf 
published by the D.T. L in 1971 (figures adjusted for inflation). \\\^ 


The material 
youve been looking for 

couldberight 
at your fingertips. 


S 






stainless 








Financial Times Thursday Jrme §1975 




S AND DEALS 


OFT decision on Monk 
stake expected shortly 

THE Office Of Fair Trading, and proposed merger sections of cases and corrugated paper from 
which Is currently considering the Fair Trading Act. has an obll- factories at Desborougn, . iMortn- 
whether to recommend referral gation to investigate and recom- amptonshire and cniaweii, vvut- 
of the 29.95 per cent Saint Piran mend whether or not the proposal shire, while Rosrron makes these 

jrc sr on a " hasia rs5^ri£JS"S.."S sl %±s± -jt jtc surc^asi £ . s& eskvs 

enMuragfne *w .tarn XtraStiK. . bound by its decision on the stake ^es^tion. paper, paper tubes and gummed 


High copper values at 
Victorian prospect 


gas reserves 


BY PAUL C«£E5f RIGHT 


countered more encouraging mm* 

mineral values at their joint ex- c. opens nst ires 153 

ploration venture near Berambra tanions 14 is -* 

in the Australian state of Victoria, inn-. is tj ]; 

The latest drill holes results, 9i •* *■« 

announced yesterday, confirm the 

original impression, received last Cnhoh rl am Q riflC 
month, that the joint venturers OA.Ai4.JLi UtlllaUUo 
have discovered a potentially . • 

significant base metals deposit. POOlnGIlSStlOIl 

Over a width of 16.3 metres at tUUiptUjaUUU 

diamond drill hole No. IS. the nnllnf i on 

assay results nf the sulphide IUl |)Uulllivu 

mineralisation were 9.9 per cent .v- 

copper. 4.S per cent zinc. 0.3 per THE GOVERNMENT of the East 

r 1 . ■ ... iinini'fion crotft nf xQtinh n he 


Sabah demands 
compensation 
for pollution 


The provincial Government’s if it comes to a full bid- The tape, 

plans will provide for direct inter- OFT could decide not to recom- * p. \y — UNION TO ^yvnrr- 

vention in exploration, the grant- mend referral of the stake but C rr.. iwnwnpni t rr NO PROBES 

ing uf low interest loans to then change its mind if S*»»nt Stclv Irtui’iuruLiiij The Secretary of State For 

develop private reserves and the Piran attempted to establish RFFFRFNCF Prices and Consumer Protection 

signing of long-term supply agree- greater or complete control. iininn renresentative from has decided not to refer the fol- 

rnems with forei^ Covernments Thc 0FT has been examining Albright and SfSon and full-time lowing mergers to tbeMcmopoUes 
m the hope of stabilising prices. the case sinc ^ y arc h and is ex- chemical industry union officials and J I< \ rgers Comm ission iVew- 

„ w . ESSS ,4“ jsrs. ^r rfirt ejma ™££Sskj; ar 

Buffels pays & W ti£iS£E£ Ten °”°' the S?5£SKX™SSaS 

!_• i_ i* n l because it constitutes a “material The union delegation held talks and Samuel Osborn. 

men 1111211 influence” in a company whose yesterday with the Office of Fair 

O iccpIc orfocrl Km Ulhiltf t flora n — a (hot- Tpnnpi'fl’s /'nOMCDmALV 


liver a wiom oi w-i « -wx pp -m wiuiin me next two weens. their fight to prevent tne laueover — f ” — p ------ 7 

diamond drill hole No. IS the f n - n/lllllf lOfl BllllCiS D3VS The Saint Piran stake in Monk 0 f the company by Tenneco, the natmnal: Capital f ®„ *" dl 

assay results nf the sulphide IOl pUlUKUUU " uuvu J fell within the scope oF the OFT u.S conglomerate. Cray Eleclrooics; Aurora 

mineralisation were 9.9 per cent rnvnnniiwp nf the East UUU (• n l because it constitutes a “material The union delegation held talks a®* Samuel usoorn. 

copper. 4.8 per cent zinc. 0.3 per TOE GOVE^MENT of the East |}|p|] final influence” in a company whose yest erday with the Office of Fair 

cent lead and 38 grammes of "nmSf ,£ 73 mi claim ” , assets exceed £5m. While there Trading to urge that Tenneco s CORNERCROFT 

silver per tonne. Sns? toe^Xnanes? OvmeS BUFFELSFONTEIN. the Klerks- is no formal definition of material £97ro bid should be referred to irm^on^Equipment’i 

This hole is aO metres away aumsi «• ” p " ne U’!2f t dorp gold and uranium producer influence. OTT sources indicate the Monopolies Commission. n ™d subsidtoxv a 


s wbolly- 


presence of at least a small ore- 
body. 

The main difference between 
Ihe two holes is the sharp 


hut thc zinc values in hole No. IS mines 


.. .. . . nupn - — — holders’ meetings. the UK-owned chemicals industry , 

increase in the copper grade. At Harris Saitoh. who met OMRu partner of Buffels at a new if saint Piran can convince left if Albright was to be sold to cenUa 

hole No. li K was 4.0 per cent, officials yesterday, said that since uran |um development is 16 cents the OFT that the holding is the US ___ . . .. _ 

n?.si"™SLi L«fc& h s*ft sl* 1 ^ •"sssxjts: <*«■»• b " akin * • p-** *» *«.•"«« ««r no “There is little reason for PERTWEE EXPANDS 
hut thc zinc 'allies in hole No. IS mines began production in cents payments. The total dis- attempt will be made to use the foreign companies to give priority Pertwee Holdings, the privately 
are appreciably lower than those Marmti. /0 miles from the capital tr ,i, uuon in the year to December shareholding to influence the to the UK industrial strategy ” he owned agricultural .xnerchanting 

at hole No. U. where they or Kota MmUii, 1977 was 22 cents, the same as Sreaion of the SJnpanv. the said, but Albright played an and fertiliser group, is to acquire 

averaged 7.3 per cent The silver acres of nceland and dozens or jn l97B OFT colw take I lenient"' .ew important role in the high value G. Twyman and Sons, the Kent 

grade at hole No. 1< was 3- "■“?*** by L ne S?.i Elsewhere in the group. West However 1 if Board repreienta- added sector of the UK chemicals based agricultural and horticul- 

grammes a tonne Tor drinking and bathing, have Rand Consolidated is paying an lio „ J’Li, a Jd "fved this industry. tural chemical specialists. The 

It is likely to be some months, been polluted. interim of 7.5 cents (4.7p> for the rouid shift*the tw^rinn into the The unions are lo meet the combined group will have an 

however before n 1 * possible to omv has so far paid out year to December. During 1977 I.TS, rh a *are- Department of Industry on June annual turnover of over £22m. 

see whether this early promise is MS600.000 in compensation to total payments were IS cents. Se-r kL ahii ; r to oonirol ™ for talks about the takeover. According to Pertwee. the acti- 
translated into _ tangible hopes farms and another M9140.000 is If no reference is made to the viues and leographical spread of 


.._r — miiuj — nn |j.i BC nf tit. Kimnunv LI nu reicicnCE lb m sue 10 ine viues ana geuyrupmvai bpnau ci 

ihat a. commercial ore body has expected to be paid next month. Th£ 1 S 1 >rv ^ not ’ri-id-ly Commission It will urge inter- operations of the two companies 

been discovered. Datufc Harris said that if the Tnnnnncn r Anlr j I nis , F 2 15 f? • vention by the Dol are comolementarv. 

“Drilling is continuing but the company is disputing the claim, «JHp3D0S6 S06K defined but at generally ■ovolves P 

completion or the next hole on it could engage its own con- a single shareholder holding _ irin rmuTinwcuc . . ornT cicucd 

the prospect may be delayed due sultants to assess the damage. Trillion pnal between 2 o per cent and nO per KlUID LOINlAllNtRJi ALBLKI rljrffcK 

to the difficulty of access during O.lfRD has been given a con- XUUJAll LU4I cent of the shares w hile the rest RIGID CONTAINERS has acquired Albert Fisher Group has dis- 

the winter.” BP Minerals and cession to exploit the copper rmtDAwrc “ w 'dely distributed. John Rostron (Holdings) and its posed of the property, goodwill 

Western Mining said. deposits at Mamui. believed to be V, . ^ , u ' 1 ? f 13 ^ , e The final category is where a subsidiaries. Combined aonual and certain vehicles of its Pfeter- 

The real significance of the two among the richest in .Asia, and j n<,lca * efl ,ne y want a ion„-tcrm shareholder has. or attempt? to turnover of the new group will be borough branch, trading as 
holes will not be apparent until has so far exported MSlfiOm import arrangement i - or Indian f u tl legal control of a com- in the region of £ISra. George Meadows . fruit and veget- 


ihat a commercial ore body has expected to be paid next month, 
been discovered. Datuk Harris said that if the 

" Drilling is continuing but the company is disputing the claim, 
completion or the next hole on it could engage its own con- 
the prospect may be delayed due sultants to assess the damage, 
to the difficulty of access during OlfRD has been given a con- 


tlie prospect may be delayed due sultants to assess the damage. Tnriion pnol between 25 per cent and 50 per 

to the difficulty of access during 0,MRD has been given a con- XUUJAIl Ct/Al cent of tine .shares while the rest 

the winter.” BP Minerals and cession to exploit the copper r-nttoA vnc-c ^ widely distributed. 

Western Mining said. deposits at Mamui. believed to be , i«-,« Tho lTnaJ category is where a 

The real significance of the two among the richest in .Asia, and indicated 1 hey want a lon^-term shareholder ha?, or atlwnpi? to 
holes will not be apparent until has so far exported MSlfiOm get, full legal control of a com- 

a drilling programme tasting worth of concentrates to Japan F 0a i 1 . torms part 01 a plan p an y > The OFT, under the merger 

about two years has been com- for refining. t0 ,m ,P° r L S .u„ 

nleled. Should the programme The company recently disclosed s^tiallj in the next tew 
be successful in turning up the that it would spend MS34m on rn Preparation for when India 

same sort of mineral grades, then anti-pollution equipment, includ- j W li ch ?- s £ r ® m 0I J jo coa ‘ ‘ n 

a very rich deposit will have ins thc building of several dams *** Laportc Industries t Holdings)— 

been round. placed handily and ponds. a Kuwait Investment Office has sold 

near lines oF communication. A number of delegations from l50M0 ordinarv sharcs leaving 


THE gas field discovered in recent 
months at Sadcvt, near Rafafe, In 
northern Sinai, has reserves of 
ovec-25bn cubic feet. acconHng to 
the findings of. an American 
expert, reports L Daniel.- from 
Tel Aviv. 

The field was prospected and 
drilled by a partnership of Israel 
CHI prospecting (the lunbreUa for 
a M oil 'gas dirilUng acliwitaes In 
Israel). Paz OS. Western Desert 
and an unidentified . American 
investor. . 

According to unconxEnued 
reports, it is intended to lay a 
pipeline from the _ field to 
Beersheva aod Arad, in Israel's 
Negev Desert, to supply suitable, 
plants with the gas. 

However, if Mr. Begbn’s pro- 
posal for the return of the whole 
of Sinai to Egyptian sovereignty 
should -result in a peace treaty. 
Che gas fields would dearly revert 
to E g yptian hands, and a -special 
commercial agreement would 
have to be negotiated. - * . 

* Vr 

Petro- Canada and Mobil Oil 
Canada have announced a gas and 
condensate find below the 12,000 
foot level at an offshore, drilling 
site east of Nova Scotia. 

An appraisal well. Tbibaud 
1-94, -yielded gas at a test rate of 
nearly I4m cubic feet a day and 
condensate at 400 barrels a day. 

The well was drilled in about 
90 feet of water to appraise the 
extent of a 1972 gas find about 
six miles southwest of _ Sable 
Island made by Mobil. Oil and 
Texas Eastern Transmission Cor- 
poration. 

Additional drilling will . be 
required to determine tbe extent 


imover of the new group will be borough branch, trading as 
the recion of £ISra_ George Meadows, fruit and veget- 

Rigid manufactures corrugated able merchants for £76,090 cash. 


SHARE STAKES 


been found, placed handily and ponds, 
near lines of communication. 

Melbourne is about 95 miles 
away. QUfcB 

When the result of hole No. 17 _ _ _ . . 

were announced last month, after LCK- A.I 
Ihe drilling of 16 others which n-iailed 


Laportc Industries t Holdings)— and J. B. Backes. as executors of Stenhouse family interests, his 

Kuwait Investment Office has sold the estate of the late C. A. Mobbs non-beneficial interest as a 

. r u iT°* r uiiJ 0 ,frJv , ••♦K r ?w 130,000 ordinary sharcs leaving sold on May 31 159.000 ordinary trustee in the ordinary shares has 

- » - niir nrr rrn nrm toiallnterest of 2,725,000 t5.S9 per shares. been reduced from 1L669.106 

away. QUEBEC TO HELP Iw 3 1 J" cent.). West Bromwich Spring— F. A. shares to L350.4SS shares. Tbe 

When the result of hole No. 17 T nr . , fvrkrrCTnv i n u n .m^ Smith, director, has sold 40.912 re-arrangement of. Stenhouse 

v.cre announced tost month, after LOCAL INDUSTRY USE?-* *l*»aY I,P >ES mmSS «f J ?ank^f W^S^End 115 P pr <* n I cumulative prefer- family interests did not Involve 

the drilling or 16 others which np , ai]pH n , sr)B tn hp , n fh _ grades of coal. .No commitment of Bank of Scotland West End , hare , held beneficially. the sale of any shares. 

drew blank there was a flurrv of _ Detailed plans to help tne has yet been given, but Indian Nominees has been reduced to i™ BC f T — b- . t 

oretv manK, mere was a nurry oi Quebec mining industry will be officials are studvin" the nn^ibili less than 5 t>er cent of canital Safeguard Industrial Invest- Jenks and Catteu — Anglo Indo- 

inlerest In Western Mining Veiled by the provincial Ses^ study the p, oss.bili- lei ss than o pei r cei it ot capiw ments-Refuge .Assurance now nesian Corporation’s wholly-' 

fav^and ' to? a price a g^ment n«t week. Mr. Yves U ? ndia - S reluctance to conclude 8.0W TdlL? rim ^ holds !m ordinary shares (9.09 per owned subsIdiary - Cemral 

na. ana tne price ciosca in Berube, the Minister for Natural immediate lnns-term contracts u « , . _ , . . cent). Province Ceylon Tea Holdings — 

London Sp higher at 13op. Resources, said in Montreal ^ ih„ l^ a ifT!..nrw”^iV Capital and Conaty Laundries— -w" Ribbons Holdings— BSG has acquired further 38,200 shares 


B esources, said in Mon trea I due to Ibe 'small quan ti ty a vafi- ^Capital and County Laundries- - W ” Ribbons Holdings-BSG has acquired further 38.200 shares 
yesterday. “ble for evnort lack of rrensoort Advan( * Laundries, on May Jo. international has acquired a making total 271.000 (12^2 per 

CTPA n Y OUTPUT Over the next three years the facilities to ports and handling he,d 50 - (MW ordinary shares. further 20.000 ordinary shares and cent). 

A/ AJ l IT A/ 1 Government will spend CSI7.3m facilities at ports For the next L’DS Group — H. I. Connick has is now' the beneficial owner of Hall Engineering (Holdings)— 
AT fiOPFiVfi t£S.5mi on exploration and four or five years estimates are purchased 5.000 ordinar> shares 290.000 15.36 per cent). Hall Engineering (Holdings) 

f . CS2B..lm on development. that exports cannot exceed 1.5m as a trustee with no beneficial Chaddesley Investments— Sunev works retirement benefit scheme 

Tin concentrate output at The provincial Government's tonnes anniiallv interest, and B. Lyons has pur- Finance Company has disposed of 1974 bas acquired 50.000 shares. 

Gopcng Consolidated. the anxiety to help the mining Long-term contracts with Japan chased 50,000 beneficially. bolding amounting to 350.000 K. N\ e. Hail and D. R. Tudor, 

nialaysian producer, continued industry became apparent last will depend mainfv on the price Beafson Clark and Co. — Mr. D. shares. directors, are trustees of the 

steadily in May. the latest statis- September and a Ministerial com- offered and on whether a price Beatson Dark, director, has sold Brown and Tawse — C. Walker pension scheme, 

tics reveal. But the cumulative millee «as established to ponder protection clause is included to 3.000 ordinary shares. His bene- and Sons sold 200,000 sharcs on General Accident Fire and Life 

total a Tier eight months of the ways or giving tax incentives to raise prices when necessarv. This ficial holding is now 227.093 May 31. —Kuwait Investment Office has 

financial year _ at .1.122 tonnes is investors in mining securities. will also have to be high enough shares (5.34 per centi and his Following this sale. Mr. J. increased its holding bv 50 00f) 

I4i tonnes behmd that of the pre- Civil service studies had shown to finance the cost of the infra- non-beneficial holdings is 50,000 Walker is interested in 1.061.000 shares to 12.21m (7.4 per cent)’, 

vious financial year. that exploration for base metals structure created for transport of shares held as trustee. shares 1 10.49 per cent) of which sjl« and Gnldcrein fUia BG / 

Comparative outputs Tor the had declined and that new coal. Slongh Estotes-G. N. Mobbs 901.000 iS.91 per cent) benefici- W. Goldsteim di^tor 

■" 1 ally owned by C. Walker and Son?, job.000 shares at 25p * 

Dorada Holdings - Buraaiux Laportc Industries (Hldgs)- 
Holdutgs SA has increased hold- Kuwait Investment, office sold on 
mg to 414, jQO shares (10.02 per May 25 100.000 shares leaving hold- 
„ v „ in -), rc , ;• „ „ ms at 2.625.000 (5 6 per cent), 

ho. ooiwr 01 i*ri |n gicR COURT ^F justice . I " te "“ r o,P« a J' „ Pr °P crt > Ame, Neill Holdings - M. J. 

in the high court of .tusttce rjunirrj Division companies Couri. in Ings—AIrllp. Marsh, Mr. J. b. Mallet I, director on May 26 sold 
nvrmu ^ Snre ,ho *•”** flf luiebchst transport Korm.s and Mr. J. H. Corre bought 5.000 shares at 93p and on June 5 

TuSgruAMS’sm K ss, ns M '"" 01 ''S,? 1 "?.!':', M ™ 

of TTit- Companies Aci. IMS. (COTICE IS HEREBY GIVEN. Uiji a ^ toy . .Company — •. Mr. H. Joseph Shakespeare — Britannic 

notice is hereby given, that a pk-hHoo for me Winding up of ift.- ibove- uiniann, director, bought 100.000 Assurance has bought 10.000 

Mmon lor pic vvmdms up of the above- named Company by t*w UisJt Courr or ordinary snares. shares making interest 695,000 (9 

named Company by the Hich Court of Justice was on Hie -nd day or Jure Clive Discount Holdings — Mr. per rent) 

&ED P EMPiu.wtE'rT ^ Moss ^Engineering Group - 


Hall Engineering (Holdings)— 
Hall Engineering (Holdings) 


vious financial year. that exploration for base metals structure created for transport of shares held as trustee. 

Comparative outputs for the had declined and that new coal. Slongh Estates — G. 


COMPANY NOTICES 


LEGAL NOTICES 


COMPAGNIE FRANCAI5E DES PETROLES 
S-A. Capital Stock of F 1 068 690 200 
Head Office: 5 rue Michel-Ange, 7S016 Paris 
R.C. PARIS B 542 OS I 180 
NOTICE FOR SHAREHOLDERS’ MEETING 

NOTICE IS HEREBY GIVEN in the Shareholders that they arc to convene on 
Thuriday, June IS. I97t, at the Company* Head Office. S rue Michel-Ange. 
Paris 7 3 0I6. 

(1) lor an ORDINARY GENERAL MEETING, at 10.30 a.m.. to discus the 
following pomes on the agenda: 

AGENDA 

1 — Report of the Board of Diretiois on operations and accounts for the 
year 1977: Auditors' Report. 

2 — Approval of said reports, accounts and Balance Sheet. 

3 — Income allocation and determination of dividend. 

4 — Appointment of one Duector. 

5 — Approval of transactions covered by Article IQ I of tha Law Decree of 
joly 24, 1966. 

6— Setting ol a redemption price for Class “A'' shares until the next Annual 
General Meeting pursuant to Article U of the Statute*. 

(2) For an EXTRAORDINARY GENERAL MEETING alter the Ordinary Share- 
holders' Meeting is ended, to discuss the following points on the Agenda: 

AGENDA 

1 — Authorization for the Board of directors to issue convertible bonds into 
share* up to a maximum of F5QQ.OOQ.OOO or an equivalent exchange value 
in any ocher currency, it being understood that preferential subscription 
rights will be waived. 

2 — Authorization and delegation of power to the Board of Directors to carry 
out capital increases as generated from the conversion of bonds into shares. 

All shareholder* who own one or more “A" or "B" sharcs are ciuided to 
attend these Meetings or be represented therefor by a proxy shareholder or 
by their spouse. 

However, in order to be able to attend these Meetings or be represented 
therefor, the tha re holier* who own registered shares should be listed on the 
Company registers five full calendar days before the Meetings are to convene. 
The shareholders who own bearer sharesfs) should, within tbe same timespan. 
deposit their share certificates or certificates issued by the bank, the financial 
establishment! s ) or broker with whom the said shares are deposited, in one 
of the following establishments: 

— Banqur de Paris et dcs Pays. Bas. 3 rue d'Antin. 75002 Pari*. 

—Credit du Hard. 6 t B boulrvard Maussmann. 7500* Paris. 

The Annual Report may be obtained together with the proxy statements at 
rhf London OK— «r P’miu. de Paris ec d«s P*y*-B*s. Moor House. 119 London 
Wall. London EC2Y RDR. 

BOARD OF DIRECTORS 


NO. 001 WT ol 1978 


No. 001713 Of 197X 


over star tc smith warten limited sheer street, Windsor Berks.. SLA i ay. shares. Britannic Assurance has increased 

whose reeijiered office is situate ai Employment Actn.y. and that thc Mt'1 nlcNeill Group — Halliday. Simp- its holding to S75.000 shares (8.13 
Chile House, 30. Ropcmaker Street. Pcinlon is -Htv.-icd t<* be heard before 5 0n 3nd Co. has purchased 2 .500 ner cent) 

London ECS A 9BA. and dial the said the Court silting a: the Royal Courts ordinarv chare; on hnh^lf nf vvsTi,u r „-j r n r a 
Petition is dtrooted to b<- b^rd befon- °! Justice. Strand. London WC5A -LL. [ ,raina JT -^aie., on behalf of WfaHbread and Co. — L. A. bber- 
ihe coun silting at ihe Poyai Courts on the 3rd dav of July 1R7R. and any interests nl Mr. G. Ferguson- man has acquired 81.000 “B' 
of justice, strand, tendon WC 2 A 2LL. creditor or comnburoo' or tbv Mot Lacey and Mr. R. C. McBride, ordinary shares making total 

Compand tfesirous (o support or ooposr Petition tniy jpp*/ar u itu* cr me of name of Manohoslcr to a change* ol trustee. 

thc makmc of an ordor on thf said hcario*;. m person or by his louhsH. Nominees. Mr. FcniUbon-Lacey P. 0. A. G. Bennett has taken up 
Pclinon may appear at thc time of Tar thai purpose: snd a copy of the and Mr. McBride now hold option on 29,000 **A” ordinary and 
hearing, in person or ay lus counsel. Petition will be Pirn^cd by the under- 5^4 000 ordinarv shares (11 *’4 npr has sold them, 
lor that purpose : and a copy of the msiM to anr creditor or comrlbutory , f . u “ u,u,nary Bnares ua *“ 4 per £.1 M-Mta*. 

Petition will be rurnish-.-d by the under- nl the said Coni pane rcoumtu: rtich copy tc “ u - Alexanders Holdings — Henry 

signed id any creditor or coninbutory on payment of uV r,. dialed charge lor Tebbilt Group — Tiger Securities Clayton, director, and family m- 

«x ibe said company rcqginni such ibe same. holds 1.067.040 ordinary shares terests on May 23 bought 2,000 91 

I14.S2 per ceni). Mr. R. J. Knight, per cent preference shares at Tip, 
a director, holds 132.060. Dr. H. on May 25 50,000 ordinary shares 
Fletcher, a director, holds 200.000 at J8J-p and 20.000 at 18Jp. 
and Mr. M. F. Briggs, a director, Thomas Bortbwtck xnd Cons — 
,., a v„ «... holds 100,000. Sir John T. Borthwick, director, 

»Ptw*r tin the be arms of ihe said Pennon l ScotU'sh Ontario Investment sold on June 2 50,000 shares, 
must serve un. or s*.-rtii by pits: to. tho | Company — Steetley Company has Pressac Holdings — Directors, 
r 111 .7,'' 1j I n j ,u ' ;, ' T v m "' riUl « Sf , his an interest in 30.000 5 per cent their wives and trusts sold 10 j 

NOTE. — Any person who intend* 10 intention so to d«i. The nonce must ^Utc i ...r .1 , - „ _r_ - . r _u_ 


copy <>n payment of tho regulated charge 
for Uk same. 

DURRANT PIESSE. 

73. Cheapside. 

London EC3V 8ER. 

Ref: RJF.'DSB.O. 31 19. 

Tel: 01-236 «5UL 
Solicitors for ihe PeilUoner. 


C. A. M ADDIN * CO., 
fi Clan mom Ki >ad, 

Surbiton SntT'y, 

KTfi TRA. 

Ref: JP Ml'. Tel: 01-Wo qt- 51 . 
SoLcuors for the Potition-r. 

VOTE. — Any p>.-rson wfto intends to 
aptwir on the beanns of ihe sud Pennon 


NOTE.— Any person n-no inirrws ro intent -on so to an. The nonce must 'Utc I preference chirrs /to ni>r rortu nr>r rent ntffprpnrp c ham« at 
appear on th'* bcarma nMhc said Pouuon I tbe name and address uf the person, or. | ^‘Z- Lre . ce Scares (a.H per centi. per Cent preference snares as 

■ 1 .l. :« • sz _ j -jj. __ I Kbnnmtr IfntAe Kbahii Du..el.i«i fnllnwe Kfllu'ftan iw n v Qf) onrl Tisnn 


musT servp on. or wnd by post lo. tbe if a firm rtie name and addrers Of the 


. .. ... ... Kenning Motor Group— Pruden- follows between May 30 and June 

above-named notice in writing of his l firm and must b» r-ianed hr ihe p>.rsgn|tinl .Assurance as a result Of 2 — J. B. WagSiaff 40,000; J. B. VVag- 
mtennon so to do rite noiico must stale or firm or his nr their aoHaior >tf .vyt recent Increase in capital DOW staff Trust 21^00: G. Wagstaff 
the name and address of th* person, or. and must, be served, or, )f posted, musi 1 Inc . ,u 0 „ s „ a „ t t^nnn- r. WoncrifT Tmct 1 onn- 


me name ana attar ess or in- perai-n, pr, must w verveo. or. 11 posten, must holds Ipss thin =: nor rent 14 mn. fi WansnfT Trust 1 Rflfl- 

ir x firm th- name and address or the be sent by pos: in sufficient time to n0 i? s ' e “ th ? n 3 P e f. ce ” L „ J?* 00 "* "apSUU trust 3.800, 

firm and must be signed by thc person reach the above-named not later than COpe Sportswear — ri . M. ROSS Mrs. A. M. Wagstaff 2.624, E. A. 

or firm or bis or their solictior ■ if any ■ Tour o'cIo-.-k in the sfiembon Of thc now owns 355.424 shares (7.69 Greaslcy 2.315: Mrs. J. Greasley 

and most he served, or. if posted must noth day of Jan- n»7v. ner cent). 99* F C Murdock 1000 

be sent hr post tit sill iiwnt nm* to ~ — - ... , . 


23rd day of June 19T¥. 



General Mining Group 


DIVIDEND DECLARATIONS 


NOTICE IS HEREBY GIVEN that dividends have hern declared by the undermentioned companies, payable 10 
shareholders registered at the close of business on 33rd June. 197S. The registers of members of the companies 
will be dosed Irani 34th June. 197%, to Tth July. 19TS. both days inclusive. 

No instructions Involving a change of the office ol payment win be accepted alter ibe last day to register. 

Thc ditidcnd.s are declared in the currency of ihe Republic o( South Africa. Payments from the United 
Kingdom office will bo made In United Kingdom currency at the rate of exchange ruling on the undermentioned 
curr._-ncy conversion dates or tbe first day thereafter on which a rate of exchange is obtainable. 

Non-resident shareholders' tax of IS*-’ win be deducted from dividends payable 10 shareholders whose registered 
addressra art- outside the Republic of South Africa. 

Payment wiH be made by the transfer secretaries mentioned below. 

The full conditions of payment may be inspected at or obtained from the London office of the companies 
or the offices of tbe transfer secretaries. 

A It companies mentioned are incorporated in the Republic of South Africa. 

Dividends on shares included in share warrants to bearer of West Rand Consolidated Mines Limited, trill bo 
paid In terms of a noucc to be publish e d as soon as possible after the currency conversion date. 

DIVIDENDS 


Name of Company 


Bnlfelsfomein Gold Mining Company Limited 
Stilfunt‘.'iti Cold Mining Company L attired 
Weal Rand Consolidated Minus Limited 

— Ordinary Snares 

— Deferred Shares 

Tbe CI.I drsdalc 'Tvli Collieries Limited 

-—Ordinary Stock . . 

Trans-N'aial Coal Corporation Limited 

The Gnqualand Exploration ft Finance 
Company Limited 


By Order of the Boards 

GENERAL MINING AND FINANCE CORPORATION LIMITED 



Chancery Division Companies Coun In L.. CQT J, nanv t i 
the Manor of tU.o WAREHOUSING I mc company ti 
LIMITED and m the .Matter ol The J re-BrrangBrncnt 
Companies Act. 1W5. j 

NOTICE fS RERERY GIVEN, lhai a I 
Petition for the Winding up ol the above- 1 
named Company bj- the High Court of 
Justice was on the 2 nd day of June 
197S. presented to the said Court by 
REED EMPLOYMENT LIMITED or 13 
Sheet Street. Windsor, Berks.. SH 1 AY. 

Employment Au-.ncy, and that' the said 
Pennon is directed to be heard before 
the i^jutt sluing at tbe Royal Courts 
of Justice. Strand. London WC2A 2LL. 
on the 3rd day of Joly 19RL and any 
creditor or coninbutory of the satd 

Company desirous 10 support or oppose 
thc making of an Order on the said 
Petition may appear at rho rime of 
hearing. In person or by hta counsel, 
for that purpose: and a copy of Ihe 
Petition will he furnished by the under- 
signed to any rn-dimr or eomnhuioi -7 
nl the said Company n<qoiring such cony 
on payment of she regulated charge for 
the same. 

C. A. MADDUX a CO . 

6 Claremom Ruad, 

Surbiton. Surr-y. 

ET6 4R.\. 

RtL JP .UF. Tel: Dl-W »3L 

Solicitors for ihe Petitioner 
NOTE.— Any person who intends to 
appear on tbe hearing of the Mid Petition 
must serve on. or send by Post to. thc 
above-named nonce in writing 0 / his 
Intention so 10 do. The notice must stale 
the name and address of tbe person, or. 
tf a firm tbe name and address of tbe 
firm and must be turned by the person 
or arm. or his or their solicitor til artyt 
and must be served, or. if posted, must 
be sent by post in suffidenl time t«> 
reach the above-named rot later lhan 
four o'clock in the afternoon or the 
30th day of June !»:». 


Hambros Life Assce. 


PUBLIC NOTICES 


London Office: 

Princes House. 

R Gresham Street. 
London EC2V TEN. 

7* Jotte. isre. 


London Secretaries, 
twr: V. G. W. DAYHES. 


Transfer Secretaries: 

Charter Consolidated Limited. 

P.O. Box 103. 
Charter Houar. 
Park Street, 
Ashford. KENT. TN74 SEQ. 


Strong growth in all funds, both 
investment and pensions, for 1977 
is reported by H&mbro Life 
Assurance. Total assets of the 
Hambrn Managed Fund at the end 
of tho year amounted 10 £I93m 
divided between equities 72 per 
cent property 22 per cent and 
5 per cent liquidity, with only 
l per cent held in fixed interest 
and gilt securities. During thc 
year the managers look advantage 
a f the favourable conditions in 
thc equity market lo increase the 
equity holdings. The price of 
aceumulation units rose by 31 per 
cent during the year. 

Thc property fund at the end 
of 29 ii stood at £104in. of which 
£25m was in deposit and other net 
assets. During the year thc 
managers continued their invest- 
ment programme in a selective 
manner and 13 new properties 
were acquired for £7.6m, while 
Beagle House, a large office build- 
ing on the fringe of the City was 
sold for nearly £5m net. 

Since Ihe end oT last year, the 
fund has made considerable pro- 
gress with new purchases and 
developments and now stands at 
over £120m. The offer price of 
units in this fund shows an aver- 
age annual growth of 7.8 per vent 
per annum net of taxes and 
management charges. 

On the Pensions Managed Fund, 
the managers also favoured the 
equity market last year and co tu- 
rn i tied substantial amounts of 
new money. The gilt component 
of the fund also rose substantially 
in 1977 as a result both of active 
trading and substantial rises In 
the prices of gilts. At the end of 
the year, the fund stood at £S7.5m, 
split 53 per cent equities, .11 per 
cent fixed-interest and 1C per cent 
properly. 


Tho value of tbe Pension 
Property Fund stood at £23m at 
the end of 1977 with 11 new 
properties being acquired for 
£3m. This fund has also been 
active this year and now stands 
at £35m. 

Looking to the future, Mr. Syd 
Lipworth. deputy managing direc- 
tor and property director, stated 
that the property market con- 
tinues 10 be buoyant reflecting a 
strong institutional demand for 
first-class property and an Im- 
proving letting market. 


£ 853,000 
for J. & W. 
Henderson 


Taxable earnings of J. and W. 
Henderson (Holdings), builders 
merchants, for the year to March 
31. 1078, were £853.358 on sales or 
£31. 1 4m. For the previous 15 
months with safes uL £34 4fim, 
profit reached fl,2m following 
on a record 12 months at 11.06m 
in 197S. 

In the first six months the sur- 
plus was ahead from £425.000 to 
£517.000. Earnings per 25 p share 
for the year came out at 25.1 p, 
before an extraordinary credit of 
£G5.20S and a net Gnat dividend 
of 4.2713p takes the total to 
S2113p (9385 p for 15 months). 

The group has written back a 
deferred tax provision of about 
£450.000 and a revaluation of pro- 
perties has increased share- 
hnlders’ funds with a surplus of 
11,133,896. 


of reserves before the: posablUt* 
of commercial development 
ascertained. 

* -k . . 

Marathon -Oil has .announced 
that recent drilling on Hfefa 
Island block. A-56S. in the Gulf at 
Mexico about 110 mDes southeast 
of Galveston found, natural ga& 

Multiple pay zones were en- 
countered at depths ranging from 
4^200 to 8.100 feet 
. Marathon Oil. Amerada Hess 
Corporation and Texas Eastern 
. each have & 25 per cent interest 
in block A-56S, while Louisiana 
Land Offshore Exploration ami 
Louisiana Land Ehtploratioa each 
have I2J per : cent r . 

-The 5,760 -acre -tract was leased 
from the Federal Government In 
May 1974 for about £i5Xm. 

Bankers’ 

Investment 

REVENUE OF . Bankers Invest* 
-meat Trust for ther year to April 
30, 1978, improved, to a record' 
£1,049,421,' against £879,829 after 
tax marginally up -from 3HL34S 
to £624.056. 

Gross revenue reached- 
(£ 1.73m) and. total assets less 
current liabilities: increased to 
£31.4m (£28. 75m) for SL net asset 
value of 74p, compared with 672p 
per 25p share, including full 
investment premium, again at 
Rip. 

Stated eamihgs per share ■weiv- 
better at- 2.594p (2.414p) and a', 
-final dividend lof\1.05p takes the 
total to 2.55p (2.3p). net, costing 
£987,360 (£890,560); . 


m. rfi " ! ht" " abo Vi* -n am--d "" "ii oT "i a ic r " t b \n . . No w,,rM cf wrs Stenhou.se Holdings— A direc- Dawson International — Wood- 

four o'clock in the afternoon of t'hr r 'P lh '’ ,r '!'- ,f,T 0F JUSTICE tor. Mr. Gavin Boyd, has notified bourne Nominees has sold 50,000 

23rd dar o( Juno ism;. g? ™\^™k\reuovsixc. lJl ° company that as a result of shares reducing holding to 

nviTrn ~r t^. 1 re-arrangement of certain of 2,664,237 1 15.44 per cent*. 


Joint Company Announcement 

HUDSON BAY MINING & SMELTING 
CO. LIMITED . 

( lncopornted in Canada) ' 

MINERALS AND RESOURCES 
CORPORATION LIMITED 

( Incorporated in Bermuda) 

Proposed cash tender for nny and all shares,- 
of inspiration Consolidated Copper Company - “ 

The following is the text of an annoimceuient Issued by the 
above two companies on 6th June in North America. 

“Hudson Bay Mining and Smelting Co^ Limited, Toronto. 
Canada, and Minerals; and Resources Corporation'. Limited, 
(Minorco) H amil ton. Bermuda,, have announced they are filing 
today with the appropriate authorities in Maine and New 
Jersey certain information relating to a proposed tender offer 
for all of the shares- of Inspiration Consolidated Copper Com- 
pany not presently owned by them. -Hudson Bay Mining and 
Minorco presently own approximately 40% of the outstanding 
shares of Inspiration through a jointly owned, recently organ- 
ised UjS. company formed for the purpose of the- offer.- 
The offer is proposed to be made- at a price of U.S. $33 per 
share in cash net to the seller, following clearance of the 
tender offer materials by the appropriate state officials, which 
is expected to require at least 20 days. The filed materials 
disclose that discussions have been held with Anaconda Com- 
pany.' a subsidiary of Atlantic. Richfield Company fArco) with 
respect to* the purchase oC'.its.'cbrrenT /holdings .of approxi- 
mately 20% of Inspiration’s outstanding shares. Hudson Bay 
Mining offered to pay Anaconda $30 a share but indicated that 
it. was prepared to consider paying a slightly higher price. Area 
indicated it was not prepared to sell at that time and would 
review its options if a tender offer were made. Inspirations 
board of directors -has not yet had the opportunity to consider 
whether they -.will recommend acceptance of the offer to the 
company's shareholders. 

The First Boston Corporation wiUTre the dealer manager of the 
proposed offer. Under the proposed offer, soliciting dealers will 
be paid a fee of SHX25 per share- tendered, uf to a maximum ot 
$1,000 per beneficial holder or group of holders.” 

Issued from: 7tft June IS7S 

40 Hoiborn Viaduct ' ' • • 

London EC1P 1AJ . 


ANNUAliRESULTS > 

Year to 3t December ■ L x- ,' 

.-J977VV;. ; 

• • ' - ‘ : \ 

,f «OO0 : 

Revenue : 

9,312 " ; 

Pre-tax profits . * - : ■/ 

r ;50*:Af 

Earnings per share 

l 18.7p 4 

Dividends pershare-^Gross . 

5.0p 

- Net 

■ 3.3p 

*£5,500 net distribution as private company. 


Points from the statemen t by the 
Chairman, Frank Jackson 
©Another record year. -Profits exceed forecast 
made at time of group going public. 

• Ail trading companies contributed to in- 
creased profits. 

• Cu rrent outlook is for another record year. 

The Company’s shares are traded on The Over-the-Count# 
Market. Details of this market together with copies of them 
Report and Accounts are available from The Secretarfi 
Jackson Group Limited, Dobbs Lane . Kesgrave, (psw/cfl,. 
Telephone 0473-622701. 


| f -4 Clement Clarke 
ImmJ (Holdings} Ltd. 

Manufacturing and Dispensing Opticians 
Manufacturers of Surgical, Medical. Ophthalmia 
and Aircraft instruments and equipmiuit 

Mr. J. H. Clarke, Chairman and Managing 

Director, reports 022 2977: 

• Group Sales £7,477,264 
(1976: £6,298,170). 

• Group Profit before tax £879,106 
(1976: £957.719). 

• Group Profit after tax £408,606 

(1976: £380,541). 

• Pinal Dividend 4.9% making 8.65% ’ 

(1976: 7.75%) for the year. 

• Earnings per share 8.47p (1976: 9.71p). 

• Export sales £975,390 (1976: £822,204). . 

• The year ahead: The retail sector of the 
market appears to h&more buoyant - • 
than at this time last year, and aiready 
our sales are showing a worthwhile 
increase. We are extremely hopeful - 


continue to be successful. Ifths p 

trend of business continues, I exp 

satisfactory result at theend of th 


























25 


lasonTrust £0.2m 







*s y ■ 

p. ufjj ’•' 

,<ii- - 

■uS!: '■ 


' •_t^ r -- : - '^wbbs.-.,' : Han*aa; i ’the 

V says the., results were 

'dnta3 &££' **&* ot ewieraUy 
• «»cnlt trading Auditions la the 

r J2*. J«rt ; U& . , JSfiMlis were 
-■ redu<^{i sboie. £Q.4rtf by currenev 
movements.' y >** " N “ y 

■ side, 

dwn fr0 “ 

■ JESJSte, . h& SBSs that 

’^.SeaewatiiJjrfsted fl8 year slightly 

, i ^predicted owing to - 

r^^geatyiost- controls duriog the 

-> yftpy^ illmtnat for Hsgrafle as a 

•‘■^KS^e-^SP*- over capacity ‘ and 

“■'nigh- pohehase prices' t« ' »**- 


GRE starts on 
dull note 


at 3L4m after six months; -and 
wed assets up -from £3G.6m to 
£71.410. 




Tiutw tct _ ,.„ 

acrbrnstucui 

ti-Sl- • ... 

UK . , .._.. . ._ .-_-, 

lm.;-aemc£3 

US. ;. 

. UK 

-Bastawes cold ;. _. 

J*rejb Mfere Ux 

AiBJBttteCtt . •-• . — 

:. 

C1T' 

InfL wnkn 

■VS. u ... _ 

UK t, 

. BusiUMSW' sold ".T 

Prowrff ; wrt o:l»r iac.t 

-Tax , 

Net pram 

Atuwniie* • 


- HJf-waj 

lK7-1MKfrr? 

-. fin 

Xra 

mo 

2 MJ 

!».«. 

147J5 


luj 

K.O 

as.3 

3,5 

2s.u 

— 

U.'i 

UA 

UL2 

'' *3J»' 

4.4 

i.i 

0 o 

UJ 

id 

3. t 

9 *! 
t>-« 

— 

9.7 

».! 

04 

• ib 

4.7 

a 

6 & 

M 

D.« 


61 


See Lex 


, * a i&s k 
*>«*r* k 
* to *; • 
a;?W . 
1 ftrfj *•■ 

., r i at N s 
,a '. ««* 

’ inotw- 
for i3 
par ed v*;\ 
.wclim* ■•. 

P«r<w 

f p) ? 


the Lcavlca „ ... 

..... •* Lea tttenw aad jswem company 

"■ Profit rise e * seaWl * ' " " 

'•■■■^SSSSSL .'^'Wmenifc - efforts ' 

owing -tie.- substantia t Tnvest- 

;- ^“sh agriculiura! 

.• industry m the past two years. 

T T -‘rWith tbeU^ industrial services 
- companies, Carisbrook was 
.. encouraged by good early sales 
and « now waiting to see how 
markets develop. The new 

Interstate Urn ted « A /w\xta». 

Corporation contributed to results. FCCOVCF 
.'I*? • 'tbo- UK the ‘ construction 
4 compenle* performed 

v vHfiS[ foily justifying the group’s 
^ .incEeasmg: investment in this 
.-"sector, the chairman says. At the 

• >same time it is glimpsing an 
V improvement in the housing 

-^-Beadlts for the full year are 
expected to-be in line with the 
i- record £24 ,4 m achieved last year. 

■fi ••• aff; James says the group is 

• bfcJow capacity in many locations 
. end Is therefore well placed to 
_..ta|c§ advantage of any economic 
...improvement. . , . 

'{- ^Profit: is subject to tax of £4.8m 

- ~-<W.7m) and minority interests of 
'£0:3tt ■'• (£0.4m). Earnings per 


Westbrick 

profits 


RECOVERING FROM what the 
directors described .as - a .dis- 
appointing result at- midway, pre- 
tax profits of 'Westbrick mdnds 
finished the year to March SI, 
1978 ahead -£125,000 at £831,000. 
And this was - after exceptional 
lossc-s of £194,000. 

At tulfway when reporting a 
decline from^ £225,000 to S92.00U 
falter associate company losses of 
e orectors Maid it was 


share are unchanged at Op, while 
-..the-. dividend is lifted from 2.75p 
j ,^er 23p share to 3.02jp. 

/rr.. - - '•;£ dividend restrictions are 

’ULLTto,- - ttinoved, directors intend 
“v- -Anngxpg - shareholders' income 
/- *ncn , e hv line with the company’* 
-achievements. Last year a 
S32$7p final was paid. 

.. ■ Jfei. tangible assets are showr 
. al. ioap ClOOp at September 30) 
- ,per share. A balance sheet showy 
net current assets £30Jm higher 


£43,000) the 
too early to make a full year’s 
forecast. y. 

They now sav that the group is 
currently in a much healthier 
state with the management able 
to concentrate; .on the .ongoing 
activities which .will benefit from 
actions taken. ■? 

The exceptional iloss, and an 
extraordinary deficit of. £208,000 

(£01,000) were' necessarily incur- 
red as a result' of cleaning up 
actions undertaken, they -add. 

Before extraordinary, items, 
earnings per 25p, share are shown 
at 3.3p (59p) and -after such 
items at a loss of ISp (earnings 
4J>p). The dividend total lft cut 
from 2.924p to i5p with- a final 


P. Henderson poised for upturn 


RCES •? 

ED i 

- 

-har« 

mpany '~ 

■ issued byrV 

*iea. X .......... . ... 

nited. W 3 - : .j,f life: Pat.JSaynor, chairman of In the current year.ihe group 
rahon 1®': IP. CL -Henderson Group .says is giving much attention- to the 

1 Icey are fc? ,that..thp group is well on the way control of working 1 capital and 

teim and*; ;‘3o' overcoming- some 'of its prob- in particular to improved systems 
ied Ittidn Vletos - .and "be is now confident and greater ' effectiVHiwWs in the 

a d Comer & tbat r the group has an excellent management of physical stocks 
lav SlimnP ’ ^PPor timlty 1 -to move ahead The- need- for this iybf “ para- 
.“'S’ ■steadily over the coming years, mount concern” in itha light of 
-’ The group has rationalised the group’s expatision-plans over 
-■production-, at the door closer the next two years. 
factory ' -in Birmin gham; ; trans- Meeting, HomchurdL .Jone 30 
ferred roller shutter manufacture at 13;I5 pm. • : : :• " 

learow oii .. .to Enfield;. and cut back opera- .. - - ’ 

■ odicuiliKi '...tions iu the industrial door mar..- 
. ket ; in. Prance;. ... 

, This has, called for proyisiorts 
...of £316,000 which fhe : :chalrman ' 

-. expects;^ hovftr ; .ai;; anticipated . 
costs''. pud ’ losses, resultiiwt from 
■ the - necessary .‘action taken to 
deaf with these unsatisfactory . 

parts of the group. He is confi- . , . . 

dent that' this 'action will bring controffed/hy Uoyd'y of London 
Substantial benefits to. future Corporation •■' and Stockbrokers 
group' niofits; • . ■ ' • Kemp-Gefe; ' hove ycombmed to 

■ In "the year ended March -4. Introduce a new Investment 
1978, - group pre-tax profit service ! or smalt: investors. This 
|a . . amounted fo £L33m- to £l^Sm. On is ternjfed “Stockbroker funds ^ 
,-pivcC ran inflation adjusted, basis the and consists «rf an Intenial fund 
, ‘ 5 J«S a figures.. are shown at £912.000 operand, by Lloyds Life but 
M 2 raaauL.. - (£5fi7^0<)). afteriddmonal depre- whery the investment manage- 


payment of lp nel. 

The company operates as a 
building component manufac- 
turer. 

£158,742 

by.Times 

Veneer 

ALTHOUGH SECOND half prnlii- 
abiliiy was unproved. “The 
Times" Veneer finished 1077 with 
pre-tax profit down from JT170.1G7 
>0 £158,742, after a lower midway 
figure or £33,080 o-iiinst £08,121. 

.Sales for the y «v advanced 
from £3Jl9m to £4.02m. After a tax 
credit of £3,240 (£03^,12 debitl 
stated earnings ruse from l.tfflp to 
2^p per 5p share. 

A final dividend of OJp makes 
Ihe iota] pai-ment U.41p (0.37Gp) 

nel— the joint managing directors 
and their funuJir.s have u-.iJypd 
dividends totalling £3.670 (13,880). 

The group's business involves 
lhc manufacturing and merchant- 
ing of timber, veneers and pro- 
ces-icd wood products. 

Andersons 
Rubber over 

£106,000 

Recovery in second-half mxahlc 
earmnps from Xl.lifiG to £40.126 
by Anderson 1 , Rubber Company 
took profit from the year to 
March 3J. 197S. from £72.11)2 to a 
record I) 06,420. Sales by Ihv 
croup, which makes and distri- 
bute-: protective clothing, Indus- 
trie) rubber products and allied 
power transmission equipment, 
were up £I)31m at £3.12m. 

Tn December the directors said 
that the problems which arose 
during the second six months of 
the previous year had been 
largely overcome and they hoped 
for a satisfactory full year. 

After tax of £39.831 (£38.0841 
net profit came out at £4d.3!>5 
i£33J08) for earnings per 21)p 
share of 5.83p (4.15pi. The net 
total dividend is lifted to 1.332p 
n Aonpi with a Final of Q.M2p 
(OjSQSpi. 


JIERLECTI.SU Ihe effect of the 
firemen's strike and weather- 
related losses m u bad winter, 
The ffret month of the current year 
for Guardian Royal Exchange 
Assurance (lid not produce hOtis 
factory results. 

AL the anntui! mectiriR air. John 
Collins, chairman, said that on 
the motor side some improvement 
uas expected in 1978 but the full 
effect of increased raws uouid 
nut be fell until next year. 

Overseas results were mixer! 
and although there was an 
improvement in many operations 
Australia was likely to show a 
lower profit. However, ho was 
still hoping that lflTS undenminn 
wuuld be belter Ilian last year. 

At other annual mceLings 
yesterday, chairmen reported us 
follow*:— 

Braswaj— Mr. R ,.\. Suaby 
rep'irted thar the group had 
exceeded its forecast of £200.0uo 
tn the year just ended. Restruc- 
turing of the jrroup was still 
continuing and the chairman was 
in liltic doubt that current year 
profit.*: would be well ahead. 

Canircx (Holdings) — Mr. Ale:: 
Cameron warned that iirsl-hult 
profits would be down. The 
continued recession in shipping 
and had weather early in the year 
requited m profits being well 
below expectations. He expected 
the full year's result to be satis- 
factory. Mr. Cameron announced 
his resignation as joint managing 
director but remained as non- 
executive chairman. Mr. J. a. 
WilLer becomes chief executive. 

T. C. Harrison— Mr. T. C 
Harrison announced a big in- 
crease in profits for the firsl four 
months oi the current year and 
he expected a record result for 
the full term. Commenting on 
the inland Kc.cnuV resistance la 
a claim by aiiuther mnior dis- 
tributor fur K)U per cent first 
year capital allowance-; in respect 
of vehicle leasing contracts Mr. 
Harrison .said that it was difficult 
to see or. what --.'rounds the 
Revenue was resisting since there 


board meetings 

Til? /OWO HJJM i J;j-,c Ull'lf.C’l 

t!ai«i of. board mit-iiii. , j,-» u, c 
Usetiam:®- fiod' uhsl-hk, .,,-c ii,^ji** 
hrJJ Jot the iiuri", ,- nf i.-vr„«Jeri.-w ^»-.i 
li'wJS Offivjal Hirtl-.MIlf.-v; jrf r.ot JVj t- 
ablu y nether 'imunw. criiio-rT.r'l jrc 
lr.lvrtws or final-, an-i il-.- .„i,-i-,)f.i.„v. 
stuma aeluw arc ijj.-.i nu.ri; eti !a%: 
rear'd Uoicrau.c 
1 TODAY 

Inlcehnr^-Suo.ti i/cjn. C.-anJ Sreiro- 
polllan- 

FinaWi-Airfl'iA- S::e.,.„i 
Slurilrfli Baol'crv i a ;cn: Trust. 
Bruvm Shiaii-' ■ t uci i.. ■ £rw»try. 
Chcaierfle 11 ! Pruf iiui:,-.-.--. sure-.. 
DarUBfUd 1 li.*e a.i-.M .. Daaaoiaa.;, 
!3lcrtr0niv Rental-.. I y:nj-n f.’jvm 
CUIltne. tll* I'.wn ..n-l V.>i,.h. Uei-al 

(McrcHS, V.maji. Tririus. Li:ti 

luiemauwwt 

future dates 
inicrinti;— 

Cum EJscftanpe June j- 

lnUi DrttUie-^ jl-h* -: o 

f'lewey — ... ^ 

Kaal^fu jiuJ Saar..-.*:: C',tn-i,,n Jus.* is 

WWIanJ Air trail Ju;,< li 

HnaUs- 

.'.llipil Keia-ier* Ji-.ic ;; 

.\riel ladtismiM . . juae 

houmlee . .luiic U 

CtiUniry b We u r>u-.t, i-n>,ieniL*s Ju.-*e N 

Ca.i-W JM k*m.i: 

F jirdale Teaii>s . . Jew :• 

I'us rll auflrj:, . j.m,- jn 


have Seen two rw.-iin a. test ca-os 
where claims uf a similar nature 
have been allowed. Even if the 
Revenue succeeded he pointed 
out That the repcr-.usMons on the 
group would not alfcet earmngs. 

.Tames Neill Ifoi'dings— Mr. J. II. 
Neill told members. r.ot to expect 
the same rale of i.ruiit impro-.e- 
nient in 197S as m the previous 
year. Hov?\Or he was reasonably 
confident that the ^roup would 
reach a level of protit which 
would justify the higher dividend 
forecast at the lime of the rights 
issue. 

Ward While Group— Mr. George 
.tfcWattere rer , ‘*rt'-d that profits 
in the firrt half of the current 
year had been running substan- 
tially ahead of tho^c achieved in 
the comparable months of 11)77. 


Orion hit by motor 
and fire claims 


the ouiyjffifu. 

recently nr 
be offer 
Of I’i. ffifl- 


Slod Will; 
AnaeoiciaC- 
iny (Awl*- 
r«as of xx 
rs. ilufliair. , 
j; mdicaai; 
■jhor pricti; 
tune and »t . 

id*.*. 1 DSpiTiK ' 

unfiv in cxO 
the oEtrttj 



Lloyd’s Life, the li* company 


„ Ciatkm £155,000- (£113,000),. cost of mentf is handled 
7tfeJB«P‘. ' sales . £384.000 (£817,000), pius stockbroker. 

: gearinj adjustment £124,000 Tfe prime purpose of this move 

,.. ..(£149,000): is * enable the. stockbrokers to 

■■ " Group -. turpoveri topped .. £20rn dec! - directly with the client's 
"V ■ and -this" necessitated higher in- mipiey without incurring the high 
; --Teh tones- 'and debtors' which' -are casts of handling 'it on an 

stock- 

house 
equity 

end stocks were, up from £4. 62m. investment for small client— 
to':'£534m while overdrafts weresKemp-Gee lias two funds. But 
higher 'at; &5m against £L8 ttl fthis. solution is not available for 


>up 




by the 
lOfl 

b!ic- & 
-ibuted 

■ecordyeaf- 
•ft cffgfV ejfipy 

Iff 

nesgr# 9. 



*** . „ 


*,106 



F rorii the Ann ual Report and Statement 
■/.’ of the Chairman, Wlr. E- D- D. Ryder 

Another ex6e I lent year — net profit up by 30% 
to £T, 731 .,918 after transfer to Inner 
-Reserves-- 

' ^Dividend increased by the maximum 

proposed -Bonus issuebf 1 -Ordinary Snare 
. 4 fpr-ea crh.7 he fd . , v ' 

^Despite recent sharp rise in interest rates, 

- vinher Reserves are attheir highest ever figure. 

Financial HighJights 


l^ued Capital -f Preference 

.Ordinary c ; - . . 

•• " - Reserve .V 

. .profi.t : & Lu&s Balance 
' . ' ; - ' Ffbpb56d Bonus Issue 

Sdarenoldeii Interest 

Total Assets 

Total As$ei5--r.Sltarfhp'derslnteie3t - 

1 Profit - - - ■ ' • ' ; 

dividends' •• . 


1978 
. £ 
.1,685,000 
3,784,000 
- 3.000,000 
- 1,474,548 
540,571 


1977 

C 

1.655.000 

3.784.000 
3.000.000 
.1. 0S0.G01 


-10,484,119 ‘.9.545,601 


433,799,890 
41.4 
• 1. 731,918 
■797,700 


403.3S7.484 

42.2 
' 1 .329.928 
- . 712.721 


C^ter Ryder# Company lifted 

J..WnB WtHiam Street-London EC4N 7AU 

- Telephone: 01 -o23 /u/o 



gilt-edwd investment. 

Therefore Kemp-Gce has linked 
up with Lloyd's Life to operate an 
iu-house fund. which will .invest 
primarily in the gilt-edged market 
and handle the investment 
management of .the fund. The 
stockbrokers can thus put his 
smaller clients seeking gilt-edged 
investment into this fund. The 
bond is already available for 
Jump sum investments and it is 
hoped that a regular savings 
1 0-year high investment plan will 
shortly receive approval from the 
inland Revenue as qualifying for 
tax relief. 

The use of this method for giJt- 
'etfgied investment means that the 
cUciH also receives tax advantages 
in thu the fund is taxed as a life 
fund with special tax rates. 
instead\ or- having Investments 
taxed on an Individual basis. 

South of 
England 
Bldg. Society 

The pre-tax surpius of South of 
England Building Society 
Increased from Ii.5m to C.tm 
in the April 4. 1978 year, and 
assets jumped from £i7S.39m to 
£2l3.91m. From October the 
society merged with the Brighton 
and Shoreham Building Society. 

For the period there was a net 
increase in investors' balances of 
£3632m. and a £22.S9tn f£24.04m] 
net Increase in mortgages, with 
£4I.7Itn advanced on a total of 
4£47 new mortgages. 

At the year-end the liquidity 
(ratio was 21.2 per cent and the 
reserve ratio 4.48 por cent. 

Mr. G. G. Rogers, the chairman, 
says the society Is currently 
enjoying a good inflow of funds 
but in order to comply with 
Government, policy mortgage 
lending is being curtailed. 

• Proposals are in hand to change 
the rules of the socieLy .to allow 
if to pay pensions to any retiring 
directors, particularly in 
connection with mergers. 

HALLAM’S LOSSES 
EXCEED RESERVES 

.As losses continue to exceed 
available reserves at Hufiara 
Group or Nottingham, the direc- 
tors say the pre Terence dividend 
Tor the half-year to Juno 30, 1078, 
due on that date, cannot be paid. 

Preference dividends have been 
in arrears since July 1, 197G. 

IN BRIEF 

AHCHTKEOeS INVESTMENT TRUST— 
iDturlni dlfkleud on KIl-viih.- Nharus uf Up 
Ui82Di— increase m reduce Olspjrny and 
OfltnJ expects nt ItaSi to malualn lout 
dividends tor year of S.Uip. Net inconit 
hair TuAf L0 Aunica, I378.isa.727 i£2S.2frt< 
Alter iBX-tii^W inas27i. Ni*l awul value 
per' ea pit at share after provision for tax 
on unrealised mins M.lp iis.cpi. 

CLEHMURRAV INVESTMENT TRUST 
-Pre-tax revenue half-year w Aprii 20. 
1WJ. J37J19 ilW.Si#'. T-** * 4 }« D ‘ 
■02,190 >. Net assei value per 'Jure 
jowp rai.ip. October 31. 1977). Eanunss 
MT Share tor year ItTT-Td csumaiHi j*f 
|!.77p>. Inwrim 9'Ou i0.7&i atreailj 
aajhjuncvd- 

c. B. JACKSOM ASS0CIATCS icom- 
OBler services) — Turnover for 1977. 
103,415 <£»1,66B). Dn-riX pndlt 
t £20,018) after bank tmerwit tl. M3 iplfi. 
Tax £13.100 £10.1 <j i, esiraordinarv 

debit* £l^U4 mialmoi pmfit 

£3,076 (£1.308 Tors). Bcsuld Co daw taili- 
enie cormaos- ib wi io- «coed 

larcei of £500,000 ramover In U«78. Used 
Wtcts £27231 i£K».74fi), not rtim-ot as&is 
£3S£57 (U3.Mffi-4'ank ovigdratT QiB24 
l IB, W8V Meollnc. LCTihornc. Chlchvsior, 
Aflrli 27. 4.30 fim . , . 

JACKSON CROUP tdvtl and mechani- 
cal uddinecrins and uMKtniction)— 
Scfiriui tor 1977 already hnmvu. Croup 
fixed assets I1.4Sni i£Utin» net cunx-nl 
assets IMl.lttJ i£777.503i. Net liuuldlty 
down £392.000 fun *J01>,000'. The direc- 
tors expect another record rear in 1973 

KILLINGHALL TlN-OifiMUl lor May 
TUI uiruls <42* lonnesi. April 47 mnn«. 

OCEANA DEVELOPMENT INVEST- 
MENT TRUST— TDlvldrml o.-iSn 
year to if arch 31, 197S. Rovr-irao CV032 
f£34I6,i after las £1.155 <tl <*13). H^rn* 
too* rwr 25p shatd 0.5Sp <0C5pi. Nel 
asset value per shire 29.SP i'j7.Uii. 

PETAL INC TIN— Mar puipui 130 lonnus 
fAurn 133 umocs'i. 

STANDARD FIREWORKS - Tndlm; 
profit for rear 10 March SI, 1R7S, tlil.R-H) 
(073.091). urwax orofil B05JT2 (CTi.OfiSi. 
Dividend 5p (4.5h) tU-L 

FRANCIS SUMNER ENGINEERING— 
Far 1977 lurnover Cufttm (£3.0Tm). pre-inx 
profit f79«H 11192.172). Tax J50.RM 
(I52of4l. Earoincs ber nhore 7.05P 
f23.3pl; TMvlcI«uJ wlfM IH.BflO ff4IJ92i. 
The epmpany Is a subsidiary of Francis 
Sumner itioldtouij. . 


Orion Insurance Company, a 
subsidiary of the Dutch insurance 
con glum crate Nalionnic-Nedcr- 
1 an den. experienced an under- 
writing loss of £1.4Km in IU77 on 
its hump tire and accident 
account, which more than offset 
favourable results on the marine 
and aviation accounts. 

Sir Antony Part, in his chair- 
man's statement, points out that 
this account was signiticaniiy 
affected by the administrative 
problems experienced in handling 
a substantially larger motor port- 
folio together with a continued 
high incidence of motor claims. 
He also points out that the under- 
writing trend for household in- 
surance continued to be adversely 
affected by the weather losses 
towards the end of the year. All 
possible steps had been taken to 
secure adequate sums insured and 
premium rates. 

His statement also discussed the 
problems faring marine and 
aviation insurers at the present 
time. A considerable volume of 
*• bread and butter ” hull business 
was being lost by the London 
market to overseas markets will- 
ing to offer significant reductions 
in premiums. On the aviation 
account, over-capacity in the 
world market was leading to un- 
realistic underwriting and rate 
reductions. Nevertheless, the 
marine account recorded an 
underwriting profit of £800,000 for 
1977 together with a profit ot 
£450.000 in respect of prior years, 
while the aviation account had a 
profit of £250,000. 

Investment income amounted 
to £4.3Pm, a real rise of IS pei 
cent over I!)7B when adjusted for 
exchange rale fluctuations. The 


effect of the decline in UK 
interest rat-j-'; \*j., more thar 
offset by investing a higher pro 
portion of funds In British 
Government securities and 13.S. 
dollar bonds. Pre-tax profits last 
year rose marginally to £3.Wm 
from £3.B2m and the amount paid 
in dividends remained unchanged 
ru £650,000. 

Sir Antony. in reviewing 
future prospects, deals with the 
measures taken to strengthen the 
management, particularly in the 
home fire and accident department 
uliero trading results have been 
unsatisfactory for a number of 
years. An experienced under- 
writer had be.-n recruited to be 
manager of the motor account 
and Other appointments were 
currently being negotiated. He 
warns that the changes in hand 
would lipt have more than a 
margina^ffect this year but that 
prospects' for, improved results 
thereafter iver^ much brighter. 

Compco ahead 
at midway 

Subject to -tax of £20,749 com- 
pared with £21,586. profit o! 
Compeu Holdings improved from 
£23,8113 tu £39.495 in the 
September 25, 1977 half year. 

Directors say that subject to 
the satisfactory outcome of cur- 
rent rent review negotiations, 
second half profit should be 
higher than that earned in. the 
first \ix months. 

Profit for all last year totalled 
£49.333. Dividends were last paid 
in 1972-73. 



Summary of Results 

for ihe year ended 3 hi December 1977 


1977 

£’000 


.-1976 

£'000 


GROUP PROFIT BEFORE INTEREST AND TAXATION- 
GROUP PROFIT BEFORE TAXATION- — 


24,814 

23,347 


24,332 

23,16* 


GROUP PROFIT AFTER TAXATION 
^before Exiraortiioary liems) 


EARNINGS FOR ORDINARY SHAREHOLDERS 
(before Extraordinaty Items) ! 


ATTRIBUTABLE TO ORDINARY SH.YREHOLDERS 
Rafter Extraordinary- Items) - — -~ 

Ordinary Dividends — ; 


RETAINED IN THE BUSINESS . 


12^53 - 13,490 

11,X65 11,075 

10,775 13,215 

4,866 - 2^32 

5,909 10,684 


NOTES: 

1. ffcr above profits irctutie dividends received from M.ilj;..:fain Pfunt.itions fHofdingsJ Ltd., Harcros Investment 
Trii-.tltd. anti Karn^r.* M^U,.iian Esiatc- Ltd. in which the Company held trade investments. Since 3 1st December 
21*77 all three Conipar.Ci ha-, e been the subject of successful offers referred to below. 

2. The ordinary dr. ider.U- have been based on the issued Ordinary Capital of £32,227, 1 26 at 3 1st December 1977- 
J. Lviraordmary Item.i kiclude exchange losses onneicurrei'.i assets £1,041,000; I97o gains £1,412,000. 


Principal Activities and Division of Profit 


General Mcrchanting and Services, Shipping and Insurance, 


Manufacture and pressing of Chemicals, Industrial Raw Materials, 
Rubb-’r, Textiles and Engineering Products 

Production of Logs and distribution of Timber, Glass and other 
building materials^, 

Financial Transactions 


O per at ir. g Su rp Jus- 

Investment Income- 


Associated Companies- 


Geographical Division of Profit 


United Kingdom. 
Asia 


North America- 


Other (mainly Australia, New Zealand and Papua New Guiriea)- 
Imestment Income and Associated Companies — , — __ 


. Profit before Intchsi and Taxation 

1977 1976 

£’000 £'000 

7,499 

6 , 782 

6,631 

5,567 

7,042 

9,645 

547 

698 

2J f 719 

22,692 

1,950 

. ‘951 

1,145 

6S9 

24,814 

24,332 

1977 

1976 

■1 


49 

46 

26 

31 

6 

S 

6 

8 

13 

7 

200 % 

100 % 


Ordinary Dividend • 

Final dividend 17.4p per share making, with the interim oMJSp per share; 2l.7Spper 
share for 1977 (33p per shareincluding lax credit at 34. ; 66ihs). This represents an increase 
of 88 % compared with the adjusted total ordihajy dividend for. 1976. ' 

Eventsinl978 

Since the end of Jastyear the Group has been enlarged and strengthened by the acquisition 
of Malayal.ara Plantations (Holdings) Ltd. ' and Harcros Investment Trust Ltd. More 
significantly, as announced on- 6tir- June- 1978, the Company’s offer for Harrisons 
Malaysian Estates Ltd; has become unconditional in all respects and will result in the 
merger of the two Groups-of Companies. . 

A final dividend of 17.4p per share will be payable on all new Ordinary Shares to be 
allotted pursuant to the offers for these three. Companies. 

The Report and Accounts, and the Chairman's Statement, vill be issued on or about the 21st June. 



Financial Highlights 1977 Top Design Council Award 


Sales 

Total group up 2734% to £42. 14 million. 

U.K. companies up 33% % to £34.9 million 
including 40% export. 

PreTax Profits 

Up 80% to £3.74 million. 

Earnings pershare 

Up 95% to 21 .3p. 

Dividends 

Up 20% tp 5.8p, 

Shareholders Funds 

Up 16% to £27.2 million. 


Fora cfataifed financial report, write to: The Company Secretary, 
James Neill Holdings Ltd., Napier Street, Sheihsld, Sll 8HB, 
crTelephone 0742 71281, 


In addition towinning one of the 1978 Design Council 
Awards, the Micro 2000'gained for its designerthe • 
coveted Duke of Edinburgh's Designer's Prize-thetop 
Design Council Award of the year. The world's most 
advanced hand held electronic digital micrometer is 
manufactured by Moore & Wright (Sheffield) Ltd. 

The Micro 2000-is the latest addition to a range of 
technical -innovations from the James Neill Group. 









js?«l 




26 


Finand^Tm^s 






lYOnCE OF REDEMPTION 


To the Holders of 


SCOTT PAPER OVERSEAS ITNAJN'CE N.V. 

(now Scott Paper Company) 


8%% Guaranteed Debentures Dae July 1, 2986 
Issued under Indenture dated as of July 1, 1971, as supplemented 


NOTICE IS HEREBY GIVEN that pursuant to the provisions of the above-mentioned Indenture, 
$1,600,000 principal amount of the above described Debentures has been selected by lot for redemption 
on July I. 1978, f$ 800.000 principal amount through operation of the mandatory Sinking Fr~ J — J 
S300,000 principal amount through operation of the optional Sinking Fond), at the principal 
thereof, together with accrued interest to said date, as follows: 


Fond and 

amount 


M-4 12S0 3532 3852 5®5 6M5 7409 

7 1251 3530 3862 5036 6304 7418 

33 1367 3533 3665 5042 6334 7418 

49 1269 3540 3881 0051 <035 7442 

59 1296 3541 3887 5060 6363 7445 

63 1298 3563 3890 BOOT 8364 7454 

88 1302 3579 3899 5098 6385 (479 

1D2 1314 3582 8904 5118 6400 7460 

184- 1337 3602 3910 5118 6401 7511 

204 1354 3609 3837 5127 6414 7533 

206 1366 2617 3940 5141 6425 7552 

ZIB 140* 2819 3949 5257 8433 7554 

219 1415 2632 3956 BIOT 6435 7561 

223 1423 2672 3957 5175 8450 7W7 

281 1424 3676 3960 5185 6464 7611 

283 1435 2080 3978 5211 6485 7613 

287 1431 2700 4004 5230 8499 7613 

312 1475 2701 4005 523B 6513 7618 

319 1496 2711 4006 5242- 6526 7621 

325 1509 2713 4034 5248 6544 763 

332 1010 2739 4044 5262 0570 704 

339 1540 2730 4074 3264 6072 7715 

342 1544 2759 4079 5277 6566 7717 

358 1345 2773 4081 5309 66Q5 7737 

404 1577 2783 4115 5313 6614 7732 

436 1382 2790 4127 5328 6619 7760 

438 1609 2793 4128 5352 6622 7789 

439 1613 2795 4132 3350 6632 7792 


DEBENTURES OP $1,000 EACH 

13272 14508 18M0 17488 18662 

. . 14519 16015 17490 18673 

32298 14522 16028 173G9 18873 


E8H 


10113 11128 
1018a 11130 _ 

31139 12067 
10131 11154 1207a 


12078 


8840 10162 11188 1207? 


8880 


12130 


8920 

8923 


32157 

12180 

32178 



9116 

9118 


441 1818 2798 4141 5368 6645 7803 

443 1621 2847 4181 5384 6833 7811 

497 1630 2838 4191 5401 6OT4 7827 


9lH 


9278 


1 


713 

721 

745 

753 

736 

758 

■res 

792 


6782 8048 

5836 6787 8061 
5654 6794 8076 
5663 6806 8077 
5668 6834 8084 
5673 6836 8090 


6933 8281 
6942 8281 

OT60 & 
6979 8298 

H if 


is 

B 

a 

HI 

3 


B28 1631 2873 4219 5440 6658 7843 

531 1632 2891 4221 5442 6867 7843 

541 3638 2900 4222 3450 6668 7853 

551 3649 2902 4233 5453 6680 7863 

Ml 1656 2916 4248 5485 6683 7878 

567 1863 2926 4272 3498 6687 7930 

562 1077 2947 4384 5541 6692 7939 

568 1681 2953 4286 5548 5698 7955 

590 1695 2976 4299 3556 6705 7959 

601 1715 2961 4305 5559 6714 7965 

646 1731 2987 4311 3565 6715 7968 

049 1750 3008 4343 5577 6733 8023 

650 1737 3012 4344 5580 6741 8030 

656 1771 3014 4364 5595 6768 8040 

688 1799 3029 4366 

696 1812 3051 4406 

700 1820 3052 4416 

710 1838 8079 4419 

1040 Sill 4442 

1859 3112 4465 . 

1876 3117 4493 5685 M43 80B6 

1878 3124 4497 5705 6850 8122 

1B87 3127 4499 6712 6883 8256 

1894 3147 4503 5735 6006 8257 

1905 3152 4517 574@ 

1915 3136 4518 5764 

807 1923 3180 4520 5773 

810 1925 3334 4528 3774 

833 1934 3336 4531 5790 

845 1838 3349 4536 5795 

851 1M7 3350 4538 5802 

864 1964 3352 4549 5822 

869 1978 3373 4539 5832 6992 §346 

875 2027 3404 4573 5835 7001 8352 

881 2038 3411 4577 5840 7020 8375 

923 2045 3420 4604 5858 7029 8389 

S29 2057 3422 4809 S914 7058 8393 

941 2061 S442 4610 5927 7060 8407 

942 2081 3443 4628 5947 7063 8410 

943 2093 3446 4649 5970 7078 8419 

947 2128 3501 . 4679 

950 2136 3512 4693 

974 2146 3517 4697 

077 2153 3524 4701 

990 2137 3334 4704 6011 7131 

997 2162 3536 4729 6015 7146 8490 

998 2195 3535 4748 6016 7156 8508 

1017 2198 3563 4755 6017 7158 8510 

1031 2215 3581 4759 6046 7159 8511 

1057 2288 3590 4784 6053 7178 8520 

1058 2271 3591 4769 6095 7196 8535 

1062 2278 3594 4774 6099 7201 8648 

1086 2304 3806 4806 6121 7223 8577 

1080 2311 3612 4825 6133 7237 8580 

1083 2332 3G13 4834 6X39 7228 8386 

2084 234 O 3839 4642 6252 7229 8592 

1124 2352 3650 4857 6158 7240 8592 

1225 2358 3660 4874 6172 7252 8015 

1134 2371 3660 4901 6189 7259 8617 

1252 2290 3703 4911 6190 7261 8623 

1170 2408 3713 4914 8191 7307 8626 . 

1176 2408 3737 4929 6234 7325 8650 10027 


10X63 111' 

10164 

10171 

10180 11232 
10196 1123# 

8962 10200 11249 
8363 10201 11253 

S8 32S iSS 

B iSSS IS 

10237 11291 
U3U 
11323 
. 11326 

1Q284 11330 __ 

10276 11335 12200 

10277 11388 12311 
10288 11338 
10302 11341 

10325 11348 

10326 11851 .... 

10331 11353 12416 

10381 

10364 . 

9182 10367 11383 -12442 
9201 10388 11378 12443 
8303 10377 11389 124B1 

10382 11419 12512 
9237 10384 11427 12516 

10388 11439 12518 
10406 11440 12524 
10414 11450 22334 
10420 11474 12542 

10429 11482 ' 

10430 11484 
10433 11489 
10438 11482 
10471 11502 
10496 21503 
10501 11508 
10512 11510 
10517 11530 

10524 11531 

10525 11532 

10B43 11557 


s m 


91‘ 


13306 14539 16049 17107 18874 

13308 14540 18064 17581 18676 

18829 14544 16074 17541 1 8694 

13382 14547 16090 17B61 18729 

11202 12146 13385 14577 16099 17564 18754 

11209 12147 gig «M1 l|m ITggg IfTOT 

13395 MOW 16184 17600 18785 

13396 14614 16139 17601 3B80S 

32175 13414 14629 18166 17602 18812 

12170 13420 14647 16181 17632 1 8845 

12191 19426 14682 16296 17649 18861 

12183 13428 14683 16305 1 76SO 18875 

12206 18534 14684 16309 17878 28688 

12225 13543 14685 16384 17688 18902 

12242 13551 14SBS 16339 1 7704 1 890 5 

12266 13572 14701 1634? 17707 18906 

12292 13603 14706 16370 17731 1MJO 

12299 13830 14732 16374 17727 18938 

13630 14744 1OT7B 17730 19011 

18837 34748 16391 177B0 19028 

12821 18642 34747 26430 

13669 14748 16456 

13875 14788 16504 

13676 14787 16508 

13668 14793 16511 

21356 12420 38700 14795 38322 

11358 12429 13748 14797 16517 

38752 14814 

13763 15195 

13765 152,4 m ^ 


13770 

S3 


17700 _ = ___ 
17753 19024 
17739 19048 
17761 19048 

17811 19049 

17812 
17819 

17B3S 

18519 17861 19102 

16591 17878 19105 

15214 16601 17876 19106 


3% 


10590 


13233 166*1 17911 19131 

15281 16660 17920 19144 

3782 15282 16658 17937 19147 

3830 15271 3067D 17966 19143 

3862 15282 16688 17987 39149 

13870 15286 16697 17991 39168 

3878 15338 16700 17996 19170 

3879 15341 16718 18011 19172 

3891 15338 18728 18018 18195 

13895 15387 16733 18038 19251 

3900 15372 16742 18048 19257 

18927 15388 16759 18059 39258 

12817 13934 15404 20771 18074 19259 

12624 13935 15409 16782 18078 19261 

12637 18980 15420 16799 38094 19271 

12651 18980 15452 16812 18103 19278 

12087 13989 15454 10818 18112 10317 

32660 18993 13466 16829 18113 19318 


12970 

SSB 


12609 


10578 11588 12690 13999 16469 16848 18119 19335 


9538 

9542 

US 


10581 11603 
10593 11606 
10568 11011 
10602 11617 
10617 11624 
10622 11628 

10626 11658 

10627 11667 
10645 11686 


12703 14014 15478 16843 18132 19387 

14017 15476 16849 18135 19380 

14038 15507 16851 38X58 19899 

14031 15517 16861 ~ 

14044 15321 16868 

15B28 16908 

15540 16937 

12799 14098 15361 16947 

12806 14099 15083 16954 


12708 

12710 

12713 

12730 


12778 14055 
12785 14068 


9619 

9631 


10670 11687 12810 14111 15588 18888 

BS 


11690 
11703 
11730 

11737 _ _ 
11741 12899 


18185 19416 

18168 19490 
18182 19511 

18169 38322 
18193 19527 
18199 19331 
18213 19336 


5971 7081 8424 
5976 7107 8426 
3988 7113 8431 
6004 7129 8448 


9660 


9673 


9729 

SB 

9745 

£8 


II 

II. __ 

15 
10716 

10762 Inn 129U 14187 
10764 11789 12937 14190 

10773 11806 12940 14198 

10774 11B07 12967 
10800 11810 
10802 11812 
10817 11819 
10823 11840 

10856 11849 

10857 11864 


12821 14122 15599 16967 18215 19548 

12825 14130 15617 17012 18216 19540 

12835 143.52 15622 17035 18228 19588 

12858 14166 15626 17043 18235 19596 

14171 15631 17053 18242 19fl05 

11754 12895 24174 15838 17000 18360 19814 

11768 1*909 14178 gg 17061 Igg 19OT3 

15682 17078 18348 19639 

15718 17076 383*4 39641 

14*04 15722 17113 18350 19649 

15724 17129 18351 19652 

15731 17139 18380 19676 

12976 14247 15758 17175 18386 19678 

13025 14253 15768 17180 18386 1B6T9 

15771 17184 18425 19OT8 

1B7B9 17188 18435 19705 


12960 14239 
12963 14241 


9896 10874 11886 13053 14278 15808 17342 18487 19712 


1 


10881 


11888 

11895 


14381 15809 17 
14287 15817 17 


9948 

9957 


9981 

10010 

10017 


18448 19781 
18444 19789 

10901 nS06 13074 14313 15829 17810 18488 1B800 

10908 11908 18078 14842 15830 17318 18478 19811 

24846 15867 17317 18483 19821 

14350 15880 17347 18496 19881 

14362 15895 17353 18B27 19850 


20914 
10920 I 


11912 18036 

1921 13104 


1179 2426 3750 49 


6236 


8691 10054 


1180 2427 3759 4964 6241 733 _ __ 

1195 2435 3763 4986 6243 7340 8696 10061 

1202 2450 3777 4388 0253 73B8 8723 10092 

1213 2454 3788 4990 6256 7363 8731 

1228 2499 3791 5004 6270 7398 8740 

1231 2504 3606 5025 6379 7402 6772 


113094 

10098 

10XM 


lit— _ . 

11923 131' 

10932 11944 13126 14375 

10939 11953. 13139 14376 

11Q10 11954 18164 14881 

sss m s us as 

11065 11997 13194 14430 15989 

11068 12005 13221 14435 

11070 12012 13225 1' 

12014 


11085 12026 13267 
11104 12033 13269 


14449 IS 
14461 15 
14469 10 
145 00 10 



On July 1, 1978, the Debentures designated above will become due and payable in such corn er cur- 
rency of the United States of America as at the time of payment shall he ’ 

1 _ r 1 1- , ■ T*_»_ JII : J — 


legal tender for the pay- 
ment of public and private debts. Said Debentures will he paid, upon presentation and surrender 
thereof with all coupons appertaining thereto maturing after the redemption date, at the option of the 
holder either (a) at the corporate trust office of Morgan Guaranty Trust Company of New York, 


15 Broad Street, New York, New York 10015, or lb) at the main offices of Morgan Guaranty 

»fJ ----- -- - ~ - - - 


Trust Company of. New York In Brussels, Frankfurt am Main, London and Paris, Banca Na&onale 
del Lavoro in Milan and Rome, Swiss Bank Corporation in Basle, Geneva and Zurich, Bank Mees & 
Hope NV in Amsterdam, Credit Lyonnais in Paris, Societe Gene rale de Braque SA- in Brussels and 
Braque Generate 'du Luxembourg S.A. in Luxembourg. Payments at the offices referred to in (b) 
above will be made by (heck drawn on a dollar account, or by transfer to a dollar account maintained 
by the payee, with a New York Gty bank. 


Coupons due July 1, 1978 should be detached and collected in the usual manner. 

On and after July 1, 1973; interest shall cease to accrue on the Debentures herein designated for 


payment. 


Dated: May 25, 1978 


SCOTT PAPER COMPANY 
By MORGAN GUARANTY TRUST COMPANY 
of vkw york. Trustee 


NOTICE 

The following Debentures previously called for redemption have not as yet been presented for 
payment: 

debentures of $ woo each 

M- 637 2677 3603 3882 4916 8823 9730 9744 10608 11072 14377 17434 17483 

1306 3601 3880 4910 5946 9197 9724 9748 11009 13554 17033 17477 17488 


INTI FINANCIAL AND COMPANY NFWS 


AMERICAN NEWS 


■<-. ■ v 


Beatrice Partial verdict 



: -.1 


sees peak 


quarter 


in SCM-Xerox case 


-- .-.-■lO'.., ' . 


forPabst 


DALLAS. June 7. 
SALES, NET earnings and earn- 
ings per share for the first 
quarter ended May 31 reached 
records Mr. Wallace N. Rasmus- 
sen, chairman and chief execu- 
tive of Beatrice Foods, the 
world's largest food company, 
said in remarks prepared far the 
annual meeting. 

Earnings for the quarter would 
rise by about 8 per cent to 10 
per cent over the S55.7m or 61 
cents a share of the previous 
first quarter on a sales gain of 
about 10 per cent to 12 per cent 
from last, year’s $1.5bn. These 
projections are on a restated 
basis, to include companies 
acquired in poolings-of-interest 
transactions up to May 31 and 
do not include the acquisition of 
Culligan International acquired 
on June 2, be said. 

Mr. Rasmussen expects another 
record year ’in fiscal 1979 and 
believes sales wiU exreed STbn. 

In fiscal 1978. Beatrice 
reported net earnings of S222m 
or $2.41 a share bn sales of 
$5.3bn. 

The company’s growth will 
continue as it has over the past 
five years and it expects t0 
double sales and net earnings by 
fiscal 1983. 


BY DAVID LA5CELLES 


NEW YORK, June 7. 




By .Joiin Wyiw - 

■ . " ‘ VNEWYORK, Jnws.% ^ 

APL. ■ CORPORATION'S for* 
posed takeover -of ? : 8ut : 

THE JURY in the long-running Much of the case revolves However - the- jury .only ';Brewing'COTnjjsqiy fias- beo^ 
office copier anti-trust case around the question whether answered four of 4he 76 questions.'., blocked/. hy'Wlseonsln’s . fc£:- ; 
between SCM and Xerox gave a there was a “relevant market” which had been put to it. by ibe missraoer of Securities' 
partial verdict today which for plain and coated paper Federal judge. And it- Is-, stub * * - 

appeared to reject part of SOM's copiers in the U.S. in the 1960s, far from clear whether Xerox 


grounds, that' APL would ho 

v- — , — ... _ ■■ gxea^;.^ WV 

damages claims against Xerox, and if so. whether Xerox- was uri- lias, been cleared for its ccmducx ■ tfee^4Sm purchased;’; . ’ 

but still held open the possibility fairly keeping it to itself. - in those five years, or whether it -- The derisfonTwias: ' . 

of a wrongful conduct finding . - :■ " . must still answer aHefcatums by Pqhst,, whicb vas fightinx-x 

against Xerox. Today, the jury determined covering the period after 1969. : 

In a suit originally filed in that such a market did notexist Evan !T the case uojot. go ; ^ fete sftfor tfi mra«^ 

1973, SCM, which manufactures in January 1964, but that it did against Xerox, the jury wia men . 

plus $2 cash ipr^eaefr d C.$jh£' 


office equipment, is claiming exist in January 1969. This seems have to consider the whole. qtres* 

damages of $1.47m for loss of to rule out any basis for SCSI’s tion of damages due -to. SCM, 

profits resulting from Xerox’s allegations that Xerox -main- plus costs which have already 

refusal in the early 1960s to grant tained an unlawful monopoly mn into the tens of niilltons of 

it a licence to make dry copiers- between those years. ; dollars. n', : 


At 


Brazil court backs Formica 


shares. __ 

■ Commissioner 7 Joseph. 

S&rteU reftistMt torresdster ^ t 
takeover offer because,' he fe&fc 
API's earnings woal d ’ not su^ _J t 
port • the - adaftfonal . - tfffefc 
created, by /the debc& ' r 

tuxes.- . V.-> ■ f 


J 


RIO DE JANEIRO, June?. 


He, added that the- proposed > 


transaction would 'Ae h mtfafr L . .. 
and' Inequitable^ to._Fhhst£. 
stockholders. . *. v V : 

In a d^dston whieh-exteuded ijj 


BY DIANA SMITH 

BRAZIL'S Federal Appeals Court panhia Qulmica used -phenol. Corporation. > Thira. ^the^ontt 
has upheld a District Court melamine and polyester resins ruled, the term could not be per- 

ruline, barring a Brazilian not form ol in its laminates. mi tted general usage, and should . ^ 

laminates company from using Therefore, they argued, the protected against ^^ulgarisa- ^ 

the word .“Formica” in descrip- laminatescould notbe^accu- gon" which could Iead-to 4ts^ use 

tion of its products. rately described as ‘Tormic* or ^ numerous manufacturers. ** 

jsasawsw «s£-*5SS3 ' 


Higher loss 
at Penn-DL\ie 


NEW YORK. June 7. 
FURTHER SHARP losses are re- 
ported by Penn-Dixie Industries, 
the steel and cemem group, the 
figure for. the first quarter of 1978 
amounting toS4.82m on sales and 
revenue of S51.28in. In the same 
period last year, there was a net 
loss of $S.4m, after a tax credit 
of S2.4m on sales and revenue 
of S53.19m. 

For the whole of 1977, the net 
operating loss amounted to 
S15.18m, against 54.47m. the 1977 
figure providing for tax credits 
of SSB3m. Sales and revenue in 
1977 totalled $281.51 ra. against 
3281.64m in 1976. 

AP-DJ 


nates Company) which, when 
registering its product with the 
National Industrial Property 
Department used the term 
w known as Formica laminates.” 


use anotner pnrase mce Tcrow.as it not these enteiiprises . . . . *'• ‘ r W 

SS*5teSS5«. p? “ l^l e tfo“ . dam3 *? 

The Federal An Deals - Court- TTn4w i»i,rwonl Itriniian law' " "'lUtO 


The Federal Appeals Court . Under current Braziiian law. . 

determined that all the evidence brand names can ''he registered . JHaIaJ. 2rtJfiA. .-Wijra 
_ presented left no room for doubt. locally if they consist of ” names NEWj^fiRK^june 2,'A ^ 

tormlca Corporation and that the words . “Forinlca or words without antecedence or' ASHI^AND uDIL 'ido^^'ntfNA^ 1 '- 
Cyanamid. of Brazil went to laminates"’ were a neologism, conflict with other trade, marks expect '‘to r . reeoviflt' the tiront‘j 
court, asking for the registration derived from the Formica trade- already registered, or those tbat “ fhortfhll drthe firat half of thel''-- 'J. 
to be annulled that the Com- mark, property of the Formica are not banned by law.? ^ cnrrent y^ajr and may seR.so^^^!: 

hm tA . iimtmvD n wiTil- ■! Vr ' 


©Por^tions to. improve ; 1 


: Inds prepares bid for Fet/rt 

CHICAGO, June .7.' . : Canadian, andr E^ reip^ipiaMb: j . 

of el ther Pet or Hardee’s. posed tender offer;- taur commit- U on ■SS* *****&%_' 

This foLlows the filing. y ester- ments have been received. ^ AA^yjgnm .4Xw^ra^.;^j . 


IC INDUSTRIES, 
holding company. 


the railroad 
through its 


Bankamerica 



mission. 

IC Industries said 


;group;of -foreign 
'• •• banks will provide-' the rest,'.' A 
that if . it definitive loan - agreement has 


sees tax gain 


: analysing Its Investment srfter»- 
atlves and, the' legal, Uuc, aBd v 
nerimntfpg cousJfleratifliis 


ATLANTA. June 7. 
THE PASSAGE of Proposition 
13 in California could add about 
7 cents a share to annual earn- 
ings of Bankamerica. Mr. 
Lei and S. Prussia, vice-chairman 
and treasurer, said to-day. 

The effect of the proposed 
property tax rollback move on 
Bankamerica would be about 
S13m In property taxes and 
linked to it about S6m In the 
equivalent of State income tax. 

This assumes, he said, that 
there would not he some kind 
of new offset tax Imposed by 
the State, which the bank hold- 
ing company considers a possi- 
bility. 

He also explained that the 
7 cents estimate is based on last 
year's net before securities 
transactions of S395m or S2.71 
a share. The final net was S396m 
or S2.72 a share. 

AP-DJ . 


at 354 a share. 

1C Industries says the pro- 
posed offer would not be condi- 
tional upon the tender 
minimum number _ 

However it will be eondlUonM - IC todustte'Said&exefinlred^ He, said directors hope W^ 

upon the previously announced ofPet a n d Hardee a. IC Industries filings, including ; a -'proposed;.; make changed that wfH result: 
proposed merger of Pet and ^ r ®°_^_°'5 ra i_,p’ 000 stiare * 01 forr? °f °ffe r to purehase, was in AshlamTs stotk price more -,: 

■ fully- reflecting the underlyinff - 


der of any paired share* of Pet under- the -already beeit executed with the .' 
of shared offe , r lt imends , ^ ^ote" them : foreign banks, ;. 
prmHitin-nai against approval of the mereer IC Industries said tiiereatured','* 


im/pvocu uicigci i/i rcL «u iu _ ’ ~ ■ 

Hardee's Food Systems not be- common stock. 


in g approved by the shareholders In connection with the' pro- Agencies 


made today with the REG. 


value of its. assets. Reuter 


Overhaul proposed for communications laws 


t! 


a 


By Our Own Correspondent '•* ■ i '- ; - ; - - v ^ > v- X Vfy.QmKfftrnrf Jute 7! 

MEMBERS of the House Com- Telephone and Electronics wonld be directed to decide theC-rerriars obP°riiiniti^ tu'compete ]' " 
m unications Subcommittee have Corporation to shed either. Its extent lo which one . telephone; ; in markets now cl osed to them. rjr-. 
unveiled a proposed overhaul of telephone or equipment opera- service should- subsidise another. -. By •• sweeping .aside existing • 

Federal communications laws tions, subcommittee, staff mem- Such cross-subsidy" decisions. Government and' court . restric- tV," 

which could have a profound im- bers explained. which determine the iwtes of dif- ;tions. for t examp]e. the Bill wooiA^: '• 

iact on American Telephone and The proposals further would ferent telephone services .have" enable phone companies to offerj^- 

-pain a nour fnm miinlcntinnc motitlv hppn left- tn . nppntiatlfvn* thpir- enmnntM 1 .omi'..' “ 


lelegTaph and on other common crea te a new Communications mostly been left v to : negotiations . their customers ' computer sej^C- "". 
carriers. Regulatory Commission as a between AT and Ts BeD system, vices, v ^ r- ..- . . ■* 

The legislation would bar tele- g rea tly streamlined replacement and State Utilities ;Gomia!s^ Overall the . proposed '2^-? " ' 
phone companies from the manu- f 0r tii e present Federal Com- skmers, the subcommittee ^ said, seeks; the -freer play of '.'jnarfwS'Tj,; 
facture of telephone equipment, munications Commission. On the other band*, the pro- forces and a smaller role,*fMi 

atT 1 ^ohibmon would force Under legislation that would posal representing the: .first Federal . ;xegulators. It qruulffg'. . 

Ai ana 1 to get ria of its create a new Communications attempt by.. Congress to Rewrite 'abandon most of the, regulatiil^',-. ‘ ■" 

® e iJ?? manufacturing Regxiiatory Commission, the new the Communications. Act of.1934 adjected 'R&, ^ 

arm and similarly for ce General commission, among other things, would offer AT and "T and. other instance.' 


EUROBONDS 




ASICS $15m convertible 


BY FRANCIS GHILeS 
A $15m convertible dollar indicated ‘ coupon for these 
denominated bond for a bonds, which carry a 15 year 
Japanese borrower. ASICS Cor- maturity, is 6} per cent with an 
poration, is to be floated through expected conversion premium of 
a group of banks led by Yamai- approximately 10 per cent 
chi with Credit Suisse White ^ is ^ e first Japanese 
Weld as co-lead manager. The do1l3r in ^ Euro bond sector 

convertible since the 550m con- 



Dansk Eksportfinansieringsfbnd 


Copenhagen 


DM100,000,000 
5%% Bonds due 1983 
- Private Placement - 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


AM STH1DAM -ROTTERDAM BANK N.V. 


BANQUE POPULAIRE SUISSE S.A. 
LUXEMBOURG 


COMMERZBANK 

AktiengeseOschaft 


DEUTSCHE BANK 
Aktiengesellschaft 


HAMBROS BANK 
Limited 


KREDiETBANK S.A. LUXEMBOURGEOtSE 


ORION BANK 
Limited 


PKBANKEN 


PR1VATBANKEN AKTiESELSKAB 
COPENHAGEN HANDELSBANK 


DEN DANSKE BANK 
af 1871 Aktieselsfcab 


FAELLESBANKEN FOR DANMARKS 
SRAREKASSER A/5 


Abo Dhabi Investment Company 
Algemene Bank Nederland N.V. 
Andelsbankan A/S Danebank 
Banca del Cottardo 


Richard Bails A Co, 
Bantu era 


Norddautaeim Landeabanlc 
Giroxentrale 


Bankers Trust International 
Limited 


DeutBChe Girozentrale 
-Deutsche Kommunnlbank- 
Deutsch-Skandlnavlscha Bonk AQ 


Bank of Helsinki Ltd. 
Bank Mees & Hope N.V. 
Banqua Nordeurope S. A. 


Kidder, Peabody International 
Limited 


SaL Oppenhelm ]r. A Cle. 
Pierson, Hetdring A Pierson N.V 
Postlpankkl 


Landesbenk Rhelnland-Pfalz 
- Girozentrale - 


Scandinavian Bank 
Limited 


Sparekassen SDS 


Baring Brothers A Co. 

Limned 


Landesbank Schleserig-Koistola 
Girozentrale 


Swiss Bank Corporation (0 vereeas) 
Limited 


Bayerieche Landesbank Girozentrale 
Bayerische Vereinsbank 


Manufacturera Hanover 

Limited 


Berliner Handels- 
und Frankfurter Bank 


Merck, Finck* Co. 

B. Me trier seel. Sobn A Co. 


Varelna- und Westbenk 
Aktiengesellschaft 

M. M. Werburg-Brinckmann, Wtrtz & Co. 

Wurttemberglsche Kommunala 
Landesbank Girozentrale 



vertible far Toshiba laxt Novem- 
ber and comes out at a time 
when the Yen and the Tokyo 
bond market are both putting in 
strong performances. 

Another dollar convertible was 
also announced yesterday: 630m 
for 15 years with an indicated 
coupon of 5f per cent fbr Baker 
International Corporation. Joint 
lead managers are Blyth East- 
mann Dillon. Goldman Sachs and 
SG Warburg. The bonds will 
be convertible into shares of 


Baker International Corporation 
on or after January 15, 1979 at 
a conversion premium expected 
to be 12-15 per cent above the 
closing market price of the 
shares on June 19, on which 
date the final terms will be set 

This corporation, which serves 
the oil and mining industries, 
generated 3S per cent of its 
revenues last year (3709m) 
abroad. Its senior debt is rated 
single A by the two leading US 
agencies. 

The private placement of, 
bonds for Algeria being 
arranged by Credit Lyonnais 
amounts to 3112m, with S 28 m 
consisting of non-interest bear- 
ing bonds which will be taken 
by the Italian state oil company 
EN1. All the bonds carry a 
Banque Algerian ne de Develop- 
ment guarantee. 

The secondary market was firm 
yesterday with prices up by 
about one quarter of a point, 
mainly in professional dealing. 

Cannon Inc will float a 
SwFr 100m five year convertible 
through a group of banks led by 
Swiss Bank Corporation. 
Indicated coupon is 33 per cent 
A new European Unit of 
Account denominated bond has 
been announced: UA22m for' 
Socidtds de Development 
Regional (guaranteed by 
France). 

The Yen denominated bond 
for Mexico which was due to be 
announced bas been postponed 
due to disagreement between 
Nomura and the borrower. 
Nomura argues that the coupon 
should be higher than 6.4- per 
cent. The reason for this 
insistence is that the under- 
writers in Japan would tike to, 
ensure a greater differential in 
terms according to the quality 
Of borrower, particularly before 
the World Bank arranges a Yen 
denominated bond next month. 



credit and J/quidrty of thewodd f sieading 
analysis will be utilized in^ \ponjunc$i^wi^ 
trading operations, where positiodihg pf mapr-b^^ 
of bank money instruments is involved. If you 
write us in c o m pi ete c o nfidenc e at the add ress. freipwi, s; 



- ! . d ‘"A tr*-* /. y 

v\£. . : ir- 


Mt : H :■:* vtr: 


^jyth.Eastman Dillon- Caphsd' Markets 
1221 Avenue of the 

iHCei&Cci, 


A subsldiaoF of Blyth Ea^ni an Dihrai & C {^ rncbfpbqtied* v 
^AirEqaer.Oppt«tonlty Employer Mff ’4.^/'. 




> 




■. a-jjy ■*?« r. ■ 




id 

it 




Hoffmann-La Roche sales 



|Wj 


as 




J 4 *«? 

die ^ 
h e 

to jj. 


VY JPHN .WJOCS 


TOR^oyga cfiOa^S of Hoff- 
J»«n&La ^o^e - ^7«tuntei4 last 
year by farelgjrteeitinge fluctua- 
tion*- Coabibedi^ates of the 

-iflW**® 1 ’ • groups 
: nwiflrwe. Basle-parent C om- 
prayF, Soffiiitfimilla. Hotfix a na 
■ w.CajMKBaxhbased 1 overseas hold- 

: mg; sabfiidJaiy/ 'Sapac Co rpora . 

.Pm. '.£**&*;&& by 7.3 per cent 
*>,: ! , |wFt-^&«bn (S2.87bn ) . 

Accorffing^toTDr.Adolf Jann the 
outgoin^/dhalnaiM 0 f tie Swiss 
Pj^maMUtaeOlBi and chemical 
the increase- would 
laye exceeded 20 per cent had 
TOrto^ remainea stable. ' 

• • JjSSvSfti , in P^renr-cocipany 

• JnwmeJiy almost SwFr. 5m to 
SwFr^.fGin, which had been 
^wOo^y.aJMiouoeed, followed a 
en&m, the net income of the two 

.S^I^slm'laSVe” m S Lj*? 1 wntence ia &sle that 
de^int' ; was due largely * he decele rated business of the 


BoffmanshLa Roche faces 
damages of np to 850m for the 
contamination of the Italian 
town o# Seveso three years 
*?o. Chairman Adolf Jann 
told tfie press conference that 
the company's liabilities bad 
yet to be' settled but a final 
decision was expected “in the 
foreseeable future." / Total 
' d»nwi ges would then be known 
but" the - figure would ■ not 
«xce«d SwFr 100m (SSOta). 
Koebe was/ not prepared; to 
meet exaggerated demands by 
the Italian: authorities. “We 
should find ft rather excess] ve, 
K w* were to put the whole of 
northern , Italy on - Its feet 
because of Seveso-T * 


ZURICH, June 7. 

January-April, 1977. 

Unlejis there 1$ an alteration 
m the exchange-rale situation, 
this year's results will "not be 
particularly gratifying,” Dr. Jann 
commented. 

Capital expenditure of the 
Roche and Sapac companies rose 
by swFr 49.4m w SwFr 606.1m 
Iasi year, this includeinq the cost 
of the Basle parent's takeover of 
the Belgian citric acid producer 
Citrique Beige at a price Dr. 
Jann put atSwFr 100m- Invest- 
ments would be at about the 
same level in 197S, with the 
concern continuing its policy of 
self-financing. 

■One U.S. investment project in 
which Ruche would have been 
involved has now been post- 
poned. This is a plant it planned 
to build in Illinois together with 
a Finnish sugar company for the 


uncJLun;. .was QUO JaTRCiV to u.—Z , . ~ “ * '““nu jukji luui pan.v ivi me 

foreign-exchange losses which }??* year production of 10,000 annual tons 

cbSAfrom SwFr 61m to SwFr mtft this year- While of the sugar substitute syiito! 

.rfOSm-ftriBrthe Sear turnover m terms of local cur- from a corncob feedstock. This 

“* \*Tli*' it»pr rftvprnent of tntnt hTc ra°ges had developed quite w el l STO-SOm plant, which would have 

• ge^SS { °P-- m0Ta *S °* ^ ?“? the American chewing gum 


ich 

‘•*75 

tuorflifc 

■drtm 7: 

■te Usoh 


half of lOT?! dropped '^bv- wme 
static " when compared 
m^tfie^second iraif . Dr. Jann told admittedly sti-ong 


value had industry as a major customer. 
10 per cent has been held up in connection 
with an with increased incidence of side 
period in effects in high-dose animal tests. 


■offs 

- s > 
*r the h ■•: 
•rsttau£_ 
*raysellft.: 
®prose p| i 
.£■ Altftij, 
u man , ^ 

d the t» 
its dfiot 
°^lgn nfe , 

; tion aanj - 
n-en c«^ 
and sbb. 
its 
rn. 

- companl 
estmenialf 
legal tat 1 
isideialioij . 
operate ft: 
us of 
ertors befci- 
(hat will te 
ock price * 
Ihe nnirts 
sets. Bar 


rroN. .iwi 
nines tos^ 
dosed tste 
: aside se 
id court ie 
D ie. the Bill a 
ompaniestof 
rs compaK': 

• proposed ! 
•r rby 0 / X 
smaller r« 
af*rs It c 
of the retsE 
the FCt 


increases 
capital outlay 

.vjr-;'NUkESlBifiK.G, June T. 


^ • engtaeer MAN 
ynU ^up.itis capital spending 
by- around third next year to 
DIC 205m. :•• New investment in 
^bter; jcbe^IxanlcaT' engineering and 
*i»a . .Construction' division will 
rige^groth ttie DM 65m of l977- 
.WrtbnDM 80m. 

: KASTs -commercial vehicle 
and-/ 'mechanical engineering 
. divisions -and rolling mills have 
full order books, but in the steel 
construction sector short-time 
working cannot be ruled out. 
Dirga i overseas: orders : are 
gnarantering a hlgh level of pro- 
ductwaa in the ptimps sector. The 
engine division in Nuremberg is 
TverfeJhg at full, capacity. 

Risuter • 


o.- 1978 


Vovk 







PAN-HOLDING 

2 S.A. 
LUXEMBOURG 


The Annual General Meeting 
of SJiarehftlders toofcplace on 
May^0"_1378. .. . 

The accounts •' for the year 
1977' were approved: The 
unconsolidated accounts show 
a net profit ofUSS 4,135.393.05. 
After, the transfer' of the 
realised net portfolio- -gains, 
he. US$ 3,014.615^8, in^ 
Creased by the net gain 
realised oh foreign exchange 
transactions, i.e. : D8S 
15,510.33, to', the Provision 
-lor: Contingencies, there re- 
mains a net income of US$ 
1,105,766.74, which, - after 
appropriatizig -the needed 
amount out of- . the Dividend 
Equalisation Reserve, aHows 
-la distribution of USS 2.35 per 
itJSS lO share outstanding on 
June' 30, 1978. -This dividend, 
free of -withholding tax' in 
Luxembourg, will be paid as 
t/of July_3, ;197S. 

.It will/ be " recalled that the 
drridehd. paid for :the fiscal 
year- 1976 amounted . to: USS 
Z25 against US$ 2.15 for the 
-fiscal year. 1975; 

in his address, the Chairman 
recalled :.that the unconsoli' 
dated' net asret value per; 
1 share as of December 31, 
4977 -was -DS? 110.68. showing 
-iuj- increase of 2JJ9% from the. 
p^evipus^year, in spite of the 
tjsually poor showing of the 
stock - markets daring 1977. 
Whep the dividend paid 
.during the year is. taken into 
I 'account, :- the- increase m 
i.5.08%'. Over a two-year period, 
the increase 1 ia -16.67% wlthh 
out the dividends, or 21.32% 
with dividends. J . . 

■The results achieved prove 
:that . an . active "and effective 
, management of. funds can not 
foply preserve, -but also in- 
crease Shareholders’ funds, 
and this in spite of a difficult 
economic, -political and 
monetary" environment. 

-'Jn 1977, the emphasis was 
maintained on> the invert' 
ments ini the' United - States-- 
a country wliich keeps- a lead- 
ing role in the world— with 
almost 50% of the portfolio 
invested in that country, on 
the other hand, international 
diversification allowed a 
'.certain monetary hedging _m 
that period of weakness for 
the dollar. : 

During the first months of 
1978, the recovery of: -stock 
markets, especially _-.in tne. 
trhited States and to France, - 
enabled the '-net -asset value 
to be substantially higher as 
of May 15, 1978 the con., 
solidated net asset 
US$ 133.03 versus. US& 120.08. 
as. of December 31; 1977- At 
the same date, the - uncon- 
solidated net asset ™hje was 
USS 120.78 per share, show- 
ing an increase of 9.1% over 

December 31, . w ¥if 

during the same period the 
Dow Jones Industrial index 
was up only 1.9%» , 

However, over the past few 
years, stock markets have 
been suffering from tije lack 

of. interest of invertors, _ a 

phenomenon which bas not 

spared the; cloried-end invert^ 

meat trusts. J 
has also been affected as its 
shares are now -traded at a 
substantial discount 


Orders upsurge at Lurgi 

BY OUR OWN CORRESPONDENT FRANKFURT. June 7. 
ORDERS of the Lnrgi Group, the investment in the western Indus- 
West German hekvy engineering rrialised worid. About 65 per 
concern, which- were- heavily cent of bookings will conic from 
depressed at the 'end. of 1976-77 OPEC and Comecon countries. 


received a coimderable shot in 
the arm at the banning of the 
current year following , the 
Placing of two huge: orders, one 
from the Soviet \Jziibn and the 
otiier from Nigeria; 

The Nigerian . orders covers 
participation in- a consortium 
which will build it direct reduc- 
tion steel plant together with an 
iron ore pelletisation plant.' The 
more important order, however, 
is for the Soviet Union’s ^ffursJr 


Dr. Ndtus said that Lurgi was 
able to conclude virtually all of 
its contracts on a Deutsche Mark 
basis. However, the group wel- 
comed the recent strengthening 
of the dollar in that it made 
Lurgi's quotes even more com- 
petitive or allowed to slightly 
improve its margins. 

Lurgi sees a future for itself 
in assisting the industrialisation 
in the People's Republic of 
China. The petro-chemicals 


steel complex, where Lurgi will sector was expected to be 


supply an iron ore pelletisation 
plant and, in partnereMp with 
Knrf-stahl, a direct . reduction 
plant.- 

Thus during the first seven 
months of 1977-78. wliich started 


particularly promising as Lurgi 
was in a good position to help in 
the processing of the 4 ‘ par 
ticulariy difficult Chinese crude 
oil." 

Dr. Nattis said that he believed 


Sharp rise 
in dividend 
at Phillipp 
Holzmann 

By Guy Hawtin 

FRANKFURT. June 7, 

A SHARPLY increased divi- 
dend for 1977 Is annonneed by 
Phillipp Holzmann, one of the 
leading construction companies 
in West Germany. Overseas 
activity remains buoyant and 
profits overall this jpor should 
be satisfactory. 

The company Is paying a 
dividend of DM7 per share 
for 1977, the same as in 1976, 
but in the hands on domestic 
shareholders this amounts to 
an effective DM10.94 ^per sbare. 
Actual profit figures for 1977 
will probably be unweiled later 
(his month. IWeantdhlle. Holz- 
mann is happy to confirm that 
Us earnings for 1977 have in- 
creased. 

The company Is still facing 
a lean lime at 3iome but 
activity overseas continues to 
expand impressively^ Fur the 
lirst live months of £978 build- 
ing output is a fifpJb higher 
with the domestic operations 
running marginally tyriow their 
1977 level. 

Rolnnann's total overseas 
orders have now grown <0 
DM5.6bn ($2 .67 btn) with 
l)M2.3hn arising fra|m a Saudi 
Arabian defence and aviation 
ministry housing coritracL This 
Involves the company in the 
construction of 2,0)0 houses 
together with necessary infra- 
structure. Domestic; hookings 
daring the drsr five, months- at 
(his year have improved by 6 
per c<*nt to DMUhu. 

Despite changing: currency 
relationships, the develop muni 
of the overseas construction 
business is positive. This, 
together with the smalt in- 
crease in domestic prices, 
means- fhaf cnrretff forecasts 
for 1978 indicated that share- 
holders could expiecf “satis- 
factory overall profits." 


LDC debt in the private sector 

BY MARY CAMPBELL, EUROMARKETS EDITOR 

ABOUT A quarter of the hitherto been absent, since data private sector debt estimated to In contrast the private sector 
medium-term debt of less deve- tended to cover public sector be owed by high income couu- debt of low-income countries is 
loped coofftfies (LDCsl is owed debt only. tries are Gabon. Greece, Israel, estimated at around one- 

by private sector institutions. It is indicative of the uacer- Singapore, Spain and Venezuela, twentieth of the public and pub- 
According to new data released tainty of its estimates that The upper middle income group lie sector guaranteed debt 
by the World Bank, a jLkeiy although S455bn is given as a towing $I9ml includes Argen- The World Bank is conren- 
flgure for medium-term debt con- “likely figure" for the size of tina. BrazU. Iran. Portugal. Uru- trating its 
traded by the private sector in- Inc private sector foreign cur- gnay and Yugoslavia. In the information 


efforts to gather 
on private sector 

reocy denominated debt of 85 intermediate to middle income debt on 40 countries-Hintil now- 
developing countries, the World group, owing SS.&bn, the main it attempted to gather informa- 
Bank in fact gives a range of countries are Mexico, Ivory tion only on 16. A new 
between S39.9bn and S57.6bn for Coast. Taiwan. Malaysia. Peru questionnaire has been de- 
tbe total. The article does nor and Turkey, while the most sig- veloped and is being circulated 
list individual countries, but does nificaoi countries in the lower to these countries, following dis- 
break down figures for different middle income are the Philip* eussions at the IMF and World 
types of LDC. pices and Thailand, zn the low Bank annual meeting last 

Thus, for the high income and income group the biggest country September, 
upper middle income countries concerned is Indonesix The response is expected to 

(those with per capita incomes vary greatly from country to 

of $2,236 or more), private sector The World Bank is intending country. Some countries — where 
debt (excluding debt which is to publish data on the private private sector companies have 

, . . guaranteed by public sector en- sector debt of individual coun- to receive prior permission for 

prove ones capacity ;o evaluate tines) “seems to he" between tries where such da ^ js available or register foreign currency 
the future debt servicing pro- two-thirds aad three-quarters the in the countries concerned. The borrowings — will be in a much 
blems of LDCs. by giving some size of the public sector debt. main countries where publica- better position to supply the 
order of magnitude figures on an Among the major contributors tion will not be possible are data than others where such re- 
area where even these have to the figures on S12bn worth of Mexico, Iran and Indonesia. quirements do not exist. 


stinitions in these countries by 
the end of 1976_was S453bn. com- 
pared wl® S157bn-worth of debt 
contracted hy public sector 
entities, or under public sector 

guarantee. 

The new World Bank figures 
are published^ in a long article 
in the latest is$m? of the Inter- 
national Monetary Fund’s fort- 
nightly journal .Sarrcij, They 
are no more than preliminary 

estimates- However, they iin- 


Rosenthal sees successful year 


BY ADRIAN DICKS 

ROSENTHAL, the West German the currency also helped 
porcelain, industrial ceramics and erJarge its presence on important currency, 
glass manufacturer, is looking foreign markets. nmdueHr 

forward to a successful year tn Last year, the company 

1978 on the ba«is of the first acquired a new technical 

three months, folio wine what ceramics operation in the U.S.. 

Rosenthal 3Ie!e*ram, which 
accounted for the 9 6 per cent 
increase in sales in this area — 
more than offsetting the stag- 
nant trend of the home marker. 

Rosenthal says it intends to 
carry out further expansion in 
the U.S. and in other overseas 
markets, and hopes that this will 
compensate for the continuing 


the Board desorloes as the best 
results during 1977 of any year 
since 1945. 

World turnover of the Rosen- 
thal group rose $.5 per cent to 
DM 431m, with profits after tax 
up 12 J per cent to DM 5.4m 
(S2.Stn). An unchanged dividend 
of DM S per share is being pro- 
posed by the Board, with share- 
holders resident in West Ger- 
many tn rec-T.e .1 further 
DM 450 tax credit DHlnhuted 
profit on thii basis would be 
DM 3.2?m. 

In 1977. RosenihJ reports that 
Its exports of fine ceramics stood 
tiu well to >h<* it.-ain-; of a 
dearer Deutsche- Mark, although 
markets for o-rhmral and inrius- 
trial ceramic oroduejs became 
more difficult jn-J profitable. 
However, the cor many acknow- 
ledges that ihe appreciation of 


BONN. June 7. 

ic to appreciation of the German 
Exports and overseas 
production accounted for nearly 
40 per cent of last year’s turn- 
over. 

Meanwhile, the Board states 
plainly that despite high rates 
or capacity use and long waiting 
times for delivery in its house- 
hold ceramics divisions, it sees 
“ no occasion for Investing in 
expansion " in Germany. Instead, 
it has been sub-conira’ctiug pro- 
duction of Rosenthal wares to 
other manufacturers, subject 
tight quality control. 


to 


Growth at Swiss travel avency 

BY OUR OWN CORRESPONDENT ZURICH. May 25. 


TRAVEL -AGENCY Reisehuero 
Kuoni. of Zurich, reports 3 gener- 
ally satisfactory year. World 
turnover rose by 15 per cent, jo 
SwFr . 701m in 1977 from 
SwFr 6llm. while parent-com- 
pany net profits were 
SwFr 3J2m, compared to 
SwFr 244m. The Board recom- 
mend$ an increase in dividend 


from 10 to 12 per cent, so that 
bearer shareholders will receive 
SwFr 120 per share, against 
SwFr 100 in 1976. 

Union Reinsurance recom- 
mends an unchanged dividend of 
SwFr 120 per share for 1977. 
Gross premiums rose to 
SwFr 356m from SwFr 342m 
while net profit increased from 
SwFr 2.5m to SwFr 2Bm. 


Bundesbahn to 
set loan terms 

By Our Financial Staff 

A NEW issue on the domestic 
bond market in West Germany 
— the first since early April — 
could shortly emerge following 
a meeting of the Federal Loan 
Consortium tomorrow afternoon. 
The meeting is expected to dis- 
cuss the terms of an issue by 
the Federal Railways fBundes- 
babn). 

First mooted some seven weeks 
ago but held in abeyance until 
market conditions were less 
strained by foreign exchange up- 
heavals. the Bundesbahn bond 
is expected ta raise DM 700m 
and mark a return to coupons 
of 6 per cent. Dealers were less 
confident of forecasting maturity 
and price, but the loan could 
range from between eight and 
ten years. The most recent state- 
backed bond took coupons down 
to 5? per cent for long-term 

money. 

Last week's issue in TCassen- 
obligatinnen pulled in 7>.Tf 2.7 hn 
spread fairly evenly between the 
three- and four-year tranches. 
'Prices were 99.9 in both cases. 


on October 1. the inflow of that China was on the way to 
orders totalled DM '13bni and giving up its traditional policy of 
already equals figure' for last paying cash for its exports. It 
year as a whole. Ttefe- group was gradually coming round to 
expects: the current yeafs order the view that foreign help, in 
inflow to total about DM 15bn, the form of deferred payments, 
of which 85 ' per cent- will be partnership In projects and. 
generated abroad. • / eventually compensation trade. 

Orders -will alstr- cooftiBUe to would be necessary if it was to 
reflect the stagnation of- capital industrialise as fast as planned. 



to 

BY MICHAEL. BLANDEN j 


INTERNATIONAL R^bi-.rc^s In first annual Report for 
and . Finance” Bank, self up in the perfitd to the end of 19 n. 
Luxembourg last yen r/n tih its ihe directors say that the group s 
main branch office in tbudon, is objective V lu ussist in the de; 
doublihe ^Its paid«p sbare volopmentW the Middle East 
Spiral toj20m. 7 and AfricaSthrough viable pro- 

Tbe balk,' which was esiab- jeris which will contribute to the 
May' ' last year, economic and social well-being of 
yesterday that by this the areas. 

. total '-aasets already ' _ , _ 

. S88m. Borrowing The bank, they report, has 

' including stand-by lines already extended medium terra 
shareholders, amounted credit to borrowers in a number 


lished 
announ 
April 
exceed 
faciliii 
-from t: 
to 865; 

The? bank is 


of .countries in the Middle East 
a wholly-owned and Africa, and to borrowers in 
subsili ary* of Arab International some European and South 

“incorporated in Luxem- American countries. The hank 

The largest shareholder handles trade related financing 
Bank of. Montreal, which and- is involved in .project 
cent of the equity appraisal. It plans during the 

... establish "nn 

the 


per 


Tb§ "other shares are held by current year t° 

in the Middle effective representation in 


Middle East.' 


leading- groups 
Efet ohd North America. 

/Hermes Precisa upturn 

BY OUR OWN CORRESPONDENT ZURICH, June 7 

SWISS Office equipment rnanu- turnover improved by as much 
Prprisa Infer- » s M P* r cent m the first four 
facturer Hermes Prm *V months of 1978 and a resumption 

national, of Yverdon, returnee flf dividend distribution is 
to profit last year. With group expecte d i n 1979. With a sub- 
sales of SwFr 240m (S125mi. stantial increase in sales fore- 
little changed from 1976, group seen for the year as a whole, 
rash-flow reached SwFr 10m and Hermes Ptecisa considers 
that of the parent undertaking doubling of group cash-flow 
rote from P SwFr 4.5m to SwFr 20m “quite possible. 
SwFr 8-5m, resulting in a net The Swiss company is to 
profit orSwFr2.4mCSl.3nri as investigate the possibility of 
£mm>ared with a ^ loss of setting up production capacity in 
07m Singapore and has already 

Dividend payment is again to deeded on new investments 
be omitted this year. However. Brawl. 


m 


TOTAL OIL MARINE 

limited 

A rrmtoonv incorporated OS a Limited Company 

No Slim o» 

- die British Registrar of Companies 

Head Office: Berkeley Square House 
Berkeley Square — London WlX 6LT — United 
” , Kingdom ... 


Pounds sterling 25,000,000 91% Sterling Foreign 
Currently Notes due December 1, 1984 
guaranteed by. Compagnie Fipcaise des Pdtroles 

General Meeting of Noteholders 

Second Notice olMeeting 

Thp General Meeting of holders of 9J% 1977-1984 £1.000 
total oS MABINE Ll MlTED sterllns foreign currency 
inDecember 1977, which had been convened on 
5 iq78 bv the company, had been dissolved 
l^unS ^J^fn second Graer.1 M^s 

' 5,51 WA h^lii on Friday June 30, 1978 at 11 am. in the offices 
^A b NO^E DE PARIS & DES PAYS-BAS — 33 Throgmorton 
sLe^nlin E^BAtodisriiss and approve the subjects 

of the same agenda. 

- —Appointment of noteholders’. representatives: 

• — Detennination of their powers and their remuneration. 

MMTii?rwhb ffie Bante and the Financial lastitutions having 
participated in the issue of these- notes. 

• Invitation cards for admission to the Meeting as well as 
fnr hntobolders to be represented by an alternate will 
h?iSned bv these Banks and the Financial Institutions to 

L^nfehofdere^ S3r request them. 

THE BOARD OF DIRECTORS 


Thee notes hiving been sold, (his announcement arpmn as a matter of record only. 



NEW ISSUE. 


Hmtt&cl 

(Wholly-owned fay the Government of Canada) 

US$70,000,000 

; ; 8|% Notes Due 1983 

Merrill Lvnch International & Co. 

s ■ 

Banquc de Pare et des Pays-Bas CISC Limited 

Credit Commercial de France Credit Suisse White Weld Limited 

Deutsche Bank Aktiengesellschaft European Banking Company Limited 

Greenshields Incorporated Nesbitt, Thomson Limited 

S. G. Warburg & Co . Ltd Wood Gundy Limited 

AJgemene Bank Nederland N.V, 


Andresens; Bank AJS 
Banca Nazionale del Lavoro 


A. E. Ames & Co. 

Limited 

Bache Halsey Stuart Shields Inc. 
Banco di Santo Spirito 


Amex Bank Limited 


Arasterdam-Rotterdam Bank N.V. 


Bank GntzniUer, Kurz. Bungencr 
(Overseas) limited 
Bankers Trust International 
limited 

Banque de I’lndocliine et dc Suez 
Banquc de Neuflize, Schlumbergcr. Mallet 


Bank of Helsinki Ltd. 


Banca Comraerciale I tali ana 
Bank of America International - 
Limited 

Bank Leu latcmatiounl Ltd. 


Banca del Gottardo 
Bank Julius Bar & Co. AG 


Banque Bruxelles Lambert S.A. 


Bank Mees & Hope NV 
Banque Franfaise du Commerce Exterieur 


Banque Internationale a Luxembourg S.A. Banque Nationale de Paris 

Banquc Rothschild Banquc dc TUnion Europecnnc Banquc Worms 


Baring Brothers & Co., 

Limited 

Berliner Handels- und Frankfurter Bank 


Cazenove & Co. 


Bayer i sc he Hypo the ken- und Wcchsel-Bank 


Bavcrische Vereinsbank 


Bergen Bank 


Burns Frv Limited 


Charterhouse Japhct Limited 
Christiania Bank og Kreditkassc 


Blyth Eastman Dillon & Co. 

International Limited 

Chase Manhattan Limited 


Caissc des Depots ct Consignations 


Chemical Bank International 

Limited 

Compagnie de Banque et dTnvestissements (Underwriters) S.A. 


Continental Illinois Limited 

Credit Industrie! et Commercial 
Dai-Iehi Kangyo Bank Nederland N.V. 


Deutsche Girozcntrale 
-Deutsche Kommunalbank- 
Dominion Securities Limited 


Finacor 


Otfcorp International Group Commerzbank 

Aktiengesellschaft 

County Bank Creditanstalt-Bankverein 

Limited 

Credit Lyonnais Credit du Nord 

Daiwa Europe N.V. Den Danske Bank 

at 1871 AklJeseiskab 

Devtaay & Associes International S.C.S. DG BANK 

Deutsche Genosscnschaftsbank 

Dresdner Bank Drcxel Burnham Lambert Eurogest S.p.A. 

AlUienges eUscha ft incorporated 


Credit Industrie! d’ Alsace ct de Lorraine 

Credito Italiano 
Den norske Creditbank 

Dillon, Road Overseas Corporation 

Euromobiiiarc S.p.A. 


First Boston (Europe) 

Limited 

Geoflrion, Robert & Gelinas Ltd. 


First Chicago Limited 


Robert Fleming & Co. 

Limited 


Genossenschaf niche Zentralbank AG 

Vienna 


Antony Gibbs Holdings Ltd. 


Girozentrale and Bank der osterreichischen Sparkassen 

Afctiengesciischaft 

Gronpement des Banquiers Prives Genevois Hambros Bank Hcssische Landesbank 

Limited -Girozentrale- 

Istituto Bancario San Paolo di Torino Jardine Fleming & Company 

Limited 

Kidder, Peabody International Kjabenhavns Handelsbank KJcimvorf, Benson 

Limited Limited 

Kredietbank S.A. Laxembomgeoise Kuhn Loeb Lehman Brothers International Lazar d Brothers & Co., Limited 

Limited Limited 

Lazard Frfercs ct Qe Levesque, Beanbien Inc. Lloyds Bank International Manufacturers Hanover 

Limited Limited Limited 

McLeod, "Young, Weir International Merck, Finck & Co. Merrill Lynch, Royal Securities Limited Midland Doherty 

Limited Limbed 

Mitsui Finance Europe Samuel Montagu & Co. Morgan Grenfell & Co. Morgan Stanley International 

Limited 


Goldman Sachs International Corp. 

HiU Samuel & Co. IBJ International Limited 

Limited 

Kansallis-Osake-Pankki 
Kredietbarik N.V. 


Limited Limited Limited. 

Nederlandsche Middenstandsbank N.V. Nederlandse Credietbank N.V. 

Nomura Europe N.V. Norddcntscbe Landesbank Sal. Oppenhelm jr. & Cie. 


Gkozentcale 

Peter broeck, Van Campcnhout, Kempen S^. 
Limited 

Postipankki 

N.M. Rothschild & Sons 


Pierson, Heldring & Pierson N.V. 


Limited 

The Nikko Securities Co., (Europe) Ltd. 
Orion Bank Osterreichische Landerbank 
Limited 

Pitfield Mackay Ross Limiled PKbanken 


Privatbanken Aktieselskab 
Rowe & Pitman, Hurst-Brown 


Rothschild Bank AG 
Sanwa Bank (Underwriters) Limited 


IL 


Richardson Securities of Canada 
Salomon Brothers International 

Limited 

J. Henry Schroder Wagg & Co. Sfcandmaviska Enskilda Bankcn Smith Barney, Harris Upham St Co. Sodete Bancairc Barclays (Suisse) S.A. 
Limited Incorporated 

Sodete* Generate Sodetd Genentle de Banque S.A. Sofias S-pA. Stranss, Turnbull & Co. 

Sumitomo Finance International Svenska Handelsbanken Swiss Bank Corporation (Overseas) Trade Development Bank, 

Limited London Branch 

Triokans & Burkhardt Union Bank of Finland Ltd. Union de Banques Arabcs ct Francises - U.B.AJF. 

Vereins- und VVestbank J* Vontobd & Co. M- M. Warburg-Brinc kmann , Wirtz & Co. Westdeutsche Landesbank 

AktiengcseUsdiaft Girozentrale 

Dean Witter Reynolds International Yamaichi International (Europe) 

Limited 

June 7. 197S ^ 


2S 


Financial 




INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Stanbic returns to earnings growth 


BY RICHARD ROLF? 

STANDARD BANK Investment 
Corporation (Stanbic), in which 
Standard and Chartered at pre- 
sent holds a stake of 67.4 per 
cent, has resumed its growth 
in operating profits, trimmed last 
year by the need for abnormal 
provisions against property com- 
mitments. and has marked the 
occasion by an increase in the 
dividend from 22.5 cents to 2$ 
cents. But the Board warns that 
“ although fresh specific provi- 
sions against losses, in aggregate, 
were lower in 1978 and in 1977. 
the charge against profits is still 
unacceptably high." 

For the year to March 31, 


Stanbic raised operating profit 
from R3S.4m to R54.5m ($62.9m). 
but the figure for a year ago 
was 5 truck after providing R32m 
against th* hank's entire expo- 
sure to Glen Anil, the- failed 
township property developer. 
This time, the comparable figure 
has not been revealed (with 
South African banks not yet on 
a full disclosure basis) and so 
tjie precise extent of Stanbic’s 
recovery is unclear. But earn- 
ings per share are up from 41 
cents the year before (based on 
a weighted average figure) to 
59 cents on this year’s unchanged 
issued ordinary share capital of 


R52.8m' and on the higher divi- 
dend, the shares, at 340 cents, 
.yield 8 per cent. 

A year ago, Stanbic set itself 
a target return on shareholders* 
funds of 16 per cent, and 
achieved 15.7 per cent a sharp 
improvement over 11.5 per cent 
in the previous year. But the 
scope for further progress re- 
mains to be seen. The Board 
refers to “the inherent risk" 
of lending in the current 
economic climate, although the 
bank is officially expecting an 
improvement in the economy 
this year. Against this, interest 
rates are falling, suggesting that 


JOHANNESBURG. June 7. 

the current level of overdraft 
rates will come under pressure. 

Stanbifc is completes the 
acquisition &£' UDC Bank, the 
most' flourishing- part of the old 
UDT Group in South Africa, and 
some benefits should accrue in 
the current year. Of the 3.5m 
Stanbic shares to he issued in 
consideration, about 2.9m are 
now In the process of being 
placed with local institutions. 
These transactions will reduce 
Standard and Chartered's stake 
to about 63 per cent, making 
further progress to the 50 per 
cent limit set for the overseas 
group’s control by 1986. 


Increase at 
Herald and 
Weekly Times 


8y Our Own Correspondent 


SYDNEY, June 7. 
THE Herald and Weekly Times, 
major newspaper, radio and tele- 
vision group, raised its profit 
almost 19 per cctil from A$6.0ra 
to AS7.4m (U.S .S3. 4m > in the 
March haif-year. It achieved this 
an a 15.5 per cent increase in 
group sales, from AS82.9m to 
AS95.Sm ( V.S.S199m >. 

The interim dividend is held 
at 5 cents a share. Last year 
directors declared a final of 10 
cents, io make a payment of 15 
Cents for the year. 

The directors made no com- 
ment on operations for the 
period. They pointed out, how- 
ever, that no account was taken 
of the .tax deduction available 
for trading stock adjustment 
when arriving at the half-year 
results. The matter will he con- 
sidered when the annual accounts 
are finalised. 


Myer plans to 
raise U.S.$28m 


By Our Own Correspondent 


SYDNEY. June 7. 
MYER EMPORIUM, Australia's 
largest department store retailer, 
will raise AS25rn (U.S.S2Sm) 
through a debenture issue to 
existing shareholders and deben- 
ture holders. 

It is the first debenture raising 
since late 1970 and only the 
fourth in the group’s 53-year 
history. 

Directors said that the funds 
raised by the issue would be used 
to assist in the general expansion 
of the group and to increase 
working capital. 

Myer last year started a five- 
year AS25nm expansion pro- 
gramme. designed to double sales 
and profit within that period. 

However, in April the Board 
reported a 23 per cent reverse 
in earnings for the first half of 
the current year and indicated 
that results for the full year were 
likely to be lower than in 1976-77. 


Farmers’ tactics vindicated 


BY JAMES FORTH 


THE VICTORIAN supreme court 
today ruled that Westratian 
Farmers Co-operative (Wes- 
farmers! had acted entirely 
within the law in a market 
operation late last year in which 
it obtained just over 50 per cent 
of Cuming Smith. The directors 
of Cuming Smith initiated the 
court action, claiming that 
Wesfarmers had breached the 
Companies Act in the buying 
operation and seeking to have the 
purchases declared void. 

Mr. Justice Kaye said that 
Wesfarmers acted within the law. 
But be- was critical of the Take- 
over Code in the Companies Act 
and said it ova s inconsistent, 
easily capable of circumven- 
tion.’ 

Wesfarmers last year made a 
takeover offer for Cuming. Smith 
which was designed to gain con- 
trol of Western Australia’s only 
fertiliser manufacturer. CSBP 
and Farmers. 


Cuming Smith owns one-third 
of CSBP. with British Petroleum 
of Australia and Westralian 
Farmers Superphosphate (WFS 1 
each holding one-third. 


Wesfarmers originally offered 
A$60m for CSBP. WFS. which 
has close links with Wesfarmers, 
was prepared to accept on con- 
dition that Wesfarmers gained 
control of CSBP. but Cuming 
Smith and BP both turned it 
down. 


Another company. Howard 
Smith, then topped Wesfarmers’ 
hid for Cuming Smith which 
prompted Wesfarmers to step 
into the markeL ’ 


Now that the court has ruled 
in favour of Wesfarmers, it 
remains to be seen whether the 
co-operative will extend an offer 
to remaining shareholders of 
Cuming Smith. Wesfarmers had 
been prepared to make an offer 


- SYDNEY. June 7. 

until Cunning Smith took legal 
action. - 

Wesfarmers QtM wants control 
of CSBP and. could achieve this 
if WFS was prepared to sell its 
stake. There have been questions 
raised as to whether Wesfarmere 
would control and or dominate 
the fertiliser market if it con- 
trolled CSBJP. 

The farmers -union of Western 
Australia claims this would be 
the case, and has started a legal 
action against Wesfarmers under 
the Trade Practices Act. To 
decide the matter, Wesfarmers 
has now applied >to the Trade 
Practices Commission for an 
authorisation . -do allow it to 
purchase control of CSBP. The 
TPC can take up to four months 
to decide, and it is unlikely that 
Wesfarmers will make any bid 
for additional Cuming Smith 
shares until the .commission has 
given its ruling: 


Expansion for Hassneh 


BY L. DANIEL 

HASSNEH INSURANCE, .which 
accounts for 24 per cent of total 
insurance business in Israel, 
report that its life-insurance 
portfolio increased last year by 
57 per cent to U*20bn 
lU.S.Sl.lbn), as compared with 
an average growth of 4d per 
cent reported by the other in- 
surance companies. As a result, 
the company's share in total life 
insurance business in Israel rose 
from IS to 20 per cent. 


TEL AVIV, June 7. 

Its overall premium income 
grew by 50 per cent to I£l.2bn. 
Of this, I£980ra represented 
premiums in respect of general 
insurance and i£220m life- 
insurance premiums. 

While Hassneh comes second 
io the life-insurance field after 
the Migdal-Binyan Insurance 
Company, its total business is 
larger. Hassneh belongs to the 
dozens of companies owned or 
controlled by the Israel Labour 
Federation. 


Banlr Leumi offer oversubscribed 


BY OUR OWN CORRESPONDENT 


TEL AVIV. June 7. 


BANK LEUMI's offer to the 
public of about I£200m i SI 1.5m I 
of. shares was subscribed more 
than tenfold, with applications 
received for I£2.12bn. The bank 
will allocate to the public 12.5 
per cent of the shares applied 
for. while institutional investors 
will receive 50 per cent 
The issue is the first stage of 
Bank Leumi’s latest capital ex- 
pansion, which also includes a 
rights issue expected to raise 


J£500m. while a further l£50m 
issue is being made to the bank's 
employees and pensioners. When 
ail three stages have been com- 
pleted. the bank’s capital position 
will stand at about I£7bn. 

As usual, institutional inves- 
tors were prominent among the 


applicants for the 400,000 units 


offered in the first stage. 

The Bank Leumi issue is the 
largest ever on the Tel Aviv 
Stock Exchange. 


Sharp rise in 
Tadiran profit 


By Our Own Correspondent 

TEL AVIV, June 7. 

TADIRAN . Israel's largest 
electronics company, raised its 
net profit in 1977 by 61.4 per 
cent to I£127.7m (ST.Smj, from 
L£79.1m in 1976.' 

The company, which is owned 
by General •Telephone and 
Electronics Corporation, of the 
U.S.. and Koor, the industrial, 
holding company Of the Israel 
Labour Federation, expects sales 
for the current year to rise 65 
per cent to -I£3Bbn. as a result, 
from I£2bn fU^JSlHiui in 1977, 
among other things, of the 
development - df ' Its GTE 60 
electronic exchange, solar air- 
conditioning systems for indus- 
trial buildings, hospitals and 
hotels, and its entry into the 
fields of electrSnlc surveillance 
measures, avionics and electro- 
optics. 

Exports in 1977 accounted for 
some 50 per cent u€ sales, and 
are expected to rise by some 
SlOOm (some I£1.75bn) this year. 


STRAIGHTS 

Alcan Australia 8*pc 1989 

AMEV Snc 19S7 

Australia Six*.- 1992 
Australian M. & S. 9}pc '92 
Barclays Bank 9ipc 1992... 

Bowatcr 9Ipc UK 

Can. N. Railway Mpc 1986 
Credit National 9?DC 1986... 

Denmark 9* pc 1984 

ECS 9 pc 1993 

ECS Slpc 1997 

E1B Slpc 1993 

EMI 9*PC 1999 

Ericsson 8 4 pc (999 

Esso Spe 19S6 Nov 

Gl. Lakes Paper Upc 19W 

Ratnersk-r Blue 1992 

Hydro Quebec 9 pc 1992 ... 

1C) Si pc 7987 

IKE Canada 9}pc 1996 ... 
Macmillan Blocdd 9 pc 1992 
Mauser Fcrauson 9«pc VI 
Michclln Pipe 1389 
Midland 1m. Fin. Slpc 'K 


BM 


Offer 


Mi 

96 

95 
91 

96 
W 
M 
Mi 
93! 
m 

95i 

971 

9Si 

ftl* 

I0Q1 

97 i 
M! 
toi 
Mi 

103] 

96! 

97* 

1001 

951 


97* 

961 

911 

B71 

961 

98! 

961 

97 

994 

1004 

95 
984 
99i 
Mi 
1914 

981 

1004 

96 
974 

1044 

B34 

984 

1014 

964 


SELECTED EURODOLLAR BOND PRICES 
RAID-DAY INDICATIONS 


National Coal Bd. Spc 19S7 
National Wfirnwitr. srv 'sS 
Newfoundland 9pc WaS . 
Nordic Inv. Rl.. 19« 
Norgea Korn. B5c. Slpc 1992 

Norpipe Si pc I?i9 

Norsk Hydro 3 4 pc 1992 ... 

Oslo 9pc 1938 

Porta Autonomi's 8nc 1901 
Pm*. OU«h... u 9 Pl' 1OT.'' ... 

Prov. Saakaicbwn. Slpc *88 

R.'td Intern mat Spc 1997 

RH3i 9PC 1997 

Sclpctlotl Trust Si pc 1339 .. 
Skand. Enskilda 9pc 1991 . 

SKF Spc 1937 

Sweden tKVtomi S.'pc (987 
United Biscuits Bue 1999 ... 
Volvo Spc I9S7 March ... . 


Bid 

OfTcr 


Bid 

Offer 

94* 

1(W 

U51 

UHl* 

MOTES 

AliRtrjIll 7‘PC 1934 . — . .. 

94* 

95 

Mi 

m 

Bvl) Canada ?jpc 19$ 

93} 

96* 

97* 

8S 

F.r. Columma Hyd. TJpf » 

9.1* 

94 

W 

981 

Can. Pac. Si DC 1934 

974 

Mi 

96 

9fii 

Dou- CbemicJl Spc I0S6 ... 

am 

<K/i 

954 

9fiJ 

ECS 7inc 1982 

9'-* 

96 

991 

100* 

ECS 85DC 1938 

95* 


93 

981 

944 

EEC 7‘pc 1982 

90* 

97 

84 

EEC Tin-- 1354 

931 

90 

SSi 

99 

Enso fiuurli 8; pc 1PS4 ... 

9CI 

97* 

93* 

9.H 

Goia«ikon r.pc 1932 

?«*: 

• 97 

91* 

- 94 

KrtckPQis 8PC I6S3 

97* 

93 

91- 

9J 

Miehelin 8' pc ;?« 

99 i 

1 00) 

97! 

99 

Montreal Urban Sim- ID? I 

99 i 

100 

924 

931 

?.>vr Brun*wuk Sdc 1994 

9«: 

971 

95* 

g<> 

iVcw Bruns. Prov. S.pu ’SC 

994 

100* 

9K4 

99j 

Hew Zeatend Slpc :9?5 . 

?■>; 

971 

931 

W 

Nordic Imr BK. 7 Ire 1K4 

951 

96 


Norsk Hydro Tire 1932 

Norway 7ipc 199: 

Oaiario Hydro ape 19S7-... 

Slru-r r Sine lfK-2 

S. or Seot/Elee. S-.v. 1981 
5v.icden ’ fGdQrn ■ 71 pc IB33 
Swedish St(tc On. rip-: *82 

Telme.\ 94 gc J9« 

Tenneeo 73p<. 1987 May ... 
Volkswagen) TJpc 1987 ..... 


BM 

96 

934 

94* 

1»0* 

99 

96* 

M 

99 

93* 

94 


Offer 

96* 

96 

9» 

191- 

99! 

9T, 

96] 

992 

M 

941 


Associated Japanese Bank 
(International) Limited 



Extract from Audited Accounts 



28th Feb. 1978 
£000 

28th Feb. 1977 
£000 

Share Capital 

7,000 

7,000 

Retained Profit 

4.279 

3,195 

Subordinated Loans 
(£ equivalent) 

12.877 

14.588 

Deposits 

407.506 

399,086 

Loans 

238,780 

237.213 

Total Assets 

■439,423 

431.435 

Profit before Taxation 

3,172 

3,074 

Profit after Taxation 

1,434 

1,392 


Associated Japanese Bank (International) Limited 


29-30 Cornhill. London EC3V 3QA 
Telephone : 01 >623 5661 . Telex : 883661 
Jointly owned by 

The Sanwa Bank Ltd The Mitsui Bank Ltd 
The Dai-lchi Kangyo Bank Ltd The Nomura Securities Co Ltd 



5TERUNG- BONDS 
Allied Breweries 10 (pc "90 

Cillcon* lOpc 1993 

Conrrauidi 9,’po 19S9 

ECS Koc 1999 

E1R 9’nc 1989 

RIB 9;pc i»: . _ 

Finance for Tnd. 9'oc 1987 
Finance for 'Ind. inpc 1539 
Fisons IQIpc 1987 

(B-«win*r line 199s 

TV A 1 tipc 19SS 

Rovmtrcc 10jp: lk?9 

Scars lH!pc 19?? — 

ToDf On 91 pc WSI 


67* 

90 

87* 

93! 

93* 

K* 

89 

«* 

93* 

91* 

89* 

87 

89* 

80* 


88 * 

91 

a» 

Mi 

Ml 

*31 

90 

9U 

M: 

924 

904 

8* 

(*»> 

Mi 


Half-year 
profit 
recovery 
in Japan 


By Douglas Ramsey 


TOKYO, June 7. 
JAPANlESE COMPANIES did 
better Sn the half-year to March 
than in the previous six-month 
period. ' to September, according 
to a spirvey of results at. 500 
com parties compiled by Nihon 
Keizai, c the business daily. 
Another! finding of the survey is 
that the; relatively smaller com- 
panies listed on the second 
section i of the Tokyo Stock 
Exchange (TSE> did better at 
boosting sales and profits than 
those listed on the TSE first 
section. ■ 

According to Nihon Keizai, the 
126 second section companies 
showed lan average increase In 
pre-tax -profits of 8 per cent for 
the Mandh half-year (after a 13.9 
per cenit fall In the previous 
term). JjSy contrast, the 374 first- 
section stocks showed an average 
rise of only 2.3 per cent nre-rax 
(against; a 13 ner cent decline 
in the .Seotember term). The 
pattern . wa? similar on profits 
after tax* where the smaller com- 
panies foosted an 8.6 per cent 
increase, (compared with a 16.3 
per cent drop the previous term) 
and the ; better-known companies 
on the TSE saw their profits 
switch fLom a decline of 5.3 per 
cent in tfhe September period to 
a rise df 1.6 per cent in the 
M^rch te rm. 

Taken ; together, the 500 com- 
panies surveyed by Nihon Keizai 
posted average advances on three 
counts obi which there were fails 
in the previous term. Sales of the 
500 declined 1.8 per cent, in ihe 
six atoofhs to September but 
picked up slightly in .the half-year 
to March; (up 0.6 per cent). Pre- 
tax profits showed an average de- 
cline of 12' per cent, in th£ earlier 
period, bmt rose 2.5 per cent in 
the half f r ear to March. Net in- 
come, which fell by 5.6 per cent 
In the Se-ptember term, swung 
back in trie most recent period, 
to show a» rise of 1.8 per cent 
As a resmU. the profit-to-sales 
ratio for tiie 500 companies aver- 
aged 1 per cent in the. March 
term, comp ared with the previous 
0.9 per ceoiL 


Cement makers gain 


ONODA CLEMENT COMPANY, a 
major cement maker in Japan, 
raised its net profit for the year 
to March Ell by 162 per cent to 
Y2bn fS9rn) from Y763m the 
previous jjear. helped by brisk 
orders * from Government 
agencies irelated with public 
work prog-pnnmes. AP-DJ reports 
from Tokyfe. 

Sales ro.‘!e to Y171-5bn ($776m) 
from Y148fi)bn. 

The cement maker forecast 
that its net} profit for the current 
fiscal year would rise a further 
85 per cent to Y3.7bn on sales up 
10 per cellt to YlS9bn. 

Another - major cement maker, 
Sumitomo fCemeut Company, an- 
nounced tli at its net profit for 
the year tff March rose to Y1.2bn 
($5.4m) ffrom YloOm a year 
earlier. 

Its sales, increased to YI02.7bn 
from YS9Vbn. 

Surnitooto forecast that its net 
profit for Che current year would 
more th3n double, to Y2 6bn, on 
sales of £1 18.Sbn. 


JAPANESE OIL REFINERS 


Down despite 





BY YOKO. SHIBATA. 




EXCHANGE RATE benefits to — 

nine major Japanese oil refiners, 
including Nippon, Uarazen, 

Mitsubishi, Koa. Tea, FujiKosan 
and General, and two non^isted 
giants, Jdemitsu , and - Kyodo . 
totalled Y556bn (82.5bn) in_ the 
year to end-March. Of tiie: total Nippon 
exchange gains, Y164J7bn were Maruzen 
stemmed from deferred payment Mitsubishi 
for crude oil imports. Koa 


YEAR TO END-MARCH T 97ft 


Sales 

(Ybn) 

1,783.1 

977.4 

750J0 


Rise- . 

% 

ur- 

(-2*0) 


Current 
profits 
(Ybn) 
284 
” A1 
V. -20 * 


Rise 

% 

35.8 

28A 


. Net’ 
profits 
<Vbn) 
14.7 
"0j 
' MS". 


ter 


However, the exchange - gains Toa 
were more or less cancelled out Rijikosm 
by the sharp reduction in market “ 

nnVde 1 ft/ ni f nrrtrLi rWr 6lMim Vn LlGnCrSI 


311 A 
3183- 
180.1 


(-6a) . : 9A 
(-5A> v C-i9) 

<-oa> (- 02 ) 


4 7J* 
•n** 

llAf. 


27 

0-1 

OJ 


M itA ■■■ 
- 


J-75> 


S S' 14 A 
18 S .(—lit) 
4& (-58*) 


(“7uf 


24 

(_| 

t wit of TO.Mta-fa 


prices of oil products (down by , Sin (— 8A) 

SmTVk MS “ 1SSS 

burdens such, as rises in crude * D * flcit * ru1ta pf<nl0u ? fy***". . 
oil prices and .tanker .freight - 

rates; ‘;j - ■ ■ - “ " 

As a result, combined [current - .-‘x 

profit - at the nine- refiners dividends. while - domestic to incorporate the . new oil -W' 

as Toa, EujiJKosan; into prices of oil prodn^ ' - 




declined by 4 per emit over the refiners such as 

previous fiscal ' year. 'Current I demi tsu and -Kyowa performed shortly, 

profits of each refiner' were poorly despite their exchange Even with a successful - aWfe, . 

fully accounted for by exchange gains. of the oil tax on to the l&a', 

gains, which came tn J58- j)er For the current fiscal year- sumer* the refiners expect^*: 

cent of current prdfits-r:of the en din g March 1979, all o£ the steep fall In. profits for ^ . 
nine in aggregate. “ refiners expect a sizeable dip current fiscal . year. Nippon XHL ’ ’’ 

Profit performances widened in exchange gains a pd a' further Mitsubishi ami 'General ' : m, 

between refiners financed by deterioration in market prices expect their -current pr ofits to-sJ'- 

foreign capital and domestic of oil products (down, by an slashed to ball of the pretfonl 

capital. Those affiliated ' \rtth average of Y1.400). The new ofl- year's" level- Those reanai 

foreign capital as Nippon oil, tax effective from June 2 will financed by domestic capital 

Mitsubishi and Koa showed be another negative Influence oh expect' . their, profits 

record profits and -restored earnings. The nine have agreed deteriorate further. -» - • 7 A ■ 

. ..• -d . 

t-H- — ; ^ - -j v. 


Chisso over 







BY OUR OWN CORR^ONDENT ^ - =/?: ^ . 

HELP for Chisso Corporation to further compensation. As it is, highly cohrtiridnary (prob^: 
meet the bill for the mercury Chisso estimates -that its cumu- at between '30 and 50 yeStf ' - 

poisoning by the company of lative deficit at March 31 was maturity .with tfe, entire primal 1 ' '' 

thousands of people near the K27.6bn in excess of its assets. As pal repayable, at- the end-hroeP 
chemical company's Minamata a result, the company was forced period).. The Interest rate, ifc2- ■ 
plant in the 1960s.. is being con- to delist its stock from Japan’s believed, would be set at tost 
sidered by the Japanese Govern- seven stock exchanges in October level at- which Kumamoto preW ' 
meat and Kumamoto Prefecture, —a painful move for the com- ture can- normally borrowi rTV r ' : .' 
Under examination are Govern- puny which boasted a quotation Officials are wary of imdeniriti ' " 
ment loans to Chisso at easy of about Y200 in X969,.compared j a g the m&recilam te Ch^ ’ : - 

terras to keep the company from with Y20 these days. - until the full extent of ' 

collapsing while compensating Kumamoto prefecture officials, obligations to Minamata v 
victims of what has become who have control over the known. -■In ehort.^he 

known as the "Minamata Minamata area, insist that the may j-ule that far more l 

disease.” company must survive -to ensure deserve- compensation. thkn^L 

The financial burden on Chisso iobs , for assumed - in 

is. indeed great So far the P e0 P ,e at Chisso. They case the present rescueoperatJiai:^ - 

Government 8 has deriSated I ? aU!ta! " ^ d ®*P lte the ,F^ _ nu«ht have, to be followed jhg\. 
1^43 victims to receive compen- sion. Chisso s sales rose shgh^ another, and perhaps .rsHT 
sation. Fishermen in the area (by V Percent) m fisc^ 1977, another. Already, one estirf^e 
also get compensation for loss of and that with adequate- manager of -compensation over the nart' 
income from the poisoning of m€nt * the com P any 1X11 «lti- ten years is YIDObn. (e*-* 37 ’ 
fish in Minamata waters'from the matel y re-emerge as one of the posted total sales in fiscal 
mercury dumped by Chisso As strongest chemical companies in of Y85.Sbn.) The political . 
or last March Chisso had paid Japa°- T o that end, Kumamoto pact of layoffs at Chisso ani l 
out Y33.7bn (S150m) in compen- bas volunteered to raise bonds. interruption of compensation' 
sation but applications are pend- under the prefecture’s auspices payments, however, make 
ing from another 5.4W apparent for Chisso on the condition that tremely unlikely that Tok^' - 
victims of the disease. . the central Government in Tnkyd- woald let the company go undffif ' 

participates by underwriting the A final package of rescue .* 
Without outside Help, there is loan. No figure has been menr surest however, w ill be discuss® 
little doubt that Chisso would tioued for the total amount hut and probably adopted before ' 
collapse under the weight- of it is likely that Yhe loan will be:- July.— *.. 

— L- ^ W 


Jardine cash terms for minority deal 


r-i- 


SINGAPORE, June 


BY H. F. LEE - : . 

JARDINE MATHESON has month announced that it intended the. Jar dine Matheson (South S^-. - 
announced that- the cash alter- to acquire the remaining shares Asia) group— to minority shank;.. • 
native to its offer of loan stock in the Singapore-based subsidiary holders on the -basis of S&Sg;:; 
for its acquisition of shares in The acquisition is ta be effected nominal for each ordinary sh^e*. 
subsidiary. Jardine Matheson by -the issue of ,8| per cent Jardine at that time aiSr .' 
(South East Asia), from minority guaranteed unseoired. loan . stock promised minority shareholder#! : - - , 
shareholders will be SS970 for-5y Jardine Matheson In vestments, cash alternative at a M small dw»- 
every S51.000 nominal of loan (South • East Asia) — another count"”- to the nominal vatoe^; 
stock. This is equivalent to wholly-owned subsidiary - within loan stock — 


S82.81 cash per Jardine Matheson 
(South East Asia) share. 

Jardine which owns approxi- 
mately 59 per cent of -Jardine 
Matheson (South East Asia! last 


DM eONDS 

Astm Dev. Bin* 54 PC 1988 

BNDF 6Jpc 19S6 

Canada 1W ... . 
pL'n Nnrakf Id. Bk. 6t>'- Vfl 
Di-msch* Bank Aloe 1983— 

ECS Slpc 1990 

ETB 54 DC 199D 

Elf Aqnltain<> 5In^ 19^ ... 

Euratom Slpc '.?S7 

Finland 34 pc 19w . 

Forsniarks 5Jnr i960 
Ilrrloi 6r»: ?f r i .. 

Korcrni 5’p? us'i 

Norway *T»c IS'S 

Norway 4?pc I9?3 
PK Barron sine i*»9 

Prrrv. Onchoc kpr 1^90 

RswatimVI:! 5?p- 19S? . ... 

Spain fipc 19«« 

Tron^>).'irn 5 ’pc i9* e .. . 
TVO Powiw Co «•*<- !«**»« _. 

V<'ncni''1a Spc 198« 

World Bank Sip..’ 1994 


M* 

96* 

971 

98* 

97* 

95* 

954 

Ml 

97* 

97* 

98 

951 

109 

994 

97* 

9« 

9»4 

95 

95* 

97 

974 

97* 

se 


ST* 
97 1 

w: 
.100 
984 
. 96 
96 
954 
98* 
9S! 
98’. 
9S4 

ioo; 

100 

9? 

eo: 


IV 
96 1 

97 : 

991 

99 

WJ 


FLOATING RATE NOTES 

ffank Tokyo iVf* Sipc... 

BFCE 1984 91pc 

RVP 1993 St |* pc — 

BOE Wotmc W63 .. _____ 

r.C. F 1985 Sip-? 

CC.MF 19M 8 11 , spt — 

Crod'lanstalr 19«4 Sine 

DH Bank 1382 7li|r>pe ...— 
C.ZB 19R1 SlKPC 


991 

99*. 

10M 

984 

99} 

991 

99* 

106* 

100 * 


Tn'L We3tmJn5icr 1994 ’spc ; 911 


Ltoyd? 1993 Sllttpc 

LTCB 1933 Spc 

Midland 1SS7 S’^pr . 

Nat. Westminster Bk. 1999 

OKB 1983 7? pc 

SNCF 1995 8lpc . 

Stand, and Chtrd. "S-t s*pc. 
Wins, and Gljm'c ’$4 Si itpv' 


100 * 

99* 

9H 

99* 

sn 

994 

99* 

W 


■ PI (bKV . —S 

Source: Whitt- Weld Securities 


700* 

100 

uni 

991 

991 

1004 

100 

ioo: 

101 

991 

1001 

109 

lflDi 

99! 

2001 

99! 

1001 

too* 


CONVERTIBLES 
American Esprc-j 4;^ -37 

A'hland Soc 19« 

Babcock iir Wilcox CTo.- ‘97 
Bi-jtrire Foods 4'o.- '002.. 
Beatrice Food-; 4‘p.. ]995... 

B.'CCh.ITTl flipc too? 

Borden 5pc 1P95 ......... 

Brood way Hale ?’pc 1997... 

rimattoo 4 pc ir? ... 

Chevron 5pi- 19^9 

nan t; pc 19=7 

ElETtnan Kodak 4 ’tv 1988- 
Rronomlc Labs. «Ji*. jpgr 

Flresrooe Snr 194$ 

Ford 5pc 1988 ‘ 

fleneral Electric lioc 1987 

CJHettr 4)pc I9S7 ... 

Gonld 5pc 1987 . 

Dull and Western Spc tBS8 
Hams Spc JW7 
TTonevareB flne 19 <m 

IC1 nine 1007 .. . . 
rV4 *«: 1097 . . "'™ ” 
Tn'-hcano Sloe 1952 " ^ 

ITT 4"n.“ |«wr 

fin.- rM« 

t-WJ'wi 7" Pi; '050 
.t Pav air p. m-oll 
.VatslifhlJa fi'n,- iwn 

■KH«U1 19"M> . 

J P. Merc .in 4' nr. 1357 ... 
Vihlfico -i T -v Ifir? 

•>. , J ns HHnals 4’nc i!W7 
.1. C Penney rpv ia:i7 ... 

FeWnn 4’p: 19C7 

Metal, "pr iof® . 
Sandvi*- BSpc HWg 

‘In.-n-r P.vid 4ipe 1937 ‘ 

Smnhh ilpc 1B87 

Texaco 8‘oc 19?^ 

Tn«hit>6 B‘pc 1892 

Tr Co. 3nc i9nj 

Union Carbide t4pr 19S2 ... 
Warner Lambert Jipe 1987 
B’.’rncT Ijuihcrl 4*pc 1B8S 

Xerox 5pc 1998 

Source; Kidder. Peabody 


•nc V7 


87 

93 

imi 

99* 

110 

96* 

102 

78 

77* 

US 

83* 

85 

78 

83* 

88 * 

83* 

77 

U9 

87 

198 

*71 

90* 

97 

1M* 

81 

tn» 

178! 

177 

till* 

119 

100 

104 

11 . 1 * 

77 
122* 
60 

IDS . 
9T* 
82 
79* 
126* 
76* 
96* 
93* 

78 

79 


8S' 

94> 

384.’ 

100 

112 

97! 

1034 

791 

79 

1374 

83 

86! 

794 

86 

90 

85 

78* 

120 * 

884 

183 


911 

9?; 

1154 

824 

1I4J 

1284 

199 

1*> 

120 

101* 

1631 

115 

126 

87* 

110 

98 

83i 

81 

1271 

78 

96 

S3 

79* 

SOi 


Securities. 


'tVeekly net asset value 
cjn June 5, 1 978 

^okyo Pacific Holdings N.V, 

j'.S. $52.20 

i 


okyo Pacific Holdings (Seaboard) N.V. 

l^.S. $38.04 

{fisted on the Amsterdam Slock Exchange 

liilormailorr. Pfarson. Heldn'ng & Pierson N.V., Herangraehl 316. Amsterdam 


VONTOBEL EUROBOND INDICES 


PRICE INCiEX 
DM Bonds' 

HFL Bonds- i Nows 
U^. S Strl . Bondi 
Can.-Do!!er> Bonds 


30.5.78 

14 ^. 76 ^ 100 % . 

6-6.78 AVERAGE YIELD 

30.5.78 

6.6.78 

*05.72 

106.10 

DM Bonds 

6.611 

6.543 

104.67 

105.19 

HFL Bonds t Notes 

7.472 

7.397 

99.37 

99.12 

U.S. S Strt. Bonds 

8.811 

8.841 

TOO. 00 

99.91 

Csn.-Deilar Bonds 

9.284 

9.312 




lie, a proportion* 

the issue having bean xnada avukUo to the R is pn UidlKd i 

o amidianre TwSf thers quhwuwn tsof theConndlof The Sto&Exduuq 
of Tha Dnitad fimgdom and thy Bepgfafic of lrriand. 


IAC LIMITED 

(I nQ Hpon it^dmvVT tiielawaof&nada) • . 

Can. $5,000,000 9|% Secured Notes 

. To mature June 8, 1984 
Price 100% - 

Subacribets te the Notes have been procured hy 

Wood Gundy limited 

The Can. 85,000,000 Secured Notes. (RegisteredJ have bear-' 
admitted to the OfScmlList of The Stock Exchange. 

Particulars of the Notes are available from Extel Statistic^ ; 

be obtained daring ns pat;. 
June 22, 


Services limited and 
business hoars up to 
from:— 

Wood Gmufr limited 
30 Finsbury Square 
Loudon, EC2A1SB 

JoneS, 1978 


K-Nivison & Co. -' 
25 Austin Friars 
London, EC2N2JB 




Cadbury Schweppes U.S. A. Inc. 


has acquired through a cash merger 


Peter Paul, Inc. 


% 


; We initiated this transaction and acted as financial 
; advisor to Peter Paul, Inc. . < 


Goldman, Sachs & Co. 

New York Boston Chicago Dallas 
Detroit Houston Los Angeles Memphis-. 
Philadelphia St Louis San Francisco \ 

International subsidiaries: 

London Tokyo Zurich 



firm 


-*• ! V > - 






June 7,1978 


4m 




hS: 

. ‘ i 

' \ -.^vx TW- 





;®lif ,s “ 


mm. 

.-jstr.'i-t&kl 


- r -vW'r:-4 < .-,-r 


H5 ? m 


IHTm 


f nil 

liTT 

fi 1 

LD 


r *i.nrrs. 


7 Tvn^L lV nil fn *ili rr 

LO) C/A »C -i'-i i * » ■ Cleg."! »IK 


BW 




jrfe 


n^- ’‘b**^.fyter and "will TEmaln a 

Rowfr wilj 

socc^ofcMr.. Timberjfllcc as the 
chairman from March i.- 
l^^KCting*. if an . additional 
ft He* dapu^r chairinan from ‘November 
oil U.c' -Mr. XI- E, J. Thornton at 
Represent 1 - cfctei!. ’solicitor' of the 

*0c«.c ^ -.r*pUlc^- Mr: 

i ^“ t S!Ja 1 I1inber3ake .as -chief general 
“Jo Cm anagBC. from- March 1 . 1979 
&>b?ccmi»i^- deputy chief general 
r °fita MaragErtin the meantime. 

■■■■■■ 

Erfc.Sws, ' 61, chairman 
j irofcofvihmwrt. ^ie. .Midlands ‘ based 
J£ the Jhwstnsd* holding company, was 
Those ^eleQ^ff yesterdqy president of the 
Jmesh, %NS31EtOTE-: ; . OP CHARTERED 
in England and 
ter ^WMiSfltor the coming rear: He is 
onIy.-V4Ee;- second " “ Industrial ” ' 
accountant in the institute’s- 100 
years pf life.' All "the other presi-. 
dents' . ‘Save r been practising 
.accountants. :.=•.. 

fl*Sfr M** ■'■ Sayers' interest in the 
^llUndiistrial side of accountancy led 
aim -to: specialise in: management 
accoomlng and the. application of 
mb dein techniques to business 
Onary /.management. . ■ - 

lS Rldiards, a partner 

hp “* ift.JDeloitte Haskins and Sells, was 
i ifitetiffd deputy president- of the 
' ,3*< sa-lnstitute, and Mr. Richard Wilkes. 
trn 1 ■** partner in'. Price Waterhouse 
set a iana.r Company, was elected vice- 
vaman^pfesldent. . 

l '^7 of jot -Sir . Richard Stuart Taylor has 
: t loan (jfbeah appointed managing director 
Extent itf gf HD • FUELS, a member p£ the 
JDuffryn- Group.. Mr. Ji M. 
short us^abo joined the 

f U ate Bbs?d J ^uceeding Sir Richard as 
ensatwn aWfipr. .. responsible , , for the 
med J jjwutheni'.coiintie^coal division. 

0 R?: H. Rartrinn, Mr. W. G. 


. .^^CayJotv i members of- the 





nri ii^. va uuu •ruiiaiivc 

'“'nsuranca-- Group, .have been. 
«,i«r nL J i f W«nted ' ' directors of , SUN 
“K ® to&LLIANGE: . AND LONDON 
lop jmifejNSUJtANCE. and its . principal 
s 2 t CovKt subsidiaries. . _ • ~ 

of coma _•»’•.★• • ■■■ 

werer. neb.. Sfr. M. E. Thompson- has joined 
iKely Hut Board' of ROTHMANS INTER, 
comoanj RATIONAL with the executive 
i 2 e of m« responsibilities of finance direc- 
T, n^lbecW. -'.Mr.- Thompson has been: 
y adopW *ath the Rothmans Group for 20 
mars. -Prior to his appointment 
o the board, he was financial 
MntroBer. 

-A- 

11 TlLEKMAN PLASTICS'. GROUP 
17 flPairas made Hie following ' apporrvt- 
J UviUiients:: Mr.’ John Beney joins 
r-ioonv i*'okInghanr Plastics as director 
UArujus, raujj general manager. He was 
. .r-Jferiously . . sales director oE 
Iatneson i^trrow'Plastics.. Mr.. Michael Jeffs;' 
—to rnm^o has been general manager of 
the baas B%thoy Components, has been 
each ortonade- a director of that company. 

at that nr.- - .**. 

■L.-Hy -juj^ Mr. Brian- W.- Oakley jhas /been 
tiv* it a ‘srt»potote<L- secretary of the 
l u 15 i^CIENCE RESEARCH COUNCIL 
ne coxufli n succession, to Mr. R, St J. 

-V alker. who ; krill' retire on- June ■ 
" 0. .Mr. ..Oakley is an Under 

^rrrrtTir'T'itt' 1 hr'Drplrmiir''nT of 
■ sale annps^hdmrtrj au'd-^bas been head of 
JrV’is nSfiWasaarch ~Jtequ irewents Vi Vision 
F'fteStfl* Wince its inception tai 1972^ • ' • . 
joihdwi -j- - - . 

- Mr. Richard -Wehb^i has been 
gfl .ppointed an- executive local 
If? gj finctor of the -London Eastern, 
district of BARCLAYS BANK. 

, ypA IffotES Mr. T. Y. Benyon has resigned 
ircv1, s a main hoard director of the 
JOSSMINSTER GROUP to devote 
tiore time to hie other interests. 

— ■'/C. *.■_ ' I'.J ■ ” ■ . ■ 

nrocuredW *3fr. Derek Hoffmann has joined 
^ be Board ..of'- MNS- - APPLIED - 

>d SCHNOL0GY t ft, member of the 

Gx ^ ' 

icha^-^gTje - LONDON • METAL 
im Efi^jTiXCHANGE has .appointed .Mr. 
vjioed A; ' Edwards, as executive 

jjgy Jut* ^MTetary^td'-'-' the' committee to 
solace Mr- R> Gibsou-Jarrie who 
. t Co. it leaving thii~ company. .Mr. 
.V1S0B « yE. J. Foster has been re-elected 
.crinFfrifliofa^nnan of : the comnuttee :and 
~rr52N2fflR C. J. B. Green re-elected vice- 

90* hflir maTi- . , 

s=== ==:tfSS ^Mr. aiarles B^ Heath, general 
^ — “^tanager ’ f UK), of -GENERAL 
— ^ OCCIDENT FIRE 1 AND LIFE 
— m *mf^^LSSURANCE CORPORATION, and 
-■ director, has. been given addl- 
iohal responsibility, of., general 
lanager of Yorkshire-General 
ffe Assurance following- the 


sday J®* 


25 c2^ 


death of Mr. C JL Fisher.- Mr. 
George Myers cominues as. assis- 
tant general manager and ^actuary 
ot Yotkshire-Gimsral .. and. Mr. 
Norman GrahamK as assistant 
general manager. « . - 

■ ‘ - •: ■ 

BOWTHORPE holdings has 
made a number of Board appoint- 
ments to its maM subsidiary, 
Bowthorpe - Hellcrnquinn. - ''JSr. 
Walter Bourne, remaps managinR 
director of Hellena^on Insulold 
and joins the maii&ZBoar d wilh 
responsibility for gpwp export 
and- overseas dcvelpjgment. Mr- 
Jack Britz. eomintWe as . group 
personnel manageri.-.and . has 
become personnel director of 
Bowthome EMP and %r. Andrew 
Goodburn is now . 'commercial 
director of that concern. Mr. 
Stephen Salmon, group chief 
accountant also beroxocs financial 
director, Bowthorpo>HeUerinann 
Distributors. Mr: Malcolm Garrett 
has been appointed - marketing 
director of HeUermahd Electric 
and a director of Bowthorpo- 
Hellermann Distributors. -••>'-»•. •- 
~k ' 

Mr. E. A. K. Patrick has -been 


TTnrnnvTT-w. i rrar»7T im v/. v woci 


HOUSE, the British Gas research 


Mr. Clifford Purkis, who' ^je tlres 
at the end of June. •»;• - .• 

-Mr. p. A. Fowler has ioffiM.fhe 
Board of COAUTE -IT^ND 
CHEMICAL PRODUCTS, folding 
his' recent appointment. a’ 
divisional managing director. Mr. 
A. M. Bell, a : hon-exemtiSre 
director has retired . front?! the 
Board on medical grounds.?}^ 

' + ; . - • 

- Mr. Ronald Sargeatmt has*B%n 
appointed managing- director^ * 
GOLDERSTAT. a subsidiary, of 
Arens on (Holdings). 

■ . ■* y 

Mr. -G: R DanWn. has Jfeen 
appointed managing dfrectoi/and 
chief executive (designatjr). of 
RICHARDSON^ WESDSABTH 
AND CO- J * 7T 

; Lord Brimetow tf to be 
chairman of /he OCCUPATIONAL 
PENSIONS BOARD from July 1. 
following tip resignation of lord 
Allen of ABbeydide at the end of 
this moirfh. Lord Allen is 
resigning ffrom the chairmanship 
in view offhis other comraitments 
-which- b^e -inchided, since last 
February* appointment to the 
■ Tribunal of Inquiry on the Crown 
Agents/ Lord Brimelonv was 
Permanent - Under-Secretary of 
State, Fore! itn and Commonwealth 
Offict^nd Head of the Diplomatic 
Servijfc, from 1973 to 1873. 

Ti$ MINISTRY OF DEFENCE 
has finade the following appoint- 
ihems. lieutenant General Sir 
Rofert Ford, to be Adjutant 
GefieraL Ministry of Defence, in 
Saptember 3978, in the rank of 
General, in succession to General 
Sir Jack Harman. This appoint- 
ment carries with it membership 

- •f the Army Boa^d of the Defence 
Council. M3ior General J. M. Gow 
; is to be- General Commanding 
Scotland in January 1979 in the 
rank of Lieutenant General in 
place ol Lieutenant General Sir 
David ScottrBarrett, who is to 
retire. 

.••••* 

' Mr. Eric Churchyard has been 
appointed managing director of 
REED ENGINEERING AND 
DEVELOPMENT SERVICES. From 
August 31, on the . retirement of 
Mr. Arthur Western, chairman 
and chief executive, Mr. Cyrd 
Warmington . . will heeome 
chairman and Mr, Jonathan Benn, 
deputy chairman. Mr. ’Warminston 
is deputy chairman, Reed Groun 
and Mr. Benn, chairman and chier 
executive of Reed Paper and 
Board (UX-). 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMAIENDED TO TAKE APPROPRIATE^ PRO FZSSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Better investment return 
through a multi-million 
commodities group 


cajpciir 

I TcSHiCl 
. • WQfilfOUO ■ . 
kUi&uixr 


Dunn & Hargitt offer you a new 
way to invest by participating in 
a multimiHion dollar group of 
„ commodity investors. Proven 

* nHH43»s H g record of success. 

All participants receive detailed account records 
monthly. Minimum investment $20,000. 

To investigate this profit opportunity, write for 
the "Dunn & Hargitt Opportunity 
Brochure" or call Dunn & Hargitt. 
Brussels 640.32.80. 

When writing: Dunn & Hargitt, 
Research, Dept. 12a Bleb 
13 rue J. Jordaens 
1050 Brussels. 

RniiKlrJ m Urhuitn and U.K. 


5-SriS 1 ' 




■MUM 


LIE DETECTOR SEMINAR 
27th JUNE. JNN ON TIIE PARK, W.I 
Communication Conlrol Systems Inc. ond HOth Century Sceurity 
Educarion present the first xcmiuar in Euruin’ on the uso of 
the unique Voice Stress Analyser Mark IX-P. The seminar will 
cover the entire subject of he detection from Iht-nry and 
development to applications, by explaininq the techniques of 
interrosation, practical use and legal considerations. 

If you feel y«»u should be part of this important seminar please 
apply to Communication Control Svstonis Inc., 33 Wilton Mew a , 
London. S.TV.l. Telephone 01-235 9112. 


MAGAZINE PUBLISHING 

CAPITAL AVAILABLE 

Established successful magazine publishers wicfi capital and 
resources available wishes to purchase new or existing magazines 
in specialist growth areas. Preferably with classified advertising 
potential and minimum £40.000 profit. 

Write Box G.2079, Financial Times, 10, Cannon Street. EC4P -VBT. 


LONDON STOCKBROKERS 

Associates seeking partnership prospects or 2/3 partner 
firms looking for a home might try us. 

Write Box G.2078, rlnonclol Times, 10 Cannon St., EC4P 4BY 
All replies treated in strict confidence at senior partner level. 


CHARTER YACHT 
FOR SALE 

Nicholson 38' 8 berth sailing 
yacht on charter until mid 
August 1978 producing approx. 
£.10X100 per annum gross charter 
revenue. Excellent investment 
for company seeking 100% 
capital allowances. Offers around 
£3B.OOO. 

' Write Bo* G.2059. Flnenclol rime*. 
<- to. Cannon Street. EC*P 4BY 



EXPORT U.S.A. 

CALIFORNIA 

Director Export Marketing 
Agency visiting California. 
Can take assignments seeking 
Importers/AgeMs /Licensees 
Hertfordshire Traders, 
Box S3, Harpeodeni Herts. 


SPECIALISED 
PROCESSED FOODS 

Established international com- 
pany with excellent contacts in 
Saudi Arabia. Gulf States, 
Nigeria, Ghan3, Kenya and Tan- 
zania seeking additional special- 
ised processed foods for existing 
markets; allied lines also 
considered. 

Write Box C.2026. Financial Timet. 
10, Cannon Street, EC4P 4BY. 


NEW PRODUCTS 
FROM U.Si.A. 

Csnsnlant, resident U.S.A., offers 
services in produce icireh, Ikenslnc. 
commercial inrollifiencc and market 
reteardu specialising in dnrersjlicidon. 
new business opportunities. 
Write Sox G.2066, Financial Timet, 
10. Cannon Street, E C4F 4 BY. 


FLAT FOR SALE 

Sc. John's Wood at Reg^nu Park. 
Ultra modem 3rd floor flat. Lounge/ 
dining room. 2 beds., back, kitchen, 
lift, centraJ beating,, entry 'phone. 
To be told com pic to with consents. 
This flat It luxuriously ippolnied and 
is used at present is compwy direc- 
tor'! London base. 

For Particulars of T25 years Leate 
Phone: 01-722 4432 


Pension/Funds etc. 

excellent opportunity to acquire wund 
investments yielding good appreciating 
returns. WII consider dividing/or 
. ' grouping as required. 

Write Bo* G.206I. F/nenclol Tfmei. 
10, Cannon Street, ECdP 4BY 


FABRICS! 

JOB LOTS. CLEARANCE LINES, 
'REMNANTS AND SECONDS 
Job' lots, clearance lines, remnants 
and . seconds required by large 
independiitc specialise Mail Order 
Company. 

Write -mb* details to Bo* 'G.202*. 
Financial Timex. 10, Cannon Street, 
ECdP <BY 


BUILDING 

MATERIALS 

Private .Group of Cwnpsnict manufac- 
turing plastic pipes wish to acquire or 
merge with manufacturer of other 
building product! to maximise market- 
ing and. distribution potential. 

Write Be* 6^045, Financial Times, 
10. Cannon Street, EC4P 4BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 P-e. 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 
Phone: 01-64 T 2365 


WANTED 
-TO PURCHASE 
Rrofl table/U n pro fiia b I e 
companies in the following 
industries: 

I. Garages, petrol rawiling oil or 
’ - relapod. 

L * Manufacturing. 

\ CRITERIA T/O £250.000 
Write Box G.1912. Financial Timet. 
lOi Cannon Street, EC4P 4BY. 


]% DISCOUNT 
ON YOUR FIRST 
ANNUAL SUBSCRIPTION 

24 hour Telex terviee' open 7 day* 
* weak. Come te ui far speed, 
accuracy and reliability. We aim to 
keep your overheads low. interested I 
WHY HHT PHONE US ON 
OT-589 7648 


copywriting, Translation and 
Typesetting for Advertisements, 
point of Sale, Brochures, 
Contact: David Mealing 
Pan-Arab Publications Limited 

01-439 3303 


Companies required With 
substantial tax liabilities 
Very attractive price offered. 
Write in complete 
confidence 

Box G2053, Financial Times, 
TO. Cnnnon Street, 

EC4P 4BY. 


Who wants to be a 
millionaire? 

Should this_cap h-jppen 10 fii you. you would he well advised 
to fis yOUrsiShts un real property; in which 90% of all e\istin^ 
luillionaires achieved iheir fortunes. All the signs indicate 
the imminence of another projierty boom: rising house prices, 
falling investments vieldi City jnsiiiuttons buying farmland. 
To keep ahead nf the herd in This fast-moving market you 
need lo &miy th« Properly Letter, which gels To the vory 
heart of the propmy business with down-ti>earih. punjenr 
articles providing you with information, ideas aad unusual 
approaches that you v.or.'i get anywhere else. The Property 
Lrltcr could just pr>s>ihiy lie o beuer investment for you 
than tho property market itself'. For details of a FREE TRIAL 
OFFER, write to: 

THE PROPERTY LETTER. Dept. ILH 
13 Gulden Square. London, IV I 
or phone ftt-39: 7337 t -24-hour answenns service) 


FOR SALE BY TENDER 

UNIQUE OPPORTUNITY TO ACQUIRE THIS 
FREEHOLD HOTEL INVESTMENT AND LEISURE 
CENTRE COMPLEX 

in prime position of Bournemouth as a whole 
t) Linden Hsfl Heiel. Christchurch mm] poef. nrcinsslum. squssh 

P.osd fas inrCSUKnt. let it cuuru. ;asi«i rosm {vacant 

£32.500 per annum. 5 ,-j. tchij o OouciiiChi /. 

on full repairing in .j ,n;ur.nj 3j Forecourt petrol f.ihej seat on. 

lease |. ga-age ind warfcihaps. ILipttsi 

Road ( vacant poiscsvon). 

21 Linden Sporss Ous. y no^ KstO. n) Staff hnuaea imI Has (vacant 

comprising hart. rc.; 10 - jn[ i-a.m. poimslonl. 

Ideal ac le.t'jr; ««ntra and/or ostenra! rcdeve'opir.cne. 

CJos.ng daw f** Tcnd-n. i; n;a.i Ths-sdav. 20rb jul», 1478 Ss'e AgeMx. 
Hotel Department. GOADSBY & HARDING. 

Borough Clumbers, Fir Vale Road, 

Bournemouth Tel. 0202 2349T 


PRESTIGE CARS WANTED 
TO ALL COMPANY D1P.ECTOF.S 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining t»U pi.te fsr 
your Ictf-mileiS* P-'ettiga macor-cn! 
Wa urgently riquiij Palls.Royce. 
Mercedes. Daimler. Jjgu*-. Vareen 
Plat, BMV/. Porsche. Fe.-r,-,. Mjierao, 
Lamborghini, J.*nien Csn.ert.v.e, 
Rover. Triumph ard -ci.i cars. 
Open 7 days a week 
Collection anywhere in U.K. Cash or 
(Linkers draft , available. Trleohonc us 
for ■ firm price or our buyer will call. 

ROMAN OF WOKING LTD. 

• Brookwood (04867) 4567 


LEISI RK AND 
BUSINESS SALES 
COMPANY 

Old E eta hHsbrd «r:h ,{.c ou-a L.ine<? 
and exprrieneed sahj fortv lis wn 
worir«i and sintfiO!. T O ii miU:nn 
p.a.. and cataianrli n faxllenr 
profits with a Ur.-. a:id .-spaTidins 
captive market. S-. Vs total talc or 
takeover of Mutual m 1 , 

Write Ro>* GJ077. l-m-jiioial Times. 
10. Cannon Stn i-r. I.C4P 4 BY. 


Bungalow type hotel 
devefopment in choice 
area offering excellent 
economics, experienced 
operator/developer 
seeks medium to long 
term loan. Write Box 
F.1023, Financial Times, 
10. Cannon Street, 
EC4P 4BY. 


LONDON ENGINEERING 
& METALS BASED 
PRIVATE COMPANY 

Seeks reversal into Public Com- 
pany with funds to expand 
present £IM Pre-Tax Profit to 
£2M. 

Write Be* G.2058. Financial Times, 
10, Cannon Street, EC4P 4 BY 


PUBLISHING 

Participation offered m exchange for 
extra working capital in young pub- 
lishing company specialising in 
quality non-fiction. Popular new Series 
Just our. Up to £25,000 required. 
Write So* G.2063. Financial Times, 

. _f0. Cannon 'Street. EC4P 4 BY. 


Paulino Modes Ltd. ate now 
Operating the Hot htO-tiinq telephone 
seOtnir service epazuatt totally 
in-house by foil-tine people. 

40 Tbtten&am Lane, London NB. 
== Tel: 01-348 4294. 


LARGE AMERICAN 
MANUFACTURER OF 
SKATEBOARDS. 

PARTS & ACCESSORIES 
desires exclusive distributor for 
the U.K. Excellent opportunity. 
Write Box G.207S. Financial Timet. 
10. Cannon Street. £C4P 4SY. 


TEES WEAR TYNE established agency 
With wide contacts In the maior manu- 
lacxuring. croccsslnp amt natlonalriW 
InauStrles. seeks new l.w» in corro- 
sion nroohng. pollution control ana 
mechanical handlins. ,5tuart l_ Kohn. 
Telex 5371 62 or 0783 42541. 


PLANT AND 
MACHINERY 


UNITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD., 
"30 City Road, EC1 . 

01-428 5434/5/7361, 9936. 


OUR SURFACE COATINGS 
ARE SIMPLY SUPERIOR 
For roof repairs, floor and will 
protection or durable decoration 
there's nothing Co nuccft our unique 
range of liquid plastic coatings. 

PLASTICS AND RE5INS LTD. 

Cleveland Road. Wolverhampton 
VVV2 1BUT- ’Phono: 0902 53215 


LARGE PUBLIC 
COMPANY 

Is inte rested in acquiring or investing 
In a small Engineering Workshop 
equipped with targe tire machine 
tools. Good access and loading 
facilities essential. 

Write Bax G.2062, Financial Times, 
10, Cannon Street, £C4P 487- 


WE WANT TO MEET • so ahead Quaii- 
fteld optician -nth out extetinu practice 
for cmittnQ now venture. Write Box 
G.Z073. Financial Times, 10. Cannon 
Street. EC4P *BY. 

MORTGAGES £ ^f^URTGAGES tar 
Executive?- S20.00D-LSa.00D. NO FEES. 
Palmer. Banks Assaciaut. 402 6691. 

GROSS FUNO requires Income in large 
Quantities. Anv ideas »eW»mea. Write 
Box G-016- Financial Times. 10. 
Cannon Street. EC4P 4BY. 


GENERATING SETS 

Dorman I2CTCA 600KVA generating 
sets ex stock delivery direct from 
muiufacturere »t £36.000.00. Ex 
ivories complete with silencer, flatteries 
and control panels. AIsd economy 
models with brushless alternators. 
52 KVA £2.7 34.00. 65 KVA £3.040. 
72 KVA £3.410.00. 100 KVA 

£4.800.00, HO KVA £4.940.00. 
)4D KVA £5.800, all cx stock. C.I.F. 
or F.O.B. on request. Ocher sizes on 
Short delivery ind competitive prices 
also available, 

OXFORD DIESELS LIMITED 
Llshford Lane. Dry Sandford. 
Abingdon, Oxon 

Tel: Oxford 730014 Telex: 837604 


Unique opportunity in 
PLASTIC INJECTION • 
MOULDING 

N. London location ideal for 
man u factu re/di stributlon 
(I) Lease on factory approx. 50.000 
aq. fr.. full office ae:onM»odision, 
extension to 70.000 tq. It., 
adequate car parking. 

12) 20 injection moulding machines 
50-450 tons full operating ser- 
vices. some machines still located. 
(3) Range of houiewxrcs moulds 
capable ol immediate production. 
Offers will be accepted for individual 
lots or collectively. 

Write for particulars to Box 11.2072. 
Financial Times. 

10. Cannon Street, EC4P 4BT 


GENERATORS 

Over 400 sets in stock 
TkVA-700kVA 

Buy wisely from the manufacturers 
with full after tales service 
CLARKE GROUP 
01-986 8231 
Telex 897784 


A SOLID SQUARE MILE 

(640 ACRES) of wooded fertile land 

$9950 

Santa Cruz. Bolivia, one of world s last frontiers with 
outstanding potential for agricultural development. Properties 
available for farming, homesteading, recreation and investment. 
Smaller properties available - - ■ 160-acre homestead for jus: 
S2.95Q. For full information write to: 

Anglo-Bolivian Land & Cattle Co.- 
Schrpol Airport East, Dept.‘P-l. P-O. Box 776. Amsterdam. 
Residents of the UK for exchange control purposes require 
Bank of England permission to purchase this land. 


K SALE 


<Near Paris) 

Modern factory supply- 
ing sheet metal cabinets 
— panels and racks to 
electronics and telephone 
industries. 

100 employees — yearly 
turnover £1.500,000. 
Managers prepared to 
remain if required. 
Write to: 

Mr. G. Esculier, 

49 t avenue F. Roosevelt, 
7500S— Paris— FRANCE 


CREDIT AID LTD. 

WHAT CAN WE DO 

fob voir? 

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

THUS INCREASING YOUR 
PROFIT 

Contact in strictest confidence 
A. E. Badcnoch, 

A.C.A. 

a D. W. Clark. A.C.A. 

Credit Aid Ltd.. 

~v 4, New Bridge Strccl. 
E.C.4. 01-353 7722. 


WEST COUNTRY 
DEPOT 

Ideal for Haulier. 
Metal Stockist, Etc. 
Due to rationafisution 
National '.'-roup has for 
disposal: 

Two acre freehold site, 
modern offices, 
accommodation and 
warehousing 
Write Box U.206S. Financial 
Times. 10. Cannon Street. 
EC4P 4BY 


Plant Hire Business 
For Sale 

(ESSEX/HERTS.) 

The well established business ot J & J Dean 
f Plant; Limited is for sale. In addition to its plant 
hire operations, the company enjoys the benefit of 
a number of valuable agencies and dealerships for 
the sale of plant and ancillary products. 

The business has an experienced work force 
of 30 people and operates from modern premises 
in Harlow comprising some 1.65 acres. These 
premises are held on a long lease which is 
available for purchase. There is also a depot in 
Central London. 

For further information please apply to the company: 

" (REF. TR/ARH) 

c/o27 Chancery Lane. London WC2A INF. 

Tel: 01-242 9451. Telex: 261064 (TCHRSS G) 


BUSINESSES FOR SALE 


JOHN RHINO (FARMS) LIMITED 

SAND AND GRAVEL DIVISION 
BRICK AND BLOCK MANUFACTURERS 
THE LODGE, STRJCHEN. 

This Business Is FOR SALE BY PRIVATE BARGAIN. Ths Brisk and Block 
Hiking Plane is situated at Stricken and the 5ind and Gravel Division incor. 

f orates three quarries in the Fraserburgh area and one in the Ellon area. All 
I ant Machinery and Transport arc modern and in firu class condition. Ample 
reserves. 

Enquiries should be mode In the first instance to:— 

Messrs. A. C. MORRISON A RICHARDS, Advocates. IB BoruAccord Crescent, 
Aberdeen AB> JJtt. Tel.- Aberdeen 573321. 


EXPANDING AND LONG ESTABLISHED 
ENGINEERING COMPANY 

Activities include taolmakinj. injection moulding and 
presswork Own brand product range and trade work. The 
Company 'is Midlands based. Turnover £2M. Tax losses 

£Q.«a. 

Write Box C.\2i)69, Financial Times, 

10, Cannon Street. EC4P 4EY. 


WIDELY BASED 

INDUSTRIAL GROUP 

wishes to divest small division 
operating in the mechanical 
handling field.- which is peri- 
pheral to its main activities. 
Division ramp rises manufactur- 
ing, marketing ind ' distribution . 
facilities. 

Write Sox G.I957, Financial 
Times, 10, Cannon Street. 
EC4P 4BY. 


CONSTRUCTION AND 
HOUSEBUILDING GROUP 

Birminghsm-bued, operating in Mid- 
lands and Wiles. For Sale u a go.ng 
concern. £1,5 million turnover, ex- 
cellent return on capital involved, no 
borrowings, useful land bank. Dynamic 
management. Efficient, sell-motivated 
team at all levels. Good connection: 
and track record. Ideal vehicle for 
expansion Into Midlands by nationally- 
minded contractor /developer. 
Enquiries naming orinefrofj ta 
Box G.2070, Financial Timet. 

10. Connon Street. £C4P 4BT- 


SALES BY AUCTION 


START AN , f M PORT/EXPORT , AGE N C Y. 

EriS r isB'r6. s K“« u 

5J. Marlborough. Wilts. 


Business and Investment 

OppwfPisifSas 

Businesses 

Every Tuesday and Thursday 

Rate: £16 per single column centimetre. Minimum 
3 centimetres. For further inf ormation contact: 
Francis Phillips, Financial ^ Times, ^ 10 Cannon street, 
£C4P 48Y. Telex.- S85Q33. 

01-2484782 & 01-2485161 

FINANCIAL TIMES 

EUROPESBUSNBSNEWSfftPER . 


EDWARDSYMMONS 


56/62 WILTON RD., VICTORIA. LONDON SWlV 1DH 
01-834 8454 England 

By order of the jofnt Liquidators G. A. Auger Esq. F.C-C.A. and 
R. Hocking Esq- F.C.C.A. 

Re: Elvin & Co. Ltd. In members liquidation. 

POWER PRESSES 

MACHINE TOOLS WELDING & SHEET METAL 

including British* Cl carifig 225 Ton. Bliss 135-2M Ton. HME & EBU 
40*75 Ton. Rhodes 160 Ton. Wilkins & Mitchell 150-300 Ton. 
HME DCP& 150 Ton. Beaver Universal Mill. Cincinnati Horizontal 
Mill. GraffcnHfiden Horizontal Mill. Jakobsen & Jones Shipman 
Surface Grinders. Myford Cylindrical & Nova Internal Grinders. 
Alba & Invicta Shapers. Colchester, Mitchell & Boley Lathes. Asquith 
& Town Radial ■ Drills. Keetona Guillotines. Bronx. Rushworth & 
Safan Press Brakes. Norton & Sweeney Fly Presses. Sciaky Seam, 
Spot & Projection Welders. BOC Mfgs, Hirst Plastic 5heet Welder. 
Spray Booth. Hydrovane & Broom wade Compressors. Lansing 
Bagna/I * f»rJc Lift Trucks. Pallet Trucks. A very 5caJes. Metal 
Skips. Heavy Duty Racking. Small Tools. Inspection Equipment 
Drawing Boards, . Desks. Chairs, Filing Cabinets, Typewriters, 
Calculators. 

FOR SALE BY AUCTION IN LOTS 

AT: 17 Willow Lane, Mitcham, Surrey 

ON: Tuesday June 37th, 1978 Commencing at 11 ajn. 

VIEW: Monday June -26th 1030 a.m,4J0 j>.m. & Morning of Sale 
Further particulars and catalogues from the Auctioneers os above. 


£1,250, 000-1- PA 

.Small group of specialists Ratal! Shops 
(7), London area. Turnov 0 r excess 
of £1.250.000. Excellent profits. 
£135.000 tax losses & assets £450.000. 
Above average return on espnal. 
Principles only. Full Details to 
Bov G.2067, Financial Times. 

JO. Cannon Street, EC4P 4BT 


PRIVATE HOSPITAL 
FOR SALE 

Fully equipped & licensed for all 
forms of oircical, medical b maiemity 
fn-aimm. ciu.. 4D - beds. Subsiummi 
freehold, proponr. 30 mlnuits irum 
Hyde Park Comer. 

Write B« G2071, Financial Times. 
10. Cannon Street. EC4P 4BY. 


BUSINESS 
FOR SALE 

Coficrollmg Director of private com- 
pany in expanding service industry it 
desirous of disposing of business with 
view to retirement. Attractive offices 
and dire: tars' suites in West End 
Regency House with valuable Lease. 
Would be suitable for amalgamation 
with Travel. Hotel or similar business. 
Capital required in excess of 
£100.000. Write: 

MOB LET AND SCOTT. 

(Rtf. K.C.P.). 13 Marylebotie Road, 
London N.W.l. 


FOR SALE 
JERSEY COMPANY 7 

With freehold factory and 
office space occupying 
approximately 10.500 square 
feet. Allied to electrical 
trade. Annual profits £53,000. 
PRICE: £500.000. 
PRINCIPALS ONLY. 
Write Box G.2060. Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 


MOTOR ACCESSORY AND 
D.I.Y. TOOL 
WHOLESALERS 

with Cash and Carry Depi. and tom- 
pact Manufacturing business attached. 
«vish te sell due to Directors wishing 
to retire. Good connections and ex- 
cellent potential. Sale to 1 include new 
Freehold Warehouse with offices arid 
alto Factory Building. Petition central 
London. 

Write Bo* G.2064. Financial Times. 
10. Cannon Street. £C4P 4BY 


SMALL PRIVATE COMPANY for sale. 
Ladles lashion shops In prestigious sites. 
1 London. 1 Province*. Valuable JcJSfi 
fwiTti low rentals). Plus S.A.V. Owner 
retiring. Bo; C.2076.- Financial Times, 
10, Cannon Street. London EC-iP 4Br. 


BUSINESSES WANTED 


ATTENTION STOCKTAKING COMPANIES 

JOHN CHURCHILL & CO. 

the U.K. stocktakers, who have no connection with any other 
group, seek to acquire iwo or three medium to small sub- 
companies in the U.K. Existing owners/staff to remain or 
retire as preferred. Please communicate m first instance 
with Maurice Abrahams Head Office, 56, Hayes Street, 
Bromley, Kent, BR2 7 NX.’ Tel. 01-462 6237. Correspondence 
“ Privute — Confidential." 


JAMS, SAUCES, TOPPINGS 
OR FONDANTS 

International Company sreJts to acquire s Company engaged in manufacturing 
one or nxc ol the aba** products. Outright purchiie or controlling in tart it 
will be considered. Exming »‘ J *f i"»y bc retained, 
fiepffes treated m urictctt eonOdencc to Bor G.20SS. 

Financial Times, 10. Cannon Street, EC4P 4Br. 




































The Financial Times 


>^'4. 






‘iiSi* 


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When landlords or tenants talk to 
Savills about offices, we pay close attention 
to all the elements which make up total 
accommodation costs. 

Square-footage charges for rent and 
rates are only part of the story. We also 
take into account those costs which depend 
as much on the volume as on the area - air 
conditioning, heating, lighting, cleaning, 
maintenance, decorations and the rest. 

Whether you’re a landlord or a tenant 
it’s important to bring all these into the 
right balance from the start. 



m: 



r. — i 




SAVILLS service to tenants 

Savills have office space available now in 
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31 ' 




• ’y -‘-^--^7^ ir 'JC^C.f^r ' "yT - : , - 


F««*)e& : ilfcfr Huraete An 
NoW Retreat-- by: James 
Mofria^Fabex^mBa. 624 pages 

It ; WQuld)»,e^t»-©a^ a case 
fcrthe U^. fett:Bn^hiEmpire. 
An ..Vtostf^qa:. "^alisijins for 
the vteWKtedliiK - for the 
sympath ies,- ;* ffgtward - looking, 
generous.;** compared With the 
naticmfiUwnr which are its seouel, 
xenophobic, «etfl 4 h, Jpefty-minded 
and:» &nh.- it. would be easy 
but it 4s toot necessary. 

- Tft&aeqoel speaks for itself. Is 
f 'Am£a.forthe Cubans ". a cry 
to make, tte liberal- heart >e*t 

■ fastet ? •■ .-•«- ■-> -■ 

And'there'is ^no polnt in 
matijig.; A."' case., for 'a." corpse. 
Certainly. James Morn's in' the 
third -volume of - his- imperial 
trilogy is; not .making a defence, 
.**!*■-- attStudfe^ : is predictably 
ambivalent The Empire is to he 
zcgrett^d,- deplored and admired. 
The most suitable response to it 
is perhaps amazement . 

Morris .is. writing about the 
final:. imperial phase, a difficult 
tsskl :Jt ‘is hard to make ah 
epie.dot of an anti-climax. 

end ■ of the Empire tvos 
decline: without, fall. Instead, a 
- ednfaseff slither Into the dust So 
Morris Ifr not to be blamed. If this 
1 is ^something of a scrap book, an 
[ imperial' museum - with. ' many 
exhibits but somehow a lack of 
coherent arrangements .■ 

On -the other band the author 
has a ^ood reporter’s eye for the 
quickening irrelevant detail. 
There is Bometimes an advantage 
is jharip^vfbihgs- harimi'scaruzn. 
And Morris; writes with the most 
engaging yivacrty. at times mock- 
ing, at times moving, picturesque 
hut astringent " , 

The _ obsequies are conducted 
wittaraf: undue solemnity. And. 
thank goodness, without the 
bogus sense of guilt which was 
one o€ the more nauseating 
symptoms of the recent Left e.g. 
Kingsley Martin's wail to Nehru, 
“Will, you ever be able to forgive 
us, Jawaharial ? *’ . - 

One of Morris's difficulties is 
thar there were nearly as many 
motives, good and bad, for dis- 
posing of the Empire as there 


■£ere for Acquiring it Abo, 
.by that time almost all the 
S^ratest personalities have left 
the stage. 

■_. Ewa so, there are remarkable 
figures among- them: those who 
came, to late to build: Rhodes, 
Lugard, Delaine re. ' There are 
great eccentrics: Lawrence, 
Yonnghustamd. St. John Philby. 
There lj the occasional aesthete, 
Ronald Starrs. There were 
scholars galore. 

Anyone who still thinks that 
the Imperialists were insensitive 
to the culture of the people they 
governed, need <mly read Charles 

Bell’s Tibetan Dietionary, James 
Evanses Alphabet of &ie CTree 
language, and Elias N'ey's trans- 
lation of the Tarikh-i-Rashidi. 
And there are dozens more like 
them, learned, devoted servants 
of the. Empire. 

- it was one of the late im- 
perialists, Ciirzon, g viceroy with 
a reputation for pomposity, in 
fact ■ humorous, idiosyncratic 
man, who framed a memorable 
re-statement of the Imperial 
theme: , ' 

“Remember that the Almighty 
. . has placed in your hands the 
greatest of His ploughs, in 
whose farrow' the nations of 
the future are germinating and 
taking shape." ' 

' Rhetoric? Of course. 

The twilight is the time for 
rhetoric, style and self-doubt; 
the time for Kipling, Elgar and 
Lutyens, architect of the only 
magnificent imperial building, 
the Viceroy's palace at Sew 
Delhi: bigger than Versailles: 
6.000 servants; 130 ehairs in the 
state dining room; . a porphyry 
door in the Durbar room and 
columns of yellow* jasper. As a 
palace, too late; as a mausoleum 
pretty grand. 

“Too late: The flare of tbe 
imperial confidence had been 
too brief, too illusary perhaps, 
ancf the only real epic of 
Empire lay in the memory of 
the thing itself, the surprise 
and the effrontery of it*’ 

Thus Morris, finding the right 
words for that late hour in the 
story. 






Fires still burning 


This Hillman at Simla in I860 was drawn by R. Clint. It it one of 
many nostalgic illustrations in “ Simla: A Hill Station in British 
fndia ” by Pat Barr and Ray Desmond (Scotar Press, £1250, 108 
pages), a fascinating album of imperial glory 


Strangely enough it is a woman 
of the nineties who stales best 
the original imperial idea. She 
is an astonishing luie Victorian 
spinster, .Mary Kingsley, who met 
the expenses of her fabulous 
African i ravels hy trading in 
palm oil and rubber. Tbe Colonial 


C. P. Snow is away 


Office, naturally, detested her; 
Africans loved her. 

She boasted that some of her 
ancestors had been slave iraders; 
she had nothing but cnmempl 
for - the windbag pretensions of 
the New Imperialism, and 
despised missionaries, and 
loathed Lillie Englanders." 

She thought trade to be the 
purpose of Empire and. against 


more lugh-falutin* notions 
fashionable in her time, harked 
hack to i he hard-listed philosophy 
on which the thing was founded. 
Was Mary' wrong?’ Tliu- Empire 
has gone. The trade remains? 

Cun one fix' a dale when the 
Empire finally shin down? Singa- 
pore? Suez? As Karl Marx said. 
" History does repeat itself, first 
as tragedy; the second time as 
farce." 

But. Singapore nr Suez, there 
were few who asked the question. 
Why did it die? Bi*cause it was 
inevitable that it should? But 
that is only an excuse for failure. 
An inability to adapt? A weaken- 
ing uf the pristine romantic 
impulse in the British? 

Another question, more impor- 
tant: What comes afler? Who 
succeeds? For who was Luiycns 
building his palace? An Indian 
viceroy? Or, perhaps a Chinese? 


Coal and Energy by Derek Ezra. 

Bvnn £5.95. 1S2 pages 

If Lord Rubens will ;jo d».*n 
in industrial history a h tb e nun 
who flamboyantly preside;! over 
the sharp contract ion in the 
! British coal industry. S;r Derek 
JErra must be recorded as the 
I man who cannily supervised \u 
! expansion. 

! To have had sum greatness 
thrusr upon him muv have heeR 
a surprise. He suco-i-ded Roberts 
as Chairman of the N'arional 
Coal Board in 1971 when coal was 
, a king long since dethroned, and 
ia fair way along the road to 
death by starvation. As Ezra 
reminds us in his bnuk. “before 
197-1. . . the amount ..f invert* 
■ ment on new major projects 
I was as low as 17 in a year." For 
!an industry' which depends upon 
new sources of supply being 
constantly worked up rind which 
!nuw spends hundreds of millions 
of pounds a year in doing so) 
such levels of funding were slow 
murder. 

But 1974 was the year when 
the king was called batrk to his 
domain. The OPEC countries 
were the kingmaker: when, in 
1973. they began in-.- series uf 
oil price rises which quadrupled 
the cost of their cniiinindiiy and 
forced western governments to 
{concentrate their minds on 
i energy policies which would 
l lessen their reliance on oil. 

ft Was perhaps met, table that 
'Britain, whose first industrial 
j revolution had been ba-ied on 
(coal and whose eovenunq Labour 
Parry had good reason to be 


grateful to the National Vn:on 
of Msneworkers for their tenure 
of office, should turn to coal. I! 
is alone among West European 
slates— with the partial excep- 
tion of West Germany— in doing 
so. Yet the reasons for taking 
this decision are powerful ones, 
and Ezra's argument is the most 
coherent gloss on the strategy 
•■’O far. . .. . 

The strategy is emnodied 
essentially in two tripartite 
Government / Unions / NCB 
documents. Plan for Coal 
(which looks forward to iyS5i 
ami Coat io i he Year 2000. 
which completes the picture 
to the end of the milieniuin. 
Those present the skeletal frame- 
work for an expansion of coal 
output from its present level of 
around 120m tons a year to 
135m tons by 19S5. then to 
around 170m tons by 2000. Tbe 
justification for such expansion 
is. first, that natural oil and gas 
will begin to be in short supply 
by the 1990s and second, that- 
nuclear power cannot adequately 
fill ihe gap left by the with- 
drawal of these energy sources 
from the market. Coal is the 
filler of the energy gap. . 

A simple enough thesis, as 
Ezra disarmingly claimed during 
his book's launching ceremony. 
There is. naturally enough, a 
complicating factor on which he 
does not dwell, but which 
deservps a brief rehearsal. It 
is that while it may make good 
sense greatly to expand produc- 
tion to fill the future gap, there 
remains a period up to 1985. 
and quite possibly for longer, 
when the markets for coal will 
not increase as its production 


BY JOHN LLOYD 

does, largely because energy 
consumers do not possess the 
same conviction which Ezra 
has that coal is good for them. 

Electricity producers, includ- 
ing our own Central Electricity 
Genera ring Board and South of 
Scotland Electricity Board, want 
to take on nuclear luoacity 36 
fast as possible (faster than 
the UK Government presently 
Ihinks desirable). Si^el pro- 
ducers, coal's second biggest 
customer, are unlikely to want 
as much coke as they did two 
years ago — before the recession 
—for a very Ions time-, if ever. 
Other industrial users are so far 
reluctant to convert, or convert 
back, to coal. The heme -fires 
keep burning, even slightly 
brighter than in the recent past, 
but they constitute a small 

market. 

Thus before Ezra can srauneft 

the gap in the nation's energy 

needs, he must close that to bis 
own marketing strategy, or at 
least suffer it for Ion-" enough 
to break through to health in icd. 
fifteen or twenty years time. 

In essence, tbe book concen- 
trates od that period, arguing 
forcefully that if growth is not 
sustained now*, then in the long 
run. we are all cold. When the 
oil and gas run out. coal must be 
there, with a new technology 
developed to turn it into substi- 
tute natural gas. oil-from-coal 
and — as a by-product— .chemicals 
and plastics. By thar time, too. 
it will have perfected the 
fluidised bed combustion pro- 
cess. in which relatively small 
amounts of coal can he burned 
in power station boilers on a bed 
of ash and air to turn water into 






•'•Vs***-* 



Derek Ezra: renascence of coal 

steam af much great.;’ 
than is presently the ease ”:>i 
futurism-ally alill. ii :v*:;y ;ni :> 
be possible.- V> ga-’ify. «r 

burn ir uiiucrgr-au.'iri v. i ir.. u,t 

men risking iheir liw* !*:• i.or,,' 
it to the surface. 

It l> nut :•) ho iU'.' r 'J?eil ;!: it 

The chairman of the 'J-.-:.: Foirg 
would argue other ilur> tivt his 
product has a magnificent futmo. 
But he dues An e:.r-:!i:!:> . 
will take Careful re: iil.i .i'a : it 
is m be chalte-i-i'.V:. 1 >r.o 
mg: do n>'«t believe '.lie au'.:v;'s 
claim, made near il?o i-eri.nr.'r.g. 

that “ 1 shall keep 

of statistics io :h>? i unu.m.;:." 
uses them to the maximum. 7!.-' 
wurk ic thus a nun.- cm 
intendedi -ji In f-:».*;r. u ' . • i r -> 
which Chd e .■<■.■ ef re_.:::u 
been — inevili : *i.. - , .nj :»rui 
rightly — sacr:5c’cil. 


Raising a laugh or two 


BY RACHEL B!LL!NGTQ?i 


The New Oxford Book of Light 
Verse chosen and edited hy 
Kingsley Amis, uvfurd, £4.25. 
347 pages 


Fiction 




man 


BY 1SOBEL MURRAY 


The Husband's Story liy Norman Promised Land by K3rel.<Schoo- isobcl Quirk In Orbit by Tom 
Collins. Collins, £5.50- 357 man. Julian Friedmanfi, £3.50. Wakefield. Routledge and 
pages ' 201. pages , Kegan Paul, £3.95. 196 pages 

Saturday City bv Jan Webster. 
Cull ins, £5.50. 350 pages 


UK ECONOMIC INDICATORS 

ECONOMIC ACTIVITY— Indices of industrial production, maim-_ 
facturins output, engineering orders, retail sales volume (1970= 
100); retail sales value (1971=100); registered unemployment 
(excluding, school leavers) and unfilled vacancies (000s). All 
seasonally, adjusted: • ■ 



• Indl. 
- prod. 

Mfg. 

output 

Eng. . 
order 

Retail 

voL 

Retail 

value 

Unem- 
ployed / 

f 

Vacs. 

1977 

lstqtr. 

103.2 

• 105i 

109 

I03J 

/ 

216.4 

1 

1,33b 

na 

2nd qtr. 

161.9 

- 103.0 

106 

10245 

222.0 

H 3 !! 

163 

3rd qtr. . 

102.7 

103.7 

106 

104.3 

842 

1.418 

151 

4th qtr. 

101.9 

102.8 

107 

104.4 

239.4 

1,431 

la7 

Dec. 

102-5 

• 10341 

100 

106.9 

.52464) 

. L428 

163 

1978 

1st qtr. 

103.6 

103J) 


106.3 

/ 246.0 
241.0 

1,409 

18S 


103.2 

103.4 

106 

1044) i 

1,419 

180 

Feb. . 

103:9 

103.9 

117 

106*2 

248* 

1,409 

187 

March *'■. 
Aj»ziT " X 
May • 

103.7 

10445 


107.0? 

106.J 

f 

249-8 

250.3 

1,400 

1,387 

1,366 

196 

204 

210 


UUA ru A— y-yidl NO U hCL LU 1-. Cswvmv o- 

intermediate goods (materials and Axels); engineering output, 
znetal manufacture, textiles, leather f aod clothing (1970 — 100); 
housing starts (000s, monthly average). 

.Consumer InvsL Intmd. Eng. 

goods output 


goods goods 


Metal Textile Housg. 
mnfg. etc, starts'* 


1977 
1st qtr. 
Sndqtr. 
3rd qtr. 
4th qtr. 
Dec. 

. 1978 

1st qtr." 

Jan. 

Feb.. 

March 

April 


--.115.8 - 

99.4 

106.1 

100.4 

83.9 

104.4 

113.4 

97.6 

105 2 

98.8 

.80.5 

100-2 

115.2 

97.6 

104.9 

99* 

83.3 

100.9 

116.7 

97 2 

101.4 

; 98.8 

74.8 

99.4 

1184 

97 JO 

102.0 , 

99j0 

79.0 

101.0 

116 A , 

93.8 

105.1 

100.2 

76.9 

100.2 

116.fi 

98.0 

• 104.0 

190.0 

76.0 

99.0 

r- U7<0 

99.0 

106.0 

.100.0 

78.0 

100.0 

U7.fi 

99.fi 

105.0 

101.0 

77.0 

. 101.0 


19.9 

25.1 

25.4 
20.7 

16.1 

17A 

17.4 

15.3 
20.7 

25.3 


l&XTERMAL TRADE— Indices of export and import volume 
(1975=100); visible balance; current balance: oil balance; terms 
of trade (1975=100);; exchange reserves. „ 

- Export import Visible Current OU Terms Res\. 
volume volume balance balance balance trade USbon 


- 1977 
1st qtr. 
2nd qtr. 
IrdqL 
1th qL 
Dee 
■ 1978 
Lstqtr.' 
fan. 

Peb. 
Uarch 
Vpril 
«ay - 


115.7 
- 118.0 
124.1 

117.9 

118.9 

120.5 
* 11Z3 

127.9 
121.4 
126.3 


109.1 
.109^ 
106.4 
102.6 

108.1 

113 A. 

114.3 

llQj. 

116.4 

102.6 


-947 
-764 
+ 54 
+ 45 
-76 

-520 
-332 
.+ 82 
-270 
+236 


-505 
-364 
+483 
+351 
+ 26 

-220 
-232 
+ 182 
-170 
+336 


-800 

99.0 

10.5 

-745 

100.3 

14.9 

-602 

10LO 

13.4 

-657 

102.4 

20.39 

-275 

103.1 

20.56 

-646 

104.9 

20.63 

-236 

105.4 

20.87 

-202 

104.8 

20.7 

-208 

104.7 

20.32 

-115 

104.0 

17.04 

16.66 


(L\A«CiAi- — aioney supuiy - 

in sterling to the private sector (three monttg growth at annual 
rate)' domestic credit expansion (£m>; -budding societies net 
inflow; HP, new credit;, all seasonally, adjusted Minimum 
lending Tate (tend period)-. _ ■ 

Bank 

M3 advances DCE 


Ml 

% 


BS 


HP 


-95 


% £m inflow lendiDg 


MLR 

% 


1977 
st qtr. 
ndqtr. 
Tdqtr. 
to qtr, 
lec. 

19« 
st qtr.. 
an. 

'eb. 
larch 
.pril 
lay 


1.3 - 8-S 
24.8 ■ 14.9 


28.0 

25.1 

23^ 

25.1. 

235 

26^ 

25.1 

19.1 


10.4 

12.6 

12.6 

24J 

17.3 

25^ 

24J 

24.7 


54J - 74 

5.5 +769 

20.3 +365 

8.4 +698 

8+: +161 

17.5 +1,819 

13.4 258 

173 963 

17^ 598 

12.6 1^48 


492 

L290 

1.084 

1,565 

421 


1.008 

L047 

1,149 

1,189 

410 


1.M9 . 1360 
388 429 


353 

308 

335 


418 

413 

463 


101 

8 


6} 

6i 

6S 

6i 

7 

9 


INFLATION— indices of earnings (Jan. 1976=100). basic 
materials and fuels, wholesale prices of manufactured products 
(1970=100)' retail prices and food prices (1974=100), FT 
cimLdUy wZx <jSl* 1952=100); trade welShted value of 

sterling (Dec. l9 '^' 1 A 00 ^L n ,__ T * ; , FT* 

Earn- Basic Wnsale. ^ ri 


The Four Dorses by Chapman 
Pineher. Michael Joseph. 
£4.95. 269 pages 


1977 
St qtr. 
od qtr. 
tdqtr. 
to qtr. 
tee. 
.1978 
St qtr. 
ifin. 
feb. 
fareh 
ipril 
lay 


ings* 

I12J 

114.5 
116.1 
119^ 

121.7 

123.0 

121.5 

122.7 

124.8 


Basic wnsaic. - * * 

matls* mnfg * RPI* Foods* couidty. StrL- 


341.5 

347.7 

340.5 
330A 
328.0 

326.7 

324.9 
324^ 

330.9 
3374 


248.0 174.1 

259 J 181^ 
267.7 184.7 

272.1 187.4 

2733 188.4 


61.8 
61.6 

G1A 

J9S.3 234 *0 63 ^ 
IAL8 234J20 63.8 


184.7 276.4 

191.1 250.0 

192.1 239A 


278.9 190^ 197-3 238.61 

277.1 189.5 196.1 226.41 

279.2 190-6 197JJ 224.86 

280l 19L8 198.4 23S.61 

282.8 194.6 201,6 


64.6 

66.0 

66.0 

64.1 


238.94 61.8 

250.67 61.4 


• Not seasonally adjusted- 


ev Pitts was deepi 
at his tre-ison trial when his 
Defence Council ridiculed com- 
parisons with Machiavelli and 
Houdini, 30 a, referred to him as 
“ a mere Charlie Chaplin of 
crime." Bat this is tbe essence 
of Norman Collins's new novel. 
Stanley Pitts is an archetypally 
dim little man, a conscientious 
and unprom otable civil servant. 
He has an aggressive and driving 
wife and no refuge from reality 
except bis hobby — artistic photo- 
graphy of a romantic-sentimental 
nature with appropriate captions. 

Stanley and his wife Beryl are 
appallingly credible characters. 
Even Stanley understands his 
own ineffectuality, his perpetual 
failure -- to please his wife, 
personally or financially, his 
combination of efficiency at his 
job as filing clerk with lack of 
initiative and drive to take bira 
further up the ladder. If Stanley 
does not understand. Beryl is 
always there to remind him, to 
outspend his salary, to reproach 
what she.. cad is his meanness and 
lack of consideration, to despise 
bis wormlike qualities and his 
inability to resemble her first 
love, - Cliff, whose dashing and 
morally dubious career she 
fallows breathlessly and 
occasionally hopes at last to 
share. 

Beryl Is so horrible, provoking 
such a strong reaction, thar she 
is clearly a credible character. 
Stanley is tbe major character, 
and we see him from within and 
without, understanding yet not 
endorsing his pathetic, stumbling 
descent .into crime. It is. natur- 
ally, through Stanley's pride In 
his photographic /achievements 
that be is initially approached 
with an offer of commercial 
success: . which develops into 
promise of even greater cash 
rewards from nude studies — and 
suddenly Stanley is in a black- 
mail situation, with demands for 
top . secret documents to be 
photographed — and the plot 
races bn. 

Norman Colins is a very pro- 
fesstanal writer, and tells his 
story with skill and attention to 
pace. This will be a very 
popular book, and will do doubt 
follow London Belongs To Me to 
the small screen, and be equally 
successful there. 

Promised Land Is the first of 
Karel Scboeraan's Afrikaans 
novels to be translated into 
English. Since its first publica- 
tion in 1972 it has been very 
controversial and l suspect That 
people have chosen to interpret 
the slightly allegorical "message" 
rather differently: I cannot see 
how it could have won prizes in 
South' Africa with the message 
as I read it. 

The book is set in an un- 
specified future, in Afrikaner 
country, when a young roan of 
that descent, whose home is to 
Switzerland, returns briefly to 
look' at his inheritance. This 
titrirs ouf to be a hare site which 
was once, a large farm, de- 
molished at the time of the 
“ Troubles ” because used as hos- 
pital and arms base. r,raduall.v 
George discovers how his people 
now live in a situation where 
tables have for a long time been 
turned. 

We gather that some un- 
specified people nr race arc now 
in control of the country, and 
that the once rich, prosperous 
and governing ATrikaancrs are 
permitted lb live quietly and 



Norman Collins: trouble at Pitts' 

very frugally on near-derelict 
farms at some danger to their 
lives. We even see a few of 
the young men arrested for 
guerrilla attacks on whoever Is 
in power. 

The effect of the book derives 
largely from its concreteness 
and careful refusal to dramatise 
or enlarge. Although the rural 
struggle for survival George per- 
ceives has a shabbiness in 
common with the city squalor 
of 1984, the avoidance of apo- 
calypse and the low authorial 
profile are the chief factors that 
ensure the book’s success. 

Tom Wakefield’s fso&el Quirk 
in Orbit also limits itself care- 
fully to its (less ambitious) sub- 
ject. In a framework of the day 
Isobel presents herself for inter- 
view as a headmistress, we find 
in flashback the story of her 
emotional development and the 
reasons for her dedication to 
teaching. 

The main part of the novel Is 
concerned .with her experiences 
at College, an influential female 
lecturer and tbe start of her 
relationship with Matthew 
Quirk, and with a summer spent 
in Morocco working at a charit- 
able welfare centre. . Disloyalty, 
real love and tragedy ensure 
Isobel's return to teaching, and 
her experiences implicitly make 
her a good teacher. Tbe book is 
quite well-written but seems a 
little under-ambitious. 

Jan Webster's Saturday City 
is the continuation of the family 
saga she began in Colliers How. 
This volume deals with the sur- 
prisingly varied personalities 
and careers of Kate Kilgour’s 
family from the ISSOs to the end 
of the Great War. We have close 
up views of Scottish miners’ 
struggles, Glasgow in the era 
of teashops and Charles Rennie 
Mackintosh, the Suffragettes, 
the formation Of the first Scottish 
Labour Party, strikes, unions and 
tbe first Labour MPs. coal 
owners, the beginning- of a car 
industry tad a whole lot more. 

In The Four Horses Chapman 
Pineher has taken a splendid 
idea and a simplistic thesis about 
the inevitability of each 
generation making similar mis- 
takes and having temptations to 
power, and yoked them ail un- 
comfortably together. The 
horses are those bronze master- 
pieces on the front of S an Marco 
in Venice: the idea is to recapi- 
tulate tbeir history inside a con- 
temporary thriller, and the 
thesis is the let down. 

Traditionally toe horses were 
made by Lysippus for Alexander 
the Great obtained by Nero for 
his self-advertisement trans- 
ferred for similar reasons to Con- 
stantinople by its eponymous 
rounder, fraudulently acquired 
by a Doge of Venice supposedly 
intent on a Crusade, filched from 
Venice by Napoleon and returned 
there by Austrians who soon 
re 1 , 'retted it. Pineher tells these 
splended tales to the context of 
a contemporary terrorist attack, 
but spoils his book by unneces- 
sarily silly coincidences, and 
ponderous theorising. 


Kingsley Amis docs not take 
lightly the task of selection for 
a new book or lieht verse. He 
has written an aggressive intro- 
duction. He violently disagrees 
with W. H. Auden's principles of 
choice for the previous volume 
which he considers were based 
on his misguided left wing views. 
He explains that Auden’s kind of 
light verse poet. “ unselfcon- 
sciously shares the common life 
and language of ordinary men 
and writes to the one to the 
other, to something close to the 
speaking voice." This altitude, 
Peter Porter told Mr. Amis, 
produced " a revolutionary 
anthology.” If this is the case, 
he replies sternly, then “1 will 
be satisfied if another genera- 
tion altogether sees in mine a 
reactionary anthology,” 

His own principles seem 
fairly straightforward. Tbe 
matter of the poem should be 
" light " as opposed .to “ weighty." 
(He is understandably upset by 
Auden's inclusion of “Danny 
Deever" by Kipling.) And tbe 
manner of the poem Should be of 
first importance. "A concert 
pianist” he says, "is allowed a 
wrong note here and there: a 
juggler is not allowed to drop 
a plate." 

It would seem that despite his 
emphasis on the difficulties of 
perfecting technique, Mr. Amis’ 
purist definition may be down- 
grading light verse. We are not 


even allowed Satire or Parody 
if it is loo cruel or too obscure 
. . . lighr verse must not. cannot 
be difficult" To read, that is. 

Comedy, of course, is the back- 
bone of bis definition. He 
quotes with approval Charles 
Dibdin's preface to his Comic 
Tales and Lyrical Fancies (1S25), 
“To raise a good-natured smile 
was the major part of this work 
written.” 

But he is hard on Nursery 
Rhymes and Nonsense Verse. 
"At times." he says of Edward 
Lear. *' the threshold of pain is 
reached.” And he only admits 
to including “ a handful of bis 
limericks with reluctance.” 

"Vers de society.” we gather, 
produced an even larger crop of 
forgettable poems although Lord 
Byron and W. M. Praed (1S97-39) 
are commended and Sir John 
Betjeman. Auden and Philip 
Larkin get a special mention for 
rising above their genre. 

Mr. Amis keeps his harshest 
words for the work of con- 
temporary writers from whom he 
could scarcely find a representa- 
tive to add to tbe volume.. He 
quotes' from one unnamed 
modern poet at length and then 
comments: — 

" It is no part of my com- 
mission to say that this is 
actually not verse at all in any 
sense that makes sense, though 
I will say so. What does con- 
cern me here is that when 
what is presumably aspiring to 
be high verse abandons form, 
a mortal Wow is dealt to light 
verse, to which form has 
always been of the essence." 
Such a bold introduction has 


the excellent effect of making 
one approach to the poetry with 
a sense of anticipation not 
usually felt when turning to the 
pages of a book of light verse. 
Has Mr. Auiis made a howler? 
Has he emasculated the " light " 
to such an extent that there is 
nothing left to excite? 

Of course this is not the case. 
English poetry through the ages 
could sustain any theories, uny 
limits. Mr. Amis has given us a 
well-judged parade of verses 
which can be sure to amuse, pos- 
sibly interest and even surprise. 
His emphasis on the cleverly 
made poem gives me some of my 
favourites John Gay’s “ A New 
Song of Similes”, 

Brisk as a body-louse she trips, 

Clean as a penny dressed; 

Sweet as a rose her breath and 
tips. 

Round as the globe her breast. 

His admiration for Praed 
gives us the excellent “ The 
Talented Man"; 

Last week, at the Duchess's 
ball. 

Dear Alice! you’ll laugh when 
you know it,— 

I danced with the clever new 
poet,— 

You’ve heard of him.— 

Tully St Paul. 

Beauty and romance are 
definitely not allowed to weigh 
down the pages with the result 
that there is a heavy (sorry, 
rich) diet of laughter. So much 
so that sometimes I felt 1 was 
reading the Oxford Book of 
Comic Verse. Old friends such as 
Lewis Caroll’s “ Hiawatha's 
Photographing,” Noel Coward's 
“Mad Dogs and Englishmen." 


Betjeman's "A L- vn- 

Song “ arc enjoyiMv ...» 

But in the end I :uund it.v 
tastes had drops.-.-: sv-.er ••ii'i 
lower. The briliigr.cc of >'!. i'.. 
Chesterton V " Afu-r 3. cv.'iii:;.. 
Swinburne or Yeats" or T. S. 
Eliot on s.-al.= failed rvi.-v n 

flicker of j smile. Bui 1 iv.r.Vi.! 
with laughter over .-oi v :o uun:i ; .h 
anonymous linienc. s ar.d a •m 
by Gavin Ewart, entitled "M:>> 
Twye." 

"Miss Twje was so j ping her 
breasts in the baili 

When she beard behind her a 
meaning laugh 

And to her ar.iaremvnt si.o 
discovered 

A wicked man in the bathroom 
cupboard." 

In his in trod net inn. tucked 
away among his fiery statements 
of what light verse is nor. 
Kingsley Amis mention.- that 
"all light art is likely to deliver, 
now and then. ;i jolt to ih* 
gentler emotions, the mure tell- 
ing for its unexpectedness." I 
don't know whether he was 
thinking of “Mira Tv. ye" and 
her like when he wrote this Hut 
it seems to me it represents the 
peak of his souffle. 

The only trouble is that hts 
principles don't make a good set- 
ting for a feu poems of a very 
different son. For example. 
Philip Larkin's “Toads Revisi- 
ted." or D. J. Enright's “An 
Underdeveloped Country" gives 
me the uncomfortable feeling 
that there's another colder world 
outside: whore the laughs are of 
a somewhat different nature. And 
that maybe I shouldn'r b« wasting 
my time . . . A thought like that 
gives a very .-erious jolt indeed. 


A gentlemanly exchange 


BY ROBIN LANE FOX 


The Lyttelton/Hart-Davis Letters 
edited and introduced by Sir 
Rupert Hart-Davis. John 
Murray. £6.95. 220 pages 


The Lytle Iton-Hart-Davis let- 
ters began late. In 1955 Sir Rupert 
Hari-Davis was 48 and still in 
command of his own publishing 
company. The Hon. George 
Lvne)ion. who bad once taught 
him at Eton, was 72. Slightly less 
fully employed than in his 
schoolniastering days, he could 
still discern the good from the 
ordinary; Miller, not Trueman, 
Bunyan, not Rose Macaulay. As 
the elder partner, he sustains tbe 
letters' tone, writing weekly over 
two years with hardly a reference 
to public events. This limit is 
conscious and duly noted- Only 
one catastrophe intrudes, the 
flooding-out of an old bed-ridden 
ladv and her house in Wood- 
bridge “ with no staff except a 
daily." 

The partnership is elderly and 
at times indulgent Reared on 
Extra Studies, the Lyttelton man- 
ner is naturally to hold forth. 
Hence there has “never been 
such a reader of prose as the 
Greek Amhassador in 1916 
“Conybeare always maintained": 
Crace was wise on teaching, 
Tuppy Headlara on the way that 
Lady Violet Bonbam-Carter 
would spit while she talked bril- 
liantly. Hart-Davis tends to play 
back, bowl few half-volteys, 
drop a Duff Cooper or two and 
keep up toe impetus by caJIiag 
the letters splendid. 

A second volume, aired in the 
preface, would need to change 
pace. But this one, private, let- 
tered aad well-produced, is worth 
reading. Either partner can be 
pleasantly skittish. As usual, the 
triumphs t» f publishers and 
schoolmasters are vicarious. Yet 
these two are strong in the 
strongest suit of the more civi- 
lised old Etonians out of public 
office: an absolute lack of pom- 
posity, because they do not need 
it. The sti'fc ls aot unrepreseota- 


tive. Quite unintentionally it 
bears on the ideals of a wider 
group, one which already seems, 
importantly, to be past bistory. 

I do nol want to be too porten- 
tous about a deliberately slight 
and conversationalist book. But 
it remains true that many in the 
Government of tbe day must, at 
some time, have been taught by 
George Lyttelioo and the oral 
tradition which he hands on. 
These letters catch its nuances 
far better than many of its out- 
side critics. 

Cricket and belles-lettres bring 
out the best in them. True, Jim 
Laker took nineteen wickets in 
one Test, but the saddest thing, 
they agree, was that he was 
never much good. His TV com- 
mentary would have seemed a 
welcome long bop to men who 
preferred the early Neville 
Cardus to the late and replied 
to a peculiar knighthood with 
the just proposal that Prank 
Woolley should be given the 
OM. 

Admiration for the early 
Cardus bodes ill for the stock 
of F. R. Leavis. Hart-Davis 
endured BalUol for two terms; 
Lyttelton left Cambridge with 3 
third. Yet books, for them, are 
to he appreciated, not judged. 
While Leavis was claiming that 
literature enhanced life through 
the moral sense and at once dis- 
proved the claim by his own 
crabbed outbursts, these two 
amateurs were twining their 
lives with the good stuff,” 
Conrad on the return of the 
Narcissus. Carlyle on Robe- 
spierre’s end, John Portescue on 
the Black Prince’s. 

As a public speaker, Lyttelton 
has not lost the conscious 
amateur’s excessive fondness for 
bons mots. Hart-Davis remained 
genuinely devoted to a list now 
long unread, to coaxing and 
coercion of erratic and infre- 
quent authors. If these letters 
are more than the giving and 
polite receiving of elderly 
Etonian wisdom, it is because 


literature, loved and deeply 
respected, has enhanced its two 
correspondents. Leavis, to them, 
“taught the young to sneer.” 
though his persistent mentions 
are not all black. Lyttelton, on 
the other hand, makes one rush 
to hunt down his admired John 
Galt, a tip passed on orally by 
M. R. James. 

Kerry Packer has broken up 
the Test teams; the TLS now 
kills wicked guesswork by sign- 
ing its reviews: nobody even 
apologises for the lack of indonr 
staff; the Old Testament in Ens- 
Jisb has faded from literary 
style. “O snow and ice. Praise 
ye the Lord" still seems the most 
comic line in the psalter, hut 
nobody uses it for wit in a letter. 
Of course it would be easy to 
do a Leavis and jibe at it all. the 


Georgian last?, the round of Lit 
Soc and High Table evenings, she 
sense of old vusclom and 
Great Passages which s;t heavily 
on lesser men. Si nee 1£;55. 
courses on literature have spread 
like mares' tails, yet the very 
thought that literary polish and 
the ruling class are natural ;i)iies 
has been uprooted. To know 
your Shakespeare is rot to be- 
lieve that statistic* prove a cai:«e 
is just. But these letters are 
a witness to ihe power of lst'-ra- 
ture to form a common ground, 
to ease communication. ke<-p 
ambitions down t>» sir* and leave 
the men at th* ton with a V iItIv.- 
sense 1 liar They. ton. are all 
dwarfed together, faced vi'h 
Great Pnssases which sminh* 
imply there is more to l'mr.g 
than numbers and "demand." 


Earlv Shannon 


Death of a Busybody bv Dell 
Shannon. Goilancz. £3.95. 2S7 
pagus - - 


This Luis Mendoza novel was 
published in the U.S. In 1963. 
and For some reason had not 
appeared previously in Britain, 
though Dell _ Shannon's Los 
Angeles c°P 16 n .o w a great 
favourite also on this side of the 
Atlantic. Actually, this early 
Shannon is many wavs 
superior to some o£ the later 


works. There is a tighter plot, 
less extraneous police opera- 
tional atmosphere. Mendoza, bis 
wife, and some others already 
speak more Spanish than is 
necessary (usually with instant 
translation). The alert reader 
will be able to calculate Men- 
doza’s age. which, while still far 
from Poirot's century and more, 
is now remarkable for a man of 
his unrelenting activity, domestic 
and professional. 

WILLIAM WEAVER 


AP 



Edited by Denys Sue ten 


The world’s 

magazine 


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32 


i 




As one of the world’s 
leading insurance brokers, 
we arrange insurance for 
CompAir and many other major 
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Willis Faber 

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London, Buckinghamshire, Berkshire 
and surrounding counties 



Chartered Surveyors 

HAMNETT RAFFETY acted for 
CompAir Limited in the acquisition 
of its Group Headquarters Site at 
Brunei Way, Slough, and in the 
letting of accommodation 
surplus to its requirements. 

High Wycombe (049-1) 212-‘i4 
London W.l and branches 


ARCHITECTURE 



** • r'.O-. ’-'- ■jf’/v.Vji'S'rf- ;V'\ ' 


ALTHOUGH SLOUGH has been 
berated by the Poet Laureate, 
the fact remains that people 
and families are born and live 
there, work and enjoy them- 
selves there and die there. The 
place had its hey-day during 
Queen Victoria’s reign when 
she and her guests alighted at 
Slough station to be met by all 
the pomp and colourful panoply 
of Household Cavalry escorts 
and carriages with their out- 
riders, to be driven to Royal 
Windsor. 

The station itself was, and 
still is, an interesting example 
of railway architecture, 
designer unknown, and erected 
in 1882. Pevsner writes of this 
one-storey red brick building: 
“with five oddly metropolitan- 
looking French pavilion roofs — 
a big middle pavilion and two 
end pavilions”: not exactly an 
appreciation, but at least a 
mention. 

Nearly opposite the station a 
new building of distinction has 
recently been completed as the 
headquarters of the CompAir 
engineering group. The clients 
stipulated that the design 
should reflect the engineering 
character oF the company, 
although it fs difficult to see 
how the ** conventional rec- 
tangular shape,” to quote the 
architectural description, can 
immediately tell anyone that 
this is the office headquarters 
of an engineering concern. 



in Slough 

By H. A. N. Brockman, Architecture Correspondent 



Bovisll 

Bovis Construction Limited 
Bovis House, Northok Road, 
Harrow Middlesex HAs oEE 
Telephone: 01-422 34SS 



A major 

international supplier of 
compressed airand 
associated equipment with 
extensive applications in 
the manufacturing, 
processing and service 
industries and in construction, 
mining and quarrying 

operations. 

CompAir Limited, Brunei Way, Slough, Berkshire SL1 1XL. 


BruomUJade Holmnn Hydrowne^^ Luchard fTlaxam Reavell 


Nevertheless, with its clean 
cast-aluminium panels with 
their textured surface taking 
the weather without disfigure- 
ment, it does much to uplift 
its rather dreary neighbour- 
hood. 

Precision 

The precision achieved in the 
detailed finish at the base of 
the upper floors and in the 
cantilevered hood over the 
entrance gives the comfortable 
feeling that it could not have 
been done any other way. The 
wall panels are a Swiss product, 
frequently used on the Conti- 
nent but apparently making 
their first appearance in the 
U.K. 

The four main storeys of the 
building, with their diagonally 
cut-off comers, are supported 
from ground level on slender 
rectangular columns rising 
from a brick podium which 
takes up the slope of the fore- 
ground. The hood over the 
entrance stretches forward two- 
thirds of the way up the 
adjacent columns above a flight 
of steps in brickwork with a 
dark-glass wall deeply inset 
enclosing the enhance hall. 
Above the four main storeys is 
a bold set-back with the main 
roof oversailing to coincide with 
the outer walls of the storeys 
below. 

The internal plan is full of 


surprises. Fire, building and 
pl anning regulations have res- 
tricted the usable space and this 
has meant that rirculajtion 
space around the service core 
in the centre of the plan has 
been saved in order that it can 
be wisely spent elsewhere. 

The principal office floor is 
in the fourth storey and here 
much has been done to present 
a rich environment by the use 
of wall panelling in figured 
rosewood. The directors' rooms 
are finished in colours and fur; 
niture which reflect individual 
taste. The lobby leading to 
these rooms is warmly carpeted 
and a well designed and de- 
tailed circular stair leads up to 
the dining area above. 

The form of the building was 
largely determined by the plan- 
ning authority's imposition of 
a height restriction and the need 
to provide maximum usable 
floor space within the area 
allowed by the office develop- 
ment permit. This together with 
the dictates of the fire and 
escape provisions meant that 
there were severe restrictions 
on internal planning. A central 
structural service core 1 thus 


? V- v • y* 

• :» -3v.* 

The entrance to the new building. 


emerged, containing stairs/ 
lavatories, lifts and service 
ducts, with fire-break • walls 
stretching out on each, side to 
the perimeter of the Hoorc, 
leaving minimum, corridor 
widths far communication .be-, 
tween one half of the building 
and the" other. . . 

This at least allowed' the 
floors to be served by only one 
lift and one staircase. As tl» 
service core is load4>earing, 
providing a strong cellular 
column through the centre/ the 
reinforced concrete ‘‘waffle” 
slab floors were able give a 
clear span to the peripheral 
columns without intermediate 
support 

The Western Region' railway, 
with its high speed trains, runs 
very dose to the building: 


sound insulation was therefore 
of great importance.. Heat 
insulation was. another closely 
related problem. The . outer 
wail of cast aluminium panels, 
is backed up by an inner cavity 
wall of insulating blockwork 
with a sandwiched .polythene 
vapour barrier. External glaz- 
ing comprises fixed sun-shield 
gloss mounted, into the panels; 
inner glazing can be opened for. 
cleaning purposes. 

False ceilings throughout the 
building provide horizontal 
space for overhead airduetiog, 
the building being air-condi- 
tioned throughout with a vari- 


able ciir volujne system mai£ 
taining a strict temperature and 
humidity control, "fresh - r 

intake and exhausted air bring 1 • 

handled sat roof leveL Car park-." 
mg Space-, is /provided - under- 
ground 1 'and on.*he . basement •' 
roof. 7 

There -are' tenited opportuni- 
ties for- Iaadsbapingr. -on .^5 ' 
restricted site, but Paved -areas" 
flower boxes and a small gmfed • - . 
area are to he- provided. The • 
whole - development - presents 1 a - 
comely and/ decently jpmfc-'.:. 
tion'ed. -h uiJdrhgi win 5b exefta ■£ ' 
helpful influence on , other t -yet _ 
to come in the. area, - . 


DESIGN AND CONSTRUCTION 


Designers: 


Main Contractor: 


The Chief Architect, Projects Practice of 
the PJS. Consulting Group in coliabora-- 
tion with the Group Services Engineer - ' 
Bovis Construction 


Leader in air 
compressors 


By David Wright 




COMPAIR IS one of the few 
major success stories to come 
out of the now defunct Indus- 
trial Reorganisation Corpora- 
tion. Since the grpup was bom 
out of a marriage some 10 years 
ago between two British manu- 
facturers of air compressors. 
Broom and Wade and Holman 
Brothers, it has built . up a sound 
growth image bolstered by a 
series of astute acquisitions. 

When the IRC sponsored the 
merger both companies 
appeared to be ex-growth and 
indeed Holman Brothers has 
just incurred a first half year 
loss. 

By 1968 both companies were 
suffering from fierce inter- 1 
national competition particu- 
larly from the American giants. 
From peak profits of £1.2m in 
1965 Holman steadily to its loss- 
making position while Broom 
and Wade had been fixed on 
an earnings plateau for the pre- 
vious three years. 

Holman had geared up for 
higher orders in the home mar- 
ket which did nut materialise 
while its overseas activities 
(over 70 per cent of sales at 
that' time) were suffering from 
the U.S. onslaught The net 
result was that stocks shot up 
and despite a funding arrange- 
ment that brought in just over 
-EJm f through an issue of Con- 
vertible debenture stock) bor- 
rowings were uncomfortably 
high. 

The slury was more or less 
the same at Broom and Wade 
but while the impact on earn- 
ings was less severe it was 
noticeable that the overseas side 
had turned in a reduced 
contribution. 

Since both companies were 
compering for overseas orders 
against giants like Atlas Copco 
and Ingersoll Rand a merger 
between the two made industrial 
logic. It gave a group with a 
wider geographical and indus- 
trial spread while at the same 
time significantly strengthening 
Britain's compressed air 
industry. 


Headache 


Fixing the terms of the 
merger must have caused the 
IRC some headache since both 
had sales of around £12m. As 
it turned out Holman share- 
holders were offered seven 
B and W shares for every six 
shares held and this meant that 
that Holman ended up with 21$ 
per cent of the enlarged equity. 

Despite the basically comple- 
mentary range of products the 
integration uf the two com- 
panies was not without its 
problems. Holman's strength 
lay in rock drills and other per- 
cussion tools for the mining 
industry while Broom and Wade 
was strong in portable and 
industrial compressors. More- 
over, Holman had started mak- 
ing rotary portable compressors 
which had a definite advantage 
over the sliding vane.and reci- 
procating methods employ^ &Y 
B and W. If the rationalisation 

were to be pushed through too 
fast there was always the 
problem of labour unrest and 
the loss nf market share- As a 
result the merger took far 


longer than anticipated. frustrated, CompAir had : to 

Once over these teething reorganise its own operations in 
problems the new group — re- this area. 
titled International Compressed Thereafter CompAir Was 
Air— set about consolidating its anxious to broaden Its product 
position worldwide. The first base in ^ u.S. since this 'area 
acquisition came in 1969 when offered .relative safety and stabi- 
Reavell was bought from Janies hty for a sizeabIe capital in- 
Howden for £l ; m. Reavell, vestment To finance -this in- 
based in Ipswich, manufactured tended move int0 ^ 

industrial compressors. so CompAir issued 910m of con- 
besides improving ICA s product verti ble bonds & April 1977 _ 
base the acquisition brought in under a vear later tbe 

extra manufactunng capacity major investment was an- 

But CompAir was sull fairly n0UDced> For a sum of $15ni 
weak in the major U.S. market (£7 7lI]) ConjpAir purchased 
which accounted for almost 50 the Power F £ id Division of 
per cent, of world compressed , Watts Regulator, a private cora- 
air sales. After some ground- p based ta Massachusetts, 
work CompAir moved directly This dhision was ^ second 
into the market through the i argest supplier of air filters, 
purchase of Kellogg-Amencan. regulators, lubricators and asso- 

m elated equipment in the U.S., 

some 300 d!Stribu tors The deal, handling about 20 per cent of 
involving around £3.<om, was the 

financed by way of a dollar loan. This raa j or deve i 0 p mC nt in 

Pnmnnfifnr the Nort h American market 

v-'UIII|JvlllUI should not only bolster the pro- 

The next major deal took duct range but also keep Corap- 
place in May 1972 when Hydro- Air on ^ strong growth tack, 
vane was purchased for a coo- Profits for the group last year 
sideration of £1.62m. satisfied by jumped 30 per cent, to £ 12.22m. 
the issue of shares. Hydrovaoc The U.S. market appears to 
was a subsidiary of Chioriade offor Ibo best short-term growth 
and was a direct competitor in potential 
hoth portable and industrial While the company seems to 
compressors, where it was be faced wtb a difficult year — 
apparently more advanced at the there has been little improve- 
lighter end. ment in trading conditions in 

Thereafter CompAir moved mos t its important markets 
into France via a stake in Com- — *b e City remains confident 
presseurs Bernard, in a deal that CompAir can continue to 
which involved shares worth Produce the guods._ 

£283,000. 

After this sort of acquisitional 
growth CompAir needed time to 
digest. No attempts at further 
acquisitions were made over 
the next three years. Over this 
period the overseas content of 
the group’s business grew con- 
siderably and even the three- 
day week in Britain in 1974 
failed to check the growth. 

But the expansion had taken 
its toil on the group’6 finances 
and in July J975 CompAir 
made a £3.7ra rights issue to 
reduce borrowings, which at 
that stage had grown to about 
65 per cent of shareholders* 
funds. 

By now CompAir was the 
market leader in Britain in all 
but one area, hand-held tools. 

This area was dominated by 
Desoutter, which it was esti 
mated took about half the mar- 
ket Since it was always Corn- 
Air's policy to take a direct in- 
vestment in an. area, a bid was 
made in 1976. 

Here CompAir was to meet 
its first major setback. Its 
opening bid put a value of 
£6.47m on Desoutler but since 
the la Iter’s directors held over 
53 per cent of the equity the 
chances of .success did seem 
limited. Then CompAir 
changed its tactics. The bid 
was increased to £7 .7m and 
minority shareholders were 
given two weeks in which to 
persuade the board to accept. 

Some 73 per cent of the 
minority holders gave their sup- 
port to the bid but eventually 
the Desoutter hoard won the 
day and CompAir had to with- 
draw its offer. 

With its plans to make a 
quick entry into hand-held tools 


Como Air's 

Magnificent Executive Offices 
and Reception ]Areas 
were fitted out and panelled : 
in Rio Rosewood, Teak 
and G.R.P. by:— 

PLUMB CONTRACTS LIMITED 

West Orchard House; Bishop Street 
Coventry cyt IHS. 0203-21433 





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A member «f tho Si ms Darbjr Group ' 


Distinctive fagade construction for the ; 
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MATERIALS 


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;jn&^CMARD Mb6NET 



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g^gS^^^CES-onthe London 
/u^^^ia^Kgt; . rose" strongly 
?S^4^ ra ,°° Q a * specui£ 
their Profits 
»«aft frost 'scare 
b ^^^1>S?est- .^eir. -gains. ; 

rT^^^£^^ - whleil - feU 
*S^£®59»> .registered fur- 

sU^^ngr -tj&ime.at one 
stage- ■■■3ufr the renewed buying 
pushed’ the. price up to £1.835 a 
tonjtte- during the afternoon. By 
the riMty .September coffee had 
Slipped back : to £1,794.5 a tonne 
op; £27;S bn the day; 

'. Prospects ' of a serious BraziJ- 
jaEn- coffee-area frost have con- 
tinued to recede but the market 
remains 'nervous. The Federal 
Government weather office issued 
another.. frost warning, covering 
high ground m- southern Brazil, 
on- Tuesday night, but local 
sources' said frost was very .un- 
likely -in the coffee-areas. 

• ! The forecast for- Parana 1 , the 
main coffee Siaie. is for fine 
weather with light cloud, early 
juist and slightly higher. tempera- 
tures; The worst ofrtbe cold 
weather seems to have passed 
for -the moment, locals said: 

“Jn - Brasilia 'meanwhile. Sr; 
Angelo Cglmon de Sa. fncfustrv 
and Commerce. Minister, said 
because of an increase, in coffee 


exports due to the recent' frosts 
“i the south or the*' Country, 
wazil will' earn - j littJe more 
than Slbn ” in coffee revenues in 
the first'harf'of 1978. ’i"." 

But the . ■ first _ hairs -■- coffee . 
exports would not equal those of j 
1977 and total exports for the 
year would' be “somewhat beTow ". 
the $2.7bi> Brazil earned in 1977. 

• In the firstvfive months of I97S 
coffee exports totalled'. . 3.912m 
Jags (60 kilos each), valued at 
STSIm, compared .with" ' 7.249ra 
bags valued, -ar Sl.792bn In the 
same period last year.- "The first 
six months of :t977 were 
unusually prbflrable for - coffee 
exporters here because of a jump 
in world, prices,. caused by tbe 
July 1975 frost > 

Sr. Calmon-: be Sa sgid this 
year's frosts, which occurred in 
the State of Parana', which is 
expected to produce. 30. per cent 
of this year’s harvest, were not 
serious. Re said they would not 
affect this year’s crop now being 
harvested. ’■ : •“ - 
The official . estimate, by tbe 
Brazflian Coffee: Institute (IBC) 
for the current harvest will be 
below tbe estimate of 19'.2ni bags 
made Mast month, by: -the U.S. 
Department of -Agriculture, he 
said.. The IBG estimate . is 
expected Ibis w &ek~ • * 


o% 
'8£$ 
nneib j 
Tsek 


UiViiTE 


Exports hit sugar 


SUNG 


BY OUR COMMODITIES STAFF 

■ THE -REGULAR • EEC sugar 
export lender which restarted 
yesterday after last week's 
cancellation depressed prices on 
the London futures marker. The 

■ Commission's sugar- management 
committee cleared the export of 
45.000 tonnes of whites with a 
maximum subsidy of 25:191 units 
of account per -10ft- kg. 

Almost- 5i,000 tonnes were 
cleared .last time with thesame 
rebate. . ' : 

Slower opening hi New York 
also helped depress prices. 

. October- sugar-, at. one" -time- 
slipped to about £l05a tonne. 

. :It closed about £2 lower on 
ihe day at £106.725 a 'tonne. 
Earlier the London daily price 
for raws had been cut £2- to £102. 
a tonne. m. ' ' :.- 

• Traders reported that Greece 
had rejected first bids made in 
|tj. felling tender for two cargoes 
qE whites. Best offer was $203.15 
a tonne, they said. . 


Reuter reports -.that -Brazil's 
exports of sugar in the. first five 
months of the year 'were 763,000 
tonnes, against 858,000 -tonnes in 
the same period of 2977... 

The Brazilian ~ Sugar- ^nd 
Alcohol Institute has authorised 
production of 120m hags of sugar 
OF 60 kg each For the IS7S-78 
crop, compared with J35ni-hags 
authorised last seasOiu'" ; 

The official CbipeSe news 
agency claims sugar, dhtput m 
the People's- Republic 'last season 
rose 14.4 per cent to an aB-time 
high; ~ “r./v 
In London the BritteS^Sugar 
Corporation said warm -weather 
and rain were t providing- ideal 
growing conditions. Neaj& all 
the record. J09.000 hectares con- 
tracted this, year; are said.: to; be 
sown with beet. 

The Belgian sugar mduSfc7 
also reports rapid growth in' %»e 
beet fields following a slow start! 
in the cold springtime SQfUi../! 


Copper 

deliveries 

halted 

By Our Commodities Staff 
EUROPEAN CUSTOMERS of 
Asarco, the big U.S. mela} pro- 
ducer, will ’ not *6e receiving 
deliveries- of copper' cathodes 
front the company’s llo, .Peru, 
operation -during June. 

Asarco confirmed yesterday 
that li declared force majeure 
on- cathode deliveries on May l 
because it has not been receiv- 
ing its nsubl supplies from 
Minero Peru’s Ho refinery. 

This news boosted prices 
on (he London Meta! Exchange 
briefly. Copper rosc-by £10 a 
tonne at one stage hut as 
dealers digested • (he news 
aggressive -. profit-taking 
developed, pushing the price 
down again in late trading. At 
Ihe close ca^h wirehars were 
nnofed at f757 a tonne, down 
£2 on the <fav. 

In New York meanwhile 

Am ax confirmed trade reports 
that It had declared a full 
force ntajenre on lead ship- 
ments from June i. followin'* a 
strike at its Boss. Missouri, 
refinery. Nearly tiftO workers 
at the Boss complex went on 
strike on Mav 31. 

• Sln-As held by U.S. cooper 
fabricators rose In April as 
mnsumvion fell, the American 
Bureau of Metal Statistics said. 
Total stocks at the end of 
April stood at 482.300 short 
loos against 472.200 at ihe end 
of March. Consumption in 
April was 190.500 short tons, 
4.200 less- than in March. 

In eo Metals yesterday said it 
was immediately raising Cana- 
dian copper prices by 21 cents 
a lb to 75.625 cents. 

Bigger almond 
crop forecast 

By Our Commodities Staff 
WORLD ALMOND output Ibis 
year is expected to reach a near- 
record level, according to London 
merchants Gill and Duffus. 

The company’s latest estimate 
puts the 1978 crop at 231.500 
tonnes, only 3,500 tonnes below 
197fi‘s all-time peak, and 10,000 
tonnes above 1977 production. 

Expected increases in Spain, 
Iran and Portugal are mainly 
responsible for the estimated 
increase. With new trees com- 
ing into production. Spam’s 
potential crop has been raised 
to 70.000 tonnes. Cold weather, 
wind and rain have rrimmed the 
estimate back to 55.000 tonnes 
but this would still be, well above 
1977’s 32.000 tonnes although 
below 1976’s 60.000 tonne crop. 

Portugal’s crop is expected to 
recover from' lust year's extra- 
ordinarily low 1,000 tonnes to a 
more normal 4.000 tonnes while 
«be Iranian crop is forecast to 
rise.- by 5,000. tonnes to 12,000 
tonnes. \ 


Sale of prime 
may yield £5m 


BY CHRISTOPHER PARKE5 

MORE TITAN’ 3.500 acres nf 
prime vacant possession farm 
land in Lincolnshire came up for 
sale yesterday. Agents Savills 
expect fit least £5m from the 
sale. 

Formerly fanned by one of 
Britain’s biggest private farmers, 
Mr. Frank Arden— who is 
re puled in have around 20.000 
acres in band — the 3.544 acres 
on the Lincolnshire - South 
Humberside border arc to be 
sold hy tender as a whole or 
spirt into eiehl inis. Tbe size 
of the lots ranges from 130 to 
1,030 acres. 

Most of the land, situated in 
the Isle of Axholme. is rated 
grade two on the Ministry uf 
Agriculture's scale. Most of the 
soil is black peat well suited to 
potato, wear beet, carrots and 
other vegetable crops. 

Tbe land is now owned by tbe 
UK Provident, one of the Oily 
insliluhons whose place id the 
agricultural land market has 
recently enme tinder the scrutiny 
of the Norlhfield Gninmiitee. 

The committee is expected to 
report tn the Ministry of Agri- 
culture soon. 

UK Provident is selling and 
not re-letting m the end of the 


Arden tenancy because ir wants 
to take advantage of ihe current 
high prices for vacant possession 
land. .Jt is . prepared in invest 
the earnings from the sale in 
more tenanted land. 

Takeover of other farms has 
already been arranged, a spokes- 
man said yesterday 

Considerable interest has 
already bt* en shown by lnc3l 
farmers, although other City 
institutions are hound to be 
attracted: 

Comnerition for the ljnd will 
probable he urnisuallv keen. 
Sales on such a v.vde are rare 
in That part of ; hr- country. 3nd 
there, are -plentv r,r local “ land 
hungry ” -m.cn vrith funds from 
two recent nr.-.fii a hlp growing 

seasons to^spend. 

Farmers eager ro extend their 
holdings are rvoiued to nav un- 
economic price*. particularly for 
small lots.. At a recent sale in 
Lancashire, for example. Tcn io 
20-acrc pl" r s v -ere sold for 
around £4.090 an acre. 

Areo r dine to thi- Ministry of 
Agriculture, l b«-» nn.-ii-nr ;i\-prage 
price for land jn EnjJjnd i.- 
H.1P3 an acre- ]=i r, nr c ,. n| mor ^ 
lhnn at thp tu^n -if ihf. -rear and 
42 per cent mop,, than a year 
ago. 


French may ‘steal’ grain 
markets from UK farmers 


BY OUR COMMODITIES STAFF 

BRITISH FARMERS were 
wanted yesterday to beware of 
French salesmen who might .steal 
UK gram markets Trom them. 
Mr. Richard Butler, deputy presi- 
dem of the National Farmers’ 
Union said he had been im- 
pressed by the wav French far-, 
mers worked tosfcther. 

"This is particularly true when 
it comes to marketing." he told 
a farmers' conference in .Vor- 
I folk. “Even down to 1H tie 
groups of three or four small, 
farmers. • 

“If there are parls of the grain 
market to be ex pinned we must 
not let Them cramp our style," 
he added. 

Mr. Butler said that while he 
could not see any prospect of a 
significant increase in demand 
for feed grains in the UK. there 
was a chance of better markets 
for malfine barley and greater 
use of home-grown grains in 
place of maize in animal feed, 
and also in place of imported 
wheat in bread. 

He pointed out that the Home- 


Grown Ceieal- Authority esti- 
maied demand for malting barley 
in 1985 at 2.5m tonnes out of a 
crop of 10m lonne*. This would 
be lm tonnes more than in 1975. 

There were d |s.> prospects in 
expansion of the oilseed rape 
crop. At presem UK farmers pro- 
vided - only 40 pci cent of domes- 
tic needs. _ 

Mr. Butler wi d that nnce grain 
prices in Britain were higher 
than..lhe official support buying 
prices UK markets became com- 
mercially attractive to French 
exporters. 

“The large Continental grain 
co-operatives. strongly sup- 
ported by tlmir farmers are in a 
position to rnh u.-, nf our markets 
if we let them.” he said. 

“They already have sophisti- 
cated- grain handling facilities 
and they. se>’ ihe value of 
sampling,. analysis and separate 
variety storage. 

“We have gut to do the same 
if we are to beat them in our 
own market."' ' \ 


U.S- AGRICULTURE 


Farm co-ops outgro 
their founders 


BY DAVID RICHARDSON, RECENTLY IN THE U-S. 


TFfREE-Q UARTEKS of America's 
4m farmers are members of 
agricultural co-opera uves. accord- 
ing to the National Council of 
Farmer Co-operatives in Wash- 
ing DC. 

The council claims that 28 per 
cent of U.S. farm production is 
sold through c<H)ps and 19 per 
cent of farm supplies purchased 
from them. Added together, 
co-operatives’ gross annual turn- 
over comes to over S25bn, nearly 
£t4bn at present exchange rates. 
For comparison in Britain total 
farm co-op turnover has recently 
been estimated at about £Ibn_ 

Main key to the successful 
marketing penetration of U.S. 
co-operatives is that American 
farmers have always had to live 
with a tree market and the 
violent fluctuations of world 
irade. 

They have never enjoyed pro- 
tection that has insulated British 
Farmers from the most serious 
effects of variation in supply and 
demand. 

American farmers have there- 
fore. roll i*. prudent to group 
together in search of marketing 
strength. It is highly significant 
that more than one third of U.S. 
grain — the majority of which is 
exported — is handled by co-ops. 
The quantities of grain handled 
bv co-operatives are growing as 
prices drop and markets become 
more difficult. 

Growth to present levels in 
the supply business bas been 
speeded up in recent years as the 
eo-ops gained access to basic raw 
materials. Between them the 
130 f>r so regional co-operatives, 
lo which nearly S.000 local co- 
ops are affiliated, now have a 


sizeable stake in (he oil business. 

They own oil wells and re- 
fineries this side of Atlantic, 
as well as in America. Together 
with interests in potash and 
other mines this h:^ enabled 
them to become basic manufac- 
turers of fertilisers and chemi- 
cals. Co-operatives claim to own 
and operate 40 per cent. Of 
fertiliser' manufacturing capa- 
city in the U.S. 

Finance for these mammoth 

organisations — the Kansas-based 

Farmland Co-op has an annual 
turnover in excess of $3hn — 
usually comes from three main 
sources. 

One-third of ih».- capital re- 
quirement is burrowed from. 

banks. one-ihird is raised by- 
selling non-voting shares at lied 
rates of interest to anyone wish- 
ing to invest and a further one 
third consists of retained profits 
which arc tbe property of fanner 
members. 

American law stipulates that at 
least 20 per cent of any profit 
shall be returned to co-op mem- 
bers in cash each year. The. 
remaining 80 per ceni can. if the 
members through the board of 
directors agree, hr left as loan 
capital to fund the co-op. The 
farmer member meanwhile pays 
ta.v on the whole 10U per cent of 
the profit attributed io him even 
though this may well be greater 
than the 20 per cent he has 
received in cash. 

This in effect allows co-ops 
making sizeable profits to reduce 
their taxable income to- almost 
nothing and predictably, is said 
by the private trade to give 
co-ops an unfair advantage. 


Nevertheless it has provided 
the financial springboard for U.S. 
co-ops to reach their present 
strong position. 

Egt few co-ups claim to seii 
farm supplies at lower prices 
Ihnn the private trade. Market 
prices, ruled as they must be , 
by supply and demand, can bo 
only marginally affected by co- 
operative activity. On the face 
of it, therefore. U.S. farmers are 
allowing a lot of their capital to 
L«e locked up in co-ops for Utile 
commercial advantage. 

It is argued by some co-op 
managers that since a member's 
loan capital (which incidentally 
remains at face value and does 
not earn interest) us always 
repaid xm his deatb. it takes li^ 
place of life insurance. 

One co-op does, however, say it 
will try to repay a member 
before his death and at tin* 
moment is doing so when he is 
SI years old. Another i c attempt- 
ing to develop a revolving fund 
with Lhe uJlimare aim uf repay- 
ing loan capital on a 10 to 1:1- 
year cycle. 

Tt i= also claimed that in limes 
of supply ynoriasr. a* wirh 
fertilisers a few years ag>_>. co-ops 
guarantee priority delivery to 
their Tanner member* instead 
of selling to more lucrative ex- 
port markets — the policy often 
adopted by the private trade. ‘ < 

But farm co-operation is such 
big busi ne.s* in the L’.S now that 
there is a distinct possibility that 
it will continue ii« a row :.ntl 
diversify of its own niMinenlii'u 
without necessarily benefiting the 
farmers for whom and by whom 
ir was created 


Quality wool promotion planned 


BY OUR COMMODITIES STAFF 

A SPECIAL campaign to promote 
consumption of top quality wool 
is being launched by the Inter- 
national Wool Secretariat. 

The campaign, which is aimed 
at stimulating demand for wools 
of 19.5 microns and finer, will be 
additional to existing secretariat 
promotion programmes, and will 
he financed by members of tile 
Secretariat in proportion to their 
production of these types of 
wool. 

There are excessive stocks of 
superfine and similar wools at 
present. Traditional markets 
have declined, and there has 
been a big swing front bespoke 
tailoring to ready-to-wear. Also. 


dry conditions in Australia in the 
last few seasons have led to a 
substantial increase in produc- 
tion of these wools. 

U.S. consumption of . apparel 
wools rose to S4m kilos tast year. 
65 per cent above the 1974 low, 
according to Mr. Albert Evans. 
U.S. Agriculture Department 
economist. 

But consumption of carpet 
wools has not recovered from the 
1974-75 recession, he told the 
International Wool Textile 
Organisation Conference ' in 
Munich. 

The decline In this sector since 
1963 was due to the rapidly 
accelerating use of— man-made 
fibres, he added. 

Some progress lias been 


achieved, however, on increasing 
penetration of the blended tex- 
tile field or area* dominated by 
100 per cent, man-made fibres. 

Improved profitability for 
domestic production has raised 
hope< of stabilisation of output 
in the next three to five years, 
Mr. Evans said. But this follows 
a long-term decline with sheep 
nuinhers falling from 40.5m in 
.1940 to aruund 12.4m last year, 
he added. 

Mr- J Van VVyck. marketing 
director of the South African 
Wind BoaTd. told the conference 
confidence had been restored tn 
wool farming in South Africa, 
with price* during the past thre.- 
years remaining reasonably satis- 
factory. 



COMMODITY MARKET REPORTS A«b, PRICES 

T»A'Cf?' MET A 1 C? .majeuee dt-clanQoir try Aai rco on. ship- lined forward Vsiandarri racial io 

X5A3C. ULCl AJLd jtwjiia of Penman rcibnges lo Europe hm by -the talc kerb u had fallen *>jcK 

from June 1* ■ As the -rnareci dfoened 10 dose at £0.510. Turnover 2C20 lounis.. 

COPPHR— Maratoaff* easier m Tht- ^ hws. Adwavar, .UjKreSsive prnltf- • *-. i n.iu. - i-f- vir, |*.m. 

GOridda -Metal- -Escbajige. - The firmness taking devddped which 'forced ihe price TJX . Ofllrfa- I — twiUciml — 

pn Cuddc* flyerniEhr • coopled with labour dowtwio £719 on -ihe laie kerb. — _ — | 1 

troubles m Peru nnnnpted a steady twm Turnover 1436 mnnca. Trigh grade £ : t • C ; j: 

ui the motninc. with foru-ard .metal rlajns Amalgamated- Metal Trad Ins reported — 


COFFEE 


RUBBER 


- - . _ ; . — . . . _ i ■M f. in lOU'U VUUU. iww —70 

to c&2Jj. ‘in-lbe Jrftenidan. however, the ihgi_jji «nr njornlna cash 'wnubar* traded 3 fntfUl j«.iBM5-Z» —30 6oB5 95 ,—ib 

nr CT6?.5j»' three months; XTSO. 31. SI. a. 0735 i — 55 ■ — 


price drifted, dowb ' *6 £777 on lack 


67305 i-S2.5 660D.7OO 

W5-XI 
b735 

£‘7 b; o. W Jr C - ba ~' cLt». .>'6700-6 ]-62J> 6670-90 


; Z.^ 



On a dav of wild Rocruaimns Robns^as 
opened CSi> tower nn earn, over sailing 
from Tuesday's weak close. Dresel 
Burnham- LamtK-n reports Selling, 
exhausted at the fl.TQii Ic.ci basis Sent, 
and renewed nushed 'he raarfcci 

higher, -tf one point in j hectic site moor 
session values were rW) up on 'he <iav bur 
ai the close rhe market seiilert ai UH-t'J) 
lusher Dealers saw rodav’s scion as Ihe 
comple'ioo of the downside reaciiou ui 
uio r»,vnr upward move and annooaied a 

er.nsnlidaiion. 

, Verrubv'-i • 


STEADIER noeninc . on 'he London 
physiral niartn Lfnte interest rhmmtfi. 
oui ihe -day. -.losing on an easier uoie. 
L»'vris aud Peal reponeri Uioi the 
Maljywan market was 223 i^ 13» cems a 
S? nominal buj-r June. 


W. Oct. wv.t-3®.S: ifts ii-not.n- lit. Dec. 
rW9.6t.-0.U-. =69 5-^9.0: 10. Tol« l sales. 
402 lots 


JUTE 


V-.l 'l.rjVhtVl L'lOVHiU! 1 
«.>.-•» 1 -V— •• ■ I'liwo 


Un-inew- 

.l.oie 


T Hi— Lower. After opening ai Ii.M «. 8ii High Grade.' ca>h 18.750. Kerb 

... . , » e , 777 . s _2 25 to rward metal rose »o XC.SM on <he ore- Siandan j. ifo-^ months £ii.59fl. Sa. Su. -j 

onwiitli’u., 702 .5 , + 7.5 777 .» z.ab martei owing to cnnUncnial micjcsi. This Afternoon' Stondard. inr.-* ni»nil» 
acrrlmnt 7BZ.5 ,:+7v ; -.ireotf was reversed in the nnjis «'tn ^ 71. Kerh; standard, throe months 

CatoodeH- . | _ nervous bull llqnidaiion causing the price 5(> 

L mil... .-754.5-5. -e8,75) 750 1 -J aa |Q back ip £fi.S5P l>v ihe_ afternoon. 


L OFF UK ! 

+ nr | Bi|.inr« 


t‘ pci ••■iiiie 



c niiiDthh.: 774- >5 +S.7 bi - 770-1 
■*'>HCl , irt , uE.-'755'.'vt6-5i ' — 

J. .....n *66.S;68 


-2.75 hacXwardaiion narrowed 10 ntO LEAD— -Easier. Jfonrard meul traded 

reflecting lhe easing In ihe nearby supply quielly. .within narrow limits unul the 

. '.stniarlon. The sharp rise m copper then | 3I0 afternoon when news of the lorct. 

. majeure docl a ration bv Amux promn'<-il 


Ji.lv , 1897 1898 +10.0 1325-1910 

«. 7 iU-i/il*i-..| 1793-1796-27.5 il035-17O1 
S.<veuti«r... 173 J- 1735 +f5.0 .177a-lK0 

11 v 1679 I63a-r 10.0 1 1710-1608 

llsii-1. 1 13991603 -14.5 (J630-158) 

M01 ! 1S70 1600 -18.0 1610 

July I 1510 1 590 - 65.0 1 - 


EG. Index- Limited 01-251 3466. - Jan-Mardi Rubber 623002.85 

39: Lamonr Road, Lundoii- SWJ0 OHS. 

" 1.". Tax-free trading on commodity futures. 

‘: - 2. Tbe cOnmaddlty futures market for the- -smaller- investor. 




r:-J 


nCi 


MODIHES? 


The iVtaju»Dlx . 

Conntw>ilty 

Portioliuib 

tuiiently130%«p 

iiMCWiV.epU'bri . 
IP. months ag*i. 
Ring UliioDn cm 
Ul-iiiC. 2431 or - 
. vvjitft i'V our 
brochure. 


Planlali on House, London EC 3 M 3 PP 


EUROPEAN OPTIONS EXCHANGE 


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K. kodak 
H. Korlak 
K. W'-ntai. 
t. KofiBk 
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Utt. 

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IBM 

IBlt 

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fieurv 

fvurs 

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Al"Cn»iW* 

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HlIiVw 
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JTDnNtfll 
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(.'niievw 
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Price ' CHwe .. \ > ■! . 


Oct. 

date Vm. 


Vjui, 

Close ' VuL 


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SS5 ; -.733 
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a- -'J*' - 

a :| 512 ] - . 

:'5ri;-Jl 8 - - 

J I 171b — 


J S 
* 6 




-J. J 


450 
fbU 

S60 
b7J- 
’S24iT 

s2fly 
S2 j i ■— 


. -I 
18 
27^2 
10k: 
28b 


f>3' 

9 

>i 5 


SKA 

>30 

.F34u 


I2fl 

u 

24.00 

16.00 


I'- _ 


; yssit. i. io.oo 
! W60 I 6.00 

b’70 !- 6.SO 


E7s 
t'Bj 
1160 
t‘17U 
i t-'ISO 
'. t'10O 
F200 
F220 
PlOO 1 11.00 


1.60. , 
. 1.00 , 
25.00 i 
19100 i 
12.50 I 
9.EO 
s.oO 


S3 

11 

92 


mo 

P320 

irea.Ou 

,PB7.aO 

mo 

F140 
• F110 

, riao 

! Kiso 


9.00 

4.80 

S-50 

0.8J 

9.50- 

-2.00 

0.90 

6.00 
0.70 
0.30 


42 

20 

h-20 - 

29 

13.. 


7ia 
3 

I 1 ' 

TB r 

12 >< 
8% 
3ia 
6 

44b 
.W, 
»a 4 

- G 
t • 

28S, 
;i6i^ 

- SJ8 
54, 
2i- 

: i 

! 25,00 
: 16.00. 

1190 
1 7.00 
1 6:40 
f 3.00 
J L40 
30.50' 
! 25.00 
(18-50 
.14.50 

L 12.00 

J 7.60 
11.50 
4:50 
J..-3.00 
5.40 
. 2.90 
1.50 
11.00 
4.60 
1.20 
8.20 
-2.60 
090 


'6 

3. 
12 
-35 . 




8 
3 

kl 

i 1 


■ 5 
I 10 

i 17 

l « 

1 6' 


I 11 
1 28 
l 10 
•.io' 
2 
7 
5 
16 


L -- 
■T 354 I — 
I . IK 
6 

. 27b- 

' 10U 
t3>a 
9 >2 
45a 

\:'W 

' 45a 

- 21a 
14 
55a 
lpB- 

53U 
- 191*' 

IDig 
. 6J 3 
3 

l 1 * . 

27.00 i 

< 22.50 i 

16^0 i 

9.50 | 

7AJQ : 

4.50 [ 

2.20 • 

37;00 

92.00 
. 26.00 | 

1 21.00 1 

15.00 

10.00 \ 
13£0 

7.00 
.5.30 

5.50 
5.50 

2.00 
12.00 

, 6.30 
J^O 
) 9.00 
i 4.00 
> 1.70 


— ! S6Hb 


2 


8 

22 


4 

SO 

45 

72 

10 

2' 

2 


i 


: S25 
I S56Ta 

r " 

i 24 61 b 

’ 6621* 

j 536514 

|$*4$9 
i " 

I K553 

I - 

| F74.30 

I- ;; 

■K 179.80 

j-. :: 

F 109.10 
V 27 
F 127.60 
F 114.30 


speritliTl^e buying which tuoh ihe price 
up ta ECU before !l cased buck to cln«c 
at CCS on die foie kerb. Turnover r.Soo 
lonoes. 



a. in. + "rl 

|viu. j+ior 

LKAD 1 

Offl.-ial | — : 

Unoinemi' — 


f , c ; 

V . £ 

UrnMh.. 

317-.fi —6 • 

517- .5 -43 

-> uumtfHfo 326.0-7 >—5 1 

a 27 8 -4.2S 

Seti’lm ini 


— 1 .. .. 


317.5 —5 j 

1 31-03 1 


Morning ■_ Cash £317. t tree rni«afHs I23S. 
2S. 275. 77, 27.5. 2S. li.i. -S. 27.5. 77. 
•Jfi.5. Kerb: Three, rnunih. £327. 243. 
Aftanioba. Ca- - .h Uftl. Ihrt— nwiMhc EU2S.3. 
2S. ST.5. 2S. 2S.i. 28. .'S3. 30. 28. 

27. Kerb: Three oiumlv- EJ27. 27. Cb. j. 

2Sl- 29.-S8J. 29. 

ZlNt^-Ocwn tn *abdued IraduiK and 
mainly p^lccung iho nuvemcnis in le.iX 
and -copper. Forward nieial irad-.-d 
between 2339 and LUC prior to ctownc 
ar £340 on tbe Ute kerb. Turnover 
3435 l onnes. 

a.m. |+ i-rl rein, ll+nr 
UfllrlAl — lOimfllrbl 1 — 


Sales- 6.74? ilfl.«9fu tots of 3 tonnes. 

JCO Indicator prices lor June h HI S. 
cent per pound): ■'’filaniblan Mi Id 
Arabic** 200 00 i-W run: unwashed 
Arabics* if» no ilSBJfli: nrher mild 
Arabicas 17R.67 ■ 193 Mi: R->blcn« 183.50 
isamcc Dj!I> jreraac 76« i9 <173.001 

ARABICAS— The msrkei was ouiet with 
unec auain a general uct oi Vnicresi in 
i tn- nearby position*. Drexot Bumbani 
Lam»>.-n reports. 

Prices -in order buyer, seller, chanue. 
husin css<— June 05: -0 30; uil. 

Auaust HM.30-8.7.00; -0 23. nil iXi. 1R3 uu. 
80.00: -1-1.50; ml. Dec. iTS.iui^ssud: -l.nn; 
niL Fch. I7l7i74.nu. — J His lrijo-n ifl. 
April lbs. 0i>-74 uO: -H.WI. ml Jime 1n8.uQ> 
74 00: -4.U0: nit Sales 5 <8' lots of 
17.200 Bg 


I 

.Inly.... ' 53.60-5S.SC 57.60-BB.00 — 

\uj I 59.b)-5S.7S 58.20 5B.sC — 

Jiv-rvi*' a9.fi5-58 75 BB.50 58 bO' 60.10 59.50 
* 1.5-1-71.55 fiO.2D-bO.2B. t!J»-bl.50 
•leu lb.. t2.50 -.2.55 61.55 51.4b bi.lfl.6I. SO 
,\ . .i • J tt. • c5.ibc3.b5 62.40-62. 45 ts.c0t3.iU 
Jft-Si |.ll ^4.6w-c4.65' b*.8U 64.65 

ii.i-Lh- 65.13 cBJO 64.bS b4.O0 66.10-65.80 
Jan- Mm c6.90cv.aa tfi.75-6b.00 67.00-66.90 
tiles: 470 i I74i lots of is tonnes 
Physical <-tosui3 prices • hovers 1 were: 
Sp’T .v>p >5 725‘.-: July 57 p a ms. 

SOYABEAN MEAL 

Th.-. market ..icried 12 dnun loltowins 
report • ihai ftrjUl may vtari is.-'Utng 
•pivjbe.iri .il i-\Dort re^UTTJUnn* in the 
near liUur-.-. In the afierm>on n-«i<4i 
H..WCVIT. -oeadv Chicacn orrre< helped 
tlK- market '« regain' some uf /?« earlier 
losses. 


GRAINS 


ZING 


. , £ ■ r . 

CBh..,_Ji31.5-2.5 -1 I 391-2 —2.5 
a montlis..‘.| 340.5-1 -t.5 340- .5 1-2.75 

6'mecft 1 998. S -—1 — ; 

Pm^v - 1—1 29-31 1 

Mommg:-’ Three iwmifl* £338. ffl. 4t. 
Kerb:.- Three oionihy 1340 5. .Uiernoon- 
Threer mr.nite, £342. 40.5. 40. .41. 40. 

Kerb: Three immtlis CKS9. 40. 

■ (tom* per ' oMinn » nn previous 
■dficiAJ close. r jM per rncuL 


LONDON FUTURES ■ GAFT M— The 
jiurhei -opened 20 down on wheal and 
10ft down barley In very ihln martin* 
condmenv The market eased slightly 
due io some hertse seJIituc. In ihe after- 
noon session the marker rallied sllghily 
on short -eovenne in rinse I u up nn 
tvhear and 5-10 higher on barley. AclJ 
reports. • - 


.1 ■■slcnlay -J- HI lllrilllns 

i 1,^.. — i I ii.iin 

Cl *-i ft'riuic 

Jura*: 124.33-25.0 — 1.65 I25.DD 

Xueusi 123.4J-2a.7- 2.40 114.20-22.8(1 

• I 4..IU-T I24.W-24.7- 1.60 125.60- i4.W 

liiseniKi ..- 124.5U-24.6— 2.D0 »25.5"-14.t0 

KHnuHn l24.70-2fi.0-2.75 1J5.00 

Ai.ni 1.5.00-27.0—2.5 125.50 

June . i:5.43-2BJ T.B 126.60 

Sales: ui*' Inis of lOo'mnnes. 


SUGAR 


WHEAT 


■ARLEV 


M'nlJe 

” ! 

ce-t 1 - 

>0|*. I 
Xnv. ; 

86. 0D 
88.40 

mo.iq: 

i+0.18. 

80.30 1 

82.95 

■Inn. 1 

91. I’J 

l+o.ia 1 

85.75 '+0.05 

Mar. 1 

93.75 

j-vO.IO: 

88.25 i._ 

J!»r 1 

26.58 

T cl . 10 _ 

9y.75_ 


SILVER 


Silver was Axed 2.6 p an ounce higher 
for'siMC delivery In (ftc London tmllton 
martin jeaerdny al 29S.Sip. U S. ccm 
equtvaleius of the tains fcH* were: 
spot 335.3c.* up 5.2c: ihree-moulh H4 6c, 
up 30c; - sw-ntonrh 555. :tt. up 6.1c: and 
IS-ffiOBth 577.0c. UP Th» * metal 

opened it WJ.4-294.4p t534l.53CCi and 
closed ;>(. 293.4 -294.4 p t5»33fi>ct. 



r+"r 


MLVliU | Bn ninu 
per__ j fising 
troy pa. | iVwing 


Slot. ' B93.a5p +2.B. 293. 6p •* 1 J 
j munituL..; 30 1.5[> +2.rt , oOl.Mp n-2.05 

Sjnourtia_; 310.1p '+5.0BI — 

SmuaUfo, 1 927.7p 1-4-255 — I 

" LMBriTunwver ISO IlMt'ltUs of lO.MO 
ots Momhtg: Three monlhs 302.1. 3.2. 
2.L t'4. 23. Kerbs- Three months 201 
Afternoon: Three month- nui.fi. 1.7. 1.6, 
L5, 1.3. Kerbs: Three moDths 30L2. 1.4. 
:rti. 


COCOA 


Prices ---closed sieady a? nrodltcrrs 
backed- stray irom the market reports 
GUI add Duffus. 

V ; 'Yekchtiv's'+.n, Uu sin eae 
■CDI.’OJL' : L'Uov i — ■ 


XiubCuiti'c’ 

Juir ..........1707.0-10.0 . + 36.G 1710-0- 18S5 

■iunt™ ; 1e72.u-7S.il i + 3&.Uli76.U-».j 

Oft;.. ^_..-lb40. 0-42.0 i + 25.0 lt45.Si-05.Q 

Uarclr^_..^e18.0-ZD.0 j+ 1SJI: ISbaJU- 1S9& 
■Uav-.J..-:... ISW-fl- 16 15 , + 1 7.8i i«i4.0- 75BJ 

J«iy_4 'laBOJ-1610 4-22.0; I585.U 

SC4rt.-„....;'»75.ai6M + 15-0, la«5.0 
"BoIobT CSa“£«fiiT'ta!5 of 3 tonne^ 

lnumaUenal Cocoa Organisation (U.S. 
cots per pound t— Da 11 v pru\* June 6: 
130.27 (129.96). Indies lor prices June 7: 
13-day averase I35«ti H3«.63i: ay 

average iJS.Jd U39iU). 


Business dnne: Wheat— S opl So.UD- 63 Sj. 
NOV. STJIJ-Stfi.30. Jan. S0.7TWOM. March 
t'-IS onli'. May ml. Salto: 59 lots. Sarfojr 
— Sl-PJ. 60.(13-50 iO. Nov. «.70-tt.9a. Jin. 
Saj5 only March SS.M nnfo, May W.M 
imlv. Snips: 37 lots. 

IMPORTED— Wheat: CWUS No. 1 131 
iwr tern. June 07.35 Tilbury. U.S. Dark 
Norihcrn Spring No. 2 14 per o-nr June 
and July S7.5U. Aug. 87 75 (ranstnpmem 
East coast sellers. U£. Hard Winter 
ordinary unquolcd. West Ansi, fnq uo- 
quniea. EEC wh.-at intonated. 

Maize; U^.r French Jutte infi.23. Jujy 
10590. Auc. TJ1 SO fracmhipmenl East 
coast M'Ucn- Souih African White June- 
July Sl. 50 Gtasww. South Afrtcau Yellow 
JUDC-Jnly *1.50 Glasgow setters. Kenya 
grade three onquoi&d. 

Barter: Urmotoa 

HGCA— Lncarmn ex-farm M»l prichf.. 
Other milling wheat: Hertford 99.40. FMd 
harks: Hertford S3.t0. 

The UK monetary coefficient Tor the 
wet* hnUAtiiog June 12 will remain 
unchanged. 

EEC DAILY IMPORT LEVIES— EEC 

levies and premiums are effective for 
June S as follow, in order currcni levy 
pftts Julr. A US- and Sepi. premiums, in 
udils of accuum ri-r lonnv twith -n*7fvns 
In brackets'. Common Wheat — £ 15. nil. 
nil. nit iK 87. fl.l", 0.17. 0.17 > Durum 
Wheat— 130 46. ml. nit. nj< '127.55. U.65. 
Ofci. 0.63'. Rrc— Sfl23. pjL ml. nil '75*7. 
ml.' rat. mil Barky— 74 all. nil. Pit. 1.11 
■72 66, ml. ntl. t.Ui. Oats— 79.C. ml. ml, 
ml ■79 6.’!. ml. ntl. mti. Mahe ■ other than 
hybrid for ceedinei 73 nn. nil. nit. nil ' 
(73.66. nil. nit. nit).- Budcwbpsr— Alt nil 
(all ml). MUM— CdH. nil. nil. nil (51.R2. 
nil. nit. mlt. Crain sorghum— fvl.M. ml. 
nil. nil ififl.31. nil. nil. nil > 

Flour Lcvfeo— Wheat or Mixed Wheat 
and Bn* Flour— 132.86 d'J9.M>. Rye Flour 
—124 67 1 122.481. 

- VEGETABLE OILS 


LONDON DAILY PRICE iraw susan 
£102.00 ' £104 u"> a UKuje cif for June-July 
shipment White *uuar daily price was 
fixed at tins (hi > £111.00:. 

Scattered C-enuus^mn-house Ions lioiiida- 
Oi>D h)> i-.i-lt jhwbed h» <hnrt -covert n« 
and during 'he "tnnilnfi gains ot up »n 
SIi points wv- r>'-mrded as buyer:, pros-cd 
In thin o«bliii' ,nv ‘. retxirrs ,C. Crarnikow. 
La 1 st, hi.wev*. foUnunna the urant nf 
restliiiTlnns f..r 45.ROO ions by the EEC. 
givniu. ai< rwnri eqvtvalen:. of about S1W 
f>ib. prices fell t'J' mmc C. althouah half 
lhe losses wore recovered hy ihe close. 

N's»r ; . i ! 

PlVI. ■YeMenU'.t «I Ptrmujti r IlHMlires 
LVnmtl. • • j - ’ , ‘to»C I Dime 

C,'«inn.' I Ip 


Ifl6.7i-0J.75 
10a. 10-05.75 
111.-50 83.25 
121.40-17.60 
125.00-21.60 
L1S.00-24.7fi 


LONDON PALM- OIL. ClrtbC: June 
400.M woo: Jmy Tta.gB-28.no: Aug. rm fiu- 
30 Of Sept. 239 08 310.011: OcL 29H Ou-XTO NO; 
NOT. 2tf.0U-315.60', Dec. 2Ka.ra-310.ua. 
Sales: NIL 


- i it tun nr 

,\u” IC4 .bD-I' 4.' u ; 106.bb-ufiL70; 

t.H< Kc.70-uS.76 109.00-OS. IU 

Per i in. 10- 10.2-( 1 12.00-12.10 

Miuvli - I18.u5 15.2al 120.56-29.60 
4Uv....'wU0-il.<’> 125.30-^5.70 
\j r ™ 124.50 7a.5k I26.76-,7.U0 

.. 127.60-5sr.2a! Ii0.90j0.25 
Sates: .1.756 * l .rijSi Inrs af » mrtnes. 
Tare and l.'b' ex-teflnery prnx- for 
eranulaie«J h^--- white wear was £142 40 
name i a utntic h>r home trade an d 
f 162. Bn mm ui" for- export 
Intemailonal Suaar Agreement: I’rices 
for June 6- per puund fub <md 

siuwed carthbc.in port— Daily 7.51 fT.ESi: 
13-day avera- 1 '- * JO- *T.35». 

EEC IMPORT LEVIES— The follnwlbp 
impori levies for while and raw suaar 
an? effective for itme 7 bv ufots of account 
for TOO fcjlos «u-itfi pwions m brackets. 
While siic-i r ' denatured and non- 
denaruri'di— 26-^ l samel. Raw auur 
21.63 '21.3S'. 

WOOL futures 

LONDON— Duff and. feattmjIcSs. reports 
BacJie UalSct SftiarL 

« r<-i»cc per kllot 

\iuimlin77 jVwtrin'va + ur| ■ fo7- uu-w 

Onus*' -W'.bJ 1 I “ VI ' j j U-u'.’ 

July I329-O-SO.B j ] - _ 

IWW ; - 

Upl-cuMut ..[25B.C-4d.O , — .... — 

jUaitto p4&.IM8.0 — 

Juiy.. Mc-k-«.lf j _ 

IMri-ev — .) 

DovlilllCr ..jyl-.fi UJ7 - 

Sales: Nil loia ot l jOO Kg.' 

Sydney creasy — 4 in order buyer, 
seller, business salrei— Mfortn contract: 
July a47.O-.Ut®- «J-1Wa®.0: 75. o«. 

W *-340.5: .M® •»'»*.* W Da. 333 3- 
SX1.5: 354.5-352 3 ; « March 357.5-33x 0: 
.TMIM-WO: 360.5-aBI .5: 302.5- 

SaD.O: 36. JUfo J6S-0-3M.0; 304,0-382.6; 


DUNDEE— Quiet. Prices C and f UK 
for Sen' -Noe. shipment- EWE EIC". BWC 
C234. trtVD C4S. TcSSJ P-TB IL’fiT. BTC 
£155 RTD f.*« Calculi* poods firm. 
Quotanuns c and l UK for nromrt chip- 
meni: lo-ouni e 40-inch IS 87. 7J-niim.e 
r7.Xl per 1 0<i eards: June and £7 75; 
.Iiilv-R,.pr. rs.tS and iT.fi". "B" 1 wills 
£27 14 £77 n ntl £77 65 for Ibe respeci n-e 
sbipmcm periods. Yams and cloths very 
quiet. 

MEAT/VEGETABLES 

SMlTHFfELO < Krues in pence m\- 
puund •— Beef: Senmqh hilled cide*- ->4® 
in 37 ®: Eire hlm|Oii.ieTcr* <* (1 in 77 n 
forefiuarti'' k 3® 0 3S.n. 

Lamb: Enalish -mall, new ^»a«nn 1,0 ® 
tn fit 0. medium u.u m 64 n. Impon-d 
frn»en- N7. PI. 3uj tn 32.0. PM 50.0 in 
31 n 

Porfc: Frinli-h. under ino Ih 7® 0 in 
4-: 0. lOlt-V.'O lb 37.0 to 41.0. 190-IM fo 
42 «. , 

MEAT COMMISSION — A rer.ier- folsmrb 
prices at ivpnwnlanir marh'-is nn 
June 7. CB canto S9.43P per ks »w 
«-1 .IMi: UK sheep 147 Op per kc »*i. rt-.-w 
, — in 4 •: CB ptas 53 Sc per kc In |-2T*. 
England and Wales— Cattle numbers rtnvn 
23 2 per cp ni. averace pricv sa.np 
■ -l.ffli: sheep numbers down 2.3.4 Per 
i-enr. overace pnre i*67p • — ll.l n'c 
numbers rtnwn Wf per renj. aterac'* 
pn«-e SS7p Scotland— fmi to 

numbers down 44 s per cent, av-eraae 
pri.-c fit I'p (-+W.V.- «he»-p number^ -no 
?2.l ■ per- cent, iveruci- pnn- lifiTp 

1 — (. Pi; pic numbers up 75 .7 per cenT. 
ac.-raae pnr® fi4.?.p «+tj.2». 

41 LC forecast rates nt UK monetary 
i ftmppnaauiry amounts for ■•ntn- 

nienclna June 12 iwilh previous u-e.-k-s 
fleures in knduHii Prest* or rtvlW 
beer carrasrs: 3i..70p per kg i34Sftql. 
Orem bacon sides 1244.06 p..r tonne 
iff it Mi. 

COVENT CARDEN ipnces In nerllna 
per package except where otherwise 
staiedi — Imported produce: Orarocs— 
Cyprus: Valencia Lai»-s 15 kilns 1.70-4 Jd: 
Moroccan: 3.S0-4 20: Californian- 3. fin. 4 30: 

S African- Vovels 1.45-4.45: Soama: 
Valencia La'es 3 20-1 'Hi Lemons — Italian- 
Ifid'IJiH new crop 4 5(1-4*0: Xpania- travs 
25-50* 1311-14(1: S African- ss'll.’. inn- 
5 2H: Sokrtfo- l.arcr bnces 3 oo-e no 
CrapefruK — Cvprns: 15 Rtlos 2. 3n-3 00: 
2« kilns 3 20-4 00: S. African- 27 77 3 10- 
.195; Jaffa- 7P kiln* 1 0M r.O. Applet- 
French: iTolden Delicious 7®-lb A4‘S 1 50- 
.170. 72s :t70-lS0 tumble boxes 0.15-fl.l 7: 
w Australian- rtrannv Smith 9 nun nn: 
Titmanun: Jonathans i 40. fifiramr 
Smiih 9.00: llalian: Rome Reanrc. tier 
pound It 17. Unlrten relieinus 0 14-0 HI: 

S African: Hranuy Smith 9.10.9 50 While 
Winter Pejrmaln 7 5D-S no. Starkins 
Dejionus 8 lii-S. 70. Co) den Delirious «(W- 
8.5®: Chilean- Craimv Smith n.M: Sew 

ZnlanA: Stunner Pippins ICt SGU. 173 

5.66. Granqv Smuh 9 2ii; pantoh- F%'r 
pmiml. Snartans 0.1341.16. Pears— S. 
Afncnn; Canons. Pick ham's Tnumph 
q 50. Winter Nelis S 00-5 28: Betoian Cnn- 
(nrnnen 0.13.n 15, Pnaches— Onn'dr 
Siandard frays 2 jfM.jfl. Apricots— 
Spanish- 5 kilos 2SU-7 70. Barumaa— 
Jamaican- Per rmimd 0 15. Avocado^ 
Krtlva: Fberm 14 -24s 3.4D-3.6I1: S. AMran: 
Funrle 3 S(M Ofl Strawberries— C^i- 
fprnlan: 0 9(1-1 IB: Italian- 0.30: Spania- 
0 5041,15. Cherries— French: Per round 
U Cvorus- (I 70. On ions— Chilean: 

Cavs 3 00-5 W: Canary 5.00-n an; Dnr.-h- 

2 (l(L2 (to: Israel!.. 5 20: Texas: 4.36: 
Fjrypiian: 5.00: Spanish- 3.30. Puauct— 
Revpllhn- 4.204 -10: Cypms: 5.4(1: J-rsev: 
fct-lb 0.101: Valencia: 4.30: Matorran- 
4K6: Tialinn: 4.20: Rriliany; OlUrn 
Tomatoes— Doirh- 3 40-3.SD. Carrots— 
French: Names 28-lb boxes 7 Mi-i nn: 
rvpnn 150-2 <vi. Asparamts— Califomlan- 
Per pound 0 40-i.M: Rnncanan: 0.70 
Beeiroof— Ccpnjs- 2S-Ih 4.S6. 

English produce; Potatoes— Per SC-lp. 
Whim - Bert 2 6*1-3 50, new rrnp p«r pound 
0.09-0 10. Lettuce— Per 12 0.40-0.5H. Cns 
1.20. Carrots— Per 0.80-1.40. Onions— 
Per 56.(6 ? JO-? #1. Rhubarb— Per pMiuit, 
omdiwir O.O.T encumbers— Per I ray 12. 24s 
1.50 2,30. Mushrooms — Per pound 0,20- 
0 40. Apples— Per pound Bram lev's 0.10- 
0 20. Tomatoes— Per 12-lb English inn. 

.1 BO. Grants— Per crate. Kent I (10-r 711. ■ 

CouiUlowers— Per 12 Lincoln 0 M-i ?n Kent 
1. 60-2.20. Celery— Per 12*18 3.504.50. 
+ 

GRIMSBY FISH— Supply good' and 
demand fair. Prices par siona al ship's 
Side lunproressi-dt- Shelf eprl E! 60-0 2®: 
codlires CDh-OSO: force haddock H30: 
medium hartdori: CKW-£4 50: small had- 
.Inrfc ElOD tJm: force plaice C3J!0-f4 7D: 
medlnm plaice CJ6O W.6O: hpsi small 
plui-re £3 46- £4:2®: sblnnrrt rioefish ( force 5 
£9 08; medium 17. nit; tomen Rntos ifori;c) 
£5.*o: medium h.m: sanhe £1.40-0.80. 


PRICE CHANlGES 


Prices per tonne unless oiherwuc 
stafetf. 


II. .111 1, 



Linin' 7 1 

j 147- 1 


Metals 

|*68>-t 


Atii'iiiiiliim 



Free rt.xrLpr trix 

is .u20-S 


L'it|>|V+ri.ti>li \\ .Kitir- 

,e757 

— S.O 

i iu"iilli“ it", il". 

IC777.2' 1 — 2.Ci. 

i Vh I mholc 

11-750.5 i — 5.25 

.i in- mill ; itn. ■{■ i. 

d770.fi 

-2.75 

( i i 1 Tn«v ■»/. 

1 *■ 1-3.1K&I — 1.75 

£tn . < i 

It'S 17.26,-4.5 

h - 

t‘327.-i 1 

-4.25 

Ni'-knl 

.112.566 ■ 

.. 

free 'liril ll’ll •!■> 

1-2.90 : 



| 2.03 . 


1’IRI L< 111 III I rr»Y 1^..; 

11122 1 


href- Mm Uel | 

£ 153.26 + 3.0 

r^ni.-K i tei if'iii.ij. 

>127 a< 


ni'v«>r imv iv •' 

2B3.85r 

>2.6 ■ 

> Hn>IIIIi,„ '501.5'. 

'+2.75 

I'm LM-lt. | 

-6.680 ; 

— 7£>.i 

> meilUi- '■ 

16. 70 ! 

-45 6 

M mlnimil‘.'-4ll».eil| 

>129-44' 


/.IIK- '-JU-ll ! 

C331.5 

-S.5 ■ 

j* • 

1 340.25i 


IToiurer- i>S5O-fiD0 | 


Oils | 

1 


t,a>.'nii| iPhil) ' 

-670 f 

* 15.0 




Lueei'i l.-nulciv)..l 

t'385 ' 


1‘hiiu Mitinvaii 

>610/. >2.0 

Sceta 

• -| 

1 


L.«|TH I'I||1||. 

« 440 


>uuJif*ii il ..■5.) ; 

-231. Sir . 

—6.75 

Grams i 



ttaHcv LKf 



H'.m? iui'im.... 

£32.95 . 


Mnire 




L'680 
-«-0P0 
•.694.75 
t.- 1 15.25 

• 664.75 
l70*.B 

'If? 12- 
^ 298.25 
CiOS.Jo 

• l.VS ' 
•2.05 

.■120.5 
i 120.9 

:78.6l. 

:b55i. 

6.495 

14.5 40 
-.302.23 
l 51 1.25 
•550-bini 

>590 

I-J44 

l‘o63 

• 6&0 



cev: vmrk. jh'ic :. 

COPPER jt-»f J .».| ,;r -ill fonii li.irle 
lleJ^i: U-]|in^ jnd ,i^L-rcs.si\ c k. • -III UK - 
leiU'-u liruIdJliiili de>,’lle n-.’.-i >■( -ju-- , 

h.ur»neju t-irce uuj.-nr.; 

lil-.-foK nn l.'i’innii‘- , <l>i|l-li"Uv.- 

Ii'i'UOj tn.ii (i.llm, Itu r<ii..-.»cn ftr. .urc ■■■■ 
d'M'c.-tli iuni:n»f(i['- |.ri>.v- •,::nr,u;. . 

'■••ffee finished j: <-r n...«r limn ocvlim--. 
•■it ifteoulalive ligiixluihin ji.d L.-.:ur 
vejiher in kr.ial. ca-.-lu- roi-iri .. 


Coco; 

■ — I ul. 

I H Vi 




' K’V j0» 

. Dc.. 

l.-n ...5, 

U.VIefl 

1 Iff. '7. 


5u: 

■I'lly 

1JI fm. 

Si-frl . 

nn.wi 


■■■•-•it-. 

lev 

971. 




Coftoi 

i — ‘ ‘ C 

" t'.iii 

rr.tei: 

lii!. 

17 • Hi- 

171 l«' 

' 17-J.j’i. 

. ''PUT 

IK 1 / I'U 

1 17:!.>:>. 

L>. e. 

|u<.r.Hr- Ir.U 73. 

Jlareh 

1 70 -■■! 

j Ped. 

Sin. 

].">! Su 

a led. 

Jul; 

v.i ir 

■V i ■ ■1. 

1?', 

177 7.1 

.■ ,1: «l . 

bJlei. 

>7u 1. 

■L*. 


Copper— June nM uf' 

"4 .;£> 

'. JirK 

.. : ,-.n 


-4 Ml. Pi.< 


.>i. 


•410 

294.25 


(.79.8 


wihm . ■ ; 

I I.Vm ■»!»! mu. 1.97.25 l-t-Q.2? l'94.Q5 
NnJUiipIlViiiiri : ... ; 

Kn-li.i, .Muluij.. £104.5 ....... l1.'2 

*>hi|<in,-ui....|Ll.770 4-88.0 <.1 982 

Future. ■fold | f 1.6723 --a5.5' .1.871.5 

l-.uTiv Kui lire 

f*'|4 Ict.794.fi +27.5 ,1.-55 5 

■«•«! -A" III l(A .. ( ..tor — j. | .Tl.flS. 1 
KiHNvr ..'37.2a,. [y 32,. 

Z*r (ffowi |£1 2 I— 2.0 i . lO- 


on 


UneltMii, "I, a. II. 


4S1|. 




■ Nominal. C Unavoiud. i- iiikm 
m .1 uiie-AuRUSl. ir July. - Juik JuIv. 
i Per (uu. 


IND8CES 


FINANCIAL TIMES 

lime 7 ' June 6 |jii«iiVTi~T 7;"S 


280.6 1251.77 | 245.32 |_?62.56 
/Dine- Inly t. '«Hf=7uni 

REUTER'S 

June 7 ' June 6 Ye Vi 

1525.2 151 7.7?'~14 62.7 j l640^4 
iBaw: Setitemher lJi. ljtn = i[ini 

. DOW JONES 

* *"» | June 'June I in>uTiir li-n 
J.*e. >716 i.,,. 


i|«u ....'56B.l0.359.25li57.23417.87 
F-iturt. i’> 5. 34 iS7.48ji47. 14(387.39 
(Average foVA-jikifirinoi 

MOODY'S 


tl.nlr 1 ' 


[ June j Jmiej U.Hiiii.i i 


i> j^i|.Hiii.,i -i 


1 ■ Hinin , j — [925.5 1 910.8 

i nerertiher 31 IPS| -ftihi ' 


"■4VJ>. ,\IW (j-iJ® S»-|.| 

.(.in. iii. su. M.irrii «.r vm 
v" .-«( . Si ;«i. ,7U '■> Oi.v. 7J.:UI l- .-'1. 7J..-1. 

f March 7,1 vi. .4,111(1 luj -.. . _ 

Couon— Nn : Jul; otl.-lu-VJ.'m • S •.,r. •. 

b'l Jfl - (»_' 20 <i!| ’7 '. Out. ii"...v4-,. 1 i.-j. 

3t.ir.tt 1.4 73 Mai id lu!. uo 

Oct. tubr.i; /«' v.-if..- • 4,1'jfi 

■Oolil — .filrirt 1VI.7M bid'- 1:1. a 

■ IK’Ji. Aup. i '-2.il'. '.•■'! t”, -ui [> 
ttt J®. Fi*l» 1 SI i)n -iiTil '’also. June 
mefu. Aun 1WMU. im; .'H2 :*o. LVuHU-ju 
I'l-U. jrtv SO. .\nrlt I'Li'JM 'rnJ'iiivVi, 
SjIov- 7.101“ 1ms. 

tLard— — .50 ■ aiailabk-i N-V nr line 

‘(•.•sun 2.( .■•(! irjd'.d (i-auuli . 

'Maize — Julc -‘.V. ;■'.'!<! Scftt. "j.-.'j,- 

-’fio ■ .hi"!, i. Dei- .VJ:-J(ls..iLircl i •-■«>:. U.,t 
I - ,-'. Julv -. •" 

’Platinum— ■< ul; i.sf *n-j4n »i ■ Sii,. 

■ I. r JHi.lio-.-U) Jn --.Jr. >. (jn ;,u 

i/). tpril JH u». .l.lulj .‘-su -0-JiT on. 
.'to V-.S9 ul' .foil. j.M I'l-.'.M .*. Mk 
I 17J l«iv 

'Silver — tunc .'.ft jil • W .'in. .(ul- 

■ 5”i.-io>. ini?. Vii >0 > v:; :n. 

.VI5.7U. .Ijn. "is Til. Jt.i’- -h V.7 On. 

Jul- vTi id Svnl >1 wi. 

V7 JU. .tan. M.i-lt i.:l JH 

* Win Ini.v. and Harm. in 

bullion n: 5(1" '.'“tu:;(". 

Soyabeans— Ini) (.SJ-r. 4 :! .t.ii.. 

iivl-oT:-* . w ■ i. rVni iki7-i.nu M.i.-. W-t-'.-L 1 . 
i.in. l.Jn-OJT, Mareli e>:;-e'4. M r, 
h.Tn. 1 . July itjj. 

'■Soyabean Meat — Jut- !77. 'iu-17; ~o 

■ I i . AUp 17j.10iri.wi ■ ’ i'C'i'. StM. 
17350. fu l. t;::.ili. D,-e 1 73 MU .lac CJ in 
I7:.3u March '.74 5n-i7‘. on. M.i- it., w 
julv !tt uft-i;* mi. 

Soyabean Oil—Ja.'t If' I "-.'I. - • '-7 
Ain;. .'5 S.i ijr..7ot. S'-nr- 73.4®--5..a. 

.'J .4I-J4 (J4. Dei'. ■>; 11*1-7” 'Ml .l.in 
SIlTi'h Jt 50. MjV .3 .'II Julv .'.T.lin 
Sugar— No It ftllv 7.1V- 7 Mj 

4r-/>8 7.51-7 51' • T. i J 1 l’ 1 !"! 7 iiJ-7,iv®. 

7‘17-S.li. March 7 ;7-r -I'j \1 ji >fo. 

vsc. Sepi. Oil. 9 10. 

7.(15® 

Tin— 531 oo-foA-Ou .-vki’d 1 f-iud' 

. ■ Wheat— Jul; J-.-l'-TJo ':::s>. Sit". ‘-‘7 

■ am: ■. Dw. Mjc “'s: [ . Mr- :'..u. 

July 7‘i. 

WINNIHEC. June 7 < Rye— Julv 107.10 
(1117.60 nidi. iM*t. Kin TO •liiti.’n t>’d>. Nuv. 
10.1.70 n< ii) . Dec. iofi.1® j-V v-ri 


M.i 

n. . 


•(■•■I 

'n. 


•vi. 
li rill. 


J."'. 

r. ..ii'> 

S.rli-.-. 


COTTON 


ttOacs— Jut: 

■ '.III Of 

1 |CI no 

1-.. Mill. 

7i. 7 m 

j Jci’d 

. Dee. 


lit .,•'(. 

Mai .-Il 

7j j" bid. 





CBarlcy— Julv 

■") bin i ’• 

15 Jn bid 

1. ric'. 

77.70 a>hi-d •' 

M.W7e. 

iKJ >. 

77 S'l 

a -l ed. 

March 77 W ! 

n>'i 1 1 . 




5 ;Fla*sced- 

-J’llv 

Jtil-W 

l ■Jl.fi Mil 

I.ul -. 

Oct ":u l nO > 

Jc 3 50 

:i -K. '1 r. 

IJ-V. 

Jn l.lili 

a,v«t. u>i-. 

.'i.« '.Il 

□ ••lied 



•’V/heal-S' 

. H T'S 

1 : s i..-- 

r icm i 

Jf-U-il. 

f ■■nleni III ->l 

. I„j.*r 

i-rn-i ft. 

3 35 i 


All cents 

Per 

ueund 

cn-iv.ifi 

ihOllJe 


LIVERPOOL— Spot and shlunn-nt fi.ilcs . 
□ mounted to 121 lonnt-s. brlnKtny ih- mij. 
for ihe week to nnq iq ntK . s , reports 1 
F. W. Tarrersall. Small rtmiracis were 
pLiccd in varinus Ami-ncau-n-D- <ivI.-a 
U sers wrre again relueiani tn nperaie . 
freetv and only minor ronlunishiri 'ni pur- I 
chases were made m l-n|n AmuTiCiill and i 
Middle Eastern urowthi 


unless irthvnrisv su'.cj _ ” c-r Uu -’ 
uuno.s — I On uil nee loii ■ Cllli'Jeu lmoc 
»s per 100 Jfos — Dejd. n( a; prices nn;. 
-, ions day Pnmu M. jni f« r»V huff; 
unk cars. I C^nK txt jfi it turihei .v. 
i< arelipuvc. 3 OOn husn.-i Me. •• p-r 
irny ounce far. 7ft or mills oi ■no ..cr 
..-.■m mirily deltwred NV • t '*m« u,t 
i roe ounc" ex-war»*honve | ‘•Mi’ ■ P " 

■uitraci in S-! a shun mil (nr fiuK: tore 
ol lOo short tow. deltivrtn l.nn - iiir; 

■ hu.i^n. TnLrtn. Si LbUii . mW . jlfon. 
reni> pi r s.® Ih bushel ra “irfo. 

-. Cents Jb busficl. j.'j.'-ms 
js Ih bushel cii-warehniibcl ~r'<:ml.-. i"-r 
fill lb hiisliel on-iva rehouse, i.'iti'l bii.vin. ! 
lots, '-j tC per luniM. 






Financial Times -. 





££■.$' *• '&£•'& j . •:* r '- "?•'’• •■; + - : '.£ •:' : -r^y" VOv'-'- : ■ 






WORLD STOCK MARKETS 





St. modestly easier on profit-taking 


INVESTMENT DOLLAR 
PREMIUM 

S2.60 In X.— 115% 1112% ) 
Effective Sl.82.T0 — »«!% «•!«]%) 
STOCKS ON Wall Street tended 
tn puli back yesterday in what 
analysts termed an expected Cor- 
rection after the gains of the 
prior six .sessions. 

The Dow Jones Industrial 
Average was above the day's 
wor^l at Sdl.92, down 4.59. after 
touching $3.1.51. The NYSE AH 
Common Index was tin ally S cents 

o. T at ST6.11. alter S55.9*. while 
derlmes outnumbered sains by 
SOI to 726. Turnover was a sub- 
stantial 33 0tim shares. although 
•veil below the previous day's 
extremely heavy total of Sl.STm. 

Prices “just went up too fast 
and had to come down." cam- 
men led Michael Metz of Oppen- 

WEDNESDAY'S ACTIVE STOCKS 

Change 
Cln-nne on 

cc ■ r»d --«1 irire rtav 

Kaufman A M ’M.roO * -* IS 

tH 4 >- ro>-. vr STS ,to*> 19! 4 

I C\' PhamiJceuiK-'K jr.'.Snti *>■ - ! 

p. i . ... 21* Wn 14* 

C-ro/ma FV«rA l.i. — f *J 

•"..hraiiT l'n. Oilf. SM 3M 17* -r 1 

Siim Ra.'titu r . tsr. non 241 -5 

.1 rt '.v * 4 I Cr.mpafii. 4 -! i<WTi«i -f' -» 

Mailrl 177.000 III 1 -t 

I'n-r.-ral Morars .. 170 .loo 8 Jl -l 


heimer and Co. He added, how- 
ever. that the marke was “ holding 
ihe gains rather well ” in light 
of the pace of the rise. 

The market's ability to limit 
its losses made It more likely 
that the buyers would come back 
in before long, he added. 

Monte Gordon of Dreyfus and 
Co. raid the amount of uncom- 
mitted cash still in the bands of 
portfolio managers made it likely 
that any market decline would be 
contained. 

Analysis said recent hints that 
somewhat circular problem one 
top Administration officials are 
studying a possible further reduc- 
tion in President Carter’s las cut 
proposal to about SISbn Irom the 
SISbn to S20bn range was encour- 
aging 

Also contributing to underlying 
sentiment, they added, were com- 
ments by Presidential inflation 
counsellor Robert Strauss predict- 
ing ihat June inflation statistics 
would show improvement from 
recent levels, an da firm rejection 
of economic controls by Federal 
Reserve Board Chairman C. 
William Miller. 

Investors also viewed favourably 
ihe passage of proposition 13 in 


California to cut property taxes, 
regarding this as a further sign 
of spreading fiscal conservatism. 

Kaufman and Broad, the volume 
leader. • gained 1J to 58. The 
company cited a favourable re- 
search report by a major broker- 
age concern. 

Analysts said Californian hous- 
ing and savings and loan stocks 
might be benefiting from the 
approval of a near 60 per cent 
rollback in properly taxes state- 
wide. Financial Federation 
climbed 2J to §34, Financial Corp. 
or Santa Barbara J to S2S and 
First Charter Financial > to 417 J. 

Pet gained £ to S54J in active 
trading. 1C Industries is to pro- 
ceed with a tender offer for Pet 
shares at $34 each unless Pet and 
Hardee's Food System share- 
holders approve their proposed 
merger. IC was unchanged at $26 
but Hardee’s lost j to $16?. 

Inspiration Consolidated jumped 
7J to S33J— it is not opposing 
plans by Canada's Hudson Bay 
Mining and Bermuda’s Minerals 
and Resucrces Corporation to buy 
the remaining Inspiration shares 
they do not already own at $33 
each. 

Xerox added * to $341 — the jury 
considering anti-trust charges by 
SCM against Xerox rejected part 


of SCM’s market monopoly con- 
rions. SCM lost 1 * to SIS?- , 
THE AMERICAN SE Market Value 
Index managed a fresh rise oF 
6.44 to 147.39 in heavy volume ot 
4.55m shares f 5.92m). although 
losses on the. exchange exceeded 
gains by 330 to 318. 

Canada 

Mied movements occurred in 
active trading as stocks /ailed to 
maintain the general u P v iS7’“ 
momentum of recent sessions. The 
Toronto Cornnn<rftf» Index shed 


and Utilities 0.31 to J 73 — S, but 
Banks rose 1.71 to 281-60 and 
Golds, after recent weakness on 
the lower Bullion price, rallied 
3.6 to 1359.6. 

Tok vo 

Share prices dosed on a mixed 
note after moderate trading in 
the absence of any fresh stimu- 
lating news. The Nikkci-Dow 
Jones Average was a marginal 
063 up on the day at 5,490.43, 
while volume came to 300m 
Shares (290m), 

While speculative issues were 
bought selectively, pharmaceuii- 


NEW YORK 

J 1 1 in- 


Al-Ii.il l Kiln 

At-in* I.li- Wit- 
Aii I'naim-l*.. .. 

Ali— - 

A bun Uuriiniiim 

Air.* . 

All.-c- Lii'l-iiiii... 
AllwiihMiv I'nn.r 
A iii— i t/hfitii'-m.. 

A 1 1 1 —A 

A I In > 1 in liner, . 

A MAX 

Aiiii-m.Li H#' .. 

A nur. XirliiRI....' 

Anirr. Hmn-i* 

Aiiiit. Unni1i«-i 

AmiT. L'iin 

.liiKr.l'rtininiit 
Am«r. Wit. I’i.b 
A mer. 

Aini^.Hi’iiKl'n.l 
Anier. llttlnwl... 
Amer. M-Hi.r-.... 
A nit. AmI. I. a-.. 

Aiiii.t. m«ii.IiiiI. 

Auu r. 

A m*T. I cl. .1 Thi. 

A n ■ riel. 

A M K 

A UP 

A in pr- » 

illi'll'W Hia'killu. 

AllllCll-M I'' I n'll. 

Arnmi ncrl 

A.4.A 

A -ninvia ■ »H 



Amhni-l 1 *n 

All. I.i -hii-m... 

Ann. I min t*n 

At- 

At 

A VMM I’n-lurl- .. 

Bn«i !• ** hie- 1 .... 
Hank Aincnm... 
Banker* Tr. 3.) . 

tinii-r i hi 

bi.iler Tnn'ctm..' 

Beni ri.-v F«««l 

b*.-l»iiL’l<'kt.' livin' 

B-li A H>'well 

HeiMi' 

Hcnmiet f-ns •W 
in-\lil«ll«in M-m. 
Bl»"k A I >r>-k-r .. 
M.-eniii 

JlMi.r 

Um'.'CH 

Hire \Vnrni.-r 

himiill In' 

hue. nn *A' 

Briitm M\«i> 

Bn». IW. MU!.. 

Bi.i.-kit-MV'iln- ,.i 
Illllll-WlL-k 

Bin.'vni- Kim 

il'lliil'* "nil'll .. .. 

Bnrlni^liiu Ailin' 

’ 

L'mu|Awli 
l.mut-liim i’acilii.. 
LhiuI I(4I"1'M(iIi.. 

I.aranlmii 

Ln I riel Aijeiieml 
I’nnrr Hum.-,... 

• 'Mirnil'la' - I'nii'l'. 

IBi I 

insiMiirw 0 -r|.n .. 
CjiUtal A S.W.... 

• 

Vr-HK MP'imi 
I iwia-Mnlilinllnii 
Curin'' itl UV.M 
Lhr iVtii.i.. 

I. In-— !■?">>■ -ll 1 III.. 

« In *e.i tlmiur... 
i. nn •inn liny 

Llirt-'irr ■' 

« iiii'in in* 

1 III'. Mllneinu.. 

«. 

f n ip. ^rrvirr 

L':i\ lino-line.... 
I.i" t Cum 

1 ‘nljlHlV 1'il‘lu 

L'MIlll l Ij. 'HU II . . 


June - Junr 
7 1 ii 


1 I.lllll'liu lii|«.... J 

28 

27* 

1 .•In till ill Pli;l ....' 


197, 

i i^n i . 1 ii— f-« •.< •! Am 

19 1( 

19 

1 iiinNi'-i ii.n Kii" 

43U 

42i« 

1 rjiillririEii'n LV| ■ 

171* 

17 

1 'lil'n‘lli V.llvili 

2 Bi* 

26'a 

1 . Udi'n 'til UlJ lie* 

21 ; 

21 ; 

1 ■ ■■■nil. MAI I'll 11 v.. 

42 U 

421; 

I.’i ' 1 1 1 1 ■ it IT 4 !".' ll.'ll ■■ ■ 

12 

1 2 ■ e 

i min. I.i III* 

38 

371; 

* i'lllHf 

23* 

231; 

i .ni. Kill 4 ”*''! .N .1 .! 

221 ; 

22 :* 

1 * 

25 

25Je 

i .'ii-.l Nn.liii'... 

39lq 

59 

i %in -in Hvr 1 *» »u i-r 

221 1 . 

2214 

• .Hiiiii.'iiiiii ' : r|i. 

30i 4 

30 L 

i ■. 4 >iiliM‘-nV»l«'il.. , 

29 

28?e 

'."iiiincnral "Li'ii-.i 

161? 

16’ 4 

», .inr>. i !>«)* .' 

(_ kKiiH-r 1 ii- I n- 

35>4 

58 

34i* 
57 i* 


l-»r|i|rilg lim«r. aa . 

■.‘in; Ini'n'iitiiui , 513e 

Cm nr SO'* 

Cn«:Lrr Sal 275j 

l.rmn Zrllrrlm.-h 33U 

■.'timniii.- Knemo 42U 
Cum*- Mnriii.. • 

Ihtrui 283g 

I'An ln.lii«lr.e-.. 45 

LWir il*8 

I Id M.-nir 257j 

I. 'Oiliilin 12ig 

lienmplv Inlrr.. 22lj 

IK-J.-i.ll 'h.11*i'll . 1& 1 * 

Bunnihl'Shi nirk 28)0 

l*i.AA|'li' me 16 

MiitU* K<|in| 5i6« 

UUiirviWnlli.. .. 44-lj 

ih.trr i.’.ci'D.. .. J630 

l*ui* Cliriiiiml... 273# 

L'mvi- 28fig 

Ul—an 461 C 

Un IV.in 11912 

llyoii' iniin-irit- 3QI< 

Kftjn? Pi^fai-r Z37j 

Kn»l lirlinrA... . 11^( 

I'Aiiinian kinmi... 98 
Kan . ii : 39 

■ 2750 

hi l*a*» Am. Iin> 16>2 

hllm • 35 

I Vinrrt.ui Klit'i rn | 3770 
| hiiii'it Air triiilil 26 

hinliMii 3* l 0 

1 h.11.1 ! 2» 4 

KiiMrlhjiiil ; 23*| 

Kannrk ; 3 1 U 

htUvl 23 

Li inn 47 ■« 

I'liidill'l Caairiv' 3510 
Keil. l*e|il. ■>Ihht| SU l 3 
fireatniir lirv....- 13H 
N. Am. Bi»li. n. 29 *s 
rltii Van ! 22Sg 

Kl i nr 1,1110 ; 2o3« 

Klnnita IViwrr... ' 29*4 
IT nor ; 3860 

K.M.C 253# 

Kuril Aliitur 49i# 

!■'. irrnii»»l Mi-k. .. 217# 

3Bi| 

Knmk'in Mint.... 1030 
Krrv'lr’il Uinem 22 J| 

FruchA’i) 3Uj 

Cailii# In-l- ll ; a 

II. A.F - 1 13»« 

i.tminvll 1 43 5# 

lirn.Ainui.ini..., 1UI H 

•i.A.'J'.A 29 

Den. Ulnr 16'* 

Lon. D> nan i lea...! 63 ■* 
1 ien. biei'li ka....J 53A* 

■ irnerai 32*8 

'•onorMi Mill* i 

lirutv*' JliUeVH... 62 Ij 
Hot. Bn*-. Utii.... 18ts 

lien, sikiuii 1 3070 

'iwi. Tlf. KIM...I 2*14 
lii!ii.'lvr* I 2610 

I i ei lew ! bM 

UtniKW lV-ilto...i 26 -’s 
•l«t«V I 167i* 

Gil lei lo I 2 BSb 

i. ■■iii. li U. K 22 i 4 

timl voir Tire....! 17'j 
t.iimM 30 J a 

■ ini* U. IE ! 27i# 

lit- Allan l*» Ttn[ 8 
(in. .SnMll I mil.. | 22 14 

(IreUmuiiii 13*2 

lillll A Weal wo., j 14 la 

•iinnii 1 23 7j 

Ualiliiirtmi ! 66 

UaniiK M uiiiiu ! 34 n 

Hmfili lilrter. ... 16 

Hhiim Corvii 59*i 

IIisiii/ H. 4 i 371* 

Heuliit'iu i 29 ^ 

j Heuieii 83'i 

] IC m, lay Inn* I 18 J i 

U'lun-iAke. j 34 m 

H.meywrii 585a 

HrurtOi !'. 11*1 

Hu ii.C-'iip.Aniei.i 341# 
Hi.aiiiti.in Aal. i in. 27 n 
HnaUHti.Vic'lira II 7 ^ 

Hull. ni iK-K.i 17*s 

l.C. I lulu- inc„. 26 

t .%.1 - 43 

liuteiwii' lininl.... I 
Inunul Steel. ......j 40 

I llal*C> 1 16 [ 3 

uiiwvnni hners* l 8 

I Ml — ..J 265*3 

lull. KlHinui 4 *.... 4 26 

loll. HmviMn.. > 3070 
lull. Mini i.lione 39bj 
lull. .Mull »li* ■ii..; 22*i 

Inoi 18 

Iiiij. L>m.'r 45 

m; ] 35 

Ini. Kcciilier. | Mh 

Ini. Ii.'i. * lei...- 32'* 

inieni I 1*8 

l.ura Uee' I 36*i 

It' lulrrnaHiwial. 11 >8 
Jim WallPI ! 32 Im 


Inline .Man vine...! 
Juliu-r-.m Jnbn»inj 

Jutinson i.-ioff’ii.j 
•■■*1 Mminlictur'ii! 

K. Han Ci ■! (i. . . . I 
haiM-rAmniini'inl 
Kai.rr I niliialne-. 
KmiwSikUi.u.; 

Kai I 

hennoiin... 

her i AMice 

Kuliic Hanoi.... 
Kinilvrlv Ocrk .. 

kmi|^r» 

Km n 

nnif>ei Co 

I*fi-r«av Tran-.. 

Jjel i ol nun 

Uililiy Onr.Fiul...; 

I.i Cp el liroup 

Mill (KID I 

Lit Ion Iihlii-I .... 1 
Li a-klicenA Inf'll 1 
Ijnie star la>l*...l 

Lena l^iaO'l Lt.i.; 

L. un-Una Lau<l,.' 

LuLriwn ' 

LiakV .SLitib.... 
L'ke V'uiue-l'«lij 

Alai Milinn 

Mary Ii. H 

Mile. Hnnuvei .. ! 



Mam l hi .ii Mi , 

Mnnne MMliinii. 
Alan Kail Kiel* 4 * ... : 

Vlav Uejil. 1 l<iir 4 

MCA ; 

Mi.-Uemii. 4 i ' 

Jii'LMineli LKjiu;. 

U.iintn Hill 

Mainnrex 

lien k 

Uenlii Lvn«.-h ' 

Me«« IVurni'iim..! 

! 

AJ l no Alnu:A Ml” 

MiJiii t urn 

.UlKIMfltu 

Murjan J.P 

Muhinim 

UiiqJn Oil..-. . i 

XiIiIm.v 

Xaioii.Tjeini. il.. • 
Aaiinnai Cau 

Xhi. Di ill lien.... _ 

Nil. Servile Iinf., 
Naliuiiai *ne«i....i 

N ■luma', ; 

XCH 

Xeiitune Im) 

Xen KnslauH El., 
Xe» tiijihtml Tel : 
Ni*->m .VI, iBank' 
Niagara Slmre. .... 
N. L himiBiric-.: 

Nurlii'kAH'erteni, 
N.irtli Nat. lia-...; 
'llin males I'm) 
Mbtve-l Airline*, 
Ntinveal. ban i«|.» 

XnrUNi Simon ! 

"mMili' Ecln-i 
Ugllft Almher .. 

"bin Ml«m 

Olio 

Mvei-ieaa Jhiin....: 
Onen> Lon i in# ' 
< 1 «eii* llllncly....! 

I*acl'i Li a* 1 

Pa iric Ldi'hunc .[ 
l*a . Hwi.A U.. 
l*an.\niHnr 1 .'.Mil 
Paiiiei Hamuli ii.- 

l'e*lH>iy I ill 

I 'ell. I’w. A U . 

Henuv J. L 

I’ennwMi | 

t*ei-.|iiek l»nia .... i 

I'e-Milr* Ci a- I 

lV|*i..n ! 

Berkin Elmer 

fW ! 

r*n«i i 

Kiici|-» Ui«u:e ; 

I'Lnlaiiolptjta fcie.: 

i’liiii|i]lonrt 8 • 

KlnilifiaPeinvl’in , 

HiMiuii 

Pitney B*wea.... 

Kil Let on 

Blrukey U" AUK. 

I'liiamlii 

VVitinnae Ell*. .' 

I'KIi I m ill - 1 lie -.. 1 
I'mclei liBmlMe... 
Huh cron Kifcl.l 

I'u ilman > 

Hnrev 

Onnkri Mai- 

itauio A ineriuui 

UHythwn 

UC.V 

I{pinihlu- Sirei... ; 


(lev hu ' 

Keviiulile Metal, J 
WejnoMr K. J 
liioll'Hnn .Merroll. 
If, «-k troll I ill ei'../ 

Kohm A Hitaa.....; 

lioVHi Mulch ' 

IHE 

liii't Lmik ; 

Uyi'er Sj llriu 

aiinii 4 Miim-J 
M. Joe' M inemlvl 
«. Reuii !Tai«»r...j 

*aou Fe Jn»1» ,.i 

*iaui I iiveH 

BJi.vn lml» - 

•*cli I il • breanru.J 

‘■n.'ltimcilieiuel' 

•■5CA1 J 

Si.-, 41 I’a f <=■)'. .[ 

*n»ril Sirs 

^ne Due- lei i 

*eri Container*.... 

Seacrmn 

learieOi.t*..' 

eiear Rueln.'k 

-KLH.a.1 

•shell Oil 

■'heii'li an-ra'iir... 

■ji-jna 

s»Kfu»leC«.itii 

?iin|.u. iif I'm™.. 

'nircei — .. 

‘sniiUiKnnc 

su'inon - 

Smith, ion n 

s’lniflienr Car. Ko 
nuiillicni 
*Uin. Nar. lie ....• 
ickiilieiii Ha-iR ^ 
SMjUieml*aiitr*v 

SonlUiaii'i ' 

j'w'l Uan-barer. 

*i|*rtTy 

■>l*ei ry kanii ; 

>41 nli — ' 

slanilan' Branu-.; 
sM.OiiCaiiiumi» 
*M. ».i|i lietuin*..' 

iiii. on ohm 

'tauD Cliern<in . 
'lei-oik: Linn;.... 

'lu. lebaker 1 

sun Ci i. .... 

snii-i-imnii.... • 

s\me* 

I'eeiin'tTiiia 

I'ekinjDia 

leieiivne 

ll'IM - j 

reiuux - 

fe»rT>i IVLniienin 

teaaoi 

raxaasull 

texaa'lnm.uj 

lean* On* Ha-., 
lexan (jlilitie* ... 

lime Inc 

L'imes Mirror 

Omken I 

L'rane 

I'm n airier lot. I 

I'rail-co j 

Iran - Iniu-u ] 

I’ran-uay Inlr'nl 
Iran- Uurlil All .j 

I'raveJlen ] 

IVi (.Vn uienlain. ! 

I'.K.H' , 

Alt) '. eiilnrv E"\' 

0 .. 1 .U : 

l A HUM 

UUI 

CO I* 

u III, ever 

Oni-ever .. .. • 
■jiii. <n iwiK*rp.. 

vo vari'XK 

o iieai C-.mmeni ' 
i ithai Ui L'alii 
dn ion I'acific i 

L'uiniyal „.! 

L'nileil Brawl*,...: 
115 dancin'!,. ......I 

MSG viMiini I 

caeboe. | 

us Sire. i 

L-. Ieehnni>'j{i t ~..l 
l'V Ireliioirics....; 
Virginia Blia.'t....' 

iVaiurven.. 

'larner- Cranmn j 
iVamei- Unui i#n . ; 
iVnie-Man’inem 

iVerik-Kans* -. | 

'VeHeni Ban- -ni pi 
iViMeni N. \nn i. 
H'efiem Union.. I 
"'-Hiiuilne Elef*| 

iVesiB'it | 

H'e\erliaenier .... 

"'hiri|«wii J 

H'biteCoir. trvl...| 

IVi'inmlV I 

IVj.nonein Ele-I... 


i rum' • June 

Mock i * 7 i 6 

WyoiworLh 1 19 . t i 201# 

Wyly ' 4* 1 4Sp 

Xrnrn 5412 ! S3se 

ibifnta ' 15 1 15 1« 

Zenith Uailio '■ 16U 16i s 

t9*.., i *94.;.- 

US.TreaaAiV^' 80 *1 : * 806 * 

U-S.SO Dnvbillv, 6.63'. I 6.60% 


rata and Electrical Machines, 
which advanced earlier this week, 
retreated on profit-taking. , 

Sanko Steamship rose Y10 to 
Y250, taking other Shippings up 
with it. Teikoku OH advanced 
afresh by Y8 to Y123, but was well 
below the day’s best of Y440. “The 
gamblers are playing with it,” one 
broker commented. 

Toyo Kogyo rose Y9 to Y46Q 
and Kyowa Fermentation YS to 
Y426, but Sony came back Y40 to 
V 1.780, TDK Electronic Y2Q to 
Y2.Q10, Toyota Motor Y7 to Y988 
and. Matsushita Electric Industrial 
Y4 to Y736. 

Some Constructions related to 
Government public works spend- 
ing also eased. 

Paris 

Bourse prices were inclined to 
improve afresh in active trading, 
encouraged by the half-point fall 
in day-to-day money and the 
Cabinet's approval of a draft law 
widening the scope of investment 
funds. 

Banks and Electricals were 
mixed, but other sectors of the 
market were higher, with 
Bouygues. Lafarge. Printemps, Air 
Liquid. Klichelin. and Aquitaine 
, showing the most conspicuous 
advances. 

However, Pernot-Ricard receded 
2.8 to FFr 269.2 and Radio Tech- 
nique 8.8 to FFr 443.2. 


lnd. dtv, yield X 


STAHDJl&D asd POORS 


Germany 


I3ii 

13)4 

16^a 

16l£ 

*4 .60 > 

*4.60 

38<s 

37T b 

14<2 

14i a 

11 

11 

10 's ; 

10 )« 

29 

29 

il9^ 

19*> 

191 J 

191a 

201 ; 

207g 

56 

557.4 

4.30 

4.30 

| 10 ig 

1 10 i 4 


CANADA 


Abllibi Ha per 

AeaK-o K#ele u > 

Alan.Mummiuni 

AiKfnraSlee>.._..' 

AsIieaUw 1 

Bank or Vamm , 
Bank So*m*Miiiil 
8 «au- Keannn-e*. 
Hen Telephone... J 
How V*iieelmi..j 

Ul’Caonla.. 1 

Umicao I 

Unactf. * 

Ciijeirv How...' 
-Uamilow M 1 n f-. 
CvuuU L^uJOTI-.j 

■JeruiH EH* Lon..j 
Uaalmp ankCom 
(.'mud# lodatt....! ■ 

Orn HkoBc. ] 

■.'-an. tV-ilic Id*.. i 
Un. Super Oll_..' 

UanjngU'h'eete. I 

CxstiiLr Alieato*^.] 

ChifttAin • 

L'oiniacn I 

L'iin* bslhimit... 
<^ou*umer Uu_ J 
Co«ek# HcBouieb-i 

CxKCmn Uurh ( 

Unon llenmi j 

Uenisoo Mine#... 
U 001 Allaea__....' 
Maine Petroleum, 
Uuminton BridijiJ 

UiVtltar J 

| 

raKsiDpe Mckie.i 
Ho**! Uolnr Can. [ 

Uemiar 

O' lain lel'wknlif 4 
Ouli (,ni Gum#.. 
Hawker bi<l. Can . 1 

Ho-nciuer 

Home Lni '.V — ' 
rlu.inon (Jay MlU 4 

rfU'lai.Hi bay i 

diulbon Ui'ALra-l 
l.A.L'' ■ 

Imii-o 

Imperial < ill j 

( 11*11 

In-ia_ 1 

inlau-i Nil.lin..! 

I oi* |i.v Hi pc Lmii .1 
Kaiser Uewmrvet. j 
L*urt Fm L : m p,...i 
UoTiiaw U*m.*U*..| 
llt'tlill'li 
Maasei Hersiieui 1 

Uelniyre ! 

.M'lrri Ci, nil j 

Mounts InStaiellC 

.*.ir«n i^ .U 1110...1 

■Norceu tne ray.. 

XI bn. leleEH>ni....| 
-Sir mac Uii A U»m 
■ iak«40,i Pel-'in I 
rt*mk- Cojita-r II | 

I'acilk'l’eliah'iiml 
Han. Can. I'd'ni [ 

I’aunu I 

People' new..'*.. ’ 
Him* Lan A •>!>.., 
cijn.vrUe\e>"|'nii' 
Hi -wei C-,i|',mi ‘n! 

l*ru.i: I 

^lui-o i’i 

■binoBi On j 

Rwil awn I 

itJoAlp-in I 

Knyal Hk.ur l.an.l 
Kvyii Tmw j 

i.-ei 4 rv K'«vnp.- • 

ifttgrani' | 

>(ie'i Caua.Li ' 

ilierrlll lJ.5lin.ii 

.ilfliOT* M. Ii_„..l 

1llll|.OI.lll* ' 

'letl or L ana,!*.. _ 
l«V U'^-'k I uni .1 
lexatT, Lhuji'Bi 
I' d i.m, 1 Muni.Uk.i 
I'laiisCinl'ii'e Jji| 
Iran- M-'iini ».l|>; 

I'llJ?!' 

L niuo C«- 

LllL Mlowillliri' 
H'a.wrr Hiram, . 1 
'te*l Ct«*.i I'ra-.i 
H'e»ron li^t | 


♦ RIU. I A^naji 1 Traded 1 New 
•Inrli 


Market plotted a firmer course 
yesterday. 

AEG led Electricals higher with 
a DM 2.90 rise, while Motors had 
Daimler DM 2.70 up and BMW 
DM 2.20 stronger. Kaufhof put 
on DM 1 in Stores, while else- 
where. Kiocftner added DM 2JS0 
and Metallgeselschaft DM 9. 

Bonds were weak, with Public 
Authority issues losing up to 
50 pfennigs despite DM 20.3m 
nominal purchases of stock by the 
Bundesbank. Mark Foreign Loans 
were mixed. 


absorbed light ■ profit-taking at 
mid-session. Further light Over- 
seas buying of leading shara^was 
also noted. . . ; . . 

Among the leaders. Hoag RoHg 
Same. HK$ 16.20, Hong Kong Land, 

HK38.20, and Jardine Matheson. 

HK813.B0, advanced 20' cents 
apiece, while Swire Pacific rose 15 
cents to HK$6.60, - Hutchison 
Whampoa 12.5 cents to HK*L 975 
and Wheelock Marden 2.5 cents to 
HKS2.60. ' 

Elsewhere^ Hong Kong Wharf, 
the most active issue, movetpahead 
HKSl. to BKS2L40. while- Hong 
Kong Hotels improved 20 cents to 
HKSl 5 .20 and Hong Kong Electric 
5 cents to HKS5.00. 

Australia .'-‘V. 

Mining issues were subjected to 
fresh profit-taking and lostJmore 
of the recently gained ground,] 
while Industrials, showing little i 
reaction, to the US per cent qoar-' 4 ^ ^ 
terly wage increase awarded 
yesterday, again recorded irre- 
gular movements. 

CRA fell 10 cents to AS2.40. , . D , r 
MIM 6 cents to 23, Bougnin- 1 ^ P/B ^ 
vflle 8 cents to A$LSO, Si«rgos 
Exploration & cents to 28^centS- 

Pan continental 20 cents tb AJHiSO v „ K ATT . co iM01f 

Queensland Mines 15 cents to' 11 '^' 8 ^ AU-Lusuau 
AS2.40 and Northern Mkdng 20 
cents to A$1.15. However, Coal and | j,me i June 
Allied put on 5 cents to A$S.70 
and Hamersley 3 cents to ASL3S. 

In Retailers, David Jones closed 
3 cents up at ASi.38, after. Af 1.40, 
benefiting from a broker’s, report 
that the market price was: -well 
below net asset backing. The com- 
pany has also been the; subject 
of continuing take-over rumours. 

The Herald and Weekly Times 
publishing group hardened ?. cents 
to A $2.32 in response to increased 
profits. ■ 


June 

1 ? 


961.92 

8745 

B66A1 BSS.Bil 347.64 840.791 M0.FJ 6^ 
(o(S) 

67.81 66 -On . »-« P*** »■». 

«i»n«J 22BJnls2tM &Z$3£ "231.35 

•742i^ WfitTfl 
- <28(2}. Olrt/73) 
8SJ6 44 W 

(&ieF - 
189J1 279 Jfl 


**'■* ^ '(&© 


106.94 

10B.6E 106.59 106JH tOBJE TBS31 TID-S8 


61.060 

61.079 60.680 51.EB0 28,750 29.0HI ; ; =^' 

• - ' ' v 

fl' g ~. 7' 


i Junes 
1 6.50 


• toy 19 ) Yatfegq (.pp^ 



mb a,./ 


May 31 { 



381; AX I 


Johannesburg 



Hong Kong 


Market made further headway 
in very active trading, with Blue 
Chips encountering strong local 
demand again, in its seventh suc- 
cessive advance, the Hang seng 
index ended 5.50 points higher at 
, 49422 after the market had 


Golds took a turn for the better, 
reflecting higher-than-expected 1 
Anglo Vaal group dividends: and, 
a stronger bullion market. Harties 
rose R1.S0 to R23.50. . . 

Mining Financial, however, 
were little changed in quiet deal- 
ings. 

Asbestos issues gained ground 
ahead of dividends. With T Gecn 
adding 5 cents at R3.65 '.and 
Msault 17 cents at R212. . . - 

The Copper market was mixed, 
reflecting varying reaction to the 
Zairean and Peruvian .supply 
situations. . „ * \ . , 


494.97 48tt68 


44LJS Spain 


Sweden. 


94.00 Switsarl’d 


GERMANY ♦ 


TOKYO H 


ALU—— 1 84.86 +2.90- — • - \aahi Uiaa« 337 

-Milan* Vers 1 .’b..J 474.o|+2.5| 20 : 1.9 — 465 

dHH\i ] *36.61+2.2 28.08; 5.9 590 

BASK 140.1+D.2D) 18.7* ; 6.7 Ohlnou 340 

tavnr I 140 (^0.5 I 18.75, 6.7 Uni Niopoo Hrioi 538 

Ua'vt- r. H no— ...i 375.0 Wj + 1.5 28. 12 6 . 1 Pull Hhnto 562 

ba'vpr.l erein-1/k.l 3i.6ttH+3 ■ IB j 2-9 rfibu*i 248 

Uibalni.Nel.wrfl 166 Hod.I» McMora.-. 576 

U.tni-nMr7tauik-..;219.Mfi + l ' 17,7.7 rfou»eppr.i_ 1,110 

ConiUummt ! 75.8) + 1.3' - U Hob. 223 

IMimler Hen? i 3u7.5 +2.7 , 28.12 4.6 Uo-Yokart,, t.fSU 

Uetna- 156.5 -—0.5 | 14 I 4.5 J JU+ 2.660 

Uw.ta?be Bank. ... 297m +2 1 28.ir 4.7 n,aa»l Kle+t. Pw. U40 

Ureartnor Bank.... 2»&o +2.5 28.78, 6.0 Knmatan 347 

Oj\di ertn.Ct Zcmi .( 160 +5 9J8j 2.9 fc-uDuU. 280 

[iutaboOniiDB-- -J 197.5 +0.5 I 18 1 3.0 lyuto-Cmamir ... 3,930 

Hapa- U>i-.i | 116 1 12 : 5.z M*t*»irita livi... 716 

Haipenw.. • 29 .5+1.5 9 3.1 Mluobiahi tend.. 278 

H.ieS-u _.'l31.6sd '18.76 7.1 MlL-ubfabi Heivy 128 

Hotvb 46.8i-0.1| 4 4.3 •*' 

Horten 136 +4 19.36 3.4,------ 1 

Kan .mrt Sal* 138 -0.5 9 3.3 Mitawkoabi 570 

KarvLa. 1 i 313 *23.44 3.7 1 Xippon Drawn.— 1 1,390 


Kxhlali 313 

Kaufh»i ! 219 


. I 4 4.3 tfit&ublabi Corp.. 422 

9.36 3.4 MtoulAl*. 323 

j 9 3.3 Mitaukuiii. ........ 570 

.*23.44 3.7 Xippjn IW — 1,390 
la.72 4.3 Xiiipon Sbinimn.. 721 


716 
278 
128 
422 

323 _ 
570 -6 



Kl'VIrnprDM 1‘XX.) S 6 . 8 | + 2.8| - - Moror* — B07 |-3 

K'HU i 177.51+1.5; 18.76; 5.3 H***- -Jl.glU | + 30 


Kn.p,. ^..j 93.51 + 0.5 1 - - 247 | + 2 

Linrie _....! 241.5'+ 1.5 16 I 3.3 *LMm»i«ab — 888 -5 

Ixuenhimi luC>....i lAouffli — , 25 ! O-d 'Ui-eido 1.U80 +10 

112 * • 9.36 1 4.2 vo) 1.780 .-40 

ui \ iqkiio , *a, 1 3 9 Ui'Jio Jlannp..^. 259 

JUmieMM.’.'r 158 .+ U.17.WI 5A ‘“j®* w ’ (n,l( » 1 ' - I - ’ 

MMaiiae- 216 >9 < lu I 2.3 ‘ utk - l -‘° 

Mnuchener lliK'k. 635 ■ ' 18 J 1.7 ••J *6 121 — 1 

Xeukenimnii 127AU0.8 - - l 0k» Manne...... 496 +4 

I'r+u-.ni; Uii K\J. 118.51 + 2 — ) — lokioKiert Pow'r 1.030 —20 

KneinHVi.Kiect. 188 j+0.5 25 6.7 iokyo samv. 314 —6 

i-Kcriu* 263 +4 2*. 12 0.3 ‘OkroSttihuun... 143 +1 

'leracnv 285 • +-3.2 lo 2.B '"niv...- 145 -2 

ii»J Zucter 240.5|—2 2SJ6 5.5 "v.ir- Mnror 988 -1 

lb.i»enA.G 118.&-0.3 17. IS 7.2 ~~~ — 


Manner nmau 158 

'leiaijniv 216 

MirocnenerKiK'k. 635 

Xevkenimnii 127. 

Creu-ni- LI 11 UXJ. 118, 
iln(rinH'«.|.Kic«^. 188 

v'lieriu* 263 

'lerapn^ 285 

3i*J 2uckw.~.. 240. 

l'bi>-en A .G 1 18, 

^arta 171 

v LB A L 6 . 

Vemu-Jc H'a-t Bk 288 
Voikvri'acen- 209. 


i,39o ...L. is I o.6 

Jiasrs;^: an =1 g I is 

Hl.«ieer_ -.1.810 > + 30 48 I 1.3 •- 

-ii.i-o K'ectTK-.. 247 ; + 2 12 2.4 

*LMii Hrwab.— 868 -5 50 1.7 

'Bi-eido 1.U80 +10 20 0.9 

-oni 1.780 -40 40 1.1 r - 

UuOio Vmne.... 259 11 2.3 

Lakena Chemical. 376 -7 15 I 2.0 Jiiig™ 

l2 - D i u -« £ ii JSSSXsssrz: 

121 —1 10 4.1 joaeaiDandi 

lOKio Marine. 496 +4 11 1.1 

lolrioUMrrlHbK'r 1.030 -20 b 3.9 5^^BScpto™itoid.T.. 

lOk.vo sanvo 314 —6 12 1.9 M jh Ugu,—^ 

^voS^un,... 143 +1 Ij 3 5 

145 —2 1 5.4 , * 

■ ■viiTa Mntnr 988 —7 f - 1.0 U L+J..T; 1^1',’,™.' 


t2-40 jtOJH 
izAo +C.T0 
' 11.90 - 0.10 

tl.40 

t0.95 

».10 **»»*» 
12.30 ._+ 

;1.58 l — 0.Q2 


12 2.4 
50 1.7 
20 0.9 
4J 1.1 
11 2.3 



L'.-. 


JOHANNESBURG 


18 j 1.7 -u'T’o - 121 —1 

| — — iomo Manne 496 +4 

— { — loklolbert How'r 1.030 —20 

25 6.7 iokyo samv, 314 —6 

SS.lSj 0.3 ‘OkvoSbihtiuni... 143 +1 

10 j 2.8 <«irmv..._ 145 —2 

26Jb| 5.5 ■ >vnf a Motor 988 —7 


171 \. m 14 

K 6.31 + 0.8 12 

288m; 18 

209.8 +0.8 I 25 


Source Nikita SecnrlUea. Tokyo 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


i K«. _ , 


Ul'Jhl IH^L'I ; 

\kto<Ki.«*i» I 

V'C+n, link iHIlijjL 

VMliV (Fl.IOi j 

Amn-tMiilt if, UflJi- 

'iijeoliiirl I 

Ut'koWew’roiKiail 


31.3-0.3 - 


.... 91 |+1 ... , ...... 

Ui.koWe«’miHlOi) U7.5WI ‘ 6.8 Hoboken 2.260 +46 lJu 7.6 nw^+i 

llurlirml'olU'nalu 72.5a,' + 1.0 * 26 7.1 lnleivom il.770 f+20 (142 | 8.0 iiTinLwO^I't’ 

K'.eneriil'i.il'J 277 m^-2 127.5 2.0 Kiwlietlarok 6,800 |+ 50 I-S90 I 4.3 Ali.CiQUlrf 

k.ni,ia .\.V OerueH 141.Dxa]-r.3 j 37.9 5.3 llnyaii- Be.ae3.620 +90 Ua7b 5.a AqrflTam*L„_... 


June 7 

Price + nr 
Pra. — 

Uiv- 

Pr>. 

Ne* 

Artntf 

.. 2.400 +40 



Uq. Ura. L*inH. 

.. 1,640 +20 

72 

Bekm -B" 

..2,000 + 30 

116 

U. H.lf. Cement. 

.. 1.210*1 +34 

loo 

Ow.-fcen< 

.. 4^8 +13 

— 

tuts 

..L 260 *a 

(177 

Uie>-tmbeL._... 

..16.430 + 15 

43o 

Falinoue \nt — 

..[2,690 +5 

l/u 

(i.H. InnivBm- 

,.8.j45 +10 

lbo 

Oevaeri 

.. 1.300BI 

83 

H/.iboken 

..18.260 +45 

Uu 

Ilileri-om 

..i 1.770 +20 

142 


Mnaani Oil-.....: 1— 

, a Metals Bkpiomtkm — — .... 

* | MlU HoWlnja. 

Myor Bmporiam 

Now*- 

_ Nfabotoa Lmero&Uonai 

North Broken B'dlags (bOc 

UaJctxtdge — ..... 

oil dearth 

Otter BxptomOoD 

Ploflaer Concrete-. -+- — - 

HCCkltt ft Orinwin I— 

, tLCL 6 leigh. 


I -ci panel Hxploracwm. — 

rooth (Si— 

IVaJtans • ... 


12.38 h-0X4 
t0.74 '...ii., 
18.30 +D.(® 
J 0 J 8 ...... 

tl-35 | 

11.38 1+8.03' 
tO .25-" 

10.32 -OUb 
t23S3 -0.08 
tJ-74 . — 

ta.B 8 ' 

fi>. 8 $ . — 

11-34 -wa 
11.76 . -0.u2 
10.12 - 8 J 1 I 

ta32 (-0417 
11 - 6 / jr-tun 


is-:, 

Wv'- • 


10^8 (-8.05 
11.91 Look 
ILL oQ + 0.01 
11.36 1+D.DI 
tl.64- UJH 


J ® j PAWS 


Ki.roCc.mTNt HI. 10 M - h 5.4 fan H ot ,linir 2,680 i 

Liiat Brtxa-les(F10 58.0 —0.4 25 5.8 Helrufiua... ....Ja 815 t-U 
HeiDekentPI j*i). J 106.0[— U.7 I 14*3.3 9 oc G«n Baapue. 32,995 Cs 


55 215 
ZO ABU 


A REM\RKABLE WORK OF REFERENCE 

THE FINANCIAL TIMES BOOK 
OF MIDDLE EAST SURVEYS 

Published between November 1976 and August 1977 
in Europe’s leading, business newspaper 


>aan 1 en (Hi.iOi_.l 35.5 + 1.6 IB.a 3.5 OCB. 
Xat.Nc»1 1 n -.iF ■ 1C. 109.1 + 1.0 48 4.4 Lit M 
Veill'red UkiK.JCi 53 . 1 A- 0.1 21 7.9 VieiUi 
Xe.,lMidBk(Fij« 185 ! 22 6.0 


Xe.lMidBklFi.oO] 185 | ] 22 | 6.0 

Jit(FI. dOi 156.54) +0.5 56 4.6 

('an Umniensii.... 152.5,— 3.6 IB 5.3 
Haklmnl iH>. ah. 43.0—0.1 — — 

Wimpi (Hi. j7.Ji — 0.2 17 6.3 

tins'll VertFi.IoC 89 |— 1 — - 


48 4.4 L.iiHm.cl/lD»-.J 746 W +8 50 6 .‘ 
21 7.9 ( Vieiue UonUKBeJl.980 I — 55 ‘ — — 


56 , 4.6 

“ 3-3 SWITZERLAND • 


Wiwpi |Fi. W».... j 7. 
(jiirK'liVertFi.IoC' 89 
Mjgb.i (Hi dui 170. 

r (OI If lev (Fl. 3U).. 130. 
Hiremo |K>. aOi... 122.0: 


170.0— 0.2 V2bt 7.5 

130.01- 0.1 — - 

aj.QtfUo.l 14 5.8 


+ 50 i90 4.3 All. tiqilid - 308 1+8.2 16 SJ! 

+90 >o'A 5.8 Aqditaine-.._ — 499.8t+17A)2tLa{ 5.3 

az.ee 3.1 Bit—. ........ 530. +3 U.a5] 2.6 

—15 174 4.6 Boomer 860 +19 42 1.4.9 

-5 2J4 6 .B H.SA-tiervlp„_. 570 +4 40^ 7.1 

+25 140 7.3 uanwooi 1.600 -25 75 4.7 

-55 815 6.9 OOA 374- +5 -3l48.4 

+ 10 A2HJ 8.4 CJa'AMte) - 2,155 +5 78.50 6.6 

+60 170 6.6 Ule Banco! re 330 + 3.1 12' AB 

—18 — _ Uiub Uedlter 416.0+4.1 71. #5 2.7 

+8 50 6.7 UmHl Com Fr’ee 122.5) + 0.5 12 9B 

—55 — — Omuwt Loire 80.1 + 1.0 — — 

Uamar— 800 + 5 7.5 0.9 

Hr.-Hetroup, 137.0+0.6 14.10*10.3 

Oen. O+Hrtenone 188Ji| j Ijjaj 4.3 

Imacai 69.5 i._..1_.|; ».71 « 

+ or Div.iYi i. Jwjaer Bdrwl _ — 120 >+3 I — — *. 

— % * Ufings W7 1+4 lB./7]a5 

! L’Oreal 770 +6 15.97* 2.1 


Hra* | ■+ or | Uii'.i Yi 
Kn. - i 1 


Price +.ur Uir.IXLi. 
Ft*. — PnJ f. 

736 — 3 ^ 0.6 
395 -1 . . 21.S 5.4. 
308 +8.2 16 J S3 
499.8, + I7BiAti.Z&l 5.3 
550. +3 li.aB* 2.6, 
860 +19 42 1.4.9 
670 +4 404 7.1, 

;,600 -25 75 4.7' 

374- +5 -51.H8.4l 

1,155 +5 78.8W 6.6 

330 +5.1 U' £51 
416.0+4.1 11./5 2.7 
122.5) + 0.6 12 9,8, 

80.1 + 1.0 — - 
800 + 5 7.5 0.9 

137.0+0.6 14.10*10.3 

168Jil )Caj4.3 

69.5i._..l_.f;-&.7i es 
120 »+3 ( — -V 


14 5.8 I A.iimitnuai. ...... 1,300 


<u.vaiUuic»i(Hi.isIi Xdl.Jas, — 0.2 IdA/S) 8.4 1 UUC-A* 1,645* 


Twenty Financial Times Surveys on the Middle East 
have been reprinled and bound into a single 
volume containing over 200 separate articles. 

Written principally by Financial Times journalists, 
the surveys are factual, objective and topical. Maps 
and statistical tables complement the extensive 
editorial coverage. This remarkable reference book 
contains data and detailed information 
unobtainable in any other singly publication. This 
book will be a great asset to anybody doing, or 
•considering doing, business with the Middle East. 
The titles of the surveys as published in the 
Financial Times and contained in Ihe Middle East 
Surveys book are: 

Bahrain Banking and Finance :_j Oman □ Syria Q 
Sharjah Turkey □ Tunisia Q Bahrain □ 

Abu Dhabi Q Kuwait □ Quatar [J Saudi Arabia 
(parts 1 Si 21 H Arab Shipping and Ports Q 
Dubai Q Jordan □ United Arab Emirates Q 


Algeria □ Middle East Banking and Finance Q 
Iran Q Egypt □ Middle East Construction Q 

The sun/eys are reproduced in a reduced format 
measuring 42 emb by 26 cms. 


To: Financial Times. Business Publishing Division. 

Minster House, Arthur Street, London EC4R 9AX || 

Pl+a*^ send copies at £20 or US 335 p+r curlaca mai* M 

Tick bo*, lor airmail (add EJ or L^Ssr per copvi ™ 

IJ’.ma Posilion | 

Add re : i ■ 


Tt:e Financial Times Ud., Regislered in England No. 227590. ■ 

HeqFiered Oflic e: Blacken House. SO Cannon Slreoi. London £G4. ■ 

Bank A;»unt: Midland Bank, 55 Thread needle Sires 1 . London EC3. 
i'.oouni’to 1ftii7275. Ffl 


-avcolBirK aao.sa^-l.o ) 19 7,6 UMn Ga^vlKr.iCd LISOvi — 10 

•levin UrpiHi^JLn 12a.0aa 27i 4.3 Ua. PfcrL Carl.. 845 xr +5 

.'oLyo Pnc. Bhla.S 112. Oo — 0.6 3d 0.7 De. It« 597ar-3 

rnllevar (Hl aji. 114.0^+0.7(42.8 7.5 Ureiiii Sui«e— ... 2,155 +10 

’Txiiiirltca.IobSl) 42.dj ; 20 1.1 Ulectrawatt. - 1,760 +20 

Veatian’du.Huk 406-9+0.8 1 33 3.9 HtrdKo iGeorue). 665a: 

I ■ Hoffman HrOer&J 75.600 — 76| 

Uu. r6 mail). -.17,526 i— 121 

Inceriool H 3,875 — 26 

Jeimult <Fr. l(Xi) .1.410 —5 

COPENHAGEN * Xeslle (Hr. 1001 ... 3.375rfLrlO 


lo 3.0 
22 2.9 

22 3.6 

22 3.7 
16 3.7 


. —I ■ IV 1 + 0 *<i.n 

L&mnd. 1.75J f+20 56.7H 2.1 

5Wmh Hhedlx..;U3Z0 +5. 3a*' 3.9 


3.0. MlcbeUn+B" 1.4S5 

1.9 Mow Btaoetuy — 496 

2.6 Hodliaec 162 

3.7 Baffin 161. 


,456 +37, 

496 +4 12. 

162. +1 3 

161.5 +2.5 VtJt 
94 (—0.5 7. 
269.34—2:8 .7. 
375 +0.1 17 O. 


sm{'2.3 
123 1 . 5 


UI 2.9 FerOkX^BIcan) — 289.24—2:8 1JS fcB 

6 4.8 HOKNUltmen.. 375 +0.1 1?£9 .4.6 

>60 | 0.1 Hnem !0 218 — . — . 

65 | U.7 Uadfi* TSechnlqwe. 443.2 — 8.8 87 6.1 

40 2.6 Kafewte v— +++- 593 87- 4.B 

SI L 5 Uboos Pbuleac — 103.6+3 , 9 8.6 


10 1 4 .D I ot. OoOalii . 


Hntjs I +- or I Ulv. 
Kroner) — I ^ 


_ Uu Kes— 2.175*}— 10 UsS.7 3*9 U.ki.UwttwX— . l.fgj 


niici»i«inkefl ....i 13 SI 4 +U 

lurin' «er W | 486 <2 — 61c 

taa»ke Bank 123 

in Aj<aul L'n. ...I 170 xi —4, 

■ ioui JMnkeii 125>«xr + U 

V»r. ByuRncr.... 263 + 1 

'or. Haplr 73*i — 1 < ts 

luillolaok U4 12 

l..VEb-aH.(Kr*n 269 * 12 

ionl Kabel 197a!— 3 12 

l/ir<tr>nk' 77U— 1< 12 

VivatiMna 1291s. — 

Hruvm''hiuik 136K« 11 

vpn. Bcivuilr+ii. 5821i + II 4 11 

upeno*... 184 — <t 18 


VIENNA 


Ultf.lfci 1 UerrtkonB.rK.fflO 0.660 —1 

* i Hiroili alPtK.lO 877 +3 

— aan-UKlfr. «Ml.. 3,750 

11 8.1 Uo. DmiOni. 480rt-l 

16 3.1 » -biOillertkaK LiX 295 

13 9.b 3 ui 4 w Cls (F.IOO) 360 all + 13 

12 7.1 SirlMir [Kr. AsOl 853a +3 

13 10.4 Bwnn (UnIKF.ldC 371 a —1 

12)3.4 -Mi-tnlUc. F.*0). 4.650 

O [10.8 Umou Bank 3.050a +5 

12 8.9 /.iirtch Int lO.lSOcr 


16 1.5 — ~ 

la 3.4 LWiwwrqia^. 
2 b 1.7 idOTuon Branrti . 
26 2 . 7 (Jatodr 

12 4.1 “ 


268: t+3.sl *3.6 9.6 
760 +7 - J Wit 3.4 1 

19* I— 1.91 16.16,. 13. 


12 8.9 

12 4.0 

12 6.1 
12 — 
— B.6 

11 4.1 

11 3.1 

18 6.5 


14 4.1 

10 3.9 
lu 

40 2.1 
20 3.5 

44 8 J2 


STOCKHOLM 


r u. rorv.ix. 


iUi AWKrtO} 
.MtaJsmJ 8 (K*i 


2 isa +2 
138 +1 


338ft cKc-soj — aa.oa;— as 

ArlWkCocovKrSd' 121 a 


«>«-u 

kMiipeni 


I ‘i r 

i ■ 

j a «*l 

f “ 

Ukh.l 

o 

I 342 ! 

10 

995 


38 

91 

:-a 

— 

189 


Bt 

240 

1—3 

14 


AXIC. 95.5oj+0^9 — - 

undue 1 467 [—5 — _ 

Knit l.aaOTd— 18.6 150 8., 

On. l.Bllxc — 20 IbC 9.' 

92.75+0 JO — _ 


12 la 

81 1—4 
ZIBm. 
101x3-2 
252xeL^_.. 


Jkaw»liT.^,. 178.00 
Medwhanai „ .... 33.010 

Mijiunliaon 150 J23 

■ iilveUi Priv 1.025 

l’iro*ir i Uu. 2 . 0 S 1 

H.ro"i Mj" 967 


A*taCop»(Kr 8 H- 12 la. 
HUlarort. 81 J— 4 

r u, |u rr~ y \ 

- lan i Uurfb+ 1 i52*°r** 

‘zH * CeHolu*.— — —I 2 S 2 xeL— 

Aael 1 ox*»'(^« 126^—2 

” KriewiD.'B'laiW' 130n../.., 

150 8.2 Bjseae 268 |-1 

150 9.9 Fagerata.— — ! 

— — OraflJjW CTrteV— J 4^. (^—3 
2U0 1.7 Bitnaiw5Mk(«i-J 346nfl— H 

— — MiesOon— ~) 100 a) — 


_[ M4M.„ 

OS •«' (KOC 126m— 2 

ro'B'CKrfrCj- 13ffiS.. 


5j» *j&- 
b 3.6 1 

5 G.o 

6 4.9 
4 4.9 

>/4 3 4 
U 1 5.3 
1J | 4.4 
6.5 5.0 
. .6 I 4^ 
8 I a. 1 
- 4 A+t 


L2« 3.6 MijPcbDom-toJ 

— Sandrik 4. 


48.0—3.6.-—, — i 
345^-2 16 4.6 

lOOatf O 8.0 

,W 1+1 - - 

— i‘- S 0 adrikA.U-.-J 250 |- i.IQ 213 

— I - *lLPi***' K« — ' 62nl 4.a 7.3 

130 6^ Bkand. E pyi«l«..j'. 155 —3 a 2.2 

80l 8.3 Baiktanlr 'kr Krid .. 75.o!-l_5 o 6^ 

— j — UJstebrini ! 51.9 +0.6 ly— — . 

1 . Vmw (Kr. 66 4.fl | & j 9 X 1 ' 


' HIDES , . ■ - . fc 

' .."' Band +flr- 

Anglo American Cerpn. — s pn +9.6' '' 

.Charter CamoWawd . 3J5 ...+W- 

East Drlelomein JJ.D8 +Uf - « -» 

Harmony.- 5J » ■ | ( 

Ructeoburg FSadnwn IM +UT 

SL Helena tlXBO i “ 

SoodJvaal ... ?M fill 

OoW Fields SA 21.7S 4-WS' . .v , 

Union Corporation — . +40 — 

De Bwra Deferred W7 -irarj-; •*> 

Blyvoonirtxtctn 630 , *.• - 

Ban Rand Pty. 7499 /- 

Free Sstate GeduM 2558 ..-ra* . 

President Brand — 13.10 ' i rt3l-A 

PresuteK Stew fiLfi# *fg"' 

Saifentrin AM?- 

WeOatm «.-» .Jttgr. .V. ' . 

West DrteftWTeln «. 2S -HOT ... 

Western BeritUnKS jb.» ’ 

Western Deep 11330 

• INDUSTRIALS--. • 

AECT ' ^ '' 

Anslo-Amerl. lodnstrlaJ ... t*.«9 — 

Barlow Rand -._J. 335 r-' 

CNA invesun+nts tUS *"rag- 1 

Carrie finance l m.SS 'JjWL: - 

De Beers Industrial tfiJO . : 

Ednars Coosoiidated Jnv. . . 

Edgars Stores — —.«+.» -..*•• * 

BverReady SA 1L« ?• 

Fnderale vottAeiegslQSSr L© ■*. : • 

Creaiermsra Stores ZM '.f. ■ 

Guardian Assurance tSA). L8* 

Rnletts ' -L» -. Imv .. 

LTA 1J9 • 

MeC+rfhy Rod war 1029 • 

NedBank ; ' *HTA.' 1 

OK Basaars UBS +Uf • 

Premier MDttn* * 9.40 ..-8g' •*» 

Pretoria Cement ’ j L 

'Prates Holdings 1^0 - 

Rand Mines Properties — 139 . 1 

Rembrandt Croup — -- 3JB .- .«•_ ' . 1 

HMco 

Sage BoUings — \ 

safpi •— .:.-;3.*-rr i:« * -■ r.-Anjl 
*C. C. smith Sugar J . ........ S3? WJ] 

SA Brewertea _.-..u -fM « 

Ttger Oats and Nati. Mis. 5.48 '..Ur- " 1 

Ooitec ^ 

Securities Rszut , 

(fiisarant of 

— ' ■ ■ ■ ■ ' : ■■■ " 1 t 

SPAIN » -■ -r SjM'S 

39 on 7 Per coot 's?2 ?? /. : - 

A a)aniT J15 , ‘Trvti- •• • , 

Banco BObao S3- •- 

Banco Atlantic* <X.oao>-~ SB ■- 

Banco Central • SB- •. — . U .. 

Banco Exterior ,.*t — 299 * >. 

Banco General : 288 v tt.-- 'k 

Banco Cranofla (L0O9) !»' * . 

Banco BSspano 220 • "*V-> * ' . 

Banco lnd. Cat n.9«n. . MJ --•'^•55 . . 

B. lnd. MedPemneo... 2D4 ’ • ; 

Banco Popular ... 1 .—.. -2d - • V '' 

Banco Santander- <25»l - m 
Banco Urqutlo 
Banco Turn — '2W 

Banco zaragosano — 290 .1 *• 

Sanfcnatan ... asj “•* -'' 3 '. V. 

Banos AiaLtinrfa 210 . *=*-•*•+ 

Babew* Wilcox 2 + ... - 

CTC » » 

Drasados — 29S •+.* 

tonjobaotf — 8V 'TJS;, 

B. L Aragoneses : — M ."&1 

Eapanola Zinc.. . XB* • ,i+: 4 , 

Crol. Rio Tlnto - 4* "-t’H?.* 

F«s*a SlMBl > 

VenoBS (L008) . 1 .. . TS 

Cal. Predadc® .i'Tsa*:' 

Grnpo Veteames f43S>. 1&5_ - • 

HWrola ; ' 82.TS . -^'-T ? 4 , 

-tberduero _8S _- _T.SrrS 

Olina - — ~ 125- : 

PapcBeras Rennldas L. -~f8- - •• ■""■a a’, 
Perroliber +27 jrTSwi . v 

Petrofeoe • ZSZ - 

Barrio Papal ert ...UI,.-" 9* . . 

Sfflaw . .^Zc+Av-..' r 


reesa ji.iHW) > 

Venosa (LOOS) . 2S -TAiffi}.; t': 

Cal. Predados 

Grnpo Veteanna f4afl>...3lS_ -12 l‘>. 
HWrola ; — 62.7S .-^7’ ? V 

01am • 125- . 

TSurUptm RAfintrtw' 7 ctfr • ■ • ‘"‘ Ua * . 


Barrio Papal ert 
Sfflacr . 


Solace . •« 

Swtettea ...... • ' 

TWeftHda ,^u -. I'XaStf* «T 

*fotras' HosLeocb at .* ■ 

Tttpaccx . 7 .1 .T-qi^ vV • 

*V. 


~ ; ... 
































THE POUND SPOT 


FORWARD AGAINST £ 


One nrtush % ?-■. (Thrmaoni h*. % pn. 




'■ ■■■ 

- : ?~ SKzfl Ofr stowed kittle- change in- 
Jwt'flWfe'- teaded 'within - i' narrow 

“**»«■ wfth only a 
volume of business* 

the 

. pootLd^^aowed : movement 
lo points easier com- 

• -Tuesdays close at 

Usinar Bank of 

• •Engwfla .-v- figures,-'— ■- its - ■ ■ trade 
. Tweight^ ^lndeK drifted slightly 
-* to 8^ ;*. .level . held . at all three 

ofr^w- day’s, calculations, ‘against 
eE3 ^te>1&usly.- ; 6 - 

- ;;;Tb^e may.hBve been some su>v 
.poi£lqF~the authorities but m the 
'• T.erjr. quiet - : conditions this was 
.-difficuMf ' w; defect. ' Forward sterU 

ing .Shewed -4t -slightly weaker ten- 
jem&rj with .the three-month 
■ cfaseount against tKedollarwiden- 




m\ 




] S-; 




1VE STDCc 


^ 2‘ 

• . . *» 

C ;• i ■ 


trrii UUlplld'MBMl ' 

* rw * » ■ 

,5 M » im awlMiB 
»P*»i Orta cone** 


l s Off 0 J F H A M J 1 

ih’& ot 1.83c from- l.47c while the 
12^ month slipped to 6.35c against 
6.10c: . T - 

. Despite the fact that Tuesday's 
announcement of a "L4 per cent 
rise in 'eligible liabilities was less' 
'. than had been feared, there was 
• a general feeling that UK money 
/ supply figures, due a week today 
, Would give a much clearer pic- 
. - ture of the monetary situation. 
- Consequently there seems to be 
little desire to alter positions 
radically at the moment 
..- t The U.S. doUar remained steady 
.with little in the way of fresh 
jiews to stimulate any movement 
At noon' in New York, Morgan 
-tSaaranty's -calculation of the 
'dollars trade : weighted average 
depreciation, showed, a slight nar- 
: rowing to 5.3 per cent from 5.4 per 
cent on Tuesday. The U.S. cur- 


rency lost ground to the Swiss 
franc. closing at SwFr L9Q75 from . 

SwFr 1S135 while the. West Ger- 5ft £■ 

-man. mark eased marginally to 
DM 2 0885 against DM 2.0880. 

There seamed to be a general un- 
certainty in the market as to the 
direction of the dollar in the near 
fotlrre, notably against the 
stronger currencies such as the 
Swiss franc and the D-mark. 

Tokyo; Once again the U.5. 
dollar improved slightly .against 
the Japanese yen despite growing 
concern that renewed pressure 
may appear on the dollar later 
this month. The U.S. currency 
opened at Y22Q.I and with Japan- 
ese banks buying dollars to cover 
short positions.' a high of-Y22L95 
was reached before .closing'— at- 
Y22L25 against Y220.77* 07^ Tues- 
day. Uncertainty surroundina the 
Bonn summit meeting, of major 
industrial nations and a pending 
OECD meeting- left the market 
generally nervous. Market volume 
was again fairly heavy at 8502m 
in spot turnover and 8628m in 
combined forward ,- . -and swap 
trades. ' 

. Frankfurt: The U.S. dollar 
fluctuated widely for the second , 00 _ w _ v D .__ c 
day in moderate but nervous t,wnritNCY RATE© 

trading. The U.S.- currency stood — . — siSalii - 1 "ySroneit 

at DM2.0893 near the close, below Drawing tJniFof 1 

its fixing of DM2.0906 and its early ! Right s 1 Account 

New York level of DM2.0907. ' June ? | June 7* 

Paris: There seemed to be a 
slightly easier': tendency in the 
U.S. dollar in. relation to the 
French franc mainly owing to the 
former's renewed weakness 
against the Swiss franc. Some of 
yesterday's dollar movement may 
have been attributable to an 
exaggerated appreciation earlier In 
the week. At the close the dollar 
had eased to FFr 4.6075 from 
FFr 4.6107 j in the morning and 
FFr 4.6162$ on Tuesday. Against 
the French unit, the S wiss franc . 

™rRi'„^ r 24080 ,rom | OTHER MARKETS 

Following recent Press and 
radio reports that the Moroccan 
dirham has been devalued, the 
Moroccan Embassy -has made it 
dear that this information is in- 
correct and that the dirham has 
not been devalued. 

A preferential rote for the 
dirham has been established, 
placing it at par with the "French 
franc solely for remlttances from 
Moroccan workers in France.. This 
arrangement does hot apply to any 
other commercial transaction or to 

foreign exchange rates for. tourists 
visiting Morocco. . 



THE DOLLAR-SPOT I FORWARD AGAINST S 



[ CURRENCY MOVEMENTS 


Bonk of 

Meraan 


England Guaranty 


Index changei* s 

Sterling 

- 4U21 

-42.0 

U.S. dollar - . 

M.«4 

- SJ 

Canadian dollar . 

tSM 

—12.3 

Austrian si-tnllm* 

. M1JJ 

+14.4 

Belgian franc 

. 1UJ4 

+13.0 

Donish krone ...... 

. US." 2 

+ fc.7 

Dcmscbe Mark ■■ 

. MLR 

+3 fcJ 

Swiss fraoc 

.. 100.90 

+ 73.7 

Guilder 

.. 121.43 

+ U.4 

FremJi franc .... 

.. 93. «. 

- 4.9 

Lira — 

».fcS 

-4S.9 

Yen 

. 134X3 

+33.1 

Based on trade weighted changes from 

Washington axrcemenr December. 1971 

(Bank of England 

lndox = i 00 > 



£ 

Ni'lrt KbI* 


EXCHANGE - CROSS-RATES 


1 Itnllen Lira 

Cnnsdn DnUar! Belgian Fnui. 

ism 

. 2.044 

69.55 

B61.Z 

1.121 

3)2.67 

412.1 

0.536 

15.63 

5896. 

5.071 

147.8 

' 1872. 

2.436 

71.00 

461.1 

0.587 

17.11 

385.0 

0.501 

14.60 

1000. 

1.302 

37.93 


INTERNATIONAL MONEY MARKET 

New York rates firm 


GOLD 


: • ----.Interest rates wert slightlj- 
firmer . - in places in early New 
-V'* York trading.-- The rate . for 
• 13-week. Treasury hills rose to 
' . 8.62 pier "cent bid from 6.61 - per, 
‘j . Cent*, while 2$-week bills were 
’ Unchanged at- 7.10 per- cent, .and 
' -;onc-year bills were quoted- at 7.32 
- . per -cent compared with 7.31 per 
qetrt on/Tiiesday. 

--- TcTederal'-. -funds showed little 
^change;' but were . slightly firmer 
than early : Tuesday; at 7J per 

j : cepti -; - - v • 

.V One-month ‘ certificates' of 
deposit rose ' to 7.35-per. rent tiia-. 
. from .7:30 per cant, with two- 
months rising . to 7.43 per'veerrt 
.from 7.41 per ceitt, ' although 
- .-' three-month paper eased to -7,53 
per cent "irom. 7.65 per cent. 

! . Bankers acceptance' rates- for 30 
days were: 7 20 per. cent; 30 days 


7.30 per . cent; W 'd^s. 7.40 per 
cent; 120 days 750 per cent; 150 


days 7.60 per cent; and 180 days 
7.70 per cent. . 

High-grade commercial paper 
sold through dealers was: 30 days 
755 per - cent: 60 days 7.45 per 
cent and 90. days 7.60 per cent 

Brussels: The Banque Nationale 
de Belgique left official discount 
and Lombard. rates unchanged at 
5.5 per^ cent, following a Board 
meeting of the Central Bank 
yesteiday. Rates, were generally 
expected to be unchanged, since 
■the rise in Treasury certificate 
rates on Tuesday was seen as an 
-adjustment: to existing money 
market conditions rather than a 
signal 'of higher interest rates. 

Amsterdam: Dutch interbank 
money market rates were 
generally easier, with call money 
declining to 41 -4 i per cent from 
44-4f per cent; while the one- 
month' rate fell to 4J-4$ per cent 
-from M-5 per. cent . Three-month 


money also eased to 48-4 S per 
cent, from 42-5 per cent, with the , 
slx-morith rate falling to 5i-5j per 
cent., from 5i-5J per cent. 

Tokyo: . Short-term . money 
brokers lowered call loan rates 
by 0,125 -per cent yesterday. The 
cut pushed rates for uncondi- 
tional money to 3.875 per cent, 
and .that for overnight to 
3.625 per cent The short-term 
market is expected to have 
surplus funds until about the 
middle of the month. 

-7 Hong Kong: The money was easy 
with call and overnight business 
dealt-;' ;at 5i per cent and 5J per 
cent respectively. 

Manila:' 30-day maturities were 
quoted at 9-12 J per cent; 60-day 
at 9H8J per cent; 90-day and 120- 
day At- 10-18 per cent Philippine 
Treasury bills 190-day disco'unti 
were .quoted at H per cent with 
Central , Bank certificate issues 
unchang ed, 


Buying 

interest 


Conditions in the London 
bullion market were generally 
quiet and gold improved Sll an 
ounce to close at S1S2}-1S3±. After 


June 7 j June* 


UK MONEY MARKET 


UHil Bullion (a line; 
nun-*) - i 

CVme !si8!;-]B5j 

.Ojienlnc 51B21BSJ 

ilorninc tmne S182.i6 
[lilluD.DBQ) 

.Ifrerncvo fixint;....!Sit2.3B 
ji£100.34Si 

CioM fr>lai 

•lOTnwtimJly 

Krugerrand S167;-189i 

(£103-104) 

Xt» So\ereigu» .S624-&4^ 

'(iaB-joi 

OM 6o\cr«ijfUB »W4-674 
|(£8D4-ai4) 

Gold Cnlnt I 

■ lut^iaUT^ially I 
hj-uD errand L........rS187*-lBSJ 

]i£ID3-104i 

&iTena|pi»—..!4634-M4 

DM Sovereign* * 5 * 4 - 57 * 

- «XJflJ-4U) 

S20 En«lei* S27Bi-Z78; 

S10 KB«1e» S142-U7 

^ Engle* 59B 105 


-S18MI1J 

'S1EM823 

,S 18 1.96 

.£89.e45j 

S1B1.0& 

,£S9.<70> 


S187i'-180j 

(£103-104) 

iS&2i-54* 

:(£2bJ2ti> 

.SOU-57* 

( I£MJ.51i) 


ISISB-188 

><£102-103) 

S62*-Mi 

i£28j-S8j) 

ISSSi-674 

j<£50*-i14V 

S274J-277i 

S13JM441 


Bank of England M&umoin 
Lending Rate- 3 . per cent. 
{sinreMay 12.1978): 
j- Activity in 1 the Lcmdon fnoney 
market continued- to be -at a gene- 
• rally low level. Initial predictions 
of a slaeahle shortage saw over- 
"night interbank rates harden to 
S$*8i per cent from, an : opening 
level of 8-SJ per. cent. However,, 
with a flatter situation seeming to 
be more likely, rates, fell awajr to 
8-8 i per cent. After a brief flurry 
during the . afternoon which .saw 


LONDON MONEY BATES 


a high’, of- 8i-9 per cent, dosing 
ba lances were taken between 
6 per Cent and 6J per cent: 

: The . slight overall shortage of 
day to day ■ credit -was alleviated 
by'tfie authorities buying a. small 
amount o£ Treasury bills aU.direct 
from the discount houses. The 
latter . paid around 8* per cent for 
secured call loans at the start but 
rates fell awayto close at TfS^per 
cent 

Banks’ brought forward run- 
down- baiascefi and there -was a 


call on the 12 per cent Exchequer 
.1988 ; ;tp contend with. On .the 
other hand' Government disburse- 
ments' exceeded revenue transfers 
TQ tbe: Exchequec and there was 
a fairly large fair in the note cir- 
culation.- - : Although indications 
earlier this week pointed towards 
a fairly flat week short term 
credit now -seems to be slightly 
shorter than anticipated and today 
could well See a continuation with 
banks bringing forward run clown 
balances. 


the morning fixing of $182.35 the 
metal improved slightly to 
$182.35 at the afternoon fixing. 
Much of the rise was due to 
speculative buying ahead of the 
22nd IMF auction ar which 
470.Q00 ounces are on offer com- 
pared with the previous 525,000 
ounces. The auction took place 
at about 2 pm New York time 
(7 pm in England), the reflulte of 
which are consequently too late 
to affect trading. 

MOREY RATES 



NEW YORK 

Prime Baw 

Fed. Funds 

IFiwTmde I Treasury Bills fj' vcok* 
Treasury Bills ( 26 -wepk) 

GERMANY 

niscoum Rale 

oreniixhi ; 

One month 

Three months 

six months 


FRANCE 

Discount Rato 
Overnight ■••• 
One month ... 
Three months 
Sis months ... 


JAPAN 

Discount Rato — .. 

Oremisbt 

Three months 

She months 

□do year — r 


XS 

1 

...... 2 

*2 

4 


THIS ANNOUNCEMENT APPEARS AS AftSATIER OF RECORD ONLY 



QATAR STEEL COMPANY LIMITED 


As Borrower 


U.S. $100,000,000 

Long Term Credit Facility 



The State of Qatar 

As Guarantor 

MANAGEDBY ' 

Gulf International Bank B.5.C. 

Abu Dhabi Investment Company 

Chase Manhattan Limited ^ 

Qatar National Bank S.A.GL k |jg. 


CO-MANAGED BY 


The Arab Investment Company f S.AA. 
The Bank of Tokyo, Ltd. 

Hambros Bank Limited 


The Arab and Morgan Grenfell 
Finance Company Limited 
ALUBAF Group 


FUNDS PROVIDED BY 



Gulf International Bank B.S.C. 

The Chase Manhattan Bank, N.A. 

The Bank of Tokyo. Ltd. 

Nippon Credit International IHKJ Ltd. 

The Daiwa Bank Limited 
The Mitsui Bank Ltd. 

Citibank, NA. 

Banque Nationale de Paris 
Compagnie F/nanciere de la Deutsche 
Bank A.G. 

Union de Banques Arabes et Francaises- 
U.BAF. 

TTie Bank of Yokohama Limited 
Soci^te Generate 
UB AF Bank Limited 


Abu Dhabi Investment Company 
Qatar National Bank SAQ. 

Canadian Imperial Bank of Commerce 
The Arab Investment Company, SAA. 
Hambros Bank Limited 
The Tokai Bank, Limited 
Arab Jordan Investment Bank S.A. 
Barclays Bank International Limited 
DG Bank International 

Societe Anonyme 
Arab BankLimited 
Morgan Grenfell [Jersey! Limited 
Kuwait Foreign Trading Contracting 
& investment Co. (SAKJ 


AGENT 


The Chase Manhattan Bank, MJL 


GthJUNE. 197 B 


These securities having been sold, this announcement appears as a matter of record only. 


NEW ISSUE 



June 197S 


Kuwaiti Dinars 10,000,000 

Banco Nacional de Credito Rural, S.A. 

(incorporated in the United Mexican States) 

81 per cent Notes due 1990 

(redeemable at the option of the holders in 19S5) 


Issue price 100 percent 


Kuwait Foreign Trading Contracting 
^Investment Co. (S.A.K.) 


Merrill Lynch 
International & Co. 


Abu Dhabi Investment Company 
. Gulf International Bank B.S.C. 

Kuwait International Investment Co. s.a.k. 

AJahli Bank of Kuwait (K.S.C.) A1 Saudi Banque ■ American Express Middled Development Company S. A.L. 

Arab African Bank - Cairo The Arab and Morgan Grenfell Finance Company Limned 
The Arab Company for Trading Securities S.A.K. Arab Financial Consultants Company S.A.K._ 

Arab Finance Corporation S.A.L. The Arab Investment Company S.A. A. (Riyadh ) 

Arab Investments for Asia (Kuwait) K.S.C. Arab-Mulaysian Development Bank Limited 
Arab Trust Company K.S.C. Banque Arabe et Internationale dTnvestissenient ( B.A.I.t, ) 

Bank* of Bahrain and Kuwait Banque de Paris ct des Pays-Bas Bankers Trust International Limited 

Bayerische Vereinsbank International S.A. Burgan Bank S.A.K., Ku\\ ait 
Byblo.s Arab Finance Bank (Belgium) S.A. Citicorp International Group - Bahrain 
Dillon, Read Overseas Corporation. European Arab Bank Ltd - Bahrain European Banking Company Limited 

Euroseas Banking Co. (Qatar) Limited Financial Group of Kuwait K.S.C. First Boston A.G. 

Frab Bank International The Gulf Bank K.S.C. Hill Samuel & Co. Limited 
The Industrial Bank of Kuwait K.S.C. J. Henry Schroder & Co. S.A.L. Kuwait Financial Centre S.A.K. 
Kuwait International Finance Co. S.A.K; "KIFCO” Kuwait Investment Company (S.A.K.) 
Manufacturers Hanover Limited National Bank ot Abu Dhabi National Bauk ot Bahrain 
The National Bank of Kuwait S.A.K. Nedeirlandse Credietbank N.V. Rivad Bank Limited 
Salomon Brothers International Limited • Smith Barney, Harris Upham & Co. Incorporated 
Union de Banques Arabes et Europeennes — U.B.A.E, Union de Banques Arabes et Frtingaises U.B. A .F. 






















































• -> 




/?*\ 


36 


Financial Times Thursday June S ’ 1978 



$ 


/ 




upon 

ers inclined easier— Share index 2.8 off at 474.9 


loves 


Account Dealing Dales 
Option 

•First Decfara- Last Account 
Dealings lions Dealings Day 
:;t» Jun. 8 Jun, 9 Jim. 20 
Jim, 12 Jan. 22 J im.23 July 4 
Jun. 25 July 8 July? July 18 

* " New time " dealings may lake place 
from 9.30 i.m. Ml business days earlier. 

Seen ml thoughts about the 
mid-May banking figures coupled 
«ilb growir.2 hopes that the 
authorities will make early moves 
on the monetary Front and thus 
enable the Government Funding 
programme to get under way 
again gave a much needed boost 
m sentiment in the Gilt-edged 
sector yesterday. Potential 
buyers, however, were again 
content to hold off, the day’s rist ,c . 
which extended to J, mainly 
reflecting the absence of any 
selling pressure. The Government 
Securities index improved 0.37 to 
69 20. 

Elsevheri* in slock marketa. 
leading Imluvii-ial* drifted lower 
in extremely quiet trading. 
However, upon from P & 
which fell B to !i-Jp i >n the 
ch.iirn’an's gloomy report ,it l he 
animal meeting. lo--:es were 
limited m a Few pence. The 
F.T. 30-sharu index eased 2.S to 
47-1 si. 

Among secondary issues, 
the overseas-based companies 
continued n> move ahead in line 
with a fresh improvement in the 
dollar premium, while conmany 
trailin'- 1 statements and a con tin ua- 
tinn of hid speculation provided 

• he main points of interest. 
i'»*‘e r .iil. the underlying tope vas 
firm; fries vv^re in a mr iority over 
falls by 7-1 in F.T. -quoted 
Industrials and Ihe K.T.-.\riu:iries 
All-Share index cloned only a 
shade Inner at 210.4.7. The 
continuing low level of activity 
was reflected in officijl bargains 
of 4.."i32 compared with 4 r fi44 on 
Tuesday. 


The investment currency market 
saw a continuation of the recent 
firm trend as Wall Street advices 
again helped the premium push 
forward to close a Turther point 
higher at 113 per cent, for a gain 
of 7! over the past three days. 
Ycsiorday's conversion factor was 
U.6B94 10.6763). 


Gilts improve 

British Funds rook on a more 
settled appearance at the open- 
ing of business following over- 
night consideration of the mid- 
May banking figures. With hopes 
rising during the day that the 
authorities will make early moves 
on the money supply problem^., 
there was u note worthy improve- 
ment in prices by the end of the 
day. Short-dated issues finished 
wilh gains ranging to ! and some- 
times more, while gains in the 
Inter maturities ranged to How- 
ever. the day's advance owed 
nvire to the absence of sellers, 
demand being only modest. 

Th>- volume of business in 
Traded Options contracted quite 
sharply and yesterday's total of 
2 ho contracts done was the lowest 
since dealings began on April 21. 
This compares with the previous 
low est of 250 recorded on Monday 
and the heaviest loud so far of 
l»N3 transacted on .May 5. Still on 
the results. I .and Securities 
a I traded mod-'rate -uuport with 
H.j con tracts Followed h> Consnfi- 
daled Gold with 38 and 1C! 3.1. 
Today -'.-os- i he introduction of a 
new IO 420 series. 


Banks firm 

The major clearing Banks made 
modest progress in thin trading; 
sentiment whs helped by Press 
comment on the mid-May banking 
figures: NafIVmc hardened 3 to 
275 p and Barclays improved 2 to 
n::0p a« did Lloyds, to 284p and 
Midland, to 360p. In Foreign 
issues. Hoag Kong and Shanghai 
firmed 7 more to 287p on invest- 
ment currency influences. 

Firm the previous day following 
publicity given to a broker's 
bullish yearly review. Composite 
Insurances turned 3 shade easier. 
Among brokers. C. E. Heath 
dipped 7 Jo 2R3p and Willis Faber 
gave up a to 260p. 

Movements in Breweries were 
limited to a penny or two in 
cither direction Following a slow 
trade Elsewhere. Macdonald 
Marlin Distilleries, a firm market 
of late on the distribution deal 
vith Bass Charrington. reacted 5 
to 44-”>p. 

Leading Building issues closed 
a shade firmer for choice after 
another small trade. Secondary 
i ■attics displayed (he occasional 
riaiur*. notably Tunnel B which 
pul on 8 to 272p following a 
seminar to demonstrate the merits 
of a toxic waste process which 
is in bo marketed in association 
with Leigh Interests. Leigh added 
a nenn; - to 17 5p. Renewed interest 
iifierl Brown and Jackson 7 to 
10 n p and buying in j thin market 
prom o;*.-d a gain of 3 to l!3p in 
Ifeywnuif Williams, while W. and 
J. Glossop firmed 4 Tor a two-day 
gain or 7 to 68p following the 
chairman's annual statement. 

Chemicals traded narrowly with 
a -lightly easier bias with IC1 2 
cn-iur at 390p and Albright and 
Wilson 3 lower at 154 d on lack of 
buyer- and small selling. Hick- 
son and Welch shed in to 210p 
ahead of today's annual results, 
while Carlcss Cape! cheapened 3 
to 3 Ip in further response to the 
di»\vion jnting figures. In contrast. 
William Ransom. 195p. and 
Stewart Plastics, 131 p. bi»lh put 
on 3 in respective thin markets. 


Secondary issues provided the 
main focal points in Engineerings 
yesterday. Following the Board’s 
strong rejection of Redman 
Heenan’s bid of 65p per share. 
Spooner Industries came in for 
support on hopes of a higher, or 
counter, bid and, after touching 
a 1978 peak of 79p, closed 4 up on 
balance at 77p. Further considera- 
tion of the chairman's encourag- 
ing statement helped John 


take-over hopes promoted an im- 
provement of 3 for a two-day rise 
of 14 to 83 p jjj United Carriers. 
Demand of a similar nature iu a 
thin market helped Gruv chcll 
firm 2 more to 3Gp. while BTR 
advanced 3 to 2tS3p following news 
of the group's planned offer for 
the U.S. Worcester Controls 
Corporation. UKO edged forward 
a penny to 158p in front of 
today's preliminary results, while 


210 - 


200 - 


190- 


180 


170 



160- 


1977 


F.T.- ACTUARIES INDEX 
! I 1978 


SEP OCT NOV DEC JAN FEB MAR APR MAY JUN 


Stores quiet 

Store- remained quietly firm 
after the latest relail sales 
figures. Sumrie Clothes hardened 
2 to 2!ip on the preliminary state- 
ment. while Selincourt attracted 
buyers again and gained 11 
further to 2.V.p. A, Cl. Stanley 
continued firmly, advancing 4 
more to 13np. 

\'ote\. orthy movements were 
few and far between in idle 
Electricals. Electronic Rentals 
hardened 3 to 131p on small 
buying in ' anticipation of to-day’s 
preliminary figures, while further 
co:i- idenr. ion of the interim 
statement lifted Corner Radio- 
vision a penny more to ISJp. 


FoJkes-Hefo improve 2 to 231p. 
while United Spring and Steel 
closed a like amount dearer at 
2Sp. after 25>p. following the 
sharply increased interim earn- 
ings. Brooke Tool hardened a 
penny to 40p on the rights issue 
announcement and a resurgence 
of speculative buying prompted a 
gain of 7 to 122p in M. L. Hold- 
ings. F. 11. Lloyd found support 
at 7Gp. up 2j, while similar 
improvements were seen in 
Burgess Products, 4ttp. and Ductile 
Steels. 120 p. Of the quietly dull 
leaders, John Brown cheapened 4 
to 368p: the preliminary results 
are expected soon. 

Foods edged higher in light 
trading. Cullen’s Stores improved 
4 to 16p on small buying in 
anticipation of today's pre- 
liminary figures, while continuing 
bid speculation lifted Morgan 
Edwards 2 further to 59p. Asso- 
ciated British Foods, results next 
Monday, edged forward a penny 
to 70p. Gains of 2 were recorded 
by Be jam, G7p. and Northern 
Foods. 93p. while Kraft reflected 
currency influences wilh a gain of 
IS points to £4fi;-. Of the few dull 
spots. Tate and Lyle eased 4 to 
170p and High gate and Job 4} to 

58 Ip. 

Publicity given to a batch of 
brokers’ favourable circulars 
drew buyers’ attention to Reed 
International which pushed for- 
ward to close 5 up at 12Sp. Other 
miscellaneous Industrial leaders 
had little to offer and closed 
mixed after a thin trade. Unilever 
improved 4 to 524p but Rank 
Organisation softened that much 
tn 25*ip. Elsewhere, comment on 
the annual results helped Dc La 
Rue firm 9 more to :«2p and 
further speculative buying on 


support was forthcoming for 
Tiionias Witter and Wood and 
Sons which improved 4 apiece to 
53p and 40p respectively. Leisure 
Caravan clased a similar amount 
dearer at 130p and Of rex added 
3 at 97 p. Investment currency 
influences helped Hutchison. SSp. 
and Jardiqe Mathcsnn. 244p. to 
improve 4 more. Hanson Trust, 
on the other hand, gave up 3 to 
139p in reaction to the disappoint- 
ing first-half profits and Comrex 
softened a penny more to «3p on 
further consideration of the 
chairman’s profits warning. 
J. BlJlam receded 4 to 40p and 
E. Fogarty 7 to 17ap. 

Following Tuesday's lale jump 
of lQi on a Press suggestion titat 
the forthcoming results will he 
good. Heron Motor improved 
afresh to 138p before meeting 
profit-taking and closing a net 3 
easier on the day at 127p. Reliant, 
a firm market Of late, shaded J 
to Dp. Airflow Streamlines held 
p.T 88p in front of today's pre- 
liminary figures, but buyers 
showed interest in Pennine Motor, 

1 harder 3t 7ip, and Supra Group, 

2 better at 55p. 


Land Securities ease 


Associated Bonk Publishers 
rose 13 to a 197S peak of 220p 
on demand in a thin market, but 
Thomson, on farther considera- 
tion of the chairman’s remarks, 
eased 3 to 252p. Elsewhere. Mills 
and Alien, at lfifip. regained 7 
of the previous day's fall of 10 
and McCorquodaie closed 17 
higher at 290p. the latter in 
response to the Increased interim 
prolits and the. accompanying 
statement. 

Land Securities eased 6 to 209p 


after Press comment on the 
results. Other leading Properties 
drifted lower, still on fears of 
higher interest rates. English 
eased o penny to 44p and MEPC 
2 to 124 p. Churcbbury Estates 
stood out among secondary 
issues with a rise of 10 to 255p 
on small buying and 

Oils were neglected again and 
closed little changed with British 
Petroleum. 872p. and SheiL 560p, 
closing n?argina)iy lower. jBunnab 
shed a penny to 66p ahead of 
tomorrow's AG1I. Trfccntrol 
eased 3 to 378p and Siebens UK 
9 to 374p. the latter on profit- 
taking atter tbe previous,, day's 
speculative advance of 25. In 
contrast, small buying interest 
developed for Ultramar, 3 higher 
at 275p, and Attock. 4 better at 
80p. while Oil Exploration con- 
tinued to attract speculative 
support and finned 2 to 258p, 
after 2G0p. 

James Finlay figured promi- 
nently in Overseas Traders, rising 
17 to a 1P7S peak of 362p in be- 
lated response- to Ihe record 
preliminary figures and capital 
proposals. Harrisons and Cros- 
lield improved 13 to 475p on the 
sharply increased dividend, while 
Lonrho. at 61 p. recouped a penny 
of the recent sharp decline on 
the Tanzanian situation. 

New Throgmorton featured in- 
vestment Trusts following the 
announcement of the better-than- 
expected assets revaluation: the 
capital shares moved up 18 to 
114p. after 119. and the now 
warrants hardened 2 to ISp. 
Jersey External preferred rose S 
to 164p. while Atlantic Assets 
gained 31 to 98p. Robert Kitchen 
Taylor featured late in Financials, 
rising 4 to 77!p on the substantial 
first-half trading recovery. Dawnay 
Day moved up 2* to 43p on re- 
newed speculative interest, but 
small profit-taking clipped 5 from 
Majedie Investments at 69p. 

Already easier at 97 !p in front 
of the annual meeting. P and o 
deferred eased afresh to 93p 
before closing 6 down on balance 
at 94p on the chairman’s descrip- 
tion of the first four month's 
trading as poor. Ocean Transport 
were also active and 4 cheaper at 
219p. Other Shippings lost ground 
in sympathy. 

.Among Tobaccos. Rothmans In- 
ternational closed a shade easier 
at 55n folowins news of the com- 
pany^ proposed price increases. 
Shiloh Spinners. 3 better at 29p. 
provided the sole noteworthy 
movement in Textiles. 

South .African industrials 
moved higher, helped by invest- 
ment dollar premium influences. 
Anglo American Industrial added 
51) to 5S0p. 

Plantations displayed no set 
trend after a thin trade. Castle- 
field gave up 5 to 230p but Anglo- 
Indonesian ended 2 firmer at 96p. 
Guthrie held at 317p in front of 
today’s preliminary results. 


auction enabled South African 
Gold to move ahead strongly. 

Sentiment was also helped by 
the higher dividend declarations 
from the Anglo-Vaal and General 
Mining group producers. 

A firmer opening for Golds' fol- 
lowed the modest recovery In 
overnight transatlantic market. 
Thereafter, prices edged higher in 
line with the metal price and 
closing quotations were usually 
at the day’s highest as renewed 
American interest was reported; 

The Gold Mines index added 
4.6 at 158.5. Among tbe heavy- 
weights. Randfontein advanced 
Hi to £354, while Western Hold- 
ings put on i to £181. West Drie- 
fontein rose J to a I97S high of 
£22* and Hartebeest tbe same 
amount to a high of £13}. the 
latter reflecting the higher-than- 
expected final, dividend. 

Buff els also attracted a good 
demand following the increased 
dividend and closed 40 better at 
a high of 960p. In the cheaper- 
priced issues, improvements of 
between 14 and 2S were registered 
in_ Kloof. 532p. Doornfontein. 
3J5p, U baron, 586 and Zand nan 

221 p. 

Financials all gained ground re 
fleeting the .strength of Golds. 
South African stocks showed 
Anglo American 14 firmer at a 
1978 high of 3L4p on further con- 
sideration of the 15-months’ 
results announced on Monday, 
while, in tbe London-based issues. 
Charter unproved 4 to 140p, also 
on consideration of results and 
reflecting favourable Press- men- 
tion. 

Rio Tinto-Zinc touched a 1978 
•high of 234p prior to dosing 5 up 
on balance at 23Sp and Selection 
Trnst put on 4 to 414p. . . 

Western Mining featured in 
Australians; further encouraging 
drilling results from the Ben- 
ambra copper /zine/silver prospect 
in Victoria saw the shares advance 
$ to a new high for the year of 
135p. 

Other Australians, however, 
tended to drift owing to the down- 
turn in overnight domestic mar- 
kets. Diminishing speculative 
interest caused Northern Mining 
to drop 11 to 92p, while Tasminex 
fell 5 more to 65p. 

Base-metal miners to lose 
ground included Bougainville and 
jMl.AI Holdings which gave up 3 to 
126n apd 209p respectively. 

On the other hand, Peko-WaRs- 
end were well supported and 
hardened 5 more to a year’s high 
of aljp reflecting the company's 
considerable uranium interests. 


RISES AND FALLS 
YESTERDAY 


and 


Rally in Golds 


The 81.75 recovery in the 
bullion price to S183J25 per ounce 
in front of tbe outcome of yester- 
day's International Monetary Fund Totals 


British Fuads 
Corpns., Pom. 

Foreign Bands 

Industrials 

Financial and Prop. ... 

Oils — 

Plantation 

Mines ..... 

Recent Issues 


Up Down Same 
67 -1 - I 


15 . . 7 «3 

356 200 985 
127 W 324 

44 M 12 

4 6- -22. 

68 IS '<*• 

7 ■ T IS 


653 313 1^49 


FINANCIAL TIMES STOCK INDICES 


Government a eon — 
Fixed Interest 
loduBlrial Ordinary.... 

GoW Mines. 

Ord. Wf. rteM 

Ga ru I njf' . £* Mtyfu 1 1) C*>j 

P/E Hutu mevift) i 

Dealings narked 

Equity turnover £m .,. 




Kguirr hsi^Jns tmatiJ J_16.076l 14.522) 12.S95! 

.10 am 473.0. U amATa.T. Noon -476.6. 

2 pm 475.7. a tun 473.4. ' 
Latest Index OU916 8826.;- 
• Based on 52 per cent corporation tax. 
Basts 100 Govt- Sees. 15/10/26. Fixed Iol 18SB. 
Hides 12,9/55. SE Activity July-Dee. 19C. 


16.43! 16 
a. 

■’.83 if 4,342 
.68t53| ‘ &4.' 
I43Wi4,; 

1 pm 478X 



•T N 11=8.09, .: .--j 

lad. Ori vr.'st Qojj 


HIGHS AND LOWS 



IH7fi 

Since Conipllatirqi 


Utffh 

Low . 

- Hifjn 

Lm 

tiovutiecs... 

78.68 

(3/11 

68.79 

(6/6). 

127.4 

(9/1/26). 

49.18 

(i/lfl6/. 

Fixed lilt.... 

81.27 

(d/l/ 

70.73 

16/6/ 

lGu.4 

I2b.’lb47j 

B0J3 

Ind. Ord..... 

497.5 

•6/D 

433.4 

(2/3). 

649^ 

4U.4 

(S83$/40) 

Qotd Mines. 

168.6 

i8fit 

1303 

443 J 

B2A.76) 

45.5 

'2M0/7D 


S.E.ACTlVrTY- 


• . 

. Jimo'- 
Z 

Jontr; 

Gtit-Bdged 4. 
Industrial^ 
MK-culetivo... 

Bntsls. 

o-AsyAv’tsae 

Gtlt-Hdnrrl 

Indus 

. speculative... 

•. 

1603. 
156.6 
r 36.6 

154 JS 
165.1- 
. 38^ 
107:7 

ibot? 

S&.Zf- 

;i06.7 >? 

15 Wr- 
its.! 

*98? 

10681 


ACUYE STOCKS 

NO. ' 


Denomina- 

of. 

'dosing 

Change 

7 1 1978 


Stock 

oon 

marks price (p) 

on day 



BATs Defdl 

25p - 


283 

- -'2 

’ 298 


ia 

£1 

•30 

390 . 

-“-2 

396 


P & 0 Defd 

£1 

9 

94 

— , 6 . 

US 


SiieJ] Transport... 

25p 

: 9 

- .560 

:-f. 1 

588 

. '4A4?- V 

Western Mining- 

*A0:5( 

. 9 - 

- 135 -- 

■ 

-t >136 ' 


BP ^ 

£1 - 

' R 

S73 - ' 

,-i’4 : • 

•882; 

"isar* 

De La Rue 

;25p 

8 

342 

+ 9 ■ 

343 


GEC 

2 op 

7 

260 . 

X ’ 

.278 


GU5 A 

25p 

‘ ‘ 7 

276 

— ... 

312 

256 •'£ 

Barclays Bank ... 

n 

6 

330 

+.2 

...358r 


Beecham 

25p 

& 

650 

3 

- - 678 

- S5S .; 

Commercial Union 

25p 

6 

148 . 

- 2 

159 

' 138 ‘ 

Finlay (James)... 

30p - 

6 

362 


362 

230;‘i 

Grand Met. 

50p 

6 

. 114 

. — A 

.117} 

- 87 * 

Rank Org. ...... 

25p . 

6 

. 256 - 

“41 

Z6S: 

Wb 


OPTIONS 


DEALING DATES ' ' 
First Last Last For.-’ 
Deal- Deal- JDe clara- Settle? 
in gs ings don ment 
Jun. 7 jun. 20 Aug. 31 "Sep. if 
Jun. 20 July 4 Sep. 14 Sep^28 
July 14 July 18 Sep. 28 0i£12 
For rote indications, see end- of 
Share Information Service. r ~*' ' 
Stocks favoured for tbe -nail 
included Lonrho,, Burmah Oil, 
Premier Consolidated - ■; Oil, 


Reardoh Smith A, . ■■ 

Services, William Press, SpUI^fc ; 
Endeavour Oil, Oxley" Prftr^fay 
Bath and Portland^ KCA 
national. Energy 'Sendees, • 
EJandsrand, Debenhams 
English Property. Puts' 
done in B8R, Lonrho. A.- fit 
and Siebens Oil (OK)," 
doubles were arranged in] 
Property. . Debenhams- 
Queen's Heat Houses. 


NEW HIGHS ANO LOWS FOR 1978 


The foil trying secoriti* Quoted In 'the 
Share Information Servicft vestenby 
acuineti new Hlshs and Lowt-far 1978. - 


NEW HIGHS <183>. 

BRITISH FUNDS‘42] 
AMERICANS UOI 

CANADIANS 
- BANKS flf' 

BEERS 153 
v BUILDINGS 18) 
CHEMICALS 13) 
DRAPERY & STORES (5) 
ELECTRICALS (S3 

ENGINEERING (8) 
FOODS (Si 
- HOTELS J 1 } - 
INDUSTRIALS C3&I 

-INSURANCE HI 

MOTORS tS» ' 
NEWSPAPERS 123 
PAPER & PRINTING (SI 
. PROPERTY U) 


SHOES (1) •• ' 

SOUTH AFRICANS (T) 

' TDtTTLES IS» • ' 
. TRUSTS [30 

OILS (21 . . - 

OVERSEAS TRADERS CO 
. RUBBERS (11 . 
TEAS OJ • 
MINES (211 • 



NEW LOWS (9) 

LOANS ‘ 


U.S.M.C. W.tSS TC^9KA *91 4 


■fiSr. 


without Warrants. 

FOREIGN BONDS (1) 
IrrtJnd.Sfcw: ’Si-BG- 

foods m . • . •: - 

Tavener flutledfie .. 

. INDUSTRIALS ,(4| v«Y • 

Barrow Hepburn Camrex 
Bodvcote InteroaU. Wnttetev iB.S.AWyt 
- - TEXTILES (1 1 ■ jv*- 

Bond St Fabric* 


FINANCIAL TIMES 



The FT private dining rooms, at Bracken House, provide an ideal City 
venue for dinner parties and buffet suppers. 


Anything from a simple cocktails-and-canapes function to tbe most 
elaborate dinner can be catered for in pleasantly sophisticated surroundings 
which comfortably accommodate fifty people for a buffet supper. Alterna- 
tively. it is possible to seat a maximum of twenty at dinner or, by use of 
panelled partitions, reduce the rooms to a size ideally suited to the smaller, 
private party. 


The dining rooms are available, weekdays, S p.m. to 11.30 p.m. and may be 
hired separately from, or in conjunction with, the Cinema. 


Buffet luncheons, buffet suppers, snacks and drinks can also be provided, 
in the Cinema auditorium, for guests attending presentations, previews, 
conferences or company meetings. 


All enquiries relatins to FT catering facilities and the FT Cinema should 
be made through the Press Officer of the Financial Times — telephone: 
GI-24S S0(J0, extension 7123. 


Bracken House, 10 Cannon Street, London EC4P 4BY 


‘rt'c shjws mrcemw craBqcrt which have taken place since December 30. 1171. in ti>e principal 
* r «■ — U alio contains ihe Gold Mines Index. 


equity sections or tins FT Actuaries Share Indices. 
Cold Mines 

Mining Finance 

Tobaccos 

Overseas Traders 

Office Equipment 

Chemicals 

Mechanical Engineering 
Newspapers and Publishers .. 

Engineering Contractors . . 

Motors and Distributors 

Toy* and Camas 

Text! es 

Oils ... 

Contracting and Construct ion 
•”h'r (.mnps 

t'JIutal l -•/•»•! . C/OUp ... . 

Wings and Se'nu 
Metal and Hc.al Farming 
Brewer.es 
V‘K> Share ItiJ.-x 
« nnsmn.T • Durable 

liKlitstrial Croup 
Packaging and Paper 


Croup 


+15.54 
+13J1 
+ 11.68 
+1UJ 
+ 10.98 
+ 9JS 
+ 8^2 
+ S.71 
+ 7-15 
+ bja 
+ 6-7 
+ 6-1S 
+ A03 
+ 3-za 
+ 3.02 
+ 2.M 
+ 

+ 1.93 
+ 1.31 
+• 1.76 
+ 1.70 

+ 1.3* 
+ lil 


,tM-9ftar. Ind- ji . . 

laves urirnt Trusts 

Eotorta lament and Catering 
Cvdsantrr >;oods -Not, Durable- Croup 
Elcttrvoict, Radio and TV . ... 
Building Materials .. .. 

Merchant Banks . . ........ .. 

Pharmaceutical Products 

Electricals 

Insurance Brokers 

Insurance (Life) 

Food Manirf a during 

Proper-tv 

Goods 


Household 

Books . . 

FinjiKl.it Cruup ... , 

5 flipping ...... 

Stores .. . 

Food Retailing 

Insurance (Composite) 

Bit count Home* ... 

Hire Purchase 

' l J erceatagc i-hanscs bas-.d oa Tuesday. 
inlHXh. 


JuOt; 


. + LA? 
+ 8.61 
+ 0-JJ 
. - 0.06 

- 0.74 

- 081 

- 0.90 

- 0 91 

- tJti 

- 1.36 
, - 1.68 

- 2j4J 

- 2-63 

- 3JJ6 
. - 1.44 

- 4jH 

- 5.86 

- 688 

- 7415 

- US 
-11.72 
—15-33 

5. js»rs. 


LONDON TRADED OPTIONS 


•I ill v 


lli.ii 'tier 


Jaaiwrx 


Ojil imi 

|iru.H- 

nFTor , 

v..i. 


I'bi-ina- 

i.ffer . 

V.’l 

. Ch+'Ot; 
"ffiT 

Vn|. 


£gubf 

irluw 

lif 

730 

135 




147 



167 ! 

— 


87Zp 

Ul* 

800 

84 • 

— 


107 : 

— 


131 , 

- - 


.. 

111* 

8&0 

42 

— 


67 . 

— 


95 i 

2 


.. 

Vl‘ 

900 

15i 2 : 

— 


40 

— 


66 

— 



turn. I'ni-m 

140 

13»- 



20 , 

— 


23 

— 


I49|i 

lirtn. I nnui 

160 

3 • 

12 


9 

— 


131- • 

— 


«. 

lr.n«. Ini'.* 

160 

19 

2 


27 

• - 


32 • 

— 


177|. 

Civil', liiilil 

180 

71? . 

— 


16 

51 


21 

5 



».*<«frl|i'iMj 

too . 

24 Ij ' 

... 


27 

- • 


291- ' 

— 


1 23;. 

Ltuin.i'ildk 

no > 

17 : 

— 


20 • 

— 


2H- • 

— 


.. 

itvirlnuuU 

120 

9 

7 


14 

- . 


161- ' 

— 


.. 

I uiinci'Ids 

130 

5 , 

— 


9i- ; 

• - 


15 . 

— 



liht 

220 

49 • 

-- 


52 , 

- - 


58 ! 

— 


26 Ip 

•il-.C 

£40 

291- 

— 


35 li • 

— 


44 

— 


.. 

i.h: 

2c0 

13 

3 


23 - 

— 


31 : 

- - 



cti; 

20C • 

4M 

— 


14 1 



21 

— 



linllil Mm. 1 

luO . 

18 



21 . 

— 


231* ' 

— 


115p 

llrnii*! Mil. 

HO 

91- . 

- . 


13 

-- 


161- 

— 



••■qml Mel. 

U1J 

5 

2 


9i = ; 

— 


121- 

— 


.. 

1UI 

330 

66 . 

2 


72 

— 


75 1 

5 


39 lp 

111 

36U ; 

36 

10 


42 

— 


53 , 

5 


.. 

HI 

390 

13b 

16 


231; • 

-- 


33i 2 , 

2 


- 

Idd-I 

130 

32 

X* 


35 

5 


38 

— 


2 1 Op 

Uunl .Snat. 

£00 • 

IHi . 

28 


191- 

4 


261 2 

4 


.0 

I^ll-l M.-— . . 

220 • 

3 

10 


in- ; 

— 


16 • 

— 



links .1 Mji.' 

120 

88 



301; 

, — 


32 < 

— 


145p 

M,rks .1 .T(v 

140 . 

io'; ; 

— 


16>: , 

2 


19 • 

— 



Murks X ^(i. 

160 • 

2t 2 • 

— - 


0 In i 

— 


10 . 

— 



Sli-ll ; 

500 

72 [ 

— 


95 ‘ : 

— 


102 ' 

— 


560p 

Hlu-ll 

55 j : 

26 

— . 


54 ! 




65 ' 

5 



Sin’ll 

600 

9 

13 


24 

1 


58 

— 


„ 

l.uol. 



119 


1 

63 



23 




RECENT SSSUES 


EQUDT9ES 


Kni-t- ~~~ — j ^ ' 
i< : • ■ ~ 

137c 

■I 

i 

• a* v 

i|+ nr i 
1 | 

5 2 i r 

lied. 

1 

j llll 







1 i 

(4.5 / 3.1' 

100 1 K.l'. , S.T I 

ho i 

[ 1« 

,'UunitJH'nii 

...:i49 

i i.b 4. 4.0| 


FIXED INTEREST STOCKS 


ims I 


-Si S3 


I 35 o 1+ «< 
;«■=(- 


<i. | — = ■ H i-Jfl I Lnw 


lUo ' 6. I*. 

1 J.J,. Y.V. 

K98 mo 

Ijjfl r.l*. 
T1C87.65 L10 
d&e .£50 

■ * ; k.p. 

lJUp' — 

• * i k.p. 

■ • . F.P. 
£100 ; K.P. 
t'905, |Elu 

F.P. 


i:‘ * • 
22,9 I 


H.«* 
10Ig 
I'-WtuI 
10 Mi 

S'JI|( 
IC-J 

t . ip 

108 

7.7 1 J‘j2 
26 "b ; 101 
1<9 W 

: 16<6.li*tle|i 


28/7 

io.B 

lliS 

23/6 




> J «i I \ iiurr. Kx|uew J nl Km. VarnlHe 

161t|i VnniMcr iO.i lOlsi, -n.l i.'nni. 1‘rel 

it it I bar net &i% ltol. 1987 

I00p lut.ll..", lil-.m. *. t'ln. kv-i. Xtht Prei.... 

luUHw-e-v Water i% lied. I’nri. 1965 

46*s I* »!*+■*> •»► l> ila.ui. l-'O. j>i> 11. "g 11*1. Id»~ 

M .Ulwrty J. Cu. IVf 

I. It ■I'liuir ■ (tl'iin. ru.. 

104 Il'ie-fflu- 106 i Cum l‘n?l 

8S* IV»K-k (H. JL J.} 1P» yri 

96 leiJiit lai t’uv. 1. ns. Lii.ISm 

7Se Tvuo i tt«nr lfc.t. 19S6 

10O.J\V«.lc Pnneni- 10^, Keel 


•i s S 944 * 

■ »Q7*1^ 

.■ 9i 2 '+ >< 

■i 102 m 

■I lOi? 

. 46S,! + i« 

- 1 99'si 

.97i«p' 

. 105 

100 

.] 96 I 

.r 8 l+lt 
.1100 1 


** RIGHTS ,f OFFERS 


Iwj j J 


1 w- 


I 

I LHi^r 

j <5 • | Hf“f« ' i/irt > 


. Nil 
3o I K.p. 
C>24. .\i- 
20p • '-it 
70(i j \il 


13 6 
26:3 


i:s.ua 

so 

Vi 

145 

a<4a 


9'6 

16:6 




152 

5»P 


; .'it 

1 r.i*. 

.\tt 

K.P. 

‘ r.P. 

!EF;i 


22/6 
;o.;' 
i6, -e: 
31/3 
l3l3. 
16,'rji 

S'6 


7r7iVX|ioti 

23.o! 

— lolpin, 
7:7- 35|nui 
21l7| 34[.n.‘ 
_ J 2D|im! 


I 1‘Iibiiis ! f nr 

i Cl- 


ient 13 pm. 
.0,6: 


I'li | 

21/71 14pni| 
Jt */&, ; 

9/b| & | 
life, l- 
17-7: 25 *a' 


l3;titirKreitt L Ih-iiiIi-«K 

4 ./ | till -»M WU'ITI l.‘ 

l.'aiiMi/iltii linpnrnii link 
SOliinlt'i'iitrHi Uiuium.-lnrinir. 

■J3( mi I liilnw mi Park IikI-. 

17(lllpKlHllil>mtlil tjul.J illlllt! 

il)|,lil|fliM«ir 

90 '/i..r-,-.n Mi ■ Hit I 

Ul’tii.H'iw.la-n i.VlL-sainieri.... 
accits-l(i..nnin.T; .>1 1 kmtinii _ 
4iJ,isil|il«. 


Ik.' 'rumn a N.'whIi 

23io,M'-ii a - 


| 166cm- ... . 
; 69 l .. . 

. 46|>ni'-r? 

I 32|mi' — lj 
126 ij i-iu: — I; 

• 17pnt— 2 

^ 1 3 ('iii' 

95 i—l 
10|.DI-1 
1 414 ‘+4 
56 t + 2 

175 ! 

24 I- »j 


Kenuiii/tariim .tai^ usually last das- lor ifcalittK tree m stamp duty, r* Kwurea 
DdS* , r u-' prosPiTius estimate, o 4wiuu.il dividend and yield, u Ktmcafl dividend- 
Ltm-i tweed nn previous years earnings r Dividend and yield based on one pectus 
nr it'Dei -iffl/ul :»fiIH 4 i(S Mr HHV u Uruvs i rii;urea assumed jCutw , i f i». 
tar ctmvvrtion oi <nareo noi now r/uikm^ rnr dividend ar ranking Only (or result led 
•IivNC«.I* i Hi-ji.iiij uTHr io oiitilic V- Pvnue unlesa ulherwtse- inaieaied. l Issued 
i’y lemk-r. ll Oiler si to ffolders ol Ordinary shares as a “ lUtiKS. 1 * " Issuisj 
hjr nn nr capu.ihs.innn »+ Min/mum I«iHcr ones. 8S Ko/nrroflnced. 88 (wacit 
iii cowwcmn unn reontanisailon murscr or rahe-dver |H 1 immd'jcunn. leaned 
tn lurnn-r Prei+renm hoin-rs 9 Alio' mem lotion (or ruIb'-Doid). • Pro visional 
or Daftly- paid uliouncnt letters. * W*iib warrants. 


FT-ACTU ARIES SHARE INDICES 




.'•V3: -i 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 1 -* ; 

and the Faculty Of Actuaries .. : 



EQUITY GROUPS 

Wed., June 7, 1978 

Toe*.. 

June 

6 

Mon- 

June 

B • 

Fxi. 

June 

n 

■niers. 

June. 

- L 

GROliPS & SUB-SECTIONS 

FiRurcr. in pprentheses show number of 
stockt per section 

Index 
Ao. • 

Day's 

CtuuiRe- 

% 

Xst- 

Eamuvi 

Yldd% 

(Max.) 

Corp. 

TmSN 

Gross 
. Div. 
YieJd% 
f ACT 
at 34%) 

?Vl£ 

Ratio 

(KeU 

Corp. 

TjsW 

Index 

No. 

Index 
No. . 

Index 
No. : 

Index 
- No. 



214.94 

WfTZ 

17.49- 

538 

«n 

1^1 

21403- 

214.16 

IBS 

o 


190.72 

BTrl 

18.02 

5.69 

793- 

19034 


19015. 

E3JI 



35X55 

+0.1 

1936 

388 

7.42 

35109 

34625 

344.81 

34632 


45X07 

-03 

15.16 

3.93 

934 

45339. 

45062 

45055 

a-.+ Ril 



317.87 

-0.4 

1836 

M2 

6.07 

8.55 

434 

vn 

31934 

318.10 

31938 



Mmsm 

174.94 

164.05 

19737 

-0.1 

_+ox 

+02 

1832 

1738 

16.41 

7.44 

7.85 

S3 2 

275.22 

16381 

19689 

27438 

16333 

29568 

274.45 

16425 

29569 

27568 

165.05 

1972& 


23X49 

177.78 

+0.4 

15,12 

16X9 

- 3.73 
636 

932 

8/49 

23060 

229X1 


23139: 

13 

14 


+0 4 

fwl 

177.75 

i 337.48 

177,47 


12532 

mm 

19.73 

6X4 

5.78 

7.15 

8.57 

12531 

124.86 

gf* ■r* j| 

125.45- 


20239 


15,83 

20286 


mm 

gg 

•1 


233.08 


14.64 

5.81 

9.83 

m 



i-i/jfii 



258.76 

Bt i 

15 63 

5.57 

9.70 

258.% 

259.96 

25932 

262X1 

I 


26X88 

196.48 

—02 

+0.2 

13.44 

1923 

652 

5.65 

10.74 

6.67 

262.46' 

196.11 

26X05 

195.11 

26X27 
19481 . 


26 

32 

33 


20X07 

+0.5 

14.53 

4.99 

957 

T-TJl 

199J2 

20080 

,iM 


37523 

133X4 

-0.4 

+12 

1034 

19.97 

3.33 

7.94. 

3339 

6.61 

37669 

13X52 

370X0 

13026 

367.73 

13072 

tfrl 


180X2 

-03 

11.70 

432 

1234 

18037 

17965 

fnri 


35 

36 

37 


18X69 

17.09 

7.62 

7.70 


ITT71 

18187 



25X39 

-03 

2X99 

7.45 

5.41 

2S3.46 

25544 

257.79 



10738 

+02 

19.71 

5.81 

664 


•m 

108.02 

rrij 


198.85 

-0.4 

16.29 

5.74 

8.07 

19964 

298.65 

19927 

20029 

n 


284.69 

-03 

1731 

6.13 

7.75 

28599 

283.72 

285.07 

285.97 

43 


258.65 

13X81 

-03 

-0.9 

1X45 

17.64 

3.96 

4.78 

10.91 

6.71 

25938 

137X1 

258.94 

134.66 

26016 

134.98 

26X42 

13710 

45 

46 


43X75 

-2.4 

1938 

7.29 

626 


439.08 

mm 


Mlscel!aneousi55»__ 

20425 

+02 

17.18 

635 

7.91 

m 

PWI 

Eg! 

49 

MKi J: 

73X26 

-02 

16.42 

535 

EE3 



LTVIl 


51 

Oils i5> — 1 

E53 

B9 


KD 

KO 


£7^71 

t;:'j 

C33I 

59 

mmmmm 

EE3 

E3 

ESI 

El 

■ If 




E33I 

61 


16436 

-03 

_ 

5.69 



164.79 


164X6 

"16532 

62 


190.62 


24.83 

566 

610 

18929 

.18836 

All 

19166 

63 


19832 



858' 


.19835 

1%30' 

19838 

198.97 

61 


14134 

+03 

13.64 

5J0 

6.62 

1069 

14060 

13789 

240.6 0 

14336 

146.48- 

65 


137.44 


137X8 

12420 

137.68 

138.82 





621 


126.08 

33834 

124.40 

125.98 

67 



P^Tn 

14.18 

4.77 


-329.92 

.32961 

017A 

I'lJl 

68 



-0.7 

6.01 

8163 

-0163 

8133 

69 



— X2 

2.93 

3X4 

6532 

238.15 

236.93 

236.63 

235.97: 

70 



+0.4 

2420 

7.44 

5.72 

men'- 

•TTtf 

107.86 

M73S 

71 

81 



+03 

+1.8 

323 

1639 

4-73 

6.81 

3095 

7.44 

20929 

10036 

IM 

■TvvTS 

20363: 

xoosr. 

91 


f'ttr'Ii 

+03 

FIT 

638 

, 7A8 

312.91 

31079. 

313.99 

316:84- 

99 ' 

iv ) J*! > <TrrTVPSBHHH 

E33E3I 

ES9 


5-47 

:• 

O jl +/0 





hrf- 


FIXED INTEREST PRICE INDICES 

FIXED INTEREST - 
.YIELDS “ 

.Br. Govt Ar. Gross Red. 



1 










9.05 

Jffl’ 

British Government 

Wed. 

June 

7 

ThV* 

ebunge 

xd nrij 
Today 

xd ndj. 

1STO 
to date 

2 

3 


iix9” 

1X83 

^1X2B J 
1X93 - 


_ 






4 


1134 

1160 


1 

Under -I years — 

204.28 

113.82 

+022 

015 

4.10 

3.76 

5 

6 

Coupons XI i-ears.. 

' 25 years.,. . 

1239 

1256 

1249 

1265 

■1. 





7 

High S yeans..;......... 

1X81 . 

' 11.88 

.B». 

aim: 

4 

Irredeemables - 

122.81 

+0.75 


630 

8 

9 

Cosrpoos J5 years........... 

-1287- 

1322 

• 1298 ■ 
-1139 

.7 

All stocks— 

11X67 

+0.47 ; 

.025 


1 


1X53 _ 

T :J2(ft-] 





Wod. Jane 7 . 

Index 1 Yield 

: Sc. 1 % 

Tue*. 

June 

B 

Ahindny 
June . 
6 

Friday 
- June 

1 2 

TliuM.- 
lune - 
l. 

1 Wed'./] 

. 30 ’ 

J'rirta.t 

at*y.- 
• -86 

r .w 

16 

16 

17 

20-yr. Red. Deb & Loans (Iff) 
Investment Trust Prefs. (15). 
Conti, and IndL Prefs. (2oj| 

' 57.11 
52.23" 
7137 ! 

113.00 

1335 

1294 

67.14 

32.23 

71-49 

67.221 57127 J 
62.23 1 52.91. 
71.33 j 71. 52'! 

[ 87.34 

1 53.91 ■ 
J • 71.66 ' 

57.34 

ezjix 

; 7x.ra] 

B7JSS: 

51.7 P 
:7X79_j 

.«PK8»v 

5X70 

J7L95.] 

-■ 79 a ■;> 

I_j . •/; ,♦> *•' 


t Redemption yield. Highs and lows record, 'base On and values and eomattBcm chxpgQs arc 
Issues- A new list of the constituents Is craiMWe from the Publishers, the Financial Times,- Br uifca a -IBBft f 

London, ECOP 4BY, price 13p, by post 22p. : „• - : 











































































ifl978 




OPERTY, AUTHORISED UNIT TRUSTS 


■Col • LuL 


*.{j If' «£S&1S||§ 

&£fBSSg£ 


«” Pcnsio « Lid. 

.", J — 1 - R,^|Lt~7 , i„, , WX31S71 *H. < .recce nur.-b St , RCAI' 31 III f>| -GZ 


Pj - : '.wi 

M.Ji.lZTS 


- - - Purttolio Fund 3 »V l { „ ' -nscwnurrli >t . EC,TI' 31 111 r>l -OZI *2ou 

PortloltotSSilTjttr ■ * "’J ZT |14*4 156 1} | ... 

- - : -Tv*; - . • " ^ JTiccj: juiw :. Next deoiinc JiU> 3 

- Ule Aw. Sm. LUL - - sw KmIsiuI x« r-„ 


Abbe> Ink Tst.. Hen. I .til. <ai 

■sW.liatih>w%f Ibl AtlfJ'iir. ujuiVal! 
MiI.cm >|H1»: ...113 7 34SI.0 1I a Da 

V»*U* liniinn IWZ « 7l $68 

W in to«. T*t Fit . Ill £ 37 I! . J| 4 16 

offl r*i . (<ts 5 ■»» «i -0 11 3 « 

Allied Itamhro GrouyV iaHj;i 

iliMiii|itilv> liuiinn liiuiiiv.iiiii, r'.ci" 


Uartmore Fund Manner-, y tang 

2.MWIP A*. K-OW r Jl: 

• : A:iu 1 •■ an 7 I US A 13 i.*| .£, t B 15 

Prut* hT** V- 1 [55 8. 55* —In j J7 


,a "*' Prrprtuat I'nlt Truki Mnxml y 111 

I -i.' i'.T. «ll:.r!.i ll.-ri. .,.,. i«a:20Wj 

S* !• •:•? 39 S 52 7 J 52 r 


OFFSHORE AND 
OVERSEAS FUND! 


N>w Zealand Ins. Co, iV.K.) Lid.y wawaBi ur kmiiimj ^'.'iuh 


-»• a Friar* O! Wdn Fla van** toe- itrev, Z ms. 10, tu.K.) LW.y - « ‘ 

“ K.L rah 3 * JfMlfiidltoiiK.Sowhwtt.SSiaj!* 1/7 IttaSflS “■'■nrnl FumJ* 

#;• +■ — - *~ * -» «“--i Riurt Kcndbv. Plan.lU7.1 “ Al> — 1 


Mr'-. iaa ■;.., __ 

SO.,-’ 184.4 

B&fiB-ir.c' 

17 /339 j _ 


G-L InU. Fund {frit -afl - Twhnj>Ui« Ed 

Gi_ Ppty. Fund—. XDX2J Z 1 -J . - - 

CrowOi & Sec. life ah. Sac. liiLy 


itn.« +*ut _ 
JUft+U ■■-- 
ii»ft -u - 

1274 ,4.9 .. 

mxa _ 




.S J ._ 


0 T“ >< iS^SSSL: 

" J. “ ■ ‘ *ii3 \ - Nomich Union Insurance Group 

yTraadny. & ft S. Super FdZf* £71S4 | ..’J Z NRl 8.SC. OfiOSS 

Ud. '.. Goardlpa Royal- Exchange . BftuK^und^ ~Z. 15.5 35a* -8J - 

Bl-437 saez (IB37I07 .... 1273 1340 . 

^ ■ . Hlnlllo Life Aanmiii* y Nor. Cmi Muj' I3 2066 ..J. - 

~ »mmi Phoenix Assurance Co. Ud. 

Z E^ 0 KJo SS-'l - <-A Klns^miwnst .EOtl-ajiH. 

.. . - . J*0P«Ry . z:_ _ ..7»u S53" J Z |l3lO_^324aj - 


UTdrib- Tuesday. U. ft S. Super pd £7594 

Co. Ud. GoftrdiaB Itoytl- Exchan rc 


xm a 



&: ;gSi 

W --1WS 

15- . -mu 


■J ijtesmyice-.Ud.v 


222/ .. riUMfEv " 7 , 

SSa ■ • - : SSScaprir:: 

■ - — gMMtKtAec 

.1285 „.... __ . GUIEd^ed,. 


<\ KtngwmtwaSt .B0lf4lin. 

WealibAM. . _ J1310 310 


~~ »e«JUiA»». . _ .J1310 lltol »!.?} - 
Z B|'r «,.A4S. - ..I 777 I . - 

— EbYPhRqf: P31 71 sj . — 


_ Allied W [65 4 

*04 _ Hl'i. Imli Kurn I . 624 

_ liAD Llm- 16 0 

1 rHJQ _ Klni f. lad f'ri 33 2 

! t j 7 _ SUlod' hiulal 71 V 

1 »a| __ llambtvl-und . 1H2 

' — U«ml»ro Acc. Id . 1188 

• •. — Incmw* Hind* 

n m ..r. High Vic U1 V.l |M7 

l»roup I lixli liiriimo - Mb 

0603 22300 A fl h[ lm j 58 9 

+Q.4 -- Inirnuiaftd AnKU 

-Qj - tmrrnaiional 126 1 

• ■ — fi«*» ufAiwnia (444 

tO.4 — Pm- ill. t'and . . (40.6 

1 ~ >perlmll>l Kniuta 

~ SmalWfi. iTd J3S 4 

, Sndsmlr t'n-iF'd [43 5 

n> —a/~. Hl’toirn Sjl* »4 9 
0 -C8iR70 Mm Min HiMlv 1406 


i , i.-»j«'i:i Var -157 S 169 3-si T. 2 75 
r.i:i:*»i Tn«t ;»» jsS.o: o« 

tl.kl* Inrnni. ft: - ;S8 7 eSU-C'.i 8 45 

It.i iin.i- : urj . .. .71 8 77 2 .6 14 

I-.' ^fti.1- • KQJ 14S8:-P'V J2S 
:m! t \pia|d r.l . 87 0 <M4| *59 

.- lull M ■ • |33 0 35 51 I 1 52 

Gibbs lAntonyi L'nll Tsl. Mrs. Ltd. 

Ul I'lnnlii.i-: »l .l>. - 2M7Ni» .j; -fisjui 


7001 -8 V 5 43 il I'liinliHl.m.O.'aM .M. -j! 

668(9, '0 1 5 60 MJ lnr..»i.- .,412 44 2; ; 

38 5 iJl 54$ j. \.i i.ifmil.tt 'Ml 41 0^ . 

34 5 499 ik .\ »! 1-r Ku«:* 1*24 I4(ji j 

765 -Q? <41 lu-jiiPi "ruor. 

* 127 2 *02 4$5 Goielt lJohn)¥ 

77. t-.iuw.n'Aall. Lj.' 2 dt jfs 

7C 61 *0 11 7M s h'.lr Jurt>-2 1134 7 142 3:*.' . . I 

mLq i” iKi.Wumlnlt 1162 0 170 81 

416! [ 697 ,W(WIiii|*iJ:.w: 6 

GrievMou Managemmi Co. Lid, 
'<‘•.rr.hi.ms, laws ns ,>1.0), 

5" Tact .U.l 1 9? || A «,n^lnn i.inuT rM4L ?ll*_r*| 


CM Practical Invest- Co. Ud.V tyMn Nrt lalw - 

*4 K:noB-.»o^P ^ H.'i 4 2H i ^'i«S>. ,l ^ ank <*C America International S-L 


NtuMr Jurti-2 |134 7 242 3:** 

Iki .Wunt I nil 1162 0 170 81 


i'ra.'tnutl Jure 7. . 11495 1588 • >6 4 17 lil BouJrtard U.4(tab.. J r k . .J.p 

Accjrl L ail* -.21X4 224 5. .J? - 4 '.JlAldinvrii Jaronvr »VnU»74 Iti ty J fc. 

x>— r.. i_*i.i 1 1#„ •_.. 4... 1 •* I JYirrfc al Jum* 1 Nni >ur. 9u June "■ 


I rHrru-is [57 4 

JJapL Smlr (.V# *1216 2 


Uarnniilrm laneT .,204$ 
• V.TuM 1 nils- - 12*1 6 
Hint: III (Mure J ;l?6l 


547»t, -0 7| 
47 4j *0 l\ 


<6 5] *D 1 5 12 kn<l..a. Jur.vB |K « 

90«rf*0? 5 94 1W8 5 

45R*0 2 577 **rnrh«lr Juru-2. |95 J 

61 Bid -0 I • 4 K ■ vum l tut* ; lJJ* 
327 61 *0 ) 527 in Atirdi I11M ■ - 1™ ® 

• Scmni Lnn» |77 4 


| 502 Provincial Life Inv. C«. Ud.y I frugal June 1 :.e«,ur. June • 
• !M fl;=4;e .jBnk. of Lndn. A h. America Ltd. 

. 1-rofdM- 1 ‘r.iu Hi 90 4 -3 2' 506 4Ms.Quwr 5 inoria m. E 1.4 UI R» = 

L UigR linonH- -.110 6 11*5(8*:!: 7 « Ueaandar Fun! IJl 'hi! ~ | .....1 - 
U844X1 j. * :«« uuet lolur June > 


*13 « Prudl. Portfolio .Hngn. lad y laubacn ' ,rt ' 

■uLlS:! 4” !WhomPorvi:.-lN2Mi ^ CBCli .jBaiique Bnixcllcs 


Klein wort Bcunn Limited 
mal S~V a, reiu-lmr.il Sl 1 l 3 Oi-aSfRWO 

>j.D Kuntsvefi. 1 aiv. r 1.056 1 *3] 531 

| 651 liDernaeyliu- . -- 63 3 67 3) . . 4 17 

June 7. On. Ai-cuiD. .. - 78 2 S3 a [417 

KB Far Kan Pd . . SI SI 5 62 ; . J 132 

* IAO. KBlWl. Fund . . SI S1U2 ! . J 203 

U! B303313 KH Jauan Fund Si. S3! 24 1 1 CM 

J _ KBl'SUlhKil. SI SIX 96 *05lJ 075 

■-"* SiKQel KcrtnuOa . . Sl’S50J -CEi 159 

•I’ni'onds <D\ti ISIS »33 | -Slot 881 

*KB act 11 Ijuidun pa;, me <wi>. 


g . .. 'Banque Bruxelles Lambert *kr act as i/naun pa:- me acei 

448 — Ku* l»e la Ihreenra K :uei Bruiiel* „ 

FimJ 1-K -(IMS 1903,- ...J 717 l.lOydS Bit. lC.1.1 l /T MpX. 


7401 -C* 
76 71 - 1 01 


ISiugjsasK: 

Ssi-K 

[R, lutm 



£ jU W Lti fe ^TOiynce : 

*^> n _ lin fiiTji'iiif u ni iij wr~ : \ r 

87 

104 


Reifat* -MIDI. 


■fisstessiz' 


S5-5*PAcr.'«i.i 
£c= Uaa.Cap . 
Pen. Man. Ace . ... 
PdO-tilltEdp f*m ! 
SOkOIREdc. Arc ! 
Pen. RS Cap _ . 
PtB. B S. Acc._ 
Ra.RAF.Cn _ 1 
PeaJl_VF. Acc 


15*3} __ - 

2513 .... - 
an . .. — 

274i - 

716.C ... .. — 

2774 - 

1243 - 

133 .1 . . . • ^ 


“ P™p- Equity A Life As*. Ofcf 

— 11*. tY6uitord Street Will 2AR 1)14880857 

— R StlkProuRd ...j 1718 I . 1 - 

_ f*5 BqaiO-Sd . .1 730 J - 1 

— FtexMoneyHd ...1 1475 1-OSl — I 

Z Property Growth Assur. Co. Ud.y 

— Leon ifocae Croydon. i'RS Hi' m oau wua 


7 85 Pru.ieDiu! . .1250 1325. . 4 41 - Kue De la u*<enre k :uxi nivoel* 

II £5t,2=ssf ^ 

5^ D-^drar.,1^ Id 10T0 1104, .. , « M |1 « iMnnsCtasU lleiHr.Jiq US3< 73741 

5» uwk. uu 1»! .' ("H’SK&BS' §2.,4i‘i?- 

396 Reliance l nit Mgrs. Ud.y -i oibondTrun — isvsmr asm .1 ito 


r. , Ltd 70 Bos 16-.. Sr Hrlier lewi CS34 27MK- 
.M4-73741 UoydaTs n.v-ai.1555 5aq ..J 120 
LIi vT, ^e’»t dealiBK dare June 15 


Adders On Colt Tmsi Managers Ud. Giurdiao Jloyal Ex. Lnlt HTgn. Lid. . u ^j;»f>.eJDe 7_otr.j<e »r.;. k: .'Kxnzri -subx« :»in an*t wiinh„i til „j u*» 7 Rue 
lttOncfcunhSi KC3Mfl.L\ (Dujji R,..ai i:^dai»Rf KC3FM»\ u! sjsbui < 'pponumiy Fd .. . ;*6i Tar, ! s 82 Barclays Unicorn In 1. 1 1. o. Man* Lid. wg* 

AiUlenon l'*r (48 8 514; .. | 4 40 .u S ..i u- r.l„.H If |89» U0|*-]7 Hi SetiSrcr T !«1 Sl'cl 1 [« lTtnau.aSt.U1wsU4.UK. 0«M»« 

Ansbacher I’nlt Mgmt. Co. Ud. Hcndersoa Admlnistrati any taKcKgi Rjdgrnrld Managemeol Ud j»4 349S .“ I i-7o J* * 

I Noble 6|„ KC2V 71 A ul S33RJ70 l' ,,, ">nr t Tldniin . .■ lu. le.gi- tiuad Hi.te-> »,» huu i>„. j s , TV< fJrff. Pacific .[615 66J rOW — Tnrre 

IdV Monthlj Fund |1650 !750| * C "* L ^ Si 228 " * ' M ^ S5 SI * 1 J* 


jstsS i*7 Lloyds lmernaiional M grant. S.A. 

ami wilhhuldmf laeca 7 Ruedu Hhiiw I’i'i Rui 118, 12'. i GnoulU 
mlnLfl II lfanl Lid !Jo»U«In, Ilrowth t* L tRJ4 «J«| ..I 160 
1 ■'“zI.ZZ. Wtt.50 jilTOSJ JWsq,..J 640 


:.r W 474 


Property PUnd 
Property rood 1 a» 
Acnrulisn! Fund 


_ Asric. Fundi A, . 
“ AfiSpyhial VuM 


Ansbacher I'ftlt Mg ml. Co. Ud. 

1 .Noble 6t_ (-'J.31 71 A Ul S23 fTJTO 

lnv Moothh Fund |16$0 175 01 | <90 

Arbutbnol Securities Ud. <8X0 

Ml. Queen M . London £('*!< HIV 0, XK S-jni 

Extra inrcme Fd IHM 9 II 9i* -0 11 11 n 


Hr.'mwnod. 

< K. ruada 

> cp iirouTfcrnc- «; 
Cap lirowfB Acr . [4* < 


87.71 _ . .1 _ 
104 J j ■ ^ 

123.9( -eir 
U4.fl -23J — 

B*rctayft“Lif« Asaur. Co. Ltd. 


”"r=- r:-"i - iSSSSLK.: 

Heartg of o*k Benefit Society bneattwntruod.. | 
oi.^tr oiowmm &JS^d ±tA,A 


i 31ana£od 

iflkn.'Ktue.AccgiOi. 

> Do. initial 

.• Ginr^ 

. Em 

FOULAcc. 


129.0f ... - 

322j *0 4 L_ 
U«6 +0J - 
108.1 ._. — 
U4J ,04 _ 


«»♦ 383J - I -. 

HUI Samuel Ufe A*tnr. LULV ‘ 

N J-* ,Twr - ■V Mta c ow b e Rft, Croy. 0>*8Q643S5 Actuarial hiud ■ - 
— “ **-.* — - -16861'.- I — <>lM-«iltrl Kuinl . 

fy? [ - uur-£d£edra<v 

' U4ai .. .-. I — *Rotlre Annuity 
nan . Otauned.Annty- 


■ ♦Prouero UnltB 

4 mpera^erieeA. 

UUKtmUnui . 
01-SM03M Menaced Serin A 

■ J — Managed seem C. 
+Og — . MMWyUmta 


^tureoi untt vtiM Jue a Pfcxu. Prop. Cap 

ij! 2 I -Beehive- Lire Asaur Co. Ud.1 ‘ : . V T- 

*2? ; 11.LambaraSt.EC3. ; 01-833 1388 "f 

biJ BJk Horse Jnnel. 22U* I . ...J l. mP*wa ^H<Uiae. 

VVi • . 1 - f-nowtb Pd June 

i,® ■ Canada Life Assurance Co. PwFd.junea 

* M Jliah St, Ruai JIe. Herla. P.Bar 31138 Man*MdPimd 1 

•lii , Emj'GthEdjoaea.i M3 1. ^1 - “ 

•J«K‘ . BenatPed. June 8.1 • 4 IW3 J ... -J — Securt- Uap Fd“ 

- — ' caaiiba Assurance LitLy rSh 

LWymineWjL.9f«aib lejfHJUW^. 01-9028878 “ w ™ 

EquliyUnUs. ^-,,.{07.83 _. _ H.tmtbursSou 

: ProperwOnlis,- „ C10.01 — +O0S - BjuaCbpJUnc i 

BilitltZ&>nd/EXiX.. £11,42 IZflS *005 — . i^und. 

Pro^TtondJSxcc 0319 13.96 *B« - : *£?? 

, . B4J. EUUExec/Urvlt. E3Z.99 1373 *405 — Prop Mod. Cm. .' 

I A, K DepoarBond 1107. 112J *o.i _ Kin* & 

»<!! ssffiSszBi 1- z *0 » z ; £ SJfls 

Olbf v .JUunt-ACAun: 1579' — *t _ Bond Fd- Rump 

and SadElIldWi^ «*1 ' 983 -tQ-i — Neat d 

S(ir 2nd Property X0J?. 109 7 *05 — Hart S<c. 8d. 

>■ Stt'kftfgaSSST-^- 965 "igf -z L«*b«n Uf 

Jchcnhaa $odCllrZL_ “ 87 9 910 -0 * — Langtaam Ht Ho: 

r| v p- 2ndEq. Pena./Acr 999 1804 -io.3 — tanaham'A'Piai 

'?• m, -odFrpiVaWAcc... X063- .,1113 +a9 - VPrt»p.Bocd„ 

1, 2dd-Mad.-RenaAcc 98.7 104.1 *0.5 -• Wiap iSP, Man 1 

W *932 ipl Z * G * d ’ 

^jJ^t-WkWLFXZZiSs- SI '.'.'..J Z-.BbtoKW«^S 
““WUURf , ; - Currenfiaiijo. Juae B _ CaoblnlUa 

[Crpilrl Life AtsUranceV ■ V EvOoJMOai 

— c«aistonBouae.ChapelAaliW\aa 080C3891I SLSfSS}., ' 

a ••• « '.fcj Z BSsT 

! R 19/i auuterfaoiiM Majpta ejxy . . , ./ frj££?n^ 

;i&t3irqitt»Sa.U<briileeUB8INE SBlfil Do Aecum. .... 


IJOOWMiMjA 

- PixMlst. Sor A... 

Pna Maaaped Cup. 

Pm. Sfenuced Act. 

PuUlMdCrp 

PMGXecd. Acc._ 

Pena. Equity Cap 

PaaPuUIntAcc 
Pane. Prop. Cap 
_ P*n», Prop. act. 

imperial Life Ass. Co. of Canada 

. Imperial Houae, Quddlard. . T] 


FNaGmxili Fmlou tt Annul lie* Ud. 
All Wthae Ac. UtalUaQ US 61 I - 


“3 . = 


All WHJier AC. I'u 1289 
6 All Wenbercap 122 0 
Vlnv Fd t.ta. 77. 
PeiMUonl'd l<is 
Com Pen* K(t 
Cm. Pna Can L’t 
M*n- INria W . 

Man. Pent cap. Ut 
Prop. Perj. Fd - . 

PropJVua Cap Us 

Bdpg Snc Pen U 

Bida-Sor r»p i t. j 


9 US! 
O 128' 
157 0 
1297 
1463 
1322 
1419 

1328 
1458 

1329 
1308 
1201 


iUeh lm-. Fund SI 3 44 5 *01 409 

ei A lc-ubi I nns- 55 7 49 4 ’ 01 909 

W dn*l l-l» 1 55 7 59.9 *0 J 9 00 

l-rcfercnrr > untL 25 « 27 4 12 12 

l Accum UnlM' 37 7 40 6 12 U 

I'apitaiFunii .190 MS ... 

Citaiinadilv Fund 56 4 fcO 4 a 5 62 

(Aeciuu inilii 111 87 Sir 562 

iUP.V."dn*l I' . . 49 5 55 Id 5 62 

Flu Alton Fd 17 4 Is* 1M 

ll, am* Fund 404 43 5 *42 2 79 

1 Arruni ( nits- 46 6 502*02 274 

i.towth Fund . 53 5 359 2 <7 

i.Acetim l nils. 39 7 423 -0 1 2 97 

Smaller Cn-Kd 27 S 29 6d 4 39 

KaatrmLliilt 6.1 24 0 25 9 . 151 

ie*.Wdr*l ir*, IBB >0 3 . 151 

hnreia-nFd . 8*1 ■ 91 10 110 

V Anter A Int Fd J32 S 35 M * 0 5) 1 00 

Archway foil Tsl. Mgs. Lld-V laiicj 
317 Hlgbllul'-nrn. il'-|\ TTil. Ul fCJl tt=:j 
•Mi hwH' fun>l [126 8794 (588 

lh-n.-t.-i -r luiic 1 Next mt< da; Junr 8 

Barclays Unicorn Ltd. languid 

i n, coni lid 238 llinrili-ril R-i K7 01 534 5544 


“(SW?. 1 XUets !«• 

High lorome Fund* 

J?3*2} |2J High Jncnoii- 59 J 

523 fl} SS2 I'ao.4 Fxiralw .- 155 9 

55-3 r0J ,592 *-««■ Fuad. 


*s*- r. •• »m Ridju-fieM I ai l‘T [96 2 1C3 AC . 1 3?2 u, Min* Matoal... 1261 

Sj-Oi! ill B-CCCf.c.dlncmr',10 99*r • 

H5i l 6 21 Rothschild A**« Maaagemeoi ig) | F -,> bok 42 Liol*!**. r o s: 

hi 9., .nil a ex T2-80.G*teh«ivM VlMhun ^TJSn I VKM Ai - ' Mat- 3 BIS33I 


sa- #, i ti? sTSZpZTMi 

1 1 Ml. KaoJIe-rxti.Ubl 


TS It Fu.au.-ial It ITC . 12* 1 
“ u nil4.Nal.Rei-— .(77 6 
5 *2 lalrrealioaxl 

562 «'.iimi - [86 4 

* *2 Intern*, utijl [32 ? 
3 oa \i rid WidcivneJ [75 2 
2 79 Dtcneax Food* 

2 79 lu-.lnilun . -- 135 0 

2 47 F.in-pi-an . - - 138 J 


29 4) *3 3] 192 


% (.'.lucraat- Fund -147 6 
N 1 tnil KJ. lm |95 1 
NL'. lull Fd -.V-' *’. 
N C Snllr Con FiLiSI 6 


xr.ur- „JS 

i»4 

123 5 - 1 * 

157 0 c; -C‘. 

1011. 5' 

Mi : 


iraic«Au*i.E»T. 532 ,5711... u MAG Group 

I Tv! f'rtf'Paleldr'"- 615 *05 - Tiw ifua.iv Tu**r li.il EOS e&V 01 dM 438 

JPT I nil InrotM 385 41 d , 8.40 AllanUr Juried iVS2» Jc5l 1 - 

, [T6» l o!\Ur.Til *** M 2 . 8» AU*t On June? IllCa 24S-c:q .. 

i2Il l»o M4nxMato»l...l2tl 2811*85} 140 tioldE* June? SUSS 68 9U|-3.-R - 

■ * Bishopsgate Comraoditj Ser. LML ^Lf ^ Hm woSl W S3 

** * If* 1.1 fSOx 42. Hot* la*. I o SI 0834-3801 1 


135 oi *0i(-93 98 
1909] t0B( T334 


* VKMAfMax-S . Bl S2JD ntU ..1 
2 9i r.xNrtBu”Ma>2... U 008 1 069, ..„.} 

2 43 cut’ NTi'May 'J R2337 2 479) 1 

6 60 1 (inxmaliy issued ul *Jll> jri •• £|Ji 


— Samuel Moduicu Ldn. Agls. 


~ , lH.OldBroadM- ti'z 

APolioFd MatlF (SF43 


3591 I 297 F.m.pi-an 
42 J -0 1 2 97 Far Fun 


... . ' ‘ ^ |73 1 

4 39 Notih Xnwr . WJ 0 «r-il 
151 N 4r.it3r-sMa.88 {120 5 LSSd ! 
151 x jLui.MTii-r $n> (.u |53 2 St. 1; -1C; 
Hill Samuel Unit Tst. Mgrs.t can 


# -I ii Rothschild ft Lowndes Mgmt. Ui HK^SfiSTSSi. H«U 1 ' ' 1 

1 4>r ,s; .Soilhins Une Ulr. F« 4 ul 636 4 ZM Nippon Fd. June 7 RTSUB bH-0J*| 

X'4 11 ill Ne»Ci F tempi '£2220 129 C, I 3 62 Ex Suvk Spin 

412! I; ?: 5X1 Iv - rc >r - *»• drai.r-d jLr.e is Britannia Tsl Mount- il l, Ud. 

?y Rowan Unit Trust ItngL Ltd ytai RoBmtliSi .Si Helier Jersey. 0934 
-S5^j ■ . ijj .48 y, l Unr rii ■diaxrrf rm 


iSi : «' J 2 Rrid* e Management Ltd. 

16J 5j - f ! 4 13 1 P U, R»x SOB, Urand Cajinar., Luvown Is 

Memt. iai ®“» h -. JUX, *A .. L. I - - I — 


AP.1U0 F d Mat 3 1 (S.F-S7 00 HCil 
Japlesl May 31 IKFODy 1*T3 . 
1 ITUrp Slat 31 .IH'SiaJI U 7«i 


127 Jersey Ma> 17 LS12 
Jl7JrsyO».M«y?4 |li:;o 


•j; jaaiwm 
f 36: 
115 
.1 2 Cl 


St I; - 1 c! 1.2* American Jum* 1 i^7 5 7? 5, ! 0 97 iiirowita Irtved OT 2 35 1 

"7 Set unlit-* J u ze f >166 0 175 0, 4 32 total. Fa. . N.O 78' 


UlU Fund JU .-11132 1142) *0 I 

Prooem FL-nd 9s 4 loos 

Eqult> PUDd .. .rtT9 10321 .. 

KuL lot. Phina .. |95> 1004| 

Prudential Pensions Limited^ 


Imperial Life Ass. Co. ef Canada Provincial Life Assurance Co. Ud. li.nu-orn .V/iK-nra 1356 3831 ~u?| 1 OS 

Imperial Houae, Cuildfard. 71235 222. Btahop. gale. E 1^2 01 347 «33 {M Z?a* ai 

— .. — , L __ ,, i Prm haniccd F'd 119 2 114 3! 7X7. 4u*e J fir 56 9 61 51 164 

a4J.*.-i'- Sw Sffifa MS 1101 H« ■ apila) 667 72 1| *0 : 4*4 

PMa-Fd-Jiiya-pjAS -.-I r- EIuFuSdau * m 2 llS 2 *0 7 Z nuRMau-1.1 199 3 1UV»J 611 

UMhed ranfolln ProBCm F?m! *S4 IMS Z l*o Extra lm.-onx- 28 0 30 3 -B I 133 

BfflE-J m- set it m ii 

srs-^-^L- 1 ■- sssssessst “■ss-.— ^ jj^ss 

jLHjMbWSqnarREra. T-; ’’ 0t-«88*O Rqoll Ift IMapB. 02507 25 tt) ... I - Ihiret mi Haj SU Nrx! *u6 duv June .«« 
MuaCbpJbnel -. fH9 W7I . - 4J0 Fwl-InL 6U> 17. .Gi74 18.99J . .( - Du Heeoi.-rt J425 45 9j I 556 

Manajn^Fund. ...b»A —I - PrppFMarl7 ^2545 tti*) | — {*• Thiwrr Fund . 1130 1722} -0.’ 5«7 

ftwp Mod. June l_S771 laM .. ■ .) „ Do WlduMr Truat|51 D 551 *0 5 153 

Prop Mod.cm. - imi 804 J — Reliance Mutual m m in f.i im- Ujo b5U *so 

Kbtg A Shaxson LKL 1. Tunbndec Weiu. Kem uBOzrasri Bo.An.nm.. 1711 7511 i * M 

stCumaiREta. - 01-8230433 »«l P»op . | 1981 I - I - Bju-Joj. Brothers ft Co. Lid.y lauxi 

Song f<l R xempt -11P.9* lB8d*W — : Rothschild Asset Management as u-*dmh*n si n-’ 3 oiJda-Jaao 

sec BW* 1 iSSttittft " -1 - ’ » Smthlni Une. London. IX* ouUUX# N«»l«i Til 1367 1 J73 01 J f tt 


1 7* 2.3 -:|r 

145 26i«| | — 


CO. Ud. I n i corn Xmcnr* 
01 24*1 6£Xi IX, Am* \r.- 
7 to Au-4 hit 
_ Hu ■ apila) 

*0 7 — n« Kaemia ‘I ,i 

_ 1 >o Cun Iru-orrx- 

__ Ho i'lnor.eiul 

rx, sou 

I in lien era I 

dA fin.finiwi8.9t» 

1*, Iru r-n^- T l . 

0I-46S9222 A n* Tn 


jsiuvciiv. ».i.-3*ai.>: 
AV laiicj -h Hr,n*bTn,-l (l* 0 , 7 

01 !5!wi?rui, 

Ju nr 8 ! s | Viram-lailroM 90 9 

— h-:-.ci.Tnr True ,l»* 
-TIC 1 -, . .Sernntr fn« - ,52 5 

01 KH j'*U l-i Hiclt 'i u-l«i fxl . .29 I 

Iai 1 164 lMel-¥ *■«» 

I jm JS thn-dophfr 'Rrcrl F- 

*0 2 4*4 Intel lax Fund .. j38 2 


jicsgo:: 
161 2 J -0 ?, 5 30 
*1 O' -C > 3 16 

37 6‘ -Cr 2 81 


HtltfcSirld June I ; 545 
;; - Vtum ( mi* ,76 8 
a Jlrrlin Jur.*T <80 2 

2 t.VwCnn: 1 ml- !*> 5 


175 0, 4 32 Sntnl. Fa . 173.0 

57 4 7 58 jjeraey Energy Tn 138 2 1 

Id f , 7 SB ll'olvxl tTC-SIc [£273 
8501-2; 3 85 iHithlDLSUc T*L' ) — 

103 r -2 f, J 85 b- JJ, palur Dnumluml Fdx. 


0 72 Murray, Johnstone ilnv. Adviser, 

;S3.!fopebi.-,JJs*-,-u. iV. MLSCl.SSI 

■llupe Si Fd I 3U>I225 i — 

'Murraj Fund SUMO » [ .. ! — 

3114 -NAV Max -'! 

4.00 Negit s..v. ' 

1 22 ***6 Bt-Jleixrd R.iixl I.uxPTrUrare V 

inn NAV Junes . . | 51 MO 47 ; J — 


1001 12 00 N>J8ll Ud . 


Saxe ft Prosper Group 

241 4 iJw Si Drier 4 L*-rAm Ki‘J(- JFJ 1 


4*4 lnlt-1 lax Fund .. ,88 2 *5 C- [ 6 20 1^71 gtn-r. .M FX iltSl ftt KH2 4NX 

*\\ Key Fund Managers l.td. iaugi Lv-Ji.nci n* i»i KA tt» or ex 2» rax; 

so? r*. Mil* si Kisvm. in aw 757-1 Save & Prosper Securities Ltd.9 


5UKSS89 
£123 77 


•0 2 5 84 hi-. F.iii-rc-. In Fd |7S9 814- -0 2, J 25 Inirrniimcx! Fund* 

• Oil 6 0S Koi j-liuiii £ Li-i ,69 2 73 6 -3 2. 4 70 t'xpil*! [37 2 

0![ 417 9hii F«t-mpl Fd 144 9 154 1 , 6 48 iri . )Z51 

h.-v In. onu- Fund (78 4 8.14.4 -o:- *Ji I. nlv (,ru*rn Iti 3 

K(-i K,xert InLfd . 160 4 6* 2, | 12 01 . 

h>, hmxl: Co •• FM (95 0 10 !0i-0 3| 623 « Tv H * S3 2 

Kirin wort Benson Unit VanJjrrsV ™S Fun*. 

JU Fetcfaun-h XI . L ' ' ut 823WO-; HulhReiurn 66 2 

K.M LailFd ;,«■ [84 9 92 J. -5 06 l.vurr.r . . . . 1*2 5 

•K » 1 OilFr! A- 106 0 115 2- J 506 , t r U ml. 

K lirn lax Txia liS 2 59 6 ( 4 47 J '43 7 

I. ft C Unit Tnisl Management Ltd.y rhrr^u Vi,b 4 ki> 

Tile M.«,V Fthunir L> 2". till* Q! SM SWQ Fur-.po . 852 


— | 1 •rices hi Mi} XJ Nrxl jut> duy June .«• 


•4 W K. - X JPl jL 

154 1 , 648 III 

8.,4.4-fl:' 8J5 r. niv (jrut.ro 

10! oi - 0 j| 23 IfTf 


B*ittrftRa(umLjm«ulUM : UB < Rothschild Asset Ma 

fiovt Sec. &L 1 pt8 uiwew “ 1. St RwirllllU Lane. London. 

1 jn_ihji.il 1 u. . ■ e. « N V. Prop 31*.- St |U43 171 td . 

Laugbrnm Life Assurance Co. Ltd. Nm sub Lar June 30 

Lansfaamfi*. HatahrooX or.TfWs 01-803 S3! 1 

LAniham'A'Plarv |U1 irji • J — «oyw {nsunuoce l>ro 

dPrup. Bond g2lj 1«3) ..-I) New Hall Place. Liverpool 

y-'iiB iSPi Man Pd|78^ 8U| ' . | — Raya! Shield Fd. . . i!33 5 


26 9- *: 

734. - : 5; 


ita rGSZvtod . iino 1222 -a J lu? Klein wort Brown l nil Managersy n'ca <« 

Do WlduWt- Trust 51 D 5511 *0 5 153 JO Fcnchunh bi . E « ' - id eUflW is.j-k p. 

R3d Incline 0 65 6j 4 80 K.H L ail Fd luc [84 9 42 J. - 5 06 iSS^f 

71 Ho. AlViipi. . 1721 7511 1 <80 *K H 1 tlilFd .V ‘l06Cl 115 2- J 506 , u r „ 

K II I'd lax Txi* (55 2 I • <* I h. Fu 


Ucibaa'A'Piev mi " 67ii • J — Eoyai (nsttnuBce Group 

yProp. Bo ad EdlJ 1«3) ..-I) •— New Hall Place. Uverpool 051 2=7*422 

y-'iip iSRi Man Pd 178$ BU| | — Raya! Shield Fd. . . 1133 5 MUR ,| — 

j ?* 1 * Ge ° CT * 1 s.™ i Pr„,^ r G „ ap , 

SSEXt&L Iom**- HottbSWifl A GI.St Helen'*. Lndn . ECU’ SEP. Ol-KH MO0 

loSlZTl^^ Bit lav. Fd .... 11272 1*8.3 +1J - 


Ni-xi «uh da) June 8 

Blahoptgate Progressive Mg mi. Co y 


*30 lAci'lar I'd . . (IS* f 140* 

I AC {Ml L i^o Fd lie 0 99 01 

I*xwsoo Sect. Ud. yiaxc. 


: 7is Jiwn. 

I 2 24 1 » 


. [95 5 

1718 


Sector Fuad* 


Property Fd...... 

Gill Fd . ._. 

Deposit Fdr . 122* 129! 

CtMOp Pona-Fd j 199 2 209 3 

EquityPrOAPfl.. _. 1821 1922 

Prop-PenaFil- . . . 21B.0 230.3 

filb Pens Fd _ . 91_o 95 1 

Depot Pent. Ft! 1 .. ,fa.O 1031 

Prices on June 4. 
fWcckJy ctealingt. 


1^7 ~ 


11 VCbrttaae Energy 

irRlCAifiil) C&rttottMoney 


Tiles i3> 
1ST5I36. 

■L3 Ci 
5 TRADIRSO 
IBERS lh 
IAS n> 

HS5 :21l 


sgm .... . _ ProportylluUat 

[-XL0 .-• Da/ucon 

402 .. — LdCal ft Ceoczal 

34.4 362 .... — Ctempl Caata Init 

124.6 .... — Do.ArCtuO i 

350.0 . .4 — F-xeropt EQty I/nJ. 

City of Westminster Assnr. Co. Ltd. b^lLrinl 

Rlngsteod Hdoao.-e Wbiteborae Road. Do. Accum. . 


Cbrthae. Managed 
- Chrihae. KfiUty 
-AUwnaBld-Eoe. 
-Regno .Manifted 


16321 

123 « *-0.6| — 


EquityPrna.Ffl„ _ 
Prop-PenaFii- .. . 
filh Pena Fd . . 


to d - 


King william Si. EF4R8AU ._ ... __ . 

American 6 G«-n ; P* < 24 2] 144 lh-al. g*Jon ‘Tut. mw-i vmun ■*Fn s^Wsnarea . |5bb hbi 

Incumf St) $471 6 $4 | M9 , t General Tindall FnndM Scol. tx-Oili-J _ I24L3 2527 1 

TaplialliH-r.Z.. MO 383 * 0 7 3 20 ruMV Scoi Ea.YJd-O |l656 173 

lio Acer 39 8 42 4 *10 3 20 W-Canjiwcftoad. Brol-.J 0272322*1 (Tires at Mo) 24 Next «ub d 

Kxcmpir .... 136 1450 552 lht April 12 155 8 M 21 ..I 517 T , 

Inu-mil luc 1 .. 16 0 17.1 *0 5 155 lAccum L nlis . . (72 2 ?6 4| .. J 517 Schlesinger Trust Magrs. 

bo Acer .|17 6 1171 *0 6 3 55 Xt-sl mb 1L-. Jin* U ilnrorpora'inc Truh-nl TrJtls 

! Heolldg *Tuea !R'ed {Tbnrr Price* June 8-7-C Leonine Administration Ud. lUl.SoulhSireet.n^aig 

Britannia Trust Management (a) igl 2. Duke Si . Umdon wim «dr tn-*M5Ml ‘i£ cro™P' Ssi 3* 


III 822 4101 *S ii'iijBi l.'nilF 


ia u Sro»yield . . . . 50 0 

{- n ydiium . 1 56 6 

. Seal. Lx. Gift'd - IZ4L3 

r _ Scm Ex.Vld'9 1 165 6 


CBOZ1.X. 

Fund. 
FUnd 


LOU'S (J) Hanxcecf FUhd 

- 6 fc?C 3a. » •• 

Mangy Fund 
uONDtdi Nil! Fund... 

?: ’RIMRuu) 

:sos Pen*. Unfoi. rap 


-T8w:s if Pena, 
C* m, 4* Pens 


wn-wV 
;1iiiS m 


PensJtoueyArc. 

Pen*. Bauity Cap. 


lo new Inxeatmonfc 
204.8 •' | ...J - 


enatawuit.Z- Schroder Life Crotipy 

S .V; — Enierprlac Houae. Portsmouth. 

! — Equity May 10 227.2 

— n •— Equity 2 June 5 217.8 23 

— r — ■ Equity 3 Jimefl 1189 13 

.— — F&edlal JuneO... U3J 14 

- Fixed Int. JuncS— W3 4 1! 

— -let l»TJiinefl 133* 14 

— K ft S Gilt June B.. 1417 14 

'....I - KftSSc.JuneC.-_. 119.7 12 

-.-4 - KBSd FIX. June 6- 030.5 13 

- . L***l * General Prop. F«LM*«, Ud mi g 

~ ll.Qooam Victoria SL.ECtN*TP 01^188878 ltoncy3Juno«._. . 117.1 12 

- LftCPrpPd JodbS [95.9 38171 - - I — g«P«»»lt J “oe 0 113.4 11 

_ man aula day. July I. RepertyJnrMd.- ■ J54J 16 

- . Life Asanr. Co. df.ppiiiwylrania S.* 12 

SMS New Bond SCW17QRQ. 01-583*388 RSPn Ate B June ft 130 7 13 

- LAcopunita |9H M35j . y - ^SiSEfePflKfS- iS-5 |2 

r. Lloyds Bk. Unit Tst. Mngrs. lid. STd* ’ 


F-'3f 3hP r ° I 80 * *' l iVm* r * ey o VZZ' Property Growth Overseas Ltd. 

FH2 sCk S.«r ; ,ncBo^Frf (£9.92 ?H' 11210 MlrlAWn filbrnllar 

in: 220 7as; Bauertield Management Co. Ltd. . v s HwiinrFunn i sussi*9 ; 1 _ 

ties i_lA u PO. Bor* i». llamlltun. Bermuda SVrlmu Fund . | £123 77 — 

Bu areas Gqulty . (233 255 1 .... I 1 76 _. . _ . , . ... 

. , Kuareas Income |203 1 96) 4 7 38 Richmond Life Ass. Lid. 

JrS 1 *S-?1 Prices *1 Max a Next sub dai June 12 46. Athol Street rft'uiJla- i-1W OT4 38 

73 Ir ; 5; j 9r CapliaJ InlrriuiionaJ S..V ixmieSUx.-rTrun, 111.9 JJ4 m a _ 

, — w .. .. . . , Richmond rti.nd «rr 179 6 1891 -0 4 10' 

^ nw Nouw-tjamr. LuaMWOur* lv- i-iaiimo. Bd m2 UlS-ld - 

57 2 *021 7 27 Capital Int Fur.d I JLS17 3Z ( — J — Is, Hold Bd 1C5 7 U! 2) -0..d - 

Charterhouse Japhel Do Em ar.-ic B-i 16*8 173 4/ 7) u ; 

31 15?: utoi-oij 8 ^? Roth6Child Asset ^““semem «c.l 

VdixcrLa L _. . Itil * 939 'imi-Oiaj 521 PDBoxSB S, Juliuiuil Gucr-_«fy IHUI2^T 

46*. .3 9. 475 Ff-adiik null 63 J] 2)1-0 23 6 00 OCEqFTMayau 155 2 ,S8H . I Ii 

’■ J ' 9 Fnndis .. _ OU22 10 DJO-0’3 558 OC Inr Fd June I ]W71 I5S9d ' 7 

01 .. , n ,« Emperor Fund I1S791 )01 T — IH Inll Fd 1 ill 15 14S-0C9I 1. 

Ml#: Tc J iHapSno }R'>492» Cfi) ) 2J4 U.C.SmCoFdMjai h<6 3 355ft ] 3j 

s*?:-::, 5 ai [Clive Investments I Jersey i Ltd. l>r mrSmdn't !52S25 27%J-on4 — 

l-n Boa 32U. St Hellvr Jervrx 0M* 37301. 'Price on M«> 31 Next dealinc Jure 14 
81 >< -o *: J 93 ctn*Ctll Fd IC l i (9.88 9 401-0011 13.00 tlTid-9 ot Junr 7 Xru Cud,.-,,; .lur.i- 22 

^ ^1 Tru.l .Ul. Kd. Mgt. Ltd. 

Cornhill Ins. {Guerase.vi Ltd. fl ^ 1W . l{iK a; T-v u*c ,.k-r«- ^ J7* 

273 3 -4 0) 22b '’■'*,*»« RT inti Fd . UL .--9 20 IjifiJ j 3( 

56Ji-0.l! 7 43 IninLUaatd . .. .|16B0 183 01 | — RT InU .J* - Fd ftl 95^ I 3i 

v Delta Group Prices J| Uav |5 Next dcolmc June If. 

42.31-0 31 384 P-O- 20^ Nassau i Buhaioi* Save & Prosper International 

JlAzli 52 DeU.lnxMairo-IM.75 1 84i „.| - licalini; t>- 

rf8»s-0 3. <4° Deutscber Investment-Trust 37BruadSt..st iieiier jc.-wj <ifj*-anr. 

I Pt*stJach2083 Bicber^aase G-iu60£ai Frantdurx. is. lMlaXHtennwInaied Fuads 
1735! 7 27 ir,,.an ni.cv..ll_i..l..._a ID1T ilTlJ-ft-.TI * ■ 


_ 1)1122 ia 

H1S791 


\ txrThvSlIxerTrusL U1.9 1W 5i -0 £J - 

, ' . Richmond Bond «r: 179 6 1891 -Oil 10 98 

?“ T,i . lv- ITxilmuiBd m2 Uiy-lbl - 

)2 I — \ — I*o ■ .old Ud 1C5 7 UlS-O..^ - 

Do Em ST.lC B-I 164fl 173*(-!7JZ173 

a'ii? 8 ?*? R«th6Child Asset Management tC.I.i 

M«o!r|)l3 521 PUBax.VB Sl Juliuruil Gucr-J.ey iMUiacai 
33 2)1 -0 2d 6 00 O f Eq Ft May 3u 155 2 sA 7] . I 2 77 

DlOl-OJffl 558 Ol” Inr Fd June I ]W71 155 9x1 731 

)C1 H - tK’lnUFd. Ul35 1*31-0091 123 

42 a 3 J« i.l.CSnUoFUMiai h«6 3 155 ft ] 325 

, , i*C Commrt.'iiTx ■ . 1 1323 1C37| ■ *58 

>exi Ltd. orpin'orndot !«s*5 27««l-tite) — 
0W* 37361. 'Price on M«> 31 Next dealinc Jure 14 
9 901-001/ 22.00 tl7i»S l>c Junr 7 Nrxi dpolin*- Jum- J2 

U0 ° Royal Trusl lt ' , ' VA M ^- LW- 

I LKL J' (» Box 1M. Ituxai To. |{«e .Jxtm-» us»n*4i 

(.urrawy R T int'l Fd . Ul.'Alfl 9JM ' 3 00 

I — RT InU ij* - Fd Rl 95ri( I 3 21 

Prices j! Mav |5 Next deal me June 15. 

'^j* Save ft Prosper International 

1 B4J •_ lv , alini . 

frust 37 ttruad St.. St Iieiier Jersey iiM4-3ir.pi 


3 London Wall ItuildlnKA London Wall. 


02-084 068L Exempt ifned J 

I i DoAceum.— . . 

"'”1 ■ _ ' Exempt Prop- lmt 
j _ Do AceUm. . 


126J -rO-1 

1373 +QJ 
15XJ +0.5 
122.7 +0.1 
1232 +02 
119 S +01 


‘MaPn.CivBSuoce. 198.1 
UnPnAceB J l& B.. 234.9 
FxdJnt-Pen. C*u B . 93 0 
FxtUnLPn-Acc.8 - B2 
Prop. Pen. Cap W,... 958 
Prop PmArc B' 961 
Money Pen. Cap. R. 9510 
Money Pen. Arc. B 5(95 3 


*TM -0.4 - iMXPVef 1988 2»3S{ . . V - 

'fES sstisr jr 7 

iVDO Bl 20. SLECnA+MX Money Pmx Arc. Bi 

jVppert7Afn5*^-B*3 57^... ..!- “j " J Z Scottish Widow 

of IrtaiOMBBMHrchti UBhm Group ' ,Jpt3^ ,'juaet »U fi.0 Z - KlftwBfla,EdlnbiD 

i 0, Tr g(fev:l m r 
— t-t5sSs“ {^stssssair “■ 

j SO.ChaBcdry Laae,TVC2A 1HE. - 01-2420282 ya>an ilaniftr- .029 35 JJ +02! — . , . .. 

' *- Wi JHSSiStp.-ES# -®-3 : l “ 34ja¥S5rZ”®:i. M7} *oa - solar Life Asst 


10LC -0.1 
1012 . .. 
10020 . 
1DLJ *-0.9 


Scottish Widows' Group 
K) Boa BOX Edinburgh El 116 ?Bl 


London F-C2M.-*tL 01-6300478 

AateU . . 71.7 771 -0 4 

Capital Acv 51 5 55.4 +02 

••ornm&lnil 36 5 60 8 +0.1 

Ccimmndllx 78 2 W 0« +1.5 

DomCbtlr 38 5 41.3d +0 9 

Exempt . 112.9 11S.4U +1 1 

Extra income .. .. . 393 42 3 +0 3 

Far East 20.1 2L7 -D 1 

Financial Sees . . 63 3 68 Is . . 

Umd ft General. .. M.v 913* -03 

Growth 191 8514-0 4 

Inr ft Growth ..73 5 791a +04 

Ini') Growth. .. . M.7 653c *0 8 

I n vest .Tst .Shares *61 49 6*0 3 

Mineral l. 35 4 3*1*01 

Nat. High toe 77 7 OJi .06 

New Issue 35 4 381 +0 z 

North American. . 306 33 Du *0! . 

ProlesMunal 509 0 5241 *0 8 

Property Sharw . - 13 > 143 

Shield J57 *92 

SlalUs Change ... 30 7 331 *0 3 

EnlvKnerey- ....323 3481 +03 

The British Ufe Office Ltd.y (ai 


v.BI 


indcm Vx'all. IaniDIM ... [742 7S 1| +0 3) 5 07 Eax-uipt High Vld 257 

01-6300*78 0470 UruArcum.- -|81 7 86 0|-03| 460 LxcmM MkL Ldr« 25 5 

S.ij;gi| *oi LI*yds Bk. Unit Tst. lifngro. Ltd.y ia) **£[;*« . ■ g? 


cl 460 SMI iSuroX 
■♦2 3) 507 Exempt High! 
-Oil 4M Exempt MkL L 
IJJ m rat Extra tor. 7»r 


a k Re#i-.lrai". Dept. Gonr£-b> Sea 
4^ tturthltiB. West Sussex 
4 49 Firvi i Rained i- — (50 3 54 0oi 

6 90 Du i.vcum • |69 2 74 *1 

934 Second (Cap)- — 52 2 56 id 

333 [>o iVrcura.i - 165 b 70 5j 

453 Third ilncomei 811 872 

314 Do .lAccum i. ...... lUl 0 Ilea 

4 06 Faurth'EMnc > . .158 7 63 Id 

6 96 Do 'Aecum ■ - . (66 9 71 9) 


nz « « «ra jun'e I* enassta .Iffifi M'*”! z 

chlesiager Trust .Mngrs. Ltd. must Drey f us mtercontinenui lnv. Fd. 

corpora', n o Tri dent Tpjx is p r . Box N3712. Na**au Bahama^ 

2.VSro ; AVJw ‘- B ^£" M 8!, 1 J . J 

m Growth |291 3131-0 3 l b3 Emson ft Dudley Tst.MgUrsy.Lm. 

st-mpt IhRh V!d 25 7 27 *2 po. BokT 3. Sc Heller. Jersey U53*2oe 

290 «S * 968 E-D.I.C.T . iU72 124« ...J3X 

icumrDxsi 38 3 e]6id -oi 995 F. ft C. MgmL Ltd. Inv. Advisers 


)0JOS, 80441 
24 ft +0 21 2 96 
313; -0 jj 163 


Inc lOHWdrxxl . 290 

01-82J 1208 lalnl Growth — 50.5 
*01 4 42 tox. Tsc Units -...255 
+01 4 42 Marled Leaders. 28 9 

+03 3.06 -Nil Yield'. - 27 8 

-0 3, 3 06 Pref. tGillTni'l 23 9 
6 24 rroi«?ri> 5harc+ 26 0 
-0 1 624 Specials,! Ttl 272 

+0 2 7 94 ILK. Grib. Ac cum. 12.6 

♦0 ? 7.94 U K. Grth. Dlsi . 19 1 


31 txv\ 
"S*% -0 

51 Ja 


,£» 1-2. Laurence Pounlney Hill. EL4ROEA. 

5 S 01-03 *690 

4 59 Cent Fd- May 31. I SUSS 23 I . .1 — 
- Fidelity MgmL ft Res. iBda.) LUL 
2 29 P° Box *1°. Hamilton. Bermuda. 

2 58 Fidelity Anx Aa» _ I SUS2512 I 1 — 

S27 Fidel, wine Fund SUSZ12B 1 | _ 


J — SirrlinF-denflinlaau-d Fuad* 

... i | j Channel Capitals 2341 246 51 +2 Of 162 

, Channel tolandxe 1*67 15J« *0H 5 03 

053*30091 Common June 1 .126 6 133^ .1 - 

..J 3.00 St. Fixed June I ..1104 U6.!| .11190 

F+icxj* x-n 'June .1 "June C. •"June 1. 
,lsers : Wee Ul;- l«alins» 


Lloyd’s Life Unit Tst. Mngrs. Ltd. J. Henry Schroder 1 
341 "2-0O.Gx!chou»<.- Rd . Ajle^bury. 029850*1 120.Chesp»ide. EC 2. 

820 Fruity. \ccum „ (15 75 * 165.8J -C.6{ 4 04 Cap, Ul June fl •••&?« 

.178 M * G Groupy (yRcHzj i£Su„c* Z. bso 

431 Three Rdo}*. Tow lllIL EC3B, 6Bq 0IS28 *5fl8 -Aecum Unit*' ... 272 2 

262 See jin) Stock Eicftangt- DeaiincN General June 7 838 

442 American [52.3 55 71 -0 Tt 161 'Aecum UtiiU- 1B3 J 

M +6 8 161 Europe June 1 „ 30 6 
3*2 2 LS2 lAceun I mU> .33 8 


Z9 2 | . 2 53 r raeiiry atxx as* — | 

23 22 +01 527 Fidelity InL Fund 

2053 +0 l| 5 27 Fidelity Pac. Fd — 


. Z ' . ; "Yfl . ' _ [VulcUtyWrldFd. I JUS 14 75 |+OJ0( - 

,^ h J^ er VVagg * [Fidelity Mgmt. Research t Jersey ILtd. 


Schlrsingrr lolernalionaJ Mftgl. Lid. 

— *l. La 4Ioue5i.Ni Helier. Jersey U534T1088. 

L S A I 1 85 90| . I 8 06 

S.AOI 088 0931 . . j 404 

Gilt Fd 222 224d +0)1 12 23 

— tnil. F«l Jersey... 108 1131 . 325 

- lati,l.Fd.Umhra. . Slo.77 113«+0od - 

- "Far East Funl ..93 98 .j 303 


+ 0 3 4 60 lAcnim Unit.' .. »3 
+0 2| 254 Austrolaslan . ISi 


im-.PIy^erie* L 
Inv Ply.Serteaa 
lnv Cash June 


(Aecum. Unit*' [556 
Commodity . iHJ 

iwun, VaiK WS 

-mpoundGrouTh I860 
•-mcr-iun 'Jnwnh 61.7 
inversion Inc . 63 0 


“ Brown Shipley ft Co. Lld-V 


.'•ore 13 V 


Ki FuodL—UpJl- 
Tqn.Fd_.i72A, 


— Fixed InteiqsL. (34.1 


m : 


Solar Life Assurance Limited 


I Mngrv Foundor* CX- ECS 
bS Units June 5... 1217 6 


ifeMBffiW- Si 

M*nȣOd F+n. F(J...I 


- The London ft Manchester Ass. Gp.V 

TbeLe«.»blk»«u n e.Kenf. 03CB57333 |«l«P™i»4rtyS...- 11103 


10.12 Ely Place London ECJNflTT. 01.2122805 lw.< Arc -June 5. .12712 


S* i 


I F.jropoan . « 

'Aecum Hub-. 
01 a»BS2D Er.ira \ ix-ld. . 


1060 1140 

61.7 66.6 

63 0 67.1 

117 6 125 2w 


)3+3J 182 'Pcn4Ch*rFdAjC5 168 0 

I S -0 3 4.17 'Spec. Ex June ._- 2431 

iR -0 2 *17 'Recover, June . 189 5 


^z 

189 6< ... 6.93 SerleaAill 

282 01 6.93 Series Bff 

872 +3 0 347 Senex D ' 
107^-14 l^nrstVil 

35^ 221 RSLGeori 

I7?S 434 OSH 48BZ 
250 S +7 1 373 53. Pall M» 

195 S +6 l "■ “ 


arerloo H»t. Donftc. St Heller. Jers** 


6 J3 SS2fcrt5SS4i«r‘l OM l ■" I “ laiarca Ilona! Fund-. 

6.93 SerteaBlPacUicl— £7 64 I jl — tEa u ny. U73 

347 Senex D 'Am_As» d U12*nl J+0919 — sSuHy . . 12AO 

First Viking Cmninodity Trusts tFixcdintx-ron. . UJ3 

221 a SL Georee j SL. , DMudu. Lo.M. iffiflS"*™' " 1M4 

4 34 pJjMalu3»d^SW n 5JH. C oi !no tost sS^oed....' - -W2 


■Next sul- day June 14. 

Schroder Life Group 
Enterprise House. Portsmoulh. 1 


124 3+1.’! 
131.0 +23 

1*28 -oM 

1117 >oA 
136 5 +0« 
121 4f +1.« 


-0 7 364 'For lax exempt fuadx onK 

-4 3 8 62 Scottish Equitable Foil. >Igrs. LuLV 
-0 5 7.75 28 SL Andre+s Sq . Edinbunih 0315509101 

■S Q 7 ZI Income I niu . (500 53 3 J 510 

-0 * 3 29 ArcumUftllf . |57 0 69 7! [ 5.10 

-0 4 329 Dealinc d*' Wedaexdx* 

-0 1 B-30 _ _ , . „ 


Cap. Groqflh Fund, I 
•PropEnewpiFd-l 


I & CoruhiU Insurance Co. Lid. 


'8B.anyhiU.RCa. ^ ■ .- . OU030591O In” Trust 

! 1 .-Capi Fabftlay 18 — Jltt 0 +- )~..l - PropertrFWl 1 82.4 1 ■ 

! 1 - T77o| ::"..l Z MAG Groupy- 

[ml) Regent St, Uonddtl WIRiSFE. Ol*PQTQai Copy. Peportc-.. — M7 6 SS* 11 “ 

SaS ^■'C^i«8cL,fi*-+z+inui| mu*. ..I — I*®’ * ~ 

i jZ'ir Crown life Assurance C« Ltd-V F^iyBi-ae" 

: 174AS 15®. 10L5. - . 106^ +02 5 58 

.SS ^ sr 1 • m + o2 z sra?uM. 

1 I^hw*p 4 *f .- ••mV- ••“•-isagfS.SL 

•■- Japan FU Bd.*-— I 
_ • Prices on -June 

-.-rr. Merchant Investors Assurance 


■EoattyFo. 1 bctti_-„. 

»-« ' aS-S? Bl ®F a *«— - 


I - ctwrovou. nre -a 

(nr ca 1 

ITT? ttvpvrtyF d. ]n!Yr*£ 

J77« ! vJ hrt--TW. Fd.-Aar. v . 
| iS'Jnv.’W.Fd.Jwm... 

ii 1 " I tor Tst Fd. inn 1 

I Piped lac. Fd. ABC.. 


6 121.01 ... - 

9 uff.a . . - 

6 1423 . - 

161 M . — 

- 

mM z 

•June I ’—June 2 


.1 4 80 iAx-x'um L'mU 

4 * 80 Fur ta.lrni 

Solar Managed S_.. 1267 133.41+0.41 - Oreaair Troata m iai _ i-C'+Ji . 

Solar ftvpertyS.... U03 11M ..... - Financial .... 34 7 36.1 .... 4 16 f“Od of Ini Tv! . 

Solar Equity S 160.6 169J .+0J - i.V-Onral .187 19 J 390 1 n,ls ' 

SoUrKxdTntS - 1332 119J +<L* — Growth Acnim 45 7 *85 .0 1 4 81 ‘*•"2™ . • 

Solar Cn*bS- 99J 106.0 . — Growth Income 16.4 316 *01 4 81 ‘ Ar'.nu,! I nivx.. 

Solar Inti. S 102.9 1093 +08 - Hich Income . ... Ml 319 *Q 1 9 69 •»£" - 

Solar Managed P .. 1*1* 133.1 +0.4 - ITU 20 6 21.9 +0 1 3.87 

Solar Property P-. 2103 ■ 1162! .. — lnd.-» 2*7 269 *15 fap.’nltirwiie 

Solar Equity P .1603 1688+03 _ Oxrrceas .. . — 20 5 220 +0 4 332 ^ U ,7V 1 DlL '- 

Solar PxdJnt. P 112.8 1188+0* — I'erformaurc .... 57 « 62 0C .. *39 M""”"*, 

SolarCaahP 99 6 1058.... - Itormerj . . . . 216 229u ... 565 ' 

Solar InU. P„ .._. (302.9 1093] +0B( _ Exmpt April 10. 58* 60Jd( ... '**0 ^^mYni'to. • 

Sub Alliance Fund MangmL Ltd. Canada Life Unit TsL Mngrs. Lid.y ■ 

Sun Alliance Houae, Hcnbant O403W141 2^HlthSI . Poller* Bar. Hen* P Bar5U22 sSondGen 

Evp-Pd lnt, May 10. [£148.90 156301 . ..j - t on. Gen Dirt. . . 138 * 4081 +0.1I *.32 lAccum Unit- -. 

Int. Bn. Jude fi — ...| 03.97 | .. . 4 — IV> Hen Accura 1466 _ 4* 0] *0 11 432 Special 

_ . , _ . Ho (He. Dim 133 2 34 Ji 3 -0 II 777 (Aei-um t'nrto- 

Sun AlEance Linked Life Ins. Ltd. do. inx- Aeeum 1*3 4 45 7| | 7 77 Fuhi 

Sun Alliance Houae. Honham 0*03041*1 r ,| ani „ , Mn _. r. d ¥ Triroco 

Equity Plind 11151 ma *0M - 2Ki- ^ uTeomlfl 


222 7 2372 - 0» 

491 523 -04' 

49 7 52 9 - 0 4 

84 q 89 9 - 0 1] 

U2 8 120-i +0.1 

53.4 569 -Oft 

53 6 62 4 -DP 

60 9 USl +0.i 

7*5 M.3 +0.? 

1685 182.1 *0« 

257 2 2793 -1.4 

1 103 2 1099 +01 

167 9 1781 -0.2 

1*7 4 157 7« +1.2 

1*8.7 159.1 -1.? 

2162 +1.1 
2519 . 2695 + 2 4 


4 97 FfC.Vlfc.Cin Trt -.1378 39 tt . I 

FacATcDbl Op T»t . [780 C wj -1 0[ 

td.y Fleming Japan Fund SA- 
9101 17- mv Notre-Dxme. Luxembourg 

510 FTmg June 6 | SUS46.79 | .... 2 

s - u Free World Fund Ltd. 

Buaeriield Bldg. Hamilton. Bcnnud'i 


830 Sebag Unit Tsl. Managers LuLy tai sxvMayai .. | SUS1792S | .. 4 
l S po B ox 5u BckJftry Hro ec« oi sttsooo C .T. Management Ltd. 

452 Sehan torome Fd I30 j 3171-0 ’I 8 M Part Haa . >0 Fmabuiy Oraia. Landur 

4 93 Booag income ro |ju-» n n -a .1 to Tel. nifflu un T1.X. Memo 


17a j. Hcnrx Schroder Wagg ft Co. Lid- 
120. ■.'heaps' de ECJ£ O1 580*r«O 

Chap 5 June « SVS12 01 *0 111 2 41 

Trauleor \pnJ30 SUS114 06 .. . • 

-Allan Fd. May to I1M«5» 13M . . 320 . 

Darlinq I’nd. - . S.UCfc 157 ... 5 20 

Japan Fd June I .. 5VS64Z bMd ... 0 IS 

“ Sentry Assurance (□ ternai ionaJ Lid. 
ro Box 320. Itonulton fl. Bermuda 


ilo? %% Security Selection Ud. 
1099 +0 2 8 43 1HB. Lincoln"! Inn FieJdt. «•! 

178 8 -0.1 8 43 UnxJClhTMAcc .0*1 

57 7n +1.1 120 UnvIGIbTiitoc. . [210 1 


■ +* (Park Hoe. 16 Finsbury Clmia. LondxT. E'.TL Managed Fund ..ISISVH90 1W[ 
B a frei. 01-62* 8J31 TLX 088100 


I Loudon Agenta tor 


«• -o. 2 [ iB 


JK5 x aj9 "Si SU tstewan Amerif 


¥m M “ a « er V^ ‘*1 ^ "V 


£962 91 

*05407 4J 

25 0 , =6 

SUS4199 


3.80 45. Chat-lone Sq .Edinburgh 


+|i| - lnSmSomdlil';;^^ 1157|+l.lj — 

+05} - DepaxitJtowJ (963 lM.a ...J - 

'June 2 Managed Fond . — |l08 1 113.41 +0-5| — 

ice Sun Life of Canada (UJCl Ltd. 
01-080171 3,3.8 CodtfpurSt. SW1 V 5SH 01-8305* 

.... I — Maple U. Orth. I 199 6 j ... I — 

—•■I — Maple LL UaoEd - 132.1 — 

--4 - Maple LLBqtv 1283 - 

•4 - PmnLPtcW...... 1994 ... — 


+0.8J — 

+oi1 — 


107 S *02 — 

113 « . . — 

115 R +1.1 — 
ltn.ft .... — 
113.91 *05 — 


.5 i \ j+S CTOmjBrt.lnv.'A'- l59.h_ 

I - itr- i gt.Crodader-3ttturi>j>gR. Co.- Ltd. 

.. i ,,vJJ iijlVmcubi Housa_Towcr PL. EU3 • ■ O 


r lfc Itt. High Street, CRp-tfoa. 

Property 15 

__ Property Pen* ».. _ 15 

12.49 Equity-- — ....■ & 

__ EqaltyP*® — — IJ 

4J2 Money Martial . — . - 13 

_ Money Mia. Rena — g 

-175 D+ posit... J+ 

823. Deposit Pens. — 13 

Managed .- . — . 10 

. MBnatod Pens 13 

Lml. Equity 10 


u "' '"V Avi-..m i+xx \ Specialised Fund* 

Capei t James) Mngt. Ud.y Tnineo _ 

100 Did Broad St. EWJ-lhM OISflBflnjfl !^S«.UuwT 

lUapita! 85 0 90.5^ *70 ,;hor>fd June 6 

litrome . . .. J79 1 842| J 733 ■ Arm in Unit-' 

I Prices tin June >. \cxl dt-alinir June 21 Peas El Jum-fl 


Z £3+ni *5 Standard Unit* . tt* 6 6B ft 

*7 0 4« Aecum Units 169.6 74 i 

1K8 +0 9 514 "'iihdriwxl Units !51a SSI) 

277 8 +14 5 19 'Stewart Biitllh Capital Fund 

1714 +0 3 4 20 Standard . [1336 145 1| 

215.7 +0 5) *20 Aecum. I n,r« ... (1531 146 A 

Dealing IFn. 'Wed 


ixrri c.T.Aa ta«._. - 3H02Z US 
n.T Asia Sterlloc . U2H 13 61 
G.T. Bond Fund . .. SUS1Z47 
Z r. T. Dollar Fd — 5US710 

_ G.T.PxeiflcFd JUS1279 


Singer ft Friedlandcr Ldn. Agents 
ixl? =0. Cannon SL. Ex*. OI-248 W40 

3 86 D+ka/ondi Il'ltliB 15 W1-D10J 6.42 • 

2 92 Tokyo Tsl June 2 | SLS3500 [ . | 177 

lit Stronghold Management Limited 

fg Fu Box 315. Si Ilc/ler Jer** tlK«-7i4iVI 

■■■ i.'omroodity Truer ^.[92.96 97.151 .... J — 

+00? ill Surinvesi ijerse.vi Ltd. «x» 

a Q ueen* Hae t«ja Hd St Helix-r. Js?-’ 0S34 -..>43 
A * ls - American lnd T>1 . |U 69 8 BH *0 IM — 

OI-UKtSMI ..opper Trust U31.81 1Z09 +dll] — 

Ud. Jap. index TaL„ U7l(+00Sl - 


■ .Aceom Unit*' 

Peas El Jum- fl 


'1456 1536 -0 41 642 

280.7 296.1 +08 6 42 

108.6 -0 5 10.68 

145 8 148 0 .. I 774 

■180 5 183 3 .._.] 7 74 

(134 4 24131 .1 5 77 


Ganmore InvesL Lift Ldn. Agts. STj «.« " 

2. SL Otory Axe. London. ECU. OI-2W3NU (/opper Trust lai.Bl 12 09 1 +Q 11] — 

Gartmin Fuad Mnitt (Fir Eoat' Ltd Jap. Index TaL .(£1143 U71[+0(Kt — 

1503 HUTChUnn Hie. 10 Harrourt Rd H Kene . 

HKftPac. U.Tsx.- Iwran l DU .. I 285 TSB Unit Trust Managers IC.I.i Ltd. 


jj Carlfol Unit Fd. Mgrs. Ltd.y <a)ic) 
JJilliurn House. Neucoxtloupno-TS nc 21185 

01-8305*00 L . arll0 , 168 0 705rf ....( 422 

... . — Uo. Acx-um. Unil»_Bl 5 84 Oj ..._J 4 22 

HZ' — IX». High Yield . . |41 1 43 6-BI | 8 42 

. .. — Uu Accuni. l ntu>.. [51 2 53.7( .( 8 42 

Noxi dealinc dale June 14. 

Ud * Charities Official Invest. Fd4> 

77 London WaJJ. tx'i.N I J,K. ul-588 J815 


lc) .Man u Life Management Ltd. 

21165 j"l Georges V.ut. Metenage. 

*22 CimUt-'niB 152* 55 *[ 


4 22 Mayflower Management Co. Ltd. Tr^T&^neV 
1418 Gresham bi EF3V7AU 01- 60S 8099 Jtk) Acc Unite . 

Income Wax 23 (1053 110 8j . ( 828 Z«rcef G«tt Wrnd 

General Ma> 23 W*3 71.51 I 518 

Mercurx- Fund Managers Ltd. imRemv in its 

30. Grexhan, S: . 6>.TrP2EB. JI-«W455o Target to, 

Mere. tica JuneT 1181 7 1954! \ *55 

Ace. UK Jum- 7 PM 6 . 253i .._. «55 Xg iqi 

Merc Iftt. luni T Ml 682] J 2 34 7P *7?-. h y . 

.\ccm. 1 ,* June 7 68 8 73R _Zj 2 3* <-osne<.ro«tl, Fd 


Prices on June 


b<ur.Je.-»e,' OM4 73404 
7 6 50.11 . I *79 

76 50.1] I 4 79 

Next xub day June 14. 




Maple LLEqty 1283 - Do. High 3 Icld . . J« i 

Persni.PaW 1994. ... — Du. Aecum. Iniu.. (51 2 

_ . _ ' Noxi doalinc dal, 

Target Safe Assurance Co. Ltd. charities Official lnv 

S£SS8 &— Jfia-lz SSSESSS-. *5. 
^.^^!zzh^ 2 . j = • L '“- ulh - °" lv ■* aJla - l ° 


■4+ 14' 18 Gresham 6i KC3V7AU 
842 Income Max 23 (I0S3 110 

General Ma> 23 1693 7J 


• 1 


NFL Pensions Ltd. 
Milton Court.DorkinK. Surrey 


M-fWISI* xSlS&Aeraf:: 

.. . I'Sfll Notox Uoucy Cap.' - 
* Nelet Mon. Aec- 

S- «+*»■▼ Nelex GO, Ine Acc-' 


« ! ; ^Et,ttity" & Li w Ufe Asi. Soc. Ltd.y KfjScUhiJiAJS 

Z XEJC ^A«ftihamRotid.HI*hwjcombe. WMXOT7 N c l B a«hJrwQ.p.- 

m%=, a«te 


M'-sSiSawsssS^ 

w j 1 


110-7 +03 
-103,9 i -.- 
.135 2 +0.4 


cEi'Aefmn... 11*3 mi +0.6 - 

x Money Cap. . 5-3 645 ... — 

( Mon, -Acc MJ 683 - - — 

xGthlncAcc~ MJ 516 — 

KGUiIne Cap- 49.8 Si* .... — 

tad Fd- Cap... 47 8 503 . . — 

tad. Fd.Aer... |*82 „ 501 ■ — 

. New Sub. Day May 23 
Ear New Coart Property » ee und er 
Rothschild Ami M»na*eo>eni 


ITnp, Fd. Inc, lot. 2 1 

Prop Fd. Ace.™-- . 136.0 

Prop, Fd. Inv.. 107 o 

38,1 Fixed JnL Fd Inc. 1061 - 

Dep.FiLAcc.lBC_ 983 1 

Rn. FIUAc.Fm... 72.5 

— RetPlanCopJVn— . 600 

“ RetJTaaiianAec„ 125.4 

TieLPl snMfln. Cap. . 1157 ] 

— Gil [Fen. Acc. 130.1 1 

~ lidt PctLQip 1233 1 


income May l«.. .IU5.2 - l ... I 6 60 liai? 

~ Arctun.Mn> 10 . 12565 - | I - j™"- ' 2316 

_ OUnouth. OmIv ■•tillable lu Ke« nuniiex 5£Sl|ftt lunt “ £41" 


Z 


I +0-U — 
-o il - 


Charterhouse Japbety 

1. ratcrnosier Mxw . Ex' A 
l’J. Internal! ..24* 
Akuol Units — 28 * 

C J Ibsxtnu- . .... . 34 D 

<• J Euro Flu 263 

Aecum Units 30 * 

l" J. Fd. Jns- T«i 27.7 

Aecum Units... .. 312 


64 8j -0J 
40W +0b 
216.4K 
293ft 

220 3 
38 ft “J 2 

SMi 

33 2^-01 
«+02 
Bs -oil 


Mcw IM. lane T jMl 682) 

.teen. I is June . (68 8 732] 

... ..xa +«, Me: TO E,l Mat =T. , |214 1 223 W 

u ' -6* 3 ®1® Axcum Ul« Xprff i25S5 2661) 

+a| 193 Midland Bank Group 

A 814 Unit Trust Managers Ltd-V la) 

— I IS Courtvtoud Hon-.- Silver Street. Head 




•Mon. BondVtf 1UJ 

.1Uu.PULFd.Cnp.. 119 " 
Man.JMn.Fd.ACC.. 126.1 


xiv ui as 

. Iiz.24 4 26 21+0 21 

. . MJ 7 4 3ft .j. 

ITM- .(1245 26 3 +0 Z 

e Tst (26.7 287] +01 


BASE LENDING RATES 

\i ’ ;5 f, .iLB I Nr i ’Bimk 0 % ■Hill Samuel :...§ 9 % 

, W I -Allied-frish-Binkfi Ltd. 9 % C. Hoare Be Co i J J 

- Z, ; Americafl Express Bk. 9 % Julian S. Hodge 20 % 

So'lS^irf* Amro Bank i-ZZ. 9 % Hongkong & Shanghai 9 % 

A P Bank tt(L 9 % Industrial Bk- of Scot. 9 % 

' s:?5 1 a 1 -’ Henry- Aitshacher. . 9 % Keyser Ullmann 

t+i ; =* ^ j - Banco tie BBbao' : ' 9 % ' Knowsley & Co. Ltd. 


Bank.-. 9 % 

Mercantile ... 9 Vo 
Mansoa' & Co. 10J% 


. -u ‘ jl?-- fiii* 5 Banque du. Rhone 9}S ■ Samuel Montagu ...... 

‘l-Z'i";!* 11 ‘ y Barclays^Bank ... ..... 9 ^ ■ Morgan Grenfell 

1 7.7* 1 r.hristlfi. Ltd. 1 ..: 8l% nnl Unc^frifltDf 


Barnett ChristieLtd.... 9J% National Westminster 9 % 

i +/ Bremsr Holdings Ltd- M .% Norwich General Trust 9 % 

^ 5* Brit. Bank-Qf Mid. East 9% p. s . R efM n & Co. ... 9 % 

j;," 1 ' ! » B Brown Shipley ......... 9 % : Rossminster Accept'cs 9 % 

"> I ^ i Canada . Perm . Trust 9 % ... Royal Bk. Canada Trust 9 % 

1 't CapiiolC St C Fia. Ltd 9 % Schlesinger Limited ... 9 % 

S \ Pr Cayzer Ltd......-...--.: . 94% E. S. .Schwab 10i% 

' U*. ! r. Cedar .Holdings ......... 94% Security Trust Co. Xtd. 10 % 

1 Charterbouse Japhet ... 9%. Sbenley Trust ...: 11% 

"lli* ' u 4 ChoularWDS • 9 % standard Chartered ... 9 % 

j c E Coates 19 % Trade Dev. Bank 9 % 

‘.Consolidated Credits... 9% Trustee Savings Bank 9% 

\ Co-operative Bank J % TH-endeth Centurr Bk, 20 % 

J;'j 7 .-i -Corinthian Securities... .» % United Bank of Kuwait 9 % 

b* l/> Credit Lyonnais ? % Wbittaway Laidlaw 9i% 

' j&l ft The Cyprus popular Bk. 9 Williams Bs Clyns 9 % 

ffl*!/ I«n& a.1 ® * VsrWMf. ftafc 9 % 

v Eagil Trust ^ W n'jjcou^p* -fd tic Anxptiag Houses 

"" _ v Enslisb. TransconL— in % .committee. 

■ v '\ First London Secs.: - ..'*-..' ° 7-day ' deposita w, 1-momii deposits 

- 1 -.-First -Nat -Fin* Corpn. 11 % «*- ' 

■ «,£*«. ud. ... n g arjns. s, •svwss 


Trident Idle Assurance Co. Lld-V 

Rcnslode Houae. Gloucxwter 043238 

Manae«l..-.„_ P22J 120.61 +031 - 

GMJic£Z_ 14*6 153.1 +05 - 

EqutofAairican.. 88 l2 435 +04 - 

l.'K.K«UtyFlDkl u , 136.1 11W +03 - 

HiflhVWd^ 1373 M5J +0,6 - 

GtfiEdced U9.4 1^4+0 5 - 

Money...- 1225 129.0 +01 - 

lnrernaiional 1033 109.1+0.9 - 

Fiscal 12*4 1317 -07 - 

Growth Cap... 123.6 130.9 -05 - 

Growth A«, 1273 134.1 -05 - 

Pen8.Slagd.Caf, _.. 1130 119.7 - 

fVMti.31Had.Acc... 1274 U8J - 

Pcno-CaJbepUap.. 10U 107.9 - 

F*uaCtd.DepA«. .MSB 112.1 - 

Pens. my. rap. 112.9 119 6 - 

Hcns.PtS'.ACe. 11JS W? - 

TrtLBond 551 371 - 

•TrdftGJ. Boml... J97 J — 

*Cwn value tor cioo premiam. 

Tj-ndall Assurance/PensionsV 
IS. CanjhtgeRMd, Bristol. 03TJ X 

3- Way June 1.^ 122 J — ■ - 

Equity June l 16*5 - 

SmiJttoel 163.1 - 

Property June J 10*1 - 

Deposit Jutmx !....._ 1270 — 

3-way Pn. MW 18-. M62 - 

O'sees Inv. June 1— 74.7 .+.. - 

.Mn.PnJ-R 1 Jooe I ,„ 389.6 — 

r» Equity June 263 B — - 

Do. Bond — rnt ■— - 

Do prop. May 2. -.. 85.4 - 

Vanhntgh LUe Assurance - 

41 A3 Maddox St,, Ldn. WlRDlA- 01'*»* 

MunwwrtFtl ...1145.4 153.1 +0.*J - 

EqulrifU 2 ...2J0.4 . 2426 +0.4 - 

Imnl^und UR6 1D95 +10 - 

Fixed InjursiFtL..- ltt7 inj +0,* - 

PropanyFd 1*02 247.6 - 

CashFuad ... 118.1 22* *1 ■ . - 


LU-TI«r. 4 J ,'jpiial . 

0) 2832632 Do Accum. . ... 
+0 31 153 IncoBto-. 

. J. 9*5 Do Acicim 
+ 0 2 319 lalertuilonol - . 

+ 0 1 455 Uo Afcum . . 

, . High Yield 

Jd-V W l»o Aecum 


LULV (Confederatioo Funds Mgl. Ltd-V M lx> Accum 
0*3238541 U Q £| umrr|% Unr.WV2AlHE 01-24-0282 ^““^Vl'IBPI' 
= u-ro«ThKued 1*14 43 5(.. J 437 Ma 


+0+ 6 29 Barbican June I 

+0 2 629 <Accum Units « 

•0 4 2 38 Harb.Kxpt.M8fc 31 

+0.9 238 Buckiu June 1 . 


Acrum UnlK —.130 * 32ft . 3.93 Shef/leld SI 3J1D Trl 071279042 Trades Union Unit 

L J. Fd. Jnfc T«l [27.7 2501+0.4 3 73 I'nmainAiix AG.-II 16* 6 64Sd+04 fl SB ,T " ncs Ami 

Aecum Units... .. Bl 2 332+041 3 73 & P* * 80 0 lo* S^B 100.WtmdStreei.EC2 

Tranaint+Fnatinnal T Ife Ins. Co Ltd Price June .. Next dealinc June 1*. Growths. ... . *37 ■ 40 5d -0.3 3 35 T LIT June I .. [501 

2Bnumi Bltftt+EC* l NV, oi-«oa*ir Chitfuin Trust Managers Lld.¥tangl IjbI mj Z°2 533 Transatlantic and 

Tulip Invest yd. Q41 6 149U — II NewKl. EC2M4TT 0) 2832632 Do Afcum. .... 1^ 8 324+0 3 J 33 BI-» New London Rd 

Tulip M*h«l Fd.... 1328 U8.R — American . 6x244 2621 +0 21 153 lneoBto_. SI 6 555 +02 619 Barbican June t .[769 

TMotl BonaVtf - 11*3 }g.fl — High fneumr . -40 7 . 4Sft .J. 94S Do Aecum 587 .W8+02 629 .Aecum Units- . lift 1 

.fllam.FMi.Fd cap.. U9 7 .125.91 . _.. — InUrriiatKUtol Tst- ./i245 26ft +02 319 Intern* 1, onol . . *98 53tn+04 238 Harb.Expt.Mafc 31 85 8 

Man. tom. Fd. ACC. . 126.8 13ift — BMlC Knnc Tsl [26.7 28R+01 435 jo Afcum .. 52 9 572 +0 4 238 Buclcro June I . 79 6 

High Yield 616 65.6 +01 833 1 flecnm. Units: . .- 98 6 

Confederation Funds Mgl. Ltd-V f*I Do Accum 65 3 495 .... flJ3 Uotemo June 2 . . 12SI 

?ro^Traud ,Jm, -^ 1He *3 51 0i 'T?£ “ ?PI ' ^3:-:: IS . s?V 

urowih huad. . — .[414 ** " .. .] 4J7 a PrtcM m\ Al.i* Nttl dcAUn^ Jure 30 iJkiCtxra. L mu>j * 569 

Cosmopolitan Fund Manager,. Minster Fund Managers Ltd. i vccunvLZlm" " 68 2 

30 Pont Street. London SIV1X9EI 01-2358523. Minster H+c . \r»!i«r *1 .EC.*. 01.823 1050 hurt boro JuneB 513 
Cojmopoln.OGl Fd|179 192) .| 475 MinNer.Maj 30.. |KJ 213 • 1 5!Z ‘Aecum. Units'. .. 58 6 

. . Exempt Mav ji 7f . f 5 4S Van CMh. Juno d «6 

Crescent Unit TaL Mgrs. Ltd. (alig) T -. 5 | Meemnt uj (Accum tnil*' 610 

isssss^ t sr 3 -^ m rs S^^5S'SS“ a; 

ffiSS5SS3*.zB| Sj-«4 o» ■»* w i «« - m 

HS-SHL^S 1 - ■ tas »« Mutual Unit Trust KUnagenV taicgl ‘V ccum L -nif,, . 72 1 


+0 41 642 San Alliance Fund Mngt. Ltd. HK&rai-.u iwraa jm .. I 2tt Ti>8 Unit Trust Managers k.i.i 

"^0 fl 10 68 5un Afiiancr Use. Horxham OW3S4UI s* r vSm?canTrt' .'em3B wa Baaai+lto Rd ■ SL Xa, )«,iir. Jer*e<- OS* 

“its WMyft ,l W a 5SS!-oJ It? M-^rind.-Wff S3 - -T ^BO assrtir: |Si ^ I 

I 5 77 Tv** Tst . yjgrt' Ud.¥ tang, “ «c* »» Pne ” on J . unt 7 N(M - ,une 

31. Cresbnm si . tXT D+aiina*- 028639*1 yStS^lw.Grth^ltt.i 10 *o Tok >° Pacific Holdings N.V. 

043058101 Target Commoduv 35 5 382| -0.2 3 79 u . „ M . Inlimix Manneenvn! Co NX . ifliracio. 

1 368 Target Financial 59 7 64 ft -02 434 Hambro Pacific rand Hgml. LUL .\'.\V per share June 5 SUMCJO. 

I Target Equity . 37 8 _ _ *0 y + 0 “ SU 2lKx Connaught Centre. Hone KoniS 

1 In FarEost Mny3i — BHKUH 33.9M+02TI - Tokyo Pacific Hldgs. (Seabocrd) 

d-WBBOflp «Do AKLBrts^ 283 5 293ft | *6 Jopan Fund ^S695 inllnus Manbacmvr.1 x'o N V., Curaean. 

" 1 SU Target Groum .28 6 UB -0 2 4 41 Hambros (Guernsey) LtdJ NAV per sharo Juno 5 SLS33M 

, Target toll. ... 29 4 3t-6[ +0.4 1S7 nainhro Fund Mars. IC.1.) Ltd . „ _ 

UL Me Reinv Units 321 3*5 +05 157 ^. Vl , Tx’nttoll Group 

01 -dOO 4550 Target to, 30» 3323-0.1 * S r Psulu* 9 ' ^""^42.8 F.O Box Uomillon 5. Bermuda. Z ? 

Sli TfiLto/^" U ° " . 291 3T31+0 2 8 29 Intnl Bond SUS 104 92 108.!^ S 40 iHfCtaar fta»ai -l*{"511| 1^1 I 

4 55 T s Lj i, fc 1C X XX cn lm Efluity SUS 10 93 11271 250 ' Accum. L nilii ..ISI *>1 75 155 I 

|U Lbfc'n^GroirthKd (19 * 205) -Oil 4.S2 lot A-j*. ;a; SUS 102 ffft ■" g5g 3 Woj In, Max IA |jl'.T58 +<-i --1^ 

Target Tst. Mg«. tSCfldandt (aitbl “prtoiS’on June ?Smtt deal'2^ June t* ^oFSL‘junc l f C,l ^ r ' £740 V 7 951. 

IM. a, hoi Crescent E.iio ? 03V22BRS21 2 Henderson Baring Fund Mgrs. LuL ,A«um siwro.' . £1145 12KH . 

,,, JS3’ aa f Hg fo- Bo.N4mNa*u^i«mta .IKSKBiK '.: » t 88 • ■ 

“* F^Mlnciil-F.I 59 0 63 ft -0 1' 10 33 J “P*r> p d .BJJSD27 DM... | - Jersey Fd Ka> 31 .. 194 6 206 4 

toad __ _ Extra income Ftl 1 59 a b3 ft L, MH Prices on May 31 Nett dealing date June 7. .SonJ.Acu Uu> > 273 6 2902) 

n'/" 7 !^ ^ra«i« Union Unit Tst. Manoigersy Hill-Samuel ft Co. (Guernsey) Ltd. , .’tit Fund Sin, 31 i«J W-*g . . 

Zo 4 5 “ 1«0. Vond Street. E C a 0 1*CB 80 j I B LcFcbvre St . Peter Port Goemsej . -. 1 ’ A “ u 

-0.3 3 35 TUl-T June I . . (50 1 53 41. I 5 SO ..toemacyTrt. 1150 7 16L2«| +0 7| J 50 L' m’SLj SSfia 029 0 USD I 

|f| Transatlantic and Gen. Sees. Co.V Hill Samuel OxerseasT^ S.V 7, , " ' ‘ ' 

-0 3 3 33 Bl -99 Nom- L ondon Tld Chelmrtord 024551651 37. Rue N«re Dame. Luxemboun: I'td. Intnl. MngmnL ll.l.l LIO. 


T «. Pref . 13 8 

C'ox nf Gron-fh Fd |193 


^ NAY per share June » Sl'S5ZJ3n. 

— Tokjo Pacific Hldgs. (Seabocrd) N.V.. 

— lnllmis Manure mer.t Co N V., Curacm. 

NAV per share- June 5 SLS33 01 

T.vndall Group 

P.O Box 1254 Hamilton 5. Bermuda. 2 7760 
1 40 "TflWSear MqjrRI -IHV1 » Itil I 6 CO 

? xn i flecutr- L nils' ..|5l *1 75 155 J — 

5 50 3-Way Ini Max IA lil'.'IS 27!| ... I — 

2 50 2 New SL.Sft Heller. Jerxc* ^0534 27331/3 

14 T»"'F Si. June 1 £740 7 95 . b t» 

git* i.flrcuni Shares' - C1145 12 301 - 

•fln»i*ncon June I .81 5 87 £| 2 00 

lAxviimshurexi .. 31 5 87 Cl — 

— Jersey Fd Ka> 31 . . 194 6 200 4 7 00 

• 2902) . — 

J7.4(rt ..111 


iNor.J Act Uix i 
i.TK Fund Max 31 1«4 107.4(f* . .1117 

'Accum Shinn. . 11362 138 3| . 1 — 

irv iluijyv. Lmudlas IrJc uf Wan MS* j* til 
jcwI Mo> )H . 1129 0 US S( | — 


Irre* Retcrve* 


14 Cop) hail Air. K1-CR78U. 
Mutual Sec Plu< [511 


Discretitmarj’ Unit Fund Managers MawajSrcHiu< [»* 54 

=«-n«.ra ?l ...osj* SSSSEJA., ij 2: 

Due Income (162 9 2 73 WJ .. .1 521 Mutual High YM lS5* 59" 

E. F. Winchester Fund Mngt. Ltd. National and Commercial 
Old Je«vr>'. iT2 O1-0W2IS7 ? , SI ABdreu squre- Edinburg 

Great W.nehesier 1184 20JI I 6N JE"* 3 ??, ?* iSz IS' 

Gl.winch-cr f joaah*? 215) . . ..} 4 56 ^ f fUm L n U'. 21* 


xfzlj 

■840 

83*.: 

303-21 
U30 
3b05 
548! -03 
bOll -0 4 
56 60 . 

?3 7 *j . .:: 

52^ 

64 4j . 

75 5 

*7 R -o: 
47 ft +0.1 

64 7 

76 2J .. 

69 5 d ..... 

79 6 


542 151939 20171+0201 - I*. J1ulc4.-ler S 

5 « International Pacific Inv. Mngt. L(d. u 1.6. Fund . . 

JH TO Box Riar. 56. Pirt St. Sydney. Au I State 

4 57 Juvelm Equity Trt 152 09 220| [ -- 1 t>|ted htato 

569 J.E.T. Managers f Jersey! Ltd. ,' J 7 r ‘' 

| S P" Bo* IM. Royal Tst- Use.. Jero^rtSW 27+41 L ln ' "" 

£S Jcr^e, Extrnl Tst.. (1630 173.0 | - 

525 -** 85*7 3) Next wh dfcs June .■> S. (i. Harbu 

Jardine Fleming & Co. Ltd. >i Gresham sir 

2 5? 4«h Floor. Cunruuchi Centre, Hone Konf Cm Brl Fd Jum 
7<S Jordine Estn. Tsr...| 5HK24A99 ,„. | 300 Kno IM June ■ 

30 Jardine J’pn.Fd-* .. 511)316 66 ■ .... 090 Gr SI SFd.Aprl 

S|2 JnrdlneSE.V ..1 SKK13.40 ... J 230 Mr.Fur Ma> 3). 

1 S Jardme h'k-m.lnt . | S11K9 46 ] - 

6 54 SAV Harps -Equirmeut itscs m Warburg !r 

534 , Next Mib May 31 I Uluru, c<W 

5j4 keyselex Mngu Jersey Ltd. ,-mflm Maji 

5 J* PO Bo* 88, St Iieiier. (E ng OlrtW 7 aflU. COST Lid .fltoj — 

w L-« nt.u irw.lm q ««•! ■ Ann MrlliUTsl 


lUd- Intnl. MngmnL it’.l.l Lid. 

14. 31ulc.L-.ler SIT'.-x'T Si 1 loiter. Jcrvv 
C LB. Fund. . . (Y SWn ItUtfcf . . ( flI6 

United States T*i. loti. Adv. Cn. 

J4. Kue AIJriAL'w LuumbtSL' 

1'S.Tdlm Kal. I SLM0S8 | | 0 52 


■ ’ r_ * *■ rid ^khci Jum 1 5. 

1 S. fi. Warburg & Uo. Ltd. 

Grvshom Street F>.H "I AU4.76 

PP t'nx Bd Fd JuneB- 51S9.67 1 + 003 — 

300 Kno IM JiUMrfl 51x1701 -Olt — 

0 90 C.r SI SFd. Apr 31 *J-S7.M l . - ■ — 

230 Mr.Fur May 31. 1J35 10471 ... - 

Warburg Invess. MagL Jrsy. Ltd. 

I OuriiiC Oruy.. NT I toiler. J>» i>KH7C*l 

CMFLI.1 MajiT |U'^2S KMl I -- 


01-0082107 3, - s Andrex, square. Edinburgh 031-5869151 

20JI I 60S Income Slav 31 • 600 - Venn, Unit*' .. 177 4 1364J+3. 

2Lsl...( Stt lAffum Unil*-. SSS JJJOj 600 Exempt JnueT .111.4 1170) +4 

- ' C«pl May 31 1238 128.3 3 47 . x„um. Uml-- IS72 1653-5 

ifnjnnnL lid. 'A«wm Lrlb» 1*»* 1568). 3 <7 f 'amnCf Jtf «*• 7 . . 19»bS ~0 

01480 7551 National Provident Inv. Mngrs. LttL¥ ||| f ISfl'x 

tin "ITS 48 Gro^hurth?, .wywH ui.ea4-.-oo “Sffl-*.; -HS8 


Ut.winell'ce U Joaah*7 21ft . . 4 <56 'Affum I'niL 

Upi May a i 

Emson ic Dudley Tst. JfhgmaL Lid. »*»» \ ni £ 
20. Arlington si .SW i 014897551 National Pr 

Em*onDudle> Tsl .164 8 69 7J | 3 80 48 Graft! Imre 

_ .. . . . NPItohUnl 

Equitas Secs. Ltd. (at (SI I Afcum I'nito 

41Hiahapsaale.EC2 01-2863851 MT'-xroiTr 

Pngnolio »u ■ 72 M +0.51 4.01 

Equity & Law Un. Tr. M.f W(bRc) J^? vn 


Sf® arsairz. ..w -i is sstj«w« sa ss - 

t:s| in Ti-tawiui, -gp -i - J®- I = 

•'• ll •" itisjs^sr ssssflss- es, a •» «*m m* r >n .. h nn W «.i* 

i Accum U ml* • U*! 4 190.W+13 IM KcjsclexJapau £1112 1222 - nu. Bvuk'vard Rkvj] 1 uxi-nilwurs. 

fapipljnne - SW- }»S*?3 ?S? Cent Awettf+p . £13339 .003 tfurMwulc Gth Ml SI <24 65 J+OKf - 


6 00 .Arritm Unit*' 
600 Exempt JnueT 
3 47 . \etuuv L'niL-.- 


3*7 Uartj into June 7 


NP1 Mh.Unr-f WO WM...I 4 00 he* Cap June 7 - [14L0 

ts 01-2863851 awaws- iV -sl^l m 

7214+05) 4.01 ^J'rC#N^^2gj B f 1 ea M f-j- «| E , 

M v •Pnv« ut\ Mu' drilmg Wa> 31. Z £?*££!? 1h ' iun 


1 — AmmhamfW.HIfiMVvfonbe 048*33377 National Wesinun^cryjai 

Equity k Law [671 TO.ft+Ofl 407 1%^^, A > n M 

^'nlington Unit MgC Ltd. _ fej . jS. 


isaKz^jn ■«■»« sssifc- ■ m . mm \ 

]mn|?rund 103J, 1093+10 — American «0 Sift.... l.M (ncomu - . I 

iFiortllntomFd.... 162.7 171 J +0,4 - capital Tot 11B2 125^ 3 87 j-prltoJlnlnv >d g* J3 OQ +0 ! ‘ 

FropenyFd 1*02 147.6 - m-onw Tn. .._... IM i 1U.M .... 583 LwflrtmlFd.rt 667u|[ +09| J 

c'aihFuod 118.1 124 4|-... - UrturojithF d -. r ..iM4 . .. ||^ NEL Trust Manager* Ltd.y (aMgi 

Ivanhnigh Pensions Limited ' .. M snuoBfeun i9,rfl.ii»c- Surrey. • 

* 1 A3 Maddox Sl. Ldn.WlR0L.fl 01-WB4823 i-Vleads Provdt. unit Tr. Mgrs.y Nelaur.-. • ISII J 

IOK*. 1M4 1 — toxTmm F.nri. Tlurklm!. IBaflMjSS NeirtHf Hllih lm' ■ I 90 * 5341.... i 


(to Accum 8*0 

Exlrn Inc GrvwtL- 37 5 
Do Aecum. ... 432 
418 financial Pr’rty. 16 3 
Jt$ Do. Aeeum. . 199 

< or High Inv. Prior, i. i 63 4 


1864 + 3.2 4.03 

117 Oj + 4 01 7 69 

165 2J +5 « 7 69 
104ft -Oft 5fi> 

i»fi+iq 5M 

2gn ii ,, J c ns Prices (Is noff include 
,*■ t! 2 S Tl iMicaied YirUi ■a 1 
176 # - ’ ft 5 21 include all expenses. 
170 i' +0 3 8 70 awninit Price h DiOl 
promlwm lusurance 
,+ a- ax, ,++ 1 uBwed 1 price inclti 


T.flTTUrt Mb> 11. -IU0J7 3064| I — 

World Wide Growth Manage merit <5 
liij. HvuK-viM K„vjI 1 uxcnilwurs. 
tfl'vrfifurulc <;rh M| SI >124 65 l+d 3+( — 


NOTES 


87 ft +3! 627 
MW +01 - 
403 . .. lew 
46S-01 - 

17 fl 4 86 
213 +0 1 - 


on rralixed capitAl calm unlesx mdieatwl to * 1 1 ■i,‘-rr*v.> + r " -- 
♦ Yield before lux 1 Ex rotoi,'. n-lno. 


s NU!.|*i.ihri. 


79i 708 Du. Accum. . 19 9 213 +0 1] ~ 

390+0? 502 High lnv. Pnorny 6)4 682J -0J[ 7 M 

97.3 +0i 4 95 Inicnailonal 32,4 34ft +01 214 

387 25 specials, is .. MB 32.9j +0.l! SOI 

2 MS fg TSB Unit Trusts ly} 

ihiy rouai 21 Chantry Wb>. A ndo 1 er. Hants 026462188 

wlt t*ng» Dealings, 10 0» 0433-3 


y.mpmt ^._(95.4 100.S .... [ — I*isliam End. Ikjrklri:. 

Fruity— hOOO 1053) -0-l| — FricndwIToi . I 'lx. .1*2 2 

Flwalntcrcst +-.... W23 in s '" I "™ Do. Accum. r . .. .154-6 

Guaranteed see In*. Base Kates' table. G.T. Unit Managers 

ii„„_ 1 lfHH 19. Findiun Circus f.t,3« 

Welfare Insurance Co. Lt d .y - ( -j. j nP «7 

The ■LsM.FoUtartoce, Kent. 030357333 Lxi. Aci: Wi)4 

MoncmMfcW Fd. — { 1025 J. .. . . i - i-T. JM. Mi'll. ... 3M 4 

Kpr fund*, please refer to Tno Londoab G.T. 1. S. ft non .... 1461 

Mane boater Group. j T. Japan ft Gen,.. 278.7 

J .777 r • jHJUVns^s.Fd... 1341 

Windsor Lite A&Sar. Co. Ltd. Vt. im i Fund . . 114 2 

lHIflli Street Vritxlcor. Windsor 681*4 G.T. Four YdsFd... S3.4 


f. l Anlony Gibhs. 

'.=■ , Greyhound Guaranty^. 
p: 3 : Grindlays Bank: 
^GuinoeFs' Mahon,. . 
fSTainbros Banlc 


and over £35,000 S4f». 

’* Cali' dePOKlLS over £1.000 
0 y mman d deposit! 815;. 

5 Sate also applies to Swells* led. 
Securities. 


O3O650SS Neixlsrliith lac 
J *26 Far New Cou 

4-26 sh Rnthsch 


G.T. Unit Managers Ud.V 
19. Finxtun Circus FC2U7UD 
r.T Cap Inr 183.7 891 


5811 .b-TSB General.. 
403 ib -D p Album . 
7 86 ih. TSR income 
I > Hi [VI flLCUin . 
rSRStolfish . 
ibilto Afcum . 


*8*1 -HI 
61 3 +0 2 
635ri 

66 ft 

89 ft -0 8 
95 61 -09 


io6ft .... 3 30 Pearl T* 

if? ft ZZ 2S 

+« 3 . 130 Pearl t.rxw 

140.11 +1.2 4 00 

is? 3) » nn i carl (a, . 

720 Pearl l mi 


033233=31 

1 52b 


UJe lax 1 . Plans. 6R3 72.1 — 

FunxvA&d.GthiMl. 25-00 .. . — 

FUlUteAsoftGthlb,. 43 W — 

Ret .Vssd, Pena, .... £25.08 — 

tint. lav. Growth ... 106.0 • 11L5) ...... — 


G. & A. Trust (2)lg) 

5. RoyJviSh Rd . Brnmood 
G. ft A.I. ... ii I P 3 . 


451a( I *26 For Nen 1 Court FRn4 Sanum Ltd. in, tvi flicum .... J62 2 66 ft J 7 29 

HS 4 2b Trrflroh+flliH MW Mttvf.rrn.nnr TSRStolflsh - Soft -0 ft 2.80 

*** 1 „ ^ ' !VZ»L™ U i ement .. Ibrtto Accum . 1 89 8 95b| -09[ 2M 

w.f Norwich L uion «HniN Gronpl^ l1wer taW , a , 

lD «n, n, G2BB ^ 1 ?$*?% Wann^lrect. Belton 033235=31 

lSS ;- Iso fEffi Tnwt Onagers UcLroKBiSr « 3 | I 52 b 

”®9-- ? g 292 Hub IMoern. U't'lt 7EB 01-4««MI lnit TruSt AcC0UXJt * ^5^1 ■ UtL 

m 130 Pearl firowtbFd 24# 4 92 Kin® William Si. EC4R0AK ill E3 4851 

l«nil7 4dS Accum Untlx — \ 2 l ? Wft -0.1 492 Fnar. Hsc Fund . J152 0 1M.« . ...1 424 

mJr M (Vnrllii, -. 316 3*1 +0J 6 72 Wider Grth. Fad.. (29.3 30 ¥ . . 436 

SUa;M 7 20 Peart l ml Tit 35.3 3lM 506 D» -Wum. . (34 0 35 ft | 436 

^ 7 20 'Accum . mi. 5 06 Wleler Growth Fund 

Pejlcw I'OlB • . Ui (gl^t) KJM Williams*. EU4ZI PAR fl:-C234»l 

itC77i_.JW HI ioumair M.. ' “ l . , lTT s **' U81-23850R5 income Units . _|293 30 W | 436 

34-53 1 4J1 Pelican fails I® 5 * . «9.8| +Q3[ 5 06 Afcum. LrUtA [34 0 35 ft | 4.36 


166. ft .... 4 24 

309 . . 436 

358) 436 


0:-fi234ttl 
30ft .. | 436 

35 ft | 4.36 


CUTE INVESTMENTS LIMITED 
t Koval Exchange Ave., London ECiSV 3LU. Tel: 01-2S3 1101 
Index Guide as ai 7 June. liiTS (Base 100 af 14.I.77I 

Clive Fixed interest Capital 

Clive Fixed Interest Income 112.91 


CORAL INDEX: Close 474479 


INSURANCE BASE RATES 

t Property Growth 8- "S 

*T Vanbrugh Guavanloed 9.50% 

r Addtysg shown under in-ur.ini .md Prcf+Tiy fMnd TaMi*. 


4 P- 3 >- :i 



,W5f! 


.probably the 
IMf foest short course 
an- the -world:”' 


FT SHARE INFORMATION SERtl 


:.SS 


JM( FINANCIAL ll.MtS 


but we’re working on it 


Applyno«*(orTl«-C-oobw7BCo<i»w*o-W»wl , "» , lfII 
MB5 BoprhSiWnl.MandwIwMIStPB M:Q6I-2 , 3W« 


High Low 




AMERICANS 


£ 


Rkb Low 


ffif 


£5 



ninwiiSlO— 


& 

I 

SJ 


m 


I 

TtT 


1231) 976p 
1232 28 

32 20 

I W fl 26% 

17b 12 
18% 13% 
20% 14% 
27 15% 

27*2 16*4 
17% 11 
2Z% 14% 




TtT: 




l 





IK 

IK 


Bailey iC.lt 


\ 


HVrd wy'daDp 


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LC.'.'.bl* <6-79 





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FOREIGN BONDS & RAILS 

IKS j j Price 1+ •flDh.'-,] Red 

Hi'h low I Stock I £ I — Gross [ Yiei 


Price 1+ or Ph.'ll R*f 

£ - Gross Ylm 


£78ij 

M2% 

9%1 13A8 | M% | 56 




68 , 

86 74 

37 30 

56 21 

77 I 59 

160 


45 35 

£34 £18% 
177 1121 
125 
104 
86 
71 
79 


FINANCIAL TIMES 


BRACKEN BOUSE, 10. CANNON STREET, LONDON EC4P 4BY 
Teles: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Finantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORLAL OFFICES 

Amsterdam: F.O. Box 1290, A*nsterdam-C- 
Tele* 12171 Tel: 240 555 
Birmingham; George Hour*. George Hoed. 

Telex 333850 Tel: 021-454 0922 
Bonn; Prcsshaus 111104 Heossallee 2-10. 

Telex 8889542 Tel: 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 512-S037 
Cairo: PO. Box 2040. 

Tel: 938510 

Dublin; 8 Filzwiniam Square. 

Telex 3414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-236 4120 
Frankfurt lm Snchsenlager 13. 

Telex; 416263 Tel: 555730 
Johannesburg; P.O. Box 2128 
Telex 84ffi57 Tel: 838-7545 
Lisbon: Praca da Aleicria 58- ID, Lisbon 2. 

Telex 12533 Tel: 362 508 
Madrid- Espronceda 32, Madrid 3. 

Tel: 441 6772 


ADVERTISEMENT OFFICES 

Birmingham: George House. George Road. 

Telex 338850 Tel: 021-154 0922 
Eli in burgh- 37 George Street 
Telex 72484 Tel: 031-228 4139 
Frankfurt 1 m Sachsenlacer J3- 
Tt-le* 36263 Tel: 554667 

Leeds: Permanent House.- The Headnnr. 

Tel: GXH 454968 


SUBSCRIPTIONS 


Manchester: Queens House. Queens Street. 

Telex 666813 Tel: 061-834 9381 
Moscow. Sadovo-Samotechnaya 12-34. Apt. IS. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 00390 Tel: 12121 541 4625 
Paris: 36 Rue du Sentier. 75002. 

Telex 220044 Tel: 23&S7.43 
Rio de Janeiro: Avenida Pres. Yarns 418-10. 

Tel: 233 4848 

Rome: Via della Merrede 55. 

Telex 61032 Tel: 678 3314 

Stockholm: c.'o Srenska Dagbladet, Kaslambsragen 7. 

Telex 17603 Tel: 50.60 88 . „ 

Tehran: PO. Box 11-1879. I on 

Telex 212634 Tel: 682686 ] 

Tokyo: &h Floor, NT bon Keisd Shimbua 
Building. 1-9-5 Gtemacbl. Chiyoda-ku. 

Telex J 27104 Tel: 241 2320 
Washington: 2nd Floor. 1325 E. Street, 

VV. Washington DC. 30004 
Telex 440225 Tel: (202) 347 8678 


Manchester: Queens House, Queens Street. 

Telex 666813 Tel: 061-834 9081 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: t312i 489 83W 
Paris: 36 Rue du Sentier. 75002. 

Telex 220044 Tel: 23SB&0L 
Tokyo: Kasahara Building. 1-6-10 Vehikanda, 
Chiyoda-ku. Telex. J 27104 Tel: 295 4050 


31 
297 

39 

J 66 

roach t0.i20p_{ 91 

DougfasRqhLSLI 94 

66 
82 
87 
15 

73 
26 
25 

42 

29 

13 

43 
31* 
56 

30 
42*4 
68 

76 
33 
35 
75 

160 
68 

£270 
113 
82 
78 

72 
24 

132 

178 
122 

74 
28 

179 
123 

90 

14 
38 

£34 
177 
120 
92 

77 
69% 

73 
71% 
86 
58 

202 
50% 
86 
310 

75 
98 
68 
21 

40 
83 

108 
12 
65 
37 
100 
113 
155 
94 
270 

2? s 
98 

367 
147 
127 
138 
83 
% 

Rohau Group I 85 

BcnclnjODlOpi--) 105 

HF 

by P. Cement I 75 
• { 1 162 
36% 
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irmim. zj% -j, idbOW 2 2 S 9:11 9 * 2 »% 

JfS +ij C 12.49 iS“o ,» 

sunh 1 . 154 .. .. 7 02 35 111 5 0 318 240 

Mf— 55 -1 4.00 i lio) 1 ;» 3 ft 

isjipc. £102 -% Q 7 Vi 23 f 7 cj~ 140 * 


13 L 120 , SiamardsSBp 132 td .86 as 5 6 67 741 ? 55 

-••• «-. .20 Mutninster %. 24 .. .. 082 15 ifS a 7 Ul« » 

• 35 % 20 " HeatBwflp^ 15 + 1 , dOW L 3 9^120 U 5 j 87 

M* 2 «- jMdjtoJTr: 314 +f. 1487 cj 33 fK .7 
r*. 94 ..... 421 - 29 fi.fl 7.8 - 

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--■aa. NSriuJ.F)Sto. 120 ... 5 . 1 B 2 4 6 . 5 } 8 2 « 

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As?- .31 NaLCri/i** JOp 46 +1 132 0.8 4 . 3 ? 45.6 II 

. -&4 E 5 ® N.CX 4 %Sf 38 l £81 ...... Q 4 D .i 119 E 5 . 0 l - fit, 

: 4 1 BDES35 ,S l! !:S ll ?i g 

I = £■ T] - I 

Tl -- — -_69 ’ ...... 4.02 2 .b 6.21 6 .fi 104 


Garages az 


■jW newy woopiL « — — — J26 

77 N«CTO*__ — ,89 ..... 4.02 2.6 62 6.6 

j|g- Nonas tWrtJOpl 186 +2 tdL 8 29 m&| ^ 

1 S» 1 :::::$ SJ^SSi 5 

£91 Qce Financed. £95 +1 09 % - ( 9.5 - 46 

88 - Odice&Sect — 114 +1 4 JJ 8 37 5.4 75 84 

82 . 0 fres 20 p_ 97 xc +3 h 302 35 4.7 93 £% 

» 0 wnsupel 2 i 2 C. 23 Q 6 c 2514.7 20 67 * 

im. RuiisUQSC 112 H" til* Is M *53 *36 

107 Pauls* ffhites_ -127 -3 44.22 3.4 5.0 85 5 r 


fi g. BSSifc ag :r. S ij P .t, „?• 

• 9 ® « PentoslOp SB +1 429 3 ffl 7.1 5.4 <Jp, 

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. - 52 . 36 P&oMxfLoal 36 4272 - U .4 - 46 

::38Hg 8B2atg.S;.a-S& Ji it B 1 * 


+1 429 30 7.1 5.4 4 gu 

+S Q 15 % 22.9 H 05 ~ 45 % 
«1 IS 9.9 IX f £ 2 

B— — — 353 7 fi 

42.72 - 11.4 — 46 


n&a . 487 ^ *1 

ttf-fawaaft newsp^e? 
ei5= =1 = s | s h g s issyfe^; 

UDufL 50 p. 178 ...... 110.0 14 8.5 75 55 46 BPSIJUk-'AC 

(Wm.i 5 p_ Z 4 xd 054 * 53 * 78 55 Bemffcrothm.. 

ige Group, 165 +\ 538 3.0 53 93 : 9 B 70 BlaSbV & 0 - 

axdSvs. 5 p 38 J 2 + 1 ’* LOT * 6.0 * ‘ 122 305 Effetol Post-. - 

Ch Ol. rt ATI ih £ £ A iM i'll Pkll.., ir.llUt* 




s . . .I..... 208 7 7 .S 8 

lDuff. 50 p. 178 1 aao 


prar.Laimd 5 . 5 p. 

PnllmanRAJ-Sp 


0.40 


l.V 

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<n>. ?-* w.-™, 63 41 152 123 CMInsWlOunL. 145 

I.& 88 M 6.0 19 103(661 152 123 :' TJa"A M 3 

Iflp 65 — 7243 7.6 3.4 5.9 347 265 ttedf MaJ .A Mp - 

)p!. 20 ..._. tQlO 91 t S 3 95 67 : El-Afed-AUied A' 

^jp- 33 t !76 33 8.0 SA 92 .85 Gordon iGotch 


IHMU-toW- •■*... i**; W.w -.-I 7 * .07 UinWUBtiJlUl" 

Wls 75 -1 1 d 4.7 23 9.5 4>3 74 55 - ftonreCwuilies. 

Organ :256 -4 7.96 3.6 4.7 <63 138 115 Independent* - 

inCS, 50 p., 482 1031 3.6 33 ( 93 i 133 122 LjwilP.hWJOp- 

___*am Glass- 295 -3 F 1534 53 83 35 59 46*2 MarsfiaH Cav.lOp 

h^dEKcSg^ 55 + 3 - 275 26 7 i 7 3 278 228 Xewslnt 

EU*dInfl-H 128 +5 tftOO q 27 96 * 196 174 PejssonlorciM- 

BetywjPBWS -76 . — 410 23 87 82 46 40 Pyramid lOp.. . 

ta*rmlnc.Y 5 ft 230 Q 20 % » 180 Jl» Routledfi? £ KP. 

BewnckGnmp- 44 ' — .. — — 

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Rapbbre 65 % td 3.91 2 . 


ZVI 73 - 7 * 278 
art 9 M 6 196 


S5£2a« tt 5^ 


267 205 134 

53 Z 7 B 155 
5.2 362 306 


Tbonunn — — 
L'ld Nra'Miapcn 


- : Bopner Hides—, .48 tl -94 4 JJ 6,1 63 

■ Do^CZ-Z • 47 : tl -94 40 6.2 U 

■ Rotaprint — 48 1266 20 8.4 7.1 


9.0 5.2 362 306 L'ld Newspapers 
L 2.0 — 45 231 ? WeivjWfsPubSp 

5.7 42 47 35 ij Wilson Bros. 20 p. 42 % H 2 | tl .28 1 3 . 4 | 4 . 6 | 83 


f : 3? 


Man&Boden. -26 L 32 

Sal Wares— 133 639 

BseU/AjlOp, 58 | 2.04 : 

i«' 14 . 73 -.. 


77 ♦ 

73 26.4 
53 6 l 3 
_ — 67 i? 
7.0103 £125 


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iBiney—., 275 Ifl .24 35 5.6 7.6 72 

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rtbornelOp.. 17 ...— dL 2 2.6 103 5.4 51 

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533 JS-.I 335 *i 2 1426 19 56143 
Sph.l(^ 70 +% d 243 2.8 53 73 81 

feslmfe 50 p. 168 +725 2.9 6.6 8.0 21 + 

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!T ; 54 -1 dl 2 b 4,4 33 6.8 3 ? 2 % BantiComlOp.. j-- 

faimH flta. 125 M - 1 . t 536 3.7 6.3 5 J 79 EesammSi+fp' S 

SiWLUfiSU £ 29 ^ -tJz GDL 92 36 — 58 47 Bearer if W 

72 ...I 3 J 9 12 6.7103 4 TJ a BeJhrtyHM.«> 

w 3 wdGp. 5 p 4 - - - - 117 * 81 BHUteaw 8 «- 105 

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O^’ERSEAS TRADERS 

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\ ji-j.-T i.T V.-.' 91 j-z 035 -.- 11 2 - 

■ t - i ’133 1-2 r. 4.12 47 v 

il.— - V : 1 52 di-l b 2 11 IS! 

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COPPER 

iHessmaRiiio — I 98 | UQ 30 c| 19 | 

MISCELLANEOUS 


RUBBERS AND SISALS 

I i + art Dir. ] lVId 

Uk ] Sieck ! Price - } Xrt (CvTlOr's 

75 Ar^io-lmjciafti -. . % t 2 254 24 4 0 

•Je.i 4 .-n C c.'j lup.. 90 .. . 3.5 1 5 5.9 

i; Bin*' Ur.rzi . — . 35-1 — — _ 

Bradrail 'UP .. 50 % ... 1.7 10: 1 

''asUcIield ! 0 p. ... 230 -5 $ 2.8 10 1.8 

«:t«^or.rft* 10 p-. 42 «t hL 38 12 5.0 

'a '-■e.ii.PIirUsltD. . 37 hQ 3.0 1 . 2 12 ^ 

• tnitdi. trr.ua! ldp. 10 055 4 > 83 

Guthrie £1 317 tlOls l.B 4.5 

Ijn.i-.-V,: "p_ % mo - bi 

% iiinhlancsMKr - 1 C 2 020 So - 4.4 

KuahKeponpMSl 62 012 'X 15 4 4 

29 itKUiinSBQe. - 49 -1 Qllic * 51 

69 ten rurarjt. Uip„ 150 *2 6 t 40 1.6 4.4 

48 VjtliUtfIMSI 92 . q 20 c 4 > 4.7 

% Mau-Riicrlvp 471 ; h 0.43 31 1.4 

--P 70 -% J 2 . 1 B 2.0 4.7 

Sai^Rriaa'ldp.: 65 -7 MS 7 9»34 


34 
r- 46% 
£12 
- 45 

172 


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Vup.jnLoni.HL-- 


230 4 & 3 (k- 26 

430 -10 - - 

233 tS 9.5 2 .B 

44-2 - 

£ 1111 -% - - 

43 . 1.33 9 


■ 3 ? ?« il 

y,c 2.9 19 


NOTES 


... 055 
.... no is 
.... ♦no 

.... 9208c 
... Q12i< 
-1 quit 

-Z 614 0 
Q20c 
-% bO .43 

& ,B 


TEAS 

India and Bangladesh 

fsjsamOxar-tl .1 210 | . U< 


? lotsiil. . 

! Lpncbwrr.?Ll. -- 
) KeLcodKasct£I. 
i Karons?... — 
! 5 :n^oHldls Wp 
I WarrccPLinii. — 


172 1133 i'AiUamsoctJ 


210 

305 

120 .... 

27 

307 

338 .... 

233 

385 ... 
24 % .. . 
235 -1 
169 -1 


PAPER, PRINTING 
ADVERTISING 


Sri Lanka 

210 1123 JLurir.ai'. J lao ] ] 55 J 151 4.1 

Africa 

550 |MQ ISbcanil J 550 J . ] 50.0 | * 1 13. 1 

180 |150 |Bua!!»UU!* { 180 | | 13.0 f « (l 0 .< 

MINES 

CENTRAL RAND 

385 1140 DuroanDeepRI— 246-3 — - 1 - 

244 EiitHacd Prp 31 307 +8 ±Q 5 c 18.41 * 

k 29 % JUntawit afclK. £ 35 i 2 ^3 Q 350 c 25 ^ 5 .’ 

8 J; West Rami PJ 127 +6 tQ 13 c 6 . 7 ^ 6 j 


EASTERN RAND 

43 | 571 ; iBretf hi El 70 % + 2 i»lfQ 25 c! 

33 IIS Caslfa^aSl 26 . ... tOZOc 

36 b 35 EBGt' Ffcy. — . 365 r 5 xSc 

152 76 itooKilciaOc 110 *4 Q 19 e 

391 |271 Kuuov-Kl 360 *8 «J 34 c 

35 Lft-lciH 4 j -3 tq 3 e 

67 MarviJeRutfL - 93 J; - 1 % Q 46 i: 

lu'r.ran lo 25 c- 51 i-Zt; — 


1 lMMor.lerr.Rl .— 
527 flficfielfcaakRti — 
31 lW:LN';seil 5 c.._ 


51 -rZtj - 
55 - 1 % 025 ' 
640 +27 tQBi 
49 -2 — 


FAR WEST RAND 

2 S 3 iBIyiwrK 338 [-13 [03 

76 * KdhtoS!. .. 960 -40 tW 


71 % LeelkraalISa 2 a... 
1 lr>(»n , ie. , .!e:riP.l - 

569 Si^tneRI 

: c'i.-ii*.«rGiii 

1 H;h«irjRl 

1 Mar.e>ees; p.l 

I KodikddHl — 

Libanon R! 

1 >iu^iaalXx 

1 huITeaifcJcfCic 

, '.aalRMiifOr.. . 

'-enierfWctRI „ 
% W Line 1,1 . __ 

I Writen. .Areas Rl. 
5 E 9 lA’er-iern fietp 82 - 
221 J 163 ZaLdpsnRl 


338 -13 Q 170 e 
960 -40 tyUGf 

315 ‘16 Knit 
778 -IB Q 7 Bc 
297 xr ‘3 - 

110 -2 (J 345 e 
£ 135 4 + j « 0250 c 
532 +14 030 c 
586 +28 Tt 345 o 
467 t 6 Q 21 c 
238 +5 tQ 22 v 
£ 13 l s +U QllSc 
229 +11 TtJ 5 c 
£ 22 % +% 9280 c 
172 +5 413 c 
799 +31 Q 8 Z 5 c 
221 +15 Q 4 L 5 e 


1 ‘nleM alhentlkr tadicaied. price-, abd nr< divutend* »rr la 
peace awl drnmiBiUnBi are SSp. Eorimamt prle^leamloxa 
r«tao& and nicn ire hosed on bust unul reports ud xmiibii 
and, where possible, are updated on hall-tearlv figures. P/Es 11 a 
ealeulaled on tbe basts a I pel distribution; braekiSfil Ugtueu 
Indicate in p~r tent or mare diilrrmee il cajrniaud on ‘nil* 
distribution, losers irr baaed on "maslmum** distribution. 
Yirld* are ba^ed on middle prices, are gross, adjusted 10 ACT of 
14 per rent, abd allow tor value ot declared distribution* and 
HkHv Scearitirs «ifti detramtuatlonv other than steriioC vs 
uuoted inclusive of the investment dollar premium. 

t»” sterling denominated securities which include investment 
d.'Uar prenmun. 

• Tup" Stork. 

■ lliuhs and Lo«« marked thus have hern adjusted 10 alitw 
lor nciiLv issuev fur ru-'h 
t Interim ..invx- incrcmwif or resumed 

* Interim viru-c reduced, parsed «r deterred. 
tt Tav irce It. non-residenir on applicaliun. 

<■ Vitnrv' ot rvp-'rt ad ailed. 

Tt r misted eeviiritj 
a ITiw at U.ue of suspcnsinru 

<i Judirutvd dividend after tvndins scrip and or rights issue: 

cmw relate*, to previous dividend or forecast. 

” Frtsr ul Stamp r>ut} . 

♦ M'Tger hid or reorganisation in proeres*. 

* Not iv.mp.irj bio. 

+ mu-nrrr reduced hail and. nr reduced earnings 

indicated 

i imvcasl dividend; cover on earnings updaied by ialoit 
rnicnm M iicmenL 

f luifr allWi ter comer'. ion of shares not now ranking lor 
dividend* ..-r ranking only for restricted dividend, 
jt 'T'irt due* not allow lor shares which may aLvt» rank ter 
.livirlchd ji j future time No PE rsiio usually provided. 

V Kv.Judlns :■ fituii dividend derfamtior. 
r Kegi.inal price. 

H No p.-ir value 

a Ta> free b Figure'- based on provpectus or other offirial 
rsiinute. c Veriis. d Dr.idenc rate paid or payable on pan 
o.‘ c.ij.itai (.oirr toseil on dividend on lull capital, 
e Redemption yield, f r'lal yield g Auaimcd dividend and 
yield, h .\ssamcvl dividend and yield after scrip issue, 
j Fay ment Irom capital veureev. k Kenya m liucrliu higher 
Wan previous total, n Kichlc issue pending q Ennuncs 
bn, i ~5 on preliminary figures r Australian currency, 
a liivi.iend and yiv-M exclude a speci.il payment t Indicated 
dividv-nd* voter S'hUv to previous dividend. P.'E ratio haserf 
on latc-.it annual ciinnma. U Forecast dividend cover based 
on previous year a Uarmrigr. * Tat !ree up U> 3 Up in the C. 
a Vie Id olloi*-« for ciurcacy- clause. » Dividend and yield, 
basml on merger terms. 1 Ibvidond and yield include a 
nperi.J payment Cover does not apply to special pavment. 
A :«« dividend and yield B Preference dividend passed nr 
deferred. C t'an.idion. ll I'overand F.E ratio esclude pmruv 
ol l" .icrorpace subsidiaries. E Issue price. F Dividend 
and j icM based on pr-ispectus or oilier official vauautes lor 
ISTTt'tb *• l-uimel dividend and yield after pendinj: scrip 
and or rucLL- issue il t'lrideod and yield based on 
pror-pectusor otlur c 4 ncial estimate* f»r ISrTU-n. K Figures 
bp.si.-iJ nn pra»pectus or uthcr official csiunalc ter 1 ST 8 . 
M Pi' idcnd and yield uaswi on r> T c v -peclus or Oliver official 
c-itim.ih»: tor 197 H. N Pivirfend and yicJd Kt*H on prospeenis 
or r<l«.-r official i-rliniJtes for lETTS. P Dividend and yield 
liased on prospectus or (Utter official iHUlroale* for ITT. 

V 1 'ihiv T Figure-, a-aumed. f No significant Corporutian 
T,C. rs( jJMde 2 L>J 1 uferid lofril lo dale. #f Yield tueied on 
aju-umption Treasury Bill Kale slay 1 unchanged until maturity 

of slock. 

Ahtev-. laliotw oe.( ffimlond; :re« «cnp i«ue; vex right.*: peg 
all; tf rv capiuil distribution. 

Rreem Issues " and ** Rights " Page 36 


6 83 6 This service is available lo evory Company dealt in on 
14 22 stock Exchanges ciirocgfcoat the I'niterf Kingdom for 2 
51 ,e * of £400 I* 1 " for secarity 

2 - 7 ] 60 

M REGIONAL MARKETS 

i - * The follow ins j sotection of tendon quotations of 'iiorcn 
r i nrevt<*iis|v- lifted onlv «n regional markets Prices of Irish 
^9 2 ‘i IffiUes. mo<t of winch arc not officially iUlvd in London, 
n ij are a, quouU on tei.h ^ch^e^ ^ 


O.F.S. 


93 | TS rroeSatpHev 50 l* 
£I 7 i illfj F-suedubiSCk ... 
121 j 59 rS-SaapiaasR: . 
279 Hjrrcs;. 5 Ct — 
tb LotucoRJ. . _ 
750 fres Band Me . _ 
582 Pres. 5 ;ejr. 50 c. - 

03 AHriesaBI 

1 a lye! 

^ ■AVIkD.n.V’r'. 
£ 19 %j£l 3 % W^o'.tLnssSfc — 


Ailianv Inv CDr 23 
Ash Spinning ' 95 

Cfertnm 22 

BdR wir K--t 50 p 268 
Clover lit*- .23 
C'raiciRosfi! 4 S 0 
Hyson 1 ft At A 37 
EUi, A. V.rHctv_ 62 

Even'd 17 

File Forge . . 50 

Finlav Pkg. 5 p 23 
GrnicShiptl 154 
HtCw.’n.' Bsvu . 8 *. 

J.U..M. Swi £J 150 
Holt I Jo, I 25 p 265 

N'Uti. itoldsmiUi 54 
Pcnrrv’'-H-- 158 
Peel *-ft »' • 70 

6 hc(field Bnck 45 i 


62 ... 

17 

50 

23 

154 

82 

150 

265 

54 

158 

20 .... 
45 id 


SindalltWm. >....| 


C-inv S'i RO/K €B 9>2 +% 
Alliance Gaa... 73 -2 

AmoU 346 

CamilI'P.J> .. 92 
Clondalkm.. .. 96-2 

Concrete l*rnds 135 

Helton 1 Hides ) 41 

Inc. Com 148 

Iriih Ropes .. .. 130 

Joeub .. ..68 

Sunlieam 33 ..... 

TMG... 370 

Latvian.' 93 ...... 


FINANCE 


540 454 jAnc.'vH.CwISJg.. 
314 M •EnJoiasr.’.Ov . 
£17 ; v £ 14 mj tag. .lia ijuid KI _ 

750 621 J.lJi-V jji iJv 

119 kiunerCcc? ..... 
163 Icons. i, 2 d Fields. 
17-4 jiiiitftmd Con icp 
£lbb [£14 ijm-ilWMlC. - 
£ 13 isl£l(ft kldrifS -A.*. 35 c. 
£lft |£1 D Jc ban : Gvar. rC^. 

186 [ 13 B Middle Wi! St 

Uinrorp C>p ... 
MirKkv:j 5 BDI 40 , .. 
NwW:; 3 bo . 
FtiunMv. Fi-v.'i -. 
Rajtdlxjndoiilftr.. 
Stili-.-fi'ir.lrm.T _ 

Sestnivi 10 ?. 

MlioriXties'^jp-. 

. £11 7 liiJ.'.'or.- IjiKL. 
232 182 IT.fovWtRl.. .. 
292 238 I’mnCuiTa.USc. 
60 40 VcttlsS..; 



535 ‘5 
314 t !4 
a7i c +: : 
750 . . 

140 -4 
176 -1 
17* 

£ 16 * +:» 
£ 13 % +^e 
£13 li r% 

185 

29 

190 . 

Ill ‘2 

£ 11^4 +% : 

414 + 4 ' l 

217 +3 I 
58 -l I 

£1«< -» 4 

218 -3 
260 t 4 

57 -3 


WO? 3 . 416.7 
W362u * 7.1 
4165 c 1.1 5.8 
QlOsc 3.4 8 J 
83 til 4 94 
1905 26 7 £ 
1.05 13 9.0 

Q 225 u 21 8.0 
tjllflc 12 5 .D 
ifl 70 r 2 2 7.4 
Q 22 U 13 7.3 
tL& 19 65 
Q 12 e 14 3.6 
Q 15 c 0.6 B.l 
.QCSOc * 2.6 


OPTIONS 
3-month Call Rates 


038 c L 6 8.7 

| LO] 7.9 


DIAMOND AND PLATINUM 

Ans’fr.vreini scr_ £37Jj Q6Q0c 31 9« 

b,-n.p>:i:rr\l.;itt. 81 m ... . i 07 Ji- LO 571 

U-P«.N)rf.V 355 *3 052 ie 33 gg] 

tw 40 pcH.K 5 £ 11 % 0200 c. 3906 10 3 

Lydenhitf ' 32 ->e _ 62 ..... JQLTc L 0 - 3 

.70 Fnt.Kai ICc.— — , e 2 J*gzf^ L 4 ] y 


Iwluvtrials 

A. Brew . .. 
A I*, t vaienl - 
H.S.R 

Babcet'k • ■■ 
Ba/t ia > -KckS' 
Heecl.nut- 
Boot.ilimi! 
Bun .Hi r? .. . 

HAT 

Bnu.-h".W« 
Brow it -i 
Burluu ‘A’ 
t'ndhnr}' . 
jCourtauld-. 
Dchenlwiav.... 

IfiSfffler* - 

.Dunlop 

!tteale Star 

IE.SU.. 

Gen Srciilv'ii' 
Gen. EIuNfne . 
Glaxo . 

Grand Mej . 
G.VS. V .... 
Guardi jii . 
tiK-h .. . . 
Haw IterhoM. 
Hcusi-nfFra.H-r 


I Cl 

o’- ■•Impi '. 

itf (*-'» 

9 liiverovk 

11 KCA . 

25 fjdbivkc . ... 
35 l-ecal AGvn.. 

15 U-< Service... 

16 | Jut d« Bank.. 

24 !«7'" 

6 Loudon Brick. 

20 l«onriio 

12 Lucas Inds... . 
5 L*"nsif.i. . , 

10 "Moras .. . 

B Mrit* itSpnvr 
15 .Midland Bonk 

7 \ E.I 

11 SalWo- hank.. 
14 Do WarranL 

17 PSODUL | 

19 Pk"<cv 

40 rum.-- I 

9 flank Ore. W'.. 

20 Bvvt Ininl... I 

18 Spi Her. ! 

22 reset 

20 Tftern . 

12 Tru*LHoust>a..| 


20 Tu be Inv eft.... 

6 (’miner I 

20 l'ld. UrapcfT.i 

B Vickers 

3 Woulworlbs—! 
17 

M lYoprrlv 
Rrti.lJuid 
“ Cap. Counties 

5 Ef*- 

2 inireuropean 

5. I jntlSec;.. - 

“ MEPC 

Pcnchc 

Samuel Props. 

Tcwa&eny.... 

S oil * 

j 0 3 rli.rrtroleu!a. 
5 Burrnah OH.... 
* C hart email... 

5 Shell ... 

IB L'llratqar. , 

i 2 Mines 


3 Miom 

4 charter Cons .. 1 
22 Con*. Gold ....I 
15 RioT.Zinc.. -.1 


‘A st>li«.-li(iti ef f, pii n iis fraderi ic siven on Ihn 

jjunuua 5 t<w* Kivchangf Report pace 
























































































40 



r.> THE £1.000 MILLION 
INVESTMENT EXPERIENCE 


Canlife units 


EXPERIENCE-WHERE EXPERIENCE COUNTS 


FINANCIAL TIMES 


^rmgfhcld . 

Head Office: Hiob -> J 

1DN 'W0756«aS > ' < 


Cuiuda LKe UWI Trail Mjiuw. UmtlpdLmdj Lie HouiC-Htan Sowl. 
Polios Bdr.HcTTs.Efi6 5HA.Irt. Ponort Bji 511 li , 


Thursday June 8 1978 


'Tet 01-242 8147 


'S'- A-L^SiS 
. - 



planners forecast Basnett ’* 


THE LEX COLUMN 


_ -L-c-i . 

:-rm> 


record 1978 trade surplus 


economic P & O SSlilS dfiCp 



. w':5 


contract’ 


BY DOUGLAS RAMSEY 


TOKYO. June 7. 


JAPAN COULD achieve a $25 bn 
(£13.7bn) trade surplus this year 
if its trading companies are 
correct about the country's grow- 
ing trade imbalance. 

That is the conclusion of 
Japan's official Economic Plan- 
ning Agency after a survey of 
top trading companies which 
may well be a sign to foreign 
trading partners that the Govern- 
ment's own estimates have been 
too conservative. 

EPA officials to-day suggested 
that exports in 1978 could be as 
high a.s S96bn i£5Sbn). 

Based on International Mone- 
tary Fund calculations, this 
would leave Japan with a record 


$23bn to $24bn visible trade 

surplus. 

By contrast, last year the 
Japanese sold S17.5bn (£9.6bn) 
more overseas than they 

imported. 

The Government itself issues 
no official trade or payments 
estimates on a calendar year 
basis, but the EPA survey con- 
tradicts other Government pre- 
dictions. 

In fiscal 1977 to last March, 
Japan posted a Sl4bn (£7.7bn) 
surplus on current account. 

It has officially set a target 
for a Sfibn (£3.3bn) surplus on 
this account in fiscal 197$. 

In recent weeks. Government 
officials have admitted privately 


that the surplus may well be 
over SlObn. and according to one 
trade official, as high as the 1977 
level. 

Since Japan's balance on 
invisible trade is almost con- 
stantly in the red — to the tune 
of S6-7bn. — the EPA survey’s 
suggestion of a $23-lMbn trade 
surplus could actually result in 
a current surplus of more than 
Slibn for the calendar year. 

Officials are understandably 
reticent to admit this publicly 
after pledging in January to 
the Americans to cut the 
current surplus by about half 
in fiscal 197S. 

Late, in March, Mr. Nobuhiko 
Ushiba, Japan's external 


economic affairs minister. told 
the EEC that Japan hoped to 
cut the 1977 surplus by a third. 

Consultations with the EEC 
are scheduled for later this 
month to consider, among other 
matters, progress toward re- 
ducing the overall surplus. 

The most immediate concern 
in Tokyo is what reaction the 
EPA’s findings will prompt on 
exchange markets. 

Market dealers believe that 
any fresh round of speculation 
on the yen will force Tokyo 
to postpone plans to lift short- 
term currency flow restrictions 
implemented last March. 

Trade terms “harder for 
Japan, 1 * Page 5 


backed 


Sjr Pauline Clark, Labour Staff 


to discuss 


Tokyo warning to EEC 
on steel price-cutting 


BRUSSELS. June 7. 


By Ray Perman, 
Scottish Correspondent 


within Whitehall. munity at as much as £20 per favourable response 

Mr. Eric Varley. Industry tonne below the EEC's compul- European producers. 


among 


Secretary, whose Department sory minimum prices. n«iv the. German rnmmnicc 'Z n ~' *7 '~~JL — menr nere ana in me rest or 

monitors tlic company's per- Their evidence is being investi- understood still to be oush- S-? 1 * ® f JJjL most effic Jf n i Western Europe is now such 
formance. has stressed that the gated by the Commission. ■ . d f higher fi*ure P h?£h*r^«ict Pr ™™f S t .r r bI ^n ,hat * radical move towards 

workforce must raise produc- Japan has not yet sought to higher cost manufacturers in WO rk-sharing Is needed. The 

tivilv and nor Inok to the Gov- invoke the consultation clause . They ar„ue that their do estic Europe to continue dumping. .hvimie u»v t n 


tivily and not look to the Gov- invoke the consultation clause w f-,n n ff « iP® -j 5°? nnue i‘iV np T T §' best and most obvious way to 

emment to increase its financial embodied in its agreement which ,f°f s - 1 } 01 ./fl „^rter 1S have cn ? 1 I e .H' S ' this is to put at the top of the 

Commitment oennits a review of the •• h-i«- ” sharply during the third quarter steel industry several billion *? !* , 

commitment ? e ! rmits > d . re Y 1 ® w “ e Dase ,, is in other EEC countries, dollars in lost avenue vear bargaining agenda, and not at 


the bottom, demands for a 
reduction of the standard 
working week to 35 hours.” 
There was no disguising that 


nTZrllX SmoSi Davignon ’said the Commission said the Administration the parrel was intended to 

entirely fair. European enmpanies is causing would not go ahead with plans believed that a separate trigger 1 boostl^hours chances ofw’iu- 

“ I do not think this is a crisis, growing disquiet among third to raise minimum prices for hot- ' ?m SicTfS „* kS 0,8 ncXt Glfneral Elec * 

but we do have a responsibility country suppliers. rolled coils and voluntary guide- “« JJ 1 Ql > 1 f . 

to meet targets. Absenteeism is The agreement with Japan, line prices for other products by * k0 “. ia neaT> aam,n,s " Mr. Basnett said he preferred 

not just among the manual concluded last April, limits its an average 5 per cent on July 1. tr ™^ e V , en „ to continue talking to the Gov- 

workers. A host of other people steel exports to the EEC to about unless it was satisfied that the Editorial comment. Page 20 era men i rather than shouting 

are involved. 1-m tonnes this year, and per- third-quarter production target Shelton losses. Page 6 from a distance. “ We will talk 

“We cannot order people back to any elected Government but 


to work, we do not have that 
power. But we will certainly 
advise them to do so because it 
is important to the future of this 
piant. Nobody's going to bail 
us out again.” 

Mr. Eugene Cafiero. deputy 
managing director of Chrysler 
in Detroit, has said in a telegram 
to the Lin wood management that 
he intends to visit the plant in 
July to monitor its performance. 

” I am most concerned with 
the inability of Linwr.od to 
achieve production and sales 
programmes since our last 
meeting," ihe telegram staled. 

“The consistent achievement 
of programme levels and produc- 
tion is vital io the viability of 
Chrysler UK." 

A letter has been sent to every 
employee by Mr. Stan reason, 
production manager at Linwond. 


. • . **Ov 
s’ , 




i !•***• . "W^UPfcl' 


% :a®s ;•■■■■■ 







to contiaue talking to the Gov- 
ernment rather than shouting 
from a distance. “ We will talk 
to any elected Government but 
when it comes to co-operation, 
tbal is a very' different matter. 

** We do not want confronta- 
tion with a Tory Government; 
we want co-operation wiLh a 
Labour Government” 

He rejected an alternative 
motion from the Boor demand- 
ing a total end to wage re- 
straint to help reduce unem- 
ployment. 




£ --.-i 







msm 






ir-hlcu Arhin.“*l 


-'n rt Wt i! Ch puin ! s ,ii° lat s n ”f The first or British Rail's three pre-production Advanced Passenger Trains, designed to rim 

fhp i r nhu»m IS ^nrf a "ivt*« B detaiiA at Qp to 150 rnph on Britain's inter-city network, is nearing completion and will be ready to 


the problem, and gives details 
of the decline in productively. 

Output was 89 per cent of :is 
target for Man.-h but fell to $6 
per cent in April and 85 per 
cent in May. In the last two 
weeks — with a lot of good 
weather and the start ol lele- 
vised World Cup football — it has 
fallen to 6$ per eenl. 

Ford foremen. Page 10 


carry paying passengers in the autumn next year. The three trains are for an experimental 
passenger service on the electrified route between London and Glasgow. 


New 150 mph train unveiled 


BY LYNTON McLAIN, 


BRITISH RAIL is planning a unique suspension and tilt unveiling ceremony. All the Aberdeen C Highlands Moray 
Pontinirod fmm Potro 1 £150m. three-year investment pro- mechanism perfected by British advanced trai ns will be restricted p- irt u jy »y Scotland' N E 

LfOnunuea irom .rage l a ramm e for its latest I50 mph Rail. to 125 mph. the same as the high- Scotland Orkney Shetland. 

■R~w m advanced passenger train, shown The systems enable the train speed trains now in service. Scattered' showers heavy" at 

[Ur J&V & a in public at Derby for the first tn take curves on unmodified Travel at 150 mph is not pos- «j incs ^ 3X - (54F) 

-H. time yesterday. track at up to 50 per cent greater sible on existing tracks. “We are ‘ 

Paying passengers on the proto- speed than conventional trains, not certain thai. the train would BUSINESS CENTRES 


! M . n . c *' hc ” tlwr f wcre seasonally W ill be carried on the The whole tram titts nine degrees stop within tbr» braking distances 1 

adver.-e factors on [he femes London m Glasgow route by to reduce sideways motion governed by existing signal! m.a." I „ Y ' 1 rt i y " d f y 

and cruise sides. Last muhL the autumn ne\t year. arnund hends. The one-hour improvement in | ‘H,; ?jj 

shares closed bp down at Wp. British Rail has already called The Japanese want to lest the journey lime from London To- AntUn ) m . r. to u:nir<ii v ti 


transport division, ferries and by July next year. A decision had the technology of the train and Speed Trains for the North East/ b. awi-s s u pcrih s in ei 

road transport are still doing l0 be taken by January, I9S0, he has paid consultation fees to BR South West route joining Edin- n it ? nvi-kiivik h ‘s 

well, and cruising is productne g^id. Engineering. burgh. Newcastle. Birmingham. irn,„- air a c io ei ri'o dc J'o s 36 m 

rj,d rT es H“^' wnne prospects for a go-ahead would clear the British Rail said that train Exeter and South Wales. This! nniomic n :i a Romo s w k 

the Bovis UUJldinc Side, tjken uf3V tfi nrdAr An tn 7fl pnmnipta tmvpl at ISfl mnh Wac fttill in urill hrin^ thA tnraf nnmhpr nf Copnhnpn, n 70 S!iU!jpOiv? S 28 fC 


into a recession 


MR. DAVID BASNETT. chair- 
man of the TUC and leader of 
the General and Municipal 
Workers' Union, received a 
mandate from his members 
yesterday to carry on talking 
with the Labour Government 
on the understanding that 
voluntary pay restraint can 
survive after the end of the 
present wage round. 


His terms for continuing 
co-operation on pay would, 
however. Involve Government 
acceptance of four principal 
social and economic priorities. 


with the Introduction of a 35- 
hour working week at (he head 
of the list. 


Mr. Basnett’s proposed 
“ economic contract ” was 
accepted by a healthy majority 
at the policy-making annual 
conference of the General and 
Municipal Workers* Uuion in 
Scarborough, which threw out 
a rival motion for a tougher 


77 by GUY DE jONQUIERES BRUSSELS. June 7. stand on pay. The contract 

included a demand for a new 

By Rzy Perman. . “ meaningful " low pay target, 

Scottish Correspondent JAPANESE STEEL producers mits discounts of 4 per cent on was being observed. protection for public sector 

have warned the EEC Comniis- ordinary steels and 6 per cent on John Wyles writes from New worfcers and a W a Ees structure 

SHOP STEWARDS at Chrysler’s sion that they may have difficulty special steels against internal York; Pressure on ihe Carter to correct nay anomalies. 

Scottish factory at Lin wood will adhering to the recently con- EEC prices. Administration from ibe U-S. 

meet next week to consider a eluded agreement governing the j a p an ese claim that this stee ^ industry to devise a Ttte consent or conference to 

warning from the company’s price and volume of their exports supposed advantage has been separate trigger price system economic contract gives 

American parent that falling t 0 the Community unless illegal substantial^ eroded bv European aime d specifically at curbing wr - Basneu tne cnance ne 

production levels threaten the price-cutting by European com- undercutting, making it difficult steel imports from Europe has obviously wants to bid for me 

car plant's viability. panics is halted. f or them to compete. been rebuffed by Mr. Robert position of chief trade union 

Absenteeism is as high as 17 Tbc wara jm, conveved to Meanwhile. proposals by Strauss, the. President's special innovator of the next economic 
per cent in some areas and Brussels by the Japanese Govern- Viscount Etienne Davignon. EEC trade negotiator. 

production has fallen from menL is backed bv substantial Industry Commissioner, for a Both the American Iron and increasingly influential role 

nhour 3S cars an hour to under documentation purporting to sharp voluntary cut in crude Steel Institute and the United since the retirement of Mr. 

20. show that some European steel steel production in the third Steelworkers union had urged a Jones, who wtabhshed 

The renewed problems at producers have been selling quarter to about 29ra tonnes, separate mechanism to .halt the the original social contract. 

Lin wood are causing concern certain products inside the Cora- appear to have won an initially alleged dumping of European in his introduction to yester- 


The P and O share price had 
moved back up to par ahead of 
yesterday's annual meeting- but 
the news that Britain's largest 
shipping company may have 
been in the red in the first four 
months of the current ' year 
knocked the shares 6p lower to 
94p. Admittedly, this is.. the 
slackest season normally, but 
the chairman’s statement that 
the “ position had deteriorated 
further” since he wrote his 
annual report last month was 
not the sort of news that the 
stock market had been wanting 
to hear. 

P and O is not alone. Virtually 
all of the world’s major ship- 
ping groups are now feeling the 
impact of the industry's worst 
recession since the 1930s. Japan 
Lines recently announced losses 
of close to $100m in its last 
financial year and both Ger- 
many’s Hapag Lloyd and Hol- 
land’s Royal Nedlloyd have 
warned that their shipping pro- 
fits will be sharply lower this 


lodes fell 2.8 to 


• 

GILT-EDGED : 

NET SALES TO OV£2 SEAS 

" RfSDBtTS (Other tten 
Overseas Bonetary PI 
Authorities) } >1 


““““ the North Sea to expiorjiJ 
474.9 Oil and gas in. North -Aj$ 
This sounds the sort of 
stodfe that . the more - 

turous institutions might!) 

~ ^ to tuck away, - in adtfith 

. ’ yield of £L3 per centTS’ 

1 ) offer price of 85p. crrrc&j 
times, looks fairly, :heah)j 
The only possilflt-:<AsU 
that the indcpenrfahtpj 
holders in Hunting^ 
whose shipping side- has 
into serious financial ffi" 
- ties, might think thstrthfi 
selling off their 'assets 1 
cheaply. The deal needs- ' 
approved at an extraonr 
general meeting on June-' 


, I Brooke Tool -V. 


day's pay debate, Mr. Basnett 


They claimed that basing said: “ The level of unemploy- 
trigger prices on the production ment here ^ in ^ of 


year. 

Until now P and O has fared 
better than most of its. inter- 
national rivals because of its 
policy of securing long, term 
charters for much ot its. fleet 
However, as these charters run- 
off, the group is having to take 
on less profitable business-arid 
its diversification into- non- 
shipping areas is nowhere near 
big enough to insulate it yet 
Consequently, brokers are fore- 
casting sharply lower 1978 
profits. Against last year £34m 
(after stripping out special 
items), brokers are now pencil- 
ling in around £23m with some 
bears going still lower. 


Hanson Trust 


After more than doubling 
profits and earnings per share in 
the two years to 1977. Hanson 
Trust is now finding the going 
tougher. Yesterday’s interim 
figures show profits hardly 
changed at £11.4m. on turnover 
which is 22 per cent ahead at 
1286m. And Hanson is maintain- 
ing that profits will continue to 
move sideways, to give about 
£25m pre-tax for the full year. 

The setback came on ihe U.S. 
agriproducts buaness (account- 
ing for 55 per cent of group 
sales) where the Hy grade meat 
processing subsidiary found its 
margins severely checked as a 
result of a shortage of livestock. 
But results from the Seacoast 
fish oil company were apparently 
better than expected, leaving 
profits for the division a fifth 
lower at £3lm. Tn the UK. on 
the other hand, agricultural 


i 1M ’ Vais 1 Vgra ' ’ 1977 * to I Asainst the baefcgriini 
1 - 35S— , Equity Capital for Indi 

attempt .last week ta de 

profits are more than doubled Voider rote for itself. the c 

to£l.lnJ- Brorfce Tool provides- an: 

The industrial products divi- example of hnw the 
sion’s profits do not yet reflect fitted company can stC 
any significant contribution nghts_ issue market 
from the 830m U.S. Interstate, happens that Savory Mill 
food service company acquisk- brokers who are sponsori 
tion, though three months trad 1 ^rooke issue, collaborate 
ing results have been included. a few- months ago with 1 
Elsewhere in the division, the SBtt*®# a £3Bm rights is 
U.S. Carisbrook business has suf- ground for James Nei _ 
fered from cheap textile imports ^hereas - with Neill tb 
so that profits are just main- fanu -y sharehnMtngs m 
tained. And in the UK, profits ?onnany underwittep 
on industrial products are just 6 ^practicable, so that EC 
per cent better at £3.4ra despite. J* 1 35 underwriter, Savor 
extremely good results from the 1)6611 a ^‘ e . arrange a 
construction equipment com- conventional issue for 1 
pan j es which has no big family. 

* . ... . . The issue is a heavy < 

At 139p the shares have a terms of tbree.for.five • 
prospective yield of just over ^ £0 .57m to be 

7* per cent, while there is the represents over half th< 
added attraction of Hanson’s w capitalisation, 
promise “ to bring shareholders’ 

income more into line with the Gilt-edged buyers '. 
company’s achievements” - ^ , h 

J?,® reStriCUOnS arC foreign money into the 1 V 
eased, of course. edged market tailed off ; 

Hunting Petroleum. ft"* SS£- “ 

Robert Fleming and Co., still reverse, according ti- 
flushed with the success of balance of payments 
last month's Eurotherm issue. Net investment by fore 
has’ popped back again with a other than central 
£2JSm offer for sale Tor Hunt- dropped to £51m compar 
ing Petroleum Services. How- a peak £346m in Ci 
ever, on first inspection of its December 1977. There i 
cyclical profits record, it does ever, a suspicion that a s 
not look like being another rial amount of overseas c ■ 
runaway success. — especially for Amer 

It is a complicated deal are booked through 
which involves stripping out accounts and do not fin 
the oil and gas related way into these figures, 
interests of two quoted com- while the relative weak 
parties .in the Hunting stable War Loan, a favourite i 
plus those of a private com- Continentals, is taken 
pany. Hunting Holdings Ltd., market as evidence t) 
and injecting them into a new Swiss and Germans h. . 
mini-oil company which does cently been running dov 
everything from turbodrilling in gilt-edged holdings. 


UK TODAY 

SHOWERS, sunny intervals. 
London. S.E., Cent 
Channel Is., S.W. 

Rain at first, bright later. Mav. 
17G u»Fi. 

E. Angiia. Midlands. East, North 
Showers, sunny intervals. Max. 
16C (61 F). 

Wales, N.W. 

Showers, sunny intervals. Max 
15C l59Fi 

Lakes, Isle of Man. S.W. Scotland, 
N. Ireland 

Bright intervals, scattered 
showiTS. heavy at times. Max. 
15C (59F). 

Borders. Edinburgh and 
Dundee areas 

Showers, sunny intervals. Max. 
13C i55F). 




OBA— GBGY 










JOHN P LAYER 

“ Deberiiams 




E3 Kodak 




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But. said Lord Inchcape. "we 2 0 a vear from 1982 to 1985. 
arc still largely a shipping com- Ea ch train would cost £2ra. Continued from Page 1 
pany and the pressures on the about the same as an existing 
shipping sector as such cannot be high-speed train. They will be 
L-omp.-nsalod for by our rela- powered b v Swedish electric 1 3rrpr 
lively new and still growing non- motors. ER saw no prospect of 

shipping activities." r reviving the use of gas turbine without restraint and without nition of fact." 


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ship as a whole will suffer." increasinclv involves sLmilarl Midway I 

_ . In particular, “the persistent restraint for both sides. [ * - t ; -j.- 1 -c ly 

£150ru. and two more on order prototypes— already authorised at and increasing military involve- But echoing Dr Brzezmski. the I AJarem e 24 isljcrac? c 15 so 

from Wcsr Germany. This com- a toial cost of £30m^could start ment of the Soviet Union and President noted that if the Soviet j fj al,-rs £ ^ 77 1 ^ F,ms - I? 

initmcnt is now considered out later next year. I Cuba in Africa" could threaten Union rejected this approach, the I SSSSni k r. f "4 71 


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tn^neea iBease^dmcdetna^ of PPPisiv'die health insura.-!’ 

Fortnnately there is an alternative. j □ IadiNTdu^pcaxiiiics □ ua**aw.. ‘ 

Independent medicine and Privfltff 1 

_ ! GwipanviifjDiiiu ahM 

Manynowtnm toPPP because they 1 Pasitk^t 

knowthat within PPPs flexible range of imalth j «jj 

insurance plans, there is one which will be i 

light Jortheir needs. { 

SofindouthowPPPputsthenationB j Telephone f 

health tiist - the health of indi\idoais and of 1 Pnxnth) Pbfimi+n Dl«« |# 
Complete ana post the coupon toda}'. 1 rT]( 


M 31 Hie Port Qthu . PHMed by si. Clen»nr , 2 . Press- fvr and pobu^ird 
hi llm Flruncui Times Ltd.. Urackui Hou». Camwn Street. Loofl.wi.^ V&lkv. 

Q The Financial Times Lid.. IMS 


• ■ "s. ■i.