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Nb.-27,5S0 


Friday June 9 1978 


137S 


-taking a constructive 
approach to every 
size of project 


CONTINENT AL SELLING PRICES: AUSTRIA Sch.16; 

1? 


J. METHERCANPS Fl.2.0; NORWAY Kr.3.5; PORTUGAL EscJO; 


SPAIN SWEDEN Kr.3.2S; SWTTAt. 


.3,25; AND FrJ-P-.- E* 6 ,5? - 



MLR up a point . ‘Corset’ back . National Insurance r.se 

IMinisters " '** save Healey 



omen 




strategy 



censure 
angry Tories 



BY RICHARD EVANS. LOBBY EDITOR 


...i British women Salvation 
■ ly teachers have been killed 
- black nationalist guerrillas 
- - thodesia. Sharon Swindells, 
, ' from Bangor, North ern 

»*ii6 T-. and, and Diana Thompson, 
' From London, died whjra the 
.. ' crillas attacked their mission 
V ioI south, of. Bulawayo. 


• man and a. woman were also 
.;’red in the attack, the second 
\ mission in the area within, a 
3c. It. is thought that the 
- • ■ rrillas. believed to be from 
- . lua NkomO’s ZAPU - army’, 
icked after rounding , up the 
. hers and opened fire. Two 
" sionaries died in the previous 
ck. Sitbole and land laws, 
: e 4 



SHap s3«ruS5 

XU SrjsUfi w=s -A- ™nrs»; t S sE^L-ss 

The stated aim is to demon- would put up the cost of over- The » n ^ a chan « e o£ ^ as a p Qlicy correction to bewUdered and worried at the gj „ cnds * vh lch will he 

mssM janes £ftss J™* s -s-asr tas — “ ni - *. eiM,or " e '": 

*0 *— - — *» “ -■ 

A one-point rise in Minimum measures i had the desired eflect »ui ■ 

i : to nar i>pnt the ,n the eilt-edECd marKeL wnere 


F.T.Goveh«nent 
I Securities Index 

r » » - ” i s I**- 


FEB MAR APB WAV JUW 


growth in money toppl* | cbai-l 
FT Government : " Securities j pub |^ 
Index rose 0.48 to 69-68. 


i"'- 


0 SH jdXUa&wu gameu w 1 

... to $1.8250. although its trade- 

aorril returns weighted index was unchanged 
„e round-the-world yachts- at 61.2. The dollar’^t^ 
man Naomi -- James sailed weighted depreciation .-jruwnea 
.me to a tumultuous welcome to 5.5 (5.3) per cent. .... • . 

'• Dartmouth. Devon, after her . . giac m 

■ >-dav voyage. She clipped two 9 GOLD fell 50c. to 
"vs off the late Sir Francis The New York Comex Jnne 
dchester’s record for the trip.- settlement rate 

• • • ■ ($180.70). IMF gold auctions, 

>rury sentence pages 

•■inner Flying . Squad chief o WALL STREET rose 
■nneth Drury, jailed for eight • " H". ^ 

ars by an Old Bailey 3udge S6--09. . ._. ,• ■ ’S* 

.• corruptly accepting • bribes, us i^ONEY SUPPLY:! 



Mortgage rate 
to rise by li% today 


price rise 

BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT 


BY MICHAEL CASSELL 


to last for 


jrci rj^ e p r i me Mimsier iuiu *-uc *. 

e , n \r“ r«^^hfre"ooUce naner 7.34 (7.19) per cent. return on jmwr savings. Commons yesterday that the The move comes in the wake 

ieH by Lei^teK^re Ppuce paper ,4 ' . The Council oft- the Building societies’ rates were M now out _ falling ne t receipts 

linst a magistrate i Societies’ Association meets this of line " and the Government societies, which have 

int a midnight drmW^ ^, wt o ..WH-t© CUtD Stag to agree ' on the new dld no t intend ^ “massage ™cotne less competitive in 
n to- pub 1 licensee lan vinroCT, U.O. IHU W v-uiu T hb increases the mortgage rate to achieve a ^ nt montht In June the 

that customers co __ . - bar . r - vrili' be the first sirice October, misleading result. movement is expected to take 

n-ld.- Cup soccer St&te h^HUOUtS 1976. ' Today's interest rate recom- in as Uttlc as n50nu againrt 

evision. ° ldlG ■ mendations, discussed yesterday £33 5ra m April and nearly 

.il taae down © WESTERN . B^USTK^ . _ . . at a meeting of the Association s £600m i as t October, 

ail teas a own nations are be *?| “5? 5J? ISk* AilDOSt cenain . horae policy committee, will ^ resu i t the societies have 

-tish Rail is to cut price pf ^ts to cur h State, aid to .lame uuwx ^ j ncrea se in the mortgage nevertheless be notified to the • . heavi i y into their liquid 

ernoon teas by up to 30p, in u industries ^c^ants^a^eement ratelooked almost certmn before Government before a public t0 maintain high lending 

ve to attract -tnore customers, tion.- The V^-.^ ^^ nation yesterday’s increase in Minimum announcement at noon. leve is. The higher mottgage 

re than 700 .platfonn staff will on this at the swen^ Rate, a- move which The buUdi hg societies will rate will mean that a £W.0M 

;t month try o«t a ContmenuF economic sumgt ia. finally convinced buildmg society thBt higher interest loan over 25 years will cost just 

^k uniform which could Jrgg« e month. Back Page leaders^ that-their nwn Interest P decid ed on today will over £10 a menth more, 

present 12-year-o id design^ _ STEEL committee may be set j^tes must be pushed up. rates aeciaeu , 

swsstb w . bankas i — 

ome for Asians ^ i 


PRICES will go up at least 1* 
per cent and unemployment 
rise bv about 100.000 follow- 
ing the increase in the em- 
ployers’ national »nsn ranee 

surcharge, the Confederation of 
British Industry claimed last 
niglii. 

From the other side of In- 
Moss Evans, general 
f ifte Transport and 
orkers* Union, lar- 
unions, maintained 
uiiiL LUC increase in the sw> 
charge was -nhe wrong line lo 
take because It will make jobs 
more expensive. Our main pri- 
ority at the moment is to 
reduce unemployment and we 
cannot support measures which 
will add to the problem.’ 

hlr. James Milne, Scottish 
TUC general secretary, said the 
increase in the lending rate 
would cause concern. “In the 
past, and no doubt in the 
future, it has certainly been 
a deterrent to investment 


The Government’s measures 
would make it more difficult 


WDUIU iu*u>e iL * ... 

for the labour-intensive retail 
ing Industry to absorb school 


leavers in the months'-ahead. 
according to the Retail Consor- 
tium. The Engineering Em- 
ployers Federation insisted 
that the package would have Its 
biggest Impact on small and 
medium-sized companies, push- 
ing some out of business. 

As a “tax on jchs’"tbe in- 
crease would cut Uk competi- 
tiveness in world markets ana 
against imports and worsen the 
balance of payments by more 
than £l50m. 

The Chancellor should nave 
cut public expenditure first 
and. as a second option, in- 
creased value added tax m 
order to keep the public sector 
borrowing requirement at the 
level set by the International 
Monetary Fund, said Sir John 
Mcthven, the director-general. 

“The Increase in the national 
insurance surcharge is the 
worst possible method. It wilt 
reduce profitability at oucc, 
impair confidence anti so 
damage future investmenL 

“If the Government had been 
willing or able to cut out waste 
in their expenditure pro- 
grammes, which total £6 /bn 


this year, to save as little as 
three quarters of one per ceuu 
the required £30Um would hate 
been found." 

Mr. John Greenborough. 
president of the CB1, wrote lo 
the Prime Minister yesterday 
afternoon asking for an urgent 
meeting to discuss the pat - - 
age. 

Among the points he will 
make at the meeting te the sacr 
that employers’ coninbutio.i** 
alreadv account for 14 per cent 
of total labour costs compared 
with less than 9 per cent ten 
years ago. . . 

Mr. Joseph Godber. chairman 
of the retail consortium, said 
retailers faced a substantial 
increase !n costs which, in 
turn, would show up in prices 
in the shops. ... 


* in New York 


June - 1 


rttri .us 


SpnT. 

1 ni-ratb 


<1 ; Sl.cOVc-li 

0.100.1=0 .Ilf 0 6A-0.4o.il* 
1 Slvl fo.iu : 


5n.;:;Vb« rsMfo.H, : 

! 6.60 C.SO.liB I 




Ltncil, was * ound a :. worth of steel because oi a 

ne "when the Malawi c® 111 : at U an wern. South Wales. 

^ tatbel^don.borouslioi crlSId’. 


' nity in the London horough- oi 10 Davignoa tajtes_ * 
%ace probe • .. ? : . _3Krnpp, Page 2o. 


- *27 US- the Soviet Union • CITROEN has signed _a con- 

SL S tated Hel*h«“ , on met to b«rn « IMKW '£ w =g 

■Q-SSS^Zw ' «plo?a“on # GEC has p eK ueded the Gov 

^ 5S& Satellite dep.ejP.ept. ernment g ^ep ^ t f P ce 

lm, ^ e 2 • • . "Shreiber subsidiaiY for a new 

, izabe il, ■a?sft«!sr»®ss 

rt fl-WJ **%, « 

■Jww* , >\^ e £ eri the pay P°>->- 

PSve^fal Sei^ices •- MpOF Jon to* 

" y 16 David Ennals nnnounTOd offered a f °r™ of a p par eutly. 

5sAp'-’ s 

• Shs. : ledge. Page 1» 


BP to invest further 
in Forties Field 


m 
ft 

-Sf, 



^RAY DAFTER, ENERGY CORRESPONDENT 


m 

vA 


ERTTISH PETROLEUM will in- In ? 0 °SSoo?taSel^a GprernmePt^nf^'be’ Sfuenced | 

vest a ■.’further. £120m. produced to FTO.OOO^n; ^ pace pf development in 

North Sea Forties Field, which J. ave ^ other fields.. For conservation 

supplies well over a quarter of the permitted plateau. ministerc mav want to 

Irw it will eo on an TTnrlor fho ni'nducti 


North Sea roroes r«iu, .U, lt other ceias. rwi 

supplies well over a quarter of the permitted plateau. reasons .Ministers may want to 

UK oil needs. It will go on an under the production agre^ preV ent North Sea production 
[emergency support and mainten- raent ^ith the Government BY ^ lsing inuC h beyond tiie seU-suffi- 
Laiice vessel <£60m>; aecommoda- ^ allowed t o maintain the aver- ciency level expected by 1950. 
tion (£40m): helicopter decks indicating that BP shouia 

(£12m)'; and underwater main- — — L - — 

4enance(£6m). 


AUSTRALIA, is r ® l “f=°L « 
reign investment go /^foreign 


riefly ... . 

r the gorilla, Unfc« > «g» capita 1 let. . the rnmewl mdpatry. 
I iSiactiOP,, died ha »J Bach and Page --- 

^6 <>« «L“ “™«bVd-, 


Other oil news. Page S 
Energy review. Page 27 


Come ashore 


ssS 




Development of Texaco’s 
Tartan Field might be a factor. 

t— *** . J ,u.i r, nnl thaca 


= 


: anaestneuc - 

j^an operation to remove bad COMPANIES N 

was 32. ..GRAND METROPOLrrAN 

-nch artist ‘hit-year to 



rn. ne _ .m liKAi^u rj*?15m 

«SS^ jESTEfiaw " 

ti n P i„ which the *wy »i>^ei 3nd its ^ 

; shown naked. security Services 

st German police have ^ £5^9m in a double ng 

fshed a big heroio ring ed and Lex 

ested 63 people 


Original cost — "miZfEZ 

The further capital wiU. tiring age 500.000 b/d for three years ^ come ashore in the Forties 
total- 'spending in the field to ^til mid-1980- . pipeline at about 75,000 barrels 

mqrer.^n £lbn, nearly -three But later this year it .may ask J *£ y _ 

times the original e°st estimate. f or authority to extend Tfae pipeline can carry 650,000 

There are -signs that the flow mum rate for about a year, P jf Forties and Tartan 

fTOm. Forties could be^ more pro- viding 70.000 b/d more p produce at peak capacities simui- 
lific- than previously forecast, at ^on worth ?| arl L ? aiSrtn® the taneousiy. there will be little 
least in the next. tow years. This would mean ^tering tbe t^ u J padty Ieft ta the line. 

Me average flow is 500.000 production profile for SP BP is now bposting tiie- ForUes 

barrols a" day, about half the pre- BP says it has ultimate throughput by up to 25JK10 b/d 

SroSin rate of the Nora “S with ***** fr0ID 

Sea and the ",a^riryfrim allowed recoverable resent faig reseCTOir 

hy_[the'Department of Energy* barrels. 








m 






m 



IEF PRICE CHAMGES — n9 + , 

Grootvlei — '•••"’ n4i + i 

Hartebeest. l02 + Si 

muiuaLL-A/ Marievale S6 + 4 

_totq - . Rustenburg r’’-' 245 + 16 

R 15 " 8 nn |i s. iz Venterspost -*•■ * + 6 

iS?w.::::^u}-+ * western 

-5I&1 ! 

edRetaHers -...-383 + ?. 


FALLS g 

Albright; and WIU® 11 »<> _ 4 

A seed. Fisheries _ 4 

Benn Bros. 


O0i acv pL x /l.iBw— - n : 

• " ed Retailers ^ T ? 5 B enn Bros. u0 - 6 

d. Book Publish. +-». cuiten’s Stows ^ 6 

'' ,- h and Portland - Jr +• g Electronic Rentals ... ^ __ 7 

..-• y La Rue •“ X 4 Lloyds Bank_ ‘ fa - 3 


La Rue X 4 Lloyds Bank 270 _ 20 

.vebeU + fi McCprquodale 478 - 9 *.i 

, • .bland Electronics J* + ,. 6 . Rank Or«. « - 4 .. 

uriS r SeT vices ■" ^0 + 4 Tub® 1 ’ ln , veS ri , f in’ 250 - s 

f ;■ 'fra ah Oil -22 + 8 0,1 K Bspl rin€? 358 " i 

* ?’- 5 lo Amer. Corp-" T 6 giebens gl ■— 353 - 9 

‘ hopsgate Platinum ^ (James) — - ^ _ 22- 

v •' icken Mines mi + 31 Guthrie 

-• fels. - -■ 


FUKingiaa — • 250 - o -.J^-'Crewurt ... 

Rank OttS. 83 — 4 - Untmaleowat Guide 

Savoy Hotel ■«. „^2 — n • - 1/ euro, ootisu &u.. 

Tube Invests. - S 


European news-.; 2&3 

American news -■■ J 

Overseas news 

'World trade news _ J 

Borne hewsr^enerai '•* 

— labour }® 

— Parliament ... 10 


CONTENTS OF TODAY’S ISSUE 

• ie r n ij companies 24-Zb 

Technical page 15 24,26 

Management pag Farming, raw materials ... 29 

Arts page “ 

Leader page ’ 

XJK companies 2U tX 

Mining " 


World markets 30 

Money and exchanges 31 

UE stock market 32 


FEATURES 


% 


EE& *3 


Short- medium- and long-term crydit-s 
at fixed or variable^ates 
l in convert ihle cufr^ticies > 

j . tor national and interbationai • 

industrial and commercial ■ 

■ iinestinent^ v ... \ >j - ft 




* 4 N 




C 


■ ' * s Trf; 
1 " r 


'Schmidt's grand design for 


economic summit tS 

Politics Today; reforming 
: \; jhe Official Secrets Act ... 19 
Around . Britain: . why 
Scottish traders are look- 
"• Tng north 


Energy review: financing 

North Sea oil 

Israel: making the most of 
few resources " 

Zamblau economy: the real 

test to come y—; "i * 

Collapse of Europe’s steel 

plan L 


The t\S. Medical Service: 

suitable for treatment ... 6 
President Assad’s views’ on 

the Middle East 2 

Putting new life into 
Scottish industry 1® 

HK bankinr. battle over off- 
shore tax i. - 26 


w JMwotamiaits 

Appointment* Advt*. 

'.’-.'•SnMIc R*tum — • 

Ciwmrd 


n 

22 

23 
16 
U 
» 
32 
32 


Le«*« « 

u» « 

LomSanl — • " 

Men at««l HBtUsn ... » 

Property “'H 

Racing " 

Stan mformntio" — 34-35 


Today’s Ev«n« - — 

TV and Radio 

Unit TrtftS 

Weather 


» 

U 

33 

» 


Rapn Leading Rates 


annual statements^ 

Evof Ready Co. — *_ 


Fareese. Withy 

Guthrie . 

Chas/HHI o f Bristol 
j online Mathnon ... 
parkland Textiles ... 

p stream 

Oh sens Mont Houses 

Unioa-Minlere 

George Wimpey — 


21 

23 
21 
25 
21 

24 
24 
24 
20 


For Iota t Share Index 'phone 01-Sto S02S 


Cai! Vf to Cirr-r’ 
nr Jhron’p tfi*J !c-ca; f- - c! 
on-i of our r.r.ruuooi iioo ha: -r s 


A: ; s t* r J £( . ■ - Rot! ■; f <3ai : t Baok^.v • 
Sa; -oa Commcmai;; 'JrjlTi: «*' 
. ’ : " Cr-.-clitar:5tA:‘-r*jr:ic. ; -?r5?!« 


BANQUE EUROPEENNE DE 

. s.-.y-vyK- 4U****^- 

■:tv>j;<. 23345 df-234.l l - v 


jmrrrcmrii*:; ; r J. v:'* 

0wn Pun!li . Hi-3.323.000.aG0!U&S %16-M^ 

. V.itiirfod -idiik l.ui ^ 


Vjrjj unci -iduk l.ui ; _ ■ iir ^ 

Soc-.oie GvoCra'o Sinrooioic-?^ • •7- _ : 

G^rierOiO rj.-> Bnr.qu :oS 5 130 M^ioo 


rf v -i- S 

, » - * ' «* 


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2 


ytuancftfr Taffies EEsray. SEae? 




HI ROI’lvAN N I US 




Currency options emerge for EEC 



BY GUY D£ JONQUIERES, COMMON MARKET CORRESPONDENT 


THREE PRINCIPAL options 
appear to be emerging in dl»- 
ciLssinns between EEC officials 
charged with drawing ud con- 
crete propusals for technical 
arrangements which could be 
used in a new Community initia- 
tive to stabilise currencies. 

AU three schemes assume that 
the currency snake, whose EEC 
members are Germany. Denmark 
and the Benelux countries, 
would remain intact and form 
the effective nucleus of a 
hruadcT new system. But they 
would impose varying degrees of 
discipline on other participants. 

The ideas were outlined in a 
speech yesterday evening by M. 
j*»:rjues van Ypersele. a senior 
Belgian Finance Ministry official 
who chairs the EEC Monetary 
Committee, composed of 
Treasury and central bank 


exports from the nine Common 
Market countries. 

While he emphasised that he 
was speaking in a purely per- 
sonal capacity, m. van Ypersele’s 
remarks undoubtedly reflect cur- 
rent thinking on the committee. 
It has been instructed to draw up 
recom mendations for currency 
arangements before the next EEC 
Finance Ministers' Council on 
June 19- at which preparations 
will be made for the EEC heads 
of government summit in Bre- 
men next month. 

The options listed by M. van 

Ypersele arc: 

O A broader snake or “boa." in 
which participants would observe 
the same rigorous disciplines as 
snake members. But non-snake 
countries would be allowed a 
broader fluctuation margin of 4.5 
per vent instead of 2.25 per cent. 


0 A much looser arrangement; 
in which EEC countries would 
aim to strict currency move- 
ments within "target zones." 
Initially, non-snake members 
would be required only to avoid 
competitive depredations and to 
hold consultations with the rest 
of the EEC when their currencies 
were forced out of their allotted 
zones. 

• A hybrid scheme, which M. 
van Ypersele liked best This 
would involve setting target 
zones denominated in terms of a 
weighted index of EEC curren- 
cies, such as the European unit 

of account. Countries would be 
obliged to intervene to defend 
their exchange rates. 

Such an arrangement, he said, 
would call for a substantial 
increase in the European 
Monetary Co-operatioD Fund 


fPECOMJ. The EEC should also 
consider the possibility of estab- 
lishing a currency of it* own ror 
intervention on foreicn exchange 
markets, instead of relying prin- 
cipally on the dollar 

M. van Ypersele also backed 
the creation of a new form or 
European monetary un't. similar 
to the unit of a’co'unr. to be 
used as a means of settlement 
between EEC central banks. It 
would he issued bv the FECOM 
in return for dollars or gold, 
and carry an interest rale deter- 
mined by a basket of European 
interest rates. 

He stressed, however, that any 
move towards new currency 
arrangements could not be made 
in isolation and must be accom- 
panied by progress towards the 
restoration of sustained economic 
growth. 


©ve to control killer satellite deployment 


BY DAVID FISHLOCK, SCIENCE EDITOR 


CONTROLS ON THE deployment 
of killer satellites are the sub- 
ject nf arms limitation talks be- 
tween the U.S. and the USSR 
which began in Helsinki yester- 
day. 

The Russians have been ex- 
perimenting with killer satellites 
since I96S. but rheir technology 
could he overtaken by tb eU.S. 
Space Shuttle, which may have 
rhe capability nf plucking satel- 
lites out of orbit and bringing 
them hack to earth. 

Some- indication of the import- 
ance the US. attaches to the 
Helsinki folks can te gauged 


from (be fact that its team is 
led by Mr. Paul Warn Ice. bead 
of the Arms Control and Dis- 
armament Agency in Washington. 

A total ban on the military use 
of satellites appears to lie 
beyond reach, because satellites 
ostensibly designed for many 
civil roies — research, weather, 
and earth resources satellites, 
for example — will also yield in- 
formation of direct military 
value. 

But since 196 "the two nations 
have observed their Outer Space 
Treaty forbidding “nuclear wea- 
pons and or any other kinds of 


weapons of mass destruction in 
earth orbit." 

Discussion for the next week 
will centre on whether a more 
comprehensive treaty should now 
be drafted, to take account of 
spectacular advances in satellite 
and space-weapon technology, 
and to what etxent observance of 
such a treaty might be verified. 

The Russians are known to 
have tested satellites which 
could be used to tessk out and 
destroy another satellite. In two 
series of experiments — the first 
from 1698-71 and the second 
since 1976 — they have demon- 


strated four different ways of 
bringing a satellite close to or 
into collision with one already in 
orbit. During 1977, seven of the 
82 Soviet military satellites 
launched are believed to have 
been part of these experiments. 

Late last year the U.S. National 
Aeronautics and Space Admini- 
stration authorised the develop- 
ment of a tele-operator retrieval 
system designed to give its Space 
Shuttle the ability to retrieve 
satellites from earth orbit. The 
Defence Department is contribut- 
ing S1.5bn-S2bn towards the cost 
Skylab salvage. Page G 


Strike hits 
hotels in 
Barcelona 


■By David Gardner 


BARCELONA, June 8. 
HOTEL AND restaurant workers 
today began a 72-hour strike in 
the province of Barcelona follow- 
ing the breakdown early this 
morning of yearly wage 
negotiations. 

Eleven pickets were arrested 
this morning but quickly released 
following representations ' from 
the znaixt trade unions involved, 
which claim SO per cent 
observance of the stoppage. 

The strike is acquiring a 
notoriety beyond its immediate 
economic importance for two 
reasons: It seriously affects 
foreign visitors to Barcelona's 
international trade fair — which 
runs until Sunday, when the 
strike is due to end, and, it has 
become a test of the present state 
of industrial relations in 
Catalonia. 

An influential minority of 
Catalan employers are trying to 
ensure that each day lost through 
industrial action will be 
answered by a 24-hour lock-out. 
There is so far no evidence that 
their attempts to ensure that 
botel owners begin a lock-out 
from Monday has prospered 
though a recent survey of cater- 
ing employers in Catalonia 
reveals a majority in favour of 
a tough response. 

The unions are holding out for 
a Pta 25,000 a month minimum 
wage throughout the industry, 
against an offer from employers 
of Pta 23,000, made early this 
morning In an attempt to head off 
industrial action. 


Chirac lashes out 
at Giscard 


policies on Africa 


BY ROBERT MAUTHNER 


M. JACQUES -CHIRAC,, flie 
leader of the Gaullist Party, who 
has adopted an untyplcally low 
profile since the March, general 
election, today reverted to- fits, 
favourite role of .snlpjhg at 
President Giscard d'Estaing’s 
policies. ;. . .1:..;^ 

. The Gaulllsts. though officially 
members of the ruling coalition, 
arc determined to maintain their 
independence and have "mad? it 
clear that they will submit: all 
the Government’s policies to 
critical examination. M. Chirac 
did so today In characteristic 
style, concentrating particularly 
on the Government’s 'African 
policy. : . r - 

Criticising President Gi$card*s 
proposal at the recent African 
summit in Baris, for the creation 
of a -pan-African peacekeeping 
force with Western support, the 
Gaullist leader said there was 
little prospect that such -a scheme 
would ever see the light of day. 
France should take care not to 
table proposals (as It had done 
in the North-South, .conference 
and at the UN General Assembly 
meeting on disarmament) which 
stood no chance of .baingjput into 
practice. . . . 

M. Chirac was scathing about 
President Giscard’s attempts to 
associate the TJ.S. more' closely 
with African affairs, 7 reinarkihg 
that this appeared -to be '-an 
attempt to give NATO~i T reIe*In 
the continent. The GauHtsts cort- 


PARIS, June 8. 

-sidertd that neither the OS. nor 
the Soviet Union had any 
business to intervene in Africa, 
which should not be^me a sub- 
ject of rivalry between the 
: super powers. 

The attempt to involve a num- 
ber of leading Western countries 
in a peacekeeping role m Africa 
could lead to a Vietnam I sation" 
of conflicts in the region. 

Meanwhile, the row baswors- 
ened between M. Chirac, m his 
capacity as Mayor of Pans, and 
the Government, over who 
should pay for the capital's 
13, 300-strong police force. 

At the beginning of last month, 
the City Council voted unani- 
mously with six abstentions . in 
favour of M. Chirac’s proposal 
to make a cut of FFr ,142m 
(£17m) in its contribution of 
FFr 292m to the eost of the 
police force. The Interior Min- 
istry later overruled thi$ deci- 
sion. claiming that the law speci- 
fically laid down that municipali- 
ties should subscribe 25 per cent 
•of the cost of the^r .police. M. 
Chirac, on the other hand, 
argued that the 25 per cent rule 
was applied by the authorities 
only in the case of Paris. 

The Prefect of Paris, the Gov- 
ernment’s chief representative 
for the city, has now ordered the 
money to be drawn mit of the 
city’s treasury reserves, a move 
which coulcl provoke a serious, 
financial crisis. 


presents nef t£ Je 

I 


arms talfci 

H. 


By Paul Lendvai 


Vienna, Job* « . ■ 
THE . SOVIET chief defe 
to the MBFR arms. • 
Vienna, Ambassador jejt 
Tarasov, today presented^ 
Warsaw -Pact proposal life - 
if accepted by the West, -W 
produce a breakthrough -at 
talks, he claimed. How* . 
NATO officials tuftart-j ■■■ 
the Eastern- initiative^ 
based- - on - manpower firi 
which the West 
aerept They added the u 
Warsaw Pact move willV- 
to be studied in more 
The Eastern proposals « 
formally submitted today' . 
the 172nd plenary -meeHni •• 
the 15th round of tbe s2 
negotiations. The talk* be 
here in October. 1973, : Ad 
ing to a summary Trad to 
Press by a Soriet-spofee^ 
the proposals by the Si, 1 
Union, Poland, CzechnsJovli 
and East Germany are-J' 
acceptance of a. — 

900,000 mem c 

ground forces, for each » 
stationed In the central m 
At the same time, ttelVfcj 
Pact countries also erpre - 
willingness to. carry m 
selected redaction and fix - 
tioa of armament and an e 
proportional cuts in the Si 
and U£. forces stations 
Central Europe- * : . 




0 






ewGatwick- 




It’s theTi m 



Tliafs all it takes now to get from 
Gatwick to Heathrow. 


On the new helicopter link 
service starting 9th June. 

Which virtually makes 
Heathrow and Gatwick one great 
international airport. 

With all the facilities of two. 

It’s going to make yoxir flight con- 
nections a whole lot simpler. 

There are ten flights a day in each 





ki-.. 


. —r*. -- • • . . . X . r -A..—. — -• -W 't 


[ The Daily Times. 

(VaRd till 28 Oct 197 8} 

1 Departure 

Arrival 

Departure 

Arrival 

| Flight No. ex-Gatwick 

Heathrow 

Flight No. ex-Heathrow 

Gatwick 

[ 0645 

0700 

BR072 

0715 

0730 

! 0745 

0300 

BR074 

0315 

0830 

0925 

0930 

BR076 

0945 

1000 

1 1015 

1030 

BR078 

1045 

1100 

| 1115 

1130 

BR082 

1145 

1200 

1600 

1615 

BR088 

1630 

1645 

1700 

1715 

BR092 

1730 

1745 

1330 

1845 

. BR094- 

1900 

1915 

S 1930 

1945 

BR096" 

2000 

2015 

| 2030 

2045 

BR098 

2100 

2115 


The journey costs only £12. Or £6 
for children. 


Free fares are available to 
passengers connecting with certain 
arriving and departing international 
flights - check with your travel agent 
or airline. 

At both airports, there are special 
check-in facilities. 


That’s every day Throughout the 


Timed to coincide with peak 
international arrivals and departures 
at both airports. 

Check the timetable for details. 


lookfor the helicopter sign. 

The Gatwick-Heathr ow Airlink is 
a new service provided by British 
Airports in conjunction with British 
Caledonian Airways. 



JIT. BritisfiT ' 1 

Airports | 

IS 

r® 

Gatwick A |p|j 
Heat hrown I V 1 1 

nk 


EUROPE’S STEEL PLAN 


Davignon takes 
a knock 


BY GUY DE JONQUIERES fti -BRUSSELS AND ROY HODSON 
LONDON : 


THE GRAND plan for protecting minimum prices for coil] 
European steelmaking has this guidance prices at. the st? 
week blown up in the face of its July. But the spread of. . 
inventor, the 4fi-year-old Viscount cutting which acrom panic . 
Etienne Davignon, throwing the rise also suggests that a 
industry into renewed disarray many European producer' 1 
and giving the Belgian statesman illegally taking advantage - 
the nastiest shoek of his meteoric "base” price system appli 
career. _ third country imports to m.. 

Nobody rn the Community has orders from European custi - 
climbed so high so fast as There is growing eonce - 
Davignon. His reputation as the Brussels that continued 
M y- Fw-It European Indus- cutting hy EEC producers : 

m 2? e *J ““ a undermine the third « 
woridvflgure durmg ins term *s agreements: In an ironic re 

SS£ of the jSSse’im ... 
loners lie is • dlr€&d]r wttcr |q, Airpadv ih’” 

known in International bnsiness 3 fl (*Vf pri c?Ssc\pSne g is „ 
circles Jan any previous Com- REfiJgi? hSTS >3 “ 
m unity figure. . European market while s'- 

niwBfW Wlthin terms of ils 

“>HE5St2i £ ment - ^ Ja P an 1 ' 

Ipl train ng be hasemerg^in 5pecia] steeJ at 6 per Mn — 
the past year as the man with Dn ji nnrv *+»! 4 oer car 

solutions ready and waiting for offiefri E^C prio. 

Community producers. 


K-SfcWSSKwf 

-SSSJ-2 ss i asrs, 
ssm sarsifsaa: gs 5 rests?- 

selling and cheap imports and to JgyEjL 1 ^production ’• 
allow it limited time to regroup Se min' 

into a more efficient business. S ic fL ’ : 

Now. with the suddenness of DaVh ' 

a summer storm, the system so weS 

$Mrt£ srs HSSSSaS' - 
s&ss-*sa 

responsible for monitoring it on- “* ari y on EEC 8 eilun 
a day-to-day basis have been sur- — T 

K?se" U,e speeci ° £ the The cheating practia 


only a few weeks ago, vis- by steel companies fr . 
count Davignon appeared satis- jjpJnpA nn cn ViSCOnE 
fied that after an initial running- “Cipea cause VtocuuL 


in period bis plan was starting DavigHOIl’s bold aad 

to have a real impact on the imajrinatfvf* wlail to • 
steel market. Prices appeared to unagrauve pidu w 

be firming in response to disintegrate \VltfUH u 
increases in the compulsory - 

minimum prices for reinforcing 


bars, merchant bars and coils !®an on steel producers toa ... 

and the voluntary guidelines for an “ adhere to a sharpiy-rw 
other commonly used products, production total of 29m ti . 

Bilateral agreements negotiated in the third quarter, ioe 
with major third country sup- mission has no powers to in .- 
pliers earlier In the year had This target on companies o ,• 
stalfilfsed the volume and prices the Council of Ministers « 
of cheap imports, and there were unonunously to declare a j 
encouraging signs that com- crisis^ under Article' 
panies were beginning to give the PariB Coal and Steel. rt . 
serious thought to restructuring wbich provides for mane 
programmes. production quotas. The ¥1 

But it. is now clear that cheat- Industry has been pressmi 
Ing has been practised by some soch a step for some time 
member companies of Eurofer Germany and some, of the I . . 

— the • European steelmakers’ l « s countries remain adam 
“ club on a sufficient scale to opposed to it. . ■ 

undermine, the whole structure After Viscount PaySV'!-^. p 
of the plan. announced these measures ^ 

Within the past two months Council, of Ministers me ^ U 1 ( J H ^ 
EEC steel production has soared earlier tins werit, Mr. EdP.. r k t, 

far ahead of demand as more Dell, the British Trade mump, 
and more companies have flouted described them as the r UV. rfi tvi ^ , 
the output targets laid down by chance for the EECs ^ 'IfM 

the Brussels Commission. Illegal crisis plan. If they failed . 
under-cutting of the Com- "anted, the UJC and a nu. : . 


mudity's compulsory minimum other countri-* would ■ 
price regime has become wide- f® consider resorting to 


— - -as become wide- consider 
spread. .There are strong indica- actio? to protect 

tionS that the rules are being industries, 
transgressed not only by the' partitioning of the 

habitually independent . pro- ™ on Market in steel would, 
ducers of northern Italy hut also tncaleolable consequences . 
by hitherto co-operative com- w®0M he Certain to jncreasi 
panics in countries like France ^tisting pressures in the . • 
and West Germany. for national restrictions on • 

A current story in ' the steel munity trade in other prtx . 
trade, now that companies are' a* welL - 

openly acknowledging that the As viscount Davignon ■ 
plan is in difficulties, concerns aiders his various ventures, 
recent Importations of cold helping European industry 
rolled .coil into Wert Germ an v raa ? wonder whether his “ff 
allegedly From Switzerland. " has deserted him. 
Switzerland does not make that shipbuilding plan is In rat 
sort of steel. His synthetic fibres cartel 

Commission officials are still has to run the gaunter of 
somewhat puzzled by the exact sideration by the member nai- 
reasons for the sudden bulge in of the Community. Tils ov< 
output. Part nf it is attributed strategy for a positive appn 
to the fillins'of contracts hastily to the regeneration of Euro] 
concluded w >th American cus- industry, by the idedtificatio . 
tomers jurt before the U.S. intro- growth sectors st the expens 




dueed its “trigger” price system older industry, has not recc 
* in February. . . the support he expected-. • . 


for- import* 




Some of ;lt. is .being stocked, ^ 

dm.ud Midm. L'Jt nihmvtwtflll *-■ 


apparently in anticipation Of the dm ud ** 

Planned 5 per cent increase in ^ 


r . h 


■ -re. 

•:Jr» 










3 







7tme $ 1378 



MIDDLE EAST NEWS 


WEST X3ERMANY had a pre- 
J' ’• ‘^'irpiaaxy - overall balance of pay* 
i_“ : ' ir^ neats - deficit of BMLBSbn in 
4 ”• '^■'ApriU compared to a surplus of 
\ ■' ^ in March, -and a deficit 

v*f DM896m in ■ April 1977, the 
r. ' ;®uiKtesbajifc said today. 

>‘ J ‘ ; v«* in the first four months of this 
!, .>_,Vear, West Germany recorded a 
; a v-.-^Treruninary overall payments 
k '-v mrplus oF DMiSSSbn. against a 
;: v deficit of -DMSOOm in \tfce first 
!} r four months o£ 1977, the Btrndes- 
"•'•"S ! ^ank said. . 

f.-j . The current account produced 
preliminary surplus of 
* :!k“* DM4.937bn in. the first four 
i r.^k" months, up from DM3. 376b n in 
k'Mhe^same period a year ago. 

: ,vl'kv"“The”“Curreot account — compris- 
jig. trade, ^services and transfers 
1 .7. \ — showed a preliminary -surplus 

' ■* =of DM1.718bn in April, compared 

: -.rit-V. T1M9. RSWhn in "March and 


FRANKFUBT, June S. 


Sadat 

renews 

war 

threat 


[PRESIDENT ASSAD OF SYRIA 



BY ALAIN CASS AND ROGER MATTHEWS IN DAMASCUS 


... • I UjUl.l 1 QUU 111 t,uiut<tuvu 

: i*rjth DM2 .882b n in March and 
V;^/-pM970m in April 1977. 


The long’t^m capital account 
showed an ^Aorfl deficit of 
DM1.214bn. compared to a sur- 
plus of DMl.li2hn in March and 
^deficit of Iflp.340bji in April, 

This was due largely to a. turn- 
around in portfolio investment. 
While foreigners in March 
accounted for £ net DMSOOm .in 
fixed-interest securities and for 
DM3 00m in stocks, April buying 
and selling wa$ about equal. *ne 
Bundesbank said. 

On the shbrt-term .capital 
account. West Germany recorded 
a DM1.721bn surplus, compared 
to a DM! .770bn deficit in March 
and a DM677m Surplus in Apru 

i® 77 - r . . • . 

The overall surplus on capital 
account was DM507 m, compared 
to a deficit of DMS98m in March 
and an April *1977 deficit Of 
DM1.663bn. \ AP-DJ 


SUEZ, June 8 . 


f 

i Krupp chief warns Over 
dangers of steel subsidy 

.!* BY ADRIAN DICKS BOCHUM. JuW 



,^r ' -OOiNTINUED heavy government 
'subsidisation of the steel indus- 
-try in Britain, Italy and France 
is a danger to the attempt to 
‘-•-rationalise the industry through- 
out Europe and to put it back 
on to a profitable basis, a leading 
West German steel executive 
said here today. 

Herr Robert Mintrop, the out- 
going chairman of Fried. Krupp 
Tuettenwerke (FKH), the steel- 
.uiiaking arm of the Krupp group, 
described the increase in State 
_ intervention as a “ negative ” 

1 factor weighing on the whole 

I 7 industry. 

|\ “The danger exists from this 
that a real restoration of the 
industry's health will not be 
carried right through but that 
r - ^losses will be covered by the tax- 
payer, leading to permanent 
subvention. 

_ - We will be affected by this 

-- . because of the hidden risk that 
- the covering of costs will no 
:j ringer be the decisive criterion 
in pricing policy, and that deter- 
.'mination of prices will be in- 
. creasingly removed from tne 
influence of companies them- 
selves.” • 

While Herr Mintrop said the 
" British Steel Corporation, with 
’ losses of £5 20m in 1977, was the 
largest loss-maker, the deficit 
’ which Italy would hay* to meet 
. : from ltaisider was likely to be 
■ over DMI.5on.. 

'. This would cover, modemisa- 
- tion plans which, be allaged, 
would include a large new 
special steels plant directly 
■ . damaging to West Germany. 

Within the Community, Herr 


Mintrop also criticised France, 
while other countries subsiots.ing 
their steel industries were 
Austria and Sweden. 

West Germany, the FKH 
chairman said, had steel capacity 
that for the most-part was. com- 
petitive in cost terms - with any 
in the world, and had therefore 
good prospects for .-.the future.^ 

“ The precondition for r this, 
however, is equal starting .posi- 
tions, among wbitih must -he 
counted the elimination of dis- 
tortions of competition through 
current subsidies designed to 
encourage sales. 

*• We hope that present meas- 
ures of the European Commis- 
sion will lead finally to the 
struggle in the steel’.- .market 
being brought back to- conditions 
of f air competition, and hence 
that ample profits will pnce again 
be attainable for the competitive 
producers.” . 

Presenting his company s 1077 
results. Herr Mintrop - conceded 
that the past few mqntns had 
seen a healthier trendy*-. 

Herr Wilhelm Scheider. the 
deputy chairman, said *he -was 
hopeful that the DavjjjDOb 
scheme could endure, . provided 
that price discipline could be 
restored. FKH had 
renewed heavy discountingtothe 
commission, not all of it Tro® 
the independent Bresqa*fflr^. 
ducers; The continued --vat 
certainty over prices, and sceptic- 
ism over the likelihood ; 0 f 
further increases in the com. 
mission's minimum levels, had 
badly unsettled market?. 

FKH results, Pa* e 25 


PRESIDENT ANWAR SADAT, 
in his second tough -peech in 
two days, has said Egypt will go 
to war to liberate occupied 
territory unless Israel softens its 
stand on his proposed terms for 
a Middle East peace settlement. 

“We will liberate our lands if 
Israel continues its attitude and 

its misunderstanding of the spirit 

of the peace initiative," Mr. Sadat 
told units of the Third Army in 
this canal city yesterday. 

He disclosed that he had 
turned down an Israeli offer last 
March for a separate peace pact 
with Egypt. „ 

Mr. Sadat, touring the Canal 
Zone on the third anniversary of 
the reopening of the waterway, 
had already told officers and men 
of the Second Army on Tuesday 
that they would have to “ com- 
plete the battle of liberation iF 
it becomes imperative as a result 
of Israel's failure to understand 
the spirit behind the initiative. 

He said: “ We are prepared to 
give Israel peace and security but 
not a single inch of our land or 
sovereignty” 

He would be prepared to re- 
sume peace talks with Israel if 
they produced any worthwhile 
new ideas. Direct Egyptian- 
Israeli peace negotiations have 
been suspended since January 
because of what Cairo considers 
to be Israeli intransigence. 

The semi-official daily news- 
paper Al-Ahram to-day described 
as. “a new fallacy” Israel's 
view that Mr. Sadat's remarks 
constituted another ohstacle in 
the path of peace. “ The Israeli 
Government and the entire world 
fully realise that President Sadat 
meant exactly what he said that 
the October (19731 War should 
be the last of wars, provided 
Israel responded to the peace 
initiative." Al-Ahram said. 

“But until today, Israel has 
put all obstacles in the path of 
peace, imagining that Egypt 
would remain indifferent to- 
wards Israeli intransigence." 

Meanwhile in Tel Aviv Mr ; 
Menahem Begin, the Israeli 
Prime Minister, was quoted to- 
day as saying that President 
Sadat had broken an uncondi- 
tional promise when he referred 
to a war option still open in 
the Middle East 

Israel Radio today quoted 
Mr. Begin as telling a U-S. 
journalist that during his visit 
to Jerusalem last November 
- President Sadat said there will 
be no more war. It is not a 
qualified statement, it was com- 
pletely unconditional” 

The re£°rt added that Mr. 
Begin said: “To speak about the 
1 possibility of war now. when we 
are. discussing peace, is very 
regrettable." ‘ 


PRESIDENT HAFEZ ASSAD 
tackles an interview in much the 
same way as he governs. He 
sits very sdll. rarely gesturing, 
the even tone of replies wafting 
across the -thickly carpeted floor, 
broken only by the occasional 
cracking of his finger joints. 

His statements. like his 

policies, are invariably qualified. 

No path is explored without all 
the side-turnings being carefully 
sign-posted. The questions be is 
not prepared to answer, like the 
policies he prefers to carry out 
by stealth, are carefully wrapped 
in a web of distracting phrases 
and tossed back at the inter- 
viewer. 

It is a skill developed over 
eight years Df holding on to 
power in a country that, before 
his bloodless coup or 1970. bad 
tie unenviable reputation of 

having more coups or attempted 
coups — 22 in -as many years — 
than virtually any other country 
In the world. “Taking power is 
easy," he is reputed to have told 
one of his closest colleagues 
when thev were both young 
officers. “Holding on to it is 
quite another matter." 

Perhaps as a reaction to Syria's 
turbulent past — and the ever 
present dangers of political insta- 
bility — this reserved and rather 
sober man likes to emphasise 
his Government's total consis- 
tency. 

Outwardlv at leist. he and 
President Sadat of Egypt are 
opposites. Mr. Sadat, who gives 
more interviews in a week than 
his Syrian colleague does in a 
year, is the flamboyant media- 
conscious extrovert, while Presi- 
dent Assad »s more withdrawn, 
perhaps more cunning, certainly 
more ruthless. 

He smiles when questioned 
about the peace efforts of his 
Egyptian counterpart. ‘Would 
Winston Churchill," he asked, 
mindful of his audience, "have 
been considered a hero in 
Britain had he gone during the 
Second World War to Berlin to 
reach a reconciliation with 
Hitler? The idea comes to mind, 
he added sensitive to the pos- 
sible interpretation of his 
remarks, “despite the fact that 


the circumstances arc completely 
different historically, politically 
and in all other aspects. 

“We announced our attitude . 
towards this initiative when it 
was first discussed. The stand 
we have taken was the result of 
an objective analysis of its 
motives and its objectives. The 
passing days and the deieriora- 
tinn of events have proved us 
right. We find nothing to justify 
a change in our stand." 

Just as be is careful to avoid 
personal abuse, so President 
Assad avoids drawing conclusions 
in public which may be proved 
wrong later. He may thins 
President Sadat :s after a 
senarate peace treaty with Israel. 
That was his way of saying it. But 
he has not survived eight years 
at the head of the mnst politic- 
allv complex country- in the 
Middle East by making wild pre- 
dictions. You will not catch Presi- 
dent Assad saying "This is the 
year of peace, as Sadat has. 

You pursue in the vain hope 
of getting him to admit what 
much of The rest of the world 
takes for granted namely that 
the Sadat initiative has revealed 
Israeli intransieence. His reply is 
not surprisingly partisan. “I do 



President Hafez Assad 


might as well say all UN resolu- 
tions — including those which con- 
tain the broad outlines tor a 
solution under which a just peace 
can be achieved." Not now jar. 


them do not lfe-at a cost to 
the Syrian exchequer of i?3m a 

^Shortly. after the scheduled 
departure of Israels troops on 
June 13 President Assad and ms 
will have to decide 
when or rather how since 
decision has almost certain* 
been taken, to move part of 
S\ rian-domiijated Arab Deterrent 
force down to and even south nt 
the Litani River. This would seal 
Svrian hegemony over Lebanon 
and more effectively arm. the 
Palestinian guerrilla* under tne 
control of Damascus. 

The move south would, at best, 
be a complicated juggling act. 
On the one hand Syria needs a 
Palestinian movement whicn. 
while being independent enough 
to worry Israel, is obedient 
enough not to draw Syria into a 
conflict with the Jewish state **t 
a time nut of President Assad* 
rh rinsin'" Cn the otner hand, 
Syria must be seen to defend t^e 
right of the Palestinians to strike 
at Israel. 

“Could anybody in the world 
expect us to act as quardians ot 
Israel and to protect it against 
raids?" he asks. “ It remains oui 
view that the Palestinians should 


most aconised decision this 
former oir force Pilot f* ^ 
since bis decision » 
ultimate power. 
because, as one oi his sou or 
ministers told us: . 

Lebanon means peace in S>n »• 
War in Lebanon could, mean war 
in Syria." 

Despile Us remarkable stability 
■since 1970, Syria, remains a 
potentially explosive m\ ot 
religious and political rivalries. 
In recent months at ieast lb 
members of the. minonD Ala jt 
Moslem sect, of which President 
Assad is a member, have been 
assassinated. By whom is not 

clear for the finger is pointed 
accusingly as o ftcn . at . 
maioriiv Sunni sect, which has 
seen its traditional dominance 
eroded, as it is at Syria’s sister 
Ba'ath regime in Iraq. 


Outwardly, Assad and Sadat are opposites. Mr. Sadat is 1 Dunter^ 
conscious extrovert who gives more interviews in a week than his counter 

part does in a year. Assad is more withdrawn, perhaps more cu ™ ,ng . 
certainly more ruthless. He scrupulously avoids personal abuse and eq > 
avSmakm? public statements which may be proved wrong late . He has 
not survived for eight years in a politically turbulent country o, nuking 

wild predictions. 


not think there was any need for 
Mr Sadat to go 10 Jerusalem to 
expose the aggressive 3 nd expan- 
sionist spirit prevailing in Israel. 
Israel has forced our people out 
of their lands, occupies the terri- 
tories of independent Arab 
countries and refuses to with- 
draw. It refuses to implement 
United Nations resolutions — I 


Menahem Begin might see it. but 
the argument carries force ne%er- 

th 5Sr now. President Assad 
needs all his skills Hj« major 
problem remains Syria s pro* 
found involvement in tne 
Lebanon where 30.000 troops ar 
earning out an uncomfortable 
policing role — a role many of 


have every possibili?;. of striving 
against Israel from any Arab land 
without exception. Put," he adds 
deftlv. "the Palestinians them- 
selves have said they are no 
longer carrying out actions 
against Israel from Lebanese 
territory." . 

The decision to go into 
Lebanon was probably the single 


The decision to send troops to 
Lebanon was taken in the classic 
Assad manner. Moving forward 
with t*reat stealth he ensured 
that his decision was seen to »e 
endorsed by all the major ruling 
elements which essentially 
means the Ba'ath party, the arm J 
and key popular organisations. 

His major economic decisions 
bear the same stamp. The move 
to open Syria's north-east oil 
bearing region to western oil 
companies — widely regarded as a 
key indicator of his future 
intentions — «as carefully pro- 
cessed Two companies. Royal 
Dutch' Shell's Houston affiliaie 
and a smaller U.S. company, 
have signed production sharing 
agreements this year. “The 
derision was only reached after 
full debate. U i* ciwr that the 
masses of our people support 
this policy because they are 
fully convinced that it is m the 
interests of our country. 

But what of the tendency of 
(Svrian governments in the p»«t 
t,', nationalise foreign assets'.' 
What guarantee does he offer 
western technology' "We need 
the expertise of the rest of the 
world." he say?. “Foreign in- 
vestment represents no threat to 
our sovereignty. We would be 
dealing our own interests a blow 
if we reversed our policy. There 
should be no fear of that." 


Their fimetab 

Authentic passenger statement 



Portugal business plans 
only limited investment 


* Je timing of President Sadat's 
statement yesterday that Egypt 
might 'go to i\ar to liberate 
occupied territory was possibly 
due to internal problems inside 
Egypt and rivalries within the 
Arab world, a leading Israeli 
newspaper said today. 

The Jerusalem Post said it was : 
the first time since -his visit to. 
Jerusalem last November that 
the. President had so openly! 
threatened the war option. 
Reuter 


BY JIMMY BURNS • /LISBON. June S 

. : rHE ANNUAL report of . 

.... -Portugal's National Deyelopmen ^ riva j fe sector is discrimi- T c"1*q{a| f A 
.Rank f Banco Naeional Do nated against by the Govern | JjMdvl IU 


• Bank (Banco Naeional Do nated against by the Govern- 

Fomento), the institution with mentis selecnveoredit policies. 

' the greatest responsibility for '*During 1977, investment 
granting investment and export crefii1: granted to private com- 
■•redit in the industrial and significantly came very 

■ iSSar, sectors show. . tttt £ST t0 ttTtotal ■ cred ■ iov”!; 
while some business confidence t granted, to the public *ec 
. luring last year was reared tor/ . the report states. 

imon'* companies already estab- j.; ever thele$s, the reports lists 

jThelf in Portugal, iotenuons to “Vgatlw 

nvest in new pr < >J ects _ c °?^“tr which it believes have co ° 1 ”' 

• o be limited among Portuguese wmc^ ^ g genera i feelin g 
jnsinessmen. inertia among many companies. 

The report published this part icularly privately-owned. 

• :-(S. show? that during 1977 the Jn addit ion to generalcn Deism 

'“■'Toank received requests from B54 Qf ^ economic chmate Pmr^ 
ipplicants. . larly with regards raflau on 

- * It cranted investment credit the balance of P^ e “J? orl 5 fi d £ 
JSre granted Es 7.Sbn- of ready capita al. ^ 

Se “very rare.-. JSTSit.fSSr » Portugal’s 

agricultural sector. 

IBM attacks European 

computer procurement^ 

— if in r-UH 1 




BY DAVID CHURCHILL 
vtjf rOMPUTER procurement 

£Sss Eu srra 

n l in u s d 10 

' Cassani, vice-presi- 

ent and administrator_^rector- 

eneral, IBM Europe, made his 
riticism at an mtenrationai con- 
jrence on the growth of com- 
uters in the pu&lic sector. 

" We think that these practices 
:e detrimental to all 
" incemed,” he said. ■* e i 
. jongly that public proc 1110 ™ 6 ^ 
louid award it on the^meiits of 
ie individual offers. . 

1 number of conntries, how- 
76 r. purchased computes from 
atjonal manufacturers in P 

■rence to multi-national com- 
mies such as CBM. T J®. ” te 
ovemment has a deliberate 

"jlicy of buying i\s }wg 
iters from International e^ 
iters Ltd., subject to mdsjo^ 

S? ^ price: performance, and 

ost effective computer equ h 

•“o B r role is to provide 
y.t product performance at the 


best possible price 

a ieQt straightforward rtjggg 

Sff CoSgement 

national induSal P ol J cy '” u 

■Mr. Cassani argued that “ 
.governments wanted t0 .^gc. 
national computer raanum 
tnrers. such support should take 
the form of subsidy ^ 
research and develop™0P_ 
than guaranteed contracts. 

The data processing injustiy 

is technology ^iShi^tluSS 
success is only possible thro gn 

technical leadership, - 
"IBM's criticism of P^^^nu- 
policies favouring oe ear tier 
facturer was end + S vel c om- 
this week by a top- the 
Tfiittee of cnnl servants in 
UK. The committees^d^ ent , s 

devoted to ranse. 

ie^senoug 

SMfsaSfSgfa? 

sant with technology i® 

the appbMtiorrof tecMO^ttee 
data processing, • toe 
said, 


keep ties 
in Lebanon 

By David Lennon 

TEL AVIV, .Tune S. 

ISRAEL WTLL continue to 
protect the Christian villages or 
southern Lebanon even after tne 
withdrawal of its forces from 
the area next Tuesday, a Defence j 
Ministry spokesman said today. 

The UJJ. peace-keeping troops 
taking over the area 'rill have 
no objection to Israel's main- 
taining its relations with tne 
Christian villages, as long as the 
Lebanese Government approves 
this, a U.N. spokesman said m 
Jerusalem. ^ 

But he stressed that the U.N. 
would prevent the entry into 
south Lebanon of armed per- 
sonnel. “ whether they come 
from the north or the south. 

This was a clear indication 
that the U.N. would not approve 
of Syrian trooos moving south 
of the Litani River. Israel has ; 
said that it “ would not look i 
with favour " on any move south 
by the Syrians from tneir 
current positions, about 17 kilo- 
metres north of the Litani River. 

This is a softening of the 
former declarations that Israel 
would oppose any move south 
by the Syrian forces. It may 
indicate a tacit Israeli accept- 
ance of a move south, to the 
Litani, by a limited number of 
Syrian troops. This may be 
the quid pro quo of the agree- 
ment which appears to have 
been reached to allow Israel to 
continue its protection which it 
gave the Christian villages 
before Israel invaded the region 
[three months ago. 

King Hussein 
settles 
succession 

KING HUSSEIN’S two-yea r-old 
son, Ali. will become crown 
prince when the Jordanian 
monarch's youngest brother 
l»rince Hassan succeeds to the 
Hashemite throne, a royal mes- 
sage today said. 

The message, which settles the 
line of succession to the throne, 
confirmed Prince Hassan. 3L in 
his present post of Grown Prince. 

In deciding on his youngest 
son Prince Ali as second in line 
to the throne, King Hussein, 43. 
bypassed his two other sons, 
Abdullah and Faisal, by his 
second British-born wife. Princess 
Mun* - Beute * 1 


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r- 


Fiiiancial- Times Friday 3une 9 1978 





plans for $21bn 
it and 7% growth 


ITHE ZAMBIAN ECONOMY 


m 


to abolish Real test still to come 


BY MICHAEL HOLMAN IN LUSAKA - 


BY SIMON HENDERSON 


PAKISTAN'S five-year plan for 
1978 to 1983 to ho published soon 
envisaaos a growth rate of 7 per 
cent a year and a total invest- 
ment of 8211) n. 

The previous rates nf growth 
were 1— per cent in J97G-77 and 
4.3 pec cent in 1975-76. 

A summary of the draft plan 
says it was necessary because 
since 1972 flhe period of the 
Bhutto regime) investment com- 
mitments were made without 
reference to a plan. 

These commitments, it gnes on. 
are nnv: clearly perceived as 
having been m excess of the 
non-inflationary resources which 
could be mobilised. Tt blames 
this inflation, which is believed 
to have reached 3b per cent, on 


the lo« neavy concentration in 
long-term projects, capital inten- 
sive projects and mentions the 
new Karachi steel null, fertiliser 
and cement factories. 

The drrft plan, which was also 
made callable to the Western 
nations and Japan before the 
recent Aid To Pakistan Consor- 
tium meeting in Paris, is to "foe 
amended and formally approved 
here on June 12 in time for the 
next ear's budget. 

Observers describe the plan as 
inevitably over-optimistic in its 
fi» recoil- Particularly in relation 
lo industry and agriculture but 
welcome the moves it recom- 
mend' in rural development. 

On agriculture, the plan 
envisages self-sufficiency in fond 


ISLAMABAD, June S. 

to be reached by 19S3 by the 
admittedly ambitious target 
growth rate of 6 per cent. 

The plan expresses determina- 
tion to delay costly new projects. 
Jr is known the Karachi steel 
mill, being constructed with 
Russian assistance, has been 
delayed 

The industrial growth rate of 
10 per eent is to he partly 
reached by the establishment of 
a more favourable climate for 
private investment. 

The plan says there is ;; con- 
tinuing need for debt reschedul- 
ing. Unless rescheduling is 
achieved commercial borrowing 
wifi he necessary which will / 
worsen balance of payments! 
pressures. I 




K iPUTH C HIN* J[« 

Brunei 


BY DAVID HOU5EGO. ASIA CORRESPONDENT 

AT THE prompting of the f 
British Government. (he Su'ian j o ;no 
uf Brunei is expected in D-nuon 
soon for nci: filial ion ^ to end 2 
Britain's resi-nnsibilifips P«r » 
defence and fmv-f •» affair** in lh-* K ** 

wealthy oil siai*' .-'nf 1 . leave S'v 1JUfH 
Brunt-i fully i’OW 

Thu* is a ni-ni. Hint lias long « il 
been resisted b; .Y* R-ihan v.*iv.» 5 taoi<siS-*-i- 
2S anxious for c»vni.:i:i«-.'j i .h i; t a 

proicetinn and n mi.-omur for iAwNAs.-.SAPCii 
tile con United u-.iin*. !:i F.-mumi i ’-v-J'*-* 
of a i>dU:ilion of tin; -trj h >t >t. ■■ jj 
under a Bruish ••nmmaiui -r. ‘ 1 F:-cnic < 

In recent e\cli..uyi- r«. -SU 

Sultan. how*n er *i • • * 5 s * ^ 

made clear 'hat a firm (iar-- m>.- j >, { 

h*s lu be c ei for indepcnnci";*- j 
Tin.- won id ii? jeci.mpaii’ed >•' ^sa 

a new ireai.-^hf friendship to 
replace Eriia:ns existing re.spon- c!:< m re 
.'ibililie.? under an a” roe meat of H - .» .u * ''lore 

1^71. _ ba»? p..i at ui 

A.> with the oil states r.f ;V- 
'.in If wv.'ral ; e;u <. U g„ t Br:l;>:n Pr-*- . i. •• nn 
foe!; that the aii.ichr'*:n>.n of a ".ith.-i raid 


Sr 6 " 31 -""’; © y%/ 

i\?.t L A V S 
_j'®’^S^5- --3*P0RE J 


\ 7* \ ‘ 

i. f: lie Ofn ;;c onesi ^ 


c!:< ni'/U.i- rclntmmliip with 
>»■ .ji.-i . 'dorr likely |y e.vaivr- 
l>a'.‘ ;«..ii.'i-.al u ii re--l than create 
,':.b !»:• 

Pi - nn Britain lo push 
".mi.'i e.rai'l; lull indepen- 


dence has been growing, with I 
yearly resolutions in tbe United | 
Nations urging independence 1 
and pressure towards the same 
goal from the neighbmirinn 
South East Asian states of 
Malaysia and Indonesia. 

Brunei has a revenue from oil 
nod natural gas developed by a 
Shell subsidiary of about £450m 
a year. . 

The Sultan'-, fears of inde- 
pendence stem most from ihc 
belief that Im "tare would bo • 
taken over by Malaysia 'sii'.iit ml 
the past has given support to hi.- ! 
jmlitical opponents. 1 

In a major step intended as 3 : 
prelude to the London meeting. | 
Malaysia and Indonesia iwvnlly • 
attempted lo allay the fears «»f | 
the Sultan by assuring hint ibat ; 
i hey would recognise the inde-l 
pen de nee of Brunei and prevent; 
guerrillas using their countries 
js a base lo i -pc rate agailisl his 
regime. 


SCtHi 


tfk 


in 


aic 


BY CHRISTOPHER SHERWELL 


VIETNA?! is io receive S5O0.0UO 
from in? United N\.iims Uich 
Ciiiti/nission for refugees 
t UNHCR) in supply food, medi- 
cine and other essential needs 
for Mime 132.000 Khmer and 
15.S00 Chinese refugees who have 
fled from Cambodia because of 
the border conflict. 

On top of the ns*-istanec. 
which murks i’ne UK] ICRs Hr it 
involvement with CMmmuRi>i 


refugees in a Communist 
country. Hanoi has separately 
myue.sied help for displaced 
Vietnamese on its own side or the 
Cambodian hon'F-r estimated by 
the UNHCR to number 750, uOt). 

The unexpected request from 
Vietnam comes at a lime when 
ih-re K.y been widespread 
criticism of the regime's internal 
policies that have resulted in the 
r.ia-i ev'-ilu-s nf both Vietnamese 


and Chinese froni the country. 

Tiie UNHCR has bven assist- 
ing refugees from Indo-China 
since the end of the Vietnam war 
in 1975. Noilher f’.-king nor! 
Uan-jj has r .-quested h-'p for the j 
departing Chinese who so far ! 
number about 100.000 out uf a j 
potcniial total of some ljm. j 

Final details of the assistance; 
fnr ihe refugees from Cambodia- 
have yet to h? un r ):--d ■i , .U. 


fiy Our Own Correspondent 

SALISBURY. June- 8. 

REACTING TO mounting criti- 
cism of the transitional Gov- 
ernment's poor record in re- 
pealing racial discrimination 
the Rev. Ndabanmgi Silhole, 
current chairman of the execu- 
tive Council and leader of the 
domestic ZANU party has pre- 
sented a memorandum to the 
Council calling for the repeal 
of the Land Tenure Act. 

In hLs memorandum. Mr. 
Sithole says the act "under- 
mines the credibility" of the 
Salisbury internal settlement 
and makes it difficult tn secure 
international recognition. 

He claims repeal of the Act 
will “cause Britain to bestow 
legality*' on rlhodesia and 
change the altitude of the 
frontline stales for the belter. 

Mr. Sithole says in his paper 
it was desirable lo repeal the. 
ad during the transitional 
period — and not after ihe ad- 
ieu l or majority rule at Ihe 
end oF the year. 

Sources said that the rail Tor 
the repeal of the Land Act is 
supported by the Jwo olher 
black members or tin* execu- 
tive council. Bishop Mu/orewa 
and Chier Chirau. Mr. Ian 
Smith's attitude Is unclear. He 
is in South Africa on holiday 
and due back at the week-end. 

The Sithole memorandum 
warns the whites that it will 
not he in their interests if the 
repeal of this legislation is left 
until after a black government 
Iu-.n taken power. “ There can 
he no doub( that the Land 
Tenure Act will go afler Zim- 
babwe becomes independent, 
but if !l went during ihe in- 
U-r ! * period it would strength- 
en racial vo-opc ration am! har- 
mony.” 

Mr. Sit hole's paper is well- 
timed since the Government is 
currently working on the 
lathc programme that will he 
put to the existing Rhodesian 
Parliament Jafer this month. 

The official openlug of Parlia- 
mcul is on June 20 and in itis 
final speech from tbe tlirouc. 
the Rhodesian President. Mr. 
John Wraiball. will outline the 
Government's Jegis'ai'- c pro- 
gramme for what is likely tu In.- 
ihe second last session of 
Rhodesian Parliamem as pre- 
sently constituted. 

Iis'a srparate development, 
security force headquarters 
announced the murder by 
ZSPRA guerrillas, loyal to Mr. 
Joshpa Nkomo of one English 
an' 1 mi-* Irish m»«-ionar> 
workers in south-west Rhodesia 
near Hie Botswana border. 


THE PLEDGE by Dr. Kenneth 
Kauuda, the Zambian President, 
last December tb3t 1978 would 
see an “economic take-off "after 
two depressed years gave rise to 
a popular, sceptical joke- Since 
the country had neither the fuel 
nor an adequate runway, it 
went a crasb-IandiDg was more 
likely. 

The fuel has since been found: 
la the past sis months a massive 
Western rescue operation, likely 
to total SSOOm, has got under 
way. It will culminate when 
about 20 countries and organisa- 
tions meet in Paris from June 27 
to 29 under the auspices of the 
World Bank. 

I Certainly the position was 
‘bleak at the lime of the Presi- 
| dent's optimistic forecast. 

I Arrears in payments for imports 
and remittances of profits were 
about 8400m and rising. Foreign 
exchange reserves were almost 
exhausted. Government domestic 
borrowing was over 30 per cent 
of revenue. And the State- 
owned copper mines — responsible 
for 95 per cent of the country's 
export earnings — were running 
at u loss and consuming two- 
| thirds of the foreign exchange 
they earned. 

| International willingness to 
(help Zambia recover has in part 
been due to efforts by the 
Zambians themselves. The frank 
approach to the severity of the 
problem and the stress on tbe 
need for harsh measures was 
led by Dr, Kaunda himself, who 
in November warned of the 
dangers of economic collapse, 
l This was followed by a demon- 
stration that, in spite of forth- 
coming general and Presiden- 
tial elections, the Government 
[was prepared to apply the neces- 
j sary measures. The January 
! budget drastically reduced 
[Government subsidies, which 


resulted in a 22 per cent increase 
in the price of maize TOeai.-'the 
staple diet of Zambia’s 5. 5m 
people. It also cut recurrent and 
capital expenditure, froze 'the 
level of Government employ- 
ment. increased taxes on several 
items including beer, cigarettes 
and petrol, and reduced the 
budget deficit to £64m from 
1970's £102m. 

The budget cleared the way 
for the International Monetary 
Fund (IMF l credit of S393m 
announced in March. It was 
accompanied by a 10 per cent 
devaluation of tbe kwacha and 
commitments to reduce Govern- 
ment domestic borrowing and 
central bank lending to the 
mines. 

Dr. Kaunda returned from bis 
visit to London and Washington 
last month with a further £15m 
from Britain (in addition to the 
existing £I7m programme for 
297S-79i and SlOOm over three 
years from the U.S. More is 
likely to be raised in Paris. 
Japan will be among the coun- 
tries attending the Paris meeting 
and is likely, according to sources 
here, tu provide a substantial 
contribution. 

There is also talk in Lusaka 
of considerable aid from Arab 
states, in particular Saudi Arabia, 
Zambia may also be considering 
borrowing more from commercial 
banks, and Dr. Kaunda has 
mentioned the possibility of a 
S200m Citibank loan — though no 
details are available. 

By contrast and noted with 
considerable Satisfaction by 
Western diplomats, a delegation 
from the Soviet Union which 
visited Zambia last month 
brought no more than fraternal 
greetings. 

Zambian officials angrily reject 
suggestions that the marked 
change in the country's relations 


with the West has anything to 
do with Western Jia to the 
economy. ' Yet only last Decem- 
ber Dr. Kaunda withdrew from 
An*lo-American efforts to settle 
the Rhodesian problem and m 
earlv March senior officials were 
warning of the likelihood of 
Cuban involvement. Today 
Zambia is once agaia supporting 
the Western efforts. . 

On the surface there is little 
sign that the economy has passed 
the crisis. Sporadic shortages of 
essential goods such as tea, 
coffee, sugar, maize meal and 
cooking oil continue. A range of 
oth^r items from bicycle tyres to 
spare parts for agricultural 
equipment is bard to come by. 

But behind the scenes there is 
movement. The drawing of 
SDR 50m under the IMF stand- 
bv programme. SDR 49m under 
ihe compensatory finance facility, 
and a further SDR 16m trust 
fund facility due later this 
month, has led to a reduction of 
arrears— which reached a peak 
of about S550m. 

The import pipeline has 
shortened by three months and 
now goes back to April 1977. 
The intention, it seems, is to re- 
duce this to between 10 and 12 
months by the end oE 197S, and 
to the normal 60-90 day trading 
terms by the end of 1979. 

Overseas overdrafts of the 
local banks — following an over- 
issue of letters of credit— 4iave 
been cleared. At the same time, 
government domestic borrowing 
is being strictly controlled, and 
the mines have introduced a 
series of cost-cutting measures 
in an effort tn meet the IMP limit 
of KL20m on their borrowing 
from the Bank of Zambia. 

Formidable problems never- 
theless remain. The Tanzanian 
port of Ditr vs Salaam, which 
handies 90 per cent of Zambia's 



f% i 

l i 



President Kaunda 


trade, remains congested. Atm 

70.000 tonnes of Zambian it 
ports and between 100.000 ar 

120.000 tonnes of copper laboi 
15 per cent oF annual proda 
tion) have piled up. 

In spite of efforts to atira 
new foreign investment there 
little evidence of success. The 
must also be questions as to hr 
effectively aid will be used. 71 
overall calibre of the cn. 
service and pairastataJsi is pf t " 
and there remains an aco 
shortage of agricultural exte 
sion officers, who are vital if ti 
declared aim of reducing depe 
dence on copper by increasb 
agricultural production is to . 
met. 

Finally, the test of the Govci 
meat's handling of the econot.- 
is yet to came.- Although 
appears confident of stayi - 
within the IMF guidelines un 
the end of June, the m 
quarter lending September) - 
tbe two-year IMF program 
may pose problems. It is at 41 
time that Government will ne 
rigidly to enforce its auster 
programme in the face 
demands from ministries starii 
to feel the pinch. It is also 
this time That general and prr 
dential elections are likely 
ceme. e* 


Record yen loan for IBRD 




BY DOUGLAS RAMSEY 


TOKYO. June S. • 


BY WONG SULONG 


. KUALA 


TI Atm*** ** 


; MR. ROBERT McNAMARA. 
President of' the World Bank, 

I todav gave the green light for the 
! World Bank's biggesi ever bor- 
rowing in the Tokyo capital 
: market. 

i He told a Tokyo press luncheon 
, liiat a YenTobn issue will be 
: raised “ in the next few weeks." 

Mr. McNamara is making his 
j first visit to Japan in five years. 

! Addressing the press luncheon 
[ after two days of talks with 
[Japanese ministers, he called on 
I Japan to greatly increase its. 
official development assistance 
(ODA) to developing countries. 

He promised in return to work 
towards greater “ harmony ’* be- 


tween what Japan, puts into 
multilateral aid agencies, and its 
voting rights in those -organisa- 
tions. 

Although he did not touch on 
plans to expand the World Bank's 
capital base over the next ten 
years, sources say that a 
resource-doubling scheme — and 
Japan's contribution to it — were 
at the heart of discussions 
between Mr. McNamara and 
Japanese officials. 

The American administration 
is known to be rather cool on ihe 
idea or increasing its contribu- 
tions lo the multilateral agency 
every year. Japan is ready to 
expand Its aid programme, .. 


A CONFERENCE of Asian com- 
munications ministers, scheduled 
! to be held in Kuala. Lumpur 
later this month, has -been post- 
poned .indefinitely, reinforcing 
.the already intense speculation 
in Malaysia that tbe Government 
may hold general elections" early 
next month. 

The conference, sponsored by 
UNESCO, was scheduled to be 
held from June 19 to 24, but the 
Malaysian government has in- 
Eormed the UNESCO head- 
quarters in • Paris that it is 
unable to host the conference. 
The reasons for this, were not 
disclosed. 


Meanwhile, reptresentatives^ f - , 

the rune component parties^ -'vf. 
make uo the ruling - 


Front will meet this Saturday^.- ^ , A?;-' ' 

tbrash out their difference’s o'" 


the allocation of seats in > 
coming elections. 

This is ' the main probl 
facing the coalition partners ’ 
some parties have threatened' 
field independent caodidi 
against the officially nomina 
National Front candidates 
they are not given more seats. 


The Front parties control ' 
out of the 154 seats in . 
federal parliament, as well as . 
governments un all rbe 13 sta.- 







Hi # ’m 





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The new Lancia Gamma Gran Turismo isn t 
quite the fastest thing on four wheels. 

A handful of very expensive cars will, we con- |feg$j 
fess, comfortabl^exceed its maximum speed, 

N or does thfe new G amma have the m ost 
astounding acceleration money can buy. Cer- |||ggg$g| 
t ain Ferraris, Pofsches and such would, we 
admit, beat it from a standing start. |||gtfwV 

It’S just that -pre-launch demand for the 
new Lancia flagship has been so great that, for ||fg|||w w 
the time being, it will be a rarer bird than a ^ 
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driving position, whatever your snape or 
K , There is also an adjusts pie steering 
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In fact, no more than 400 Gran Turismos will 
appear on British roads over the next year. Gamma 
Berlinas will be a little more plentiful. As many as 
800 may be in this country by the end of the year. 

But apart from its rarity value what sort of 
car will you get if you move smartly down o 
your Lancia dealer ki an attempt to be-/V 
come one of the first of the few?\ / . / ^ 

In the first place, the new 



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mote controlled, electrically adjustable overtaxing, 
mirror to keep your right hand ury. 

But if vou’d like to find out for yourself ad the 
reasons why the Lancia Gamma is aooui 10 he in 


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■ such short supply; call your 

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i If you’re lucky im j 

enough to catch one, you’ll j 

probably be caught, inmost Italian CSS 


Italian can 


Lancia itnsland) Ltd-Alperion.Midto.Tel: Ol-WS 5355 (24-hour »ale» enquiry service. 


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Gamma is quite as quick as its sleek Italian 


looks promise. 

Tts new 2 J /2 litre boxer engine provides you with ...^uun ' 1 1 'OT' p| i ' 

effortless speeds in excess of 120 n JE| h t .^ , i“gyg W ’ I 

imnnrtant in these days of speed restrictions, the nve : 

™^d gearbox enables you to reach more permiss- ■'jtr^WTS^'vS IiW 

ible speeds at a breathtaking pace. " ■ 

The handling should please you too. It 
hasfrontwheeldrive (likemostLancias since 
the leeendarv Fulvia) that helps it take cor- 
ners Jif they were straighfe^o^ but 

SSKSSS f «K™V». 

match for the car’s performance. 

The Gamma is as luxurious as you 




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Financial Times ^Friday Jiie # 



U.S. steel 
producers 
make new 
price rises 

By David Laicelles 

NEW YORK. June S. 
U.S. METALS producers arc 
continuing in edge up prices on 
selected products, blaming both 
higher production costs and 
sirens demand. 

Allegheny Ludlum Steel, the 
largest U.S. producer of stainless 
steel, increased its prices on 
certain lypes of stainless sheet 
and sLrip by 7| per cent at the 
heamnins of this month. 
Republic Steel has notified cus- 
tomers ihal it will he increasing 
stainless steel sheet and strip 
products from July 1 by an aver- 
age 4.6 per cent. Yesterday. Colt 
Industries fnllowed suit with a 
rise of between 4.5 and 5 per 
cent. 

Colt said that demand for fiat- 
rr.Med stainless steel products is 
currently “ very high." and that 
th^ price rise was justified by 
higher lahour and material costs. 
Put he conceded that the com- 
pany had nor consulted the 
Government about the move. 

Coifs move coincided with an 
announcement from Joslyn 
Stainless Steel of Chicago that it 
was imposing a surcharge of 3-6 
per cent, depending on the type 
nF product, to cover the increased 
co«t of molybdenum, an impnrt- 
anl component of stainless steel. 

The Administration is trying to 
cei ihe steel industry to keep 
this year's price rises down to 
the average nr the past two years 
— or S.5 per cent. However, the 
stainless sieel industry has man- 
aged to keen its prices fairly 
si able over i lie past II’ months, 
and rhe latest increases are 
unlikely to draw strong 
cr'''cism. 

The aluminium industry i.s 
also pu'-hing up iis prices 
though with less holdnes? than 
siool. Alcoa, the larce*t maker 
or ihe light metal, said this week 
That it was reducing its 13 per 
r-nt planned increase for 
Fmstork to 5.S per cenl 
this month, in line with an 
incrp3.en announced by Alcan, 
and today Fcvnolris Metals 
announced a s ; m'iar increase in 
shopf used in the auto and 
beverage can indust ry. 



stresses need for 
budget by 1982 


BY DAVID BELL 

j MR. WILLIAM MILLER, the 
chairman of the Federal Reserve 
! Board, yesterday sketched out 
hi* I "ng-j-ange plan For the U.S. 
economy but said that, in the 
I short "?rm. the Fed would make 
.no promises to lower interest 
j rales in exchange for a tougher 
I Administration fiscal policy. 

There was nn .igreement 
| be l ween the Fed and the White 
i House over interest rates, he 
.said in a speech to members of 
! the National Press Clui> yester- 
day. and urged ihe Administra- 
tion t' 1 reduce the federal deficit 
for rhe coming 1979 fiscal year 
still further to below S5hl>n. 

There are already signs that 
the Administration is at work on 
proposals that would have ihe 
effect of hnnginc the deficit 
down in about $48 bn. 

Mr. Miller said that interest 
rute= had to be set against the 
background of “economic condi- 
tions that exist “ but acknow- 
ledged that greater discipline 
in fiscal policy could not hut 
have 3 cood effect on monetary 
policy over lime 

So Tit Mr. Miller's blend of 
pr>iite firmness and understated 
warnings on the dangers of infla- 
tion have had some influence on 
the President Analysts are thus 


taking a close look at the Fed 
chairman's long-range economic 
proposals, which mav also have 
some effect on Presidential 
thinking. 

The core of these is that the 
Government should aim to 
balance the federal budget by 
1982. A major way to make pro- 
gress towards this target, Mr. 
Milier said, would be to cut 
federal spending from the cur- 
rent 22 per cent of GNP to 20 
per cent, over the the next five 
yea rs. 

Such a reduction would mean 
Ihal hy 1982-83 the Government 
wmi Id be spending between 
$50hn and $75bn a year less than 
it would spend if its share of the 
GNP remained at its present 
level. At the same time, he said, 
the Administration should aim to 
reduce the inflation rate by 
hetween half and three quarters 
of a percentage point over the 
next five years “until we reach 
price stability with full employ- 
ment." 

The emphasis on finding new 
jobs should he shifted firmly 
towards the private sector, which 
should be given new incentives 
to invest, perhaps by liberalis- 
ing depreciation terms. In the 
future. Mr. Miller said, there 


. WASHINGTON'. June 8. 

was also a case for looking at 
a reduction in capital gains 
taxes, but not this year. 

The Chairman 3)so backed a 
limited programme of ^ cuts 
for individuals said that the 
number of bous’ing starts should 
rise by up to 100.000 units over 
the next five years, and said that 
the Administration '5 plan to 
boost exports was also going to 
be extremely important. 

Broadly speaking. Mr. Miller's 
ideas are not very different from 
those of many businessmen who 
are concerned about the future 
course of the economy. Mr. 
Miller himself, of course, came 
to the Fed from Textron Cor- 
poration and It is not surprising 
that his views bear the stamp 
of the business community. 

But the Administration is well 
aware that at the moment the 
emphasis on inflation on the one 
hand and the suspicion . of 
Government on the other make 
a Miller-type programme attrac- 
tive. Elements of wh3t he is 
proposing were to be found in 
Mr. Carter's economic proposals 
during the 1976 election cam- 
paign, and it will be surprising 
if they do not fiod a receptive 
ear now that he is in the White 
House. 


ies gold 

purchases in IMF auction 

BY OUR OWN CORRESPONDENT WASHINGTON. June S. 


Brown to 
detail 
cuts plans 

L«»S ANGELES. June S. 
CALIFORNIA today took emer- 
gency steps to offset the S?bn 
properly tax euls for which its 
ritircns voted on Tuesday, but 
Slate legislators predicted as 
many as 75.090 government 
employees may soon he out of 
w nrk . 

Governor Jerry Brown hasj 
called a joint session of the .slate ; 
legislature for later today to oat- j 
line his plans to cope with fhc| 
cut. | 

Mr. Brawn signed an executive i 
order, which came into effect 
today, freezing stale jobs at their 
present levels. 

Mr. Brown, who opposed the 
lax reform measure, said he 
would act immediately to imple- 
ment it. 

About 29.000 school teachers 
and other education department 
walkers in the state have 
already been warned they will 
lose their jobs. 

Reuter 


THE International Monetary 
Fund irm iast nicht announced 
the result of the first of a new 
series of gold auctions, a two- 
stage sjfe that resulted in the 
disposal of some 1.39m ounces "f 
gold. 

Under Ihe fund's new articles 
of agreement certain developing 
nations are now eligible tu make 
non-com petilive bids f"r gold 
which they may purchase at the 
average price offered for success- 
ful bids in the Tund's monthly 
aucliun of 470.1X10 ounces. The 
amount they may purchase rs 
linked to their quota position in 
the fund. Some 39 countries are 
eligible in bid for a lota I of 3.7 m 
ounces d gold under this scliene?. 

In the regular auction, the 
Fund said it received iwl* for 
1.07m ounces and sold ihe 
470.Ui.i0 ounces on offer at prices 
ranging from S1M2J5H i:i S1S’L92 
an ounce making an average 


price for successful bidders of 
■5183 09. 

The auction yielded altogether 
some 8196m 

The i-omperilive bidders who 
were successful in the regular 
auction were: J. Aron and Co. 
(New York); Bank Leu (Zurich); 
Bank of Nova Scotia (Toronto); 
Compagme Luxentbourgeoise de 
I a Dresdncr Bank AG-Dresdner 
Bank International (Luxem- 
bourg); Begussa (Frankfurt/; 
Jieu tsehvbank ( F ra n k f u r t) ; 

Dresdner Bank (Frankfurt); 
Dresdner (South-East Asia) 
( S i ngapore ) : Eastern Trade 
Corporation ( Dubai); Samuel 
Montague and Cn. (London); 
Philip Bros., division or Engel- 
hard Minerals and Chemical 
(New York); N. M. Rothschild 
and Sons (London); Swiss Bank 
Corporation: Swiss Credit Bank; 
anil Union Bank of Switzerland 
(Zurich). 


Bulgarian debt agreement 


BY OUR OWN CORRESPONDENT 


NEW YORK. June 8. 


BULGARIA HAS joined the list 
of Soviet bloc countries seeking 
to >elile their pre-war debts with 
the West 

Bulgarian negotiators have 
just reached preliminary agree- 
ment with bondholders here on 
.settlement of two dollar- 
denominated bond issues nude 
in the 1920s. when Bulgaria was 
still a monarchy, and due in 1967 
and 196S. 

The People's Republic will 
initially pay 2j per cent of The 
principal amount due to bond- 
holders. between next September 
and August 1979. Bondholders 
who accept this settlement will 
then be eligible for a permanent 


settlement later in 1979, on a 
basis yet to he negotiated. 

The Foreign Bondholders' 
Protective Council, which is con- 
ducting the negotiations with the 
Bulgarians, has recommended 
acceptance of this offer, which 
will be formally published some 
time before September. 

The Bulgarian move comes 
after Hungary's recent settlement 
of its outstanding obligations in 
the U.S. capital market, a 
development which freed it from 
restrictions on capital borrowing 
here. Similar considerations 
may lie behind this move by 
Bulgaria, whose Western debts 
are relatively the largest of any 
East European country. 


NASA salvage 
team acts to 
secure Skylab 

By David Frshlock, Science Editor 

EMERGENCY action to pre- 
vent the premature rc-enlry 
of ihe Skylab orbiting space 
laboratory is planned tomorrow 
by the U.S. National Aero- 
nautics and Space Adminis- 
tration (NASA). 

A 15-man salvage team led 
by Flight Controller Bill 
Peters will attempt to re- 
orient the big satellite to 
reduce Its friction with the 
thin air of the upper atmo- 
sphere which Is gradually 
causing it to spiral towards 
the ground. The team hopes 
to fire s mall thruster rockets 
(hat will roll (he 85-ton 
satellite into a more stream- 
lined orientation. 

Even if it succeeds, this 
manoeuvre will be no more 
than an interim measure. But 
NASA has plans for a perma- 
nent solution late next year, 
when it hopes to test a novel 
way of boosting Skylab into a 
new orbit. . 

NASA’s big problem, how- 
ever, is whether Congress will 
authorise the development of 
a S20m rescue rocket in time 
to prevent re-entry. Its calcu- 
lations suggest that, should 
Skylab re-enter the atmos- 
sphere. It could leave a trail 
of wreckage along a 3.000-miIe 
path. In pieces weighing as 
much as two or three tons. 

This contingency was antici- 
pated and planned for in 
developing the Space Shuttle, 
NASA’s recoverable rocket 
system, scheduled for its first 
trials next year. Late In 1977 
NASA ordered a $35 m system 
called tele-operator retrieval— 
a remote, manipulator by which 
the Space Shuttle will be able 
to Inspect,- work on, even 
retrieve an orbiting satellite. 


THE U.S. MEDICAL SERVICE 


A suitable case for treatment 


BY NANCY DUNNE IN WASHINGTON 


"WHILE OTHER western indus- 
trialised countries are wrestling 
with the rising cost or their 
g"\ eminent health programmes, 
the Carter administration is 
inciting Inwards a public 
announcement of principles for 
extending national medical in- 
surance for all Americans. The 
proposals are expected lo go to 
Congress in late summer, but 
few legislators expect it to pass 
before 19S0 — if then. 

Although the administration 
is moving cautiously and work- 
in:* with the labour-backed 
groups which have long favoured 
a government health care 
scheme, the ultimate package 
will he hotly debated. Polls 
show that Americans, in general, 
favour national health insurance. 

Caddell survey Iasi October 
found 51 per cent of ail respon- 
dents willing to pay higher 
taxes to get a broader pro- 
gramme. and 75 per cent to be 
“ very concerned ” about Ihe 
cost of health care. Bur ihe 
existence of powerful, well- 
financed lobbies opposed to such 
legislation makes its parage 
uncertain. 

To buy time before a health 
programme could be devised, the 
administration last year intro- 
duced a modest Bill to contain 
hospital costs, which have been 
rising twice as fast as the 
general price level. But strong 
efforts by lobbyists representing 
the American Hospital Associa- 
tion, the Federation of American 
Hospitals and the American 
Medical Association (AMA) have 
even succeeded in keeping com- 
promise Bills from ihe floor in 
either House. Mr. Joseph C. 
Califanri. Secretary Q f Health, 
Education and Welfare (HEW), 
last month railed against the 
lobbyists “ crowding the halls of 
Cnncress." trying to “keep the 
keys to the Treasury " and to 
protect their " towering profits." 

The lobbyists’ case has been 
abetted by ihe troubles wiiich 
have plagued the federal govern- 
ment’s more limited Medicare 
t for the elderly i and Medicaid 
(for the poor) programmes- 

Charges of inefficiency, waste and 

fraud have made headlines for 
years, and the costs have rocketed 



The cost of treatment is soaring but most of the expense is 
covered hy insurance. 


beyond their founders' wildest 
imaginings. Medicare and Medic- 
aid are expected to cost v5bn 
more this year than last, a total 
of more than 84i)bn. Gnsts have 
gnat- up, as new patients were 
added to the rolls, from initial 
expenditures of S3.2bn for Medi- 
care and 81.J>bn for Medicaid 
when the programmes were begun 
in 1967. 

While Congress and HEW have 
tightened government control of 
the two programmes and added 
more fraud inspectors to the pay- 
rolls, the unregulaied costs of all 
medical expenses have continued 
to strain the economy. Health 
care, the third largest industry- 
in the country after food and 
construction, nuw accounts for 10 
per cent of the total production 
of goods and sen-ices — -twice as 
much as in the 1960s. The total 
national expenditure for health 
has risen from Sl2bn -in 1950 to 
an expected SUOObn this year. 

Several factors — some avoid- 
able, some not — have turned the 
price spiral: the increasing cost 
of premiums, doctors must pay 
for malpractice insurance, the 
resulting rise in the number of 
tests now prescribed to avoid 
errors and malpractice suits, 
higher pay for underpaid hospital 
personnel, nod the use of highly 
sophisticated expensive equip- 
ment. 

Hospitals, which account for 
40 per cent, of all medical costs, 
have been severely criticised for 

waste, inefficiency and over- 
building. Mr. Ca lira no say? that 
the 100,000 excess hospital beds 


cost the country about S2bn a 
yea r. 

An uncertain factor in the cost 
picture is the lack of incentives 
for doctors to keep costs down. 
An average of 67 per cent of all 
doctor and hospital bills are paid 
by government or private in- 
surance companies. Because 
many patients often have as much 
as 90 per cent of their expenses 
covered by insurance, they accept 
each lest prescribed and see each 
specialist recommended although 
on average. 10 per cent of their 
incomes are now going to health 
care. 

The President's Council on 
Wage and Price Stability in 
March maintained that doctors' 
incomes were rising faster than 
the incomes of any other 
occupational group. On average, 
their fees 'were unjustifiably high 
by established economic stan- 
dards. In 19f i, tbe council 
reported, physicians* fees rose 
9.3 per cent nr 50 per cent more 
than other consumer prices. In 
1976 tbe median income of 
doctors was $63.000 — "substan- 
tially above what is required to 
elicit an adequate supply of 
physicians'* The council also 
attacked the AMA for viewing 
as unerhtcal advertising, under- 
bidding. charging less than pre- 
vailing fees and other com- 
petitive practices. 

Whether or not organised 
medicine ever attempted to con- 
trol doctors’ fees by limiting 
supply, the number of doctors as 
a proportion of the population at 
Jarge has continued to grow. 


From 1966 to 1976 the supply of 
doctors increased 24 per cent. 

Some health economists con- 
tend that doctors' fees are high 
even where supply is the highest, 
notably in New York and Los 
Angeles. Prof. E. Reinhardt, a 
health economist at Princeton 
University, contends that each 
additional doctor creates from 
$150,000 to 3350.000 in health 
care spending. He says the tradi- 
tional laws controlling supply 
and demand fail in the area of 
medicine because consumers 
have little control over spending, 
because the sellers have little 
concern about keeping costs 
down and because expectations 
have risen and patients are 
demanding more and more 
expensive treatments. 

The problem of run-away costs 
was seen early by Sen. Edward 
Kennedy, who as chairman of 
the sub-committee on Health and 
Scientific Research, has become 
the Senate's leading figure on 
health matters. In 1973 he got 
Congress tu approve a liniilcd 
Bill providing federal funds to 
encourage the development of 
Health Maintenance Organisa- 
tions iHMO'si. which offer com- 
prehensive health services at 
fixed monthly or annual rates. 
Since then, the number of HMD's 
has grown to 170 serving 6.3 per 
cent, of the population but 
accounting for only 3 per cent 
of the health expenditures. Most 
studies bave come to the con- 
clusion that the organisations 
offer efficient health care of a 
quality as good or better than 
in the fee-for-service sector and 
that their patients are healthier 
because of the heavy emphasis 
on preventive medicine and 
early treatment 

HMO's are expected to play an 
important role in President 
Carter's health proposals. 
Sources close to the Administra- 
tion negotiations with pro- 
national health groups say the 
President will produce a plan 
which will give all Americans 
the option of having federally 
regulated insurance provided by 
a private insurance company or 
membership of an HMD. Costs 
would be paid 75 per cent by 
employers and 25 per cent, by 
employees— or hy the govern- 
ment for the unemployed. 


WORLD TRADE NEWS 


Japan to 
buy U.S. 
jets for hire 

By Yoko Shlbata 

TOKYO. June 8. 

THE Japanese Government has 
decided to buy three wide-bodied 
jets from the U.S. and lease them 
to South Korea through two big 
leasing companies to promote 
imports and curb Japan's 
embarrassing trade surplus. 

Orient Leasing and Japan 
Lease bave had talks with Korean 
Air Lines (KAL). They have 
approached the Ministry of Inter- 
national Trade and Industry 
1MITJ) for dollar loans from the 
Export-Import Bank of Japan. 

MiTi devised the plan for a 
leasing company to buy aircraft 
such as the EEC’s A 300 and the 
U.S. DC10 with government 
finance and lease them to airlines 
in south-east Asia, the Middle 
East and Africa. The Govern- 
ment adopted the foreign cur- 
rency lending system for import 
financing on April 22. 

MITI said it could not comment 
because talks have been 
private. However, it added, since 
the cabinet on March 11 adopted 
a policy of promoting aircraft 
imports “ the Government would 
like to encourage imports of air- 
craft positively.” 

The proposed purchases are 
one new DC10 from McDonnell 
Douglas for Japan Lease, for 
about Y11.4bn ($52xnj and two 
used Boeing 747s. for Orient 
Leasing for Y15.4bn iSTOm). 

Tbe two leasing companies 
asked the Export-Import Bank of 
Japan to finance the whole $120m 
and the Bank of Tokyo to issue 
credit for the Eximbank loans* 
The jets will be leased to KAL 
on 10-year contracts. MITI, the 
Ministry of Finance, and tbe 
Eximbank are working on details 
of payment terms. Eximbank 
loans will probably carry an an- 
nual rate between 6 and 6.5 per 
cent and KAL will pay between 
8 and 8.5 per cent for the rentaL 
Measures considered by the 
Japanese Government for cutting 
its surplus, include an advance 
payment of Slbn for uranium en- 
richment, and imports of Alaskan 
crude oil. However, there is no 
prospect that the proposals will 
materialise. Tbe Government is 
thus inclined to accept the two 
leasing companies’ application 
for foreign currency lending. 


Investment 
tour soon 


Financial Times Reporter 

THE DEPARTMENT of Industry 
is sponsoring a mission by 
Japanese businessmen from June 
12-23 organised by the -Japan 
Industrial Location Centre and 
the Invest in Britain Bureau. 

It is to familiarise the indus- 
trialists with the climate for 
investment io the UK The 
party will visit Northern Ireland; 
assisted areas in the North and 
West of England; Scotland and 
Wales: and some Japanese- 
owned concerns such as NSK and 
Daiwa Sports. 

• The Department's eighth 
Inward investment seminar this 
year is to be held in Brussels 
on June 13. to encourage further 
Belgian investment in British 
manufacturing. 


LMT in £llm 
overseas orders 

By John Uoyd 

EXPORT CONTRACTS worth 
nearly £ilm have been won by 
Le Materel Telephone (LMT), a 
subsidiary of the French telecom- 
munications company Thomson 
CSF, since its formation this year. 

LMT takes in the export busi- 
ness of Society Fransaise des 
Telephones Ericsson, another 
Thnmson-CSF subsidiary. Most 
recently, it has won an extension 
lo an earliar contract for recon- 
ditioning and extending the 
Beirut telephone network, involv- 
ing a further 18,000 lines. 

The Thomson companies have 
wpn several small contracts in 
French-speaking Africa, includ- 
ing Cameroun, Chad, Guinea and 
the Ivory Coast. 

Japanese coal mining 
mission to China 

A JAPANESE mission of 20 
coal mining industrialists, 
governemnl officials and mining 
specialists will visit China from 
June 12-26 to exchange views on 
Japan's export of coal mining 
technology to China, AP-DJ 
reports from Tokyo. 

The Japanese team, headed by 
Mr. Shingo Ariyoshi, president of 
Mitsui Mining, will tour Chinese 
coal mines, and discuss the 
possibility of a full fledged 
Japanese shipment of coal min- 
ing technology and safety 
measures. 

Cut price air freight 

As a result of a recent agree- 
ment with British Airways and 
Air Canada, Emery Air Freight 
has introduced ao economy 
freight service to Canada which, 
in some cases, is less than half 
tlte cost of normal airline rates. 
It is available on direct flights 
from the U.K. to Montreal and 
Toronto, and by connecting 
flights Lo Calgary. Edmonton, 
Vancouver and Winnipeg. 

Victor for the U.S. 

Victor of Japan has signed a 
contract with Magnavox of the 
U.S. to supply portable colour 
video cameras for sale in the 
U.S. under the Magnavox brand 
name, Reuter reports from 
Tokyo. 

Victor will ship 5.000 video 
cameras by next December. 

N. Sea $10m deal 

Dominion Bridge's Itnodco unit 
of Los Angeles, in partnership 

with William Press Production 
Systems, of Britain, has an order 
worth more than SlOm from BP 
for a single-point mooring system 
for the Buchan Field in tbe 
North Sea, AP-DJ reports from 
Montreal. 


N. Sea oil boosts 


earnings in W. Germany 



BY GUY HAWTIN 

NORTH SEA oil is growing as a 
maojr export earner for Britain 
in the West German Market. In 
the first two months of the year 
UK oil accounted for 5.3 per cent 
of all west German imports of 
crude oil. 

Britain's share oF the West 
German market is very large in- 
deed — it is understood to equal 
that of some of the major Middle 
East producers — and there is 
every indication that it is increas- 
ing. Deliveries to the Federal 
Republic only started in earnest 
last year and in the first two 
months of 2977 the UK's share of 
the market amounted to only 1.5 
per cent. 

Figures, researched by British 
Embassy trade officials from the 
Federal Statistical Office's re- 
turns show that compared with 
a year ago tbe value of UK oil 
shipments grew by 163.1 per cent 
in January and February. They 
rose from DM62. 9m in the first 
two months of 1977 to DM165.4m 
(£43.4m>. 

The oil has given a major boost 
to Britain's export earnings in 
the Federal Republic, in the first 
quarter of the year, for which 
no detailed breakdown is yet 
available. UK exports to West 
Germany amounted to DM2.74bn 
(£718J2m) compared with ..the 
DM2.3bn of the first three months 
of 1977. 

Non-oil exports in the first 
quarter of the year totalled 
DM2.46bn against DM2.14bn in 
tbe comparable period of 1977. 
At the same time, Britain's 
share of tbe total West German 
import market amounted to .4.7 
per cent in the first three months 
of this year against 4 per cent a 
year earlier. Us share of the non- 
oil import market was 4.6 per 
cent compared with 42 per cent. 
Total exports were up by IS per 
cent while non-oil sales rose 15 
per cent. 

The detailed figures for the 
first two months of the year' show 


that at the end of that period 
imports from Britain were up by 
28 per cent Distortion, how- 
ever, was Inevitable in the open- 
ing months of- the year. But it is 
encouraging for trade officials to 
note that sales of British wholly 
manufactured goods during 
January increased by an above 
average 19.3 per cent from DM 


FRANKFURT, 

957.3m in the comparable 
of 1877 lo DML14bn. ? 

Not only that, British 
to . Germany during the* 
quarter wore increasing' 
faster than the. FederalRp 
lie’s overall import bilL iw! 
up by only L5 per cent In 
quarter of 1978. while no 
imports increased by 42 per > 


Dell stresses exports 


FINANCIAL TIMES REPORTER 

BRITAIN DEPENDS more on 
exporting goods and services 
than any of her chief com- 
petitors. according - to Mr. 
Edmund Dell, Secretary of State 
for Trade. These exports, be 
says, account for 29 per cent, of 
the gross domestic product. In 
West Germany the figure . is 26 
per cent: in France, 20 per cent; 
in Japan. 14 per cent; and in 
the U.S- 8i per cent. 

Mr. Dell, speaking, to an export 
conference for senior executives 
in London yesterday, organised 
by the National Economic 
Development Office and 'the 
British Overseas Trade Board, 
emphasised that in all those 
countries the importance of 
trade in goods and services had 
grown steadily. : “reflecting 
reductions in trade barriers and 
increased international specialis- 
ation. 

He added that there was a 
strong link between British ex- 
port performance and domestic 
competitive performance. 44 In 
terms of the proportion of 
resources devoted to manufactur- 
ing." he said, “the UK’s ex- 
perience has not been markedly 
different from its competitors. 
The main difference has been in 
the rate of growth of produc- 
tivity. This In ■ general - has 
improved less rapidly than else- 
where." 

The UK export share of Com- 


monwealth markets had j 
.rapidly In recent years, be 
but that was part of a ma 
geographical switch in - 
exports between 1950 and- 
the most striking featuri 
which was the steadily gro m 
importance of Western Bit', 
The development of more ' ' 
markets in Europe, and Bril 
greater dependence on ■' 
was particularly important'' 
"It is in Europe above 
That we must show the cap 
to compete. If we can ctm’ - 
in Europe, it will make e r 
export success in other-pax 
the world." 

• Total UK exports are exp 
to increase by 3 to 4 per 
(seasonally adjusted} bet 
the first and last six mont 
1978. according to the Di 
meet of Trade’s latest surv 
short-term .= export prosi 
That represents a re covet 
the rate of growth after 
small rise between the st 
half of 1977 and the first 
of this year. 

• Britain’s furniture es 
reached . £77.97m in value i 
first four months of the 
an increase of 22 per cent 
the same period in 1977. 
industry’s central orgaais 
for promoting overseas 
BFM Exports, says the fi; 
indicate a' likely total foi ■ 
year much higher than 
year’s record Q£211m, 


Suntory shrugs off Scotch ban 


BY KENNETH GOODING 

IF EXPORTS of hulk malt 
whisky from Scotland were 
banned. Suntory, the' leading 
Japanese.. whisky group. Could 
replace the lost trade from its 
own resources. Mr. KeizoSaji, 
president, said during a visit to 
London. 

There has been consistent, 
often vocal, pressure from 
Scottish interests, particularly 
some trades unionists, for a .ban 
on malt shipments, which' -go 
mainly to Japan and Latin 
America. They say Scottish niait 
goes to improve the taste and 
quality of the more expensive 
Japanese whiskies and those 
whiskies might provide competi- 
t ion for Scotch in world markets. 

Last year about 6m gallons of 
bulk malt worth £15m were ex- 
ported from Scotland to Japan. 
The topic is under consideration 
by the working party at the 
National Economic Development 
Office, which is preparing a re- 


port on the. future of the Scotch 
whisky industry. 

Mr. Saji said Suntory in the 
past two years has doubled malt 
whisky production • capacity to 
about 14.5m gallons after a 
£10.5ra expansion of the 
Kakushu distillery. 

He denied that Japanese 
whisky would ever provide a 
serious threat to Scotch outside 
Japan, although Suntory brands 
are produced .locally In Mexico 
and Brazil and made available in 
the ’ Philippines, Bulgaria and 
Thailand - through bottling 
arrangements. 

“ Fox example, even with our 
very best efforts so far we have 
not been very successful in the 
United States and. to be realis- 
tic, 1 don't expect we will be.” ' 

With sales equivalent to more 
than S2bn, Suntory is among the 
world's top five drinks businesses, 
yet it remains privately owned. 
Mr. Saji suggested that future 
expansion outside Japan would 
be by acquisition. The group was 


looking at possibilities in 
and beverages in the U.S 
Latin America, partio 
Mexico. - 

In Japan, Suntory's expec 
of a 15 per cent annual g 
in the whisky market, whJ 
dominates, was not fulfillei 
year— expansion was betwe 
and 14 per cent — and the . ■ 
expects only a 10 per cen 
provement in 1978 after 
per cent lift in the liquo 
from. May 1., 

Suntory seHs about 
bottles of its whisky each 
and is the Japanese agen 
Haig r which increased its 
of a static market for imp 
Scotch Jast year. 

The group entered the be 
dustry 14 years ago but lias * 
longer than expected to bui 
market share now 6.5 per 
It wants 10 per cent at leas: 

Sir. Saji said Suntory has 
bought a site for its 
brewery, which should be t 
in 198 J, for about- $21m. 


EEC urges action on chemica 


BY CHARLES BATCHELOR 

ACTION MUST be taken quickly 
to solve the problems of Europe’s 
chemical industry Viscount 
Etienne Davignon, EEC Commis- 
sioner for Industry, told the 
annual assembly of the Dutch 
Chemical Industry Federation 
today. But be warned that 
unless there is a dear economic 
philosophy behind it, the prob- 
lems will only be made worse. 

Within the next few weeks the 
EEC Commission will meet the 
chairman of the European 
Council of Chemical Industry 
Federations (CEFIC) and the 
Association of European Plastics 
Manufacturers ( APME). Compe- 
tition from the UJS^ Eastern 
Europe and in the longer term, 
the Arab countries will be the 
main areas for discussion. 

It will consider not only the 
lower U.S. prices for raw 
materials and energy, but also 
the concentration of companies 
and levels of productivity. The 
Commission will in the next few 
weeks' weigh the disadvantages 
of the Europeans with regard 
to costs against the advantage of 
the possible abolition of the 
system of -American selling 
prices. 


The Commission hopes to. have 
the results of a study on the 
extent of buy-back deals with 
Comecon countries before - the 
end of this month. East Europeat) 
plans for petrochemical produc- 
tion appear to considerably 
exceed their internal require- 
ments. Since Comecon countries 
were not affected by the oil crisis, 
they do not appear to be aware 
of the sharp decline of the Euro- 
pean market. 

Hie Arab countries must also 
be persuaded to adjust, the 
development of their chemical 
industries to the capacity of the 
world market. On the other hand 
the European petrochemical 
industry does not make full use 
of the opportunities to stabilise 
relations with the Arab world. 

The Community's industry has 
left the initiative for setting up 
gased-hased chemical plants in 
Arab countries - to the Americans 
and the Japanese. 

Something must be done for 
the chemical industry but re- 
sponsibilities must not be con- 
fused, Davignon said. The 
managers must take the deci- 
sions to solve the problem of 


ROTTERDAM, June 

over-capacity and Ihe poiiti 
and officials must see the 
are kept'to. Developing coui 
often imagine the Commi. 
has powers to direct, e« 
The Commission sees itsel 
only a catalyst. 

Tbe Dutch chemical indi 
proposes a speeding up of 
current time-consuming 
dumping procedures in the < 
munity. Mr. Eppie Ter Horst 
Federation’s chairman, said. 

The Dutch would like to 
a system of “normal vali 
based on the cost of the > 
efficient European producer 
products were offered b 
these prices, the Commit 
could act more quickly o 
complaint He also called f 
register of buy-back deals 
Comecon countries and 
minimum import prices to < 
pensate for the low produc 
costs in Arab countries. 

A European approach to c 
capacity must be considered 
unco-ordinated support by in* 
dual countries must be oppo 
Improved statistical informs 
would allow a better analysi 
the problems, Mr. Ter Horst s 


Nigeria cargo service 


BY OUR INDUSTRIAL STAFF 

THE FIRST container service 
from Britain into th port of 
Warri, Nigeria starts next month, 
with sailings from Cardiff and 
Antwerp. Belgium every 35 days. 

The move is a result of agree- 
ment between the London-based 
Walford Maritime Group and 
Alhaji Atninu Dantata of Kano. 
Tbe new tine between the two 
countries will be known as Sea 
Dantainer Lines. Walford Lines, 
part of Walford Martime, will 
act as general managing 
agents, UK port agents and load- 
ing brokers. 

Conventional mixed' cargo ser- 
vices are likely to start in 
parallel with th container ser- 
vice. A second container service 
could be introduced within six 
months. 

All the services are designed 
to take advantage of the rapid 
development of Warri by the 
Nigerian Government. When 
completed by tbe end of next 
year, the port will rank as 
Nigeria's third port, serving a 
growing industrial hinterland. 
The Warri oil refinery is 
scheduled to come oo stream 
later this year and a £400m 


direct reduction steelworks i«s 
under construction two mile& 
from the port. • 


Israel sells more 

Despite fears over the exchange 
rate of the Israeli pound and the 
abolition, of subsidies, Israel's 
exports increased by more than 
33 per cent in the . first -five 
months of this year to SL6bn, 
L. Daniel writes from Jerusalem. 
Industrial exports, excluding 
polished diamonds, at S748m. 
were up. 35 per cent compared 
with the period in 1977. Exports 
of gem' diamonds rose by 39 
per cent to $560ni. 


Yugoslav rubber plan 

Badger,'' a Raytheon company, 
has received a letter of intent 
for ,a. : synthetic rubber ' (SBR) 
plaht for Ina-Industrija Nafte. 
Zagreb, at the Ina Refinery at 
Sisak, Yugoslavia, 'a Financial 
Times reporter writes. Badger 
wilt .handle design, engineering 
and supply of major equipment 
fOf.the 40,000-tonne-a-year plant, 
to be built by Ina Engineering. 


Canada keen t( 
sell more to U1 

By Our Own Correspondent 

OTTAWA, June ‘ 
MR. EUGENE WHEL 
Canadian Agriculture Minis 
has told Mr. John Silkin. the 
Minister, that Canada is anxi 
to gain improved access 
Canadian Cheddar cheese ■ 
quality wheat to British mark 

41 Traditionally, Britain • 
been, a strong market 
Canadian . . wheat. fobar 
vegetables and fish. .What 
more. . we have shared uii 
traditional forms of product 
and marketing. Our agricnlti: 
ties are deep,' 1 Mr. Whelan s 

.. Britain last- year impor 
nearly 6315m worth of food k 
feed from Canada. Mr. Silt* 
said be was interested io expl 
lng with - Canadian cabu 
ministers how-, the UK’s trs 
tional links with .Canada might 
maintained, preserved a 
extended. 

While the UK imported 
large volume of agricultural p 
duce from Canada last year a 
also exported a considerai 
volume of" such goods, it V 
worth investigating how tra 
could be expanded in both din 
tions, he said. 




7 CHGMiCALS COftRCSPONDa^ 1 ^. . 

"T 1 ** iaflwa^^ S ^° mi rf '-gf*** »I»*KA AmMra«Mn. I i!SS 

-v^iamagfr uras. caused to. a. large railway trade ailpart bf.tijis con- is jpurkeiexl in South Africa bv 

Veaof^^^rds during spray- "tract; • .^ -~ ‘ 

S nglog?ofi9a»fipns oh. adjoiolng ‘'It appears 1 , 
and - a J. r-. -: '•_ . ■ . leaked from the 

Pisons^aid -yesfertfaV tt was 10 ad j° iala S f* 
ully-isovered byijisursnce for UJ, * QUe com bin. 

. »udb ; &fcldfflafs.- gut on the slock weattwr 

7 , eu W Barker ; its share price fell g p damage To vine; 

^ -day to closest 350o - Fisons said th 

■" fit 3 s»»b beet 


svviiff 5 1 : Ije company 'involved in the «&» teLJ-5 

n m ^^actwn is pawn Weedkiller fiantikK “* 

k ^W?^/S f ’? l l fflry of Fisons The write 
Me *JUHMica £Pty),-Soatfr Africa. e wnw 


South Africa by 

Fisons. 

. tb« chemical The pesticide is not used in 
il way track on the UK but was approved for 
land -due- to a use in South Africa in I98S. T be 
in oz ami and land adjoining the railway track 
resulting in has coarse, sandy topsoil cover- 
ing a layer of impervious clay, 
the tola* dam- The weedkiller was apparently 
estimated at washed over the clay by heaw 

fiOt been sub- winter rainfall and on to the 

viDes crowing on the side of 
laUning ' the a valley. Ii allegedly caused Lbe 


*’ e «tht. . - •• ■ ‘^ratract spraying end. The FisonsfsubsUUai? has leaves, rumlnc the harvest. 

• — * ■ - f •• • • ‘ __ 

TaEki to saveWheal 
Janelbreak down 


fete 

|-X# 

S« 3; 

,a «ik? 





ion London 
and County 
Inquiry 

councils 


SY PAUL CHE^ERIGHT •"' 

1 NEGOTIATIONS ifeTWTSEN the basis 0 ? an ultimately profitable 
'Government and? Consolidated operation. But. there would buve 
. .{ Gold Fields on a yrinula which been no production for up to two 
two I would keen open Wheal Jane years. 

.... -■ “ " This 


■■'M'W) Oi-tne an airs or ivOnaon and.' napes Vi Berjiuieuw i«u<i; <u --- < — 

a nd ^..County Securities, the secondary' | operation now reft - on talks limited funds available. Neither 
'bank .which . collapsed in which the Deparftient . Of In- s,de has prepared to make 
jurnnufp P® c, ? ra ber 1973. The councils ; dustry is having vdih 'nn :nn- a financial commitment suitable 

. j. ■ - Ann tn 1 Fi4rHd/) hrl.inn m.i iA &' HofA. TO lilP Ofhpf. 


y j rnu nr> ueceraoer 13 . The councils dustry is having wjrb. an : no- * omnwiat commiuu 
~n» fa va. 1 ®?^ yesterday this was, due to) named mining grooftr. A' state- 70 J~} e other. 

>tuh 4 end criminal- proceedings! meat is expected toffiiy.- , 7110 Government, ] 

'f 22 r*r 11 pending. ■ «,. day worninR. took 

ri^j !* l <£ fn -I ctatAnu.nl In. OTpWlllDf . MOSin? . Of rcstlOnsibilitV r,C n.«v 


hi’oV ^ (presented its report to the i IS'”* “““«*>• ■WfJT oy Cornwall Tin and Mini 
oS? ^council on June 7. P it had been V1 !^’ _ bee J?. ^ oteB £? wl ”* h hjs ceased production. 

'' £ - 1I m, intended in the rennrt tn <uo»e«fi The Gold Fields talks haged The two mines save work 


.. from yesier- 
took over the 


tha air » or- < * a >' oiortunR. took over the 

itnptfndiDg.. ; \posure . of responsibility of paying for the 
WhcaiJane wusaapoimcedon m £ t , s ptfW J s ro p be J gew wJE 
Apnt 26 and product&a stopped iD g. It is also paying for the 


riod in if. In a statement the Institute of 
mtral J^'Chartered .- . •. Accountants . . in. 
OtaTf&q land and Wales said that the 


J* •s§S3BSar."« 5SO?a^|S'^SSs >«. «««• -swiirSi 

towtitofe ! ”“S n S SS%858S! 


1 ba£ 


intended ln the" report" toTuggesr ) The Gold Fields talks biaged The two mines gave work to 
an appropriate public sUtemcnt. . on , tfa ® composition of * uaekwe. about S00 people in an area 
*---*■ - - * . . rr»f*rt»rftniT Gorernment. aid. where 1 he unemployment rate is 


but the institute deemed both 
statement and publication 
'inappropriate'’ in view of the 
sgal proceedings. .•■_*’ 
The Scotttsh institute could not 
even receive the committee’s 
ra.ee, b ,ii. iR «P«rt. „ " for constitutional 

££*****' ■ . - • 

er,ca . ^Vouchers C wastc s 

Si’.niorT j,,*.^ scheme backed by the Tories 
ten* aaaad -■» : give - parents vouchers to 
:n- 4 y ~‘cash ” at schools they pre- 
*■ is am ^isnSorPed, thus giving greater 
s or ;,-. r Shoicc, would cost X300m-f400m 
iw-JSlwS®® be “a waste of taxpayers’ 
, j‘ ’I, -iTjnd ratepayers’ money, adminis- 
': n :a-j .Jfiratiyely inefficient and educa- 
,: r u :.VS'ionally foolish,” Mnr; Shirley; 

'^iVlMiams. the Education Secret 

,... v ary. told a NtJT., conference- in 
-London. ••• - 1 *-. 

Rent - County Council, with a 
. J r v Tory majority; considers. a 
- • rc "'v i} ^reromraeadation for' pilot 
■Ac.Ku :or ®-oucher experiments on Monday. 

^SStSTaxmen .clean up 


1 including uu >u. uuioii . v. ■ucie iiiv uuvminuynicni ruic is 

whldi would allow the company double the national average, thus 
to proceed with develawnent prompting vigorous Parliamen- 
worfc at ihe. mine In wift Shooe. tary and union action 10 keep 
of 'reaching ore to prof8?e .:the the mines open. 


Verdicts 



pected today 
emium case 1 


FINANCIAL TIMS RERigR1» 


VERDICTS are expected 
Old Bailey today in the 
Mr. John Martin Wal . 
suspended Bank of En 
official, who Is accused of in* 
ment hi a plot with five '1 


/tiie 1976 to obtain money dishonestly 
l^offrom authorised dealers in 
|jde. : investment currency. The case is 
*iid that he became involved in a 
V plot to get . dollar premium 
r.jrgbaies an securities which bad 


people to get xim. by ^rongfS/npt .been, held for the requisite 
use of The dollar premimti. V Vilbhfetii of* lin\e. 

He was allowed bail lasdhight Earlier this, week the jury 
while.- the jury, which ha/ been found\ Leonards Basil Ash. 39. 
trying him for more tMn two panel reater, guiUy of conspiring 
-months, went to an hotef for the to obtain^ money dishonestly front 
njgbt ’ / authorised dealers and of forg- 

. ^ * . 1 • The jury had bee/ out for ing two document with intent 

: ewecirfwL&W- paid' by off^ourse^ book^ f nea xiy two hours rfter Judge to defraud; and fjnind Adrian 
,r 0 ny, .-^makers rose in April ; by £4m to ; Buzzard QC had completed his James, solicitor. gudV 0 / i making 
' iti ust ° ver which is £2.55m ( summing-up in this Action of the a false statement \under the 

A "~’ ‘trial, which alread/has resulted Exchange Control Actj 

tri guilty, verdicjjf - against two The judge discharged the jury 
other defendants^ - from giving a verdict against 

Judge fcurzartfhad advised the Mr. James on a charge of con- 
jury to treat easfc case separately, spiring to evade the dollar 
and gave a warning to them not premium rules which will lie 
to be .influenced in their con- on the file. 

' sideration of/he case against Mr. Verdicts against the two 

PsTlin :• -L. ---. -- u.-.. Wales bv decisions on other remainmg defendants, John 

f rnm Enrnne defendants/ Robson, 57. and Reginald Atkins, 

Mr Wales, 42. of ChislehursL 50. company director, are ex- 
Kent. denies two charges of pected, later this week or early 
conspiring between 1975 and next week. 


'«Vd SBr-jjrfc® 01 ® than in Apri * last year ’ 
' F . r ..said Excise provisional statis- 

.|.'„u;tics. Total general duty, includ- 
^wlngr oh-course bookmakers ■ and 
■r „ ..uui. totaj jsators. was fl6J27m • m 
April, £4L2Tm more than -in 
March and £2.71m above. April 
1977. ... 

^Aid; from Europe - 

1 iTTTFJiGl feBfGC, the electrical eahld rhanu- 
LTitr facturer. has been lent. £5ra for 


3.ri tie a -ten - years by . the European. j 
irtiist -a Slhvestmbnt Bank. .to cover half 
V i/cvf:o?i3; ,: the cost of moderoisins and esr- 
‘rjie oepoading its copper Ycfinery on 
ajj-Xi ’Merseyside. It is said that this 
.; rtl ^ will save 350 jobs in. an area 
. ' where' unemployment is about 

^jj^nuea Ptwlce .the riarionai average. 

.1 <pccdio? ..•.-..'■■•j,* 

nme^n^LucaS'Case ending 

preivdfl«j| JjOommfttal - proceedings against 
.jr. E??s* 1? ‘^Lucas Service Overseas and CAV. 
i;i'~ <.yi3:ri'* lD -‘'tWo companies in the Lucas 
■‘ ;CIUlC 7 Industries . motor components 
, ,.f ■" '-^r^roup accused of brooking the 
. 0 ‘Rhodesian- -sanctions; are ex- 

r.jri'iein ^‘peeled to ^finish today at Ayles? 
“'Arc t,Si ™ burs’,. The- -companies, with mo 
*hi ^-’individuals, face charges involv- 
, rc asking £154.403. brought under, the 
A -jj ^.Customs and Excise Act 1952 
fe: and . alleging breach of - the 
^Rhodesia United Nations Sane- 
A--- 1 :,r;fi - : tions Order. ' - 
-"'w* 


British Airways challenge 
to IATA on fares 


BY. PAUL TAYLOR 


r.ee 


j: 


: ;;ii' 

‘’r.V c^-^Green Paper probe 

-i: ivn ^'L^rhe newly-fonried Commission 
Energy and- the Environment 
_ ,..A tn rnuiow the main 



verting coal' into gas and other 
,... f uels, "and the - environmental 

« i-iioflimpact of solar and tidal energy. 
Of! 5* will only. “keep abreast of 

av** '-ij 1116 nuclear P° wer debate,. 


1 BRITISH AIRWAYS will prob- ccdures. Other proposals, arc 
'ably ull out of the International tbongbt to affect rating rights 
1 Air Transport Association unless with in, IATA. vdth the old umfor- 
ihe association accepts radical mity- rule giving way lo the 
chances .to its- structure to deal simple, majority, 
with the •challenge of cheap ;nr Mr. Stain ton says the 
fares' -OiSe changes, if impl«- for. low fares is the “most 
men ted, ^would bring wider important- challenee of this 
choice and iess uniformity of ser- decade " and is “ abso ut.'ly viUd 
rm- airline oassengers. to pur future success. He says 

the road of the jjioos - put forward by the working party 

He is a Ptember of would enable national carriers — 

man working party set up a BrJtish Airways _ t o charge 
association s Annual n>«cti S J ihe-Jowest fares they could afford 

Madrid last ^‘■S^the^avsociatlw on direct services to and from 
.ways of bringing the ass " their own country rather than 

more into ^° e p^JSnmeats and having to charge a higher fare 
ing moods -Of government t0 w airline not primarily 

ai L^ v ! lle wU^ Q hoc now pre- dependent on those routes Tor 

That task-force has ow F ix /^ c revenuc . 

pared a report to go bet ^ 5ta inton says “we are 

special general m©6 7 ’Oe. not -prepared -to be forced by 
I AT Vs ‘{he rccom- other carriers who do not depend 

ion June. 30. Amon„ the c the route for a living inlo 



n . *ad ^ 

P= - S»’ 

hji’’ ' A ' 


we 




V,r. v 

■se«'." ‘ . it 


Chairman is paid £380,000 


Smurfit’s broihor. Joffcr- 
deputy chairman was 
£380.000 for his 
year. However in 

w Smurfit director 

described as “a very 
gesture on his part. 



A KEY FEATURE OF THE GOVERNMENT’S PACKAGE 

Why the corset has 
been reintroduced 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

England until November. This cent then the rate will be 25 
will only happen if the- average per cent. Thereafter Lbe rate will 
of a bank’s in tore -si-bearing be 50 per cent of the excess 
resources for the three months growth in interest- bearing liabili- 
of August to October exceed by ties. 

more than 4 per cent the average Institutions witn average 
amount outstanding on ;he bank- interest-hearing liabilities of less 
ing make-up days ic the six than £10m will nut he liable to 
months of November. 1977 lo pay supplementary special 
April. 1978. deposits. Any hank attaining an 

The rate of deposits required average of £lOm or more will 
will rise depending on the excess become subject to the scheme, 
rate of increase of j bank’s The Bank of England pointed 
interest bearing resources. out that in order 10 conform 
Thus if ihe excess :s 3 per with the limitation of ihe growth 
cent or less the rale will be 5 of their mt crest-bearing 
per cent. But if the margin over resources banks and finance 
the limit is more than 3 per houses will need to restrain the 
cent bur not more c'tun 5 per grow tit of their lending. 

National Insurance 
surcharge up 2.5% 


Inflation 


rate ‘not 


moving up 
again 5 

By Our Consumer Affairs 

Correspondent 

THE PRICE COMMISSION* 
yesterday rejected suggestions 
(hat the underlying rate of In- 
flation is picking np again. 

The rate of increase In ihe 
eoramlsslon's Index of price 
rises notified to it had fallen 
fractionally in May, said Mr. 
Charles Williams, the commis- 
sion’s chairman. 

Mr. Williams has- been at 

paiu*» in ihe past tn keep the 
commission outside the politi- 
cal arena, but his remarks 
yesterday appeared (0 be aimed 
at Conservative politicians who 
have claimed that the April tall 
in the Retail Prices Index was 
nothing but a mirage and ibe 
underlying rate of inflation Is 
moving upwards again. 

Mr. Williams said that the 
Irend in the commission's 
figures, which usually take 
about three mouths to work 
through to lbe shops, was still 
“pretty flat” and lhat. U any- 
thing, It might be heading 
downwards. 

# The Price Commission yes- 
terday gave the Thames Water 
Authority a clean bill of health. 
The Authority had originally 
intended to raise its charges by 
9.5 per cent in the spring hut 
this was ml hack to 7.2 per 
cent while the commission car- 
ried out its three month inves- 
tigation. 

In its report on (he authority, 
published yesterday, lib* com- 
mission did not recommend 
any restriction in water prices 
so the authority Is now techni- 
cally free tu raise its charges 
by a further 2.3 per cent. 
Thames Water has decided, 
however, to wait until next 
Aprlf before raising its prices 
again. 


! A KEY feature of itv rij-.orn- 
1 merit’s monetary and tL.-.-ji psol:- 
i age is the xcintroduci;t»n of tuc 
- so-called corset controls 10 
I .srjuee/e the growth of me task's 
I activities. ; 

The corset.is the p-j^.ular name 
[ for Ihe supplemental-!, special 
! deposits schcnn^-tirat mrrodued 
jin December 1973 and -jii used 

jhotweL-n November 1P7& and last 

i summer. 

( The scheme w.oh.-z broadly 
i the same meebauistj} vh-n last 
! applied, Tbouftb the imuts are 
;tight»*r. It means itui L.ittk.s art 1 
[penalised if their expansion is 
[more than laid du-.i n irt a dc- 
ilaiJed notice publiVncd ;.-.-s‘.t-rdjy 
|by ihe Bank of Enuljnd 
! The corse has bun reac's-.tted 
land Minimum Lending R^te in- 
] creased in response t-j City con- 
i cern about the acceleration in 
jthe rate of growth of the money 
| stock in The cariy ninths of 
this year and ihe !«-x *?l of 
: sales of gilt-edged %iock m the 
j last couple Of monin- 

The Bank of EnyL.vl poimed 
out that short-term interest rates 
had been raised r**wn: i v. but. 
in conjunction with m.- fiscal 
measures announced yesterday, 
• further monetary ^cuon wjs 
t required to ensure -hat the 
j growth of the monev stuck will 
(be well within the larwt s t -: a: 
I the time of the LiuJae: — an 
j annual rise in ster’.m; M3 of S 
ito 12 per cent. 

[ The corset schcm- j.- ir.:ended 
I to help towards inceii;:^ this aim 
by operating direvi-v on the 
; interest-bearing dt _•■:»;.> h:ibili- 
I ties of the banlv. which .'race 
.'increased rapidly iin-.^ around 
'jllif beginning of t!i > ' :...-ar. 

1 It does nol affect the non- 
! interest bearing curror.r account 
I deposits of the banks but t-on- 
Iccrns money acquired through 
; the wholesale money markets 
land deposits taken a: branches 
i on which the banka pay interest. 


Bv squeezing the deposits of 
the ‘banks, the corset effectively 
limits the room for expansion :n 
l heir lending. 

Consequently if thv growth of 
the interest hearing eligible 
liabilities of all banks t except 
those in Northern Ireland 1 and 
deposit-takw? finance houses 
exceeds the specified limits, then 
penalties will have to be paid. 

This will involve the placing 
with the Bank of England of non- 
interest bearing special deposits. 
These deposits would be placed 
O- a sliding scale: so if a bank's 
interest eligible iiablities are well 
over the limit then the bank 
would suffer a large loss of 
interest un its deposits. 

The scheme is stricter than 
when applied in l976-<. because 
the base period :s longer and 
covers six rather than three 
three months. 

There have beer repeated 
warnings from the Government 
that this method might be 
adpoted if the corset was reintro- 
duced. This is in order to deal 
with window-dressing by the 
hanks under which they have 
increased their interest bearing 
eligible liabilttes in anticipifion 
of the reactivation of the corset. 

The result of the banks’ 
■A indow-dressttig activities ;s that 
their interest bearing Iiabilfr.es 
on the last banking make-::? day 
in mid-May were about 2: per 
cent above the limit. 

The banks will have to reduce 
their relevant deposits within 
the next cojpk* of months if 
they are not to incur penalties. 

This may lead :o a fal: :n the 
money supply, -s irt Vr.e early 
months of 1977. as tnesc adjust- 
ments are made. So Ihe reactiva- 
tion of the corse: may have a 
partly cosmetic Impact cn the 
banking and money statistics. 

Special deposits will cot have 
to be lodged with the Bank of 


THE GOVERNMENT will table 
a Wav:; and Means Resolution 
and Finance Bill New Clause 
providing for an increase of 2.5 
per cent in the National Insur- 
ance Surcharge, to take effect 
from October 2. 

ll will reduce the public sec- 
tor borrowing requirement this 
financial year by £500m. The 
full year revenue effect is esti- 
mated to be £1.5bn. 

The surcharge came into effect 
on April 6. 1P77: the relevant 
legislation is contained in the 
National Insurance Surcharge 
Act 397i5. 

It is levied as a percentage 
surcharge on employers' National 
insurance contribution; it does 
not apply to employees' contribu- 
tions or lbe se]; -employed. 
Churches and charities urc ex- 
empt. The rate of surcharge 
since April 1577 has been 2 per 
cent. 

The surcharge is collected, at 


virtually no administrative cost 
either to Government or to 
employers, o.v Inland Revenue 
on behalf of the Department of 
Health and Social Security us 
an integral part of the National 
Insurance system. 

Employers calculate, from con- 
tribution tables distributed 
before the beginning of each tav 
year, the inclusive amount of 
National insurance contribution 
and surcharge payable in respect 
of each employee, and remit the 
iota) National Insurance payment 
uaeta month, together with pay- 
as-you-earn income tax, to the 
Collector of Taxes. 

The mid-year change in the 
rate of the surcharge will 
necessitate the preparation and 
printing of new contribution 
tables. It is intended to distri- 
bute these tables in August, 
which will leave employers "time 
to make their preparations 
before the new rate comes into 
effect. 


This track 

has lifted 500,000 tonnes 
and travelled 70,000 miles 
in the last 10 years 

“ ’ 1 

The battery electric truck at the end of this cable is rugged, tough, reliable anddurable. 

Today's newbreed of electric yard trucks are moving big loads in tough conditions.TheyTl handle any 
job up to 10,000 lbs - inside or out. 

True, electrics don't conjure up virile dreams of power and strength under the driver's foot. But at least 
he can hear what his mates are saying ! And he'll soon find out he's handling a delightfully simple, 
trouble-free piece of equipment. 

Battery electric trucks cost more to buy; but when you're next ordering a truck there's a couple of other 
things you should take into account. In the long run, lower fuel costs and less maintenance make 
electrics cheaper to run. And even after a long run, they have a high trade-in value. 


So plug in to battery power 

Chloride Industrial Batteries limited, P. O. Box 5, Clifton Junction, Swinton, Manchester M27 2LR. 

Tolan^Ana* 0X1.70/1 AA1 1 Tolov AAQWZ7 






8 


pinancial JlirffiS gt 



HOME NEWS 




ay sell crude 



ast oil 


BY KEVIN DONE 


THE BRITISH National Oil Cor- -merit, if BP exercises its buy. Occidental group's Piper and 
poration may sell significant back rights it must supply BNOC Claymore Fields. But it will also 
amounts of crude oil from the with Middle East oil of equiva- include BNOC’s equity share 
Middle East next year, as well as lent value. from the Ninian, Thistle and 

oil from the North Sea. According to Petroleum Intel- Dunlin Fields, expected to run 

The Middle East oil would he licence Weekly the State oil cor- at some 50.000 barrels a day. 
supplied under the participation poration could buy 266,475 bar- BNOC may expect to break 
agreement between the Depart- rels a day from BP next year of even on its present oil trading, 
ment of Energy and British Pet- which it could retain 62,700 bar- according to a report from Wood 
roleum. rels a day. This would include Mackenzie, the stockbrokers 

This gives BNOC the option to oil from Bp's share in the Niman specialising in the oil industry, 
hu v up ir. 51 per cent of BP's Field. It has been suggested, says the 

North Sea output. which If BP buys back the rest at the report that BNOC has sold crude 
accounts fur more than half total current ?rice of $13.70 a barrel, at 5c to 10c loss a barrel. In fact 
UK production. if would have to supply BNOC it is thought that BNOC has lost 

BNOC can retain 12 per rent of with 223.337 barrels a day of 2s to 3c at most and it may be 
BP's Forties Field production in Middle East oil. valued a an aver- less, according to Wood Macken- 
1P79 — the field should produce age of S12.5Q a barrel. zie. 

more than 500.000 barrels a day The report says that by the *‘It appears that BNOC has not 
next \ear — but BP can buy hack end of this year BNOC expects to made a loss on its Flotta partici- 
the other 39 per cent available sell 175.000 barrels a day of pation crude." the oil coming 
to BNOC. North Sea oil. Much of this will from the Piper and Claymore 

Under this complex arrange- be participation oil from the fields, it says. 


to cot rig men’s tax 


BY RAY DARTER. ENERGY CORRESPONDENT 


THE GOVERNMENT may soon say that domestic r»ay restraint they are carrying Britain. If 
face new pressure lo cut the lax moans ihey are falling behind they can use this lever they will.” 
of nil-men working in the UK operator-! working offshore in He stressed that there was no 
sertor of the North Sea. mh*T oil-producing countries, in- threat of industrial action. 

Men working on the produc- eluding the Norwegian sector of Mr. Basil Butler, general man- 
tion platforms oF British Petro- the North Sea. ager of BP Petroleum Develop- 

lcnm's Forties Field, the most The Government has already ment, said that UK pay restraint 
important to the economy, have relented under pressure from the meant that BP also found it diffi- 
called on British Petroleum and oil mdusiry and made divers a cult to match salary levels of 
the UK OfTshore Operators' special us case. They continue some of the “newcomers" to the 
Association to hrmg their tax to be treated as self-employed North Sea. among them the State- 
position more into line with that men. Thi-se working on the plat- owned British National Oil Cor 
of merehant seamen. forms say they ton should be poration. So BP was losing a few 

Through the st^ff consultative treated as a special case. men a month to these companies, 

committees or Forties the men For 2"- weeks in the ypar they Mr. Butler said that BP was 
demand that they, and workers <,re away from the U.K.. and its reserving its position about its 
in other sen oil fields, be made facilities, ihey say. “We are a investment in the sixth round of 
exempt on the first 25 per tent facinrv J W miles from nowhere." offshore licences, 
of taxable income. said one Forties worker. Mr. Quentin Morris, a director 

The production worker®, who A senior employee on the of BP Trading, said that the com- 
nn Forties platforms earn be- Forties Bravo platform said: pany proposed to spend £1.25bn 
tween £6,000 aDd £12,000 a year. "The men on Forties know that on its Magnus Field. 



AN EARLY Georgian oak dresser Dodge sale in New Jersey in tures for £81,355 yesterday. " A 
66i inches wide, at £2.600 was the 1975. About S309.367 (£170.920) German Hunting Party.*' by- 
top lot in yesterday's sale of of the total was contributed dur- Magnus Pvasch. sold for £4.800; 
English and Continental oak. ins Wednesday's sale. and “ Roba di Roma,” by Keeley 

pewter and metalwork at A life-size model ofa fox with Halswelle. for £3,200 to Ledbury. 
Christie’s. It was bought anony- prey, the sculpture signed Row- Sothebv’s jewels sale 


in a sale which made 


mously 
£47.194. 

Jn other lots Sorgelonse. the 
Belgian dealer, paid £2.000 for a 
Louis XV oak cabinet from the 
IStli century, and Russe.l. the 
Dutch dealer. £1.600 for a 
Flemish oak writing table from 
the mid-17th century. 

With results from toe final day 


SALEROOM 


BY ANTONY THORNCROrT 


totalled £209,834. A rectangular 
diamond ring sold for £11,000. 
and a diamond bracelet for 
£6.600. An emerald ring fetched 
£6.500. A collection of jewellery 
sold by Elsie and Doris Waters 

realised £8.085. 

A minor auction of English 
was drawings and water colours 


•ini. I..-9UII* ..uiii we MM; land Ward. London. 1903. . , 

of Christie's sale of the contents the third day's top lot at S19.S00 in fli.ibfi. with a best 

at Ravcnscliff, Si. Davids Penn- i£10.P39». $ £1.000 for an album of 53 

j-yiv.vnja. slill in come a new Among the silver on offer, a French military uniforms, by 
record for house sales in the U.S. large feather-edged Old English Orlando None, 
has already been established. pattern composite table service At Sotheby's Belgravia, silver 
At the close of business on by assorted makers with dales brought in £53.026. A Martin 
Wednesday the total for ihe sale ranging From li<5 in 1935 made Hat! and Co. four-piece tea set 
stood at Sl.5fln.5fiS i £883.739). S 132100 (£7.292). It was bought of 1863 sold for £1.250. and- an 
substantially higher than the by Colket the Maryland dealer. Elkington Mason oval tea. tray 
$1.3m set at the Rockefeller Bonham's sold European pis'- of 1853 for £12200. 


Genetic researchers 
face £1,000 fines 
under safety laws 


BY DAVID FISHLOCK, SCIENCE EDITOR 


FAILURE to notify the Health experiments are “not the sort 
and Safety Executive of an of thing you can do in the 
experiment in “genetic manipu- garage.” 

latlon” will maXe a researcher He has recruited his own 
liable to a £1,000 fine, under specialist in the field to advise, 
safety regulations to be intro- but the executive also plans to 
duced on August 1. continue to consult the Genetic 

The scientist or his employers Manipulation Advisory Group, a 
would be charged under the committee of experts set up by 
Health and Safety at Work Act, the Department of Science. So 
for failure to observe what are far about 30 British research 
believed to be the first statutory groups have advised the group 
regulations controlling the new of their plans to carry out over 
experimental techniques to be 120 experiments, 
introduced anywhere in the Questioned about the level of 
world. risk being courted. Mr. Dunster 

A student or entrepreneur acknowledged that one of the 
working in his own time would problems was that “we don’t 
be no less liable than a salaried really know." In his view it had 
scientist, under an extension of been argued persuasively that 
the Act. the level of risk is extremely 

Genetic manipulation— defined low. 
as attempts to make new forms The kind of speculation which 
of heritable material— is attract- has taken place, however, hypo- 
ing widespread scientific interest thesises that a micro-organism 
as a potential way of making very which has been altered by- 
complex chemi cals such as drugs, genetic manipulation to make it 
of improving the performance of a voracious destroyer of oil in ( 
crops, and conceivably or modify- the sea could have profound, 
ing human characteristics. consequences if it found its way 1 

But according to Mr. John into a commercial oilfield. ^ 
Dunster, deputy director of the Health and Safety at l Vorfe; 
Health and Safety Executive, the Genetic Manipulation; SO. 7 Op. 


Chrysler 

drops 

Scotland 


team 


BY CHRISTOPHER DUNN 


Minister rejects change 
in women’s pension rules 


BY ERIC SHORT 


THE GOVERNMENT has Thus there are disabled 

rejected the plea from the married women, not eligible for 
Disability Alliance that disabled either the invalidity pension or 
married women over 60 should the retirement pension and the 
be eligible for.the non-contribu- Disability Alliance has been 
tory invalidity pension. pressing the Government .to 

This pension, which began in exten d its scheme to cover these 
November 1977, is paid to any women. 

married woman who is incapable Morris,, Minister for 

of performing normal household Disabled, in a letter to the 
duties and trf doing paid work. Alliance, reaffirmed the Covern- 
. _ . . . ^ , . meats view that once a person 

Under the existing rules only h a( j reached retirement age. 
women under the official retire- title to income maintainance 
meut age of 60 are eligible for benefits should depend upon 
the benefit, although on reaching entitlement to retirement 
this age they can opt to con- pension. 

tinue receiving this pension if Mr. Morris said that the 
their retirement pension is Government does not think it 
lower. No account is taken of would be right to give married 
the husband s earnings. women who become incapable of 

But women over 60 who can- performing their household 
not claim retirement pension in duties after 60 exceptional 
their own right because they treatment, 
have not a sufficient contribution The Alliance yesterday- 
record. cannot claim a pension expressed disappointment with 
on their husband's record unless the Minister’s answer and has 
he has reached 65 and has asked him to re-examine its 
retired from work. proposals. 


Machine tool technology 
ahead of users 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


MACHINE TOOL technology it Mr. Bill Vaughan, chairman 
has probably outstripped users' of the Council of the Machine j 


CHRYSLER yesterday can- 
celled the last £20,000 of its 
advertising campaign featuring 
Scotland's World Cnp team with 
the company's Avenger - . car. 
About £80,000 has been spent 
so fax. 

Chrysler said the decision : 
was prompted by Scotland’s 
drawn game against Iran on. . 
Wednesday evening. The 
Chrysler campaign, due to end: 
on Saturday, would hare. been 
reviewed after tbe team’s final: 
game on Sunday against 
Holland. 

“But with the results from 
last night we saw no point la 
going anead," Chrysler-' said. 

The campaign, which started 
in tbe Spring, had been highly, 
successful, and inquiries for 
Chrysler ears in showrooms 
had risen. 

Chrysler denied that its 
decision was linked with the 
drug imbroglio Involving 
player Willie Johnston, which 
led to the winger being, sent 
home from Argentina. - - 

Cancellations at this stage 
would not affect the players’ 
pool of advance royalties , and 
fees from various promotions, 
said Mr. Alastalr Young, .an 
executive with International 
Consultants. . a Glasgow com- 
pany which has been organis- 
ing the Scottish team’s promo- 
tion campaign. About £157,000 
had been paid into the pool 
from such advances. 

The pool value could * top 
£200.000 eventually, since 
many of the deals involved 
extra payments based on a per- 
centage of profits. • 

About 40 companies are in- 
volved In aU including Esso 
(selling World Cup beer mugs 
at petrol stations!; Tennants, 
(beer mats); Trustee Savings 
Bank (official World Cap book); 
Valentines of Dundee (World 
Cup poster); Umbro (World. 
Cup football kit): and 9L R. 
Shanahan (T-shirts). ■ - 

Smirnoff has changed .the 
cartoon in its “They said any- 
thing could happen” campaign 
in Scotland for this Saturday 
to exclude any reference to the 
World Cup. Space booked-on. 
June 19 has been cancelled. - 

Scottish and Newcastle . 
Breweries, which has been run- 
ning a press and poster cam-^ 
paign for aboai eight weeks ow 
the slogan “Scotland, we're 
right behind you," said it bad 
no plans lo cancrl the cam- 
paign before Sunday. 


Highlands Board 
will seek wider 


land use powers 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


PROPOSALS by the Highlands 
and Islands Development Board 
to increase its powers over land 
use are to be put to the Govern- 
ment later this month. 

The Board has long thought 
that productive use of land is 
the fcev to successful redevelop- 
ment of the Highlands and that 
its ability to compulsory pur- 
chase property, which is being 
deliberately neglected, is . in- 
adequate. 

It hus been discussing ways in 
which its powers can be 
extended, and bad won some 
agreement from landowners and 
farmers. Nevertheless, the pro- 
posals, when they are. announced, 
arc bound to be controversial and 
politically sensitive. 

Professor Kenneth Alexander, 
chairman of the Board, said 
yesterday that the proposals 
would contain some ' novel 
features. 

“ The Board has no aspirations 
to become a substantial land- 
owner. Our objective is to ensure 
that land is used in ways which 
provide employment and incomes 
and sustain family life, particu- 
larly in the more remote areas. 

“ There have been cases where 
the policy or attitude of a 
particular landowner . has 1 frus- 
trated this objective and it has 
been clear that the powers pro- 


vided in our establishing < 
are not adequate to enable 
to provide a solution to ? 
difficulties which can arise" 

Reviewing the last year in ■ 
Highlands, which is covered 
the Board's annual reiw 
Professor Alexander said ■ 
rise Jn unemployment to 
average rate of 8.4 per e 
against 6.9 per cent in 1976 1 
beeirthe most disturbing feat 

The fall in the number of i 
provided by the oil Indus 
meant that, temporarily at le 
the benefits of oil were no ton 
enough to offset the effects 
the world recession. 

The end of the Job Great 
Scheme after this year wo 
also have a serious effect 
employment, particularly i n 
Western Isles, where It has b 
extensively used. 

An encouraging sign was 
45 per cent Increase in 
number of new applications 
the Board for support for c 
mercial projects. This den 
strated that there were fl 
with confidence in the reel 
future who were willing 
invest. 

Highlands and Tslc 
Development Board’s Tire 
Annual Report Bridge Ho 
27. Bank Street, Inverness 
1QR . £L75. 


Call to remove tax on 


company health schemes 



FINANCIAL TIMES REPORTER 


A CALL to tbe Government not “fringe benefit" He was 
to tax individuals on health vinced that such individt^lH* - ■>/, 
insurance benefits provided by whose employers sought • ■?/■ 

their employers was made yester- insure, should not be taxeiL'** 
day by Sir Michael Milne-Watson, the cost of that insurance. ^3 
chairman of British: United Where a company providra 
Provident Association the big- -group health insurance sri*- 3 * 7 
gest medical insurance agency in covering private hospital «y 
the United Kingdom. . . and surgeon’s fees with t’v £-,*■ 
Speaking at the annual meting, benefits, the Inland Revenue ^ 


be pointed out that every private the employers’ contribute ‘*i 
patient relieved- the National respect of the employees cot. -j 

UnnltVi Cnrvina n f nrincirlorihln o c •« konAflf ' ‘ *“'"1 • — 


Health Service of considerable as a benefit in kind, 
cost since the independent. sector ; Sir Michael also referre' 
of medicine provided excellent the progress of the associate ' 
hospital facilities at no extra cost running its own hospitals, a; 
to the Exchequer. In addition, the tinct from those operated 
private individual covered -by Nuffield Nursing Homes 1 
medical insurance also paid his the largest private hospital c . 
taxes and national insurance con- in the UK. This is run . ; 
tribu linns. - charity sponsored by the 

In such circumstances, with riatioo. Under this new dev 
independent medicine making a ment tbe association acquir 
growing contribution to the hos* hospital in Manchester tc 
pltal services in the UK; it was known , as BUPA. Hospital 
debatable' whether a company, .Chester. which, while open tc 
which voluntarily covered its public, will offer prefere . 
staff for health insurance, should admission and charges to ; 
be regarded as providing a scribers to the .association. 


Poor turn-ont by accountants 


capabilities to take advantage of Tool Industry Research Associa- 
tion. says in his annual report. 




ufacturers who 



heir industry 


and need 



nture capital 


1 [ there's one oJ[ you or a 
group uf \ ou. 

If y'ur project involves 
pa kJ net n urn u fact u re. 




"Src- 

Jl \ouYe deepK experienced 
’ ’ 


in the relevant branch of industry. 

if your ideas and projections 
make long term commercial sense. 

U you're brimful of know-how 
and all you need is money- ire 7/ 
consider providing the venture 
capital to get your project off the 
ground and into profit. 

And if equity is part of the 
deal, we'll happily write in a buy- 
back option on terms to be agreed 
at the outset. 

At the same time, you could 
qualify for basic assistance within 



a Government incentives package 
which has been described as the 
best in Europe. 

And provision can be made 
for help with feasibility studies, 
market surveys and management 
recruitment. 


But please remember were 
not interested in projects that 
could be fizz today and failures 
tomorrow''. . 

"We are concerned solely with 
expanding the already broad 
industrial base of Northern 
Ireland, adding to the .300 new 
projects set up here in recent 
years. 

This could be your 
opportunity to get your project off 


the ground. 


Write to us soon. 
Post to Industrial 


Development Organisation for 
Northern Ireland, Ulster Office, 
11 Berkeley Street. 

London W1X6BU. 


NORTHERN IRELAND 
it will pay you to take a longer look 


BY MICHAEL LAFFERTY 


The race of technological 
advance in the last few years [ 

has probably been greater than : ONLY 170 accountants from the 
at any previous time in the 1 65.000 membership of the 








industry's history, he maintains. 

But some machine tool manu- 
facturers in the UK have failed 
to keep pace with the parallel 


Institute of Chartered Accoun- 
tants are turning up at the 
annual conference in Brighton 



advances in such fields as tn-! starting today, 
bology and terolechnology. This is only slightly more than 

Mr. Vaughan suggests this was ! half the expected attendance, 
perhaps the most important con-| aD( j meaJ | S that the institute will 
elusion tube drawn from meet-i-,.. «.i w r» n ,un.. ,, 

ings during the past year. : fa substantially short on the 
arranged by the association, at 1 expected contribution from what 
which machine tool users dis- 1 is meant to be the top event 


cussed problems with manufac- 
turers. 

The meetings with users also 
showed the imparlance of sound 
basic design. 


of the body's professional year. 

Mr. Enc Hunt, director of post- 
qualifying training at the insti- 
tute. said yesterday he was very 
disappointed at the attendance 


figures. All possible measures this would simply be assesses , 
would be taken to avoid a repe- a taxable fringe benefit by 
tition, he said. .. Inland Revenue- 

One finance director who will' Among the main speaker v --, 
be at Brighton criticised the pro- the three-day conference, w -’g^ ^ r • 
fession for producing such a poor wives and husbands also attigQ.;'?-. - • 

response. It indicated ‘frighten- are Sir Monty Finniston, spaff>;." "•viS.-i.v 
ing apathy/’ he said. Some Ing on British management 

senior accountants are highly the public and private sec 
crtical of the content of the con- and Mr. John Davis, the Sba 
Terence, which is largely devoted foreign secretary whose sut 
to special interest sessions on is- Britain and Europe, 
subjects like the “green pound/’ Attendance at Brighton, • 

“family finance" and “deferred cost of £120 per person, w 
tax." count towards the 120 hour 

Another possible reason men- post-qualifying education w 
tinned for the poor turnout may chartered accountants 
be a fear that if a company or supposed to receive every tl 
firm paid for a wife to attend years. 


@ NEWS ANALYSIS— RAIL TECHNOLOGY 


A thoroughbred for the future 


BY LYNTON MdJUN 


BRITISH RAIL Engineering is 
justifiably proud of its latest 
thoroughbred, the 150 mph 
Advanced Passenger Train 
(APT), unveiled this week for 
service into the 21st century. 

Also understandable is the 
claim by BR that the APT is 
the " biggest single step in 
improved performance yet 
attempted by any railway." It 
is the envy of the Japanese for 
its ability to take bends on exist- 
ing track at speeds 50 per cent 
higher than conventional trains. 
This gives passengers a bonus 
of constant high speed travel. 

Yet APT may be the last major 
advance in rolling stork in 
Britain until the year 2010. By 
then the last of the 70 APT 
units BR hopes to build will 
have completed its design life 
of 25 years. Tbe new era which 
started this week will be over. 

British Rail is convinced that 
the APT will provide gradually 
more and more of the backbone 
of Inter-City rail services in 
Britain. More trains may he 
ordered is more routes become 
electrified, and it is possible that 
the gas turbine technology which 
powered the first experimental 
AJPT in 1972 may eventually be 
viable 

But that is tbe full extent of 
further radical change in engine 
and rolling stock tecbnniogy 
envisaged by BR. The APT is 
quite deliberately tbe end of an 
era of modern isa Lion on Britain’s 
railways. 

The reasons for the likely end 
of further innovative engine 
design go back to before the APT 
wgs a designer's dream. Srcam 
gave way to diesel In the 1950s 
iD the first radical reappraisal Of 


engine economics since the indus- 
trial revolution. 

BR then concentrated on reduc- 
ing journey times between major 
cities. Stage one. now completed, 
was the electrification of the 
main lines linking London, Bir- 
mingham. Manchester. Liverpool 
and Glasgow. This gave travel at 
100 miles per hour. 

Stage two. leading to 125 miles 
per hour for parts of journeys 
is underway with the high-speed 
diesel trains on services from 
London to Bristol, south Wales, 
the West Country, Edinburgh 
and tbe north-east. 

The APT Is at the heart of 
stage three, with the promise of 
near-constant speeds of 125 miles 
per hour over the longest UK 
Journeys. 

At the moment 21 per cent of 
British Rail routes are electrified 
and 40 per cent of train mileage 
is electrically operated. Half the 
electrification was completed in 
the past 20 years, with much of 
the earlier schemes concentrated 
m the Southern Region, para- 
doxically the areas which are 
likely to change to advanced roll- 
ing stock last, if at all. 

In fuel costs alone, a pro- 
gramme of mass electrification, 
covering almost tbe whole 
country, could save annually 


COMPARISON OF HST/APT AND 
CONVENTIONAL JOURNEY TIMES 
FROM LONDON 


j-- , 4h05 EDINBURGH 4h30i 

(5h00) \ (5h30j 


NEWCASTLE 2h55 
(3h33) 

LEEDS 2h 11 
Uh3t) 




APT HST — ■■■'— 

Brackets denote conventional journey time 


vrm nnn r„„. ~ re vena el "With mass electrifica- 

700.000 tonnes of fuel. Tbe plan tion. - the improvements in 


most likely to be adapted by BR. journey, time would, up to the 


the Government gives its end of :the century, come from 


approval, would involve clean- the APT spreading .its coverage 
Scat ion of -;400 miles oT Inter- j at0 -the West Country. South 
City routes. This would give BR Wales 1 ' and the north east and 
up to £30ra increase in revenue. Scotland. 

from improved passenger busi- AsBR spending on radical new 
ne,B - engine and. rolling stock tech- 


This is already underway a 
drivers of the APT In the m 
19S0$ can expect visual warm 
inside their cabs of hazards a 
signals well within safe braki 
distances. 

Perfection of these devic 
would open the way for Inn 
City travel at a full 150 miles P 
hour. At the moment the AI 


FT>. _ I- , „ ■ — — — r., IIVU1, UJB mUJHCUL L>l= *** 

r,iiof th-,‘ f m the "QlogY away the new could not stop within the brakn 


belief that in BR that for every century, there is certain to be a distances governed by conve 


luS rtiS; ? imjmMM«trenrfer_of funds tional signalling and thus. » 


i^ r °%n? me HA he ^ is a 1 T0 2 Signalling and $S £ rtlTtalSSudto 1» 

per cent. ri*e in passenger driver aids. — -• • — « Mn *’ 


per hour until the late 19S0s. 


. ~ 


1 IF 




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Canada, as in many other countnes. 

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of sodium chlorate for bleaching pulptomake 
paper whiter,andread.ngeas.er ir .tootean 



notorious effluent problems of the massive 
pulp making industry. 

production resources were increas^j »n 
Australia, Canada, France, MaJfysia, 
Singapore, Sweden and the USA. 

Worldwide, sales last year were £338m, 
of which £1 94m were earned overseas, 
including £92m exports from the UK. 


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10 


PARLIAMENT AN D POLITICS 


\BOl 


Financial f imes Mday Jime g 19 ^ ; ' 


EWS 





BY PHILIP RAWSTORNE 

THE GOVERNMENT’S finan- 
cial measures caused an instant 
political credit squeeze in tlie 
Commons yesterday. 

Conservatives cried “ Crisis " 
— and charged tlie Govern- 
ment with incompetence. 

Mr. James Callaghan, assert- 
ing confidence and control, sur- 
charged the Conservatives with 
the price or their “ irrespon- 
sible ” lax-cuffing votes. 

While in tin* rai< J st nT the 
stood the bewildered 
fiyurp of Left-winger Mr. 
Norman Atkinson, urging the 
Government not to yield to 
Tory pressures for the in- 
creased interest ran* which bad 
already been conceded. 

Conservative chagrin over 


Miners 


on 


the £500m. Impost on em- 
ployers ws extreme. 

Mrs. Margaret Thatcher 
angrily calculated that it would 
amount to £1.5bo in a full year. 


“ represented the degree of the 
Opposition’s recklessness. ’ 

The Prime Minister indicated 
that the Government would cat 
visit the sins of the Tories on 

. . . I.II ...... »Tlu>iw 


am uunt ^ *i.*awu m 4 ■ mi jn«». " . __ *0 

equivalent to 4p on income tax. Industry for a fall ye*r. _ T& 
whereas the Opposition had ’flll j** ano ^ Mf I„?'i l ® 


enforced a cat of only lp. 

But this “economic crisis" 
had been caused by the com- 
placent increases in public 
expenditure and the Govern- 
ment's loss of control over 
money supply, she claimed. 

Mr. Callaghan replied that 
the Government's measures 
were intended to ensure that 
inflation remained under 
control. 

He regretted the employers’ 
surcharge, but the £500 m. 


April, I can promise you,” he 
told the Tory leader. 

As Tor this talk or crisis. Mr. 
Callaghan turned to Join in 
with Labour’s derisive laughter. 

Interest rales were still well 
below the level when the Con- 
servatives left office, he 
declared. __ „ 

Sir Geoffrey Howe. Tory 
Shadow Chancellor, persisted. 
These “crisis measures were 
final proof of the Incompetence 
of the Chancellor, he snapped. 
They would increase unemploy- 


ment and the cost of living. 

Mr. Callaghan suggested 
mildly that what seemed to he 
irritating the Conservatives 
was the fact that there was no 
crisis, except perhaps in their 
own political tactics. 

The Government was restor- 
ing the balance of its Budget 
strategy “after the Conserva- 
tives had undermined it.” 

The net effect on employ- 
ment would he very small, the 
Prime Minister said. As some 
Labour concern rase over the 
likely increase In the mortgage 
rate, he added firmly that that 
issue mast be left to the build- 
ing societies. 

With the Liberals remaining 
noticeably quiet, the Conserva- 



tive attack switched from the 

Government’s measures to the BY NICK GARNETT AND JOHN LLOYD 
procedures under which they 

had been anooMced- THE GOVERNMENT has offered right of appeal to lie Energy were due to meet late last ns** ' 

bitterly the National Union of Mine- Secretary. yestenta£“ g££* ■: 

SfflirtoU Col VBtQ 0VCT Most of the executive appear ™ ' 


that her demand for a Com- t closures. Most of the executive appear out by .. ’ 

Eie«ed! tatement The offer has apparently been believe tbit fee offer _would party does not alter the"?^ •• 

Mr Foot insisted that no made without the knowledge of put the responsibility of making men s bonus arrangementsTi 

nr^dent reSSre!? such a The National Coal Board, which unwelcome decisions on closures does, however, include ne! 

- S i nattantlv h3S overall responsibility for solely on its shoulders, and supplements and standby £ - 

ronrotod 1 !! Inthe f£e itfa shutting down collieries. create division between the meats, new roster arrangement'.- 

IJSJi of cLSSnSEi pro* offer was made hy .Mr. executive and the unions areas, which wil [cut hours and g£Si 

tests p Anthony Wedgwood Benn. the Mr. Benn is waiting for a res- te ®s on 30b security and hoasini/ 

But this was a crisis, a Tory E "W Secretary, to senior NUM p0 nse from the union before a «, “nudes a cut in week] • 
MP criedin final outrage, if the officials— including Mr. Joe ”, ore fonna i proposal Is made, S d na i0U7S frw 

Tories had really believed that, , MSh? 2 4 i ^ 


chosen to debate the crisis next 






aley has to go, say 



^d Mr Foot they miriit have a t a meeting earlier this week. A p„ v deal a jecognition of -the 

Sosen ta d^hatelhe rrisi niS derision on the offer was de- ra J ceai nature of the job and com pen* • 

week tasted* of th^fehS ferred r^e^ay by [WM The Union's executive yester- non for low of earnings wit . 
Industry and Offlctata Secret! raecu dve. many of whom are day accepted a pay and condi- the new roster system, 

industry ana umaais aecrets. 0 f the offer’s implica- Eons regrading offer for the M V- Joe Gormley, the NUT • 

i tions. country's pit rescue workers. pres l?^5!i said the deal would h 

The proposal would mean . . jw-v voted W orUl or more a week to th-, 

adjustments to e^tina proc^ f SjvIfSStaly baSed b?toe ^ men on top of toeir bonu/- 

dures. which would in effect give “ , c Yorkshire area to seek P » 

the NUM the right to stop the mSSin tamSs -Improvements in the rescu V 

N m from closing a colliery. SSSmSffnrroseimwMSS ? ett s ,!?? n “ 8 percentage woS ‘ 
The present procedure for arrangements for rescue workers.- h ave led to range of simfla 

closing a pit involves extensive The 36 rescue men in York- claims from other tvrfzc- 
consultation between the Board shire who have been on strike in. workers and the repercussior ''' 
and the NUM at district, area support of higher bonus pay- would have been outside US 1 

and, if necessary, national leveL merits — they are paid at 40 per control of the union, said M 

The procedure has no automatic cent af the face workers' rate— Gonnley. 


BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


The Prime Minister retorted Mrs. Thatcher told him that 


£4m steel imports 
because of strike 


BY- ROY KODSON 


‘Violence’ 
foremen 
may go 
back today 


By Philip Bassett, Labour Staff 


During business questions 


creation. furnaceraen at the Llanwem .to work, the laying-off of at could end their strike todav R» ‘ . 

They certainly did nothing to w ° rks « Stmth Wales ‘ . j£“ 1£j? *toUow 4^ n ? ti ? es from f 11 23 of Eor * 

inspire confidence in the Chan- Imports are expected to 1 =«5: . -Sf-JL 1 ? Ls he SJndSvniSt- Bri ^ sh pIants declded yesterd 

cellor's handlin- o£ affairs, he tinue at a level of up to 20.000 ^rhng with the Smd^r mght t0 recommeod a nturn t 
maintained tonnes a week while the strike more ngs^ The total as soon as possible. 

lasts. The blastfumacemen w jkforce at Llanwero is 9.000. . l flM foremm anH nin • 


rnVFFN VENT'S latest fore the Tories had forced Therefore, the Prime Minister The Prime Minister retorted Mrs. Thatcher told him that 
iTwr«' were a move through lb eir amendment to the should retract his statement of that the Opposition seemed to be she had specifically approached 

nerc-Asiiated b'- the* “economic F'nance Bill reducing standard last Tuesday when he said that disappointed because they had the Prime Minister’s Office 

crii-ta" resultin'* from the Govern- rate of ms hy lp. Government policies should not got a crisis on their bands, earlier in the day to ask for a 

«'ie'n"t's deci« , oirto increase public Hr. Callaghan told her that ensure that inflation would He estimated that the net effect statement in the Commons, 

expenditure ”hv £4bn this year, the House would have a chance never return to double figures, on employment would probably Norman Tebbit (Cons. 

Mrs. r.; ar *arci' Thatcher, Opposi- to debate the matter when a new Mr. Callaghan replied that far be very little. Chingford) saw toe measures as ________ . 

tu>p Leader, said in the Commons. c iause is introduced to the from retracting his statement. He pointed out that the Op posi- a complete turn-about in Govern- 1 rp TO T4m worth of steel is to fold the lAauwem anions that W<*viV lUUdy 

Clashing with the Prime Finance BiU increasing the he wanted to emphasise it l !. on s « lp tM W0U J d hav e bad ment economic policy. hJimnortS b^e Britirii worki^e stocks o™ steel for fte - J ' 

Minister. Mrs. Thatcher was National Insurance surcharge. It is necessary to maintain the effect of Increasing employ- “J,, 1 pndnf the worW^riii By Philip Bassett, Labour Staff 

l,ii»criv critical of the fact that He recalled that when the conditions under which a single meat by a small amount. The th ?® SLX& T „ v 

The inc'cs-c nf 2.5 per cent in Government was defeated over figure inflation rate can be increase in the National Insur- ?iL} P J5S- P absencet?a ?etran shop-floor v ‘ 

ihe National lr-iu ranee surcharge. t b e i p tax reduction, the Chan- mantained,” he told the House, anco surcharge would offset this, for industnal regeneration. or job the stoke of ’ Wwt- M 'J ™ laSig-off of at !l n m D j 8enha - 

Hie rue ia Minimum Lending cellor had warned that he would On the wages front the So the two cancelled out. ' . „ _ ... 1 .. .. a Ann .4 1 could end their strike today. R( 

Raie to 10 per cent and the have to introduce measures to Government had wanted )n- _ , . They certainly did nothing to 

return of FOfCial bank deposits m ake up the lost revenue. creases kept down to 10 per cent TBUTiiflVnriPnit inspire confidence in the Chan- 

not been announced to the dur'mn the nresent ohase but it Aji!5 pUT UIlUI cellor’s handling of affairs, he 

H0 4P'r M -ev Howe Conscrv SliTCha^e now fooked^s though it would During business questions maintained. tonnes a^eex wkTorcT^Uan^ro UMOoT an „ / 

s vw rhweiior w the aUiUldI b C work out above that which followed questions to the Mr. Ian Gow (Eastbourne) L e S rday decided to continue The shutdown means a signifi- ^ p . 

?" n wes' IS iinal proof' of till But the Opposition had shown Over the coming year he Prime Minister, Mr. 3Uchael saw ^ the proposals as a “massive £ fcJke SnJ nSs^Tiy- cant . ,oss *" overaU JJK ^teel pro- riP* Sri?ntifl? 

ir-oinnSisi of «r Denis Healey, its irresoonsibitity by rejecting hoped for a substantially lower Foot, Leader of the House, was indictment ’ of the policy an- t ^ lant B a . virtual duction of some 11 per « Qt - ^^a^d MMafier ^ StSr s T »' 

«-h;?r-i'oro'-thc E^hecmer. who the Chancellor’s - advice and Bgure People would benefit constantly bombarded with Con- nounced m the Budget two p Llanwern hasrecently beenpro- ^ SavanfareeSed 

ciStiT. Mr Callaghan pressing ahed with the lp reduc- from this rather than by having servative complaints about the months ago. * „ . . , a duemg steel at the rate of 40.000 

on :hV. Front Bench. " tic-n regardless. double figure wage increases absence of a fuU statement on The exchanges ended with Mr. , _ A1 J _ iron . aDd ._ s i! -L ^ I ^ u 5 t i D . a tonnes a week. With the input “JgJ 

DuVir.c i ho exchanges, several The increase in the surcharge. “That is what I am going for,” the measures. J>arid Price (Cons. Eastleigh) 

r r. :■■■ iv-clrlx-nr-h-rs declared that now being proposed, would bring he commented. But he, too, maintained that demanding that this “broken 

ih-’timc ted now coinefor the in £500, iT this year and £1.500m Mr. David Stoddart (Lab. MPs would have to wait for the backed and lame Government" SiTSt ^ arounf ^tonnes . n _ 

P 'ujo Minister to sack the next, be told Mrs. Thatcher. Swindon) maintained that if the amendment to the Finance Bill should dissolve Parliament and U n?ti tK} ? d 2 uai workeVs’ represer 

Chancellor. “There will be another budget mortgage rate went up by 1 per before the matter could be call a General Election as soon ™ “nS-ided tart ST T5‘ fi d 488300 tonnes a Week J5Sa to examine RtatJ. , 

T * . ?S.. Apr "- 1 can pr0mise y0U “ nt - WO'* *“« >“«» debale(L as possible. n |,tt w or^r st.sl tom Hollu" ‘“Ae Umwem dispute began between foremen and hourly^ 

] ■ J5nf . . . they were worse off as a result of West Germany as so on- as urith » mana^ment shutdown oF workers. If the recommendat . 

*'"*'*' tlhe position in # toe SremeTderidld to CO?- jj? ™ 3 « accepted today, then talks 

Mrs. Thatcher told Mr. J » reduc,n * ^ by 0De TWlll 1*0 T*<Z\7 riCA tinue the disnute. furnace, because of a work-to- due to begin immediately. 

r;.'!5-hsn that he might convince ^^ a ®[^ J w J? h ^^5j I, "” npared penny ijlH pli JlL v B2 Y ilSG Earlier in the week. Sir rule by its 100 blastfurnacemen. The strike at Dagenham 

himself with his ov.-n compta- w “" 5? SE 1 ,-. «# Mr - Callaghan replied that JT J Charles Viltiers, chairman. . of Another 400 union members suited from an incident in 

cen«-> bin he would not convince mortgage interest rates must T* British Steel, opened the new walked out in sympathy, halting b°ay plant last week when„ s 

anyone ei.\*. reflecl the capacity of the build- fifSOITL RlflV ^ PPQ tinnlate plant at Ebbw Vale. In all iron and" steel production. foreman claimed he was stn 

She deserved the package as Te .9, u * : L eDI «?’ t0 , >ng societies to attract savings. v3 liVvj order to keen that plant running, The No. 3 furnacemen by an hourly-paid employee. ^ 

the “ i4ih Eurigel” of the pre- ®^® nt lL W “ 1 be correc t if the rates were out of line. up to 14,000 tonnes of sheet. originally claimed- to have been employee alleged to have b«.„. 


T3T3r»r > .^5int Th l t- ... . they were worse off as a result of 

On the borrowing require- the tactics of the Opposition in 

Mrs Thatcher told Mr. h * a?ree l 0 t 5? t *** year, j reducing inoome tax by one "55^^ tir mnn 

rt-Machan that he might convince PW»Y. U1& POJUCS B3Y TISC 

himself with his ov.-n comp la- JAvSl ^ nf Mr - CaI,a 3 han TC P tied that Jr J 

cen-. inn no would not convince .. ^ 0 ]i od v t . can , sa ^v. because i af mortgage interest rates must t?-> 

an; one ei.‘.->. the difficulties of estimating the re n e ct the capacity of the build- CQVSS &€ 

She described the package as b ^ r owin.g requirement, to what j 0g SOC i e ties to attract savings. •SS-r'U'aiij v5 JrA'SCC/KT 

the “ i4ih Eurigel” of the pre- ®p T ^ nt lL W1 “ be cotTect “ ls If the rates were out of line. 

sent Guvermm.-nt and the first >e «r., It £ o= hn . TM c„„ ah u then the Government did not THE POLICE win shortly be believed that the increasing pro- 
to ou announced outside the . *» UI “3"" , n I r L „i mtend to “massase tiiem to get S eiti B ^ a “ substantial increase in portion of policewomen was pre- 
Hums..- of Commons. S f n ! a raisleadln = resu,t - Pay. Mr. Merlyn Rees, Home venting the police from dealing 

She argued that in effect the s .fX J® 1 * But he believed that we could Secretary forecast. effectively with violent crime. 

c ~ ‘-1 0 r r V ^ v .‘1 f ' s - kS ** the too see Pf r . iD n d . of decU r j “ B r , ale ? t0,d the Commons that be Mr. Rees said only 7 per cent 

!n..eu;._ of inxaiiun of Ei.ohn in provided inflation oouid be kept expected to have the report of of the police force were women, 

a ful' r, the equivalent of 4p T„£i_4.« __ , the Edmund-Davies committee of a figure he did not regard as too 

on the siancard ra«.c of income 1HU2.I10H From the Opposition front inquiry into police pay very soon, high, 

,h« important nnnonne, -I regret ,«■ ntneb tbe h, S. tSj '„M wStttWolM ^ 

r.rrwssiis’sfss ssljtj sz « &%s&r f sgr ,mia ** ±r^ssdsd 

r,on '- would not have been necessary because Of tbe lp tax, mimmum “When there is a RiiRhtantlal reduce the number nf nnlTAA leaw. 


ratrm nau own itiau? iu me rrew crease in me nanonai insurance Know wny if these ensis nrematurelv as manv ouit durine frustrated hv the cnmnlaints oni- 

and not to tbe Houao of Com- snrchargn to employers. It measures" bad baau imposed KSp."r ^ wa? oSTcw S 

. . ™w not have been necessary because of the lp tax, minimum “When there is a susbtantial reduce the number of police lea v- 
Since ho Budget there had if the Opposition had not voted lending rate had been increased increase in pay shortly, I don’t ing because of trivial complaints, 

been "'her increases in Mini- to reduce taxation. ’ on the day of the Budget. believe that is going to solve the Mr. Roes told him that when 

r.uir.i Lending Rate, she said. Mr. Michael Newftert (C Rom- He asked by how much an- problem." serious complaints such as those 

red a .oial loss of control of ford, told him that inflation was employment and the cost of liv- Mr. Patrick Mayhew (C, Royal made in Lancashire had to be 
money supply. now running at an annual rate ing would be increased by yester- Tunbridge Wells) complained dealt with it was necessary to get 

Ali this had taken place be- of 11.2 per cent. day’s measures. that the Police Federation a senior officer from outside. 

Davies rejects ‘neo-colonial’ taunt wSsSh 

BY IYQR OWEN. PARLIAMENTARY STAFF Bill battle 


cars produced daily at Dagenh 

- were turned out on Wednes- 

Basnett to press ?V3£% n S5- 

craftsmen at Ley land's 

ismUwt ffkmr assembly plant, Cowley, rejec 

lor unity on pay 

been recommended by the nev 

BY PAULINE CLARK, LABOUR STAFF: formed Leyland Craft Organ 

. . ^ ^ .. , lion, which is seeking recoj 

THE GENERAL and Municipal Mr. Charles Donnet, national y on frora Leyland as the vo 
■Workers' Union’s difficulties in officer, told delegates on the last 0 f the company’s skilled man 
selling its idea for a public dav 0 f th e GMWU conference workers. 

services committee to other ] t was “imperative" for the 

unions was highlighted yester- unions to unite to overcome the A C* A C cmovril 

day when the union called for special problems facing public aYTajCU 

an end to “slogans ’ and sector workers. But the unions ■« 

challenged critics of the plan 5t ,;u have to be convinced and |)V TlirGSlS- 

to nroduce practical alternatives. « t h e indications are that this will . J w , . 

Mr. David Basnett. TUC chair- no t & e easy. “We ail face the HniOn f IftIFllS 

man and general secretary of same problems, but we don’t all Mmvu 

the GMWU. will be preying agr ee on the same solutions. THREATS OF industrial strife 
hard over the comine weeks to u$ proposal may yet be unions forced the Advisoiy, C 
bring public sector unions gh0 ?° de " d f f ^ ow trade union- ciliation and Arbitration Sery 

together to protect workers ? s n £ l b “ tore it gets off the ground. (AGASI to deny recognition t> 

from a pay backslide once free * case we have a right professional engineers asso« 

cnn-ctive bargaining is restored. " S itf opponente to stop Son. it was claimed in the Hi 

Jp^S Court yesterday. 

Commons lust night. uh'd contended that they would He asserted thai Britain now He suggested that action report stage. Lord Campbell of hornugh on Wodncsdav. and wiJl alt e ™a tives theraselves." 3 ' had 'a b^ca ted 

He- clashed vita Mr. Eian regard it as an attempt to stood in higher regard in the should be taken in the United Croy, Tory spokesman, warned form part of an “economic Mr. Donnet asked: “Will the resoonsi bilitv said Mr. Berns 
Liv.ird, Foreign Under-Secretary, reimposc a forui of “neo- v.-orld than for some time past Nations to condemn toe activities that powers in the Bill enabling contract" proposal to he put to Government guarantee to In- M r, -A r United Ki 
whu claimed that the views colonialism." because the Government was pre- of toe Soviet Union in Africa the Scottish Secretaries — mem- toe TUO at its conference in crease the cash limits for next . A«n«jatinn of Frofessioi 

r-' pressed by Mr. Davies 00 The Minister maintained that P ar ed to approach African eoun- hers of the proposed Executive September this year. year, specially to meet their for- En^nSera. 

Yv-.dnesdav at the start of the there was a van difference tries on toe basis of equality and „ . _ “ tf J appoint civil servants Althou? 1 ' some union quarters ward . tommitments to doctors. 

twu-day debate on foreign affairs between an individual country not with the pose of patronising § TScfpr IfiniEirV co , u . l . d be th f trl ^ e . r Ti ^°. r , ^ we the idea as divisive rather police, university dons, and . UKAra is seeking a c 

had been interpreted as a call for calling for assistance from a superiority inherent in many of setting up of a mini- Whitehall toan unifring, it is likelv that it others, or will savings have to invabdation of an .AU jAo reci 

collective action by the EEC and particular country. a S had hau- the proposals made by Conserva- THE GOVERNMENT is to hold 117 1< s T c T °“ and - . x,.,, . „ will receive sympathetic con- be niade elsewhere? If they ex- meudatton tnat it oe ae 

the countries associated with the ptned in the case of Zaire aod live MPs during the debate. an inquiry into allegations of ill- .. U° der the Bill, each Scot- sideration at the annual confer- pect the school cleaner or the oareaimng ngnts at 

K?5.SS".V^ ,te co " ec - »e?S?e„«c= s iSKSES SK £ SS^M-fiS^SS! SrSgrTSTaS 

? ,r. Djrt„ W h.« countries us , W a,^ ta BriShl0D "* " Mt “ 

made- it specifically ctaar that ."bole. Washington meeting not to over- t>ecreiar>. announced. a formuta for ertwire-buildine" 

there was no questiun of defend- As for the suggestion that the react to Russian intervention in The report of the inquiry, p ^ Government Lord 
ing Africa, but of providing renegotiation of the Lome con- AFrlca amounted to advocacy of which will sit in private, will Rirkhill had warned that the 

.-MiHm cite -.r.Fe-mnrdt t„ .Mici.ro ventinn chmild ha ..end fr. inlro. tOlnv atvlo ,nnu->um^nt hn mihlished _ V. Uda . , itr V eQ . ulat LDe 


denounced by Mr. John Duties, adopting a " patron isinc r* r uuuaeivauve bcotiand Bill. The plan was approved by the ™ "7 , 

shadow Foreign Secretary, in the approach " to African countries ucular countries. leaders. Continuing the Bill's Lords union conference in Scar- « vis " 

Commons last night. and contended ihat they would He asserted that Britain now He suggested that action report stage. Lord Campbell of hornugh on W^dnosdav. and will aAi rna lueiuj^ivea. 

He clashed vita Mr. E\an regard it as an attempt to stood in higher regard in the should be taken in the United Croy, Tory spokesman, warned form part of an “economic ^ Mr. Donnet ^ske<L 

Liv.trd, Foreign Under-Secretary, reimposc a form of “neo- world than for some time past Nations to condemn the activities that powers in the Bill enabling 

who claimed that the views colonialism." because the Government was pre- of the Soviet Union in Africa the Scottish Secretaries — mem- 

r\ pressed by Mr. Davies on The Minister maintained that P^ed to approach African eoun- hers of the proposed Executive 


r\ pressed by Mr. Davies on The Minister maintained that P^ed to approach African eoun- 

Yn-.doesduy at the start of the there was a vast difference tries on toe basis of equality and _ T - , , 

twy-iJay debate on foreign affairs between an individual country not with the pose of patronising B 1 3etp|* ItlfllEirV 

had been interpreted a» a call for calling for assistance from a superiority inherent io many of Vi,J4VJ **Lc<t|w.u t y 



ments between African countries thins saidbvihePrime Mi Sr Ro > al U1ster c °nslabutary, Mr. e " , Pl re from scratch, M apparently I Gov P n,m»nt Officers’ Association in ordfer that these groups re- ™ 1 Agociatioa want to o 
and European countries as a j n ES.'X Inland STKh Briehl.n next weak. „ iTC «.«■ tbe, arG n0t ° n At present all company barga 

1 ing is conducted by the O 

Hovercraft dispute ends 

not a part 

THE British Rail hovercraft as a dat£ for arbitration proceed- Confederation uhic 

pilots’ dispute, which threatened togs is set threatened trouble if UKAJ 

to restrict cross-Channel services • working for Bntish recognised. - 

and prevent introduction of the Rai j “It cannot be right 1 th^ 4 

new P giant hovercraft Princess ^terday they had removed 


adequate safeguards to ensure ventioo should be used to intro- 1930's style appeasement. 


be published. 



proposals would lead to con- 
fusion and conflict between 
"Wesr minster and Edinburgh. 

SNP ‘should 
act now’ 

By R?y Perman, 

Scottish Correspondent 


sanctions 


Anne, is over. - The shore-based engineers are A CAS to decide in a way -TWj 

Pilots have agreed to accept deman dinB pay parity with has the effect of offering. 
the offer from Seaspeed. the British Rail ferry engineers. - the choice between a ,-«W| 
hovercraft company, to restore Tbe engineers said they bad which they don’t wish tq43| 
an arbitration award made to + ft removp sanctions so no union at ail." saiq 


ACAS had allowed i 


BV RUPERT CORNWELL ^ 

LABOUR could win as few as call this autumn, and the Euro- and the question of flnanctal aid meeting at the end of this month By R; ^ p ennan v ___ 

J5 of the SI British seats at toe pean Assembly threatens tb from Brussels to help Transport of the various Socialist leaders, Scottish Correspondent an arbitration award made to dec j ded to remove sanctions so no union at an." sa j a .,*Jjy 

first dir?c-uy elecied European throw up some awkward ques- House fight toe European at which the Labour 1 earn will be H them in 1975 and to refer the that pay negotiations with British l*rder. ACAS -had allowed itsifc* 

Assembly, for which polling is lions, which will be examined by elections. led by the Prime Minister. IN AN attempt to fight back after question of a productivity pay- gouia proceed. But if the to be dictated to. & 

due to take place next June. Mr. next Monday's meeting of the Meanwhile, hopes are growing Some MPs are privalely begin- its recent set-backs in hv- ment for operating the giant (aji-g made no progress they An ACAS .survey at APE-AU % 

Ron Hayward, the party's general National Executive's key Organ- that the European Socialist ning to doubt whether next June elections, toe Scottish National hovercraft to arbitration. would consider re-imposing shows that 79 per cent of l 

secretary, warned. isation Sub-Committee. parties will be able to settle on will in fact prove a feasible dale Party wil! be urged tomorrow to They have agreed also that sanctions during the busy holiday engineers want UKAPE to 

Mr. Hayward made his These include the possibility if not a fultblooded manifesto after all for ibe first poll. start campaigning now for the training on the jumbo hover- months and cause disruption to present them.. The hearing cc 

remarks Io a meeting in London of the “ dual mandate " whereby at least a joint declaration or Britain has no problems, but expected General Election in craft can be undertaken as soon the services from Dover. tinues. 

£' .to® European Parliament's MP S sit both at Westminster and statement in readiness for next there are some fear? that Italy, October. ' 

Socialist •■roup, many of whose in Strasbourg, whether unions June. or posibly Germany, might find Tomorrow's meeting of the 

Labour members by no means should sponsor Labour European Evidence of what progress has itself embroiled in a domestic policy-making national council 

share his gloomy prognosis, ju» s as they do in the Commons, been made should emerge at a election then. will be the first opportunity the 

even though they accept that the Party has had since its defeat at 

party may fare slightly worse _ _ __ Hamilton to re-examine its stra- 

When equality spells tyranny 

by Mr. Hayward was the likely * mr m. •/ m* ^Tpvt WPPlf \ 

collapse of the Liberal vote. BY RUPERT CORNWELL 1 ” CAI rf CCA o 


When equality spells tyranny 


which could hand several or the v • 

supposedly safe Labour Euro- PURSUIT OF economic equality limits of the responsibilities of society, continually erodes the IJliSlSicSS 


BY RUPERT CORNWELL 


will be the first opportunity the 
Party has had since its defeat at 
Hamilton to re-examine its stra- 
tegy. 

Next week’s 


Constituencies in the North to for every citizen would do tbe State. 


rule of law. even in societies COMMONS 


the Tories . . . nothing to remove poverty, while ** Economic equality that isto which are supposed to be demo- jwimdav* Dehate on Exoendi-I Engineering Workers and -i of -today wiu accept me pnva- ««*■■•» «iutu.wi, r >-■ 

».« V 5SLSK. JJBSft S.fijM.S'M a» ->“ rt p«— -r-? ™ ■“»' ift“« g “ eration3 01 "" -JSSSkZSSr* 


Job crisis ‘will fuel extremism v 

UNLESS a solution was found The fact that the State had unemployment must be met f 
to unemployment more people cushioned unemployment to the “We have to struggle a* 
would turn to political extremes extent it did had prevented a give priority to toe question 1 
of both right and left Mr. Hugh revolt Vat the completely un- how we can redwxr the tor 
Scanlon said yesterday, acceptable unemployment level number of hours worked m a 

Mr Scanlon d resident of thn of one. and a half million. one year— whether a short 

»l«(/«S I Amalgamated ’ ^Utilon ^of “I don’t .think the generation working week, longer hotida. 

Monday: Debate on Expendi- 1 Engineering Workers and a of -today will accept the priva- rinE or a coj 

re Committee reoort on Proven- 1 member of the TUC general tiona cl 8«ierations of the ?l 0 jJ?p3l ar108 

council, sounded his warning at 30s. ** 7 h!if2U if ha* sot to coo 



refer to. is the possible absten- despotism and tyranny Sir Keith jnd b the sacriSce of equally . Sir Keith dismissed tbejmsges- tiv e Medicine. council, sounded' his warning at 30s. - ;j ; ““Sltarolt’ha* got to cod 

tion oF usual Labour supporters Joseph warned lasi night. before the law and equality oF n °n that a simple re-dlstributton Tuesday: Slate Immunity Bill lh e biennial conFerence of the “And, unfortunately, unless and the union movemc 

from the European vote a direct Speaking at the London School opportunity." ° r | DCOin e would salve toe (Lords) and Community Service Union of Construction, AlUed we do. find a solution to it they ha- to mahe. j* its priority 

consequence of toe split within of Economics, Sir Keith, who is In tbe process, disparities of P r °blem. by Offenders (Scotland) BUI. re- Trades and Technicians at will find their solutions in toe coming challenge-” 

toe party on whether it should in charge of Conservative policy power would spring up which If all net income over £100 maining stages; Tuvalu BUI Uunoon, Argyll. extremes of politics— 1 mean the q Earlier the 260. delegate* 

contest direct elections at all. research and the ideological would eclipse those which now per wreck were confiscated, then (Lords); Export Guarantees and The union movement would real ultra-left and the disastrous wh* represent 300,000 worke 

Transport House is devoting mainspring of the radical Right, arise from people's differing spread out among the whole Overseas Investment Bill (Lords), struggle to reduce hours worked quasi almost fascist outlook of in the construction industry* 

its energies to preparing for emphasised ihat this stand was wealth. population, each individual would and the Oaths Bill (Lords) to combat jobless. There was a the ultra-right. voted to oppose any form • 

to® General Election that Mr. not a defence of y free-for-all, “Inequality of power, such as only receive a once-for*^ 1 (Consolidation Measures); motion crista of western capitalism “That is the challenge that wage restraint beyond the pf 

Laiiagnaja will almost certainly but an attempt to define the must exist in an egalitarian increase of £2 a week, he claimed, on EEC documents. almost equal to that of the 1930s. faces u*— and the challenge of sent Phase Three. 







Financial Times Friday June 9 1978 

If you don’t fancy Slough, how 
about one or two other lazy hot 
spots you won’t find in the travel 
brochures? 

Like Scunthorpe or Surbiton. 

Every year, offices up and down 
the country endure an average of 
1,500 hours of bright sunshine. And 
the heat build-up inside is little 
short of disastrous. 

The sun’s rays striking an office 
window can push temperatures 
inside into the 80’s and 90’s. Even if 
they’re in the 60’s outside. 

Employees face the unhappy 
prospect of working in an environ- 
ment better suited to a sauna than 
an office. 

Minds wander, tempers fray 
even the most con- 
scientious nod off. 

While Venetian 
blinds can be fitted, 
or the glass tinted, 
neither stop the sun 
penetrating the 
window where the 
problem begins 

Air conditioning 
alone isn’t the answer 


39! 




either, as discomfort still occurs dose brought to youbyColt 


to the windows. 

The only really effective solution 

is external sun shading. 

Installed outside office windows, 
it reduces solar heat input by some 
90%, yet still allows a high level of 
daylight in. 

Because the sun can’t enter the 
office causing heat build-up inside, 
staff are comfortable, more con- 
tented, more effective. 

Even the cost of running air 
conditioning, if installed, is reduced 
by up to 60%, since there's 


Both are neat louvre systems. 

Both are in operation in 
thousands of installations through- 
out the world. Many in dimates 
similar to ourk. 

And both are working effectively 
in this country For Metal Box; 

British Gas, WD. &H.O. Wills, the 
Dept of the Environment and many 
others. 

A Colt survey and technical 
reportis compreheiisive,ifsfreealid 
without obligation. . 

And every installation is 


less demand on the system’s refriger- guaranteed 

a ti° n - Talktous aboutextemal shading 

The world’s two most successful today and we canpromise you 
forms of external shading are a cooler, more industrious office for 

the summer: 

After all, no com- 
pany objects to 
their staff lazing in the 
sun. & r // ; 7 

But shouldift they 
doitonabeach? 


i , 

! \ 







m 


rl rL, 


t . 

«■ S . 


*C-T y 




<A 










Property Market 


BY JOHN BRENNAN 


Land Securities 
falls to wake sector 


BE ACTION* TO Land Securities for at least the next six to nine 
Investment" Trust's 1977-78 results months. 

this week has been predictably Gordon Ireland. Vickers’ pro- 
ambiguous. On the one hand tbe per ty analyst, is a long term bull 
market has been cheered to find 0 f t h e sector, a follower of the 
solid confirmation uf the past ■> i ac k of development-upward 
year’s rise in property values pressure on rents' school. But he 
in the group's sample revaluation a[so doubts if tbe relative 
of its portfolio — showing a 21.6 s t re ngth of property sbares will 
per cent uplift in value since s j, ow through in the current bull 
last March. On the other hand phase o f tbe equity market, 
the unquantified comment by the yJcRers believes that rents for 
group’s valuers; Kn«W . Frank most sectors of ^ market will 
and uutiey. that have risen well above the rate of 

eased since March, has provided inHation this year. Beyond that 
bears of _ the sector with potent ^mjnued low level of devel- 
aiamunilion. opment activity, and for prnperty 

As far as Land Securities’ is companies the weight of rever- 
concerned. the consensus of sionary rent growth expected on 
opinion among property analysts portfolios first leased in the 1960s 
is that higher interest rates, and an d early 1970s, underpin a eon- 
a more cautious property invest- titmed strong upward surge in 
merit market since its March rental income, 
year-end. lias limited the in- The annua i rate 0 f dividend 

src w* w 

Reaction to pre-publication least 15 per cent for the full year, 
hopes of an unequivocal increase enough to match tbe probable in- 
in net assets to over £3 a share crease in industrial companies’ 
explain tbe Stock Market's luke- dividends. 

warm response to the figures. LookiDg at the differential 

As jar as the property share between .property yields and 
sector is concerned the results yields un industrial shares, it has 
proved to be too closely in line been dear that higher interest 
with pre-publication market ex- rates have not had a radical im- 
putations tu hreak through the pact on property yields and yes- 
seasonal inertia that has terday's news of a rise to a 10 
descended in recent weeks. And per cent Minimum Lending Rate 
stockbrokers Vickers da Costa, had already been substantially 
whose quarterly property review discounted by the market. Recent 
ii published today, see no reason upward adjustments in buying 
to disturb the sector’s slumbers yields have been too small to pre- 


vent a widening of the yield gap 
between the returns from Indus* 
trial shares and property. 

Vickers does not feel Ibat tbe 
various pointers add up to a very 
Strong case for property shares 
over other equities. As tbe 
sector yields around half the 
market average, and as rental 
and dividend increases are un- 
likely to overtake industrial divi- 
dend growth this year, it advises 
a fairly cautious medium term 
approach. Longer term, the 
broker beUeves that the sector 
will be “one of the dominant per- 
formers" in the next bull mar- 
ket. And in the meantime it 
recommends British Land. Capi- 
tal and Counties. Brixton Estate. 
MEPC. and Haslemere Estates as 
the best current value amongst 
the shares. 

One aspect of Land Securities' 
figures that cast a cloud over 
longer term interest in the sec- 
tor was its decision to take the 
first step towards abandoning 
the capitalisation of develop- 
ment outgoings. 

This year the group simply 
stopped making transfers from 
capital reserves at the post-tax 
level. That dipped £3.Sm from 
distributable profits. But as 
developments costs are still 
charged “below the line.*’ pre- 
tax profits were unaffected. The 
market might well have over- 
reacted to an accounting change 
that resulted in a fall in top-line 
reported profits. But having 
paved the way tills year, Land 
! Sec’s is likely to set its full 
. development costs against pre- 
l tax revenue in its 1977-78 figures, 
t And as the accountancy profes- 
sion is now considering the 
reporting systems of the property 
industry, this move by the sector 
leader adds great weight to the 




The Royal Navy is to leave 
the former Stead's Hotel 
building In Bath this week, 
releasing one of the largest 
office properties to come on 
to the city's market in many 
years. This 66.000 sq ft. 
Georgian, Grade 1 lasted 
building in Great Pulteney 
Street is being offered for 
sale by Shepherds and 
Barrow, who bought the 
buildings in 1946, sev en years 

case for abolition of tbe capitali- 
sation practice. 

Although this is lilt 16 more 
than a cosmetic change to the 
companies accounting treatment, 
investors may have to get used 
to the sight of unvarnished 
results, a raw sight in the case 
of groups with net revenue 
deficits. 

Bn Brief , . . 

THE RATE of Development Land 
Tax could be frozen at its interim 
level (a top rate of 66 i per cent) 
for a further three years if the 
Conservative Party is successful 
in a proposed ammendment to 
the Finance Bill. 

Department of the Environ- 
ment and Treasury officials are 


after the Navy requisitioned 
them for war use. 

As the market for a block 
of thin size is unknown in 
Bath, joint agents Lalonde 
Brothers and Parham and 
Crisp Cowley are willing to 
accept offers from anyone 
interested in office, hotel or 
residential use of the 
property. As offices there is 
a net 40,000 sq ft of usable 
space within the bu il d in gs 
with, what for Bath is par- 

understood to be 'meeting their 
ministers in the next few d3ys to 
consider the Government’s 
attitude to the proposal. If the 
Government decides to avoid a 
clash on the issue — which is 
likely to be discussed in Parlia- 
ment in just over a week — the 
DLT timetable would be 
defended. The next stage in 
moves to an eventual 100 per 
cent tax rate is a rise to 80 per 
cent from March 31, 1979. Until 
the Government makes clear its 
position uncertainty over the 
DLT rate could have a chaotic 
effect in the building land 
market. 


tLcnlarly unusual, a car park 
for up to 40 cars. 

The city council has. 
informally indicated that a 
conversion back to residential 
or hotel use would be accept- 
able. as the buildings lie 
within a residential zone of 
the current city planning 
scheme despite established' 
office use. As residential 
space there is room for con- 
version into 50 self-contained 
flats. 


rri»f ""schemes. Some 88 per. from Ite Hffiier. . 

•Set of new buildup is Investors 
within the Private sector,:- and the agewts.stafisUod expert 
iltoefinn reports that the .vast :RuMell SctoUer,.*’bwsthat 
•of these -speculative for^ir tondmoned- offices * 
themes are aimed at tb^ umore accentuated line of 

buoyant distribution sector. This growth of slump than 
■ iV despite increasing planning .ttonal spacfc . .The rev.,., 
land cite acquisition problems-. as says that, air conditioning 
local authorities resist low em- add 25 per cent to building 
nioyoient warehouse projects, -and away, from central Lt„ 

The lack of new industrial where high site costs obscure eats 
buildings is compounded by the strticti on charges, current wE f 
ane of the manufacturing accom- vincial rental premUans of St 
modation now available. The Bur- s per, cent, are still-far tooH? 
vey shows that three quarters of to justify air couditioijiBg^? 
the 4° lm square feet of factories developments evejr-.^i th£*2| £ 
on the market are over 10 yews-, regional centres/gbere. orttefc & 
old But just over ^haif of tae office rente are -safBfcfentiyl &fc t; 
28.9m square feet of; e mpty. ware- support n^wTp^tdins. T® I 
houses fail into this age category. • ■■ y -#>.• 

Demand for warehQt^ctea^r^ O0?fBEIOT3 ^ ^ e ^; I ^, i ^Jf 

continues to ^ouht.of- f 

terest infactones thr^gl^tte ^ City of^Lomfc®- «id fig | 

country and the awaalJixex-& <sty arcas 4s-^»ma*ed.’by Bewtl 
empty factory spa ceac tually In: -^ewadtti^aaig^'iGjun^ffi I 

creased by 2 per iJateatTfloartpai^i^S^^SI 

quarter. In tbe , the. 

which has been of i'Msy.&C ttQQftp '.tigjuH 


■'jg: 

% "Hv $ 

*5ft^ tit 


;Sj? fS&g 


rf - Z 

,wj' r* 


pm. % 

m rx 


.$* }?&:.. r?r 


wnica qs-.orayvwe: euppty Of i 


IT IS a passably amusing, if 
totally fruitless mathematical 


exercise to work out that all the 
vacant industrial property in 
England and Wales conld be 
contained within one single 
storey building L6 miles square. 

King and Company puts 1 it 
rather more understandably in 
its mid- April quarterly Industrial' 
Floorspace Survey as a total 
vacant area of 70.9m sq ft, less 
than 3 per cent of the country’s 
industrial property stock, •• '. . 

The survey shows a 42 per 
cent increase, to 8.38m :.sq ft, 
in the area of speculative indus- 
trial building in the past quarter. 
But that increase can be partially 
accounted for by the usual rise 
in new building during the 
summer season. 

Xing and Company provides 


King? ^ 
three m ™^ ca 

square feeL ■ 

group pimsdale amoimi;a£*jffica space^SvtfSI 

Ss of Harlow, have been’ JP* ,-Wff: “:t 
aonoiirted sole letting agents. * -taonth, dHgge«Bng;H a. 
appu m - . - - leisurely - approach. . to lett 

-conditioned office's in the fringe '■ ; ' 

■areas of the City of London and •. Preperty^leals appears f. •.> 
a J.7 per cent prejnium within tiie - 1 [ : . * fhffe 14 _ 


1*1 

■ ,V’- i*vi 

-te- & 

IMI 

lib 




■ n ■ 't V ?s» 


- ■- : • -j, : 

r. Vj* ^ 

L** 1 





DUSTRIAL AND BUSINESS P 







for Industry 



Irulustri# 


CAMBERLEY 


Warehouse 

TO°LET q — 'IMMEDIATE OCCUPATION 


COVENTRY 


New Warehouse/Factory development 
3.000-300.000 sq. ft. 

TO LET or FOR SALE FREEHOLD 


HOVE 


New Warehouse Units 
9.000-43,500 sq. ft. 

TO LET — Available jan. 1979 


KINGS CROSS (close) 


Attractive Single Floor Warehouse 
14.000 sq. ft. 

TO LET 


Warehouse (under construction) 
19.000 sq. ft. 

TO LET 


READING, Berks 


New Warehouse 
from 6,000 sq. ft. 
TO LET 




mmm 



at the touch of a button. 


Kings Cross NWl. 
Warehouse/Industrial/Offices. 

To Let/Lease for Sale. 76,000 sq.ft 


Close to Heathrow Airport 

2 Warehouse Developments.Units to Let. 
5 - 40,000 sq.ft— 7- 30,000 sq.ft 


Norihfleet Industrial Estate. 

IndustrialV Warehouse Units. 
9 , 000 - 128,000 sq.ft 


Bournemouth, Dorset 

Warehouse Development Units to Let 
4,000/60,000 sq.ft 


Close to Gatwick Airport 
Warehouse Units To Let 10 - 20,000 sq.ft 

To be Built 10 -145,000 sq. ft 

/■ - 1 


Greater Manchester. 
Warehouse/Factory.Units to Let 
10 - 310,000 sq.ft. 


’ - ■: i 


Industrial Property Department, 

33 King Street. LoncKin EC2V 8EE 
Tel: 01-606 4060.Telex: 885557. 




Industrial Property 

One of the JLW Computon Services 



Chartered Surveyors . 




TOTTENHAM, N.17 


Single Storey Factory 
15.600 sq. h. TO LET 
Rent £1 per sq. ft. pA. exd. 


m m 


WATFORD 


New Warehouse Unit with Offices 
34.083 sq. fr. 

IMMEDIATE OCCUPATION — TO LET 


KingS-Co 


HAMBURG 


Binnenalster 


la position 


Chartered Surveyors 
1 Snow Hill, London, EC1 

01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 


offices 

450 -4.200 sqm 

shops 

100 -700 sqm 


W&SMmL 




hoi seller 




fS 040 ?2 30 S3 Tcler321K0?3 
l.'JM • f ntnMnc Z !■ I* H J fi 


mmowsm-tfmismoFEmjwD 

■X-Tamworth— a growing ond prosperous centre, designated an 
overspill town for Greater Birmingham, 
jk * Ample skilled labour available locally. 

-X* Growing housing stock at oil price levels. 

# Rood access to site ond all main services included in price 


£35,000 PER ACRE FRBHOU) 

Sites from 'A acre upwards. 



For full infonnotion, pleaso contact Mr. M.D. Weaver 
ASHWORTH & STEWARD (HOUWNGS) ITU.. | 

Astor House, Lkhfiekf Rood, Four Oaks, Sutton Goldfield, 
West Midlands. B74 2UP.lel:021-30&389]. 



FREEHOLD HOSTEL 
residential training centre 


5c. George's Square, London S.W.l 
Overlooking tiie River ond Gordeni 
10 LARGE ROOMS. Full central heat- 
ing. PRICE: £225.000. 
Adjoining Hostel arlao available if 
required. 

RUCX & RUCK 

13. CMd Brampton Road, London SWZ 
.Td:.«lrS84 3721 (10 Hues) 


AdJ. servtces & witt i 
Rental less than £2 per m. ft- P- 3 -® 


MAY DIVIDE 
brendons - v ' 


s 








Telephone: QL-499 


And asTc to speak to Hugh Alston- 
He'll be more tlian happy to give you a 
detailed run-down on the advantages 
in moving across the sea to Ireland. 

For example: a comprehensive 
choice of ready-made factory units 
(ran ging in size from 3,500 square 
feet to 73,000 square feet) 
immediately available; all ideally 
situated in the rapidly developing East 
coast area of the Republic. 


Served by a sophisticated transport 
network; plus a labour force of 
well-trained, skilled and semi-skilled 
workers. 

And lastly extr emely competitive 
costs coupled with government 
schemes that provide for grants of up 
to 50# for plant and 100% for w orker 
tr ainin g as well as various other 
special concessions Ireland offers the 
overseas manufacturer. 


No worries about red-tape — 
the IDA (Ireland's Industrial 
Development Authority) will take 
care of all negotiations on the Irish 
side. As well as giving advice and 
guidance on any other matters that 
may arise. 

So even if you’ve never considered 
Ireland before we suggest you make 
♦his call right away. It could be the best 
•mo ve you've made in quite some time. 


INDUSTRIAL DEVELOPMENT AUTHORITY 


28tBrntoB direel, Luadun W L\ 7DB.TVlspUuoe:0tr499-6155»- 



















k' 


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Viffilliiiw 

fifliiiiliiiipil 

liipiiiliii 




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ii jl'F-ii i I i I W'^4 




II; l 

! ah; Ha! 

m*. 




West End 


^faimnis6inith West-link House 




air-conditioned office building tobelet 

pki* asv tfbiy jcconunudjJM '^ *** P 3 ri ^mg 

— — ; Richard Main & Co. 

AnthcmylJpton&Co 1 - 


— • * 

38 Curzon Street, London W1Y 8 AL ?- 1 v-*.| 270 ,s«»»u ni« 

Telephone: 01-491 2700 • " ;.:r . 


01-623 6685 




Vi?’ 


-■m 


WOLVERHAMPTON 'N 

Sprin, Road. 6*W- '"'Sob*' 
extensive freehold who jgl 

INDUSTRIAL PR£M»Sfcb 

floor area: aw***-*- 
SITE AREA: 265= 

8 ^oId E U vSo&^ D 

■Range n. lottv sin,, ...or* "SSSS&Z™ 

— «S,SST" 

FOR SALE 

^ R ef. FDO/R FM ^ 

^ stourpoht ^ 

Bewdtey Road IMS ttWM “ ** 
FREEHOLD MODERN SIN ®^® 

INDUSTRIAL PREMISES 

FLOOR AREA: I 32 /®*!* U ' 

SITE AREA: 10J55«*«* 
including opOrOX- 
4.4 acres of EXPANSION LAND 

•Planning Permission for ^XataS 1 "' 

and iwo-storey Office Bloc . 

•Good access and parking around buildings. 

FOR SALE 

V Ref. FDD/JAC 


S' NUNEATON 

^ssr-isss^ - "’ 

FACTORY PREMISES 

FLOOR AREA: 118,611 sq.ft. 

SITE AREA: 4.66 acres 

consideration will ba given to dividing as 
follows: 

FLOOR AREA: 77,035 sq. WFLOOR lAREA : £ *?***■ 
SITE AREA: 2.56 acres/SITE AHt«- - 

•Superb Rear Workshop erected only •" 1-^'-. 

•All main services. 

, FOR SALE 

\ Ref.FDD/RHS 




AselfcontainedOfficeteil^^^ 
OAir conditioned ONew lifts oFully carpeted 

Banking HaU&Offices 




-nrvr Weatherall 
Green & Smrth 


04 Austin Fnars London EC2N 2EN 

01-6389011 




Chartered Surveyors . <-■ 

VntryHc'jse. Queer, Street Place >i!rr-v ■£/■ J 

London EC -iR tES y, * C*v 

01-236 4040 /LX X'.< r 

i ; 





By order of the National Westminster romt 

FreeholdBank Premises 

13 High Street 
East Grinstead 

West Sussex 

For sale by tender 

^seassasssa 


CENTRAL LONDON 
OFFICES 


A'’ • i 




few I- ■■■ 


PDESTSGE 

AIR CONDITIONED 

OFFICES 


S -. Leases to be 

8 assigned either 

together or 
separately 


9th Floor 3600 sq. ft. 







•z, ’ <# •%? ,,4-W- ; 


isth Floor4070.sq.ft. rent £3.40 per sq. It 

fpreiaioffi required) 

Joint agents: 

Komslev DebenhainTewson 
iiViS wh|te , ey & Chinnocks 

& Ferris Bjnaofi llc-ujc 

1'aunui.i.r S |iiot 

On /24 Roncmakor Sucoi London EdY OAJ h'.Jl^ET 88 37 49 

01-625 2873 


li'-V 

UMnp : 







Walker Son & Packman 

■ ■ i, 1 1 L=H 3 EaabSshed ill 1867 

Chartered Surveyors i * » —■ 



MODERNISED | 
OFFICE I 

FLOORS SUM 

from 

2,233 sq.ft 
To Let 
at £6.50p.s.f.;V| 



sHiv~wfr 
7a 


l2F-j 

J 

3?' r ' ‘ . kxj 

aenfc 







igPe:ergaie 
Fors'^r S'QoJi e 
Bradtcin i 






phoysi 




fc- • 

' ■ 


4 FREDERICK'S PLACE-.^v;*’ 
LONDON EC2R ,:';J 

.,01~6.06£§|^®‘ 


Adjacent to Heathrow Airport. 
11 mites U. 4 .— Junction 3. 

Phase 1-90,000 sq.ft. 
Industrial Warehouse Units. 
From 5000 sq. «• upwards. 

Superb SDOClficaiion 

* Eaves neigh: 22’ 

* Service door widlhs 17' 

H Cioar space - no columns 

* Security - manned gate house 
£ Double glazed offices 


p cr ceia-E of unib eufrenUy avatosic 

piewc i oniifl tomt letting egeft-i 

^Phoenix Beard 

tT h.vw. jct Sheet LoncJor. W 1 R 9 HG 
Qt 4K -2I3 

ga["HiUier^i^r 

5w«. L« tei %IA !BT DI4>3 W 

LiUNflam Wvoci ttn 

01-8824633 


Clapham 

S.W.4 

6 mins Victoria Line 


Modern Self-Contained 

Office Building 

0,50-3 sq. ft- 

Good Car Parking 
ONLY £3 per sq. ft. 
To Let 


' Full Details from:— 

CAVANAGH WILLIAM H. BROWN 
« Friar Lane. Nottingham (0402) 40747 










’■'y*h 


\m\ 

\m\ 



Freehold Office Building 

Covent Garden 

13,000-4,000 sq« *V _ 


Tim 


Luxury Oftice Building 
To Let 




Self-contained Office Floor 
To Let 
2,580 sq- ft 


Self-contained Offices 
Covent Garden 
30,000-40,000 sq. ft- 


LSCiSiS ftaSSUST 

New Warehouse 
To Let 

Concessionary Terms 

100,000 sq. ft- 


m 

M 
























ffilere'ccm^O find London offices at £782 per sq.ft. 

' ■ ’:■ inclusive of rotss . 

^ rom the Banlcof England and Lloyds? 







• * 5* y?t ; w v jfc ’* 


,r .< ,*■ - i »:<+; i V -V-v.- V i-- .- ->: J • 




r!i*7'7:7 


Chestertons (’bartered Surveyors 

/?N ,-fOp . 


'•-r'i;';\ 4 4j;tr ■,¥ ^;-;>v 1 • t - 'v*;' : >. 


l ). Wood Street. Clieapsidc, 1X2' 7AR. 1)1-6% 3055. Telex S8I270H 

XNDlfS M-aVK.MR - Kt'NSlNGTON -HYDIIPaRK • Uf TTU* V fc.MCf •Cl lfit'Sb'A’ 



Fully Refurbished « Opposite Station 
Entire Self Contained Floor 





1 Buckingham Palace Road. 
London SW1W OQD 


%2E3r01-8346390 


Newcastle upon Tyne 

Magnificent ^ 
renovated City 
Centre office 
premises with 
self-contained 
car parking. 


Unique opportunity to acquire a 
freehold property in the commercial 
centre of Newcastle upon Tyne. 
14.000 sq. ft. net in 
Renaissance style building with 
basement car parking. Also 
available on lease. 


Write or telephone: 

F. J. Hutchins. F R.I.C.S., Managing Director. 
BARRATT DEVELOPMENTS (Properties) LTD. 
Wingrove House. Ponteland Road, 

Newcastle upon Tyne NE5 3DP. 

Telephone: (0632) 866S 1 1 ■ 


ssa r^v 

«.* J J sn Li if to k£l> IJSJ ii= xr B 

Ground Floor 

| FACTORY/WAREHOUSE 

refurbished Units 
2,5S0/5.C3S/ 1 0,000 sq. ft. 

Herein-;. Parking. Close Tube 


' ^ 


Deve l o pm e nt 


Town gat© House 
Poole 



1 5* 


Superb New Office Building 
To Be Let 
19,112 sq ft 

• Central Heating 

• Car parking ^ 


Car parking ^ 
Passenger Lift 
Carpets Throughout 


Hambro’s 

letting 

incentive 


NEWS OF the Hambro Property 
Funds* purchase of 20 pro- 

* . . r m nm* Pih.'. 


Includes ;the' site 
of ;-Lewes ia 
some years ago by ifte 
developer Arthur ,j Vwr aelA6fc 
plans to convert the -fosS 1 

gRBidstand twjjdiags fatoxi ' 
house were' never CMnpfleiaL W 
tile pVamkng permission 
conversion sttH stands. '*!: 




perties from Town and City’s 
Central and Distract portfolio for 
£l8.8m, overshadowed detail? of 
lie £10m industrial property 
development programme also 
unveiled this week- 

The funds have negotiated a 
le tting incentive for developers 
on most of the ,m sq ft involved. 
If the buildings are occupied and 
revenue producing by an agreed 
completion date— 350;000 sq ft of 
the schemes are preset— Hambro 
buys out the developer at an 
average yield of S per emit If 
the buildings remain empty, the 
price falls to ' a point where 
eventually the funds buy-in at 
yields between 9J and Iff per 
cent The developer's risks are 
limited by the funds’ commit- 
ment to buy him out, if neces- 
sary, at cost. Schemes include 
Hunting Gate’s 70.000 sq ft unit 
at Watford, pre-let to Bosch, and 
Hestair's 100,000 sq ft project 
at Guildford^ 



EX5CESS INSURANCE 1» ^ 
ward funding a £190,000, 2&sta 
sq foot office 

Taunton. The BBdbae f r vJ 
Holdings* scheme has been bS 
let to the InBatBi Rwenae^fi 
£71^500 a year, fewL g 

initial net yield of TJS per ^ 
Haarer and Goss fjBeet er) w£> 
for the developers and iltaS, 
agents OHve Lewis and *££2 
advised fi»e Insurer....- v* 




THE DAILY TEUK3RAFH ha 
paid £290,600, well over S 
market price, for a small -offit 
mid shop property adjacent mh 
Jersey House rebuilding schem. 
The paper has. acquired 131 Fto 
Street, With 1,7327 sqft df vac®: 
offices and a restaurant/sm* 
bar, from Property HoMujeTS 
vestment Trust The baild™ 
win give the paper greater elbe 
room for its - Jersey Hoot 


scheme, which is being carrie 
oat. by Norwest Holst West Ba 
agents Folkard and Haywai 
acted fbr PHIT. - "Yf 


BATH 


177 Great Pulteney Street, 4, 5 and 6 Lama Place 
ami 36737 Henrietta Street 

Important Georgian Property 

Suitable for of Rceresidenliator hotel usee 
Offers invited for the freehold with vacant possessan 


nr(Yisi> 


fin 


LALONDE 

• \ 'a BROS & fARHAM | 


Ralph Allen's Town House and 64 Queen's Road, 

York Street Chambers, Bath BA1 1NQ Bristol BS81RH. 
Telephone: 0225-20331 75 Telephone: 0272-290731 



■’ I art M cD ouga)! 021-3pp 7136 

, P-c.'v&^c'O.fKc^s , x 


Tel .01-834 8454 


Moffr&tm sorv«ri:V 




County Halt. 

Lancaster Circus. 
Birmingham B4 7DJ ' , 



£t'/£2 Wilton Road London SW1 v 1 DH 


WARRINGTON 
IMPORTANT SHOP 


PRIME POSITION 

20’ FRONTAGE CAPACIOUS 

FREEHOLD AUCTION 


21 JUNE 78 

HERBERT JOHNSON & SON. WARRINGTON TEL 38731.. 


TOR Chepstow Racecourse 
Company has resurrected its. 
plans for a £8m-phis leisure 
development on pelt of its 370- 
acre Monmouthshire site;- The 
idea was first mooted in 1973. 
and the potential of such a 
development close to the M4 
Motorway drew a number of bid 
approaches, to the racecourse 
company, which is IS per cent 
owned by its directors with 
another 37.7 per cent in friendly 
hands. The bid approaches were 
rebuffed, and tile property 
market crashed, leaving the- deve- 
lopment plans to gather dust- 

At the end of 1977 the com- 
pany submitted a fresh applica- 
tion for outline planning permis- 
sion and in April this year it 
fell Into the very active path of 
the Land Authority for. Wales. 
The authority used its Com- 
munity Land Acts powers and 
announced its intention to 
acquire the land. 

That might have been the- end 
of a bright idea. But the com- 
pany has managed to persuade 
the Land Authority to revise ite 
Notice of Intention to Acquire. 
This will lapse on condition 
that the development is-c o tn-- 
menced within eighteen; months 
and completed within three xnd 
a half years: Chepstow is. now 
commissioning detailed planning 
designs on the scheme, which 
will include a five star hotel a 
full scale golf course and club 
house as well as additional Sports 
facilities linked to the race- 
course itself. Negotiations for 
finance are also- in hand. . 

Another race -track, this time 
the former Lewes racecourse, in 
East Sussex has come onto the 
market. Strutt and Parker is 
offering the 556-acre Southdown 
Estate, .-.which includes a 213- 
aerc let farm. as- well as the race- 
course, which closed iu .thg. mld- 

■-1960s.’ for arblind £350,000. . ' ' 

The - land, which lies atop the 
Sussex downs- and which 


DEXION-COMINO Int ernatto n 
has assigned the remaining j 
years. of its lease on the 3tL24&j 
ft Dezion House., Empire W« 
Wembley, to . the United Stab 
oil engineering group McPmta 
Hudson. Dexion-Commo, which' 
moving jhe 'buaL of Its Londt 
staff to new -headquarters bnfi 
logs' in Henrri Hempstead, it 
been offering the lease far soa 
months. _ 

The lease was granted in ISi 
by tiie building's tievoiopt 
Town and Commercial Propertj 
and it costs just £32,500 a ye 
until 1983, when, the current frt 


holder, • Abbey, Life Proper 
Fund, gem its first and only re 
review. McDermott, advised t 
Hi chard - Saunders and Parma 
is likely to- have paid around £) 
for the lease to^ judge by : fts she 
Sub-Jetting of just under 10,0 
sq ft in the balding back . 
Dexion-Comiuo at £4-50 a sq v 
Knight Frank and Butley. act 
for. Vexion throughout the aei 
liations. 


TOWNSEND Thoresen Prop, 
ties has been active this wet 
■Healey and Baker has sold 1 
group the freehold of the 23£ 
square . feet Burwood Hou 
14/24, Caxton Street, Victor 
SW1, for nearly £2ra and Tow 
. end has raised more than £' 
from the sale to Che Imper 
Group Pension Funds of . 
1L350 square feet freehold blc 
at 157/165. Church-Street, W 
ing, Surrey. 

In Victoria, Townsend g 
18,000 square -feet of vac 
space which-it olans to re Curb 
for letting in IS months time 
- In Surrey, the building ! 
been let to Hogg Robinson Tnr 
.for £63,500 a year. Richard E' 
actedjfor .the fund , and Hampl 
-and.; Sons, and Mann and Go 
pans ; .let the block. 

- J 





firri 




d'etcj WM 


Ifli’I ' v^/'rjr' r: ir,ii WODQ 


:uiul 

mm 

QDDaa 


0 

fla.QQQ 

,-D s 


JnnatfQ.tia' 


FACTORIES AND WAREHOUSES 


a 


BUILDING LAND 
AND SITES 


SHOPS AND OFFICES 






/ if'rlaVJSL^iW 


ten times more 

interesting? 


Enqui-i-: jK-.m indu-urial 
and coirmcnijl c\pj;;m>.mi in 
Clwyd ban: in fold 

over llic la-. 1 . :-a ;> VMiyV 

Because wi-.li u% lull l>cvelo|'- 
ment Akj ii-iiu;. iis larcc, 
mulu-skillcii v.\«rl:l - <Tce. pr-.-:.- 
iinity to iujj>>r uia/Lcis and 
national/inlcrn-ii^njl comr.i- 
unktilior!:. nciv.ui 1 .-. this pp<- 
Crressive WvL'-h ■.■■univ dnm- 
inates the :c;j ion.il devclc*|i- 
ment s<-':n:. riv.- news in 
Clwyd L iilu.ui :..il:s, n«.*t 
Strikes,— imi it’s jl cr:jt place 
to live loo. 

Talk te u> ,».h.u:t the low- 
cost sik*{. 0k Tjcuvki Mid ii.s 
cucnsiv: tlr.^n^ial aid a-.ail- 
•aMe i.-» iR k o:viing industries - 
v-c’ll yos: a deal you 

can’t re;'ux. 

Coniao. V».»yne S. Morean. 
County industrial Oltleer. 
Civ- yd County Council, Shire 
Ka’J. Mold < tel. Mold 2121) 
> for free coiour brodiure. 


dlBbitrt 

pvci ’ 

,‘Mbdern Offices 




ntra Lueatin g . 






r -16.467sq.ft. 


fe^Weatherall 

Green & Smith 




Modern Office Suites 
Worthing, Sussex 
500/5,000 sq. ft. approx. 

IN NEW PRESTIGE BUILDING 


'■ Zir Parking > Automatic lilt 
* FltMd Car pen » Osntral Heating 
* Wi>-?d far Tclepnonci * Lipht fittings 


I Stiles Horton Ledger 


2b Chapel Road Worthing B»n ibj 
Tel: 10303) 37992/3 


KESTS/EOSKS 


ARABLE/STOCK 
FARM 
FOR SALE 


Freehold with full 
Vacant Possession 


Brochure available from 

PROFFITT & GOUGH 

37, SL Albans Road, Watford, 


Herts. 

TeL Watford (0923) 24335 


FOR SALE 
VALUABLE SHOP & 
OFFICE PROPERTY 

Lat ic £4.710 p.a. Additions; incoma 
in exceu of £2.000 for upper floor* 
anticipated. The recently refurbished 
premuas are siaiacad in one of the 
main shopping areas in one of the 
largest North East Coast resorts. 
Write Box T .4903, Financial Times, 
10, Cannon Street. EC4P 4&Y. 


TUNBRIDGE WELLS 


HAYES, MIDDX. 
MODERN WAREHOUSE 

5Z£00 SQ. FT. 

(inti. Offices — 7,750 sq. ft.) 

SOUTHALL, MIDDX. 

Warehouse — 40.000 sq. ft. 
Offices — 15.000 sq. ft. 
Yard — 15,000 sq. ft. 
TO LET or LEASES FOR SALE 


FACTORY 

(FREEHOLD) 

£70.000 


Prominent shopping site approxi- 
mately 24.000 sq. ft. at ground 
level on busy secondary P® 5 * - 

lion 500 yards from Central 
Station and proposed major 
multi-storey car park/shopping 
development. 

Existing shops 3.500 sq. ft. with 
125ft. frontage — 4.500 sq. ft. on 
two upper floors. Adjoining 
warehouse — 13,250 sq. ft. on 
three floors. Garage 5,250 sq. ft. 
on cwo floors. Freehold. Suitable 
for redevelop menc or major 
refurbishmenc. 

EXISTING CONSENT for offices 
and large retail development. 
Direct link to busy High Street 
possible. 

Write Box T.4940. Financial rime*. 
»0. Cannon Street. EC4P 4 By 


47. The Broadway, W.5. 
Telephone. 01-579 9282 


56.000 SQ. FT. WAREHOUSE/ 
FACTORY WITH BENEFIT OF 
£100,000 INDUSTRIAL 
BUILDING ALLOWANCE 


Imposing lull* sormMered premise 
(built 1936) on Nort" Circular Road. 
NW.10. near A*o M40 Ml.'AJ.'M*. 
Two floors o( ofliccs: showroom: Urge 
warehouv-Hactory: canteen- container 
loading bay two lilts: oil e n, and 
emergency generator. Asking price ol 
£590.000 Ire- ahold reflects need for 
minor refurbishing. 


More details from 01-965 S787 


Eminently settable Tor uib-divlngn 
into separate Mils. 

Factory has Uh*)0 s«t- K. 

Offlcc 2,750 M. B. 

SlruainJ tn Brandon »b:ch Is located 
on ihe Norfolk Suffcrl* Cambridgeshire 
borders. One hour s road io Kinas 
Lynn. :-orwi.h. Pciertoroush. 
god Cimhrid^i-. Cheap Resldeoiia) 
housing area and main rail line to 
London. Sil- is only paniy d-.-Tdopihl 
and further ctpansion will be allowed. 
Our diems musr sell— vactni posses- 
sion upon completion. 

Further deiairi from the hxlusirial 
Delia rWiiiOi. aitemion John Deans, 
Messrs. David Bedlord. 

•7 Mi rice Piece. Thi-Kortl 
Tdephoni.- naa iTcn Norfolk Offices* 


INDUSTRIAL LANS 

FOR SALE, BY AUCTION 
GILLINGHAM. DORSET 

Adjoininf Station 

APPROX. 3^5 ACRES 

with O.P.P. for 54,250 tq. ft. 
Detailed permission for first 
1.500 sq. ft. 

Apply: 

REBBECK5 

The Square, Bournemo u th 
Tel: (0202 ) 22044 OR 

CHAPMAN. MOORE & 
MUGFORD 

Newbury House, tSIllntfim 
TeL- (07476) 2244 



JULY 3, 1978 


v ri 


ROMSEY, HAMPSHIRE. Existing two-vear- 
olo lactorv premises on new industrial 
es:a:o Aopranmateiv 12.000 aauare 
Ice: including prestige oflices. Lease lor 
sale al low rental, nominal premium. 
Ail enquiries Weller Eggar. Commercial 
Department 74. Casue Street. Farnham. 
Surrey. Tel. Farnham 6221. 


FELIXSTOWE. SUFFOLK — Superb seaside 
building if ft- with extensive sea views 
and southern aspect. Existing planning 
consent tor seventeen flats with garages. 
Close to town centre. All main services. 
Existing macs Freehold. PRICE: L 80 .Q 0 Q 
sublect to contract. Details- Apply 
Diamond. Mills A Cc„ 117. Hamilton 
Road Fdlcstowe. Tel: Fel. 2281 2. 


The Financial Times is planning to publish ... 
a Survey on Property. - The main headings ]v ^ 
of the provisional editorial synopsis are set 
out below: 


SITE FOR MEW HEALTH CLINIC. Profes- 
sional O Rices and FTats. Lancaster Gate. 
Ao*>l> John O. Wood. 23 Berkeley 
Square. London W1X 6AL. Tel. Ol 629 
9050 . (Rel. MHIAJRW). Lurot Brand 
A Co.. 114 Brampton Road, London 
SW3. Tel. Ol 534 6221. 


INTERNATIONAL PROPERTY 


TO LET 

Modern Six Storey Office Block 
FOREST HOUSE, 
NOTTINGHAM. 

16,500 sq. ft. 

* Floors of 3.214 sq. ft. each 

* Air conditioning 

* Car Parking for up to 40 can 

* Immediate occupation 
Full details:— 

LESLIE FINK 1Tb., 

121, Princess Strove. Manchester. I. 
Tel: 061-228 6561 


NOTTINGHAM. Proposed factory space. 
12.000 SO. O. In Arnold. 4 miles 
nortn. Junction 26. Ml. 4 miles. 
Ready SepiemberiOctCibcr. Rent details 
from sole agents. Harding A Co.. 4 0. 
Wcieeck Street. Land on W1M SLN. 
01-406 8276. 


FOR INVESTMENT 


WHETSTONE 


N.2D 

EXCELLENT MODERN OFFICE 
BUILDING TO LET 

6,670 SQ. FT. 

Central heating, lift, car parking, 
prestige entrance. 

TAYLOR ROSE 
01-492 1607 Ref. NJF 


FREEHOLD 

INDUSTRIAL 

INVESTMENT 


BATH ROAD, HOUNSLOW. 
(Adjacent to Hcadtrovr Airport) 
Total area 32.800 iq. ft. appro--. 
(2 buildmcs). Lee to first class 
covenant. FRi lease 21 years from 
December 19C4 ac £56.764 p.a. 
rare!. Fixed rent revi c# 1983 to 
£66.225 p.a. tvd. 


FREEHOLD £720,000 


BERNARD THORPS 


1 


1, RUCKINCMAM PALACE ROAD, 
LONDON SW1. 

Tel: 01-634 6890 Rtf KAB 


FOR SALE. Mid-term Leave, two Flats on 
Crwnd Floor and Ba^rfnmt « 
of rHurt»l4hm«nt- Bvloravia- Great 


AUSTRALIA 
IRRIGATION FARM 

18,500 acres 
Exceptional investment 
in stable economy 


This masnjfiri-nr f am fir owned, fully deeded property centrally located in 
New South WaJrs. has one ot Anstraba's Ursest irrutatjon bcenses. 

6.000 acres arc developed wuh T.oqo acres so i table for devefopment. 15 mile 
private 200 cusec capacity tflumnei: complete Kravity flow: bo pumps: 
nominal water cbarce from bovl dam. 

Area is noted for its productivity and stable environment and achieved 
r-halt- cotton this season. Located rlase to cotton tuns, warn terminal, 
oilseed mlil. rail, air and all other support services. Jl ia Weal tor ev live. 
soyabean, solemn, corn, wheat and barely. 

E.vrcU<.-n: fnlla staffed fact fi lies include homestead, staff quarters, wain 
th*ds, airstrip etc. 

Price > cash i U.S.KI25 per acre or cquiw.. plant and xnacblocry extra- 
If rsinicsicd. otmer is prvnarcd to assirr tforina chanKCOver. 
please unto -vlrh [nil address and phone mrmher la: 


“ IRRIGATION FARM.” 
c/o Bull Holmes Bartlett, ' 

45 Albemarle Street, London W1X 3FE. 

Oimer is visiting U.I-L in Inte June, early July. 


potential. WrUw no* 74904- Rixanciaf 
Times, 10 canoon Street. SC4P 4 BY. 


FARNHAM. SURREY. Town centre loca- 
tion. 5.7SO sauarq leet al showroom 
and storage in prominent trading 
toeatton. New lease available at 


£15.000 per annum. All enquiries 
Woller Emir, t-ommurcial Department. 
74. Castle Street. Farnham. Tal.: 


FOE5 IKVESTSSEWT 


FREEHOLD INVESTMENT. — West Norwood 
S.E27 — M*Krn i,nglc Sluo. !»:rory £ 


motor accessories Co. Directors Guaran- 
tcos. 75 .ears F.r.i. icnsv with 5 year 
rent reviuws Current Income £-5 QOO 
p.a. Price &250 000. Abu I, joint Sole 
Agents: Henry Botrher f. Co.. 59.62 
High Halborn. London WC1V 6EC. TC*' 
01-405 84tl, or Dj.-s t, Cgfler. 1 
L0Man W1X SHF. Tel: 

01-493 5b1 1 . 


Farnham 6221. 

E.C2. Throgmorton Are. Sic. carpeted 
KS5 9 la - «- V'ound floor. 
E 1 5.500 pa. Ml., no premium. 1mm. 
OCCUP Q 1 -49a 4932. 

E.C-4. 5/ C oHicc building. 6.400 sq.' ft. 

t«se isniBo. Rent 

£11.500 Pa. c*cl Premium £20.000 

ot-e'm'zjt^ * l ES0 - 00 ° P-4 ««I. 

1 00.000 SQ. FT. OFF ICE 5, North of 
England. SuPC-b. recently constructed 
headquarters t"i.laing rri let on attrac- 
tive terms. May divide. Car park- 
Ing Esculent communications. Good 
residential a*4- lability. First da-t 
r hooping facill-.ios PrlncioaH and 
retiil-rH su-»— on Write Bar T 4903 

EC*p Cl 4BV Tlme,> 10 - Cannon Street, 

APPROX. 2 So SQ. FT. aflicc accommoda- 
tion araUarfc close London Bridge. 
01-403 0802. 


KEANE MAHONY SMITH 

38 DAWSON STREET. DUBLIN 2. 

FOR SALE BY TENDER IN jULY, 1978 IN ONE OR MORE LOTS 
MiLLING/INDUSTRIAL PROPERTY 
at GRANGE MILLS, LUCAN, CO. DUBLIN, IRELAND. 


A substantial property an c. 1.7 acres beside the .canal comprising 5 single 
storey warehouse buildings, large 2 and 3 storey nulling factory premises, 
si la and yard. These buildings may be purchased in separata lots uid will 
be ideal subject to planning requirements for a wide variety of industrial 
and reiat-d agricultural uses e.g. — 


Milling/Transport Depot 
Warehousing and Light Engineering 
Leilurc/5pora Centre 

Tide; Long Leasehold R.V.: £241.30 approx. 


Full particulars from sole agents. Viewing by Appointment 


CO PEN HAGEN 

SHOP FACILITY ON THE FAMOUS 
PEDESTRIAN STREET 

Well situated in centre of Copenhagen — 2,700-4,500 
sq. ft on ground floor — plus office — and warehouse 
space. Large cash payment necessary. Available 
immediately or by agreement. Contact: 

ISAK TRADING 

Carlsbergvej 34, DK 3400 Hillerod, Denmark 


FOR SALE 

APTS. So/So West U.S.A. 


$14,000 average per unit. Realistic Terms. 
Good Return. Also Sale Net Lease Backs S%. 


R. B. TURK, Esq., 154 So. Livingston Avenue, Livingston, 
New Jersey 07039— U.S.A. 


INTRODUCTION The property market 
entered X97S on the crest of rising property 
values and a rise in property share prices. 
Early enthusiasm has ebbed as doubts about 
the long-term strength of the country’s 
economic recovery and the effects of higher 
interest rates are absorbed. Rut the 
industry’s recovery from the 1973-74 crash 
is now too well founded to be upset by a 
temporary loss of nerve. 


DIARY OF A HECTIC YEAR 
INVESTMENT.' 
GOVERNMENT POLICY 
LOCAL AUTHORnTES 
DEVELOPMENTS 
THE LETTING MARKETS 
SHOPS 

INDUSTRIALS 
NEW TOWNS 
RELOCATION 

THE PROPERTY SERVICES AGENCY . 
THE ENGLISH ESTATES CORPORATION 
REFURBISHMENT'S 


For, further information and de tails of 
advertising rates please contact 

Terry Drnce ' 

. Financial Times 
Bracken House 
■ 10 Cannon Street 
-London EC4P/4BY 
. Tel: 0L248 8000 Ext 7196 „ 


PINANCIALTTMES 

EUROPE’S BUSINESS NEWSPAPER 


The. coQient aiid; publication dates of Surveys iin? 
Financial 'Times- are subject: id change af the . 
jof’the- Editor. ' ■ ' ' 7 - . J 






















15 



EDITED BY CHRISTOPHER LORENZ 


35 A^litt^averriwo years,- the' 
® I^con^li^^^oP^^t ^ Agoric-y r 
‘siou oias -macfe-a permanent place ior 

4s .-itc AU-n CSrla n( - 


- Wlt.aia s fdr jts o^ ; n style of. 
. Kibh'e intervention ~i tutor private 
JJJk ndafitry.;- ;: r . ; ,-. : 

JJJv That- J^ /yniod a strange' 
ij^frtaienient to-tnake at;a time 
iaH2 wben ';Hie 'agency is. facing 



*84 Conservative '\.5?aKty. t-But- con- 

SQd ^T« Ja- «UA'j<kUAA>in~ ■ ' 


, l ^Vider .ttie eiMfige: ••• . 

'•• ^ Ei^teca^aiontfe', agci the 

E r cities;’ '-were" calling, if net for 
ell ^ f**® ' «*® c wion. of the- SD A by 

a " * 1 ""’ " ~ 




£500 boost 
for young 
engineers 


Lewis 


Hugh Jack — -indiKtriai director 


Dr. George Weir— a member of 
the Board 


Anus Gro»* rt— a mcmtjcr ®* 

^ - the Board 


Alan Qeverwx— a member of die 
Board 


!S aie., aesit . Toiy . Govenwncm, at 
ig^JicasUortiie drawing of its teeth 


iUfti^Jtoy -a' : 4jan on investment ' in. 
^iTfed^lv^ofirab^^jttdtifitTy; -Now there ■ 
fr fl[ t [ l aJe noKioihger caTJs.far-tt to. be 
^i^j/^on© away with, altogeiher, and 
Y^di^the -resiramls - being demanded 
c gj?^&n; its investment- powers have 
^ ttjeen; jcobaideeably softened. 

S * It it tempting to describe the 
^5DA - as a sealed-down version 
and the •'.National Enterprise 

^Board',' but in : fact they arc very 
different animals. Besides its 
^ferajjinTervehtion • function, the 
n J^ji^ageney. has wide responsibilities 
pk.S^in -less controversial . fields 
* nS 1 ^ fwhich'; have enabled it to win 
■onjT]^ brespeci rTrom all shades of 
^BjApuiion; ..It. is undertaking, for 
of jj^xample,'; the removal of pit 
dq uar^ ^spoil, ' “Heaps . which have been 


Tli| fiiiht to breathe new life into Scottish 
industry without proving a soft touch 

Ray Perrnan reports on the Scottish Development Agem.\ 


nr is advancing num-y to the; 
applicant firm, and :n i>o Jh-; 
stam-cs other Imiui'.*- > 1C Ft’ ana , 

L'.thgow Holding*! Isa- e taken, 
equity stakes well. Private: 
capital has been l«-i alongside: 
public funds in at loa-.i two of, 

the three SDA failures 1 rvnI .«5»v \ND government 

Thr commercial judgment oi [NDi-STRi -^ L £ 
ihr* SD\ is not s«i in ‘..-shins made, tins week put « - * * *■ . ■ 
on l> iV "« full-.n'/ staff. : imiL-hes to a ***** **« » 
rit-maie responsibility Uc». aimed, in the 
wi'h the part-time Buard, which; bunsting the status oi the en._.- 
^lcludes, as well as ir.-s.le unioni neer in the eyes <-f bt.js.. 
and local authority r.-oresenta- , society to the levels of reverence 
lives. Mr. Angus On-art, m an ‘ [ accorded to them in German} 
asm? director of Noble , an( f Sweden, 
tfrossart. one of the most , The greater the status nt the 
successful merchant banks !n l engineer the more attractive 
Scotland. Mr. Alan Devcfcux. ; profession it will be for Uto 
Chairman of Scoicm-, a success- . m05t talented members m 
ful industrial group and pro- ; society. And the more talented 
sentlv chairman nf the CBl in ;l h e engineers, the better it :x 
Scotland, and Dr. George Weir. , f Britain's wealth -creatine 

— ' „1nnO1110l : — {Jjg 


ocuuauu. . jor nriiams 

directnr cw corporate planning manu f ac u,ring industry, so tdit 

for the Weir Group, one i ar a U ; ne nt goes. 

Scotland's largest and tnos« : BuT lhe ^ Acuity lies ii 




single result of energetic and experi- 
pnl lo d**-v 1S enced management and a revo- 
jbe in Stone- luimnary manning and flcxi- 
jpany njanu- bilny agreement with the trarii 


, ,h« i. .. » 

m the wuriln of • >*. ahead belie v,n k that it would 

Milrhell. vice-president uf tin aneau. uy 

SrnUi-di Ci.n«-rvaiive and ne 


leapj^/'eyesores- for years, and it. as 
least ^.heavily committed in tite pro- 
ject To raise and rebuild the 
^? n ted iifiliuns of Glasgow's-east end. 

Pr5 


Scrutiny 


Ldt hu 


m There are other .cHHerenees 
it and^.too. As a grant-aided body,, the 
Jtt. adv^SDA Is subject to the scrutiny 
* M d Pjnof the Comptroller and Auditor 
^ariKia'iGeneR,^ who -’ has . already 
**■"= passed comment nn the failure 
[ *of .... one . agency . . investment. 


the 
pany 
Lothian 

electric motors, formerly t-at-ea 
Banco Motors, wa* bought -as a 
profitable concert^ from ' an 
American parent ►.'which - baa 
moved in other directions and 
was no longer interested m 
building up the xirjKidiaiy- 
Elsewhere the '“Agency./ _.has 
been content to taka a -smaller 
stake. In only a-Tnunooty <« 
cases does -it liavo^St -control!- 


•““Tl'tS En*:n«« a * SchoLr- 

^r:^- i »hip. w..nh £»» 

- 1 are be.mg nffcreil or.-n. 

. . | voung engineering students who 

Investigations l intend go inw manufav-nrm? 

! industry. 

..is information «"nics fro™ \ Forly individual companies 
company appljiu^ for help. p U[ u p £cm.<inn whicii lias 

invesiigaii-ns by th* 1 becn ma t C lied pound far pound 
’s staff and by .mtside bv lh£ , Government. 

and .uarkctiBS. * 0scar H aijn. of GKN 
It is an absolut* 


and 

Action Go in- 


6 6 There is no question that wc will have more failures because 
we are filling a gap — there is no-one else willing to put 
up venture capital in the same \\a>.y 


^ Although "he would not like 


it HM 2« 


id Rmv 5 members of the Commons 
rhout t&r Public Accounts Committee 

Agoing in detail through, his 
l books, it is likely that when Mr; 

ioresra p-Lewis Robertson, the SDA chief 
rtivVihu^executive, appears before them 
er has alj later this month he will be a 
>id of tbpiot-iess reticent in giving knfor- 
lurvood BijnaiiOR • than was Sir. Leslie 
.^Murphy, Hire NEB head. " 

T? Since it started actively look- 
io ih? wing at potential investments .in 
Funds mid-1976, the SDA has put a 
et fmaMt total -of £17an into about 30 
rcb Strati companies. It is a relatively 

modefft start compared with the 
T v, wa*id fsums that the -NEB deals in, or 
ul 1 (lt 5 even with the £39m which the 
^agency is contributing to the 
-. r ' ‘JiS Glasgow' programme. Individual 
"noWn'ou it investments have been in a 
or. gifiasiD variety of. different packages, 
jni mg ILi sometimes -equity,: sometimes 
"•nn aa-if convertible’ loan, "sometimes' 
combinations of the two. Often 
Sthe amount put into a single 
company is £100.000 or less. 


ihat experts prcd.c'.ed tht-y technical 

.„..«hr h*-. and the outlook specialists. U is an absolute cha j rman 0 f xhe 
fuiure hiftked n? brighter, rondiiiun of agency help that 
F"»L-ed with mounting losses and each company recciung ass . ,s ‘jthe scheme. this week 
- s j,„ prospect lhai they would tance must prepare a financial | lamented the fact that less ihan 
-Vi worse *he agency called in p i an and must supply the ; half o£ Britain's en^incenne 
Th«- receiver. financial information each graduates ever went into 

Th.. Scoiisco loss caused ?reat month to enable the agency to •. iniluslr> -. 

huiL-rii"-* among the women monitor how closely the plan. For tlte first year ine schoLir- 
whn worked in the Glasgow j S being fnllnwed. and l" j ships will be open only in 
'ictorv and who felt that by administer the necessary students taking the new 
"vmo them once, the SDA had encouragement «t goading- • -enriched" engineering courses 
nn lecaJ a lvue. rhe agency put ;, v . r ,.f v raised Their spirits in 0ften this means pe reading a j nin ai selected umversmex sueli 
it> pany on ihe verge .»f eo! apse : ' J ,. q . n jaii.,i, ,. r der :o ‘ ‘ ' - * 

who wants, -md of ion feels he inru _ j ( 4 ‘ rt Mr „ L „. 

diru-etor. unre- 


Sff'-^SasKi.'- - *saai.'as«ar7: 

promising ventorevti»?ftKW £100.00u oulla}. h Sfime right to get, an ini- The scctnd 1.^, w« al,-. hi a :dr Hu,h ^ «• * . . inriirina0on nn its I years and include some manage- 

SDA shareholding was A^.pvr The present Ccmservatm- h;indllUl ,, r ca sh m «*c high - technology company, industrial _ d,ri -.': lru :, finan . c i Rrmc sri*!nn»ni ionics US well US 


mmm mm imm mm w&m 

It is too soon to make a final 
-imttTTTipnf nn the SD.Vs coni- 



But as from next year the 
scholarships will he open to 
students attending any 
engineering course at British 
universities and the number of 
awards to be increased. 

. Applicants will be inler- 
! viewed at five centres around 
the country and the selection 
committees will not only be 
looking for high marks in A 
levels. As one member of the 
Action Committee pointed out 
academic brilliance does not 
necessarily make for a good 
manager. Other areas to bo 
examined are school records— 
for anv sign of leadership, and 
practical interests such as 
hobbies which involve making 
things. . 

Jason Crisp 


EDITED BY ARTHUR BE NNETT AND TED SCHQi 

• MATERIALS 

New tube 


Dymar moves into radio-phone network 

V- ,im^v -has work to private operators' base ring back _m .en mini 


rjWB 
adiag 
ai -esH 


to cut costs 


lffirw 
op^ ; 
pri^- 
= aW 
iinuy* 

hifi^ 

^ at 


CB» 

t by 2 


MAIN AIM’ of in Tube -Products 
in producing. . its new Tru-Goat 
“Z ” zinc-coated - steel tube is to 
provide tube - users, with a pro- 
duct which .will enable them to 
cut one or- two further handling 
stages' diirfhg manufacture of 
many types of equipment. T“ es ® 
can include both consumer dur- 
ables and 'engineering products. 

A new £l{m galvanising plant 
has been set up m T1 Steel 
Tubes' Oldbury:, complex with 
ability to make over 10m metres 
of tube a year to consistent high 
quality levels. The process being 
used was developed by gaiwa 
Steer Tube Industries of Osaka. 

Ja Tro-Coat “Z” has Tru-Wcl 
welded steel tube as ,ls . 
material, the zinc coating, being 


decorative and the other com- 
mercial. Both o-pes of lube come 
with a special water-repellent lac- 
quer on the outer surface and for 
added protection from corrosion 
all the new tubes are offered 
with ah internal. coat of zinc or 
aluminium-based paint 3s stan- 

" ia Typical galvanising figures are 
120 grams of zinc per sq metre, 
which means in an average en- 
vironment a product made oitne 
new tubing should last some four 
years without a blemish. 


The synthetic poivnner J*«c<iuer 
.prevents what is kn 


degassing 


Thursday I 5 J une 1978 M ' 

the CEGB centra . . 
Sudbury House 
Newgate Street ‘ 

London EC1 


rarf*. a fonn" of storage corro- 
sion. It is also a tough proiec- 

U si»s ye of lube aya i!able a t |£ 

i in to 3>. ins outside dimeter 
1 15-88 to 63.5 mm) in wMUhirt 
nesses from 10 to 22 SMS**?-- 
mm to 0.7 mini. The lube will he 
offered in sets of cu; length in 

various sizes to J " atcb “S-, 

nirers needs for the efficient pro- 
duction of tubular products. 

Extensive trials have .d e, ntJ 
strated that the zinc coating pro- 
s' used gives a strong bond 
between coated and . we f 1 I i e V pi t by 
base that is not destroyed oy 

bending, flaring, etc. „„ 

The company believes manu- 
facturers will welcome a pro 

duct to which they do nntha\e 
to apply any further coatin^ 
treffit before <he 
ogods -go out to a marl* 1 - j- - 

sharp red uclion in snanuUtiur 
ing costs is foreseen. 


MAINLY known to date for 
the significant mark it has made 
in the radiotelephone hardware 
market, Dymar Electronics of 
Watford will on Monday launch 
itself into radio message hand- 
ling on a country-wide basis 
with Network Communications 
Services. 

The new. company consists ot 
a consortium of seven finns. 
already in the market, w _ which 
Dvmar has taken a minority 
interest. They include Selec- 
tive Audio Messages in London. 
Airtalk in Manchester and 
Answer Link in Brighton. The 
other" centres arc in Birming- 
ham.' Grimsby, Middlesbrough. 
Nottingham, Peterborough and 
York. With plans well ahead 
for a . transmitter in Bristol Inc 
company believes it will cover 
75 ..per. cent., of the country on 
a population basis. On count 

of the member companies' exisl- 

iown as "while 


ing customers NCS already has 
about 1.000 mobiles on the road 
and is expected to add another 
1,000 in the coming year. 

Network Communications may 
also turn out to be one of the 
first companies to be able to 
offer “ interconnect — a direct 
connection of a subscriber to any 
phone on the public switched 
network. 

At the moment the private 
message handlers have to relay 
a message from a public phone 
lo a mobile using an operator at 
the control centre. Only on i flie 
Post Office's own Rad-iophone 
service is it possible for the .two 
parties t n speak directly. 

However, the Post Office is at 
the moment in consultation with 
lhe private message companies 
on the question of the technical 
and operational conditions that 
would have to be met to allow 
safe connection of the public net- 


work to private operators’ base 
equipment. 

Dymar joint managing director 
Julian Rzymowski believes that 
the .problems. .will be ironed out 
in a matter of.'weefcs and says 
that he has* what amounts to a 
letter of intent from the Post 
Office. The equipment for the 
new network certainly has a 
built-in ability to connect 
directly with the public network. 

It also lias a number oT other 
attractive facilities including a 
pocket Alerter which the driver 
takes with him when he leaves 
the vehicle and which will 
■•bleep” if Ms car receiver is 
called. In addition, he can set 
an eight position status switch 
on the car unit so that when 
called his equipment will res- 
pond and illuminate a status 
display at base. . 

Slaiu-i numbers one to eigru 
can mean anything from " I will 


ring back in ten minutes" to "I 
have gone home." 

When contoct is made w nn 
base, the user then has a skilled 
24 hour message handling/ 
secretarial service avarlaole: the 
'■iris will undertake tasks rang- 
ing rrom booking airline tickets 
io summoning assistance to 

breakdowns. , - h ar<1 

All the centres, which are 
linked by telex to give bard copy 
of messages between regions, 
will be offering the same se™ C(: 
nationwide at a cost . of ! SM » » 
month, plus an additional fi- 
ner montit for tne Alerter No 
price has yet been fixed tor the 
interconnect service wn “? ^ 
becomes available, but a hkely 
figure is about £15 per month. 
"'More frasn Cplontal Was. 
Radlett Road. W atford. Hert- 
fordshire WDS 4LA. Watford 

373 “ L GEOFFREY CHARU5H 


• CONSTRUCTION 

Fixes firmly 
in the 
ground 


Control 
for industry 


• COMPUTERS 

Scicon work for Lloyds 


<cf i 


Nine papers 
Contribut'roni from 
France, the Netherlands, 
the USA and .the. UK. ... 


| Further details from tho 
5 Organising Secretary, . 

! Degassing Sympowiim, 

* gHRA Fluid Engineering, 
i Cranfieid, Bedford MK4J 0A] 
1 Teh 0234 W 0422 

Immhhmmiwm 


IN BRIEF 

• Opcoa is offering throush ^ 
bain of Heading a one intb "J 
display module whicft on 
batds is said to eomp»« “J, 
ably with large gas plasma uni 
More oir 0734 884411. 



• Intel has two new tashg> » 
reaitools ' cond 

2364; Both time and ran 

maxiraum acce^ timc^ gupply> 

ISS-VS? 1 ** ana W hits 

Tespectively- 


TWO NEW turnkey computer 
systems are to be installed by 
Scicon Consultancy at Lioyrts 
Bank. They will be used by the 
branches' stock office of the bank, 
and the securities section of the 
overseas department. 

Branches' stock office holds 
foreign securities on hehalf ot 
customers of Lloyds Bank, it 
collects dividends on these 
seriirities, and remits the pr ■ - 
ceeds (normally m sterling) to 
the customers’ accounts. It 
handles rights issues, stock divi- 
dends and bonuses. The certifi- 
cates are held in London mul the 
• Channel Islands, and the office is 
responsible for their receipt anu 
delivery. . 

'Securities section provides a 
similar service, except that ine 
certificates are deposited with 
agenTs abroad instead of aT 
Lloyds Bank. 

'The systems will ma^tam 
records of holdings and certifi- 
cates and process receipts, 
deliveries and dividends. They 
vjill provide on-line inquiry 
facilities and t^y will he able 
to produce a variety of reports 
at short notice. 


Each system is based on a 
PDP 11/34 computer, from 
Diqital Equipment Corporation. 
Each has two 13B Megabyte disc 
storage units. two VDU 
terminals for data 
and inquiries. two fast 
printers for report and docu- 
ment production, and a slow 
printer in provide hard copy of 
the results of inquiries, when 
required. The first of the two 
machines will be installed this 
month with the other following 

“Wa" iro^ 01-5S0 5599. 


Aids engine 
research 


PERKINS ENGINES (Inter- 

national Group) will use the new 
T0KVAP torsional vibration 
program developed by the Com- 
puter Aided Design Centre, 

Cambridge, in Us engine 

development work. 

This advanced program is me 
outcome of specific requirements 


defined by a committee of 
engineering -based companies, 
including Perkins, with interests, 
in internal combusion engines. 
The committee has been estab- 
lished to identify and recom- 
mend specific computer pro- 
grams to aid engine research 
and development. 

Written in Fortran IV. the pro- 
gram analyses the torsional 
stresses in all the drive-lino com- 
ponents of internal combustion 
engines. It is suitable for 
advanced research into multi- 
iunction. multi-branched designs, 
with damping and excitation 
torques applied at many points, 
in the individual branches. 

Perkins will operate the new 
CADC program at all stages m 
prototype engine design wee 
it can bv used to stimulate al 
likely variations , in torsional 
vibration that a diesel engine 
will encounter in actual opera- 

li °TnniiP uses the 2x2 matrix 
system, developed by the. British 
Internal Combustion £ns>ne 
Research Institute, for branched 
system**. This method represents 
u major advance on other vibra- 
tion analysis methods, may be 
implemented very quickly, and 
is relativdy.low cost on repeated 

e *TorvJP tan analyse forces 


applied to a crankshaft and to 

a gearbox through to the axle 
,or propeller in the case of 
marine applications). When 
fully implemented it will enable 
a company to provide OEM 
customers with detailed inf or 
motion on installed performance. 

More on 0223 631-o. 


Faster disc 


memory 

7925. provides 120 Megabytes of 
data st ora so. Designed for com- 
patibility wuh HP-3000 computer 
svstems. it is readily adapted to 
the equipment of other manu- 

^Newtst member of the HP 

tomilv of coniroUer-compatible 
disc memories, u is a 7 1 ?"% l . 1 ? p e 
fastest disc memories of its t>pe. 
Average random seek time, tne 
commonest measure ot : disc 
memot, speed, is 2= milliseconds 

Data transfer rate is ..500,000 
bits or 937.500 bytes, per second- 
Hewlett-Packard, King Sn-eet 
Lane, Winnersh. Wokingham. 
Berks. RG11 5AR. Wokingham 
7S4774. 


WHERE SECURE survey stations 
have had to be established during 
a land survey, the usual practice 
for many years has been to 
excavate a deep hole, pour in 
concrete, then drive a steel rod 
through the still wet concrete and 
leave to set. 

Designed to do the job wiin- 
out disturbance to soil and effect- 
ing complete installation within 
20 minutes is an earth anchor 
from Earth Anchors of Thornton 
Heath. Surrey. 

Called the Rnolfast Survej 
Anchor it comprises a steel or 
aluminium tube 2 ins outside 
diameter into which :* pointed 
east driving head is fitted. During 
driving, four stool bars are 
housed in the head and when the 
full depth has been reached a 
ramrod is used to operate the 
internal mechanism which force* 
the bars outward on a semi- 
circular path to form the flukes 
of the anchor 

Standard anchors are »ne metre 
long, ready for installation by 
manual or power driving ana 
supplied with necessary tools-. 
Extension connectors and spare 
tubes for deeper setting in sort 
ground, and cast bronze plates, 
are also available. 

Head assemblies can he 6 “P' 
plied separately for assembly 
into locally obtained tube an< ^. a 
dimpling tool is provided for this 
purpose. This is also used for 
supporting the anchor while tne 
flukes are being extended. 
Further on 01-684 9601. 


steel mill. South Wales. 

Two one-ton geared hubs nau 
to be fitted to opposite ends of 
a three-ton shaft, seven It long 
and 19 ins diameter. Normally. 
WigBlesworihs use heat expan- 
sion to fit the hubs, but did not 
have sufficiently large heating 
equipment for this job. 

EOC experts were called in lo 
ill rink-fit the components using 
liquid nitrogen. With an evapo- 
ration temperature of minus inn 
degrees C. nitrogen is an 
extremely fast cooling agent. It 
was used to fit the components 
together by immersing and 
shrinking the inner one. instead 
of heating and expanding the 
outer component. 

Among the advantages offered 
by shrink-fitting over healing are 
elimination of risk of distortion 
and it is a quicker and safer 
method of fitting components. 

BOC. Hammersmith House, 
London W6 9DX. 01 743 2020. 


• PROCESSES 

Easier fit 
when it is 
cold 


BOC ENGINEERS have used 
liquid nilrogen recently in com- 
plete an assembly loo large to 
fit by lhe normal method 
employed at F. Wlggleswon# 
and Co., Shipley. Yorks. 

W'igglesworlhs had becn con 
traded by Davy Loewv to con 
struci u limited endfloat. EUote. 
gear coupling assembly capable 
of transmitting 32.500 hp at 
100 rpm. It was destined tor ine 
Erymbo heavy bar and billet 


Two day Conference 
Thursday, Friday 22, 23 June, 
1978 


Personal 
Computers 
in Business 


Emphasising the importance of 
computers for the small busi- 
ness 


Presented as part of 
The Do-it-yourself 
Computer Show 

22/24 June. West Centre 
Hotel, London 
Three Day Exhibition 
Two Day Business Conference 
One Day Conference, 
Computing in the Homo 
For full details contact 

Online Conferences 

Cleveland Road. Uxbridge, 
Telephone (0895) 39262 


Overcomes a knotty problem 

will unite the two em 



FOR ROLL-FORMED 
STAINLESS STEEL 
SECTIONS r 

Ashford Kent. tei 023^ -3 . 


MOST YARNS are produced on 
steall packages and “tun 
jSjwouncL At this stage they are 
"cleared” aod faults such as 
weak, parts or slubs are. »®ovud 
by sensing the yarn .and cuttinR 
■it when a fault is detect - 
Normally the yarn is simply cut 
and then the two ends knotted 
together after the fault has becn 


removed.^ carpct trade a knot 

represents a serious fault, as it 
will not pass easily through the 
eye of a needle in, say. a 
machine. Now being introduced 
is a unit which will splice the 
l wo ends of a spun carpet yarn 
without any knotting. This is 
an air-entanglement splice that 


will unite the two ends without 
., i; no i and with only a very small 
increase in total yarn diameter. 

The new system is to be 
annlied :,s an optional extra on 
the vuti'coner of W. Schlafhorsr 
and Co.. Germany (British agent: 
B l Engineering. 5 Acres Lane, 
ctaivhridse. Cheshire SK15 SLY. 
Tel. 061 503 8381). 


In future it will he possible to 


purchase ’the automatic cone 
winder with cither conventional 


knotting or with a splicer which 
will be somewhat more expen- 
sive than the knottor hut which 
will have very obvious appeal to 
carpet manufacturers who wish 
to avoid knots in their supply- 
packages of pile yam. 


slectricaSwire&cable? 

■jtom 


•NO MINIMUM 
LENGTH 


•NO MINIMUM 

ORDER _ 

TTiousand^typ^^^* 0 2L /-* 

LONDON 01-561 SffS ABEBDEENW.4)32355/2 
MANCHESTER 061 *872*491 5 











I- 


LOMBARD 


Regions across 


Why Scottish traders are 


Financial Times Friday' fiine 9 1978- 


T t — ** 

IK 


BY RAY PERMAN 


BY COLIN JONES 

IT IS now 12 years since the 
present pattern of assisted areas 
was established and six years 
since the present range of 
regional investment incentives 
was introduced. Vet. apart from 
some pioneering studies by 
Messrs. Moore and Rhodes of 
the Department of Applied 
Economics at Cambridge, there 
has been precious little attempt 
during this period, either within 
Whitehall or elsewhere, to assess 
the effectiveness of policy. 

The main focus of criticism, 
now that the regional employ- 
ment premium has been 
abolished, is the regional de- 
velopment grant. These are 
being paid out at the rate of more 
than £400zn a year, and account 
for two-lbirds of the Govern- 
ment's outlay in direct regional 
aids. The grant system has been 
attacked both by the Public 
Accounts Committee — which had 
a lot of fun not so long ago 
criticising the fact that so much 
was being paid to oil terminals 
in Scotland which would employ 
relatively few people and which 
would have gone there anyway — 
and more recently, and more dis- 
creetly: bv the European Com- 
mission in Brussels. 


Selectivity 


The point that principally wor- 
ries both the PAC and the Com- 
mission is the automaticity oF 
grant payments. There is no 
systematic assessment of the 
benefits that aided investments 
might be expected to bring. There 
is no minimum threshold in 
terms of the number of new jobs 
which projects must create. And 
there is no “cost per job" limit 
similar to that applied to selec- 
tive regional assistance granted 
under s.7 of the 1972 Industry 
Act. The official line is that the 
grant scheme must be simple, 
assured and predictable if it is to 
succeed. Selectivity would raise 
awkward problems of equity and 
it might reduce the relative 
attractiveness of reelonal aids to 
footloose foreign investors. It is 
true that a selective approach 
would be more labour-intensive 
and thus costlier, but these argu- 
ments seem to smack more of 
administrative convenience than 
concern for public economy. 

It is interesting in this context 
to see how France and West 
riermanv. our two most compar- 
able EEC neighbours, approach 
these issues. Their regional 
problems may be somewhat dif- 
ferent in origin and nature. We 
are largely trying to promote the 
renewal of older, declining 
industrial areas, while they are 
trying to promote industrial 
employment in predominantly 
rural or border areas. But they. 


too. now have problems of indus- 
trial renewal in the Saar. Alsace, 
Lorraine and North East France.! 
And their assisted areas embrace 
almost as large a proportion of 1 
the national population as here. 

yet neither the extensiveness; 
of the assisted areas nor. in : 
Germany, the federal structure of 
government inhibits either coun- 
try from pursuing an extremely 
selective and either wholly (in 
France! or largely (Germany) 
discretionary approach to 
regional incentives. Even the 
various tax concessions, such as 
accelerated depreciation and the 
temporary exemption from local 
rates, which are available in 
certain parts of France are not 
granted automatically. Tax 
reliefs, like the regional develop- 
ment gram and the various other 
Joans or grants on offer in dif- 
ferent areas, will be granted only 
if a project fits in with official 
regional development priorities. 

Nor is this all. For regional 
policy purposes, France is 
divided into four zones. The 
priority zone (Zone A) is further 
suh-divided into three and. addi- 
tionally. certain areas are classi- 
fied as predominantly rural, 
mountain economy, or large pro- 
ject areas. The radge of 
incentives and their amount vary 
by zone and area. To qualify 
for regional development grant, 
available only in Zone A. and to 
obtain tax reliefs, a project must 
create a certain minimum num- 
ber of jobs (which vary by area 
and according to whether the 
project is a hew venture or an 
expansion). In addition, the 1 
regional development grant 
(na>d at the rate of 12 per cent 
17 per cent, or 25 oer cent) must 
not exceed a certain rate (FT 
12.000 to FF 25.0001 per iob 
created. One could add. too. that 
it is taxable. 

Designation 

The Germans do not go as far. 
But what is instructive there is 
the concentration upon a series 
of key locations ( or growth 
centres) and the systematic wav 
in which these are selected on 
the basis of a weighted formula 
using three Factors — employ- 
ment deficit, averaee incomes, 
and level of infrastructure. This 
heavily statistical approach to 
the dcsignntion of key locations 
niav he noon t" criticism. But it 
mak**s it ea« J er to assess the 
results of pnl’pv and to dp- 
schedule successful growth 
rpntres. During thp past 12 year* 
Britain’s assisted and nnn- 
assisted areas have ext'eripneed 
varying fortunes. But the down- 
grading to intprm^diate area 
status or th® Abcrdppn a rra and 
parts of North . Yo’-kshre last 
April were the first such chanses 
in desipnrrtJ"" to have taken 
place since 


FIFTY ENTERPRISING Scot- 
tish businessmen and women, 
many from small companies 
which have never before 
exported, are taking part this 
week in a trade mission to 
forge stronger links with one 
of Britain's closest neighbours 

In a hotel in Torshavn, 
capital of the Faroe Islands — 
midway between the Scottish 
coast and Iceland — they are 
persuading islanders to buy 
more from the UK in an attempt 
to offset the large trade deficit 
we are currently running with 
the group. 

The venture is part of an 
initiative by Scottish Road 
Services, the North-of-the-Border 
branch of the nationalised road 
freight corporation, which 
began a trial roll-on roll-off ser- 
vice between Torshavn and 
Scrabster, in Caithness, last 
summer using the ferry 
operated weekly by the Faroese 
shipping company. Strandfara- 
skip Landsins. 

Three 40 feet refrigerated 
vans were transported to and 
from the islands each week 
carrying fresh vegetables, other 
foodstuffs, machinery and elec- 
trical goods on the outward 
journeys, and fish and fishmeal 
— virtually the Faroes' only 
export— -on the return trips. 

Drivers from SRS took two- 
week tours of duty in the 


islands to deliver imported 
goods. 

In the 16-week season some 
£3m of goods were sold to the 
Faroes from Britain. But there 
is still a long way to go to 
make up the imbalance in 
trade. Last*- year, Britain 
bought more than £9rn worth 
of Faroese fish and fish pro- 
ducts. 

Yet the islanders seem to be 
enthusiastic to' buy British 
products. The fall in the value 
of sterling over recent years 
has made UK goods competi- 
tive with those from Denmark 
and other Scandinavian coun- 
tries and the Faroese economy 
is buoyant. - 

In 1977 the islands reduced 
their trade deficit with Den- 
mark by three-quarters, from 
£ 16 m to £4m, and a recent 
article in the Danish daily 
newspaper Berhngske Tidende, 
commented approvingly on the 
improvement in Faroese pros- 
pects compared to the 
deterioration in the payments 
position of the mother State. 

A 7 per cent increase in fish 
prices, coupled with a good 
season which produced catches 
18 per cent up on 1976. pushed 
up the value of Faroese ex- 
ports by 34 per cent Imports, 
on the other hand, rose by 
only 14 per cent. 

Wages and salaries in the 
islands went up by between 16 





THE FAROES 

and 22 per cent, with the 
highest increases going to 
fishermen. A cut in income tax 
by the Logting, the semi- 
autonomous island parliament, 
meant that real disposable 
incomes also went up during 
the year by as much as 20 per 
cent for many families. 

So the Scottish trade mission 
has timed its arrival well. .Mr. 
Len Small, managing director 
of SRS, believes that trade 
from Britain this year could be 
increased to £5m or £6m. His 
company has invested £60,000 
In the venture. 

The first ferry from Scrabster 
this season carried four 
vehicles and later trips will 
carry five or six. 

The market is large. 
Although the damp Faroese 
climate makes the islands lush 
and they can produce some 
vegetables and mutton for 
home consumption, most food 
has to be imported. There is 
also little industry apart from 


fish processing and boat-build- 
ing, so with a population of 
40,000 the annual import bill, 
amounts to some £4Q0m. 

But the demand- goes further 
than manufactured- goods. A 
consortium of British building 
companies was also in Torshavn 
this week talking to the Faroese 
Government about harbour work 
and other civil engineering con- 
tracts which could eventually 
be worth £20m to £30m_ 

Expanding British trade with 
the Faroes would almost cer- 
tainly be at the expense of- the 
islands* present purchases from 
Denmark, but Mr. Axel Mortem 
sen, British Consul in Torshavn, 
believes it can be done without 
resentment on the part of the 
Danes. Faroese autonomy .on 
economic issues is well' estab- 
lished and the- Logting has 
amply demonstrated its ability 
to go its own way. 

One example of this was the 
decision not; to join the ESC 
with Denmark, and to' -follow 
very strict and careful cohser- 
vation policies within its own 
200-mile fishing limit; Denmark 
contributes some' subsidies, 
notably half the cost of educa- 
tion and. social services, but the 
Logting is responsible for 
raising all taxes and customs 
duties and for most of . the 
public expenditure. 

The islands* obvious pros- 
perity contrasts starkly ' with 


that of similar communities 
Sound Scotland and S™, a tong 
way to explaining <*hy their 
population is rising while that 
of many other groups in the 

north is falling. • 

Housing in the two* .and 

villages is of a bU* 

and new homes- — which can 

.cost between 

—are large and comfortable by 
British standards. New cars, 
some British but mostly Scan- 
dinavian or Japanese- are. 
everywhere and, although prices 
are high, the Faroese seem well 
able to afford the wide range 
of luxury goods in the Torshavn 

shops. . 

Many of the mountain roads 
traversing the larger islands 
are being rebuilt and the air- 
port is modern and well 
equipped. There are also new 
ferries to link the 18 islands in 
the archipelago and a new 
bridge spans the narrow channel 
between the two largest, 
Eysturoy and Streymoy. . 

SRS gains from the trade both 
by making profits on its -opera- 
tion in the Faroes and by in- 
creasing the freight carried by 
the rest of its haulage network. 
Mr. Small hopes that the service 
can be extended beyond the 
summer season, although this 
would mean find i n g another 
ferry, since the present vessel is 
needed for inter-island work 
during the winter. 



THE 

AR0ES 


Atlantic. 

Ocean 


.SeotfewL 


There is also a plan to uso&i 
Faroes as the centre of a NortI 
Atlantic trade triangle, iinXfci 
Iceland and Norway with Scot 
land. But that would be ontsidi 
SRS’s remit 

The Scottish firms hope "i 
sell a wide range of products 'h 
the islanders, but there. Is & 
scope for direct sales of S6o\ 
land's most famous export^ 
whisky. Faroese must pay tUei 
taxes before they are p&mizto 
to buy spirits and even the 
they are limited, to a marinunt 
36 bottles a year, which mos 
be ordered from Denmark. 


Fool’s Mate can complete a 
double for Cecil-Mercer team 


ENTERTAINMENT GLIDE 


A YEAR AGO Henry Cecil and 
joe Mercer took the Sanyo 
Handicap (now the Northern 
Dancer Stakes) with Amboise 
and it will be interesting to see 
jf Fool’s Mate can do the trick 
I for them this time. 

! There are good grounds for 
expecting a bold showing from 


RACING 

BY DOMINIC WIGAN 


this seven-year-old gelding. The 
five-length runner-up to Classic 
: Example in Newmarket’s Jockey 
Club Stakes ou his second 
appearance this season, Fool’s 
Mate has since run well over a 
[distance beyond his optimum in 
the Yorkshire Cup. 

But for the fact that he failed 
to last out the final two furlongs 
on the Knavesmire, he would 
have given Smuggler a difficult 
race'. 

Over today's one-and-a-half- 
: mile distance on what seems sure 


to be a reasonably fast surface. 
Fool’s Mate may well have the 
class to account for Sailclotli, 
who looked as though he would 
benefit from the outing when 
fading to finish fourth in Kemp- 
ton’s Ultramar Jubilee Handicap. 

There was a great deal w like 
about the performance put up 
by Shirley Heights’ juvenile 
stable companion. Cannon King, 
on . his debut at Goodwood 
recently. There ’ the Owen 
Anthony bay was hot given an 
unnecessarily hard introduction 
when it became, clear that he 
could not catch Tribal Warrior 
in a newcomers race. 

Sure to be. all the better for 
that experience, .Willie Carson's 
mount could be the one to beat 
in tbe Edmonton Games Auction 
Stakes. 

Two other likely -winners for 
Carson, who is trying to wrestle 
the jockey's championship from 
Pat Eddery, are Ginn on King’s 
stablemate, Easymede, among 
the runners for the-opener, the 
Maple Leaf Stakes, and Chard’s 
Gamble, who goes, for the Sun 
Life of Canada Stakes. 


EPSOM 
2.00 — Easymede 
2.35— Chad's Gamble*'* 
3J0~ Fool’s Mate** 

3.40— Song of Songs 
4.15— Cannon King* 

4.50— MecarUlo 

It was on the corresponding 
day last year that Chad's Gamble 
justified some substantial bets 
in the Maple Leaf, then the 
Caterham Maiden Stakes. 

Darwin’s trip 
re-enacted 

A REPLICA of tbe sailing ship 
the Beagle returns to England 
today after a voyage which re- 
enacted the journey made by 
Charles Darwin during which he 
evolved many of his theories of 
evolution. 

BBC television chartered the 
ship for tbe voyage, around 
Brazil, Patagonia. Tlerra del 
Fuego and the Galapagos Islands, 
for a series they are makiDg 
about Darwin. 


CC — These theatres accept certain credit 
cards by telephone or at the box office. 

OPERA & BALLET 

COLISEUM. Credit cards. 01 -ZAO SZ58. 
Reservations 01-030 3161. Last Parts. 

STUTTGART BALLET 
Ton't. 7.30. Tom or. 3 & 7-30 Ebb Tide. 
Carmen, 96 bitconv seats always available 
from to am day of pert. June TJ to 24: 
LONDON FESTIVAL BALLET. 13 to 18. 
Lea Srlphn.es. Urneiung l new proonr: 
Scheherazade. 

CO VC NT GARDEN. "cc! ZAO 1086. 
IGardencharge credit cards 836 69031. 

THE ROtAL OKRA 
Tonight 7-30: Ripoletto l Kraus replaces 
Dom nge). Tom or. 7-30: Madam Buttar- 
lly. Mon. next 6 . 00 : Tristan uod Isolde. 
Tuts- neat 7.30; Fabtaft. 6 S AmoSP 
seats avail, (or all peris, from 10 . a.in. 

r£n:.*'perUnaiiTei. bkgs. tor July Ballet 
opens July 1 and not June 1 . 

GLYNDEdOURNE FESTIVAL OPERA. 
Until Aug. 7 Witt, the London Phil- 
harmonic Orchestra. Tonight. Sun. .and 
Thur. next at 5.30: Die Jtojberflot*. 
Tomor. and Wed. next at S.30: Deo 
Giovanni. Possible returns only. Box office 
Glvndebourne Lewes. E- Sussex (0273 
81 2*1 1 1 ). 

SADLER'S WELLS THEATRE. Woseberr 

S.. " J ™- 

ar via. sis: 'sa’gyssfc!* 
V.-KWi &niS-<ir " 


THEATRES 

GLOBE THEATRE. _ 01-437 ISM. 

BE5‘L TtUO I MOC eS^Pe 

BENJAMIN WHITROW fiT -• 

ALAN A 1& K mAES TAfijr C ° r "* dT 


THEATRES 


■This must be the happiw 
maker In London.” d T^l. 
iolv enjoyable evenings. Sin 


“An lrresist- 
Suodav Times. 



t Indicates programme in 
black and white. 

BBC 1 

6.49-7.55 am Open University. 
10.45 You and Me. 11.05 For 
Schools. Colleges. IJ30 pm How 
Do You Do? 1.45 News. 2.05 For 
Schools, Colleges. 3.20 Tsiihl’r 
Tir. 3.53 Regional News for Eng- 
land (except London). 3,55 Play 
School tas BBC 2 11.00 am). 4J20 


Scooby Doo. 4-40 Playhouse. 5.05 
Horses Galore. 5.35 Roobarb. 
5.40 News. 

5.55 Nationwide (London and 
South-East). 

6.20 Nationwide. 

640 World Cup Report 

7.25 The Wonderful World of 
Disney. 

8J0 Elvis in Concert recorded 
in 1977. 

9.00 News. 

9.25 Kojak. 


F.T. CROSSWORD PUZZLE No. 3.688 



ACROSS 

1 Youth lias to skin fish (9) 

6 Stop in thoroughfare lo get 
everything (5) 

9 It could he nice having gas 
installed inside a recess (5) 

10 Bird and sailor out to frolic 
(4, 5 1 

11 Rodent getting cold in China 
DO) 

12 Caught by police in scrape (4) 

14 Gratuity in post or it may be 
salary (7) 

15 Doctor, 1 wager about a pound, 
needs a drop (7) 

17 Reclaim mixture? That's a 
wonder! (7) 

19 A French knot to loosen (7) 

20 Hoax Oriental in cipher (4) 

22 Photographs a young lady and 

is offended (5. 5t 

25 Member is tardy to make laws 
(9) 

26 Fierce beast to touch and 
hesitate (5) 

27 Heeded memorandum to 
deputy-leader (5) 

28 Mixture of tine gas is becom- 
ing less intense (6, 3) 

DOWN 

1 Child in charge of sound f5) 

2 One who adjusts apparatus to 
change current (9) 

3 Foresight caught one in im- 
pressive bearing (10) 

4 Shortly I will turn from bad 
influence (3, 4) 


5 Mutilated fish lost blood (7) 

6 False leg from the south (4) 

7 Simmering with a sore spot 
(5, 

$ Untimely timekeeper on night- 
shift? (4, 5) 

13 Food consumed round head 
of river could depress ( 10 ) 

14 Lion conies to make the point 
<9> 

16 Doing nothing but losing one's 
grip (7, 2) 

18 Issue eastern chap a note 47) 

19 To utilise a smaller amount 
could be ineffectual (7) 

21 Figure to approve of collo- 
quially (5) 

23 Shoots up a line in a letter 

(5) - 

24 Employed you and me on 
short edition (4> 

SOLUTION TO PUZZLE 
No. 3.CJS7 


Ef3E!3!3Ei EEDEnGHC; 
e Q s a n h 

HECBGEK .;BElHEaHS5 
n Q ® o Sr. n m . a 

ranras eeshbshsejs 
a e nsu e m 

BEnEE&EBBsnnn 
H H C3 FT) 

S- • SS -E • R- E E n 
HffinEKjEnHHQ HCHB 

3 c s m d s 

Cl CSGDHS EaciHEllB 

n n "0 s 

EaSB5)@BB'-BE3EU!=^B! 


10.15 Tonight (London and 
South-East). 

10.45 Regional News. 

10.46 The Late Film: “Run A 
Crooked Mile " starring 
Louis Jourdan and Mary 
Tyler Moore. 

All Regions as BBC 1 except at 
the following times: — 

Wales — 1.30-1.4S pm O Dan Y 
Mor. 5.55-620 Wales Today. 10.15 
Kane on Friday. 10.45-10.46 News 
for Wales. 

Scotland — 5.55-6J0 pm Report- 
ing Scotland. 10.15 The Beech- 
grove Garden. 10.45-10.46 News 
for Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.5S- 
620 Scene Around Six. 10.15 
Gallery. 10.45-10.46 News for 
Northern Ireland. 

England — 5.55-620 pm Look 
East (Norwich): Look North 
(Leeds, Manchester. Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol): South 
Today (Southampton); Spotlight 
South West (Plymouth). 10.15- 
10.45 East (Norwich) On Camera; 
Midlands (Birmingham) Look, 
Heart; North (Leeds lifelines; 
North East (Newcastle) Friday 
North; North West (Manchester) 
The Gregs of Quarry Bank: South 
(Southampton) Cusden on Loca- 
tion; South West (Plymouth) 
Peninsula: West (Bristol) Tbe 
Showbiz Major. 

BBC 2 

6.40-7.55 am Oo^n University. 

11.00 Play School. 

4i5 Open University. 

7.00 News on 2 headlines. 

7.05 That's tbe Way the Money 
Goes. 

720 Newsday. 

8.15 The Money Programme: 
The New Squirearchy, 
farmland owned by Institu- 
tions. 


RADIO 1 

(S) Stereophonic broadcast 
54X1 am As Radio 2. 742 Pare Lee 
Travis. WOO Simon Bales. UL31 Paul 
Burnett Including 1240 pm Newnbeat. 2.00 
Tons Blackburn. 431 KM Jensen includ. 
Mg 5 JO INc-ith beat. TJO Tbe M ttlnlte 
Follies Orchestra iSi (joins Radio 2*. 
1002 John Peei (S*. 12JK-2JU am As 
Radio 3. 

VHF Radios 1 and 2-540 am Wim 
Radio 3 including ISS pm Good Listening. 
ULBO With Radio L 1240.242 am With 
Radio — 

2 1.500m and VHF 

5.00 am News Summary. 542 Ray 
Moore (Si with The Early Show including 
US Pause for Thought. 7J2 Terry Woua 
(S> including 047 Racing Bulletin and 
g-E Pause for Though:. 1042 Jhnnjy 
Young Live from Cairo 'Si. 12 J 0 pm 
Pete Mnrray's Open House (SI Including 
142 Motor Cycling mews of the Isle of 
Man TT Races' and Sports Desk. 
230 David Hamilton aSi Including Racing 
rrom Epsom and 2.C and 3J0 Sports 
Desk. 4 JO Waggoners' Walk. 445 Sports 
Desk. 4J0 John Dunn >Si Including 
545 Spans Desk and 6.02 Cross-Channel 
Moionog Information. 6-33 World Cup 
Sports Desk. 742 The Mldoltc Fades 
Orchestra and Sweet Submit me in Band 
Parade iSi i Deluding 7J9 Sports Desk. 
8.02 John Gregory conducts tbe BBC 
Radio Orchestra iS». 0.45 Friday Night 
Is Music Night iSi. 935 Sports Desk. 
1042 Free Spin. 1U30 Let s Co Larin with 
Dick Abell U42 Brian Matthew intro- 
duces Round Midnight including 1240 
News. 240-2.02 am News Summary. 

, RADIO 3 464m. Stereo & VHF 

t Medium Wave only 
36J5 am Weather. 740 News. 745 
Overture tSl. LOO News. 145 UoroiflC 


9.00 M. H. & 5p: Fivepenny 
Piece with Mike Harding. 

920 Inside Story. 

10.15 The Devil’s Crown. 

11.10 Lale News on 2. 

11.26 Tbe Sky ar Night. 

11.40 Music at Night with Mabel 
Mercer, part 2. 

BBC 2 Wales only — 7.05-7.30 pm 
Heddiw. II JO-1 1.45 That's tbe 
Way the Money Goes. 

9.30 am Schools Programmes. 
12.00 A Handful of Songs. 12.10 pm 
Stepping Stones. 12.30 News plus 
FT index. 12.55 Help! LOO The 
Better Sex 1.30 Beryl's Lot 2.00 
Money -Go- Round. 2.25 Racing 
from Epsom. 4.00 Golden Hill. 
4 JtO Magpie. 5.15 EnUnerdaie 
Farm. 

LONDON 

5.45 News. 

6.00 Thames at 6. 

6.35 Crossroads. 

7.00 Winner Takes All. 

7 A0 The Pink Medicine Show. 

8.00 The Liberace Show. 

9.00 People Like Us. 

10.00 News. 

10.30 *' Helter Skelter," (part 2). 

12.20 am George Hamilton IV. 

12.50 Close — Music by Beethoven 
and a painting by Rem- 
brandt 

All ERA Regions as London 
except at the following times: — 

ANGLIA 

12J5 pm AnjtUa News. S45 Chatterbox. 
M0 About Anglia, 12.45 am Your Ma^jc 
at NiKbL 

ATV 

1240 p.m. ATV NewsdesV U0 Today's 
People. 505 Mr. and Mr*. 640 ATV 
Today. 

BORDER 

tlZSB pm Border New* 535 The 
Partridge Family. 640 Lookarorod Fri- 
day. tiZJO am Border News Summary. 

channel 

US pm Channel Lunchtime News and 
What's On Where. 648 Repan at Six. 
184S Channel Late News. UJ5 am News 
and Weather la French. 


GRAMPIAN 

1-ZJ ant l-irsi Hues. 1245 pm Gnun- 
plan Nr*« H"iSJIn.:s. MO Grampian 
Todjv 7.00 The- lime ns I tiers: Ralph 
McTt-H. 12.20 am Reflections. 1125 
Grampian L.-te Night Headlines. 


GRANADA 


1150 pm This is Your Right. L30 The 
Ainazibg 'A'orW of Kr.-sklo. 510 What's 

«?«■*. 5JS Crossroads 6.00 Granada 
Report!. 6 J 0 Ur. aod Mrs. tl24S am 
Judy Sings iJodv Garland). 

HTV 

1158 pm Report West Headlines. 1155 
Report Wales Headlines. 138 .Andy's 
Party, loo Women Only. 5J5 The 
Undersea Adventures of Captain Nemo, i 
5.28 Crossroads. 643 Report West. 6.15 
Report Wales. 630 Kmmerdale Farm. 

HTV Cymru /Wales — As RTV General 
Service except; 1150-1245 pm Peoawdau 
NcMryddio/t y Dydd. 4.00-430 Camau 
Cam a mil. 6.0V62S Y Dydd. 

HTV West— As HTV General Service 
except. 1230-140 pm Report West Head- 
lines. 633638 Report WeSL 

SCOTTISH 

1150 pm News and Road Report. 140 
Oui o( Town. L3B Mr. and Mrs. 505 
Mini Musical. 540 Crossroads. 640 
S-.'iiland Today. 630 ErzzxserdaJe Farm, 
1115 am Laic Call. 

SOUTHERN 

12.59 pm Southern News. 138 Tbe 
E>'».trlc Theatre Show. 240 Women Only. 
500 Weekend. 5J» Crossroads. 6.00 Day 
by Day. 6.59 Siene SouLh East- 630 
Survival. 12.20 am Southern Nows Extra 

TYNE TEES 

*.25 am The Good Word followed bv 
North East News Headlines. 1238 pm 
North Eas* News and Look a round 133 
Oui of Town. 505 Mr. and Mrs. 640 
Northern Lite. 12.15 am Epilogue. 

ULSTER 

12.50 pm Lunchtime. 505 FUnuaones. 
640 Reports. 645 Police Six. 1235 am 
Bedtime. 

WESTWARD 

1247 pm Cus Honeytmn's Birthdays. 
1230 Westward News Headlines. 6.00 
Westward Diary and Sports Desk. 1838 
Westward Late News. 12 - 1 5 am Faith lor 
Lite. 

YORKSHIRE 

1230 pm Calendar News. 138 House- 
parly. 5.15 Out or Towa. 6.80 Calendar 
(Emlcy Moor and Belmont editions'. 


- THEATRES 

AD EL PH I THEATRE. CC 01-838 7871. 
£»9S. 7.30. Mate. Thtws. 3.0. Sats. 4.0. 

THE BEST MUSICAL 
OF 1978. 1977 and 1978 

■■ LONDON'S BEST NIGHT OUT." 

already"^ seen by over one 

MILLION HAPPY THEATREGOERS , 
CREDIT CARD BOOKINGS 836 7p1 1 

ALBERT. 836 3B78 Party Rato^ CrMit , 
card bkga. B36 1 971 .2 rrom 8.30 a. m.- 
8 . 3 D D.rn. Mon.. Tues.. Wed. and Fri. 
7.45 P.m. Thors, and Sat 4.30 and 8.00 
A THOUSAND TIMES WELCOME IS 
LIONEL BART'S „ 

MIRACULOUS MUSICAL Fin. Times. 
OLIVER 

with BOL HUDD and 

CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." D aily Mirror. 

ALDWYCH. 836 6404. Info. *36 5532. 
Theatre fully Sir condition. ROYAL 
SHAKESPEARE COMPANY m repertoire. 
Ton't. 7.30 C0RIOLANUS. The 
strongest cJearen and most consistent 
Shakespeare l have seen anywhere for 
years." S. Times- With: From 1 3 June 
Strindberg'S THE DANCE OF DEATH. 
RSC also at THE WAREHOUSE tsee 
under W> and at The Piccadilly Theatre 
In Peter Nichols's PRIVATES ON 

PARA'PE, 


ALMOST FREE- 4BS 6224. ■■ One On ' ' 

by Bob WUson. Tnes.*Sat. 1.15 p.m.. 
Suns. 3.00 & 5.00 p m. No show Maos . 

AMBASSADORS. .. 01-836 17)1. 

Nightly at 8.00. Mat. Wed. 2.45. i 
PATRICK CARGILL and TONY ANHOLTI 
In SLEUTH I 

Tbe WoHd-ramous Thriller I 

by ANTHONY SHAFFER I 

■■ Seeing the olay aoaln Is In fact an 
utler and total loy." Punch. Seat Prices 
£ 2.00 to £4-40. Dinner and Top- Price 
Seat £7. SO. 

APOLLO. 01-437 2663. E renin os 8.00. 
Mats. Thors. 3.00. Sat. 5.00 and 8 . 00 . 
DONALD SINDEN 
" Actor .1 far rerr " E«. Standard. 

- IS SUPERB.'' N.o.W- 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
“ Wickedly funny.” Times. 

ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

'• Hilarious ... see It." Sunday Times. 
Monday Co Thursday 8.30. Friday and 
Saturday at 7.00 and 9.15. 

ASTORIA THEATRE. Charing X Rd. iw.th 
fully licensed Restaurant). 01-734 4291. 
Nearest .u&e Tottenham Court Rd. Mon.- 
Thirrs. 8.00 p.m Frl 6 Sat 6 00 & 8.4S 
Instant crn^^cjrd booking. 

” Infectious, appealing, loot- stomping and 
heart-thumping^" Observer 

Seat prices £l.50-£5.50. Dinner- top-price 
seat £8.50. Half-hour before show any 
available i op- price tickets £2 50 Men.. 


CAMBRIDGE. 836 6056. Mon. to Thun. 
8.00. Friday. Saturday. 5.4S and 8.30 

_ I Pi TOMB] 

Evening Black Atrlcxn Musical. • 

'■ The girls are beautiful bare and 


GREENWICH THEATRE. 858 7755. 

Evenings 7.3a. Mats. Sus. -230 
THE A CHURCH LETTERS 
a play by Don Taylor 
Sura Kestelman is superb as Achurch 
. . . Julian Curry is a splendid Shaw.' FT. 
From June fJ THE BOLDEN CRADLE. 
Pla ys by Yeats Synge and Lady Gregory. 

HAY MARKET. 930 8832. 

Ev$. 8 . wed. 230, Sat. 4.30. 8 . 
INGRID BERGMAN 
WENDY HILLER J, 

DEREK DORIS ' . , 

GOOFkEY HARE. __ CUKA •• 

WATERS OF THE- MOON. 

Must definitely dose July 1. Box'offiqi 
now open for ouf new production.- PH 
July 4 and 

HARRY ANDREWS 
ELEANOR ■raEVCR; 

• BRON PEACOCK 

and IRENE HANDL In 
A FAMILY 

HCR MAJESTY'S. CC. 01-9*0 
Evenings B.ao. Mats. Wed. * Sat. 3.00, 
BRUCE FORSYTH 
In LESLIE BRICUSSE and - - 
ANTHONY NEWLEY'S . 
TRAVELLING MUSIC SHOW, 
with . Derek Gritfths 

Directed, hy BURT SHEVECX3VC . 

.'••If is packed to -bursting' -point wKh 
the personality and sheer: energy of Bruce 
Forsyth.”’ Sun. Express. The audience 
cheered. '' Sunday Telegraph. 

KING'S ROAD THEATRE 352 7488. 
Mon. to Thur*. g.o. fri. Sat. ">30. 9.30. 

. THE ROCKY HORROR SHOW 
NOW IN ITS Sth ROCKING YEAR- 
THE GREAT -ROCK *N‘ ROLL MUSICAL 

LONDON PALLADIUM. CC. 01-437 7373, 
Mon, Tues.. Thurs. and Fri. at 8 - Wed, 
and Sats at 6.10 and 8-50 
THE TWO RONNIES 
lo a Spectacular Comedy Rerue 
ALSO SPECIAL SUNDAY PER Fa. 
Sundays June 25 and JufY 16 at S A B. 
Special Booking Hotline 01-437 2055. 

LYRIC THEATRE. CC. 01-437 3688- 
E?. 8.0. Mat. Thur*. 3.0. Sat. 5.0 * B30 
JOAN PLOWRIGHT’ ’ 

COLIN BLAKELY 

F1L UMENA 

MAY FAIR. , CC. 629 3036 

Evgs. 8.00. Sat. 5.30 an«J 8.45 Lst. 2 
Wks. GORDON CHATER ‘ Brilliant. E.N. 
in THE ELOCUTION OF 
BENJAMIN FRANKLIN 
bv S.lcve J- flBWl. 

■■comgamlonate funny. Jercely eloaoerri 
play." Gdn. "Hilarious.” E. St<L "Wlckigly 
amusing." E. News “Spellbinding. ObA 

MERMAID. 248 7656. Restaurant Z48 
2B3S. wed. to Sat. a.30. Mats. Wed. 
Fri. and Sat. at 535. Last. week. 
TOM CONTI. JANE ASHER, 
WHOSE LIFE IS IT ANYWAY 
Transfer to SavBV Jane 13 
Aloe McCdwwi s 
ST. MARK’S GOSPEL 
(Sun. at 7.30 P.m. all seats sold) 
Prev. June 13- Opens Jane 14 
- , Subs. 7.30 and 9.15 

EVERY. GOOD BOY DESERVES FAVOUR 
A Piece lor Actors and Orchestra 
by TOM STOPPARD * ANDRE PREVIN 
Seats £4. £3. £2 

NATIONAL THEATRE. 928 22S2. 

OLIVIER (open stage): Ton’! and Tomor. 
7.00 (note earlv start) BRAND by Ibsen 
in a version by Geoffrey Hill. 
LYTTELTON (proscenium sage): Ton t 
735. Tomor. 3-00 and 7.45 PLENTY 
a new pfoy by D arid Hare. _ . 
COTTESLOE (small auditorium); Ton t 
8 00 . Tomor. 2.45 and B.O0. Last Perrs. 
of DON JUAN COMES BACK FROM 
THE WAR .by Horvath, trans. by 
Christopher Hampton. 

Manv excellent cheap seats ad 3 theatres 
day of- oerf. Car P ark. Rnst-urant 923 
2033. Credit card bkhL 92 B 3052. 
Air Conditioning. 

OLD VIC _ ® 2fl 7 ® 16 - 

INTERNATIONAL SEASON 
Thn l^attonal Turttlsh Flavors In 
Th* Tueklsh Ctogi bv Nccatl Cum *11 A 

mirtlSi eonwdvta English based on a 
TurtS classic. Todav at 2.30 & 7.30. 

PROSPECT AT THE OLO VIC _ 

A WHk 8 f Sundays June. IT-17. 

1 si a glair. JnMao Glover. Harold Innocent. 
D r'k JacnW J rSn Pnwe. p-iin.’lla Sc-I»«. 
Timothy west- Timothy West as Sydney 
Smith ln.5tr«h of Smiths. 

The Grind T oar 

O^rakJaroM ys Byron In _■ 

The Lunatic. The Lover A The Poet. 

npEN AIR. Reocnt’S Park. Tel 486 2431. 
° A MIDSUMMER NIGHT'S DR«M 
■v,s 7 it- Mats, wtd- Thurs 6 Sat. 

2 30 'wltfTRULA I ENSK A. IAIN TALBOT 

ELIZABETH ESTENOEN. DAVID 
WEWN. HELEN WEIR. ANTHONY 
SHARP. 


ROYALTY. Credit Cards. 01-40? ao& 
Moftoav-TbursODy evenings B.00. -Frtdt 
5. SO and 8.45. Saturdays 3. DO and BJh 
London critics vote . 

BILLY DANIELS to - 
BUBBLING BROWN 5UGAR 
Best Musical of 1977 
Bookings accepted. Malor . credit card 
Special reduced rote for matinees far- 


ROYAL COURT. 730 1745. Last 4 pert 
Tonight A Tomor. it 7 6 9 JO 
Lucinda Childs. Robert Wilson In " 

I WAS SITTING ON MY PATIO 
THIS GUY APPEARED I THOUGHT 
I WAS HALLUCINATING 
P reviews Irony 14 ■ June Flying Bfia 

by BUI Mormon. ■ ■ ■ 

SAVOY THEATRE. 01^636 88 ? 

Opening June 13. TOM CONTI In - 
WHOSE LIFE ;IS IT ANYWAY? ' . -> 
with JANE ASHER 

■ “ A- MOMENTOUS PLAY. I URGE YO • 1 

TO SEE-tT.” Gdn. . 1 Li 

Evs. at 8 . 0 . FrT. and Snt. S.45 and 84 . 1 

SHAFTESBURY. CC. 836 659 
5haRoatuirr Ave WC2 (High Hoi bum ep 
Evs. at 8 . 00 . Mat. Tues. and Sat. 3.0> 

JOHN REARDON and JOAN DiENER 
KISMET 

“A SMASH HIT. THIS MUSICAL HP 
EVERYTHING." S. Mirror. 


5KAW' THEATRE, . . 01-368 15» 

Preva. • Tontffht * Tomorrow 7.30. Ai 
SEATS '£1. Open Mon. at 7.00. Sub 

I’M TALK! ml%OUr JERUSALEM 


STRAND. 01-835 2860: Evenings B. 0 > 
Mat. Thors. .3.0. Saturdays 5JO and 8 <W 
' - ' NO SEX PLEASE— r* - 

-!-■ I .. -. YFE*RB BRITISH- 

THE WORLD’S GREATEST 
LAUGHTER MAKER - 
GOOD SEATS E4.00-E1.SO. _ 


ST. MARTINIS. CC- 836 1443. Evs. ■.« 
Matinee Tues. 2.45 Saturdays S and i 
- AGATHA CHRISTIE’S 

. -TMB- MOUSETRAP . . 
WORLD'S LONGEST RUN 


TALK OF THE TOWN. CC. 734. SOS' 
8.00. Dining. Dancing (Bars open 7.15 


o i 

l.N 


8.00. Dining. Dancing (Bars i 
* B JO Super Revue 
RAZZLE DAZZLE 
amt at 11 P-fn. 


VAUDEVILLE. 836 9688. CC. E«i. BJK 
MaL Toes. Z-4S. Sat, 5 and . 8 - 
Dinah SHERIDAN. Duldo GRAY 

""jr sssBiK ,a s. jssscS 0 " 

THE -NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
“RMnter Agatha with another vm 
dunnlt hit. Agatha Christie Is stalking tf 
West End yet again with another of lv 
fiendishly Ingenious muroer mysteries 
Felix Barker. Evening News- 
AIR-CONDITIONED THEATRE 

VICTORIA PALACE- _ , 

Book now- 828 4735-6. a 34 131 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE . 

Evgs. 7 30. Mats. Wed, and Sat, 2.45- 


WAREHOUSE. Domnar Theatre, Co»i 
Garden. -836 6808. Royal Shlkesoea: 
Company. Ton't. 7 30 David Rudkin 
THE SONS OP LIGHT. "Sheer noei 
Guardian. All seats £1.W 




WESTMINSTER. 01-834 011 

SENTENCED TO LIFE 
By MUGGERIDGE and THORNHILL 
■TRENCHANT HUMOUR." D. TeleWlP 
"SHARPLY TOPICAL." Financial Time 
■■Tremendous Imoact “ Now 


WHITEHALL. 01-930 6892-776' 

Evs. 8.30. Frl. and Sat. 6.45 and 9.01 
Paul Ravmonrf presents m» S"-»*tlon. 
Sex Revue of the Century 
DEEP THROAT 

doe to overwhelming mrhflc den W 


WINDMILL THEATRE. CC. 01-437 631 i 
Twice Nightly S.00 and 10.00 
Sunday; 6-00 and 8 . 00 . 

PAUL RAYMOND presents 
RIP OFF „ 

THE EROTIC EXPERIENCE OF THE ■ 
MODERN ERA 

"Takes to unprecedented limits What 1 
permissible on our sai"." Evg. New* 

3rd GREAT YEAR 

WXMdhai ws. ni.pjs yms Crcd* Can 
Bkus. 836 1 071-2 from 8.30 i."i. *; 
8.30 p.m. Mon. -Thurs. B. Frl. and Sw 
5.15 and 8.30 
-■ENORMOU5LY RICH 
VERY FUNNY." Eremru New*. 
Mary O'Myllav** jmHi hit Comedy 
ONCE A CATHOLIC 
"Supreme ccr-e-iy on sea and religion. 
Daflv THeorwh 
"M4K1« vniJ SHAKE WtTH 


yr-UNq vie i".. os* tH’ 

Preys, from Inn- je Fw 7 as Bar 

Jornon's BARTHOLOMEW FAIR. 


Concert iSi. 9^8 News. 1.05 This Week * 
Composer: Schumann <S>. <?_sc orcbestre 
PtulhannoDlque dc Dadio trance tSi. 
1X45 Young Artists' Rrcual rSl. UA 8 
Franz Saver Richter: To Domn lSl - 
1 L 1 I pm Halle Orebesira. pan I: Stnrrld- 
sky, Chaikovsky iSi LOO News. L85 
Playbill fS>. L 20 Halle Orc-stra, part 3: 
Dvorak «S». 2a5 Royal Repwroire: 

Music br Chaikovsky <Si. 4 A 5 The 
Yoons Idea iSi. J5A5 Homeward Bo and. 
16.05 News. 2600 Homeward Bound icon- 
ODued i. J 6 JB Lifelines: LcIrBTB *Dd 
Recreation. 730 BBC ScoiUsh Srtnphbnr 
Orchestra, part 1 : Wagner. MriideJssotia 
IS). 835 “ The Kiss." adapt juob of short 
story by Chekhov iSi. 835 Concert, 
part !: Beethoven iS>. v.ao joy Lined 
with Metal: Jon SIDcio reads his own 
poems. 9 AS Music of tbe i&’o* py Stra- 
vinsky. HindemUb iS>. in x Chanson 
Francaiaf; Tbe Hugs of Leo Ferre (Si. 
1830 Mosic Now. 1L35 ;;ews. U- 40 * 
1 LS 5 Tonight's Schubc-n Son;. 

Radio 3 VHF only— 4.00-7JH am, 5 jB- 
T.jO Pin Open University . 

RADIO 4 

434m, 330m, 283m and VHF 

6.19 am News. 637 Fanning Today- 
6 JS Up lo the Hour including Nitre head- 
lines, weather, papers, soon and. Prater 
for the Day. 7.80 N<*wf. tjj Today. 
7-35 Up to the Hour tcoanoKcdi loctad- 
Ing Thought for the Day. g.08 News. 
UO Today. IJS Yestorday in Partiament. 
9-80 News. 9-OS Local T<ni<- »JS A 
Bar tor « 0 thin K . U.go W.tH 

Checkpoint. UJ 8 Daily S'.-rvIre. 1^45 
Morning Story. ILOO Nous LLBS 
Analysis. U58 Letters irom Evi rywbere- 
12JW News. 12 JJ 2 pm Yg u and yours. 
12X7 Quote . . . Unquote iji, 12 J5 
Weaiber; programme litres i aa Tbe 
World at One. 138 The trehen. t** 
Woman's Hour tram Nnro^m Ireland 
including 2.862JB Netrs. £45 Listen 


with Mothi-r. 3.00 News. 3.85 Aliernoon 
Theatre 'Si. 4J0 News. <L05 nt« Magic 
Kingdom. 4JS Siory Time. SJ» PM 
Reports. 5.48 Enquire Wilkin. 5.H 
Weather: Drogrammc u-.'ws. 6 JH News. 
630 Going Places. 738 News. 7 J 8 The 
Archery. TJO Pick of the Week <Si. 
B33 TV Colonrful History of the Balkan 
Thrones. 838 Any Questions? 935 
Letter from America. 938 Kaleidoscope. 
939 Weather. 1IL00 Tbe World Tonight. 
1338 Week Ending . . . tSl. 1035 My 
Delight. U.OO A Book at Bedtime. 1135 
The Financial World Tonight. 1130 Today 
in FarUamL-ni. 1238 News. 

BBC Radio London 

206m and SRS VHF 

530 am Ai Radio 2 . 638 Rush Hour. 
9.80 London Live. 1233 pm Cali In. 
233 206 Showcase. 433 Home Ron. 430 
London Sports Desk. 635 Good Fish log. 
738 Look. Stop Listen. 7—0 Black Lon- 
doners. 830 Track Record. 1038 Late 
Nigh! London. 1230-Close: As Radio 2. 

London Broadcasting 

261m and 97.3 VHF 
5.00 am Morning Music. 630 AM; 
uon-Biop news, Information, travel, anon 
and review. 1830 Brian Haves Show. 
133 pm LBC Reports. 3JB George Gale's 
3 O'Clock Call. 430 LBC Reports l«n- 
tlnot-St. 8.00 After Elgfal with lan Gil- 
ehrlst. 9.00 Mghiltnc with Alan Nin. 
LOB am Night Extra with Hugh WtUiams. 

Capital Radio 

134m and 95.8 VHF 
6 . BO am Graham Dene's Breakfast Show 
rsi. 930 Michael Aspel (St. 1230 Dave 
Cash iSi. 3.00 pm Roger Seoft tS>. 730 
London Today tSK 730 Adrian Laws 
Open Line iSt. 9-08 Nu*y Home's Your 
Molher Wouldn’t Like II iSt. 1LBD Mike 
AUed’B Late Show iS». 238 am lan 
Davidson's London Link inlemailonnl tSi. 


CHICHESTER. 0243 81 31 2. 

Tonight June 10 . 12 and 14 at 7 . do 
THE INCONSTANT COUPLE 
June 10 at 2 , 00 . June 13 ai 7.00 

A WOMAN OF NO IMPORTANCE 

COMEDY THEATRE. 01-930 2578. 

For a ltd. •SSFTSSt^a?^ JU,T 18 
ST. MARK'S GOSPE1- 
" An unnarslleled tour de force." 5 Tms. 
Tues. to Sat. at B. 00 . Sun. at 4.*o. 


PHOENIX 01-836 2294. Evenings B. 1 S. 
Frida* and Sawrdav 6-00 and 6.40 
..Tiil RROOKl TAYLOR- GRAEME 




PfCCABUX-r, 4S7 4508. Credit Cere bkgs. 
KJ6T97t-3r 9.30 am^B.30 p.m. ■ 
6 vot 7 SOTsat 430 A B. Wed. itiats^XJ) 

TH^SSr^felroSs^PUiy^MeoY 


V bv Peter NlchoH . 

• • . PRIVATES ON PARA off . 

■■ Rlbroarlno -rtlimnh." S. Evnrets. .. • 
B£ST^rt3MEOV OF THE YEAR - 
Ev. 5 rd,*- Award and S.PJ.T. Award. 
.■TLH3.T AIR-CONDITIONED. . 

PRINCE EDWARD. CC. 01-437 6a77i 

Red. srlct prevs. June 12 . 13 and. 20. at 
SSr ^juSir 17 5.30 and 8.30. Opens 


CINEMAS 

ABC 1 & 2 . SHAFTESBURY AV 836 8881 
Sep. Peris. ALL SEATS SKBLE. 

1: GRAY LADY SOWN <Ai. Wk. 4 Sun: 
2.00. 5.20 8.20 Mast 6 days'. 

2: THE GOODBYE GIRL iai. Wk. 4 
Sum 2.00. 5 . 10 . 8 . 10 . ^ 

CAMDEN PLAZA inoo. Camden Torra 
158?' *^55 2443. Brlgltle Fowl In LB 
• ENF AN1J DU PLACARD 'AAI. SO^ 
7.BD ».OS. .FINAL WEEK. MUST ENO 

jj-jvr 1 ^ — 

CLASSIC 1 . 2 . 3. 4. Oxford 5 irret <DlW- 
Tottenham COort fid tutiei. 636 > WW* 

!- Alan Bates. Susannah York. -’7?* 
SHOUT <AAI. . progs.. 230. 4. IS. 6A0. 
'■B3S. I Late show 11 p.m.L . . :. 




criterion. Credit Cards. 930 3216. 
Evenings 8.0. Sats. 5.30, 8.30. Thurs. 3.0 

^ uw ifsiji 

• VERY FUN NY’’ Sun. Tel. 


DRURY LANE. 01-836 8108. Ererv 
night 8 . 00 . MMInre Wed. and Sat. 3.oa 
„ „ A CHORUS, LINE 

A rare dreasratfna. Joroin astonish fno 
Stunwnc^- Sunday Ti me,. 

DUCHESS. 836 8243. _ futon, to Thurs 

Evenings 8.0 O. Fri.. Sat 6.1 S and 9.00. 
OH! CALCUTTA! 

The Neditv Is stunning Dally Tol 
Mb Sensational Year. 

DUKE OF YORK'S. 01-B36 Si 22 

Even, nos 8.00 Mat Wed.. S«. 3.oo' 
JOHN GIELGUD ' 

■n Julian Mlrehell's 
_ . HALF-LIFE 

A NATIONAL THEATRE PROOUCT1Q*, 
Brilliantly v» llhr - • - no one Should 

»nlv« It." Harold H«bsnn IQnni). Instant 
credit card reservations. Dinner and 
ton- mire seat £7-00. 

FORTUNE. 836 2238. Evs 8.00. Thurs 3 
Sat. 3.00 and 8.00. 

A^A«C&^S ARPLB *" 
HORDE" AT THE VICARAGE 

33UM Scat Yfar 

GARRICK THEATRE. CC. 01-838 6404 
E»S. B.O. Mat. Wed. 3.0. Sat sSo jjn 

Timoth y west, gemma jdnes, 
.n% C A H a U L 0 K ^S-g 

"BRILL, rxcfL 
LENtLY ACTED PRODUCTION " 1) Tri 
"AN INEXHAUSTIBLY RICH WORK 
Gdn. - NOT TO BE hHKD;" Tlm«*. 


PRINCE W Wfl- , CC. 01-93 0 8681 . 

Mond w ni r gS8’&VftP- s * tonaYS 

LONDON AND, BROADWAY’S , 
-tanins.. ROBIN ASK WITH -■ 

“ ALLJUST. good clean fun.-* 

^ Daffv EJrpresa. 


QUEEN'S THEATRE. _«L . 01-734 1166.- 

»^hK! t i^so^ DR,DGE 

-• ..-In Alan Bmwtr'a. . ■ . . 

- THE OLD COUNTRY- ■ 

•R*cr- PLAY OF- THE - YEAR. 

Plays aS WWOT Lb W mi Crrncs Award. I 


s88L-ar“ : 

EROTICA • , ] 

-•■•'•.PWl^aK^rjTIbnnl -. ~ • , .| 


'UCjfix! TEXAS .CHAIN SAW MASSAfa* 

3. Walt Disney's JUNGLE BOOK . ftP-' 
-YfAHOO BOBCAT iUi. Progs. 1.30.' 3 45. 

6.00; B JO. Late snow 1 1 p.m. Wart*" 
- Beatty, Jwlc Christie SHAMPOO fXt. , . 
"4L BnrtolnccTs 1900 Part 1 
2.18. S.15. 8. 15. Lain show 11.15 1 W 

Pkrt 2 tXi. 


CURKON. Curzon Street. W.l. 499,3737; 
PARDON MON AFFAIRE 0(1. lEraffdf 
Sub- titles*. Progs, at . 1-50 tnot SiiJJ. 
3.55, 6.7Q and .. 8-30. LAST 6 DAYS- 

f .p | »y:. 4H' aajlseBsg taggRtfe - '. 

LEICESTER SQUARE THEATRE -BM -S293*. 
COMING HOME (XL S»P- n 
Sat 1.30. 4A5. 8.10. Sun. 3.30. 'J-gg 
Ut* show Frl. & Sat 11.4S pjn. »*“ 

■ may be booked In advance fpr- &.U, 
prog. Mon.-Fri. & air progs. Sat. * soy 

-Ho la te s how boo king. ' • - ' ~--l- 

ODEON. Havnurfcet. (930‘ 2738-2771^: 

Jana Fanda. Vanessa Redgrave In.* 

; Fred Zirmetnann • 81m JULtA (At ,5m . 
progs. Dlv. 2.30. 5-4S. B.4S- Te*t»res 
Dl*. 2.45. 6.00. 9.00. AU -seats baste- 
..at theatre. ~ • ' , - 

odeon, LbRmht Souare. ' *30.S Hli ' 
CLOSE . ENCOUNTERS OF THE - . ; 

. THIRD KIND- (At - - ^ 

■ OOOrj- open t -D S. 4^ . 
7.4S. Aase show Fri. and iatrCiW^ 

-■11.1S • p-.wl AU se»r« tyivy be ..PR esSR, 
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11MS p-m,"Aji ’sn|t» bKWB.-oK*? f 
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- MEL BROOKS HIGH ANXIETY lAJ.-«g-' 

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Ii« Sheriff (AA) ” Gala Royal 
tto^wn'Maatwso? National 

the Japaoe^ . .. Film 

Cinenja . ; Theatre 

I, Pierre .Riviere : Arnolfini 
- .Cinema,. Bristol 
Oxford Film Festival . 

This being the. era of the jet 

plane and the Ctanmon Market. I 
can ..give • flo better counsel - to 
readme? - amL-film-lovers, in •-■•»- 
starye^movie week in Londoiv 
than jO: fly to Paris. The city is - 
at- its most-resplendent in -Mssy 

and '-Jane, and the' cinemas— in 

the heady iaftermath of Cannes 

--are .at their most rewarding. 
Most of the. best French films 
seen ot that festival are already 
playing in Paris, and many of 
the. foreign- ones have only 
waited for the publicity i to perns 
gtven by -Cannes to open -fa the 
F reach capital. There are_ an. 
awesome number of cinemas to 
choose "fronf, but once you have 
wfanowed away the. familiar 
American movies masquerading 
under a foreign. . title —-Guerre 
des. £tbt(es, La Fie ore da Sfinjerii 
.Soir, Rencontres du Troidcmr 
Type-— the. selection is manage- 
able. 

The best film to catch — it was 
not shown at Cannes and has no 
definite opening date in London 
— is La Chambre Verte. This is 
Francois Truffaut's latest work, 
and it is a gem. Truffaut has 
based, his film on a story tor 
stories) by Henry James, and the 
fiinf bas a Jamesian air of majes- 
tic . sadness... Laced ■ -with wry 
comedy..' ^ . • ' ‘ ; * - 

: 'Che hero, played by Truffairt 
himself, ' -is-, a middle-aged 
widower, and journalist by trade, 
who cannot reconcile himself. lo 
the death. 6r his wife. He 
neglects the living in order to 
worship andveamiuemorate the 
dead- The “ green room ” of the 
title w the -room in liis house 
where he keeps ins -wife's pic- 
tures and mementoes.' and- sits 
before them for hours at a time 
in silent, candlelit contemplation. 

One day he meet* a girl 
{Nathalie Hay ej- who has lately 

Hayward Gallery 


suffered « simitar bereavement 
the* lover. former ooUeague. of 
Truffaut's, Jus diedl and is 
adopting the same singtp-miftdcd 
devotion xor-bte me taoTy. . The 
sebUmenlai option :uv open to 
the film . is wripus; fiiese two 
worshipperfi-of4hc-de*d can be 
tramsfonood to. their feelings for 
each other- into lovcrs4f4ife. But 
Truffaut eschews the se miraental. 
and the fiJm -jlides «n 4n ■ its 
eerie. embalm*a*loDfciti« manner 
to.' ..an "endiag of ..V resonant 
mystery ahd^i^fless. 

- it seems a$$ since a Truffaut 
8hn elicited u^aleheartefl super- 
latives fn»m ; 6itlcs^ : (Perhaps 
the last was Day far sight). But 
La Chambre l&rle is a marvel- 
lous return lo jlorin. Taking his 
cue from tile tflie, -TruffWir ius 
shot the whole film through what 
seems to be a snbtie green filter, 
the images sickly, sub- 

aqueous. -Yer^.tW film never 
aJiowt itself ioj&e submerged in 
its own melancholy. Truffaut's 
performance rddiktes -ehUdlikc 
simplicity and sihgle-muntedne^s 
rather than . adults disenchant- 
ment finnoccDce^was .the quality 
Steven Spicibcr^says he saw in 
Truffaut when ire cost him fur 
Close Kncounteri): and the film 
plays a faM-inaitPfi double game 
with the fllmsoet's - emotions, a i 
once endearing;, hiia'iro ahd 
repelling him /mm the charac- 
ters’ Jove affair 1 * with death. 1 
do no! know when the film will 
come to London, but if you want 
to spare yourself weeks or 
months of suspense, go and see 
it now in Pans. 

. . A iso playing 4*. Paris is the 
new 'Joseph , Losey, ifilb/.Les 
Homes dii .Sud; 'V.This is not 
such good nc\v». Respect for tire 
memory of Losey-s . . viotiigc 
period us a director in Britain — 
The SermnL Accident. ‘King and 
Count h/ — tempts me to mollify 
my remarks, abdb-t bis latcsl 
work, Bui ihis French-made fiim 
about an using revolutionary 
(Yves Montand! undJris Inahibtj’ 
m adapt to new reuses seems on 
first VIPWU13 to be an , unmiti- 
gated failure. ■ 

Montand wanders ’ "through 
Jorge Semprun's scrlpt. Bt which 



Patrick Dcwaerc and Aurore Clement in * Lc Sheriff' 


he plays .7 veteran «r thp Spanish 
Civil War who has lust luui-li 
with the new political genera- 
tion (represented by his sont. 
looking not only deeply tired, 
which Ire should he. hut" deeply 
bored, which he should nol. 
Mailers are nut helped by the 
fact that Montand has already 
played this role, jt .veent.s sn eru) 
lime*; before — mcM notably In 
Resnais'*, La Guerre L'.tf f'inft’. 
also scripted by Seinprun. Losey's 
direction is su sulci on and 
circumspect that one feels one 
is :ii tending a church service, 
in which the new sod is Marxism 
and the new liturgy the ewlKinge 
of po. faced and elliptical iiun'ie 
dialogue. Perhaps the film will 
improve on a svmnd. Engltsli- 
sub-t»tleit viewing. But l have 
my doubts. 

In the nine available i«» you 
if you spare yourself a visit to 


lhi(* film, go m ihe .11 usee du 
Cinema at the Pa la is de (’hailbd. 
This is part nf fh« Pari-. 
CinC-nialh^que. tin* film centre 
founded and run. until his riven t 
death. by Ihul iiianittenal 
Frenchman. Henri Lana bus. Tuo 
c«m tents of the niuseuin were 
amassed virtually single-handed 
by Lnnxloitf. jnd they ranje 
from relies nf the pre hislu’-y 
of cinema (peep-shows /octrope'. 
praxmoscopesi lr» su-.h uiudi-rr.- 
dav marvels as ihe huluoram 
The museum is (-•'■uiprenen -ive 
lull couipacl. jnd deer n«*i leave 
one exhausted afier a single visit. 
The piece tie re.M'ipjiice i, the 
room cuninimn^ :b«- niffi- 
siructed M'is from the l'.'Hi 
Cei’inan horror classic The 
Co bine ( nf Dr (. , u/o;iin. Legend 
has ii that Lanyluis louk'-il up 
from his de>k one day and en- 
quired of hts friend and fellow- 


inlngur in order to find, arren- 
convict a notorious 3cng- 
ieader. Allowing fur rubstitu- 
turns— Don aero ft/? Jcj.i-L&ujs 
T rintirt^nant, French political, 
ntifideings for tlrcCr: — tile rosult • 
secrnsi to uft«*n llt'C Sou o; if. ahd . 
i aiy the shock ending startles ; 
one bricJlv !n the fd5U of one's 
' ! 

The A'ation.i! F-.'m Theatre 
Siuunts a season of Japanese 
cinema this month : introducing 
us to -1 of ’.he Iwstrr-known 
directors who worked in_that| 
c.jiJR?rv hot neon 1934 2nd ;W»4.: 
and who-c names have <5nce I 
been ovefshadowed in critical 
estoeem oy the Kurosawas, the : 
Ucus and the Mizoguchis. It 
look • to be an excellent and; 
enterprising season, and 11 lasts, 
unril June 29. 

To end a-. I hecan cr, 2 nnn- 
Lofldon note. I tsr^c anyone 

livin* West of the ci.pital. or 
travelling in 'h:-.f direction, to 
p.s> ;j visit next v.-«?eV to Bristol 
and/or Oxford. Bri-tiil's Am«»l-. 
fioi Clnen i;t ;s showing Bent- 
Alim's milucRtia! ami fa-?iratinc 
/. Pierre Rinere. B_— • c<J »m the 1 
true story nf a Xnrmandv ! 
pr-j.-ant v. ho :n I»if5 t. *j rrtereii 
his miHhc* - . nrothor arth sister, 
in*' film i.ikes a melodramatic ■ 
sn'r.jeiM oni! hirid!e= :t w*ih; 
ai-iiMsi scientific precisian and 1 
d*‘iac5i:nent There - r.-- anneal 1 
wh.iie-.or u, the fi’n:20i*r'? more ! 
cmephile Lr.Jie ?v*ner 1 f The •'>! oodth.-r-iy r.tstincis. Instead. :t ; 
films designer. 11-.: i*<n W.,rni. a poriiiasive ^nri enthralling; 
was still all; e. on t.tiss .-.ccuunr nf the socui and his-. 
Eisner replied in rise .■.fflraijiive, t*»rical Cfmdstion« :r. which the; 
Langiois rc.ich-.-J i-.r -he tele- boy grow up. and which mav or 1 
phone, called H-.--- v.’.,vm. .md may nut bo held partly eulltv for j 
asked hint lo ciiio ;;r„< rebuild his crime. The Si;:v has had a . 
The sots fur the t r.iacii;;. He did great intlueftcc- on current ■ 
so. and there :ii- •• .:-ind tudav. critical debates a'ouur the 


A Sinfonietta comcrL at best, 
can ieitd one out mi>, ihc rttgbt 
(even a rainy night t walking on 
air, and Wednesday* j concert, 
conducted by Elgar 1 > own rib, was 
not a yreat distance from that 
best. Inimitable* programme — 
Birtwistle's S*iibi;n. Air (a 
second London hearing of 'l- 1,s 
J977 Sinfomeua commission), 
Stravinsky's Pulciuella buue, 
Tippett’s Concerto for Orchestra 
—played with the orchestra’s 
inimitable blend of virtuosity 
ind verve. 

The Birtwistle and the Tippett 
r cores, both exciting reactions of 
sheer physical exhilaration in 
the listener ail th>.* way from 
tingling scalp to ticklish iocs, 
tempt the impres ? tonable re- 
viewer 10 comparisons in 
defiance of their obvious differ- 
ences. Both conrpoiors command 
the art— so often ignored or 
intentionally neglected these 
days— of "musical movement. 
Birtwistle in the elaborate and 
subtle system of pui»e-inovement 
that underlies his score, Tippett 
in his brilliantly jagged appro- 
priation of baroque concerto 

techniques. Both composers 
divide their orchestras into in- 
strumental groupings intended 
ro contrast and conihct rather 


than to blend and unify theif 
inaieriab. t 

And both composers encourage 
in the listener an awareness of 
what can only be called organic 
musical activity, an awareness a*- 
difficult lo put imo words as it is 
enthralling and heartening lo 
experience, a perception of 
musical fertility, of seething and 
nourishing inner life. The sound" 
worlds of the two scores set each’ 
other off in the most favourable 
way possible — Silbtin/ Air with 
its cycles of grunting, shimmer-, 
mg. suddenly frenzied sounds, 
emerged from and re-d i reeled, 
towards a single unison E; Tip- 
pett’s Concerto with its “mosaic" 
instrumental combinations that' 
seen more dicing 3nd masterly 
with every hearing Haring both- 
works in the same concert ua»- 
good fortune indeed. 

In the middle. Pulcmello, diver- 
sion and landmark ai the same 
time. The playing of it veered- 
at times towards riotousness, 
with moments of perilous, 
ensemble; likewise ihe perfor- 
mance of the Tippett first move- 
ment. to a lesser extent. But if- 
it was riotousness, ii stemmed 
from musical hiuh spirits, and 
so cuuid be relished. 

MAX LOPPERT- 


1 Logan Hall, WC1 

Jenufa 


windows lik 


London. <1 
h.i< an ulf 


illjiH,."’ 

n-.jj-fs. ihe 

relationship 

* ! V..* 

’.lie 

tire Cinema. 

i... 

7-.! I. :ih;J fl‘.es. 

On Saiurdii 

Vlf I-j 

j irh'ys uf 

Festival ceti 

2nd ■: 

• l:j •• 0 th.'lil. 

British prern: 

- II! 1 ' 

1 earlier, 

as Minnelli’ 4 

V. i;* 

v.evfc 

.lack «.«Vd’» T 

;iv •. 

• i l-"' '• at is .i 

Ian a Wertmc: 

till * :i 

:; ii-r.neu:shed 

Rnii; ;:r.d Pa 

. -i 

1 Jbcr.'ij 

l r. married *V 

.ti 

|J--. a l ite r 

its star Jill 1 

- IS..; 

■ -mack* 

.A el res s aw:/.-. 

il- M, 

"f .i French 

y«*ari. Also 


ruoicn tiirili 
Thotiqh def 
director Yv» 

of rfeji: m in , 

maulstra.tp ‘I’.iinck rrev.aerei the* iwri-week went are a Satyajit 
who battles hi. -\.i\ through Ray retrospective -bd a survey 
police corrupii-.n and pi laical of films from the Hitler era. 



by WILLI A M P A C K E R 


Too few of out best artists sometirnes for our fi 
enjoy a wide reputation: at home, rewards; 
informed approbation too often The rewards are there 
met if not hy .'actual ; incompre- in Auerbach's, work; ', . 
heoswn at- least hy the eyehrpw I must take care not to 
raised ' signifirantfy:*. And yet, the impression, that it is^ll 


and problems, literal obtrusiveness no 
adequate response to awkward 
iewon sculptural discipline.. But in the 
' ‘ ere years since then Auerbach has 
Let reduced the work physically, 
.. . am yet, ut«; *— v »,.».-«« pressing the work back on to the 

while” our” theafriraflmights are siog. for., though it iV surface, scraping and- wiping t 

"no doubt '"hatipv to stand in for reveal itself as. such, tbelre As down 1 and working ; back into u. 
?n the artsfand ipmSmen take wUhin lhc work an elecrfnt thu Brikhwork x»«d drawing have 
.j, n.j.. _p ,l.. ytrfi-ich is verv 'beautiful. ■ A t^ire ’-dcs-- reasserifd ibsjnsdvfs, ihe staio- 

Empire we could boast had wc cription, however, does Jmphasisc menn. of- imagery speeded up, 
fhe P rtidd taTl bffi-of its P uncompromisins Son Tire 

artists nractisirte here, across earhest work shown/latcs from There is a br-ivap in tne nana 
Ihe enrire Sictruro of visuS 1952. a painting / the nude, ling, pow that \was markedly 

ssss ssss 

s Si 

& Camae ' 1 



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»V- -f°»^ 6 " (> y t 

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11 ii* ■‘■•.t f'lJ., 

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01 /! -Ip 

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tfl-.il-:'- ' Ir* y .4 


at onc = a .^ 0Q ® n ^. ^ Theatre. Primrose Hilt is his only yoir-bang it all down and whai- 

the world. British only by remQleJy / uco u c subject, the ever you get is what you want, 
adoption, but of :-vwy - long bai i^ ^ tree^ajrainst the sky provid- is qf course objectionable; but to 
eunding. he hat mad^his life’s g?th?ho!5 * Uore SaWral suggest as much of him would 
work here, . and he is now, ^“^J° r ° es ^ 0 a and be w travesty not only his own 

without question, one otus. The noipe - but also the work of those many 

major retrospective how at the- „ 'J *J h t2je paint was great artists preceding him in 

Hayward (pntil July, 2) is the on* tothe canvas* with the same honourable tradition, 

least - he -.deserves, - a dense.- -J msistenV the final "We -can say of it that his work 
weighty .and .ultimately mum: Sato alway?! denS accretion of most certainly is possessed of 
phant demonstration of panning . d eep most authoritative an expres- 

al its most concentrated and d ’ d £ lhe jmaJ , e siontem in the sense that each 
profound. No one . can .claim to , ltfl _ a f lv modelled in piement. single, final, expressive mark, a 
be seriously interested in the art ‘ ^ ■ the in esca p- mark that might have heen ro- 
of our own time and yet. nor SLJgHly of the work, this phrased many times before it 

know that it is .on and wish to .JJJJjJfSrf mage with process and was achieved at last, embodies 

see it.. But, as a fellow journalist the H desperate not only that accumulative deli- 

sadly pointed ou.L as he rnsde ano _ Dl l0 make the painting beration but also the dramatic, 
off to more-: newsworthy an ex hi- « . it Qwn was decisivc.-final act that made it. 

biuoh. few or the general public further, the paint laid Bur expression is not Us own 

have heajrd- of Frank Auerbach. ■ ^ and unW0 rked, sole justification, and we must 

and his work is very low on any sauewsed straight from the tube, 'look also to what is expressed, 
list of editorial priorities. . ]2 the Swings, curiously, wc Whereas once wc were perhaps 

Some would say thar this; state ^ the- conditi on inverted, a a- shade ovcr-preoccupted with 
of affairs is largely Che artiste ni(r e jf unintentional coinple- Auerbachs process for its own 
own fault, that the gulf between ment t h e heavy charcoal scored sake, the images now. or men 
themselves and the public is of jnto u, e paper, the mark JfJJ 

their . own digging. Certainly repeated, removed, repeated and bUoklngly and single-minded l> 

Auerbach's work is heavy stuff, scoured away again until exposed to us. force us back to 

often superficially unattractive, aut j,ori{y and authenticity are the contemplation or our own 

demanding time and effort for at last imposed, the paper rubbed humanity. Such has always been 
its consideration, : and; .never through and patched as may be. the achievement, to say not nmg 
easy even, to the enthusiast.' But But even, the best of artists of . the social usefulness, of the 
then what should he do ahQut.it? gets carried away af times as artist, to provide a focus for 
Should he compromise; making -rhe work takes charge of them; our own thoughts about our- 
the work less than' he intends, a crisis that may even be selves- and our experience of the 
and so condescend' to ; his pros-, extremely beneficial should they world, through trying to do ns 
pective audience, saying: ~ 1 have have the moral strength to Mch for himself. The measure 
made tWngfL eaky for. you-^-here regain-control. By the mid-sixties of that achievement lies, per- 
is something pretty to hang on jhe clotted surface of the work haps, in the deeper beauty of 
vniir wall” 9 The best, the most was all but impenetrable. the. work; and many of the later 
honest aad worthwhile art, of all wood for once very much In paintings, the portrait studies 
kinds sets Its own terms, and the way of the trees. Painting especMly, are very beautiful 
w? must wotit very hard at them in relief creates tis. own peculiar mdeed. 



The Chelsea Open Group has 
provided many exciting perform- 
ances over the years; few have 
managed to screw up quite such 
tension as Jennie, vjng on Wed- 
nesday at the Logan HaiL Lou- 
don has long rejoiced in a group 
of fine Janacek conductors, 
headed, of course, by Charles 
Mackerras. Now another can be 
aded to tire list— Hark Elder. He 
coaxed — no. that is Jar too gentle 
u word — ho bullied the COG 
orchestra into plujing of' a stan- 
dard that no fullnme profes- 
sional orchestra would he 
ashamed of attaining. At the 
same time he saw so jf tbal ihc 
singers were always aide to pene- 
trate the sometime* tremendous 
tissue of sound. Every single 
word of lire translation hy 
Olakar Kraus and Edward 
Downes of Janacelt's text was 
audible. 

The most finished and assured 
vocal performance came from 
Elizabeth Connell, who has of 
course sung the role of the 
Kostclnicka on slage. In opulent 
voice, she composed a powerful 
portrait of a woman whose down- 
fall is caused by pride; there 

King’s Head 


was nn softening and no repent- 
ance even when the corpse of 
Jt-mifs’s baby is discovered. Tn 
telling contrast. Marie Slorach 
made a youthful, vulnerable 
Jenufa. a girl whose superior 
education has nut armed her 
against the misfortunes that an ' 
unlucky love affair can bring. - ' 
She sung her little prayer fur 
her baby most movingl>. and 
brought radiance to the final 
duct with Lava. 

Kenneth W’oofljin. though 
apparently suffering from' 
tracheitis.* sang strongly as . 
Lava, his firm’ ringing tones 
and incisive phrasing adding 
lonvictinn 10 bis performance 
of a role that requires a heroic', 
tenor to do it full justice. As". 
Steva. Graeme Matheson-Brucc 
Started very promisingly, hut in 
the second act over-compensated 
for the lack of stage movement." 
by exaggerating the character's.' 
emotion. Patricia Conti was . 

excellent as Grandmother Bu.-ja; , 
Dinah Harris did well as Janos; , 
Anthony Shelley, doubling as the . 
Foreman of the mill and as the!. 
Mayor, was better in the latter., 
pan. 

ELIZABETH FORBES 


The Featherstone Flyer 



wev&iH 

-Vb>- 



Florence 


Renata Scotto and Yeriano Luchetti 


I vespri siciliani 


.Prank Auerbach in his atudi* 


/lurry Ui'Uitoml 


One of the outstanding events 
of the 1-ith Maggie musicalc 
fiorentino. in lflSl, was a gala 
revival of Verdi’s J respri 
ricifiani. conducted by Erich 
Kleiber, with Maria Callas as 
Elena. In those days, the work 
was still something of a rarity; 
and in the 27 years since those 
unforgettable performances. 
Vespri — despite imporiant pro- 
ductions at La Scala, the Met, 
the Op«T ; « — has remained a 
special case, outside the normal 
repertory. Thus it whs a smmd 
choice as the inaugural event of 
this year’s Maggie, Florence’s 
41st. 

Riccardo Muli conducted. His 
boldest decision was to give the 
piece absolutely uncut, including 
'even the long ballet. The per- 
formance — in the usual Italian 
translation — began at eight and 
ended a few minutes before one, 
but the evening never dragged. 
Thanks to the intensity- and logic 
of Muti’s reading, one completely 
lost the sense of time outside 
the theatre, outside the work. 
Not an easy opera, Vespri is 
rich, but uneven in tone; Verdi 
does not always shirt smoothly 
his attention from the intimole 
drama of Arrigo. Elena, and 
Guido to ihe wider drama of 
Sicily’s oppression by the French. 
Without imposing extraneous 
ideas on the score. Mutt still 
gave St an impressive coherence: 
and anguished arias and duels 
became one with the great soar- 
ing ensembles fihe finale terzo 
*• U patria adorata ” was particu- 
larly powerful, noble and heart- 
rending at once). The Florence 
orchestra— often raw and ragged 
under others — finds surprising 
warmth of tone and precision oF 
attack for Muli. who clearly 
inspires the players. 

The cast was also fine. Renata 
Scotto’s voice is not ideal for the 
part of Elena: when it is loud, 
it is often shrill and unsteady; 
but Scotto is. by now, a shrewd 
veteran. She occasionally 
managed to turn her very 
defects into dramatic points, and 
her soft singing — as lovely as 
ever— made you forgive her the 
rough moments. The Andante in 
the prison scene, “Arrigo: ah 
parli a un core," wax tender, 
impassioned, melancholy; a 
haunting page of music 
unerringly sung. 

Veriano Luchetti is an engag- 
ing artist; his frank, manly 
tenor and his youthful bearing 
make him. at unce. a convincing 
Arrigo, oven though be, too, has 


occasional trouble with loud, 
high notes. As Guido. Renata 
Bruson proved once again that 
be is July s outstanding Verdi 
baritone, able to be bath heroic 
ami Jym-dl. - Hts scenes with 
Arrigo v.ere. as Verdi clearly 
meant 'linn to be, the axis of 
the upciy. the relationship that 
carries Hie rest of lhe drama 
forward. 

The parr nf Procida is always 
difficult dramatically : is he a 
patriotic hero or is he — ns he 
seems ir. lhe final aei, for 
instance — merely an operatic 

Phoenix, Leicester 


villain 7 Ruggero Raimondi sang 
his entrance ana with such 
dignity (and with sucb an out- 
pouring of great, beautiful 
smindi that Proc Ida's admirable- 
nc*s as u character was im- 
mediately established Tor the 
res 1 of the opera. The smaller 
parts were all strongly cast : the 
rich bass of Gragiano Polidnn 
iBethunci was w-.ir'.hy of special 
praise. And the chorus, prepared 
hy Roherto Gabhiam, was more 
than adequate for ils taxing 
assignment here. 

WILLIAM WEAVER 


The company presenting this 
nonsense calls itself Dr. Kack’s 
Infamous Freak Show, so no 
one can complain of not being 
warned. Their play, thrown 
together (their own phrase 
again! in the style nf an end- 
of-term rag at college with an 
eye on lhe Edinburgh Festival, 
follows the adventures of 12- 
yeur-old Cliff Hanger, who has 
lost his favourite pigeon. With 
the aid of a narrator, doubling 
as Cliff's father Aircraft « Air- 
craft Hanger — get itv > we see 
him involved with a bloodthirsty 
butcher, a queer parson, an 
escaped convict in a graveyard, 

Festival Hall 


a local radio station, his two 
long-lost triplets and a medium- 
Most of the jokes would seem 
a bit thin in a children's comic, 
and the performance does* 
nothing to lighten them up. Why 
Cliff’s bearded mother should be 
called Borris. or his sister, named 
in the programme as Cheryl, 
should he addressed as Brian, 
are mysteries not worth the in- 
vestigation. There is incidental 
music by a pianist and a violinist 
dressed as policemen. The 
violinist is by far the most 
talented player of the evening. 

B. A. YOUNG 


Berman & Tennstedt 


Like his Liszt sonata the pre- 
vious evening. Lazar Berman’s 
Liszt A major piano concerto 
with the London Symphony 
Orchestra under Klaus Tennstedt 
on Tuesday was, in three words, 
capable but dull. A well- 
schooled and solid (though by 
no means unshakable) Russian 
technique kept the notes gener- 
\ ally in hand; but the perform- 
ance was unfocused, without 
broadness or sparkle — even ai 
its most weighty, the charge of 
; the music was not so much elcc- 
! trie as bovine: double-octaves 
spun out fast and unswerving, 
head down in earnest; each 
climax a thunderous impetus, tis 
rhythms uneasy, insecure: much 
careless detail of colouring and 
emphasis, in the quieter music 


especially, weakening its sense 
and dramatic force. 

It was left to the orchestra to 
generate the evening’s electricity 
and to Tennstedt. of all our occa- 
sional visiting conductors (be. 
one we should hope to hear more' 
of in London. Together they 
made satisfying!!' high voltage of' 
Prokofiev's fifth symphony, not- 
ably in the inner movements, the' 
urgent skitlishness of scherzo, 
beautifully controlled and in the- 
adagio, grandly mourning. There* 
was vivid colour too in the ; 
giocoso. right up to a blazing •' 
coda, a finale which easily flags: _ 
and at the start of the 
programme in a radiant account 
of Brahms’ Academic Festival • 
Overture, bright and pungent, 
splendidly alive. 

DOMINIC GILL 


Dragon Rock 


There is a certain brand of 
jokey. " popular" theatre, aimed 
presumably at audiences of 
retarded adolescents, that enjoys 
a spuriuus intellectual reputation 
because it defies criticism. It 
derives, in this country, from the 
work 01 Joan Little wood and 
finds historical justification in 
the nuttii-r pronouncements of 
Brecht on the theatre as enter- 
tainment. It is. of course, com- 
pletely meretricious and deeply 
insulting. 

The theatre of Low Common 
Denominators invariably starts 
with bver flowing on the stage, 
a bunch <>f spurious yokels sink- 
ing a folk song and the audience 
wearing their programmes un 
their heads. It :s the theatre of 
*■ Anything Goes," and most of 
il does ;» ibis trite little musical 
hv Jet Storm at the Leicester 
Phoenix The scene is a Folk 
Fair organised by the Ladies 
Circle L| f Costly Muxloc; u 
punkish rock - group, led by a 
satanic Elvis figure, interrupts 
the •* jollity" of eggand-spoon 
races, prat-falls and clog danc- 
ing lo mate off with the 
Mayorcs*' 1 * daughter. A little 
Welsh r.ti-catcher is despatched 
to rescue the girl. He has no 
choice, really; as his cowardly 
reluct athto t° do so is met with 
a threat of a .season-ticket to 
Joseph 1 Joseph nnd the A macing 

Technicolor preemoxu is about 
to be revived for the umpteenth 
linre by the Leicester Hay- 
market ». 

En route to his heroic encoun- 
ter, ihe ral-catchor meets up with 
a in idle -el ass university student 
whu resales him with a song 
ahull t the disadvantages of being 
hum m Guildford; a neo-Nazi 
member of the Albion Awake 


party (called Eva Brown, ho-hoi; 
and. finally, (he punk group's 
secret weapon, a huge dragon 
formed in the likeness of Mrs. 
Thatcher. Such a display of 
theatre as devastating social 
criticism l have not endured 
since Agatha Christie’s Totcardi* 
Zero. The dragon is dismissed in 
a cloud of smoke by someone 
unfurling a banner that reads 
“Tony Benn. Edward Heath. 
Mu-hael Foot. Nationalisation.” 
Tremendous stuff’ it makes Wil 
ham Douglas Home look like 
Otfon von Horvath. 

A token capitalist figure is 
chased from the stage muttering: 
•Tin on the Board of the 
National Theatre; I’m in the Gar 
rick Club; I'm a personal friend 
or Marius Goring.” Grind Lord, 
there's someone worth hounding 
to an early grave.' n wonder, 
incidentally, whether Jet Storm 
and his set have clapped eyes on 
Irving W’ardle's recent biography 
of George Devine — "Who?"— 
and learned something of Mr. 
Gorinq's fascinating early days 
with Michel Saint-Denis?) 

The mane jollity of it all is 
depressing beyond belief and 
should nn no account be con- 
fused with the efforts of others 
in the British theatre such as 
Ken Campbell and Snoo Wilson 
who bring genuine intelligence, 
talent and a relish for language 
to bear on ihe whole vexed and 
thoroughly debased question of 
'‘popular” theatre. I do not care 
a jot if ihc Phoenix is packed for 
the entire run and people laugh, 
cheer and drink themselves silly. 
Thev deserve, even if they do not 
admit it. a much belter reason 
for doing so- 

MfCHAEL COVENEY 


at the Institute of 
Directors 

on 4th, 5th, 6th July 78 

For 3 days \vt arc presenting Swindon's advantages as a 
growth centre fur Industry and Commerce ar the new 
Institute of Director' headquarters, 1 16 Pall Mull, LondonSVVL 
Presentation open tiom 10 .U 0 a.rn. to i.iXJp.ru, 
Refrebhmems and bullet. 

It you would like an invitation please dip the coupon or 
telephone Mrs AnnjHull, bwindon (0793) 26161. 

To:- Mrs Ann Hull, Industrial Adviser's Office, 
Thamesdown Borough Council. Civic Offices, Swindon. 

I would like to attend your presentation on July 4th, 5th or 

eth (delete as applicable). 
Name 


OiwiUbdUua. 

Address 


“ Telephone Number. — 

I will be bringing colleagues. 



r 8ofough 

Than^sdown 


I 

I 

8 

I 

I 

I 

I 




ttfiUii 




IS 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. TcIm: 888341/2, 883897 
Telephone: 01-248 8000 

Friday June 9 1978 


Luddites in the 



THE GOVERNMENT has at 
length yielded to the pressures 
of reality, and taken steps to 
enforce its own monetary policy. 
This has now involved a rise of 
4 per cent in minimum lending 
rate since Budget day. which 
will impose heavy temporary 
costs on borrowers, and of some 
3 per cent in the yield on long 
government stocks, which will 
add some hundreds of millions 
tn public spending for many 
years to come. It involves a 
new tax on labour, which will 
reduce employment and invest- 
ment. and will tend to drive up 
prices. It will certainly slow 
down the healthy recovery of 
the private sector which has at 
last begun. It is. to say the 
least, hardly the result that 
was intended when the Chan- 
cellor planned whar he saw as 
a modest fiscal stimulus. It 
will result in less growth and 
more inflation than could have 
been achieved by greater 
restraint in April. 

Amendment 

Two sorts of mythology are 
likely m spring up about the 
prnco n t crisis. The Labour Left 
is likely to mutter about yet 
another bankers’ ramp, and 
even to suspect political moti- 
vation. With their permanent 
belief that every pint pot con- 
tains a quart, and that the 
stone heart of private capital 
will yield unlimited blond, they 
are tom DeramentaUv unable to 
comprehend realitv. Having 
obstructed the Chancellor's 
declared plans to restore a little 
of the lost real value of the 
hieher tax bands, and pushed 
through a raid on the conting- 
ency reserve for extra spending, 
they left a Budget which both 
imposed an excessive borrnwing 
reouirement, and cried out for 
further and expensive amend- 
ment. This was duly introduced 
by the Opposition. 

The Chancellor, who has 
learned in four traumatic years 
ihnt two and two cannot be per- 
suaded to make five, was aware 
nf lb®?* dancer". The initial 
rtse in MF.Ft on Budget day was 
an ad mission that if the Gov- 
ernment k going to hog most 
nf rhe availahlc credit in the 
eonnomv. its price to the private 
sector must rise. He had been 
warned »f the further lax cuts 
which the. Liberals would help 
tn force through, and has 
adopted the Liberal proposal 
for financing them, in what 
looks vpry like a cynical poli- 
tical calculation. 


Indeed, it would be an insult 
to Mr. Healey’s formidable in- 
telligence to suppose that the 
oew measures are anything 
other than cynical. He must cer- 
tainly understand that when 
investment is financed entirely 
by rerained earnings — partly 
because excessive Government 
borrowing has driven companies 
out of the market — a charge 
that will take £I$bn out of cor- 
porate cash flow will reduce 
investment. Indeed, unless most 
of the charge is passed on to 
consumers — reducing consumer 
incomes in real terms — the pre- 
sent revival of investment will 
be reversed. He must also be 
aware that there is something 
ludicrous in the spectacle of 
a Government which subsidises 
employment in uncompetitive 
industries by imposing a tax on 
employment in productive ones. 

He certainly knows that the 
real value of excise duties on 
such thinks as drink, tobacco 
and petrol has fallen, because he 
has said so. However, the pre- 
judices of his supporters are 
sacred, and the short-term man- 
agement of the retail price 
index in an election year is more 
important than the long-term 
management of the economy. 
Hence a Budget which means 
constricting the private sector 
is completed by a charge which 
cuts investment to keep harmful 
indulgences cheap. 

Second myth 

This said, it must be added 
that the measures, though 
delayed and wrongly structured, 
do appear to be financially 
adequate. The borrowing re- 
quirement has been brought 
back under 'control, and the 
reaction in the gilts market 
yesterday gives ground to hope 
that the impasse on funding 
has been ended for the time 
being. Indeed, sales of Govern- 
ment stock combined with 
banking restrictions which 
actually call for a considerable 
cut in interest bearing liabili- 
ties will probably reduce the 
money supply in the coming 
months. On past exerience, 
interest rates, having been 
pushed to a peak, will trend 
downward again as the Grand 
Old Dube of York starts on his 
return journey. The whole 
outcome will help to propagate 
a second myth, to be embraced 
by the Prime Minister, the 
Chancellor and the financial 
authorities: that at least the 
present episode demonstrates 
their firmness. Unfortunately 
it also demonstrates pig- 
headedness. 


o © 


and Bourbons 
in the Bank 


THIS IS. after all. the third 
successive crisis of an almost 
identical pattern which has 
unset monetary- management. 
The one welcome novelty is 
that the authorities have 
decided to react early in June 
rather than waiting until July 
or oven September, and the 
corresponding measures in the 
monetary field arc therefore a 
litle less horrific than they 
might have been after a longer 
delay. However, the basic pat- 
tern of a bull market in Govern- 
ment stock, follow-ed by a pause 
in which the authorities appear 
to dither, followed by a 
reluctant crescendo of measures 
to raise interest rates and 
restart the whole futile cycle, 
has changed remarkably little. 
The authorises appear to forget 
nothing and to learn nothing. 

Strong inflow 

The present monetary crisis 
has been in preparation for 
some months, and the fact has 
been evident to many commen- 
tators, and visible in the exces- 
sive rate of monetary growth 
in the second half of financial 
1377-78. This time round, 
the usual funding cycle has 
been strongly reinforced by 
a symptom of recovery — the 
strong inflow across the 
exchanges last year. The pri- 
vate sector surplus, trapped 
behind the barrier of exchange 
controls (another public monu- 
ment to Labour prejudices) 
added strongly to the potential 
growth of the money supply. 

A system of monetary man- 
agement which relies almost 
entirely on sales of government 
stock to the savings institutions 
is inherently prone to strong 
tidal reverses as bull markets 
run their course, as we have 
frequently argued: and such a 
system is particularly unsuit- 
able for dealing with the situa- 
tion which arose as a result of 
the inflow. Some direct method 
nf tapping corporate liquidity 
has clearly been required. 
These funds cannot be tapped 
through sales to the institutions. 

To have maintained stable 
financial conditions in such 
circumstances, and through pre- 
sent methods, might have tested 


the ingemBty of a genius: but 
technical conservatism seems to 
have been compounded by raisr 
judgement. The authorities 
appear to have believed that the 
imposition of a reasonably tight 
monetary target in the Budget 
would of itself inspire such 
confidence in the inflation pros- 
pect that a bull market in 
Government stock would 
spontaneously restart after a 
minor adjustment of rates. 

Of course if the Government 
had taken its own monetary tar- 
gets as a serious constraint on 
its own fiscal freedom, such a 
result would very probably have 
followed, and the next funding 
crisis would have occurred at a 
much lower level of interest 
rates. However, in the context 
of the Budget the monetary 
targets simply underlined the 
very ambitious funding target 
which the Government had set 
itself, and investors naturally 
wondered at what price such a 
volume of funds would be forth- 
coming. 

Education 

The cost to the economy of 
the present measures has cer- 
tainly been Increased both by 
the conservatism of official 
management methods and by 
this tuisjudgment: and it is 
therefore to be hoped that the 
present episode will strengthen 
the arguments of those who 
have been urging some overdue 
innovations in monetary man- 
agement The case against 
existing methods has never been 
that they cannot be made to 
work at all. but that they work 
sporadically, and can only be 
activated in a crisis at exces- 
sive cost 

One can only hope that when 
financial calm has been restored, 
some of the necessary measures 
to widen the armoury of the 
monetary authorities to tap a 
smoother flow of funds from a 
wider range of sources will at 
length be introduced. If in 
addition the Government has 
learned that monetary policy is 
a constraint on its own spend- 
ing in good times as well as 
bad, the present crisis could be 
counted as cheap education. 


Schmidt’s grand design 

for the 

economic summit 


Financial Times Friday June- 9 197S 


By JONATHAN CARR, Bonn Correspondent 


T HE OUTLINE of a pack- 
age deal is emerging for 
the western economic 
su mm it conference in Bonn next 
month. West Germany would be 
ready to promise further steps 
to try to boost economic growth 
in return for an agreement from 
its major partners on other 
issues. It would include a 
pledge by President Carter to 
act to reduce U.S. oil imports, 
a promise by ai! participants 
to resist protectionist pressures, 
and an agreement actively to 
pursue the goal of greater cur- 
rency stability. An agreement 
on all of these, in the German 
view inter-related, issues, so it 
is said in Bonn, would be a 
highly respectable contribution 
to western economic recovery. 
But the failure of any one 
element to merge could destroy 
the whole package and produce 
a summit of little heLp to the 
economy or, politically, to its 
participants. 

Some of Bonn’s partners — 
notably the U.S. and Britain — 
may wonder why they should 
have to make concessions in 
order to obtain more German 
growth. In spite of the slightly 
more encouraging statistics of 
tlie last few weeks. West Ger- 
many still seems very likely to 
fall behind its aim for growth 
this year. 

The trade and current 
account surpluses for the first 
four months are actually higher 
than a year earlier — and the 
inflation rate has fallen below 
3 per cent One recent American 
visitor to Bonn looked at the 


figures and asked with exaspera- 
tion: “Don't the Germans like 
growth — or don’t they know 
there are deficit countries out 
there?” 

The answer is that if the 
Germans did- not want more 
growth they would not have 
passed a dozen programmes 
since the outbreak of the oil 
crisis to try to boost the 
economy. They culminated last 
year in a big, medium-term pub- 
lic investment programme and 
a series of tax concessions 
which, in sum, will mean a 
shortfall of revenue this year 
of roughly DM15bn (about 
£3.9bn). 

The Germans had hoped that 
after a disappointing 2.4 per 
cent real growth of Gross 
National Product last year, the 
cumulative effect of all the 
measures taken would bring 3.5 
per cent growth this year. Few 
remain so optimistic. But it is 
fair to ask what good a 13th 
pump-priming programme would 
be if the upshot of the previous 
12 seems likely to he real 
growth in 1978 of 3 per cent or 
less. 

One suggestion is that the 
Germans should have resorted 
earlier and more massively to 
deficit spending — and that, had 
they done so. the economy 
would long since have ” taken 
off." But then the national debt 
has doubled in five years to 
DM 323bn at the end of 1977. 
By the end of this year the 
public sector deficit is likely to 
amount to almost 5 per cent of 
GNP — compared with. for 
example, a public sector deficit 
of 1 per cent of GNP in the 
U.S. True, the figures and the 
economies are not wholly com- 


parable. That is an . important 
lesson which seems to have been 
learned by both sides since the 
high point earlier this year of 
West Germ an-Am erican differ- 
ences on the growth issue. 

For example, there now 
appears to be more understand- 
ing for the extreme German 
sensitiveness to inflation. It is 
almost Impossible to find anyone 
responsible in the German 
Government, Opposition, indus- 
try, or in the banks who feeLs 
that more economic growth can 
be bought with a little bit more 
inflation. There are obvious 
historical reasons, but the 
attitude is far from confined 
to those who lived through the 
hyperinflation of the Weimar 
era. Growth to the Germans 
means real growth. Therefore 
inflation is its enemy. A change 
in this attitude would appear to 
require a change not of Govern- 
ment but of national psychology. 
There is no sign of that 

Less deep-seated — but crucial 
to the problem of deficit spend- 
ing — is the restriction imposed 
on the Government by the 
Constitution. Article 115 says 
that the Government may not 
borrow more in any one year 
than the sum of its investment 
expenditure and that “excep- 
tions shall be permissible only 
to avert a disturbance of overall 
economic equilibrium." This 
year for the third time since 
1975 the Government is likely 
to overshoot the mark. It can 
with good conscience point to 
low growth and nearly im un- 
employed as proof that there is 
no “ economic equilibrium." Yet 
the Constitution speaks of “ ex- 
ceptions." If the Opposition were 
to take the Government to the 
Constitutional Court, as it toys 


with doing, it is unclear who 
would win. 

West Germany's position as an 
export champion' has for long’ 
been so much emphasised that 
its position as the world's 
second biggest importer has 
been overshadowed Between 
1974 and 1977 the volume of 
German imports rose by 26 per 
cent in real terms, more than 
double the average world im-: 
port growth rate, more than 
three times the rate of increase 
of German exports, and roughly 
four times the growth rate of 
West German GNP. 

That has not, of course, 
removed the trade surplus— but 
then the structure of German 
trade is worth examining. Last 
year Germany had a surplus with 
the OPEC countries, but a deficit 
with the non - oil - producing 
developing world — presumably 
the countries which themselves 
need a trade surplus- most. 
Further, the proportion of manu- 
factured goods in German im- 
ports has steadily increased 
while that of raw materials has 
declined — a trend hard for some 
sectors of German industry, but 
good for the creation of more 
jobs outside Germany. 

Once the traditional German 
deficit on services and transfer 
payments (such as migrant 
workers’ remittances to their 
home countries) has been sub- 
tracted from the trade surplus, 
a current account Surplus 
remains which last year totalled 
DMS.Tbn or 0.7 per cent of GNP 
(against 1 per cent in 1975). It 
is doubtful whether there is 
much scope left for a further 
reduction, given that West 
Germany makes its way in the 
world as an exporter of expen- 
sive capital goods and has to 



. •’ ****&£ 
Helmut Schmidt: has he get the American message 7 ' 



help its foreign customers with 
credit Further. West Germany 
was actually a deficit coun- 
try last year to the .extent 
of DM2.9bn if its performance 
is measured - by the basic 
balance, that is . the . current 
account less the long-term 
capital account The latter 
includes German direct invest- 
ment abroad which in 1977 was 
almost twice as large as ^foreign 
investment in Germany. The 
basic balance has been in 
sujtjIus again this year, but the 
Bundesbank argues, that the 
longer-term trend is downward. 

West Germany’s export depen- 
dence also underlines the prob- 
lem for a government seeking to 
stimulate the economy from 
within. And it provides the link 
to the Bonn summit conference. 
If the economy is to flourish, 
as West Germany’s partners say 
they desire, then German ex- 
ports must flourish too. In the 
German view this requires, first, 
relative stability for the world’s 
leading reserve and trading 
currency, the dollar. That in 
turn means a cut in the 
American oil-induced trade 
deficit, and a firm attack by 
U.S. authorities upon inflation; 

The Germans recognise that 
speedy -results cannot be ; 
expected on either front— just 
as they hope the Americans 
now understand that' there is- 
untikely to be a quick solution 
to Germany’s growth problem. 
But a firm start by the U.S. 
Administration" * would, it. is 
believed, bring" a climate in 
which other factors favourable 
to the dollar-r^uoh as the big 
interest rate differential 
between Germany and the U-S-- 
— would make more impact It 
is noted that President Carter 
has powers of his own, includ- 
ing the ability to impose an - 
import levy on oil, if Congress 
fails to act on his-energy-saving 
programme.^ The Germans 
would like to see him use them 
—or undertake to use <tbem by 
a target date. 

From their European part- 
ners, the Germans would like 
to see agreement to move ahead . 
with fee ideas for a wider zone 
of currency stability put forward 
by Herr Ktauit Schmidt, the 
Chancellor. They point to the 
trading benefits the currency 
“ snake ” countries (West. 
Germany, Benelux. ' Denmark 
and Norway) have derived from 
the existence of a largely stable 
currency relationship. They 
suggest that if other European 
countries can be drawn into* or 
close to, the snake, then all will 


benefit M. Valery Gfscar' 
d’Estaing, the French Pre&kfcti 
supports the plan. The.Britis 
are particularly reticent thpug 
far from alone in seeing pra 
ticiti difficulties. - s. 

British reservations hai 
focused on- fee 'objection th.’ 
the U.S. might, see • sui 
European action - as direct* . 
against the dollar. The Gernfe 
see the idea as directed -part 
against the rife of the Djfe 
as a second world refer 
currency. Ibis is a burden fe 
do .not wish to assume' si 
raises the question of 
might be done to increase t 
role of the European unit ' 
account as a reserve asset -v 1 ’ 

In an interview this wei 
Herr Schmidt indicated that 
felt he had American suppj 
for his scheme; He also & 
that while he did not expi 
agreement on it at the Europe 
Council meeting of EEC heu- 
of State in Bremen 10 di 
before fee Bonn summit; he r 
hope that a certain “ ba 
tendency " would beco 
evident there. In essefee t 
means 1 that the Germans wo 
like the British to coine aroi 
sufficiently to allow a jo 
basically favourable, Europ< 
line on currency stability 
emerge before President Cat 
arrives in Bonn.. ■ 

None of this will be ml 
help if the tendency to m 
protectionism grows. While 
Economics Minister, Count C 
Lamsbdorff, has been pillory 
other states on the issue, sc 
sectors of German industry h 
been increasingly pressing; 
protection for themselves. r 
German Government need; 
quick result from the curr 
GATT talks— or a deck 
impetus from the Bonn sum 
—If GATT has. not succee 
by then. .. ,. 

The German Cabinet 
Wednesday held the first of 
discussions on the economy 
on . the budget for 1979. ' 
second round .will be held ai - 
the Bonn summit— on July 
That will provide the opj 
tanity, in the light of what 
emerged, for a decision on t 
stimulatory measures. St 
both in. the tax and investor 
fields are possible. The Am 
cans have been hoping foi 
boost of 1 per cent of Gera 
GNP— that is roughtly DM T- 
-rwhich does not mean t 
will havp their wish wh< 
granted. But the readiness 
a deal is there — provided otb 
are prepared to play their i 
on fee day. 



Britannias 
of our time 

The scene yesterday lunchtime 
around the Albert Memorial in 
Kensington would even have 
made Queen Victoria smile. The 
steps of the memorial, and the 
grass ail around, were com- 
pletely smothered in the finest 
flowers of our national woman- 
hood, eating sandwiches and 
drinking coffee from vacuum 
flasks. These were the delegates 
to the annual general meeting 
of the National Federation of 
Women’s Institutes, taking a 
breather from the day’s debates 
across the road in the Royal 
Albert Hall. 

Do not imagine, however, that 
these spokeswomen of the 
400,000 WI members around the 
land were all of the traditional 
full-bossomed, chutney-making 
sort. As I was eyeing the scene, 
someone who quite resembled 
oue of the younger lady 
reporters on the Daily Express 
came up and demanded: “Quick, 
where’s the nearest pub?" Point- 
ing to the badge on her jaunty, 
box-pleated dress, she explained: 
*Tm a delegate from Somerset 
— don't know this part of 
London." 

In short it would be wrong 
these days to type-cast all WI 
women. One resolution passed 
yesterday strongly attacked pol- 
lution of the sea and the "over- 
exploitation ” of marine life. 
There was a demand that the 
government should think again 
about the plan to close the 
Eiizabcth Garrett Anderson 
Hospital, some tough speaking 
about child pornography, and 
anger over citizens living below 
the poverty line. The federa- 
tion is also on a fitness kick: 
many delegates were wearing 
tee-shirts emblazoned Good 
Health is Fun!" This conviction 
has in no way been dimmed by 
the fate of a national commit- 
tee member (her name a close 
secret) who snapped her 



"What's is for — the Mini. 
Budget. Guy the gorilla or 
Scottish football ? ” 


achilles tendon while out 
jogging. 

In the crowded Albert Hall 
the handful of men— mostly 
representing various ministries 
— tended to hide behind self- 
conscious smirks. But they 
undoubtedly went away feeling 
that this huge regiment of 
women is a force to reckon 
with. “We could be the sixth 
biggest trade union in the 
country," a Welsh delegate told 
me meaningfully. Yet the WI 
makes a point of embracing all 
political viewpoints and per- 
sonal styles. One lady eating 
an ice cream outside the hall 
was wearing carpet slippers and 
had her hair in rollers. 


Hope at last 

I bad expected to find the six 
Chilean hunger strikers at St. 
Aloysius' Church in Euston look- 
ing at death's door. But though 
thin and wan they were in good 
spirits. In part this was because, 
in common with other relatives 
of some of the estimated 1,500 


opponents of Pinochet who have 
"disappeared" since the 1973 
coup, they were temporarily on 
food again after 14 days of con- 
suming nothing but mineral 
water. But it also reflected the 
visits they have had from MPs, 
unionists and Church figures, 
and the way that in Santiago 
the Catholic Church at last may 
be making progress in ascertain- 
ing the fate of some 400 of the 
better-documented “disappear- 
ances." 

In Parliament yesterday there 
was an Early Day Motion put 
forward by various Labour MPs; 
it called on the Government to 
“make representations to Chile 
in support of the hunger 
strikers." This is mild wording 
compared to how a number of 
Labour MPs refer in private to 
the low-profile efforts made by 
the British Government to trace 
prisoners. But the hunger 
strikers have just written to Dr 
David Qwen, thanking: him for 
allowing relatives of the disap- 
peared people to fast in the 
British Embassy, as they did 
for 48 hours. They say they wish 
to visit him. 

Diana Beaus ire, whose own 
brother was seized by Pino- 
chet's men at Buenos Aires air- 
port in 1974 while he was tra- 
velling with his British pass- 
port, told me that they were 
only suspending the hunger 
strike for 48 hours. This had 
been a condition set by the 
Chilean junta for it to be pre- 
pared to talk with representa- 
tives of the Church. 

Sitting beside her, Christian 
Van Yurick described how he 
had been tortured for six months 
before being subsequently 
released. He then showed me 
a letter from the Chilean 
Ministry of Foreign Affairs of 
August 18 . 1974 saying his 
brother Edwin and sister-in- 
law were “at present under 
preventive detention for the 
due investigation of their 
cases, and that they are In per- 
fectly normal health.” 

In 1975 the Chilean regime 
said the letter was an error and 


that both were among 119 
people “ killed abroad,” accord- 
ing to Amnesty International 
Had there not been an amnesty 
in Chile one month ago? I 
asked. “Oh yes," Van Yurick 
told me, “ but few prisoners 
were released and the amnesty 
has completely blocked ail 
attempts to use the courts to 
trace prisoners. It also amnes- 
tied ail torturers." ’ 


Penalty spots 

Football fever may have left you 
cold, but now that the razmatazz 
about Scotland's Tartan Army 
has been replaced by an 
embarrassed silence. North of 
the Border it is positively 
freezing. The patriotic window 
displays urging Ally MacLeod's 
men to victory have vanished. 
Argentina 78 tee shirts are 
reduced for clearance. 1 And 
Chrysler have dropped their 
advertising campaign that the 
team and the Chrysler Avenger 
“run rings round the competi- 
tion.” 

If that sounds gloomy stuff, 
spare a thought for fee football- 
mad Brazilians. Their Wednes- 
day night draw with Spain 
means their chances of winning 
fee World Cup are practically 
zero. As spectators wept, Julio 
Gondim. watching the match in 
a bar at Bangu, called for a 
glass of cane spirit to wash 
down an overdose of bar- 
biturates. He died on fee way to 
hospitaL- In another bar a fan 
known as Big Head put two 
shots into the head of a 
neighbour when ' the player 
Zico was taken, off. 

Zico and a second player, 
Coughino, were buried in effigy 
in a four-hour ceremony in Rio 
de Janeiro. During the match. 
Rio’s main avenue was deserted 
and the banks closed' their 
doors. If Brazil were to lose a 
match, Scotland’s gloom would 
begin to seem like a Highland 
Fling. 


Observer 



’ 4. 


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or David Andrew (06i-236 8192). 


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144, Leadenhall Street, London, EC3P 3BJ. 










19 






•.'I----.' . 


r ■•'■ ; :: r "’ 



te^Saj; June 9 wflL 


/ 




POLITICS TO-DAY 


the 1911 Official Secrets Act 


rvp^t-^v • •■. ... ■ ■•;;• ■ y-' tisnov ' mic w>nc> una differed Cmt. a body fi^ced bvjbe 

be.abq.ut to a ginger grbii -for coxatttu- unauthorised publication of is ** ^ ‘ 

OuJw Wd SStlon C ‘t ! as IU n^ a Vn n, lhV Y rt the Franks Committee 

•uBU^^ae?; rnf :**/**« SW's Berests or the Slate. The Bill l00 had us Mmiuuons if on?> t)unj> , gaJ05 t ihe <h.d.nure ... cabinet 

~.3lftttife5to-, of October, Nati(mal Exect&ve Cowininee. was abandoned owing to a because of its terms of ref t - at)im ,i doeu mc " irre>?u.- '' r should remain confi- 

one mixture of opposition from the en , e The call for more upen f ^etr '-on,..-n. and paper* 

.. They may i-JV „r p»iiami>niarv „ « dKiinet from n i.«ificauon " denual 


, ^anomic P» lie >‘ a»d differed Unit, a body financed ojt* 

i; S « a ‘" in ^ *■- ro^«* s °5 ai sen rJ Q ^n 

‘ .iSlined iu accent that has already drawn up is" 

* TSJ’Sm be criminal sane draft. It i« pd.cal enough^ 



. r ^fedfiicre to put. the What hits red^ ;fcai«*5JjJ- J 

I burd^c&£he public authorities.; that . a. . JTO6-rt8?mi^/ ueoaie 
wW^uildmg -inlcinna- about fh$ 

iohi" '• 1 *' '•■ • . - ' T Aet has 

about 


Party Manifesto in 

ihe Tories won) 


‘hat bold information and :u prose- ‘j secret. 

‘ hjt - f '" Ioreiall ' jn v.-::e to be y ^ btf eXp « c!e d. the 


Mr. Merlyn .Rees, the Home 


Secretary,..; confirmed 



■■■^'iVDeen iorgouen. t in.au prow--, T i,p i a H e r -But 
'■TVjJatiflity, the Government will ^ requires a ; ;Mt - 
produce a White- Taper : before ™ und q and t twre-cah 
n ^ ; the summer : wces3 setting forth b s ■ ** 



AliillKAhS OF TBK ‘‘ l‘A( 11 10. 


Stsmk: 

» * ee, bS'f?^_A'ii.--b . n j.M«ri The Committed. was set .up discinsod. but also those who , tnl<1 lllc House of basis; it does no. tI V J a.-ademitr*. social 


_ CTROVG fleet is the best 

GeniatR Empiroi. _ ^ FallitTM. President oi France : 



viorirt -•• not be printed, 
s a hll * the Goverment is likely to go 
with the intention 


01 basis; n u«” ! Klluv \ nrdi iic i a ns, aeademiirs. suu- 

disclosure should u-.-Lontt the • reforiners and j uUr nslmts at a 

had norm. conference -A.*ek.er.d. It 

should 

Otticial A C CeSS „amc time as 

White Paper: 


should be published around the 
.N>nf time as the Government s 


so s::ou:ci 


the 


uc n.^r ni’ inrr ir Follicrt’S. President o; r ronce. 

C oinilo'°o MKE A ffimiwv or it. here is 

OLITc iO. IU ..Ah COiVTJ7iBLTi0 .V" 

tssssoiSSSsSsSSs. 

£SS5*i '££$£ <« «i lsn 0ffidal 

Secrets Bill- 


concern 


the Parliamentary ,. n th at Franks had recnm- Those campaigning for moro j proposSl i s . What will 

ids in an appends ^ S Jr and went slmhily radical reform tf-r ■ : »w o her to lhc NEC sub- 


much information fn.m the pub- ^now iia^, 


Freedom of ln- 


n . ve some- formation Act and France has 
- • - a similar direc- 


3S^i More radical 

merieau >. The question is whether the 


EmDlovment been moving in 

P one ex- tion. It would be hard to argue 
having that any nf those coil nines a c 
tn know conspicuously less well-run than 
>ree- ours as a result. 


s. He campaign for more radical re- 


did m, ; form* has now achieved such 
tat the &r head of si cam that the Govern- 
tg of Hr“ ment’s proposals are going to 
3rerasn u" look distinctly fec-Dle. • There 
m sutnau,.. are at least three groups worit- 
cenain .. ins uo ideas of their own 


now 


. S5 V Whi^e Paper. 7-Tto* gg-^U- % 


h iu comp? groups are the Liberal P arty. 
) allow a ' 

•u rable, ^ 
tncy stsbk 
? Preiidect- 

niL 

his will k : 
lendem.r n •. 

Sruwi Kd 

iaii’.er, (m~ From, the Director. 


Letterito the Editor 


to 


r-iiien conveyantins on hrtiiir Jcl? mijy-li »'^l«“l 1 "AJ*' A lg 


[GENERAL 

Building Socic‘1-- .tklI 
I discuss investor-. j:id borrowers 
interest rates. 

unfor-l -Mr. Malcolm Fra>er. 


Prime 


Electoral 

reforms 


environ rh ent 
to 

tion. 


Mr. Morarji Desai. 

addresses 


demands so in the constitution. 

documents on liner vonferenc^ 
Motion on Church .° f ^ n *-J ?£■“. 
(Miscellaneous Provisions) Mea 

- „ . , SU House «f Lords: Home Purchase 

j Indian Prime Industry, at CBI South Bemonal and Housing Corpora- 

United Council luncheon. Phyllis Court r ^ ri - 


Today’s Events 


g±- s « ^Lsaw-'-a % 


James 


borrowing 


will co-operate.;.^ 


i stance and Housing 
tion Guarantee BUI. ►econd rCd “‘ 
Transport Bill, second re-d- 
: Proceedings ana 
ourt Bill. 
STATISTICS 

Central Government financial 

J tying as solicitors? There woum jgj has niadt? h i» wayl-— ^ughio., .Essex on uorernngm. ^ rl V“ d ; Australian oil tanker acc.uem ae — tt £™ or » ..including • 

a - !^PS ner - s Hall 

l ° MS.ENTARV BUSINESS .. felAW »«S 


J? SSS® 


ni results just announce ■- . msieau ui — -v- 

from tie e The . Ecologists . have poUed layers of nonueople com 
._ ,i. V ell for a new party. They, have lion. 

1 Achieved valuable publicity". John Ball, 
ii thf Btobe; fhei |cem to have : impressed Rent House. - 
nas not -a- ^/established parties with a gy. Regent Street, H I., 
nped to pay some attention- to- • . 

The. Europe 

,-n the en-aw The Ecologists ^ppe^ to have 
_ , nT m taken votes ■ mainly- from th J>Uda.v 
•; :/,. tei- Free Democrats, so it From Mr. W. Grey 

■ 1 ‘ : presumed that, this latter — •* 

\s:un!ii-«« Lntninn the largest pro? 



heads affecting solintors land 
• which is a reason why sohcitors 
charges are higher, of hav ng 


Design in 

|b .■.:t«"*n3lijjj,ain out of the- fees tlie SriHlIQf rV 

y^ve^i^h premiums of *the com- lnOUSlij 

■ ^ puTdiy- professional indemmtj From Mr. Richard Leuns 


P 0 r «S 3 lialery GlK 

iSW-Si 1 ssnigs L ^ 

10,10 si.ni.* • • * - — 


v-uOtrolling\body. interest in the 

ft » 

rt. thi, l».ttr PUjy - ■ i& _ M Beit r nm 'SJglaSS'SS.^S’thS ^^itt'^SESZ b« 

'.contains the large« prepor^on ecWJorn i C spmniit ewere ce the-fujl protection which they pr0 vided us with . a priniy] 
Fr-wiw^of ecology K?^oSSrted SSlSSSme and need in matters examp i e of design inseusitive- 

■.eliahta* what has happened to the speaking;: will be /n concerieu o[ major importance ncss . . . 

, r 2 otfsbir T he Ecologists tew got none action for^fa^e/sro^b eo a d involve man y legal { refer to the agricultural 

Ca^eA SAffls, - _ s _ 15ratiftn lhat tractor bug^y 


meaiiuA - themsrives- and . have 




the FDP_^r^tbe .seats stabUity, oan^price ^)r P Father, the implication that * 

. I in p^e° 5 »»T) J"* 1 ffiS g*Jg"“JSSBi 

rJSaJS g“’ “s rsistsffi- ^ sssss»^ , 5SSSiS.«5 ss.« e . ?,« jsss S ?» 

•- 1 • -■ ' ... . . ; niirinp RXD1 


detrimental I 
ision and | 




. „ c on=lled. ESuntJall, below *hrt .ppeore to„ ? eve ■ eeceped tarn 




jib- wnicu eui.j c-: . whatever 

., r wiil! r to the voters ppmtons^w__ rp-idilv rcconcuea, is - substannauy oeiu** 7- appears iu n#»c c«=^-r 


f> 




tho makinc — a decision u.- recent annouaveu equau> , .v:, nritich 

feitSS S reioin the European also -below that of various other (ll)Seable? , padlock . this . Brmsh 




Vv 




W uui« nartv. since t»Htain to rejoin me aiso oeiow 

^^.W havTaci^ed ? ore wnency. snake. 'Besiiea Oemg professions. 


they. could have interest, w-mcn Xlan D Roper . 
Snded n ^^Idet« ^_.W or ^ . provided the .ntfe's « ; 


Stre«?f, 

Herts. 


’.saHsSS ” Sjtf The missing 



deprived their, nearest f. l / es „ lo _ “stiffening of Britain s 

representation, S1 ° ce -Jp a se J hawHmn resolve to refrain from 

S^JL^'SAS! «£ ^Sgence__whi^ 


ek a i ±« f rd l her W ncw F nnn the Chairman, 


dates or other sympathisers and ^^^omnliSly ^ harra ^ G. N. Burpesa HoWinffs rrunu 

6. Chancel' Street, SEJ. • 


engineering product is an urgent 
case for treatment. 

It was a relief to l® 3 !? 
the copy that Leyland Vehicles 
are now planning to invest over 
£130ro. in new research, develop- 

r-vrSd'^rCn' 1 ^ 

Sa“sj£!K-“ulS3J^S as 

programme. 

Richard Lewis. 

II. PrioTii Crescent. 


9 7 












Numbers of 

Management & -.mg unions 

consultation ^ gssJS? XTSJST* 

From the Manapino Director, J^ h ap py °o shoulder their 15 years. V/e tried J ^o'op ^s^ciotion 

Rxdgeuwy . wc-SSa share of the burden, are ment. area subsidiary factory, a Sif I rea i, se that the c 

* - r'srirA.Wallu; ID “IS Cxlra buaie^ a thp help hi; m i merer action. WiUCn l AID hAiu/ppn J 


“SaiTBKvftlU.- in - 1 ?; 1^, v Sn rSli;k^rh *Se ‘ help .j*ta&^^VsUon/ which 1 am between 

letter (May "30) ' Consulting .to finally resoivejt economic afraid ran us ver5, 4 ® 1 “£. i1 S Mortimer and myself cannot go 

L e _ n -!£-iil ay >i« drawn attention, of the add«img d bence ulti- faliure> then sat out to rebuild “/VndSnitely in your columns. 

I more uniform our fortunes here. itn-tion hut may I reply to his letter ot 

srdS^i 

many vacancies 


drawn, attenuon oi uic . 

.jr- Companies,, has ^raw deV ei op convergence .(and 
.,- tsO' eI 10 the pressing need jo deve.up faster and 

means *of for ttk SKA) 

offered four ingrcdjmjS-. • currencies in line v 

successful development will' generate, to make a 

v or the^ joint ^ prl5e - 

,dern?l 
iinisf 


Export success 


acreement -there is 
but one which ,y_.. viaturopn 


a crucial 
an agree- 


1 In thepublic 


many vacancies, um. distinction between a«». »»■**«- 

■has "been widely menu under which a union can 

machine shop foreman/- etl , represent its members, and 
carried a company house Plus top ° * which it can represent all 
salary'. No interviewees have one ^ . q a bargaining unit 


Tile rewards: nwCtom^y-s p«^p 

£SKFSS:i,h.m.o£J3J»i.l97S. 


as a uiajwi . A d for last year, rrom mi.wi u» — " 

gssassj2sa«--»wrf 


been, pro uduced 1 

G.- N. Burgess. 

Hamcorth Trading Estate, 


wSU« for 


"SBSS interest 

r]aT>- luitities for managers and man- 


British Shipbuilders certainly 
understood the distinction when 
Ihev made it in their agreementA 
lub the CSEU. Mr. Mortimer 
rhooses to continue not to qo so. 
Your readers will draw their 
own conclusions. 

Mr. Mortimer says I favour 
“further fragmentation jif tr*jde 
union representation. Mr. 
Mortimer is quite unable to sub- 


Export "S SI devdopmait coupled whh substantial new 

the company and the quality otoitf ^ capital programmes continue to improve 

htcreasing penetrauon of ^orldmark ^ product range m weU over 

encourages expectauon of even greater ^ oversea£ . 

improvements next year. 


staff in the mam I 
unions nor are i 
recognition 
they choose the | 
them, only a i 
can call this 


/> 




U c 




*+Ws&r% MZk-.'Bi &2aszmi sssssrs 


sass«a% s S& =ss J 


e si9^' 


nany resources ' v — concerweu r . . gocICiy HOW aDOUl XO W J. M n“ Thr- attitude of AG Ah IS repre- 

IS B ?*i.”iSyS ISSd\° rss *ss 


KEY FACTS 

1U-S 

£000 

W”7 

£000 

Net sales 10 third parlies 

194,033 

172.265 

Group Profit before taxation 

25.390 

29.041 

from Domestic sales 

“ 9,022 

10,579 

from Overseas sales 

15.210 

1.158 

1.419 

from Associated Compames 

Profit attributable 10 parent company’s shareholders 

17,415 

21.94p 

I6.39S* 

25-lSp* 

Earnings per share 

Dividend per share — 

4.282p 

3.8"8 P 

•Restates 


Chairman: Mr Lawrence W. Orchard 


sss^tb!" »?ru,wsc“- issj^giss 

5fe, a n taM 0 t the two-tler 


belligerence as a result 
struck by 



Sd“,fs^ & ” 


Ever Ready Company (Holdings) Limited 

Ever Ready House, UmkmlTCO Bitt t r I «an« 


*z&sx#as SP®as~ MSsB. 


on 


P- 


gSgfsaWW* rarry out 








! 1 * 

» 



DIVIDENDS ANNOUNCED 


' Financial' Tunes Friday, June § igfg '? 

ISSUE NEWS T 


1 -/* 


A i *' 


Static last half holds back 600 group 


Current 
payment 
. 3 66 
. 2,75 

. 1:00 
U20 
' 2.33 


WITH PROFITABILITY static in 
ihe second six m»mihs. the 600 
Group ended the year to March 31. 
3 STS. at £I3.21m pre-tax. compared 
with X10.fi.tm last time. External 
sale*, fell from XI 80 .42m to 
£ 173.22 m. 

At half-time, when reporting 
higher profit of r3.44m against 
£4. film, the directors said they 
expected to at least maintain the 
overall level of results for ihe 
yea r. 

A divisional anlysis of full-year 
turnover and trading profit shows 
t in £000-. i : iron and sled products 
and sonices £S5.94U i £102.17(1 1 
and £913 <£:.l&Kj. machine t«mls 
£6l,iWfi i£51.:»«i and £6.911 
< f4.5titi > and uther engineering 
products and services XSS.lJs-J 
(£26.904 j and £3.5*11 (£2.K2fii 

Extraordinary debits came In 
£234.001) (1:10,1100 credits) and 

mainly comprise the net adjust- 
ment arising from re-aliennienis 
in current values aim I jumble to 
fixed assrls and on inter-company 
Inan accounts amounting to a 
£205i.00f) loss IX1II2.IH10 gain) 

Earnings before ex Ira or din ary 
items are shown as ll.fi tliispi 
per 25p share. A final dividend 
of 2.2.7p lift-' the total pavment 
from :t.fiS43p n< 4.08p net. alLhnugh 
an addiiion.nl n.o:t4«ip i* to be paid 
should ACT be reduced. 


HSCMHTS 


industry has cnnUmwd I" in- 
crease. the profit of subsequent 
periods will benefit the directors 
state. 


Lex concentrates on the economic package from the 
Chancellor and its implications for gdts and interest rates. 
On the company news front Grand Metropolitan's figures are a 
mixture of swings and roundabouts with pre-in leresl profits up 
by a tenth, though at the pre-tax level the gain is a far more 
impressive 59 per cent Finally Lex takes a look at the rignts 
issues from Sccuricor and its subsidiary' Security Services. 
Elsewhere, record full year figures from Guthrie disguise a 
weak fourth quarter. Electronic Rentals’ figures look reason- 
able enough though the market appeared to be going for 
more, while a depressed second half at UKO International took 
its toil on the shares. Hickson and Welch’s figures were well 
down and the advance by ihe 600 Group is only 5‘ per cent. 
Armitage Shanks is jn line with market expectations with profits 
up S per cent. 


Armitage 

Shanks fall 


Triefus 
rises to 


63m 


Rriprn»I .ial»-t . . 
•ip'raline prnfll 
n*pr*r:.llinn 
[nrfr>’<: .-harei-c 

T-adiuc prnRi .. . 

A«wal» In* 1 : 

Profit before tax 
Txtaiinn 
Ji»i urnfii 
Minnriu-s 
Fiiranrt. ^■'hil*. 
.vtnhu: Jfolo 

Pr-'f'Ti'Nw 4n-:«J"»r1^ 
"r'lirtar' - rtividrody 

flrf.ii/i--i 

■ Prnhi. t '’wlin. 


ifir-r* wot 

ill.’m (Dull 

IT". * Jt> l*IMV4 
ir. u.3 i4 *.n 
3..:uj . ii*< 

1 .444 J.O,: 

1141.1 1“ :7' 
'■•fl 

11 . 21 a 1 Q.K 28 


v 4 ?r.-: 


WITH SECOND HALF profits 
ahead from £352 .797 to EWH2IU7 
Triefus and Co. reached a peak 
£«3D.iiS." pre-tax for 1H77. com- 
pared wuh £500.303 in 1976. 

Tax lakes £331.834 (£271.321) 
and attributable profit emerged 
up from £1912113 lo £244.947. The 
nei dividend Ls effectively raised 
in 2.225211 i2.0229p) per 23p share. 
A nne- 1 er -five scrip is*ue is nUo 
proposed. 


cfends costing £227,749 (£113,3091 
ihe retained profit is £320.847 
( £330,587 ) . 

On prospects the directors say 
thai a satisfactory result is 
expected for the current year. 

An independent professional 
valuation of freehold and lone 
leasehold land and buildings was 
carried out as at February 2S, 
)97fi. This threw up a £923.436 
surplus over book value which 
has been transferred to reserves. 


s.n* i 4 .v.f 


1 'a. 1 

.i:is r _> 


• comment 

Profit i at the «0fl Group are only 
5 5 per cent ahead bui 'be 
impre = -ive i-nninbution* from 
machine tool- and engineering 
products haie more than made 
up for the va*r|y reduced return 
Trom iron and si cel product-;, 
rrnfi-'.' from bhe laMvr .-lumped 
from X3.7!Ji» to £0.!)Jm due larei-J.v 
lo widespread tack of demand and 
a cevftre drop in The price of 
scrap The general picture here i< 
bleak but the group's '•voel nloe.k- 
hnlders are trying to cmicenira ic- 
on higher m>irg»n prod nets. 
Profits from i-hc ■•wpandlns 
machine tools .-ide ro-e 51 per 
rent and new dvi*' loonier*!- ^re 
planned in thi- division which 
--hnuld boo.-r earnings in 1D73 SO. 
Meanwhile engineering product.-, 
which con-; ribuied 16 per cent nf 
total group -;dc-. wero bolstered 
by impressive growth in crane 
manufacturing and pljnt hire 
cer.ice-f The cunlrihuiion of 
overseas companies is included in 
divi-iunal figures but foreign 
markers are important to (he 
group with export- taking about 
65 per cent of manufacturing 
company -ale-. At Sup phi- shares 
Hand on a P E or ii.7 and yield 
.ttf-T under S per cent. 


Airflow 
earns and 
pays more 


Lombard 

North 

trebles 


GRuUTH AT Airflow Streamline* 
slowed in the second-half of the 
vear in i-’ebruary 28. 197S. and. 
after ,i £240.000 advance to 

£456.000 at half-way, the full year 
linnhcd £274.065 higher at 

£•110.455 Turnover for the 12 

months' improved from £7.H!»m to 
£10 film. 

The (fircernrs report that in the 
man u fa during division the high 
level of demand experienced in 
the first -half did not continue 
through l ■> the year end. How- 
ever. a --jlisfacmry resulr was 
achieved. The motor division 
maintained its progress through- 
out ihe .-.■car. 

Earnings per 23p share are 
shown to have risen from 17 24p 
to 23 I Up and the final dividend is 
3.6fip net for a 4.9] p i4.4507p) 
total. In addition holders are io 
receive, by way of scrip, one 10 
per cent cum. pref. share r.r II 
for every live ordinary shares 
held. A one-for-one ordinary 
serin is also proposed. 

After lax of £261.85!) l£192.494) 
the net ■ balance emerges at 
£«48..»'«; (£44;:.S96i, and with divi- 


DUE LARGELY to the profit 
growth of its credit finance 
business in the UK. where lower 
interest rates had a significant 
influence. Lombard North Central, 
a subsidiary of National West- 
minster Rank, trebled pre-tax 
profits io £h.S7m in the six months 
to March 31. 1978. 

However, higher interest rates 
now* prevailing will hate some 
adverse effect on second-half 
profils, the directors warn. Profit 
for the last full year totalled 
£11 73m. 

Uver-'eas. particularly in 
Australia, difficult economic con- 
ditions and continuing high 
interesi rates together created 
circumstances in which Lombard 
Australia produced lower first-half 
profits. 


in earnings 

EXCEPTIONAL non-recurring 
costs and substantially heavier 
tax have hit the earnings of 
Armitage Shanks. For the year 
ended April 1, 197S. they arc 
down from 7.31p-to 6.37p per 23p 
share, before taking into account 
exchange differences. 

Termination and reorganisation 
of certain uneconomic activities 
have given rise to exceptional 
non recurring costs of some 
£300.000. Despite this, ihe profit 
before tax shows a £17S.000 rise 
to £2.4Sm. 

But after tax of fl.iWm. com- 
pared with £719.000. the net rrofit 
is £133.000 lower at £l.43ni. The 
higher tax follows ihe arrest in 
the increase in stock holdings in 
the UK and the corresponding 
reduction in the tax relief 
available. 

Following disappointing results 
for the first quarter, trade in the 
UK improved, although in com- 
petitive conditions which kept 
margins under pressure, the 
directors explain. 

They say that this, together 
w ilh a sharp decline in profits of 
the group’s Australian subsidiary, 
limited profits growth. 

Exports increased by 44 per 
cent to over £7m during the year. 

The final dividend i.- 2-32p for 
a mini of 4.3p <4.234tip>. 

The company makes sanitary 
pottery, metal fittings and plastic 
mouldings. 


Airflow Streamlines 3 hfi 

Anplo-l odonesian 2,75 

Anglo-Trans. Cons I- 0 ® 

Angln-Trans. lads. !'2D 

Armitage Shanks 2 .3- 

Brown Shipley 3 -- 6 

Buckley’s Brew' 1--* 

Bureo Dean ....! jnt- 

Chcsterfid. Props. 2nd int. i — 

Cullen’s Stores 3 

Dartmouth Invs 0A1 

Dundouian 

Electro Invs -j;- - * 

Electronic Rentals -;3 

Elsburg ‘•'ii 

Grand Metropolitan ...int. l.io 
Guthrie ... 8 

Hickson and lV'cIch ...int. 3.33 

Leigh Interests 2.33 

Middle WTfs .-la 

Randfontcio ’;20* 

Sentrust 

600 Group 2.J 

Triefus 2.23 

Uko Intol 5 Ri 

Western Areas i!S 


Dffte 

Gorre- 

Total 

of spending 

for 

F3 ymen t 

div. 

year 

July 19 

3.3 - 

4.91 

Aug. 30 

2.5 

2 i o 

Aug. 3 

SO 

115 

Aug. 3 

19 

20 

Oct. 2 

2.28 

4.3 



4.79 

9J6 

July 7 

1 13 

1.79 

Aug. 9 

1.5 

— 

Aug. 11 

2.92 

— 

A UR. 11 

3.2** 

432 

July 29 

037 

0^1 



094 

2.13 

July 31 

2S 

5 

July 28 

1.45 

5 

Aug. 4 

3.9 

— - 

Oct. 23 

1.6 

— . 

July 21 

6 

15 

Allg. SI 

*1.21 

— - • 

July 27 

0.51 

3.63 

Aug. 3 

12? 

25 

Aug. 4 

130 

— 

Aug. 25 

IS 

30 

July 28 

o 

5 — 

July 18 

2 02 

2.23 

_ 

5.33 

8.8 

All". 4 

6 

— 


Double rights from 
Securicor companies 


uivioenas snown )«* — 

•Equivalent after allowing for scrip issue- T On capital 
in'-reasea bv rights 3nd or acquisition issues. +4p if dmdend 
restraint lifted. If not 3243p at current tax or 2.27903p at- 33 per 
cent \CT 5 Intend to pay dividend 0.0346p on reduction oF ACT 
making 4.1146p total, li Treasury approved. i> South African cents 
throughout. 


Midway fall 
by Hickson 
& Welch 


e comment 


Sir month* 
1977-75 1*75.77 
rmji) iomi 


Prom before lax ..... 
tu 

Set profit 

Minonuos 

Pnf. divs. . . . 
Extraordinary Mill 
Alirlhinahk io ord. 


*N.-i Inss of £52.nofl arising on di-r»isal 
n( prop-.-nu-i and a provision of caWM’i 
fur ib-.- dunimii'on in value of nno freehold 
propvny In Australia. TCrudus 


Some benefit from the substan- 
tial volume of new business trans- 
acted last year was derived and 
as all section? or the business have 
continued to be buoyant, and 
turnover particularly finance for 


Prex-lax profits up R per cent at 
Armitage Shanks wen- just about 
in line with market expectations 
and reflect a steady second half 
improvement after the poor lir-l 
quarter. Overall, margins have 
been under extreme pressure 
given the stifT competition and 
sensitivity to volume, although in 
the main ceramics aiul sanitary- 
ware side, they are «till just 
ahead of the previous vear. 
Profits, meanwhile, have been 
depressed by the rsnn.pnp 
re-organisation costs. The com- 
pany. ’s timher and architectural 
joinery interest* have been 
stripped out and exisling facili- 
lie-; will be used to manufu-ture 
bathroom furniture. Tin. overseas 
companies, which together with 
exports contribute £14nt to sales, 
have been hit by a ritreable turn- 
round to losses in the Australian 
subsidiary. But the current year 
has started well in the main mar- 
kets and given the boon* in home 
improvemenis — more important 
to the company than housing 
Stans — Armitage will be- aiming 
fnr at least £3m this tune. At 
r,5lp the shares stand on a d e 
of'jusi under 10 and j ield 10J2 
per cent. 


ALTHOUGH TURNOVER was 
better at £34 .63m against £32^3m. 
c.ixabie 'profit of Hickson and 
Welch t Holdings) dropped from 
£4^9m to £3 .74m for the hair year 
to March 31. 197S. For the whole 
of the previous year, a record 
£10.14m was achieved. 

After tax of £1 u7m t£U37m) 
and minorities of £2.000 last time, 
available ordinary earnings 
emerged as £2. 67m (£5. 52 mi. 

Stated earnings per 5flp share 
are down from on adjusted I8.I7p 
to 13.79p and the interim dividend 
i-- effectively raised to 1.33p 
(1. 21oi.net — last year's final was 
2.248567 p adjusted for a two-for- 
onc -crip is- ue. 

The croup's business is in 
chemicals, timber products and 
building material.-. 


certainly slow down, with conse- 
quential effects on employment 
levels and its performance. 

In 1977 pre-tax profit of the 
rubber. plastics and ' cables 
machinery maker dipped from 
£432.360 to £377.062. At year end 
net current assets were up from 
£2.0 lm to £2.74m. and group fixed 
assets were 11.05m i£0.91m). 


Brown 

Shipley 

improves 


Turnover 

Oo-rra: rnc profit 

Ino-rcst par ,-i Mo . . 

Jnsosirwcm. etc., income. 

A*j<v.l.iioa prefi.-s ... . 

Prom before la* 

Taxation 

Mlnuriir Imorosis 

Pro/wiKi- diruf'-nf 

R.irnmAf onlioarv 

■ •rdinarr itivitlond 

To rrtcrvi-* 


1P7« IfTT 

£000 Ml* 
S4.A74 SC -J40 
3.714 4.7ft- - 


FOR THE year to March 31. 1978, 
hanking group profits of Broun 
Shipk-v Holdings advanced from 
fl.06m to £l.31ra, after tax and 
transfer lo inner reserve. 

.Net trading profit of £1.69m 
(£ 1.48m) includes parent company 
profit of £39.000 f£2.000 loss) and 
profit of insurance group £796.000 
t £890.000) after £452.000 (£464.000) 
tax thereon. The retained balance 
was £l.l8m (11.03m). 

The net final dividend is 5264p 
fnr a 9.264p lS.3675p) total. If tax 
rate rs reduced the directors 
intend tn maintain the gross total, 
payable with the interim in res- 
pect of the current year. 


In a double rights issue 
Securicor and its subsidiary 
SecurJtv Sendees are raising 
£5.39m from shareholders. 

Security Services the operating 
area of the group is. proposing an 
issue to raise £4.73m with a rights 
issue of one ordinary share -and 
one “A” non-voting share for; 
every six ordinary or “A" shares. 

Securicor's rights issue is less 
demanding. The terms of that 
offer are one ordinary share and . 
one “A" share for every 35 
ordinary or “A" Shares held. 
There is also an offer -of 1-35 
ordinary or ** A ” shares' for every 
10 cumulative participating d refer- 
ence shares. This issue will raise 
some £658.000. 

The Securicor Group/ which 
owns about 52 per cent of Security 
Services, hasindicated that it will 
take up its fuil entitlement under 
the rights issue. 

The Erskine family and- direc- 
tors of Securicor which .have a 
controlling Interest in the parent 
company are expected to take up 
the rights In full, which is partly 
being raised to help finance the 
cost of taking up the Security 
Services rights issue. 

The reasons given. . for the 
issues are based uoon the expand- 
ing parcel security service and 
falrlv hefty capital expenditure 
this year. Without the Tights there 
would be a shortfall between cash 
flow and capital commitments. 

Security Services announces 
estimates for pre-tax profits for 
the half year to 'March 31. 1978, 
of £2.1 m f£1.74tn ). and the direc- 
tors indicate that profits are con- 
tinuing at satisfactory levels. 

In the absence, of- unforeseen 
circumstances they .Intend to pay 
total dividends of S.5p per share 
or 5.3fl3p gross — ari. increase, of 
about 75 per cent 

Meantime the . directors esti- 
mate that pre-tax profits for 


Securicor fbr the same periovtC 
he £2.4m (£iJ97m). SS 
dends of 3.7S79p will 
which represents an iven 
increase, of 100 per cent '^ 5S 

Cazenove has tmderwritteB-fi 
issues and dealings are Exnefcs 
to start on -Jnne 27 .. . 

' . -• See Lex - — - 


Brooke Tool " 

«•»*) : is - raising faTdjjotr'gT 
rights issue of . three-for-five- 
2Sp 6BCB, 

Along with the rights' 
comes interim figures - show) 
P re ; l “ Profits for the hairS 
to March 31 mbre than donw 
at £120^800: compared with S 
The directors are payirS!!? 
interim dividend of l.lp 
and are forecasting a totaTi 
the year of S.75p. ' 

Since I9»a the "company -t - 
acbleved a significant turiwnu 
into profits- from the'ldsa^ 
previous years. Turnover ftp j 
latest half year i$- U p from £S 3 i ’ 
to £2^» m. - 

. The directors state , that 4 
level of - orders placed witir t 
group has continued M jncrai 
and provided that -there, is 
worsening of the economic dim, 
they are confident that -trading 
September 1978 will continue 
bnorove. • *- 

Further, to Ihe 'rights Issue i 
directors comment that the ero 
has -shown a signrficahfredprt, 
in the level of debt Though.!! 
are confident that they are £ 
lo finance the anticipated incre 
in trading from existing faeflit 
jt is. the intention to develop n 
product areas which will requ ^ 
additional finance. . ' _ . . • 

The issud is nndehvritten ' 

E. B. Savory MiUn. An EGM 
called for Jane. 27; •' ■ 

— : — f- 


European recovery !ikel) u 
to be slow at Ever Ready! 


i r~ J ’ £ 


9 comment 


jlv/ computers 
24 hour Valuation Service 


Hickson's rc.-uHs — profits 23 p**r 
cent lower — was in line with 
market and internal expectations. 
In the first half it has felt the full 
impact of the chemical industry 
recession and the upward move- 
ment in the pound. Indications 
from the chemical slants in recent 
weeks that trad in? conditions 
have bottomed out together with 
a slight weakening in the pound 
should help second half figures. 
Analysts are anticipating a full 
year figure around £8.2 m before 
tax. The share price, at 2oSp. 
has been buoyed by takeover 
rumours and by the strong divi- 
dend cover, and these iwo far-tors 
are likely to he the main influence 
on ihe shares in the short-) erm. 
Taking a line from the interim tax 
rati- the p/c.is 6 8 and the yield 
is 2 8 per cent, covered almost 
eight times by estimated net 
earning.*. 


EDINBURGH 

ALLOTMENTS 

The City of Edinburgh District 
Cmincil’s issue of £23 m of variable 
stock- closed yesterday morning 
oversubscribed. 

Applications Tor up to and In- 
cluding £56.000 of stock are 
allotted in full. Applications for 
£55.000 to £100.000 receive £50.000 
and thereafter applicants receive 
approximately 35} per cent: of 
their application. ■ - -1 

Brokers to ibe issue were 
R. Xivison. 


LONRHO 


■V: ' . - - '-V - "• 

; -.V - '•..-•Jr -« 

• - •w# 

•: mr 


W - - ' ■ 

tV - *•* .. 

V;-*'* v * ‘ 


\.S ► - . ' 

V.. ; . * • 

- 


■ "■* •#*• . >■. ■ 


* . : •'•’/• • • 

‘-V * 


«*.****■ j-r-wro 


' V' - .-. - 



Problems to 
continue at 
Francis Shaw 


Lonhrn's joint auditors yester- 
day rejected the suggestion jn 
some quarters that the treatment 
of House of Fraser as an associate 
in the half year results was ques- 
tionable. 

Peat Marwick Mitchell and 
Mann Judd said that in their 
opinion, the treatment “is in 
accordance with established 
accounting practice.”' 


THE PORTABLE energy business 
is likely to continue as -a growth 
industry, although . Ever Ready 
Company ( Holdings ) will experi- 
ence short term problem* in some 
markets and tile' recovery of 
profitability in Europe is likely to 
be slow. Mr. Lawrence W. 
Orchard, the chairman, says in 
his annual review. ■ 

He says that in the UK export 
orders for batteries remain buoy- 
ant. coupled .with increasing 
demand for torches and. other 
portable lighting equipment 

Additional capacity at. Chemical 
and Carbon Products is expected 
to come on stream in later this 
year, while action is .being .taken 
to improve the rate of return at 
Ever Ready - (Special Batteries). • 

J. A. Crabtree and Co. is ex- 
pected to show a meaningful 
improvement in profitability this 
year while C. M. Cburchouse is 
not ' expected to do more than 
break even in ihe first six months. 

■ At Electro Formers, directors 
an ticipa te some d ifficulties owing 
to battery component changes 
that will emerge later this year. 
While replacement business with 
other products it manufactures is 
being vigorously prompted the 
future seems “ a little uncertain" 
Mr. Orchard says. 

In Europe the sales investment 
programme . designed ' to- further 


secure the group’s market >!;' 
tiou began last year,. and. a sa* ‘ 
company 'got underway 
Holland. Other countries will 
ceive “similar treatment” f-. 
year. ’ . • 

&t Nigeria a good start has b< 
made to the current year. 
Orchard .says 'the Gove mm 
under- its indigen Lsetion sohe 
has yet to accept arrangeme 
put forward by the company 
“ properly preserve the esse 
of the company." 

Ever Ready proposes to cha 
its name to Berec Group, ; 
intends promoting the Be 
trade mark to the even) 
exclusion of all others. E 
Ready can only ose the £ 
Ready trade mark m Eur 
and. certain southern Afri 
countries. Berec has been u 
ioternathmaliy tor some years 
. As- reported, profit for 
February 25 year fell fr 
£29. 04m to £S5.39m, and din" 
the year goodwill of £7.42m t 
written off against reserves. 

Ait year-end fixed assets w 
£49 .Sm (£47J)5in) and net curr- 
assets EBOJiTm. (£00.96m), m 
short tenm deposits up fr 
£ 11 . 75m to £29.48cn. There wa 
£15.7m i£lJ8m) increase in 
Hquid funds leading to net fm 
of £10.4m (£6. 4m net borrow int 


- '#> T 
! . ; 


It is inevitable that the prob- 
lems at Francis .Shaw and Co. 
will continue in 197ft. Mr. L. J. 
Tolley the chairman, says in his 
statement with accounts. 

He says the company is operat- 
ing in a thoroughly depressed 
capital investment climate in its 
traditional western world mar- 
kets. and although business con- 
tinues to be available from 
eastern Europe, it is highly com- 
petitive because of low activity 
in all manufacturing nations- and 
its profitability is somewhat 
illusory. 

Rut he is sure oppori unities 
will be taken to maintain the 
factory work flow and to achieve 
imnroved profits. 

The group ended 1977 on a low 
note with order balances reduced 
and new orders difficult to find. 

Factories nil] in the main be 
busy until late in Ihe year, inn 
with new contracts nm yet forth- 
coming the ^roup shall almost 


George Winipey 


Points from Chairman’s Speech to A G.M. 


Record turnover and profits. 

15% rise in turnover . . . 31% uplift in 
net profit after tax . . . Turnover overseas 
up from £210m to £292m. 


Good start to 1978. 

Private house sales at high level,,, base 
of activities broadened with agreement 
to buy Beat-Waste and Industrial 
Services divisions of Powell Dufffyn. 


IN BRIEF 


Accurate Efficient Economical 


property valuation is aided by jiw computon. 

A brochure outlining all jiw computon services 
is available on request from: 

53 King Street, London EC2V8EE Ref: J.D.W 


JONES LANG 

feEnn 


Chartered Surveyors 


ABERDEEN INVESTMENTS— Results 

lo Marvli ”1 J97S. ivi'oru-d May !». 

Kuritu-r prour*.** (urccusi tor 137S-79. 
Listed iiiLi'Miii'.'iiLS. UK n.I. r .m cCO.tttnn, 
ov--r».-as tl. i.S.ii i£r«.«i7<w. un.iuoiod 
U2.I0 J!i. N>:l cilrmil asscis £89.737 

>£ll4.).i7i. &1>.xiuiK. Aberdeen. June -7. 
.11 notin. 

BLOCK LEYS i brirk manufaTturer' — 

Rosulls lor HI 77 r- wric-d Alay IS. Kct 
cunvni assol£ £l.Mm Uu.T 2 m;. fixed 

aMHs Xl.4lm ui.Cmi. Mivmw. TttfanL 
Juno 3. ai noon. 

JOHN FOLKES HEF0 — RcsullS r0D0r:>ld 
May IS. Hstd axsL-ls CIO. lira i£3.s9ni>. 
ni-t viirn-nl ass'ils £7 72m • C7.Mm >. 

Ri'nialning EO Sam of snodwiU urliu-u off. 
Mvcilnc, Bimur.cham. JutiL- 3 j| noon. 

HEADLAM. SIMS AND COCCINS .foot- 
wear— Ri-solis ror yi-ar to Januacr "l 
197.- n-fronn) Way IS C map fixed sncis 
tv.0*,.9.i7 n-.-i i-iiiT-rni 

Cri; Dis ilSi&.ii::.. Nvi liquid funds 

di>.n>,iMrd bv CM. I a.? i £94 lV>i Company 
l-sk'vis lo inak-.- lurttur ^alns iln» yi-ar 
wlih rolar^ irnnrovonivni in dividend it 
loaistatlijn pi-roiiic M.-.-Mnc, o. Albomarlc 
Sin-oi. w. Juno :w ji 11 am 

LONDON ATLANTIC INVESTMEN 
TRUST— R.-jflilK in Mart'll ai. l n 7N pn- 
vlously n_-purl- -1. Ll I lnve-%nn<.'ni(i IIK 
77. IMni iii xl(n' aversras £l.ttrn >/l.aflrn'. 
iinllilvd f0.27m ireiTm.. r.'i-t tnrr-.-m 

nssits CO 51m • £ii.1 Tin > Finjn^i- fnr 

industry i*n- illinium- huUnnz company 
M-.-» iins. Waicrlto Road. St. ‘unc ai 
'0 pm. 

MELVILLE. DUNDAS AND WHITSON 

iconirocim-- tMUA'Liuilillrii; and properly 
invvsinn-nt ■ — R.-sulu tor 1977 rvpor'cd 
Ann) J5. '’roup fia-.-d axsoLs £2 lJm 
■II ‘•mi. not ■.■urrroi assvi* ri.-Mm 

\ct liquidity aawn ci.sSm >up 
luH.Doni. PircL'iors iniciid to sock furHi>-r 
mvolv. m-.-nl in ami of pui'.-niial crowih 
aih'T ih.m consi rmilon Mvviinu. V.las- 
boiv. Juiil- 3D. noon 

QUEENS MOAT HOUSES— Ri-sutU pre- 
viously rcporl-.tl. Fixed anels liilll 
>£3 73ini corroni asStHs iO.Sim >£0 9tim>. 
Lum-ni Hnbilliler 96m i£3 57m>. Direc- 
tor.' i.'nniWi.-nl fur rbe luiuru. AlnciinR. 
Si Alhaiif. .liny 4 ai noun. 

TRANSATLANTIC AND GENERAL 
INVESTMENTS— R.'SUIIK for year ended 
Mjreh at. IFTs already known. inreM- 
mi'ins LS lUut ‘U:L>m>. net current as'se’s 
«I9 HI1 < f 193.S4S • Rank lwldlK.Tr- and 
nintl-icmi il.'DiiSiiB C1SI..79I « £2911.:! 10 1 . 

h.in}-- nverdrafr ml • CIS. -irr.-. .M-.-mic. 

Tfir-'-- 'Jiuys. 1£>’. Jun- U>. »i JW pm. 

SCOTTISH ONTARIO INVESTMENT 
COMPANY— R'-ruiiR aln-a'I* known UK 
invi-runcnii n.'jrm uioisnn iiMn-j- 
tll.PJm •Uljftnu. ur.auni.'if . w. nn 
■ffl-T ir. i niT.-iii a*- e, 'l9 i>: mi *IIS7*HAi. 
ui|rr< nt liahllHli‘4 ! I "Jill • tin-in. Mci'l- 
ins Ednibur^b, June M lu.Ju pm. 


Nationalisation proposals damaging, - 
Labour's plan to : acquire one or more . 
construction companies is first step of 
public ownership aimed at. swallowing 
up the whole industry. . . we will end up 
with vast bureaucratic organisation with 
inevitable loss of efficiency... ultimately 
losses will be home by taxpayer. - 


1 Tfi; 




IP | 


Essential to spread knowledge. 

Most people unaware of nationalisation 
threat . . . dangers clear to everyone not 
blinkered by;politicaI dogma . . . doing 
utmost to spread knowledge . . . hope . 
shareholders will do the same through 
MFs and the press. 


r --'- C OR 


R B. Smith. Chairman, - 
George Wimpey & Co. Ltd. 
Sth. June, 1928. 








Contractors to the world. 


W 









i • 'is: . ’ • ; 

• -V ‘ • : 

- r '• K • V - ; • V • • . • t . -i • • . • ■ .. 

JSittes Eriday Jane ; t 1978 


rise 


a . ,-v-> 


Guthrie second 
half standstill 


Electronic Rentals ends 
year £3.3m in front 

* . ... _ item from £297,209 to £23 r,M 


TN^SPEGBI' . special ittfluencea. Swiss franc borowlngs are being mrtilw being carry Aja* Mdjjneiht.rR-c tlsrourii Jr.us.e Rentals •* L *?, IC . 

tadlufi- fcroftt rtMGraiid UtoS A a vt.hr ur mure refinanced in other currenetes and \VTHI ALL of jts surplu jifBculr tradin. .wr.'d pa-la* preh-s os - • r - ;v " d 

53K*ST^*5^per«BM'-SOARlr MEETINGS sterling on June 15. 1OTB. . earned m the finj ™nj The other Aj-v „> March “-S 

bvSTbSf-year-ended March it irt^ !9 g .«Muuaie« M* :««M The interim dividend is helms ^ffi r *‘‘“ jlts a £Mn77 of tl&m the HS2*m£s uiih £i 0 44ri w .w'eiwP 1 

ssrftmrt «a£!fes5ir«5 srs^ss* as* %^-s.ss -tassr -? ss «r k c3%,.^ 

^: l6M ' » « .K *£$&& J?«Sf Paid from ST Kim ««■> ‘profit ^ whjch ' :n ^ 

*«“ Pr ° fitS °l OT * 7m * to J«nmg S|^‘ “Eft 

- -report* that there^aye been aguJUtgUjOSm *«■* •“* See Lex gSjm. !7 bk* 5* -*Ja rta-.^ ««* ine> 


a 7 . r „. m r.nr.209 to' £235530 pretax. 

t- ' ovnvvH Pfvii ahead pood will as an extrjorJinaW 1 Thf* d , v j d end total is cut lO-*"-P 

Elec- w thejw 1«PI PC r =«• ***• * r “ h * 

ironic “iSental' .-^"X Sbstaniially ACT on dividends. of ^ £12l - 46 iflfiMlOl 

net profit ^«51SJ £ Sfted 


of inersased consumer 
in the maia ; trading w 

weather during : .*W>r 
Uarch hid an adverse i 
relatrtne - v strength: of 

J l-J faiMi HmIhAi 'ii 


K SbilMWlU- ACT M dividends- » r “P ™ ;- s 01 - r ial .7M iflJBdjlOl 
red . net protil was £U2.1W ‘-J-'-ff?*'; 

^r. • comment Comparisons have boon adjusted 

■ep‘ p- c .ia\ profits pro will from ElM- t B | W cITol'I to u eharut 1 

nst t-'nnic Renials of 25 per cent was b3> - )S uf accounting for awe» 

o*a not enough for the market financed by leasing a^reem 


iaai^EasViSifB = wi/ <=» «™ . , “jamptYS 

m second 

..Tbe- hotel, -socUl dub, brewing -Fhwir- - /. : V "nmr m cwiJIranhlcally as to: Soul 

. ;»nd. wines and spirits operations J«* 15 L^l-f Asia £J 74 in y 

in the UK did particularly, well. ..1 5-. : • ^ « lJ3.il E0 37 m f £2 19m lossi: A; 

. The itopmved jre*ultS;for mdk and f-ffiii rnsSm (£4.73m); North .' 

r Jpod;be»ii:ia the i .second half of rf™waJe* gW»^. - =» -v v" S u SECOND HALF pre-tax profits of (£6.3 ml and Africa 

last year and -arric-..io a Jarjte ..gg« ^ Jane is uvn intemaHoual. manufacturer .rt i7m). 

.extent from- ftjptore Outside the figjg* „JE? « of onht^Lmlc tenser and spectacle si r Eric G riffith Jone 


in second 
half 


m3 S — ** » -i.™ .1, 

13p net with a 9p final Payment. firsl quarter but *ub-tin:;al 

Operates protit expanded from r ;. cov0r} . has tr-bt r. p: tr. t.-w 

£20 23m 10 £23 3lm a n ^ was split pr<jcr iftW ke 
ceocraphlcalty as t° : South cost pollowins a r-.;ew of th. 
Asia £174m (£10.2lJn); Europe . 0 { San*-o-C :ih': * vu^rsliu 
EO 37 m f £2 I9m tossl; Australia S ™ o{ th e sroup^ Pn-.tic 
£0J3Sm l £4. 73m); North Amcrka v |t ^ -tcrew prsn.-.s-c 
( £6.3 m) and Africa £l-.lm j ■ fhc Guthrie -.orr.i> .ill 


ccour> 2 d 


6p" lower 
a 7.6 and 
The L'K 

b - felt .the 
quisitions 

osity P? r 
ns ° nl y 
additional 


Burco well 
ahead at 


'Tiinjv.r 

l -. r ■I'j! 


/opd beganin the -second half or , 4 SECO ND HALF pre-tax profits of (£8.3ml ond Africa ii-.im rhc Guthrie +..y* -an.* m — j, ..„ ;j 

last year and ^n( 9 c>xo * J^rRe-.CkMM iv - ” jhv is ukq iBt-niatloul. manufacturer . ne r ceni of s.m- c-L,'::hr:t; wd, r .... 

.extentfroao- factorspuLHlde The jy£m#1 tipW ' «--•« - IS of ophthalmic lenses and spectacle g ir Eric Griffith Jones ,ie SO id to ithe ^- rv " ... J!,: 

trade .In liquid milk, and milk sv^.^Bt Kwmrm ^ f ra J. cs fell from £2.3flm to M 44m. chairman, say* that resulu. for s A Towell per: 'rnvd ttc.l f.jp 
-.- based commodities.- • \ *. Vtm nroeurKU' WW' *» 15 „„„„„ nnished the full itmf half of 197S will show a nhoirman '-■»>- .- the v.:b- i': ‘: n \-n 

Interest- chaises were reduced mw_mh year to March 31. 197S. down from ]ower level of profitability com- f a major ::.-e«mcnr pr.> 3 , 

..by flora to fl753ffli by the eonver- .r \1 I ^aif of £4 i 7 m to £ 3 34 m. Turn- DnrC d with the 1377 first half, and i-h-mmo. In Imo ---ni: iv -roup ; 

. sion orow^ 7 ^ centof 10 day*,** xla remainder f os J “y 0VC r Mm to £39. 8 m. ^- hlle profits a a whole, for the « crating poll-.-. ^ 

, per cent convertible stock and by . o£ The current -Jw. Many parts Th direc ^ 0fS naic x»ut results currc m year, may not quite match J^jancs w t r«: .-'M -r c.n-v*. p ^ ; , :<1i 

.tower hwam-wWorn oflfip buslne»^r« major scope wer " below expectations. Ophthal- l9T7> prwe nt indicat.on, he ? «s. u Sir Erir u,„ •, ih.-rr. ,r«- s;-,:.- 
.>: substantial increase in interest tor EPfJwl i, and'Jlewr dev*4npment m ^. af^er adjuring for arc ihat they will he satisfactory. flf an 

cover. : • - and he anticipates That capital 3t . quisiuon and price increases. The ijoufi 'rS'’ acciore ol 


hv maintained dorihg over rose by over £flm to £39.8m. while profits a a whole, for te £ pcr3t , n ' K poll.-. 

S ot the current yew- Many parts The direct0fS nM< e that results currc m year, may not Quite match subsid , a ncs were ... 
of the huslnem^sffw jWJjr *ropo were below expectations. Ophthal- l9 77 ( present ,n ^ c ^ 0 "' , : is ,Lmry Sir Er,c „ h, ^ ^-n 'V. 
b in mterest. top grow th and'itew devttopment mlc ^ after adJuflinR for are that they will be satisfactory. f an , mp rn-.,.n, 

. • -and he antlclpatesthat W*! acquisition and price increases. The groups ,«J -, £3SS sceiore ol S r <>u p bu-:.^ 

liCT-ra l^frTT expenditure on-?pr<rjects . of this w ^ lower both in the home Kumnulan Ouihrw a gJ Gut f™ 
on? -an mae will lncrtsw subatanHaily in miirkel and especially overseas. Rood in South East Aia. . wn „„ r 


Hotel*, amen* 
UQk Mid food 
Brewhis. tfimr 
WIiim. . iptrtt* 

- Benin*, ga min 
TndUk* TCOftL . 
Boiels. enterU 
Uk ot food 


were 1 lower both in the home Kumnulan Guthrie one I Guthnc 
---. 00 ? ^cwo type Wdl increaw subawnHaily 1“ mjr kel and especially overseas. RO pel in Sou, ^ l rtn :'* d 

•a* .: «sm« W6.sa lire next two or .three SW«. they add. And they say the r( . tur ned exceptionally 0000 

wwruiommH , : .;anjos The tax charge has bren e^ti- Bpec , f d seasonal upturn m the results, the cluirman stales, crop 


_ overseas the expansion in remai n/j im 1 w ^ jciS.QOO 

rl S33SSg %?& 

5? HHS Sfe SscsiS 

-3 Ratals Offers imer.ors a chan« then said the current a row th. in 

m: 4 -: H ict into ^Ihe TV rental sector the sh ort term. *ou.d 
-*» ; - v * ; n « n e of the more pore rental maintained. ,h« 

' companies. Lnns term the opemne They now »»i' I 5 ' 3 -. dU * ,n whieh 

J.7-* Smided bv T\’ games and video half-year the markets 1 .. «nu.n 

■?-a de vices could lead a whole new the j. roup operates hj V'-w 

1 : ;1 market and meantime the become any easier, jet pu ,l, .^3 

look reasonable value, though an- lurn0Vc . r continue t^ 

other Price Commission steadily. ... 1 

sal« WjWW 1 ' >l» . TIW _l«ttrim ^ "I; "■> £ 


•S 631 li.:o« 


Prafi! Before to* 


... Til 
13.733 1AK7 


a io« year 

jEDlS had been Th 


Hotels, entertulnitteix.-... 3S.W ww b y ED19 had o 

.B5ar.as6ii-“-ffls- ss 3 

wtau-v ntfrft* 11.740 u se have been reduced by aoouii/ 

Betthu. eudiu <W 4J« (fg.-iro). * 

AHodam DToflt* uw tw t. **»tm 3 ted that net ex 

8S onllnary dmMN baJTj 
MRiWin In «4« »J*5 amount to *bou»£S.9m- TI 

Tiuttan ..... a.rt« m.i» are mainly exdffnSe dlffe rej 

ttooriu- 22 iS arising from the weakwes? ° f 

•2gE3fcta ».?5 o* On«lan dollar 

Mr, Joseph is confident that of the Swiss *£ 23 m 

^recent years will be 1678. Approxifflkmy gg^ 


SS. S35SS 


canon niBiiiiii*--’ ■ 1 no . 

vulnerability or this sector. jncreu-ed from l.»P to ™r 

per 25p ah..ro and uu* direLior^ 

propose 10 pay :he maximuni per- 

Cullen S down willed |-.nai-:«i y«‘f * 11!lJl " Ja 
and cuts ,^ m r%c r "S* aS- 

dividend The . sro “ , '„ i . ni3 ^j lctu ^ 

Folio wms lower midway pro^t-5 k,£i,en furniture and 

£ 110 , 21 . acamst { AV «em*. die-wsiinj and 


ruiiu*«i*Mjj ciTiSMl muiis.' . 




ment coming on stream, they add. Tradinq (Malaysia). _ 'ibe chair- 0 the d jjr, C ulu -. .ru comimnn- 
They say a substantial recovery jnan feels lhal ihese provisions affeCt oner.u ■•>(:' n the .ir-. 
in profits may be anticipated front are now adequate. lhree m0 nlhs «.f lvTS. In tne 

any sustained Increase In sales Thu*. Guthrie Berhad which \ * lmpnrtam pl-ini..:i.m occra.iun' 
volume 74 per cent owned °> South-ca-.t A,u. ihe tsnnl 

The dividend is stepped up to poralion reported a twt »» m rter h3S won -n.. Her crons. 
S.Sp tdp) net per 23p share with ssa. 9 m before lav reMnerv and n part iculor on palm and 3 de- 

a final of 5.S7p! _ extraordmap- Hem*, bu » JM ^ in oahn , i:! ,.nc.' frnai u; 

Subsidiary. V M. Still, through overcome the worst of its ■ P™» 5 u ne. 1977. pc:.‘. of t. sib.-v. por 
which the group supplies kitchen lems. and fo r J5 3aLS 3 P™ f,t * b , onne l0 under « i«» Ao|? b 

equipment to hotel and catoring out-turn for 19-S. . American earn in us hate been ae- 

ScsT contributed £0.85m The blncapore ® p 'CJJ , | J!J f * pressed bv low d.-mand tor 

(£0 83m) to group profits on sales traded profitably and (•uihri and lh ,. noor .vonomic con- 

of £3 71m (£7 7Sm.). Klmin relumed to prnii i »» J 19,1 '• d j r i on s In Canaria The end nf tb' 

° There was an extraordinary The continuing proWemsm lhe . C nlr.ur i- Ioms, on ; sales in 

debit for the Period of £998.000 carpet industry tended in oveij ha< Thrown its. joint 

fIl.-5.S000). which comprised shadow good pcrfomnana« m e p Wll h hlnc.rie in « 

«f«.000 ost of Closure of Strath- crnnp's other the .^red. N^ena ^ Wn 


Changing structure of the Gi^Pp 


Leigh interests on target with 
record £0.86m-sees more 


>c.' from its £ 5 . 501 . although the sur- 

1 : S 5C75 per ... ... . . ,- 0 rec-.st ment plant. A second plant was oneraung subsidiaries 

thi Nonh I\ LINE w-h f s ' .'u *. J rQ sijm commissioned at Aldridge in April V rjl OHO from IIW.OOO. 

uwbcen.de. ol ptodi* "V o> Le^fawreS and negotiations for 3 f p °^\ h gU? pSvmeni* jumped by IS 
id for capital pre .ux uroiu of U.-h^ utertsi* plant in Vorkihirc ^ under wuj. £ ^. 4 m-S4 per cent 

co no mic con- jumped - b , ,h„ \t.rch Lf -..hserimion income, while 


r.r Gra- 
in? & ! 

1 the cr 

I 0!biP. ■ 

• a« is. 
lark is l- 
When t 
has 1«. 
Sr KTOKil 
profit :. 

>esr ftr 
Sm. au: 
a 0 ! nt 
n-; rtwre 
Hir'd »*«■ 

I and w’c 

iMSW 

ejoiit- a 
iS.-n. Ttr.r 
1 ;p»-r?a >' 
i-irn: 
m Ti’t b57»‘ 


In his annua ls« 3 teirient to shareholders,. 

- ' Mr. Richard Hill, Chairman, says.: . • , ■ 

"Dub to the extraordinary item s, the 19771.; :. 
Accounts show another satisfactory sum, - , . 

• - £506,376 attributable to ordinary shareholders;^ .'- 
this provides another useful accretion toour'-Jj.-.t.. 

-• financial strength. These items arisefrom the > ^v'- ■ 

disposals of stock, plant, land and buildings fro||£, 
the Albion Dockyard in Bristol. In addition thessg * • 

' dispositions enabled thdlastresidue of : - * t - 

compensation due to Charles H ill & Sons Ltd. to 
. be calculated and paid. • ! • . 

t [ .. Ttiefargest partoithecompensation P?'d / - f 

' was required to rheetthelosses which occurred 
during the rundown period atthe Albion 

Dockyard : most of what remained-.after payment 

to the employees of statutory redundancy, / 

severance and ex gratia sums, has been / 

- - - .reinvested in shiprepairing and transport at 

. Ayoncriouth. ’ J 

“ ‘ Trie results of the year would have/een even 
better butfor some unexpected blowsfcvhich we 
. have suffered. . • / 

- . In generaVI 978 has not istarterfweH as most 
■ df our activities were hardfiit by t^e. very wet an 

= -cold weatherfn the first quarter.Thesecond 
- ^auartdr lodks like being agooddeal better but we- 
• ' " ; h'avea lot Of running to do if we are to stay i n the 
same place.; ; • 

• " We see the structure of the Group gradually 
taking-on a fi rmer shape as we allow .the most 
profitable subsidiaries to grow and reduce or 

enmihsie the laggards. Over the past tenyearethe 

a anptmitnf th&comDanv 


JSST &, ™ .MraBBS eS.TiWSSrt XSSSL'K ? Dinicuit year «« ««* «-» 

1 K 0 i« oY cto-u ,. vest 5255 SS2 KfSSS in w ™»r»««" h ^ “ et uSS S“?-.Sp j -^!, 'VS for Advance 

tevrn°° plant. ° In Scotland, and The platricj affect by redded ^vernnieni v >r of i , . KaTin llK and after a irans- 

£498 000 cost of termination of trading and JJ 1 ' rf ...| IS *n«*ndinj7 while lh'* rec *]'r r - v t h« rt '?“ rl _,. j,.^. on< a nd &ays T JUlTlrfriGS fer of £4.Pm to benefits mam- 

Bausch and Lomb agreement. produced very satisfactory wilw. ; p ne has h^n checked bv tho a-uv.ty >n ai; . d ^ °" d to ^iis- l-<dUUUIIC3 r^nance rc serve the balance 

Hausen ana wn.u istt-ts ivto-tt sir Eric says. demUwd corn. -i mduurv. Thou-h d , r «-i or^ look lor warn 10 ^ annual statement Mr. tamance rt increased to 

row £000 ndds jhat stpup huMncsscs oepre ,. lin ;, nd North factory rvaiilis. Travers the di airman of carneu ioria 

Sales H'iw related to the carnet iyiu-iry can ^ n p„ s ,tinns have shown The record f ?!l e^^oubied ** 10 Advance Laundries, says that the Michael qoints out that full 

- — VS only show a major 3^ of imoro--n,en.. the ev- after prom vas doub.cd A fl vanc forward with con- g™' made for the 

^TSUw —:::: hs HS5 « h0 . Sid setback ,n :W 2r0IJD was Seto the. future, ^though ^Smaied payments of benefits for 


f£t -59 000) which comprised shadow good performance . 1 . •*«- Wllh Electric into £i2.^rn il'-^J nr Vhe current 

£500 060 cost of closure of Strath- croup's other activities in the l*. ^" n,r „ d . N.ccr.a has been n«M three raonthr os the ciikoti 

aaw% a W 


Sales — 

I'lphi&alnilc - 

rai»Hni! ... ..—■ 

Prnffc bcraie t*X 

Dpftialmlc — . — 

Calc r 1 DC — 

Tax 

Tier proflt — ■— • 

Minority tnwrosis 

iSxrraord. debit* 

besvinc 

t Adjusted (or ED19. 


£0D0 £060 

30.512 33.737 

30.101 55.954 
#.711 7.7H3 

3J43 «J65 

2.401 3.332 

S52 833 

729 tBM 


ml in Yorkshire a«.e unaer cem ( 0 £5U.4m—S4 per cent 

of subscription income, while 

Difficult year SjKKTSS ^ ly d MESr 

for Advance SiS? 

_ 1 . f 4 ^ra in lwTtf and after a trans- 

T fllirmnes fer of £4.pm to benefits main- 

LdUUtllltJ icr o r cser\-c the balance 

In his annual statement Mr. ” r n r ? ed foniard was increased to 


2.614 3,341 

7 7 


SS related to the .•arnet r/bi-try can pilMlirtns have shown The record for the -ear t raioc “ ■ - Sundries, says that the i™m -*■ - lhat full 

‘5 Si only show a major ‘^revement American !he ev after prom was doub.cd Aovanc^ ^ forward with con- Sy . Wtctiaci g for lhe 

«J65 when the Stroups re ime t setback tn the first half £2.,.on0 at haUwa . fidence to the future, dthou^h ^ = 1[ed payments of benefits for 

*■£ ornabrnme Is completed early tn nerrej cnnimuin- gloom m Net P^.?/ e g sp JSr fhe immediate outlook, he Sf iin * l 5®JJ l s, n “ financial years. 

iS ^ fw-iiviiv in Europe and N.c.-rn hai >: dmraied iwwn _ ttJJ. Ss ihat economic conditions are ?" to thc.substan- 


• comment 

UKO's depressing 
results— profits almost 40 per cent 
m5£Sm 8P off f the Share 
price, to a years 'ow of !S0p. On 
top of labour problems ?nd « 
change losses on overseas earn- 
tai?demand for spectacle frames 
^.ophthalmic lenses a low 
prioAry essential for tne con 
has been hit by the 

I smie^ on spending over^^e 


Chesterfield Props, 
increases to £ 1 . 79 m 


n. « flden«totiefuti,.dthoucb EJK ilBn-li-ibr 

Th‘ ire f.nll’ dividend of 2.S3p net uncertain and 19<S will be a diffi j jn j. r e ase j n the provision for 
W- ^ t0lal fr ° m CU »rted on May 24 pre-tax outstanding djjm^ Bu^ 

U Direcwr”^ : av P 'thc profit was profiLs for 1977 Iel\ f roj" d ^|f B! reserves were ample 10 meet 
av-EX'fier charting £93.000 of to £»• Km. statutory solvency margins 

rzp»; IK»« — >"'» mWA finances S5SJaJfA“SSmiS 

lh The i.-apucit'- benefit achieved 15 U A /V I 111 a II CC j ^ characterisiic growth paltern 

bv^ decant! ns* will continue until - M of Uie past. This had terminated 

ibe cioMjre of the site in Novem- h6altny the negative phase [MU l ting from 

■?"' _55t" A healthy tandd P-K '™ '*« ^ “uek an tSSpJn- 


ffsswr-s- tiici caws gs w:* r SSiTs— !«>*>«« *-■ » sasaJK-.^ a 

inK^demand. tor iferticle frames Attributable capital orofic 3 "f dKaminn coat or £ 180.000 .-ill be A Jfu’jKrt SSSUli. AwKla- heavy pot it, Ml a»ljj i»" v '" r d,| ’ t J", 

SS ophthalmic lenses, a low A RE C0HD pre-tax profit of ArnTbutao e c^p ^ ^ earn « d ret . overe d and charged 10 the British Un i e rro sir Micbae ] dent medicine. JJoweier. tn s 


ǣȣ::: esssssc mssss zz s zw&n 

IftiSSJSS ^veLztar-R sEi-H-fes &&BMS& sAt-t g wsa" “" JLl 

markets. Also, domestic prices J™" J™ pp r share second * * ‘*± — — 

had to be lowered ana this re inter j m dividend . in August. If __ _ 

“ the_ restrict ions ren i in^thw will 1 A f J.U« f 11^ 


erimingtetne iagg*iri».y v a . ».w 

shareholders have had least out of thecompany 
to help them keep pace with inflation. For plenty 
of reasons we would like to see this miustice 
rectified but.it cannot be until our profits are 
adequate and dividend restraint lifted. 

CHARLES HILLOF BRISTOLUMITED 

129 Cumberland Road, Bristol BSl 6UY 


nap lu w ----- interim aiviuv«i« 

duced margins by 45 P«nw w the restrictions cormnue they will 
just' over S per cent. Margin* a niaximum penrtHjed net 
were also under pressure jn the 5^, dend of 2 -24np ar current tax 
Still kitchen equipment divi«on raK-s and 2 .27903p if the rate is 
(one quarter of sales) where rcduccd t0 33 per cent, 
profits showed only a smai dividends totalling 

to spite of a volume gam of nrt were paid. 

«?a 

SSH LS£?s 

covery. On the °P hT ^ 3 l I f. 1 J : fT ^! relief) compared with £485,000 

the company Is operating at rgef) compa 

around three quarters capacity (craa.uw net; 

but stocks are building up ana £0M moo 

this must be a worrying ^factor. Tu _ ovcr 3.731 3.413 

The shares, on a p/e Of Propcrtv lnv«tmenT - . 3J75 5.«W 

yielding 95 per cent, have Iiltle Mnsram.. Kuarantcc f«s ie mt 

speculative appeaL i n S5S£ - sS 5-«S 


Furness Withy Group 



Sound performance in 

unprecedented shipping slump 


Houlders 


WAGON FINANCE 


2.714 2.GM 
961 7W 


Income "Sil 

__ OuiboIiws on dolcntHl j 

fF rtovelopmpmjs — *» 

wagon ** *S? 

'«! by Tb 5k 812 m 

n. OvonfH 


-A- new subsidiary. Wagon 

Leasing, has been formed by uk 

Wagon- Finance Corporation. ”"‘" 

It has authorised capital of £100 t* r ™JJ«g «. -“~” 

lh shares of £1 each. Two of 

<§£rS £ beet issued and are 


Mg. 


|>- 

1 j Manchester Liners 


parkland 


T F-VT ILE (HOLDINGS) LTD 



Points from the statement oft he FurnessWithy Group chairman, 
Sir James Steel. 

Pre-tax profitof £20'718m has been achieved in ayear of exceptional 
Many of bur ships are in liner trades and are not so exposed to 

cut-throat competition ... _ 

Our fleet is designed to coverabroad spread of the market in terms 
of risi': and types of marine business 
We are making the best-use of our non-shipping activities 
and assets 


Prince Line 


Preliminary announcement of results for Year Ended 3rd March 1978 

RECORD TURNOVER AND PROFIT 



Turnover 

pro-.r before lax and extraordinary items 
Earnings per £1 ordinary stock 
Dividends per£l ordinary slock 


£ 184 - 6 m £ 158-1 m 

£ 20 - 7 m ^22 6 m 

46 - 76 P 55 57 p 

8-171 p 7382 p 


Ths annual general rnerfng«fflteheidonWMir«^®Mr1s< 8 

at 12 noon in the Queens Room at the baluc tx-nai l 


Ai® 

atsiy 


• Turnover . 

0 .. . . profit before tax ...... 

v # Earnings per share ... 
• # Dividends per share ... 
. # ‘ Dividend cover ......... 


197S 

1977 

O' 

/O 

£000’ s . 

£000’s 

Increase 

29,194 ■ 

23,972 

+22 

2,308" 

1,814 

+27 

23.50p 

17.39p 

+35 

3.18p 

2.87p 

+10 

7.4 ' 

6.1 

+21 


Shaw Savill Line 





© Furness Withy Group 

One of the big names in British Shipping 


Pacific Une 


• muldp,e 
. «*» im* “? •*** ” “ ab0 “ “ 

level ■ -marilv based on wool textiles and plans to remain so in spite 

* SSSi* tom ftird and — «*•“ 

count nes . ■ 

* Current trading on target 



Furness VAthya Co. Ltd 105 fenohurch 

If you would like to receive a copy of the 1977 R ®P°^ a 
please fill in and post the coupon below. 


^ Q; The Company Secretary, Furness Withy Group, 

■ 105 Fenchurch Street, London EC3M 5 HH. B 


Royal Mail Lines 


I Please send me a copy of the 1977 Report and Accoun is. 

| Msme ■- — ■ * 

| Address-., — — 

\mm mmm m » - 






--f 

L- i 

<r.. J 




■^3- ■ 


» 


22 


ChiefExecutive 

freight forwarding 

for a British group having successfully expanded its interests 
throughout the uk in the international movement of freight. 

• responsibu ity will be for the direction from London of all 
tuc subsidiary companies concerned with the forwarding of 
large volumes of international freight. Emphasis will be upon 
increasing profitability and organising to meet future growth and 
acquisitions. 

• success in the general management of international freight 
operations by road, rail, sea and air is the prime requirement. 

• salary is negotiable, around £15,000 plus profit participation 
and car. Preferred age under 50. 

Wrirc in complete confidence 
to J. J 3 . Tonkinson as adviser to the company. 


TYZACK & PARTNERS LTD 

>1 \:-.VGEMENT CONSULTANTS 

10 HAL LAM STREET ' . LONDON - WIN tiDf 

11 CHARLOTTE SQUARE - EDINBURGH EH2 4 DN 


Managing Director 

BUSINESS DEVELOPMENT 


for the transport division of a vigorous UK group with diverse 
international trading interest. The division is small but resources are 
available to support substantial growth. 

• the task is to develop and implement a programme of business 
development. Emphasis is on identifying and initiating action to 
expand and diversify the business by internal growth or acquisition. 

• the requirement is for a record of achievement in a similar role, 
ideally associated with road transportation. Success will have 
stemmed from a good business or academic qualification, backed by 
top-flight general management or marketing experience in a 
demanding commercial environment. 

• remuneration: £15,000 plus. Age: circa 35. Location is 
flexible. 

Write in complete confidence 
to P. Craigie as adviser to the company. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

12 CHARLOTTE SQUARE * , EDINBURGH EH2 4 DN 
IO HALLAM 


STREET 


LONDON WIN bDJ 


Company Secretary 

for a successful uk group of public companies with a turnover 
in excess of £ioom producing and marketing a well known 
range of consumer products. 

• the appointment is based at the head office in ‘Scotland. 
Responsibility encompasses all legal and secretarial matters 
at group and subsidiary level. In addition there is a broad 
business involvement and some international exposure. 

• achievement in a similar role is the prime requirement. 
Success is likely to stem from a legal qualification backed by 
shrewd commercial insight and sound experience of company 
law and secretarial practice. 

• remuneration: beyond £15,000. Age: 35 - 45 . 

Write in complete confidence 
to P. Craigie as adviser to the group. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

32 CHARLOTTE SQUARE - , EDINBURGH EH2 4DN 
IO HALLAM STREET ^ LONDON WIN tiDj 


A leading French Shipping company with extensive interest 
in West Africa requires a 

Chief Accountant 
in Nigeria 

This is an unusual career opportunity for an ambitious top Eight accountant. 
French though advantageous is sot essential. 

A financial qualification is required since he will have full responsibility for 
a substantial staff and for the financial management in this widely spread 
division covering all ports in West Africa. Some experience in a Shipping, 
Forwarding' and Sea and Road Transport environment is preferred. 

Tbe remuneration package is generous not less than £20,000 after tax. This 
includes free married accommodation, medical, pension and insurance 
schemes, with 2 months leave every 10 months. 


Lagos 


Age 35 -45 


Salaiy £20,000 + 


Out clients wish to make an early appointment Applicants contact me as soon 
as possible with a view to attending final. interview# in London by 16th June. 

1 1 1 Martin C Gwinner 

g| INTERNATIONAL APPOINTMENTS f L0ND0N)LTD 


i iinv uh'v Revruitmeiit Cnnuullanbti 
CVtMit Hku -c !. Dinvr S tmi ■ Lomhn W J,\" Hl’-l. 

Licensed in the United Kingdom xn accordance with the Employment 
Agencies Act 1973 i Vo. SF.( A) 1416 


7Wi/'Ai uir: Ht-tlJUtSStiJ $ 
Cubit: Intenippt. Lnitdon U’.l. 



LEGAL NOTICES 


No. <H>i 7 M or tors 

In lb? HIGH COURT OF JUSTICE 
Chancery Division Com Barries Conn. In 
the Maner ot DANNY GLA5TEL 
I BOOKMAKERS I LIMITED and in the 
Manor or The companies Act. 1*49- 

NOTICE IS HEREBY GIVEN. that a 
PcUnon Tor th« Windtrut up at thi> above- 
named Company by the Hinb Court of 
Justice was on ihe 23ih dav of May 
tflTS. presented u» ib,? Court by flu? 
HORSERACE BETTING LEVY HOARD. 
If Southampton Row Loodon. W.C.I.. and 
that Uik Mid Petition is directed to tK 

beard before m? Conn shuns at tbc 
Royal Courts or Justice. Sirand. London. 
WC2A SLL on the S6th day or June 1BTS. 
and any creditor or L-ontnbulory of Lite 
said Company desirous to support or 
oppose the. malting of an Order on the 
said Petition may appear a' the time or 
hcanrw. in person or by his counsel, 
for that purpose; and a copy of the 
Petition will be furnished by I he under- 
stRncd to any creditor or contributory of 
the said Company requiring such copy 
bn Payment of the rvsuLiied charge Tor 
the same. 

COWARD CHANCE. 

Rojo* House. 

Alderman bury Square. 

London. EC2V JLD. 

Solicitors for Uk PetiiJoner. 

NOTE. — Any person who intends lo 
appear an tbe hearing of the said Petition 
most serve oo. or send by post to. the 
above-named notice in writ me of his 
intemloa so to do. Tbe notice must state 
tbe name and address of lit* person, or. 
if a Ann, the name and address of tbe 
Brm. and must be si plied by the person 
or firm, or b(s or their solicitor itf any> 
and must be served or. if posred. must 
be sent by post In sufficient time to 
reach the a bo re-named tint later than 
four o'clock in the afternoon of the 
S3rt day of Jane 1978. 


So. 001699 of laT? 

In the RICH COURT OF JUSTICE 
Chancery Division Companies Court, in 
■hi? Matter or BETABET LIMITED and 
in the Matter ol The Ctmipam s Act. 1943. 

NOTICE IS HEREBY GIVEN. Lhat a 
Petition for the Wlndlne up or the above- 
named Company by the Hich Court of 
Justice was an the S5th day of May 197b. 
presented to the said Court by the 
H'JRSERACE BETTING LEVY BOARD. 
i7 Sonthamnton Row. London. W.C.I.. 
and that the said Pennon is directed to 
be heard before the Court sitting at the 
Royal Courts of Jnsticc. Strand. London. 
WC2A SLL ltd din -Bcfc day of June I97S. 
and any creditor or coctnbutory of the 
said Company desirous to support or 
oppose the making of an Order on tbe 
said Petition may appear at the time ol 
hearing, in person or by his counsel, for 
Lhat purpose: and a copy of the Petition 
will be furnished by the undersigned to 
any creditor or contributory ol the said 
Company requiring snob copy on payment 
of the regulated charge f or the same. 

COWARD CHANCE. 

Rose* House, 

Aldennanbuty Square. 

London. EC2V 7LD. 

Solicitor* for the Peiiiiimer. 

NOTE. — Any person who Intends lo 
appear an die hearing of the said Petition 
mast serve on. or send by post to. the 
above-named notice in writing of his 
intention so to do. The notice thus* slate 
the name and address of ih<- person, or. 
if a Brm. the name and address of the 
Brm. and must be signed by the person 
or Arm. or his or tbeir solicitor • if any* 
and must be served or. If posted, must 
be sent by post in sufficient Lime in 
reach tbe above-named not later than 
four o'clock In the afternoon or the 
2ird day of June 1978. 


NO. DM739 Of 1973 

In tbc HIGH COUBT OF JUSTICE 

Chanetrr Division companies Court- in 

the Mailer of ALL SPORTS PUBLICITY 
COMPANY LIMITED and ifl tbe- Mailer 
of Tbc Com panics Acl IMS. 

NOTICE IS HEREBY - GIVEN, that a 
Petition lor the Winding up ol ibe above- 
RanH'd Company by the High Cour t W 
Jusuce was on ibe flOlb da? of May 1979. 
presented to the said Court by BROOK 
STREET BUREAU OF MAYFAIR 
LIMITED whose- re i i stored office is 
situate m 47 Danes Sued, London. W.I.. 
and that the said Politico is directed fo 
be heard before ibe Court sitting at the 
Royal Courts of Justice. Strand. London. 
WC2A 3LL. on the 5rd day of July IWS. 
and any credilor or eouinbuiory of tbc 
said Company desirous to support or 
oppose the making of an Order on the 
said Petition may appear ai the- time or 
herring. In person or by his counsel, for 
that purpose i and a copy of the Petition 
will be furnished by tbe undersigned to 
any creditor or contributory of the said 
Company requiring such copy on payment 
of the regulated charge for the same. 

LOVELL SDN * PITFTELIX 

3. Verulam Buildings. 

Gray's Ion. London, WCIR 3LP. 

Ref: AM/JACD /VP. 

Tel: Oi-342 78S3. 

Agents for: 

WARNER GOODMAN & CO., 

21 Hampshire Terrace. 

Portsmouth. 

Solicitors for the Petitioner. 

NOTE.— Any person who Intends to 
appear on the bearing of ibe said Petition 
must serve on, or send by post to. tbe 
above-named notice in writing of bis 
■mention so to do. The notice must state 
the name and address of the person, or. 
If a Arm. the name and address of the 
Arm. and must be signed by tbc person 
or Arm. or his or their solicitor ?if any) 
anH must be served or. if posted, most 
be sent by post in sufficient time to 
reach the above-named no; later than 
tour o'clock in tbc afternoon of. the 
.'Web day of June 2973. 


COMPANY 
' NOTICE 


UNION DE BANQUES 
ARABES ET FRAN CAKES 
- U3AJ. 

Loan US$25,000,000 1977/82 
Payable on the 7th June and 
7th December of each year 

Bondholders of above loan are hereby 
informed chat the rate of interest 
applicable for tbe six month period 
ending 6th December, 1978 ha been 
Axed at 8 IJ w?». 

Coupon No. 2 will be payable » 
from 7th Dacacnber, 1978 at the rate 
of Lf5.S44.797 equivalent to a 
8 > 'm% Interest worked out on a 
basil oF I83/360tfn covering the 
period suiting June 7th. 1978 to 
December 6th, 1978 inclusive. 

The Fiscal Agent 
CREDIT LYONNAIS 
—LUXEMBOURG 


COMPANY NOTICES 


ENSO-GUTZEIT OSAKEYHT16 
8% 1973/1988 FF 160,000,000 

Notice is hereby given to bondholders of the above loan that 
the amount redeemable on July 16, 1978, i.e. FF 2,000.000 was 
bought tn the market. 

Amount outstanding: FF 90,000.000. 

Luxembourg, June 9. 1978. 

THE FISCAL AGENT 
KREDIETBANK 
S. A. Luxembourgeoise 



BEARER DEPOSITARY RECEIPTS 

Following the DIVIDEND DECLARATION by the Company 
on 13 April 1978 NOTICE is now given that the following 
DISTRIBUTION will become payable to Authorised Deposit- 
aries on or after 12 June 197S against presentation to the 
Depositary (as below) of Claim Forms (obtainable from the 
Depositary) listing Bearer Depositary Receipts. 


Grass Distribution per Unit 
Less 15% US Withholding Tax 

Converted at S1J54 
DEPOSITARY 

National Westminster Bank Limited 

Stock Office Services 

5tb Floor 

PO Box 297 

Drapers Gardens 

12 Throgmorton Avenue 

London EC2P 2ES 

6 June 1978 


4.500 cents 
0.675 cents 


3.825 cents per Unit 
= £0.020788 



JOHANNESBURG CONSOLIDATED INVESTMENT COMPANY LIMITED 
(incorporated in Uie Republic ol South Africa} 

GOLD MINING COMPANIES DIVIDENDS 

The tallowing dividends have been declared payable In ttie^ currency ot 
the Rcpuolic ol South Africa, to members registered in the books of the 
companies concerned at the close ol business on Friday. 23rd June, 197B. and. 
where applicable m the case ol The Rand lantern Estates Gold Mining Company. 
W 1 1 waters rand Limited to Persons presenting to the London Bearer Reception 
Office Coupon No. 85 detached from share warrants to bearer In terms ot a 
notice to be Issued by me London Secretaries and published in July. 1978. 


Name of Company 
(each ol which is incorporated 
in the Republic ol 5outh Africa) 
Etsburg Gold Mining Company Ltd 
The Randlonteln r ' 


Divinond 

Per shareiunit 
of sfocfc 

Number 

Cents 

10 

5.2 

BB 

200.0 

2B 

8.0 

HHaiB which 

can be inspected 


. Estates Gold Mining 

Company. Wltwatersrand Ltd 

Western Areas Gold Mining Company Ltd. 

The dividends are declared subject to 
at or obtained tram the com panics' Johannesburg oHice or from the Office 
ol the London Secretaries (BarnatO Brothers Limited of 93. Blshopsoate, 
London EC2M 3XE). 

Subject to the said conditions, payment bv the London Secretaries and 
the London Bearer Rcceotlon OHice will be made In United Kingdom currency 
at the rate of exchange Quoted by the company's bankers on 24th July. 1978. 
provided that In the event el the company's bankers being unable to Quota 
such a rate of exchange on that day. then the currency or the Republic shall 
be oonvorted at the rate ol exchange Quoted bv the company's bankers on 
trio next succeeding day on which such a rate Is Quoted: 

Dividend warrants will be posted from cither the Johannesburg office or 
the oitlcc ol the London Secretaries, as appropriate, on 3rd August. 1978. 

South African Non- Res I lent Shareholders' Tax at the rate ol 15% and 
United Kingdom income Tax will be deducted from the dividends where 
applicable. 

The Share Transfer Rooks and Registers ot Members wilt be dosed from 
24 th to 30th June. 1078. horti days inclusive. 

Bv Order ot the Boards. 

JOHANNESBURG CONSOLIDATED INVESTMENT COMPANY LIMITED. 

Secretaries, 
per: R. B. APPLETON. 

Head Offices and Registered Offices: 

Consolidated BuilQing. 

Corner ol Foe and Harrison Streets. 

P.O. BOX 590. 

JOHANNESBURG. 20D0. 

Ilth June. 1978. 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property 
Residential Property 
Appointments 

Business & Investment Opportunities. 

Corporation Loans, Production Capacity, 

Businesses for SaJeAVanted 
Education, Motors. Contracts & Tenders, 

Personal, Gardening 
Hotels and Travel 
Book Publishers 

Premium positions available 
(Minimum size 40 column cms.) 
f 1.50 per single column cm. extra 
For further details write lo: 

Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4P-4BY. 


per 

single 

column 

line 

cm. 

£ 

£ 

4.50 

14.00 

2.00 

S.00 

4.50 

34.00 

525 

36.00 

4J25 

13.00 

2.75 

10.00 

— 

7.00 


Financial Times . Friday 7une"9 *i9^4 

v . . r 

Australia 
investment policy 



BY JAMES FORTH 

OFFERING A significant boost to 
the mining industry, the Austra- 
lian Government has relaxed its 
foreign investment policy and 
freed foreign exchange controls 
whicb inhibit capital Inflows. 

The major change Is that com- 
panies which have an Australian 
equity of at least 51 per cent, or 
a public commitment to achieve 
that percentage, will be classed as 
Australian. 

Under the present rules a com- 
pany is classified as foreign if an 
individual overseas shareholder 
holds 15 per cent or more of the 
capital or if the aggregate over- 
seas shareholding is 40 per cent 
or more. 

There will, however, be no 
relaxation of- the existing rules 
governing . company takeovers. 
Companies which- already have a 
local equity of at least 51 per 
cent, but would at present be 
classed as foreign, and companies 
which commit themselves to this 
target, will still have to seek 
approval of the Foreign Invest- 
ment Review- Board of any take- 
over proposals. 

Then? will be no change in the 
existing requirement that any 
uranium developments must bave 
at least 75 per cent Australian 
equity. 

Companies which agree . to 
“ Australia nise ” must have at 
least 25 per cent local equity and 
ensure that the majority oi Board 
members are Australian citizens 
before they will be" granted 
honorary Australian status. 

The Government will. not. insist 
on a rigid timetable to fulfil the 
equity obligations, but foreign 
companies will be required to 
reach a general understanding on 
practical arrangements to achieve 
the 51 per cent target If these 
understandings are not adhered 
to the honorary status would be 
withdrawn. y 

The fact that the Government 
was considering changes to its 
foreign investment policy had 
been' widely reported over the 
past fortnight. . . 


A group of major Australian 
companies objected- to the pro- 
posals and have been lobbying to 
retain the existing policy. They 
have been granted an -important 
concession. - Companies granted 
Australian status will be pre- 
cluded from undertaking a project 
as a joint venture with a wholly 
overseas owned company. . . 

They will be able to proceed 
with new projects. :in their own 
right, and to join in partnership 
with an Australian company, with 
tbe local concern holding well 
below 50 per cent of the equity. 

The foreign investment changes 
will benefit groups such at Conztnc 
R to tin to of Australia — the local 
offshoot of Rio Tlnto-Zlnc and 
Consolidated Gold Fields Austra- 
lia — tbe offshoot of Consolidated 
Gold Fields of London Both have 
sizeable Australian public share- 
holdings . 

Mr. John Howard, the Treasurer, 
said the Government remain ed of 
the view that the objective of 50 
per cent Australian equity in new 
mineral projects was reasonable, 
but would a dmini ster its . policy 
flexibly to ensure that new invest-' 
ment was not prevented where 
Australian equity, was nor avail- 
able. 

Companies .committed to Austra- 
lian isation .would be expected to 
achieve it primarily by way. of new 
share issues to Australians to 
fund new projects and expansion. 

Proposals for foreign investment 
in new projects -will hot require 
approval if the - investment 
involved is less than A$5m. while 
tbe Government would not 
normally intervene in takeovers 
where the assets involved were 
less than AS2m.- 

EARNINGS DROP 
ATRHOMCKEL 

Rhodesian Nickel Corporation, 
the Anglo American, producer, 
suffered a 37 per cent dedine in 
net profits during: the year to 
March, writes Tony Hawkins- from 


' ‘ '--M- 

SYDNEY, 

Salisbury. The final divf*ki- 
3, cents again. T Cents hUffS* 
Net profits. for theyeai-^! 

RfiS^m {£LStn) after the ciam? 

had -suffered not only S? 
depressed state oftfia 
market; bat also' front the-^fg 
ficatjon ’ . of sanctions. 
Rhodesia and .the .*8 
situation. - 

i their own - .7. ... .^ 


pays: more 

CONFIRMING THE 

Johannesburg Consnfidate5:7 s . " 
vestment group, all sbmr^ 
increase over: the -c2' 
payments last June. . - “ - n ... 

However; the”. deaerations; • 
lower . jhan market . fiosff • 
Kanttfomein announced yestet. 
an : interim of 200 ' cents Jiss 
compared, with. 150 last 
against forecasts bF betwem'-' - 
and 300 cents, while that : 
Western Areas is 8 cents, fat 
against- 6 cents last June andTf- ' - 
-casts- of around S cents. - - ' 

Elsbttrg is declaring an tote 
of 5.2 cents (3. 3p) compared., ' 

35 bents last June, and weQ &" 
market forecasts of aromS' 
cents. - 

Meanwhile . Anglo - jivas ■ 

Consolidated has declared fv ~ 
for the year to June- of-90 o 
(5A8p>, making' a total f«: : 
year of 115 cents, cdipareAi 
105 cents .fd ■ 1875-77: Esttot ‘ 
net profits for the year 
R14J9m 1 19.4m) against M3. ' 
the , previous year. : 

Within the . Anglovaal gr 
Middle Witwatersand (Wes . 
Areas), Is ' making a finaf of! i 
cents. (9i4p) f breagirig tbe-w/-* 
.total -,40.2 23. cents,.. against^ 
cents the previous year. Fo i* 
J2 months to June. estimated 
profits are R3.6m (£2Jkn) a£3 
an -actual R2Jm in the precft 
Year. 


Dartmouth expands to £0.5m 

DESPITE THE confused and ED 19. This change has been Mr. Richard BOIL the ebainnar 
depressed nature of its motor dealt with as a prior year adjust- his annual statement .7. 
industry activities, Dartmouth ment to reserves;. and a re-state- The . second quarter looks 
investments expanded pre-tax ment of 1976-77 comparative being * -good deal better, bu. 
profit from £255,643 to a record figures. . says, “we have a let of rum 

£505^18 for the year to March 31, A change o£ accounting policy, to do IE we &re-to stay in. 
1978. on sales up by 86 per cent has been made' relating to good- same place."--' * •• 
to £8.18m- will arising upon consolidation. _ . - „ . Mo „ „ 1 

Mr. D. C. Hathaway, the chair- While no diminution of value has ®Kf- 

man. believes lhat the outlook for occurred, it Is felt that this should JJj® 

this small bur expanding com- be set against reserves so that no fhf? 4 

pany is favourable. Thedirectors intanglbfo asset is now shown^on tSL : 

have budgeted for sales of around the consofidated. balance-sheet ■ 

£10m in the current year and are In accordance with SSAP.12,' Jeurwfac the toll 19 Hi 
concentrating on a consohdahon provision has been made this year j 

• - ■ • - The omdend is stepped up t 

6.5p to. .a m^rit»ntn 7J2fip net 
share--- ... . . 

' As- -at April 39, -1978 Manche 
liners held 12, 2 per cent of 


of the company’s finances and an For depredation on' freehol 
increase in its net income. . f buildings amounting t< 

In February, 1977, budgets were - 
prepared for 1977-78 on the basis • Ojfl 

of anticipated sales of £7^ra with . Vylldo* lull — — 

a net income of some £0.5m.. This in general, 1978 has not started equity. Lloyd's Register of S 
goal was achieved but not by the we jj Charles Hill of Bristol, ptng Superannuation Fund A 
route whicb had been planned, the ^ m09t 0 f ^ activities were hard elation 7 A per cent and Cs 


hit by the very wet and cold Extra Income Unit Trust 5.1 
„4i e weather in the first quarter, says cent 



chairman points out. 

Sales and earnings in 
Combat Engineering and Dart 
mouth Manufacturing companies 
were ahead of last year's per- 
formance. but the pressings divi- 
sion was very disappointing, 

principally due to well-publicised - — . . . — . iT ... , 

lengthy industrial disputes at The outlook for 1978-79 is ^ery begun well with sales both in 
client companies, resulting in a promising" with order intake up; UK and abroad ahead of tne si 
shortfall on budgeted sales of Mr. F. ML Tapscott, The chairman period m 1977. And Mr. C. 
some £0.4m. of Lesney Products and Co. say? ■ Andrews^ the - chainnan r s 

The effort whicb had gone into in tus annual statement ‘ . dnrwtors are. conhdent of a ». 
the revival of the former Miller Production will have to be tinuing improvement m prafit^ 
subsidiaries produced a healthy accelerated to meet the level- of He saysthe companys 
profit roctribuiion, Mr. Hathaway demand. Steps are well in hand further diversification has fed. 
adds. The skateboard phenomenon to resolve this shortfall. th® -introduction of a dispoK 

generated unbudgeted sales He says directors were encour- lighter,_ where sales, are anew 
income on the Miller side of about aged by the reception given to its target in the first month of 
£0.5m. products at the various interna- introduction. 

However, low margins, high dona] toy fairs, and “delighted" . This year the company into 
outside sales commissions and by the response to its' new slot- introducing more new prod - 
distribution costs meant Lhat In car racing track. This product lines, and packaging and point : 
group terms the net profit input win he launched In Europe and sal® material for its traditio 
was no sufficient to offset the other markets outside the Uf£' in writing instruments have -fr. 
pressings shortfall. 1979 . . totally revised. 

Earnings advanced from a in the January 29, 1978 year Export sales are running ab> 
restated 2.55p to -t.SSp per share, when pre-tax profit fell from of last year, and Indications . 
while the dividend total is stepped no.07m to £S.Q2n>, a new sales .that there will be a return to 
up to the maximum permitted subsidiary was opened in Japan, pattern of growth of prevl . 
0-S0709p t0.728S3p) net, with a ant j jta progress has been encour- years. ' 

final of 0.40709 p. _ _ aging. Plastics division sales 

to. .-715 TW 6 -. . similar sales subsidiaries have growing and this area is ex pee 

Turnover B.iTs.wn -t.r.wrw recently been opened in Norway, to'bci an important contributor 

Truduut profit CB 5 :ui 3 «.sfl 7 Italy and Singapore. Mr; Tap- earnings. 

scott points out that tbe estab- The group is particularly w 
lishment.of new ouiets Initially p«»ced to. take advantage of ^ 
212 013 increases Investment in stock and *F cr ® a ;l es 9? n ^f? er 
F-J.-15S debtors, and this is evident in the the latter half or the current;. 

*«.« Sin. in group liquidii? mtemeni , fi 


Interest 99 S’'- 1 ! 

Profit before tax 505JM 

Taxaiion "1.5M 

Nci orofl! 477I.IW2 

Dividends 7S.3M 

KetaiMd 99S.I01 

t RLSlated. 


v itLSMim. in the vear Previously there wa* currem costs siaieniKui sui 

The company has changed its i n ra?,Th!ire2 the January 3L 1978 y« 


accounting policy relating in 
deferred tax. in accordance with 


COMPANY 

NOTICE 


SENTRUST LIMITED 

(/near pa rated in the Republic of 
South Africa} 

DECLARATION OF 
DIVIDEND 

NOTICE 15 HER Ear GIVEN that a 
Unit dividend No. 24 at 18 ccnu 
per share has been declared payable 
to ordinary shareholders registered in 
the boohs of the company at the 
Close ol business on 23 rd junc. J 978. 

No instructions involving a change 
of the office of payment mil be 
accepted after 23rd |uno. 1978. 

The register of members of the 
company will be closed from 24in 
June to 7th July, 1978 both days 
inclusive. 

The dividend is declared in the 
currency of the Republic ol South 
Africa. Payments from the United 
Kingdom office will be made m 
United Kingdom currency at the rate 
of exchange ruling on 15th August, 
1978 or on the first day thereafter 
on which a rate of exchange is 
obtainable. 

Non-resident shareholders' tax of 
!S% will be deducted from dividends, 
payable to share holders whose regis- 
tered ' addresses are outside the 
Republic of South Africa. 

Payment will be made by the 
transfer secretaries mentioned below, 
on or about 25th August. 1978. 

The full conditions of payment may 
be Inspected at or obtained from tbe 
head office or the offices of the 
transfer secretaries of the company. 
By Order of the Board. 

GENERAL MINING AND FINANCE 
CORfhOnaTtr'N LIMITED 
London Secretariat 
per: L. W. Humphries 

London Office: 

Princes House. • 

95. Gresham Strut, 

London. EC2V 7EN. 

Transfer Socrenries: 

Chjrter Con io I ‘dated Limited, 

P.O. Box f 02, 

Charter House, 

Park Street. 

Ashford. Kent TN24- 8EQ 
Slh /one, (978. 


3 At balance date, fixed assets redured to°iSj 28 m Pr rfnMni to 
were £ 1559m ( £13. 43m) and net Et du ^Sr I -iv, n S‘ 28 AinlSSn ' 
current assets £23 (£2257m). SitSmtSuSL) 

sales adjustment of £ 0 $ 
(£056m) r offset by a £24*- 

. (£78.898Y geartng adjustment- 

THE CURRENT year at Mentmore ■ Meeting. Old Broad- Street, ! 
Manufacturing Company has June 30 at noon. .... 1;- 


Mentmore 



Following the recent press comment 
about the treatment; of the House of. 
Fraseras an associate inLonrho’shaif. 
.year results, the company's joint audi-; 
;tors Messrs Peat Marwick Mitchell & 
po. and Messrs Mann Judd have 
confirmed that, in their opinion, the 
treatment by Lonrho is in accordance 
jMth established accounting practice. 


tonrho Limited, 138 Cheapsjfcfe, London EC2V6BL 


,-Sl 





^ FIDELITY STERLING FUNDS LIMITED 

SERIES D SHARES 

An.lnterim dividend for- the year to 30th November' 
1078, of 5p per share has beep declared. Payment 
will be made on 25th July, 1978, to shareholders : 

on 6th June. • -• 





if 



r 


T 4:^'S;- ':■': .- - '•> •’ ' , *.'' •••-. '•;' 


23 




-: j; mftBww-^w t ga 1 'iiuaj 'UTI 0 9^1978 

’ ivJ-’".-! * - r” ~ 2 '\ " . “ • • 1 - . ■ >■ 

*T--- .-•-■• .- VI,--. i; . . 



now comm;: 


Furness stronger than most Dundonian upsurge 

T nrofil of Dundonian sten mininj* ajea. ^ 

h 2 j|S 9 !0 



>% 

firy 


TKE--GU&RE?!r^ flHBcbttlort^^ defined m Class 1 and Clans 4 

quietly -Jor : j : •— fedWft packaging, eoapam’ which, transactions under stuck F.v- 

atrecters- are now see- -I mi y«r : made ar5fei»8esitf hws chaasc rules. A circular io 
tacr soma - sponger « treads,- Mr. has nowbeenjee stored to break- shareholder s was therefore re 

>Dchael -'Smurfl;u a» chairman; cr-en. ■ ■ ' 1 ■ LJ.-< flmred. This icimilar has aim not 

ws fe-to anmad statement. • - In- X*cewa bastness oppont p- jet been publislmd. 

~ :.• -=- •■.,i r a • ■ .v tl .. ••• . . lies continue- to- iStOUnit tr tdWJ A &pon osman for the company 

ife 7978 - 79^111 tea -year ret iuce Its ownership' thar* to 40 

■of farther. consolWation -of base per 



Pre-tax profit o. - --- — - i_ v r f* w or me »«•••■. — - . 

- "MISUSE ?S5,^ p—* 


sien mining area. 

In view of tne 


long term 


remj ^businesses.' vSiere director* look 
it , 1 1 ’ 1 frtor Some rawafie* '": and same 

uwmoih -IrwUrt«rtaW^W .TSur the- 


.Jii, .* v e— u-Bi - - 

In AuatraltaL :. : ‘ w h iere '. . accounts as well as the 

made -its ujiiial.ifwestmpo; last accounts and the circular. 


wbw;.*r.'w*®w maae its untiu. un*s — - 

tHe year. -J»w ; to; »P«d 

n 0 '.economies tte^wsh band sn * e next-fair ?«**. . 

• 0 ^jJp«fagb^gw^. operatt* at will as reported ,*rwtouri3V profit 


... But *ey are not ''. rude , 0, i 

Hr savs ih.i! many shipowner ^ but earners oi return! 
;i ri- suffering more seriously than ££ ductSi and .arc a le.s. exm-ttd 
ffinlww Whliv. and many more P™^ on . Director, w employ- 
l“ll rtveal the dim effects or the ^ pn{ from the outset for them. 

-- .. rfi^Hers 11 fitted favourable hL Q„ a> ju 16 P* r cen? share of 

A spokesman for the company charters nx t0 an un Conta incr?- hr s 0y - that 

said yesterday that the Board was 1373 anU Ji£3h it Inevitably n-rrici- 

only too keen to publish the 1977 l,fl ff rt vumess Withy Ls able MiitrSbution from it* liner 

vrssz 


The 


Buckley’s 
Brewery 
at £0.84m 


At the interim stage the direc- 
tors reported an advance from 

m CHAU? and ciill that 


Kerin* SSpoaSi w develop the 

area jointly with an experienced 

mimnp panner. . 

. . Net profit emerged as il.n.lis 

£38535 to £60.542 and said itet (£GS,7351 after tax — a5*. 
they anticipated a substantial (£ 33 , 474 ). 

iaerease for ihe full year. Apart from its isjimng interests. 

The current year hus started Tbe group's actintin mnhjde 
satisfactorily, they now -ay. and a public services -nd energy 
further advance in iradin* pe r * conservation. 


SSJ SS"- !! -ov-mrrn ™e of 


lUi LHC* V h _ 

fornance is expected, while tne 
company continues 10 pursue. an 
active programme ef capital 
investment for future long term 

Buckley s 5 r 2*** L -.-ij-i increased from 


problem ums“th‘afVo auditors had JJJJJ thSTJS? 
not yet decided how to treat eer- « m «ot in the liner Tots 

of _ . . As rtported jrwtouw- proui tain items. He said that “very one • its -h lns a re nor as previously reponed or c 

ftiLffi* -favowrtttte. :•-• - for the .January 131. -19^ conL-erm-d .should hurry 10 bring iradw- *l! or ?t, i r' cutthroat profit of the Rroup ended 

T 3 te OTpaw J* v« 4 i maced SvaSed^toS-: 3fc».- to out the jigurcs so that tlie lisiing •■uhi-ct to .he same cuunr prm doWn Bl cn.. 2 m. 

r^'^rasrs^s jz ?& & .-s« ?s^sl , ss«*£.*ss - 

. m%pvssrj^ls& terS 1 '. s-srs 2 s?ns trass’ * 0 1... 



Electra 
earns and 


pays more 


'twnrbund 


Jore 


expected in' : tbe 7 U 5 . where „ 
veir nroftts ttivod from £L 7 m 

£052® as . tyro ; wm-p»ckaglBX hi swuwntc u v — - - ■ ” t. - -id 
o&tMqbs ■' — . -^rtieular. were by then. THe spok^man ...id 

O'Connor Drt«^ratt fnto losses, current asset* mSOm that the Board ‘tnt had no idea 


"nC O'Connor Drug— mo fnto losses, current asset* i-oii-r ;» 

TpEw. O’Conzuxr'iS- diHKeuiiiek 'dimmed indudiitf SJ? ’ market, 

old d^from Sbe as* 'of liqdld ^Kbteio-in Amsgements b> ^ - r ' 

Uite.^a biantee' of 'tas maior^produets. CefiulossL Tflis *WWH»* ^ _ its n*»n- 

*.» hmPB oaiiL • VAAtfirll P* as^CK in 

Continental 


: t«e of lhfoid protefti tecame been paid. .. •• . 

J P. yi^wspoct during the year, with the t;I ^ r 4*f 
. the ArwuSfflwf Ks invewortestecanie Smurfit WiU rece|ve ^g^ ■ 
Jun t ^efieertvefy. wortttew imd accoums 

•e d^^^W^ ^enaecta^. Tte com- wSt 

maik^-j^y-was disposed of * March ing .Vg® 5 * 

nnoun^'r’ato -year. '• ••• ' iweoave ■ plan could 


A dale. August 8. has now been 
pui on :ho extraordinary meet mu 


in 'revenue at gfijism w £lS.SSm . During the 
charters as vear there wm 
not generally in not *| 2 J“ 

S on long charters: . £2 62 m mere** 

• a,,J “•■‘teE? 'pr C /d ,,1 ' 0 f .^ GEORGE EWER 

roup has also made 
its Yiuri-sh i ppin.fi .activities 
ii.sieti m i tie shifipinfi slump. 

In the coming 12 niontns 
croup will take delivery ol 

ships. Four arc needed I for c««- “ ” festralm policy , £, - lb ?5Sr 

gilt liner trades and will go mtQ stl J -»» n 3 ine discussion^ with the s ince IJ<3 
hurvtet* immediately- - 1 * " 


GROSS REVENUE of Electra 
Investment Trust rose from 

substantial growth over the Pj»i to “ r nd ^aSfngs 

■ , sw ir. the diwtors say, up from SSed ’ as against 

S the ^^,^-ta^fIl.^mcom. 


?s^ n ^ rlirll 't&JSSX “as® inrahs 

rund. «.,m S « . jsg-.fi. 1 f SL- ■« v«£~ 


*>Wi ~'* a il 

“'*1 Cfiw. Aiiinncr cwufcravi h*"-''* v & iu h j,. 

M30 uj '-st|f>si#ary made losses bot this Joare of the agrMwrxa 
^ts of^cimsnaisir Is believed to te .vaable, 

is. tax^.anri Airwuors aav the Initial (yUgfltfi ^jkS 


Another contract 


incentive - pian worn , pui on :no i-xrranrninary mm 

Tyackaffin™ further £25m in. the first x«ir at which ihc director.-, of ScottihH 

_ . .M-.nn.nl ■ r-..„ . ; inrMlnipnl riMII* 


*h£“;wid. ..drineion'^Mar- tiw initial 


■ WridL, WN...«'iwon.-i ..MU «*« uiuh 

6 IS & ^''investmeor made In. lhe. U.b. is 
s lati j^~l- rfiU • a cnflLn^ niTA Tlh» tJ5. con- 
'd U iCft 


and Continental Investment Com 
puny arc to . ask their share- 
holders to agree proposals for 
unitization of the company. 

The move, which was rmt 
heralded in February, is being 
undertaken in an attempi in 

inn; ihC lIiH'P diSCOllIll ^ 
to lTaand they say. pnee coft; shares of GfiERte-HflldtoW tbe V hich shares in the company 
anjt^.troito m^'. became a proWera this oropertv co«np«hy,- vcm >u*- have trailed, relative tr* their 
:asu Df ^ear now. the uaprovxng trendjn - p yesterday •* ^ underlying net asset value. 

^/turrenev. relatHmshras has ended. — rcoucst because . the Warrant holders in the com 

U to he asked. »i ■ 

meeting on the BRmc 
to ealicellution nf 


cect7 c Snues to hold their interest for 

«pr** 


ieclapa^, furttwr investraenL 


for suspaision 


so,: ‘ i-wuuniK *»•• rnijnnfbiff - fiflMldsi value <*n August 8, 10»S1. As .it 

sear ^ :lD the W the ouiet optimism £™K ri }J* * JJI-iiwolwS: >n May Si. net asset value was W.4p 
, ot the earlier months ot the yew year. GUcate was. » 

i An S lo ^a has dissolved and trends for IS7S many deals some of w«rti witre per snj 
watersaod >. 

wkinsTj- 



Guthrie Corporation 



Sir Eric Griffith- Jones, kbecmg, reports “A Record Year” 


‘■toniaSi. 

i.9in m tbe ^ 


KCA unable to assess approach 


The Board of KGAlntenialJo^r Gumnws ^eai.^ohn i en ehd 3 | a "imeres^hasT^ I 

• jffl P °^e^lU-F 

u .m-ku rnlin trt' the value of GuinnCSS rCIL -...-_ ... , .u >>-. mil 


iade= a bid approae.n. tmu « re - 

-unable fully to assess. the value of Gunmcss fcsl 

ih.rwof his approach" for the time ^i-p ami 3 ^ ^ •»» 

W, being.- Mr.AVard s approach was A-ffOr has bought 23.000 12 per cent eon- 

^ffh ro St* rt - tolhe -‘te* l A5^?SEtaio n> N6W1BSI1 oner Wr uw“ cumulative participating 

. u * •-'Th* TMfum for tne indecision, • -- — ■ _.j— .-*!«« cu-imv ni 


Change Wares — B. Crane, | 
director, has sokl 25,000 shares at 
21 fp and 52.000 at 21p. HU wife I 


VCruiMC mmuiaioc k-»* -r-- — o 

preferred redemption share*. at| 
23 ip. 1 

Lincrort KUgour Croup — 
A. D. R- Holland, director, has 
informed company that family' 
a& to trusts connected with him have , 
fffhe bought G.000 shares. His interest 

w*r , p v ? IL nnn.hnnr>ni<nl. I 


lOjeCL LU 4UC lAiaiusmrF'-'-,- 

r***' "* =-The reason for the indecision, _--- 
accordinjc -10 KCA. is. that an 
3 !o1 1)1 1 Earlier deal with Mr; Ward has IOl 

E 10 ^ not yet been completed vrten it «■« r j O C A «c 

is, KCA will consider Me.. Ward s WOOU OC JOBS 
iilivl3t proposed bid knowing that the - ;■■ -~j; 

n-d‘ a f company Ts in a sound financial Newman bought C.000 shares. His interest 

^ tew- 6? KCA- through the lssue of new- fa Wood Board of its. intanjm. y beneScj^ and 10,000 a v 
rjiani; shares'. -But the-deal onbrbee«2S, and says ft anticipates Jbe. . v iiil i ben ff ujLrf * ' I 

operative when the rigs- sailed ouf 0 f such an offer jto be about/*7j|p: \ \ n _ T TD jrc rnn 
19 Wrt’is or Algiers.' .They are curretiUy per Wood share,, valuing Vafcnm- gl.flRAN TRIES HAK 
;2 peril waiting there for the .necessary ^ at just. under Ilia , / REPRESENTATION 
* permissions and a ship. • KGA inionnal discussions harf taken ^ HOARD 


Turnover 

Operating Profit * 
South Vast Asia 
North America 
Africa 
Australia 
Europe 


1976 

£000 

!S 9 .S 67 


1977 
£000 
282,876 


10,209 

6,304 

1.172 

4,729 

(2,185) 


20.229 


Interest 

Profit before taxation 
Taxation 

Profit attributable to ordinary shareholders 
Earnings per ordinary share before extraordinary 
items and restatement exchange difference 


6,963 

13,266 


8,912 
39 


3.3 



13.5p 


31.9p 


North America 

AjaxMagnethermic 

•Aaiviiv in the capital goods sector in the Emicd 
£ SSJ^S relatively low in W77. and it became 
particularly weak ill the last quarter of the sear. 
Once a eain, therefore, exports helped to circy Ajax 
Magneihermic through an otherxvise difficult trading 

The other Ajax subsidiaries in the United States, 
Canada and the UK all made progress. 

A facility to manufacture induction heating and 
melting equipment has been established in Brazil. 


1977 proved to be a record year for * h eCMPora . 1 or 1 . 
Profit before taxation mcrcasM from -W^ m ,1 ion 
in 1976 to £19.7 million in 1977, and earnings .er 
share (before cm raordi nary items . a {^ ® chjR8e 
difference) improved to 3i.9p (1 j.?P in 1976). 


South East Asia 
Plantations 

■Kumpulan Guthrie arte Guthrie Repel returned 

“ K - .. ^ t.. nrwr'.nmr nrnlits trom 


Dividend . 

The total dividend recommended fortheytaris^.p 
ocr share, compared with lOp in 19/0 and o..p m 
?975. .An interim dividend of fp P" ^arevw. 
paid on 3 April 197S, and the final dividend would 

therefore be 9p per share. 



pan/es l r 

aas d 5 «... integrating Their fine 

j M'OTWSWSS «~aj« tbat-a resolution be su» = « « 

DA/i the end of rte month. Meanwhile, .j n dependent. Neijhian couaderA annuaf meeting of Monk for 
vUw ^ 1 ?. Ward continues' to meet the fl aal p jt would now be vnutudily t he appolnmicnt to the board of 
' w insurance and- interest costs due beneficial" to J?.- . 4 ‘i a " ho, , d * 1 ? Mr. D. Smith, a director of Saint 
n S?S in relation to Algeria. . v - tK .-and *a*P. TnwW °* 1,001 c pirnn - - 

He has agreed to wait for tte pa ivies for 

. AM - tntfoa fni hn -resolved 'StUl ,.^'nbn 


btatement for 
shareholders 1 
for the 


Taxation .. 

In spite of some increase in unrelieved Advance 
Corporation Tax which reflects the higher recom- 
mended dividend, the total lax charge has : alien to 
below 50?;. The elimination of losses which were 
not available lor tax relief against other group 
profits is the primary reason tor the reduced overall 
rate of taxation. 


has con- 
sidered me prouosiu nn. j 11 ?? 

-rinueri - ira^r^leIua^lu^ , m. •*■- reasons given and has aeciaca 10 

( ,lrt sr-iT-IiteJ^ ~ U Diinau Goodrifiw's ‘ bid SS& ted^y will increase its recommend shareholders to 

Ir?n^^LongarVattey Tea, WBG pro- Klnerability to overseas m- oppose the ap^mtment, which 

55 5S> “ pla!nins 115 rMS ° ns 

24p on each' Hof: the A and .“B capitaJ, board states. BsFt s •.! 

. (rf ruioFprefereuce : shares; : respectively., ^ nsjODO- shares «9-b per 

nd irdrf'WDG also proposes, to w « ^m), . r r 

f, , ^-addiUonal 7.5Sp mt_ share on earfi — - Interest of G. 

p - r .1 r — 1 : — ry share. beiog equrvaient director, reduced^ by_»Jie 

gross 


LEX BUYING 
STAKE IN 
UTD. CARRIERS 

Lex Service Group has a creed 

» zj&nJF&m 

a group or investment funds. 
These shares represent some ib.*« 
.... „r 11,0 mvtinnrv capital. 


^jnrfsbfoeument 
.‘n'-oaSiccounts v 

■Jpir patched next . week. 


Offer on June 2 sold ie^ontof tteordinVrT capital, 

iticipated that tne otter haPes at M p.. * _ . purchase consideration 

'• and the report and E^ick-Hopper - On J«*» * Sd by thc issue of 

of Longai wUl be VSo.MO^uary shares of Lex. 

lext week. <ui ?.534 shares, this being n scl-uiiu i,uxw.^~ «s«.367 cash 


GUINNESS PEAT . -SS”* "w» sa&Sfci 

. ...If!? 1 The Guinness Peat Gronp “af Cydei „ Z jjfch 3 . fi3.5p per 

its subsidiary, Martm . Mothensai^—Ezra K- ^ 7 Q40 ordinary share. . . 

-■^i^oods. to- Catr fnternalional B\ direcior. sojd on R ^ e in f ns hold - The purchase conditional 

. . i«®rf the Netherlands. _ shares at loSp. Rcmaini 0 ^ y . n llstins being E ran J“° 

‘‘I'.'-nP- John Martin Foods is prmcipajlv in „ , s 2m shares. Other »"] J by- the Stock Ex chance for the 

G . ? S i ^ncerned with - ^ haldhass Jjjjg are un- nbw Lew shares being w*«ijd. Lex 

,,n nf iistributinc canned, foods and wni ^bairman- Selim -K. Zi lima are 20,000 ordinary or 

V , B to Work -closely with altgred and amount to some ^ SHted ^ Carriers . and these. 


E -^ent^^ar acqu.reo ofLex. 

448,534 shares. th« being a scco u . v £858,067 cash 

United Carriers 


Operating Policy 

Jn the eleven years from 1966 to J'from * £P 

tion grew rapidly - turnover mwreased from tl- 

million to £290 million. . . - 

After such growth, it was inevitable that 2 period of- 
consoHdation should follow. In 1976 there! ore. the 
Board concluded that the policy of the C ^P° ra £?P 
should be to support only .those operations with 
long-term prospects of viability where contiotKd 
investment P in the most efficient and up-to-date 
facilities could be justified. 

This policy has resulted in disposal or closure of 

certain° operations, particularly small busing 
unconnected with the main activities in die same 
Region, and the adoption of major investment 
programmes in others. 

Thc costs of implementing the policy ofconsolidaiion 
were largely borne in 1976. The effects - parted*/ 
in lower interest costs and a reduced rate o! taxation 

- are reflected in the resulisforiy/7. 


of which is held by 

reported proiii before tax up from MbS.o million in 
1976to MSI 3. 1 million in W77. ■ 

Crop levels were high for the first nine months of the 
vear. though they dropped awa> m ‘ne lasi quaner 
The market for rubber remained remarkably stable 
throughout the year, and although jwlmod pnt^ 
fell in the second halt, they proved less 'Ojauie 

than had been expect ^. V. oridw ide co_orfmafiO^O 
commodity-marketing in. kab 
associated with all other parts of ^operational 
rnaim' M *menr of Kumpulan Guthrie, became fu 
SSSive in 1977. and prices realised were generally 

higher than average market levels. _ _ 

Thc commodity-dealing companies in ine LK. 

(Syminponl. anJ ihc USA iGmhne Indurtric Inc), 
made a satisfaciory coninoutson to this result. 

Last year I reported the major reorganisation ol 
plantation interests. As part ol this reorffinisation 
v.-e have agreed with the Malaysian Government the 
progressive transfer of estates to 
the period to 1990. wmlc maintaining local mvotor 

interest in Guthrie R opel a: around -»0. *. . 

The first transfer is now in the course of derailed 
planning. 


Mindustrial Corporation 

Mindusrrial Corporation, 71°; owned by Guthrie 
has reported a reduction in net eaming> ® 
exchange gains - from CS1.05 per share m 1976 to 
C$0.98 per share in 1977. 

In the circumstances of a poor Canadian itmW 
situation in the year, this was a reasonable perfor- 
mance. though it was achieved only by a substantial 

• increase, in sales at lower margins. 

' Reference should be made to three particular aspects 
of the operations of Mindustnal: . .. 

<ii Since weight reduction of cars in North Amenca 
bus become a major factor, the development 
bv Butler of plastic components for the auto 
industrv is now paying oil; 
on Sales of commercial and industrial water 
treatment equipment in North America are 
growing rapidly: . 

(iii) the growth of Trench Elect nc. operating :in 1 the 
capital goods sector, continues wttii h'Sh Jev i-Is 
of export business. 


Guthrie Berhad 



WANTED 
CANADIAN 



PRODUCTION 



Contact:. 

L A. ARNETT 

, 3911 BRANOON STREET 

„ lS e fr CALGARY ALBERTA T2G-4A7 j 

0 -s» ,: 

p 


aueiw oj»« United Carriers and these. 

rESSbSMSS - J- ■ s^^ h b"t s T.S3; 

b 0 ?g. t J°.-y S Sri^Midlu"a investment. 

Bank Trust bolds upon trustor yjTjpw FENCING 

holders ot 013 ^MMinccr P 1- ® - The Baldwin family of Watrine- 
the managers of Sch^singcr^ t interests include motor 

I fer ^ e nt ^t^U^prcfcVencc distribution, contraeung. and 
ijper cent, .cumuiauve v hnulago, have purchased from ur. 

shares (M PW nniions Frank Stans il RecciUcr of Dura- 

Norfolk ^2SL G ” B, r?olil of USti oSiem) certain of .he 
have beea crantrf m 1 a . »i Jgg*oi this manufacturer and 

fSSUS^yw^P " M - or '■ as 


Exchange Rates 

For a company based in the United Kmssdomj but 
operating substantially overseas, ihc effect of 
fluctuating exchange rates is considerable 
Operating results for the full year are translated at 

the rates of exchange ruling at 31 Dt-unl »and 
for the- half year, at j 0 June. The <-tW ot the 
improvement in sterling during the second I Mf , ol 
1977 can be seen from a restatement of profits before 

tax for the period 10 30 June 1977. 

In the interim statement based on exchange rates ar 

30 June 1977, profit belore tax was Mated at 
£11141,000. Translated at the ra > cs ..!^, , ? n }f, L 

31 December, thc equivalent figure is ^ 

This variation is important if consistent comparisons 
of half-year data are to be made. • - 


eluded are ^° r di S include ‘ the "manufre- 

shares to D. I- Bijkcr turinc plant in Northwich and 

id 125 .O 0 Q shares to G.U E^cr, junne p«m WanL . hl?6tcr . and 


and 125 .O 0 Q shares to x». o- 'SI Liverpool. Manchester, and 

^S-jncUl N.nJyO-5,^ wm ^ 

^ B a ld„,n.Dur,r C n C ‘n K ._ 


Kobeco 


Exchange Differences 

Following Ihe decline of Merlins in ll| .c end I97o 
ihc refinement ofnci current assets held b- owjseas 
subsidiary companies resulted in an addmon to 
reported profits. _ . 

Conversely. 1977 was a year of sisnitwani 
appreciation and.in consequence, a loss of i 
on restatement of net current assets is included m the 
profit and loss account. 


It became apparent during 19” that the provisions 
made against slow-moving stock and doubtful debts 

of Guthrie Engineering {Malaysia) ffid lo a lKser 
extent. Guthrie Trading iNlalaysu.i at the end of 
1976 were insufficient to reflect continuing problems 
in the market place. r . - 

A further substantial write-down has therefore had 
t be made, and 1 am satisfied that the provisions 

are now adequate. . „> 

In consequence. Guthrie Berhad. which «■ 74 
owned bv thc Corporation, reported a net loss oT 
SS5.V million before tax recovery f d 

items The Singapore operations traded profitably, 
and Guthrie Kimia in Malaysia, which had a poo 
1976. returned 10 profit m 1977. 

Sir Anthonv Havward. formerly Chairman and 
Manning Direcior of the Shaw Wallace group, of 
compaS iu India. ,« 

Director of Guthrus Berhaa m April 19/«. tne ai> 
nouncenicnt of his knighthood in the Birthday 
honours List for services 10 Bnush commereial 
interests and the British community in India gave 

ureal pleasure to all his colleagues. 

• I must record our gratitude to Mr R. F. Jenkins 
Jvho returned to Singapore to manage J^ c 
until a permanent appointment could be made. Mr 
Jenkins has now retired from an executive role in the 
corporation, but will coniinue h,s associaoon as a 
non-executive director of Guthrie Bernud. 


Pacific 

Sanyo-Guthrie Australia 

It was reported in ihc interim statement that, 
following the end of the boom in colour television 
sales jn* Australia, wc were reviewing thc Uuurc ot 

Sanyo-Guthrie. . . 

Together with our partners. Sanyo Electric, wc ^ ha'C 
row completed a detailed examination of the 
position. Tliis has revealed deep pohev differences, 
and we- have .i-areed it vvould.be in the test interests 
of both partners to end the 
; CoGSequemU- an agreement » n pn^JPte to tom 
reached for ihe uulhnc shares— no „ ot Sanyo 
Guthrie — to be sold to the Sanyo group. ^ ^ 

In these circumstance*. Guthrie's .4 o < 5 £ l u ' 1 ^ 
holding in Sanyo Office Machines, selling S-n o- 
produwd office and electronic equipment, has also 

been sold. ... , , „ „ 

The ncriod of co-operation with Sanyo has been a 
revvanllng invcsimcni in .pile of recent setbacks. 


Subsidiary Companies 

S A. Tow cl '.gain performed well. It is the subject of 
programme with the ^‘iveof 
extending the range ol products and updating plant 

and machinery. . .. ■ . 

Althouch the carpet industry’ in Australia remained, 
depressed T.iscot Templeton achieved record sales 
fn the Sst barter and ended the year with a reason- 
able profit. . .. - 

in line „ nh the Group-* C “ 1:U " 

small subsidi .11 u* hj "-’ b‘ : ' :n sold or '■ los ‘- d - 


Africa 


Guthrie (Niscrial perromted vell in W7 

’.he Ni^nJ 

EnlUjriSpUoiion Ueetee. have notv been made 
to the authorities. 


Future Prospects 


Europe 



Inflation Accounting 


- ii* Stockinarketheld Dp well in 

r Germany- Oia: interests 
• increased. 


Highlights from the Interin l&po 

■ ■ aij Some profiMaking: in Japan on 

increased stock prices. 

Percentage holding kept 
constitnt. 

$$ Strong Hquid position - 11% of 
total 

Si mol v and demand for 
r ROBECO shares pretty pimm 
well balanced-, s 


,HUUUUVa» ’ 

Aj, hough detailed studies arc' continuing, the Board 
ihc view thal there is still such uncertainty on 
inflation accounting, particularly for a company 
with ihc breadth of interests of i theCorpo»™jM i to 
render presentation of inflauon account unpro : 
duClive at this time. 


Staff 


Sic Some increases also io French 

n ‘ aid Dutch portfohos. 


'ic American interest lately 

SSSSflaA half our doUar 

‘ eipbsure hedged. 


absure hedge . • _ fff78 gnd 9n explanatory booklet. 

Copies of tne firstinterl ^ e p P v %^/e from the Company : .. ^ . 

. DEPT.7021 M BOX S73 ROTTERDAM HORRID 



UlCla . . 

The improvement in results in 
three difficull years. «s a credil to l l 1 ®'J 
thirty thousand employees oP the .0 * • ° 

doubt that you would wish me lo t-.xtLua uu. wot. 
tude for their excellent pertormunce. 


The continuing problems of the carpet induslry 
/ended to overa hadow good performances m our 
other activities in thc UK. The plastics, textiles, 
confirming, trading and food businesses all produced 
very satisfactory results. . 

Carpets remained in thc doldrums throughout the 
vear and a major improvement in results from our 
SSes related to thal industry can only take 
phee when the reinvestment programme is completed 

early in 1979. . . ^ 

With the closure of Texac operations m France, the 
Group’s remaining^ manufacturing mtere * .mite 
Continent is Lintatoam Europe. 3.V., the commis- 
siSI Srpei backing and compounding operation in 
Holland. There has been some improvemen m 
iradffig in this company which operated profitably m 

1977. 


The Annua! Report and .-Ircounrs will be 
posted to shareholders or. 26 June. The 
Annual General Meeting will be held tn 
London on 19 July 1978 . 



There has been a slo»; start ththe present year in 
several key companies in the Group. 

SuShM isss h™h°:x«r ush 

prices generally remained higher than i espcclea. 
Condin-ons in the carpet she UK have not 
improved great i.v. North A subsequently 

SsSfebrs’ss 

WnwwM ; hpre are signs or an improvement in most 
I ?fr wver > . h i. hnritKffi Rubber and oil-palm crops 
m^kfoiot^ial, »’bb Sd° d P ri “ lcvels ™t?» DUI "S- 

cStfeie SJhadhi overcome the worst of us prob- 
SI? ^jrtlriicisiins a profitable out-turn for the 
y™ S :S; d bsmn "e^has taken place in Norih 

“"f;!*,* as a whole may not quite 
S the riced levels of 1977, present indica.tons 
are thatihey will be satisfactory . 


tude for tlicir excellent performance. ■J?r { Q'AJf K A A 

The Guthrie Corporation Limited, 120 Fenchurch St., LondonEC3M5AA 


.v. 





24 




a?KRN ATONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 



Airline stocks advance on 
sharp growth in traffic 


BY JOHN WYLES 


NEW YORK. June 8. 


THE SHARE prices of the 11 
leading US. Domestic interna- 
tional airlines have strongly out- 
performed the stock market dur- 
ing the current rally following 
reports of substantial gains in 
traffic. 

Although the widespread avail- 
ability of discount fares initially 
raised fears among investors 
about lower profit yields, con- 
fidence is growing that the surge 
in passenger traffic coupled 
with the continued strength of 
business travel could take the 
industry to record profits this 
year. Since April 12 the market 
equity of the 11 major airlines 
stocks has risen by an aggregate 
of 30.2 per cent, compared with 
12.4 per cent increase in the 
Dow .Tones industrial average. 

In the first quarter of this 
year airline traffic growth ran 
ahead of most expectations. As 
a group, the 11 airlines recorded 
a 13.S per cent increase in 
revenue passenger miles includ- 
ing a 15.1 per cent, rise at 
American Airlines, which 


launched the present wave of 
discount fares last spring, 22.7 
per cent growth at Continental, 
and 25.7 per cent at National. 

Traffic increases have con- 
tinued. with several airlines 
reporting in May the highest 
traffic levels ever for that month. 
National flew 36 per cent more 
revenue passenger miles last 
month than in last May, with 
only a modest 6 per cent increase 
in capacity. Braniff Inter- 
national. helped by the start of 
a new service to London, flew 
more revenue passenger miles 
than ever in the airline's history. 

TWA had Us best May since 
I960 and says that in the first 
five months of this year revenue 
passenger miles are 12 per cent 
higher than last year on a 
marginal decrease in capacity. 

Many airlines are fitting more 
seals in their wide bodied aircraft 
to accommodate passenger de- 
mand and maintain profitability. 
United Airlines, for example, is 
adding 1.970 seats to 1.145 air- 
craft The airline, the largest 


in the western world, has in- 
creased its passenger load factor 
— average aircraft occupancy — 
from 57.5 per cent to 60S per 
cent. 

Virtually all of the airlines, 
with the encouragement of the 
Civil Aeronautics Board, have 
slashed fares on their domestic 
and international routes. Most 
have tried to hedge the new 
fares with restrictions so as not 
to reduce revenue from business 
travel, but the consequent leap 
in demand has been putting a 
strain on booking services and 
drawing complaints of declining 
comfort. 

However, many analysts expect 
airline profits to exceed last 
year's aggregate $610m. 

However, the increased com- 
petitiveness in the industry is 
putting a greater premium on 
management ability and Mr. Bob 
Joedicke, an analyst with Leh- 
man Brothers Kuhn Loeh warned 
recently that “ incompetent man- 
agements or those facing insur- 
mountable obstacles can be ex- 
pected to suffer.” 


-Mogul SKF ruling 


BY DAVID LASCELLES 


NEW YORK, June 8. 


FEDERAL-MOGUL and SKF, 
the latter being Lbe U.S. subsi- 
diary of the Swedish company 
of the same name, have been 
found guilty of violating anti- 
trust faw by an official of the 
Federal Trade Commission 
because of Ibeir mutual supply 
agreement. 

In 1971. Lbe two companies 
came to an arrangement whereby 
Federal-Mogul stopped manu- 
facturing bearings for the 
automobile parts market and 
instead became a distributor of 
bearings made by SKF. which 


for its part withdrew from the 
distribution business. 

According to the FTC official, 
this was “ a conspiratorial 
scheme to allocate markets.” 
though both companies argued 
that rational business reasons lay 
behind tbe agreement. SKF 
showed that its distribution 
division has sustained heavy 
losses, and Federal-Mogul pro- 
duced a report from a consulting 
firm, recommending that it stop 
producing certain types of 
tapered bearings- 

Both companies said that they 


would appeal the ruling, which 
can be reviewed by the Federal 
Trade Commission and the 
Federal courts. According to 
tbe law. tbe companies have one 
year to carry out the FTC’s order 
once all appeal channels have 
been exhausted. It is therefore 
likely to be several years before 
they actually have to end tbeir 
agreement, if ever. 

In another part of the FTC's 
ruling, the official declared legal 
SKF’s acquisition of two ball- 
bearing companies in Kentucky 
and Pennsylvania. 


Stores expect strong upturn 


CARTER HAWLEY HALE 
Stores expects net earnings for 
fiscal 1979 ** substantially ahead " 
of the f 50.1 m or $2.37 a share 
posted a year ago. Mr. Philip 
M. Hawley, the president, dis- 
closed. 

Eotli sales and profits should 
reach record levels for the year. 

He also expects a strong 
second quarter based on a strong 
sales trend in May. Sales rose 
14 per cent in May compared to 
a year ago. Tbe company, which 
recently completed a SBOm acqui- 
sition of John Wanaroaker, a 
Philadelphia-based department 


store chain, is not currently in 
negotiations for any other acqui- 
sitions. 

There was no chance the com- 
pany would renew its bid for 
Marshall Field. which was 
thvart*! last year, added Mr. 
Hawley. 

Meanwhile, in Kansas City, the 
President of J. C- Penney. Mr. 
Walter J. Neppi, told analysts 
that he expects sales by the U.S. 
retail industry to rise by about 
9 per cent this year. 

However, he said the gains will 
taper off to the 7 to 8 per cent 


LOS ANGELES. June 8. 

range in the latter part of the 
year, with a continuation of 
moderate growth in 1979. 

About 5 per cent of the rise 
in general merchandise sales in 
both 1973 and 1979 would come 
from inflation, giving real growth 
of about 4 per cent this year and 
3 per cent next year, predicted 
Mr. Neppi. 


He expects apparel sales to 
grow in 1978 at about the same 
rate as general merchandise as 
a whole, but to rise in 1979 to 
about a 9 per cent rate. 

Agencies 


Fluor looks 

for advance 
in full year 


IRVINE. June 8. 
FLUOR CORPORATION, the 
process plant and construction 
company, still expects earn- 
ings in the year ending 
October 31 to surpass the S4.48 
a share reported In 1977, 
despite a drop in its seeond 
quarter net 

Floor said a surge of new 
orders In the second quarter 
increased the company’s back- 
log to a record $13bn. 

Second quarter net income 
fell to 77 cents a share from 
$L07 a share last year and 
the six months net declined 
to $1-87 a share from $2.12 a 
year ago. 

Fluor blamed the lower net 
on losses from Peabody Bold- 
ing Company during the coal 
strike. 

Fluor has a 10 per cent 
interest in Peabody. It said 
the Peabody losses reduced 
the second quarter not by 39 
cents a share and six month 
net by 47 cents a share. 

Tbe company also Doted that 
last year’s results did not in- 
clude operations of Daniel 
international Corporation- 
Reuter 


APL ponders ruling 

Mr. Harold L. Schwartz Jr., 
chairman of APL Corporation 
said, after reviewing tbe 
opinion of Wisconsin Securities 
Commissioner who is opposed 
to APL's offer for Pabst Brew- 
ing, that APL would consider 
various alternatiee reports 
AP-DJ from Great Neck. 

These alternatives include 
an appeal from the Commis- 
sioner’s decision and also 
litigation to test the constitu- 
tionality of Wisconsin’s take- 
over statute insofar as It was 
sought to be applied outside of 
that State. APL’s proposed 
exchange offer was for 52 per 
cent of the common of Pabst. 


Georgia Bank 

National Bank of Georgia 
(NBG) expects a profit in its 
second quarter ending June 30, 
Mr. Robert P. Guyton, the 
president, said following tbe 
shareholders meeting. He 
declined to be more specific, 
reports AP-DJ from Atlanta. 
Daring the meeting Mr. Guyton 
said that it will likely be 
several quarters before the 
Bank can resume payment of 
its dividend or to follow 
through with plans to form a 
boldine company. National 
Bank of Georgia, which expects 
to show a second quarter profit, 
lost $1.4m after securities gains 
of $9,000 in the 1977 second 
quarter. The Bank suspended 
payment of its 20 cenls-a-share 
quarterly dividend last Angnst. 


UNION 




977Ftaaiicial\fear 

71st animal general meeting of shareholders 25th May, 1978 

Extracts fromtheDirectors’Report and from the Chainrians Statement 

byM.Paul-Emiie COEBIAU 


KEY FACTS 

* Continued decline in the price of 
copper and/iuc. 

* Adoption of a reduced production 
programme at the Thierry mine in 
Canada. 

■ Normal progress For the Jersey jVGu- 
iere Zinc investments in Tennessee. 

® Start of work to bring the Oracle 
Kidgc copper deposit in Arizona into 
production. 

* Ocean Mining Associates conducts 
recovery and processing trials on 
ocean nodules. 

B Joint venture with Sibeka to take over 
control of two Brazilian companies 
specialising respectively in alluvial 
diamond mining and sand and gravel 
mining for construction. 

b Fall in profits and dividend. 


ation with the supply of the Clarksville 
works— due to start production at the' 
eud of the year— to come partly from 
concentrates that it seems possible to 
purchase elsewhere under conditions 
that are, for the moment, more favour- 
able. When the zinc market recovers its 
normal dynamism, the J.M.Z. complex, 
as an autonomous operation, should 
give a very good return. 

Union Seas— Ocean Mining Associates 
—fbhmefcdJic nodules 
Decrease of the financial expense borne 
bv Union Mlnere as a result of the entry 
of a third partner m the syndicate in 
April 1977. Mining trials at the oceanic 
site are going on. The planned pro- 
gramme will have probably to be. 
stretched over a longer period of time. 


Prospections 

Continuation of various programmes of 
geological exploration particularly in 
Canada, United States, Brazil and Spain. 


KEY FIGURES 

■ Profits for the financial yean 
601.1 170.014BF (against 819,783401 BF 
in 1976) (total appropriated, with- 
holding tax i ncluded: 593.002,155 BF). 

■ Net dividend: 500 BF per whole share 
(50 BF per 1/I0th of a share) (against 
respeciively6QQBFand60BFm 1976). 

n Increase of the financial assets 
| 4-1,7 million BF) and decrease nearly 
equivalent of the realizable assets 
f — '3-5 million BF). 

■ Restriction on prospection expenses: 
amortisation of 267 million BF against 
525 million for the financial year 
1976. 

* Shareholding in Umican (Thierry 
mine in Canada): amortisation of 
3U6 million BF. : 


Mexico Asttrmex— Yelardena project 
With the agreement of our present 
partners postponement of the finance* 
raent of the investment provided for 
the working of a zinc-bearing deposit 
(mine and concentrator). 

In the meantime, certain research and 
study works are being continued to 
determine optimal operating and ore 
concentration characteristics. 


COMPANY ACTTMTIES 
Canada Uincx 

Decision to keep up tbe Thierry Mine 
(mine and concentrator) activity but at 
a rate limited to about half its nominal 
capacity. Encouraging results for the 
future of the underground operation. 
U.S. A. (Union Mines) 

Union Copper— Oracle Ridge project 
In Arizona (copper deposit— mine qnd 
concentrator) 

Normal continuation of the work which' 
will extend over a two year period. ■ 
Union Zinc— Jersey Miniere Zinc in 
Tennessee 

Serious problems due particularly to 
the present state of the zinc market. 
A possible temporary slowing down of 
the mining development (Elmwood and 
Gordousville mines) is under consider- 


Brarfi Unimeta 

Diversification of activities in the 
rr/icing sec tor through the participation, 
jointly with a local subsidiary of Sibeka, 
in a working of alluvial diamonds of 
which, prospects look interesting 
(MineracaoTejucana). 

As shareholder in the Paraibima de 
Mefais company; participation in tbe 
construction of a zinc electrolytic works 
at Juiz de Fbra that will have an annual 
production capacity of 30.000 mt of 
zinc metal and is all the more interesting 
in that it is completely centered on a 
local consumer market. 

Mine engineering 

In Iraq continuation of the project for 
the mining development of the Akashot 
phosphate deposit entrusted to Sybetra. 
Study, in cooperation with Tractionel, 
for the development of three uranium 
deposits in the Hoggar mountains on 
behalf of Sonarcm, an Algerian state 
company. 

Tenders in Brazil- jo'mtlywithUnienge. 
Tenders for the working of phospate 
deposits in Egypt and Columbia, non-- 
ferrous metal deposits in Algeria and 
iron ores in Turkey. 


THE EVENTS IN SHABA 
Replying to several questions put to him 
by shareholders on the recent events 
ia Shaba, and their repercussions on the 
Company 1 , Mt P.-E. Cordiau, Chairman 
of the Board and also Governor of the 
Socicte Generale de Belgique, declared, 
after paying tribute to the - vidtims of 
both Zaire and foreign origins: 

*Tt seems obvious that the massacres 
perpetrated at Kohvezi were hot the 
result of a sudden outburst on tbe part 
of drunken invaders but, indeed, the 
implementation of a premeditated 
policy aimed at striking down the 
Gecamiues company, the mainstay 
of the Zaire economy, and thus 
attempting to overthrow the present 
governmentof the country. 

We have the duty to devote all our 
efforts to limiting, as best we can, the 
consequences of the Kolwezi disaster 
and to contributing to the recovery 
of the Gecamines situation which is, 
I repeat, the mainstay for tbe survival 
of the Zaire population. This is why 
the companies in our Group are 
determined to intensify their co- 
operation with Gecamines and with 
Zaire to the fullest extent of their 
possibilities and as a function of what 
they will be asked to do. 

This action, called upon in the first 
place by solidarity considerations at 
human level, is also dictated by the 
■ complementarity of Belgian and 
Zaire industries, in particular; as 
regards the non-ferrous metals 1 field? 


copies, in English. French 
Dutch, Spanish and Portuguese, 
of the 1977 mutual report and of 
the Statement of the Chairman of 
the Board to the Annual General 
Meeting of May 25th )‘>?8 cart be 
obtained, on request, from: 
UNION MINIERE. S.A. — 

Public Relations Service 
Rue de la Chancelleries 1 
B—1QQ0 Brussels 
Belgium 
Ph 51 J. 60.90 
Telex: 21.551 Uin b 



Gulf & Western third 


- it 


GULF & WESTERN Industries 
reports higher net earnings for 
the third quarter of $43.5m or 
84 cents a share up from S 38.1m 
or 73 cents a year ago. It also 
announced an increase in the 
quarterly cash dividend on its 
common stock to 17 J cents a 
share. The previous quarterly 
rate was 164 cents a share. 

Fully diluted share net earn- 
ings were 63 cents against 56 
cents. Sales increased to Sl.ldn. 
from $958 m. 

The third quarter net includes 
a gain of $5. 6m or 12 cents a 
share on a primary basis— eight 
cents ftrily diluted — from the 
sale of citrus and cattle opera- 
tions in Florida, net of a pro- 
vision for losses in certain real 
estate ventures in tbe ILS. 

For the nine months to date, 
net earnings total SI 22.9m or 
$2.39 a share compared with 
$127 2m or S2.47. 

Fully diluted share net is 


SLS2 against S1.82. Sales $3-Um 
compared with 32.7b n. 

Nine months earnings include 
a gain of ST.Sm or 15 cents per 
share primary and 20 cents fully 
diluted from tbe early extin- 
guishment of debt and from the 
sale of interest in Flying 
Diamond Oil Corporation net of 
losses from i be sale of securi- 
ties by insurance subsidiaries. 

During the third quarter, seven 
of the company's eight operating 
groups showed improvement in 
operating income oyer the com- 
parable period. 

The leisure time group, turned 
in a significant increase for the 
auarter. bolstered by Motion 
Pictures. Paramount Pictures 
and bv the inclusion this year 
of Madison Square Garden’s 
results. 

Paramount Pictures “ Saturday 
Night Fever” now ranks as tbe 
company’s second most successful 
film ever, surpassed only by “Tbe 
Godfather.” 


The financial services, group 
also was up substantially from a; 
year ago, because of higher loan 
volume which more than offset 
higher interest rates paid on 
short-term indebtedness. - 

The manufacturing group 
posted a modest gain in operat- 
ing income reversing a' decline' 
in quarterly comparisons that 
began over a year ago. lbe sale 
of florida citrus and cattle opera- 
tions was tile reason for higher 
-operating income for the con- 
sumer and agricultural products 
group. 

Stronger demand for parts In 
the domestic market contributed 
to the higher results of automo- 
tive replacement parts group. 
The paper and building products 
group showed improvement due 
to higher productivity and 
efficiency at Brown's paper 
operations and ; continued 
strength in the markets served 
by tbe building products opera- 
tion. The apparel products 


group's Kayser-Ro& Corponttw' 
continued its- uptrend asYnau 
of increased sites iad operaS 
efficiencies. . . pywiaj 1 ^ 

The natural . resources' ztrL' 
suffered a small operating 
duriaa - tha .. third .. 

primarily -because of lowers 
prices, but also . because TSt '' 

jnent weather* and ' 

resulted in increase prbdnctfc . 
-costs, at-; the cement op 
, -the nine " mooths/Vag 
leisure -.. time financial" SmW ' 
paper and building ' prodnS. ' 
apparel products, and antoninft - 
replacement parts groups sW ‘ - 
increased results -.over^SS : 
.ago while ' the .mahttfactw^- 
natural resources and cohS . 
and agricultural products sum 
experienced declines. • - ■ 

- *&***'£'•' ■ 
and Western was one of then* 

active issues - fallowing.**- 
announcement of results, for a 
third quarter; „ ■ ■ ' ” 

ap-dj . ' . • 


Mattel returns to dividends 


By Our Own Correspondent HAWTHORNE (Calif.), June 8. 

MATTEL, the leading toymaking Mattel's overall condition, said seasonal working capital credit 
group, has declared a 7$ cent the company. lines and long-term debt has 

dividend — which is the first pay- Mattel said that significant been completed.- On May .31, 
out declaration since the 2$ cent seasonal variations exist in its individual letter -lines of credit 
a share quarterly paid in Decern- major business. Accordingly, totalling $130m have been made 
her, 1972 and also a record results for interim periods are available by the- company’s 
quarterly dividend payment. not necessarily a basis from domestic banks. 

The resumption of regular which to project results for the The new letter lines of credit, 
quarterly cash dividends reflects full fiscal year. which are for the'one-year period 

the continued improvement in Restructuring of domestic through May 31. 1979, are at the 

• • • - prime interest rate ■ 

EUROBONDS Also with effect on May 31 last, 

Ringling Bros, and Barnum and 
Bailey Circus World, a wholly 
owned subsidiary, closed a $20m 
9} per cent five-year, term loan 
agreement with a domestic .bank. 


DM market to reopen 


BY FRANCIS GHIU5 

THE new issue market for 
Deutsche-Mark denominated 
bonds will be reopened on June 
20. the Capital Markets Sub- 
committee bas decided. The 
volume of new bonds to be 
floated between June 20 and 
July 12 will amount to DM330m. 
a figure which represents less 
than a third of the monthly 
average volume of new issues in 
the year before the market was 
closed in May. 

An average monthly total of 
about DM900m of new bonds bad 
been floated in this sector of the 
market this year until May. Oo 
June 20. the City of Kobe will 
float DMIOOm through Deutsche 
Bank; on June 26. Austria will 
float DMIOOm through Deutsche 
Genossenshaftsbank; on July 3. 
Ricoh Co. will make a DM30m 
straight issue and a DM70ra con- 
vertible through Commerzbank: 
on July 12. Westdeutsche Landes- 
bank is expected to announce 


DMIOOm for Nor-ges Kommunal- on( , ra H OQ al 
bank. The Sub-Committee meets ;phe sec ondary market in this 
again on July 17 to decide the secU>r was off by about-a quarter 
calendar of new issues from that J* a point * trading.’ 7“ 

an 4v,=c won The Unit of Account 22m issue 

All these borrowers are well 1 . Tw»»innpmi»nt 

accepted in the market unlike for Society de Developemeni 

some of those which have raised ^ponal ly bSTtn 

money in recent months. How- will mature in 1993 and have_an 

ever, the market will await with J 1 L, f ( 


as in May, the terms of any The loan is guaranteed by Mattel 
individual issue have to be and secured by the capital stock 
approved by members of the and certain personal property of 
Sub-Committee the day before Circus World. 
tbe issue is brought. 

Tbe secondary market reacted 
favourably to tbe news, . and 
prices were marked up across 
tbe board by an eighth' to a 
quarter of a point This advance 
might not hold, however, if a 
DM 700m loan on the domestic 
market is confirmed at the meet- 
ing of the Capital Markets 
Committee due today. 

In tbe dollar sector, a $50m 
15-year issue with an indicated 
coupon of per cent was 
announced for Hydro -Quebec. 

Joint lead managers for the 
issue will be S. G. Wartmrg and 
Credit Suisse White Weld, who 
rotate for top position. There 
will be a purchase fund between 
tbe first and eighth year to 
reduce the average life of the 
bonds to 11.4 years if folly 


Salomon chief 
to step down , 

By Our Own Co 


dent 


NEW YOR^une & 
MR. wttjjam Salomon"# 

step down as managing parin' 
of Salomon Brothers, the 
largest US. sectiri ties fina/aft 
45 years with the company^ : 
He Wttl be succeeded, fir 

October V/ by Mr. John ' ' 

Gutfreund, aged 48, wh'o~fe ft 
sentiy asenfar partner and ■ 
member of. the: firm’s executi 
committee. Mr. Gtrtfreimd . I -• 
spent his. entire business cart - 
with Salomon Brothers. ' 
During the iafcriiS years/ ! 
company has developed into 
leading .investment banker a 
market maker in secnrfUes:' 
public underwritings and prite 
financings have risen from $S5 
in 1968 .to $l7.7bn last year. . 



Manufacturers and suppliers of equipment to tfirdif* . 
petrochemical, process and water industries ... 



SUMMARY OF RESULTS 
£’000 ; ... 197 7 


some interest the terras offered. 


years. Tbe 
for this issue. 


which Banque de Paris et des 


The mispricing of various issues p^-gJTtf-inibgtag. is 7 per 


in 


was a major factor in 
weakening of the market 
April and May. 

Another factor should con- 
tribute to a more orderly market: 


Ce ?n the yen sector, the World 
Bank is expected to. complete a 
Y75bn bond nest month. 


SELECTED EURODOLLAR BOND PRICES 


Bid 


STRAIGHTS 

Alcan Australia 8^pc 1989 

AMEV Spc 19*7 

Australia Stpc 1992 ... .... 
Australian M. fit S. 9|pc V2 
Barclays Banff Sloe 1992... 
Bourattr 9 Ipc 1991 
On. N. Railway Sine 19SS 
Credit Nation*! .91 pc 1W« . 

Denmark bloc 19*1 

ECS 9pc 1991 - 

ECS S’pc 1977 

EIB SJpc W? ... 

EMI 9‘pc 1989 

Ericsson Sine 18S9 — 

Esso *pr 1936 Nov 

Ct. Laves Paper Sipc IBM 

Baracrslcy 9jpc 

Bydro Quebec 9pc 1991 

IC1 SI pc 1987 

1SE Canada 9*PC 19S6 . .. 
Macmillan Elbedul 9pc 1992 
Massey FenUHQB 9Jpc *91 

Mlchcbn 9»pc 1M8 

Midland tm. Fin. SUk 
National Coal Bd. 8pc 1997 
National Wsunnsir. 9pc 'S6 
Newfoundland 9pc 19SS . . 
Nordic Inr. B3nk Sipc 19S8 
Norpws Enni. BV. 3ipc 1992 

NorpiDe 95 pc 1980 

Norsk Hydro Sipc 1993 ... 

Oslo 9pc 1998 

Ports A irt ono tries 9pc 1991 
FTov. Quebec 9pc 1895 
Prov. SasHarchwn. Sipc *96 
Reed International 9pc 1987 

rhm epc im 

Selection Trust SlPC 1999... 
Skand. Enskllda 9pc 1991... 

SKF Spc 1997 j™. 

Sweden iR/domi Sipc 1987 
Uniled Biscuits 9pc 1988 ... 
Volvo spc 1987 March — 


9*i 

96 
93 

97 

PSi 

98 

95 
98* 
m 
99| 
951 
97| 
9Si 
98 

IMS 

97J 

901 

951 

w: 

1034 

Wl 

97? 

1001 

951 

M 

1M 

981 

971 

96 
96 
951 
99i 
IS 
Sf 
9Si 
KS 
931 
91 
»71 

931 

ay 

931 


NOTES 

Australia 7} pc IBM — 

Bell Canada 7lw 1987 

Br. Columbia Hyd. 71pc 'S3 
Cao. Pac. Sipc 19M . — 

Dow Chemical 8 pc 1996 ... 

ECS 7ipc lttfi 

ECS Sipc 1989 - 

EEC 7?pr 19<C 

EEC 7, 'pc 19M - 

Enso Ciatzelt SlPC 1984 ... 
Gcitaverken 71 pc 1BS2 ~— 

Kockiirns Spc 1993 — 

Micbolin 8|pc 1983 

Montreal Urban Sipc 1991 
New Brunswick 5 dc 19S4 
New Bruns. Prov. S!pc "63 
New Zealand Sipc 198* ... 
Nordic Idv. Bfc. 72ue 1984 
Norsk Hydro 71pc 1982 ... 

Norway Tine 198J 

iint a no Hydro Epc 19S7 .. 

RlnjKT 8S»C 1982 

S Of Scot. Elec. Sipc 1981 
Sweden ilTdomi 7{pc MSI 
Swedish State Co. 7fpe '62 
Telmex 9*oc 19M 
Tenneeo 72pc 1987 May 


Ml 

934 

93{ 

971 

Ml 

951 

951 

961 

931 

Ml 

961 

971 

994 

99* 

963 

994 

Ml 

PS! 

96 

951 

Ml 

IlfH 

99 

9A1 

<M 

» 

#31 


Olfar 


BW 

Offer 

Trondheim Sloe 1988 

97 

973 

974 

MI 

934 

TVO Power CO. Spc 1998 ... 

97! 

881 

VenezneJa Bpc IMS ... — . 

971 

98 

World Bank 5Jpc 19M 

98 

981 

971 

M* 

FLOATING RATE NOTES 
Bank or Tokyo 1934 Sipc ... 

991 

100* 

981 

BFCE 19S4 81pc 

994 

1M 

BMP J9S3 SI UPC 

1D0# 

100S 


BOE Worms 1983 

881 

m 

1004 

96 

Mi 

got 

961 

1011 

CCF JW5 SJpc 

90S 

OTl 

CGMF 1994 811 in PC 

891 

1001 

Creditanstalt 1934 SJpc 

Mi 

100 

DC Bank 1582 TUtfinc 

109 

1064 

OZB 1981 SllhPC 

1001 

101 

toil. Wcsrminsrer t9S4 6pc 

WJ 

m 

Uovds IMS 813upc 

1001 

loos 

1004 

96 

LTCB 19S3 8 w 

991 

loa 

Midland 1997 89 ispc 

99> 

lt>n» 

Nnr. Westminster Bk. 1990 

»l 

991 


OKB 1983 74pc — 

"51 

1001 


3NCF 398? 8ipe 

99+ 

993 


Stand, and Chtrd- 'S4 81pc 

99i 

1001 


Wnu. »t»d Glyn's ‘S4 9t|6Pc 


IMi 

» 

Source: White Weld Securities. 


945 

loot 

994 

CONVERTIBLES 

American Express -Hoc V? 

864 

88 


Ashland 5pc i«S8 

931 

95 

Ml 

Babcock i WUcox 6ipc "97 

ltd 

KM 

Mi 

Beatrice Foods 44 pc IOT2 .. 

984 

100 

Mi 

Beatrice Foods Atoc 1992... 

no 

112 

97 

1(X<> 

Beech am 64pc 1992 

98 

9SJ 

Borden Spc TflK! 

102 

mi 

Mi 

Brpadway Pale Upc 1957 .. 

. 

79 

99 

Cnmanon i ne 1937 

77* 

79 

944 

Chesron 5X 19S8 

nsi 

137 

W 

Pift 4i*ic 1BF7 

87 

8+) 

92 

Eastman Kodak 4!nc 1988 

841 


9<S 

Economic Labs. 4hic 1887 

78 

71*1 

Ml 

Firestone Sdc 1998 

Ft 

FS4 

M 

Ford 3 pc 19R3 

!W* 

90 

994 

General Electric 41 pc 1987 

»1 

85 

94 

emetic 4ipc 1987 


7<>i 


Gould SPC 1087 

IIS 

tto« 


Gulf and Wesrem 5pc 1988 

87 

w»i 

93 

Hams Soc 1B92 

1W 

19? 

W 

B ooeyvcU Bdc 1SS6 

87 


M 

in «2pc 1993 

97 

9t 

Wl 

TNA 6pc 1997 

971 

99 

994 

tnebrape 6ipc 1952 

1H 

US 

% 

ITT 45pc 1987 

SI 

Mi 

Mi 

JUS CO Spc 1992 

1131 

1141 

97 

Kmnatsu 7‘pc 199D 

128 

129 

OS 

J. Ray McDermott 4Jpe ’87 

172* 

1741 

971 

Matsushita 61 pc IBM 

1M4 

UR* 

97 

Mitsui 71 pc I960 - 

U9 

120 

SS 

J. P. Moreau Alpc 1987 ... 

100 

tor* 

100* 

Nabisco 5Jpe 1SS9 

104 

Jos! 

108 

Owens Illinois 41nc 1997 ... 

U« 

1154 

974 

J. C. Penney 4|pc 1987 .. 

76 

77* 

1<M 1 . 

Source: Kidder, Peabody 

Sccnrttics. 


10,122 

.680 


Turnover 
Profit before tax 

Earnings per share S.45p 

Dividend 4 \ 4.5358^ 

•Annualised ‘ i 


1976 

flSmontha) 

13,718 

1,501 


1975 


*11.23p 

5.899p 



J ‘Direct exports were up for the sixth _ 
successive year and now represent 
’• : some 30% of turnover.” 

“Some recovery is looked for this year . . . 
although the benefits are not likely to be 
seen before the second half.” 

• Peter Hodgson, Chairman^ 



Pefrocon Group 
Limited 


;>! i* h 
I 


e • 
V 


Copies of tke Report and Accounts my bs obtained from."— 
a7/7 Srosp Limited, Petrous Hqbsb. 

West Byfteat. Sarny. KT14 6LB. 



Queens Moat 
Houses Limited 


Hoteliers 

- Pre-tax profits alnrost doubled 

Chairman John Bairs&w reports results for the 
year to 31st December 1977. . - : • 


* Pre-tax profits £263,473 (1976 £136, 034)- 
up94% 

* Turnover f 7.7m (£&6m) - op 16% 

* Dividends for tbeyear 6$% (2^) 

* 


All units are currently trading excellently, 
including those recently acquired. The Group 
will continue to progress in. the presentyear and: 
trading in the first four months is ahead of lad: 
yean 


Copksvf tile 1977 Rtportfr Accounts rnwjbcobttdivdfrvm the 
Compary Secretary. Queens Meat Houses Limitai 2 Bryant 
Avenue, Romford, Esso; RA13 OPB. 


-40 a? 


lead 


97! 

» 

961 

98 


93 


Vott-ffwaseft 7!pc 3837 M 


101 

991 

97 

bf: 

991 

94 

641 


STERLING BONDS 

.Mllcd Breweries Wipe VO R7! 

Cihrorp Wpc 1993 90 

Cormanlds 92pc 1989 871 

PTS 90pc 18*9 - 83S 

KIR BIPC tSS? S3i 

KrR 9Jnc 1802 921 

Finance for Tnd. 9* pc 19*7 S9 
Finance for Ind. 19pc 1989 

FIsoim Wipe 1987 931 

Hcsieiner llpc 1988 911 


HJA lOpc 1IW8 
Bownrp^. I0<oc 1998 

‘trjn? Wipe 1998 

Total Oil BJr>C 1884 


R*H 


BPJ 

901 


831 

91 

8KI 

94! 

m 

■m 

90 

911 

9*1 

95! 

Ml 

88 

89’ 

Mi 


DM BONDS 

A-dan Pev. Bsnk 5*pc 1988 

HNOE filpc 19?fl 

r.msufa 4fpe 19^3 . 

Don Norsle M Rk. 8nc VO 
Bnnk 41 k 1983 . 

IS *!nr I*»0 

F.Tt sine imn 

Fif Aqniiaine S<iw 1988 ... 

Fnrsmm Sipc 1W7 

Fin'and 5?pc 19M — . 
For^marka Sine 1990 ... . 

Mexico Pnr T934 

S(W*«n 5!pc 1«9 ... 

Norwpw 4Jt»c 1983 

Nnrwny 4?oc 1983 

PK Bsnkon Wpc I99S 

TTov. Quebec Bpc IBM....... 

HamannikJd Sipc 1988 

Spain fine isss 


M4 

«! 

077 

WJ 

97i 

W 1 

1H1 

941 

973 

on 

973 

■mi 

inn 

Ml 

973 

Ki 

95 

951 


9rt 

P7» 

109 

PSI 


o? 


tm 

95' 

Mt 

9V 

“S'. 

97' 

1«J{ 

inn 

9®! 

Bd’ 

971 

953 

M 



United Spring & Steel Gronp 



SPRING MANUFACTURERS: STEEL STOCKHOLDERS & PROCESSORS UGVUTE35 


INTERIM RESULTS 


Halfyearfo 


Group External Sales 


31.3.7& 

£TOOO 

11,542 


31^.77 

rooo 

10,121 


Year to 
30.9.77 

rooo 

19,950 


Trading Profit 

676 

278 

765 

Taxation 

365 ' 

. 152 

318 

Profit after Tax 

311. . 

; 126 

447 

Extraordinary items 

— ’ 

16 

22 

Dividends 

69 

; 49’ 

169 

Profit Retained 

242. 

= • = 

2-61 

256 


.The results for th e 
first half of the cuitent 
financial year are most 
encouraging. I am 
confident this trend will 
continue, culminating 
in a satisfactory final 
result" 

David Westwood 
_ (Chairman]; 



1 


* «■ 1 1 » 


United Spring & Steel Group Hawthorn Works; Sinethwjck, West 






1 









25 





INTERNE 

mm 


improve 


^wre. 9 1978 

a - . • .i- . 


L PINANCIAI. AND COMPANY 


m&m 




■ '/. BOCHUM, Jura 8. 

ret »nied la ^conaal " . alter Are 

“Ms 

js aiSwS to°Ba e ieta estaTwSSbw 

- bu f *“* which FKH^enJdtSnl 
S^SS^Sr *?? ^ 5teel ®« ■»*»-*& uwttufo* isotoe 

** W .«w- «0 per cent from tflKfc-Dtt 88m 

2N^SSSSi2*Si&‘ ® 10 its ®Pwa^os Josi . After flltoviag 

cr w* ---~:~ •- -■■ . . -r ,- for special. . factors. Including 

^PKffS ''1877 'results consolidation of. ,-r- Sftthlwcrke 
es - ^ttoinriTm . Stiedwestfatoi <SS$0 tod the 

*“* ^ sale of land not' needed lor 
,n? otS* eompany yras ■«* doing r all -we steel-making, FKH’.was able to 

0,i& C : SSL*; **“ re4(Ke ^ overall loss' to; 

*»*«* DSa 40m. roughly the- sao>« as 
^ ^made- jt^elf felt- uj i -March and -the DM 3Sra oTiBTO.. ;v 

« w a {^w? w ? farther loss- As had already 'been reported, 
m^ans^aoattis.in Jannary and FKH suffered a 5 per. *«a -drop 
k . 1 , ■ :• •■;. In turnover to DM 4.529»n last 

1 Cfllri .i ■ i ^LMLm!! 7?*2L 41 111 “ ? ear - Steel production was down 

i *«q sD' we , believe that the gener- from 35m tons --to 3m tons. 
lOWh si ? as . *** "U>* though Special steels, the most 

u “fl marker in the first Quarter profitable area of F3CB>s prodoc- 
“ rr *M«i. cf 1878 areaot.to be traced to lion, retained thejr dominant 
fJKKj^any enduring revival in the place with 5l per, cent of the 
The? are far more total sales of all rolled products, 
'aagiag^a-^xeattion . ... to the dear Herr Wilhelm Scheidcr, who 


■ ,-~r — - *•■ w xinrr nimi'UD scmriovv. wuu 

aeiVtL. 9* pressure- from cheap takes over next month as chair- ! 

nties|Ur**fP 'imports ■ from third coiro- man, said be expected Improved 1 
ie r ^[twe*y_as a result of the external profitability from -fleet exports 
Su cc et jS :i .P r *ftection of the - Community *a_ this- year, despite ihe fart that 
Mr. j* ‘n*ak, and to the fact that' eons the European -&jm mission's 
1 *8. vita sinner5 have run • down their minimum price scheme bad ini 
' Partoh^cfcs and are- having to meet fact given little relief to-ncman j 
fijrm-sTftbeir . currant needs on the exporters because of the re- , 
Gmf^dobaeatic and European Commu- adjustment of European Units ; 
» huiin^ 1 nity market because of these of Account to ■ reflect the' appro-; 

conditions.” - ciation of the n mark..: ’< 

ait kT. Herr MJntrnp said the steel Large orders received f»m ; . 
iev elniw ' Industry. could never expect to Tran during the first Quarter hail i 
ne nt regaiA the rapid, rates .of growth helped to boo-it the. order book.. 

j D the post-war. _ era. but "could but Jferr Sl- b rider - eniphaaiwd • 

•ili 02s 5^r|«arti the present level of that this business had been I 
' risen fS? order* 1 Trom its ' main customers received on normal c6?nn>? r cial | 
"bn [art^r aturti as the" motor, steel Fabrieat- .terms and was nor ihe result (S / 
— ^ ,n p electrical and mechanical Iran’s position as a shareholder.! 
^^engineering industries as having Saner was not involved. { 

:•••-. — ; 4 — : : -••• | 

$|00m loan for Kockums 
to build gas tankers 

®HW ---- — ■- .* -. sTOCKHOUli 3anfe 8; 



• A" 


The two L.W carriers are . the 


BY WIUJAM DULLFORCE 

OOAtiHOCkUMS. the Swedish ship- , 

rf^Hlibuildhig group, has obtained a. largest so far butii anywhere Jn 
Wi ' J ^*200ci - credit facility until the tbe world, each with a capa^l' 
end of 1979 to finance the con* of 133.000 cubic metres.^ The 
structioa-of two gas carriers it first will be leaving the building 
is fruildlsg on its own account at dock at Ihc.end of June For.com- 
UsvMalmoe shipyard. The loan pletion, and should be ready Xor 
te^guaranteed by the Swedish delivery by the middle^ .next 
State and has been managed by year. The second ahpuiu 

M Skandinaviska EnskUda Banken be completed by the end. of 
and its - 'affiliates Scandinavian 1979. Kockums hopes te 
UBaak.--.of London. • Deutseh- buyer for the two ships 
— Skindinavische Bank In Prakfurt thbo. _ ' 

Uhiand. Banaue Scandinaye in -Last week, the Sweden p. 
^jGeneve. r - - ■: -went approved- a Shr fl 

iS( TTie-Jo^ 6 6ner6f~a» largest t^ 4ra LS ate -i oa 5,1° 
lever raised by a Swedish com- The fate „ of , Vl i hc ->,i! 

5any. The interest rate is hot depends on the shipbujftmg 

being disclosed, bat Kockmn^ industry hill ffl*™ 

r +ho civfti finance director, , Mr. Christian meat ls_ due to submit ta/'arha- 
rtne Sixul cijnstfanssah . ' described it as ment at the end of thy month 
rpnrSSSIli " a new type" of Joaja developed 'P r * ad 2. *® 

1 e ?. in negotiatians between us and The Stockholm 5 at 2a? v . C7 | t^ a f 
er. Skandinaviska . Enskilda.” ' .It Dagbladet -reported 
sarried an attractive price, and Kocknms and 


976 

3r.tr.sJ 

,718 

.501 

.23p 

im 



the/Udtlovalla 


- VeaT.-W*®^ all Kocknms: ^r«ruLrements > ard of the. State-owdcd Svenska 
; . regarding flexibility and the Van* company woojfl be 


. .tbe Vah> company 

i likely toKpossibillty of [converting later two major yards 
, . _»x i* Into a longer . term form of .Uon under tn^ 
Q flail. finance, he said. " - ' • proposals.: 


ihe only 
jfeft in opera- 
BOvcrnmeTU's 

incQfl. CllS® .'•■■■'“• •• ^ ? 

r rm Estel link with CockeriU 

LIEGE, June S. 

SSTEL NV of the Netherlands company is to be formed, will 
riU acquire an interest in a b ^i (f fi ?LS t S 11 u S,1S r the neW 
sStindfee" vire-rod planf.^at ^Cockerill of “* ■yv'ben jt interrupted work on 
- - .tasMtaw^elgium started to build in 1975 w i re -rod facility at Val Saint- 
*'■'■'■* »ut on which, constructxon was Lambert, near Liege, CockeriU 

lalted the following year because spent some BFr2bn on the 
,f the Belgian company's tight pr oj ect Another BFr2bn is 
nancial situation. - Estel, the understood to be needed to com- 
lanagement company for HOOr plete the project which is to 
ovens of the- Netherlands and have an annual capacity of 
loesch of West Germany, has about 370,000 tons, 
greed - to' co-operate . in an CockeriU has been losing 
xchange of . inf onnation - with money for the past three years 
pe Belgian company. and its accumulated losses 

Estel's acquisition- of a amounted to little.over BFrl2bn 
.limited interest” in the wire- -at the end of 1977.- 
pd plant, for which a separate AP-DJ . 



08b 


ilted 

doubtf 

•• iuiCt'J® 


Robeco 

maintains 

liquidity 

position 

8/ Charles Batchelor 

AMSTERDAM, Jane S. 

ROBECO, the Dutch invest* 
ment group, maintained a 
strong liquid position In {he 
first four months of 197* bc- 
eaase of the unbalanced stale 
o* the world economy. 
Liquidity amounted to ll per 
cent of tolal asset* of around 

4bu (il.Bbn) on May 1. 

Thr Imbalance is caused by 
expectations that West Ger- 
*n*fty and Japan will again 
show large balance of pay. 
meuLs surpluses this year, 
while the UJS. balance or trade 
|s renain to show another 
large deficit. It said in its first 
Interim report, 

in view of the uncertainties 
m ihe U.S. economy. Robeco 
hedged about hair or Its dollar 
risk. It reduced Its hotillngs in 
A T and T, IBM and 6u Pont 
and sold Its entire bolding In 
General Motors. It took a new 
interest In American Cynamld 
and slightly raised Its holdings 
In Occidental Petroleum, Texas 
Utilities, Cities Service and 
Beneficial Corporation among 
others. 

In Its Japam-se portfolio, it 
took profits in Tokyo Electric 
Power and Tokyo Gas. It also 
marie TOles of Jlihirhi, Kajima 
and Kirin Brewery. Despite 
tilery and other sales, its 
Japanese interests remained 
roiwu |.i per cent, of iotul 
assets. 

In Germany, it raised Ils 
interest i» siemens, Commerz- 
bank and the two large 
Baiartaii banks. The recovery 
in French share prices and pur- 
chases led to an increase in 
its small portfolio i» Unit 
country, iu Uuiland it look an 
interest or raised its bolding 
in a number of property com- 
panies. 

The value of Relievo's shares 
rune to I 'll (19 /s;j» from FI 16* 
ai the end of 1977 allowing for 
the .stock dividend distributed 
in April. However, the price 
development was a great deal 
less smooth titan these figures 
Suggest, it pointed out. 

Intcrfood pays more 

INTERFOOD, the parent coin- 
puny of (he Suckard and 
Tohler chocolate concerns. Is 
raisin; its dividend to SwFrs 
103 from SwFrslOO on hearer 
shares and to SwFr21 from 
Swrr2fl on registered shares, 
Reuter reports from Lausanne. 

Parent company net profits, 
as expected, showed Ilf lie 
change at SwFrTJJm fS4j*m) 
for ihe year to March 31 com- 
pared with SwFr7.7m thr pre- 
vious year. ■ 

j Consolidated net ’ profit 
-to*.alled"SwPrl0.5m fSwFrtlhi ) 
f for Bie calendar year 1977. 

Laomzen profits rise 

imlostiw group declared 
group profits or Kr.SSSm 
■ fS46tn) .. • for IS77 compared 
With KrJItibn in 1976 after 
stHowing' for depreciation of 
Kr.lS9m,r virtually unchanged 
from 1S7B, Hilary • Barnes 
Writes from Copenhagen. 

The main contribution to the 
profits Increase came from flic 
DFD5 shipping company and 
from. Aalborg and Elsinore 
shipyards. Group free equity 
capital Increased over (bo year 
from Kr.642m to Kr.815m. 

Paris turnover surges 

Dealing -activity on (he Paris 
Bourse Is showing a dramatic 
Increase after the first five 
months of 1978, Agencies 
report from Paris. At 
Frs X9.4bn, turnover is 62.4 per 
cent Ahead of the January- 
April -period a year ago. The 
upsurge is dearly the result or 
tbo .stock market boom that 
gripped France following the 
March, general election. During 
(he : three months from 
February to the end of April, 
the equity market rose by a fall 
56 per cent. 


' O 


Arbed to go ahead with Saarland move 

BY OUR FINANCIAL STAFF 

iojlj. European Commission has 
j 3*y.0J»r jven the go ahead for the take- 
itrer by Arbed of . a major part 
| the steel industry within the 


i- 1 ; 


T 1 . 


. est German state, of .-the Saar- 
!md. But -the Commdssion has 
kjected a aumber of provisions, 
ito its authorisation. 

I The most important of these is. 
Ut Arbed, which is based in 
Sixeanbourg, must reduce -4ts 
biriutieriag lu the Saarland 
[eel-maker Dij linger Huetten- 
lerke from 32.4 per cent to 25 
, v -,ik sr cenL This has to be under- 
iken by May 1980. 


Uf ’ 

2'- \ i 

- 


Arbed is due to acquire this 
blocking minority in Dtilinger 
through the purchase of two 
other Saarland steel groups. 
Neunltircher . Eisenwerke and 
Staiilwerke Rocheling-Burback. 
The 1 Commission clearly feels 
that Arbed’s hold on the Saar- 
land steel industry should be 
limited -to Rocbeling and Neun- 
kircher. 

Arbed also has to withdraw— 
by the. end of next month — from 
the South Rationalisation group, 
-basically a sales office fur steel 
manufactured in the southern 


regions of West Germany. At the 
same time members of Arbed’s 
management must not belong to 
management bodies of outside 
companies or holding companies 
of the same type- Under certain 
conditions, exemptions from this 
rule may be considered, 

On the basis of current produc- 
tion patterns, the Arbed group 
including its Saarland holdings 
would . produce about 10.5m 
metric tons of crude steel, nr 
about 7Ji per cent of total EEC 
production. This would leave 
Arbed ranking fifth among 
Community steel makers. 




.. (tncorpOratcdmHtmgKoiiflj 

. takes pleasure in announcing the opening today 

- ofits London representative office at 

39 King Street, London, EC2V 8BS, 

V . ‘ . to serve all friends in Hong Kong 
and overseas. 


Representative:. 

Ambrose K. C- Chan 


Adviser; 

J. E. Fmer 


FRENCH OIL RESULTS 


Margins remain depressed at Total 


BY DAVID CURRY 

COMP AG ME FRANCHISE dns 
Pei role*, (he Tutol oil group, 
improved its profits last year. 
But the results were sull very 
sluggish lr relation to lurnavcr. 
Pre-distrlbutlan profits as a 
percentage of sales rose from 
11.3 pur cent to 0.5 per cent in 
1977 but full dramatically short 
of the 6 pur cent achieved in 
L9?3* 

This year the build up of new 
sources' of supply, particularly 
from the Frigs; Field, will 
gradually increase cash flow but 
the overall result will rem-iin 
hostage to cvenis in the 
depressed European refining and 
marketing sectors. 

Ai (be uiomcni the group is 
having the wurst of all worlds 
with refined products sufTenm* 
heavy losses and margins being 
squeezed on crude production 
rrom the Middle East. The 
French Government's response 
to the oil companies' pleas for 
a higher return on refined pro- 


duct will influence strongly the 
evolution of profits id 197$’, 
Where « counts, the Tota, 
results arc little chanced from 
1976. Cash bus virtually 

identical, and (h^ net pro&Cs 

move from FFr i6tim to 
FFr 260ra has (0 swts in 
perspective. Attributable cot 
profits improved from a FFr &m 
loss in 1976 to a modes: 
FFr I3fcn surplus. 

The group p w ns about 3 
quarter of the Frig? casfield and 
it reckons that, when Tbe field 
reaches its optimum output of 
some IS W. cubic metres 

a year in the beginning of the 
ISSOs it should be worth same 
FFr 750ni a year to tfc P group 
in cash flow 

A notable feature of :ht* 
results for 1977 wu-. rh,.. comr:- 
hution or the -roup's Nnrih 

American operation Total 

Petroleum North \meric;,. nf 

...k...k evp Birnt Sn -... . 


and it should rise to ioofirm 
tais year. Its contribution to net 
profit was 27 per ccnL Group 
indebtedness increased sightly 
over the year and the debt: 
capital ratio u» likely io stick 
a: around 45 per cem for tbe 
aezi few years. 

Investments were sharply 


The higher turnover was due 

very Jars® 1 ? to Price increases. 

The group sold 59m Tonnes of 
refined products and _lm tonnes 
of crude in tbe year. 

Tne lower provisions mainly 
reiieci the fact that the cash 
flow generated in Froece w as in- 
sufficient to make provisions for 


Consolidated results in Frs millions 

W6 1977 

47.383 53,440 

V14 2.613 

166 268 


Turnover 

Depreciation and provisions 
Net profit s 

Cash flow 

Medium and (eng derm debt 


2,876 

21.129 


2,873 

22.457 


down from FFr S.iriti to FFr currency fluctuations or ^tbe same 
3.72bn (two thirds Of n in ibe order as in the previous year, 
exploration and production The black spot is refined 
sectors) reflecting the corcpie- products, of which some 27m 

, ... :ioo of too bulk of the spending tonnes are marketed in France 

which CFT owns 5 m p,-r c^p*. Tirogramrac in Indonesia and for and 22m tonnes elsewhere in 

Frigg. Europe. Tbe group sold a 


wnicn ld u«u^ .1-1 cn:. 

had a turnover of 8549m in IS7T. 


PARIS, June S. 

refinery in Italy last year but 
denied ai the time tiiat it 
planned a pull out entirely. It 
reckons that two centimes on a 
litre of petrol at the pump 
would see the French operation 
out of the wood. 

Its refining subsidiaries closed 
tbe account with neither profit 
nor loss for the second year in 
succession. 

Exchange rate fluctuations 
caused a FFr 165m toss an 
monetary assets hot the net 
situation gained by FFr 57m. 

Meanwhile. France's other 
major oil group in which the 
state bos a 70 per cent stake, 
raised net consolidated profits 
by 23 per cent last year to FFr 

1.76ba from FFr 1.43 bn. Beuier 

reports. Consolidated sales rose 
by just over 13 per cent to FFr 
38. lbs. 

The group earning figures are 
struck after taking out non- 
attributable losses of FFr 22m 



ihn>: The / v"" S: a sewer:: to S.v. 

AVtvA/Cfti'.’g. t httir.-m" juJ Si'umk ■' Jirro 

.11 'a A (.". . j.;J. J /.v . I ts/iuai 0 1 :iu i . ■ 
^th June, y ,, V. 


Improved Results 

.T.irdiiies* eon’xilkJ.iitfJ nel earnings f*,.: ;j; r^r eniled ?l s t 
December. 1**7" .tiler ux Jin', niinority liio:. but before 
cKli.ioTJinjry ilc-in*.. v.t-re J)K. S3 14.2 niilii'>;i. 4.J j.iore Lhan ilia 
1976 earnings, ol HKi.3.0l.S mitiiuii. Ejrn.->e-. per -.(.x'kvriil v.sie 
HK.:> 1 .5 1. (.»»m pared v.ith HKil.47 in the rr.v.ou . ear. an. 
increase ol Z.7 . i-.-.iraordinar, items ainvjiaed to a net 
deduction ol ilKSb.O million. 

A XinjJ dr-idend equivalent to 716150.4 p.r stock unit ;::.!?:es 
a lota) ol jiK£0.»/7 per slock unit J'orlhc c.n, 0 u.? ‘ increase on 
the l v> 76 tnial nf HKS0.63, 

The 1977 results were achieved in an uncertain worldwide 
political and economic environment, and reflect a general 
ini prove me ni in our ovciail Ihim ness dts.ru disappointing results 
from three subsidiaries: Jjrdine Industries Ltd in Hong Kong. 
JarJinc Davies In 0. in the Philippines Apd Kennjes fonsolidaied 
Holdings lli) m South Africa. HowevTr. we believe that lhe.se 
companies will all sliow an improvement in. 

Hong Kong, our head oil ice and main operating base, showed 
a useful increase over 197h and contributed 57 7 of our over. ill 
earnings. Our Middle Hast in*, extment continued to develop v.^Ii 
and in its first lull year coitiribuied o of our 1 ( J7? earnings'. 
There was a) ;o an increased contjibuimn from Proper iy in both, 
renul iuconv: ami developments ior .sale, and from Natural 
Resources due primarily to out sugar growing operations. 


'V 

J‘V7ri 

1977 

1977 


3 IKS 

HKS 

£ 

Earnings after ux * 

302m 

314m. 

35.4 m 

Earnings per stock unit 

* 1.47 

J.51 

0.17 

Dividends per stock unit 

0.63 

0.67 

0.076 

Stockholders' funds 

'TiOSSVv 

2,249m 

253.7m 


lids e j:\\-\ry a:~u:red ad-Fiional agencies and has pood prospects. 
Our c: varo: -.•cuipnient inariui jcturcr, i :•>: Bros. Industnes 
1:J. : .. -a r- line ;• ear. 

A. • . a a si -.n;: ed scb.uliaiy in Soul-.. . :ti Africa. Rennies 

C.*n-.-. .,.,;jr. J L.'J. sepi-rted Jov.cr a-rniags. the rcxitiro in. 

i;:v cal:' year improved and ibis upward trend is expected 

lo j :ic.e caring !V"’S. 

lu. :i_; Jhso.'rl. Davies 5: Co.. Lid i:.cived an improved 
cfutr.bu’.ivii :'r;m it-- sugar plantations. The Liiicient running of 
T’icv.- pbntaii'jir.i and the t'nited Stales Federal Government 
rapport rr- ^'j rime, enabled Davies ro earn some profit from 
augjr in J ! * “ T. Srn^c ihe end of 3977 Davie* has sold ils JI3-SLorey 
cwnimercial b eliding. DavieiPadlic Center, thus reducing debt 
ami ma-sir.g -jvi a. aihible ior other activities in Hawaii and 
viscwri 

Oar :n (iu- Middle Hast had a successful year. 

Follow :r.c :-i.r inittai invesiment of l : SS35 miJJion Ja Transporting 
ami Tro-Jibg t’ompar.v Inc. I TfJ) in J V76, we made a further 
payment L SS10 million in IH77, in accordance with the 
agree men; under which we acqtiircd 25'7 of TTI. We received 
pjynun; m 1 ! <"7 of the eu-arantced dividend in respect of TTFs 
3^76 proftia. v. i ich were in excess of the eanungs forecast at the 
time o: uurorigtnal investment. Jardine Fleming & Company Ltd 
was Jecii manager of u l 5 SS4U million medium term inlernatiorul 
loan on behalf of our Middle Last associates -during lv’77. 

Tlie prospixis for the TTI group are good. 

In the L nited Kingdom. Mathcson &. Co.. Ltd had a good year. 
Income from banking and related services in par uvular was higher 
and the earnings from Reunion Properties Company Ltd also 
improved. As part at our policy to strengthen our world wide 
insurance activities, Maihesa»s acquired the Lie;- d V insurance 
t-fuLcrs. Thompson, Graham & Company Ltd. The terms of ihe 
oiler involved the issue of £5.5 million of Matkescns Investments 
I.td 7- 4 ' Vnvcured Loan Stock lf>S7 guaianivcd 'byTardines 
:*nd eor.vcir ihle inic. Jjrdine. Mathcson Jk Co., Ltd stock units. 

This lour, stock is listed on the Hong Kong Stock Lx.*. hange Lid. 


Tltc Group has retained a satisfactory level of liquidity and 
overall term borrowings were slightly reduced. One major financing 
was undertaken during the year when the equivalent of HKS200 
million w-as raised and HKS240 million of existing term debt was 
repaid. 


Review of Operations 


It is encouraging that relationships between Hong Kong, China 
and Britain remain exeeSent. Despite an increasing international 
trend towards protectionism, J long King’s economy continued to 
grow in 1977. Export, re-export and tourism earnings all increased 
and are again expected to grow in 197 a. 

Our Hong Kong Trading and Services activities performed well. 
Both Zung Fu Company Ltd with record vehicle sates, and 
Gammon (Hong Kong) Ltd with a high level of civil engineering 
and construction work, as well as its property interests, had a good, 
year. Shipowning produced satisfactory results but Financial 
Services operated on a reduced scale, reflecting lower activity in 
this sector of Hong Kong's businos. Our manufacturing ami 
exporting subsidiary, Jardine Industries Ltd, reported an operating 
Joss but action has been taken to remedy this situation. 

In North East Asia, our China trade again operated satis- 
factorily. Our consumer oriented trading operations in Japan had 
another good year and we expect further growth in 197S in this 
strong market. 

In Singapore and Malaysia, where our operations are centred 
on the quoted subsidiary. Jardine Matlteson & Co. (South East 
Asia) Ltd, higher profits were earned and this trend is expected to 
continue in 1978. The Promet group’s shipbuilding, steeL 
fabricating and marine contracting activities achieved good results 
and carried forward into 1978 orders of over SS50 million. There 
was also an improvement in our oil servicing activities. The 
expansion of our trading business continued, while the shipping 
agency has also developed satisfactorily. In Malaysia the majority 
of our trading and shipping agency interests were merged with 
Antali Holdings Sdn Bh<L resulting in the Croup now holding a 

interest in this joint-venture which is consistent with 
Malaysian national objectives. Wc believe the prospects for the 
Antah group are excellent. Agreement was Also reached to sell out 
Malaysian rubber and palm oii plantation subsidiary for MS-3.3 
miUion, payable over six years. 

The quoted subsidiary, Jardine Davies Jnc., had a disappointing 
year. Its problems stemmed from low sugar prices and a period of 
reconstruction Following a substamiJl loss in one of its subsidiaries. 
A new management team is now in 1978 is expected to 
produce a better result 3nd it is hoped to resume dividend 
payments in respect of the current ywk _ 

In Indonesia we continued out local joint-ventures j n 
commercial property, timber and the Jakarta Mandarin Hotel, 
which is due to open in 197S. 

Our interests in Australia had a satisfactory year, with a 3.&'o 
increase in earnings from the quoted subsidiary. Flee t ways 
(Holdings) Ltd- Several properties were sold and the letting of Ihe 
3b-.storcy commercial building in Nort h Sydney, Northpoint, is on 
schedule. Following our 1976 acquisition of Willis & Sons Ltd? 


Stockholders’ funds f5> 

Earnings '7- 


1976 . 

1977 

1976 

1977 

Hong Kong 

39 

37 

54 

57 

North test Asia 

4 

5 

S 

7 

South Hast Asia 

U 

10 

7 

4 

Australasia and Oceania, 

12 

14 

: 7 

7 

North America 

7 

8 

4 

7 

Europe 

16 

25 

34 

7 

Southern Africa 

6 

5 

6 

5 

Middle East 

5 

6 

— 

6 


100 

200 

100 

100 


** “ ' 


- 

1 1 

Trading and light industry 

24 

24 

24 

23 

Service activities 

8 

10 

31 

24 

Financial services 

20 

19 

19 

17 

Property 

41 

40 

21 

28 

Natural resources 

7 

7 

5 

3 


100 

ido 

100 

100 


" - 


1 — 

- - J 


Future Prospects 


1977 was not an easy year for Jardines, with business being 
conducted in an international environment of political, economic 
and monetary' uncertainty. Nevertheless, the Group produced 
higher profits than ever before, with, both earnings and dividend?; 
per stock unit at record levels. 

In the year ahead, we believe that the Hong Kong economy 
will have another satisfactory year and we anticipare that one 
profits and dividends will again increase in respect of 1978 ujtlf: 
unforeseen circumstances emerge. 


IkK. Newbiagmg 

Ciiainnan 


ss 


Hong Kong, 1 llh April, 1978 


Since 1 1th April, 197S, Jardines have made offers to acqi’nre all 
the outstanding shares of Jardine Industries Ltd and J3rd Me 
Mathcson & Co. (Sotith East Asia) Ltd, not already held by thftn. 

Currency converted from HK$ at middle market closing rates 
on 31s: December, 1971* • 


■ JARDINES 

Jardine, Mathcson & Co, Ltd, Connaught 'Cenire, Bong Kong 




- iri' 


HONG KONG 



EANK State plan 

e over onshore tax to rescue 


BY ANTHONY ROWLEY IN HONG KONG 


THE GOVERNMENTS attempts 
lo cast the corporate tax net 
wider here, to catch offshore 
earnings of the banks, are meet- 
ing determined opposition from 
the banking and legal com- 
munity. 

Opposition from members of 
rhe Legislative Council — includ- 
ing bankers and lawyers— to the 
Inland Revenue (Amendment t 
Bill 1978 In its present form 
has proved stiff enough to get 
the second reading postponed 
twice. 

It cannot now' expect a second 
reading before mid-July when 
the prime mover behind it. Hong 
Konq Financial Secretary. Mr. 
Philip Haddon-Cave, returns 
from leave, and even then there 
are doubts over whether it will 
become law in its present form. 

The proposed legislation has 
engendered a fierce debate. 
While not so eloquent as the 
lawyers in their opposition to 
the Bill, bankers argue heatedly 
that both the proposed measures 
and the delay and uncertainty- 
over implementing them could 
damage Hong Kong’s inter, 
national reputaton as a banking 
centre. 

The controversy centres not 
only upon the difficulties of 
defning what is nr is not an 
“ offshore ’’ banking transaction, 
for purposes of deciding whether 
■t is taxable or not, but also 
upon allegations that the govern- 
ment is discriminating against 
banks, as compared with ntber 
commercial enterprises in the 
colony. 

A large proportion of total 
banking activity here takes the 
form of offshore transactions of 
one kind or another where banks 
either barrow or lend funds 
overseas, and often combine both 
sorts of transaction simul- 
taneously. They also route some 
lendings to Hong Kong 
borrowers offshore when these 
take the form of foreign- 
currency loans and all this, 
according to Haddon-C3ve and 
other tax . reform advocates, 
means that the banks here are 
paying tax on something much 
less than their total profitable 
activities. 

Hong Kong requires compan- 
ies. including banks, to declare 
interest as part of their business 
profits although these profits are 
exempt from interest tax as such. 
Instead, such payments are 
chargeable to profits tax where 


the source of interest is Hong 
Kong and where the interest is 
derived from rrade or business 
carried on in Hong Kong. 

Howe v er, banks and other 
types of business here do not pay 
tax on profits and dividends re- 
mitted by their overseas sub- 
sidiaries, nor do they pay tax un 
the i merest received from the 
holding of foreign currency 
assets. 

While exemptions in the for- 
mer category may benefit banks 
and other types of business 
equally, it is argued in official 
quarters here that banks gain far 
more than, say, trading concerns 
from concessions in the second 

Proposed Hong Kong legisla- 
tion to tax the offshore 
earnings of banks has led to a 
fierce debate. Opposition Is 
coming from lawyers, and 
from bankers who argue that 
the proposed measures and 
the delay and uncertainty 
over implementing them 
could damage Hong Kong's 
International reputation as a 
financial centre. 

catecoiT. as the banks hold a very 
laree proportion of their total 
assets in the form of foreign 
securit'es. 

Recent statistics show that 
more ’nan SO per cent of all 
Hong Koq? banks’ total assets 
take the form of time, demand 
and short-term deposits with 
banks abroad, as well as of loans 
and advances made abroad. The 
proportion of assets held abroad 
does not, of course, necessarily 
correspond exactly to the propor- 
tion of total profits they contri- 
bute. but it is a rough guide. 

The Government argues that 
the banks, while paying the 
nominal 17 per cent of profits 
tax on that part of their earnings 
which is assessable to tax. are in 
fact paying an effective rate well 
below r 17 per cent on their overall 
profits, unlike other forms of 
Hong Kong-based enterprises. 

The banks do not see it this 
way at all. They argue that, 
owing to the lack of suitable 
domestic money market instru- 
ments here — the Government has 
virtually no public debt and does 
not issue official securities — they 
are forced to invest a good pro- 
portion of their liquid assets in 


overseas securities or inter-bank 
loans outside tbe Colony. 

This issue is probably most 
important for Hong Kong's 
domestic banks which, unlike tbe 
multitude of foreign banks repre- 
sented here through full 
branches, representative offices 
or through "deposit-taking com- 
panies." do not have to pay tax 
elsewhere. 

What concerns these foreign 
banks, along with local banks 
too. is tbe Government proposal 
to charge to profits tax interest 
from business "actively carried 
on in Hong Kong without the 
substantial intervention of any 
branch elsewhere." This will 
apply to banks and financial 
institutions engaged In deposit 
taking and related business. 

However, the draft legislation 
also says it will "tax interest 
received by a bank or other 
financial institution which arises 
directly or indirectly from the 
carrying on of a business in Hong 
Kong." This seemingly catch-all 
phrase has bankers worried and 
not least the International banks 
who route a large volume of their 
syndicated offshore loans, run- 
ning into billions of U.S. dollars 
through Hong Kong. 

Many of them arc not reassured 
by Haddon-Cave's recent state- 
ment that he was not seeking , 
to net offshore loans simply, 
"booked " ■ or “ garaged " in 
Hong Kong. His statement 
followed suggestions that U.S. 
and other international banks 
might switch offshore loan port- 
folios wholesale out of here to, 
say, Singapore where tax on them 
is 10 per cent. 

Bankers argue that when funds 
are raised and lent outside the 
Colony, through the intermedia- 
tion of a bank here, those funds 
have to be debited and credited 
to the bank’s account here, thus 
creating a taxable liability. In 
very few cases does the Hon? 
Kong bank simply act as a 
broker matching borrowers' and 
lenders’ needs in return for a 
commission. 

The controversy looks like 
being a long one. and one which 
some observers suggest is hardly 
worth arousing, given that the 
estimated additional annual yield 
from the extended tax will be 
only around HK$80rn — or 
scarcely more than l per cent 
of the government’s current 
total revenues. 


General Oriental back in the Mack 


Sasebo HI 

TOKYO, June 8. 
THE Japanese Finance and 
Transport Ministries have com- 
pleted a plan to save Sasebo 
Heavy Industries Company 
from going bankrupt, using un- 
guaranteed syndicated bank 
loans and assistance from 
major shareholders. 

The plan, described os 
“final” for the shipbuilder, 
cails on a syndicate of 15 
banks, led by Dai-Iehi Kangyo 
Bank to advance unmortgaged 
and unguaranteed loans to 
help finance about 40 per cent 
of the Y3-3bn t$37.5m> to be 
paid to retiring workers as 
severance allowances. 

Tbe remaining part wiH be 
guaranteed by the major 

shareholders. 

Banks will also be expected 
to provide a Joan of about 
Y20bn t or half the operating 
funds needed to keep Sasebo 
in business, without collateral 
or guarantee. 

Nippon Kofcan, Nippon Steel, 
Nissho-lwal and other major 
shareholders will be required 
to delay receipt of credits for 
steel and other claims from the 
company. 

The plan Ls understood to 
hare hinged on the agreement 
by Mr. Hlsao Tsubouchi, presi- 
dent of Knmshlma Dock Com- 
pany, Sasebo's third largest 
shareholder, to take over the 
presidency at Sasebo. 

Mr. Tsubouchi Indicated to- 
day that he would accept the 
Transport Minister Kenji 
Kukunaga's request to become 
president. 

AP-DJ 

In a separate development, 
Maenaka Valve Works, a 
maker of special valves for 
ships and 'thenuai power 
generation, has applied to 
Tokyo District Court for 
liquidation, with debts of 
about Yfebn (59m), according 
to Teikokn. Koshinsho, a 
private credit inquiry agency. 

The company capitalised at 
Yl20m was owned 50 per 
cent by the defunct Ataka and 
Company which was merged 
with C. Itoh and Co. It was 
founded in 1920. 

The company suffered 
foreign exchange losses of 
Y45m In dollar-bascd exports 
to the Soviet Union, adding to 
accumulated deficits. 


Kubota profits Mt by fall 
in agricultural machinery S"c 


BY YOKP SHI BATA 

Kubota, tbe leading Japanese 
manufacturer of cast iron pipes 
and agricultural machinery suf- 
fered an IS per cent setback in 
current profits to Y33.1bo 
($15Gm) as a result of the de- 
pression in the agricultural 
machinery sector in the year to 
April 15. 

Sales, however, rose 9 per cent 
to Y463.5bn (S2.1bn) helped by 
favourable sales of sectors re- 
lated to public works, sucb as 
cast iron pipes and environmen- 
tal machinery, both up by 7 per 
cenl over a year ago. However, 
sales of' the company’s main line. 


agricultural machinery, .and 
bousing equipment performed 
poorly, marking tbe contrast be- 
tween public and private sector 
of demands. - - 

Net profits fell by 14 per cent 
to Y18.7bn ($8.5m), and- per 
share profits were reduced to 
Y15.13 from Y17.67 a year ago. 

For the current year the com- 
pany expects sales increases in 
pipes and environmental equip- 
ment, such as for water treat- 
ment, given the active public 
investment, undertaken as a part 
of Government's economic re- 


TOKYO, June -8. 

flationary measures. In particu- 
lar, pipes (accounting for 24 per 
cent of the total sales) are ex- 
pected to provide' a impetus to 
profit recovery. - . 

As a result of intensified sales 
competition among . farming 
machinery manufacturers, sales 
of fanning machinery are seen as 
having slim chances of- recover- 
ing. The company is seeking to 
compensate Tor the slump In 
domestic demands for farm 
machinery by boosting exports, 
centred on the U.S. Exports are 
expected to grow by 8 per cent 
In the current year. 


Margins squeezed at Makita 


BY OUR FINANCIAL STAFF 

MAKITA ELECTRIC WORKS. 
Japan’s largest manufacturer of 
portable power tools, has an- 
nounced a fall of 5.S per cent in 
consolidated net income for tbe 
year to February 20, to Y4J9bn 
($19ra), from Y4.45bn in the 
previous year. 

The company attributes the 
fail to the rise iD the yen In the 
foreign exchanges, higher raw 
material prices, and start-up 
expenses at foreign sales offices 
and additional transport ex- 
penses for exports. 

Although net sales rose 16.8 
per cent to Y44.75bn (S199m). 
from Y38.3bn, the cost of sales 
rose to Y28bn, from Y23bn. and 


selling, general and administra- 
tive expenses Increased to 
Y8.3Sbn, from Y6-22bn. Operat- 
ing income, as a result,' fell by 
841 per cent to Y&35hn, from 
Y9.10bn. 

After allowing for a rise in 
interest income to Y1.65bn, from 
Y91Sm, foreign exchange losses 
of ,Y319xn (asainst Yl38m). and 
other net losses of Y2“22m 
(Y284m), pre-tax income was 
Y9.46bn. .compared with Y9.6bn- 

Domestic sales increased by 
only 4.2 per cent — as a result, 
tbe company says, of relatively 
low economic activity, particu- 
larly in the housing and building 


industries, and weak consumer 
spending. But sales outside 
Japan rose 4L5 per cent, to 
Y18.39bn, to reach 41.1 per cent 
of overall net sales, against 339 
per cent the previous yeari 

The major exports markets, rn 
order of growth rate, were North 
and South America. Asia and 
Europe, though Europe remained 
at the top in terms of sales 
amount followed by North and 
South. America. 

Earnings per common share of 
Continental Depositary Receipt 
were Y83.9. against Y1G0.8, and- 
per American Depositary Share 
(equivalent to -five common 
shares) Y4L19.3, against Y503J8. 


Rise forecast in Algerian debt 


BY AN7THOMY ROWLEY 
GENERAL ORIENTAL. 74 per 
Ccnt-ovvnt-d by Sir James 
Goldsmith, related company 
and family inleiaesls, moved ont 
of the red into tbe black last 
year. 

Net profits wetre 
IUSS54MMM) in 1977. against 
attributable Bosses of 
HKS2.08m in 197.6. However. 


no dividend Is being paid for 
1977. 

General Oriental was set up 
as Oriental Financial Consul- 
tants .and Promoters in the 
stock market boom or 1972 
here, but was renamed after 
Sir James bought into the 
company at HKS91 cents a 
share. The shares were 
suspended in May on the 
Kowloon Stock Exchange at 
HK$L7Q each, pending pro- 


HONG KONG. June 8 

posals related to an acquisi- 
tion. 

General Oriental currently 
derives income from its port- 
folio of Hong Kong and over- 
sea^ securities and had net 
assets of under HKS7m when 
acquired by Sir James. It Is 
believed that he plans to 
expand General Oriental along 
the lines of his Paris-based 
holding company. Generate 
Occidentale. ’ 


Hitachi in Singapore 

Hitachi is to establish a new'com- 
pany in Singapore, Hitachi Elec- 
tronics • Devices (Singapore) 
jointly with (he Singapore 
Government. . to produce . colour 
television tubes. It will have 
capital of SingS 30m with 70 per 
cent of this coming from Hitachi 
and rbe rest from the Singapore 
Government. Reuter reports from 
Tokyo. Production of. an initial 
sn "00 tubes a month will start in 
1980. 




This advertisement appears as a matter oi record only 


BY FRANCIS GH1L6S 

MORE accurate figures than 
have been obtainable previously 
on Algeria's external public 
debt are now available. Esti- 
mated disbursed debt outstand- 
ing at the end of 39 77 amounted 
to $7.6bn, a figure which is likely 
to increase to Sl2bn at the end 
of 1979 and reach $19.8bn by 
December 1986. 

Meanwhile, the country’s debt 
service ratio will have risen 
from 11.7 per cent in 1973 to 
an estimated 17.1 per cent last 
year. In 1981 its debt service 
ratio will rise to a peak of 22.6 
per cent, and thereafter decline. 

Algeria's reserves amounted to 
Sl.9bn in December last year, 
tbe gold content of which, valued 
at S42.22 an ounce, amounted to 
5234m. 

Sonatracb. the Algerian state 
Oil and gas company, has 
recently signed. for credits and 
bonds worth $358m. Two medium 
term credits,, one being co- 
ordinated by Crddit Lyonnais 
and amounting to S21flro, the 
orher being arranged by 
Toronto Dominion Bank, are 
currently being negotiated. A 
further privately placed Sl50m 
Should be signed soon, while a 
new commercial credit of 5100m 
is also expected. 

The $250 ro being arranged by 


Toronto Dominion Is part of a 
S730m package for the develop- 
ment of the Rhourde Noiiss gas 
field, which will be developed 
by Canadian Bechtel. Apart from 
the commercial credit S275m in 
the form of a fixed interest rate 


credit will be provided by 
Canada's Export Development 
Corporation, which is also 
arranging a S142m Boating Tate 
loan. Sohatrach still has to find 
S63m to complete the : financial 
package. 


DEBT SERVICE PAYMENTS 
(millions of S) 

1975; 1976 1977* 

Disbursed debt outstanding at year end 4,518 5,853 ... . 7,634 

Interest and amortisation .......1 586 898 L.135 

Exports of goods and services 4,790 • 5,672t 6,650 

Debt service ratio 12.2% . 15.8% 17.1% 

t Papnrm as », or exports of goods andsenlresi • 

* Pnnrbfiul. t Estimated. 

Source? Banque Exleneniu d’AlfiSne. World Brink. Ministry of Finance. 


FOREIGN DEBT SERVICE PROJECTIONS FOR 


. . SELECTED YEARS*,,.,. 

•*)i" : ■ 7sv»i*.. . s-; 


- (millions off 8) 



Disbursed debt 


% of projected 

End of period 

. outstanding 

. Debt service 

. Exports 

1979 

12,019 

L815 

20.4% • ■ 

1981 

16.209 

3,002 

22.6% .. 

1983 

18,596 

3.832 

• 22.4% ’ - 

1986 

19.867 

4,958 

20.7%- 


t Provisional. 

Source; World Rank: February, I STB. 


By Richard RoKe 

; 

; aiS- bSudS^SSSiS 

iK* -•**■ » -aiup *8 hK 

i Profits in line with 
I Passed conditions' whi<£\ 
; prevailed a these sectors' 1 

; 8* W tw0 Years. -.Bui Set 
. level of profits,' and the'diU! 

, halved Jo 10 cents per# 

1 53L*9B Uy 

! statement, SUSSS th£> 

bS 07 ® *** from RM6, 
Pre-tax profit 
from Rl2.3m to RS. 5i (Sr 
After adjusting for lower 
lions by associates an” 
interests, 

. attributable income 'waii% 
from R8.6m to Mta md ? 
tags per share from 46 cem 
-4 cents. On the latest diyjd 
tte shares at 135 cents 3 
, 7.4 per cent and have moi* 
from their 95 cent JowS 
- w ^I^ ched Ju the y 

i improving 'condition 

the motor industry, Plate f 
rante as a partial reco 
stoefc bat the outlook 
building, side continues to 
main clouded. The Board 
that.it expects- present-day ii 
of activity in the building sc 
to obtain, for soma titug: 

, that scope of. our invesh 
is being reduced accordin 

Immediate- objectives -are si 
■ tq.be the -.establishment o: 
asset base more apprdpriat 
the business and the ach 
tnent of a further improve! 
in liquidity, while profltab 
having apparently levelled 
last rear, should now be n 
tamed at the lower level 
1978. • 

Metal Box 
Singapore 

By H. F. Lee 

SINGAPORE, June 
METAL BOX SINGAPORE 
registered a 36 per cenL inci 
in post-tax profit to SS3’ 
fU.S-Sl.6m) . for the - yea 
March. 

Turnover increased 28 per 
to S$66-7m. • 

The company, a subsidia; 
tbe Metal Box of the UK 
declared a final gross dlvi 
of 12 per cent which, tog- 
with the interim dividen 
6 per cent, makes a toti 
18 per cent for the year—] 
centage point higher than 
previous year’s total, 
i However, as a result of ir 
cient tax credit provided t 
S ection .44. of, tbe : Stag;-' 
Income Tax Act. the group 
decided to pay the proposed 
dividend on January 3 next 
The group attributed 
improved performance to h: 
sales achieved by the p; 
company. Its subsidiary, l 
Box. Thailand, posted a m< 
improvement in profit desp. 
reduction in sales, la" 
because of lower costs ai 
“more favourable sales mi: 



This announcement appears as a matter of record only. 


. v \U U* 


Mass Transit Railway 
Corporation 

HK$204,000,000 

Medium Term Loan 

managed by 

Schraders & Chartered Limited 

funds provided by 

The Chartered Bank 

arranged by 

Lazard Brothers & Co., Limited 

with (he payment guarantee of 

Export Credits Guarantee Department of The United Kingdom 

lo provide finance for a contract between 
Mass Transit Railway Corporation and Metro-Cammetl Limited 
for the supply ol rail cars 

Agent 

Schraders & Chartered Limited 


fn connection with the above financing 
a bridging facility of 

US$25,000,000 

has been provided by 

Standard Chartered Bank Limited 



JBN 


THE NATIONAL POWER COMPANY 
ICELAND 

-U.S. $60,000,000 

Ten Year Floating Rate Loan 

managed by 

Hambros Bank Limited 

Canadian Imperial Bank of Commerce . Mitsui Finance Asia Limited 

Banque Nordeurope S.A. 

Nippon Credit international (KK) Ltd. 

Taiyo Kobe Finance Hongkong Limited 


lobe provided by . 

Banque Continentale du Luxembourg S.A. Banque Nordeurope SA Canadian Imperial Bank of Commerce 
Fuji Kwoog On Financial Limited Hambros Bank Limited International Energy Bank Limited 

Mitsubishi Bank (Europe) S. A. Mitsui Finance Asia Limited The Mitsur Trust and Banking Company Limited 
Nippon Credit International (HK) Ltd. : Taiyo Kobe Finance Hongkong Limited 

The Royal Bank of Scotland limited 


24th May 1978 


Agent Batik 

Hambros Bank limited 



June; 1978- 














our Doddy is no down. He's long realised that when he’s 65 he ll want more than laurels to rest on. 






Si-* 




•Suae 9 










BY WILLIAM HALL 






" The : role'4f ^ptance.nieri inr banks : were! vndy prepared to 
t ott-.indus^j&l^ ;tra the full strength of a 

- the Gq9^fH}ihp0m teafe company's ' balance sheet With 
«S, to tbe :BP Iran they went a step 
?»ifl oiheruHsei- be taerelj/ ■ a ‘ further and agreed to accept the 

;risktii2t there might not he 
1 ^ i n < ^' flfswiittR r Z'jfr. '■ -■eaongbt oil in place to pay off the 

iSj£ OB <£rS^ttWciA' there is still con- 
' ^ te^rit hfeCertaihl^ won its spurs siaerable disagreement, about 

squirt ftnar,*ir>a- Whether the BP-loai) was finlMr 


! tfrS?* 11 tt^pmes- to: financing the Whether lfae BP loa » was Proper 
*K s^stsiveiopment of The North Sea. P^eet financing- As the- UK 


IP c^^ever^t&erowus imy- doubt, f^frnment had a large stake 
■y Pr** ^is Weefe’s -research report from 1X1 the; company -bankers found 
?, a - ?&-‘e Wilson - Committee quicklyj* difficult to imagine how -it 
iU^iaT *pels*itT- J .. . : : :7-' s • : ■ :-; r T?.-- would ever allow BP to. default 
£. ^^The- report,. prepared, by a " 011 a IoaiL '. - . . - •:'• •••' 

foso am led by Prof esspr Bain of 


Greater lister 


^ ro praise -on: Win -finandat; <om- ■ ■.■•■?*' 

,*1 r^Jjmity. Although the sheer size - r In .the Piper and Claymore 
.*®o<w some hofrowers' iieeds was‘8® 1 * 1 financings for Thomson 
i jaunting bofh' ahsblutely and Scottish Associates the banks 
n T .^^dativ.e to their ^esovirees,^ and were prepared to - take even 
ri r “ i^«5 ■‘ , ® inherent -risks and- noyei ty greater, risks. Thomson's initial 
North ‘Sea -oil -financing "gave- h*t Worth at the time- of the first 
5 E! ^{se-^to -many* additional jprob- loan was £14.7m but it was able 
1 Bain .arid his to raise two $ 100 m project loans 


<hi% ‘ .... _ . _ 

? SS c ^-,v-e3i reckon that the financial plus a 540m cost overrun loan. 


■«-* 

idpd 


japore 


lw 


“ t3r! ‘tr J'WW .."Ptofed equal - to the Like BP’s Forties loan the banks 
r ' ro *h? ^^nallenge." -Bveiyone gets' a pat. took the oil in place risk bat in 
-^i the Back— not just the banks, addition they also; took the 
.\_PSiia Stockbrokers, merchant banks recovery me risk, the market 
.institutional investors- are price risk and the technical 
at?-* singled out for their “con- risk up to completion of the 

t C £ £-f k s .derable Ingenuity and innova> project To all intents and 
■y. -*? y*feon. M ••.>■ • ■. purposes - this was- effectively 

fcr J^ On jb e face of it such fulsome t ^ 0D ' rec0urse ft®: ^*^ 

Pe ef nT '-raise seems well deserved; For had gone wrong Thomson would 
^aaTJtie. banks,' at' least the' sums ^dst certainly nqfrhi are been 
; ^*&J?ivolved and the scale of the ^ t0 ***** the. loan from. Its 
; ^liflaSsks encountered led to a rtevo- own resources. Because .of the 
• f * i^rtion in lending > techniques. greater risks involved the banks 
J 7. J* 4 fc Then BPcame along ini 972 for vere a royalty, and it is 
ftv massive Forties field financ- generally undenrtood that at. tiie 

?'i3* a number of eyebrows were M( * the day they: will earn 
Raised. One prestigious clearing more from their royalty than 
? :h-' i 6 ^>ank flatly turned down an ^ey will from the . interest » 
'■ hvitation to join in the lending venue on the loan. 

yndicate because it felt, that - : companies have er- 

, . £ was being asked to risk its perimented witix a nnmbcr^of 

> 3 1 R(i T epos tors’ money unnecessarily, other. - permutations for raising 
UUi f ^ had not been for the eager- North Sea finance. Tricentrol 
ess of the American banks, managed to persuade the De- 
,-ith a track record of this type Part of Energy to guarantee, its 
f financing, the BP dfral coul’d bank loan for the Thisfle^fin- 
ave been a flop. However, the an ring but had to concede .a 
5!\’ ;.\tt?r-jritish banks soon jumped - on minimum royalty of 5 percent 
'* r -y. >i>:.'whe bandwagon. :! f ■•■•. while Ranger Oil was only able 
' to secure .finance .by^ gjjatfng 

• ... • ' Chevron to stand behind its 

* Competition lba * in ?«*** for ***** 

“ j-oyalty of 8 per cent. o>5gr tile 

T ^ : ih -Looking back novrit is hard life of the field. . Unlike the 
' ^ o see what all the fiiss wuw-earlier deals involving royalties, 

- £ ^bout. Most of the big UK banks Ranger . .seems’ to be payi hgr a 
~-^ave subsequentiy hired- them- fairly high price for its lhan 
/.v.iv/e.k-es-.an oil engfneer, ^et up /guarantee/ . ! . 
p -.-^-C-iieir own oil and .energy, depart- Fortoiately for the banks 
"Clients and are now prepared to: nothing has gone su/flcifentiy 

r -.ake on board risks which would wrong S o far -to jeopardisc^eir 

i^'-iave seemed unimaginable a loans ;' 4 desinte the risks 
iecade ago. - Competition . for ^ve in - some cases - *6c€ Xym 
. .*. f?irproject finauring business . is There have been cases, su 
: : : mr.-j ighly competitive and whereas the Argyll field, where res . 

‘ > it. was the. sole preseove : of lower than anticipate 
'* -tew .specialised' banks in the Tji ere have also been sublet 
. "-- :: " ‘-arly days, the number of -banks tial cost overruns and prwect 
" r ‘; r: -I£w boasting a “project financr delays, and in the case of the 
. .V,J, r -7.ng capability”, has mush- Kngi? Field an " expensive 

~r i’®b m *- d - • :• .“ jacket" costing son* S70- 

' : ^^-'-The revolution in .lending $100m. was snnk in thfe wrong 

.. ; -i :■ techniques is best; underlined place. However, the Mnks have 
the incxeasing sophisticatkm .so atiuctured their /oans that 
•v ^ if the individuals project financ- they ^ have p rote cted/hem selves. 

■t.r" - KTav«.V, (m fvnm TATV. r.+WoT- tViie uni 


- 


MAJOR NORTH SEA PROJECT FINANCING 



H *fd 

Borrower 

Lender* 

Amount 

Term 

(yrs.) 

Margin over 
UBORf 
% 

Royalty 

Comment 

1972 

Forties. 

BP 

Lazatds 546Sm 

Morgan Guaranty £180m 
NatWest 

9 

11-tt 


Limited recourse 

1974 

Piper 

Occidental 

RNBD 

IEB 

5150m 

9 

U-H 


Full recourse; option to 
convert to production payment 

1974 

Piper 

. Thomson 

RNBD' 

IEB 

5100m 

9 


• 

Limited recourse 

1976 

Claymore 

Occidental 

RNBD 

IEB 

S775m 

* 

Vi 


Full recourse with 
optional conversion 

197* 

Claymore 

Thomson 

RNBD 

IEB 

5100m 

6 

2 

6 

Limited recourse 

197* 

Thistle 

Tricentrol 

Rothschild 

Barclays 

£60m 

4 

lj-2i 

• 

FuH recourse to third 
party guarantor (UK Govt.) 
with optional conversion 

.1976 

Ninian 

Ranger 

Bank of America 

5120m 

7 

u-n 

• 

Full recourse to Chevron 
for gross royalty of 8% 

197* 

Ninian . 

IQ 

na. 

SIQOm 

£75m 

7 

lHi 


Full recourse 

1977 

Dunlin, etc 

BNOC 

Citibank 

5825m 

8 

IUL 


Full recourse 

1977 

Heather 

Norwegian Oil 
DNC 

Royal Bank 
of Canada 

Den Norsk* 
Credit Bank 

S24m 

no. 

na. 

• 

FuH recourse 

* <no«of*r* of srnrffcoia of banka. 

t London inter-bank altered rate. 

tiNBO— Republic National Bank ot 

Oatlm. 

.5 

! 

I 

1 

Bank. 



n- 


of the old hands in the oil 
financing business privately 
hope that there will be some 
disaster, such as another Eko- 
fisk blow-out, which will show 
up the very real dangers that 
do exist The success of the 
project financings to date has 
lulled bankers into a feeling of 
false security. At the moment 
competition for business is so 
acute that there are signs that 
banks are lowering their credit 
standards and taking risks that 
they might regret at some later 
date. It is often easy to lose 
sight of the fact that banks are 
basically short term deposit 
taking institutions and not 
equity investors although they 
^are being increasingly pressed 
to provide finance when equity 
finance is not available. 

This dilemma is best high- 
lighted by the banks’ involve- 
ment in financing the offshore 
supplies industry where the dis- 
tinction between debt and 
equity finance has become 
blurred over the last few years. 
The banks may consider them- 
selves as merely providers of 
debt financing but in some cases 
they have effectively become 
equity investors. Occasionally 
they have accepted this fact of 
life as in the case of Royal Bank 
of Scotland, which has taken an 
equity stoke in Ben Line Off- 
Sbort contractors via its develop- 
in'ent;~c6mpany, for instance. 
But generally, they still cling 
to the\dea that equity finance 
is not taeir province. 

In praqtice, however, they 


the fascinating clutch of case 
studies tucked away in the 
appendicie5 to the report empha- 
sise that their involvement has 
not been without its problems. 
The saga of the $125m Viking 
Piper barge is a good case in 
point 

This sophisticated project 
has had what is politely termed 
a “chequered career." The 
initial cost was split roughly 
half and half between the banks 
and a group of French, Nor- 
wegian and Scottish partners. 
Its first contract — to Jay a 110- 
mile pipeline from the Ninian 
oil field to the Shetland Islands 
— was a tremendous success. It 
was completed much faster than 
expected and at a cost very 
substantially below budget. 
Since then, however, the barge 
has had nothing to do and has 
had to be employed as a con- 
struction support vessel on 
terms which are insufficient to 
cover the cost of interest and 
capital repayments. With luck 
there should he an upturn in 
the market by 1980 but in the 
meantime the Norwegian 


member of the consortium has 
failed and one of the banks has 
called in its loan which has 
forced the remaining partners 
to arrange a painful financial 
reconstruction. 

A number of other projects 
have run into similar financial 
difficulties. In the case of Sea- 
forth Maritime, the failure of 
a shipbuilder constructing its 
ships was beyond its control, but 
in other cases the ready avail- 
ability of cheap loan funds left 
some companies, particularly in 
the supply boat business, too 
highly geared and dangerously 
exposed when the initial 
euphoria died away. 


Risk capital 


have accepted far higher risks 


• — ;ngs seen the North Sea from Whether this 
s r ZQ72 onwards, initially^ . British the case ia anothei 


always be 
tier. Some 


than traditionaMv required of 
them. The Wilson research 
report hates that they have 
“tolerated 'unduly high gearing 
ratios to help companies 
through a difficult period ” and 


APPOINTMENTS 


7 


Railway executive changes 


The BRITISH RAILWAYS 
iOARD has re-arranged the res- 
ponsibilities of- -some, individual 
l embers. Mr. Michael Bosworth, 
eputy chairman, will . exerase 
eneral oversight ..of. the future 
evelopment along commercial 
lies of the Individual subsidiary 
uslne sses. as well as j£he-:wnole 
rea of pension funds Investment, 
tates the board. Strategic capa- 
city is being strengthened by 
lacing the strategic, development 
f all the board’s activities, . ; in 
articular, the railway business, 
a Mr. David Bo wick who witibe 
esignated vice-chairman- -trau)- 
bv Ion M.' Campbell has . beep 
ppointed chief executive (rail- 
■ays) to control the executive 
lanagement of the railways and 
e continues to handle engineer - 
ig and research^ 

Mr. Peter r Vaigncourt-S trail en 
as ■ been appointed-: a dfrectorof 
ARTER BREED AND WARBURG 
^VESTMENT - MANAGEMENT 
ROUP. He joins .(he group from 
emp-Gee and Co., ^stockbrokers, 
here he was partner responsible 
■r international .. operations. 

arter Breed and “Warburg are 
.temational investment mana- 
■rs specialising in personal and 
irporate financial consultancy. 

CONTINENTAL ILLINOIS has 
ade the following appointments 
London. Mr. RDguel 
■s becomes associate director, 
,.Jt temational loan syndications; 

r. James G; McCorndck, asso- 
ate director, certificates of de- 
jsit trading; and Mr. David b. 
hi rehead. . associate director, 
arobond trading. Mn Rodney M. 
nomas has been^ made manager, 
oncy market; Mr. PWhppeJ- 

-uffert, manager,, ^mvesteient 

mking; and ./ Mr. _ Sunfl 
. -cenivasan, a^stant 

..jtt'i an PortfoUo. The parent ton- 

.jn is Continental Blinoia Cor- 
> rati on of Chicago. . 

Lord Strathmore, associate _Of 
»U Lawrie MacGregor. and_ Co^ 
ockbrokers of Edmburgb. is to 
In the board of T. COWIE. 

Mr. Harold F- Hehdersiurt has 
>Aen elected president of the 
nned metal products group; of 
A L jco LIMITED. He has held over- 
. i m responsibilities for that group 

^r> ^' nee 1076. • ' 

„A:^Mr, Geoffrey J- . Redmorri .has 
“Ss$- signed as managing Rector of 
, SDDON ATKINSON VEHICLE* 
« .r./l'"' r personal reasons. He had 
>en with the- company f° r 
•are and was appointed manag- 
z director in 1976, two 
ier its takeover by imernationsi 
arvester Company.. .The mew 
anacmg . ■ director of Sedaon 
tkinson wffl be Mr. W- 
itroerly assistant to the woe- 

resident and ' general mMmgtf 
’ .the, Korth American Truck 


Division of International Har- 
vester. Mr. White joined Inter- 
national Harvester in 1964 and 
has. held- various management 
positions at the company’s buck 
manufacturing plants in North 
America. ' - 

^ 

V Sir Monty FinnJston has been 
elected president of the DESIGN 
AND INDUSTRIES ASSOCIATION 
in succession to Lord Qneensberry. 
Sir Monty is a director of Sears 
Holdings and executive chairman 
of Sears Engineering. From 1973 
to 2976 lie -was chairman of tne 
British Steel Corporation. 

Mr T. W. Fleming has been 
-appointed director of. management 
contracts division and engineer- 
ing services on -the board of 
BOVTS CONSTRUCTION, a mem- 
ber of the P and 0. Group. He was 
previously, director of manage- 
ment fee contracting with John 
Laing Construction. 

Mr. liL G. Packe has been 

appointed .finance director of 

WARREN PLANTATION HOLD- 
INGS. Mr. T. K. Paris, formerly 
finance director, is now an execu- 
tive director. 

★" 

Mr. Martin Evans, of the Well- 
come ■ Foundation, has been 
: elected president of the BRITISH 
PEST CONTROL ASSOCIATION. 
While in office, he vrfll also take 
over responsibilities of a director 
..of the European Confederation of 
Pest Control Associations. 

Mr. Frank Warner has .been 
■ appointed honorary nati on al 
. treasurer '• bf- the ABBEYFTELD 
SOCIETY, .which provides homes 
.for the elderly. 

Mr. K. K Jenkins, who recently 
became & managing director of 
the London-based Mitchell Cotts 
Group, has been appointed execu- 
tive . deputy chairman ot 
MITCHELL COTTS LIMITED, the 

S !h, ar« 

group in South Africa since 1657, 
joined the Mitchell Cotts pmited 
board in 1967 and the board of tne 
Mitchell Cotts Group in 1972 . jar. 
X. K. Sott, a director nl Mitchell 
Cotts Limited, South Af nca - 
been appointed a paging dlrec 
tor of that company. He has been 
with MrcbeU Cotts, compares 
since 1954 and until last year 
was , managing 

ktiTchpR Cotts subadiary. Fraser 

and Chalmers <SA) (Pty-J. 

WOOL TEXTILE MANUFAC- 
TURERS' eedERATION bas been 

formed by merger of Woollen 
aid Worsted Trad«V FederatiorL 
Bradford and Leeds. Textile 
Manufacturers’ Association, and 

Se- .West .Yorkshire a"d 
Lancashire Wool . and Allied 
Textile Federation. Its first 
president is . Mr. Peter N. Betty. 


Mr. Derek H. F. Smith is senior 
vice-president, Mr. Anthony B. 
Taylor, junior vice-president, and 
Mr. .John T. Barradough. 
honorary treasurer. Mr. Donald 

E. _ Rfiodes is secretary and 
commercial director and Mr. 
Johnv^SL Lambert, industrial 
relations director. 

★ 

Mr. Terry G- Everatt and Mr. 

F. .. John Rogers, directors of 
barnaby AND TARR COM- 
PANY, bave been appointed joint 
managing directors and. Mr 
Eyeratt- v. also becomes vice- 
chairman. 

.'••'/ ★ 

Mr. Brian Thornton has been 
appointed a director of WALTER 
LAWRENCE. ' 

- * . 

Dr... David Andrews and Mr. 
Boris .. Sackvflle have been 
appointed assistant directors of 
ABBEY LIFE ASSURANCE COM- 
PANY^.Both have been members 
of the. management of Abbey Life 
for many years. 

* 

Mr. P. R. Dngdale has succeeded 
Mr. E^^F. BIgland as managing 
director of GUARDIAN ROYAL 
EXCHANGE ASSURANCE and 
Mr. Bi gland is now a deputy 
chairman. • 

Bfc J. A. Franklin has become 
a -director of Morgan Grenfell 
Finance and Mr. J. B- Rawlings 
has. .been- made a director of 
Morgan . Grenfell International. 
Mr. fi. E .Livingston and Mr. 
J. S. S. Syrett have been appointed 
assistant directors of Morgan 
Grenfell and Co. On June 30. 
Mr. A. El Weighfll retires and 
Mr. R-.M. J. Taylor will become 
The group company secretary to 
his place. ^ 

Tbe Secretary for Education 
has appointed Lord Porch ester as 
chairman of the AGRICULTURAL 
RESEARCH COUNCIL from July 1 
for five years. He wffl succeed 
Sir John- Aator, who relinquishes 
the chairmanship of the Council 
at the. end of this month after 10 
years’ service. 

★ 

Mr. Bernard Cotton has been 
elected a non-executive director 
of BAKER PERKINS HOLDINGS. 
Mr; Cotton is chairman and chief 
executive of Samuel Osborn and 
Co. He has been chairman of toe 
Yorkshire and Humberside 
Economic Planning Council since 
1970, and is also a member of 
British Railways Eastern Advisory 
Board, deputy chairman of the 
Governors of the Sheffield City 
Polytechnic and a member of the 
council of toe British Institute of 
Management Sir. Cotton joined 
Samuel Osborn in 1957 and went 
to -Canada to take charge of its 
Canadian operations, returning to 
the parent company in Sheffield 
in 1963; 


Against this background it is 
unfortunate that the Wilson 
Committee research report does 
not devote more space to 
analysing the role of equity 
risk capital in the development 
of the North Sea. It rightly 
acknowledges that the initial 
exploration expenditures are 
equity risks, and of the ffiOOm 


or so provided by British com- 
panies, two-thirds has come out 
of the retained earnings of the 
oil majors such as BP and Shell. 
Apart from this, however, it 
glosses over the very real lack 
of equity finance for the down- 
stream ventures. In fact, it 
states more than once that that 
it could find “ no shortage of 
risk capital for commercially 
viable projects." 

Admittedly, special vehicles 
were set up to channel equity 
funds into North Sea projects 
of which Lasmo/Scot is far and 
away the most successful. Others 
such as North Sea Assets, where 
a number of its investments 
have gone into liquidation, have 
been considerably less lucky 
and had it not been for the 
banking community which filled 
the equity gap on a number of 
occasions other projects might 
never have seen the light of 
day. 

It is sometimes argued that 
provided the finance is avail- 
able for a project it does not 
particularly matter whether it is 
debt or equity. If a hank can 


identify the risks involved and 
eliminate them as far as pos- 
sible, then it should be safe 
enough, so the argument runs. 
This, in fact, is what has been 
happening in the North Sea. 
The banks have tried to transfer 
the risks associated with some 
of the smaller and weaker com- 
panies onto the balance sheet 
of the larger companies but, as 
in the case of Chevron and 
Ranger, the price is sometimes 
high. If this is not possible the 
banks have resigned themselves 
to taking more of the risks onto 
their own balance sheets; but 
there is a limit to how far they 
can go and it is most unlikely 
that the banks will go beyond 
the Piper and Claymore financ- 
ings in terms of risk precedents. 
They were the closest thing to 
true non-recourse financing yet 
seen in the North Sea. 

At some stage there has to 
be an injection of equity money. 
In the North Sea the problem 
bas been disguised by the fact 
that, in the national interest, 
the banks have been prepared to 
be flexible and in fact the large 
oil companies, which do not 
present a financing problem, 
have dominated the develop- 
ment stage to date. The banks 
are prepared to accept an occa- 
sional Thomson or Tricentrol 
financing, perhaps with an 
equity sweetener, but if such 
financings became standard, 
they would very soon run out 
of funds. It is often forgotten 
that most of the major invest- 
ment projects around the world 
over the last century have been 
financed principally by equity 
money. The major mining 
finance houses of South Africa 
and Britain were set up with 
the sole purpose of channelling 
investors’ funds into risk pro- 
jects. Similarly, the investment 
trusts in their early days were 
established to finance risky situ- 
ations such as the building of 
railways in Latin America. Over 
the last 20 years, however, the 
importance of equity capital has 
been declining and the banks 
have been called on to fill the 
vacuum. 

While the absence of equity 
finance can be accepted for a 
certain period, there is a limit 
to how much longer the banks 
can continue to support the 


escalating capital spending of 
tbe world oil industry. The 
suras involved in the North Sea 
may be mind-boggling— roughly 
SlObn has been spent so far and 
another $I0bn will probably 

have to be spear— but compared 
with the financial demands of 
the world oil industry they are 
not very remarkable. 

There are all sorts of esti- 
mates. Chase Manhattan reckons 
that S900bn will have to 

be invested in the period 1975- 
1985 while Standard Oil 

(Ind.) pitches its estimates 
even higher. Some of the 

individual projects under dis- 
cussion are equivalent to the 
whole North Sea programme so 
far. The 4.800-miie Alaska gas 
pipeline, for example, which 
wiil bring Alaskan gas down to 
the U.S.. will cost over 5i0bn 
and some estimates suggest that 
it might be as high as $20bn. 


Other clients 


Consequently, there is a limil 
to tiie amount of additional oil 
financing that the banks are pre- 
pared to take on if they are not 
to starve their other clients. The 
recent growth in so-called “pro- 
ject financing” has disguised the 
underlying absence of sizeable 
sums of new equity capital but it 
cannot continue to do so much 
longer. The myth that project 
finance is “off-balance sheet” 
has been proven false. Sooner, 
or later a project financing starts 
to have an impact on some com- 
pany’s balance sheet, be it a 
producer or consumer, and as 
the debt equity ratios deterior- 
ate the banks will become in- 
creasingly reluctant to lead 
more money for tbe “super-pTO- 
jects ” now on the drawing 
board. 

The fact that the North Sea 
oil fields have been financed 
with such little fuss should not 
bo taken as a guide to the future. 
The major battles are still to 
come but when they do they may 
be mistaken for vulgar brawls 
between the owners of capital 
and the consumers of oil. 

* Committee to .Review the 
Functioning of Financial Insti- 
tutions Research Report No. 2, 
the Financing of North Sea Oil, 
liMSO, £1.50. 


He’ll want a pension that s as plumptious as possible. . 

Being at the top of his own profession, it’s normal that he should make a large part of his pension arrangements with 
a top company — Standard Life, die famous British, Edinburgh based office that has specialised in the business for over 1 5 0 years. 
Now he knows that when pension day looms large, so will his pension. 

What Standard life can do for Ken Dodd, we can do for you. So if you need a hand with pension or life assurance, 
see your insurance adviser soon. 

And join the country s top performers. 


The largest mutual life assurance company in the European Community. 






Financial'; 

L. Daniel examines the prospects for Israel’s chemicals fed 



n 




iHtiii 


/ ,t‘L 


.• i' / / _ 

* >' k:- -C 


\ ' Vvft 


^ $S'\\ i' 


m $ m 






rSRAEL IS a country 
notoriously short of natural 
resources. In fact they may be 
limited to the Dead Sea. with 
its wealth of potash, bromine 
and magnesium, and the phos- 
phate deposits of the Negev. 
(The small copper mines near 
Eilat were shut down when 
world copper prices began to 


of few resources 


mines- and : processing ina&ntf 
thins were opened at Na£§Sr 

lour months "ago; 
hatf a capacity ;of 2m.-:tonS . 
chlorine-free, washedToLitl 
phates per annum, all 
for export. It. is expected-^ 
about half of ' this capa&y* > 
be reached in fiscal lefftK 
These, supplies will teHiffi- 

lihnaT • tn >hnea' 


w.-m 




world copper prices began to towards the end of this pect to complete ttielr new tfonal to those from the p 

plummet.) As f ° r o'l. a 1 Uiousft have an initial 530m. polyethylene plant- The Oron works (350,000 tomes 9 

it abounds elsewhere in the year. Jt pacity of 130.000 prospective output of 60,000 calcinated phosphates, mj) 

Middle East, prospecting in producuon p » built-in tonnes per annum is earmarked tonnes of Hus. for the local i & 

Israel itself (as distina frem fo^port and is^ to ttt) and the -500.000® g 

Sinai) has not uncovered any capacity ot raw bring in $30m. once full prpduc-: available for export from t 

significant reserves of either oil annu "?- * . ^ior concerns- tion is- reached. . Mahtesb mines. : 

or gas. Israel therefore hw to 1 p etT ^ chem i ca i s Enter! Similarly, Electrochemical ^- Both the Dead Sea compi 

import its oil requirements. nearbv. which dustxies of Acre are nearing toe and the Negev nhosnbat* 




D — ; „ l«jrael PetTOCnemicais Earner- ouuu«.ui «■ — — oea. comni 

import its oil ^dturements^ located ne arby, which dustries of Acre are nearing Om and the Negev phosphate mfai 

which it does in the form of ethylene to almost end of a $60m. expansion whioft belong to a Govern^ 

crude which is processed nniwWiviene. will raise PVC output from controlled organ isa rim, w 


will use uie euiyiene iw wrnuai ciju .W «■ uuvemme 

, „ treble output of polyethylene, will raise P Y£ °“ tput 00111 controlled organisation, tn 

locally. hpmical and Electrochemical Industries 30,000 to 100,000 tonnes -p.a. Chemicals, which also opera! 

■ P® . basls State ( Frutarom) of Acre, which will and that of vinyl chlondefrom. a fertiliser complex in Hat 

industries was ^dm pre-State J * ru^ ^ Qf pvc more 18>000 to 100.000 tonnes a year, including plants for the pZ • 

times when the Haifa Rehner s Between them. At the Dead bea, following a -tioap of sulphuric and pb ■ 

were built by Entish Interes^ tnan^ ^ customers ^ ttk€ period of stagnation in world phorlc acid . superphosptal- 
while potash Production ^as ^ ^ whole of the output of market demand, potash sales urea and ammonia, which ft£ 

started at the Dead -ea 1 . - . sta n e By-products of began to improve in mid-1977. cover the needs of IsraeU sH 

1920s. Both sectors were the tint sta*. *■ conclusion of a A n ' 



ft [i 


jp| 


Big k 




1920, . Both -etors were the (fS * 5ST £ rt&EFZ 

S° the acrent in example, propylene) may be long-term agreement with an phoric acid pIant ^ t0 ^ ™ 

the 1960s when the accent in _.iii pomnauv, sales to. the a™* i* 


. i ■ ■ I -i 




-, nc _ the opnani in example, propyienei majr oe : “ . yuunv UW puuu u. io TO ert- 

the 1960s ™ he “ ac , hi f. ed used by plants still in the blue- American company^Ies to .the lished ;at Arad in the 
the Iiruli . Sint stase. while the high aro- U. S . will increase *om iOO.OpO f m . QO o tonnes per anS 

From labour-intensive enterpnse ari T c stTeajT1 is t0 ?0 t0 ano ther to 400,000 tonnes p, a. A special p^. content), together aritii 

to absorb t p h a e n .!“®?^ e °f iv 1 e ^- Haifa firm. Gadot Petro- compacting plant » bem * J** 500.000-tonne sulphuric 
gTants to capital in Chemicals, which started its up to meet the requirements of p i an t. The Arad complex- ft." 


■ants to capital-intensive in- Chemicals which started ns up to meet the requirements of pIant . The jvxad complex ft ‘ 

dU 4-hi eS cp,v,nrf nil refinerv at career in the 1960s by engaging the American customers who. _ joint venture -of Israel tiuu 
The second oil reouery ai . ... _ hnw«v«r. arc meanwhile taking « a ia rsa ru»r nmti ...a- 


inni 




. s% -TSLUffs s s-s 'yrisy . «s s 

.4. Jmlied by the oil chemicals worldwide. The com- standard potash. ^ As ^ rrahtt Deutsche EntwicklungsEOt 


K :! 


Asnuuu *uu ilic j chemicals worldwide. The com- standard potasn. a, a; resu^i Deutsche Entwicklungsg^ 

Snlnne runm p ng north^ ftiS pany recently started the run- potash sales in 1K1 to S c haft These plants wilf S, 

pipeline - Fi i aL ning in of a new S20ra. plant for 1.1m. tonnes worth $50m-_(as operational before early Iflat J 

■ s „ r “' s r “iV oT AMba whLre the producBon of 180.0TOtom.es against 650D00 leones aitd *S5m. These are. the S ort 
? « pnm-.no from the Gulf of aromatic materials annually, in 1976). • ' ^ chemical, ind ustry. bnt there- a 

,re unloaTed S 5T both « Full capacity is to be reached At the turn of toe year, the ot be r branches which a . 




And no wonder 

To show you we mean business, we offer more 
firsts. As the national airline in the country that 
is the financial centre of the Arab world, we 
naturally put die businessman's needs first 
FIRST to arrive. 

FIRST to see you through airport formalities. 
FIRST with a choice of menus. 

FIRST class service on board. 

FIRST with computerised reservations in the 
UK and Kuwait 


The Businessman's 707 


Fly Kuwait Airways-* with 
business-like efficiency. 

We are completely 
refurbishing and refitting the 
interiors of our jets to give a 
wide-bodied look. 

You'll find more space, more 
comfort, and more service from 
our new-style uniformed 
hostesses. 

So if you've statistics to study 
or a report to read up, you'll find 
the atmosphere conducive to 
thinking. 


located on the Mediterranean, 
the two refineries can also take 
cargoes of crude coming 
through Gibraltar (at present 
mainly Mexican oil). Between 
them, the two Government- 
controlled refineries are more 
than able tn meet Israel’s 
annual oil needs of 7.5-Sm. 
tonnes. 

Both the petrochemical sector 
and that based on the minerals 
nf the Dead Sea and of the 
Negev are now in the last 
stages of a second, massive 


( It is no wonder "that chemicals, with- 
plastics and rubber, are expected to become 
the second largest industry by 1985 with an 
output of nearly $3bn. ? 


rapidly making, a major coat ■’ 
button, to the county's balaa 
of payments. Foremost aura 
them is Mahteshira-Agan, a fil 
belonging to the "Koor group 
companies owned by the Labo 
Federation. Drawing on in- 
experience of Israel's higl 
sophisticated agriculture, it t 
developed a large range oLcx 
protection materials, which ft 
ted it $50m. in .export earnic. 
last year. 

Also based on' local exp ' 
fence 1 is a large sector of t- 


stages of a second, massive jn 1979 ^ 0< with foe bulk 0 f the Dead Sea Works put into. pIastic produc ts industre. h: 

investment P ro Kranm which. rospective output earmarked auction a new chlorine famUty of ^ ich ^ concentrated.; 
incidentally, involved purchases £ orL . which will not only permit; yihh , 1tyfm Responding to 't 

from Britain amounting _ to _ F „ .. ^ extraction of bromine at lower ii»htweie^ hf.t «t..r 


L>- 


. . i. .. j "" CORMOifi>- 

AM 

■ '"l V 


...and from Kuwait, 
you can fly anywhere 
inthe Arab wood 


^ c \:u ' 


-- *s& 

MAmm> — M 






U ; 

: . •'ifc'.wH *.• ♦i*- £; r .A j 
r ’ ‘ • ' •- ^ 


The Businessman's 
Relaxation 

Fly Kuwait Airways and 
arrive ready for business. 

We know you won't want to 
think business all through your 
flight That's why we are the only 
airlin e with entertainment on 
every flight en route to Kuwait 
We show films or you can tune 
into the latest instereo sound 
We're still the only airline to 
Kuwait to offer a choice of 
menus, too: three in First Class 
(always including caviar) and 
two in Economy. 


some projects suu in me pian- - t magnesia at toe Dead Sea Fen- hfch raD ; d i v foU nd their •»' 

, 32« j "JS£r Qf 1 SSS?r. th.%S£ do ^ 

2 ' hi 4^n ,0 b e U,e g aS 0 'Si Z^ZSSKSrSSZ ^ ^ ^ ^ S 

s. , ^,“5 i u rs» - «^a sa«sr-h.s. jss= 

nearly 20 par cent of srae s can tmKWra .s now producing d „ by ;S0 - per cent to t he conventional' line of ph 

enure industrial production in 3 a. QW> tonnes per annum oiiow ^ . by end 1978 maeeuticals - 

1977 with over !6 P«r cent, of density _ nr '^ r ly 1979. Part of thfe is itis no wonder therefore ti 

us output going i to e po . a -,.hsidiarv iointly owned with sold direct .as bromine on over- chemicals, together with plast 

This proportion is to rise to a *iW ban ^ointb rornrndwm ^ apd part goestQ and robher are expected to 

1)61 c ™}- ^ 19 ^ a - liiiveHTono NmHv alt n f this Dead Sea Bromine Compounds the- country's second, larg 

The main projects n * P t ' k „ n UQ ’hv the local market at Bpersheba — a partnership indostry by 1985, with an o 

nearing completion in the is taken up by the icwai^marKet. ■■ Mahteshim ” (the coun- pa t (at 1977 prices and to-da 

t ^sissib-a's 

S R s"ed a .o go'on Pe^hlmiea^EmerpSSS.. l^^^naw.g^^egpr^:, . . - 


MARKET 



The Businessman's 
Promise 


Fly your cargo by Kuwait 
Airways -we get it there first 
Naturally, the national airline 
gives your cargo priority. We're 
there to see that it's unloaded 
on the day of arrival, and 
cleared through customs 
fast Special handling all the 
way, and no delay, that's our 
promise. 


A Great Year Ahead for 
Businessmen 


We've even more new 
developments in the pipeline 
for the near future. 

We're bringing into service 
our new Jumbo jets-the latest 
Jumbo with exclusive interior 
styling-the first businessman's 
Jumbo! And the opening of the 
new Kuwait Terminal, will make 
airport formalities as smooth, 
and as efficient, as your flight 
So check with your travel agent 
and keep pace with Kuwait 
Airways-the airline that keeps 
pace with business. 



Now to be published 
in two parts 

August 29 & 30 1978 


The Businessman's 
Punctuality 

Fly Kuwait Airways and you 
arrive on time. 

Our record for punctuality is 
outstanding Our Boeings 
depart daily at a businessman’s 
hour! They leave on time, 
because they're ready and 
waiting overnight They arrive 
on time, at an equally business- 
like hour. 




; MONDAY 

■ TUESDAY 

l WEDNESDAY 
I THURSDAY 

■ FfflDAY 


DEFART LOMXJN ARRIVE KUWAIT 

1215 VIA PARIS 22-05 

12-15 VIA PARIS 22-05 


VIA FRANKFURT 21-50 


! SATURDAY 
■ SUNDAY 


VIA PARIS 
VIA ROME 
DIRECT 
FRANKFURT 


^ ^unuAT icij - “J - - j 


No complicated timetable to work oul AH 
very simple and efficient. Now, with 
accurate computerised reservations in both 
the UK and Kuwait-your flight confirma- 
tion comes through fastec 


The Financial Times Survey on Nigeria will now be published in two 
parts on Tuesday August 29 and Wednesday August 30, 1978. 

The editorial content will be topical, factual and present a completely 
unbiased view of the country’s political, economic and business lifei 
Thei e will also be articles on Industry, Agriculture and Foreign trade. 
For further information on the editorial content and details of 

advertising rates please contact: : ; 







1 Xtt&l 





Does more to make your business trip a success. 


Helen Lees 
Overseas Department 
Financial Times 
Bracken Hdiise 
10 Cannon Street 
London EC4P/4BY 
Tel: 01-248 8000 Ext 238 


: . :S 

.Jr 
; I 

• • ;.V5 • ■ 

13 ■ ■ 
■ z n: 






Kuwait Airways. 52-55 Piccadilly, London WltiTeh 01-491 4280 ■Birmingham: 5th 
New&xeet, Binningham 82 4PA.Teb023r643 5S11 ■ Glasgow: 12 4 Vin^St^GlMjgoi^na.04 1 -248 3588 
Manchester. 218 Royal Exchange Building, Manchester 27DD.Td 061-834 4161 


FINANCIALTIMES 

EUROPE’S BUSINESS NEWSRWER- 


The content and publication dates of Surveys in toe Financial Times are subject to change 

at tbe discretion of the- Editor. 






‘•fk. .. .<:.■■ •- -• 

7 a 1^ 7.8 


^®^§(|6|;pfeiiCTSfCall' for 


Jil§* 

1 r 5 Wv ^r CHraSTOPHER park.es 


(t oi uiiujii yriiKn. riu\i%h^ a 

>^1NN. GUNDELACH,- : the" tom- levies might he needed to easUrc Holldud. They, say tlmt because 
t %nn' tta'rtif' Awieultu're' Com- f&at minimum Import' pnces some Duub farmers use feeds 
? -^ Q ° n tj0m , .JJL. TeSei-aii tbese would based on cheap, untaxed tapioca 

"mlssioner. hasretecteda French r k-i« u,-hn.. 


* p&“S js* I c f.r “■ 


Rustenburg 
lifts price 
of platinum 

By John Edwards, 

Commodities Editor 

feeds ^ RISE ,n Lhe P r °d u cer price 
uoioca ° r Platiniun. from $22« ^ 

SS S240 an ounce, was announced 
honii- y^ierday by Rusu-nburg 
. Alines of South Africa. 

rhavc The incrvase is ‘l* fif r th JUf 

1 navc in the producer price of plati- 
. c . mim since November, when It 
ik.sioq *ig2 II reflects the strong 
™°" upward rise id tree market 


CHINESE AGRICULTURE 

Drought fears 



r/ ; .aenaignene. me. rrenca Miat- 0 {. acC ount per. IDO xg. to 15 units imporis oi pi^uirai. i-uai ■»“ 

linger of Agriculture!. Mr." Gim* 0 f acc0 anL '. .J estimated FFr 2bn. 

ar,-7^eiacb said that while h« . The .French .requests 'were In the first three months of 
‘ Sympathised’ isiih the. .“local” prompted by complaints from the year the Common Market 
r ; * MifficulUes- ...‘ experienced . ; in p j g farmers wb'a have b den imported an estimated lu.ooo 
^I’ cance, now was -upt the -time growing Increasraglj .restless tonnes of pigmeat from East 
• a ban on imports. - • about rising : imports from all Germany. More than three- 

^ ’••ii. Som? supplementary .import sources, including «h d quarters of it was sold in France. 

^ Co £! d °ym Lamb prices slump 

& as frost -r-*?-' 

-V 1? p. -BY OUR COMMODITIES STAFF 

r.^T IGRFS G^se £ SLUMP in priccS'foi new~-sea- because of allegations that ani- 


vr<iu.'iud; W ------ — - 

iuovc. The London aflernoon 
*• firing ■’ price was quoted 
¥J,50 up at 5244.50 (£l33.9a), 
but in later trading prices 
cased to 5242. It was pointed 
out that the Increase i" lhe 

Rustenburg price could i»c 
viewed as rattier ambiuous 
since only on Monday the free 
market was trading at S235- 
There is said to be consider 
able nervousness at the higher 
price levels. It is difficult _lo 


BY JOHN CHERRINGTON, AGRICULTURAL CORRESPONDENT ^ ^ ^ facd ., 

rfpuRTS O^ serious drought in wished to make very la^e P“*' replanted after wheat t 

KEjuSrt y to affect the coon- chases they would d J «rtaj and t Amoved. In areas 
overall fond supplies and lrue where rice is no ?ruwn the 

lead to increased gram imports. * Sorae evidence supporting this n J^- stn pS t 

should be treated with reserve, relaxed atutude comcs from the have be ^ & jn buW , e en. J 

i During a recent lour ur the coun- fact that the mam rains in tne with tn^ for planlln „ jn :h e ; 

irv tnvcllins .by rail from dry nm.^ lufv toleptember spring before the wheat has been i 
Peking to Sl3n m the west and normally from July to b-P - ° amoved. The reason f„r this is ; 
thento Shanghai i saw little evi- Only- if ^should Sphere is insufficient W « 

dcncc of widespread damage to damage the - stI vabeans. the areas concerned for thi ; 

the overall crop uiuation. there be a problem. Thai succeeding crops to mature if 

But this is subject tu enc pro- ^'m?g the period to watch. their planting is left until after 
ui«:n The problem at present is wuUltL De 1 p the wheal is normally harvested, 

restricted to winter wheat, sown 0 1 raised the question of wheat 

fast autumn and due to oe bar- SOGCUlRTIOIl imports with officials in Peking 

vested from now on. * . -v^iii and was told that China 

, where irrigation has A lot of the s P ec u lalJ t 0I1 r ^“5 imported a certain tonnage. This 

In imM - 'j. n u drought has been due to raoen . g ^ art j y l0 replace exports c.f 

been av* 1 }! 3 n fimn' ’ ields reports of wheat crops bein^ f rortl surplus areaK. and also 
an 1 tiSrV rtire ^ has been* no watered by hand This .n fact " ce ^° 1 ? [S uf ]he counts 

irr Kalffid in mlSinS «ltu“ is what it looks like from the l whieh ^ w ' er £ more easily acees- 
S such as in the in..untains distance. A sible by sea. than by inland 

‘7 in the hills south of the But closer ,ns ^ c ^?“ ;= transport from the main growing 

Yellow River did 1 see signs of that the ripemng wheat whmh is The Soviel Umon has 

nrimature ripening or crop loss, already too ^advanced to habUually done the sum c. 

But°\ would put the proportion benefit, from ^ ith j he n ext i was also told, but l found it 
so affected as ^ than 10 per being interplanted with the ne« that there were 

cem or all I saw. crop for the season and thaMS naru wheal . Although 


in proportion to their age and 
™rk they io._ ,1" r£™a 
the allowance is lu kilos for a 
housewife and 20 kilos For a 
heavv worker. While nee is 
easily identifiable uiher [and 
n rains can be blended with wheat 
and this would probably be th*.* 
destination of some of lhe maize 
and millet beiug grown. 

No other foods are rationed, 
and then* were ample supplies 
of vegetables everywhere. There 
was no apparent shortage ot 
sovabean products and other 
pulses, the main source of 
protein. The only olher farm 
; product rationed is coiton 
; material, about iix metres a year. 


B P. .-. BY OUR COMMODITIES STAFF 

■ ^ tears ease . . - - . . c j for nevT sea- because of allegations that ani- 

r. By Our. Commodities Staff -. • son's lamb a? British. -Unlock mat? ; shipped from Britain were 

:*30bFFKE prices; feu. on the “ ri -SSS a Most other retail meat prices 
V 5 ’ iz ^.jondonfuturesmarkef.yesterday • £ ^«j 10 p S ;.. an d., are unchanged this week, al- 

fears of frost damage -io next roastin' e ioinis - - - though steaks have gone up a 

“i:r,uear’s Brazilian .crop; receded Farmers are'earxiiiis about 65p -further a pound. Nc-w Zealand 
h» further. . ... r. -.- a nound deadweiffit' for their lamb is also Ip a pound dearer 


^varninji lor souureru.»i-^i u«j cg this week is anenangeu -i “rr„ 

'-^Afednesday. evening and ove^ a jj 0Ut £1^7 a pound;’.- ' ' - I np s .nops and _ old 

l: -Cfjiglit . temperatures • were Tbe ma j n cause ot the 'drop is from Iasi seasons mam crop are 
r i- *rye ported at about -15 degrees the Increase in supples" at : home growing scarce. 
l t hi. .-entigrade.. But the weather an d consumer resistance to’ high Prices of the few earltcs on 
a.j.:.ifflce warned that a new cold priceSi fall has teen accei- sale are h!gh and ^cnerul har 
” Tont was looming -over- the e ra ted by the collapse, of '.boom- vesungs in the main srowing 
J rugu a yy Brazil border.. This ^ exp0 rts to the--bi«b^ed' areas are not expected to st 

.. -rout was moving fairly quickly Frcnch market. - fo hecausi? of 

'*-^hto Brazil and was already — 1- mereasinff Some growers say because 0 

•or a.U . n F 


.. -ront was moving fairly quicKJy French market. . L, " 7 hpcausi- of 

* ^.nto Brazil and was already French farmers are in^asfoS. Some growers .a ausco 

-'- 1 5;iffecting the non-coffee slate of marketings and so there' 15 jess the recent dr h 1,- 

66 ?Ul - W ^ r biped"' flr l ”- l id 1 7 le P uff SS foil 

Tbe office's short-term Idrecast 2S_ Holland has Been, htndfirpd short of expectations. 

• T or Parana, the country’s main 

Z Coffee growing state, is’ for cloudy ^ 1_ n £ 

"weather,- becoming.- unsettled T T W WQHfQ^lTlOrC DGGI 

'^-■ater with- falling temperatures. U>1J. TT 4III3 « 1VJl v 
' Futures prices rose. marginally • -■- : •, 

' r^arlv in the day with the Septem- • BY 0 UR COMMODITY;ST^FF- 

^ ^na«i U m a £X e n r ^ 

>er coffee- was. down' Ill-on 8 r§: expected, to gain^n^TCr^^ Prn.iripnt Carter. who 


the possibility that the Soviet 
Union, which has not been sell- 
ing Tor a long time now, 
might decide to resume sales. 

In these circumstances it is 
thought Impala Platinum, the 
other leading South African 
producer, might not Tot low the 
Rustenburg lead ultimately — 
as happened in February. 

Alt hough it is believed pro- 
(tucers consider S25U to he the 
minimum level at which ex- 
pansion of output might he 
economically worthwhile. 

Tungsten talks 
boycotted 
by Bolivia 


grass hn.r« l.dG£ direct planting on a Up scale. 

^rasrth.* i^^a: Mont ,.a.s ar»v 

'«» r l trDm “ url- sS'Vw.d.i- ->*■ 

, if^the ^Ch'ine.c 11 ready ^Thl.VX-'ri.S. for inala nce. one of The 900m or an Chinese. 

‘Close watch’ on tapioca trade 

BRUSSELS. June S. 

BY MARGARET VAN HATTEM Reeled 


The present level of food con- 
sumption is low by any W eslern 

standards. This prohahly 
accounts in part for the small 
size of the average Chinese, 
among wh«un Western visitor? 
stand out as embarrassingly large 
and ungainly. 

It is probable that much more 
would be eaten if it were avail- 
able. but there are no signs of 
deficient ie.- and rnainutritinn 
which can be seen in many 
other developing coumries. 

This in itself is a remarkable 
, achievement when it is con- 
sidered that every one r.f China s 
240m acres has to feed and 
clorhe .<-5 human beings. 


BRUSSELS. June S. 

ay MARGARET VAN HATTEM . . 

the EEC Comim.smn todoy if prim ro,« »c>™d present Commission J..* ^ 
clarified its polio; »n animal levels, and the jn should be increased temporarib | 

feeds which is UV - iy m cut the its use was suppb. ^ ^ sn over . pr0l , UL . ti ln j 

rnmmunity’s reliance on soya Statistics ir '^ l " ale th (1 ?f Sfc d a s livestock sectors, specifically m. 
Si imports hut leave, open., non ,n Thailand could rise as mUk prodUL . tion . 
the aueslion i*f sciion against much a* J5 per mu b> 19^0. <• \v e remain committed to 

rising imports ur cheap aubsti- Mr Williamson said «■"- reconciling two difficult tasks— | 
lutes' for conventional cereals. policy on protein substitutes was resl j lu tion and maintenance l 
French grain producers have basod on free entry for s0 '.? i ^“ t . of a balanced market for pro-; 


meeting here on how to stabilise , which m ™ Tn the recent Mediter- 

the world market for tunssten ^ the SS ‘package. 

‘“““ISiVtdteTpr.i-ls Keulor. comiils^on's cl.puls dim-tor- Th c oramiM iim also planned 


-ir.ianj iu i«.e w tu uuR.yvmnwidi * . - 1 ,; mc the tnlks reports lteuier. c-um ui Tril ,, me * ~ tft 

;..'.^nne P0 &“V^”nse^pta- NEW StaMMIl ’ -_“ a £irt *» ^^".nimJMend trtg«* "couoge SL uw of*^ 

- coffee- was_ down" 111 -on are expected to S» 1 >>.5gE;5r!i! pri.ident Carter, who b > whether to in Kooen today that the issue d .„ for [odder, both from Its 

'ssjss%jr* s?*® sssr..? 


Lower world 
cotton crop 


r both f r °m iW WASHINGTON. June S. 1 

S' " W.°3SS psj 

sources in fina 1 plantings and growing con-: 
some proposnls dm*, «» “*5, IJSl 


... auction m uic cuiutup ;«*■ 

bilt the 1S78/79 'crop af /4.6m -Only heef 
: Sags («0 kilos each), 9 per cent matches. U&. 

'■ ‘ T irlore'- than in- 1977/78 and foe’ but exports. S 

rssaitisss sk 

< ^*fr> year r— — : : 


S,^ioS r if Sm^ d «o a iAh. production of 5,m 

.har the k°eS 


Stocks delay 
butter 
price rise 

By Richard Mooney 

BRITISH CONSUMERS have nnt 
yet been affected by ihc* — 16 a 
tonne cut in the subsidy on 
retail butter prices which came 
into effect on May 22. But prices 
are expected to start to rise by 
the end of I li is month. 

The subsidy has been reduced 
. b> five European units of 
account nominally worth about 
i‘30 at current levels hut ihc 
re duel ion cnir. elded with the 
devaluation' uf the Green pound, 
which reduced the effect of the 
cut b> al mu t half. 

The i'lti subsidy cut will add 
'less than Ip a lb to the retail 
; price. But further cuts at the 
: beginning of July and the end 
inf the '.ear will add another 
I 2 7p a lb. In the meantime the 
1 7 1 per cent Green Pound 
1 devaluation and rhe 2 per cent 
Iris- in the intervention price 
j will have added a further »p a 
i 1b. A half-pound packet of butter 
j could therefore cost .>b-3ip b> 
i the end of the year. 


i COWUVIODJTY MARKET R 

\ base metals ;-oprKi.;„a,-* 


assssmi 


MEAT/VEGETABLES 

,» *«S MEAT COMMilliDR-M™; ;««>* 

sr‘.“cscssri»rr&xr. 

Bt.aaaiASs.-vii 

««• a ‘'' ;r - ,:v pn 2; 7 ££. U9 9p 1-u’ 

*£Sr 9S ¥ 


PKICt CHANlitS | 

Prtcvs per tonne unless oihcrwlse \ 
staled. , 

llune E I 4—' . 'I-"’ 11 ' 

W j. — - I*- 


I G. Index Limited 

29 Lamont Road, London SW10 0HS ■_ ? uto korb.^ 

I.. Tax-free trading on conu “ < ^ t f, {^ S‘e smaller investor, tin.. I oc 
2 The commodity futures market for roe 

*' — ■■ - j imLo, CfhiIr 


buying. The ensum ui nca 5? *• ' . — - 

sitsiHiIon widened Ihc back lo i30 M»L 
poi*n_= lo-. lhe aflW^ooti- values innv'ed. N.>-UuiUi 
SSSl'iS— ^ i.iitv rariuBrd aacial louchk Jnl\ ...-. .. .. 


A Uv -r 

EUROPEAN OPTIPKS 

1 

^ - Knii' 1 

' '■"{ •«. i u, 'v nt -M. ii-LW. M 

SS-i '.a. '.= i *$\ Z iiji z • :: 

as-"- “S HRs-l -I *&r.- i : 


! -s 

i sawii'A 


.. Jw vzl::: -j?* 

Soiii IsbO." UD.fl — _2*A ; -- 


ATI 

atp 

ATT 

Cinmrp. • 

l"U irtii-1 1 

, K K-jdak ' '. 

K. K.yUtk 
| K. Kodak 
i E. Kr-Ulc - 
Kvun 
Ex%.'n 
Kxxilu 

: UM • •• . 

G-M 
G M 

: ibm . 

IBM 

: ihm 

i>e«r» 

Sears 
. Swrt 
Al^mene 
' AlgrniMie , 

' Aii{«iimi.* 
AlKemeha 
Amt- 
Aoiri* 

Anna 
KLM 
■KLAt 
K LM 
I KLM 
KLU 
KLM 
Xav Nod 
;. NbI Ned 
Nh! Ned 
Hilliir* 

Pliilll* 

' Phmi" 

K. I>. shefi 
K. 1>: sjbell 
- If. I*. =*heH 
• Unilever 
. Unilever 
’ L'mlever 


1311 I 

S5U | » - - « I 52 i 

S40 j : |lJ | . - j Jj | 

■ ■ $46- -j- ■ ; i i 

SSO ! - 6« ; - • [ 

S50 : 12>* -r 1 

560 •; 3U -I 1 ; ■a&ptfr 

R840 : 28 I — ■ ?lj ! 
SZ60J. 113« 1 "7 l 51* 

SBBUI 238 ] 1 . If ( 

■ saa i-5 — > Z,l i 

« 5 -! I “ t 

! 27 ^o ' — • ! 20.00 

tiSj52S|i - ;.}«»■■ 

F360 ! 6-00 | “ ! 640 

F10 i 6.70 l ' S-S- } 

.ffi l-BSt i 

K160 • 25-60 1 • 2 1 

Pl7o|22.00 [■ 49 . 
k'lfli] 1 ;S-DO 1 24 j 
F 190 * 10.00 1 51 *1 34^0 

FHOU i -6.00 !X1« ®-°g ( 

Fj> 20 i - — l — . 1 • 

FIDO : 12.B0’i ^ ,-^3.00*. 

run I 4.50 1 • |-®g : 

F120 I 2.00 - -J.™ . 

'll,! 

FlZO 1 10.40 I - 4“-®9 .! 

F130 2-40 ^5- '.•S.-M 

-|iS4ffiiav.Uaa 


8i a i 6 
3H I .1 • 
7S, - 

fil* — j 
J3a i - .£ 

rati : - 


91* - - I - 

S " >7*. 

4s* .- : 

21* . — • ' 
l!J(, l *t-- v J .B62 ij 


2 ■ I -t^TV^ C 

r ' S ?6is i - 

i ! a "• 

= .1 -*H t •- 

_ - •! 2B.OO — 
_ 1 16.00 ■ ' - • 
•_ . 12.00 j . 
„ t 7.50 . . 


‘ejrt'vj '-I -Mb* ; ! - 


* — --lb* ' ” — ’- 1 

i 33 - ' ; S266 

I 20l< — : - 

j *55* . ,iS24J« 

l-ii'-i -L> — t - -V . 

) 27.50‘ "— |T356 

i 24.00 . — I ■■ 

18.00 - 1 - 

“S'J/.T - I F74.50. 

1--4.70 K’f* *■ 

jSw^ViFiM-OU 

1 29.00 - ' •• 

127.60 14 .. 

16.00 I 4 .. 

17.00 3 .. 

1 41.00 I 19 . i •• | 

- 15:00 j ■- iF 110*0.1 
■ 8.00 I 4 ; .. 

•IS. 

3.80 ; 101 

■ lS! 206 'F 129.20 


tsssa ■ ■-r ,s . " • SK ™ 

-Bv.i-20 i 6685-95 +10 iMbr averact.- IMJI *ia5.66i. --day 
Ml 6683 90.-1 | &605-10- r j;.& aventge 137.97 <135 76.. 

SSSiiWip! = COFFEE 

Rjgg. ..wj-nra-SKs 
ask sv*-^ rrs & - tsw MnS 

, B. iS&gs*- & "” n,te gs-r ZZ “ 

UEAD— SUghtly . 'oasler m . mhdui£ , i *&•*»* ! + ,,r ! 

utSfe-wEr am* n U&W 4“^* — “ ! L ww 

mMdiol-.'rcQtfelintt.' lhe sharp reversal in ,1. |wi •■•uue. ( 

S T- .-TSSS^iJlMO. 1M( 


ltaup-icra .|, v .<(|,i t* ee-c«.«B- Lamb: bnuiian I 

1*1 .u-19S0 i Kv c 5 7a «.& Bt 65/o tb.Bb. - p (1 , 0 ,p.u. medium -M & '■* , J" M p. w o io \ I 

zv::::.::::: -«.« i&as., jm-M-r 87 -°j- 6M0 ira »B: nz pi- 510 10 PM s0 - „..v.Jn2 3 !... 

and IsbO.'' 80.0 -22.5, - Sales. 3WI -17>»' '•>* wi-rt- A- n£ | lhh K-ss than 1U0 Hi 37.0 w ; tli3.95 +0.7 

^Baer-fc* - £%£*£ «» - — - « -|-= 

ra. i; ^ ; *25?; «ssf M «;^r m ! ,e ^ tuT>£=:T£> z h \ 

SOYABEAN MltAL vS= - 5i'=s.“-.datSrlJ 


'Vo'vEHT CAROEM -Pnee* m sierlim: 

a s Ts^arnss 

Valencia ' J ..r/.S;„ ia n a.flo- 


I'Ulllllllln imv . 1 /.. CJ22 , .. . - ,5o'js 

Ki« Market ;El«.95+0.. 

uim-k-mw a* ... * ~ . 

Sltve. IF..V , i*-0 *V. -3.c BU l 

IMS t no 

I'm Cadi :*-®-®9 ' ' - J E5 

iiiirtiiii- - 6 - fl 5 7 ; 6 , T ?,-f jo 

W. il I m III i'-Oall 1.CII . * J ' ® “i *U2 4B 


•n2 7i KEW V'lRF.. Jum- = 

7 C i'“ PKECIfil'S Mt.TALS rjllr.-l on ImU-S 
, . --t .ma tfonnnlShavii-ll'iUu. buj-iru; loilowina 
a'.roi^ demand at the nu.uhlv IMM uold 
aui.llon Ci'pP 1 r <1 um-J hicJt r an trad..- 
*" ' ° ji.ii>;ira-o hiiyitti: ami liival uliun cuvtruu. 

. K Siujr Mu-died hich. r on In-ln irad.- r*riw 
' 1 ' h'.ma i Tull vc liaivhcd IneiT un ..otifinu -rt 
* ,ua ji-.. ulaiti.- l uiintjii.iu fiill.n-. nit: reports 
ul nu rruji .J--ma;.e !<• the Uarrilian 

.-120.-S t-roi^. Bjchv r.-i'ur.c. 

-122.4b Cocoa— .lui» 1 H :4 7ft.. Si pi 1V-* Vi» 

t- 7 ' 5 - ii.m.-s.. d.-l. i : _M. ir.ii i ::.<•» May 
50. < July liy;3. Sm>i lir.uu. Salva: 

■ d7 CiO li; ' :i 1 '" s ' 

,C5 Codec —■•<: •• (.'HMiraci: July 17U..VI 
m <17;:. ■ S.-pi. In'. in.] ill m i MAW. Pi-c. 
I.-,,. 23.1 -A iu Man It I-II' '.ft atJTi-d May 


jji^n.mtlv- ' n , onB F[£ nc «..! - Sj ?UL fumblc' 1 boxi-s u - 15- _ . II I il.iy o3 2u-vj M. .tub M.M-iK.25. Ow. ai.Va- 

L^tri ssa» . 

1 !■ ._>■ muiiv . 1 Ut.xii>l-?r ... laS-TJ-rf.l — 0 65 M-3J.-a.BU Simm ^ Co Ucn Dvlk-tous O I-M-1'- ; t,3..'U. 1-Yb. IP: :</ April 1S....0. June 

l 1,1 ! Kei.iiH.rv wJ.S*eMf-0-» - S African- Orannj- smith 9 3I».*.50. While- Onun* . . | is. auj. >1 -•<«. <ki J«4.3 u 

v lir ii Ij4 Si-.B.S— t-2' — 5l « r pMrinain 7.W* uO. Smriilnis Deli- Mrtv\ hkl • . i v. L :ic.:u A|iri! Jr in. Sal.-t ..144 1ms. 

J^Z. '^“ e D f f S. tS H.uiw Fiiinw«.-. , EE5.2 | + 0.*»t.9.6 , Lard _ - lllL , 

— Sal..-*: ;U9 dM, lois ot 100 nmncs. s M . Chtlcan. granny Smith ^ .+0.!5Ci06.5 Lr.niv ^ 


Conor. — Ad. J: .llliy sw. ..-H 49.. <K-l. 
j irj mi .o.* -3- U. ... 4^i" nft Mar.h «4 33. 

il.iy t.5 JU uj 4 il. .lit!} (i6.illl-iSfi.25. Oci. 05.75- 

I !■■■ Sji,-3 4 .j*u lots. 


__ _ .../o *; Q.10 — 

liSrSso- E-r-::: HI'Vm-I** - __ ^rS 5 '^ ^ i 

^srs^JSi S K-B : i iSts --- « - ims of w ^ ;+o.»cM».6 

SUGAR fi«- 

I-... 4 U V v ::;::::::;: ^Zisso-m ; 1550 LONDON da ,ly^rice m fagf 8 i;;*“rV,n‘neT; t io4.s 

LfiAi> Offlnal r- I-'noiln-wl! - _[ 1 £102.90 price *as 930. 5' 'mndard <^3-004.M Plums- «„....:et.?M.5 -5 5 

s — _\ — . — | - 'gai^s: 3.83b 1 6.742 1 lois of 3 loniua. Mlpniciii. JJ^o naar daus V kllw Japs 3 .um.M. Bed «■“- K.ii..r,-.-v|* jc 1.658 -13.5: 


i ‘Cold— .I uik I'-’oft il'-o.70i July 1«5.» 
I • 1 'I Oil ■ . Allr.. 1i4 no. ‘I'.l. 1VI-.7U Cl.-I_-. 

j 1/I..-.4). Fell, ip: "■» April 1C.I.:0. June 
I id.- . win. jo. ■•..I jiM.vo D.-l jfil.jn. 


g.Hff'lounius. r - _ . , 

' . 'i p-m. ' H- mi, I*-" 1 - f+' L 
LfiAD' j ll«H»l ! — j t noim-wl. — 


l^ s >^ib.5«. Golden Delicious » H-.i.e F..i..r«k..,i:B3.2 |*0.2a»-'-- fLatd _; )la 1 m— 23 M . Sam. 

“sr - ^*** s.,,. », 

‘■“■.'■■"SloSf “.S*ii »»-•■ STutai-.pi.n.lMfcM'-ii.s 16385 
«SL-*SS~- ««— Tri “” pt N-^R-' 

riel 244 7i6.’4l> 5u ilN '• V>- Jan 21b HO. 


i-iuu -. ' iaof * ■ 8-°° ^ 

rilD ! •S-SS I ' 5 oo i : — 3 -®^ 1 • 10 

E1W S$S — ■ 'Jm i'.- ' iao i-' 6 

iX.60 f -.5.10 — ' - is . '■ 3.80 ; -101 

i^.OO 5.00 9 3JO . BJO 1206 

E7.S0! 0.90 : 190 . .« 13.00. J - 

fasifS^ -iSf-a :■« ■«■■ 

flB iSgl it - ":§o ! 

PiSf i ts V P •; j i m %0 t v_ ! * 1.B0 ; 5 

7130 1- O-.BO , l - ■ ■_ 


— iJhllean 1 '-ases - 3 . 1(J; - nomiri 

mi l*c . , . . _ , uj- , -fin: Duivh: 2 0O-2.bo: m Junc-Ai 

-monihs- £319. -23.5. prices for June 7 »U.S. | p Tesas: 4.3U. Efiv^'an- - w) - JN'W 

' ZINC— Lower In Une idlh lhe trend in cent per . "°“ nd ‘^ 1 ^ 7" ^prus- sSTSww »' b « *■ ValenL 'i a : 

sssr " c ta,c kert - r owr fssssar wfssa A ■«*. /^M-,s*BSsaftffiSS KSir-E 

— - <,a.p— ,+ ^>-t ia( ! , + nr r-ttAlMC :i 1 0^r<;™ian.\ P PLT poapd UH*. H““- 

UXCM OBMBI- • - I Lnomewi . - GRAIlNS ^ ‘J VI' 50 6» rian: °-*t a.^Pouioes-Per 36-lb. 

stht tSFrsS S~SrS SSsr sSi £h£zt£g>8& 
m .1. r= iStSS'iSari-S-sSafS ksC^H”s 

™ SSi 1 ^ duc - £1 -r^» >“H^^ : ro p b r '^ s 

: [ BARL6V a 


V l'is.oo 


SILVER 


Oms per own* 1 . * ™ ^ 

• . , irbirc CLUBS J ... itffina! rlfltt r W < ^ r ' ‘ -- - -- 

■ raX ^*1 1 FlIllLa : r wi.w w Morutog: Three monihs W. ^ 

ART GALL _ '»■ JUSTUS; 

Z.Xi'-JSmv. _ «R«^i^aTL L oo L |SS“ow w -' SILVER 

— MTiTfiM C7ftLLP <Y - : ‘ 19th j._L el ^nH * TWt GREAT ■ BR ITISH— Stglg envpp U-aS fiXCd 3.3P * n ounw low-e 

S,°I3. t, w>« r |^o.rL Unt[i lotl. i „ 1CHEL11 :, Csuw Hr'.M' Annan 0I ! S i! 1 " 1 ™ s"”™ 

EXHIBITIONS ^ 

SSwSSF’E §SM 

10.00-12.30. , ' JT S.5D tKludhS haitd boQ»- _ b iLVm Bulluw |+ ” r 

-L . , «ALLMUE. ad S T«TS JL P« «»■« - M \ 


- Uul 2u. .1.111. I'Je.iO. M.iri'h 613 29. Sal.-s- 

Nominal. S Unnuored. I- %"«'»« 'j ,,r " , lljnjv buUwn 

unc-AugusT. trJuty. sJunc-July .-.2i..in> ' -•■• *" • 

MIM Soyabeans —in! V i-s-tird .ny.-.i. .\us 

1 hM '.i. f.; il.^lt • «ivpl «M-I.I.7._ \0V. 647 i- 

(.4n Ijil t-RUn"ii>;. M j r L h 6i7j-bj, May 

I INDICES J ■•Soyabean Meal — July 17"! On-1 72 SO 

_ ■ 17? \ili Auj. 171 .ill-17'. IHJ <174 10.. Sept. 
-■ ■'■■ — ■ 1 73- oil ii. 1 17 :.iiu-ir:.5n. Li* ■_ 17 1.30- 172.09 

financial times fen ji,?,7nls rdl K1!h " ,, * u *- MJr 


JJ’ntli 

Yt-l*?nl*v'H + , ‘ lr 
tln-c 1 — 

Vwi eM»y' 
I'liw 

j + or 



8U.5J 

i+H-2 



83. «D 

1 + 0.25 



8».8j 

1+0.20 

(Inn- 

>li»r. 

94.75 

8B.54 

9o./5 

Uo.to 


WOOL FUTURES 

irtMDON— The Tuirfeet was unchan Red 

n fiiiRWiv s °“ lon ' 


289.8-290.Sp (52M3WO. 




S.Ib 3 °i 

PUBLIC NOTICES. 


ptx . n*rag 
trorfifi." : pnct«lff 


' Business done: Whoab-Srpc ' ^ 

Nov. SSJUWS.ta, Jan. 91 ^ % S? Gw*--y w 'H 1 “ - 

B5®a.,“3 J«-.n 5Sr-«A«S: T T 1 

SSTuEus. WU no.-*- kia«»!*»Ji w« 

a vs' S E 

CkhSrn SpnnB No. 2 14 I»r cem June ■ *J“»" | i - 

MM July 53.73, Alls. « 7 25 iraiishipnieOl JJJ4; E46.M8.O - 

S CM sellen: VS. Hard wmier ■■■“■; _;L,7 jwojb | 1 

nn unary unnuoivd: Wi-si Aua fan un- ..pl.-.O-SU : 1 — 

» sen: J'Ji:. 1 S5 ".“S LS- 


^ sr r&ssj,^^ 

” UK AGRICULTURAL 

- AID TO KENYA 

__ NAIROBI. June S- 

The British Government has 
ojvun grants worth £2.5m to 
assist Kenya in a major soil con- 
servation programme. 

Equipment including 43 crawl- 
er tractors, bulldozers and rip- 
pers, five 130 hp motor graders, 

- 1? Land-Rovers, and diesel water 


FINANCIAL TIMES 

"jlittV E : June? i U. mill i •> i \.-i' ' 

249Ta0i 250.61 242.71 | 257.46 

i Bane: I'll" I. lMtsUWI 

REUTERS 

"June 8 ' June? i.UiriHli mill Y.-it 

1522.8 ' 1525.2 ' 1455 .7 | 16i'5.0 
(KU4! SwlPWllM Hi. llttiatnPl 

DOW JONES 

’ lkm | June I June | Mmilli; l ’"“ 
June- | 8 I 7 | <*uu • i-' ^ 

«unt..." l is8.66 3fi9.10 , 557.774!5.30 
pl.Minr !352.46i5 55 .54 !34 1 .42 405 8* 
(Avenue I97*.&.vs=iuui 


MOODY'S 


I June i Jiiiw I ilmuh 
MHV 1 * | 8 j 7 J ■ •< i 

S„ie v-.mmn v921.4' - ‘908.6 905.1 
Tnorwiinei ^1 'SlTiliMi 

* 


| Soyabean Oil — luiy J6.09-2C 13 
I Au^. J." " Jr. O 1 J "i s.'i ■ S* pi. JH.43 ’p'\“»0. 

1 fiij 21 'jvM.i j. [i ■■ ■. -M 1 !)■-■! Aft Jan. ■u.M.i, 

1 M jeh" 2 : «.« M j v -" ■ lull J J 2D. 

' t Sugar — 'iu. II: July 7 J r ■ -■*-* ' • 

j s, |.i 7 <»! i-:.iiii<-*. "i!. T.j-T.n. J:m. 
Is M.% ■.'•>. Mj-i' 11 M,iy s 7.". July 

ik\5.Jc9.' Sypi. A UV9.I0. Ilyl. S.1S-9.20. 

I SjIi .: 4 .vSO |.ii->. 

I Tin— .111 s-.v,y.0 imSJN-^<( 1.VO aikefed*. 
••Wheat— lui- ■.-•4!--:J4i i:r’4'.. S.-pt. 
i :7i li.-e " .1 >■:" March i:ii- 
:!2u". May :jni-"2u Juv- 7::!. 

WI.NMIPFii Juiu- ? ♦Rye— July 107.4'i 
bid 1 1U7 19 • O'.l Mrt.99 bk! <]UH.2Di, Nov. 
li'.i 7o asVed I'i.-i- 10ti 1ft hid. 

ftOats— Jnlv Inti ■ sn 0"» «n t 75 39 

bid ■ Th 79 .,%ked*. Dec. Ii.99. March 75.20 
bi.l 

i TTBarley — Mil." 77 r*il <77 50 bid'. Her. 

| 77.30-77.50 '77.7U asledi. lieu. 77.20 bid. 

I Mjr'-h TT.i'U ashed. 

| KFiaasocd — July 261.00 hid 

l(U-i. ■.Vl.uO. Xu. . 3»wi bi<l. Dec. -iS.W 

1 .iskcd. 

1 ,r iWheai-srv;uS 11.S per ceni proivin 
i cm nielli uf Si. Lau-TVlhv M 71 iMS.nv. 

” 1 All c<-nis per punnet cs-wnn-lwnsi* 


S^STJJrtSLTJSBS PUITINWI JU' 

!!rece C nt PAjrrnNGS. unin jm ■ *4. . Bu^ef»- Processors -Refiners buira 


vtELL GAU-EKIQ.. . p &|mt 1NGS - and 
=ren«h MARITIME PICTURES- 

^IcE^PAlMT,^- . until Junr.24 
-ru^-Sau 9.30-5.30^ 

AVID CARRITT^M 11 ^' ’ 5, 

1&-S. • 


; Basic Metal Co. Ltd 

- Vineyard Walk, London hCl 

| 01-278 6311 Telex: 27159 


S-f-rMVy 63: n the Foreign and Common- ^ ! ™ r/. {fj 

?S5 S£ RlKSSSrU rr to . NT « c Si-: wwlth Office, who is 00 a tour ™«IM , 0 - £%» M, 

MUM .«• Kvrts- Thru. pMd Wheau S. Lincolushiiv m.m. Wilt- 3 Wa SU . *■ Ttnal BA ^. ^ 0 f Kenya. „ .. £1.SM2;»; FHta £1.. iS-i3.no; satUu -«.•* * ^‘’^n M ns delivered r«h. cun. 

297.8. .7.7, <.C, 7.5, <• ■ ■* shire IB7.en. Feed hurley: S. Lincolnshire "" goAnFOB D— Sccmt lopmalior* in- ■* yfe are going all OUt tO reach Xl.BO. ' riu,-,„c Tub'd*. Si l.oins juJ AH™ 

T , £82.90, Willshin.' J31 no. .... uuot'-d prices fnr moa quallur-s t hn email-scale farmers and assist . . * „ . -• I'.-nis r- r ‘f» 111 bushel III •’lire. 

TI1TF Thu' UK monetary coefllcicnt for ihc *-TcffSM u j une - The 10 . tni, small a"ainst soil PALM OIL. London. ClaslnK: June. J“> . J;,.; ... „ Lr ;n iiush«l - Outs wr 

■ ■' r ,|ir W ..M{ from June* 13 u csjwclvd to be “f frdiiiiv a cwitliminu hmu-r them Ut tile and Aus. 3M.00-30.tm. Scot. IBn.utKTiM"'- .. ^ b u. | ..r.-wurchoiiv. st '.'< ni< urr 

DURD6E— Quirt. FTjCM * Snt^ftKvd. , , . ^„n'o' in "'■-•nca* martcriG where ihc* erosion. Said Mf. Jeremy ncI 5 M.on. 3 M.OO. Nov. 280 1)0-315 M. " h hll>h ,.i <s . v :if huUM.-. 3.000 bushel 

for.Scpc-Nov. sdupnjettt- mjJB c»7. COTTON. UwbooI— S oot and shipownt it nf lhc WJaB arr uo inB neki Nvsieav. Keitvan Minister of Agrt* asu.nd-ain.M, Jan. and F*b. unaunicd. „ ^ prr tonne. 

ss ssg SS'S 2v=; - - - & ■ r 

mem: lo-ouncc 40 -mch • • 


:.,vni< r-r <f» li» bush.i In Mire. 
..fviiu: Per :4 ift iiushxl - O ms n. r 
•c il. htijh-.l •T.-wurchonv. HO nio urr 
: „i |h hn>h..l tx-v an-huUM. 1 . 3.000 bushel 
Irus. " tC P-'f wnnc - 


fr, 

& 



. . -I. - - 



Money supply fears cut Wall St. rise 


to wo at the dose. Trading based M-2 measure jumped S5-7bn. holders have sold a block of about ' I ?® SSsa^ (Dfl? d 2<£fm) 

volume increased to 39.38m shares Also after the New \ork stock 370,000 shares and dropped a purre y p ^ina 0 £ nominal of paper. Mark Foreign 

from Wednesday’s total of exchange close. President Carter planned proxy fight- 
23.06m. ‘ ' 1 * x '“ * “ " 


INVESTMENT DOLIAR 

PREMIUM 

S2.60 to £—111;% fll3%) 

Effective S 1.8230 — *8J% t491%l 
.AFTER WEDNESDAY’S modest 
reaction on 

Street resumed — .. ... .— . _ 

\ eale relay in very active trading. foreign currencies. However, they companies continued to 


-j'v u ...... „„ - i fight- #4i Afcert , jumped 31.9 to 1392.2, Loans, however, were steady. 

vowed to hold the I me on the L. EL Myers gained li W s 4 its largest day’s gain since Decem- 
Federal Budget and called £r ». Vkh pi*rt. U P M Paris 


<***?* to his ■j* sa ** r d ra -££ e ” 

d its upward path in the dollar against major California sayings and loan ■*«»*“ » to SIS. on rai- S 


U.S. money si 
The Dow 
Average. aFter 
came back to 

firmer on balance, tm kw SV|) | bo looking for a signal from 

Common Index finished a net » ,i__ >i.,„ — _:i — i — e +...> 


loan a?dvd j to SIS! on raising 77 but reacted 1.02 Bourse prices suffered a 

benefit dividend and reporting oeuer tQ 2S0 58 and Metals and Minerals reaction yesterday following the 

= — - — - recent rising trend. ' 

which rv- Most sectors were lower. 
SJSuJS f.IT although . Banks, Foods- and 
Chemicals recorded irregular 
tforrbS- movements. 

hetore Dem a Pengeot Citroen retreated 10.8 
364.2, with news Of _the 

„ of a FFr i.6hn contract 

build a transmission plant in 

Research-OiUreuV how ever, came Xnlrvn cast Gennany having little impact 

Pacific Tclcnhone slipped 1 to under hpjiTmeaHin.. nr assure when lOKVU on “■atun & . 




1 >.r: Pharma- -"in leal* xiti too 
Kiri-nont Tin 1 i.vj.ofM 
Kdiitman and F-rojd 


w on Tuesday. In the absence of J to «8-it has asked the federal $23 

SSa^JJSftawSii Canada 


which gained Y39 to Y705. reflect- Hoilg K.OIlg 
ing increased domestic demand. Market rose sharply for the 
Tor electronic parts. Alps Electric eighth consecutive session in 

. . 1 . Vi n . _ V" 1 nn Vi.tiir aF — . ... ■ Jinn nrrpVimlv th. TTnn A 


in^h-msi. F lit 
Fannir- Mac .. 
Hutrhtv Toul .. 
Kerri, . . . 

(■'uiF and HVatern 

rbnmnn RuSvart'h 


njj.Wm 
27fi.80<t 
STS.9IHI 
25U.IHW 
rw.twn 
;•«« "no 


I7i 

.101 

:ai 

lAi 


S.i mho's Retiauronis 21 a. .M0 DrtJ 


NEW YORK 




■lilt it- 

* 


June 

7 


.M4.-U L*i*> .... 351* 

!■>•... 1 24 1 « 
Ai-iii. r.nV* 42 in 

Air I Vi'nllM.'l t 301} 

Aiitm 50 

Ali-m, Vliin.iiifmi'i 28)# 
45 

lili-:-. ISS4 

All«S!l«-nv 18 

AlluM L'linnt-al..] 41 1# 
Alln-i Si»rv, . ... 25 

Aili, 1 Iwlnirr-.... 34 

AMU 34 

A In Hen-. ...| 31 Jo 


Allia-I. \ 1 r] I !■••>.. . 

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,\imi-». Iir>#ili.i'i 

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ifif-rtf- ••king. 
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dux lei linifinil.. 

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1.1 'III 11- AiLiiuni.. 

1 ■ .1 1 1 1 1 1 1 "in fin.- ' 

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!.• .nr 1 iif-lil 11 mil... 

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12 1 ( 

51i„ 

52 

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31 A, 

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42 J# 

47 ■ 

35 

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17 
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27 1* 

121- 
19i 0 
571# 

577,-1 l 571* 
421-1 42 

16 JH 


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24 U 
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39 H 
50 
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44-'« 

18 jj 

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6 

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47 

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35 U 
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29 
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26 L; 

553. 

251* 

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29 
45 
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40 
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30 
321- 
14* 

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34 
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111- 
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121. 
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57 s« 


, , niMs®. «*.aijaus aiainu. - - . . . * . niii ... , — „ 

t i have been the mainstay of the say whether it is seeking control . . t climbed Y40 to Yl.lIO. Victor of active trading, poshing the Hang 

- i economy to date of Fox - Chris-Craft were un- Share prices were inclined to j a p an y7o to Y1J20 and TDK Seng index forward 11-06 points 

~ii After the market close, the Fed changed at S32,. move higher in the busiest trad- Electronics Y40 to Y2.050. Sony more to 505.28. its highest level 

reporied that U.S. money supply ICN Pharmaceuticals lost If to ing in more tban a month, the wcre unc hanged at YI.780. al- since end-1978. 

~ : m-i rose S4.2bn in the latest $ol in very heavy trading— the Toronto Composite Index rising thoug j, Matsushita Electric hard- Across- the-boE 

- 1 reporting week and the broader- company said dissident share- 2a to a new- high for the year of ened yg to Y718. Jardine aiatheson. up 20 roots at 

Firm RrewpriM had Sanooro HKS14.10. Hutchison Whampoa, 

un at Y’75 n-bUe 22-5 cents higher at HKSL20. and 

Brewery up a_c *-*»• " DU « Rnno C nnD 1 Jinri 3Q wnts dninror 


-I. 


June 

8 


June 

7 


■ ■.null- liHi 1 ... 

I It,' Ini ili i< J *» 

tmn 

A'lmier Ail 

L'n.nn /viifil 

I. iluinunN Fii"iur 
Cum-. Hnslii.. 

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I '«.■»- 

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I'oIIi.iih 

Ilrlll*|.|y IlLl.-r .. 
Iirln.il Mi*.. II .. 
I JlJli !».n. i.t lin in i >• 

Ull-lHL.ll.illf 

Illuila K>|iil|i 

i 'l»I|..l I W Jill .. 

II. 'll-I I. .. I |.il. . 

Il'i l. Ii^mhul ... 

limm 

i*ie*«4-r. 

Lin ii.|il 

Uj ni.j lii.iii'trii-* 

kjiuie Ci.-lu-r .... 

AllllHO .... 
A^rliiinn Hi 
Knlun 


61 

I 591; 

Ms* 

513* 

30 1# , 

30'# 

273, ! 

! 275* 

33 

1 33)4 

417, 

; 42*4 

171* | 

1 1712 


, lin- 


K. li.A i... 
bl Haim A ni 

hum 

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l-.ineri Am Kiiylii 

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bill! i 

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fiiiUkmi- 

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K«.xl..i.i 

t-mnkun Mini. .. 
KfMfJairt Minrla. 

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f Byua I mi- 

li.A.K ' 

■ mil lift l . — 

lirti. Aiiil-i. Ini... 
u.A.l.A 

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■ •eiiemi Ki*«K... 

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<ifll. : 

lien. 'If. h'f l...* 
(leu. I yi i- 

'■••Ill-Mi ' 

A.w.ruia CHi-iiii'..., 


287a : 
44; 0 l 
32Ss . 
2S5 b 

12 l 

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16a* 
27s* : 
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58 ■ 

44*4 ; 

45 

27lj ' 

28J, - 

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121 a* 

50>4 
25i ( . 
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271- : 
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347, ■ 
381, ! 
26 U : 

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2*4 

24 , 

311* 
235* I 
471# | 
341, I 
3b* [ 
137, | 
29 U | 
224* 
277* 

29-a I 

38 I 

254. • 
491* i 
213i 
3 U-i I 
10U 


28* 

45 

315* 

257, 

I2J* 

221 ; 

16U 

281, 

16 

515, 

441, 

46* 

27* 

285, 

467, 

119>* 

30'< 

237, 

113, 

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39 

27 it 
16>2 
35 
37 V* 
26 
377g 
2* 
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31 i t 
23 
47U 
35 >4 
561; 
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2912 
225, 
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25* 

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217* 

38-': 

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32 

121 , 

133* 
43 U 
101 , 
29 1 b 
17 
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181; 
31?: 
291# 
271, 
7 

271# 

• HI4 1681- 


227* I 22i, 


22 ii 
35J, 
32 
42': 
255# 
321, 
551, 
20 J# 
ll*i 

4A, 
29 -l 
24U 
52 5* 
155, 
43--i 
22*4 
13 

£8 
207 a 
191; 
43 •# 
171; 
27-* 
21* 
42ii 
12 
SSa, 

23 a, 
225, 
247# 


16 ia 

225# 
335# 
31A, 
421* 
26 
32'a 
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20 
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29 Vi 
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28 
303, 
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281# 
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38 
235* 
221; 
25 


391, ' 39 


22'j 

30 -V 
29'. 
16' 2 
35.-.g 
57 »* 


221 # 

30i. 

29 

161; 

35', 

58 


liillfiit- I 29 

■ ■•Hall It'll II. K.... ’ 2^A# . 

'"••I.rmi tiiK....) 16ic ' 

lii'iiUI | 30 1# 

iini,W. II 875, 

I.U \i mu I'm Tea 7«a 
[Un. .\.irth I mu.. 22># 

Urvtli.jtiiai 13&.) - 

• i mi \ Wf,i*rn.. ISi, 

lllllll.ll 84 

Ualilmrli.D 665# 

Haim, MlU'iti!.... 34 1* 
HmtiiM liifaer, ... 161, 

Him- Ciirj.n I 591# 

Mein/ H. J i *73, 

Hnihiein i 2V5i! 1 

Men i*ll KRikai'i 1 835# 
Huiuui) Inu- 19': ! 

Hi hi ii.— lake • 34*: 

Hi •iu.-v«e' 1 j 58a# I 

H. ..HI ! 115, 

H*< | .l.iirv-.Viiu-i .' 34U i 
Hi.uiL.ui 3ai.Ua 87', 
Hinii il'li.AiLlun 115. 
Huiii'ii ih.E.i.... 17'; 

I. 1 ,. Iii.iu-iiif- ... 26 A* 

IV\ 421* 

I ii^n Mill 1 ,'miiI 62 ': ’ 

liiian.l ’ 395, • 

Iii-Hiv 16>2 

luli-ni.nl Kiwr-jv 8 

I L' Al ; 268 

lull. KiM».,m>....i 263# 
lull. Hnii-i«... 

In II. .UiiiA t lu-m 
lull. Mii'ltl>,« 


Min ! 

lull. KniM-i 

I l*fi ; 

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Inn# lleel 1 

II" InU-riml W'lial. 

Iitii W'-'l'i... 


38 
3 < 
23 
17'* 
42 'n 
36 'h 
141# 
525* 
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361* 
11'4 
33A* 


3L1- 

117* 

135* 

435* 

101, 

29 
16.; 
63 1* 
53s fl 
32J* 
31i, 
62 >« 
181* 

30 i 
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26), 

6>4 

26-4 

16754 

2Ba 8 
22U 
171# 
303, 
27 a, 
8 

227, 
13'a 
14i; 
23 1, 
66 

34 5i 
16 
5954 
371# 

■ 29i* 

837* 
! 16^4 
347# 
1 58;# 
1154 
34 1 4 
271, 
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171- 
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42 
6254 
40 
16U 

a 

265*, 

26 

Ab’t 

39A, 

223, 

18 

43 

35 
14i# 
321, 

1 

36 i 4 
11,* 
321* 


Stuck 

June 

8 

June 

7 

J .-Ii in. Main Inc... 

305* 

305# 


aai* 

Bli* 

(tibnsnii Unniriu. 

287# 

29l 2 


353* 

34U 

K. Man L"«i| 

24 »4 

251» 

IvsIxClA-iimint'iu 

33 

33i* 

k'lin-r lniiiii>lnn 

2 

21* 


231# 

2330 


131* 

131] 

Kclille, vd 1 ' 

237# 

23v* 

herr Sh<iee 

4f»i# 

483* 

Kill, le 17ailvl 

345: 

343* 

kuulierli C«-rk .. 

475* 

48 

Knppei ....... 

24U 

243* 


49*4 

49 U 


34 

34 

Lenvcu#\Twii».. 

341* 

341* 

lo'vi *,niiii« 

355* 

35 

LiUiy IJu.Kixxt... 

273* 

271* 

Lltiget 

333; 

333* 

LiUv iKiii i 

4»i# 

48,# 

1.U1 ..n loilii-i....' 

20.* 

203* 


25 >4 

24,* 

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215* 

21U 

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la-: 

19 


23I S 

24 

| 

4JJ3 4 

42 

Liickv dlo'er..-- | 

151# j 

15 

l.’xe V'uufi-I'irn| 

7i* ! 

7i* 

U# M it lari 

125* . 

123# 

MffCV It. H 

4!*l4 1 

423* 

Mi is. Haiti.yei ... 

3812 

36‘s 

.M.»|xv. : 

3tj'» 

3bU 

Mnrailiun Ul*— .. 

477* 

47i; 

Marine .Mm »»!•). | 

36 

15i 4 

Ms i -bull Kiel., ...i 

213* 

211* 

.May L'efd. 

254* 

2530 

ML A 

53 '4 

5244 

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2ffi* 

29-4 

M. U.Hltle.1 IAuil-. 

o4 

ail; 

M <. ran Hii> 

2o7k 

23ia 

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48^4 

47. a 

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60&s 

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linn 

34 7* 

341* 

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65S, 

351; 

Miiiii Mifrux M,e 

56-4 

563, 

M'.iM‘ L'.r| 

65 'g 

65)* 

M.ifi*an,i> 

5a J* 

53 j# 

•Mmitmi J.l* 

49 V# 

501* 



49v* 

49 1* 

M'upbi L«, 

40'; 

401# 


54 »n 

25 '4 

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2bi* 

28m 

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18 

18 

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23 

23 

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165* 

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32i fl 

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44 

44, „ 

M. K 

58 

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18/# 

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21Lf 

213* 

.New KiikwuiI 1+1. 33 U 

3314 

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14U 

14U 

Niajar# clime. ... 

101; 

101* 

N. I„ Inui.xl lie* 

187# 

19 

Nui-ii.-k^Mir-lem 

25 is 

257* 

N..IIII >41. II# .. 

391* 

401# 

Mini '•mu-. Km 

Xo 

2b lg 

At lie pxl In lin. • 

30 >4 

303* 

Ni lin r— i H*n ..t| 

2'. l* 

27** 

1,1.41 Mill 

19i 4 

19« 

' t ■ l 'cilia I'rtl-i 

241* 

241* 

D-jllxv Mslliet . 

53 

53 

■Jhi.j b/l|M.n 

177* 

177* 

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1570 

161* 

L»ienH»x;ui,».... 

271* 

271* 

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31 

31,0 

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23 

231, 

Piu-ili (in* 

24S* 

241* 

I*« -Hie ij;hlMl|i. 

19/0 

201# 

I't.Km.A U... 

201b 

ZOI4 

PniiAniMi.rl.i An 

7 

714 

Parker H*n,l,hli. 

253* 

25,0 

t’enlxi-i.V list 

863* 

261* 

Pen. P*.A 1J-... 

21 ■: 

21U 

Pen in J. C 

38 

381# 

Peiin/jdi 

291* 

291, 

Pe..|iira Dr»ii" .. — 

12 

113* 

PeufJev One 

3a »* 

3$ !‘ 


32i s 

32 U 

Peri, hi kliin-f 

257s 

25'4 

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537 d 

5414 


34 U 

341# 

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24,« 

243* 

I‘lill*.li.||diin ble. 

171; 

17 >4 

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72); 

70 

Plllllil+Pulrrd'lll 

341# 

33.# 

Pi Kl hi i y 

39 14 

38vj 

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24 ig 

244^ 


21i t 

221* 

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17>« 

17i« 

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403: 

401; 

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147* 

14'. S 

Pl*t. lu.lu irie-.. 

30i* 

30 '* 

Pna-tei f.amliie.. 

87 

871; 

I'uli else fried . 

223, 

22 i# 

Pu.iniafi 

313# 

31-4 

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1714 

171* 

ijnekei Hale 

255* 

2514 

ltapi.i Aniennai. 

III* 

113* 

Uaylhenti '■ 

493g 

49 ; a 

IILTA 

30U 

30 


25*0 

253# 


Mia-k 


June : June 

E I 7 


50 i 491* 
423, ! 323* 
57J, I 581# 
25>g I 255* 
321, j 33 
36 


1 

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Ki.val Liuivli 1 

H'l’K ; 

Kuav L/i-jb j 

K).'er Swein...j 
-Mienny Sum*.. 

*k. J«tf Mineral*.' 

’ll. UfK'* I ’■I*' ...j 

tnu Ke In, (a.. 1 

Hi, i 1 Ininvl | 

3#xfn I Mil* 

>-||lll/ llien HU.-! 
ieliiiiiiiher.-er....H 84 j# i 


577* 

16 

12fi« 

23>0 

4H« 

261* 

29 

365# 

63, 

bi 4 

15 


1 

im 1 l'#|«r j 

>1.11' Mrs ! 

■Joe Uiiieler 1 

■v# LiallalllM'....; 

?uuim,u 

WHriOid .1*. I— 

-eai Kuef.n- k— • 

iKLH.il ! 

Sheu A-'il ; 

am? . lmil-|iwi .... 

Hkiui 

ngmle ii.il- 

3iiri).ihiii IWi....: 

nimer 

-sum ii K -me 

>Mllll4l 

ainJUrin, 11 

ainill iei II V#'. lie 

acil lien 1 l'i>. ; 

adm. Hal . I<e ... 
iniLliei n I'ii. Hi 
3,iutliemK,<l«ai. 


18A# . 
17i a I 
21 
85* ) 

32 1 4 
261-4 1 
15^4 1 
24 14 
377* 

35 
4.Jl* 
467, 

36 

Ml# - 

235, 

74A, 1 

3 

34a, 
2ti; 
165* 
37i„ • 
34', , 
50U 


35a* 

67'* 
16'* 
12A« 
22 A 4 
411, 
271* 
291, 
365* 
6 

65* 
15U 
8412 
185* 
I6A4 
21 U 
8* 

311* 
255, 
155* 
24'- 
3754 
341, 
40 U 
46#4 
361, 
13 
23 '« 
75 1, 
3 

34-4 

261* 

lea# 

371* 

331* 

SO 


3..>«iu<ni>i .- 

j’w'i On-iuiu- 
a^crii HuU-li....] 

ape, 11 Hare .j 

1 

MAihlani Hnu.'-. 1 
aul.iAiiUA.ilie^iai 4o5* 

•Ul. In liana.. | 60'i* 

iUI. till tNiw > 67 

.laull dit-iuif* .. 43># 
-Ler-iuii Uni-... 155, 

-UMiH«kfr 69 ■# 

>llli Cu. — • 417* 

5UIIU 49)4 

lilllfk _.. 30 >i 

lovliiln.1 mil ' IIA4 

Lckilrum\„ ■ 45 

leu-i, m- 1035# 

I'e'e* I 




fwipi l'“in.|eillii' 

law.. 

Li'aaauuu 

I fijV' I Mai .m > 

leaf* Oil . I Ira-. • 
levs' L-i ilil ■*— ...• 

1 1111, I in.-. • 

Iliuaj. Mirmr • 

Liui ken i 

I mne.— i 

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InniM.-j ; 

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I rail- wav Inlri 

I mm U'.wbl Al* . 

travel ler> i 

li-i Li. 1 iii*iii*in I 

1.K.IV J 

^11 1 veniurv )■•, 

0.A.1 

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LUI* 

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bin n vi vl .... 
Liiinii iMiairp.-.J 

■..■iii.ii karlrin. . . | 
Lin.iii I .uniiicMi 
viiauiili la-li 1 
oil a 'll I'acifli-.... I 

• III I MM I ; 

finivi Hi,n>k.. J 
-a lanM-.ii>, , 

U-l, , IMIIII 

. ■? 

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_l evlilM. ' 

■ V liaiu-inrr... ' 

- If £1111* F't--I .. 

iV.'r 

»A 4 met k' .11 uni 1 
M iriiei -laniiivri. 
4 ■>li.-.Miii , r,iri.> 

,V.... T .tai,i. ’ 

ii e-leni Han i#|.' 
kVe-irm .1. Aua-i 
ttewifli tnaa,...! 
"’•ninjh,- K"*i ■; 

H ei eflMt-iuvi . ..j 

Whirl* I 

While U hi. Imi...i 

1V1 ■«...!■- 

Wl-mn'in KM***..' 


285* i 29a* 
2:5* | 27 '4 
19 
43A4 
33 
16'; 


18^4 
435* 
I 3^7, 
■ 265* 
431* 
; 51a* 
675* 
44 

. 16 
69 

: 40a* 
• 47 
301; 
Ilia 
. 445# 
1 108 «4 


32 '4 

321; 

111# 

IH4 

24, a 

251# 

22 

213, 

63 

84 

31 iff 

317„ 

201, 

20 U 

441# 

44 S 8 

3US* 

29 1* 

52 

511* 

37 

3714 

161* 

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ltfen 

181* 

571# 

363 4 

271; 

271* 

213* 

2l3g 

371* 

371- 

20 

197| 

40,g 

397* 

38 

36 

50 )g 

304# 

241; 

243* 

20 

2U'g 

21 

21 

37i0 

387j 

53 

5H* 

14 ^ 

14 

40's 

40>2 

'••3 

7it 

50 

503* 


48 j# . 49 


7i 4 

B‘| 

32 

261* 

27B# 

28), 

461# 

21b 

14», 

255* 

45 

315* 

241* 

273* 

351* 

28^4 

161; 

23 


77# 
8S# 
31 *4 

27 
275* 

28 7* 

461* 
215* 
14 
25 14 
45 
SIS, 
24 5 t 
27a* 
354* 
283* 
161* 
22 '* 


275, [ 27U 
247# . 243) 
235, 

227# 

19b* 

28 


23'* 

23 

191* 

275, 


June ■ 

-tnek 1 8 

furn 

7 


191b 

Wvi,....-. 4J-: i 

444 

55 1 

54i* 

/#r#u 15 1 

IS 

'tenhb Ka>i In 163* 

16U 

U.t.Tmxif l>.- ,94.,. 

194 £ 

L r tS.Tr«u<d JS76^ • IBOw 

80 bg 

U.S. TOUay bin- .1 6-61%. 

6.63% 

CANADA 

AbiUUl Papei ' 12)# 1 

13 

Agnu-o fraele 4.7U I 

4.80 

Tican.Muntluluin 321# , 


Aianmabtee- 21 

21 

Auhekir* ;i8>4 

38)* 

think ul Mnimm ■ 2l is 

21 :b 

Urn ik Nt.v»-Sv4Li 21 ip 

2U* 

Biral.- Hevoun-e". 5 l * 

rS': 

Den Twepbone... 5B)e 

584* 

dm#- Vauerln-i.. 30 * . 

30 

SPUanaii# 14': 

UJ4 

Hmxtan lob* 

I6ie 

Hrnicii...' tl.ZU ' 

■4.60 

Caitim IV< •»«.... 38 

3B'e 

Lanirtiiw Mine,... l-t>« • 

Id L* 

L'aiiHda Cetneui .. 11 

11 

■Jana-iaNW l«n. 10 m 

101* 

C'Anlhtp UiikCDii. 28. g 

29 

lauaiU IfkiuM.... Tlfrr# 

;19b# 

(.an Ptie,rK-.._ 193# 

19U 

Con. Pa ■ rK.- In, . 20-'i 

201* 

uan. 3„pei Oi ... 56'* 

56 

i>m on O'Keefe. • 4.3U 

4.30 

C«xwut.V>«fl.»...: 10); 

103# 

i-hieitair».... M .... , 18t; 

181# 

Umiikii.. m 1 27.'# 

2 b 3a 

Cmi* ifru bund... 2d 

2d3* 

■-uustmieT Giu... id# 

18 

Ueieka Ueuxii.-n 5)# 

5.12 

LixJalu Jifr-b^.... In 

131; 

Uaiui Lieu nu Ki# 

81. 

Denison Mine#.. 77‘, 

78 

Uulii Minn 65 

85 

Lhjme Petroieuu. 6 1 

611, 

Llofuminii lirtdc* 1:51 : 

r243: 

iH.iiilur.: lei# 

lb5* 

dUlmlil 153* 

151; 

t-aua.n'ce Awkie 24 ': 

25 

K.ml Motor Can. ; 7ai* 

7854 

..ieiixUi — 293e 

28)4 

Jim 11 lel'akliili . : lu>i 

l!il< 

unit Oil Gain.,# 26*, 

261; 

tiawKerShi.On. 814 
ri.i. ,u;,>r._„ 1 33‘r 

6 

33': 

rtrmteUU'A 3BS| 

361; 

1 U 1 1~MI twy \lu ■ Ills 

17*, 

ilu.iivvi Hay ' 201* 

20', 

Hudson On A tia-l 4H* 

42 

I.A.C ! 19 1# 

19 1 1 

1 lima 34 

34U 

imiwrinM.iii J 9 14 

10S* 

lit, - 191* 

19*4 

lu-ia 13 

1314 

iiuffii < .Nal. im- • 107* 

10 /g 

nil'll Pipe Lni. 14)g 

15 

ivaiier Hewnuve' lo 

147* 

laiurl Kill L.'l | .... 9 

9 

l/il-iaw Lun.'l*’.. 4 20 

4.25 

M. niiii'n iiiio't. 193* 

191; 

'Irtx-eV Ker-Il'.'l 12’f 

131* 

Melm>ir.. • 5:4,0 

2514 

38 

33 

UounuinsuteKv 3.75 

3.75 

»1iii— ... 271# 

27a* 

.s.ireeu fciu-r.*, ...1 I5»a 

15bj 

.Mb 11. Inw ni 321; 

325, 

>11111#.,- U1I 3 I/s. 36U 

35)e 

.JnkWiyx, Pet* 'in 4.15 

4.15 

PavlflL- L'.*,u+ r M ; 1.93 

1.95 

vlAePetinleuni- 351* 

347# 

P#n. i.'au pet’ii! 32U 

32 

•'•lin l.t; 

154* 

iVujiie- Het i-"'.. ' 4.60 

4.63 

• 'la»e Lmi A l.Ol 

1.00 

i‘uii'rrL/ev.?ii,j urn 24 

2414 

tNiwei L'-n»^qi i.' 163 b 

16>2 

I'ffir 14i( 

14 i# 

^l.U-Moy "'(III ;e..|i 1.30 

1.37 

..'/iijl'i L'l- 35*4 

3510 

i;«,i "tmi lOi# 

IUI* 

■do Ai,. in a3 

321; 

H0Y1I HK.iit y til, 6 o*2 

34 

liiym Irud 191* 

19U 

-.-ejilre K'who.t ■ 1 8I« 

B'» 

HfnciniH'* | Jibi* 

281? 

vile' Lmln.f" .. . fa I;' 

lah 

Miemi, tt..M mi- 5'a 

570 

ilffeli* L 1 '1 cl 

2b ij 

•lin in. mi/ 5I4 

53* 

'leei.MLmiM.il,. 1 267', 

261* 

,ee|i lliv-k Iiki , 2.56 

2.65 

leiao. vmiiii.Im .. 35'* 

3714 

I'.udlilii l/niii.ltk 2U‘# 

20 14 

l'i-vili«la»)Pi|x- 1/ 16>.i 

151? 

l ixffk /Iminl ci|. 914 

9'4 

1 1 iz»v ■ 112^1 

112*4 

L'l Ill'll tin* . ... 1 Ills 

11 >1 

LlJ. -trave-TIUH-.: 7 3* 

73* 

IVa.kei Hiimiu... 335# 

33 1; 

'Vpil Lm'l 1 iff'.' 11 14 

111. 

W'flnnli'ii ; 165* 

16i a 

1 RIO t A«fc«f1 * rraffefl 

* V— 

«»nrk 



COMPANY NOTICES 


NCHANCA CONSOLIDATED 
COPPER MINES LIMITED 
(Incarooralvd in the RepuDlic 
ol Zambia! 

NOTICE TO HOLDERS OF b-; PER CENT 
AND S PER CENT REDEEMABLE 

CUMULATIVE PREFERENCE SHARES 

Preference D.yid end No. 17 for s lx 
monilts ending 30th June. 1978 

The directors ol Ncltang# Consolidated 
Copper Mires Limited announce the 
declaration ol a dividend on the b'; per 
cent and 5 Per cent redeemable Cumu- 
lative preference thares in respect 01 
Ihu 5>« months ending 30th Aune. 1978. 
ar the rate o> S': per cent per annum 
and s per cent per annum, respectively, 
less Zambian withholding ran at the rate 
al 20 per cent, equivalent to a net 
dividend al 4.4 per cent per annum and 
4 per cent per annum, respectively. The 
dividend is oavablc to prclerencc share- 
holders registered in the books of the 
company at the Close ol business an 
Monday. 20in June. 1978. 

Tne transicr reamers will be closed 
Irom 21st 10 30th June. 1978. both 
dates inclusive, and dividend vrarranB 
will be posted on or about Friday. 30th 
June. 1978. 

In the case ol dividends payable bv 
the u.K. paying agents to prelqrencc 
shareholders whose registered addresses 
are in the United Kingdom or to Prvler- 
ence shareholders who have mandated 
payment to addresses In the United 
Kingdom, there will be deducted Unltad 
Kingdom Income tan at the basic rate 
reduced, lor double taxation relief pur- 
poses. bv the allowable rate ol Zambian 
withnolcflng tax (at present 75 oer cent!, 
citcot where authority has been received 
Irom the Inspector ol Foreign Dividends 
not to deduct United Kingdom tar. in 
all Other cases, nq united Kingdom lax 
will be deducted. 

The payment o< preference dividends Is 
subicct to the Zambian exchange Control 
regulations. The terms ol the Present 
regulations are such that the remission 
ol dividends is permitted only at the end 
ol cnc hnanc.al vear ol the Zambian 
companies declaring such dividends and 
is subicct to the amount being remitted 
not exceeding 30 Per cent Ol the propor- 
tion ol the net profit attributable to the 
■?>ternal shareholders or 10 per cent of 
the capital o> the company attributable 
to those shareholders, whichever Is the 
lesser. 

The company s Financial year ended 
3 V ;t March. 1978. and application will 
soon b; made to (he exchange control 
author lies for permission to remit CO 
-harnholders resident outside Zambia 
nr-'crenCe dividend NOS 16 and 17 I" 
-'sect 01 the six months period ended 
”l't December 1977. and 30th June. 
1978. respectively. 

By Order ol the Board. 

R. L. BWALYA. 

Director ol Administration 
and Company Secretary. 

74 Independence Avenue. 

Lusaka. Zambia. 

8th June. 1978. 


AFRICAN AND EUROPEAN 
INVESTMENT COMPANY LIMITED 
(Incorporated In the Republic 
at South Africa} 

PREFERENCE DIVIDEND 
Dividend No. 60 Ol three oer cent 
lor the six months ending June 30. 1978. 
has been declared payable to stockholders 
□I the six per cent cumulative preference 
stock who are registered In the boohs 
of (he company at the close of business 
on June 23. 1978. and to persons pre- 
senting coupon No. 67 detached from 
stock warrants to bearer. A notice 
regarding payment ol dividends on coupon 
No. 61 detached from stock warrants 
to bearer will be published in the Press 
by tne London secretaries of the com- 
pany on or about June 16. 1978. 

Toe preference stock transfer registers 
and registers of stochhoiders will be 
elated from June 24. 1978. to July 7. 
1978. both days inclusive, and warrants 
will be posted Irom the Johannesburg 
and United Kinqdom offices of the transier 
secretaries or o' about August 15. 1978 
Registered preference stockholders paid 
from the United Kingdom wifi receive 
the United Kingdom currency equivalent 
on August 8. 1978. ol the rand value 
of their dividends floss appropriate taxes). 
Any such preference stockholders mav. 
however, elect to be 03 Id In South 
African currency, provided the request is 
received at the offices or the company's 
transfer secretaries on or before June 23. 

The effective rate ol non-resident share- 
holders' tax Is 15 per cent. 

The dividend .s payable subject to 
conditions which can be I ns netted at the 
head and London offices of the company 
and at the offices or the company's 
transfer Secretaries. Consolidated Share 
Registrars Limited. 62. Marshall Street. 
Johannesburg 2001. and Charter ComoH- 
Si*?**. t'TlilS- Charter House. Park 
Street. Ashlord. Kent. TN24 8EQ. 
England. 

Bv Order of the Board 
ANGLO AMERICAN CORPORATION OF 
SOUTH AFRICA LIMITED 
Secretaries 
W. Q. NICOL. 
Head Officer Compa„,« Secretary 

44 Main Street. 

Johannesburg. 2001. 

June B. 1978. 


NOTICE TO THE HOLDERS OF 
_ „ , PETROPINA WARRANTS 

Following the increase In capita, agreed 
upon at the Extraordinary General Meeting 
held o n Mav jzth 1978. it has been 
decided to readlusi the exercise price o, 
the warrants, so that It mav trulv reflect 
the Increase in tne number ol Petrohna 
shares 

As announced In the Agenda of the 
above- mentioned meeting, the readaiust- 
ment was mar'c by applying the formula 
I" the Prospectus relating to mo 
1973 Mabna B.V. bonds with Petroflna 
warrants attached. 

This formula results In a reduction ol 
the warrants exercise price which Irom 
now on will be: 

— up to June 20th 1978: BF 5-411 
— from July 1st 1978 up m Jun* 20th 

1983: BF 8.947. 


VIKING RESOURCES 
INTERNATIONAL N.V. 

CURACAO, NETHERLANDS 
ANTILLES 

Notice of Annual General 
Meeting of Shareholder? 

Notice is hereby given that an 
Annual General Meeting of 
Shareholders of Viking Re- 
sources international N.V. has 
been called by the Manager, 
Caribbean Management Com- 
pany- 

The Meeting will take place at 
John B. Gorsiraweg 6. Willem- 
stad, Curasao. Netherlands 
Antilles on 30th June. I97B at 
10.00 a.m. 

The agenda indudes inter alia, 
a proposal to amend che Articles 
of* Incorporation of che Com- 
pany. The agenda and the 
proposed amendments are avail- 
able for inspection at the 
offices of the Company ac John 
B. Gorsiraweg 6. Willemstad. 
Curasao or may be obtained 
from the Paying Agent men- 
tioned hereunder. 

Shareholders will be admitted 
to cite Meeting an presentation 
of their certificates or of 
vouchers. which may be 
obtained from the Paying Agent 
against delivery of certificates 
on or before 23rd June. 1978. 

Willemstad, Curafio. 

9th June. 1978. 

CARIBBEAN MANAGEMENT 
COMPANY 

Paying Agent: 

Pierson. Heldring & Pierson N.V. 
Herengracht 214. Amsterdam 


ANGLO AMERICAN INVESTMENT 
TRUST LIMITED 
(Incorporated in the Republic 
ol South Africa) 
PREFERENCE DIVIDEND 
Olvld0-ra No. 47 OI three per cent far 
ihe six montns ending June 30. >978. 
has been declared payable to holders of 
the six per cent cumulative preterence 
shares who are registered in Hie books 
of Ihe company at the close of business 
on June 23. 1078. 

The preference share transfer registers 
and registers of members will be closed 
from June 24. 1978. to Juh> 7. T97B. 
both days Inclusive, and warrants will 
be posted irom the Johannesburg a«io 

United Kingdom offices of _* r *25lE r 
secretaries on or about August 15. 1978. 
Registered preterence shareholders paid 
from the United Kingdom will receive 
the United Kingdom currency eoui»?lent 
on August 8 1978. ol the r*nd value 

of lhe<r dividends iless aoproorlate taxesi. 
Anv such prelercnr.e shareholders mav. 
however, elect to be oaut m South 
African currency provided that any sujh 
request £s received at the offices of the 
company’s iransier secretaries on or 
before June 23. 1978. 

The effective rate of non-restflerrt share- 
holders' lax is 14.881 S per cent. 

The dividend K payable subicct to con- 
ditions which can be inspected at the 
head and London offices of the company 
and also at the offices or the company % 
transier secretaries. Consolidated ,Share 
Registrars Limited. 62 Marshall Street. 
Jahjnrfestjurti 2001. and Charter Consoli- 
dated Limited. Charter House. Pa rtt Street. 
Ashford. Kent. TN24 BEQ 

Bv Order of tje Board 
ANGLO AMERICAN CORPORATION OF 
SOUTH AFRICA, LIM ITED 
Secretaries 
per H. J. E. STANLEY 
Companies Secretary 

Head Office: 

44 Main Street _ 

Johannesburg 2001- 

june 9. 1978. 


INTERNATIONAL PACIFIC SECURITIES 

TRUST (THE -' TRUST "J 
ANNOUNCEMENT 

The managers of the trust announce 
first distribution ol HK13 cents oer 


Income unit In respect ol the account- 
period from 26th May. 

■ Will 


1978. to 
be paid on 

15th September, 1978, to Holders or 
income units on the register on Zlm 
June. 1978. The amount ol .the distri- 
bution reflects income accrued to inter- 
national Pacific Securities Company. 
Limited in the Period Irom 1st July. 1977. 
to 26th Mav. 197B 

lit accordance with me provisions oi 
the trust deed. HK13 cents oer unit 
will be attributed to the holder, o! 
accumulation units as at 29th June. 1978. 

The register of name's Ol units will 
be closed from 29rfi June. 1978. to 6 Hi 
July ,*178. noth rlarx Inclusive 

In Order to quality lor the above dis- 
tribution. tnnsicrs lor both accumula- 
tion and income units, accompanied bv 

lha relevant unit certificates, mint be 

lodged the trust - * registrar*. Central 

Registration Hone Kong Limited. Gammon 
House. Hang. Kong, fgr replt'rxt** 11 ; "71 
later than 4410 P-m. on 28th June.1978 
JARDINE FLEMINC & COMPANY 
LIMITED 

Hong Kong representative of the managers, 
Jardine fletnin9 international tlmlleo 


Klliej* auu i^ueiiutais iiupivrcu TTT^CQ qf, 

the recovery in domestic coni’ ai 



1,1 Other m brighf sectors included 
i-rtoto Films, Non-ferrous Metals. a S 

Real Estates and Heavy Electri- SSSm^iSS 

cals, with Konishirokn advancing 5 ww, 

Y13 to Y667 and Takeda Y16 to advanced 40 cents to HKClMin 

Y392. 

Tefkoku Oil, however. ctu.o t<x~T»r«Rin 

back YJ8 to Y405 after the recent 

?e advance. Other Petro- HKSl^-30 respecth” 
jeums also declined. while Y , , 

Machine Tools were lower on J OQanD£SuUr? 
profit-taking. Vehicles and 

Cameras were mixed in limited 

trading. 


China Light put on 20 cents to 


Germany 

continued 


to gain 


Shares 
round. 

Among Motors. BMW moved 
ahead DM 4.50 more and Volks- 
wagen added DM 2.J0. while in 
Electricals, AEG put on SO 
pfennigs more. 

Banks were 
Commerzbank, 


Gold shares improved afresh in 
fairly light trading, helped "by the 
Anglo Vaal and Geximin groups’ 
dividends and the firmer bullion 
market Buffets rose 70 cents .to 
R 16.S0. and Van! Reefs gained 
50 cents to R 22.50. 


Australia 


Minings remained . easier- 
inclined. although a notable 
led higher by exception was Western Mining, 
which gained which advanced 7 cents to AS1.43 


DM 1.30. Karstadt hardened after announcing a very rich 
DM 1.50 in Stores, while else- copper field at Benambra, in Vic- 
where Degussa advanced DM ZSO. toria. Bougainville Copper picked 
. Public Authority Bonds sus- up 3 cents to AS1.33. but MIM 
tained further losses extending came back 5 cents more to AS2.18. 


NO IBS OVorarp* ptkux TtiOwi' n»krw a r idiot Scrip wnie. e Her Rift. ' Kmo 
-tfiuru* 7 premium Relolan riiinrtenrt* a lirv» 4ra %. h Assumed dtvMend aftet 
ire a Her wiihfiaiiimB tax scrip Bittl'or nutira han e.- «-A fIer lao 1 

6 m»Jn -l photo unless mhemse srarpfl. axes m % las tree. « Kraim mcuidtjui 
•irlds naftff’ on rrer liivntpnflu ohff tai "nilac rtiv. pNnm. 6 Sharp aphL-sOlv 
, Pia«Sfti npnnm ■ini*9f > >iih»rwisp anrt vfptfi exclurtp spedal Divmwit .r Tint 

A Kr IP" rtpnnrri unlpx* offurwixe qrati-it Catp4 rtl* »t Unqfflrtpl rrsHma " Mhtontj 
r Krs&ffr o-nnm pnrt Rr»rar «h»mr huMNi only u Merner Dpndina.. • Aakro 
ini«xs nifii'nytffp qiatpfl. - Ypasn rtpnnm * W4. i Traded t Sel ler- _ ; AMuinwi 

inles# nthpnvDu- siarerl i Prfre at time XT Bx rtetiil trl Rx dlTfrlenn . XgWy 
•i iisuensifin " Kiortns hSrhilhngs wno issue. uE* H 4 Inrerfrn stum 
0:i>« rtiTKlerai xl'er oenrtinu -luhir inrreaseil 


Indices 

NEW YORK^ofjoks ; 



"Basis af lode, changed from 

AngoatZa . 

' ) /_ 

1 Juna Z 

• M#iy ; a .1 May 19 | 


|- 5.59 i 6.48 | 44J1 

CTtVDASJ ASD ROOM 



Ti — mu ' WI^/I 


! Jime 

I 8 


11Q.87j 

^CompoaUe ( 100-21 


Inti. Hir. jidd % 


Jnne-1 Jime 

.7 . 1.. 6 


110.761 \ 


June 

G 


>7 0.6b 


TM. 12 1M.52 «.96 


June 7 


June 

.. 2. 


June 




lad. P/E Uttuo 


Lon* Govt. Bond yield 


88.14] 97J&J 

May. 31 \ 


4.86 


'9J51 


8.43 


SJ31 


9.89 


M1L39 

<m 

100.52 

( 8 / 6 ) 


. low. 


35.52 


B&Sfl 


HlRb 


IMJ4 


May 17 


St n&wm 

o|- 


126.8$ 




.53 


4.86 


-9.53 


Tear ago Qtppoi 


10JJ1 


8.61- 


8.42 


7.65 




N.y.S.R. ALLC0MM0K 


Rises and Fails 


June 

8 

l 

Jone | June 
7 1 6 


1978 ' 

b. 

Ellgb 

-• Low' 

56.20 

fifl.tlj 68.16 

SB.S7! «J» .. 

. r (8-6) 

48.47 

tS»3> 


1 Kanes traded f...v. 

.. ■ 

. Palls.. ...... 

U rvhxnteil 

WawTgflSfc 

- Mew Iowa.. 


JnoeB- 


1.912 
. 877. 
■ 600 
-435 
IBS. 
" 17. 


June 7 j Jot ' 


-1-924 
726 
801 
3B7 
. .• » 
38 


KOHTBEAL 


Industrial 

Combined 


TOBOKTO Com pad tW 


JOHAMTESBIIBO 

Cold 

InrtuKtrfaUI 


Jalie 
8 ; 


10&.48 188.55) 185.HNJ 


215.6 

226-1 


June' 
7 - 


J94.0® 185.M 1M.41S J: 


1145^ 1148 A 


214:i 

224.9 


Jane' 
- 6 


im.is 


2HL6 

226.0 


June 


1976 




182.1 


184:43 rBffS) 
..194J0(8i6) 


1487.6] - .'11463 *Bi ^ 


211.6 

224.? 


. -218.7 (1/2) 
228-1 fg/8) 


• y ' 


. Ib» 


'lESO(t6rt;il\0 - 
178.82 


J38J (2Dir/ 


IH.atKki^' " 
194 .»<tH 


June - 
S 


Pro. 

vluua 


1978 

High 


Australia!^ 4?4.eo \ 494.97 
Belgium fit 
Benmrk l - ) 96.19 


France (tt> 70^ 
BennanyltP; 791-6 
Holland iS5> 86-* 

Hour Zone! 6<&.28 

(||1 62.93 1 82^9 


96.18 

96^8 


71.1 

T8A0' 


3&5 


Italy 
Japan 

Singapore 1 310.77 j 313.32 

m 


bOLOb 

<30161 

1QL16 

98.13 

■w 

aiA.7. 

( 10 ® 

B6.6 

605AA 


(n) 4U.04UlP.19 


<8*)_ 
, b*J2i 
■ (22*) 
41B.ll 
(19/4) 
518 JS 
HA 


1976 

Low 


I June 

E. 


041.17- Spain, (till UM^G 
tWl . • I . 

96.43 ' Sweden -W(367J6 

caw - . • . 

91.00 S wit xerl'd!/] 292.2 
47.6 " 


Pre- 

vious 


.104.18 
367 JB 
292.1 


1978 

Hi|jh 


U0.7JJ 

& 
13*) 
323.7 , 
1 (14/2) ! 


WEDNESDAY’S. ACTIVE STOQ-' 

(17/S) • -Cfc- 

76.0 1 ' Stocks . -Omni* . 

I iMl'...- ^ i . ,-rtfe f-_ 

I_383jW Kaufman & Broad ... 392 . too- -s.i 

03,1) Dote Power 

Niffh ICN Pbarmacetidc'ls 373JB0ff 

(10/1) Pe« 22A3W 

364j» .CsroHna Powr A bL'snsft' 

(4/10) Glbraher Fn. Calif. 38039)0 IT) J.Ii 

n n . . Sfra'rs R/whnrt- " . _ > i WMa - J Sax' 



il/Sj" Jewel Companies ... ieo.no 7M 
.. . . I’ - - Mattel 1W:0» ill 

ladicea amt oaae.osxea ; iaB tra *awn Ge&artl Jtowra 170,500 8C1 . 

Hff' r«W) . Cum/IMB — -40- ■ • - - 

•iranflamf anrt Poors — IB «oo Twomo til ■ Cnnmienmanii Dec. 1963. (IU *ik -* 

nHf. 1 .two. tile ta** trainee naaati on tvrsi, dam, (odnsinal 10m. tflrHano 

• KTdU'IInu bnoda- I 4M InrSirtnab' Bank 71/7/64. - 1 (Bp Ml lan7ri/73 fa> p ' 

: oaf lnrla_ 4n Uttlkim. «* Ktaahce -nut New KF -4/I/BS. +*>•> SrraJt* Ttntei • 

jr. mnsoon. •l»5*iinMr an ■ nm. mi Ck**d un Maimer *rfC - w r . — 

• Hi RelKiB'- SB 81/12/6L i , *T Cfroannuen («> Mitdthntar Imhurrial VI/sa. (0 3 

sp 1/1/73 Tttl Paris torw IW. Rank Cmp (at UnavalltMd. 


GERMANY ♦ 


June 8 


Prii-e H- or Dir. YM. 
Uni. | — ^ % 


ILL 85.6 --0.S. — — 

A anr Var-f-ti... 474.0 20 ' 19 

rfUW 243 >4.5 28.08 5.8 

„.\>h ..I 140.4 , 0.3 18.76 6.7 

naira 140.11 + 0.1 . 18-ia 6.7 

■Utvef. Hvi- 276.8* + 1.8 1 28.12 5.1 

rfavet.4 erein-fix.' 310M--4 . IB Z.9 

..itwIiuAH.I.n'i- 164 |-1 '• - - 

^.mniei/iwuL._.. 220. 8 m- - 1.3 17 i.7 

>.■■1,1 (IiiainK 75.2'— 0.6 — — 

iNiimier Hen/ 30H , -r 0.5 . 28.12 4.6 

254.8id,+ 2.8 17 3.3 

• 'emui i- 1ST +0.5 i 14 4.5 

IH-i.iM-he tank....f 298xd + 1 28.12 4.7 

Urr-lnn H«iii...„ ; 237.3ai. + 0.B 28.12 5.9 
OickeilmlT 4**mi; 159 ‘—1 9.38 2.9 

Lint e!i>>n in 197. 5- 12 : 3.0 

Lui'l ..... 115 1-1 : 12 ! 5.2 

Hun-W-r 294.0 9 • 3.1 

H«k-Ii-i J.n32.0«d+0.4 18.75 7.1 

H. 46.4 0.4 A 4.3 

Hurt*-" • 134.5-1-5 9.36 3.4 

Kan mill Siiir 141 ; + 3 9 3.3 

Har-ln.lt : 314.5 + 1.5 25.44 3.8 

hiuth." 219 18-72 4-3 

hkwkiwrUllfOA. 96.3-0.5 — 

KHl/.._ 178 +0.5 18.76 5.3 

luiili ! 93.0—0.5 — — 

L.iiie 244.5 +3.0 16 3.3 

U<Hf-n>.'i*ii 1-i.L.. 1.450a) 25 0.8 

1 12.8, -r 0.8 9.36 4.2 


•l.\.\ ; 

ilaimc j 

Metn.iue I 

.Uiiiu-iieii..-, I(iu.-L | 

iirm-r m-rii i ■ 

i , nsi. a - I'll l-A- 


185.5+0.5! 12 3.2 
158.3 +0.3 17.18 5.4 
221 +5 , 10 2.3 

535 18 ! 1.7 

127.5—0.3. — — 

118 -0.5 


.iiiemlWi.K wi .i 188.2 +0.2 25 6.7 
' has s . s K u it n a 


-.I'd 'll-.' 

■emeu 

•ii ' /"’.-Lei 

try t-it .ii 1 

■ HISX ...I 

i Kb \ I 

x ert'ii ,\ W.-t HkJ 

l‘.»l" „H;l-ll _i 


265.5 +2.5 28 .12 5.3 
285.7 t0.7 16 2.8 

342.0 + 1.5 26.56 5.5 

118.2- 0.4 17.18 7.2 

172 - 1 . 14 , 4.2 

107.2 - r 0.9 1 13 5.7 
289s! + 1 . 10 3.2 
311.9 v 2.1 25 , 6.0 


AMSTERDAM 


Jun* 6 


Prii-e 

Kr*. 


1 + iT. Dir. YM. 

I “ ^ j ^ 


Xlu+I I Hi-aVi 

IKz,' tn.JL’l 

V.rciii Uni. iKllirJ 
VMhV (K.I.JJ | 

Inin+Mnk iK .2Uil 

ujeiikiirl 1 

IfiikiiYVcxxl '■■■<+ H_'t 118.5 s) + 1 
Hnrhni, Ul I en « II-' 73.3a) + 1 


108.0 +0.3 ; >21, 3.3 
31.8' -0.3 _ ■ — 

356.0, + 3 A26.5 6.6 

87.5—0.2 Ax44 5.0 
74.5+0.2 23.5.6.0 
92 +1 26 | 5.7 

80 6.7 

26 7.0 


b'l+iier \ iK.. An.’ 379 Ad +2.5 I 27.5 1 2.0 
•-.iiiimX.V.ucjIivi 1 140.7s) — 0.3 . 37.6 5.4 

tiitvLi.rtirxiKi.lCi 63. Otd : 94.6 5.4 

Jid Uno, '(JUtl 36.7 —1.3 ! 23 i 6.0 
106.0' 14 3.3 


tUrmekeniF.^it, .■ 

.Im-inrn ,K .rfji, 

Hi/ller Ujl" .100.; 
n.i-U. Ib'.lUL').. | 

• ill. llu.ier ■. IJj). i 
.Nitanie" tbi.lt'i — > 

Mi.lailu jK'k. 

•ve.IL m UkiKiJA 
\*xl Uhl liLiP Jt 

i.V* 1K». 4h 

) un Onimeteji....| 

iWkll.xftl |b'.. Oil 

fbii'i* cF'. I0i..„ 
iIjii.-m-Ii V erf b i.liAij 

lii/>e'vilK i 'rft 

■bl-IIKV- fFl. OL#.. 
ifnreub, iKi. ^>i.. 

■uivaiUulefifK.tC, 

Kieil'VJlL- 

leiiri firinb'.-ij] 

■ •AjiiKHe. H lU.-j 112.0a).. 
bniierri iKi. a/i.l 118.00 +4 

I lhlli|!l(l|H.lmX.| 

tt-tiimi'. In. Hunt 


TOKTO 1 


COPENHAGEN * 


36.1-0.4 : - j - 

27.2, + 0.3; 12 ! 4.4 
175.5 -2 ' - | - 

47.5bT + 0.5| 26. : 8.0 
36.0 + 0.5 | 13.5; 3.5 
110.61 + 1.5 i 48 4.4 
53.0s>— U-l j 21 | 7.9 
185. 51+0.5 1 22 ) 5.9 
157.M + 1.0 | 36 . 4.6 
157.0+4.5 18 5.1 

42.8- 0.2 — — 

27.4+0.4' 17 7.2 
88.5-0.5: - — 

171.1 + 1.1 !.\256 6.5 
130.8 +0.8 ; - - 

121.8s)— O.l 14 . 9.8 
12B.fet + 1 5S.75! 6.3 

246.3M— 4.5 19 I 7.8 

127.0td — 1 27i 9.3 

30 I 0.7 
42.8 I 7.3 

41.8- 0.2 £0 11.1 

405.0—1.8 53 I 3.9 


June B 


’ Prii-a | + or | Die. .nil. 
Knxn-r] — ] t j % 


m-nJxiurii ....i 1351*' 

Uunu'-rarW » 480 ;-6l* 

lAin>ke Uuik 1 123 1 

twL-l A.- inti L’o. ... 169^1 xr — 1| 

firmn rauiken ' 125 m, + f* 

rtir. Uv-Kcer'er.^.j 355 i + 2 

ror. Pipit 73 |— J * 

llxii nau«iix | 123 j — 1 

U.A'ui'uH.fKr+jt; 268 —1 

ftorl kalv> 1 186l<sr — 1 1 1 , 

■J.ieraiirik 77 1, 

I'miUaini. I 1291*: 

t'rrn in-funk 1361*1 — 1 4 

;ii|Xi. Berwryl-enJ 393*11+1 
'ii|«.-n>e 183**'— t* 


11 

IS 

13 

12 

13 

12 

8 

12 

12 

12 

12 

11 

11 

12 


8.1 

3.3 

9.8 
7.1 
10.4 

3.4 
10.8 

8.9 

4.0 

6.1 

8.5 
8.1 
3.1 

6.5 


VIENNA 


_iv>lii>i,-la.l ! 

J‘emin.u»e i 

sen ! 

w>ni|vnl I 

Meir (Jmiii'er. ..< 
Veil Vraii«iii. ...| 


I’riee .' — nr I Oil. lid. 

% ' + ® j % 

2M 
3.4 

8.1 


! 542 - ; 10 


262 

594 

91 

169 

240 


' + 1 


& I 3.7 
14 [ 5.8 


June 8 

1 ■Priyex 1 +or 

I len 1 — ' 

U|t 

\rahi IJlav- 

333 

—4 

Pm 

2.1 

i/attun 

470 

+ 5 

12 

1.3 

■^OXHl 

: 618 

+ B8 

2.54 ^0. 


337 

-3- 

r a, 1 3.0 


1 531 

-1 

IB 

..7 


i 578 

+ lb 

lb 

1.3 

riitai-bi 

249 

. + 1 

ys b.4 

Himrt# Mntniv... 

’ 576 


• Id 

1.0 

■ |..ine Fiw.„.... 

l.IuO 

-10 

1 55 

1.6 

flnli 

82 1 

-it 

1 12 

. £■• 

,i.»-YiA*.l«. 1.32U 


4u 

\ ia 

I Iqn-M 

650 

+4 

. 14 

».L 

•-A.L 

2.660 

• 

’ — 

- 



to 

. 4.4 

j m.inaiMi 

! 445 

1-2 

. 18 

12.6 

1 Aiiirjta-.. ; 

J 2 So 



1 

. 2 .t 

I lyidu-L.ef’iiiiu..'.. 

'3.930 

t„ ..... 

45 

, 0.4 

Msisn-ailM In- !.■•) 7 i8 

'+ 2 

' 80 i 1.4 




: i.b 



! 12 

1 4.7 

j 'Ilt-UlHHhl La rp. 

421 

— 1 

! 14 

. 1.5 


323 


14 

! 2.2 

aiUukurl,, J 572 

+ 2 

; ail) 

1.7 

Mpuitl Den V. 

'1.40U 

+ 10 

1 

: 0.5 

Mppon bliinint,-,- 715 

-6 



'leau .Mot/ir*.... 

BOB 

+ 1 

1 lo 

1 1.0 

Fioneet 

1.81U 


48 

1.4 

1, »!>•■' fried rw-_. 

, 254 

+ 7 

lc 

2.4 

bekBui PrefrMi — 

! 880 

+ 12 

4u 

l.« 


l.w80 


2 u 

0.9 



1.78J 


4. 

i.l 

iiiMiii Mnnnif.... 

i 238 

-1 

11 

2.3 

m»fti* Lfrerak-K 1 

392 

+ lb 

15 

1.9 

OK 

'2.1.5 J 

+ 40 

4. 

U.l 

■ eijtu 

i 1*0 

-1 

iO 

4.2 

ii'kii. Marine..... 

5 3 

+ 7 

11 

1.1 






•ik,.* •'*u» ■■ 

314 


it 

1.3 

"k,0 'IlinaUIM.. 

1 143 


i 

4.3 

■rv\ 

. 146 

+ 1 

1 

b.d 

"1* M d.u .... 

i 983 

-5 


; 1. 

Kaiurce rtikKn Sncurdlffa luffyn 


BRUSSELS/ LUXEMBOURG 



1 

1 

U-v 


.June 8 

I Price 

+ .ir 

K+ . 

t .1 


1 ^ 

— 

N«d 

£ 

4itw>1 

2.480 

+ 80 




cVj. bn. Lmiii".. 

!l.b+u 


72 

4.4 

Bekerl "B* 

•1.9 ul 

—iot 

116 

6.1 


;i.V!22xd 





•• 468 

+ IJ 





+ S 

177 



+ 60 

•44 _• 

6.6 

rafiriqiie 3*1 

2.6«u 


1 7 * 

6.3 

u.U. <mfo-Bm_.. 

:z. so 

-16 (foa. 

7 4 






H. J.,Ken 

8.310 

+ 6 J 

1/ 

7.4 

■ tiler tHn— >... 

•1. *90 

i- * • 

1+2 

7.9 

•snxiraitwnk .. — 

,6.790 

—10 

.90 

4.3 

lo, Kiivaie Nru*-. 

5.900 

+ 280 

aakb 

5.5 

Pan (iiwiin* 

koto 



6.J 

vx- den namin'. 

3.990 

—O 

iuH 


»• l»«l Heii-igiK-ll.aLO 

+ 25 

14m 

1.2 





"I V»Y 

2.540 

+ 30 

\41l 

8.3 




1 70 

6.6 


922 

+-4 



752 tri 

+6 

50 


Vieifie MoolA<neJl.Sl0 

ZlO 



SWITZERLAND • 


Price 

+ w 

Un. 

Yu. 

June 8 

1 I’m. 

— 

* 

i 






rfUL-.r 

1. 636.tr 

—10 

lu 

3.U 

^ifvi Gei'iVfFi.iL*.. 

1.125w 

-5 

t-c 

1.9 

H«l Part. t>ri_ 

840xi 

593xi 

—5 

—4 


s.6 


2.16a 

+ 10 

lb 


'VMinumi 

1.730 

—20 


2.9 

.-i i-n-i i/iimwi 

6 /5«B 

+ lu 

3 

3.7 






i>s isiiMun... 

7.574 

+.50 

.50 

9.’/ 


3.875 




Jeunoii (Fr. I0i)i 

1.410 


21 

1.5 

>e*tl«iFr. 103).. 

3,400b) 

+ 25 

13.. 

£, _ 

Do. ICe» 

2.1850 

+ 10 

#«./ 

4.9 

UenikuiiU.fK.iiUi 

2.075 

+ 15 

15 

1.4 

Pirelli SlPlK.IOL 

298 

+ 31 

19 

5.0 

ran tuz (Fr. 260)_ 

3.785 

-25 

2b 

1.7 


478*1 

-2 

2b 

2.7 

? -bla.HerCuiKlJu 

300 

+ 5 

12 

4.0 

■iiurv DU(K.(0Ul 

372*1 

+ 12 

14 

3.8 

m-lutir 1 Fr. 3aU) 

860*1 

+ 7 

10 



Z73ra 

+ 2 

LO 

H.7 

swim, (He. FJffjBi. 

14,686 

—25 

40 

2.2 

Union Bank 

3.U25 si 

—5 

20 

i.a 

/.nrkrb lnv 

10.1 25 tr 

—25 

44 

2.2 

MILAN 


Pn / 

Ul 

Lhv. 

V 

June B 

Lji* 

- 

Lire 

F 

AML — . 

97 

+ 1.6 


__ 


464 

-3 

— 




1.81:9 tr 

+ 9 

lbv 


.Al. 1*1 IV 

I.bESm- 

+ 14 

ItK. 



96 

+ BUS 

— 


«Ull(.1 lil^llk. 

li.BlO + 145 

CUL 

1.6 

U I'lrl 

184 

+ 6 

— 


•(nti.ilwriiv, 

33. O! 

-10 

I.2W- 

4.6 

Muiltariibui, ........ 

lbo.73 +S.50 

- 


' 1 veUi Prir 

I.UK5 




Pireiu i I'ii 

2.018 ! 

—33 


6.4 

8.3 

SfllffV'fainra....... 

738 j 

+27 

-| 


AU5TRAUA 

* - — - 


June 8 


A oxt. $ 


tr 


Al'JI IL (2& cent) - 

A.jradr AwOraitti—.— 

Vue-1 ling. I'nie. 1iut« S)J 

Lmpu' fisirmtntitsi — — z. 

Ampoi Petroleum 

4-hl- Mineral* 1 

Aaaon. -Pulp Paper SL...— ; 
A-ioLCoa. In-fu-q ri r~ ; ..- 

AU't. Pouh laiiMt lnvaii 

ANi ; 

auluneo— 



bine Meta.> fat 

tkxifininvtlle Copper — 
broken Hit Proinewrv —I 

b« SiutUi- 

CaritunUniteif Brawerv — 

C. J. USB'- 

CtSK — 

Cotta. UnMOglilr- An*1.:_... 

Conralner (61) 

Uipkine KtoUnlo 

IxwtalU Australia 

LKuxJop Ktihfrer (Si) — 

- 

Hktarbnntb 

2J£. Induurtea 

Gen. Ftvpen.v Trust 

tUmeralav ! 

Hooker — 

)Ci Australia — 

imiMioHe .wJ...— -■... 
leaumm Industries... 


+L01 

+#-0V| 

-8.02 

+S.IM 


tJ.70 
6J.t2‘ 

+24:0 
tto2 
10.80 
tl.iO 
11.24 
1 1.63 
11.00 
tl.+o 
tL43 
10.46 
tl.U 
. f 1.53 
16 96 
-f l.u4 
t I.t4 
11.96 
t2.96 
t2.«J • 
.tH.40 ' 

12.43 obC.1IS 


fi.6U 

, M1- 

11.4^ 

P •" ‘ T 

t0.95 

mmwoem 

18.10 


12.30 

...M. 

:£.B8 

+0 M 

14.35 

-0.0‘ 

tJ.71 


U. 3U 

,-O.OZ 

t0.28 

-_-vr 


Junes 

rii«i 

Kroner 

+ ur 

UUf. 

% 


94.25 
64.5, 
107: a 
220 

. Iu4.30 
189.0 
93.75 

—0.25 

+ 1.0' 
+5 . 

9 

n 

ti 

i- 


tb.uk 
- . 6 
aSf 

1+o.m 
t- wi 

—0-06 


tones lUavuli...^ , IM 

botuan' l/u.... J 

Metals tkt-nrxiKffi- 

HIM H'.iriinats. 

Mjrer Kmpnriuirr 1 

.Xvt. .......... 

.Mcftouu' Inierriatuxuil 

JSbrlir Ilniien H'Dnti" it4*j 

Usktir+Lee 

Oil aetutdi — 

Utter Kxjiloration.1 - 

Piraiee* Concrete. -I 

•fee&iu A Oilman 

d. C. albifli — ; — 

Mtitblapd Jlintn# 

?|ouans 2 xtuprattnn. — ;.... 

footn iSj 

1Vallons.._ j 

tVniern Min nut :b0 cents' 
Wooiwonh#.... 


-fl.34 J-0.H1 
11.36-' L-fl.02 
io^d — 


to. 31 
12.18 


— U.ul 

r8.% 


?J_7D. +0.02 

Ib.dU 

TU.86 


»A3b /+LU1 
11.75 H- I 
tu.it! 
to.30 
fl.55 f-0.02 
12.66 
tO. 69 
taaa 
tu.3i 
11.92 
W.-4 
1L4V 



PARIS 


JaneH 


■tuitle +4 

AntqiieU-et t*i" « 
Vi Lkim 
Aquitaine..— — '. 

bouxeue 

u.b.A. (ferula. 

vau-retiiu, ...... 

C.O.h 

C.1.1 A.-ate 

Cle bancalre.—. 
Club 

Credit Com Fr'c* 
Craumt Lilre™ 

JUWB— | 

Kr. Perrole- ... 

Jen. Ov-Wentx • 

l metal 

Jacques Horel. — 

Utarse 

LT/raai— 

Lesnuid — — ... 
UnlMMia Pbeaix.: 
MMwUn “U"— .. 
)lurt flefin<v»V... 
Muuilnex — . 
i-xnlxu — 

i'ci-biue\ 

eenuxbltuxint 

i.Tnmtv ff 4.‘i 1 1 rvn . . 

fueMn*— — 

Kadi.i rechnh|iie. 
dertoute 

■(Untie Pouienc ~. 
M. -Uvtsuii ..... 
akts MoesUmoi ... 


Pnce 

Kra. 


.739.9. + 3.9 
■ 3S8-.5— 8.5 
Sul. 1—6.9 
4SfO.O^-9.8 
522 [-8 
854 ;-6 


b#4 
1,577 
3/1 
1,146 
527 , 

416.5 

123.5 

79.0;— l.l 

7o4 ]— 16 
134.9; — 2.1 
18d.d 


+4 

-23 


1 — 3 
+ >..5 


raxnueeuitqtie — 
lb.au ana ttrandi 
Usiaor— .— ..— 


65. 

119 

la7 

763 

L6a. 

Li/20 

1.407 
491 
157 
163 
al. 
268 
364. 
512 
44 i 
, 069 
lO... 
151 
1,55 
'<,62 
.745 
.1*2 
24 


6.— 4.0 
—1 


-6. 


-33 
■ — a- 

,-5 

+ 3.5 
5:-2JS 

.e-ioJBl 

'— b 
;+ 6.8 
n l+4 

7 — «c.8 

■+r».5‘ 

.6-48.a1 
i— 18. 
SH).9. 
I + ..21 


Ills 

Kr»- 


41* 

dl.L 

. 16 J 

do Jib 
14. 
42 
4tAff] 
75 
52^j 
7B.6u 
12 
IL 5] 
12 . 

7.5 

14.10' 

B-Jfel 




0.6 

6.4 

03 

6.4 

1.7 
4.9 
7.1 

4.8 

8.5 

6.6 

6.7 

2.7 

9.8 

09 

10.4 

4.5 


6.71 8.7 


16.77 


39. 


8.5 


ld.5/1 2.1 

56-7* 2.2 


5.b 


[Jioiif z.a 
12jJ 2.6 
3 '-Z 
I,.* 12.1 
7.*' 8.2 
/.a a.x. 
J/Jtbj 4.7 

2/ i L 6:1 


d'/ 

9. 

IX. bb 

69 


4.7 

9.0 

w.6 

2.4 


26.6 '9.7 
26A 3.4 

15.15 -7.9 


STOCKHOLM 


June 8 

KrLw 

Kmne 

+ ta 

uiy. 

iT.' 

z : 

. r 

A«A Ab(Kr-al>-» 

211U 

-l 

3J» 

2.8 

ilubniHlKrtC 

137 

-1 

6 

56 

AdBA (Kr.&0) 

83.5 « 

+0J 

5 

6.0 

ACiaa UopaVKr« 

4+lBJ 



• O 

4.9 

L'bfCH-O'— 

,fcO 

-1 

.4 

4.9 

uc+ora 

12Qtd 

lo5^ 

+ 4 . 
-2 



ueuukHi-. 

' Z32XI-I 
. ,laS« 


1J 

4.4 



■ 



B-e-ie “B~ 

261 

i— 1 

' 8 

XI 


■VweraM , 

inmoralinK)— J 
dand e-txn*ke«— j 

HjrMxiu — J 

lip OcaUoui-tnJ 
aouiint A.u.;—J 

C.K.K-B' Krv J 

SlqUlrt Kn>kih1i... 

Csndstlk 'B’Kr&t 

tWriebofm 

Vfllvp (Kr- Ml, — J58.5S 



4 7 

a:q 

2.3 

-7.S. 

v.S 

7J5t 


6 8.7 


OSLO 


V.' 


BRAZIL 


June 6. 


f*n-e 

L'ru/ 

+ ofl'biV' 
— -Lru, 

1.01 

+0.D2 

0.12 

2. >7 

— U.laB 

*.*■/. 

1.2b 



fl.37 

2.21 


u.i/8 

g,4U 


b.!A. 

3.05 

—0.02 

b.15 

1.58 

+U.U1 

1.16 

4.1b 


.24 

6.45 

1-26 

WB 

8.25 

.18 


AcBBita OP j 

+W1L9.I .** buu3 

J»nco lieu. 1 

*eigo Minelra L>K 

la/» Aw. OP.. 

Petrohra- PP 

Plranl - 

"ixi" Inn OP... 

ITnlp Pt 

» ■ i. i»n ►PHI. 

VoL CrJJOJtn: Sbarea^.TnL 
Source: R» da Janeiro 5E. 

JOHANNESBURG 

, • MIMES 

June S 

Angle American Carpn. .. 

Charter Consolldaled 

Cast UrielKtiein. 

Hsbnrs 

Harmony 

Kinross ' 

Kloof 

Ruaicnhant PtaUnnxn .... 

St. Helena i 

Sonihvaal ..._ 

Gold Fields SA — 

Union Corporation 

□e Been 'Deferred ' 5.B7 


Rand 

+1 

5.40 

+• 

'J.» 

■K 

1585 


185 

-L 

5.40 

■H 

sja 

-d 

8.8j 

rd 

1.37 

_ — ) 

113M 

•+.I 

8.W 


23.80 

- 4* 

4.40 . 



"Ml v . o \ tr 

•c 

grates st 


5.M ■ 

5.00 +1 

36.00 

1 15-20 . +*. 
1L70 T- . 
4.05 - tH 
■ ISO ■ M 
. r 
+1. 


BlyrooiDltzlcbt 

East Rsnd.Pty. 

.Free State Geduld 

President Brand 

PrqsJdetn S»yn 

Srtmmteta 

WeJkom : „r, 

Wes DrfeContcln 37^5 

Western Hoidincs 30.3S 

Western Deep 1145 - +1 

INDUSTRIALS 

AECI — 

AnsJo-Amer. Industrial ._ 

Barlow Rand 

CffA Investments ..:..L..r. 

Carrie Finance 

De Beers industrial tfl.SB 

Gdsars ConsoQdalcd lnv.... 2.00 

Edgars Stores (24.00 

Ever Ready SA 

federal Yolksbelesfrtncs ... 

Graaiennans Stores 

Guardian Assurance iSA I 

Huletu 

LTA : ....... 

UcCartliy Rodway 

NedBaUk — 

OK Bazaars 

Premier MlUlne 

Pretoria Cement 

Proioa'Holdlnaa'. 

Rand Mines' Properties ... 

Rembrandt. Group 

Reico ' — 

Sane Holdings 

SAPPI . * L — 

C. G. Smith Sugar ........ t! 

Sa Breweries 

Tiger Oats and Nad. Ml*. 

.Unisec . .--7 

Securities Rand 

< Disco nnt of 36^%) _ 


3.80 


9.40 

>1 

3.80 

- =r 

tl.75 


8.66 


■tfl.58 

- 

2.0S 

-i 

124.00 


11.® 


IjS 

• 

13.20 

+4 

1£0 


2.00 

• +8 

L» 


rt 


2.46 

. — K 


'^Krr 



SPAIN ♦ - 

June- 8 '■ 

Aaland ' . ; 

Banco r-BIlbao ... 

Banco Azbnnco n.oooi - 

Banco Central 

Banco Exterior 

Banco General 

Banco . Granada U.TOO) 
Ban c o Bispsid N ,#. a . .. 
Banco lad. Cat. h.omk 
B. lad. Medlterraneo.:. 

'Banco Popular 

Banco Samawtor lasoy 
Banco Uronilo (l.OBOt... 

Banco Vizcaya 

Banco Zarasouno 

BaoKurdon ... 

B arras Ahdahiria 
Babcock Wilcox ......... 

CTC — - 

Dratadds 

InmotrantT 

E. L AnntMO 

Ssoanola Zinc 

ExpL Rio Tima 

Fcrsa ... 

Pemraa (IJOfl) 

CcL Predados 
Grdoo Vetazgnct 1468) 
Rklcofa .. 

fb+ntucro ' 

Olarra 

''ipei-ras' Rcnnidas 

P'TOiltvfr 

Petroteos ... - 

Samo Papalcra — ; — 

Sniace- — 

Soocflsa 


Percent 
116 ' 
JB 
-234 • 
301 . 
266 

.288 - 
155 
220 
IB 
- 209. 
2G.. 

«U 
2M 


153 
-210 
29 
- 18 


:w.. 


■ 


89 
59 
102 
9925 
7538 
- 75 
79 ' 

'g-T.yu 

JS 'll 

.80 • — 

1 27 — . 

2D .+**•*. 

59 - - l ' 

<i ■ 

-..UUM ,1^_ ., Tfll - 

Telefonica .* ... 

Torraa U08tvhch 
Tuba cex .. 

Usdan Etec. W 







i -A& 














































Jilne ; 9 ; 1978 - - 

. ... • 




mmm 



: “Tfcaffitai Vetefrm&iT generally . 
.• entwined,^ yasffijrriay’s foreign 
■ exchange market and ■ sterling’s 
trade -weighted: indcg, ' which, is- 
calculated^ ; by . the Bank V'of 
; England,.:: remained A unchanged- 
throUgbotit at 6L2. r The pound 
opened: -^^1.8210-1^220 ia^ terms 
of : ...tbfc* WS. dollar and rose to 
, "S1^24ft^8230 around mld-mom- 
ing£ "• i 'Tfee^' Bank- of England's 
decision to increase MLR and 
rein&oduce- corset restrictions 
hiuL - already been half expected 
by "Tthe jnarkeL ; • • Nevertheless; 
-sterling improved 10 Si.9270-l.S280 
after the announcement before 
dosing slightly oil. the -top at 
$1.8245-1.8255, a . rise of 20 points 
...on Wednesday’s close. \ 

% -V ' ‘ ’ V '' . ’ # . 

. 'Forward- sterling was corres- 
pondingly wider, reflecting the 1 


■ Ti MhV»»a > rt« j Ur m. 
•. itaett ■ Surilsc. Inm 


l_42.if-r- **fau a B fl g g ni pd w 


■at- STERLING ". 

v ,‘h 8 , ^ 

S 0 U J>. J F HI .A M J 


. per cent increase. in MLR. The 
three-month discount against the. 
•: dollar finished at 1.92 cents 
against 1 >63 cents and the six- 
month 355 cents from 3.23 cents 

‘ The U.S. dollar appeared to be 
much steadier than earlier this 
week, closing : more -or . less 
unchanged on balance but show- 
ing a weaker tendency against the 
- West' German mark at DM 2.08S5 
■ - from DM 2.088a. The Swiss franc 


- • .• ■; . u 

also Improved in 'dollar' terms k 
to SwPrs 159 B0 agaurat . S£Frs £ 
1.9075 having* seen SwFrs 158824 j. 
at one. point. On Morgan K 
Guaranty figures noon in Mew si 

-York, the^follar’s trade-weighted _ 
average depreciation .-wtdeaed to 
55j»rcent^om 55'per^entand £ 
using BankofEngianttflgurefi. a the 

dollar's Index fell to 895 against 
89 A on Wednesday. - ■■ ; - ' J 

• TOOT (^Trading was generally - 
dull , was the flernar: .dosng at c 
-Y220-55 compared with; Y2215a B 
on W ednesday. The UE; currency i 
opened at Y22L1- and -drifted to I 
a low. of . Y220A - With: little [ 
interest being shown, ’Indications « 
point towards a cant inn ationfor i 
the rest of. the -week, of .yester- -• 
day’s quiet conditions. Market , 
volume was a moderate "■SSOTra in . 
spot turnover and. ?7l5ro m. com- • 
bined forward -and swap- Trading. * 

PARIS— The dollar lOst- ground 
iii terms of the French .‘franc m. 
light trading, without any -signifi- 
cant news to affect the two cur- 
rencies. At the end. of trading 
the dollar had -.fallen to 
FFr 45960, from .FFr MO writer 
i in. the day, and FFr-4B137J late 
on Wednesday. The -announce- 
ment of . measures to. curb . the 
growth in. UK money - supply 
pushed the pound UP ft ****** 

■ from an early level. of FFr 8.3875, 
and FFr 8.3950 provinusly.; The 
Swiss franc was- firm. rising _to 
FFr 2.4230 from FFr 2.4150 early, 
and FFr 2.4087* on -Wednesday. 
The D-mark finished, at JFriJiMO. 
against FFr 25CB5 -in morn- 
ing, and FFr 22037&- previously. 

FRANKFURT;- - The U.S. 
currency showed mixed Changes 
compared with its fixing and. early 
ie New York levels against other 
ie major currencies. It was.. Quoted 
la at DM2.0811, compared with' the 
s- : New • York opening °* 

s. DM 2.0827, and a .fixing' level of 
' -DM 2.0857. Sterling eased, dfebtly 
Z to DM 3.0845 from a fixing level 
i! of DM 35070, despite! the . rise, m 
^ UK interest rates, wfafle t&^Swiss 
ie franc continued to Lhnpreve, 
55 finishing at DML1003, jgffapared 
ac with DM1.0941 on . Wednesday. 


THE POUND SPOT 

" ‘”“‘ 

Junt*8 rate* Dae'* | 

^ IjpiVBll | Clew 

CjTs 7~ 1.3256 

I'au*. I mu S' a IJ.2.B3BD 2.M60 (2.0400.2.0410 
Guilder I 4 ] 4.00-4.08 4.07i-4.0Bi 

Rt-Man Fr.l 61»l 50 Jb 49.60 50.43-59.55 

Imiiiali Kr« 9 10.28- 1B.SS l0.SU-10.A2i 

D-Mark 5 i.7!u-5.824 5.80*.5.B1* 

Pnn. Fjw. IS 66. 1044.00 U. 1541.65 
s>pw. B 145.W-I46.B8 145.50-146.80 

Ij» 111 2 ], 667- 1,574 1.571-1^72 

Xrvn. Kr. 7 8.884+SS4 8.86*.8.B7i 

French Fr. Sla B.5744..?SA MIW.M 

Sw«MUlKr. 7 *.48-8-47 8-4*4-8.444 

Yen ai S 400-410 4024-4044 

Mialria&h Us 27.27-S7.42 27-80-27.40 

Swiw Fr. 1 - M 5-2.484 S.4W-!.4fii 


forward against^; 

One Hwbih | ft"**- tThrwniontbrj % p4- 


B-70 0.60t'.|>ni 4.87 II. H I- 77 8'§® 
0.70 O.iOiM'ni 4.82 ll.95-l.B5-.pui. ».« 

S-V-wn 7-51 


SiMi, pm 7.08 jlOOSO «'-ptn 
Si« 51* invliil-4.s4 j7-*?, e,,r * 

3Ib- 2I« irf I'Ui 8.2B 8»4-7 a i l' r P m ^- B ! 9 

ibioB.-! rfiH k»-Wi]g|;5K ,J ,£ "fa 

S5-115.IW f— 6.18 150-240 i'.di* -6|2 
1 l]n»pin-I dl» — 9*1S r Z 

1-6 fl£(k -2-42 

2U-1U r.pm 2^0 filS-8Ue-P«n f-l? 

14orepm^od* 0.71 , i?P TI1 m q'nn 

i.SS.B.05\.pm 3-82 SJ15-8.86,V-1^11 9.Dj 

IwffiiT B« toUKRMXn 

1 4J«.ftad.Din 8.88 [SSfl-bBa ‘••■P™ 1D - M 


2U-1U r.pm 
j 14oropni-4udi 
5.S8.S.05j.prt 


Belgian rate ss for convertible francs 
Financial francs 59. 50^8-80. 

THE DOLLAR-SPOT 

Junes pay 1 * 

neraad Claw 

Canad-n V 

Guilder ' : 2.2SK-2J340 2J30542315 

Belgian Fr MJ9-32-MJ JSJ»-3a«i 

Danish KT 5.M755^ 5JS10J.6571i 

D-Mark a0820^.0>72 2JW20-2JB890 

Pan. Es — 45^cao 

Lira IWAO^LU; SW-IMBIOS 

NrwgTL Kr 5^070-5^145 5JB7M.40W 

French Fr 4JB2M.MMI 4J5WMJ840 
SuedlMt Kr 4.UZM.M65 
S’ell 220 JO- 220. 70 3UMUI 

Austria Edi - — 

Swiss Fr 19WU.WS 7 mS-U91S 
• U.S. cenu p er Canadian 5- 

CURRENCY RATES 

, i Special Kropean 

' \ Dra-wing Unit of 

I Bights Accou nt 

f Jane 7 1 Junc7~ 


53T i 

pm 9-38 pfl-688 v -pm j 1 0-54 

"Sbc-ciiHilOorwanfloilir 3.60-3 JOc wo- 
1 lS-m oaUi 8.40-S30C pm. 

I FORWARD AGAINST S 


One month M- 

aS5ioicdb 
i)M4>Mc. pm , 3JW 
8-Tc P«i 

B.77-0.72pf mu 4A5 
jjo^AMIrcdls —4.50 
OASATSc dh —1.89 
OJMay pm 4.90 

l_ 08 -U 0 ic pm 8.55 


Three rnotuhs 

OJn-OJficdi* 
LUOUbc pm 3 JB 

30- 18.5c pm 2J4 

2.afc-2JHpf pm 4J5 

OA-lIUSIlrodis -4JB 

lowisc dis -M7 

2a J-CTJy pm 5.01 

3 J2-3.17C pm 6J5 


CURRENCY MOVEMENTS 


Sterling i 

C»5. dnllsr J 

CaoarliaR i 

Autirta k-ti.... 
Beiirtaa fnuir. 
Dsn Hdi krone. 
Deuiic-hem'rk. 
Duurb uuiMm. 
FreiK’h fmiu- . 

I Italian lira..... 
Japanese yeo-.l 
Nrmvay kn.nie.1 
S]«in iHMitH— 
Swedlnlikniue. 
Swiss fnuii-.... 



Sterling 

U.S. dollar 

Canadian dollar . 
Austrian schilling 
Belgian franc ..... 
Danish krone — 
Deutsche Mark .. 

Swiss franc 

Guilder 

French franc ... ■ 

Lira 

Yen 


Bank of Mon an 
England Guaranty 
Index change* 
ai-31 —42.0 

nJ3 - 5J 
Bfc.05 -UJ» 
10.48 +1W 

nia +13.1 
11A83 + f>S 

14LU +»J 
181.91 +74A 

l ?i-B +18.9 
9B«9 — 4-9 

5e!faZ -48J> 
134.74 +33.2 


OTHER MARKETS 


Kuw alt^uVnariKii) 0«9D509 

SSSdsteswatffliisir: 

Rut* siren for Argenflna Is free rale. 


Ba«'d "on'irarte" "wcldned chafes 
WBihingioii agnsetnem December, lsri 
iBank of England Index- Wfr. 


I Note* Rale 

" 27 28N 

. ; 59-6011 

.J 10.23-10.38 
8.30-8.45 
3.70 3.85 
1S50-1990 
400-410 
4.00-4.15 
9.80-10.00 
77-86 
143-146 
...| 3.40 3.58 

J 1 .62-1.84 
. I 34-37 


EXCHANGE CROSS-RATES 



** .-Dutdjtxukder 

Italian tin. L00O 


— - Canadian Dollar 
' BdgUn E(»DC 100 



: ..u« is® ; t[2SgX S 3 S- I lig; i SS- ■«*» i;ilB 5aM - 

n-ria - i ’ 1. - .MM?" .2-StS . ‘ I" !«} “iol? itii 


2.174:-- 

0.527 


•'4fiBsr-; r 

‘.ItBS’.. 



fShort term 
7 days notice. 

Jionth 

Three mouths. 
€ls months. 

One .year. 


114«-128« 

I07a-liu 

1169-12 

12ig 

i£it-^as* 


Canad i an 

Dollar 

\7-S\- 
7-8 . . 
758-8 - 
8te-8ia 
BJe-83, 
859-87J 


RATES* 


tf.S. Dollar, 


Udw. ‘ Sad«s Fmnc 


W. Gennan 
l Marttf, 

tljSi ‘ 

3 -.- 3ae-3is 
33q-31j 
31i -35s 
A 3ii-3K 


French Franc | Italian Lira 


94*-10 

95*10 

91--93* 

95*-l0 

IOIb-1046 

105*11 


0.1041.44 

0.33-0.36 

0.4 J-1.0O 
030-3.00 
■ 7:11 

. 27-37 


! Japanese Yen 

“iTajr - 

15g-oS8 

21g-2ta 

278-31* 

3^0*3™ 


. The foiioWing nominal .rates were quoted tor London dollar 
bsnu one year K50-8.60 per cent. ‘ ™ J 
Long-term Burndollar deposits, two years 8Sjfi-8»lb per / 

CJOS aa^Sn nt«t ar^call tor ««rUn*. UA-'-dcrtlars anJb 
• - Asian rates Are dosing rates -in Singapore. j 


Xtiacates or deposiu One month 7.50-7.70 per cent: three months 7-60-7.90 per cent; six ntomiii 8JHW.S0 per 

LZ. a* .»•*» ■» •" -«««-— 

m adlna doUars; two da^?'nobce lor pdMcrs and Swiss francs. X, 


Progress Report 1977 

Hessische Landesbauk" Girozentrale- 


A year of 
solid achievement 


3nl977 ? HelabaFranMlirt ! 
continued on. its steady course of 
consolidation and restructuring 
of its service facilities. The Bank 
increased its balance sheettotal 
to nearly DM 43 billion- a growth 
of about 9 per cent - and reported 
a profit after substantially 
strengthening the reserves. 

In line with iis commitment to 
a consistent pattern of measured 
growth, Helaba introduced a 
series of specific marketing strat- 
egies to improve service quality 

and efficiency and to meet the 

growing needs of its traditional 
and new clientele. 

Significant gains were made in 
the previously difficult real estate 
market A concentrated effort 
on property disposals produced 
iesults well ahead of exp ectations, 

leaving the Bank in a stronger 
position to accelerate activity on 
its longer-term objectives. 

Contributing to the results 
achieved in 1977 was a healthy 
growth in international business. 
Foreign lending was expanded at 
much the same pace as in 1976, 
andHelaba continued to strength- 
en its position in international, 
syndicate business - participating 
in 84 Euro-DM issues as well as 
177 publicly offered foreign 
currency issues. Moreover, the 
Bank was active in 17 private 
placements, including one as 
lead manager for an important 
international borrower. 


»!T.""4C5iKvrj* v»... 






• : m 



ms 




Headquartered in Frankfurt, 
Helaba ranks among West Ger- 
many's top ten banking insti- 
tutions. Concentrating on whole- 
sale banking, it offers a broad 
janse of domestic and inter- 
national services such as trade 
financing, foreign exchange 
de alin g, leasing and iac to ring. 

Financial HigliHghts 


as well as comprehensive invest- 
ment banking facilities including 
security' dealing and underwriting. 
Refinancing is facilitated through, 
issuing own bearer bonds. 

Helaba is a government-backed 
regional banlTacting as banker to 
theState ofHesse and performing 
clearing functions lor the savings 
hanks organization (Jocal univer- 
sal banks) in Hesse. 

The results of 1977 markedly 
improved Helaba’s overall balance 
structure. Backed by considerable 
resources and led by a strong 
team of banking professionals, 
Helaba will continue to base its 
strategy on cautious and selective 
growth and to build on the pro- 
gress achieved thus far. 

Hessische Landesbank 
- Girozentrale - 
Junghofstrasse 18-26 
D-6000 Frankfurt/Main 
Telephone: (06U) 132-1 
Telex: 04U333 


December 31 ‘ ' ~ _ 

Business volume 
Balance sheet total 

Total credit vo lame 

Short-term assets 
Due from banks 

D ue from customers 

Long-term lending 
Lending to banks 

Lending to customers 

Trustee business 

Short-term liabilities 
Long-term liabilities 

Bonds issued - 

Capital and reserves _ 

Profits allocated to published reserves 


1976 

40,954 

39,207 

32213 

8,219 

6,423 

1.796 

19,896 

1,547 

18349 

5,050 

7,801 

3,031 

19,014 

706 


DM million 

1977 

44,356 

42,610 

34,214 

8,704 

7,244 

1.460 

22,060 

2,511 

19.549 

5,292 

8,987 

4,069 

19,909 

871 

65 


i 


;j,£551jSS 

KUs 


INTERNATIONAL MONEY MARKET 


GOLD 


' Interest rates were .generally 
steady in the Paris money market 
■ yesterday,' vith day-to-day funds. 

' slightly -firmer at 7J per cent com- 
pared -with .per cent previously. 
Gail money has- remained be twemi 

71 per cent and 8-per cent for the 
past three weeks, the lowest Icycl 
for nearly two years, hut ^is has 
not yet produced snYreductJon^n 
commercial banks base r^tes. 

1 These have stood at 9-3 P er cf°^ 
since last September.^aJthougb a 
small ,eut has been expected - for 
about six weeks: - . 

.Last week M: Rene Mono*/. 

Economire Mlni^w, . saitLacutm 

Base rales could be expected- to s 
month, pro.bably betweem 0^3 

* 0.5 of a point. . He reiter^l tos 
yesterday, saying that tne rate 
will be cut soon. • - 

The foreign 1 ctUrency reservre 
of the Bank -of France Tree by 


FFr 532m to FFr 26;161bn in the 
week eiided June 1. The reserves 
:ha“e risSTby FF 2.6bn in the past 
four weeks, and FFr sirvce 

the beginning of the ypr. Foreign 
liabilities- increased, however, by 
FTV247m to FFr LOSObnilunng 
-the week ended JUne 1- while 
deposits by foreign banks declined 
1 by FFr -25m to FFr 1.4o9bn. 

. Frankfurt: German interbank 
C money market rates were un- 
i changed, from call money at 
■ 3.5 per. cent to six-month funds at 
j.75 per cenL 

, Brussels: deposit toes for com- 
i mercial francs were: call « per 
s cent; one-month 5| per cent, m- 
j month per cent, and 13- 
s month 7* per cent, 
e New Yorfc Bankers acceptance 

. offered rates aU unchanged at M 

s days 7-20 per cent: 60 days rsw 
f cent; 90 days 7.40 per cent. 


12ot days 7.5 per cent; 150 days 
7.60 -per cent; and 180 days 7.70 
per cent . , 

High-grade commercial paper 
sold through dealers rose to 7.4 o 
pet cent from 7.35 per cent for 
.30 days; to 7.55 per cent from 7Aa 
per 'pent for 60 days, and to 7.oo 
per r^ent from 7.60 per cent for 
SO days. . _ 

Federal funds were 76-7* per 
cent, compared with 7J per cent 
on Wednesday.. . - 
'. Hong . Kong: Money market 
rates^ remained- easy, with call 
money falling to 53 per cent from 
53-per cept, and overnight trading 
paging- tn 5 per cent from a I per 

^M a nila- AH rates unchanged, 
• with 50-day maturities at- 9-12 J 
per' cent; 60-day 91-12* per cent; 
■: 90-day and 120-day IMS percent 
Philippine Treasury bills (90-day 
diset? Ontj 11 per cent. 


Late 

faU 


General reaction to the DIF 
auction proved favourable at 
which the average price per 
ounce was S183.09 with a range 
of J182B&-3 83.92. Gold was fixed 
during the morning at $183.40 but 
eased at the afternoon fixing to 
$182.60 which tended to reflect 
conditions in New York and 
possible over reaction prior to the 
auction. The metal opened at 
$183-1831 biit by the close had 
eased in moderately active trading 
to $1823-183, a loss of 5*. Never- 
theless sentiment received 
another boost from a report by 
bullion dealers Sharps Pixley that 
the price of gold .would even- 
tually break through 19 1 4 levels 
and reach over $200 an ounce. 


UK MONEY market 


Minimum Lending Rate 10% 


1 1" 


Bank of England Mtaimuin 
Lending Kate 1* per cent 
(since June 8, 1973) 

* The'Bank of 'England ^creased 
Minimum Lending .Rate by .L per 

SE to 10 per cent' yes erday ajd 

at the same time re-Jntroduced 
corset restrictions: on hank laia- 
ing. Consequently, interest -toe^ 
Sfre quoted at -very Wide spread s 

with the shorter periods tendi^ 

to show- a- greater: increase. 
Discount houses bqjdi# 

sa-sisrsars 


tender, and also hovering 
the level, which would 

duced a still hitler rale of loj 

per cent for -MUt under the 
recently abandoned marxet 
related formulae. , , 

Day-to-day- credit appeared 
'be in adequate supply and tne 
authorities dJd not intervcn^TE® 
market was help^ by a fall >n t 
jibte circulation and an esces f 

■■ssarftfiBrya 

sold- on Wednesday. _ 


Discount houses' paid anuuui 
8. per. cent for secured call loans 
at the start and rates increased 
to 9i-. per cent In places. However, 
dosing balances were Jaken 

.between 8 per cent and Si per 

'cent! 1 

Th .the interbank market over- 
might toans opened at 8t-S| per 
cent and eased to 8-8f per rent 
in generally dull condlnons. After 
lunch- a brief flurry pushed the 
rate- up to 9-91 per cent before 
easing back to S-S* per c&nt.How- 
ever late demand saw closing 
balances taken at 9-10 per cent - 
/JUtes hi the table below are 
nominal tn most ‘cases. ‘ 


Giilrl Bullion (a find 

CI^T.l ’siaii-188 

Opcnlni; ISllf IS* 5 

llomiofi; lixina 

Gulil Coin*. I 

dniQMilcally 

K'ro^na...- SMW, 

Old StwereUto. 

Gulrl tlolnBi ■— ■] 

. mternatioDally 

Kru «* mind iSn? 

KM r Sovereign...... 

Old Sovereigns — 

s»B*gie« ffl? 4 ;!!® 4 

SlO BaEtea.-.' — — * ... - S1BI-184 

.8871-100* 


S 1821 -IB! i 
5188-1821 

(£100.060) 

51B2.8& 

(£100.846) 


1 5187 j- IBS] 

(£105-104) 

'S&2i-84i 

]T£39-3ff) 

;S56i-87% 

luaOi-314) 


5187?-1B8( 

(£105-104) 

6885-844 

(£23-501 

6554-87* 

(£504-314) 

S275J-J7B! 

6152-157 

698-108 


LONDON MONEY RATES 


HONEY RATES 


Certificate 
of deposits 


Local p 
Intertanlr Aothority J> 
deposits. 


yjaanoe 

, House’ 

Deposits 


Company-: 

Popoajts 


Discount 
market 
d sport 


Tteamrv 1 
. Bill** 


PJneTmdel 

Bills* 


BTb-IO^ 
10 - 
10 

10-1018 
I0J8 lu>s 
iOA-lOf* 
lOJs-1068 


81S-B3*- 

87 B -B 

BU^ 

SVlU'a 

lovtoz 

ai 


1 05**9 

sS-llj 1M0U 
esa-iois JjlS'H.: 

. 9V a -l01* 1076-11 'P 


earn m per .««• b B u v ,| 9 ! .ioV « 

Wtoor^uiB* ■ M oi; 
Treason bills ^ cen 

jr otie<noTTtlJ batik cent; 

* IK-r cenii iwO-xn«UiJ» 


horlty monsase rate 
II rates in table are 
Ils W* per cool 
jm: md ibree-monin 
per cent; ^nd toree- 
(01 per cent. 

1K8. CtoarisB Ba** 
0 per cent Treasury 


NEV^ YORK 

Prime Rate ............ 

Fed. Funds 

Treasury Bills (lS-weck) 
Traasury Bills t2fl-we6k) 

GERMANY 

Discount Rale — 

Overnisbt 

Oat inonUt 

Three monrto 

Six months - 

FRANCE 

Discount Rato 

Overnight 

One tnonth - 

Three months 

six months 

JAPAN 

Discount Rate 

Can {UncondJtkma]) 

win* Discount Rate 


BUILDING 

SOCIETY 

RATES 

Every Saturday 
•the 

Financial Times 
publishes a table 
giving details of 
BUILDING 
SOCIETY 
RATES 
on offer to 
the public 

For further details 
please ring 

01-248 8000 
Extn. 459 


Helaba [ForsBralMai]^ 

Hessische Landesbank -Girozentrale- 



Anglovaal Group 

Declaration of ordinary and participating preference dividends 

year ending 30 June197S-!ndustrial and Investment compan 

Dividend, have been declared p.»bl. 

Tlw^lvIde'ndl^rrt^eciare^li^'thV^un^ency^a^th? dilator detenTiinlne^the 1 '^. 1 . 0 ^ 

London will be made in Uni »* lOnjetom cu«wncy- an J ^ ed into United Kingdom currency 
exchange at which the currency of the Republic will he co subject to which the dividends 

will be 26 June 1978. or such other ^date as sec oul ^tn the ■ or office of the London 

MM 5 h mentioned 

in the Republic of South Africa. — — — 

in tne r.epuonw nrufil Amount a * sorted 


name of company 
lOrdlnan- -shares. 
unifK indltturd 
oiUerwi^o 

Anglo-Trznsvaal Cett- i 
sol l dated Investment I 
Company. Llmlteil ! 
■ Partin pal inf 

Preferuac'^ | 
iOrdinaiy and “A" | 
Ordinary ■ 

Middle Witwatcrsrand 
(Western Areas) 
UralLod 

Amlo-Ti-amvaal Indus, 
tries Limited 


Dividend 
declared 
1 Cents 


Total for 
financial 
year 


, conivlidau-d prufit 
Esilniaied* A..-'uar 


Amouni 
ny div 
197ft 
RW0 


absorbed 
■idviids 
| 1977 

RHOO 


ernis 



1&5 

«7.» 

"a 

115 


25 

-3 

20 

3 & 4 


2 31-1 j - MS 


1. The results of the Company’s mining subsidiary, Pr ! e ^ a m SP p 3re referred to the quarterly 
been included in the estimated consolidated results and me -« 3 The interest 

report of that company which will be published on or about 19 July I' nt ^ the annua , 

m Prieska Copper Mines (Pty) Ltd. will be. published in a separate 

financial statements. , . « thp 

1. This declaration represents 5 cents for the half-year the final dividend of 

fixed race of 5% per xnnum end 45 eenB._be.ne 50% peiac'P*" 0 " 

90 cents declared on the ordinary and A ordinary shares. 

3 Amount absorbed by dividends includes preference dividends. 

4. Includes the results of Tristel Holdings ( Pty ) Ltd, from 1 October 

— " By order of the boards 

*Ang!o-Transvul Considered InvB.menr Comp.n^.^Umiied 

per: E. G. D. Gordon 
Registered office: 

London Secretaries: ... - Anglovaal House 

Anglo-Transvaal Trustees Limited 56 Main Streec 

Z95 Regent Street ’ ’ Johannesburg 

LONDON W1R 8ST 

8 June I97B ' _ 


■•Li*)*' 







32 


STOCK EXCHANGE REPORT 


Financial ^ f? 

■ - -~. fi 


Gilt-edged advance after credit squeeze measures 
—but shares down with index 5.6 off at 469.3 


FINANCIAL TIMES STQCK INOICES 


, r j,™ ** j r .fspFWtt-pS^: 


Account Dealing Dales Government broker to raise Che lower. Elsewhere, Distiller* rallied to close unaltered at 220p, helped SecurJcor Granp put on 3 nuaud spwiuJative Interest. 

Onttan price twice to 92, T 6 and 92J before finished 5 easier at 176p. after after 216p. Elsewhere. 690 Group to l«Sp. after 126p. with the A MEPC leased - to ^lMp ^ did 

•First Declare- Last Account withdrawing. Reactivated at its 175p, in sympathy with the other cheapened 3 to SOp, after 79p. in up B at 122p. and left its mb- ^“5 _ r R X^ 0 „ Jti 

v a-" . - ^ n i, *v 1,7^1 operative price, the Ions te p. equity leaders. reaction to the disaonotntinc pre~ sidlary Security Services S higher 293 p. the latter ahead of next 

Deaiings Hons Dealings Da> Exchequer 12 per cent 19B& was BuUdings drifted lower in sub- IfflK 53t. toPP 6 at 124 P- Higher annual profits week's jteures. On the other hand. 

May 30 Jun. 8 Jun. 9 Jun. 20 subsettue ntly raised to 94| and at dued trading and remained at Foods had the occasional duU helped Dundonian harden a p enny 0«sterfijdd finlshwi a epupde^of 

i un 'oS J t Ur J' 2 < ? ■*“?■?? the dose of business supplies of depressed levels despite the par. spot. Associated Fisheries were ?h?™ c ,n« her at 3 ° P fo51owtng 

-P"; ~ 6 „ Ju> 1 3ul> , 1 ® stock were thought to be nearing tial rally elsewhere in the market, on offer at 49p, down 4. while specuLaUvebujing ina thin mar- the results. 

m«jb» exhaustion. Contracting and Construction Assoctated DaiHes. 230p and Burmail UD late 

_ _ . . Business in Traded Options issues notably lower included Kowntree Mackintosh. 40Sp. shed Jz -DtumrtXl up Kite 

The Treasury « announcement of |ckeJ up . From lh pr |Vi 0US Marehwiel and Taylor Woodrow 5 and 6 respective l> Cullen's i^ 1 f l ? n ^ nt I ? n R JJl e SSJSSSTs Bnnnali traded actively between 

measures to curb the growth of J - s lowest tolal M far P of 2 Q5 which eased 4 to 306p and 380p Stores were also dull late, the ***£}*' « B ^ a „ d A . KSay extremes of 64p and Tip before 

money supply save the Gilt-wlged mrarli yes£erday - s number respectively. Elsewhere. Annitage Ordinary losing 6 to I10p and the 3 ^ 0pl IP® in’ .thSm? settiing at 70p up 4 on balance, 

S^.AJSS. I 5.?&3 I®*- .“V 'C. calmed Shank, ,/ed 2 «,«|p despite “A" «« 5 . ft" &.*™“ Slo 838£ 


Government , 

Fixed loiornt..^.— 71.1 
liplurtruU Ordinary-.- 469.. 
Qntrf Miner.... — ........ • 161- 

Wnl. Hiv. Yield ... - B.P 

U a miiie«.Y’ld%lFuinC*l 16.3 

P/E Italic (netjrt) B.l 

Deal toga raarked 5.20 

liqolCT turnover £m.._ — ■ 

K^nliy burgal na t out). . _ — ... 


€6.681 69.2o 4. 68,8 
71-tffl- 70.9& 70.7 
469.3 47419 477. 
161-d 138,5 153. 

5.0*] . 5J$B 5J5 

16.381 16.82 16.1 

0.16,' 8.24 0.2 


«v»| 68.79 00J6J M.BQ) 6 ^J' r 
70.?d 70.83 ; 7r.33[ 

477.7^ 47451 475.5) **ih-35 : : 
1# H 154.0 ; «2.7i -isajj.-SS- 
65S 5.5B .8.561 •. 5.53 a J 

16.X3[ 1652. • 16.17] . 16.43 . 

,6.291 B.2A 7 B.27 8;tB *** : 

4,6^.4.644 -*,«88j 4.B31 4 , 4 * 

H 6033 


5.203 4.532 

— itd 


. , , ^15^151 16.0161 14.322! 12.5951 14 

10 am <72. B. ll aafTtij. Noon <o.g. 1 . 

2 -pm 46S.0. 3 pm 466J. . ■' ■ : : )i • 

Latest Index «LM6 8026. - “ • • 

“Based ott 52 per cent corporation rex.. tN[I=R|>i;' • - •••-'.• 

Basis 100 Gcwt Secs. 1S/W/26: Fixed lot. 192S. lad. OntT lime '..-.v ' 
Mines 12'*,'S3. SE Acdvlly JiiJpJJec. 1642. . ■ - 


money supply _ave ine ui«-«i^.u contrarli ye sterday's number respectively. Elsewhere. Annitage ,V™“ 
market a belated but welcome 5 mprove d to 543. ICI claimed Shanks shed 2 to 65 jp despite A 
boost lo _5^p rid ®I] ce . most of the attention with 142 higher profits and A- Monk 


preliminary figures. JF®** f °,» aSea^to touc^ Petroleum otuched 866p : before 

res fell 3 to 180p on ending marginally cheaper on bal- 


HIGHS AND LOWS 

1^76 - jSlnco Compllstkin. 

High 1 L aw High I Low 


S.e. Acnyir§ ; 


iraainv, jnaustnais. aireaay n trat . ts as interest was enlivened and Jackson added 2 to 102p on 

' 3 h- bf "» ««l»4 further buying inquiries. prominently 

K, l ,? fi r r iii«rf er f rt th M«^. nn ^Knve TT1 ihp The investment dollar premium Leading Chemicals turned dull — 

S" r r J dlbe * 0 c,ose a ** e move<.l lower for the first time on the Government's measures to 12Q — Fence- 

uori - this week when, in thin trading, curb credit, but closed above the 

Although most of the da Vs u drifTed down to close 1J points worst. 1C1 eased 3 to 3S7p after 

activity in the Funds was con- n ff at 111J per cent. Yesterday's 3Sop. Fisons failed to rally and 

pentrat*»d nn the two tans, a ennd conversion factor was 0.6722 ended 8 down at 350p; the 

dcm-ind developed for other /O.i'BWi. announcement that South African HO 

stocks, particularly in the later Kurolhcnn attracted renewed farmers intend to sue Fisons for 

maiurities v here <iaSns ran cod demand^ and gained 4 to 153p, £3im in connection with damage.s 

to I and occasionally more. The after 157p. arising from the use of pesticides 

shorts recorded rises to T. and came after market hours. Fears 

yhe FT Government securities Home Banks lOWCr that the 163p per share offer from inn 

ind^v rose 0^^ >or a two-u3y J3in Tcnn^co may be referred to lhp 

or 0.85 to GO.fiS. JIITS lendm^came ^CommS, unset! 

I/’adinrr industrials met sent- ■ no a 1° surprise uflhe major Albri ? ht « nd Wilson which shed 

tered selling in an uncertain ifea^n- taST'SS SriMs were 8 w 14fi P- 1«P- while lower 

aimocnhem during the momma ini1iai ." unmove ri However the interim profits left Hickson and on 

and the FT M ire index was ^ U J p e T«m' inct?ase m Se Welch 2 easier at 208p. 90 

k^ r 7l} cerTaTmy 1 cSSug^baif leading AlUed Retailers bought 

!^y u n r d ^ e f°r SLm « Retailers provided an RO 
at this lev»l and the index rallied L 2j!p S however mn- isolated firm spot at 283p, up 8, 80 

to close 5.6 down on balance. firmw ’ Hong Kong ?nd in easier Slores whlch had Marks ^ SEF 

Tnlf-Uv. sen*imcm was n m helped Eli’S' fl „ 6 to ffi Ind Spencer 3 off at 14lp. Mail 
hv The growing feeling that rlivj. % e w South Wales Orders had a couple of dull spots Caterers, cl 

d"nd controls mav be retained a rivance j g to 570n KIcInwort 5n Empire Stores, 5 off at 165p. a^rilOp i 

'h* BeSn dedlied 4 to 98p among and Gussies “ A," 6 cheaper at 

fair number of hright snots L,. jnt R. n L. e ..-horo Rmun 2/0 d. !D a r K . el .. s . 5® 


Metropolitan f 
¥ in Holds 


and appearance following the buoyant initially 16 lower at 142 p. rallied 
- to close 4 cheaper on balance at 


shorts recorded rises to and 

Uhe FT Government Securities Home Banks lower 
sndev rose 0-*t for a two-day sain 

of 0.85 to 69.68. The reunposition of cor 



Govt. Secs... 78-S8 
(d/1) 

Fixed lot.— 61.27 
w/K 

lad. OnL.... 497.3 
, 6 / 1 ) 

Gold Mines. 168.6 

<£|&I 


127.4 43.18 

(2/1/36) (8/1/75)- 
.150.4 6a53 

01/11(47) '(3/1/75) 


433.4 649.2 


l Gilb-BriwM 

1 Iadiuhis* 
^Recnietiv 

Totals 

S-dayAv'n 


J72.9 

16^.' 


154p, while speculative favourites ’ >6/ii p7ij' a*«/T7) &nwd> ®<«- E df(wL.J t6 0 _ 5 . is«w 

Siebens UK and Oil E^loraQon a, w Mines. 168.6 130^ 442.3 43- S . 

boih succumbed to profit-taking, (8idi i6/3i ®*i76i^ro/7h -400 saa 

the former easing S .to 250p and 1 5 07 .f- 

the latter 16 to 358p. after 35flp. " i v “ : • .. , 

furSer^specuIaSe ^lpporf^and Africa^Go^ a aRain ^ deft*' 

added 4 to 84p for a two, day “V)' up of African Golds, and touched ^ new high of V 
advance of S. A, . so t continuing to influence before easing fractioM fly 

Harrisons and Crosfield con- ? ar ^ et * al > mem - was J*™* 11 ®! 4 W; Oa balance at IMp Sm7 : ' 

tinned firmly in Overseas Traders. "5 at ? h * f encouraging dividend consideration - of ihe’S 
rising 12 to 47Sp for a two-day declarations, thi5..ume from the announced on Tnesday. 
gai oof 25 on the preliminary Jehmiies group producers ^ ^Etotinums moved ahead sirbW' 
statement. James Finlaywn- G ®*J J™" theafler-hours 

trasted with a reaction of 9 to J^Tther 2.5 to its highest the producer price rise tof' 

35Sp following; the previous day's •f ve . Slnce Msrch 35 and. a two- an ounce announced by R»«i 

jump of 17 which stemmed from day improvement of 7.1. . bei^. v Rustenberg ' 'tb emA* . 

Press comment on the results and reflecting the recently gained 4, .to SBp, .while Bkhoiwe ' 

capital proposals. S. and W. Berts- "Miinced ^dividend increases put on 6 to SBp and.IyrfS 
ford, which report interim figures Hartebeest advanced a half-point 2-to64p. 
next Thursday, eased 3 to 130p. to 1 *. ! *"«& ? f W J^ WesternMlnlng ctutttnued toh 

Overseas-orientated and foreign . climbed 31 to 4 yearns high the Minehgbt ia Australians' 'r 
issues continued firmly in lack- of 991p. _ Other issues, .to register s isient sizeable buying throuett 
lustre Investment Trusts. Jardine substantial improvements in-- the day. lifted .the shares to a lt 
Secnrifles rose 4 to a 3978 peak ci uded Bracken. 13 higher at 83ip high 342b before - 


■s *s£}^sr. !aaaf 3 «-.s. 

■6/3i 13^.75)^10,71) Ck!z:.j ijgj] 


SEP OCT 


FEB MAR APR MOT JUN. 


sari •£ f r%,s£ sajriKWJ^a. ^ «**» , 0 , ,, s stss^k 


fair* ni.mber 'of ‘hright " snot^ 4 where P Brown 270p. ” “* market’s best estimaiea.' Savoy buying in a restricted markeL 

derolnnpd. mainly in the ^.. . unmoved at 230p Electronic Rentals stood out in Hotel A . a recent speculative Pennine ^ Motor were active apfi i 

speculative issues, hur rills in FT f 0( Jo|fi n „ results The fresh Electricals at 125p, down 6, on d/s- favourite' reacted 4 10 S3p. while harder at Sp. ^ ,le T- CHamson, 
n„nipd pmiitms outnumbered rises cnn trols had little imme- appointment with the preliminary Houses Forte cased b to £Up. *nd L^Wleywd, 

bv h-n-rn-onc. An .mrro^men, ^ effect on Hire Purchases figures., Compbell and Isherwood 210 P- 


market’s best estimate^. 


to ll9p. and Appleyard, 
2 and 3 respectively, i 


. iTrS: Hseu-here. New Throgmorton Uons which are expected shortly. / Northern recovi 

capital, at 109p. lost 5 of the pre- Financials improved -in ,sym- some of. its recently: bat ■;* 

■ . Service, ^ ous jjay’s rise of 18 which : fol- Pathy with Golds. Anglo. American with tht> «han>s tniioinir^rw/u! 1 


in ihc level nf artiyitv ms "J although UDT closed a penny eased 3 to 134p. while Thorn « A A 

flprrp/i n nP ( ^6l_nrarkmc nf “ hea r at 35p Electrical, 324p, and H- Wigfall, Batll and Portland 


Angk)_Aineriean with thfe shares rallyli^ ^to^' 


UP'-rpri in ni«*vini pnirxins *h -i-' 1 -' chea n e r at 35p. Electrical, 324p, ar 

p(»"i»iared w ith -* 532 yesterday and " . 212o lost 4 aniece 

a cii , Insurances contributed to the fifP- 


Acainst the Although a late rally 


year's high of S24p. 


high of 520p and North Bro) 
Hill, 3 firmer at * hijgi of- I2Sp. 


foTS?s following a favourable Phocnis decUred 6 to gteug cSSSJft “ oidii 

ssr^sas^ ?r/Th y ort fi im ss£& 4 af* w ™ -a«i I 5 1 *s ‘ 

li-xphraucr til ner cent IBS*» A Although staging a modest relinquished 5 to 372p and i*KN 
was ra Sablisffd a? 92* aod a recovery in the” late trade, 3 to a 1978 low of 254p. Hawker 

slrong demand enabled the Breweries still closed a few pence displayed late resilience and tQ 5 easier at fi 


FOOD PRICE MOVEMENTS 


NEW HIGHS AND 
LOWS FOR 1978 


industrial leaders enaca wiui iaua *,Vw — r r puDuetty given 10 me cnair- - 9 ' r» 

ranging to 9 following the al Jf r . , . . man's gloomy statement at the i— f l/il H 'JJWiC • l/v/lilrri •. • 

Government's .. credit squeeze Renewed investment demand in aj^uaj meeting brought pressure xXICiu KS 

measures. PlUtington closed that ^ thin market left Associated tQ ^aj. oa p and O deferred _ ^ 

much off at 478p and Rank Book Publishers up another 10 at which fell to 91p in active trading kuriinArik ¥¥»%'4ra¥*«»w . ' - 

cheapened 6 to 250 p but Beech am, 23op. Benn Brothers eased 4 to before rallying to dose only a 0 11!^ I IlcSS^llIiLlI IlS 

having touched 638p. picked up 67p after recent firmness on a penny cheaper on balance at 93p. AA 

to finish 5 easier at 645p. Glaxo Press _ mention. Speculative other Shippings were generally The current order - book, at export orientated .he' says.-: 

closed 3 down at 575p, after 570p. favourite Mlilsl and Alien firmed easier, but price movements were Hleld Brothers will provide a satis- nevertheless it needs a satisi - 

Reed International, still drawing 5 more to 165p on demand in a small with Furness Withy shed- factory level of? activity - fob tory domestic trade. «•+ 

strength from brokers’ favour - thin market and Geers Gross diag7to250p. several months Mr. A. G. Park, t^ TWri t ’ 

.Klo »ln,,il!.rc rrl •> ndrled a nennv to 43n awaitme C.,tk«A foil tho rhairmnn «a«o« in his annnal , _unpa« or low .■< 


Week ago 
£ 


Month ago 
£ 


LOWS FOR 1978 [able circulars, moved forward 2 added a penny to 43p awaiting Guthrie fell away sharply and the chairman, says in his annual .po+iip imixirisTritn tbn Trer* 

The tallow, nfl *ecuritiw ouoted in the *"»» to 130p. Elsewhere. Bath today’s results. After Wednesday's closed 22 down at 295p. after statement, but .he says it is too '55i- 

ire ^nwrmScKjn service nateraar and Portland touched 75 p before rise of 17 on the interim resulrs, 290a. foilowinc the disappointing early to express a firm view for sa ?f’ ^ . grave concern. 


BACON 

Danish A.1 p«r ton .. 
British A.1 per ton .. 
Irish Special per ton 
Ulste r A.1 per tool! 
BUTTER 

NZ per 21) lbs 


12.51/12.62 11.41/11.52 11.41/11.32 


English per cw It 69.61/71.85 69.61 67^i 

Danish salted per cwtf ... 72.10 '75.88 71.aO/iaB8 69.o0/72.40 


cheese i 

NZ per tonne 1,161.30 

English cheddur trade per 

tonne 1,202.10 

EGGS* 

Home produce: 

Size 4 2.50/3.40 

Size 2 3.60/4.50 

June 8 

BEEF P 

Scottish killed sides ex- 

KKCF 53.0/57.0 

Eire forequarters 30.0/33.0 

LAMB 

English 54.0/62.0 

NZ PLs-PMs 50.Q/52.0 

MITTON— English ewes ... — 

PORK (ail weights) 36.0/44.0 

POULTRY— Broiler chickens 35.5/37.5 


1,161.50 

1 . 202.10 


Week ago 
P 


54.0/57.0 

30.0/35.0 

64.0/700 

50.0/52.0 


PORK (all weights) 36.0/44.0 38.0/45.0 

POULTRY— Broiler chickens 35.5/37.5 35.5/37.0 

* London Egg Exchange price per 120 eggs. 
± Unavailable. 1i For delivery June 10-17. 


1,161.50 

1,202.10 

3.10/3.60 
4.10'4.8O 
Month ago 
P 

53.0/57.0 

66.0/76.0 

48.0/50.0 

36.0/46.0 
35.0/37.0 
t Delivered. 


a turned new Hons and lows tor 197B 

NEW HIGHS (134) 

AMERICANS (T2l 
CANADIANS 151 
BANKS 15. 

BfcERS HI 
BUILDINGS (6) 

CHEMICALS (1). 

DRAPERY 8. STORES <4) 
ELECTRICALS (3> 
ENGINEERING t9l 
FOODS 121 
INDUSTRIALS (311 
MOTORS (A) 

NEWSPAPERS IH 
PAPER & PRINTING 13) 
PROPERTY <4) 

SHIPPING ill 
SHOES (1) 

SOUTH AFRICANS it) 
TEXTILES (3) 

TRUSTS <181 
OILS (1i 

OVERSEAS TRADERS HI 
RUBBERS (ll 
TEAS m 
MINES 1181 

NEAV LOWS (16) 

BRITISH FUNDS (21 
Treas. IH-pc t97g Trea*. 9 p< T 980 
CORPORATION LOANS (1) 
Glasgow 9wPC "80-82 

BUILDINGS 12) 

Francis <C. R I WJm'Iium 

ENGINEERINGS (Zl 
Britbh Nortliron GKN 

INDUSTRIALS (31 
Phou* (Lon.. UKO inti. 

SUn,,Bh * ^'^OTORS -1, 

°“ nl0P TEXTILES (1) 

Bond Street Fabric? 

TRUSTS (II 

Danae Cap. 

OILS '2i 

CCP N. S^a KCA 

OVERSEAS TRADERS III 
Borthwlck iT.) 


and Portland touched 73 p before rise of 17 on the interim results. 290p, following the disappointing barly to express a firm , view for “ , sreV® concern. ; ; / 
dosing 4 higher at 72p following McCorquodale reacted 20 to 270p annual profits and accompanying the full year./ .IV j “ le - 

speculative buying ahead of the on the dull prospect for second- bearish remarks about current* As reported on May 16. after concluded Multi-Fibre .. 'Arran 
interim results due early next half trading. year trading. a nimrouDd’ from a loss - to a ment is welcomed as a step 

month, while J. F. Nash Securi- Leading Properties eased init- profit, in tftfc first half, the group the right direction of .sa: 

ties, at 125p, recorded a Press- ially on the prospect of higher f2 n l|lc (irtnAr ‘siiraiii - finished th£ year to April 2. 1078.-. market conditions.. - . - 

inspired improvement of 5. interest rates but a firmer bias uu ^ w 05*101..... with a pretax surplus of £660,000. While the group’s new sense 

Already a further 3 higher at 86p developed in late dealings and A good performance by - the against £b&000. The dividend is fabrics and designs are being v. 

on continuing bid hopes. United prices closed little changed on bal- bullion price, which was. finally held at A745p net per share. . ’ . received,, he says the forego- 

Carrters were unmoved by the ance. Land Securities; recently only SO cents easier at 9182.S25 Mr. /Park states -that, trade suggests - b .period- of exlrew 

late afternoon ^ closure that Lex dull on the results, eased to 207p per ounce, after falling to St 80. TO throughout the . world continues keen prices until business ovei . 

Service Group bad acquired a before regaining its overnight in overnight U.S. markets follow- in recession and textiles in moves into .an upturn. 

16.48 per cent stake. Details of level of 209p and English Property ing the outcome of the Inter- gentfal are depressed withcpmpe-..^ Meeting. ~Biadford r .:Jiwe 30 t * _ 
the dividend-boosting rights issues firmed 2 to 4flp on new-time buy- national Monetary Fund /gold' tition keen. Hreld is substantially, noon; ,~,v 


ACTIVE STOCKS 


No. 

Den 0 min a- of 


Closing 


Stock tion marks price I p) on day mgn low 

la £1 14 387 - 3. 396 323 

Shell Transport... 2op 14 558 -2 588 434 

Grand Met. 50p 13 112 - d 1174 87 

BATS Defd. 25p 10 281 - 2 296 227 

Distillers 50p 9 176 - i 1S7 163 

Beecham 25p 8 645 — 5’ 6^8 583 

Western Mining ... SA0.50 S 141 + .6 142 84 

Commercial Union 25p 7 147 - 1 159 138 

Imperial Group... 25p 7 76} } 81 «i} 

Boots 25p S 189 - 3 231 1S4 

BP £1 6 870 - 2 892 720 

Colirtaulds 25p R 122 — 2 131 109 

GEC 2Sp 6 259 - 1 278 233 

Hawker Siddeley 25p G 220 — 222 166 

Marks & Spencer 25p 6 141 — 3 160 135 


Change 
on day 

- 3. 

- z 

- d 

- 2 
- i 


A chance to explore 
the best source of news 
from the I North Sea 


OPTIONS 

DEALING DATES were arranged in UDT, Queen’s 

First Last Last For Moat Houses, P & O, deferred 
Deal- Deal- Declara- Settle- and English Property. 

ings lugs tion ment 

Jun. 7 Jun. 20 Aug- 31 Sep. 14 

Jun. 20 July 4 Sep. 14 Sep. 28 J>fC|TC AND FALLS 
July 14 July 18 Sep. 28 OcL 12 MX19E& A11V rALW 

For rate tndfaitforis see end oj YESTERDAY 
Share Information Service - Uo own s*»b 


FT-ACTUAMES SHAKE INDICES 

These indices an the joint eunpHatifin -af the Financial Times^the Institute el Actuaries 

and the Faculty of Actuaries ' . 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Thurs., June 8, 1978 


P m* ESt t •• 
Sarnlsei Wv. ‘ Pi® 

Figures in par^tbees *bow number of ^ ^ SS W 

stocks per secUtm % Corp at 34%) Coro 

TBx 52% Tax3« 


Index | Index 
JJa I Na 




IndexjTnE 


Jud. 20 July 4 Sep. 14 Sep. 28 RfCCC AND FALLS 
July 14 July 18 Sep. 28 OcL 12 MX19E& A11V rALW 

For rate indications see end oj YESTERDAY 
Share Information Service - Up DMfn Saai{ 

Money was given for the call Bril | Sh Fnn< | 9 m 5 7 

in Lonrbo. Spillers. UDT, Corpra. Dom. and 

Premier Consolidated Oil, Pauls BBn ** 2S aw 

and Whites. Coral Leisure, Bath p^godai pri P ."";;'. » in » 

and Portland. Caravans InL, oils a k u 

Bunn all Oil, P. & O. Deferred, ««?•*■■ ^ « 2 

Tarmac, Status DiscounL CCP Jbmj '!!”!"’.!!!!!“ s « » 

and Savoy Hotel A. Doubles Totals TO TO L3» 


RECENT ISSUES 


than seven years the 

North Sea oil industry has 

grown enormously, both in '^53 

offshore exploration and 

production, and in ancillary onshore 

developments. 

It is an industry that lives with fast-moving 
expansion, politics and projects which stretch, 
modern technology' to its limits. Decisions 
involving millions of pounds arise almost 
every day and cal l for constant access to a wide 
range of up-to-date, accurate information. 

This is what the North Sea Letter & 
European Offshore News* N'SLl provides. 

Produced by the Financial TimesLiniited, 
KSL is an exclusive weekly review of oil and gas 


EQUITIES 


ffl on alZ sectors of North- 

West Europe’s continental shelf. 

|B® Sls ' Every week N5L gathers all the 

relevant information, interprets it, sets ifc 
in perspective, and provides a continuous 
we ll-re ferenced record. 

This is compressed into a concise dozen or 
more pages that are essential reading for 
anyone involved in this dynamic industry. , _ . 

All for around £3 a week. So why not try the | a s * 

four-month test. Complete and return, the !| 3l~ 

coupon below and begin, a four-month — l 

subscription, now. . tjuJKlsIi 

Exploring for accurate information is Tatner use Icio zara 
like exploring for oil: pai nstaking. expensive ttVaV.MEib 8 b 7? 
work. This time, we think you’ll find you've rarf j*»u ijo.b 

struck it rich. F - ' !ll{l 


High | low 


FIXED INTEREST STOCKS 



Srfoj, inter, hjc/jnsr- I lit I'm. Varmhw 8 2 lS99>«| 

I )l 1,1 107lllAnniin«ie lG.1 Wit'S, uni. l*rei ,...jl07*(J 

lOl-. i au Barnet 12;* ltc*t. 1987 IOI 9 +I 


1 : — 

■ To: Subscriptions Dept ( NSL), 

J Financial Times Limited, 

I Bracken House. U) Cannon Street, 
London EC4P2BY. 




I - 1.-4, ku, .Jut 0 y-v. v •••*•. ‘'n-i 

ttE37.be E10.8H/7 U«l,. 1% K«l. Prrf. IA4J 

C9t> jj-jt) -0 8 '.'♦••I u iU.u. (!••«<•. 11,1, he. 1 . 1« 

• • ' F.P. illiB ! lot • Hi Ut-erix i Vv. Prl 

— jfccSHi I i- Alp I <n* I'rttur • •VfcOiiii. 4-n 

• • »-.|». _ 1 lot 10 # 1 ‘rw*.- U >4 % Cui'i Pref 

• • F.P. 7i7 •. \ a 1 V9 tWuuL 'b. A .1.1 10* Prf 

t IOO 1 F.r. 26>6 |( l ! 96 ta^Cnv. l os. Lu-luW 

£ 88^4 'flu i I/O 1 it/ ' 7*« lyne.t W»*r 12% Hoi. 19*6 

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lAIn t 

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Due 

• 1 


, Hiftti l La w 


Nil 

Se l-.P. 
era* f.p. 


Nil 13/61 7*7 WBiitailOCpiu-^rent ChetjiKulB 166pmi ... 

F.l'. JJSiO X3i6' S8 ! #e |bn>wii unvert Kent 69 j ... 

F.P. _ — ■ 61 iml33i>ui l'nna,lia.a IniperWi Unk 45pm] — 1 

•N*l 9/6 7,7 58 1 c& L>ntm Mnuii/a.*tiirl hr 62 j 

Ml 16(6'. 21*7! 2bi«nl Sb|>m'U**U*ii*o F«.(« To*»s*. - 261, pm . .. 

( \ti „ _ ; 2Dpn> hnaiKniaii Hold Jllnin*;.. .......... aOpm' + fi 

XU 2Z.-6 19(7 L5pro- W|iin Uevtiur - 16p">[ 

F.P. xo-», ^o.b ICC • 9b lt.*«.i.'i. .*U» »n t BS I 

NH 16/6 21(7 U(«ntl 9»*«» Hvwrtco f.Xleviwtor* 9i2pan— Ij 

F.|», di. - 3 : a*ib 114 * Il'iwulM U. kiulwh 40B ]— 6 

I.P. l»> 6i li t »<• ! !•»’ lumw A Ne«v»H 174 — I 

r.P. 5(6- 17*7 23»a" 24 .) .. .. 


Sigpjl ure 


IS'sirtcrri in Duidrei. Nn. S-TTi'+O 






Ken unci? non rtdii* uvully l«si nn> «or acaiiruc rn>* ai siamo auu*. r* Futures 
oasvi* u. , ormoncws wwuie. o AswmimsI (Jjorttrnrt yrul Field, a loretijsr rtiflilnul; 
cover Sown an pn*vran« vt*ar-S Mmings- t Dlvirfenrt and yletn Based an prasKctas 
,.i ,yhfi nmciai HsimiaiH^ lor I4JB u Cress * hikupi^ assumed • laiver m**w* 
for cunvxrsiun oi stiarm noi no* ranKins fur diviaurri ur ranking onto ,f >r reminded 
mvidi*ii*I> 6 Matin* prict lo uuUtie ( *? Write unless artJrrwnie indicated. 1 Issue* 

by lender. |l (.Mterpil m UliKH o* Ordinary -tharwa as j " fiBhM " ** Issuefl 

by wav ot raDiiullsaiinn. t* Minimum lender once. II Reimrodueed. #1 Issued I t Redemption yield. HisAs and lews recerd, base- dates and Paines and cwvtrttwttt changes are p ah lMwd Sa S£L 
in connculion wn!» rwirKamsdilon mcnier nr take-over 111) intmducuon. -j Irsued ] issues. A new list of the constituents Is avattabh from the Publisher*, the Financial Times, BtecfcH 'House. .©*»•*- ™ 
id lomier Pruierrnvp rioim-rs. ■ Alleimeni ipiirrs (or ruIls-DaW). • ProylBlonai J Louden, EWP 4BY, price Up. t» post 22p. ...... .. 

or pariiy-naid aliounem letters. * Witt warrants. i 




























































GXk Inti. Fmid 




^vil 


MS 


r— nL Bd JExeefUnif. 


m 


m 


ESC 




. •CTB.MtB«T Aik, 
tJMriftpittyOMifc 




I 


Irti 


Scottish 








i 




ITT 


Sst 

■bfj- 

■ K? 

• ;«j5 • 


BASE LENDING RATES 


5r?5 -8 «.. HohgkMg & Shanghai 9% 

a p B4nK 9 % Industrial Bit- of scot. 9 % 

Lnry iSrbarfjar . 9 %. ' Keyser UUmann }% 

•?': i5 Banco de JMlbao Vl^. .9 % . Knowsley & Co. Ltd- ...• 1J4J 

T-v V Bank of • Credit* Cmce. ,.9 .% -.Lloyds -Bank- 9 % 

Rank Of Cyprus ....i.;;; 9 * '. Loudon Mercantile. ...- 9 % 

•H'j.'Z* Rank of N.Cwi i. "9 % r Edward Man son & Go. 101% 


riri ■ Bank' of N.S.Wi 

• V CnnniTM HMfiP 


V Bauque Beige Ltd— Midland Bank 


1 # Basque dirRhoine * Samuel Montagu 8 % 

Barclays Bant-..:.:...- 9- % ■ Mo^an Grengl ; 9 % 

•'•Jr 0 Barnett Christie Ltd.... 94% National Westminster 9 % 

Brctnur Holdings: Ltd. 10 % Nowich GeaeraJ Trust 9 % 

Brit. Bank of Mid.; East •: 9-%- - P- S- Rerfson & Co. ... 9 * 

- : •! ft r own shiolev 9 Rossmlnster ..ftscept'ca 9 % 

Canada r-Penn't Tnist -9 %'.. Canada Trust 9 * 

■ '• • , Capitol C& C Tm: Ltd. 9 % •: SchleaiDgW Limited ... 9 % 
Twzer Ltd 91%,.-E- S. Schwab 101% 

w- f^SS 00 - LtA u I 

Charterhouse Japhet ... 9 % \ SJ^njey ^Serv'd*"’ *9 % 
Choulartons • — 9 % •SHP a ^ h Jfffr l 1 

' '* r f Coates ' . ..;... ».1Q % Trade Dev. Bank ...... ® >o 

£j} 1 Consolidated Credits..: 9 % 10 % 

exonerative Bank .- --- 5 % Twentieth 'Century Bfc 10 % 
Corinth Lan\ Securities.-. 9. % ... United 

Credit Lyonnais 9.% LwdJaw ... 9*% , 

:-*? ''‘The.CvDrusPopalarBk.^ 9 % •; □ «£ 

Duncan Lawrie ;;H 9 % ' . Yorkshire Bank 9 % ! 

"•■:' .V'Eagil Trust -fl'-fly- ■ Members of 'thr Accepting bmbc* \ 

English Transoont 10 % - Corajairre*. ■' , 

■ • First London Secs.." :9 % * May deposiis m. l-nwata deposits I 

*.■' First & U t- 1 Secs. Ltd. •*■ 11 g ^ and 'under fi'S.'up to S25.WH) ®5. 

Antony GibhS;..,. a % .aa4 owr £33,000 fit*. . . 

• - Gr.eyhound Guaranty... 9 %.* can acwwka aver u.w» 6*.- 
Crindlays Bank .. e .,:..>^ % } nemiad dcuwlts fis. 

. "Guinness Mahon,....... - . 9 % 5 "Rate 'also- pppUh to SwrllaK Ind., 

‘ . - ; . llambros Bank 9 % ; Socnrliics.; , 


ft 


m 


AUTHORISED IIMT TRUSTS 


Abbey Vnit lii, r Mgr?. Ltd. (a) Guimore Fund l*”***™ • '=«K1 Perpetual Unit Trent Mngmt.y «»> 

T.'JKl.Oaiphim*- Rd., Aylesbury. OCWSWl 3.Si ManA^-E 0 * 8 . 01 ‘■aOSKU 4aiIartSl..H«iLeyon , num» M0l26«8 


Ahbe,y4 , j»piwl_... I3J.3 ja «J “O 41 

Ahbc> Imomr,. U S 41 S -o4 

Ahh«» l/rt-.TA. Kd . » 5 W-l . I 
Abfacy lien. Tax .—{«.Q 47.j( -oil 

Allied Rambru GraupV UUgl 
llunbro Hkt . Hunon. Rrenwww. E»oy. 
01 -nea 3851 or 8KstKE>ixf fuzTTi :in» 

Uiutd Fonda 

AUtcvn-it — ... M. 1 * W«|-0.fc 

till l lmH. Fund U.« M.l« -0.7 

r.nh-6 Inc ....Mfc Ml • 

Beet & Iml Mi. SIS 312 -0.3 

AtliMCaiWUl 70.9 7S9 -O.i 

MambruEund U»2 110.4 b ~1-1 

Hnmbrc A t*. Kd.-.. U7.7. l2bfl -1^) 
Income Funds 

I h ch Yield Fd .H..-.M9S 7a Jl ~D 2{ 

Hiah Income Wl MM -0 Jj 

AH Eq Inc. . J».S 41^-04j 

IHtemUwai Funds 
Hjicrnartonal .. ,(264 3»3I 

Seeu. of Arnericn. . [SS I 59.7m. I 

rnciIlcFUnd „- fcl .l40.t 43.7j-»0S| 

Speelalln Funds' 

Smaller cn *» Kd ...13S.4 37 9} 

2nd Soil r.Co'BFd.. no as.b »o l 

neroccrysita M4 903d -0.5 

Met Min. & fifty- - - M 3 43.1 -03 

Owraeu Enrnlntai. 57.1 Ula -0.7 

Uxpt Smlr. Cn-«..«2UA 228 o} +D.4J 


40J i j .American T*t B*® "n » 

S7» Bri«shT-n . sre.i.. 

4 1b cwnmodlivhluw!.. iMle 

A* in For Earn. Tni»«- St ’2S 

llisMncMueTat— S* 8" "gj 

Jneanm? Fluid g-?, 0*. 

Ins. ARtmwea - — g-J* ^ ] *°W 

uilpU Trt.lA^cl-.(« , 35M-01I 


|W PpemailipWA . )»> 427J ... | 3^2 

Its Piccadilly Hull T. X(rs. Ltd-T i«Hb> 1 


S2 ^siUX^ «a 080 i .^43 

a 17 K,,u * 1 nrt , nc- • Jl-J 1231 "2 * if? Sftrt dnaJihd daw June ai 

!= tssiiaa. - - a? >a|=sj is « 

132 i*ni^wF^id , ^ B ! i 25 3 ^ 2-03 334 Ausirallaa Sdecttoa Fund NV 

u, Accnmlir KudU .. . U-9 b73j -0* 3 09 Opponunliin, e.v Itith Value k 

Si I* ^ IS sasasiEfr feari ...., _ 


OFFSHORE AND 
OVERSEAS FUNDS- .- 

Artrathnot Securities (C.i.j Limited -.King Sc Shu&on Mgr*. 

P>1 Rev 3*4. SL Helirr.Jrwry. WKM72177 l Ebmipf Crwa. SI. Hclier. JWW. fCSMIT fiXl' 
C». T«. I Jer»e> 1-11250 U9.M i 430 3 'bUdt H»c, fir Peier Port. Gmn>. CMR'JHTOS' 


0 1W.M . I 430 VaJcr Ifr. * Peter Port. Onwy. CMjB.rgijOf 
daw June aj"' 1 ' iThoiM^awei. DmjKlaa.I.Oft,, I0834i4®« 

0 l£sn t 4Q| 3,00 OiUFundiJcracyi. pta 93M ... I 12A5 

i 1 T ’ “I .mi tv... i .1 n m , lin»9 im n_d I im 


Intl.lihHupKra.-Br ■« 2 m. Eras A.iaeeu. >470 

».l|iU TsL ia« M 4( -0 If 132 * 4 

Gibbs (Antony) Unit Tst. Mgs. Ltd. .Kccnmlir KuDd .. . W9 
axanSL. Technoloo Fund - 57 7 


i m -lib- w .WBV 

lJZ PrualrFuM . . 


334 Australian Selection Fund W 


Nat uici value— 


7 4J(-0 7{ 800 
MM —0-51 bbfa 
41^-M)4j 704 

»3j+D.l| 240 
99.7m . I I'M 
437^ 2J1 


5JS ‘ Dealint-*TU e 4- TtWeiL 

437 Gove tt (jobn^ 

77 London wall. E-C2- . 

?hl^j u »e=..-*W*2 Jfag 

Do. AeaUR. Cun.— M 


Practical Invest. Co. LuLV (ygc) 

+t. BlwmsburTSu.avi A 2RA OI-OMW85 


GiltTVuuilQ.&lu. 103 2 105 Oat 

Gin Knd Ouen»c.i|£9.71 9 7J| 

lull. Con- Se». Tn 

First Sterling 118 23 MJ9J 

Firulail.M. |W383 18474} 

WeJnwort Benson Limited 


1 13 25 

..—I 323$ 


Bant: of America International SA 20 ,Fmchurchs:.ect 


Practical June 7... 12493 . tflfj M J 
01 5M 9020 Awiuu. Calls PlL4 2243} .... | 


■"? 35 Boulevard RovaL Luxembourg c.D. EorinceaL Ui*. F. | 

i OTdi iwest Income • .(SCSI1I7S SUM. \ &K gwjgw^e-"-- 
417 Pncca-U June 1 Next sub. day June 1. £§' FarRui KalZ 


240 Grleveson Managexn 

I« S8 Gresham^ K>'3P2W''- 
BnrrincionJunc* )W4 3 
lArcum-L'niW! ■■—[Hf-S 
Binfill YdJuncd.jlJt" 
<11 i \crunL L’iuUi... --tfSi 


Smaller Cn '« Kd ...135,4 379} dbl S' l tTuoenaal uui - 

Rmwiysfu Fd ” M4 ^5 V<* BSSt5«-.4 S| ^ “ IS «"««■ Management Co. Ltd 

tfifty^ . «3 473-03 j£ W x gJ 1» The5ac.E*chauer.EC3N lHP. £ 

OwmasEnrnlnsi- 57.1 M2* -0-* *38 ”982 102.4 lit Quadrant lieu >‘iL.J107.0 2^*j . 

topc.Si«lr.Co'«...*|2i*.8 228fl}+0.4| 5J4 WA «0 J% Ou*diMllii«««*..|l»a 3302).. 

saSsiri iwJt. s. HissstaEJBa., 
tssssssssr eiW il: 

SSSSSSS** “it- S“JS 5 !SSr» ssss. i 

Inc. Monthly Fund. IlfcS.O 175.01 .... J 8.90 W W»t4».3MUC«uwirSt.toel 

. Ml 336 8521 

««- afi*h.-iK S 3 i » asts&BUzm «a : 


^^*^4 37 PVudL Portfolio MngrS. Ltd-V (iXhKcl BandUC Bruxelles Lambert 

' *37 Holboni0ar*.EX-iV2NH 3. Roe Dc la Rejeace 8 1WM Bnuwla 

♦ 0 5 7 H PrudenUal — jl24 a 1J131-01! 431 Henw Fund LF -_.{LB4I 1.90 Sj „j 

6 IS Qo liter Management Co. Ltd.f Barclays Unicorn lot tCh. Is.) 


20, Fenchurth S: . ECS 01-8238309 

EurinceaL Lujl. F. IV DM LOU) +4 • 331 

fluc.-usev fue-....^... 535 473 417 

Do.AWUm. 72 2 B3.0 437 

KB Far Fail VtL — SUS1032 132 

KBInil Fund SVSHT5 *0« 1.96 

KB Japan Fund.. ... SUS3124 dm 

JLB. l^S. Cwih. Fd. JlSlltt 0.7S 

Sifinri Bermuda . SL'55.03 L59 

■iTni/uadur/M- . 284$ 29 40}*uoj 874 

•KB act as London pajlne agents only, 

Lloyds Bk. (C.1.2 vrv Mgra. 

P.O. Bov 165. SL Heher. Jersey 0334 27M1 


Barclays Unicorn InL iCh. Is.) Ltd. uoydaTst.O'Kw- [555 $B4| [ 2.2a 


01-0N437? I, Cbarioa Croes. St- Heher, Jm*. 0S5X7374I 

y SJ fiJdSjP 

^ «*. da. "^asa-cBK 


Ne« dealt ne dare June 18. 


Lloyds IntersatlonaZ Mgnuit. S-A, 

7 Rue du Rhone. P.O Box 170. 1211 Geneva ll . 
Lluvds [nL Gruwlii .[Sn*159 150 

F302.50 lsn«M JIUS+UOI 4.30 


I Arbalhnot Securities Ljd. (aWc) 


37, Queen St Loiukm EC4R 1BY 
Extra Income Fd._ 104 4 1L 1 

HlRb Inc. Fund ... .410 * 

eiArciim. lIbJUw. 55.1 S 1 

Wdm.UiaiMl y 

PrefercneoFuniL. 25* 2! 

lAwun Cnlwu. 37.7 « 

Capital Fund 1TQ as 

Commoditr Fuad . . 548 U.i 

lAccum. Units 1 — . 81 5 87.' 

HQ%Wd™i.U.>„... M S Ui 

Fln.&Prop.Fd 17.4 ll 

nianiaVund U3 4: 

(AccnA. DalUi 443 9 

Growth Fuad... 332 31 

(Aecuui.Unitfi Ml K 

Smaller Co's Fd . _ 27 5 29.1 

eastern a 1ml. FtL. *4.0 2! 

MK Wdfwl,Uta.i.... 188 21 

Foreign Fri ... Ml 11! 

N.Anwr. Il lot- Fd h23 35.1 


01-2385281 coRCiWThAcc.-gJ 
.. . U33 income &.■ wacto. - i»J 

~S J 2 g Hlfh InttW Fo»*i 

=si M sen i= 3 b 

Sector Pond* „ 

... 1212 Financial i ITU— >B*0 

JR Tu, Oll*Nat l»e»-~-lw- fc 
+ 0.1 SM *4 

* 01 3 S ss USSpurTB* 

-0 1 2 79 WrldWtdeJunea— |73A 
-0.1 2 79 Owuti Fund* „^ n 

-OJ 298 Australian. M.9 

TV IS Sfffi!:.— »:? 

.... 151 NortnAmer wb_ 

I . ... 152 N.Am.Ciw June®- 57 7 

i 1 80 CabotAmer.Sm.cn. p3J 


34.4J -01} 

SS3: o a i| 

^. 1 i 

’ISH 


R«OaenC‘“ manageroeni uil W.Grtr. Pacific 

^rr-’r-r« PtJBOv-tiB.38^0, JCcnBcrtrSt.SIanchcKer Do. lull Inicwr 

S3B U61 336 8S21 Do. 1.61 SUn Tn. 

, ,« Rld*«HeW !«, UT.W6 0 — J 272 Do Man* Mutual 

1 Ridceneld Income. pj.o 99 0x3— jl04f BUhotHiraie ( 


-nunjcciw .rr -nu warn Uuvd*lnLGrowtii.|Sn«l51 JS55if*lMH 180 

Barclay* Unicorn lot. (I. O. Mao) Ltd. F302.50 Isomm nuoj+LSoj tso 

ITtaoinasSL, Douglas, Lo.M 00244858 __ „ A 

rnleonAuiLEKL 533 57.4] +Q ll L« M He G Group 

Do.AtKt.aan 078 35 3<d +fl.i) 2.78 Three Qua}*. Tower Kill EC3R PBQ 01408 4388 


U2 ... 
41 5 .... 

Si ± 


Atlantic June fl ISUS2.B 

Auil Gx June 7 ..... Jl^U 


Rld*e«ritJim.UT.|940 2S3-M — J 2-S Do Maex Mutual 

Ridgefield Income. [93.0 99 Out ... J 16. *1 BlshopSgate Commodity Ser. Ltd. lAccum I'niui— 1 179 0 190 -5 1 - 

Rothschild Asset Manag«nCBt Ig) Po.Bvxiz, 7o_m. osztimi Sunnel u,,. Agts . 


Gold E*. June: ._SLHM 9M .... - 

island. .... 124b 134.7 -SJ^ f3JJ 

lAccum Units! 179 0 190 J -0A) 933* 


ana 72-80, Gatehouse Rd..' Aylesbury. 
?S N.C,Equ)tyF\»<L.fUb4 17) 
000 NT. EmB. Jtw.TH 
. — .VC. Income Fired. 

?2 X C. JaU. Fd. line. 
t,z X O. Inti. Fd. IAcC . 


bury. 02065841 
171JI -0 91 2 93 
12301 -Oil 139 
2J52j 3 ~l3 457 
IBM -0*1 Lb7 
10071-841 167 


AR3tAC a Uay3 KISS 3 24K - 

CANRHO'-JJincS. O.U5 1225 -CJiA — 
COUNT** June 5-. IE2.512 2M5 >01tt Lf 


114, Old Broad Si. E.Ci 


ti,7 Originally unued at *S10 i 
vb7 Bridge Management Lid. 

1 W Xj /> >,. P «|0 17 — 1 ,/J Ceirniao . 


”! ;Si 

7i*j +<I< 
,*4 « -0 2 
Jlowi -»7S 
563} tOJ 


N.CfiSSir Cw.KdPsj'o *1* **«■«■ PM* 

1 M Jtntbschild Sc Lofvndes MgM. (a) GF.O. Boi 5»:"HMg e KM* J “ Murrey, Johnstone 1 
AS1 St.SndUunat-ne.Uln.EC4. 01AM43S8 NTPPOuFd.Jnne7..WaiB IMg 4 0.71 133 . Hope SL. Glasgow. C2. 

IS jirel is" Britannia XatSSgmL (Cll Ltd. ^S9A^LtH 


01-9888456 

| 3.61 

LIS 

2.01 

0.75 


New d Exempt. 
Price on May 


Next dealing June IS 


Archway Unit Tut. Mgs. Lid* (a H o 

317. High Holbonu VIICl V 7Nl_ 01-831 6233. 

ArobwayfUnd . .....Re 9 MM-r03| sir IS'.dSu^tS^ 

Price* at June A Next sub. day June IS miCapualTnin 


151 Norm Arocr -Htf 1 - .„„ 4 4 y -0 4 12S nmr.i.Uo. r 

152 N.Am.GnuJiu»S-E77 »3M+7g 222 ClpGawHac.F 

1.80 CabotAmer.Sm.Co. ^5 5b3] -HI 3 125 JgSgW*** 1 

L0 ° HW Samuel Unit Tst. Mgrs.t ia> tughYieM Juo* 

u<> , *.% Beech St.. EC2P2tiX 018288011 lAccum. UnitJI. 

7 ^-“ 2 f isasSSfc 

?I3-01 KW83TSLC 


339 Rowan Unit Trust .Hngt. LULPiat 

SRsaistvl 1 . 0 's 1 fJ ::::;: 

!S3RSS¥'“:B! SI IS tBKaas.-: „ IS ::::. 


GP.O. Boi 5M. Hong Kong [ 

Nippon FtLJ Hue 7..JST Slid 167S{ .{ 0.72 

Ex-SuKlt SdIil. 

Britannia Tst. MngmL (Cl) Ltd. 

30 Baiust.. SL Metier. Jersey. 0534 73 JU 


Murrey, Johnstone liar. Adviser; 

163. Hope SL. Glasgow. C2. 041-221 3501 

’Hope St Fd I 3VSX2JS I ) — 

■Murray Fund | IL'siuss . — J. — 

•NAV May 3L 


Negtt S.A. 

— — 1DD J0a Boulevard Royal, Luxembourg 

' ia NAVJune2 1 SUS18.47 |. I — 

izeo Ncglt Ltd. 

Sauk of Bermuda Bldgs. Hamilton, Bnnda. 


9b.S -fli 
2BS* . . 

S55 -0| 
312b - 0; 


7“ Royal TsL Can. FA Mgr*. Ltd. 

47 a 54. Jennyn Street, S.W.i. □ I -6288252 

7 70 Capita) Fd MS 72JI .. .. ) 361 

5 89 ImsmeFd . |72.9 769| ... | 732 


-03l fa 10 
-0.41 421 


Price* at June a. Next sub. day June 13 ibiCapkialTnut 
— • ... lb > Financial Trnsi. 

BarcUty* Unicorn Ltd. (aKgHHc) ibiwcomeTnut .... 

“ga5w ***** w? * 2 % :S I U May 3««t deffl Jual ^ 

Do auslacc — 71.6 77 4 -02 1 64 lntel.y UMgl Save Sc Prosper Group 

£l 714 fa au iS.Chrlrtophei-Strew.IlCJL 0I-M77243 4 . Great St. Helens. London EC3P5EP 

Sa benstiur 108S 113JM -0 9 61b IweMov. Fund _..I87* 94 0| — 1.0| A25 06-73 Queen SL. Edinburgh Bli2 4NX 

SS;dSS5??S2^-™« ju -SI b.« Kec Fund Managers Ltd. (a Kg! DeaRnST^ dim *£*Zr roj. 2 » 7351 

no. Finmmia 1 -..- M.1 -03 |ii 25 i M akSt .EC=VBJE. 01 - 0067070 . Save Sc Proper Securities Ltd* 

KSSMnTJ^l. So 135 -<5i bw Kev Energy Xn-Fd— (77 9 82 9J-10 3J8 lateroaHonal Food* 

Growth ACC 40.7 440-8.4 421 Key &uB? MJm , g7, -0 fc 52 t'jipiiaL g7.0 39-2 —034 31 

Do. Income To. 843 91.1 -03 fa 06 *l*y Exempt Fat - m* WJ - J.« LTU.. BSJ .... | 4J 

■Do Prf. A us.Tst |572 1442} .. J 5.02 Key !nc«w Fund- Oh -0 2 ,&27 Univ. Growth 168.0 73.1) -0J| L9 

KSSSiTiRcfl SSESSSS* — iS" 

aiaaKSsssi 2 in 3I ?ii . 

issfr-rgi "jj s8 a anssss®, sa+aii 

•KB.UmtFd-Ar— bfl6 0 115 2 .... 5 .O 6 g 1 . 

Baring Brothers & Co. Ud.¥ laXsc) KB.Fd.inv Tita_.l552 59 b| . | **7 46 A|-cji « 

88, LwicnhaU SL, E.C2. 01-58S2830 L & C Unit TruBt Management Ltd.* oronns FtadMa) 

Ksranon Trt -|lb7A 1750) J 420 The Stock EchaagC. EC27f 3 HP 01588 2800 Europe *56 ,SS( +2'S 

IM-Accum..- P082 21701 1 420 LiCine.Fd. i-.-llSb-S 140.01 1 7.65 J»pa» »-? “J-a 

Next sub. day June A L^Jntl Alien Fd-J9b.0 99 Dj j 224 ti- IW.I 85 0} +0j{ 02 

Bishops gale Progressive fitgmt. Co.V Lawson Sees- Ltd- ViaKci 1756 ma-ojl 34 

8 Blahbpagnie. E.C2. 01-588 62iM lOGeunseSl, Edinbursh EHZZJ-3 031-2383811 Energy J (70.0 75^ - 0 . 4 } 1.7 

B’KstePr.*- June 6- 11003 1923M) I 4 04 JRaw. MaierlaOa 

Acc-Uls. • -June B__ 1215 0 22401 .1 4 04 fcAecum JIotoL 


3.85 ns.' Dollar Denominated Pd*. Bank of Bermuda Bldgs. Hamilton. Br 

L'nlc*L ST*t — ISUSS2J IM ,| — NAV May IB. (£471 - I \ 

InL High Ini. Tat.'.j - Jl'ilBfl | 9.00 

8232 Value June 2. Next dealing June 12. Phoenht International 
2£ Brown Shipley Tst. Co. (Jersey) Ltd. P0 Box 77. St Peter Pan. Gaenuey. 

ia~ P.O. BokWS.Si. HeJier. Jeracy. 0534 74777. Inler-Dollsr Pund. |S2J4 2531+0.071 

acrUngBorid Fd. . |C9 91 996[ | ttio p^perty Growth Overseas Ltd. 

Butterfield Management Co. Ltd. am.biVnvn.G.bmJiar .GU 

P.O. Box 106. Hamilton. Bermuda. U.S. Dollar Fund I SL'S85 39 I I 


Buttress Eouity — 1233 2 35] .1 1.76 

ButtroM Income — .|2|B L96| .J 738 


L76 SterUiuFund | 


lea Ltd-V Prices at May 8 . Next sub. day Juno 12. 

MB -03! Tin Capital International S_A 
4|'«J “ u 4 fi 37 roe Notre- Dame, Luxembourg. 

7M| -03| L« CaplUlIni.Fuiul-..l SUS1732 |. — ) — - 
Charterhouse Japhet 

56.6i-0.6f 735 1, Patentoster Row. ESC4. 01-24030 

Adirepa DK38.W KM-HJ.lOj SS 

70-71 -0.41 8 20 Adi verba- DM«M HUB +020 5J 

46AJ-0JI 428 ^ :.:::: s 

9201 +0,41 331 Clive' Investments I Jersey) Ltd. 


Next aub day ’June 13. ^Jimo 20. 


92 W +0 41 
1032+0 8} 
85 81+Oj} 


• Juno 12. Richmond Life Ass. Lid. 

48. Athol Street. Douglas, l.O. M, 082423914 
ixlThe Si IverTruSL 118.4 113.1! -1.4) — 

I I _ Richmond Bond Eft. ISO 9 190.4 +L3 18.90 

I 1 Do. Platinum Bd. .. . 125 6 1322 -07 — 

Do. Gold Bd 105 4 lilt) -O.a — 

01-24B3BM Do. Em. 97/02 Bd — 165.9 174 7 +U| 11.65 

toio fa? Rothschild Asset Managemeat <CJ.) 
+ olio} 5.99 P.O. Box 38, SL Julians CL Guernaey. 0481 2833 1 

538 O.CEqFT. May 30.. 55.2 50 71 2.77 

1 O CJnc.Fd. June l_ M7T l» 9e 731 

! JtM O.C.toU.fUf.. .._ SL35 1.43 L2I 

|*rt O.C3tnCoFdMy31._ 1463 1356 325 

O.C. Commodity'.... 1328 1*0.7 438 


L14 (P.O. Box 320, SL Heller. Jersey- 00343738L or Dir.Cumdty-T!" 


Next aub. d*j -June IX ^Juno =0. tTGilt and WmcauvOb 8 «Jl....l 1 M 

CAmencanFd _ „ 2*9 27M .1 o.M Scotbits Securities Ltd-V 

Bridge Fund ManagersVlsKc) --tfiXviiki *1 silli -0 il ixIoo Scotbttn M.d *L9|-oil »a 

King William SuEClR BAR Ol«34»5l w^ScunltaMU. 67.6 72S -oj 1X00 S?S!hS2= — ® 

American A Gen4„ 06 5 27.9 +1.7 135 DeaL *Mon. Tubs. TtWed. tThurs. "Ftl. Scotahare* 563 60.7«f -0.1| 4.4 

SSSffiiSTTZriSn *383 •::::: 5IS Legal & General Tyndall Fond* “i^l "'"l 12 

Do. ACC.t..— — — W.B 424 320 18. Canj-nge Road. BristoL CC7232S41 yxicea at May 24. Next sub. day June 14 

SSSJrEEtrz: So 2 i!.S :::::: If gitffiiSutrrpI “I :::::] ii? schi«inger mist Mngrs. Ltd. (w 

Do.Acc.1v_ k — .--.hJA 18-7) ..... 3jS5 Next sun. day June 14. . ilnrarpontiiic Trident T»su> 

DeaUo**Tues. ‘Wed. jrhnrs. Prices June 6(7 /a. Adminl3treaon Ltd. m South Str eeu Dortiug. 

Britannia Trust Management (a) (g) x Dote su London wiu up. oi-oasrai 

“Sa.*oS»™ i£jss==d2i S3 S3 iS gSlSHfL™ 

«ftxs=K S|:!| iS W** ’**y»!PW* 1 
ass a ? — js di sss ^&sSSkSS°‘^_ MSSffir L 
.iEEr”!}. *2 ^ :s 

Extra Income 553, 42.H -0^ f38 Second (Cap J 


+0J{ on dive ait Fd. ICJ.1 . 19.88 9 901 — .1 

Clive GUlt Fd. cJ8jM.fo.86 9 07f ( 

Zaal Cornhill Inn. (Guernsey) Ltd. 
“*• *1 10 a P.O. Box 157. SL Peter Poru Guerniey 
— 1 ]DlnL Man.Fcl. (16R0 183.0 | — J 

-031 226 Delta Group 

-Ojf 7.46 p.o. Box 3012 Nauau. Bahama! 

Delta lav. June S...-ISLU L92|+(U)a| 
-oil sis Den tec her Investment-Trust 


•Pnce an Us> 31. Nett dealing Jnnu 14 
tPnces on June 7. Neti dealing June 22. 

Royal Trust (Cl) Fd. MgL Led. 

P.O. BOX 194. Royal TaL Hit, Jersey. 0634 27441 

R-T.mn.Fti. (Sl'S9a 99W .... .( 3.00 . 

R.T. lnr 1 . 1 Jay. 1 Fd |91 9$nj . | 321 

Pncet at Mar 15. Sent dealing June IS. 

Save & Prosper International 


7.W I PontfaehanaSBIebergasse A 10 0000 Frankfurt- 37 Broad SL, SLHelier, Jersey 


JThurs. ‘-Fri. ScotaharM 1563 60.7uf-0.lJ 4.41 co^eentra TdmHW 20 701 +0301 — 

ill FmulW Scot. Ex. Gth'4- J24L3 2527x1 1 2.04 mLBenUuUonda.-,|DUHJ« 71 | — 

^32841 *ub 73 4' jJe \k Dreyfus Intercontinental Inv. Fd. 

S3 :::::! IS Tn«. m™™. ua. <«« S&S.'S^ iSSS»“S3fu» - 

r,,, • !!|^S^!iSffiLMSa^ ,, " , Em» n *D 5 dteyTri.«*Ur S/ .LM. 


l<3. PaUardtuaml Bated Funds 
Dir Ft dint** June 6 . 19.17 9.73- 

JnlcrnaL Gr*t I6E2 7.31 

FarEauern't 3827 413 1 

North American^ . 3.70 4 8 

Sepro*^ 1 13.04 15X 

Sterilag-dsatMulnoaxi Funds 


p-o^stH^j^ « assassatto mz 

— o.li 1-64 EJ)XaT JU72 124 6J J 3.00 Commod. June I „ 126.6 133.4. 

I 823 f «. /■ Um_i IM You ilollaN SI Fixod Junfa 1 ... 109 9 llfa 4x1 - 


Far East 2U0 

Financial Seca. 62.6 

Gold 4c General— .. B8.9 

Growth. — — 78.5 

Inc. * Growth 73.0 

InTl Growth 60.9 

InvetaLTSLShar«_. 46A 

Mineral*.™ 36J) 

Nat High lnc— — - 77J» 
Newlasoe— - . — 353 

NottbAmerlcan 30.5 1 

Ptoieutonal 5053 

Property Shares „ 133 

SWeJd-1 453 

Status Change XU 

UnivEaeray — 1x21 


A7.4u ~0: 
93.4a +2_ 
M3u — 0j 
70 Jn -O.i 
653a +0J 
50.1 -HL- 
30.7 +0U 


-Ojl 334 Do-CACCiim.) 
-0.71 438 Third Oneon 


55.604 -03 
7o.ll -0.4 


307 Do lACCUtn 1 
409 Fourth (Exlnc.i 
7JE Do. lAccunv-j 


448 lav. Tat. Unit*.. 

4.48 Martlet leaders 

3.00 •NUVWd’ 

3.08 FreL&GUtTnist- 
637 Property Shares. 
637 Special SIlTsl- 
7.98 ILK. Grth. Aecttm. 
7.98 U.K-GrtADiaL | 


63tt -«j 434 F - * C, Mgmt. Ud. Inv. AdvUere 

L2n 9J* 1-2. Laurence Pounlner Hill. EC4ROBA. 

15a -0J 9.97 01-023 4080 

To. C«nLFd-May31 — J SUS533 | | - 

S5 S Fidelity Mgmt. Sc Res. (BdJL) Ltd. 
tlJhi -0 4 4.69 p.o. Box 870. Hamilton. Bermuda. 

~° 2 ,T«w Fidelity Am. Ass.— | SU^J2 J | - 

-VS H-SS Fidelity InL Fund ..I SUS2L28 .! - 

2-J 'H JS FldcliS'Par.Fd.-J SUS44.97 J ... _Tj - 

“2^ iS FldeUtyWrldFd- SUS14.70 -Ojol - 


S.9I -0.61 LK 

l* 

M -D.4| 1L9 


"nS-OJf 7.98 tj.E. Grth- Disc J10.0 20*3 -oil 530 Fidelity MgmL Research (Jersey! Ltd. 

+«| !« Lloyd’s Life Ugit Tst Mngrs. Ltd. J. Henry Schroder Wagg Sc Co. Ltd-* Wst*rtooH«.. Don sl, SLH elier, Jersey. 

TS> riJkl r.n,.hnu. . Arlashnn. INMUll !•» Clu-.ulH. V ■’ ( til I ■ 


3 36 7M0. Gatehouse Rd^Aslesbunr. 02985041 mCbeapslde,E.C3. 

8.28 Equity Accum. 11575 165.81 — .1 4 .09 Capital June 8 UC 4 


-0.0 8.28 Equity Accum. _^.|1575 165.0| — .| 4.04 Capital June 8 

jn 5.79 MAG GronpO (yK*Hd • • IncoB^Juae* 0—17. 

-SS 434 Throe Quays. Tower HUJ. ECW 0BQ. Oiaar4SB0 tAcctun. Unitai 


See also Stock Exc h a n ge 


The British Life Office Ltd-V (a) 
Retianee Uae.. Tonbridge Weils. Kx. 009a 2071 

BL British Ufe- W93 52JJ -OJ0 5.72 

BL KAlonctxl* — -- [455 4931 J 5.61 

BLDlvideod- 1*23 453] J. 9.40 

•Price* June 7. Next dealing June 14. 


* % American— ».« 

459 (Actum. Units)——. 53.4 

256 Australasian 52.7 

„ , lAcciBOLUnitsi B5 

-▼ W Commodity 74.9 805 +0.1 

009a 2071 lAccum. Unitsi— ... 80.7 86.7 +0 J 

-DU 5 72 Compound Growth. 1063 1343 -M)3 

jf S fcl Conversion Gromh W.9 66.9 +03, 

I naa ' Conweroion Inc. Ill 172 +03! 

Dividend 117.9 1256c +0.4 

(Accum. Uniiat. 223.6 2383 +0.9 

European «9.4 52.6 +03 

-m,-™ f Accum. Units i 50.0 532 +03 

01-8008520 Extra Yield 045 905 +0-1 1 


* Deallui 

55 81+03 

56 9j +0.1 
561] +03 
57.S +0.4 


Brown Shipley h Co. Ltd-V 

MJign; Founder* CL. ECS ' ., 


BS Units Jane 9 — 1217* 22VU J 4.80 (Aeciun. Units; )1130 120JJ +0.2| 8 29 Se*ttg UlUt XI* 

DiLlAcc.) JuneS— 1271.2 2B)5| — .J-^450 KnrEaatera— ^.. 533 56.1 -03 222 po Box Sll, BcUbrj 

Oceanic Trnrta nj (jo \ lAccuny Uiuui 585 V22 -0.1 Sebag Capital Fd... 

Flnnncial W.4 36fl.-d3l 4 tS^ MS SebaglnrameFd.- 

nMpni ^ nitia 1*1 — ai ^oo ^Aocunx. UiuttiwK— /5.0 -M-l +0-5 

cSShXSSr:-rK5 “oa 4^ .... IMS i»3 +dj 5.77 Security Select 

HWhtoiSE?*— -ij »SSS~“’z:..Si2 S™ **:* IZ Mtwnum 

High .Income — Q9| ^ rAwimSl^ts) 167.9 1781 80 {Jnr|GthT«Ace_ 

ln de^~ - “ - pu4 26.6 -03 43* Japan Inentne MU 158 7n +i.c 1.17 UnvlGihTailci — 

i g tf i i fin* ns -03 3^ (Accum. Unite, MM +10 

Pertorooanre 1573 W3n -03 «« 2520 -' Z70J +11 307 «. Charlotte Sa.Et 

ssnfe ^-aaafBSM^R a 

CftimdR Ufh Unit Tst. Mngro. LttLV Si tm 

2-8 High SL.PMxera Bar, Hcru. P. Bar 61122. ksSndGen “ — - l£l +OJ jJ, Withdrawal Units. 

Can.GenDiSL _.... [37.9 MM -0.5] 4tt SSSilSSuTl- K61 OT.9 +03 539 -»*wari Bridah O 

Do. Gen- Accum. [45 9 98.* -0M 4.43 Special 1611 17L* +02 431 Standard 

Do. Inc. Wst. ... ..{329 M.fcaj-fl.S 759 CAecum. Uniwu— (Sz.7 215.91 4 0^ 4.21 Accum. Units ....... 

Do.liW. Accum [43. 0 45JH-OS1 7.89 nuuta D ® rilr 

Cupel Uwwesi Mugt. LttLV Tjuae* . M60 Sim Alliance F 

looad Broad St,EC2NlBQ 01-588 60 W gJXirfW?." m l + . M.S 1“° 

Capital WJO 90-S ATO Churifd. Junes. 145 8 l«ol ..... 7.74 

income J794 84 2! —■I 753 (Accum. Cniu>. ... IMS 3*3S 7.74 9The Family Fd — 

Prices on June 7. Next dealing June 2L Fens. Ex Junes. .. 134.4 14L8) — 5.77 Target Tst. Mn 

Carliol Unit Fd. Mgrs. Ltd-V t»Xcj Manulife Management Ltd. 3i.a»«h*«st.EC 

Mil burn House. Newcastle-upon-Tyne 21105 SL George'* Way. Stevenaga 043888101 Targrt Commodity. 

Chritol |6AO 70 JM 1 022 Cro«*toUidM.„ 1 524 55.4/ .. .. ) 3*8 Targrt Financial 

Do. Accum. Units -fou M i *72 Mayflower Management Co. Ltd. t^SisE 


General June 7 83.0 . 

L*2 tAccnm. Unliaj— l»3 
L61 Europe June L.—.. »A 
Ufa (Accum. Uoithi.— 33.8 
l.Bfa *Pen&CharFaAp25 168 D 
431 -Spec Jix. June v __ 7933 
431 'Recovery June 7 . .{2895 


0I-3USO4 scnesAGntnl.)— ..[ 031 | ...... 

H5 Seri** B<Pacifici-.l £7 6* I .... J 

•■— ^ Series D (Am.Ass.fl OAjan | | 

"Z AW First Viking Commodity Treat* 
..... a. St George'* St. Douglas, to Jt 


St. Fixed June 1 [109 9 U6 M -D.4| U.99 

Prices on 'June 5 ■■June 7. "*10*6 0. 
{Weekly Dealings. 

Schlesinger International Mngt. Ltd. 
41. La Hone SL.S1. Heller. Jersey. 0U473588. 

S ill. - UB 90 8.06 

S.A.O.L. 00a 893 4.0* 

_ GUt Fd. 222 224* 123S 

_ lull. Fd. Jersey 189 114 +1 322 

_ Igmi.FdUmbtg.-.EM-^ 1LM+0.07 - 

, tA “Far East Fund 93 98| M» 

•Nexl sub. day June JA 

Schroder Life Gronp 
Enterprise Rouse, Portsmouth. OTOfi 27733 

latcrnstlenal Ponds 

EEquIiy 11175 1247) — 


»5« Zn ^PrifMaJLUndSfswi75JH. 01BM7 

,15? FbfcWkCm.T*t..,g77 M7J-03I 

2505 333 F*l-VLDbLOp.Til..|78.0 . 83-M | 

iw3 4.77 Fleming Japan Fond S.A. 

rods only 37 , roe Notro-Dmue. Luxembourg 

d. Mgr*. Ltd-V FTmg.JuneO [ SUS46.T9 / 4 


tnaeSl'nier«L.. .-Ml 


inieren....- 134.3 l«.a 
loteresi 1050 UX7 


il. Lid., SFlxedJnteraSL__D05 0 

01-030 70S7 RSS 

+B3I 238 SM*M0ed |UC2 


3*3 • -For tax exempt funds only 37. roe Noun-Dune, Luxembourg 

Scottish Equitable Fnd. Mgr*. LtdV FTm*.June0 [ SUS46 79 1 4 

7.73 28 St Andrews Sq., Edinburgh O31-5S091O1 FVe* World Fund Ltd. 

773 income Urdu — gO.O 05 [ *30 Bo tterfleid Bldg, Hamilton. Benrni da. 

I;41 Accnm.U fe »..^ j 0 WedB 6O^....4 5J» NAVBtoyJl...- | : TOS17MS l I 


J. Henry Schroder Wagg Sc Co. Ltd. 

X20.Cheapude.E.C3. 01-5884000 ’ 

CpMpSJuoeT ( SUS1Z00 1-0021 2« 

Trafalgar U*r SI .J SUSU9« 1+535 — . 

Asian Fd. May IS -JWSMW ««.... 3 20 

Darling Fhd... BA185 J.W-H.Q1 5.20 

Japan Fd, June 1 _^U 56 K IJ9| 035 


-_..i>45D 


36JJ.-03 4J3\ 
19.7 —03 3.90 
4ttl —0.4 452 
3*3 -03 4.82 


?£'? 2-52 Gijna Iinit Tst Manacen Ltd.V (a) M*“age«nent Ltd. Sentry Assurance Internal 1 01 

203 +0.2 829 ct**g Unit 1st managers lult W Hac- J8 Finsbury Ctectu. London EC2. pn o™ rw = ru-nmictu 

¥& PO Box 31L Bcklbry. Kie^ E.C.4. 01-3808000 Tel: 01-028 018L TUxTaomOO 

2% Seb.gC.pltalFd.-P32 MM -Ml 3 B London Ageou lor _ Managed Fund .■ 

806 toj *:S Sebog income Fd._|302 3lM -oi| A23 «u 1312 Singer & Friedlaader Ldn. A 

^6^5 ^ Security Seiertlon Ltd. aSSS?S“HE^ pul « "l . HJo 20.CarmonSt,ECi 0 

ins 9 M43 IS- IB. Lincoln’s Inn Fields, WC2. 0148100305 Anchor In. Jty. Tst . 2S.0 26.7 .. 2 92 Dekafonds I DIGS IB 2&3M+D 

fitl :::::: AO UmrKSthTWAce_.»J.l tsjn . ...I rjo BenyfticFU- JTO4ZJ2 +2H ?■?? To*yoT*tJune2.J SU535.M I - 

1507c +15 1.17 Uovl Glh Tal Inc „ pl'o 22.4*5 4 Z.50 Barry PacSrrig..^. ®J50 266 24 +0M L12 , 

'mt +55 sin Stewart Unit Trt. Managers Ltd. (a) GXAriJsieriiniil 02.95 13.90+0^9 1.49 f stHeh^Jeiw a 

1?! IT'S r+5 tStowait American _FBnd ... . G.TFarificFd SUSDL78 -0.01 L17 _ . . 


071 +0 2 
1851 +03 
277 .1 +03 
171* +02 
215.9 *02 


S it Standard Unit* — [675 7L: 

Ml Accum. Unit* 172.4 77 J 

5 ?S Withdrawal Units. p3 6 57J 

533 -Stewart British Capital Fund 


m ~ 


GT.DonarFd.__ 
Ic.TJPacificFd 1 


L62 9.60 

432 

5-0 26.7 

rata tn 

12.95 13.90 

%&£ 

SUSUL78 


Sentry Assurance International Ltd. 
ondon ECZ po. Box 33* Hamilton A Bermuda 

Managed Fund _.|IU$JJW MMH 1 — 

j — j Singer & Friedlaader Ldn. Agents 
L86 20. Cannon St, ECt 01-2409040 

I .. 2 92 Dekafonds I DIGS IB 2&3M+UM 6.41 

+552 0.W Tokyo Tst June 2—1 5US35.M ) . — I 177 
+031 1-12 

+11OT Stronghold Management limited 
+0 ^ 5J7 P.O. Box 315. St Heller. Jersey. 0534-71400 

VO OS 0.70 G&mai«lity3>wrt-[*i96 57.KI : J — 


r ,_._ r *j t j_ Surinvest (Jersey 1 JUd. (*) 

Ld ^ ^^3531 G^ocos Use Don. Rd. SL Helier, Jay. 0539 2734B 
O, SL Mary Aa e._ LoudumEC^ 01 3833531 American Inti T* .[£068 8K3-0.01J - 


Gartmore Fund Mngt. IFar Baal) LuL 


SS Standard.— -IU3.6 D»3j .1 430 11503 BuirhUon Ha e, 10 H arconrt Rd. H-Kpng 'l : 

4 .a Accum. Units (2533 U&ij J 4J0 HXAPlse. u.m_!^»a imi. I 20 s 1x1---.- 


Dealing TFri. -Wed.' Japan Fd JWSUMI B.P 

6.J0 sun Alliance Fund Mngt. Ltd. &LBondF\itidlI[iraiM um 

1 „f2 Sun Alliance Hae.. Hoesham. 040304141 Gartmore Investment Mngt. Lid. 

1 : a ss »» » 

5:77 Target Tot Mngrs. Ltd.V i^(g) SSSlSSSfE*. Me 

3i.Grailitaft.GC3. 


SWUM* lif 
lUHlJIS 12K 
JVS1IM UM 


IMA 

45 8 1481 


11.891 -0 30] _ 
U.78|+0.07| — 


- • TSB Unit Trust Managers (C.I.1 Ltd. 

5 70 Bagatelle Rd.SLSariour.Jerae-/. 0S34 734H 

JerseyFund. 1*76 5031 I 4.79 

062423811 Guernsey Fund — -|47A 50.1J | 479 


Carilol IM-0 70Jh«f | 022 Growth Unit*— 152.4 55.4) .. .. ) 3*8 Targro 

Do. Accum. Units -.fau 8UH 4 A33 - Mayflower Management Co. Ltd. t^Te 

Da High VTcitf f«J — -j «■« 14/18 Gresham SL. EC2V7AO. OieO08OW +Do A. 

Do. Accum. TJntts -Bll 53.7I .....J 842 income j une 7 1 106.4 112.01 +L2I *20 

M Na M*irF General June?. |W3 74^+0^ 536 JP&i 

Charities Official Invest. FdV 

77 London Wad. ECZN WB. 01-588 1813 


Mayflower Management uo. jug. TrgetEx. 

14/18 Gresham SL, EC2V7AQ. O14O0SMQ ODo te. Units 

Income June 7 11064 112.0 +L2J 020 SSSSglliFund 

General June?. |l84 743+071 -536 TwStWslL^!! 

Mercury Fund Managers Ltd. uaReinv. Usitr. 

30. Gresham SL.EX2P2EB. 01-6004555 3J**S:i£. v , 

■t,™ , — - i,,..? nn 7 1 aw TajgetPr.June 


„ i-tfan Gsttmoreliw.i3rth.f653 69J| | 4 

Saii^BOW*! Hambro Pacific Fond Mgmt. Ltd. 
3011 -031 3.80 21 l°- Connaught Centre. Hong -Kong 

SM JS SSSft»'“r:W SS| :::::! = 

— 7 IK Hambroa (Guernsey) LUL/ 


- 1 h “ saarst?—?- loo*! oi r^^ 

Accum. Marie.. — [2565 — ' [ -- J — [2306 m3 j }« tJlmk 

♦Unauth. Only avaU.ble to X*g. Chande#. ^3 "d 259 


21 S Tgr-Fret 
2 jJ Coyne Growth Fd. 

J-g Target Tst. Mgrs. (Scotland) (aXb) 

10. Athol Crescent. Edla 1 031-020 002112 

Taroot Amer-EaxlegS-? M.4j . j L» 

Target ThixrJe {395 43Jnl -Ojj 5.77 

Extra Income Fd.-.pa4 UJl -lUl 1055 


umI T rades Union Unit Tst ManagersV 
7o3Ho1 f fci 100. Wood Street, ECi 01-0288011 

•023-03 338 TUUTJunel (50.1 53.41 1 550 

30« ^oi 35» Transatlantic and Gen. Secs. Co.v 


_ sss&w il a 9 sasLSsJ!r* 

Ari ssy — an si E ii ISS^.S’SbSSSua-rw ?ssfflss^ u 

CJ. Euro. Fin »2 28.0 . — 3.91 Courtwood House, Silver Strew. Head- Extra Income Fd— {5*9 6 

Accum- UtuU- 30.4 M4 Sheffield, Sl 3RD- TeJ:07*27WH2 Tradtrs Union Unit Tst. 

S3 :::::: 1% M £S Sm&muT 

fTtae June 7. Next dealing June 4. Grovri*3.".EE . 375 402. -03 338 TUUTJunel 1*11 5 

Chieftain Trait Managers LkLViaHg) — 5 a 3 o 4 ^oi 334 Transatla n tic and Gen. ! 

HNewSLEt2M4TP. 01-2832832 Do. Accum J? 7 321 -03 339 01-00 New London Rd. Chelm 

American— kz243 263] -031 15* Income.- — 515. 54 J —0.4 634 Barbican Junes, — J7J0 I 

High Income |fe.6 43.71 -0.1) 9.45 Da Accum. 2-3 62_<$ -ffl.4 654 JAceiun. Units. 1— 1145 12 

Internationa] Tat kai24-4 26 3j -OJj 330 International g-6 55*a -03 239 BarbExpLMmr31- 8SQ 88 

Basle Resrce. Tstpi.4 2S.4[ -03] 4.40 S2-7 57. C -0.2 239 BuckmJmS W& « 

Confederation Funds MgL Ltd-f lai no. Accum.EET.;E. jsj. wj - 0 2 »57 1 2$s xs 

'ER XB * IL -h I s iSSSSftffi’rr. S 8 

Growth Fund-.— ..—HI-* A57 •prices at jaw 31. Naxt dealing June 30. (Accum. Unitsj SS.9 

Cosmopolitan Fund Managers. Minster Fond Managers Ltd- SS^UiSuiIir §4 S 

3a Pont Street. London SW1X9EJ. 01-2338525. Minster Hso. Arthur St-,E-C4. 01-8231050 ]£*rl boro June fl 513 

CotmopolaGthF d- P7.9 195| 4 4.76 Minster May* gS-7 57.7] 4 5M (Accum Uiuui SS 6 

_ . Exempt Bay 31 par-* -94.71 4 5.40 Van.G«t6Jube0- ns 

Crescent Unit Tst Mgrs. Ltd. (aXg) u,, .. it .p-usl r±A (Akuih. U«ui- — 

0^ auu^-^ 4LM-. » ^ 

crw. High. Dirt- .~jg7 45*3 -o4 j.u Mutual Unit Tnut ManagersV (»Kg) uSmuouSSai - — 

Crca. B(«rv «-, — PQS 4Z3] -O.fl 4.39 is. Copthall A%e.. EC2RT8U; 0 1-OW 4603 Wick Di. June 2 _. 663 69 

Discretionary Unit Fond Managers Mutual Sec. Plus..... 15L1 S4.7) .... J 6 40 Do-Areum Rfa.o 7 

22,0io»fieidSi,EC2M7AL. 014B84485 SuSte fe ‘ SJ 7.“^ I« TyndaU BLmagws Ltd-V 

Diic Income- J1619 333.9*4 .....i 5 21 UutstolHieh'tld. .pSJ 59J} -0 j) 8.70 Jft Cauynge Bo*d, Bristol. 

E. F. Winchester Fund Mngt Ltd. ^Mioaai f^i^rcUi incowJunej-.-_.W5 io* 

Old Jewry, EC2 01-6062107 31. SL Andris S^ii^Eclinfa«yhO3l^50flBl capital June 7. 

Groat Winchester— (IS 4 20.U I 60S DriO»eMay31 — -|»«+ J57.a I 6W (Accum. UnlU> 

GLWinch’er Jj 2li| _-..j 456 “M 

t w« Sc Dudley Tst. Mn gmut- Ltd. tdceamVoltei-.-PB* 1568( i 3.47 Canyoge June 7...„ 

20, Arlington SL, S.W.L 014887551 National LilLV imEwnJune7“ 

Smsaq Dudley TW.-I641 * WJ] I 350 48,GMcechurchSt-Ka»3Kn 01-02343)0 , Accum UulUl 

_ .. _ _ . . . . . N4\L Gth-Uu-Tst . .£55 47M 400 scoLCapJUM 

Equitas Sees. Ltd- (a) <g) (Accum. Uniur.- [*5, M5t ( 4.0® (Accum Units) 

41 Bt*bop*gBie. Ed 015882851 WIO'^Trua -^*- Scot lne. Jaae7 

PMgrouivo m 70.6M-05I 453 ^LjukeJ^ JSSS'gSStS"* 8 * 

^ N»rOS» , “ ; 

SSGXZSSr^mZrS „ »» 

Framlingtan Unit MgL Ltd {*} Aante duac^iu.^- 

5 7, Ire) and Yard, EG4BBDH. Oi-2«0Fn G^thtov'rT-^- 0-1 3 jpo Imemadooal 9 

American W5 .5141 .....J iBQ iSESo^.Z.- — g* , S3 -d 1| 656 Special SlU.- 

Capita) Ta..— _ _■ M3 ^44J -l.c 390 ponfoUplnv. Fd... ■ WA ' 5-59 TSB Unit Trusts (V) 

Income Tst 1B3.4 UOOa) -L.4 . 753 Universal Fd.{d) -I* 2 -® 6*531 -Oil 222 ‘“f! _ 

Irn. Growth F4 1095 UkM +1A 25* VRI Tni-rl M8P , 8*T9 Lld-V faWcl 21. Chaony Way. Andover. Hant 

Do-Acetna. 1135 S»M+l5| 256 «EL TTBS^ faggj Dealings to 0204 63- 


6*4 -0.4 456 FarEWpUySl WKUa D.W - 

40* . — 5.63 Japan Fund [SLS&K 7J2| .... .| — Tokyo Pacific 1 

Hambroa (Guernsey) UdJ inUmiB M«D«TOt 

W loo Hambro Fund Mgra. (CL) Ltd. nav per «m 

-ft4 4-3* P.0.BOXM. Cueroscy 0*81-26301 -r-_rf.il r.ronn 

31.9 +03 155 r » Fund 142.< lSLTol 3 90 aj®™ 1 ! ur0 “P 

Si +05 135 SaSSiI-'jRSifiM IS P.O, Box 1256 Ban 

^55 “ al 2 m biL Equity .WSU/B JLW ...... Ovwsew June7.__ 

i'oV 2 t 3 lnt - §)'*•■ ’i. WSLm 1.09 .... 850 (Accum. Uni 1*1 

14I 01 lfS tot. s*gf. 'B SI’S LIB lM .... ZSO 3. Way tov. May 18 ... 

»3 -0 2 436 Prtcw 00 Ju " 7 - Ne,rt dMlta « j4U,e X \ t New St- SL BeU« 
_ ..w, , Henderson Baring Foad Mgrg. Ltd. rOFSLJuncC.. 

_ P.O. BO* N4723, NMun. Bahama* - R 


Prices on Juoe 7. Next sub. day June 14. 

Tokyo Pacific Holdings N-V. 

Xnlimi* Management Co. N.V_ Curacao. 

NAV per thare June 5. 5 U 552 20. 

Tokyo Pacific Hldgs. (Seaboard) N.V. ■ 

InUmiB Management Co N V. Curacao. 

NAV per iharo June 5. 5US38.0+. 


Japan Fd. hiKtJJS 11M+02JI — 

1-" Pnceson June 7. Next dealing dale June 1 A 


8 *0 P.O. Box 1256 ElamUton 5, Bermuda. E-27S8 
2M Overseas June 7 — UUSU7 L24+D W AW 

*50 ( Accum. Uni 1*1 pm3.79 IMI+O.MJ — 

Z50 3-Way tot May 18 ... ISDSL58 17l| ....] — 

2 New St- SL Heller, ,JeiM* 

Ltd. TOFSCJuneC. (E75fi , 

lAccum. Sharesi _ ,|ai.65 1250{+020| — 

American J mie B 
— tAccnm share*'. 
w 14 - Jersey Fd. Juno 
trf. tNon-J. Acc. Uts.i 


83=031 1035 HI U -Samuel & Go. (Guerngey) Ud. ffiSte^FtER 1 
ManagersV P< |Si^ nt ^WJJ CJ 354 lA ^ aBtSbmai 

a4J Hill sLueT^^ea. Snd'&A. 2SI ȣ? 

Secs. Co.v 37 ‘ ^ IntnL Mn| 


0534 37331/3 
8.fl5J+CJ.0{ 6.0S 
1258+030) - 

B?.fl+ia 208 

65.0 +2ffl r , 
285W-0.a 7 66 
269 2 -1^ — _ 


4 106 4a —1.0 1128 

B 1372* -1.6) — 
eJaa. tale of Han. 0S24 Still 
039 0 155.81 J — 


Utd. IntnL Mngmnt. (C.I.) Ltd. 


354 Bl-n New London Rd. Chelmslord 0245 31091 Intea+roHiMial Paelftp Ins Uhnwt 1lA 14 - MuJcafter Street SL Heller. Jersey. 

634 Barbican JnncS 1760 805) -8.9J 548 ™ l “ c U IB Fund ISISW76 UL«| I 816 

854 (SeiS Units.. 1U45 BW-lJ 5.48 ^ Box R237: 50. Ktt St. Sytfajy Au*L ... . 0 ,_. ... , ... _ 


2-22 BarbExpt-Mw31- 058 
259 Bucktn. Jun+fl — -. B 0 6 

*5 lAecunVnlii) 995 

857 CoicmoJunea 123J 

5-S i Accum. Units! 1S1J 

5.99 Cumld. Juno7 515 

20. (Accum. Unit*! SS.9 


vwvwa.juBco - 

(Accum. UwlSi 

VajTHyJunefl 

Vane, ree June 7 _ 


559 Jersey ExtrnL T»L_ 
6-95 As at May 3L J 
a?5 .. n~i, 


559 Jersey ErtrnL T»L_J1A3.D 173 JH 1 - 

6-95 As at May 3L Next aub. day June 30. 
52! Jsrdlne Fleming St Co. Ltd- 
555 40tb Floor, Dounaught Centro, Hoag Kong 
256 JardlneEan-Tn.... SHK2S4J6 l+UJII 2® 

256 JerdlneFtmF’d.*^ SHK319.99 I +02361 0 9 

JnrrfSni* SEA. SUS1922 l+BS 22 

2H Jardine Flem-lnL.-. SBK9.7B 1+02*1 - 

f-5* SAV tin SS ‘Equivalent SUSS6.W. 
JU Next rob. June is. 


433 JaveUa Equity TH..IS209 uoj .".j — United States Tgt. IntL Adv. Co. 

J-E.T. Managers (Jersey) Ltd. i* Rue Ajdhnger. Luxembourg. 

569 PO Box 104. Royal Trt. Hms, Jersey0534 27441 DA. Tst tov. Fnd.~.| 5US1D.E0 | 0.92 


Net asset June S. 

S. G. Warburg & Co. Ltd. 

30. Gnciham Street EC2. 

CnvFdFd Jane 7. ( SUS9W *DM — 
£ngy. lot June? — J SUSJ7.03 +0.63 - 

Gr&.SF!LApr51- SUS7.09 . .1 — 

Mr.Eur. Junc7 (lOJ5 10.47 .... | — 


01-0004539 
+0.05 _ 

+0.53 - 


f-5? NAV Ifxy SS *Equiv*ldnt SUS68,«. Warburg Invest. Mngt. Jrsy. Ltd. 

WA ‘I* ^ , JUB ' ^ l.CharingCre«.SLHoU«r.J W .CI 053473711 

64.8 -02 sm Keyselcx Mngt., Jersey Ltd. CMFLW.Ma*23 ... jrstLE HW .... — 

75.9-03 5.28 pTj BoxBh, SL Heller, Jersey. .(fit 01-6W 7070 1 CMT Li d Mav 25 . U2-58 12.90.... — 

•wJ - asb-=sS dr~ i“ J : - 

Jf Kcyaelex infl CSJ» 7JU ” . - TMTLw.Mny Jl . .. 0037 10 64) - 

027232=41 gu?fS2<l=: a-rSn' ^ i B World Wide Growth Mauagement* - 

M2* ■] AW Kcyaelex Japan — £1112 12 77 — ifli, Boulevard Roral, Luxcmt-ourg. 

■ ■■■•) ?53 Cent Aaieti Cap ... 03359 nv,rMu<iA. Glh Fdl SU5J4.88 1+0.D3) - 


1_ TUT May II I8USU24 

_ TUTLul.iiay Jl . ..'QDJ7 


3=41 tefflomngdZ a-rSn' ^ Vojd 1” World Wide Growth Manag»unt« - 

AW Kcyaelex Jap»a — Oil? 1222 — Ida, Boulevard Roval, Luxcmi-ourg. 

8« Cent Asset* Cap—.. 03359 World mde GUj F«| 5US1488 I+0.D3) - 

A 03 — ’ 

7,6s- NOTES 

■5489 . 

\ 59 Prices do not include J premium, except where Indicated t. and are 1a penee udesaothenriw: 
i'S! indicated Field* 76 (shown lq last comma' *dow for ell banns .expense** fffiredpric ct 
I nclude all expenun. b TiwWipriccii. c Yield taaed on offer price A Estinat«l.| Tpdaya 
In 'opening price J8 DiitribBtioa free « U.K «*«» r Pcn«Wr premium tosniance^laftaa Single 
|li | premium insurance, x Offered price Include* nil expenwa eaeshl * VSS^SS: 
B - 7D y Offered pr.ee Include* all «r£a»es ll bought through manxgen x Previous day a price. 


07.M-D.il 628 
89.7|-0.l| — 


y Offered price Include* all «hz&u<>$ 1/ bought through managers * devious «■> a pnec. 
jf Net of taxon realised capital SSaunlea* todlcatedby *. 1 Guernsey gross, a Suspended. 
• ♦ 'field hSSre Jersey tax. f Ex-jubdirision. 


•M*-X 

Mjj-fl. 


-UX 4.24 Financial PFity. 

—35 71 7.T6 Do. Accum. . 

-oil 5.05 High lnr. Priority 
-17) 500 iDlrrOBtiOTAl 
-0*1 656 special S1U.- 
Jfj f-g TSB Unit Treats (y) 

/»u«i 11. Chauny'Way. Andover. Hants. .028682188 

(ajtgj Dealing* to 0804 63432-3 


ifcMfirJSs NEL Ifirat Ltd.v f*W HSS 

Friends’ PnrvdL Volt Tr. Mgrs-V NdSSr^! Mg' B.n-o.7f ?» (‘b^A^roi^'Z.' 

FHvhamCnii rmridne. 0SW 0055 NeOrtW High 1 oc. - i»A 53J1 -051 7.92 (bj TSB Income — 


Phcham End. Dorking. 

Friends Prcr. Uts..f4L8 447* 
Do. Accum. -p4J. 57.1 

G.T. Unit Managers Ud.v 
JAFInabu*yCiiWJi*EQM 7DD 
G.T. Cap. Inc ™. — _I9J 


7.92 (b) TSB Income 


GT-Inc.Fd.Un. 

G.T. U.S. A Gen 
G.T. Japan & I 
kGLPensEx. 

G.T. Infl. Fund 
G.T. Four YdsFd.— 153 A 

G- Ss fC Trust (aMg) 
a. Rayleigh Jtd., Brentwood 
G.kA.—. P2JI 


« ss sesst— w 

•usual 

Zd HS Pearl Trust Managers Ltd. fcMgXi) 


48.0 -0A 
605 -0j 
63 On -0 5 
65.7 -0J 
88.9 -03 
955 -03 


023235331 
39fl-0.4| 551 


m MHihHoiboro.vciV7Ea oi^owt Unit Trust Account & MgmL Ltd. 
2.90 £lfr5fir_h vrf 122.8 ' Mil -Li* NJne Will tom SL EC4R BAR 014B3-(g 


fiS MMisnt a? ■ 24 61-0,21 4.96 jtlag WiMiamSl EPWtaAS 

SK — H? /Sxamvaus.-- Si • 293-0 aS KrlnrsHac.FuBtL-DaLO 

5S SSrilii... £-? - _33 3 -£3 S7h Wirier Grth. Fod....fe? 3 . 

, fS P«ar1 Unit T« • 3^3 -s| 5.10 Do. Accum. |34,a 

lAeowiUaiw- «5j -o | J, W wider Growth Fuad 

Pelkan Umw Adn^n. Ltd. UXx) King wuu*m sl BC*r Bar 

fOamanaw. « Fotin«unSt.,Ma»eb«ar m-ZXdtW inMRie l-nils (29 J 

34JM-051 4JK Pelham U niu — -1“* «fl -A8| 500 ^ieeum. Uniu .043) 


O1-0CS4B51 
i 454 

.....J 456 , 

J 456 

01-023 051 
436 , 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave,. London EC3V 3LU. Tel: 01-283 1101 
Index Guide as at 7 June. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 126.93 

Clive Fixed Interest lncnni c 112.91 

CORAL INDEX: Close 468473 

insurance base rates 

tProper-ty Growth SJ 1 ? 

tVanbrugh Guaranteed 9-50% 

'Address shown under Insurant* ard Proiioriy Eoad Tahic. 




























FOOT, 


rSiT g iT aS 



SURVEYORS VALUERS tf.D 
AUCTIONEERS OF RE*L ESTATE 


FT SHARE INFORMATION SERVICE 


1578 ; 

High Ln 


Established 1920 in London 
29 St- George Street. Hanover Square, 
London WlA 3BG 01-629 9292 

CH7 ok LONDON 1!3 OLD BROAD S7KET 
LO'ir.-ori ec:f: iar o!-s:5i:ri 


BONDS & RAILS— Cont. 


BANKS & HP— Continued 


IBS | I Flier 

High Uw | Stock | £ I 

375 265 Japan 4pc" 10 Ass.- 36 Qjs> 

87 70 nnBpcSWW 71 

IbO 145 Peru .Vwjpc 155 

[750 75p KCi.LS*;pcl99L- 75p 

99 94% Turin9pelfl91. — $94% 

MHIp 81 Turin 6%pc 19M. — DM91p 
95 94 l ; nmu3"3%pc 95 


_ j _ 235 1172 IKatA..4iL<Ul.| 23ftal|+8 




CHEMICALS, PLASTICS— Cont 


ENGINEERING— Continued 

Sack I Price M S [ckr|™ 


72 (Glass Glocer3p_ 
44 ColdreiFouoani. 

'S6. HadWWMfct 
165 

59 HtatonlAllOp- 


-Wa Net 

24 L23 

■47.. . H2. 

« — 

-58% .<•" 

236 i 

833d **"" 


£40% £29, Kraft S250_i MOfci-V 


**BRITISH FUNDS 


[pi 81 [Tunntfpc ISM— DM91 p gi 10-70 

| 94 )l ; rwiay3%pc I 95 J ! 3%] 4.00 

Ui>. S & DM prices exclude inv. 5 premium 


197R 

Si^b lea 


U «ri Yield 
j _ | UK. ] Red. 


‘Shorts ,, (Lives up to Five Years) 


inro lQOy. Treasure HH-pcTSt;.. 

99% 93% E.tch 5pc 76-78tt 

395% 10i:-3 Trea'ur.-n..fcT5«{i-- 
«=7 9A> 4 Treasure 3pei9tt 

?r- 9 £,i. Hecmc I= 4 pr 74-79 _ 
IWi'clOO' Treasure 10%pe Tati.. 
9*% 94 J* ElH-Anp'Sijpc 76-70- .. 

1031. 97 », ViSAMire 9w 1960£ 

ICrZ-> 93' TreasnngLpc'Wtt— 
95:. 9;% Treasure 3%pr 77-80 . 
96i. *3% Fcndinu^pcTfrWC: 
110U 105 A Exchequer Llpc l«fcf 
1<M>% Q ?>.’ Treasure ll%pc 19813. 
91 L 36-'* IreJTin-.HjK IPTMI . 
101% W 5 Trea5ur.-9^pcl98It7_ 

?7 '< 92% E-.ch.&ipt 1381 

IQO'j 94u L\ritS%pcl98I... — 

87:1 35% Lvh 3pc ISM 

5fU Trea: Variable 8lf4_ 


lOOe^.4 -A l*g 171, ni, ASA I 

ILi— tmC i lfjt 946 «% «>% .AMFyiCam.W.. 

2 2& 314 682 31 22 AmaxSI—.. 

fL--- M? M 8 03 21% American Express. 

t£L - ■ iQ5o 1043 33% 11 Amer. Merf.c lni— 

3P-- 1 29, . - 1 2|2 A M ^ %9 P Aweotae. 

25V f 927 1086 18U Baterlntal Coro SI 

S“ IS 1066 “7, BaraeCipStS;— 

Sr A f-t g; g fS^ 55 - 

1248 10W ^ 6 ^ 5p BwrfgFefcWj- 

% -i- H *iS & «■? iSSSW 

& *? 41 il $ & SfSf==: 

tiP ; l \ 4 S R SS 2 ”ife: 

*fis ^«.sraasfc= 

3 ; f Ji i w “aftSte: 

oi°7li > w.« 18% 12% Colgate-PSL 


1978 

High Low 


AMERICANS 

Suck | £ | + -*1 |cvr|5S I 


6 7‘i 5f: } Trea: Variable 8l#}_ 97 A • 

111 102 ’a Esch 12W198C 103% ’■H 

99'; 911; Treas8! : peaMEC— 92% ^'2 

6bS 63‘i Treasun 3pc "ffitt 83*, -*- 1 a 

3157; iQ6S : Treasury Hpc 82tt- „ 10D; -*-V, 

c e i- «>5>. Deas.\anablelW4.. 96Aal 

-06% 39% rieaaurvBi.pcIl- 90% ni 

300% °:i« Eu'h-Oi.pc !9£: 92^+% 

92% Ewrh. 9*^1982 A» - 92 A 

9i : ,t 'Wg E\chffl.pc!J83 90Vid 

85 ‘a 79% F-"ch3pctC 80 +% 

114% 10I%(Treasufyl2pc 201 11 

Five to Fifteen Years 


16>ad -tj 80c — 

60%*! 5% — 

2&Cd SL75 — 

31% -'2 S1.40 — 
21d ~h 30c - 
33%>fl -% 40c — 

23 V *h 64c — 
18V -h 90c - 
32% -% SL7B — 

233 2 d $1.00 — 

11% +»4 40c — 

13% -4 70c - 

63% SI 00 - 

47% +% S2.40 — 


81 f 66 Nat. Com. Grp. 

298 254 [Nat West 11 

Schraders U 

Seccombe !4C£L 220xd 

SraiUi St Aub 83 

Sfancfd Chart £1 405 
e Dee. 51 JO. SUM 
L’nkra D&cil 

UU.T 

til'i |£15%]Wdl5Faro)S5 
67 | 60 |Wintni5l20p- 

. Hire Purchase, etc 

38>? 31% 

£61% £35 
18 8 

111 85 

43 30 ILndScoLFin-lOp I 42 

I 14 9 iMocrjate UcrtlOpj 10 

1 102 85 I Pm\. Financial-) 95 

26 


High Lm 


169 1142 |Av 
1132 1107 


™ 41 27 

Cxr GPs EfE 1176 128 


Avars 365 -3 561 3.0 

Sabcwk&W— . 329 -1 5.0 32 

Sailej-rC.Rl — 5*4 OJl 0.7 

Bates Pert 5^j_ 96 . — t3 91 44 

Banrfaras2Qp 40 ..... 1.76 3.6 

BanroConTa^. 62 h2A6 37 

Barton tScms 571 ;>e +1 h2.72 35 

BeaufnrdlOp 50 d3.34 18 

Bevan0F)5p— 17 el33 23 

8innidQualcast. 62 -1 4746 1.6 

BmnKhm.Nint 81 4.42‘ 0-5 

R-hamPallaiap 98 56 1J 

BtactardBotee. 90 ....- 2.90 4.7 

EwiserEj«!afii_ 30 -I 1.44 31 

BoolloaWmiOp. 17%® Ihc-OT 21 

BratainMlIlOp. 39 . — thl45 35 

BraidreniteQ— 130 th3.87 9^ 


S3 « ^S. 
62 5.7 ■& 
5.7 *41.9 m 
6.2 5.7 


117% 70 KwXSawWD— 84 -1 
41 Z7 LamdosGp. Iflp; 34- " ifris 

176 128 UnloodHlSga.- 240 -1 ^39 

116 108 Lockwoods L 108 3J9 

35 ^20 UMUlGF) - • 34 .fZ Z- 

1126 93 UNHWmj20p^_ 100 5c 

111 89 tanstfja W . -1 17« 


3 .5 111 
2 5! 43 
0.8 14 

1.7 102 
1.5 33»; 

2.7 20% 

4 0 48% 


32 d0.52 b9. 

40% +■% T216 2. 
5% MU6 0- 
82 -1 6.00 4 

88 ...... h.4.67 L 

71 t3 62 Z 

30 20 2 

30 1_97 4. 


1 6 .7 ***'« 
53 7.7 S 
72 S9 ?8 if 
101 8.3 2} 

LL9 6.0 ,S 4j 
10.9 9.0 i 2T 21 
83 lUtU'^g 
8.715.4 40 30 

4.9 62 S S 
73 67 Et, /A, 

|| ^ ^ m 

I ? |2 «4I4 345 

\\ l l 207 Ml 

|f 62 54 

33 2S* 

6.8 (2UI 39 yf 

nftin* 182 140 

In Jfa 218 166 
,8-5 iSS U5 % . 


Meat Trade Stm.. 
Morgan Eds. ltip. 

MWT&refW.lHte. 

Nerttosn Foods. 

Pant^llOn 

W»(WJ.U®^ 


78 -3 
24ri — . 
M2xtf-1 
40 




a ft 3 ? 

11 >86 70 


at*- 


92% -% 9.20 liI4 ^ 

83s; j-% 359 823 

107il -I* 1302 m 

96a -J 6 76 10-« if 

90% oj 4.(7 91fl 1120 ^ 

9JS +% 9.99 11-46 * 


29 Colt Inds SI 

151; ConL iUinoisSlO _ 

17 Cant Oil©. 

20% CroraZeUM—. 


T“ S Jo Tltt 26 15% CoaL iUinoisSlO _ 

2l‘> ^ «S n« 25% 17 Cont Oil© 

ilB 

1 Years 40 20 % booth 

94%l-‘-'« 110.15 I 11-59 12 670p FI rest one Tire ll — 


-% SLOO 

-h S3J5 


iOOL 93"i Treasure SUpc'Bl 943< ■“'« 10.15 

£«- 81% Fiudini;5irtK8:«St- 81%«d -% 6.72 

Of'; 56% TrearurvA%pc'8A«t:. 87tn -% 9.69 

87v 7 r-<. Fun-line 5pP':‘©8Tlt 78% -% B.3f 

89V 01% Treasurv7V5icTfr®t;. 82% 9 68 

6S- * 60% Transport 3pc IMR. .. 61%«3 +% 4.88 

■75% 64% Treasure .ipc "8689. _ 65% t-% 774 

115% 102% Treasury l5pc 1980?:.- 102%aJ -% 12-53 

Wk 77% Treasure- 78-%uf +% 104/ 

106% 92% Treasury pc S4%ul +% 1232 
7s- 63% FuniJinj;.vg»: , 8r9ljj . Mi; +% 9.06 

112% 103*4 Treasure 12\pc '32p 105*4 -*-% 1270 

%% 35% Trcasurv 10pe 1992 87% *1 11.B1 

111 9lS4( Eicb. RSipc’SC- 100% + 7 j 12 61 


40 2B>4 EootII 

015 1159 12 670p Firestone Tire ll — 

632 9.80 18% 11% First Chicago 

9 69 10.82 32% 20% FluorCorp SH 

gS 1-343 nit 26% Ford Motors ? — 

968 1138 25% 16*« <i\TX 

Ire are 29% .Jen.H«t52i : 


26 -% 52.20 
2l%m -1' 94c - 

^5:?^ = 

12% 51.00 

21 % $2 

18% -% SLOO 
47 <d -H 53J5 
26 *1% SL32 

23s»d +*8 51.40 
27%d -% SL90 
46% xd -% 51.40 

31V -% 52.25 
25% -% SLS4 
381.WI -% «.20 
li% -% S3- 10 
18% -% ©00 

31% 5120 

40V 53.20 


gga 5 as ^ S* SSStibac: - 

7SW W47 1357 14% 75Dp Hutton EF. 14V + 

1132 U.49 2lK 171 LEAL Corn©—. 216% - 

iK m 1L17 52% 34 Ibkt5011-HS2 — — 51V - 

imij _7~ 1270 12A7 17% 735p Im Systems 6 CcklSI lo% ~ 

87% ti‘ U.S 1133 Top 705P L L\ IntenBUonalH 948 P d - 

KMC +*- 12 61 1168 28 18 Kaiser AL Si 27%nl - 

+- M-rnf Han 1 CCTSl 311- — 


43% -% 
23% -% 
47V -‘g 


SL20 

1 53.20 

!-% 5150 


-% [ 523*0 
-h ©50 


i*A SS SSagim KSSfSg-- 


I 7^4 f 4W7 fT-J f— . w- , — f 

Over Fifteen Years 4i 

llOSri %% ITreannyda* 93st... 97%wl)-% (U.63 j 1267 lHj 
7:*- 60% FundincSpc I993C ... 617 s Uli I 9.92 I 11 j 6I 18-g 

i:ft%!l04Jyfrrca:.Tire 13%pc 13K^ 106%%- 7 , 


14V +*e $0.68 
216% -1% 5U52 


lOi-4 97% Treasury tape "S5 99% - l - 7 e 

517j 43% >;as3pc^H© -. 43%*% 

c? ?>', E-cAUV 4 pcr995 87% *1 

IIJ - Treasury I7**pc Wf; 100% -t- 7 g 

9 , >-' 76% Tre»uryS|x: It/PtSC.. 78^8 * 7 s 

131=2 114t; Treasure- 1 5%pclKtt— 116-% *% 
117% 101% EL\chtrqu« 12*4pc Hfitt 103*2 +•« 
50 42% iF.-dcopffufiapf IWr-SS- 4 2% ■*■% 
115% 105%lTrc3bury I5*4pc TTtf-.. 1071’+% 
95"; 8b Exchequer IIF?pt 1997 86 +1 

84% 74*. Tpasur.-P;p: 19Qf7“ _ 76% *J 

71% 60 Tre usury 66pc"9!*98£. 61% +% 

2-5- 228*4 Trea* l.V^v 3BJ7 120% + 7 j 

9e 95% E'.ch. !^pc98« 94% +-\ 

?0'- : 77% Treasure- SH uk’ 1999tJ. TF e ol +% 

E3% Treasury Wjpc 1M0_ 85 +% 


IMS IIS. 1261 1168 28 18 KauerALS*,—- 

100% l+ 7 s |44 ol l Ac.no ^ 20 ManL Han . i:st? ao 

Years 41 26% Morgan UR. USS2.5 

97%, d ,7. 12.63 1267 17% 12 S<ini'nSLmoclnc.51. 

6rt -u! 992 ©56 18? e 13*s Owb-lll. S3 K. r 

106% ri- 7 . 13.00 1187 20% 14% Quaker Oats l SS. 

114? -? 13 15 IT. 93 27% 15% Be/ian«302S— . 

1011, it. 1278 12-© ZT% 16*4 Rep.S.Y Corp.©- 

78C 1159 12.16 17*; 13 RenwrdS3 

99% -^7. 12.6b 12.75 22% 14% ffichdsn. MrrUil 1 * 

43% 6.91 1000 576p 255p Saul'B. F.'Sl 

2254 23 ^ 1»’ Shell Oil SI 


51V -1 53.00 

16% -*4 

W8prd -5 90c 

27V -% SL60 
31*; -% $2.08 
41 +% S22M 

16 -% 

18%ri +% hSLCfe 


2254 23 ^ 18% Shell Oil SI 

12 79 19% 111 SingeriSlOi — 

12 Jl 36% 22% Sperry Rand 5030. 

13.08 33% 18% TRMInc.SlU 

12.87 27% 18% Tennccn 

987 161 131 Do lOSLn Stfc9l« 


27% ol 15c 

2 1't -U 51.00 
16% +>4 88c 

2(F%nl -% 90c 

490p +tf - 
28% -^% h51.60 
19d -% 60c 

35% SL12 

32%rd -7 a 51^0 
2to,d +% ©00 
153 id 10% 


3.3 46 

2- 2 171 
48 258 
15 50 
5“ 111 
19 76 

4.4 122 
53 48 
31 157 
38 160 
2.9 63 
33 152 
4.0 187 
17 26 

4.0 54 

4.1 H9 

4.7 267 
55 191 

3.1 158 
2-2 102 
4.4 153 
6.0 320 

2.8 475 

3- 6 70 

2.2 71% 
2-J 117 ‘ 
2.6 124 

3.3 101 
0.9 212 

5.4 182 

37 

30 
17 

31 
29 . 

- 95 

164 
3? 17 
2-4 75% 

T, 272. 
251 
L8 u 

L8 2 
\ 50 
< 2.1 % 


_ 99 -1 t438 3. 

_ 362 -6 T858 7.' 

„ 144 16.16 5J 

_ 47 +1 1233 4.‘ 

r_ 59% _.... tll3 2.1 


6.7 62 «: l ” J 

3 A AS . -. 

6l5 6.9 . 

75 3J TTf 
5.4103 ' 

I ? ^ 46 aft I 

Ji 

I S «M0 

IBj™ ™ 
a ii ? 5 

If ^ ■; 

| -5 |? 230 180 
9 2 3 Ji && 55 

9.8 60 „5i J2. 

fflM 

6.9 3.7 38 zD»- 
WMJifg 

*1“ s is 
li & ^ ^ 


R-H.M . . . - 53d -% «29 
RdwtsonRwda 147 -f 
BmndKcKSOp. 408 ^6. tlAO 
Samaburyll! — 182 -3 d6.02 

IST 1 — S 3 g' 

SqnbrelffnlJto. 36 L54 

Stocks Ijoseptfl-. 140 Tg? 

Hf "2 13.14 

TmfeDa-HBtaip % dSRl 

TeswS> — ; — : 40 -% uw 

[Dni^dBiUBattll 79 -Z 2 W69 
|WatoimPU|j.«b 57ij — _ Z43 



its! 


HOTELS AND 

31% (AtfttalrtilOp 44% T % ‘ s ~‘ 

©% CtoHolds2ta_ 137 -1 796 

W8 DeYereBotdsI 173 -2 d455 

30 Epicure 9p 13% __ N033 

87 Grand !fel50p- 112 -2 ; t4S 

75 Knrs»al(MlLcS 96. 

162 Latftot*fiWp_ 190 )-3 7V 

15 SRiQartotteKJp 18% 1M9- ; 

ISO HydcOetooStel 225 nl 

25 NodofttoSp^ 38 OB' 

.36- North iMFjlOp. ..45 .-• D.9L 
-76 Friooeoi Wales- l6ff 25L 

23% Queen's Moat 9p. 36 B3T 

138 ' Ra*toaHctds»_ 168 •• 621 

58 Ssvw“A ¥ iOp— _ 83 —4 

30 State flteoUto- 49%-% 

9%, STOaRranM^- . 36 

166 TtSk Forte— 210 - -6 fm 

22 tanffftdt'A'aju 36 ^118- 

22S «heekrtlOpL_ 340 fUl 


12.88 975p 505pTesoro PL ISSai&i- 918p -14 — — — 37 

1261 22 16% TetaeoSfi35 20% +% f?-™ ~ ^ 57 

12.29 40 22% Time loc. 361? -% IL50 — 23 b c, 

11 95 13% 865p mnsaroericaSl— 13% - 4 80c — 3.4 76 

13.05 38% 21% Uld.Tech.SUS5 — 38V +% ©.00 - 29 b91 

12 82 24% 17% US Steel SI 23J’ -% ©60 — 38 95 


-.•2% 34% Fun.iin?3'2PC V9W.... 
50+ J 67% Trearurv8p: iC-r«tt. . 

58% 1 47% Treasury Shpc ‘W-litti. 
.76% I 66 s ; iTrcasury 7%pc'£l-15it 


Bi ., -n.. 11 95 13% 86 5 p TramaroericaSl— 

120% +7! 13 24 13.05 38% 21% l’tdTech.Sl : S5_ 

94 4L +.? 1275 12 82 24% 17? US Steel SI 

77V +% 12.05 1236 17 11% WoolwoitbsSP’ _ 

oc ri.71. 12.44 12.63 441’ 28^ Venn Carp. Si 

9 80 ©08 790p 385p XooicsIoc.lOc 

11.B2 12.02 13% 10% [Zapata Carp. 2Vr.._ 


INDUSTRIALS 

92 JAJCH. : — _ ML -+] 

79% AO Research — 91“ ^ 

52 - ABoracaBraDOp 1 64 ] 

35 Abbey Ltd. _3 35 __ 1 

43 Alifclnds.ap_ 53 : : W 

36 AlpmeHUp-Sp. 65V --% Z48 
268 AffiaLMdaUD)- 328 w*l 

50 AnyAm-Aspiah- 56 +1 
34 ArensrauAHOp. 58 *■„. t 
-44% AfflBC-lteure^- 56%. +i a ‘ 

27 AttSpray«slOp_ 31% : — 

^2 ■ &w«4?&4j>l6- IT* -%. ,«LH 
174 AvonRiWQ- Iffial +1' 9U 

45 aEACrwor-. 52 235 

95 EET.Ddi 104 -1 • 

63 BOCIotnL 23 : -1 • _ 

188 BTR— 263 1&.4 

145 Baird (Vto)£l_ 168 

25% Sreetffi 26 • ....„ 

180 Banov RdRtOc. 217c +2 
60 Ban-4 WAT. ’A' 88 -1 [372. 

28 BsmmHeptnm 29 +1 138 

di . " r» 1 in • . a I i> 




16*4 -% ©40 — 
44V +% 52.00 - 
79flp -55 7*>c - 
12% -% a3fic — 


VI 35 
26 102 

?-6 61% 
L4 cr 


48% Mi ©61 1185 k r List Premium 48%% (based on VSSL8265 per £1 177 


|+% |1L89 | 11.98 


Conversion factor 0.8722 (0.6894.1 


Undated 

coa+ms4p: 3i*s -% U6i — rANATiTANS 

;Q'- W.irL»nWit .... 29 7 B U75 - LAiKAl/iAlW 

•5 Coni 3. pc 81 All -- 34 +% 1050 - 15Vt| 10,'* (BkAfontreal S2 — 15*,:+% $1.06 — 

Treasure V0t>,\li 24* a +% 12.72 — 16% 10,1 Bk. Novo ScodaSI- 15 A +% %c — 

'«au.l=,2!jpc. 20%d -A 1231 — 42% 30% Beil Canada S5_ 42%+% $4 2 — 

! 19J4 Treasure l%pc 20*4 -% 12.64 — 22 12 BowVallejll 21V J -% 12»jc — 

12% 825p BraseanH 12 +% SLlO — 

**INTEENATIONAL BANE $ iSS&fc: “Mtf: ^ = 

i 32% [ape Stock -« — | 83 | | 6 02 [1006 37% 30% Do. 4 pc Deb £100. 30% . ... 4^ _ 


15 i I :5 Cone 2*«pc 61 .All - - 
2f J : — •% Treasured 86 .Ah ._. 

2-*? 1 1 0 *; ''uauil»2!:pc. 

14 19*4 Treasure 2%pe - 


33*s -% 12.61 

297. — a 11 75 I 
34 +% 1050 
24i a +% 12.72 1 
20%d -A 1231 
20*4 -% 12.64 


- 15\|im 


[ 32% [ape Stock 77-82 1 83 | | 6 02 

^CORPORATION LOANS 


*S : 4 «*4 Birm'h3in9*4pc7Ml- 

Oii; 90 Bristol 7%pc 7081 

107 100*4 LC ESjic R2_. 

1-2 103*4 Do.l2%j>ciS8* 

97 % «*!% Glanso* 9*4pc WE _ 
°3 50% Kent Side -Mt — 

e 5% °77. Li-.erpool >'jpe 76-78. 

101% 90% Dn.uLpcWAt 

2®-4 25 % l*r.3Apcinvd 
100.; 99 Ljn.Corp.fii.’W 75^78 . 

<*9% 91 r«S*4PC , 8M5 

°7% “d’a L*'V 6pc 76-79 

e :.% 85*4 I>75*ipc— ^1 

87% 76% I»S%r*'ffi’M 

r7% o5% Lt'^’peTMT- 

7 C . b8% DoOripcmPU 

2A% ;;:% Do ape T» .Alt- 

r -y, "1 Middv.VgpolSW ..... 
95 ,; ’ ?5% Neucasile^pcTWO. 
lCe-4 101% Warwick I2% < ’« 1S80 . .. 


21% 16% Gull Oil Can. (1 

N LOANS SK ^SPgaESSSfe^ 

94*2 +% 9.79 11.34 14% 11% Hudson's Bay H — 

90 8.71 1173 32% 24% Hud_R0iIG.S3’_ 

101 1238 12-16 14-% 11% Imperial Oilfl 

204% *1’ 1238 1223 15% 9«5p Jooo — 

91*’ -% 1031 11.76 77 5p 585p InLNatCasSl 

90*; .. .. 5.79 1058 10% 610p Masrey Ferell 

98% 5.82 956 28% 21% Pacific Pet SI 

93 +*j 1053 ©48 74p 50p PlaceGasSl 

26* ’id +% 13.71 — 2% 15 Rio.Alrom 

. . 654 9.66 24$ 14ft Royal BltCan.©.. 

93 -% 1011 10.95 ?!'■’ 1^* SeaffamCaqi - 


90*4 .... 

98** 5.82 956 28 

93 +*j 1053 ©48 74 
26*’iri +% 1371 - 3 

. .. 654 9.66 24 

93 -% 1011 10.95 20! 


95*4 630 101 

85*4 6 45 10 * 

79% *% 7 JO 10J 
67m +*4 B.19 11.* 

69 10.18 12J 

23»j +% 12.96 — 


30% 4\i 

19*4 +*j $134 

570p 40c 

24% ©06 

14% * * 69c 

30% -% SL60 
13*2+% S6.4c 
24*’ -? 80c 

770p 80c 

94 5 p -15 - 

25% -% ©6c 

23?i 5308 

24*1 +% $1.50 
20% +,i 92c 


. 190 

28*r 

26 

48 

58 

33 82 
2.9 38 
4.6 500 
00 41 
4.5 71 

3.2 99 

3.3 73 
130 105 

23 220 
33 72 


1011 10.95 2*] Vi J 13% [Seagram Co. C51 . - 20%l+,i 92c —IZ 

630 1032 14, ’« 955p[Tor Dora.BltSI„. 14A| j 80c — OJ 

6 45 10.95 ll(* |E80p|Tran.sCaaPipe — | 11% | | 103c _ | 4. 

7-10 1059 s e. List Premiom 4 Wc Oased on 82.0450 per £) 
B.19 ©41 
10.18 1233 


iB 35 
=■1 & 


15-F, <*% - VustSijpcTF-TB 

“’it ^2% -Do 5*jn’77« 

8S% F2*4 -naSrpcEl-IC. 

«'•; 96*4 *"* Hpc 1978-78 

9t>% 92% -Do.6pc7&a) 

S7*« 81% ■Mia7yic'8M6.„. - 
■95 91 Stb. Alnca 9%pc 798L 

70 52 Hh.Khort.?3)c •85-70. 

56 61 Do.fipc"78Rl 


99% +U 

O*^ t% %66 U39 334 269 " (Allen Han-eytl. 300 "..... 

97V +% 411 936 187 150 Allied Irish. 187 

oi +1! 6.49 10-82 105 155 ArbuUuMtLO- 158 ..... 

82*’Hl +% 906 10.74 E20 l ; £33*4 Bank Amer. 51585, Q9% -% 

94-% +% 1031 ©65 277 315 Hi. Ireland £1 — 375m +2 

53 4 ' * _ _ H71 £137 Do iOpcConv— £170 

82 _ _ 21 15 Bk. Leuiui l£l — 18 ..._ 

“ 170 160 BtLeumianCil 160 

S 570 380 Bk.NSW.SA2— 570 +8 

315 255 BankScotiandfl 292 

’ t j £32% £21^ Bankets N.YS10. OO +% 

ind mo. 358 2% Bar-Haw £1- .. 325 -5 

59ml . ..I 8 43 I ©.62 250 200 BrcwnSbroleyLl- 230 

Blri 1196 13.40 312 265 Cater^derEl- 290nl ..... 


577 M BANKS and hire purchase 

232 ©71 1378 I [ |+ orf Dir ] IVld} 

High Low j Stack I Price I - I Net |rn|Gr-f[PiE 

LOANS 298 [186 ANZSA1 1 298 j+6 ItQliBcl - I 271 - 

ttt I rm 1293 1210 Alexanders D.£l 240 |......| 14.33 1 -J 90| - 


lCc%ll6i*; fWamick 12!’”. 1S8C..-I 101% | |1232 ( ©71 1978^ 

CO»NWEALTM & AFRICAN LOANS M . 186 

13-ftl t-Ve J^Aust S^’PcT^-TB ) 99%|+% I 5.56 I 884 293 210 


MJ>2 EU3 £Wj All 


Dir I |Y1d| 68 

Net |Cn|Gr‘s[P/E £270 
.... ■ 1 <.«■ Hb 


- 90 - 


LOANS 

Public Board and Ind. 


FLUO £129*2(44, 25 45 93 


58*’ Amc. ML Apr S-89-... 59*0 8.43 11.62 ^ ^ 

90U 60% Alcan KHjptWM Bind 12.96 13.40 3L. .65 Idcrfeibf 

55-4 2 &i •’MslTOt. 3pc'E’ 29% +*4 1053 1221 » W OtreWsida 

735 107 i;.SM.C.l>pc082 136xd 6.62 - *gg 171 C.xalAtafl. 

55% 83 Cw. without Warrants - 88x4 1023 1Z80 ’0,9 02% torn ±k DM1 

financial ^ 4 SfSKw 

1971.1152 }-m KpcTIL I 102% l+*4 [12.72 | ©% £22% 03% Cred France 


'hie Putt 2Qp- 78 ^-1 

36ol ’ 662 — *230 171 Com'l Aus (iAli- 220 +3 

88d l 1023 1280 ’£19 02% Con'd* DM10*.. £17% +% 

' 11 08% £15 nitnUbk-KrlOO £17*4 ... 

25 18 Connthun IOp— 21 .... 

02*4 +*4 12.72 ©96 £22% 03% Cred France F73 £21% .... 

.03 1359 ©40 *n 32 DawesiUR' — 40 .... 

.03al -% 13.49 13-02 023 £^ Deutsche Bank D1S90 014% .... 

81 6.© 11-40 83 58 FC. Finance — 58 ... 

75 R40 12.00 3% 1% First Nat lto.— 2% .... 


+8 tQ30c 
30.39 

9J7 

1933 

-1 4.78 


15 7.014.3 

- 3.3 - 
3.6 5.7 75 

- 5.7 - 


?! W 05 


1W% 192 *-rn»MlL 

210 102 ' Do.uprT9 

114% 102% l<o Hpc *83 

!i:- 79% I'.'Fi.'aijpcDeb.ma:- 

fl% 73% Do.6VipcDb.fH4l 

° 39% r*o. ioi’pcUns.Ln.86- 

c ?% 90% [*e ll pc UnslA 88 
101% W; D>. ll‘«pc 'JniLa’Oti- 
71% 65 Tni ‘Djpc.ADeb. B3-92_. 
"71% 62 1 -j T.pcA Db. ‘91-94— 

84% 73% r«i3nc‘A"91-94 

Sl-« 70% Do8 < spcLn. < 9M7 


103 1359 ©40 *71 32 

103m -% 13.49 13-02 023 £*»0 




Q18% - 2.7 - 7 

(12% ~ 6.7 _ 7 

0.7 — 5.0 - 7 


90% 1+1 12.23 13.30, 


Fust Nat IOp — 
Do. Writs. 7383. 


12.B1 13.60| 12% 1(5*4 Fraser AnilOp.- 


+% 1355 14.00(196 
1101 12.40 50 


i.'^rrard Satnl 173 

Gibbs iA< 47 


11.95 [ 13-20(255 195 Gin«tBr<».£l .. 200 


1258 1350 29 

+% 13.10 I 13*0 120 


19 Goode D1Mij".5p 
96 Grindi^s 


FOREIGN BONDS & RAILS 


:sts 

HisJl In* 


+ erlDir. Eel Bed 
— Grass I Field 


17 Ar.lriiutiLsta RK 

53 D« 5[»: FTef 

e E ' luIeanMiced 

350 lic-mum VniLALp:. 

46 Greek Tpc .Vis 

46 Lt'iejicarub 
40 lM4prMb.ed.Asi. 

a 2 Hunt "04 Ass 

67 Iceland 6%pc RMS 
£4 Ireland 7%pr *81 -83 
79 LioBkpc 3l-96_ 


19 

33m .... 
98 .... 

40sm 

54 m 

51 

43 

55 

67id 

85 

79% +% 


9% 13.06 


243 185 Guinne** Peal. - 240 

217 158 Hambras 187 

100 81 Hill Samuel 67 -2 

600 425 Do. Warrants.... 462 

29? 203 HongSfm&SlW. 293 +6 

86 65 Jewel Toynbee ._ 73 

140 160 Joseph i Leo>£l_ 190 

52 37 Kejserlllmajin Slid -1 

74 58 King AShax20p 58 

114 92 WeiDHortRL— 98 —4 

297 242 Lloyds- El 275 -5 

50*2 42 Manson Fin 20p . 45 

134 10b Mercury Sec*.— 110 -2 

*390 330 Midland £1 355 -5 

£92 £78% DaTWbBMB- £841’ -1% 

£95*i £82% DoM%Km- £83 +% 

64% 56 Minster Assets— 57m -1 


- 0.4 - 

- 7.2 — 

- 71 - 

- 115 - 

- 0.8 - 

7.2 4.3 3 4] 

— 63 — 

— 7.7 - 

— 7.5 - 


hQ59v - 2.4 - 

,459 - 8.5 - 

(8.01 - 6.4 - 
0.66 — 2.0 — 
3J9 - 8.8 - 

4.12 - 6.4 — 

9.09 53 5.0 5.5 

t279 L5 9 41L2 


- 4.7 - 
4J 6.3 5.6 
21J 18.9 — iag 
njeljJC - 

* TO.* ;iSo 
1112 
110 
41 


FINANCIAL TIMES 


BRACKEN HOUSE. 10. CANNON STREET, LONDON EC4P 4BY 
Teles: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Fmantimo, London PS4. 

Telephone; 01-248 SOW. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL. OFFICES 

Amsterdam: P.‘«. Box 12M. Amsterdam-C. 

Telex 1U1T1 Tel: 340 555 
Birmingham: C>carge House. George Hoad. 

Telex 238650 Tel- 021-454 0822 
Bonn: Pru&.hau.* 11(104 Heussallee 2-10. 

Telex 8JW9S42 Tel: 210039 
BrnwcU: 39 Rue Ducale. 

Telex 3283 Tel: 512-90I7 
Cairo PC Box 2tW. 

Tel: 938510 

Dublin: 8 Fiuwilliam Square. 

Telex 5414 Tel 785321 
Edinburgh- 37 (iearjte Street. 

Telex. 72484 Tel: 031-228 4120 
Frankfurt: lm Sacbsenlacer 13. 

Tcleit: 416283 Tel: 557730 
Juhannesbure: P.O. Box 2128 
Telex M257 Tel. 838-7547 
l,i hnn. I*raca da Aleena 58. ID. Lisbon & 
Telex 12533 Tel. 382 508 
Jilriiirul. Exoronceda 32, Madrid 3. 

Tel: 441 S7T3 


AD\ r ERTISEMENT OFFICES 

Birmingham- George 'Hoii.sc, Ccoite Hoad 
Telex 3386SU Tel: ICI4M 0922 
E'hnbureh: 27 fjeorge Street. 

Telex 72484 Tel. 031-226 4139 
Fmntdim- lm Sachsonlagcr 13. 

Telex i«S3 Tel. S.M867 

I’cruuncnl House. The Head row. 
Te*. 0532 444909 


Manchester Queens House. Queens Street 
Telex 668813 Tel: 061-834 9381 
Moscow; SBdovo-Samoterhreayj 12-24. Apt. IS. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 08390 TeL C12> 541 4625 
Paris. 36 Rue du Sender. 75002. 

Telex 220044 Tel: 23 Bl 57 43 
Rio de Janeiro: Aveaida Pres. Vargas 418-20. 

Tel. 253 4848 

Rome: Via della Mercedc 55. 

Telex 61032 Tel: 678 3314 

Muckftolm: do Sveruka Dagblsdet Raalantbs’aKen 7. 

Telex 17603 Tel: 50 80 88 
Tehran: PO. Box 11-1879 
Telex 212634 Tel: 682098 
Tokyo. 8tb Floor. Nihon Keizai Shimbun 
Ruildlue. 147-5 Otemachi. Chlyoda-ku. 

Telex J 27104 Tel: 241 2820 
‘Washington: 2nd Floor. 1325 E. Street, 

N.W., Washington DC. 20004 
Telex 440225 Tel: iZQ2i 347 8676 


Manchester- Queens Haute. Queens Street. 

Telex 666813 Tel: 061-834 9381 
New York: 73 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: l2l2i 489 8300 
Paris: 36 Rue du Sentier. 75002- 
Telex 220044 Tel: 236 86.01 
Tokyo: Kasaham Building. 1-6-10 Uchikanda. 
Chiyodu-fcu. Telex J 27IIM Tel: 2S5 4050 


SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls worldwide or on regular pubscription from 
Subscription Deparuccnt, Financial Times, London 




-31% 16 

57 46 

44 36 

394 325 

2M. 13-% 

223 166 
534 376 
£124 £1121 


































































































TTnaiiSsflTiines Friday J nt» 9 1978 


INDUSTRIALS— Continued 


INSURANCE 


PROPERTY— Continued 


nr> Low 


170 SnaleviBito 215 

31b Scire Properties 56b +2 


TEXTILES 

144 ...... i 

27b !. 1 .. ! 

31 -1 

3i : 

9 

i$b ...... . 



jcwICf-tlWE HlBh LOW 1 
1L6 I 10| ?7 I 7<J IBrauerbft 


SBBStalV tdW “ I - * « 


INV. TKUSTS— Continued FINANCE, LAND— Continued 

U ** fpri-MS CrlffiwB 

» LP-llfrl 13 mil ?!! Ishw&l 8 1-3 ru4 tJm To 


0 fully Integrated banking service 



Hoad Olfiea: Osaka. Japan 


pWi. 3-9 a S 2 sEB|ii Mm s 3 * 3 $ 1 =& iip 

Sr'EiiiV:: » . .. ♦- 353 140 124 fe 1 £ gg “1 6H5.0 « 1U « £&, ,20 3ta?uTfcl& £31*. .— <W 14 - _|| 

£&££!&: 2 ^ ...::: tm w i.o »6 m * » -ZtS « 1 1 ^4 3I0 aS BSas :::::: - - - - 

>5 - 2 :“/s“ a ass $ s*fe*«a fc £~ ™ s* ^ is 1 1 

J ~ as b S» S 8 HaaTTESSSSn-B Baa 

S: I ::: U a H» 1 &«& f* T A >>>>«! £ I BHBfc *8 = W a « •» 

^MsTaC 293 -2 d?6? 15 2.4 41.8 76 57 ^B—sr 32 -* it - - - 9 TU Sthn.F»aKK30c 8M. - - T, « 


Ftn.NFlQ0. £4tad| 

lHH-TS-IP J £1W*|. — f 


— 6 . J — BW> »** 

Hizlifc HS. 1^1 B&S 


MINES— Continued 
CENTRAL AFRICAN 

| Stack . | Price jV*! 


Sawn % -z-jtio" r 5 ro at-iw 2 3 i “ «SI f apW i fcdfit HlSS g- £ t£ggg* 

Jt ^.a-Sr a fist is sj sflsfc a a 'if aasj v 1 “ 71 * ^ r asgspr 

•s4S” 1 :i Si fi Jffi " ’St'SBM: §3 *P — ” 8 inm&u- 


jJa, 0115 ■jffi.lS 

UWiB 148 66 Attack 20p 8* +4 — —J — — 

r.J-. UZ 134 Bnt Borneo top. 160 -v- |-4 153 

laMA 392 720 BntPctn»rm.fi SOT -2 2210 43 33 9.4 «-. I0 

1-5 15 f 761* 70 D0.TOPt£l— 70 ...... 5.6% 5119 121 — lM I M 

31 M2 r I? 4? ^gSASoiSS: EM tt OBVJA - *15.1 - Ml Ul 


66 (Attack 20p_ 


3 95 - 23 — 134 106 Draytw Con'd _ 43 

Qlfliac * 43 ♦ 146 123 Do. Co* 3 -— 1« -i 2 47 

7(vi v enii om 19 rvs VL n n 


195 +5 

17 

70 —3 

162 

90 

37 

15b 


WarafordlDOOp". 267 695 * 4.0 * 

WebbtJan5p — 15b -b hd0.48 23 4.7 13. 

WnanJterP 2flp. 18b . “ — r.,r 

Winston Estt. 37 +1 1-27 1-5 5.2)19. 


"U| e t££< 194 Fdin.lnr.Wn_ 222 -3 6.75 10 4.6 3L4|i4> ijt HlCl'.'rie Petni! Cl 130 

u », d V£ s . ^ i. *& ii J8Si ‘I t » 

L ” ^ di ” * s s&s£ r± it {.»&& 


144 116 tttCIrrie Pewl £1 130 3J» 86 ^ fa ,. 

3 SS 3 -«fi- • « * $ I 

Q14% - ci?9 = ^ Mj. 


PBUILDERS, REPAIRERS 


U \Sf te££SS1a -toL H SfeKs 


129 -i 6.86 18 fid 105 


110 91 jBtiitvcapstnJ 104 | tS.94 11 8.7 16.5 

119 102 JPo Defd»p_ 1IB -l 3.96 12 5.1245 

202 170 EquiiyIOf.50o_ 202 +2 b9.90 11 7.418.1 

306 258 Earne Darien £I„ 306 l 8.00 11 4.0 335 


Kill's «M 284 L33t0*0fs'lftp. 3SO -8 — — — — £4 750 

f;j|| 306 178 ffiW-ZT2Sa 251 30 13 35.4 » ™ 


Vo^Z“l_: 166 .." 465 45] 4^ 6.1 4©. 37 Mf Ennicra* 48b Z" oiffi U 2.7 453 “nf KSKmTiF l2 - ~ - 

I '"- 5 *— 1 OT I - 5 Ih “ I d ^ M S 3 &, SSTiffi &, - 1 -SI IS S:Sg:S g Iff 5 ilb ^ " " ” 

shipping « 11 E , i ! ff 5 «k a a- S. ii US* » u =S : 2 .. i 7 


520 310 
141 142 
70 35 


AUSTRALIAN 

15 ...... 

126 

99 +1- 
228 -2 

54 

132 1 

30 -3 

207 -2 1 

39 

4U +4* 

HT* 

ua rz: 

46 

£34 +J. 

34 b - 1 - 
520 +7 Q15c 
141 +6 $Q6c 

55 .._.. - 


294 -1 t8 42 4.1 45 8.4 

130 5.81 - 6.B - 

158 153 7.7 15 9.3 

250sl -7 817 ♦ 5.0 C 


.61 130 Forel«n4CoL_ 1U 3.77 10 35 425? 

48 37 FVUI.TJR029I. 48 +1 60514c 12 65118 * 

39 35>2 Fundinresl Inc.. 37 -l 2 T2.40 10 9.8 152 J 

69 49 Do. Cap 59b — — — — n 

21 98i 2 GT. Japan 116 tlQl 11 13 562 S 

.46 120 Gcn.Al^am'cL. -145 ..... 5.82 11 55 23.6 S 


?S al “7 t 1 p I 86 73 CmlComoWuL. 84 3.75 11 6H214K7? 

152 -1 T~ <■ 8- J 152 125 ileaerai Fimls_ 152 +2 4.7 10 4.7 32J) }te 

IS 1 ? dl85 12 7.9152 i-ii gr [teConr. lOp U4 +1 

1$. II 14 4 106 88 Gcn.toest<n_ UQ 4.0 12 5.gZ2.0^ 

+1 90 72b Gai Scottish — 89 335 10 5.g263 77 

220 +5 5.10 2 3 35 16.1 1M 7 :^ g«l SI hldn. 12>a>. 110 17 10 lillll 

20 1 ; + b — 7 — J 9 09K Si tJhsga^SmicL^ 97b -2 2.4 LI 3^3621 

,75r ••;••• 1^1 f £ inc a*» 95 71 aeodcronlnv— 93b -lb tl.66 13 2.7MS3 

119*2 +b ® 2S 2.6 105 \43) „ eg rv, -gr 89 -2 — — — I — L._ 

93 -1 6 54 1.9 10-7 <6 1> /i, wii, Clniaoirravliiv.. M. 17 ID 3.7 415 K*? 


3h 484 Shell TranE. Reg. H8 -2 35.7 

69 61 Do.7%Ptn 61 ...... 4.99 

44 226 ftSiefwufCXffl. 35S -16 -7 

64 £55 TBaco4W4Qn. £39 ...... Oft* 

86 130 Wemtret m -4 132 

94 194 Ultramar—- 27* -1 — 

61 120 Da7pcCnv-£3_ 151 -J 79 
85 86 WeessNaL lftas. ISO +5 — 


43 5.7 a 24 
^ ~ 360 240 
£V “* M. 45 

B 

» - £ A 

Tr, ~ U5 130 


r<5 2^0 1B5 86 Do.M0rt.Ute- 180 +5 Q15V — J 5 . 0 J — 93 78 
5 7 263 77 I 57 |Wood«KleA50c.-| 69 |-1 I — I — ! — 1 — H 10 
18 1119 73 68 

l 7 ** OVERSEAS TRADERS S S 


TINS 

AnaLNigexis 25 I 

AyerHttamSlO 350 

BcialtUn — 54 

BerJuniniSMl 280 

Geew 135 , 

Gold* Bate 12bp- M I [ 

GopngOms. 290 | 1 

Hongkong: ' 165 | I 

Idri* lOp 

JantarGPjp — 


I : Ss 1” p ffwse sfi ^ - 

aUlS"f-s BKSg s 

75 65 Grange Tn«t_ 74 2.1 11 43 314 39 »b 


SHOES AND LEATHER 


105b 90 Gt-North'nhiT-. 102 -1 3.87 ID 5.K25.8 
83 67 jG?feB&Mrlov__ S3 145 12 23«6.4l 


73 68 K.TTTHfHtyrip’^yQffl _ 68 

OVERSEAS TRADERS SS SS SSssn- IS 

7fl 4(1 APahnnf 7tl 

24 [African Lsle* — 260m. — Ih352 19.0 2.0 Zb ^ 50 pS^aMp 60 

SO AnstAgric-SOc- 5 Q35c 11 2.4 38.7 ^ 165. pmdjogSKl- - 210 

96 Bertsford-S.AW.1. 1M -3 MJ3 4 7 4.8 4.4 fil 49 Saint Rrao 54 

50 B«iir*ktlTtajfDp Mad -2 62 11 182 (72) w 47 South Crafty 10p_. 56 

3| “I $ 205 140 Sooth Orta 5M0J0 2W 

S3 -9 655 * " •: 3J5 230 Sthn Malayan SMI- 300 

267 -3 871 3.2 U U jgg 134 SnngeaBesilMl— 208 

£6 3rt ...... 012% 2.4 15 222 75 55 SupmneCnrp.SMi 75 

^ +12 t^I 78 f, Z ? t- 200 85 Tanjoac lap 92 

87 ..... 42b 21 7.4 7.9 jqq 74 pongSi Hrttr. SQ 96 


11 ' ■ 

68 
490 
385 
TO 

60 J j 

210 

59 ...... 

56 L.... 


S SSSBaq ^ ^ m g 3 *gfS* — ^ r 

SBSfd s :::::: W_ U IlllR ^ 5 = S- = i 5 


11 <13 «u 

117 68 

ll SJ 2 U« I» 
11 55 25,0 “5 


KHmU'-m 177 d? 7 5 AH 3; *C’A inaUMH+l BIML 3V» +.(3 +X -tic 

SnSisSm'A’T OT -l' Ml 1.92 -16 7 A 132 ? 5b 65b ^ — 2.62 H ^4 ^ 

g5S*««- g ,« 7 ! 4 i”3i i ! S iS! KSiStS «8 “ &. *i 

. TUraerffiElip." 3& 2 ...... hL16 3.8 5.8 6.9 ^2 ^ feSSfimfc* va* Z% ^t 5 a 1 n j *1 7 4U 350 

l Waul White 761 2 +lb 30-96 8 1 7.8 3.9 247 174 hWd^. |W«d +2 67 * 4.1 * M ^ 

awl ^lua. ielj|7Jg ‘g-sasss&s 3 ® 

164 103 ferecyEntPtlp 164 — — — — 2 Jf 

SOUTH AFRICANS ’« SSffi£z ^ r.:: SS fo 11 A 

100 -4 *Q29c 17) if 3.4 51 44 Jove to. toe. Up 46 350 * 115 * B 

560 -20 06 Jc 2.4 671 61 6b 4 Do.Cap.2p (A, — — — — « 

1T4 Q19r 3.6 1D.6J 25 146 125 £enCoaeto.SDp_ 1^3 60 Ll 7.0 19.6 „ 

80 tQ4c 19 34115 57 46i 2 Sngsideto_L 56 4225 10 61 24.7 ■« 

74 +7 <*k 12 65(12.4 90 75 LaS ««•!»._ 88 ..._. 240 U 4.134.7 =** Ie» 

130rt +2 iQJfrc 0.6 5 9.4 44 38 Lane. 6 Lemto. C ...... 18 U 65 2.1 93 75 

117 +2 tQ?lc 14 3 4.4 102 87b Law Dehentant. 101-1 45 U 6«2L1 sq 65 

390 +5 Q5fic * ♦ Ellb Olb toartSOgRalp £llb ..— 2.7 — — — hi, 

72 KQJ®* 0.6 fl20.9 42 35 Ledato.laxSOp 33» 2 —... 2.77 10125117 51 31* 

140 +6 Q28c 4.0 H9| 21 25 20 Do.Cap.9p 24 -b — — — — 305 165 

76 QUc ( B.U4 31 26 Le Vailonet Inr_ 28 (05 52 81 * 43 26 


~v« 92£n 7n * 75 55 SapremeCorp-SiU 75 

*8? +M 4^78 * 7.0 6 3{J0 B5 TanloiiCl^ 92 

87 4J26 71 7.4 7.9 lw 74 Ton^i Krtir SMI % 

418 -2 050 32 5.4112 220 148 jTWaohSJi] 210 | 

28 ZD. do bJ — 

655 25160.3^ COPPER 

^ J j J 13V BO I 70 [Messina ROM 1 98 |..-..|«30cJ 19[ * 

101 -1 h25 35 35 85 


101 -1 h25 35 35 85 

178 -2 #7.7 75 6.6 3.1 

175 -3 #7.7 75 6J 3.0 

31 -1 fd.43 15 j 5.6 17 9 

6*2 B — — — — 300 220 

80m +1 hl75 33 34 193 440 245 
417 +2 13.0 4.4 4.7 7.1 234 164 

59 -1 330 * M * 46b 30 

£91 t92 10 2 Bl — 02 750 

65 -2 fhO.75 110 17 7.9 45 43 

64 -2 f3.4 3L2E4— 173 120 


MISCELLANEOUS 



S -5 

420 -10 
231 -2 
45 +1 

ma 

43 

173+1 Q7c [ 2.9( 2- 


RUBBESS AND SISALS 

ml Stock | Pries ( + -°1 S' |cn|S! 


NOTES 



140 +6 Q28c 

76 Qllc 

560 +15 u52c 
64 QlObe 


_ . 55 4> 13 6 LenA AMn 1_, _ , . _ 

QiObe 12^ 95 8.8 62 55 Lan..\tlantic.-_ 61 3.0 ♦ 7.7 * j* £7 

138 103 LooAosUw3Al 134 MIB^ 10 4,8 203 3^ a t 

, 67 53 Loo. & Cart 50p„ 62 ...» ^5 10 0.8 UM 105 65 

! U2 95 tohLifWnwd, 112 350 * 5? ♦ 105 sk 

?3 61 Loa.6Leoaa_ 82ml —1 25 10 4,6 33.0 ig nfu 

d6.49 351 6.81 63 26 16 Lot ALRltoZ S 1042 14 Z9 37.4 S U 2 

3g « 106 4 nb S^LSiLUSr. 71 2.4 11 61 28.1 jg g 

2-» t.,SS t. 184 15 7 Loo. i. Montrose. 183 -1 15.25 10 4.4 340 94 Sb 

S?'2S U8 05 Laa-&f > ™ r HO . 3.40 ♦ 4.8 * 54 301, 

*-P ll M Ua.PradentinJ. 7M ♦ *A * 75 55* 


* 75 

6»2L1 92 65 

125117 g 31* 
8J * 43 ^6 


^ - - T 39 


I? -1 i' 9 iZ-| 1° 43 34 Loa.6STkde_ 43 1138 H 

81 2-42 4 12.4 ♦ 144 173 Loa.Tst. 194rt 8.Z5 * 

9 ~ - - « 52 48 Loirlsnd tor SO ...... «.l 1 

M»2 ■■:■■■,= ~ ~ — 195 178 M&CDul inc.lOp 190 -1 1155 U 

™ S 1:1 fi SJ T s ASBjfew 

” Z-^o ZZ fit 'In ^ . 40-98 ♦ 6.7I <1 

» 2 +b 2*0 3 1,2? 'it 44 40 Jleldramlnv, 44 185 lfl| 64] 22. 9 [ 



«■ -)U 741 30 Uaiaw ethtnto indicated, prices and act dividend* am In 

+z *y? f'r r j pence and dcMnatBadana are Sp. RsH m nted pricefranatnxs 

VD 33 13 XV jjtloe and cetera »tc tinned ob btedtatmiial reports end acmiints 

2, — - r„ 7, and. wbore poaalhle. ere opdeted ■« bait-yearly Qgm». FTBi era 

S8b 1.7 10 5.1 delated <m the basis at nee dUtrlbndon; bracketed Bipnes- 

2M — *25 10 18 Indicate I* per cent, nr mare dMe m scc if eri ca W c d m “nil* 

hl38 12 5JJ dMribatfan. Cbven are- based *0 ■‘wihwW dtstilhaDctt. 

36b -b bQ3.0 12125 YleWaara based 00 raWd^pricra. era freed. adtoUpd to ACT df 

10 0 W 6 8 J u per cot. and altar tar raise of declared dtadhotUns end 

295 -22 156 b 7.9 riahts. Srcurltlea wfth deBaadnsntaas ether cboa sterling arm 

95 -1 4t4.0 — 64 qaaced ladasire df the investment dollar pxenrituat. 

102 qao.Sc — 4.4 'V ......j.: 


TEAS 

India and Bangladesh 


Z! tlfn ll 2-Z i-Z 83 78 5oo^fnr “ 82 _ 13.07 11 5.7 253 q g ^ 

^ _Z tala ll c’n ,11 « M Moorsidc Trust. 93b ^2 IB 7.7 193 ^ jg 

ZL ^iS'24h®S M0 NegitSASVSU 770 QUc 0.9 05MI2f^ 

29«tf L9B 11 10.4 69 2it 2 ia SewThir>g.Inc_ 19 -b 154 9 125 p 130 

,33 -■■■- ft 115 « 114 70 Da Cap U 109 -5 — — — - 

Tg 7 +1 5J-|7 20.0 10 0.0 20 11 Do NrwWrrts.. 17b -b — — — — M 

®. Hin? K 42 31b N.V.iGaninora. 41b 0.40 0.9 15 HU 210 [123 (Lnsrei 

M** 1 °- 7 3 26 105 55 ^ ;S 23lnTttt__ 212 -1 8.75 10 63 23.7 

£ "V «Zn fa'.Hifm 92 7»* JMlilltaltfc* 91 ~b 27 11 4530.9 



63 +1 Sl2bc 15 43 6 Storting draaarinated securities Which include investment 
4Q oil so BE R 1 ■ dollar premium. 

iS linn u a* • "Tap" Stork. 

oTflf. ii 24 -■ 7 *Hi*hn*ad Liras markdd thus have been adja4t«d to nltar 

5 "in V 1 in i er "a* 1 ** taw* for cash. 

06 -lb h0.43 3.1 1.4 t jbtednr since Increased or resumed. . . 

70 ...... 62.18 2.0 4.7 $..4htexim since reduced, passed or -deferred. 

6> -2 hl5 19| 3.6 Tt Tta frcc to Eoa-nesidniU an appliratton. 

* FUtnres or report pwatted. 
tf ' VttUtCed security. . . 

w fi *Prics it lime x>£ mspeiaion- 

w 9 Indies ted dividend after pending scrip and.'or rights lamme 

nurlaftacli cover rrtniOT to previous diridend or forecast. 

ulgiaaesil . - Pree of stamp Doty. 

210 49.51 5.91 69 ♦ ^ - 

1) ♦ Same Interim; reduced final nndar reduced carningd 

LcU —w. 7.0 >./ 0.6 lDdicat«L 

2 7 +1-W 16 11.1 f Forecast dividend: cover on earnings updated W latest 

307 41250 35 « mterim rintemnt ■ 

330 ..— +10-00 6J 4.6 ) OMrsllm (or con version of shares not now ranking for 

223 113.5 2.7 8.8 dirtdenda nr ranUng only tor restricted dividend. 

385 1558 4.9 5.9 * COver does not allow fqr shares which may alao rank for 

24b +FL72 32 11.1 dlridend at a fa tore dme. No PrB ratio usually provided. 

238 +3 P13 0 3.6 8 J 9 ferindiiig a final dividend d e clara tion. 


238 +3 F13.0 
169 9.0 


Sri Tanlta 

1 iao 

Africa 


8 j 9 forluriing a final dividend d e clara tion. 
PI i Regioofll price.- 
H No par vahto. 

■ Tax see b Figures based on prospects 


■ Tax bee; b Figures based on prospectus or other official 
estimate, e Cents, d Dividend rata nrtd orpayahk* on pan 
f 55 [ U3 it of capital cover Based on dividend on ftlH capital. 
I 1 1 ^ a Redemption yield- T Flat yield, g Assumed dividenaand 

yield, h Assnmad dividend and yield after scrip Issue. 
J Payment hum capital sources, k Kenya. .«* Interim higher 


y--i 


„ I - ± & jnill { W S TO 1 J 3 111! 3 ES paefi-ri SS |±:|SJ 1 1 bh ES 

1 S Hj aZ • ll « 51 0ilfc.Aswc.to_ S? 1-1 1198 10 53^.9 130 Utnoc*««s 1 I 1.+*" 1 9 10 ‘ 2 s Wddmrtai^yieidtaclndca special payment l Indicated 


» — dTBi fiii’S do ,§! 47 Oatwidito Hbd ...... 153 12 45 ZB2 dlvfdmid: corer relates to pravious dividend. PK ratio based 

'Z-i" H «i f? 121 99 Fmlland Inv — 119b -lb 4.05 10 52 28.7 HfTNlTC on latest annual earnings. • Forecast dividend: cover based 

+2 ti c? It §1 5 « 7 5 68 Prog. Scs Inv 50p 73 2.80 4 6.0 * inllnlao on previous year's eaminKS. v Thx free up to 30p in the L 

hl51 5 £ 3 7 7.0 261 , 23b Pmdoclal Cmet 26 1135 11 7.9173 . . , , „ . w Yfaftf allow* Cor current cbwa • y HJvfdvnd and yield 

J? tU - 05 i8 84 6 -5 126 104 Baeburn 123b — - 370 11 45 29.4 CENTRAL RAND basml- an merger terms. * “£<•<*«» and yirtd inclnda a 

12 ~ — — — 41 37 Renbropfcto 38 1106 11 42 323 viailinjaii.ibaiw special paymsnh Cover ’doca not apply to speolal payment. 

47 -1 0.1 — 0.3 — 31 22 Eixto S L» <‘an 31 +i Q.T2 — — — 385 1140 (Durban Dees HI 245 -1 _ A Nst.dlrtdend and yield- B Preference dividend imssed or 

6 Xrt 45 1.51L2 93 m 148 SfwfcJtm 1 I 71 , Ii, 8J3 11 7418.9 416 544 rT 3M -5 «Kc 164 7 dettrrad. C Canadian. D Cover audPiRraUo exclude profits 

44 d33 0 9112152 ill Rr^PIm^fw" TOO 2 2 659 17 68 rau «QL » m, * Sttr r* rf U3. aeiwpree snMdUrio* E Issue price. F Dividend 

37b ... J 65 54 67 49 ?2L hL SSot'bmfiw c^s, 10 61 Ml m* ^ nSS‘£ ltK ‘ w 2 «l£ H yieW based ou. pinsMctus or other official estimates tor 

96 3 70 45 k 8 41 tvt® «t 7 R (S?c^h oi-ici^ fSt 1 Z'n cn 10 ■ 78b [West Hand El 127 1Q13c 67| 6.3 1977 - 73 . ,C Assumed dividend and yield after pending scrip 

45 145 35 40 8 8 M?, 2u2twoBa *» 6 % 10 5.0 19 andAJT rights issue. H Dividend and yield baaed on 

S • 4«l ?? 3? tSZ 1 * 55?* + > *— — — — _ . prospectus or other official estimates for 1078-77. K Figures 

fZ , ' , 5 ? II 8 72 477 325 DftSsh..S 6 .vFtf_ 477 +4 * — — — — • EASTERN RAND bated-on (uwtpoctus or other official estimates for IPT 8 L 

^ “ 2 If- 4 f 93b 73 Reffiee.rTriH 92 +1 2.65 ll] 4.4{318 TiflOlTaUll AmiW m Dividend and yloid based an pra&puenis or other nfildal 

1 01170 estimatesfor IS7B. K Dividend and yield based on prospectus 
1* ’ or Other official estnnates for 1B7B. V DtvMnnd and yield 

_ 4 1 based '.on prospectus or other official ettimateo for. 1B77. 
oIQp i n o'c O Gram. T Figurea assumed- U No significant Corporal lou 
iivtL it ci Tax payable. Z Dividend total to date. +f yield baud on 
I * ssmaqitoB Treasury 8U1 Hate stays unchanged untO maturity 

Q46c 10 269 rtaw V" '• 

— Ah tuicvlal torav-rfor dlridend; ttex scrip Issue, -«-«r rigid; a ox 

0.4 24.5 all; dt ex capital dUtrlbotioo. 

1.7 8.1 


5JjdI 1 

119b -lb 4 - 

73 ._... 2J 


fa ll 12 23b Prorindal Cilia 26 1135 

” tU - 05 i8 84 126 1(P Baebuni 123b 170 

It "i " „T — T, — « 37 Rea brook to — 38 1106 

47 - 1 0.1 -05- 31 22 Rights i 1st Cap 31 +1 0.12 

Al J-|ZZs,2^ 17 l 1« Ri'-erfcMwt 167b J 2 853 


45 28 2 
5228.7 
6.0 * 

7.9173 
45 29.4 
42 323 

MU9 4U I2S 


MINES 

CENTRAL RAND 

rbanDecpRI_| 205 [-1 j — 
stRandPrp.RU 302 t-5 j±Q5c 


iRiwrPItwtef. 139 625 Ll 6H20i £36b £29^4 Sandfoql-nBstie. £35> 2 


EASTERN RAND 






























































































'■ - / 
■ i."S: / ■ 

■ -Ti-. - t 


ventilation ||J) 


the fug fighter 


FINANCIALTIMnS 


Friday June 9 197S 


BELL'S 

SCOTCH WHISKY 

BELL’S 


attacks 


U.S. wants Callaghan to cut 
subsidies to industry 


BY REGINALD DALE 


WASHINGTON, June 8. 


THE U.S. is to urge the West’s take shape involves further Mr. Blumenthal expressed con- principle has been accepted. - 
leading industrial nations at the action- on inflation and President cern on two fronts First, be As for the U.S., President 
seven -nation economic summit Carter’s energy programme, called for stem to end the Carter should know by the sum 

* n Rnnn nAirt nir\nth 4 a em-nn t n n Tanqn u'AiilH ^ mil -Tn « an am tr nrrt 


THE LEX COLUMN . / 

A hollow yietory 
for gilt-edged 


iS: 


:,P 


st-icrii'uauvu ctouoiuif autumn. Loners energy ycugcamtuv. canea ror steps to ena me leaner saoma snow ay tne suw The gilt-edged market re- talks for Amu- w 

in Bonn next month to agree to West Germany and Japan would present export credit war mil bow far his energy pro- joiced at yesterday's economic r«l w fall 5 A6€\ 'l 

limit State aid to ailing industries be expected to inflate their between industrialised nations, gramme is likely to go m package and the Citv ,W index ieU j.u tO 4©93 capital expe^f; f 

hit by forefen comDPtirion. f>rnnnmi(vc althnmrh nffipials hprp He mv» » —in tha rnlp rnnori»M Ho shnntri. thprpfnra. . _ "T 0 -Cure Oil t/Ifl'. many Darts.' * ' 


By Alain Cass and Roger Matthews 
DAMASCUS. June 8 


East towards another war. Prime Minister. uneconomic industry 

President Hafez Assad of Syria Senior US. officials recognise 
said today in an interview With that Mr. Callaghan will have to F/rnOFt Credits 
Hie Financial Times. tread cautiously in such a sensi- ^ ** 

Mr. Assad added that “ only ! dye political area, particularly This concept — nov 


[France, and Italy. by Mr. Michael Blumenthal. the sidy restraint They prefer to in the coming fiscal year. Surveil- ec0 ?°5H5 rmsinaca SsmenL It is 

The U.S. contribution to the U.S. Treasury-Secretary, at a urge Mr. Callaghan to decide lance of price increases would a snort-Term move designed to 
packase that is beginning to meeting here last week. where to act once the overall also be stepped up. manipulate the financial mar- 


DAMASCUS. June 8 summit win endorse, would be that of the UK, would be to join Secondly h* h„„- . jf tention to cularly on oil prices, if Congress demands, and within minutes 
EGYPT’S overtures towards occepiance of sues is commitment other governments in renouncine the- serious pJ^Lmlences for has not co-operated. both the gilt-edged tap stocks 

Israel are leading the Middle Jy Callaghan, the excessive State intervention for mtenSSSEl S of ?ovem- 0 n the inflation front, the were in action. Overall, some 

Pres id en* U Hafez Assad °of Syria P Senior U§ officials recognise uneconQraic industries. ment .subsidies to industry and Administration is now consider- MOOm. of stock may have been. 

.v],' ‘ t har Mr Callaehan will have to r vn »>4 urged Britain to play a more ing a further reduction in the supplied, and the long tap is 

ibcVhScial Time£ & iread cautiously in such a sensi- Export Credits positive role in tackling the issue tax cut planned for the coming widely expected to run. out 

Mr Assad added that “ onlv jtive political area, particularly This concept — now known as “ e Toyko Round multi- year, already reduced from within a day or two. But. 
when the obsacle or the Sadat I with an election in tha offing, "positive adjustment" — is ex- lateral trade negotiations in §24bn to some S19bn. Mr. there is no cause for entbu- 

ini Dative " had been removed But they stress growing concern pected to be discussed at the ue “® va - William Miller, chairman of the siasm elsewhere, for the pack- 

could Arab and world effort at the extent to which world OECD ministerial meeting in U.S. officials are reluctant to Federal Reserve, is among those ^ displays some' of the 

bo again focused on resumin' 1 trade is being distorted by the Paris next week. It has already name specific British industries now pressing the need for a , — .-r.- — - 

peace talks. These efforts, he policies, particularly of the U.K.. been raised with Mr. Callaghan as possible candidates for sub- further cut in the Federal deficit 

said, had been “scattered” by Frunce. and Italy. by Mr. Michael Blumenthal. the sidy restraint They prefer to in the coming fiscal year. Surveil- 

the Egyptian leader's trip to The U.S. contribution to the U.S. Treasury-Secretary, at a urge Mr. Cailaghan to decide lance of price increases would 

Jerusalem last November. packase that is beginning to meeting here last week. where to act once the overall also be stepped up. 

The Syrian leader was speak- " 

ing less than two days after Mr. 

Sadat told Egyptian troops that A J "H ® 1 i a j j 

SSI? Australian bid to attract 

another Middle East war could 

not he excluded. # • • e j -m 

sS~ “SaS foreign mining capital 

Assad during the three hour 1 w ■*- 

Interview. " We, the Arabs, «?y daih rnFFtnucHT 

know it. The Israelis, the BY PAUL C«EESERIGHT 

Americans, the Soviets, even 

President Sadat knows it has THE AUSTRALIAN Government will be Rio Tinto-Zinc, which ownership, which remain difficult 
failed. IVhat has remained of yesterday took action to encour- owns 72.6 per cent of Couzinc to fulfil because of the limited 
it V" he asked. ‘ i nvM im« nr nt Riotinto of Australia, and Con- capitah^esources available in the 


£bo THE BANKING S 

30 ■ mbahwrg sector 

Interest-Bearing 
29 - EOfiiblfl UaMfitfes J 

28 <i,a8 A 


P0UUTTHJ 
uttn ' ‘ 


Stability 


Australian bid to attract 
foreign mining capital 

BY PAUL CHEESERIGHT 

THE AUSTRALIAN Government will be Rio Tinto-Zinc, which ownership, which remain difficult 
vesterday took action to encour- owns 72.6 per cent of ConziDc to fulfil because of the limited 
age the investment of foreign Riotinto of Aiwtralia. and Con- capitaVresources available in the 
I JL...I sohdated Gold Fields, which country. 


Citroen to 
build £200m 
E. German 
factory 

By David Curry and Terry 
Dods worth 


manipulate the financial ■' mar- 

LJ”ug jggi, J 

which remains just as dubious ? .*** 

as at the time of the Buffet . MUHk* 

Secondly, it hits at the cor- months — will lead to- an are ‘ 

porate sector through the -ihr drop in ^ money siippfr a* . 

crease in National Insurance *** Period up to ^ 

contributions. : So interest rates Will soon begin P^: 

In proposing to tax emoloverR falliQ S (MLR has been raised- to -r,- r ;r.-.. ‘ ■■ -;i ! . 

Vh 5bn this finandajyear ^ • 

1979-80 the "Goveramenf^aS glt-eOged market wHl^be spared f u rther Se ^ 

exposes the low priority given the . S!?"*** HSrKI?SSS- 

in the UR to the health of manu- whldi At .h&d feared ^ 

facturihs industry. Wn appeal ™ ^ 

of such a method of revenue • iW-j* wurks out m r u tj v V alupd at ni n n „ ; -J 

raising U that no voter- W »«■*“ .""L 2 S. 0 ?-,* * 


■ . Cfte m ®ny parts' ofT* * 

group- which axe said- tb "h' 

■ ' J ' scope for major growth, v 
JRSEir •Down among the divistons? . 
£ ^ ■ story- from; the hotels, 

{S'! ; largely oh the back/of-' -g' 

:.i ■, . f ■ l ^ le .Stax . petfotB - 

. f . ^ -thongh, -lias been mJJX r 
Z.' - • ; is t° d where profits have jam, •■>'- 
; ... over a third at tha- 

. - turnover : has hardly, chahj ! - 
tor here “elude 1 coil tin.-. 

high- growth on short-shelf if • 
: : ; like yogurt-and the.ahseocf . 

' . -tiier_ : loss- ^ 

\L V Bakeries. V.Thh : r brewfbg:^ 

•- . diriribtitibn - business has-fi 

}i.fiiai; • r sluggish cob dirions- in Edr 

1978 - • ;-' bnt £he J-JJK side mey-^} 


1979-80 the Government again S^hged market wJU^be spared 
exposes the low priority given the . Jopg-dramx-out^ .monetary 
in the CR to the health of manu- whidi .it .-.had ^feared 

facturing industry. The appeal ^ ast untilelectioiL time. . 
of such a method of revenue .’ Bat tne.-5vay .1t wbrfcs oiit in 


Tackling the crucial question 
of how stability i.s to be 
restored in South Lebanon 
alter the intended Israeli with- 
drawal on June 13 President 
Assad said that u at the right 
time " Syria would consider the 
option of sending part of its 
3ft.(M'iP-5trong army down to or 
across t be strategic Litani 
River. 

Israel, whose troops swept 
into Lebanon in March follow- 
ing a major Palestinian raid cn 
Tel Aviv, has warned that the 
Litani is ihe “red line” which 
the Syrian-dominated Arab 
deterrent force must not cross. 

The Syrian leader, ehoosing 
his words with great caution, 
denied that any such request 
had yet been made by the 
Lebanese government. 

Mr. Assad confirmed that he 
and President Elias Sarkis had 
agreed at their recent meeting 
that sending the embryo army 
into the south after Israel's 
pullback “would he a good 
thing. Bui I do not think thaf 
even the Lebanese amftorities 
could sav that every thing goes 
well with regard to the forma- 
tion of the Lebanese army." 

President Assad added that 
he wou»d have “no objection” 
to indefinite stationing in 
Lebanon of the 4.500 man 
United Nations force sent in 
shortly af‘er the r ease-fire. 

Interview. Page 3 


: , 7 ■' Mlidated Cold Fields, Which country. raising is that no voter- is* Prance win: oepemr, oji : the , ~ * 

owr^ 70 per cent of Consolidated This has been recognised by THE FRENCH motor manufac- directly offended, and that the demand - for by} the ^- 4 * 

ndustr> by relaxing the guide- Gold Fields Australia. the Australian Government. Mr. turer Automobiles Citroen impact on the retail price index Private sector. The last time the „_ t pru ^ • ^ y le “ is 6.3- 

of lts forelga mvestmenl „J he new guidelines meet the Howard promised flexibility in yesterday’ signed a FFr L6bn appears to he small To the corset was in operation, froth . \ ? 

P •' ?TZ requirement that, if its administration of the 50 per (£200ra) contract to construct a e3 *tent that the latter is true November 1976 to Aaeast 1977 S«*iir«»nr 

Mr. John Howard, the Federal holding id CRA is reduced to cent local ownership policy, so factory in East Germany to make hnwSLr it u Indu^frv P«-UnCOr - . - 

Treasurer, toid Parliament in 49 per cent, CRA will be re- that new investment was not front-wheel drive transmission because nmnu- It is not often, that sh : . 

Canberra that, while there were garded as an Australian com- deterred where Australian equity systems. factoring industry exposed to snort term and ,*augo tezm. ^se on the news of a doi 

no basic changes in policy, the pany. was not available. It is claimed to be the biggest “ ,rei ° n competition, . either in interest rates. both fell 'sharply rights issue but that is v 

Government wanted foreign com- The im mediae effect on CRA Mr. Howard has also given a order France has won from East the domestic or export markets, during the period It was not Secuiico'r shares did yester 

panies which bad some Austra- wlH be to ease its way towards boost to small exploration com- Germany. cannot pass the cost on like that in th^first corset term,. The -price of Sehiricor Gi 


Jian ownership to he able to the development of coal-mining panies, whose mineral prospects Citroen was in competition for < whereas, by and large, service however, lasting from Novent rose 3P to I23n and the r 
procecd more easily with their ventures in Queensland and New often attract the majors by say- the deal with GKN. the UK com- companies face only domestic her 1973 td February 1975 of its 52 ner rent owned 
investment plans. South Wales ing that official approval will not ponents manufacturer, which is competition aDd are - able to Short rates .did ease somewhat sMiarv w 

» A to*&£XTJl P,?' «"! Ua ““ Gove‘n,me 0 “ W mo% Tin- tteVoun^invowS Smofwld p^uc^n' “ ttS «, r T™ £?!&. »« JleMs <m r^ebjl 5p,to mp. 

2.creii??i ^ntr?hfn ^n P minSai c °uraging. but said it would be is less than AS5m. field either through its own . 7110 s^^harge « therefore long gilts jfimshed substantially TTie movement was all 

HiiMh iIip m OTiiHoifn wr0n 5 to think that it would Prices on the London market facilities or licensees. directed with surgical precision higher. /Inflation was much toore baffling since no atte 

ornvirfp f ir pnmr^nip«wito an * r tSS er any new investment pro- of Australian mining stocks have But the British companv towards reducing the competi- worse then, of course, than was made to tidv up the con 

existing 25 Tier rent Australian posaIs from the gr0U P at this recently been moving upwards dropped out in the later stages tiveness of the UK manufactur- now; /but the process of cated capital structure whet 

n-irndPthin tn itt -lhoarl u-ilh thair sta _ge- . quickly, as investors have taken of negotiation because it refused ing sector: high value added, snue’erine the nrtvato sector the familv-controUed Secur 


The main UK beneficiaries and the provisions for local Mining News, Page 22 

Moss Evans rejects TUC 
guidelines on pay priorities 


wonder equities sagged further Grand Met. 


| The main UK beneficiaries and the provisions for local Mining News, Page 22 | units a year from 1982, and these 7^” “““ ^1™“- .- . f latter is raising f 4.7m 

1 — — ~ - purchases will constitute an after the news yesterday. The first haK trading picture as.Tncreasmg its dividend b 3 

important element of supply for Whatever trouble may be at Grand Metropolitan is a per cent while the parent gr 
the French company, ail of stored up for the - future tn mixture of ups and downs; for- is raising £Q.66m and doub 
whose care are front-wheel drive, industry, however, the gilt- toiiately there are mure of the its dividend. The explana 
^YTinttc • edged market saw most of its former, teaving the . group -10 for this deviation is 

JLxpuns short term problems solved at per cent ahead . pre-interest although the shares nprnu . 

The East German contract, for 12.30 yesterday. Big buying More to the point -after-taking move jn tandem the Secur'* - • 

which negotiations started five began when the market re- account of the £6m Interest sav- Group, which is thd less 1 

years ago. calls for the supply of opened 15 minutes later, and ing from the loan stock .convex*, ketable of the two shares, 

a torn-key factory to begin pro- m ore than a few lunches were sion the. pre-tax figure is almost traditionally yielded less so 

auctfon in . hastily cancelled. The argument 60 per cent ahead at £43m, in move is intended to bring t : ' 

675000 units ^ a sear witbouroSt is that a combtoation of gilt line -with, marteefs expecta- closer together.;. However. 

^ s“ajsff a sajasur Kttama-a A^ssrri'gMSjigg- 

General Workers Union, y ester- negotiating priorities as to set Mr. Evans said his union had Ea f. 1 Germany and Czecbosio- banks— -which need td shed over fair- ^ tall*yBar Profits of their part of ^ 

day dismissed the notion of the a pay limit made it “abundantly clear" that vakl ?- bolh of which will have £lbn of interest-bearmg eligible about £110m. while the. board issue without dilnnng COM 

TUC issuing negotiating priori- it was for negotiators to decide it wanted a return to normal c0 2l'f pcrte P^. al - . 
ties for the coming wage round priorities and these would vary collective bargaining and this 7 „.i“,- pia „ l j la *9 v* au v*?„ 
in the form of an economic con- from industry to industry. meant free negotiations accord- 

‘"rt. The union would not support ing to an employer's aMity to ^ontrsrt 2 S 

The. ppnnr.m p rnnfrart cu crops. » — nav lue . ™ n ‘ ra « WOUIQ provide a 



BY ALAN PIKE, LABOUR CORRESPONDENT 




iik Tnmv The economic contract sugges- “any sort of central arrange- pay. uspful shot in toe arm for thP 

intorvpit! tion was raade this weck b ? Mr - roents" on pay whether main- The Ford negotiations, where h^d pressed French^ machine 
SHOWERS and sunn> intervals. David Basnett, chairman of the tained by the Government or the shop stewards have decided to t ^L jndustrv which would hp 

London. S.E., Cent S. England TUC and leader of the General TUC and he did not believe an seek increases of £20 per week supplvin® en’uiDinent 

Cloudy, drirzle. Max. 17C-18C and Municipal Workers Union, economic contract was the and a cut in hours, would be Credit Lvonnats and the 

I63F-64F). He argued that while pay levels answer to pay problems. conducted on this basis. B a nqu e Francaise pour le Com- 

E. Anglia. Midlands must be left to negotiators’ With the current pay guide- The trade union movement, rnerre Exterieur are organising 

Sunny intervals. Max. 1SL judgment the TUC could issue lines due to expire at the end sa,d |“ r - , Ev ?. ns - *? ad ra toe its the French part of the funding, 
c- v- , guidelines on responsible bar- of next month there is general contribution and there sboula The German signatories were the 

E„ N.E. England gaining based around such priori- agreement among trade unions n *>w be a return to the orthodox purchasing agencies IAI and 

Dry. sunny. Max. I6C-I1C ties as a shorter working weeek that there can be no Phase Four method of the Labour Party con- Transach. 

(6IF-63F). _ and action to help the low-paid, in the form of a firm agreement f* r &uce determining policy and The past few months have 

Channel Islands. SAV. England. M Evans sneakin'’ after bis with the Government. the movement then getting a seen vigorous overseas activity 

Hnudvwtih'S n* Max 15C exVcutive had^reafffnS^ toe There are. however, subtie Government elected on by the French motor industry, 

tar rd,D ' ' 5aX ’ union’s commitment to oppose differences of opioion over these P°hcie . Renault has come to an agree- 

‘ .. . . _ . anv fnmi of nac rpetraint. said whethpr. in a nnssiblp plnotion Basnett’s olan. Pace 10 ment with American Motors for 


Dry. sunny. Max. 16C-17C 
(6IF-63F j. 

Channel Islands. S.W. England. 
S. Wales 



these policies. 

Bassett's plan. Page 10 


1 r j . „.,V h „ , fnv executive had reaffirmed the There are. however, subtle 

trir /50F4iiF^ rd,D ’ ” 5aX union’s commitment to oppose differences of opioion over these P°h«e . 

N waiM n w’ fent N England an > forni of P a . v ' restraint, said whether, in a possible election Basuett’s plan. Pag i 

W «L... I— D 

OECD action on steel issues 


Lakes, Isle of Man. Borders 
Sunny, isolated showers. Max. 
16C-17C CB1F-63FI. 

S.W. Scotland, Cent. Highlands, 
Northern Ireland 
Sunny intervals, showers. Max. 
14C-15C (57F-59F). 

N.E., NAV. Scotland. Orkney, 
■Shetland 

Sunnv with showers. Max. 11C- 
12C (52F-54F*. 


BY ROBERT HAUTHNER 


PARIS, June S. 


‘the marketing and eventual 
assembly of some of its models 
in the U.S. and won the con- 
tract to direct a FFr 13bn invest- 
ment programme to expand the 
Portuguese motor industry. 

Peugeot the Citroen sister 
company, recently signed a con- 
. tract with Iran for the produc- 
tho U'on by Iranian National of its 
I 305 model. 

Eighteen months ago Citroen 


. 

v:V. 

'iv- 

•• 1 ! i." - : • 

>■ ?■&>-* 'x r : : . 
yx- ;• .• • • •• ■ 


BUSINESS CENTRES 


SENIOR OFFICIALS from ments could be solved at a much more optimism than in the 

Organisation for Economic Co- earlier stage. There have been recent past in some countries 

with operation and Development suggestions from European coun- regarding steel production, trade 

»hnI?K k ‘ S > lQt ' rvalSl w ^ countries were close to agreement tries including the UK that the and price trends. But it is clear a “ JESJfta 

tfv ir, T^nrfAr, vector here today on the setting up of a EEC should refuse to participate that a genuine upturn is not yet 52.™ an Jh„ j „ ^ ^ 

wint. high-level pennanent committee in the new monitoring commit- round the corner. 

daj. 11 (low). within the international organisa- tee unless the U.S. anti-dumping Collapse of Europe’s steel plan, ?JJ ew car for “ e RomamaD mar ' 

tion to review the problems of actions are withdrawn. Page 2; UK steel imports, e 

the steel industry. The officials also found slightly Page 10 

Final agreement on the crea- — 

'-c "k *c *f tion of the new body is expected 

Amsterdam s i« m Luxcmbre- c is si to be reached by August. The Pnntinnpri from Pa crp 1 

A' >l- n V r ?; H permanent steel committee will '-OUUIlUeQ IT0II1 rage I 

B-lr-viena k co w Melbourne c is k replace the present purely tem- -**-••. , 

Bel nil s ui 7i Milan f 23 Tr porary OECD ad hoc “steel \/B ltllCT01*C <1 Dr 

‘’■•."■i: 1 . . ^ 5? 22SS? 1 K m crisis" committee and would ITLllULalCI O dll , appenfwl at ReoQr t c taPP computer. With staff 

l£SS* ^ & 5 uSSZ V. il S have a clearer and more formal Ute toSL or eariy July ^S costs the way they are.the sooner .? 

a™3 ,m - r lx !!Jwn«YDrt c i6 Ts raa ^^i e resources at a time when demands accounts. These deposits have Liberal support, the better! 

c. ih m!a<I 0 r n * th ? t ^he U iew ^mittafwvwUbe f ? r adcll,10 ? al tovestment and been growing rapidly in recent Mr. David Steel. Liberal leader. If you decide to buy aKien2je-6utright,the 

WET \ V, 3i;S t 15 % i^^T£E*EE& -SfiSSSf E“3SJS- Zl*%J^ C( LT. pri«is£Il^orLafi^year“ ng ^ 

CMfm S 

lariJIlT r 

Chlcjco C 
rolaw C 


Continued from Page 1 

Healey 


Sooner or later 
you will decide 
to switch your 
accounting to a 
computer. With staff 



F 2* KM Paris 

s 5 SEX c "i ‘n tne uaoire oi an iniernauoua. The monetary measures follow in mid-May. were 3i per cent FbeGovernmeDtlo^orV the 

lfi 8? povkiaviK s it so st ^i JUiSoke will be to monitor b I° adly conventional lines — as above the stated limit Budget balance as having the ° 

u s? Rio-dijj-o saw wll L?f 1 10 adopted in autumn 1976. The The re<mposlrion of the corset least impact on price increases The Kienzle 2000 Office Computercomes 

*i S c.nSfnnrr c •»4 S -,rT aothorities have refused to make will force the banks to alter their But be went on to attack complete with systems covering Invoic2ns7$afcs, 

13 53 siockhoLm c 19 66 Stti^itoeadv^oS and to wwk stniCtural changes in the way deposit structure, placing more Mr. Healey and claimed the Purchase and Nominal Ledgers; Stock Control; = . 

IS gSag»- S ir w Sf appropriate iiideLiDes for the Public sector deficit is funded reliance on current acrounts. w bol e episode was a sad com- Payroll and business idanagement'figure& 

'A SSK!". S ;5 S government policies. AU aspects » ^ These systems are developed to suit your company 


£ I® I steel cartel. 


niaMov 

TIelsinh 

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London 


F 13 35 TcIAvif 
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F 23 77 Zorlcb 
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r « H 3or,c,> B 17 63 ductlvity and profitability would deposits scheme, as the corset J ment’s standing'through the two 

be regularly reviewed. is formally known, has been Penalties will be incurred defeats on the Finance Bill are 

moi in ay resorts The permanent steel committee reimposed in a tighter form than ? n, Y *f “ie average of a bank's entirely the responsibility of the 

— Is the joint brainchild of the U.S., before as the base has been set interest-bearing liabilities for Chancellor. It is perhaps time 

v’Ja* the EEC and Japan, who look to counter recent window-dress- “e three months of August to be was shifted to another post,” 

ra -c *f upon it as a way of overcoming ing moves by the banks. There October exceeds by more than said Mr. Steel. 

Ajai-'.in f 22 72 La« Pirns, p si in and even avoiding the tensions had been repeated warnings that 4 P er cent the average amount Sir Geoffrey Howe, shadow 

WMrrtKr r IT f? which have arisen between steel this might happen. outstanding on the banking Chancellor, said the hoisting of 

tortcau? V -fl S Nairobi s 24 73 exporters and importers over the The scheme — last in use make-up days in the six months minimum lending rate back to 10 

Poumuni- C n m Maples s sc- 77 past two years. between November 1976 and from last November to April. per Cent gaVe the lie to the rosv 

cun; « Njiv c a J2 gy acting as an international August 1977 — penalises banks The scheme is similar to the picture the Government had been 

f 22 7* upSlo I 2s 77 clearing house For any com- if the expansion of their interest 0ne previously adopted. Penal- trying to paint “ We have 

c it 6s Rhodes s M 79 plaints by member countries, bearing deposits is more than ties will take the form of non- frequently warned the Govern- 

r_ is aj fan-te? r II m s ^ b , as the current Common laid down by the Bank of Eng- interest-hearing special deposits ment that the time would come 

£ 14 Urtncrirc C 14 5,7 Market concern with the large land. placed with the Bank from this when the consequences of 

number oF anti-dumping cases These liabilities are money November onwards on a sliding Labour’s irresponsibility would 
brought in the U.S. against raised From the wholesale money scale, depending on the size of catch up with the country. Our 

European steel producers, inter- market or from interest-paying any excess growth in interest- predictions are now coming 

□atiOllai oroblems and dl'saprpe. hrannh rfonnsfrs hut nnt Wirrntti henrirtiff liohiliHae Into ,f Vo roiil ^ 


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s—srnay. R— ami. F— f air, c— ciouuy. I national problems and disagree- branch deposits but not current hearing liabilities, 


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Registered ar iho Post ' Office. Printed by St. demftai'a Prass ftff aad^aDUsbed.: 
hy the Financial Tlajc» UcU BracJten Homu, Cannoa Street Londofl, EC4P 4SY._ “ 

6 Thc Hflancto Timea Ufl., i»7i r 






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